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 *
  Cooley Richard Scott
 2. Date of Event Requiring Statement (Month/Day/Year)
08/10/2007		 3. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [MORN]
(Last)
(First)
(Middle)
C/O MORNINGSTAR, INC., 225 WEST WACKER DRIVE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

CHICAGO, IL 60606		 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)
Common Stock (Restricted Stock Units) (14) 675
D
 
Common Stock (Restricted Stock Units) (15) 809
D
 
Common Stock 155
D
 

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
Employee Stock Option (Right to Buy)   (1) 06/30/2008 Common Stock 783 $ 2.77 D  
Employee Stock Option (Right to Buy)   (2) 12/01/2008 Common Stock 828 $ 2.77 D  
Employee Stock Option (Right to Buy)   (3) 06/30/2009 Common Stock 765 $ 10.98 D  
Employee Stock Option (Right to Buy)   (4) 12/01/2009 Common Stock 774 $ 10.98 D  
Employee Stock Option (Right to Buy)   (5) 05/01/2010 Common Stock 5,500 $ 14.13 D  
Employee Stock Option (Right to Buy)   (6) 05/01/2011 Common Stock 6,500 $ 14.13 D  
Employee Stock Option (Right to Buy)   (7) 05/01/2011 Common Stock 1,000 $ 14.13 D  
Employee Stock Option (Right to Buy)   (8) 05/01/2012 Common Stock 1,500 $ 10.95 D  
Employee Stock Option (Right to Buy)   (9) 05/01/2013 Common Stock 10,000 $ 8.57 D  
Employee Stock Option (Right to Buy)   (10) 12/01/2014 Common Stock 10,000 $ 16.4505 (12) D  
Employee Stock Option (Right to Buy)   (11) 05/02/2015 Common Stock 10,000 $ 20.3196 (13) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Cooley Richard Scott
C/O MORNINGSTAR, INC.
225 WEST WACKER DRIVE
CHICAGO, IL 60606		       Chief Financial Officer  

Signatures

/s/ Richard Robbins, by power of attorney 08/13/2007
**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 options became exercisable in five installments. On June 30, 1999 and 2000, 156 options vested. On June 30, 2001, 2002, and 2003, 157 options vested.
(2) The options became exercisable in five installments. On December 1, 1999 and 2000, 165 options vested. On December 1, 2001, 2002, and 2003, 166 options vested.
(3) The options became exercisable in five equal installments on June 30, 2000, 2001, 2002, 2003, and 2004.
(4) The options became exercisable in five installments. On December 1, 2000, 154 options vested. On December 1, 2001, 2002, 2003, and 2004, 155 options vested.
(5) The options became exercisable in four equal installments on May 1, 2001, 2002, 2003, and 2004.
(6) The options became exercisable in four equal installments on May 1, 2002, 2003, 2004, and 2005.
(7) The options became exercisable in four equal installments on May 1, 2002, 2003, 2004, and 2005.
(8) The options became exercisable in four equal installments on May 1, 2003, 2004, 2005, and 2006.
(9) The options became exercisable in four equal installments on May 1, 2004, 2005, 2006, and 2007.
(10) The options become exercisable in four equal installments. On May 1, 2005, 2006, and 2007, 2,500 options vested. The remaining 2,500 options will vest on May 1, 2008.
(11) The options become exercisable in four equal installments. On May 1, 2006 and 2007, 2,500 options vested. The remaining 5,000 options will vest in equal installments on May 1, 2008 and 2009.
(12) 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 August 10, 2007, the exercise price was $16.4505.
(13) The exercise price is determined by the daily indexing of the fair market value of the shares on the grant date ($18.50) against the 10-Year U.S. Treasury Bond Rate on May 2, 2005, compounded annually. Therefore the exercise price is subject to change throughout the life of the option. On August 10, 2007, the exercise price was $20.3196.
(14) Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in four annual installments beginning May 15, 2007.
(15) Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in four annual installments beginning May 15, 2008.

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