SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SOFTBANK CORP

(Last)

(First)

(Middle)

1-9-1 HIGASHI-SHIMBASHI

(Street)

MINATO-KU, TOKYO, JAPAN

105-7303

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/02/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/06/2005		S		6,984,821	D	$18.5	0	I⁽¹⁾	By SOFTBANK Investment Corporation
Common Stock	05/06/2005		S		627,679	D	$18.5	0	I⁽²⁾	By SOFTBANK Contents Fund

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. SOFTBANK Investment Corporation, whose address is 19F Izumi Garden Tower 1-6-1 Roppongi, Minato-ku, Tokyo 106-6019 Japan, is an affiliate of SOFTBANK Finance Corporation. SOFTBANK Finance Corporation, whose address is 20F Izumi Garden Tower 1-6-1 Roppongi, Minato-ku, Tokyo 106-6020 Japan, is a wholly owned subsidiary of SOFTBANK Corp. Accordingly, securities owned by SOFTBANK Investment Corporation could be deemed to be beneficially owned by SOFTBANK Finance Corporation, and securities owned by SOFTBANK Finance Corporation could be deemed to be beneficially owned by SOFTBANK Corp. SOFTBANK Corp. disclaims beneficial ownership of these shares.

2. SOFTBANK Contents Fund, whose address is 19F Izumi Garden Tower 1-6-1 Roppongi, Minato-ku, Tokyo 106-6019 Japan, is an affiliate of SOFTBANK Finance Corporation. SOFTBANK Finance Corporation, whose address is 20F Izumi Garden Tower 1-6-1 Roppongi, Minato-ku, Tokyo 106-6020 Japan, is a wholly owned subsidiary of SOFTBANK Corp. Accordingly, securities owned by SOFTBANK Contents Fund could be deemed to be beneficially owned by SOFTBANK Finance Corporation, and securities owned by SOFTBANK Finance Corporation could be deemed to be beneficially owned by SOFTBANK Corp. SOFTBANK Corp. disclaims beneficial ownership of these shares.

	SOFTBANK CORP. /s/ Masayoshi Son	04/27/2005
	SOFTBANK FINANCE CORPORATION /s/ Yoshitaka Kitao	05/06/2005
	SOFTBANK INVESTMENT CORPORATION /s/ Yoshitaka Kitao	05/06/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
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