Originally Posted Apr. 1, 2025

To ensure that clients are viewing the correct AIMC Category names, Morningstar will rename the 3 categories as outlined in the attachment. These changes will be effective Apr. 7, 2025. Contact Morningstar Support with additional questions or needs.

Originally posted Apr. 23, 2025

Morningstar experienced an issue on Apr. 18, 2025, with the production of the Quantitative Financial Health data associated with Quantitative Equity Rating due to the market closure in observance of Good Friday. As such, for this date, there was no Financial Health share class data produced for the below data points:

• Enterprise Value to Market Value Percentile
• Quantitative Financial Health
• Quantitative Financial Health Country
• Quantitative Financial Health Decile
• Quantitative Financial Health Industry
• Quantitative Financial Health Label
• Quantitative Financial Health Percentile
• Quantitative Financial Health Sector

The Financial Health data will be available again on Apr. 28, 2025, with the next model run.

Please note that this issue did not impact other rating data, such as Fair Value Estimates, Quantitative Moat, and the Morningstar Rating.

Our data team is taking long-term mitigation measures to prevent this issue from occurring again, and we do not expect any further data disruptions. However, please note that we will not be publishing the Apr. 18 data.

We always want to deliver the highest quality service and are sorry for any inconvenience this may have caused you or your business. Contact Morningstar Support if you have any additional questions or needs.

Originally posted Jan. 6, 2025

Updated Feb. 6, 2025

Updated Mar. 13, 2025

Updated Apr. 11, 2025

We have upcoming enhancements to our Morningstar Categories grouping methodologies and framework, aimed at providing greater insights for your investment analysis needs.

Outlined below are the details and the phased implementation timeline to help you stay prepared as well as the updated definitions for the regular April Category changes.

What’s Changing?

• Introducing Morningstar Category Groups: The new Morningstar Category Group will offer a more detailed linkage between categories compared to the existing Global Broad Category Groups. This update provides added granularity that empowers clients to perform deeper and more insightful investment analyses using predefined groups curated by Morningstar’s experts.
• Updating the Global Broad Category Groups: The Global Broad Category Groups will be aligned with the new Category Groups to reflect our best insights into comprehensive groupings of fund types.

Change Release Timeline

We originally planned to release both changes on April 30, 2025. To help our clients prepare, we are splitting this implementation into two phases:

• April 30, 2025 (Phase 1):
  • Regular April updates to Categories and their benchmarks.
  • Launching the new Category Groups.
  • Mapping each Category and its constituent funds into their relevant Category Group.
  • Linking each new Category Group into one of the existing Global Broad Category Groups.
• October 31, 2025 (Phase 2):
  • Renaming the existing Global Broad Category Group field to “Morningstar Category Broad Group.”
  • Updating names and identifiers within the Category Broad Group field.
  • Consolidating Commodities and Property into a single Category Broad Group called “Real Assets.”
  • Re-mapping each Category Group into the new Category Broad Group schema.

Preparing for the Changes

We encourage clients to review the detailed information below, which will help them further understand these changes and the specific actions they need to take to prepare for them.

• Morningstar Fund API Center Product Impact
• Morningstar Data Services Product Impact
• Morningstar Managed Investment Data Feeds Product Impact
• Morningstar On Demand Product Impact
• Category Group Update FAQs and Mappings
• Regular April Category Updates and FAQs
  • Updated Category Definitions:
    • Europe, Asia, and Africa
    • Japan
    • Mexico
    • Spain
    • United States
    • 529 Plans

If you have further questions or require additional assistance, contact Morningstar Support.

Updated Apr. 10, 2025

We are excited to inform you about upcoming enhancements to our Sustainalytics Enterprise Value Including Cash (EVIC) calculations that will significantly improve our coverage and reporting capabilities. These updates will give clients more insights from our climate research and reporting to help with data visibility and quality.

Here are the key changes and their impacts:

Enhancement Details:

• Update: Morningstar and Sustainalytics will update Climate and Principal Adverse Impact (PAI) methodologies to include an alternate EVIC for banks, increasing coverage of financial institutions.
• Impacted Datasets and Additional Coverage:
  • On Apr. 9, 2025: All client workflows and managed portfolios workflow for PAI only were updated with new EVIC-based coverage/calculations for financial institutions.
  • On May 8, 2025: Managed portfolio workflows for climate products (LCTR, PCRM, Carbon Emissions) will be updated on the next monthly production cycle with new EVIC-based coverage/calculations for financial institutions.

Metrics Changes:

• Financed & Owned Metrics: Increase absolute values (portfolio greenhouse gas emissions, transition value-at-risk, loss amounts) for impacted portfolios, depending on portfolio size and coverage increase.
  • There will be no significant changes to normalized metrics (portfolio carbon footprint, value-at-risk per million invested, loss amounts per million invested).

Estimated Impact:

• Approximately 50% of managed investment portfolios will gain EVIC coverage for banks.
• Out of 40,000 managed investment portfolios, around 20,000 will have at least one holding gaining coverage via EVIC for banks.

Client Awareness:

• Clients do not need to take any action for this enhancement. The data coverage will flow automatically, but clients who utilize the above-noted impacted datasets in Morningstar products should know they will see value changes.

We are committed to delivering the highest quality data and insights to support your investment decisions. If you have any questions or need further information, please do not hesitate to contact Morningstar Support.

Originally posted Mar. 21, 2025

Effective Apr. 18, 2025, Morningstar will make the below changes:

• Liquidate the NOMURA-BPI TR JPY index (SecId FOUSA062VJ)
• Rename Nomura Bond Performance TR JPY (SecId FOUSA06GG5) to NOMURA-BPI TR JPY.
• Extended the historical data to 1965-01-29 for the key Category index for the renamed NOMURA-BPI TR JPY (SecId FOUSA06GG5)

These changes are due to the history of the Nomura Bond Performance TR JPY index, which was extended to align with the NOMURA-BPI TR JPY index, covering returns to 1965 instead of having data from 1969. Given this alignment, the NOMURA-BPI TR JPY is no longer necessary, as both indexes share the same historical monthly returns.

Clients utilizing the current NOMURA-BPI TR JPY (SecID FOUSA062VJ) should modify their processing to use the renamed NOMURA-BPI TR JPY (SecID FOUSA06GG5) after Apr. 18.

Index to be decommissioned:

Index to be renamed and history extended:

Contact Morningstar Support with any additional questions or needs.

Originally posted Apr. 17, 2025

Morningstar identified the attached 1,054 securities that still reflect their legacy separate account type of either composite (1), CIT (2), pooled fund (3), or CUMA (4). As such, on Apr. 17, 2025, we are removing the account type for these securities to avoid confusion. Clients consuming the account type for the impacted securities should be aware that it will no longer populate after Apr. 17 and make any necessary adjustments. Contact Morningstar Support with additional questions or needs.

Originally Posted Apr. 8, 2025

On Apr. 8, 2025, MSCI ESG Indexes will be renamed to align with updated regulatory guidelines for sustainability-related product naming in the European Union (EU) and the United Kingdom (UK).

This change will impact a total of 373 indexes. A detailed list of impacted indexes and their new names is attached. No key indexes are affected due to this update.

Clients do not need to take any action as the index name will update automatically but should be aware of the new names if they are in their saved items or processing.

Contact Morningstar Support with any additional questions or needs.