X0202 4 2006-09-12 0001289419 Morningstar, Inc. MORN 0001323982 Phillips Donald James II C/O MORNINGSTAR, INC. 225 WEST WACKER DRIVE CHICAGO IL 60606 1 1 0 0 Managing Director Common Stock 2006-09-12 4 M 0 3307 2.77 A 202564 D Common Stock 2006-09-12 4 S 0 1381 37.01 D 201183 D Common Stock 2006-09-12 4 S 0 100 37.02 D 201083 D Common Stock 2006-09-12 4 S 0 82 37.03 D 201001 D Common Stock 2006-09-12 4 S 0 188 37.04 D 200813 D Common Stock 2006-09-12 4 S 0 200 37.05 D 200613 D Common Stock 2006-09-12 4 S 0 80 37.06 D 200533 D Common Stock 2006-09-12 4 S 0 880 37.07 D 199653 D Common Stock 2006-09-12 4 S 0 100 37.10 D 199553 D Common Stock 2006-09-12 4 S 0 200 37.12 D 199353 D Common Stock 2006-09-12 4 S 0 38 37.13 D 199315 D Common Stock 2006-09-12 4 S 0 20 37.18 D 199295 D Common Stock 2006-09-12 4 S 0 18 37.19 D 199277 D Common Stock 2006-09-12 4 S 0 20 37.20 D 199257 D Employee Stock Option (Right to Buy) 2.77 2006-09-12 4 M 0 3307 0 D 2009-02-15 Common 3307 584003 D The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 9, 2006. Pursuant to the terms of a Deferred Compensation Agreement entered into between Morningstar, Inc. and the reporting person, upon the exercise of these options Morningstar, Inc. will pay to the reporting person $2.69 per share in the form of cash. The options became immediately exercisable on the grant date, February 15, 1999. /s/ Rachel Felsenthal, by power of attorney 2006-09-12