X0202 4 2007-11-29 0001289419 Morningstar, Inc. MORN 0001324003 Huang Tao C/O MORNINGSTAR, INC. 225 WEST WACKER DRIVE CHICAGO IL 60606 0 1 0 0 Chief Operating Officer Common Stock 2007-11-29 4 M 0 6427 16.6513 A 147086 D Common Stock 2007-11-29 4 M 0 15000 20.5985 D 162086 D Common Stock 2007-11-29 4 S 0 200 75.08 D 161886 D Common Stock 2007-11-29 4 S 0 200 75.09 D 161686 D Common Stock 2007-11-29 4 S 0 200 75.14 D 161486 D Common Stock 2007-11-29 4 S 0 600 75.23 D 160886 D Common Stock 2007-11-29 4 S 0 200 75.24 D 160686 D Common Stock 2007-11-29 4 S 0 100 75.25 D 160586 D Common Stock 2007-11-29 4 S 0 300 75.26 D 160286 D Common Stock 2007-11-29 4 S 0 200 75.27 D 160086 D Common Stock 2007-11-29 4 S 0 200 75.28 D 159886 D Common Stock 2007-11-29 4 S 0 100 75.32 D 159786 D Common Stock 2007-11-29 4 S 0 100 75.34 D 159686 D Common Stock 2007-11-29 4 S 0 500 75.35 D 159186 D Common Stock 2007-11-29 4 S 0 500 75.36 D 158686 D Common Stock 2007-11-29 4 S 0 139 75.46 D 158547 D Common Stock 2007-11-29 4 S 0 160 75.48 D 158387 D Common Stock 2007-11-29 4 S 0 400 75.50 D 157987 D Common Stock 2007-11-29 4 S 0 300 75.51 D 157687 D Common Stock 2007-11-29 4 S 0 300 75.57 D 157387 D Common Stock 2007-11-29 4 S 0 200 75.60 D 157187 D Common Stock 2007-11-29 4 S 0 261 75.61 D 156926 D Common Stock 2007-11-29 4 S 0 39 75.62 D 156887 D Common Stock 2007-11-29 4 S 0 300 75.63 D 156587 D Common Stock 2007-11-29 4 S 0 900 75.65 D 155687 D Common Stock 2007-11-29 4 S 0 300 75.66 D 155387 D Common Stock 2007-11-29 4 S 0 827 75.67 D 154560 D Common Stock 2007-11-29 4 S 0 100 75.68 D 154460 D Common Stock 2007-11-29 4 S 0 400 75.70 D 154060 D Common Stock 2007-11-29 4 S 0 100 75.72 D 153960 D Employee Stock Option (Right to Buy) 16.6513 2007-11-29 4 M 0 6427 0 D 2014-12-01 Common Stock 6427 27500 D Employee Stock Option (Right to Buy) 20.5985 2007-11-29 4 M 0 15000 0 D 2015-05-02 Common Stock 15000 30000 D The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 12, 2007. 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 the grant ($14.70). On November 29, 2007, the exercise price was $16.65130. The options became exercisable in four equal installments on May 1, 2005, 2006, 2007 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 the grant ($18.50). On November 29, 2007, the exercise price was $20.59850. The options became exercisable in four equal installments on May 2, 2006, 2007, 2008 and 2009. Form 1 of 3 /s/ Heidi Miller, by power of attorney 2007-12-03