Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  FRANCIS CHERYL A
 2. Date of Event Requiring Statement (Month/Day/Year)
05/02/2005		 3. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [MORN]
(Last)
(First)
(Middle)
8237 GREYSTONE COURT		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BURR RIDGE, IL 60527		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   (1) 07/19/2012 Common Stock 60,000 $ 8.57 D  
Stock Option (Right to Buy)   (2) 01/30/2013 Common Stock 12,000 $ 8.57 D  
Stock Option (Right to Buy)   (3) 12/01/2014 Common Stock 12,000 $ 14.96 (4) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
FRANCIS CHERYL A
8237 GREYSTONE COURT
BURR RIDGE, IL 60527		   X      

Signatures

/s/ Peter Olson, by power of attorney 05/02/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The option vests and becomes exercisable over a period of three years in equal annual installments beginning on the initial vesting date of July 19, 2003.
(2) The option vests and becomes exercisable over a period of three years in equal annual installments beginning on the initial vesting date of January 30, 2004.
(3) The option vests and becomes exercisable over a period of three years in equal annual installments beginning on the initial vesting date of January 27, 2005.
(4) The exercise price is determined by the daily indexing of the fair market value of the shares on the grant date ($14.70) against the 10-Year U.S. Treasury Bond Rate on November 15, 2004, compounded annually. Therefore the exercise price is subject to change throughout the life of the option. On April, 30, 2005, the exercise price was $14.96.

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