X0303 4 2010-12-20 0001289419 Morningstar, Inc. MORN 0001324003 Huang Tao C/O MORNINGSTAR, INC. 22 WEST WASHINGTON STREET CHICAGO IL 60602 0 1 0 0 Chief Operating Officer Common Stock 2010-12-20 4 M 0 1000 23.3194 A 477051 D Common Stock 2010-12-20 4 S 0 1000 52.22 D 476051 D Common Stock 2010-12-21 4 M 0 1000 23.322 A 477051 D Common Stock 2010-12-21 4 S 0 1000 52.34 D 476051 D Employee Stock Option (Right to Buy) 23.3194 2010-12-20 4 M 0 1000 0 D 2015-05-02 Common Stock 1000 7097 D Employee Stock Option (Right to Buy) 23.322 2010-12-21 4 M 0 1000 0 D 2015-05-02 Common Stock 1000 6097 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 3, 2010 The options became exercisable in 4 equal installments on May 2, 2006, 2007, 2008, and 2009. 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 December 20, 2010, the exercise price was $23.3194. The exercise price increases over the term of the option at a rate euqal to the 10-year Treasury bond yield as of the date of grant ($18.50). On December 21, 2010, the exercise price was $23.322. /s/ Heidi Miller, by power of attorney 2010-12-21