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Filing Details

Accession Number:: 0001289419-12-000365
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2012-11-02 11:32:56
Reporting Period:: 2012-10-31

Filing Date:: 2012-11-02
Accepted Time:: 2012-11-02 11:32:56
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1289419	Morningstar Inc.	MORN	Investment Advice (6282)	363297908

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1197386	A Cheryl Francis	C/O Morningstar, Inc. 22 West Washington Street Chicago IL 60602		Yes	No	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2012-10-31	500	$25.17	14,825	No	4	M	Direct
Common Stock	Disposition	2012-10-31	500	$62.48	14,325	No	4	S	Direct
Common Stock (Restricted Stock Units)	Acquisiton	2012-10-31	5	$0.00	14,330	No	4	A	Direct
Common Stock	Acquisiton	2012-11-01	500	$25.18	14,830	No	4	M	Direct
Common Stock	Disposition	2012-11-01	500	$62.89	14,330	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	A	Direct
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Employee Stock Option (Right to Buy)	Disposition	2012-10-31	500	$0.00	500	$25.17
Common Stock	Employee Stock Option (Right to Buy)	Disposition	2012-11-01	500	$0.00	500	$25.18

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
11,500		2015-05-02	No	4	M	Direct
11,000		2015-05-02	No	4	M	Direct

Footnotes

The options become exercisable in three equal installments on May 5, 2006, 20007, and 2008.
The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($18.50). On October 31, 2012, the exercise price was $25.1729.
The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 21, 2012.
The transaction was executed in multiple trades at prices ranging from $62.41 to $62.61. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
Includes 5.4403 restricted stock units acquired on October 31, 2012 pursuant to a dividend reinvestment feature of the Morningstar, Inc. 2011 Stock Incentive Plan.
The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($18.50). On November 1, 2012, the exercise price was $25.1758.
The transaction was executed in multiple trades at prices ranging from $62.88 to $62.89. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.