1210-AC38 comment 3369 Morningstar, Inc. 06012026

Summary: Morningstar, a provider of independent investment research, supports the proposed rule but argues that the current framework does not go far enough to protect retirement plan participants. They recommend strengthening the safe harbor by requiring fiduciary control over allocation and liquidity, addressing commercial pressures, and clarifying specific factors like concentration risk, fee transparency, and independent valuation.