# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0001145549-23-018422
**Filing Date:** 2023-3
**Character Count:** 2258932
**Document Hash:** cf202cbcc74f93470441b1437027c9b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-018422.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001145549-23-018422

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Funds Trust
- **CENTRAL INDEX KEY:** 0001699360
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 23766963

**BUSINESS ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-696-6000

**MAIL ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

## Series and Classes Contracts Data

### Morningstar Alternatives Fund (Series ID: S000057735)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186146 | Institutional | MSTVX           |

## Nport-Ex

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar U.S. Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Common Stocks – 89.8%** | **Common Stocks – 89.8%** | **Common Stocks – 89.8%** |
| **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** |
| General Dynamics Corp. | &nbsp;&nbsp;31659 | $7378446 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;4286 | &nbsp;&nbsp;&nbsp;&nbsp;1985532 |
| Moog, Inc., Class A | &nbsp;&nbsp;17559 | &nbsp;&nbsp;&nbsp;&nbsp;1673724 |
| Northrop Grumman Corp. | &nbsp;&nbsp;12593 | &nbsp;&nbsp;&nbsp;&nbsp;5642168 |
| Raytheon Technologies Corp. | 117341 | &nbsp;&nbsp;&nbsp;11716499 |
|  |  | &nbsp;&nbsp;&nbsp;**28396369** |
| **Apparel & Textile Products – 0.8%** | **Apparel & Textile Products – 0.8%** | **Apparel & Textile Products – 0.8%** |
| Hanesbrands, Inc.<sup>(a)</sup> | 159597 | &nbsp;&nbsp;&nbsp;&nbsp;1346999 |
| NIKE, Inc., Class B | &nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp;9320556 |
| VF Corp. | &nbsp;&nbsp;31663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979653 |
|  |  | &nbsp;&nbsp;&nbsp;**11647208** |
| **Asset Management – 0.8%** | **Asset Management – 0.8%** | **Asset Management – 0.8%** |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp;3139333 |
| Cohen & Steers, Inc.<sup>(a)</sup> | &nbsp;&nbsp;30073 | &nbsp;&nbsp;&nbsp;&nbsp;2209463 |
| Focus Financial Partners, Inc. Class A\* | &nbsp;&nbsp;42853 | &nbsp;&nbsp;&nbsp;&nbsp;1934813 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;41525 | &nbsp;&nbsp;&nbsp;&nbsp;3233137 |
| KKR & Co., Inc. | &nbsp;&nbsp;27716 | &nbsp;&nbsp;&nbsp;&nbsp;1546830 |
|  |  | &nbsp;&nbsp;&nbsp;**12063576** |
| **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** |
| Aptiv PLC\* | &nbsp;&nbsp;49871 | &nbsp;&nbsp;&nbsp;&nbsp;5639911 |
| BorgWarner, Inc. | &nbsp;&nbsp;25434 | &nbsp;&nbsp;&nbsp;&nbsp;1202520 |
| Fox Factory Holding Corp.\* | &nbsp;&nbsp;15001 | &nbsp;&nbsp;&nbsp;&nbsp;1771468 |
| General Motors Co. | 110354 | &nbsp;&nbsp;&nbsp;&nbsp;4339119 |
| Methode Electronics, Inc. | &nbsp;&nbsp;19931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951506 |
| Tesla, Inc.\* | &nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp;2823486 |
| XPEL, Inc.\* | &nbsp;&nbsp;22681 | &nbsp;&nbsp;&nbsp;&nbsp;1725344 |
|  |  | &nbsp;&nbsp;&nbsp;**18453354** |
| **Banking – 4.4%** | **Banking – 4.4%** | **Banking – 4.4%** |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;46927 | &nbsp;&nbsp;&nbsp;&nbsp;1815606 |
| Bank OZK | 134069 | &nbsp;&nbsp;&nbsp;&nbsp;6122931 |
| BankUnited, Inc. | &nbsp;&nbsp;31339 | &nbsp;&nbsp;&nbsp;&nbsp;1179600 |
| BOK Financial Corp. | &nbsp;&nbsp;16296 | &nbsp;&nbsp;&nbsp;&nbsp;1637748 |
| Citigroup, Inc. | &nbsp;&nbsp;61414 | &nbsp;&nbsp;&nbsp;&nbsp;3207039 |
| City Holding Co. | &nbsp;&nbsp;18089 | &nbsp;&nbsp;&nbsp;&nbsp;1714656 |
| Columbia Banking System, Inc.<sup>(a)</sup> | &nbsp;&nbsp;46370 | &nbsp;&nbsp;&nbsp;&nbsp;1433297 |
| First Bancorp | &nbsp;&nbsp;22375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891644 |
| First Republic Bank | &nbsp;&nbsp;27417 | &nbsp;&nbsp;&nbsp;&nbsp;3862507 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;69525 | &nbsp;&nbsp;&nbsp;&nbsp;9730719 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;19317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815757 |
| PNC Financial Services Group (The), Inc. | &nbsp;&nbsp;16692 | &nbsp;&nbsp;&nbsp;&nbsp;2761357 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Provident Financial Services, Inc. | &nbsp;&nbsp;39129 | &nbsp;&nbsp;&nbsp;&nbsp;$917966 |
| Renasant Corp. | &nbsp;&nbsp;45319 | &nbsp;&nbsp;&nbsp;&nbsp;1612450 |
| Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;44681 | &nbsp;&nbsp;&nbsp;&nbsp;1510218 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;50727 | &nbsp;&nbsp;&nbsp;&nbsp;1628844 |
| SVB Financial Group\* | &nbsp;&nbsp;16960 | &nbsp;&nbsp;&nbsp;&nbsp;5129382 |
| Triumph Financial, Inc.\* | &nbsp;&nbsp;24446 | &nbsp;&nbsp;&nbsp;&nbsp;1362376 |
| Truist Financial Corp. | 194223 | &nbsp;&nbsp;&nbsp;&nbsp;9592674 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;56478 | &nbsp;&nbsp;&nbsp;&nbsp;1589856 |
| Webster Financial Corp. | 114164 | &nbsp;&nbsp;&nbsp;&nbsp;6010735 |
|  |  | &nbsp;&nbsp;&nbsp;**64527362** |
| **Beverages – 1.7%** | **Beverages – 1.7%** | **Beverages – 1.7%** |
| Diageo PLC (United Kingdom) | &nbsp;&nbsp;86813 | &nbsp;&nbsp;&nbsp;&nbsp;3795995 |
| Duckhorn Portfolio (The), Inc.\* | 107780 | &nbsp;&nbsp;&nbsp;&nbsp;1743881 |
| Monster Beverage Corp.\* | 110192 | &nbsp;&nbsp;&nbsp;11468783 |
| PepsiCo, Inc. | &nbsp;&nbsp;12996 | &nbsp;&nbsp;&nbsp;&nbsp;2222576 |
| Primo Water Corp. | 385459 | &nbsp;&nbsp;&nbsp;&nbsp;6032433 |
|  |  | &nbsp;&nbsp;&nbsp;**25263668** |
| **Biotechnology & Pharmaceuticals – 3.2%** | **Biotechnology & Pharmaceuticals – 3.2%** | **Biotechnology & Pharmaceuticals – 3.2%** |
| Intra-Cellular Therapies, Inc.\* | &nbsp;&nbsp;19448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931948 |
| Johnson & Johnson | &nbsp;&nbsp;43523 | &nbsp;&nbsp;&nbsp;&nbsp;7112529 |
| Merck & Co., Inc. | &nbsp;&nbsp;84828 | &nbsp;&nbsp;&nbsp;&nbsp;9111375 |
| Pfizer, Inc. | 124853 | &nbsp;&nbsp;&nbsp;&nbsp;5513508 |
| Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp;23958 | &nbsp;&nbsp;&nbsp;&nbsp;1575478 |
| Roche Holding A.G. (Genusschein) | &nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878760 |
| Viatris, Inc. | 953194 | &nbsp;&nbsp;&nbsp;11590839 |
| Zoetis, Inc. | &nbsp;&nbsp;63540 | &nbsp;&nbsp;&nbsp;10515235 |
|  |  | &nbsp;&nbsp;&nbsp;**47229672** |
| **Cable & Satellite – 1.2%** | **Cable & Satellite – 1.2%** | **Cable & Satellite – 1.2%** |
| Charter Communications, Inc., Class A\* | &nbsp;&nbsp;&nbsp;7017 | &nbsp;&nbsp;&nbsp;&nbsp;2696703 |
| Comcast Corp., Class A | 385922 | &nbsp;&nbsp;&nbsp;15186031 |
|  |  | &nbsp;&nbsp;&nbsp;**17882734** |
| **Chemicals – 2.9%** | **Chemicals – 2.9%** | **Chemicals – 2.9%** |
| Ashland Global Holdings, Inc. | &nbsp;&nbsp;35709 | &nbsp;&nbsp;&nbsp;&nbsp;3901922 |
| AZZ, Inc. | &nbsp;&nbsp;19739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838513 |
| Balchem Corp. | &nbsp;&nbsp;19567 | &nbsp;&nbsp;&nbsp;&nbsp;2556037 |
| Dow, Inc. | &nbsp;&nbsp;72245 | &nbsp;&nbsp;&nbsp;&nbsp;4287741 |
| DuPont de Nemours, Inc. | 116573 | &nbsp;&nbsp;&nbsp;&nbsp;8620573 |
| Ecovyst, Inc.\* | &nbsp;&nbsp;93939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985420 |
| Innospec, Inc. | &nbsp;&nbsp;31467 | &nbsp;&nbsp;&nbsp;&nbsp;3556400 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar U.S. Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;9223 | $1037219 |
| Livent Corp.\* | &nbsp;&nbsp;40596 | &nbsp;&nbsp;&nbsp;&nbsp;1052248 |
| PPG Industries, Inc. | &nbsp;&nbsp;23148 | &nbsp;&nbsp;&nbsp;&nbsp;3017110 |
| Sherwin-Williams (The) Co. | &nbsp;&nbsp;35111 | &nbsp;&nbsp;&nbsp;&nbsp;8306912 |
| Stepan Co. | &nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp;1627280 |
| Valvoline, Inc. | &nbsp;&nbsp;68995 | &nbsp;&nbsp;&nbsp;&nbsp;2529357 |
|  |  | &nbsp;&nbsp;&nbsp;**42316732** |
| **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** |
| Legalzoom.com, Inc.<sup>(a)\*</sup> | &nbsp;&nbsp;38029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322486 |
| Stericycle, Inc.\* | &nbsp;&nbsp;19930 | &nbsp;&nbsp;&nbsp;&nbsp;1072433 |
| ZipRecruiter, Inc., Class A\* | &nbsp;&nbsp;75143 | &nbsp;&nbsp;&nbsp;&nbsp;1475809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2870728** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| TriMas Corp. | &nbsp;&nbsp;40291 | &nbsp;&nbsp;&nbsp;&nbsp;**1240560** |
| **Diversified Industrials – 1.8%** | **Diversified Industrials – 1.8%** | **Diversified Industrials – 1.8%** |
| Eaton Corp. PLC | &nbsp;&nbsp;75802 | &nbsp;&nbsp;&nbsp;12295843 |
| Honeywell International, Inc. | &nbsp;&nbsp;26642 | &nbsp;&nbsp;&nbsp;&nbsp;5554324 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;17451 | &nbsp;&nbsp;&nbsp;&nbsp;4119134 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;13536 | &nbsp;&nbsp;&nbsp;&nbsp;4412736 |
|  |  | &nbsp;&nbsp;&nbsp;**26382037** |
| **E-Commerce Discretionary – 3.2%** | **E-Commerce Discretionary – 3.2%** | **E-Commerce Discretionary – 3.2%** |
| Amazon.com, Inc.\* | 427539 | &nbsp;&nbsp;&nbsp;44092097 |
| Sea Ltd. ADR (Singapore)\* | &nbsp;&nbsp;42650 | &nbsp;&nbsp;&nbsp;&nbsp;2748793 |
|  |  | &nbsp;&nbsp;&nbsp;**46840890** |
| **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp;15450 | &nbsp;&nbsp;&nbsp;&nbsp;1451682 |
| Avista Corp. | &nbsp;&nbsp;38515 | &nbsp;&nbsp;&nbsp;&nbsp;1536749 |
| Dominion Energy, Inc. | 213422 | &nbsp;&nbsp;&nbsp;13582176 |
| Duke Energy Corp. | &nbsp;&nbsp;49439 | &nbsp;&nbsp;&nbsp;&nbsp;5065026 |
| Exelon Corp. | &nbsp;&nbsp;21043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887804 |
| NorthWestern Corp. | &nbsp;&nbsp;28040 | &nbsp;&nbsp;&nbsp;&nbsp;1592672 |
| Southern (The) Co. | &nbsp;&nbsp;63197 | &nbsp;&nbsp;&nbsp;&nbsp;4277173 |
| Xcel Energy, Inc. | &nbsp;&nbsp;22011 | &nbsp;&nbsp;&nbsp;&nbsp;1513696 |
|  |  | &nbsp;&nbsp;&nbsp;**29906978** |
| **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** |
| Johnson Controls International PLC | &nbsp;&nbsp;53314 | &nbsp;&nbsp;&nbsp;&nbsp;3709055 |
| Lennox International, Inc. | &nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp;&nbsp;4005469 |
| Novanta, Inc.\* | &nbsp;&nbsp;17947 | &nbsp;&nbsp;&nbsp;&nbsp;2897902 |
| nVent Electric PLC | 166600 | &nbsp;&nbsp;&nbsp;&nbsp;6622350 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;9862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810952 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;62316 | $3168769 |
| Trane Technologies PLC | &nbsp;&nbsp;12544 | &nbsp;&nbsp;&nbsp;&nbsp;2246881 |
|  |  | &nbsp;&nbsp;&nbsp;**23461378** |
| **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;13964 | &nbsp;&nbsp;&nbsp;&nbsp;1690202 |
| Installed Building Products, Inc. | &nbsp;&nbsp;10852 | &nbsp;&nbsp;&nbsp;&nbsp;1194697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2884899** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;12915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988901 |
| Electronic Arts, Inc. | &nbsp;&nbsp;11338 | &nbsp;&nbsp;&nbsp;&nbsp;1458974 |
| Walt Disney (The) Co.\* | &nbsp;&nbsp;50867 | &nbsp;&nbsp;&nbsp;&nbsp;5518561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7966436** |
| **Food – 1.6%** | **Food – 1.6%** | **Food – 1.6%** |
| BellRing Brands, Inc.<sup>(a)\*</sup> | &nbsp;&nbsp;52426 | &nbsp;&nbsp;&nbsp;&nbsp;1486801 |
| Hostess Brands, Inc.\* | &nbsp;&nbsp;72096 | &nbsp;&nbsp;&nbsp;&nbsp;1667580 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;10780 | &nbsp;&nbsp;&nbsp;&nbsp;1544774 |
| Lancaster Colony Corp. | &nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;3084186 |
| Nestle S.A.<sup>(b)</sup> | &nbsp;&nbsp;31716 | &nbsp;&nbsp;&nbsp;&nbsp;3869639 |
| Post Holdings, Inc.\* | &nbsp;&nbsp;52515 | &nbsp;&nbsp;&nbsp;&nbsp;4986299 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp;5375006 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;19009 | &nbsp;&nbsp;&nbsp;&nbsp;1249842 |
|  |  | &nbsp;&nbsp;&nbsp;**23264127** |
| **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** |
| Trex Co., Inc.\* | &nbsp;&nbsp;56775 | &nbsp;&nbsp;&nbsp;&nbsp;2993178 |
| UFP Industries, Inc. | &nbsp;&nbsp;13771 | &nbsp;&nbsp;&nbsp;&nbsp;1288277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4281455** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| South Jersey Industries, Inc. | &nbsp;&nbsp;40088 | &nbsp;&nbsp;&nbsp;&nbsp;1446776 |
| UGI Corp. | &nbsp;&nbsp;86559 | &nbsp;&nbsp;&nbsp;&nbsp;3447645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4894421** |
| **Health Care Facilities & Services – 2.8%** | **Health Care Facilities & Services – 2.8%** | **Health Care Facilities & Services – 2.8%** |
| Cigna Corp. | &nbsp;&nbsp;22398 | &nbsp;&nbsp;&nbsp;&nbsp;7092775 |
| CVS Health Corp. | &nbsp;&nbsp;45119 | &nbsp;&nbsp;&nbsp;&nbsp;3980398 |
| Ensign Group (The), Inc. | &nbsp;&nbsp;35575 | &nbsp;&nbsp;&nbsp;&nbsp;3317369 |
| ICON PLC\* | &nbsp;&nbsp;12263 | &nbsp;&nbsp;&nbsp;&nbsp;2829197 |
| McKesson Corp. | &nbsp;&nbsp;10285 | &nbsp;&nbsp;&nbsp;&nbsp;3894724 |
| Medpace Holdings, Inc.\* | &nbsp;&nbsp;11793 | &nbsp;&nbsp;&nbsp;&nbsp;2607078 |
| Patterson Cos., Inc. | &nbsp;&nbsp;57103 | &nbsp;&nbsp;&nbsp;&nbsp;1723940 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;31218 | &nbsp;&nbsp;&nbsp;15583713 |
|  |  | &nbsp;&nbsp;&nbsp;**41029194** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| Steelcase, Inc., Class A | 182848 | &nbsp;&nbsp;&nbsp;&nbsp;**1426214** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar U.S. Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Home Construction – 0.7%** | **Home Construction – 0.7%** | **Home Construction – 0.7%** |
| Century Communities, Inc. | &nbsp;&nbsp;27506 | $1683367 |
| Masco Corp. | &nbsp;&nbsp;27023 | &nbsp;&nbsp;&nbsp;&nbsp;1437624 |
| Masonite International Corp.\* | &nbsp;&nbsp;18978 | &nbsp;&nbsp;&nbsp;&nbsp;1731173 |
| NVR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;4800970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9653134** |
| **Household Products – 1.4%** | **Household Products – 1.4%** | **Household Products – 1.4%** |
| Central Garden & Pet Co., Class A\* | &nbsp;&nbsp;21258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842454 |
| Estee Lauder (The) Cos., Inc., Class A | &nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;&nbsp;7536576 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;15607 | &nbsp;&nbsp;&nbsp;&nbsp;2029066 |
| Reckitt Benckiser Group PLC (United Kingdom) | &nbsp;&nbsp;16270 | &nbsp;&nbsp;&nbsp;&nbsp;1159416 |
| Unilever PLC ADR (United Kingdom)<sup>(a)</sup> | 164019 | &nbsp;&nbsp;&nbsp;&nbsp;8381371 |
|  |  | &nbsp;&nbsp;&nbsp;**19948883** |
| **Industrial Intermediate Products – 0.3%** | **Industrial Intermediate Products – 0.3%** | **Industrial Intermediate Products – 0.3%** |
| Janus International Group, Inc.\* | 111117 | &nbsp;&nbsp;&nbsp;&nbsp;1222287 |
| RBC Bearings, Inc.\* | &nbsp;&nbsp;13048 | &nbsp;&nbsp;&nbsp;&nbsp;3183321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4405608** |
| **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** |
| W.W. Grainger, Inc. | &nbsp;&nbsp;16499 | &nbsp;&nbsp;&nbsp;&nbsp;9725830 |
| WESCO International, Inc.\* | &nbsp;&nbsp;45261 | &nbsp;&nbsp;&nbsp;&nbsp;6744342 |
|  |  | &nbsp;&nbsp;&nbsp;**16470172** |
| **Institutional Financial Services – 1.9%** | **Institutional Financial Services – 1.9%** | **Institutional Financial Services – 1.9%** |
| Goldman Sachs Group (The), Inc. | &nbsp;&nbsp;27594 | &nbsp;&nbsp;&nbsp;10094161 |
| Moelis & Co., Class A | &nbsp;&nbsp;81714 | &nbsp;&nbsp;&nbsp;&nbsp;3820130 |
| Morgan Stanley | &nbsp;&nbsp;74869 | &nbsp;&nbsp;&nbsp;&nbsp;7287000 |
| Nasdaq, Inc. | &nbsp;&nbsp;69360 | &nbsp;&nbsp;&nbsp;&nbsp;4174778 |
| Piper Sandler Cos. | &nbsp;&nbsp;12751 | &nbsp;&nbsp;&nbsp;&nbsp;1811917 |
|  |  | &nbsp;&nbsp;&nbsp;**27187986** |
| **Insurance – 4.5%** | **Insurance – 4.5%** | **Insurance – 4.5%** |
| American International Group, Inc. | 205780 | &nbsp;&nbsp;&nbsp;13009412 |
| AMERISAFE, Inc. | &nbsp;&nbsp;17913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986648 |
| Aon PLC, Class A | &nbsp;&nbsp;19557 | &nbsp;&nbsp;&nbsp;&nbsp;6232425 |
| Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;18851 | &nbsp;&nbsp;&nbsp;&nbsp;5872463 |
| Brighthouse Financial, Inc.\* | &nbsp;&nbsp;23574 | &nbsp;&nbsp;&nbsp;&nbsp;1326509 |
| Chubb Ltd. | &nbsp;&nbsp;25119 | &nbsp;&nbsp;&nbsp;&nbsp;5714321 |
| Enstar Group Ltd.\* | &nbsp;&nbsp;&nbsp;4362 | &nbsp;&nbsp;&nbsp;&nbsp;1056913 |
| Goosehead Insurance, Inc., Class A<sup>(a)\*</sup> | &nbsp;&nbsp;18243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712389 |
| Hartford Financial Services Group (The), Inc. | &nbsp;&nbsp;26958 | &nbsp;&nbsp;&nbsp;&nbsp;2092210 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Loews Corp. | &nbsp;&nbsp;28035 | $1723592 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;75203 | &nbsp;&nbsp;&nbsp;13153757 |
| Progressive (The) Corp. | &nbsp;&nbsp;43910 | &nbsp;&nbsp;&nbsp;&nbsp;5987128 |
| Travelers (The) Cos., Inc. | &nbsp;&nbsp;21738 | &nbsp;&nbsp;&nbsp;&nbsp;4154567 |
| Willis Towers Watson PLC | &nbsp;&nbsp;11416 | &nbsp;&nbsp;&nbsp;&nbsp;2901833 |
|  |  | &nbsp;&nbsp;&nbsp;**64924167** |
| **Internet Media & Services – 5.9%** | **Internet Media & Services – 5.9%** | **Internet Media & Services – 5.9%** |
| Alphabet, Inc., Class A\* | 414031 | &nbsp;&nbsp;&nbsp;40922824 |
| Meta Platforms, Inc., Class A\* | 181312 | &nbsp;&nbsp;&nbsp;27010049 |
| Netflix, Inc.\* | &nbsp;&nbsp;37090 | &nbsp;&nbsp;&nbsp;13124667 |
| Uber Technologies, Inc.\* | 180979 | &nbsp;&nbsp;&nbsp;&nbsp;5597681 |
|  |  | &nbsp;&nbsp;&nbsp;**86655221** |
| **Leisure Facilities & Services – 1.0%** | **Leisure Facilities & Services – 1.0%** | **Leisure Facilities & Services – 1.0%** |
| Chuy's Holdings, Inc.\* | &nbsp;&nbsp;22817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781026 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;16840 | &nbsp;&nbsp;&nbsp;&nbsp;2933191 |
| Papa John's International, Inc. | &nbsp;&nbsp;19661 | &nbsp;&nbsp;&nbsp;&nbsp;1763395 |
| Red Rock Resorts, Inc., Class A | 144990 | &nbsp;&nbsp;&nbsp;&nbsp;6526000 |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;7069 | &nbsp;&nbsp;&nbsp;&nbsp;1854482 |
|  |  | &nbsp;&nbsp;&nbsp;**13858094** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| YETI Holdings, Inc.\* | &nbsp;&nbsp;37271 | &nbsp;&nbsp;&nbsp;&nbsp;**1668250** |
| **Machinery – 1.5%** | **Machinery – 1.5%** | **Machinery – 1.5%** |
| Alamo Group, Inc. | &nbsp;&nbsp;11199 | &nbsp;&nbsp;&nbsp;&nbsp;1752307 |
| Albany International Corp., Class A | &nbsp;&nbsp;14579 | &nbsp;&nbsp;&nbsp;&nbsp;1635035 |
| Enovis Corp.<sup>(a)\*</sup> | &nbsp;&nbsp;53740 | &nbsp;&nbsp;&nbsp;&nbsp;3382933 |
| Esab Corp. | &nbsp;&nbsp;63707 | &nbsp;&nbsp;&nbsp;&nbsp;3682902 |
| Federal Signal Corp. | &nbsp;&nbsp;30801 | &nbsp;&nbsp;&nbsp;&nbsp;1640153 |
| Helios Technologies, Inc. | &nbsp;&nbsp;32139 | &nbsp;&nbsp;&nbsp;&nbsp;2121174 |
| Kadant, Inc. | &nbsp;&nbsp;16819 | &nbsp;&nbsp;&nbsp;&nbsp;3427208 |
| Kornit Digital Ltd. (Israel)\* | &nbsp;&nbsp;29246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737292 |
| Regal Rexnord Corp. | &nbsp;&nbsp;22960 | &nbsp;&nbsp;&nbsp;&nbsp;3196032 |
|  |  | &nbsp;&nbsp;&nbsp;**21575036** |
| **Medical Equipment & Devices – 4.9%** | **Medical Equipment & Devices – 4.9%** | **Medical Equipment & Devices – 4.9%** |
| Abbott Laboratories | &nbsp;&nbsp;33865 | &nbsp;&nbsp;&nbsp;&nbsp;3743776 |
| Alcon, Inc. (Switzerland)<sup>(a)</sup> | &nbsp;&nbsp;91014 | &nbsp;&nbsp;&nbsp;&nbsp;6845163 |
| Avanos Medical, Inc.\* | &nbsp;&nbsp;27427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840363 |
| Bio-Rad Laboratories, Inc., Class A\* | &nbsp;&nbsp;16956 | &nbsp;&nbsp;&nbsp;&nbsp;7926252 |
| Boston Scientific Corp.\* | 126293 | &nbsp;&nbsp;&nbsp;&nbsp;5841051 |
| CONMED Corp. | &nbsp;&nbsp;16688 | &nbsp;&nbsp;&nbsp;&nbsp;1598043 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;7632 | &nbsp;&nbsp;&nbsp;&nbsp;2017748 |
| Dexcom, Inc.\* | &nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;7067940 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar U.S. Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| Intuitive Surgical, Inc.\* | &nbsp;&nbsp;29260 | $7188889 |
| Medtronic PLC | &nbsp;&nbsp;32594 | &nbsp;&nbsp;&nbsp;&nbsp;2727792 |
| Merit Medical Systems, Inc.\* | &nbsp;&nbsp;11865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846568 |
| Neogen Corp.\* | 141519 | &nbsp;&nbsp;&nbsp;&nbsp;3029922 |
| Stryker Corp. | &nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp;5736106 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;27567 | &nbsp;&nbsp;&nbsp;15722287 |
|  |  | &nbsp;&nbsp;&nbsp;**71131900** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| Encore Wire Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930321 |
| Freeport-McMoRan, Inc. | 114837 | &nbsp;&nbsp;&nbsp;&nbsp;5124027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6054348** |
| **Oil & Gas Producers – 5.7%** | **Oil & Gas Producers – 5.7%** | **Oil & Gas Producers – 5.7%** |
| Antero Midstream Corp. | 105581 | &nbsp;&nbsp;&nbsp;&nbsp;1150833 |
| California Resources Corp. | &nbsp;&nbsp;44536 | &nbsp;&nbsp;&nbsp;&nbsp;1903023 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;42472 | &nbsp;&nbsp;&nbsp;&nbsp;6489297 |
| Chesapeake Energy Corp. | &nbsp;&nbsp;21916 | &nbsp;&nbsp;&nbsp;&nbsp;1900556 |
| Chord Energy Corp. | &nbsp;&nbsp;11945 | &nbsp;&nbsp;&nbsp;&nbsp;1712077 |
| ConocoPhillips | &nbsp;&nbsp;44755 | &nbsp;&nbsp;&nbsp;&nbsp;5454292 |
| Coterra Energy, Inc.<sup>(a)</sup> | 119654 | &nbsp;&nbsp;&nbsp;&nbsp;2994940 |
| Enbridge, Inc. (Canada) | 184808 | &nbsp;&nbsp;&nbsp;&nbsp;7567051 |
| Enerplus Corp. (Canada) | &nbsp;&nbsp;50541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897103 |
| EOG Resources, Inc. | &nbsp;&nbsp;17733 | &nbsp;&nbsp;&nbsp;&nbsp;2345189 |
| Equitrans Midstream Corp. | 240733 | &nbsp;&nbsp;&nbsp;&nbsp;1745314 |
| Exxon Mobil Corp. | &nbsp;&nbsp;53548 | &nbsp;&nbsp;&nbsp;&nbsp;6212103 |
| Hess Corp. | &nbsp;&nbsp;40857 | &nbsp;&nbsp;&nbsp;&nbsp;6135087 |
| Kinder Morgan, Inc. | 310915 | &nbsp;&nbsp;&nbsp;&nbsp;5689744 |
| Northern Oil and Gas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;45211 | &nbsp;&nbsp;&nbsp;&nbsp;1515473 |
| ONEOK, Inc. | &nbsp;&nbsp;55262 | &nbsp;&nbsp;&nbsp;&nbsp;3784342 |
| Pembina Pipeline Corp. (Canada) | &nbsp;&nbsp;48977 | &nbsp;&nbsp;&nbsp;&nbsp;1737781 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;40668 | &nbsp;&nbsp;&nbsp;&nbsp;9367874 |
| Sitio Royalties Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;63625 | &nbsp;&nbsp;&nbsp;&nbsp;1690516 |
| Targa Resources Corp. | &nbsp;&nbsp;27074 | &nbsp;&nbsp;&nbsp;&nbsp;2031091 |
| TC Energy Corp. (Canada) | 120626 | &nbsp;&nbsp;&nbsp;&nbsp;5197466 |
| Williams (The) Cos., Inc. | 156503 | &nbsp;&nbsp;&nbsp;&nbsp;5045657 |
|  |  | &nbsp;&nbsp;&nbsp;**82566809** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Liberty Media Corp.-Liberty Formula One, Class C\* | &nbsp;&nbsp;28745 | &nbsp;&nbsp;&nbsp;&nbsp;**2035146** |
| **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** |
| Corporate Office Properties Trust | &nbsp;&nbsp;55370 | &nbsp;&nbsp;&nbsp;&nbsp;1554236 |
| CubeSmart | 101205 | &nbsp;&nbsp;&nbsp;&nbsp;4634177 |
| Douglas Emmett, Inc. | &nbsp;&nbsp;50902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852609 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;48841 | &nbsp;&nbsp;&nbsp;&nbsp;$793178 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;8729 | &nbsp;&nbsp;&nbsp;&nbsp;6443137 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;59097 | &nbsp;&nbsp;&nbsp;&nbsp;1699630 |
| National Storage Affiliates Trust | &nbsp;&nbsp;41603 | &nbsp;&nbsp;&nbsp;&nbsp;1697402 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;72456 | &nbsp;&nbsp;&nbsp;&nbsp;1621565 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;16991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831709 |
| Prologis, Inc. | &nbsp;&nbsp;22327 | &nbsp;&nbsp;&nbsp;&nbsp;2886435 |
| Public Storage | &nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992757 |
| Rayonier, Inc. | &nbsp;&nbsp;53990 | &nbsp;&nbsp;&nbsp;&nbsp;1964696 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;25055 | &nbsp;&nbsp;&nbsp;&nbsp;2327359 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;81164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891992 |
| UDR, Inc. | &nbsp;&nbsp;15649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666491 |
| Urban Edge Properties | 106665 | &nbsp;&nbsp;&nbsp;&nbsp;1679974 |
| Weyerhaeuser Co. | &nbsp;&nbsp;54308 | &nbsp;&nbsp;&nbsp;&nbsp;1869824 |
|  |  | &nbsp;&nbsp;&nbsp;**33407171** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| Radius Global Infrastructure, Inc. Class A\* | 100094 | &nbsp;&nbsp;&nbsp;&nbsp;**1348266** |
| **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** |
| Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;9366 | &nbsp;&nbsp;&nbsp;&nbsp;**1731492** |
| **Retail - Consumer Staples – 1.0%** | **Retail - Consumer Staples – 1.0%** | **Retail - Consumer Staples – 1.0%** |
| Five Below, Inc.\* | &nbsp;&nbsp;18184 | &nbsp;&nbsp;&nbsp;&nbsp;3584612 |
| Ollie's Bargain Outlet Holdings, Inc.\* | &nbsp;&nbsp;30228 | &nbsp;&nbsp;&nbsp;&nbsp;1655285 |
| Target Corp. | &nbsp;&nbsp;20559 | &nbsp;&nbsp;&nbsp;&nbsp;3539026 |
| Walmart, Inc. | &nbsp;&nbsp;38197 | &nbsp;&nbsp;&nbsp;&nbsp;5495403 |
|  |  | &nbsp;&nbsp;&nbsp;**14274326** |
| **Retail - Discretionary – 1.2%** | **Retail - Discretionary – 1.2%** | **Retail - Discretionary – 1.2%** |
| Academy Sports & Outdoors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;21550 | &nbsp;&nbsp;&nbsp;&nbsp;1258951 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;34359 | &nbsp;&nbsp;&nbsp;&nbsp;5232188 |
| CarMax, Inc.\* | &nbsp;&nbsp;12533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882950 |
| Floor & Decor Holdings, Inc., Class A\* | &nbsp;&nbsp;20377 | &nbsp;&nbsp;&nbsp;&nbsp;1849620 |
| Freshpet, Inc.\* | &nbsp;&nbsp;18376 | &nbsp;&nbsp;&nbsp;&nbsp;1163752 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;23744 | &nbsp;&nbsp;&nbsp;&nbsp;4944688 |
| Mister Car Wash, Inc.<sup>(a)\*</sup> | &nbsp;&nbsp;95073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976400 |
| Monro, Inc. | &nbsp;&nbsp;36003 | &nbsp;&nbsp;&nbsp;&nbsp;1832553 |
|  |  | &nbsp;&nbsp;&nbsp;**18141102** |
| **Semiconductors – 3.6%** | **Semiconductors – 3.6%** | **Semiconductors – 3.6%** |
| Analog Devices, Inc. | &nbsp;&nbsp;11163 | &nbsp;&nbsp;&nbsp;&nbsp;1914120 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar U.S. Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| ASML Holding N.V. (Netherlands)<sup>(b)</sup> | &nbsp;&nbsp;12220 | &nbsp;&nbsp;&nbsp;$8075465 |
| Intel Corp. | 113400 | &nbsp;&nbsp;&nbsp;&nbsp;3204684 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;7866 | &nbsp;&nbsp;&nbsp;&nbsp;3087248 |
| Micron Technology, Inc. | &nbsp;&nbsp;77794 | &nbsp;&nbsp;&nbsp;&nbsp;4690978 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;3888 | &nbsp;&nbsp;&nbsp;&nbsp;1658465 |
| NVIDIA Corp. | &nbsp;&nbsp;75468 | &nbsp;&nbsp;&nbsp;&nbsp;14744183 |
| NXP Semiconductors N.V. (China) | &nbsp;&nbsp;23127 | &nbsp;&nbsp;&nbsp;&nbsp;4262537 |
| Rambus, Inc.\* | &nbsp;&nbsp;36241 | &nbsp;&nbsp;&nbsp;&nbsp;1466673 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | &nbsp;&nbsp;41953 | &nbsp;&nbsp;&nbsp;&nbsp;3890302 |
| Texas Instruments, Inc. | &nbsp;&nbsp;34906 | &nbsp;&nbsp;&nbsp;&nbsp;6185692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**53180347** |
| **Software – 7.5%** | **Software – 7.5%** | **Software – 7.5%** |
| Adobe, Inc.\* | &nbsp;&nbsp;16606 | &nbsp;&nbsp;&nbsp;&nbsp;6149866 |
| Atlassian Corp., Class A\* | &nbsp;&nbsp;27680 | &nbsp;&nbsp;&nbsp;&nbsp;4473642 |
| Check Point Software Technologies Ltd. (Israel)\* | &nbsp;&nbsp;31776 | &nbsp;&nbsp;&nbsp;&nbsp;4041907 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)\*</sup> | 103778 | &nbsp;&nbsp;&nbsp;&nbsp;2031973 |
| CyberArk Software Ltd.\* | &nbsp;&nbsp;14219 | &nbsp;&nbsp;&nbsp;&nbsp;2003173 |
| Five9, Inc.\* | &nbsp;&nbsp;24053 | &nbsp;&nbsp;&nbsp;&nbsp;1894895 |
| Guidewire Software, Inc.\* | &nbsp;&nbsp;34060 | &nbsp;&nbsp;&nbsp;&nbsp;2494554 |
| Microsoft Corp. | 213661 | &nbsp;&nbsp;&nbsp;&nbsp;52947332 |
| Palo Alto Networks, Inc.\* | &nbsp;&nbsp;48577 | &nbsp;&nbsp;&nbsp;&nbsp;7706255 |
| Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp;&nbsp;&nbsp;1956885 |
| Q2 Holdings, Inc.\* | &nbsp;&nbsp;33154 | &nbsp;&nbsp;&nbsp;&nbsp;1084799 |
| Salesforce, Inc.\* | &nbsp;&nbsp;47178 | &nbsp;&nbsp;&nbsp;&nbsp;7924489 |
| Splunk, Inc.\* | &nbsp;&nbsp;53357 | &nbsp;&nbsp;&nbsp;&nbsp;5110000 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;52337 | &nbsp;&nbsp;&nbsp;&nbsp;3158538 |
| Unity Software, Inc.<sup>(a)\*</sup> | &nbsp;&nbsp;38200 | &nbsp;&nbsp;&nbsp;&nbsp;1356864 |
| Workday, Inc., Class A\* | &nbsp;&nbsp;29060 | &nbsp;&nbsp;&nbsp;&nbsp;5272356 |
|  |  | &nbsp;&nbsp;&nbsp;**109607528** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| American Express Co. | &nbsp;&nbsp;24160 | &nbsp;&nbsp;&nbsp;&nbsp;4226309 |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;9048 | &nbsp;&nbsp;&nbsp;&nbsp;1056173 |
| Mr. Cooper Group, Inc.<sup>(a)\*</sup> | &nbsp;&nbsp;50537 | &nbsp;&nbsp;&nbsp;&nbsp;2324196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7606678** |
| **Technology Hardware – 3.5%** | **Technology Hardware – 3.5%** | **Technology Hardware – 3.5%** |
| ADTRAN Holdings, Inc. | &nbsp;&nbsp;39136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738496 |
| Apple, Inc. | 260109 | &nbsp;&nbsp;&nbsp;&nbsp;37531128 |
| Ciena Corp.\* | &nbsp;&nbsp;36454 | &nbsp;&nbsp;&nbsp;&nbsp;1896337 |
| Cisco Systems, Inc. | 159028 | &nbsp;&nbsp;&nbsp;&nbsp;7739893 |
| Fabrinet (Thailand)\* | &nbsp;&nbsp;14379 | &nbsp;&nbsp;&nbsp;&nbsp;1893139 |
| Viavi Solutions, Inc.\* | 138414 | &nbsp;&nbsp;&nbsp;&nbsp;1564078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**51363071** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Services – 4.1%** | **Technology Services – 4.1%** | **Technology Services – 4.1%** |
| Accenture PLC, Class A | &nbsp;&nbsp;16367 | &nbsp;&nbsp;&nbsp;&nbsp;$4567211 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;29420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963785 |
| Equifax, Inc. | &nbsp;&nbsp;15062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346776 |
| Euronet Worldwide, Inc.\* | &nbsp;&nbsp;21160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384309 |
| Globant S.A.\* | &nbsp;&nbsp;11565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875612 |
| HealthEquity, Inc.\* | &nbsp;&nbsp;44839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728453 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704120 |
| Open Lending Corp., Class A\* | &nbsp;&nbsp;98845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866871 |
| PayPal Holdings, Inc.\* | &nbsp;&nbsp;90701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7391224 |
| S&P Global, Inc. | &nbsp;&nbsp;28628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10733781 |
| Visa, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;97048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22341420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59903562** |
| **Telecommunications – 1.1%** | **Telecommunications – 1.1%** | **Telecommunications – 1.1%** |
| T-Mobile U.S., Inc.\* | &nbsp;&nbsp;13090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954468 |
| Verizon Communications, Inc. | 337600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14034032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15988500** |
| **Transportation & Logistics – 1.8%** | **Transportation & Logistics – 1.8%** | **Transportation & Logistics – 1.8%** |
| Alaska Air Group, Inc.\* | &nbsp;&nbsp;48291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479260 |
| Allegiant Travel Co.\* | &nbsp;&nbsp;&nbsp;9875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849546 |
| Canadian National Railway Co. (Canada) | &nbsp;&nbsp;12616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502440 |
| Delta Air Lines, Inc.\* | 113852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451613 |
| Kirby Corp.\* | &nbsp;&nbsp;32128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274020 |
| Saia, Inc.<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;8124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216065 |
| Union Pacific Corp. | &nbsp;&nbsp;20749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236738 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;43035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7971373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25981055** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| PACCAR, Inc. | &nbsp;&nbsp;12246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1338610** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;27298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2261639** |
| **Wholesale - Discretionary – 0.2%** | **Wholesale - Discretionary – 0.2%** | **Wholesale - Discretionary – 0.2%** |
| Pool Corp. | &nbsp;&nbsp;&nbsp;6861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2645670** |
| **Total Common Stocks<br> (Cost $1,171,383,111)** | **Total Common Stocks<br> (Cost $1,171,383,111)** | &nbsp;&nbsp;&nbsp;**1311143763** |
| **Master Limited Partnerships – 1.2%** | **Master Limited Partnerships – 1.2%** | **Master Limited Partnerships – 1.2%** |
| **Oil & Gas Producers – 1.2%** | **Oil & Gas Producers – 1.2%** | **Oil & Gas Producers – 1.2%** |
| Energy Transfer L.P. | 303980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036855 |
| Enterprise Products Partners L.P. | 262420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6717952 |
| Magellan Midstream Partners L.P. | &nbsp;&nbsp;42745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282583 |
| MPLX L.P. | &nbsp;&nbsp;66590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325323 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar U.S. Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Plains All American Pipeline L.P. | 156681 | $1952245 |
| **Total Master Limited Partnerships<br> (Cost $16,007,805)** | **Total Master Limited Partnerships<br> (Cost $16,007,805)** | &nbsp;&nbsp;&nbsp;**17314958** |
| **Investment Companies – 5.6%** | **Investment Companies – 5.6%** | **Investment Companies – 5.6%** |
| Vanguard Consumer Staples ETF | 146112 | &nbsp;&nbsp;&nbsp;27945381 |
| Vanguard Financials ETF | &nbsp;&nbsp;82031 | &nbsp;&nbsp;&nbsp;&nbsp;7317985 |
| Vanguard Health Care ETF | 192471 | &nbsp;&nbsp;&nbsp;47363264 |
| **Total Investment Companies<br> (Cost $74,964,588)** | **Total Investment Companies<br> (Cost $74,964,588)** | &nbsp;&nbsp;&nbsp;**82626630** |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Short-Term Investments – 2.1%** | **Short-Term Investments – 2.1%** | **Short-Term Investments – 2.1%** |
| **Money Market Funds – 2.1%** | **Money Market Funds – 2.1%** | **Money Market Funds – 2.1%** |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares), 4.35%<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;3401139 | &nbsp;&nbsp;&nbsp;&nbsp;$3401139 |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(c)</sup> | &nbsp;&nbsp;26588738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26588738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29989877** |
| **Mortgage-Backed Securities – 0.0%<sup>(e)</sup>** | **Mortgage-Backed Securities – 0.0%<sup>(e)</sup>** | **Mortgage-Backed Securities – 0.0%<sup>(e)</sup>** |
| Freddie Mac Discount Notes, 0.00%, 2/1/23<sup>(f)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**137000** |
| **Total Short-Term Investments<br> (Cost $30,126,876)** | **Total Short-Term Investments<br> (Cost $30,126,876)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30126877** |
| **Total Investments – 98.7%<br> (Cost $1,292,482,380)** | **Total Investments – 98.7%<br> (Cost $1,292,482,380)** | &nbsp;&nbsp;&nbsp;**1441212228** |
| Other Assets less Liabilities – 1.3% | Other Assets less Liabilities – 1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19086945 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1460299173** |

---

*Percentages shown are based on Net Assets.*

---

| | |
|:---|:---|
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |
| <sup>(a)</sup> | Security either partially or fully on loan. As of January 31, 2023, the total value of securities on loan is $39,541,762. |
| <sup>(b)</sup> | Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(c)</sup> | 7-day current yield as of January 31, 2023 is disclosed. |
| <sup>(d)</sup> | Security purchased with the cash proceeds from securities loaned. As of January 31, 2023, total cash collateral has a value of $3,401,139 and total non-cash collateral has a value of $36,375,914. |
| <sup>(e)</sup> | Amount rounds to less than 0.05%. |
| <sup>(f)</sup> | Zero coupon bond. |
| \* | Non-Income Producing Security |

---

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| L.P. | Limited Partnership |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standards & Poor's |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar U.S. Equity Fund<br>

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar U.S. Equity Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;1301439953 | &nbsp;&nbsp;$9703810 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;1311143763 |
| &nbsp;&nbsp;&nbsp;Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17314958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17314958 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82626630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82626630 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29989877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30126877 |
| **Total Investments** | &nbsp;&nbsp;$1431371418 | &nbsp;&nbsp;$9840810 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1441212228 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Common Stocks – 95.3%** | **Common Stocks – 95.3%** | **Common Stocks – 95.3%** |
| **Advertising & Marketing – 1.0%** | **Advertising & Marketing – 1.0%** | **Advertising & Marketing – 1.0%** |
| Dentsu Group, Inc. (Japan) | &nbsp;&nbsp;17794 | &nbsp;&nbsp;&nbsp;&nbsp;$573125 |
| Publicis Groupe S.A. (France) | &nbsp;&nbsp;52400 | &nbsp;&nbsp;&nbsp;&nbsp;3696277 |
| WPP PLC (United Kingdom) | 351361 | &nbsp;&nbsp;&nbsp;&nbsp;4105211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8374613** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| BAE Systems PLC (United Kingdom) | &nbsp;&nbsp;86459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915259 |
| Rolls-Royce Holdings PLC (United Kingdom)<sup>(a)\*</sup> | 822536 | &nbsp;&nbsp;&nbsp;&nbsp;1076153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1991412** |
| **Apparel & Textile Products – 2.0%** | **Apparel & Textile Products – 2.0%** | **Apparel & Textile Products – 2.0%** |
| adidas A.G. (Germany) | &nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp;6714378 |
| Cie Financiere Richemont S.A., Class A (Switzerland)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;6780 | &nbsp;&nbsp;&nbsp;&nbsp;1045187 |
| Kering S.A. (France) | &nbsp;&nbsp;11976 | &nbsp;&nbsp;&nbsp;&nbsp;7472508 |
| Swatch Group (The) A.G. (Bearer) (Switzerland) | &nbsp;&nbsp;&nbsp;6360 | &nbsp;&nbsp;&nbsp;&nbsp;2302756 |
|  |  | &nbsp;&nbsp;&nbsp;**17534829** |
| **Asset Management – 1.6%** | **Asset Management – 1.6%** | **Asset Management – 1.6%** |
| EXOR N.V. (Netherlands)\* | &nbsp;&nbsp;67200 | &nbsp;&nbsp;&nbsp;&nbsp;5341635 |
| HDFC Asset Management Co. Ltd. (India)<sup>(c)</sup> | &nbsp;&nbsp;14069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325753 |
| Sanlam Ltd. (South Africa) | 202354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654743 |
| Schroders PLC (United Kingdom) | 860724 | &nbsp;&nbsp;&nbsp;&nbsp;5090142 |
| St. James's Place PLC (United Kingdom) | &nbsp;&nbsp;34891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529078 |
| XP, Inc., Class A (Brazil)<sup>(a)\*</sup> | &nbsp;&nbsp;86245 | &nbsp;&nbsp;&nbsp;&nbsp;1536886 |
|  |  | &nbsp;&nbsp;&nbsp;**13478237** |
| **Automotive – 5.5%** | **Automotive – 5.5%** | **Automotive – 5.5%** |
| Bajaj Auto Ltd. (India) | &nbsp;&nbsp;12276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574045 |
| Bayerische Motoren Werke A.G. (Germany) | &nbsp;&nbsp;68720 | &nbsp;&nbsp;&nbsp;&nbsp;7000143 |
| Bridgestone Corp. (Japan) | &nbsp;&nbsp;63800 | &nbsp;&nbsp;&nbsp;&nbsp;2381858 |
| Continental A.G. (Germany) | &nbsp;&nbsp;97875 | &nbsp;&nbsp;&nbsp;&nbsp;6872313 |
| Denso Corp. (Japan) | &nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp;1123318 |
| Fuyao Glass Industry Group Co. Ltd., Class A (China) | 179700 | &nbsp;&nbsp;&nbsp;&nbsp;1041680 |
| Honda Motor Co. Ltd. (Japan) | 133500 | &nbsp;&nbsp;&nbsp;&nbsp;3302324 |
| Huayu Automotive Systems Co. Ltd., Class A (China) | 321500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870231 |
| Hyundai Mobis Co. Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;4517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755275 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Kia Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;10519 | &nbsp;&nbsp;&nbsp;&nbsp;$573096 |
| Li Auto, Inc. ADR (China)<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442672 |
| Li Auto, Inc., Class A (China)<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36709 |
| Maruti Suzuki India Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482922 |
| Mercedes-Benz Group A.G. (Germany) | &nbsp;&nbsp;109790 | &nbsp;&nbsp;&nbsp;&nbsp;8169697 |
| Nissan Motor Co. Ltd. (Japan) | &nbsp;&nbsp;313576 | &nbsp;&nbsp;&nbsp;&nbsp;1126660 |
| Stanley Electric Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp;1181517 |
| Sumitomo Electric Industries Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588792 |
| Toyota Motor Corp. (Japan) | &nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;6549832 |
| Valeo (France) | &nbsp;&nbsp;202294 | &nbsp;&nbsp;&nbsp;&nbsp;4421089 |
|  |  | &nbsp;&nbsp;&nbsp;**47494173** |
| **Banking – 10.5%** | **Banking – 10.5%** | **Banking – 10.5%** |
| Al Rajhi Bank (Saudi Arabia)\* | &nbsp;&nbsp;&nbsp;&nbsp;19582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429850 |
| Axis Bank Ltd. (India) | &nbsp;&nbsp;208995 | &nbsp;&nbsp;&nbsp;&nbsp;2233682 |
| Banco Bilbao Vizcaya Argentaria S.A. (Spain) | &nbsp;&nbsp;554886 | &nbsp;&nbsp;&nbsp;&nbsp;3919589 |
| Banco do Brasil S.A. (Brazil) | &nbsp;&nbsp;174500 | &nbsp;&nbsp;&nbsp;&nbsp;1403549 |
| Banco Santander Chile ADR (Chile) | &nbsp;&nbsp;&nbsp;&nbsp;24636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416595 |
| Bank Central Asia Tbk PT (Indonesia) | 1157800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657062 |
| Bank Mandiri Persero Tbk PT (Indonesia) | 1669500 | &nbsp;&nbsp;&nbsp;&nbsp;1112448 |
| Barclays PLC (United Kingdom) | &nbsp;&nbsp;313999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721819 |
| BDO Unibank, Inc. (Philippines) | &nbsp;&nbsp;181974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410431 |
| BNP Paribas S.A. (France) | &nbsp;&nbsp;131305 | &nbsp;&nbsp;&nbsp;&nbsp;9018273 |
| Capitec Bank Holdings Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;7608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785802 |
| China Construction Bank Corp., Class H (China) | 3607000 | &nbsp;&nbsp;&nbsp;&nbsp;2334778 |
| China Merchants Bank Co. Ltd., Class H (China) | &nbsp;&nbsp;150113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973652 |
| Commercial International Bank Egypt S.A.E. GDR (Egypt)<sup>(b)</sup> | &nbsp;&nbsp;550116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892158 |
| Credicorp Ltd. (Peru) | &nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364759 |
| DBS Group Holdings Ltd. (Singapore) | &nbsp;&nbsp;256852 | &nbsp;&nbsp;&nbsp;&nbsp;7031650 |
| First Abu Dhabi Bank PJSC (United Arab Emirates) | &nbsp;&nbsp;122771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455405 |
| FirstRand Ltd. (South Africa) | &nbsp;&nbsp;192433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715004 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Grupo Financiero Banorte S.A.B. de C.V., Class O (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;162936 | $1349832 |
| HDFC Bank Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;52138 | &nbsp;&nbsp;&nbsp;&nbsp;1026005 |
| HDFC Bank Ltd. ADR (India) | &nbsp;&nbsp;&nbsp;&nbsp;42292 | &nbsp;&nbsp;&nbsp;&nbsp;2848789 |
| HSBC Holdings PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;361972 | &nbsp;&nbsp;&nbsp;&nbsp;2667136 |
| ICICI Bank Ltd. ADR (India) | &nbsp;&nbsp;&nbsp;&nbsp;113452 | &nbsp;&nbsp;&nbsp;&nbsp;2363205 |
| Intesa Sanpaolo S.p.A. (Italy) | &nbsp;&nbsp;3451300 | &nbsp;&nbsp;&nbsp;&nbsp;9074399 |
| Kasikornbank PCL (Thailand)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;117800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519408 |
| KB Financial Group, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;31475 | &nbsp;&nbsp;&nbsp;&nbsp;1434392 |
| Kotak Mahindra Bank Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;67654 | &nbsp;&nbsp;&nbsp;&nbsp;1436382 |
| Lloyds Banking Group PLC (United Kingdom) | 14563475 | &nbsp;&nbsp;&nbsp;&nbsp;9477850 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;290300 | &nbsp;&nbsp;&nbsp;&nbsp;2126413 |
| Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702921 |
| NatWest Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;128160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488939 |
| Nedbank Group Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;104394 | &nbsp;&nbsp;&nbsp;&nbsp;1350942 |
| OTP Bank Nyrt. (Hungary) | &nbsp;&nbsp;&nbsp;&nbsp;63533 | &nbsp;&nbsp;&nbsp;&nbsp;1914344 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;42631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317964 |
| Qatar National Bank QPSC (Qatar) | &nbsp;&nbsp;&nbsp;&nbsp;135776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673041 |
| Resona Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;125600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695036 |
| Saudi British Bank (The) (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84171 |
| Sberbank of Russia PJSC (Russia)<sup>(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;405212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Shinhan Financial Group Co. Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;36958 | &nbsp;&nbsp;&nbsp;&nbsp;1249713 |
| Skandinaviska Enskilda Banken AB, Class A (Sweden) | &nbsp;&nbsp;&nbsp;&nbsp;450264 | &nbsp;&nbsp;&nbsp;&nbsp;5450810 |
| Standard Bank Group Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;80510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803306 |
| Standard Chartered PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;467920 | &nbsp;&nbsp;&nbsp;&nbsp;3930350 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;79300 | &nbsp;&nbsp;&nbsp;&nbsp;3446465 |
| Sumitomo Mitsui Trust Holdings, Inc. (Japan)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51800 | &nbsp;&nbsp;&nbsp;&nbsp;1887003 |
|  |  | &nbsp;&nbsp;&nbsp;**91195322** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Beverages – 2.2%** | **Beverages – 2.2%** | **Beverages – 2.2%** |
| Ambev S.A. ADR (Brazil)\* | &nbsp;&nbsp;881424 | $2344588 |
| Anheuser-Busch InBev S.A./N.V. (Belgium) | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;4708218 |
| Asahi Group Holdings Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607610 |
| Budweiser Brewing Co. APAC Ltd. (China)<sup>(c)</sup> | &nbsp;&nbsp;533600 | &nbsp;&nbsp;&nbsp;&nbsp;1683679 |
| Diageo PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;43340 | &nbsp;&nbsp;&nbsp;&nbsp;1895090 |
| Fomento Economico Mexicano S.A.B. de C.V. ADR (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;49288 | &nbsp;&nbsp;&nbsp;&nbsp;4327486 |
| Kirin Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;108600 | &nbsp;&nbsp;&nbsp;&nbsp;1673496 |
| Kweichow Moutai Co. Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548494 |
| Nongfu Spring Co. Ltd., Class H (China)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243415 |
| Tingyi Cayman Islands Holding Corp. (China) | &nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941605 |
|  |  | &nbsp;&nbsp;&nbsp;**18973681** |
| **Biotechnology & Pharmaceuticals – 4.3%** | **Biotechnology & Pharmaceuticals – 4.3%** | **Biotechnology & Pharmaceuticals – 4.3%** |
| Astellas Pharma, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;68300 | &nbsp;&nbsp;&nbsp;&nbsp;1005385 |
| AstraZeneca PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;25729 | &nbsp;&nbsp;&nbsp;&nbsp;3370822 |
| Bayer A.G. (Germany)<sup>(b)</sup> | &nbsp;&nbsp;106160 | &nbsp;&nbsp;&nbsp;&nbsp;6607923 |
| China Medical System Holdings Ltd. (China) | &nbsp;&nbsp;397000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685308 |
| Chugai Pharmaceutical Co. Ltd. (Japan) | &nbsp;&nbsp;199700 | &nbsp;&nbsp;&nbsp;&nbsp;5177240 |
| CSPC Pharmaceutical Group Ltd. (China) | 1942000 | &nbsp;&nbsp;&nbsp;&nbsp;2214274 |
| Daiichi Sankyo Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp;1127509 |
| GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;84289 | &nbsp;&nbsp;&nbsp;&nbsp;1480540 |
| Novartis A.G. (Switzerland)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp;2639945 |
| Ono Pharmaceutical Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488221 |
| Roche Holding A.G. (Genusschein) | &nbsp;&nbsp;&nbsp;&nbsp;24368 | &nbsp;&nbsp;&nbsp;&nbsp;7606968 |
| Shionogi & Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp;2630530 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;73700 | &nbsp;&nbsp;&nbsp;&nbsp;2316936 |
|  |  | &nbsp;&nbsp;&nbsp;**37351601** |
| **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** |
| Grupo Televisa S.A.B. ADR (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16605 |
| Liberty Global PLC, Class A (United Kingdom)\* | &nbsp;&nbsp;167800 | &nbsp;&nbsp;&nbsp;&nbsp;3639582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3656187** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Chemicals – 2.4%** | **Chemicals – 2.4%** | **Chemicals – 2.4%** |
| Air Liquide S.A. (France) | &nbsp;&nbsp;14767 | $2351292 |
| Akzo Nobel N.V. (Netherlands) | &nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;1854677 |
| Asian Paints Ltd. (India) | &nbsp;&nbsp;10924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364801 |
| LG Chem Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;1312238 |
| Linde PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;8738 | &nbsp;&nbsp;&nbsp;&nbsp;2890702 |
| Nitto Denko Corp. (Japan) | &nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp;1118228 |
| Novozymes A/S, Class B (Denmark) | &nbsp;&nbsp;33041 | &nbsp;&nbsp;&nbsp;&nbsp;1719339 |
| Orica Ltd. (Australia) | 173807 | &nbsp;&nbsp;&nbsp;&nbsp;1823854 |
| Shin-Etsu Chemical Co. Ltd. (Japan) | &nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp;2933721 |
| Symrise A.G. (Germany) | &nbsp;&nbsp;26418 | &nbsp;&nbsp;&nbsp;&nbsp;2808488 |
| Toray Industries, Inc. (Japan) | 113100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694892 |
| UPL Ltd. (India) | 100243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929753 |
|  |  | &nbsp;&nbsp;&nbsp;**20801985** |
| **Commercial Support Services – 1.1%** | **Commercial Support Services – 1.1%** | **Commercial Support Services – 1.1%** |
| Bidvest Group (The) Ltd. (South Africa) | &nbsp;&nbsp;46986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606443 |
| Compass Group PLC (United Kingdom) | &nbsp;&nbsp;95134 | &nbsp;&nbsp;&nbsp;&nbsp;2272563 |
| Edenred (France) | &nbsp;&nbsp;37100 | &nbsp;&nbsp;&nbsp;&nbsp;2020817 |
| Eurofins Scientific S.E. (France)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480590 |
| Pony Testing International Group Co. Ltd., Class A (China) | &nbsp;&nbsp;63880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324039 |
| Recruit Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;74500 | &nbsp;&nbsp;&nbsp;&nbsp;2395940 |
| Rentokil Initial PLC (United Kingdom) | &nbsp;&nbsp;61416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372392 |
| Secom Co. Ltd. (Japan) | &nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp;1030662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9503446** |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| Anhui Conch Cement Co. Ltd., Class H (China) | 248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941513 |
| Holcim A.G.\* | &nbsp;&nbsp;83505 | &nbsp;&nbsp;&nbsp;&nbsp;4992324 |
| Siam Cement (The) PCL (Thailand)<sup>(b)</sup> | &nbsp;&nbsp;65400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6599526** |
| **Diversified Industrials – 1.2%** | **Diversified Industrials – 1.2%** | **Diversified Industrials – 1.2%** |
| Alfa Laval AB (Sweden) | 106857 | &nbsp;&nbsp;&nbsp;&nbsp;3358048 |
| Hitachi Ltd. (Japan) | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;1415947 |
| Siemens A.G. (Germany)<sup>(b)</sup> | &nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp;5279739 |
|  |  | &nbsp;&nbsp;&nbsp;**10053734** |
| **E-Commerce Discretionary – 2.5%** | **E-Commerce Discretionary – 2.5%** | **E-Commerce Discretionary – 2.5%** |
| Alibaba Group Holding Ltd. (China)\* | 888656 | &nbsp;&nbsp;&nbsp;12217837 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **E-Commerce Discretionary (Continued)** | **E-Commerce Discretionary (Continued)** | **E-Commerce Discretionary (Continued)** |
| Alibaba Group Holding Ltd. ADR (China)\* | &nbsp;&nbsp;&nbsp;8496 | &nbsp;&nbsp;&nbsp;&nbsp;$936259 |
| JD.com, Inc., Class A (China) | 102083 | &nbsp;&nbsp;&nbsp;&nbsp;3031189 |
| MercadoLibre, Inc. (Brazil)\* | &nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501036 |
| Ozon Holdings PLC ADR (Russia)<sup>(d)\*</sup> | &nbsp;&nbsp;&nbsp;8944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pinduoduo, Inc. ADR (China)\* | &nbsp;&nbsp;19318 | &nbsp;&nbsp;&nbsp;&nbsp;1892778 |
| Sea Ltd. ADR (Singapore)\* | &nbsp;&nbsp;&nbsp;6966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448959 |
| Vipshop Holdings Ltd. ADR (China)\* | 140300 | &nbsp;&nbsp;&nbsp;&nbsp;2170441 |
|  |  | &nbsp;&nbsp;&nbsp;**21198499** |
| **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** |
| CEZ A.S. (Czech Republic) | &nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285309 |
| Chubu Electric Power Co., Inc. (Japan) | &nbsp;&nbsp;66581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717149 |
| Engie Brasil Energia S.A. (Brazil) | &nbsp;&nbsp;75700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589339 |
| National Grid PLC (United Kingdom) | &nbsp;&nbsp;62664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796642 |
| SSE PLC (United Kingdom) | &nbsp;&nbsp;17453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2760968** |
| **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** |
| Daikin Industries Ltd. (Japan) | &nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;1841164 |
| Mitsubishi Electric Corp. (Japan) | 232300 | &nbsp;&nbsp;&nbsp;&nbsp;2560121 |
| Schindler Holding A.G. (Switzerland) | &nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;1854295 |
| Schneider Electric S.E. | &nbsp;&nbsp;38936 | &nbsp;&nbsp;&nbsp;&nbsp;6316027 |
| Shenzhen Inovance Technology Co. Ltd., Class A (China) | &nbsp;&nbsp;69200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732435 |
| Toshiba Corp. (Japan) | &nbsp;&nbsp;33530 | &nbsp;&nbsp;&nbsp;&nbsp;1151643 |
| Voltas Ltd. (India) | 110021 | &nbsp;&nbsp;&nbsp;&nbsp;1082344 |
|  |  | &nbsp;&nbsp;&nbsp;**15538029** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Indus Towers Ltd. (India) | 385265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**723199** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| NetEase, Inc. (China) | &nbsp;&nbsp;76400 | &nbsp;&nbsp;&nbsp;&nbsp;1355498 |
| Nexon Co. Ltd. (Japan) | &nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684797 |
| Square Enix Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2626706** |
| **Food – 1.1%** | **Food – 1.1%** | **Food – 1.1%** |
| Associated British Foods PLC (United Kingdom) | &nbsp;&nbsp;18871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433188 |
| Chacha Food Co. Ltd., Class A (China) | &nbsp;&nbsp;58900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398641 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Danone S.A. (France) | &nbsp;&nbsp;54400 | $2983257 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A (China) | &nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560973 |
| MEIJI Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp;1464665 |
| Nestle S.A. ADR | &nbsp;&nbsp;23870 | &nbsp;&nbsp;&nbsp;&nbsp;2917272 |
| Universal Robina Corp. (Philippines) | 164220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414851 |
| Yamazaki Baking Co. Ltd. (Japan) | &nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9716884** |
| **Gas & Water Utilities – 0.6%** | **Gas & Water Utilities – 0.6%** | **Gas & Water Utilities – 0.6%** |
| ENN Energy Holdings Ltd. (China) | 230900 | &nbsp;&nbsp;&nbsp;&nbsp;3478907 |
| ENN Natural Gas Co. Ltd., Class A (China) | 242800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650013 |
| Osaka Gas Co. Ltd. (Japan) | &nbsp;&nbsp;37300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601906 |
| Severn Trent PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;8494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5026425** |
| **Health Care Facilities & Services – 2.1%** | **Health Care Facilities & Services – 2.1%** | **Health Care Facilities & Services – 2.1%** |
| Alfresa Holdings Corp. (Japan) | &nbsp;&nbsp;53400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668408 |
| Bumrungrad Hospital PCL (Thailand)<sup>(b)</sup> | &nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140021 |
| Fresenius Medical Care A.G. & Co. KGaA (Germany) | &nbsp;&nbsp;98100 | &nbsp;&nbsp;&nbsp;&nbsp;3684114 |
| Fresenius S.E. & Co. KGaA (Germany) | 203500 | &nbsp;&nbsp;&nbsp;&nbsp;5897609 |
| Life Healthcare Group Holdings Ltd. (South Africa) | 534258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524571 |
| Lonza Group A.G. (Switzerland)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;7451 | &nbsp;&nbsp;&nbsp;&nbsp;4250360 |
| Nahdi Medical Co. (Saudi Arabia) | &nbsp;&nbsp;20207 | &nbsp;&nbsp;&nbsp;&nbsp;1025112 |
| Sinopharm Group Co. Ltd., Class H (China) | 550323 | &nbsp;&nbsp;&nbsp;&nbsp;1348837 |
| Wuxi Biologics Cayman, Inc. (China)<sup>(c)\*</sup> | &nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204585 |
|  |  | &nbsp;&nbsp;&nbsp;**17743617** |
| **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** |
| Coway Co. Ltd. (South Korea)\* | &nbsp;&nbsp;16012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726118 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A (China) | 183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940758 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Home & Office Products (Continued)** | **Home & Office Products (Continued)** | **Home & Office Products (Continued)** |
| Haier Smart Home Co. Ltd., Class A (China) | 851800 | $3256199 |
| Midea Group Co. Ltd., Class A (China) | &nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5563369** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Berkeley Group Holdings (The) PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;8234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421644 |
| Sekisui House Ltd. (Japan) | &nbsp;&nbsp;31569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1018275** |
| **Household Products – 3.2%** | **Household Products – 3.2%** | **Household Products – 3.2%** |
| Haleon PLC\* | 206010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825561 |
| Hengan International Group Co. Ltd. (China) | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;1131453 |
| Henkel A.G. & Co. KGaA (Germany) | &nbsp;&nbsp;55600 | &nbsp;&nbsp;&nbsp;&nbsp;3715096 |
| Hindustan Unilever Ltd. (India) | &nbsp;&nbsp;15077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475685 |
| Kao Corp. (Japan) | &nbsp;&nbsp;48600 | &nbsp;&nbsp;&nbsp;&nbsp;1964501 |
| Kimberly-Clark de Mexico S.A.B. de C.V., Series A (Mexico) | 475007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904331 |
| L'Oreal S.A. (France) | &nbsp;&nbsp;16627 | &nbsp;&nbsp;&nbsp;&nbsp;6865482 |
| Reckitt Benckiser Group PLC (United Kingdom) | &nbsp;&nbsp;34598 | &nbsp;&nbsp;&nbsp;&nbsp;2465486 |
| Shiseido Co. Ltd. (Japan) | &nbsp;&nbsp;48900 | &nbsp;&nbsp;&nbsp;&nbsp;2541628 |
| Unicharm Corp. (Japan) | &nbsp;&nbsp;80400 | &nbsp;&nbsp;&nbsp;&nbsp;3066911 |
| Unilever PLC (United Kingdom) | &nbsp;&nbsp;21520 | &nbsp;&nbsp;&nbsp;&nbsp;1092504 |
| Unilever PLC (London Exchange) (United Kingdom) | &nbsp;&nbsp;43756 | &nbsp;&nbsp;&nbsp;&nbsp;2227142 |
|  |  | &nbsp;&nbsp;&nbsp;**27275780** |
| **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** |
| SKF AB, Class B (Sweden) | 232900 | &nbsp;&nbsp;&nbsp;&nbsp;**4121933** |
| **Industrial Support Services – 0.4%** | **Industrial Support Services – 0.4%** | **Industrial Support Services – 0.4%** |
| Ashtead Group PLC (United Kingdom) | &nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp;3062900 |
| Ferguson PLC | &nbsp;&nbsp;&nbsp;3107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3500661** |
| **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** |
| B3 S.A. - Brasil Bolsa Balcao (Brazil) | 517559 | &nbsp;&nbsp;&nbsp;&nbsp;1322369 |
| Credit Suisse Group A.G. (Switzerland)<sup>(b)</sup> | 112807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388607 |
| Daiwa Securities Group, Inc. (Japan) | 126500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596966 |
| Japan Exchange Group, Inc. (Japan) | &nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616774 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| London Stock Exchange Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;8393 | &nbsp;&nbsp;&nbsp;&nbsp;$768337 |
| Moscow Exchange MICEX PJSC (Russia)<sup>(d)\*</sup> | &nbsp;&nbsp;83130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3693053** |
| **Insurance – 4.8%** | **Insurance – 4.8%** | **Insurance – 4.8%** |
| AIA Group Ltd. (Hong Kong) | 690800 | &nbsp;&nbsp;&nbsp;&nbsp;7811323 |
| Allianz S.E. (Germany)<sup>(b)</sup> | &nbsp;&nbsp;52694 | &nbsp;&nbsp;&nbsp;12599867 |
| Aviva PLC (United Kingdom) | &nbsp;&nbsp;53582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302195 |
| BB Seguridade Participacoes S.A. (Brazil) | 262900 | &nbsp;&nbsp;&nbsp;&nbsp;1961276 |
| Dai-ichi Life Holdings, Inc. (Japan) | &nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966667 |
| HDFC Life Insurance Co. Ltd. (India)<sup>(c)</sup> | 105563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748092 |
| Legal & General Group PLC (United Kingdom) | 124106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390554 |
| Manulife Financial Corp. (Canada) | 138100 | &nbsp;&nbsp;&nbsp;&nbsp;2732835 |
| MS&AD Insurance Group Holdings, Inc. (Japan) | &nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp;1279741 |
| Ping An Insurance Group Co. of China Ltd., Class H (China) | 526500 | &nbsp;&nbsp;&nbsp;&nbsp;4089695 |
| Prudential PLC (Hong Kong) | 397511 | &nbsp;&nbsp;&nbsp;&nbsp;6604675 |
| Sompo Holdings, Inc. (Japan) | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602684 |
| Tokio Marine Holdings, Inc. (Japan) | &nbsp;&nbsp;51200 | &nbsp;&nbsp;&nbsp;&nbsp;1072369 |
|  |  | &nbsp;&nbsp;&nbsp;**41161973** |
| **Internet Media & Services – 4.6%** | **Internet Media & Services – 4.6%** | **Internet Media & Services – 4.6%** |
| Baidu, Inc., Class A (China)\* | 154700 | &nbsp;&nbsp;&nbsp;&nbsp;2600513 |
| Meituan, Class B (China)<sup>(c)\*</sup> | 183910 | &nbsp;&nbsp;&nbsp;&nbsp;4111470 |
| NAVER Corp. (South Korea) | &nbsp;&nbsp;36719 | &nbsp;&nbsp;&nbsp;&nbsp;6099969 |
| Prosus N.V. (China)\* | &nbsp;&nbsp;86145 | &nbsp;&nbsp;&nbsp;&nbsp;6955801 |
| Tencent Holdings Ltd. (China) | 341300 | &nbsp;&nbsp;&nbsp;16631180 |
| Tencent Music Entertainment Group ADR (China)\* | 142510 | &nbsp;&nbsp;&nbsp;&nbsp;1195659 |
| Trip.com Group Ltd. (China)\* | &nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp;1096206 |
| Trip.com Group Ltd. ADR (China)\* | &nbsp;&nbsp;35958 | &nbsp;&nbsp;&nbsp;&nbsp;1321816 |
| Yandex N.V., Class A (Russia)<sup>(d)\*</sup> | &nbsp;&nbsp;41059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;**40012614** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** |
| Accor S.A. (France)\* | &nbsp;&nbsp;183319 | $5950166 |
| Entain PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;23106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426091 |
| InterContinental Hotels Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;6597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457988 |
| Jollibee Foods Corp. (Philippines) | &nbsp;&nbsp;&nbsp;&nbsp;40120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175051 |
| Las Vegas Sands Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896800 |
| OPAP S.A. (Greece) | &nbsp;&nbsp;&nbsp;&nbsp;52674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790934 |
| Restaurant Brands International, Inc. (Canada)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;1097652 |
| Songcheng Performance Development Co. Ltd., Class A (China) | &nbsp;&nbsp;472300 | &nbsp;&nbsp;&nbsp;&nbsp;1019834 |
| Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272646 |
| Yum China Holdings, Inc. (London Exchange) (China) | &nbsp;&nbsp;&nbsp;&nbsp;53743 | &nbsp;&nbsp;&nbsp;&nbsp;3311106 |
|  |  | &nbsp;&nbsp;&nbsp;**14398268** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Shimano, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp;**3334873** |
| **Machinery – 5.5%** | **Machinery – 5.5%** | **Machinery – 5.5%** |
| Atlas Copco AB, Class A (Sweden) | &nbsp;&nbsp;561937 | &nbsp;&nbsp;&nbsp;&nbsp;6667980 |
| CNH Industrial N.V. (United Kingdom) | &nbsp;&nbsp;332566 | &nbsp;&nbsp;&nbsp;&nbsp;5883543 |
| Daifuku Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp;1932737 |
| Epiroc AB, Class A (Sweden) | &nbsp;&nbsp;164164 | &nbsp;&nbsp;&nbsp;&nbsp;3194102 |
| FANUC Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;3975518 |
| Hongfa Technology Co. Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;77100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428896 |
| Keyence Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;4741800 |
| Komatsu Ltd. (Japan) | &nbsp;&nbsp;287100 | &nbsp;&nbsp;&nbsp;&nbsp;7055328 |
| Kubota Corp. (Japan) | &nbsp;&nbsp;184800 | &nbsp;&nbsp;&nbsp;&nbsp;2777230 |
| Nabtesco Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;23666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692905 |
| Sandvik AB (Sweden) | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;1095386 |
| SMC Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;1930062 |
| Smiths Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;86242 | &nbsp;&nbsp;&nbsp;&nbsp;1841010 |
| Sumitomo Heavy Industries Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;27564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612948 |
| WEG S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;67933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512947 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (China) | 1095800 | &nbsp;&nbsp;&nbsp;&nbsp;4168779 |
|  |  | &nbsp;&nbsp;&nbsp;**47511171** |
| **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** |
| Alcon, Inc. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;46750 | &nbsp;&nbsp;&nbsp;&nbsp;3516068 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| Hoya Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;11000 | $1209691 |
| Koninklijke Philips N.V. (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;7963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137485 |
| Olympus Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;57600 | &nbsp;&nbsp;&nbsp;&nbsp;1082859 |
| Smith & Nephew PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;31260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431711 |
| Sonova Holding A.G. (Switzerland)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8066 | &nbsp;&nbsp;&nbsp;&nbsp;2017079 |
| Sysmex Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp;2230539 |
|  |  | &nbsp;&nbsp;&nbsp;**10625432** |
| **Metals & Mining – 2.8%** | **Metals & Mining – 2.8%** | **Metals & Mining – 2.8%** |
| Anglo American PLC (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;35740 | &nbsp;&nbsp;&nbsp;&nbsp;1541481 |
| BHP Group Ltd. ADR (Australia)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90349 | &nbsp;&nbsp;&nbsp;&nbsp;6337982 |
| Cameco Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;8633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241559 |
| China Shenhua Energy Co. Ltd., Class H (China) | &nbsp;&nbsp;167500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521364 |
| Glencore PLC (Australia) | &nbsp;&nbsp;733088 | &nbsp;&nbsp;&nbsp;&nbsp;4909409 |
| Grupo Mexico S.A.B. de C.V., Series B (Mexico) | &nbsp;&nbsp;292238 | &nbsp;&nbsp;&nbsp;&nbsp;1299750 |
| Rio Tinto PLC (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;90202 | &nbsp;&nbsp;&nbsp;&nbsp;7062931 |
| Sumitomo Metal Mining Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621230 |
| United Tractors Tbk PT (Indonesia) | &nbsp;&nbsp;234600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385156 |
| Vale S.A. ADR (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;57730 | &nbsp;&nbsp;&nbsp;&nbsp;1078396 |
|  |  | &nbsp;&nbsp;&nbsp;**23999258** |
| **Oil & Gas Producers – 4.9%** | **Oil & Gas Producers – 4.9%** | **Oil & Gas Producers – 4.9%** |
| Bharat Petroleum Corp. Ltd. (India) | &nbsp;&nbsp;162192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680749 |
| BP PLC (United Kingdom) | &nbsp;&nbsp;800798 | &nbsp;&nbsp;&nbsp;&nbsp;4837024 |
| Canadian Natural Resources Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;21192 | &nbsp;&nbsp;&nbsp;&nbsp;1300778 |
| Cenovus Energy, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;16740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334410 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663712 |
| China Petroleum & Chemical Corp., Class H (China) | 1267092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684191 |
| Ecopetrol S.A. ADR (Colombia) | &nbsp;&nbsp;&nbsp;&nbsp;13677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155781 |
| ENEOS Holdings, Inc. (Japan) | &nbsp;&nbsp;191200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684534 |
| Eni S.p.A. (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;57496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884762 |
| Equinor ASA (Norway) | &nbsp;&nbsp;&nbsp;&nbsp;23398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713093 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13651 | &nbsp;&nbsp;&nbsp;&nbsp;1583653 |
| Galp Energia SGPS S.A. (Portugal) | &nbsp;&nbsp;150630 | &nbsp;&nbsp;&nbsp;&nbsp;2061831 |
| Gazprom PJSC (Russia)<sup>(d)</sup> | &nbsp;&nbsp;421794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Imperial Oil Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;3764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205718 |
| Inpex Corp. (Japan) | &nbsp;&nbsp;121200 | &nbsp;&nbsp;&nbsp;&nbsp;1331824 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| LUKOIL PJSC (Russia)<sup>(d)</sup> | &nbsp;&nbsp;61010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| MOL Hungarian Oil & Gas PLC (Hungary) | &nbsp;&nbsp;67107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501500 |
| Neste OYJ (Finland) | &nbsp;&nbsp;13765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657999 |
| OMV A.G. (Austria) | &nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223453 |
| Petroleo Brasileiro S.A. ADR (Brazil) | 238685 | &nbsp;&nbsp;&nbsp;&nbsp;2768746 |
| Petronet LNG Ltd. (India) | 268934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715891 |
| PTT Exploration & Production PCL (Thailand)<sup>(b)</sup> | 114300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593092 |
| Reliance Industries Ltd. (India) | &nbsp;&nbsp;40969 | &nbsp;&nbsp;&nbsp;&nbsp;1181850 |
| Repsol S.A. (Spain) | &nbsp;&nbsp;26924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442276 |
| Rosneft Oil Co. PJSC (Russia)<sup>(d)</sup> | 210931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Santos Ltd. (Australia) | &nbsp;&nbsp;39404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201153 |
| Shell PLC (Netherlands) | 439139 | &nbsp;&nbsp;&nbsp;12892152 |
| Suncor Energy, Inc. (Canada) | &nbsp;&nbsp;25957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900901 |
| TotalEnergies S.E. (France) | &nbsp;&nbsp;52758 | &nbsp;&nbsp;&nbsp;&nbsp;3261542 |
| Vibra Energia S.A. (Brazil) | 180900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590135 |
| Woodside Energy Group Ltd. (Australia) | &nbsp;&nbsp;20950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542477 |
| Woodside Energy Group Ltd. ADR (Australia) | &nbsp;&nbsp;32432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842583 |
|  |  | &nbsp;&nbsp;&nbsp;**42437810** |
| **Publishing & Broadcasting – 0.3%** | **Publishing & Broadcasting – 0.3%** | **Publishing & Broadcasting – 0.3%** |
| Informa PLC (United Kingdom) | 320641 | &nbsp;&nbsp;&nbsp;&nbsp;**2651943** |
| **Real Estate Owners & Developers – 0.6%** | **Real Estate Owners & Developers – 0.6%** | **Real Estate Owners & Developers – 0.6%** |
| China Overseas Land & Investment Ltd. (China) | 474500 | &nbsp;&nbsp;&nbsp;&nbsp;1281279 |
| China Vanke Co. Ltd., Class H (China) | 464895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939786 |
| Mitsubishi Estate Co. Ltd. (Japan) | 133900 | &nbsp;&nbsp;&nbsp;&nbsp;1721033 |
| Mitsui Fudosan Co. Ltd. (Japan) | &nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554812 |
| Sumitomo Realty & Development Co. Ltd. (Japan) | &nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5023456** |
| **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** |
| A-Living Smart City Services Co. Ltd. (China)<sup>(c)</sup> | 353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446728 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Real Estate Services (Continued)** | **Real Estate Services (Continued)** | **Real Estate Services (Continued)** |
| China Resources Mixc Lifestyle Services Ltd. (China)<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;86800 | &nbsp;&nbsp;&nbsp;&nbsp;$500112 |
| KE Holdings, Inc. ADR (China)\* | &nbsp;&nbsp;&nbsp;&nbsp;17146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1261298** |
| **Renewable Energy – 0.3%** | **Renewable Energy – 0.3%** | **Renewable Energy – 0.3%** |
| LONGi Green Energy Technology Co. Ltd., Class A (China) | &nbsp;&nbsp;376500 | &nbsp;&nbsp;&nbsp;&nbsp;**2699676** |
| **Retail - Consumer Staples – 1.5%** | **Retail - Consumer Staples – 1.5%** | **Retail - Consumer Staples – 1.5%** |
| Alibaba Health Information Technology Ltd. (China)<sup>(a)\*</sup> | 1132000 | &nbsp;&nbsp;&nbsp;&nbsp;1011006 |
| Alimentation Couche-Tard, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;66473 | &nbsp;&nbsp;&nbsp;&nbsp;3035511 |
| Clicks Group Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;53883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821809 |
| CP ALL PCL (Thailand)<sup>(b)</sup> | &nbsp;&nbsp;578500 | &nbsp;&nbsp;&nbsp;&nbsp;1151327 |
| Raia Drogasil S.A. (Brazil) | &nbsp;&nbsp;252639 | &nbsp;&nbsp;&nbsp;&nbsp;1241720 |
| Seven & i Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp;1435273 |
| SM Investments Corp. (Philippines) | &nbsp;&nbsp;&nbsp;&nbsp;33760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570888 |
| Sumber Alfaria Trijaya Tbk PT (Indonesia) | &nbsp;&nbsp;894500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169089 |
| Tesco PLC (United Kingdom) | &nbsp;&nbsp;281302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854984 |
| Wal-Mart de Mexico S.A.B. de C.V. (Mexico) | &nbsp;&nbsp;339729 | &nbsp;&nbsp;&nbsp;&nbsp;1326947 |
| X5 Retail Group N.V. GDR (Russia)<sup>(b)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Yifeng Pharmacy Chain Co. Ltd., Class A (China) | &nbsp;&nbsp;122712 | &nbsp;&nbsp;&nbsp;&nbsp;1033163 |
|  |  | &nbsp;&nbsp;&nbsp;**12651717** |
| **Retail - Discretionary – 1.2%** | **Retail - Discretionary – 1.2%** | **Retail - Discretionary – 1.2%** |
| Astra International Tbk PT (Indonesia) | 1527800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613797 |
| Fast Retailing Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;1457663 |
| Kingfisher PLC (United Kingdom) | &nbsp;&nbsp;136323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470303 |
| Li Ning Co. Ltd. (China) | &nbsp;&nbsp;153500 | &nbsp;&nbsp;&nbsp;&nbsp;1517449 |
| Localiza Rent a Car S.A. (Brazil) | &nbsp;&nbsp;122304 | &nbsp;&nbsp;&nbsp;&nbsp;1426796 |
| Nitori Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp;2461818 |
| Zhongsheng Group Holdings Ltd. (China) | &nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;2365122 |
|  |  | &nbsp;&nbsp;&nbsp;**10312948** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Semiconductors – 3.6%** | **Semiconductors – 3.6%** | **Semiconductors – 3.6%** |
| ASE Technology Holding Co. Ltd. (Taiwan) | 470000 | $1585800 |
| ASML Holding N.V. (Netherlands) | &nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;1225371 |
| ASMPT Ltd. (Hong Kong) | &nbsp;&nbsp;97500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805314 |
| Globalwafers Co. Ltd. (Taiwan) | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649167 |
| Infineon Technologies A.G. (Germany) | 184297 | &nbsp;&nbsp;&nbsp;&nbsp;6636618 |
| MediaTek, Inc. (Taiwan) | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918117 |
| Novatek Microelectronics Corp. (Taiwan) | &nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;1000261 |
| SK Hynix, Inc. (South Korea) | &nbsp;&nbsp;26472 | &nbsp;&nbsp;&nbsp;&nbsp;1915088 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 522945 | &nbsp;&nbsp;&nbsp;&nbsp;9228304 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | &nbsp;&nbsp;55142 | &nbsp;&nbsp;&nbsp;&nbsp;5113318 |
| Tokyo Electron Ltd. (Japan) | &nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;1677717 |
| Vanguard International Semiconductor Corp. (Taiwan) | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470574 |
|  |  | &nbsp;&nbsp;&nbsp;**31225649** |
| **Software – 2.0%** | **Software – 2.0%** | **Software – 2.0%** |
| Dassault Systemes S.E. (France) | &nbsp;&nbsp;68044 | &nbsp;&nbsp;&nbsp;&nbsp;2530617 |
| Glodon Co. Ltd., Class A (China) | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533676 |
| Hundsun Technologies, Inc., Class A (China) | 131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918818 |
| Kingdee International Software Group Co. Ltd. (China)\* | 169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368844 |
| Open Text Corp. (Canada) | 143848 | &nbsp;&nbsp;&nbsp;&nbsp;4825024 |
| SAP S.E. (Germany) | &nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp;5014243 |
| SAP S.E. ADR (Germany) | &nbsp;&nbsp;25566 | &nbsp;&nbsp;&nbsp;&nbsp;3030338 |
| ZWSOFT Co. Ltd. (Guangzhou), Class A (China) | &nbsp;&nbsp;13591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436825 |
|  |  | &nbsp;&nbsp;&nbsp;**17658385** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| Chailease Holding Co. Ltd. (Taiwan) | &nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670716 |
| Housing Development Finance Corp. Ltd. (India) | &nbsp;&nbsp;42245 | &nbsp;&nbsp;&nbsp;&nbsp;1359970 |
| ORIX Corp. (Japan) | &nbsp;&nbsp;48100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2876428** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Steel – 0.7%** | **Steel – 0.7%** | **Steel – 0.7%** |
| Mitsui & Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;65200 | $1923579 |
| POSCO Holdings, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;2199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540354 |
| Ternium S.A. ADR (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;16961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684376 |
| thyssenkrupp A.G. (Germany)\* | &nbsp;&nbsp;331700 | &nbsp;&nbsp;&nbsp;&nbsp;2605787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5754096** |
| **Technology Hardware – 3.9%** | **Technology Hardware – 3.9%** | **Technology Hardware – 3.9%** |
| Casio Computer Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;53100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548906 |
| FUJIFILM Holdings Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp;1137805 |
| Hon Hai Precision Industry Co. Ltd. (Taiwan) | &nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640269 |
| Kyocera Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp;1084530 |
| Lenovo Group Ltd. (China) | 1334000 | &nbsp;&nbsp;&nbsp;&nbsp;1069960 |
| Murata Manufacturing Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;39100 | &nbsp;&nbsp;&nbsp;&nbsp;2234194 |
| Nidec Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991997 |
| Nintendo Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;70300 | &nbsp;&nbsp;&nbsp;&nbsp;3048054 |
| Panasonic Holdings Corp. (Japan) | &nbsp;&nbsp;146600 | &nbsp;&nbsp;&nbsp;&nbsp;1359476 |
| Quanta Computer, Inc. (Taiwan) | &nbsp;&nbsp;427000 | &nbsp;&nbsp;&nbsp;&nbsp;1066427 |
| Samsung Electronics Co. Ltd. (South Korea) | &nbsp;&nbsp;111244 | &nbsp;&nbsp;&nbsp;&nbsp;5541092 |
| Samsung Electronics Co. Ltd. GDR (South Korea)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5991 | &nbsp;&nbsp;&nbsp;&nbsp;7425027 |
| Silergy Corp. (China) | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569785 |
| Sony Group Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;49100 | &nbsp;&nbsp;&nbsp;&nbsp;4387163 |
| Sunny Optical Technology Group Co. Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256446 |
| TDK Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;47900 | &nbsp;&nbsp;&nbsp;&nbsp;1711289 |
| Wiwynn Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427000 |
|  |  | &nbsp;&nbsp;&nbsp;**33499420** |
| **Technology Services – 2.6%** | **Technology Services – 2.6%** | **Technology Services – 2.6%** |
| Adyen N.V. (Netherlands)<sup>(c)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;3592292 |
| Amadeus IT Group S.A. (Spain)\* | &nbsp;&nbsp;&nbsp;&nbsp;65300 | &nbsp;&nbsp;&nbsp;&nbsp;4114158 |
| Arabian Internet & Communications Services Co. (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;3605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244109 |
| Capgemini SE (France) | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp;3738776 |
| Experian PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;17040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623145 |
| Fujitsu Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;2036026 |
| Infosys Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;66334 | &nbsp;&nbsp;&nbsp;&nbsp;1249421 |
| RELX PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;35442 | &nbsp;&nbsp;&nbsp;&nbsp;1052944 |
| Sangfor Technologies, Inc., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17945 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Services (Continued)** | **Technology Services (Continued)** | **Technology Services (Continued)** |
| Tata Consultancy Services Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781 | &nbsp;&nbsp;&nbsp;&nbsp;$238603 |
| Worldline S.A. (France)<sup>(c)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125600 | &nbsp;&nbsp;&nbsp;&nbsp;5697958 |
|  |  | &nbsp;&nbsp;&nbsp;**22605377** |
| **Telecommunications – 1.6%** | **Telecommunications – 1.6%** | **Telecommunications – 1.6%** |
| America Movil S.A.B. de C.V., Series L ADR (Mexico)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779350 |
| BT Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;199015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306621 |
| KDDI Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;80900 | &nbsp;&nbsp;&nbsp;&nbsp;2527595 |
| KT Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;22074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629013 |
| Mobile TeleSystems PJSC ADR (Russia)<sup>(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Nippon Telegraph & Telephone Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;&nbsp;1463294 |
| Softbank Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;53300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609864 |
| SoftBank Group Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp;2580143 |
| Telkom Indonesia Persero Tbk PT (Indonesia) | 10957400 | &nbsp;&nbsp;&nbsp;&nbsp;2831751 |
| Telkom Indonesia Persero Tbk PT ADR (Indonesia) | &nbsp;&nbsp;&nbsp;&nbsp;28645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745343 |
| Vodacom Group Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;80890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568483 |
| Vodafone Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;647011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746531 |
|  |  | &nbsp;&nbsp;&nbsp;**13787988** |
| **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** |
| British American Tobacco PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;40281 | &nbsp;&nbsp;&nbsp;&nbsp;1544125 |
| Japan Tobacco, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575052 |
| KT&G Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2770802** |
| **Transportation & Logistics – 1.6%** | **Transportation & Logistics – 1.6%** | **Transportation & Logistics – 1.6%** |
| Canadian National Railway Co. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;21315 | &nbsp;&nbsp;&nbsp;&nbsp;2538404 |
| CCR S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;412560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955756 |
| DSV A/S (Denmark) | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;3143173 |
| East Japan Railway Co. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;2118813 |
| Ryanair Holdings PLC ADR (Ireland)\* | &nbsp;&nbsp;&nbsp;&nbsp;57691 | &nbsp;&nbsp;&nbsp;&nbsp;5222766 |
|  |  | &nbsp;&nbsp;&nbsp;**13978912** |
| **Transportation Equipment – 1.1%** | **Transportation Equipment – 1.1%** | **Transportation Equipment – 1.1%** |
| Daimler Truck Holding A.G. (Germany)\* | &nbsp;&nbsp;&nbsp;&nbsp;150295 | &nbsp;&nbsp;&nbsp;&nbsp;5050459 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Transportation Equipment (Continued)** | **Transportation Equipment (Continued)** | **Transportation Equipment (Continued)** |
| Volvo AB, Class B (Sweden) | 175900 | &nbsp;&nbsp;&nbsp;$3490475 |
| Weichai Power Co. Ltd., Class H (China) | 647000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9517961** |
| **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** |
| ITOCHU Corp. (Japan) | &nbsp;&nbsp;77400 | &nbsp;&nbsp;&nbsp;&nbsp;2501710 |
| Mitsubishi Corp. (Japan) | &nbsp;&nbsp;55500 | &nbsp;&nbsp;&nbsp;&nbsp;1858471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4360181** |
| **Wholesale - Discretionary – 0.0%<sup>(e)</sup>** | **Wholesale - Discretionary – 0.0%<sup>(e)</sup>** | **Wholesale - Discretionary – 0.0%<sup>(e)</sup>** |
| Bunzl PLC (United Kingdom) | &nbsp;&nbsp;11023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**404668** |
| **Total Common Stocks<br> (Cost $790,547,180)** | **Total Common Stocks<br> (Cost $790,547,180)** | &nbsp;&nbsp;&nbsp;**824038448** |
| **Preferred Stocks – 0.4%** | **Preferred Stocks – 0.4%** | **Preferred Stocks – 0.4%** |
| **Technology Hardware – 0.4%** | **Technology Hardware – 0.4%** | **Technology Hardware – 0.4%** |
| Samsung Electronics Co. Ltd., 2.63% (South Korea)<sup>(f)</sup> | &nbsp;&nbsp;88100 | &nbsp;&nbsp;&nbsp;&nbsp;**3953408** |
| **Total Preferred Stocks<br> (Cost $4,868,119)** | **Total Preferred Stocks<br> (Cost $4,868,119)** | &nbsp;&nbsp;&nbsp;&nbsp;**3953408** |
| **Rights – 0.0%<sup>(e)</sup>** | **Rights – 0.0%<sup>(e)</sup>** | **Rights – 0.0%<sup>(e)</sup>** |
| **Retail - Discretionary – 0.0%<sup>(e)</sup>** | **Retail - Discretionary – 0.0%<sup>(e)</sup>** | **Retail - Discretionary – 0.0%<sup>(e)</sup>** |
| Localiza Rent a Car S.A. (Brazil)\* | &nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1658** |
| **Total Rights<br> (Cost $0)** | **Total Rights<br> (Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1658** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Investment Companies – 2.1%** | **Investment Companies – 2.1%** | **Investment Companies – 2.1%** |
| iShares MSCI South Korea ETF<sup>(a)</sup> | 286001 | $18152483 |
| **Total Investment Companies<br> (Cost $18,248,615)** | **Total Investment Companies<br> (Cost $18,248,615)** | &nbsp;&nbsp;&nbsp;**18152483** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments – 2.7%** | **Short-Term Investments – 2.7%** | **Short-Term Investments – 2.7%** |
| **Money Market Funds – 2.7%** | **Money Market Funds – 2.7%** | **Money Market Funds – 2.7%** |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares), 4.35%<sup>(g)(h)</sup> | 11632887 | &nbsp;&nbsp;&nbsp;&nbsp;11632887 |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(g)</sup> | 11391959 | &nbsp;&nbsp;&nbsp;&nbsp;11391959 |
| **Total Short-Term Investments<br> (Cost $23,024,846)** | **Total Short-Term Investments<br> (Cost $23,024,846)** | &nbsp;&nbsp;&nbsp;&nbsp;**23024846** |
| **Total Investments – 100.5%<br> (Cost $836,688,760)** | **Total Investments – 100.5%<br> (Cost $836,688,760)** | &nbsp;&nbsp;&nbsp;**869170843** |
| Liabilities less Other Assets – (0.5)% | Liabilities less Other Assets – (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp;(4176538) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$864994305** |

---

*Percentages shown are based on Net Assets.*

---

| | |
|:---|:---|
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |
| <sup>(a)</sup> | Security either partially or fully on loan. As of January 31, 2023, the total value of securities on loan is $12,661,081. |
| <sup>(b)</sup> | Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(c)</sup> | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| <sup>(d)</sup> | Investment is valued using significant unobservable inputs (Level 3). |
| <sup>(e)</sup> | Amount rounds to less than 0.05%. |
| <sup>(f)</sup> | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(g)</sup> | 7-day current yield as of January 31, 2023 is disclosed. |
| <sup>(h)</sup> | Security purchased with the cash proceeds from securities loaned. As of January 31, 2023, total cash collateral has a value of $11,632,887 and total non-cash collateral has a value of $1,453,910. |
| \* | Non-Income Producing Security |

---

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| MSCI | Morgan Stanley Capital International |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar International Equity Fund<br>

---

| | |
|:---|:---|
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| QPSC | Qualified Personal Service Corporation |

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)<sup>(a)</sup>** |  |
| Euro | &nbsp;&nbsp;24.4 |
| Japanese Yen | &nbsp;&nbsp;17.8 |
| British Pound | &nbsp;&nbsp;11.7 |
| U.S. Dollar | &nbsp;&nbsp;11.2 |
| Hong Kong Dollar | &nbsp;&nbsp;9.5 |
| All other currencies less than 5% | &nbsp;&nbsp;25.4 |
| **Total** | &nbsp;&nbsp;**100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)<sup>(a)</sup>** |  |
| Japan | &nbsp;&nbsp;17.8 |
| China | &nbsp;&nbsp;13.2 |
| Germany | &nbsp;&nbsp;10.6 |
| United Kingdom | &nbsp;&nbsp;9.1 |
| France | &nbsp;&nbsp;7.0 |
| United States | &nbsp;&nbsp;5.3 |
| All other countries less than 5% | &nbsp;&nbsp;37.0 |
| **Total** | &nbsp;&nbsp;**100.0** |

---

<sup>(a)</sup> Percentages shown are based on Net Assets.

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar International Equity Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$98827702 | &nbsp;&nbsp;$725210746 | &nbsp;&nbsp;$—\* | &nbsp;&nbsp;$824038448 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953408 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953408 |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;18152483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18152483 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;23024846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23024846 |
| **Total Investments** | &nbsp;&nbsp;$140006689 | &nbsp;&nbsp;$729164154 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$869170843 |

---

\*Includes securities determined to have no value as of January 31, 2023.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Asset-Backed Securities – 4.7%** | **Asset-Backed Securities – 4.7%** | **Asset-Backed Securities – 4.7%** |
| **Other – 4.5%** | **Other – 4.5%** | **Other – 4.5%** |
| AGL CLO Ltd., Series 2021-12A, Class D, (3M USD LIBOR + 2.85%, 2.85% Floor), 7.66%, 7/20/34<sup>(b)(c)</sup> | $250000 | $237560 |
| Aimco CLO 12 Ltd., Series 2020-12A, Class DR, (3M CME Term SOFR + 2.90%, 2.90% Floor), 7.56%, 1/17/32<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;229541 |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M4, (1M USD LIBOR + 0.93%, 0.93% Floor), 5.44%, 5/25/35<sup>(c)</sup> | &nbsp;&nbsp;162154 | &nbsp;&nbsp;&nbsp;158409 |
| Apex Credit CLO Ltd., Series 2022-1A, Class D, (3M CME Term SOFR + 4.40%, 4.40% Floor), 9.05%, 4/22/33<sup>(b)(c)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;116486 |
| Bain Capital Credit CLO Ltd., Series 2022-2A, Class D1, (3M CME Term SOFR + 3.65%, 3.65% Floor), 8.30%, 4/22/35<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;233837 |
| Barings CLO Ltd., |  |  |
| &nbsp;&nbsp;Series 2018-3A, Class D, (3M USD LIBOR + 2.90%), 7.71%, 7/20/29<sup>(b)(c)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;246916 |
| &nbsp;&nbsp;Series 2016-2A, Class ER2, (3M USD LIBOR + 6.50%, 6.50% Floor), 11.31%, 1/20/32<sup>(b)(c)</sup> | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;346692 |
| BlueMountain CLO XXIX Ltd., Series 2020-29A, Class ER, (3M USD LIBOR + 6.86%, 6.86% Floor), 11.68%, 7/25/34<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;230735 |
| Bristol Park CLO Ltd., |  |  |
| &nbsp;&nbsp;Series 2016-1A, Class DR, (3M USD LIBOR + 2.95%, 2.95% Floor), 7.74%, 4/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;225486 |
| &nbsp;&nbsp;Series 2016-1A, Class ER, (3M USD LIBOR + 7.00%, 7.00% Floor), 11.79%, 4/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;312802 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Canyon CLO Ltd., Series 2020-1A, Class BR, (3M USD LIBOR + 1.70%, 1.70% Floor), 6.49%, 7/15/34<sup>(b)(c)</sup> | $250000 | $242091 |
| CarVal CLO VII-C Ltd., Series 2023-1A, Class A1, (3M CME Term SOFR + 2.20%, 2.20% Floor), 1/20/35<sup>(b)(c)(d)(e)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;240000 |
| Cook Park CLO Ltd., Series 2018-1A, Class D, (3M USD LIBOR + 2.60%), 7.39%, 4/17/30<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;220657 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class C, 3.50%, 5/20/48<sup>(b)</sup> | &nbsp;&nbsp;491326 | &nbsp;&nbsp;&nbsp;339449 |
| Greenwood Park CLO Ltd., Series 2018-1A, Class E, (3M USD LIBOR + 4.95%), 9.74%, 4/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;206012 |
| Hildene Community Funding CDO Ltd., Series 2015-1A, Class ARR, 2.60%, 11/01/35<sup>(b)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;206348 |
| Jay Park CLO Ltd., Series 2016-1A, Class DR, (3M USD LIBOR + 5.20%, 5.20% Floor), 10.01%, 10/20/27<sup>(b)(c)</sup> | &nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;537784 |
| JP Morgan Mortgage Acquisition Trust, Series 2007-CH4, Class M1, (1M USD LIBOR + 0.23%, 0.23% Floor), 4.74%, 5/25/37<sup>(c)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;258872 |
| KKR CLO 40 Ltd., Series 40A, Class D, (3M CME Term SOFR + 3.90%, 3.90% Floor), 8.54%, 10/20/34<sup>(b)(c)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;277900 |
| KREF Ltd., Series 2022-FL3, Class D, (1M CME Term SOFR + 2.80%, 2.80% Floor), 7.29%, 2/17/39<sup>(b)(c)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;143787 |
| MF1 Ltd., Series 2020-FL4, Class A, (1M CME Term SOFR + 1.81%, 1.70% Floor), 6.30%, 11/15/35<sup>(b)(c)</sup> | &nbsp;&nbsp;181031 | &nbsp;&nbsp;&nbsp;178456 |
| Mill City Mortgage Loan Trust, Series 2018-2, Class M3, 3.75%, 5/25/58<sup>(b)(f)</sup> | &nbsp;&nbsp;209684 | &nbsp;&nbsp;&nbsp;189596 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Nassau Ltd., Series 2021-IA, Class D, (3M USD LIBOR + 3.75%, 3.75% Floor), 8.54%, 8/26/34<sup>(b)(c)</sup> | $250000 | $237560 |
| National Collegiate Student Loan Trust, Series 2007-2, Class A4, (1M USD LIBOR + 0.29%), 4.80%, 1/25/33<sup>(c)</sup> | &nbsp;&nbsp;449227 | &nbsp;&nbsp;&nbsp;412862 |
| Neuberger Berman Loan Advisers CLO 33 Ltd., Series 2019-33A, Class DR, (3M USD LIBOR + 2.90%, 2.90% Floor), 7.69%, 10/16/33<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;237765 |
| Oaktree CLO Ltd., Series 2022-1A, Class E, (3M CME Term SOFR + 7.76%, 7.76% Floor), 12.03%, 5/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;449476 |
| Ocean Trails CLO IX, Series 2020-9A, Class DR, (3M USD LIBOR + 3.75%, 3.75% Floor), 8.54%, 10/15/34<sup>(b)(c)</sup> | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;258127 |
| Palmer Square Loan Funding Ltd., Series 2022-3A, Class C, (3M CME Term SOFR + 5.40%, 5.40% Floor), 9.40%, 4/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;208170 |
| Rad CLO 15 Ltd., Series 2021-15A, Class A, (3M USD LIBOR + 1.09%, 1.09% Floor), 5.90%, 1/20/34<sup>(b)(c)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;226090 |
| Stonepeak ABS, Series 2021-1A, Class A, 2.67%, 2/28/33<sup>(b)</sup> | &nbsp;&nbsp;371604 | &nbsp;&nbsp;&nbsp;324501 |
| Sycamore Tree CLO Ltd., Series 2023-2A, Class A, (3M CME Term SOFR + 2.33%, 2.33% Floor), 4/20/35<sup>(b)(c)(e)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;248381 |
| Symphony CLO 37 Ltd., Series 2022-37A, Class A1A, (3M CME Term SOFR + 2.30%, 2.30% Floor), 6.55%, 10/20/34<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;249681 |
| Symphony CLO XXV Ltd., Series 2021-25A, Class D, (3M USD LIBOR + 3.60%, 3.60% Floor), 8.40%, 4/19/34<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;232122 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2015-5, Class B3, 3.97%, 5/25/55<sup>(b)(f)</sup> | $220000 | &nbsp;&nbsp;&nbsp;&nbsp;$193370 |
| &nbsp;&nbsp;Series 2017-5, Class B1, (1M USD LIBOR + 1.80%), 2.78%, 2/25/57<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240979 |
| &nbsp;&nbsp;Series 2019-HY2, Class B1, (1M USD LIBOR + 2.25%, 2.25% Floor), 6.76%, 5/25/58<sup>(b)(c)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186873 |
| TSTAT Ltd., Series 2022-2A, Class C, (3M CME Term SOFR + 4.80%, 4.80% Floor), 9.31%, 1/20/31<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249920 |
| VERDE CLO Ltd., Series 2019-1A, Class DR, (3M USD LIBOR + 3.25%, 3.25% Floor), 8.04%, 4/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233999 |
| Voya CLO Ltd., Series 2020-3A, Class DR, (3M USD LIBOR + 3.25%, 3.25% Floor), 8.06%, 10/20/34<sup>(b)(c)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9813884** |
| **Student Loan – 0.2%** | **Student Loan – 0.2%** | **Student Loan – 0.2%** |
| SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, 1/15/53<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**364197** |
| **Total Asset-Backed Securities<br> (Cost $10,590,965)** | **Total Asset-Backed Securities<br> (Cost $10,590,965)** | &nbsp;&nbsp;&nbsp;**10178081** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Common Stocks – 46.3%** | **Common Stocks – 46.3%** | **Common Stocks – 46.3%** |
| **Advertising & Marketing – 0.0%<sup>(g)</sup>** | **Advertising & Marketing – 0.0%<sup>(g)</sup>** | **Advertising & Marketing – 0.0%<sup>(g)</sup>** |
| WPP PLC (United Kingdom) | &nbsp;&nbsp;4171 | &nbsp;&nbsp;&nbsp;&nbsp;**48733** |
| **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** |
| BAE Systems PLC (United Kingdom) | &nbsp;&nbsp;8509 | &nbsp;&nbsp;&nbsp;&nbsp;90077 |
| Raytheon Technologies Corp. | 27278 | 2723708 |
|  |  | **2813785** |
| **Asset Management – 1.7%** | **Asset Management – 1.7%** | **Asset Management – 1.7%** |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;336330 |
| Blackstone, Inc. | &nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;208137 |
| Investor AB, Class B (Sweden) | &nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp;55070 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Julius Baer Group Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;$37909 |
| Kinnevik AB, Class B (Sweden)\* | &nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21903 |
| Macquarie Korea Infrastructure Fund (South Korea) | 262000 | &nbsp;&nbsp;&nbsp;2535731 |
| Schroders PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12620 |
| St. James's Place PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;5059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76713 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;2863 | &nbsp;&nbsp;&nbsp;&nbsp;333454 |
| UBS Group A.G. (Switzerland)<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;&nbsp;&nbsp;114860 |
|  |  | &nbsp;&nbsp;&nbsp;**3732727** |
| **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** |
| Toyota Motor Corp. ADR (Japan)<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;**809105** |
| **Banking – 4.0%** | **Banking – 4.0%** | **Banking – 4.0%** |
| ABN AMRO Bank N.V. - CVA (Netherlands)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28232 |
| Banco Bilbao Vizcaya Argentaria S.A. (Spain) | &nbsp;&nbsp;&nbsp;9649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68158 |
| Banco Santander S.A. (Spain) | &nbsp;&nbsp;29502 | &nbsp;&nbsp;&nbsp;&nbsp;103108 |
| Barclays PLC (United Kingdom) | &nbsp;&nbsp;53132 | &nbsp;&nbsp;&nbsp;&nbsp;122139 |
| BNP Paribas S.A. (France) | &nbsp;&nbsp;24910 | &nbsp;&nbsp;&nbsp;1710865 |
| CaixaBank S.A. (Spain) | &nbsp;&nbsp;&nbsp;6053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26857 |
| DNB Bank ASA (Norway) | &nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20551 |
| Erste Group Bank A.G. (Austria) | &nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33277 |
| HSBC Holdings PLC (United Kingdom) | &nbsp;&nbsp;64967 | &nbsp;&nbsp;&nbsp;&nbsp;478700 |
| ING Groep N.V. (Netherlands) | &nbsp;&nbsp;&nbsp;8097 | &nbsp;&nbsp;&nbsp;&nbsp;117247 |
| Intesa Sanpaolo S.p.A. (Italy) | &nbsp;&nbsp;19066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50130 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;15980 | &nbsp;&nbsp;&nbsp;2236561 |
| KBC Group N.V. (Belgium) | &nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27479 |
| Lloyds Banking Group PLC (United Kingdom) | 297468 | &nbsp;&nbsp;&nbsp;&nbsp;193591 |
| NatWest Group PLC (United Kingdom) | &nbsp;&nbsp;25821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98508 |
| Nordea Bank Abp (Finland) | &nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46949 |
| PNC Financial Services Group (The), Inc. | &nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp;263861 |
| Skandinaviska Enskilda Banken AB, Class A (Sweden) | &nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32879 |
| Standard Chartered PLC (United Kingdom) | &nbsp;&nbsp;11123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93429 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Svenska Handelsbanken AB, Class A (Sweden) | 219877 | $2292882 |
| Swedbank AB, Class A (Sweden) | &nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43090 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp;112263 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;7322 | &nbsp;&nbsp;&nbsp;&nbsp;364636 |
| UniCredit S.p.A. (Italy) | &nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38320 |
|  |  | &nbsp;&nbsp;&nbsp;**8603712** |
| **Beverages – 2.1%** | **Beverages – 2.1%** | **Beverages – 2.1%** |
| Arca Continental S.A.B. de C.V. (Mexico) | 355943 | &nbsp;&nbsp;&nbsp;3139700 |
| Coca-Cola (The) Co. | &nbsp;&nbsp;12334 | &nbsp;&nbsp;&nbsp;&nbsp;756321 |
| Diageo PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;&nbsp;&nbsp;201840 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp;515454 |
|  |  | &nbsp;&nbsp;&nbsp;**4613315** |
| **Biotechnology & Pharmaceuticals – 4.1%** | **Biotechnology & Pharmaceuticals – 4.1%** | **Biotechnology & Pharmaceuticals – 4.1%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;3880 | &nbsp;&nbsp;&nbsp;&nbsp;573270 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;380114 |
| AstraZeneca PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp;352162 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;5602 | &nbsp;&nbsp;&nbsp;&nbsp;406985 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;5148 | &nbsp;&nbsp;&nbsp;&nbsp;432123 |
| GSK PLC | &nbsp;&nbsp;&nbsp;8428 | &nbsp;&nbsp;&nbsp;&nbsp;148038 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;4780 | &nbsp;&nbsp;&nbsp;&nbsp;781148 |
| Merck & Co., Inc. | &nbsp;&nbsp;24344 | &nbsp;&nbsp;&nbsp;2614789 |
| Novartis A.G. ADR (Switzerland) | &nbsp;&nbsp;30971 | &nbsp;&nbsp;&nbsp;2806592 |
| Pfizer, Inc. | &nbsp;&nbsp;10998 | &nbsp;&nbsp;&nbsp;&nbsp;485672 |
|  |  | &nbsp;&nbsp;&nbsp;**8980893** |
| **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** |
| Comcast Corp., Class A | &nbsp;&nbsp;22740 | &nbsp;&nbsp;&nbsp;&nbsp;**894819** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;**576918** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| Compass Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80933 |
| Rentokil Initial PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;6052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**117629** |
| **Construction Materials – 1.2%** | **Construction Materials – 1.2%** | **Construction Materials – 1.2%** |
| Cie de Saint-Gobain (France) | &nbsp;&nbsp;18417 | &nbsp;&nbsp;&nbsp;1057710 |
| Xinyi Glass Holdings Ltd. (China) | 682745 | &nbsp;&nbsp;&nbsp;1453651 |
|  |  | &nbsp;&nbsp;&nbsp;**2511361** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** |
| Amcor PLC | 35650 | &nbsp;&nbsp;$429939 |
| Smurfit Kappa Group PLC (Ireland) | 28735 | &nbsp;&nbsp;&nbsp;1206425 |
|  |  | &nbsp;&nbsp;&nbsp;**1636364** |
| **Diversified Industrials – 1.3%** | **Diversified Industrials – 1.3%** | **Diversified Industrials – 1.3%** |
| Emerson Electric Co. | &nbsp;&nbsp;4384 | &nbsp;&nbsp;&nbsp;&nbsp;395525 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;218809 |
| Siemens A.G. (Germany)<sup>(h)</sup> | 14400 | &nbsp;&nbsp;&nbsp;2249356 |
|  |  | &nbsp;&nbsp;&nbsp;**2863690** |
| **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp;4191 | &nbsp;&nbsp;&nbsp;&nbsp;393786 |
| Dominion Energy, Inc. | &nbsp;&nbsp;5328 | &nbsp;&nbsp;&nbsp;&nbsp;339074 |
| Duke Energy Corp. | 22960 | &nbsp;&nbsp;&nbsp;2352252 |
| Edison International | &nbsp;&nbsp;5637 | &nbsp;&nbsp;&nbsp;&nbsp;388389 |
| National Grid PLC (United Kingdom) | &nbsp;&nbsp;6497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82596 |
| SSE PLC (United Kingdom) | &nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44504 |
|  |  | &nbsp;&nbsp;&nbsp;**3600601** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| Associated British Foods PLC (United Kingdom) | &nbsp;&nbsp;2216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50869 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;6610 | &nbsp;&nbsp;&nbsp;&nbsp;432558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**483427** |
| **Forestry, Paper & Wood Products – 0.7%** | **Forestry, Paper & Wood Products – 0.7%** | **Forestry, Paper & Wood Products – 0.7%** |
| UPM-Kymmene OYJ (Finland) | 44718 | &nbsp;&nbsp;&nbsp;**1620859** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| NiSource, Inc. | &nbsp;&nbsp;8206 | &nbsp;&nbsp;&nbsp;&nbsp;227717 |
| Severn Trent PLC (United Kingdom) | &nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**262622** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| CVS Health Corp. | &nbsp;&nbsp;3279 | &nbsp;&nbsp;&nbsp;&nbsp;**289273** |
| **Home Construction – 0.0%<sup>(g)</sup>** | **Home Construction – 0.0%<sup>(g)</sup>** | **Home Construction – 0.0%<sup>(g)</sup>** |
| Berkeley Group Holdings (The) PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45114** |
| **Household Products – 0.7%** | **Household Products – 0.7%** | **Household Products – 0.7%** |
| Haleon PLC\* | 13662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54749 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp;325155 |
| Procter & Gamble (The) Co. | &nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;&nbsp;697377 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Household Products (Continued)** | **Household Products (Continued)** | **Household Products (Continued)** |
| Reckitt Benckiser Group PLC (United Kingdom) | &nbsp;&nbsp;1708 | &nbsp;&nbsp;$121714 |
| Unilever PLC (United Kingdom) | &nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp;240040 |
|  |  | &nbsp;&nbsp;&nbsp;**1439035** |
| **Industrial Support Services – 0.0%<sup>(g)</sup>** | **Industrial Support Services – 0.0%<sup>(g)</sup>** | **Industrial Support Services – 0.0%<sup>(g)</sup>** |
| Ferguson PLC | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46495** |
| **Institutional Financial Services – 2.0%** | **Institutional Financial Services – 2.0%** | **Institutional Financial Services – 2.0%** |
| CME Group, Inc. | &nbsp;&nbsp;3868 | &nbsp;&nbsp;&nbsp;&nbsp;683321 |
| Credit Suisse Group A.G. (Switzerland)<sup>(h)</sup> | &nbsp;&nbsp;3249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11192 |
| Deutsche Boerse A.G. (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61019 |
| London Stock Exchange Group PLC (United Kingdom) | &nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp;146747 |
| Morgan Stanley | 32144 | &nbsp;&nbsp;&nbsp;3128576 |
| Northern Trust Corp. | &nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp;284316 |
|  |  | &nbsp;&nbsp;&nbsp;**4315171** |
| **Insurance – 2.2%** | **Insurance – 2.2%** | **Insurance – 2.2%** |
| Allianz S.E. (Germany)<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;168814 |
| Assicurazioni Generali S.p.A. (Italy) | &nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24499 |
| Aviva PLC (United Kingdom) | 11371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64131 |
| AXA S.A. (France) | &nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp;106638 |
| Hannover Rueck S.E. (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24165 |
| Legal & General Group PLC (United Kingdom) | 28253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88911 |
| Muenchener Rueckversicherungs-Gesellschaft A.G. (Germany)<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78021 |
| Prudential PLC (Hong Kong) | 10610 | &nbsp;&nbsp;&nbsp;&nbsp;176286 |
| Sampo OYJ, Class A (Finland) | &nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22522 |
| Swiss Life Holding A.G. (Switzerland)<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35511 |
| Swiss Re A.G. | &nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54031 |
| Tryg A/S (Denmark) | &nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20584 |
| Zurich Insurance Group A.G. (Switzerland) | &nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;3857326 |
|  |  | &nbsp;&nbsp;&nbsp;**4721439** |
| **Leisure Facilities & Services – 2.1%** | **Leisure Facilities & Services – 2.1%** | **Leisure Facilities & Services – 2.1%** |
| Entain PLC (United Kingdom) | &nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41160 |
| InterContinental Hotels Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43529 |
| McDonald's Corp. | &nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;319810 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| OPAP S.A. (Greece) | &nbsp;&nbsp;264990 | $3978995 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp;241308 |
|  |  | &nbsp;&nbsp;&nbsp;**4624802** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp;**215320** |
| **Machinery – 0.0%<sup>(g)</sup>** | **Machinery – 0.0%<sup>(g)</sup>** | **Machinery – 0.0%<sup>(g)</sup>** |
| Smiths Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44978** |
| **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;29940 | &nbsp;&nbsp;&nbsp;2505679 |
| Smith & Nephew PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;3068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42370 |
|  |  | &nbsp;&nbsp;&nbsp;**2548049** |
| **Metals & Mining – 3.1%** | **Metals & Mining – 3.1%** | **Metals & Mining – 3.1%** |
| Anglo American PLC (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93981 |
| Glencore PLC (Australia) | &nbsp;&nbsp;212965 | &nbsp;&nbsp;&nbsp;1426203 |
| Rio Tinto Ltd. (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;27522 | &nbsp;&nbsp;&nbsp;2469751 |
| Rio Tinto PLC (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp;199590 |
| Vale S.A. (Brazil) | &nbsp;&nbsp;132226 | &nbsp;&nbsp;&nbsp;2471407 |
|  |  | &nbsp;&nbsp;&nbsp;**6660932** |
| **Oil & Gas Producers – 2.8%** | **Oil & Gas Producers – 2.8%** | **Oil & Gas Producers – 2.8%** |
| BP PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp;208993 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3957 | &nbsp;&nbsp;&nbsp;&nbsp;459051 |
| Gazprom PJSC (Russia)<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11007 | &nbsp;&nbsp;&nbsp;&nbsp;201428 |
| LUKOIL PJSC (Russia)<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4891 | &nbsp;&nbsp;&nbsp;&nbsp;334936 |
| Petroleo Brasileiro S.A. (Brazil) | &nbsp;&nbsp;104619 | &nbsp;&nbsp;&nbsp;&nbsp;607768 |
| Rosneft Oil Co. PJSC (Russia)<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Shell PLC (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;13339 | &nbsp;&nbsp;&nbsp;&nbsp;391604 |
| TotalEnergies S.E. ADR (France) | &nbsp;&nbsp;&nbsp;&nbsp;32448 | &nbsp;&nbsp;&nbsp;2013074 |
| Williams (The) Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9454 | &nbsp;&nbsp;&nbsp;&nbsp;304797 |
| Woodside Energy Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;58583 | &nbsp;&nbsp;&nbsp;1516942 |
|  |  | &nbsp;&nbsp;&nbsp;**6038593** |
| **Publishing & Broadcasting – 0.0%<sup>(g)</sup>** | **Publishing & Broadcasting – 0.0%<sup>(g)</sup>** | **Publishing & Broadcasting – 0.0%<sup>(g)</sup>** |
| Informa PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;5191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42933** |
| **Real Estate Investment Trusts – 3.4%** | **Real Estate Investment Trusts – 3.4%** | **Real Estate Investment Trusts – 3.4%** |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;456179 |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;&nbsp;&nbsp;321875 |
| PowerGrid Infrastructure Investment Trust (India)<sup>(b)</sup> | 1844000 | &nbsp;&nbsp;&nbsp;2837053 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;$238219 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp;342603 |
| TF Administradora Industrial S. de R.L. de C.V. (Mexico) | 1815883 | &nbsp;&nbsp;&nbsp;3105145 |
|  |  | &nbsp;&nbsp;&nbsp;**7301074** |
| **Retail - Consumer Staples – 0.0%<sup>(g)</sup>** | **Retail - Consumer Staples – 0.0%<sup>(g)</sup>** | **Retail - Consumer Staples – 0.0%<sup>(g)</sup>** |
| Tesco PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;28088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85370** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1742 | &nbsp;&nbsp;&nbsp;&nbsp;265272 |
| Kingfisher PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;14879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**316603** |
| **Semiconductors – 2.8%** | **Semiconductors – 2.8%** | **Semiconductors – 2.8%** |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6218 | &nbsp;&nbsp;&nbsp;3637592 |
| MediaTek, Inc. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;74250 | &nbsp;&nbsp;&nbsp;1793952 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3560 | &nbsp;&nbsp;&nbsp;&nbsp;630868 |
|  |  | &nbsp;&nbsp;&nbsp;**6062412** |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31691 | &nbsp;&nbsp;&nbsp;1542401 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp;190875 |
|  |  | &nbsp;&nbsp;&nbsp;**1733276** |
| **Technology Services – 0.3%** | **Technology Services – 0.3%** | **Technology Services – 0.3%** |
| Experian PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64033 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;498501 |
| RELX PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;108438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**670972** |
| **Telecommunications – 2.6%** | **Telecommunications – 2.6%** | **Telecommunications – 2.6%** |
| BCE, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;37025 | &nbsp;&nbsp;&nbsp;1751283 |
| BT Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;20635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31792 |
| Nippon Telegraph & Telephone Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;2338871 |
| Softbank Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;69285 | &nbsp;&nbsp;&nbsp;&nbsp;792766 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15557 | &nbsp;&nbsp;&nbsp;&nbsp;646704 |
| Vodafone Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;74156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85562 |
|  |  | &nbsp;&nbsp;&nbsp;**5646978** |
| **Tobacco & Cannabis – 1.1%** | **Tobacco & Cannabis – 1.1%** | **Tobacco & Cannabis – 1.1%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18637 | &nbsp;&nbsp;&nbsp;&nbsp;839411 |
| British American Tobacco PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp;168286 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** |
| British American Tobacco PLC ADR (United Kingdom) | 17170 | &nbsp;&nbsp;&nbsp;&nbsp;$660873 |
| Philip Morris International, Inc. | &nbsp;&nbsp;7285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2427958** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| Poste Italiane S.p.A. (Italy)<sup>(b)</sup> | &nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20962 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**459031** |
| **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** |
| Volvo AB, Class B (Sweden) | 47919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**950882** |
| **Wholesale - Discretionary – 0.0%<sup>(g)</sup>** | **Wholesale - Discretionary – 0.0%<sup>(g)</sup>** | **Wholesale - Discretionary – 0.0%<sup>(g)</sup>** |
| Bunzl PLC (United Kingdom) | &nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42328** |
| **Total Common Stocks<br> (Cost $94,507,528)** | **Total Common Stocks<br> (Cost $94,507,528)** | &nbsp;&nbsp;&nbsp;**100899578** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** |  |
| **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| DISH Network Corp., 3.38%, 8/15/26 | $320000 | &nbsp;&nbsp;**$209374** |
| **Total Convertible Bonds<br> (Cost $234,872)** | **Total Convertible Bonds<br> (Cost $234,872)** | &nbsp;&nbsp;&nbsp;&nbsp;**209374** |
| **Corporate Bonds – 14.5%** | **Corporate Bonds – 14.5%** | **Corporate Bonds – 14.5%** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Boeing (The) Co., |  |  |
| &nbsp;&nbsp;3.25%, 2/01/35 | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;226989 |
| &nbsp;&nbsp;5.81%, 5/01/50 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51045 |
| &nbsp;&nbsp;5.93%, 5/01/60 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91968 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp;8.00%, 12/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10196 |
| &nbsp;&nbsp;6.25%, 3/15/26<sup>(b)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;229919 |
| &nbsp;&nbsp;5.50%, 11/15/27 | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;296043 |
| Triumph Group, Inc., |  |  |
| &nbsp;&nbsp;8.87%, 6/01/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28420 |
| &nbsp;&nbsp;6.25%, 9/15/24<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77218 |
| &nbsp;&nbsp;7.75%, 8/15/25<sup>(i)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;220849 |
|  |  | &nbsp;&nbsp;&nbsp;**1232647** |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| Clarios Global L.P./Clarios U.S. Finance Co., 8.50%, 5/15/27<sup>(b)(i)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;249003 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Ford Motor Co., |  |  |
| &nbsp;&nbsp;3.25%, 2/12/32<sup>(i)</sup> | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;$79367 |
| &nbsp;&nbsp;6.10%, 8/19/32<sup>(i)</sup> | &nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;932190 |
| Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;7.35%, 11/04/27 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;209750 |
| &nbsp;&nbsp;2.90%, 2/16/28 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;172019 |
| &nbsp;&nbsp;2.90%, 2/10/29 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;166832 |
| PM General Purchaser LLC, 9.50%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;214200 |
|  |  | &nbsp;&nbsp;&nbsp;**2023361** |
| **Banking – 0.0%<sup>(g)</sup>** | **Banking – 0.0%<sup>(g)</sup>** | **Banking – 0.0%<sup>(g)</sup>** |
| Wells Fargo & Co., (SOFR + 4.50%), 5.01%, 4/04/51<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78873** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;5.50%, 11/01/25<sup>(b)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93558 |
| &nbsp;&nbsp;6.13%, 2/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61425 |
| &nbsp;&nbsp;5.00%, 1/30/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**163955** |
| **Cable & Satellite – 0.7%** | **Cable & Satellite – 0.7%** | **Cable & Satellite – 0.7%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/01/32 | &nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;306175 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 5.13%, 7/01/49 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57948 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;6.50%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;346072 |
| &nbsp;&nbsp;4.50%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;147296 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;280800 |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp;5.88%, 11/15/24 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;207642 |
| &nbsp;&nbsp;5.75%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;122727 |
| Time Warner Cable LLC, 6.75%, 6/15/39 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92530 |
|  |  | &nbsp;&nbsp;&nbsp;**1561190** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 7/15/26<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;250315 |
| CoreCivic, Inc., 8.25%, 4/15/26<sup>(i)</sup> | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;439647 |
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 2/01/26<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;147430 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| TKC Holdings, Inc., 6.87%, 5/15/28<sup>(b)</sup> | $80000 | $65388 |
| ZipRecruiter, Inc., 5.00%, 1/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;52200 |
|  |  | &nbsp;&nbsp;&nbsp;**954980** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Advanced Drainage Systems, Inc., 6.38%, 6/15/30<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;119231 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;146083 |
|  |  | &nbsp;&nbsp;&nbsp;**265314** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| Adtalem Global Education, Inc., 5.50%, 3/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;58639 |
| Carriage Services, Inc., 4.25%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;115185 |
| Rent-A-Center, Inc., 6.37%, 2/15/29<sup>(b)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;153000 |
| StoneMor, Inc., 8.50%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;241500 |
|  |  | &nbsp;&nbsp;&nbsp;**568324** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 6/15/27<sup>(b)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;209412 |
| Pactiv LLC, |  |  |
| &nbsp;&nbsp;7.95%, 12/15/25 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;108788 |
| &nbsp;&nbsp;8.37%, 4/15/27 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;156101 |
| Sealed Air Corp., 6.13%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;60534 |
|  |  | &nbsp;&nbsp;&nbsp;**534835** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;**208114** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Tutor Perini Corp., 6.88%, 5/01/25<sup>(b)(i)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;**142544** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27<sup>(b)</sup> | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;**271793** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| Darling Ingredients, Inc., 6.00%, 6/15/30<sup>(b)(i)</sup> | $320000 | &nbsp;&nbsp;$318400 |
| Simmons Foods, Inc., 4.63%, 3/01/29<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;127175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**445575** |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| AdaptHealth LLC, 4.63%, 8/01/29<sup>(b)</sup> | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;191411 |
| Akumin Escrow, Inc., 7.50%, 8/01/28<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;102000 |
| Akumin, Inc., 7.00%, 11/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 |
| CHS/Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;6.12%, 4/01/30<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;240455 |
| &nbsp;&nbsp;4.75%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;122399 |
| Legacy LifePoint Health LLC, 6.75%, 4/15/25<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;136500 |
| Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)</sup> | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;310976 |
| Radiology Partners, Inc., 9.25%, 2/01/28<sup>(b)(i)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;108900 |
| US Renal Care, Inc., 10.62%, 7/15/27<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48750 |
|  |  | &nbsp;&nbsp;&nbsp;**1292391** |
| **Home Construction – 0.0%<sup>(g)</sup>** | **Home Construction – 0.0%<sup>(g)</sup>** | **Home Construction – 0.0%<sup>(g)</sup>** |
| MDC Holdings, Inc., 6.00%, 1/15/43 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44455** |
| **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** |
| Chart Industries, Inc., 7.50%, 1/01/30<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;102250 |
| Park-Ohio Industries, Inc., 6.63%, 4/15/27 | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;213079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**315329** |
| **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** |
| H&E Equipment Services, Inc., 3.88%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;132009 |
| United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;5.50%, 5/15/27 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9937 |
| &nbsp;&nbsp;6.00%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;791700 |
| &nbsp;&nbsp;3.87%, 2/15/31<sup>(i)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;114409 |
|  |  | &nbsp;&nbsp;&nbsp;**1048055** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| Coinbase Global, Inc., 3.63%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81550 |
| Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;160691 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| LPL Holdings, Inc., 4.00%, 3/15/29<sup>(b)</sup> | $170000 | $152150 |
| StoneX Group, Inc., 8.63%, 6/15/25<sup>(b)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;241200 |
|  |  | &nbsp;&nbsp;&nbsp;**635591** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc., (100% Cash), 7.62%, 10/15/25<sup>(b)(l)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;371000 |
| NMI Holdings, Inc., 7.38%, 6/01/25<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;151695 |
|  |  | &nbsp;&nbsp;&nbsp;**522695** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Ziff Davis, Inc., 4.63%, 10/15/30<sup>(b)(i)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;**186073** |
| **Leisure Facilities & Services – 1.4%** | **Leisure Facilities & Services – 1.4%** | **Leisure Facilities & Services – 1.4%** |
| AMC Entertainment Holdings, Inc., 7.50%, 2/15/29<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;40667 |
| Boyne USA, Inc., 4.75%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;326190 |
| Caesars Entertainment, Inc., 2/15/30<sup>(b)(e)</sup> | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;366300 |
| Carnival Corp., |  |  |
| &nbsp;&nbsp;4.00%, 8/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;17280 |
| &nbsp;&nbsp;10.50%, 6/01/30<sup>(b)(i)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;202125 |
| Carnival PLC, 7.87%, 6/01/27 | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;306900 |
| Carrols Restaurant Group, Inc., 5.87%, 7/01/29<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;30733 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;70606 |
| Full House Resorts, Inc., 8.25%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;83898 |
| Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;3.20%, 8/08/24 | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;230972 |
| &nbsp;&nbsp;3.50%, 8/18/26 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;27951 |
| Mohegan Tribal Gaming Authority, 13.25%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;337955 |
| NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;3.63%, 12/15/24<sup>(b)(i)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;197137 |
| &nbsp;&nbsp;5.87%, 2/15/27<sup>(b)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;176652 |
| Royal Caribbean Cruises Ltd., 11.63%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;127343 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 2/15/29<sup>(b)</sup> | $20000 | &nbsp;&nbsp;&nbsp;&nbsp;$17100 |
| VOC Escrow Ltd., 5.00%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17583 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 4/15/25<sup>(b)</sup> | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;351442 |
|  |  | &nbsp;&nbsp;&nbsp;**2928834** |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| Titan International, Inc., 7.00%, 4/30/28 | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;**414206** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Medline Borrower L.P., 3.88%, 4/01/29<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;**222304** |
| **Metals & Mining – 0.0%<sup>(g)</sup>** | **Metals & Mining – 0.0%<sup>(g)</sup>** | **Metals & Mining – 0.0%<sup>(g)</sup>** |
| Freeport-McMoRan, Inc., 5.45%, 3/15/43 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58290** |
| **Oil & Gas Producers – 3.6%** | **Oil & Gas Producers – 3.6%** | **Oil & Gas Producers – 3.6%** |
| Berry Petroleum Co. LLC, 7.00%, 2/15/26<sup>(b)</sup> | &nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;517017 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25<sup>(b)</sup> | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;223438 |
| Chord Energy Corp., 6.38%, 6/01/26<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;256100 |
| Continental Resources, Inc., 5.75%, 1/15/31<sup>(b)</sup> | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;166916 |
| DCP Midstream Operating L.P., 6.75%, 9/15/37<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;219090 |
| Devon Energy Corp., 5.00%, 6/15/45 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;156086 |
| Diamondback Energy, Inc., 3.13%, 3/24/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;218233 |
| Endeavor Energy Resources L.P./EER Finance, Inc., 5.75%, 1/30/28<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;156800 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;(5Y US Treasury CMT + 5.31%), 7.13%, 5/15/30<sup>(k)(m)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63945 |
| &nbsp;&nbsp;5.35%, 5/15/45 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81994 |
| Enterprise Products Operating LLC, 3.95%, 1/31/60 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23729 |
| EQM Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;7.50%, 6/01/30<sup>(b)(i)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99875 |
| &nbsp;&nbsp;4.75%, 1/15/31<sup>(b)(i)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;126873 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| EQT Corp., |  |  |
| &nbsp;&nbsp;6.13%, 2/01/25 | $100000 | $100982 |
| &nbsp;&nbsp;3.13%, 5/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18702 |
| &nbsp;&nbsp;7.00%, 2/01/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;159542 |
| Genesis Energy L.P./Genesis Energy Finance Corp., 8.87%, 4/15/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;152438 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 4/15/32<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;110765 |
| Howard Midstream Energy Partners LLC, 6.75%, 1/15/27<sup>(b)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;126750 |
| Northern Oil and Gas, Inc., 8.13%, 3/01/28<sup>(b)</sup> | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;219138 |
| Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;7.20%, 3/15/29 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;62400 |
| &nbsp;&nbsp;6.63%, 9/01/30 | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;445892 |
| &nbsp;&nbsp;6.45%, 9/15/36 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;10516 |
| Permian Resources Operating LLC, 5.88%, 7/01/29<sup>(b)</sup> | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;393667 |
| Range Resources Corp., |  |  |
| &nbsp;&nbsp;8.25%, 1/15/29 | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;431777 |
| &nbsp;&nbsp;4.75%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;179151 |
| ROCC Holdings LLC, 9.25%, 8/15/26<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;263575 |
| Rockies Express Pipeline LLC, 7.50%, 7/15/38<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;92500 |
| Southwestern Energy Co., |  |  |
| &nbsp;&nbsp;7.75%, 10/01/27 | &nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;474510 |
| &nbsp;&nbsp;8.38%, 9/15/28 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;178558 |
| &nbsp;&nbsp;4.75%, 2/01/32 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;141043 |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;116850 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;72862 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 2/01/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;233706 |
| Transcontinental Gas Pipe Line Co. LLC, 4.60%, 3/15/48 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;90338 |
| Venture Global Calcasieu Pass LLC, |  |  |
| &nbsp;&nbsp;6.25%, 1/15/30<sup>(b)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;193568 |
| &nbsp;&nbsp;3.88%, 11/01/33<sup>(b)</sup> | &nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;314296 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Viper Energy Partners L.P., 5.37%, 11/01/27<sup>(b)</sup> | $250000 | &nbsp;&nbsp;$241985 |
| Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;5.45%, 4/01/44 | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;299271 |
| &nbsp;&nbsp;5.30%, 3/01/48 | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;358750 |
| Williams (The) Cos., Inc., 8.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36849 |
|  |  | &nbsp;&nbsp;&nbsp;**7830477** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Transocean, Inc., 8.75%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;**185580** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| McClatchy (The) Co. LLC, 11.00%, 7/15/27<sup>(b)(i)(l)</sup> | &nbsp;&nbsp;147778 | &nbsp;&nbsp;&nbsp;&nbsp;**165511** |
| **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** |
| Diversified Healthcare Trust, 9.75%, 6/15/25 | &nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72194 |
| IIP Operating Partnership L.P., 5.50%, 5/25/26 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;139389 |
| Service Properties Trust, |  |  |
| &nbsp;&nbsp;4.35%, 10/01/24 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28290 |
| &nbsp;&nbsp;7.50%, 9/15/25 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;157326 |
| &nbsp;&nbsp;5.50%, 12/15/27 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**441479** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/25<sup>(b)(i)</sup> | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;**152807** |
| **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** |
| Sunnova Energy Corp., 5.88%, 9/01/26<sup>(b)(i)</sup> | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;**369000** |
| **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** |
| Abercrombie & Fitch Management Co., 8.75%, 7/15/25<sup>(b)</sup> | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;222200 |
| Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;5.25%, 2/01/28<sup>(i)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;141587 |
| &nbsp;&nbsp;6.63%, 10/01/30<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68403 |
| Bed Bath & Beyond, Inc., 5.17%, 8/01/44 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9265 |
| Builders FirstSource, Inc., 4.25%, 2/01/32<sup>(b)(i)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;137640 |
| Foot Locker, Inc., 4.00%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67638 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Michaels (The) Cos., Inc., 7.88%, 5/01/29<sup>(b)(i)</sup> | $160000 | &nbsp;&nbsp;$121600 |
| Sally Holdings LLC/Sally Capital, Inc., 5.62%, 12/01/25 | &nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;315202 |
|  |  | &nbsp;&nbsp;&nbsp;**1083535** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(b)(i)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;223698 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, 6/15/29<sup>(b)(i)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;269296 |
| Crowdstrike Holdings, Inc., 3.00%, 2/15/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85808 |
| Gen Digital, Inc., 7.12%, 9/30/30<sup>(b)(i)</sup> | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;223366 |
| Rackspace Technology Global, Inc., 3.50%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42088 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 2/01/29<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**904631** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;114625 |
| Aviation Capital Group LLC, 5.50%, 12/15/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79232 |
| Burford Capital Global Finance LLC, 6.87%, 4/15/30<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;180343 |
| FirstCash, Inc., 5.63%, 1/01/30<sup>(b)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;164688 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., |  |  |
| &nbsp;&nbsp;4.25%, 2/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70500 |
| &nbsp;&nbsp;4.75%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66467 |
| Midcap Financial Issuer Trust, 6.50%, 5/01/28<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;176000 |
| Navient Corp., 5.62%, 8/01/33 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38755 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 3/01/29<sup>(b)</sup> | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;236233 |
|  |  | &nbsp;&nbsp;&nbsp;**1126843** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| CommScope, Inc., |  |  |
| &nbsp;&nbsp;6.00%, 3/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19147 |
| &nbsp;&nbsp;7.12%, 7/01/28<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15667 |
| &nbsp;&nbsp;4.75%, 9/01/29<sup>(b)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;158148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| NCR Corp., 5.13%, 4/15/29<sup>(b)</sup> | $180000 | &nbsp;&nbsp;$156790 |
| Viavi Solutions, Inc., 3.75%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**402102** |
| **Technology Services – 0.1%** | **Technology Services – 0.1%** | **Technology Services – 0.1%** |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 6/15/29<sup>(b)(i)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95400 |
| Sabre GLBL, Inc., 11.25%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;212000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**307400** |
| **Tobacco & Cannabis – 0.0%<sup>(g)</sup>** | **Tobacco & Cannabis – 0.0%<sup>(g)</sup>** | **Tobacco & Cannabis – 0.0%<sup>(g)</sup>** |
| Altria Group, Inc., 5.95%, 2/14/49 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75608** |
| **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** |
| American Airlines, Inc., 11.75%, 7/15/25<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;155828 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |
| &nbsp;&nbsp;5.50%, 4/20/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78426 |
| &nbsp;&nbsp;5.75%, 4/20/29<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;193444 |
| Carriage Purchaser, Inc., 7.87%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50793 |
| Delta Air Lines, Inc., 7.00%, 5/01/25<sup>(b)</sup> | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;463102 |
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26<sup>(b)</sup> | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;410646 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27<sup>(b)</sup> | &nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;200041 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25<sup>(b)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;276097 |
| United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/26 | &nbsp;&nbsp;&nbsp;43410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42301 |
| United Airlines, Inc., 4.63%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;100332 |
| XPO CNW, Inc., 6.70%, 5/01/34 | &nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;333711 |
| XPO Escrow Sub LLC, 7.50%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51380 |
|  |  | &nbsp;&nbsp;&nbsp;**2356101** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Transportation Equipment – 0.0%<sup>(g)</sup>** | **Transportation Equipment – 0.0%<sup>(g)</sup>** | **Transportation Equipment – 0.0%<sup>(g)</sup>** |
| Allison Transmission, Inc., 4.75%, 10/01/27<sup>(b)</sup> | $70000 | &nbsp;&nbsp;&nbsp;&nbsp;**$66375** |
| **Total Corporate Bonds<br> (Cost $33,691,996)** | **Total Corporate Bonds<br> (Cost $33,691,996)** | &nbsp;&nbsp;&nbsp;**31587177** |

---

---

| | | |
|:---|:---|:---|
| **Foreign Issuer Bonds – 8.4%** | **Foreign Issuer Bonds – 8.4%** | **Foreign Issuer Bonds – 8.4%** |
| **Angola – 0.1%** | **Angola – 0.1%** | **Angola – 0.1%** |
| Angolan Government International Bond, 8.75%, 4/14/32<sup>(b)</sup> | 210000 | &nbsp;&nbsp;&nbsp;**193971** |
| **Argentina – 0.4%** | **Argentina – 0.4%** | **Argentina – 0.4%** |
| Provincia de Buenos Aires, (Step to 6.38% on 9/1/23), 5.25%, 9/01/37<sup>(b)(n)</sup> | 600000 | &nbsp;&nbsp;&nbsp;238188 |
| Provincia de Cordoba, 6.99%, 6/01/27<sup>(b)</sup> | 200000 | &nbsp;&nbsp;&nbsp;152941 |
| Transportadora de Gas del Sur S.A., 6.75%, 5/02/25<sup>(b)</sup> | 200000 | &nbsp;&nbsp;&nbsp;188874 |
| YPF S.A., 8.50%, 7/28/25<sup>(b)</sup> | 400000 | &nbsp;&nbsp;&nbsp;367280 |
|  |  | &nbsp;&nbsp;&nbsp;**947283** |
| **Brazil – 0.8%** | **Brazil – 0.8%** | **Brazil – 0.8%** |
| B3 SA - Brasil Bolsa Balcao, 4.12%, 9/20/31<sup>(b)</sup> | 250000 | &nbsp;&nbsp;&nbsp;219375 |
| Braskem Netherlands Finance B.V., 4.50%, 1/10/28<sup>(b)</sup> | 270000 | &nbsp;&nbsp;&nbsp;255285 |
| MercadoLibre, Inc., 3.13%, 1/14/31 | 270000 | &nbsp;&nbsp;&nbsp;214920 |
| Petrobras Global Finance B.V., |  |  |
| &nbsp;&nbsp;5.30%, 1/27/25<sup>(i)</sup> | 150000 | &nbsp;&nbsp;&nbsp;149528 |
| &nbsp;&nbsp;6.85%, 6/05/15<sup>(i)(o)</sup> | 310000 | &nbsp;&nbsp;&nbsp;268671 |
| Suzano Austria GmbH, 3.13%, 1/15/32 | 500000 | &nbsp;&nbsp;&nbsp;397468 |
| Vale Overseas Ltd., 6.25%, 8/10/26<sup>(i)</sup> | 250000 | &nbsp;&nbsp;&nbsp;260112 |
|  |  | **1765359** |
| **Canada – 0.6%** | **Canada – 0.6%** | **Canada – 0.6%** |
| Air Canada, 3.88%, 8/15/26<sup>(b)</sup> | 250000 | &nbsp;&nbsp;&nbsp;231249 |
| GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp;5.13%, 12/15/26<sup>(b)</sup> | 110000 | &nbsp;&nbsp;&nbsp;107003 |
| &nbsp;&nbsp;4.75%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;63178 |
| Hudbay Minerals, Inc., 6.12%, 4/01/29<sup>(b)(i)</sup> | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;83106 |
| MEG Energy Corp., |  |  |
| &nbsp;&nbsp;7.12%, 2/01/27<sup>(b)</sup> | 200000 | &nbsp;&nbsp;&nbsp;205140 |
| &nbsp;&nbsp;5.88%, 2/01/29<sup>(b)(i)</sup> | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38200 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Superior Plus L.P./Superior General Partner, Inc., 4.50%, 3/15/29<sup>(b)</sup> | $50000 | &nbsp;&nbsp;&nbsp;&nbsp;$44188 |
| TransAlta Corp., |  |  |
| &nbsp;&nbsp;7.75%, 11/15/29 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92547 |
| &nbsp;&nbsp;6.50%, 3/15/40 | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;364054 |
|  |  | &nbsp;&nbsp;&nbsp;**1228665** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| VTR Comunicaciones S.p.A., 5.13%, 1/15/28<sup>(b)(i)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**140153** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| Global Aircraft Leasing Co. Ltd., 6.50%, 9/15/24<sup>(b)(l)</sup> | &nbsp;&nbsp;259062 | &nbsp;&nbsp;&nbsp;&nbsp;236416 |
| Prosus N.V., 3.06%, 7/13/31<sup>(b)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;216114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**452530** |
| **Denmark – 0.1%** | **Denmark – 0.1%** | **Denmark – 0.1%** |
| Danske Bank A/S, (1Y US Treasury CMT + 2.10%), 6.47%, 1/09/26<sup>(b)(k)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;**274136** |
| **Dominican Republic – 0.1%** | **Dominican Republic – 0.1%** | **Dominican Republic – 0.1%** |
| Dominican Republic International Bond, 6.00%, 2/22/33<sup>(b)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;**276688** |
| **France – 0.2%** | **France – 0.2%** | **France – 0.2%** |
| BNP Paribas S.A., (5Y US Treasury CMT + 4.90%), 7.75%, 8/16/29<sup>(b)(k)(m)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;207000 |
| Credit Agricole S.A., (5Y USD Swap Rate + 6.19%), 8.12%, 12/23/25<sup>(b)(k)(m)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;206158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**413158** |
| **Gabon – 0.1%** | **Gabon – 0.1%** | **Gabon – 0.1%** |
| Gabon Government International Bond, 7.00%, 11/24/31<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**168293** |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |
| ZF North America Capital, Inc., 4.75%, 4/29/25<sup>(b)</sup> | &nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;**318272** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| Millicom International Cellular S.A., 4.50%, 4/27/31<sup>(b)(i)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;**211625** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Hong Kong – 0.2%** | **Hong Kong – 0.2%** | **Hong Kong – 0.2%** | **Hong Kong – 0.2%** |
| Melco Resorts Finance Ltd., |  |  |  |
| &nbsp;&nbsp;4.88%, 6/06/25<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;$188750 |
| &nbsp;&nbsp;5.37%, 12/04/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;171200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**359950** |
| **Indonesia – 1.1%** | **Indonesia – 1.1%** | **Indonesia – 1.1%** | **Indonesia – 1.1%** |
| Indonesia Government International Bond, 3.50%, 1/11/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;382800 |
| Indonesia Treasury Bond, 6.50%, 2/15/31 | IDR | 31834000000 | &nbsp;&nbsp;&nbsp;2103854 |
|  |  |  | &nbsp;&nbsp;&nbsp;**2486654** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;251883 |
| Avolon Holdings Funding Ltd., 4.25%, 4/15/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56978 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**308861** |
| **Israel – 0.3%** | **Israel – 0.3%** | **Israel – 0.3%** | **Israel – 0.3%** |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, 2/01/36<sup>(i)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;397773 |
| Teva Pharmaceutical Finance Netherlands III B.V., 4.75%, 5/09/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;195038 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**592811** |
| **Italy – 0.1%** | **Italy – 0.1%** | **Italy – 0.1%** | **Italy – 0.1%** |
| UniCredit S.p.A., (5Y US Treasury CMT + 4.75%), 5.46%, 6/30/35<sup>(b)(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;**183721** |
| **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
| Ivory Coast Government International Bond, 5.75%, 12/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149236 | &nbsp;&nbsp;&nbsp;&nbsp;**137788** |
| **Jordan – 0.1%** | **Jordan – 0.1%** | **Jordan – 0.1%** | **Jordan – 0.1%** |
| Jordan Government International Bond, 7.75%, 1/15/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;**237521** |
| **Kazakhstan – 0.3%** | **Kazakhstan – 0.3%** | **Kazakhstan – 0.3%** | **Kazakhstan – 0.3%** |
| Kazakhstan Government International Bond, 5.12%, 7/21/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;229610 |
| KazMunayGas National Co. JSC, 4.75%, 4/19/27<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;232075 |
| KazTransGas JSC, 4.38%, 9/26/27<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;183000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**644685** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Kuwait – 0.1%** | **Kuwait – 0.1%** | **Kuwait – 0.1%** |
| MEGlobal Canada ULC, 5.88%, 5/18/30<sup>(b)</sup> | $210000 | &nbsp;&nbsp;**$216930** |
| **Luxembourg – 0.5%** | **Luxembourg – 0.5%** | **Luxembourg – 0.5%** |
| Altice France Holding S.A., 10.50%, 5/15/27<sup>(b)</sup> | &nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;532425 |
| ARD Finance S.A., (100% Cash), 6.50%, 6/30/27<sup>(b)(l)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;156888 |
| FAGE International S.A./FAGE USA Dairy Industry, Inc., 5.62%, 8/15/26<sup>(b)</sup> | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;394338 |
|  |  | &nbsp;&nbsp;&nbsp;**1083651** |
| **Macau – 0.4%** | **Macau – 0.4%** | **Macau – 0.4%** |
| Sands China Ltd., 3.35%, 3/08/29 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;384963 |
| Wynn Macau Ltd., 4.87%, 10/01/24<sup>(b)</sup> | &nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;461441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**846404** |
| **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** |
| Banco Mercantil del Norte S.A., |  |  |
| &nbsp;&nbsp;(10Y US Treasury CMT + 5.35%), 7.62%, 1/10/28<sup>(b)(k)(m)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;227419 |
| &nbsp;&nbsp;(10Y US Treasury CMT + 5.47%), 7.50%, 6/27/29<sup>(b)(k)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;240500 |
| Mexico Government International Bond, 4.75%, 3/08/44 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;427905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**895824** |
| **Panama – 0.1%** | **Panama – 0.1%** | **Panama – 0.1%** |
| Panama Government International Bond, 4.50%, 4/01/56 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**152071** |
| **Peru – 0.3%** | **Peru – 0.3%** | **Peru – 0.3%** |
| Peruvian Government International Bond, 2.78%, 1/23/31 | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;203144 |
| Petroleos del Peru S.A., 5.63%, 6/19/47<sup>(b)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;166785 |
| Volcan Cia Minera S.A.A., 4.38%, 2/11/26<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;229746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**599675** |
| **Qatar – 0.2%** | **Qatar – 0.2%** | **Qatar – 0.2%** |
| Qatar Government International Bond, 4.82%, 3/14/49<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;**399000** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Sasol Financing U.S.A. LLC, 5.50%, 3/18/31<sup>(i)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;**218125** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Switzerland – 0.3%** | **Switzerland – 0.3%** | **Switzerland – 0.3%** |
| Credit Suisse Group A.G., |  |  |
| &nbsp;&nbsp;(5Y US Treasury CMT + 6.38%), 9.75%, 6/23/27<sup>(b)(k)(m)</sup> | $240000 | &nbsp;&nbsp;&nbsp;&nbsp;$232800 |
| &nbsp;&nbsp;(SOFR + 3.92%), 6.54%, 8/12/33<sup>(b)(k)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239927 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc., |  |  |
| &nbsp;&nbsp;7.87%, 5/01/27<sup>(b)(i)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126100 |
| &nbsp;&nbsp;6.38%, 2/01/30<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**642922** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| Turk Telekomunikasyon AS, 6.88%, 2/28/25<sup>(b)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237501** |
| **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** |
| DP World Ltd., 5.63%, 9/25/48<sup>(b)</sup> | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**289077** |
| **United Kingdom – 0.2%** | **United Kingdom – 0.2%** | **United Kingdom – 0.2%** |
| Mclaren Finance PLC, 7.50%, 8/01/26<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 |
| Neptune Energy Bondco PLC, 6.62%, 5/15/25<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197500 |
| Vmed O2 UK Financing I PLC, 4.75%, 7/15/31<sup>(b)(i)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**514505** |
| **Zambia – 0.4%** | **Zambia – 0.4%** | **Zambia – 0.4%** |
| First Quantum Minerals Ltd., |  |  |
| &nbsp;&nbsp;6.88%, 3/01/26<sup>(b)</sup> | &nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476500 |
| &nbsp;&nbsp;6.87%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**941800** |
| **Total Foreign Issuer Bonds<br> (Cost $19,587,975)** | **Total Foreign Issuer Bonds<br> (Cost $19,587,975)** | &nbsp;&nbsp;&nbsp;**18379609** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Master Limited Partnerships – 2.1%** | **Master Limited Partnerships – 2.1%** | **Master Limited Partnerships – 2.1%** |
| **Oil & Gas Producers – 2.1%** | **Oil & Gas Producers – 2.1%** | **Oil & Gas Producers – 2.1%** |
| Energy Transfer L.P. | 307761 | 4087066 |
| Enterprise Products Partners L.P. | &nbsp;&nbsp;17169 | &nbsp;&nbsp;&nbsp;439527 |
| **Total Master Limited Partnerships<br> (Cost $3,898,816)** | **Total Master Limited Partnerships<br> (Cost $3,898,816)** | **4526593** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Mortgage-Backed Securities – 4.4%** | **Mortgage-Backed Securities – 4.4%** | **Mortgage-Backed Securities – 4.4%** |
| **Commercial Mortgage-Backed Securities – 2.1%** | **Commercial Mortgage-Backed Securities – 2.1%** | **Commercial Mortgage-Backed Securities – 2.1%** |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2021-VOLT, Class D, (1M USD LIBOR + 1.65%, 1.65% Floor), 6.11%, 9/15/36<sup>(b)(c)</sup> | $270000 | $259439 |
| &nbsp;&nbsp;Series 2021-ACNT, Class A, (1M USD LIBOR + 0.85%, 0.85% Floor), 5.31%, 11/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;192840 |
| &nbsp;&nbsp;Series 2022-AHP, Class A, (1M CME Term SOFR + 0.99%, 0.99% Floor), 5.47%, 1/17/39<sup>(b)(c)</sup> | &nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;207027 |
| BX Trust, |  |  |
| &nbsp;&nbsp;Series 2022-CLS, Class A, 5.76%, 10/13/27<sup>(b)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;227318 |
| &nbsp;&nbsp;Series 2021-SDMF, Class F, (1M USD LIBOR + 1.94%, 1.94% Floor), 6.40%, 9/15/34<sup>(b)(c)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;196858 |
| &nbsp;&nbsp;Series 2021-ARIA, Class A, (1M USD LIBOR + 0.90%, 0.90% Floor), 5.36%, 10/15/36<sup>(b)(c)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;261320 |
| &nbsp;&nbsp;Series 2022-PSB, Class A, (1M CME Term SOFR + 2.45%, 2.45% Floor), 6.93%, 8/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;296569 | &nbsp;&nbsp;&nbsp;297032 |
| BXHPP Trust, Series 2021-FILM, Class C, (1M USD LIBOR + 1.10%, 1.10% Floor), 5.56%, 8/15/36<sup>(b)(c)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;250115 |
| Commercial Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48 | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;252630 |
| Extended Stay America Trust, |  |  |
| &nbsp;&nbsp;Series 2021-ESH, Class A, (1M USD LIBOR + 1.08%, 1.08% Floor), 5.54%, 7/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;263572 | &nbsp;&nbsp;&nbsp;259797 |
| &nbsp;&nbsp;Series 2021-ESH, Class C, (1M USD LIBOR + 1.70%, 1.70% Floor), 6.16%, 7/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;253810 | &nbsp;&nbsp;&nbsp;247773 |
| &nbsp;&nbsp;Series 2021-ESH, Class E, (1M USD LIBOR + 2.85%, 2.85% Floor), 7.31%, 7/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;253810 | &nbsp;&nbsp;&nbsp;246185 |
| GS Mortgage Securities Trust, Series 2017-GS6, Class A2, 3.16%, 5/10/50 | &nbsp;&nbsp;191142 | &nbsp;&nbsp;&nbsp;179668 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;Series 2022-NLP, Class D, (1M CME Term SOFR + 2.17%, 2.17% Floor), 6.64%, 4/15/37<sup>(b)(c)</sup> | $209027 | &nbsp;&nbsp;$189139 |
| &nbsp;&nbsp;Series 2022-ACB, Class A, (30D Average SOFR + 1.40%, 1.40% Floor), 5.68%, 3/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;342116 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class A5, 3.91%, 1/15/49 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;193114 |
| LAQ Mortgage Trust, Series 2022-LAQ, Class A, (1M CME Term SOFR + 1.72%, 1.72% Floor), 6.21%, 3/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;46427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46020 |
| MTN Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2022-LPFL, Class A, (1M CME Term SOFR + 1.40%, 1.40% Floor), 5.87%, 3/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;255039 |
| &nbsp;&nbsp;Series 2022-LPFL, Class F, (1M CME Term SOFR + 5.29%, 5.29% Floor), 9.76%, 3/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;187090 |
| NCMF Trust, Series 2022-MFP, Class G, (1M CME Term SOFR + 5.13%, 5.13% Floor), 9.61%, 3/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;188437 |
|  |  | &nbsp;&nbsp;&nbsp;**4478957** |
| **Whole Loan – 2.3%** | **Whole Loan – 2.3%** | **Whole Loan – 2.3%** |
| BRAVO Residential Funding Trust, |  |  |
| &nbsp;&nbsp;Series 2022-NQM1, Class A1, 3.63%, 9/25/61<sup>(b)(f)</sup> | &nbsp;&nbsp;207113 | &nbsp;&nbsp;&nbsp;&nbsp;194665 |
| &nbsp;&nbsp;Series 2022-NQM2, Class A1, 4.27%, 11/25/61<sup>(b)(f)</sup> | &nbsp;&nbsp;170890 | &nbsp;&nbsp;&nbsp;&nbsp;163346 |
| &nbsp;&nbsp;Series 2022-NQM2, Class A3, 5.24%, 11/25/61<sup>(b)</sup> | &nbsp;&nbsp;213612 | &nbsp;&nbsp;&nbsp;&nbsp;207350 |
| Citigroup Mortgage Loan Trust, Series 2022-A, Class A1, (Step to 9.17% on 9/25/25), 6.17%, 9/25/62<sup>(b)(n)</sup> | &nbsp;&nbsp;240850 | &nbsp;&nbsp;&nbsp;&nbsp;237661 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| COLT Mortgage Loan Trust, Series 2022-3, Class A1, 3.90%, 2/25/67<sup>(b)(f)</sup> | $235879 | $224918 |
| Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;Series 2022-R03, Class 1M2, (30D Average SOFR + 3.50%), 7.81%, 3/25/42<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;253435 |
| &nbsp;&nbsp;Series 2022-R08, Class 1M2, (30D Average SOFR + 3.60%, 3.60% Floor), 7.91%, 7/25/42<sup>(b)(c)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;204239 |
| CSMC Trust, Series 2020-RPL4, Class A1, 2.00%, 1/25/60<sup>(b)</sup> | &nbsp;&nbsp;222115 | &nbsp;&nbsp;&nbsp;197135 |
| FHLMC Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class B1, (30D Average SOFR + 3.40%), 7.71%, 8/25/33<sup>(b)(c)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;257194 |
| FNMA Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;Series 2017-C06, Class 1B1, (1M USD LIBOR + 4.15%, 4.15% Floor), 8.65%, 2/25/30<sup>(c)</sup> | &nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;339893 |
| &nbsp;&nbsp;Series 2018-C05, Class 1B1, (1M USD LIBOR + 4.25%, 4.25% Floor), 8.76%, 1/25/31<sup>(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;258744 |
| Freddie Mac STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;Series 2021-DNA7, Class B1, (30D Average SOFR + 3.65%), 7.96%, 11/25/41<sup>(b)(c)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;200309 |
| &nbsp;&nbsp;Series 2020-DNA5, Class B1, (30D Average SOFR + 4.80%), 9.11%, 10/25/50<sup>(b)(c)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;187317 |
| &nbsp;&nbsp;Series 2020-DNA6, Class B1, (30D Average SOFR + 3.00%), 7.31%, 12/25/50<sup>(b)(c)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;250347 |
| &nbsp;&nbsp;Series 2021-DNA1, Class B2, (30D Average SOFR + 4.75%), 9.06%, 1/25/51<sup>(b)(c)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;206596 |
| &nbsp;&nbsp;Series 2022-DNA2, Class M1B, (30D Average SOFR + 2.40%), 6.71%, 2/25/42<sup>(b)(c)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;206209 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| GS Mortgage-Backed Securities Trust, Series 2022-NQM1, Class A4, 4.00%, 5/25/62<sup>(b)(f)</sup> | $219402 | &nbsp;&nbsp;$202621 |
| New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;Series 2018-RPL1, Class A1, 3.50%, 12/25/57<sup>(b)</sup> | &nbsp;&nbsp;437768 | &nbsp;&nbsp;&nbsp;&nbsp;418343 |
| &nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.08%, 3/27/62<sup>(b)(f)</sup> | &nbsp;&nbsp;237857 | &nbsp;&nbsp;&nbsp;&nbsp;219032 |
| Residential Mortgage Loan Trust, Series 2020-2, Class A2, 2.51%, 5/25/60<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;248404 |
| Seasoned Credit Risk Transfer Trust, Series 2022-1, Class M, 4.50%, 11/25/61<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80416 |
| SG Residential Mortgage Trust, Series 2022-1, Class A1, 3.17%, 3/27/62<sup>(b)(f)</sup> | &nbsp;&nbsp;243765 | &nbsp;&nbsp;&nbsp;&nbsp;225050 |
|  |  | &nbsp;&nbsp;&nbsp;**4983224** |
| **Total Mortgage-Backed Securities<br> (Cost $9,688,091)** | **Total Mortgage-Backed Securities<br> (Cost $9,688,091)** | &nbsp;&nbsp;&nbsp;**9462181** |
| **Term Loans – 9.1%<sup>(c)</sup>** | **Term Loans – 9.1%<sup>(c)</sup>** | **Term Loans – 9.1%<sup>(c)</sup>** |
| **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** |
| CB Poly US Holdings, Inc., Initial Term Loan, (3M USD CME Term SOFR + 5.50%, 0.75% Floor), 10.08%, 5/18/29 | &nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp;**190822** |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| Vertex Aerospace Services Corp., Initial Term Loan, (1M USD LIBOR + 3.50%, 0.75% Floor), 8.07%, 12/06/28 | &nbsp;&nbsp;664975 | &nbsp;&nbsp;&nbsp;&nbsp;661983 |
| WP CPP Holdings LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;(1M USD LIBOR + 3.75%, 1.00% Floor), 8.32%, 4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 |
| &nbsp;&nbsp;(1M USD LIBOR + 3.75%, 1.00% Floor), 8.58%, 4/30/25 | &nbsp;&nbsp;335803 | &nbsp;&nbsp;&nbsp;&nbsp;304043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**966786** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| Jump Financial LLC, Term Loan, (3M USD CME Term SOFR + 4.50%, 0.50% Floor), 9.34%, 8/07/28 | &nbsp;&nbsp;683083 | &nbsp;&nbsp;&nbsp;&nbsp;**662590** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| Clarios Global L.P., Amendment No. 1 Dollar Term Loan, (1M USD LIBOR + 3.25%), 7.82%, 4/30/26 | $460000 | &nbsp;&nbsp;**$457783** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Triton Water Holdings, Inc., Initial Term Loan, (3M USD LIBOR + 3.50%, 0.50% Floor), 8.23%, 3/31/28 | &nbsp;&nbsp;455377 | &nbsp;&nbsp;&nbsp;&nbsp;**432895** |
| **Commercial Support Services – 0.8%** | **Commercial Support Services – 0.8%** | **Commercial Support Services – 0.8%** |
| Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (1M USD CME Term SOFR + 3.75%, 0.50% Floor), 8.41%, 5/12/28 | &nbsp;&nbsp;197995 | &nbsp;&nbsp;&nbsp;&nbsp;190645 |
| Amentum Government Services Holdings LLC, Tranche 1 Term Loan, |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 4.00%), 8.17%, 1/29/27 | &nbsp;&nbsp;113741 | &nbsp;&nbsp;&nbsp;&nbsp;112510 |
| &nbsp;&nbsp;(3M USD LIBOR + 4.00%), 8.57%, 1/29/27 | &nbsp;&nbsp;341589 | &nbsp;&nbsp;&nbsp;&nbsp;337889 |
| Garda World Security Corp., Term B-2 Loan, (3M USD LIBOR + 4.25%), 8.93%, 10/30/26 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;358020 |
| LRS Holdings LLC, Initial Term Loan, (1M USD LIBOR + 4.25%, 0.50% Floor), 8.82%, 8/31/28 | &nbsp;&nbsp;455400 | &nbsp;&nbsp;&nbsp;&nbsp;446292 |
| Prime Security Services Borrower LLC, 2021 Refinancing Term B-1 Loan, (3M USD LIBOR + 2.75%, 0.75% Floor), 7.52%, 9/23/26 | &nbsp;&nbsp;336574 | &nbsp;&nbsp;&nbsp;&nbsp;336120 |
|  |  | &nbsp;&nbsp;&nbsp;**1781476** |
| **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** |
| NCL Corporation Ltd., Term A-3 Loan, (3M USD CME Term SOFR + 2.25%), 6.93%, 1/02/25 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;**338400** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| Adtalem Global Education, Inc., Term B Loan, (1M USD LIBOR + 4.00%, 0.75% Floor), 8.55%, 8/12/28 | &nbsp;&nbsp;159125 | &nbsp;&nbsp;&nbsp;&nbsp;**158827** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Tutor Perini Corp., Term Loan, (1M USD LIBOR + 4.75%, 1.00% Floor), 9.32%, 8/18/27 | $188553 | &nbsp;&nbsp;**$179597** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Allen Media LLC, Initial Term Loan, (3M USD CME Term SOFR + 5.50%), 10.23%, 2/10/27 | &nbsp;&nbsp;455317 | &nbsp;&nbsp;&nbsp;&nbsp;**364919** |
| **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** |
| EyeCare Partners LLC, Initial Term Loan, (3M USD LIBOR + 6.75%, 0.50% Floor), 11.48%, 11/15/29 | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;306968 |
| Gainwell Acquisition Corp., Term B Loan, (3M USD LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 | &nbsp;&nbsp;255252 | &nbsp;&nbsp;&nbsp;&nbsp;248851 |
| One Call Corp., Term B Loan, (3M USD LIBOR + 5.50%, 0.75% Floor), 10.38%, 4/22/27 | &nbsp;&nbsp;455377 | &nbsp;&nbsp;&nbsp;&nbsp;378532 |
| PDS Holdco, Inc., Delayed Draw Term Loan, (3M USD LIBOR + 4.50%, 0.75% Floor), 9.23%, 8/18/28 | &nbsp;&nbsp;&nbsp;32121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30059 |
| PDS Holdco, Inc., Initial Term Loan, (3M USD LIBOR + 4.50%, 0.75% Floor), 9.23%, 8/18/28 | &nbsp;&nbsp;314417 | &nbsp;&nbsp;&nbsp;&nbsp;294241 |
| Phoenix Guarantor, Inc., Tranche B-1 Term Loan, (1M USD LIBOR + 3.25%), 7.82%, 3/05/26 | &nbsp;&nbsp;108700 | &nbsp;&nbsp;&nbsp;&nbsp;106911 |
| Radiology Partners, Inc., Term B Loan, (1M USD LIBOR + 4.25%), 8.80%, 7/09/25 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;345416 |
| U.S. Renal Care, Inc., Initial Term Loan, (3M USD LIBOR + 5.00%), 9.63%, 6/26/26 | &nbsp;&nbsp;455294 | &nbsp;&nbsp;&nbsp;&nbsp;270085 |
|  |  | &nbsp;&nbsp;&nbsp;**1981063** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| Hunter Douglas Holding B.V., Tranche B-1 Term Loan, (3M USD CME Term SOFR + 3.50%, 0.50% Floor), 7.86%, 2/26/29 | &nbsp;&nbsp;348250 | &nbsp;&nbsp;&nbsp;&nbsp;**318433** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Industrial Support Services – 0.2%** | **Industrial Support Services – 0.2%** | **Industrial Support Services – 0.2%** |
| PECF USS Intermediate Holding III Corp., Initial Term Loan, (1M USD LIBOR + 4.25%, 0.50% Floor), 8.82%, 12/15/28 | $455400 | &nbsp;&nbsp;**$388174** |
| **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** |
| CTC Holdings L.P., Term Loan, (6M USD CME Term SOFR + 5.00%, 0.50% Floor), 8.36%, 2/20/29 | &nbsp;&nbsp;426625 | &nbsp;&nbsp;&nbsp;&nbsp;413827 |
| Hudson River Trading LLC, Term Loan, (1M USD CME Term SOFR + 3.00%), 7.68%, 3/20/28 | &nbsp;&nbsp;455365 | &nbsp;&nbsp;&nbsp;&nbsp;441513 |
| Jane Street Group LLC, Dollar Term Loan, (1M USD LIBOR + 2.75%), 7.32%, 1/26/28 | &nbsp;&nbsp;425657 | &nbsp;&nbsp;&nbsp;&nbsp;423860 |
|  |  | &nbsp;&nbsp;&nbsp;**1279200** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| Acrisure LLC, 2022 Additional Term Loan, (3M USD CME Term SOFR + 5.75%, 1.00% Floor), 9.92%, 2/15/27 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;199500 |
| Acrisure LLC, 2021-2 Additional Term Loan, (1M USD LIBOR + 4.25%, 0.50% Floor), 8.82%, 2/15/27 | &nbsp;&nbsp;336600 | &nbsp;&nbsp;&nbsp;&nbsp;327064 |
| Asurion LLC, New B-4 Term Loan, (1M USD LIBOR + 5.25%), 9.82%, 1/20/29 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;383815 |
| Asurion LLC, New B-9 Term Loan, (1M USD LIBOR + 3.25%), 7.82%, 7/31/27 | &nbsp;&nbsp;336574 | &nbsp;&nbsp;&nbsp;&nbsp;317396 |
|  |  | &nbsp;&nbsp;&nbsp;**1227775** |
| **Leisure Facilities & Services – 0.8%** | **Leisure Facilities & Services – 0.8%** | **Leisure Facilities & Services – 0.8%** |
| Alterra Mountain Co., Series B-2 Term Loan, (1M USD LIBOR + 3.50%, 0.50% Floor), 8.07%, 8/17/28 | &nbsp;&nbsp;455388 | &nbsp;&nbsp;&nbsp;&nbsp;453681 |
| Caesars Entertainment, Inc., Term Loan B, 0.00%, 1/20/30<sup>(p)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79889 |
| ClubCorp Holdings, Inc., Term B Loan, (3M USD LIBOR + 2.75%), 7.48%, 9/18/24 | &nbsp;&nbsp;455196 | &nbsp;&nbsp;&nbsp;&nbsp;419454 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Hornblower Sub LLC (American Queen Sub LLC), 2020 Repriced Term B Loan, (3M USD LIBOR + 4.75%, 1.00% Floor), 8.92%, 4/27/25 | $395844 | &nbsp;&nbsp;$261011 |
| UFC Holdings LLC, Term B-3 Loan, (3M USD LIBOR + 2.75%, 0.75% Floor), 7.57%, 4/29/26 | &nbsp;&nbsp;446884 | &nbsp;&nbsp;&nbsp;&nbsp;444229 |
|  |  | &nbsp;&nbsp;&nbsp;**1658264** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| 19th Holdings Golf LLC, Initial Term Loan, (1M USD CME Term SOFR + 3.00%, 0.50% Floor), 7.46%, 2/07/29 | &nbsp;&nbsp;457700 | &nbsp;&nbsp;&nbsp;&nbsp;431382 |
| Hayward Industries, Inc., 2022 Incremental Term Loan, (1M USD CME Term SOFR + 3.25%), 7.91%, 5/30/28 | &nbsp;&nbsp;&nbsp;89775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**519137** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| SPX Flow, Inc., Term Loan, (1M USD CME Term SOFR + 4.50%, 0.50% Floor), 9.16%, 4/05/29 | &nbsp;&nbsp;279300 | &nbsp;&nbsp;&nbsp;&nbsp;**268726** |
| **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** |
| Empire Today LLC, Closing Date Term Loan, (1M USD LIBOR + 5.00%, 0.75% Floor), 9.46%, 4/03/28 | &nbsp;&nbsp;405630 | &nbsp;&nbsp;&nbsp;&nbsp;312234 |
| Great Outdoors Group LLC, Term B-2 Loan, (1M USD LIBOR + 3.75%, 0.75% Floor), 8.32%, 3/06/28 | &nbsp;&nbsp;346491 | &nbsp;&nbsp;&nbsp;&nbsp;340168 |
| Leslie's Poolmart, Inc., Initial Term Loan, (3M USD LIBOR + 2.50%, 0.50% Floor), 7.23%, 3/09/28 | &nbsp;&nbsp;465265 | &nbsp;&nbsp;&nbsp;&nbsp;463133 |
|  |  | &nbsp;&nbsp;&nbsp;**1115535** |
| **Software – 1.2%** | **Software – 1.2%** | **Software – 1.2%** |
| athenahealth Group, Inc., Initial DDTL, 0.00%, 2/15/29<sup>(q)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 |
| athenahealth Group, Inc., Initial Term Loan, (1M USD CME Term SOFR + 3.50%, 0.50% Floor), 8.01%, 2/15/29 | &nbsp;&nbsp;&nbsp;44994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42557 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Cloudera, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp;(1M USD LIBOR + 3.75%, 0.50% Floor), 8.32%, 10/08/28 | $456550 | &nbsp;&nbsp;$437662 |
| &nbsp;&nbsp;(1M USD LIBOR + 6.00%, 0.50% Floor), 10.57%, 10/08/29 | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;298350 |
| DCert Buyer, Inc., Initial Term Loan, (6M USD CME Term SOFR + 4.00%), 8.70%, 10/16/26 | &nbsp;&nbsp;316364 | &nbsp;&nbsp;&nbsp;&nbsp;312312 |
| Magenta Buyer LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 4.75%, 0.75% Floor), 9.58%, 7/27/28 | &nbsp;&nbsp;455389 | &nbsp;&nbsp;&nbsp;&nbsp;397081 |
| &nbsp;&nbsp;(3M USD LIBOR + 8.25%, 0.75% Floor), 13.08%, 7/27/29 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;364168 |
| Rackspace Technology Global, Inc., 2021 Term B Loan, (3M USD LIBOR + 2.75%, 0.75% Floor), 7.38%, 2/15/28 | &nbsp;&nbsp;455365 | &nbsp;&nbsp;&nbsp;&nbsp;284840 |
| Virgin Pulse, Inc., Initial Term Loan, (3M USD LIBOR + 4.00%, 0.75% Floor), 8.57%, 4/06/28 | &nbsp;&nbsp;455389 | &nbsp;&nbsp;&nbsp;&nbsp;380249 |
|  |  | &nbsp;&nbsp;&nbsp;**2522434** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| Apollo Commercial Real Estate Finance, Inc., Initial Term Loan, (1M USD LIBOR + 2.75%), 7.32%, 5/15/26 | &nbsp;&nbsp;&nbsp;75282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73588 |
| Greystone Select Financial LLC, Initial Term Loan, (3M USD LIBOR + 5.00%, 0.75% Floor), 9.80%, 6/16/28 | &nbsp;&nbsp;254286 | &nbsp;&nbsp;&nbsp;&nbsp;243479 |
| Mercury Borrower, Inc., Initial Term Loan, (3M USD LIBOR + 3.50%, 0.50% Floor), 8.25%, 8/02/28 | &nbsp;&nbsp;456550 | &nbsp;&nbsp;&nbsp;&nbsp;441141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**758208** |
| **Technology Services – 0.6%** | **Technology Services – 0.6%** | **Technology Services – 0.6%** |
| DCert Buyer, Inc., First Amendment Refinancing Loan, (6M USD LIBOR + 7.00%), 11.70%, 2/19/29 | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;310250 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Services (Continued)** | **Technology Services (Continued)** | **Technology Services (Continued)** |
| UST Global, Inc., Initial Term Loan, (1M USD LIBOR + 3.75%, 0.50% Floor), 7.33%, 11/20/28 | $455400 | &nbsp;&nbsp;&nbsp;&nbsp;$450277 |
| Verscend Holding Corp., Term B-1 Loan, (1M USD LIBOR + 4.00%), 8.57%, 8/27/25 | &nbsp;&nbsp;465237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1224433** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| Brown Group Holding LLC, Initial Term Loan, (1M USD LIBOR + 2.50%, 0.50% Floor), 7.07%, 6/07/28 | &nbsp;&nbsp;306674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304901 |
| United AirLines, Inc., Class B Term Loan, (1M USD LIBOR + 3.75%, 0.75% Floor), 8.57%, 4/21/28 | &nbsp;&nbsp;455365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454345 |
| WWEX UNI TopCo Holdings LLC, Initial Term Loan, (3M USD LIBOR + 4.00%, 0.75% Floor), 8.73%, 7/26/28 | &nbsp;&nbsp;245400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**991264** |
| **Total Term Loans<br> (Cost $21,296,445)** | **Total Term Loans<br> (Cost $21,296,445)** | &nbsp;&nbsp;&nbsp;**19786741** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Investment Companies – 5.9%** | **Investment Companies – 5.9%** | **Investment Companies – 5.9%** |
| Global X U.S. Preferred ETF | 197189 | &nbsp;&nbsp;&nbsp;4263226 |
| Vanguard Long-Term Treasury ETF | 128883 | &nbsp;&nbsp;&nbsp;8508856 |
| **Total Investment Companies<br> (Cost $16,091,995)** | **Total Investment Companies<br> (Cost $16,091,995)** | **12772082** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** |  |
| **Short-Term Investments – 6.2%** | **Short-Term Investments – 6.2%** | **Short-Term Investments – 6.2%** |
| **Convertible Bonds – 0.0%<sup>(g)</sup>** | **Convertible Bonds – 0.0%<sup>(g)</sup>** | **Convertible Bonds – 0.0%<sup>(g)</sup>** |
| Apollo Commercial Real Estate Finance, Inc., 5.38%, 10/15/23<sup>(i)</sup> | 130000 | **127969** |
| **Corporate Bonds – 0.1%** | **Corporate Bonds – 0.1%** | **Corporate Bonds – 0.1%** |
| Plains All American Pipeline L.P., (3M USD LIBOR + 4.11%), 8.72%, 3/06/23<sup>(c)(m)</sup> | 240000 | **217200** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** | **Value** |
| **Foreign Issuer Bonds – 0.5%** | **Foreign Issuer Bonds – 0.5%** | **Foreign Issuer Bonds – 0.5%** |
| Avolon Holdings Funding Ltd., 5.12%, 10/01/23<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$60000 | &nbsp;&nbsp;&nbsp;&nbsp;$59611 |
| Credit Suisse A.G., 1.00%, 5/05/23 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247013 |
| Prosperous Ray Ltd., 4.63%, 11/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199457 |
| UBS Group A.G., (5Y USD Swap Rate + 4.34%), 7.00%, 1/31/24<sup>(b)(k)(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1002941** |
| **Money Market Funds – 5.6%** | **Money Market Funds – 5.6%** | **Money Market Funds – 5.6%** |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares), 4.35%<sup>(r)(s)</sup> | &nbsp;&nbsp;5880246 | &nbsp;&nbsp;&nbsp;&nbsp;5880246 |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(r)</sup> | &nbsp;&nbsp;6295923 | &nbsp;&nbsp;&nbsp;&nbsp;6295923 |
|  |  | &nbsp;&nbsp;&nbsp;**12176169** |
| **Total Short-Term Investments<br> (Cost $13,519,833)** | **Total Short-Term Investments<br> (Cost $13,519,833)** | &nbsp;&nbsp;&nbsp;**13524279** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Number of<br> Contracts** | **Notional<br> Amount** |  |
| **Purchased Options – 0.0%<sup>(g)</sup>** | **Purchased Options – 0.0%<sup>(g)</sup>** | **Purchased Options – 0.0%<sup>(g)</sup>** | **Purchased Options – 0.0%<sup>(g)</sup>** |
| **Call Options - Exchange Traded – 0.0%<sup>(g)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(g)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(g)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(g)</sup>** |
| &nbsp;&nbsp;90-Day Euro Future, Strike Price $99.00, Expires 12/18/23 | 2 | &nbsp;&nbsp;&nbsp;476625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38** |
| **Put Options - Over the Counter – 0.0%<sup>(g)</sup>** | **Put Options - Over the Counter – 0.0%<sup>(g)</sup>** | **Put Options - Over the Counter – 0.0%<sup>(g)</sup>** | **Put Options - Over the Counter – 0.0%<sup>(g)</sup>** |
| &nbsp;&nbsp;Mexican Peso vs. U.S. Dollar, Strike Price MXN 19.64, Expires 03/07/23, Counterparty: Morgan Stanley | 1 | 1360000 | **54593** |
| **Total Purchased Options<br> (Premiums Paid $18,696)** | **Total Purchased Options<br> (Premiums Paid $18,696)** | **Total Purchased Options<br> (Premiums Paid $18,696)** | **54631** |

---

---

| | |
|:---|:---|
| **Total Investments – 101.7%<br> (Cost $223,127,212)** | &nbsp;&nbsp;&nbsp;**221380326** |
| **Total Written Options — 0.0%<sup>(g)</sup><br> (Premiums Received $18,832)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19420) |
| Liabilities less Other Assets – (1.7)%<sup>(t)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3639202) |
| **NET ASSETS – 100.0%** | **$217721704** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

*Percentages shown are based on Net Assets.*

---

| | |
|:---|:---|
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |
| <sup>(a)</sup> | Par value is in USD unless otherwise indicated. |
| <sup>(b)</sup> | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| <sup>(c)</sup> | Variable rate security. Rate as of January 31, 2023 is disclosed. |
| <sup>(d)</sup> | Restricted security that has been deemed illiquid. At January 31, 2023, the value of these restricted illiquid securities amounted to $240,000 or 0.11% of net assets. Additional information on these restricted illiquid securities is as follows: |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** |
| CarVal CLO VII-C Ltd., 1/20/35 | 1/26/23 | $240000 |

---

<sup>(e)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2023.

<sup>(f)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2023 is disclosed.

<sup>(g)</sup> Amount rounds to less than 0.05%.

<sup>(h)</sup> Security sold outside United States without registration under the Securities Act of 1933.

<sup>(i)</sup> Security either partially or fully on loan. As of January 31, 2023, the total value of securities on loan is $6,392,215.

<sup>(j)</sup> Investment is valued using significant unobservable inputs (Level 3).

<sup>(k)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2023 is disclosed.

<sup>(l)</sup> Distributions from this security are made via payments in-kind (PIK) unless otherwise noted in the description.

<sup>(m)</sup> Perpetual bond. Maturity date represents next call date.

<sup>(n)</sup> Step coupon bond. Rate as of January 31, 2023 is disclosed.

<sup>(o)</sup> Century bond maturing in 2115.

<sup>(p)</sup> Position is unsettled. Contract rate was not determined at January 31, 2023 and does not take effect until settlement date.

<sup>(q)</sup> Unfunded loan commitment. As of January 31, 2023, total value of unfunded loan commitment is $5,215.

<sup>(r)</sup> 7-day current yield as of January 31, 2023 is disclosed.

<sup>(s)</sup> Security purchased with the cash proceeds from securities loaned. As of January 31, 2023, total cash collateral has a value of $5,880,246 and total non-cash collateral has a value of $685,434.

<sup>(t)</sup> Includes appreciation/(depreciation) on forward foreign currency exchange, futures and swap contracts.

\* Non-Income Producing Security

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| 1M | 1 Month |
| 1Y | 1 Year |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| 10Y | 10 Year |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CVA | Credit Valuation Adjustment |
| DDTL | Delayed Draw Term Loan |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| IDR | Indonesian Rupiah |
| JSC | Joint Stock Company |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | |
|:---|:---|
| MTN | Medium Term Note |
| MXN | Mexican Peso |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | United States Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)<sup>(a)</sup>** |  |
| U.S. Dollar | &nbsp;&nbsp;68.1 |
| Euro | &nbsp;&nbsp;6.8 |
| All other currencies less than 5% | &nbsp;&nbsp;25.1 |
| **Total** | &nbsp;&nbsp;**100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)<sup>(a)</sup>** |  |
| United States | &nbsp;&nbsp;56.2 |
| All other countries less than 5% | &nbsp;&nbsp;43.8 |
| **Total** | &nbsp;&nbsp;**100.0** |

---

<sup>(a)</sup> Percentages shown are based on Net Assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Contracts** |  |  |  |  |  |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;3/15/2023 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680019 | &nbsp;&nbsp;$(10391) |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9161250 | &nbsp;&nbsp;&nbsp;&nbsp;79810 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3766375 | &nbsp;&nbsp;&nbsp;&nbsp;27273 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5670000 | &nbsp;&nbsp;&nbsp;&nbsp;265950 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;3/29/2023 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;1030761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7637) |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;132 | &nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;27145594 | &nbsp;&nbsp;&nbsp;&nbsp;70125 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2075602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8289 |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;9/19/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7038) |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;3/19/2024 | &nbsp;&nbsp;USD | &nbsp;&nbsp;12665013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6413 |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;3/18/2025 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4364100 | &nbsp;&nbsp;&nbsp;&nbsp;16075 |
| **Total Long Contracts** |  |  |  |  | &nbsp;&nbsp;**$448869** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 04/18/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;12239832 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618361 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;$22647 |
| 04/18/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;2020699 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408959 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21534 |
| 04/18/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;153094000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173583 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15142 |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596509 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75350000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11440 |
| 04/18/23 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242728 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9831 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 02/21/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325710 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220838 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;$9245 |
| 04/18/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;1543100 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155404 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066 |
| 04/18/23 | &nbsp;&nbsp;Norwegian Krone | &nbsp;&nbsp;&nbsp;&nbsp;13261172 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330748 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436192 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp;$97526 |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254538 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;$(313) |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65506 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445590 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8078) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326165 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;(12910) |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;1042847 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20220000 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;(16086) |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;1589877 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301631 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;(17501) |
| 03/08/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533800 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725643 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;(32304) |
| 04/18/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;1447098 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;22343750000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;(41041) |
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp;$(128781) |
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp;**$(31255)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;129875 | &nbsp;&nbsp;132 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;$(703) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;129875 | &nbsp;&nbsp;135 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(188) |
| **Total Written Call Options Contracts (Premiums Received $2,450)** | **Total Written Call Options Contracts (Premiums Received $2,450)** | **Total Written Call Options Contracts (Premiums Received $2,450)** | **Total Written Call Options Contracts (Premiums Received $2,450)** | **Total Written Call Options Contracts (Premiums Received $2,450)** | **Total Written Call Options Contracts (Premiums Received $2,450)** | &nbsp;&nbsp;**$(891)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp;6 | &nbsp;&nbsp;USD | &nbsp;&nbsp;655453 | &nbsp;&nbsp;109 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;$(2531) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;3 | &nbsp;&nbsp;USD | &nbsp;&nbsp;389625 | &nbsp;&nbsp;129 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(3375) |
| **Total Written Put Options Contracts (Premiums Received $7,484)** | **Total Written Put Options Contracts (Premiums Received $7,484)** | **Total Written Put Options Contracts (Premiums Received $7,484)** | **Total Written Put Options Contracts (Premiums Received $7,484)** | **Total Written Put Options Contracts (Premiums Received $7,484)** | **Total Written Put Options Contracts (Premiums Received $7,484)** | &nbsp;&nbsp;**$(5906)** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| U.S. Dollar vs. Australian Dollar | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;1 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;860832 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1 | &nbsp;&nbsp;2/20/2023 | &nbsp;&nbsp;$(12623) |
| **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | **Total Written OTC Call Options Contracts (Premiums Received $8,898)** | &nbsp;&nbsp;**$(12623)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 3.85% (Annually) | 2-Day USD SOFR (Annually) | 6/30/2029 | USD | 1374000 | $(41468) | $1645 | $(43113) |
| 3.25% (Annually) | 2-Day USD SOFR (Annually) | 9/30/2029 | USD | 1362000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| 2.65% (Annually) | 2-Day USD SOFR (Annually) | 8/15/2047 | USD | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;85260 | &nbsp;&nbsp;&nbsp;13391 | &nbsp;&nbsp;&nbsp;71869 |
| 2.51% (Annually) | 2-Day USD SOFR (Annually) | 2/15/2048 | USD | 582000 | &nbsp;&nbsp;&nbsp;&nbsp;61002 | &nbsp;&nbsp;&nbsp;&nbsp;9432 | &nbsp;&nbsp;&nbsp;51570 |
| 2.62% (Annually) | 2-Day USD SOFR (Annually) | 2/15/2048 | USD | 168000 | &nbsp;&nbsp;&nbsp;&nbsp;14367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;14399 |
| 3.05% (Annually) | 2-Day USD SOFR (Annually) | 2/15/2048 | USD | 418000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;12709 | &nbsp;&nbsp;&nbsp;&nbsp;(9113) |
| **Total** |  |  |  |  | **$123598** | **$37740** | **$85858** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Income Fund<br>

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$10178081 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10178081 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;58337863 | &nbsp;&nbsp;&nbsp;&nbsp;42561715 | &nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;100899578 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209374 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209374 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31587177 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31587177 |
| &nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18379609 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18379609 |
| &nbsp;&nbsp;&nbsp;Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;4526593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526593 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462181 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462181 |
| &nbsp;&nbsp;&nbsp;Term Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19786741 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19786741 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;12772082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12772082 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;12176169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348110 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13524279 |
| &nbsp;&nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54593 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54631 |
| **Total Investments** | &nbsp;&nbsp;$87812745 | &nbsp;&nbsp;$133567581 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$221380326 |

---

\*Includes securities determined to have no value as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;$473935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$473935 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97526 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97526 |
| &nbsp;&nbsp;&nbsp;Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;165066 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;165066 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp;$473935 | &nbsp;&nbsp;$262592 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$736527 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;$(25066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(25066) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(128781) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(128781) |
| &nbsp;&nbsp;&nbsp;Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6797) | &nbsp;&nbsp;&nbsp;&nbsp;(12623) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19420) |
| &nbsp;&nbsp;&nbsp;Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(41468) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(41468) |
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp;$(31863) | &nbsp;&nbsp;$(182872) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(214735) |
| **Net Derivative Financial Instruments** | &nbsp;&nbsp;$442072 | &nbsp;&nbsp;$79720 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$521792 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Long Positions – 108.5%** | **Long Positions – 108.5%** | **Long Positions – 108.5%** |
| **Asset-Backed Securities – 4.0%** | **Asset-Backed Securities – 4.0%** | **Asset-Backed Securities – 4.0%** |
| **Automobile – 0.2%** | **Automobile – 0.2%** | **Automobile – 0.2%** |
| Avis Budget Rental Car Funding (AESOP) LLC, Series 2021-1A, Class A, 1.38%, 8/20/27<sup>(b)</sup> | $770000 | &nbsp;&nbsp;$683369 |
| Hertz Vehicle Financing LLC, |  |  |
| &nbsp;&nbsp;Series 2021-1A, Class A, 1.21%, 12/26/25<sup>(b)</sup> | &nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;586099 |
| &nbsp;&nbsp;Series 2021-1A, Class C, 2.05%, 12/26/25<sup>(b)</sup> | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;385777 |
|  |  | &nbsp;&nbsp;&nbsp;**1655245** |
| **Home Equity – 0.1%** | **Home Equity – 0.1%** | **Home Equity – 0.1%** |
| Bayview Financial Mortgage Pass-Through Trust, Series 2006-A, Class M3, (1M USD LIBOR + 0.98%), 5.52%, 2/28/41<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;50310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50154 |
| GSAA Home Equity Trust, Series 2006-4, Class 1A1, 3.34%, 3/25/36<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;45802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32771 |
| Option One Mortgage Loan Trust, Series 2004-3, Class M1, (1M USD LIBOR + 0.78%, 0.78% Floor), 5.29%, 11/25/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;92670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89176 |
| Renaissance Home Equity Loan Trust, Series 2005-2, Class AV3, (1M USD LIBOR + 0.37%, 0.37% Floor, 14.00% Cap), 4.88%, 8/25/35<sup>(c)</sup> | &nbsp;&nbsp;301877 | &nbsp;&nbsp;&nbsp;&nbsp;270079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**442180** |
| **Other – 3.5%** | **Other – 3.5%** | **Other – 3.5%** |
| 522 Funding CLO Ltd., Series 2020-6A, Class A1R, (3M USD LIBOR + 1.15%, 1.15% Floor), 5.97%, 10/23/34<sup>(b)(c)</sup> | &nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;597767 |
| ABPCI Direct Lending Fund CLO X L.P., Series 2020-10A, Class A1A, (3M USD LIBOR + 1.95%, 1.95% Floor), 6.19%, 1/20/32<sup>(b)(c)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;393908 |
| Allegro CLO VII Ltd., Series 2018-1A, Class A, (3M USD LIBOR + 1.10%, 1.10% Floor), 5.89%, 6/13/31<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;247013 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Allegro CLO XI Ltd., Series 2019-2A, Class A1A, (3M USD LIBOR + 1.39%, 1.39% Floor), 6.19%, 1/19/33<sup>(b)(c)</sup> | $250000 | $246869 |
| AMMC CLO Ltd., Series 2017-21A, Class A, (3M USD LIBOR + 1.25%), 5.71%, 11/02/30<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;247809 |
| Anchorage Capital CLO Ltd., Series 2013-1A, Class A1R, (3M USD LIBOR + 1.25%), 6.07%, 10/13/30<sup>(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;495000 |
| Apidos CLO XII, Series 2013-12A, Class AR, (3M USD LIBOR + 1.08%), 5.87%, 4/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;247750 |
| Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, 6/05/49<sup>(b)</sup> | &nbsp;&nbsp;376200 | &nbsp;&nbsp;&nbsp;367200 |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, (30D Average SOFR + 1.45%, 1.45% Floor), 5.73%, 1/15/37<sup>(b)(c)</sup> | &nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp;367344 |
| Ares LXIII CLO Ltd., Series 2022-63A, Class A1A, (3M CME Term SOFR + 1.38%, 1.38% Floor), 6.02%, 4/20/35<sup>(b)(c)</sup> | &nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;535608 |
| Ares XLII CLO Ltd., Series 2017-42A, Class BR, (3M USD LIBOR + 1.50%, 1.50% Floor), 6.32%, 1/22/28<sup>(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;493175 |
| ARES XLIV CLO Ltd., Series 2017-44A, Class A1R, (3M USD LIBOR + 1.08%, 1.08% Floor), 5.87%, 4/15/34<sup>(b)(c)</sup> | &nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;452410 |
| Atrium IX, Series 9A, Class AR2, (3M USD LIBOR + 0.99%, 0.99% Floor), 5.73%, 5/28/30<sup>(b)(c)</sup> | &nbsp;&nbsp;527260 | &nbsp;&nbsp;&nbsp;523491 |
| Babson CLO Ltd., Series 2015-IA, Class AR, (3M USD LIBOR + 0.99%, 0.99% Floor), 5.80%, 1/20/31<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;248014 |
| Ballyrock CLO Ltd., Series 2019-2A, Class A1BR, (3M USD LIBOR + 1.20%, 1.20% Floor), 5.88%, 11/20/30<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;244981 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Basswood Park CLO Ltd, Series 2021-1A, Class A, (3M USD LIBOR + 1.00%, 1.00% Floor), 5.81%, 4/20/34<sup>(b)(c)</sup> | $800000 | $782520 |
| Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1M USD LIBOR + 0.45%, 0.45% Floor), 4.96%, 9/25/37<sup>(b)(c)</sup> | &nbsp;&nbsp;257438 | &nbsp;&nbsp;&nbsp;235835 |
| BlueMountain CLO Ltd., |  |  |
| &nbsp;&nbsp;Series 2013-2A, Class A1R, (3M USD LIBOR + 1.18%), 6.00%, 10/22/30<sup>(b)(c)</sup> | &nbsp;&nbsp;240417 | &nbsp;&nbsp;&nbsp;238312 |
| &nbsp;&nbsp;Series 2015-3A, Class A1R, (3M USD LIBOR + 1.00%), 5.81%, 4/20/31<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;247053 |
| Carlyle Global Market Strategies CLO Ltd., |  |  |
| &nbsp;&nbsp;Series 2014-2RA, Class A1, (3M USD LIBOR + 1.05%), 5.66%, 5/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp;729370 | &nbsp;&nbsp;&nbsp;722077 |
| &nbsp;&nbsp;Series 2014-3RA, Class A1A, (3M USD LIBOR + 1.05%), 5.86%, 7/27/31<sup>(b)(c)</sup> | &nbsp;&nbsp;247958 | &nbsp;&nbsp;&nbsp;245391 |
| Cayuga Park CLO Ltd., Series 2020-1A, Class AR, (3M USD LIBOR + 1.12%, 1.12% Floor), 5.91%, 7/17/34<sup>(b)(c)</sup> | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;428857 |
| Cerberus Loan Funding XXVIII L.P., Series 2020-1A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 6.64%, 10/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;95299 | &nbsp;&nbsp;&nbsp;&nbsp;94635 |
| CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;Series 2015-3A, Class AR, (3M USD LIBOR + 0.87%), 5.67%, 4/19/29<sup>(b)(c)</sup> | &nbsp;&nbsp;218141 | &nbsp;&nbsp;&nbsp;216134 |
| &nbsp;&nbsp;Series 2014-2RA, Class A1, (3M USD LIBOR + 1.05%, 1.05% Floor), 5.87%, 4/24/30<sup>(b)(c)</sup> | &nbsp;&nbsp;233169 | &nbsp;&nbsp;&nbsp;231653 |
| &nbsp;&nbsp;Series 2017-3A, Class A1, (3M USD LIBOR + 1.22%), 6.03%, 7/20/30<sup>(b)(c)</sup> | &nbsp;&nbsp;239437 | &nbsp;&nbsp;&nbsp;237828 |
| &nbsp;&nbsp;Series 2017-5A, Class A1, (3M USD LIBOR + 1.18%), 5.97%, 11/16/30<sup>(b)(c)</sup> | &nbsp;&nbsp;236782 | &nbsp;&nbsp;&nbsp;235328 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class M3A, (1M USD LIBOR + 2.50%, 2.50% Floor), 7.01%, 7/25/37<sup>(c)</sup> | $500000 | $477257 |
| Dryden 87 CLO Ltd., Series 2021-87A, Class A1, (3M USD LIBOR + 1.10%, 1.10% Floor), 5.78%, 5/20/34<sup>(b)(c)</sup> | &nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;759839 |
| First Franklin Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;Series 2003-FF4, Class M1, (1M USD LIBOR + 1.80%, 1.80% Floor), 6.17%, 10/25/33<sup>(c)</sup> | &nbsp;&nbsp;263155 | &nbsp;&nbsp;&nbsp;249046 |
| &nbsp;&nbsp;Series 2006-FF13, Class A1, (1M USD LIBOR + 0.24%, 0.24% Floor), 4.75%, 10/25/36<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;28590 | &nbsp;&nbsp;&nbsp;&nbsp;19230 |
| &nbsp;&nbsp;Series 2006-FF13, Class A2C, (1M USD LIBOR + 0.32%, 0.32% Floor), 4.83%, 10/25/36<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;16681 | &nbsp;&nbsp;&nbsp;&nbsp;11325 |
| Generate CLO 3 Ltd., Series 2016-1A, Class BR, (3M USD LIBOR + 1.75%), 6.56%, 10/20/29<sup>(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;493791 |
| Golub Capital Partners CLO Ltd., Series 2015-25A, Class AR, (3M USD LIBOR + 1.38%, 1.38% Floor), 5.91%, 5/05/30<sup>(b)(c)</sup> | &nbsp;&nbsp;530806 | &nbsp;&nbsp;&nbsp;522909 |
| Hardee's Funding LLC, Series 2021-1A, Class A2, 2.87%, 6/20/51<sup>(b)</sup> | &nbsp;&nbsp;413700 | &nbsp;&nbsp;&nbsp;342927 |
| HGI CRE CLO Ltd., Series 2021-FL1, Class A, (1M USD LIBOR + 1.05%, 1.05% Floor), 5.51%, 6/16/36<sup>(b)(c)</sup> | &nbsp;&nbsp;867051 | &nbsp;&nbsp;&nbsp;842347 |
| Hildene Community Funding CDO Ltd., Series 2015-1A, Class ARR, 2.60%, 11/01/35<sup>(b)</sup> | &nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;379681 |
| Home Equity Asset Trust, Series 2006-4, Class 2A4, (1M USD LIBOR + 0.28%, 0.56% Floor), 5.07%, 8/25/36<sup>(c)</sup> | &nbsp;&nbsp;369932 | &nbsp;&nbsp;&nbsp;360288 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| KKR CLO 32 Ltd., Series 32A, Class A1, (3M USD LIBOR + 1.32%, 1.32% Floor), 6.11%, 1/15/32<sup>(b)(c)</sup> | $150000 | $148923 |
| KREF Ltd., Series 2022-FL3, Class A, (1M CME Term SOFR + 1.45%, 1.45% Floor), 5.94%, 2/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;803250 |
| LCM Loan Income Fund I Income Note Issuer Ltd., Series 27A, Class A1, (3M USD LIBOR + 1.08%), 5.87%, 7/16/31<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;247835 |
| Long Beach Mortgage Loan Trust, Series 2006-6, Class 2A3, (1M USD LIBOR + 0.30%, 0.30% Floor), 4.81%, 7/25/36<sup>(c)</sup> | &nbsp;&nbsp;740062 | &nbsp;&nbsp;&nbsp;300808 |
| Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (3M USD LIBOR + 0.95%, 0.95% Floor), 5.75%, 4/19/30<sup>(b)(c)</sup> | &nbsp;&nbsp;374782 | &nbsp;&nbsp;&nbsp;372446 |
| Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3M USD LIBOR + 0.75%, 0.75% Floor), 5.54%, 4/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp;238453 | &nbsp;&nbsp;&nbsp;236173 |
| Merrill Lynch Mortgage Investors Trust, Series 2004-WMC5, Class M1, (1M USD LIBOR + 0.93%, 0.93% Floor), 5.44%, 7/25/35<sup>(c)</sup> | &nbsp;&nbsp;162830 | &nbsp;&nbsp;&nbsp;157135 |
| MF1 LLC, Series 2022-FL10, Class A, (1M CME Term SOFR + 2.64%, 2.64% Floor), 7.12%, 9/17/37<sup>(b)(c)</sup> | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;800717 |
| Mortgage Repurchase Agreement Financing Trust II, Series 2022-S1, Class A1, (30D Average SOFR + 2.00%, 2.00% Floor), 6.23%, 3/30/25<sup>(b)(c)</sup> | &nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;499583 |
| Myers Park CLO Ltd., Series 2018-1A, Class B1, (3M USD LIBOR + 1.60%, 1.60% Floor), 6.41%, 10/20/30<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;245013 |
| NP SPE X L.P., Series 2021-1A, Class A1, 2.23%, 3/19/51<sup>(b)</sup> | &nbsp;&nbsp;777409 | &nbsp;&nbsp;&nbsp;681363 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Octagon Investment Partners XXI Ltd., |  |  |
| &nbsp;&nbsp;Series 2012-1A, Class AARR, (3M USD LIBOR + 0.95%, 0.95% Floor), 5.74%, 7/15/29<sup>(b)(c)</sup> | $1388853 | $1379609 |
| &nbsp;&nbsp;Series 2012-1A, Class AAR3, (3M USD LIBOR + 1.00%, 1.00% Floor), 5.65%, 2/14/31<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;256431 |
| OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, (3M CME Term SOFR + 1.30%, 1.30% Floor), 5.93%, 2/24/37<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;344523 |
| Owl Rock CLO III Ltd., Series 2020-3A, Class A1L, (3M USD LIBOR + 1.80%), 6.61%, 4/20/32<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;263964 |
| Palmer Square CLO Ltd., Series 2018-2A, Class A1A, (3M USD LIBOR + 1.10%), 5.89%, 7/16/31<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;495774 |
| Point Au Roche Park CLO Ltd., Series 2021-1A, Class A, (3M USD LIBOR + 1.08%, 1.08% Floor), 5.89%, 7/20/34<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;608020 |
| RR 3 Ltd., Series 2018-3A, Class A1R2, (3M USD LIBOR + 1.09%, 1.09% Floor), 5.88%, 1/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;248331 |
| SBA Small Business Investment Cos., |  |  |
| &nbsp;&nbsp;Series 2019-10A, Class 1, 3.11%, 3/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;65793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62724 |
| &nbsp;&nbsp;Series 2021-10A, Class 1, 1.67%, 3/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;223915 | &nbsp;&nbsp;&nbsp;&nbsp;200453 |
| Silver Rock CLO I Ltd., Series 2020-1A, Class A, (3M USD LIBOR + 1.65%, 1.65% Floor), 6.46%, 10/20/31<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;439603 |
| Structured Asset Investment Loan Trust, Series 2004-7, Class A8, (1M USD LIBOR + 1.20%, 1.20% Floor), 5.71%, 8/25/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;187250 | &nbsp;&nbsp;&nbsp;&nbsp;181064 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| STWD Ltd., Series 2022-FL3, Class A, (30D Average SOFR + 1.35%, 1.35% Floor), 5.63%, 11/15/38<sup>(b)(c)</sup> | $430000 | $415967 |
| Sunrun Vulcan Issuer LLC, Series 2021-1A, Class A, 2.46%, 1/30/52<sup>(b)</sup> | &nbsp;&nbsp;583444 | &nbsp;&nbsp;&nbsp;485677 |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2016-3, Class B1, 4.09%, 4/25/56<sup>(b)(d)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;182133 |
| &nbsp;&nbsp;Series 2017-4, Class B2, 3.48%, 6/25/57<sup>(b)(d)</sup> | &nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;260985 |
| &nbsp;&nbsp;Series 2019-HY2, Class A1, (1M USD LIBOR + 1.00%, 1.00% Floor), 5.51%, 5/25/58<sup>(b)(c)</sup> | &nbsp;&nbsp;640767 | &nbsp;&nbsp;&nbsp;638801 |
| &nbsp;&nbsp;Series 2020-2, Class M1B, 3.00%, 4/25/60<sup>(b)(d)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;188486 |
| TRTX Issuer Ltd., Series 2022-FL5, Class A, (30D Average SOFR + 1.65%, 1.65% Floor), 5.95%, 2/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;788945 |
| United States Small Business Administration, |  |  |
| &nbsp;&nbsp;Series 2019-20D, Class 1, 2.98%, 4/01/39 | &nbsp;&nbsp;&nbsp;35487 | &nbsp;&nbsp;&nbsp;&nbsp;33317 |
| &nbsp;&nbsp;Series 2019-25G, Class 1, 2.69%, 7/01/44 | &nbsp;&nbsp;&nbsp;57467 | &nbsp;&nbsp;&nbsp;&nbsp;51262 |
| Venture 31 CLO Ltd., Series 2018-31A, Class A1, (3M USD LIBOR + 1.03%, 1.03% Floor), 5.84%, 4/20/31<sup>(b)(c)</sup> | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;402434 |
| Voya CLO Ltd., |  |  |
| &nbsp;&nbsp;Series 2015-1A, Class A1R, (3M USD LIBOR + 0.90%, 0.90% Floor), 5.69%, 1/18/29<sup>(b)(c)</sup> | &nbsp;&nbsp;134790 | &nbsp;&nbsp;&nbsp;133819 |
| &nbsp;&nbsp;Series 2018-2A, Class A1, (3M USD LIBOR + 1.00%, 1.00% Floor), 5.79%, 7/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;564098 |
| &nbsp;&nbsp;Series 2017-3A, Class A1R, (3M USD LIBOR + 1.04%), 5.85%, 4/20/34<sup>(b)(c)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;224930 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Whitebox CLO II Ltd., Series 2020-2A, Class A1R, (3M USD LIBOR + 1.22%, 1.22% Floor), 6.04%, 10/24/34<sup>(b)(c)</sup> | $290000 | &nbsp;&nbsp;&nbsp;&nbsp;$284691 |
| Whitebox CLO III Ltd., Series 2021-3A, Class A1, (3M USD LIBOR + 1.22%, 1.22% Floor), 6.01%, 10/15/34<sup>(b)(c)</sup> | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412083 |
|  |  | &nbsp;&nbsp;&nbsp;**28123972** |
| **Student Loan – 0.2%** | **Student Loan – 0.2%** | **Student Loan – 0.2%** |
| Navient Student Loan Trust, |  |  |
| &nbsp;&nbsp;Series 2017-1A, Class A3, (1M USD LIBOR + 1.15%), 5.66%, 7/26/66<sup>(b)(c)</sup> | &nbsp;&nbsp;212907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211867 |
| &nbsp;&nbsp;Series 2017-2A, Class A, (1M USD LIBOR + 1.05%), 5.56%, 12/27/66<sup>(b)(c)</sup> | &nbsp;&nbsp;100865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98954 |
| SLM Private Credit Student Loan Trust, Series 2006-B, Class A5, (3M USD LIBOR + 0.27%), 5.04%, 12/15/39<sup>(c)</sup> | &nbsp;&nbsp;184772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173236 |
| SLM Private Education Loan Trust, Series 2010-C, Class A5, (1M USD LIBOR + 4.75%), 9.21%, 10/15/41<sup>(b)(c)</sup> | &nbsp;&nbsp;235718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253308 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;Series 2020-A, Class A2A, 2.23%, 9/15/37<sup>(b)</sup> | &nbsp;&nbsp;176207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163901 |
| &nbsp;&nbsp;Series 2021-E, Class A1A, 1.68%, 2/15/51<sup>(b)</sup> | &nbsp;&nbsp;177086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160963 |
| &nbsp;&nbsp;Series 2021-A, Class A2B, 1.59%, 1/15/53<sup>(b)</sup> | &nbsp;&nbsp;565469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499638 |
| Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.34%, 8/25/47<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;59714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1619795** |
| **Total Asset-Backed Securities<br> (Cost $33,133,001)** | **Total Asset-Backed Securities<br> (Cost $33,133,001)** | &nbsp;&nbsp;&nbsp;**31841192** |
| **Corporate Bonds – 20.0%** | **Corporate Bonds – 20.0%** | **Corporate Bonds – 20.0%** |
| **Advertising & Marketing – 0.0%<sup>(e)</sup>** | **Advertising & Marketing – 0.0%<sup>(e)</sup>** | **Advertising & Marketing – 0.0%<sup>(e)</sup>** |
| Interpublic (The) Group of Cos., Inc, 4.75%, 3/30/30 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58618** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** |
| Boeing (The) Co., |  |  |
| &nbsp;&nbsp;1.43%, 2/04/24 | $110000 | $106016 |
| &nbsp;&nbsp;4.88%, 5/01/25 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;360012 |
| &nbsp;&nbsp;2.20%, 2/04/26 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;360566 |
| &nbsp;&nbsp;3.10%, 5/01/26 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38067 |
| &nbsp;&nbsp;2.70%, 2/01/27 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;27738 |
| &nbsp;&nbsp;2.80%, 3/01/27 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;36947 |
| &nbsp;&nbsp;3.20%, 3/01/29 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;118759 |
| &nbsp;&nbsp;5.15%, 5/01/30 | &nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;372928 |
| &nbsp;&nbsp;3.25%, 2/01/35 | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;235096 |
| &nbsp;&nbsp;5.71%, 5/01/40 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;235349 |
| &nbsp;&nbsp;3.63%, 3/01/48 | &nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;154445 |
| &nbsp;&nbsp;3.75%, 2/01/50 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;123077 |
| &nbsp;&nbsp;5.81%, 5/01/50 | &nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;520658 |
| &nbsp;&nbsp;3.95%, 8/01/59 | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;144941 |
| &nbsp;&nbsp;5.93%, 5/01/60 | &nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;301452 |
| General Dynamics Corp., |  |  |
| &nbsp;&nbsp;4.25%, 4/01/40 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9690 |
| &nbsp;&nbsp;4.25%, 4/01/50 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;66925 |
| Huntington Ingalls Industries, Inc., 4.20%, 5/01/30 | &nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;96359 |
| L3Harris Technologies, Inc., |  |  |
| &nbsp;&nbsp;4.40%, 6/15/28 | &nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;187336 |
| &nbsp;&nbsp;4.40%, 6/15/28 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;79296 |
| &nbsp;&nbsp;1.80%, 1/15/31 | &nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;320350 |
| &nbsp;&nbsp;4.85%, 4/27/35 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;58712 |
| Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;3.55%, 1/15/26 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;58949 |
| &nbsp;&nbsp;3.90%, 6/15/32 | &nbsp;&nbsp;466000 | &nbsp;&nbsp;&nbsp;452540 |
| &nbsp;&nbsp;3.60%, 3/01/35 | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;162049 |
| &nbsp;&nbsp;4.15%, 6/15/53 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;356932 |
| &nbsp;&nbsp;5.90%, 11/15/63 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;351132 |
| Northrop Grumman Corp., |  |  |
| &nbsp;&nbsp;2.93%, 1/15/25 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38691 |
| &nbsp;&nbsp;3.25%, 1/15/28 | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;265896 |
| &nbsp;&nbsp;4.03%, 10/15/47 | &nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;213206 |
| &nbsp;&nbsp;5.25%, 5/01/50 | &nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;952656 |
| Raytheon Technologies Corp., |  |  |
| &nbsp;&nbsp;3.15%, 12/15/24 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48499 |
| &nbsp;&nbsp;7.20%, 8/15/27 | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;28591 |
| &nbsp;&nbsp;7.00%, 11/01/28 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;99272 |
| &nbsp;&nbsp;4.13%, 11/16/28 | &nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;562247 |
| &nbsp;&nbsp;2.25%, 7/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;85898 |
| &nbsp;&nbsp;4.50%, 6/01/42 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;28777 |
| &nbsp;&nbsp;4.15%, 5/15/45 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;133854 |
| &nbsp;&nbsp;4.63%, 11/16/48 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38716 |
| &nbsp;&nbsp;3.13%, 7/01/50 | &nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp;309515 |
| &nbsp;&nbsp;3.03%, 3/15/52 | &nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;447939 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| Textron, Inc., 3.90%, 9/17/29 | &nbsp;&nbsp;$153000 | &nbsp;&nbsp;$143294 |
|  |  | &nbsp;&nbsp;&nbsp;**8733372** |
| **Apparel & Textile Products – 0.0%<sup>(e)</sup>** | **Apparel & Textile Products – 0.0%<sup>(e)</sup>** | **Apparel & Textile Products – 0.0%<sup>(e)</sup>** |
| NIKE, Inc., |  |  |
| &nbsp;&nbsp;2.40%, 3/27/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58034 |
| &nbsp;&nbsp;2.75%, 3/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94961 |
| &nbsp;&nbsp;2.85%, 3/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92040 |
| &nbsp;&nbsp;3.25%, 3/27/40 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42911 |
| &nbsp;&nbsp;3.38%, 3/27/50<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**304685** |
| **Asset Management – 0.0%<sup>(e)</sup>** | **Asset Management – 0.0%<sup>(e)</sup>** | **Asset Management – 0.0%<sup>(e)</sup>** |
| Nuveen LLC, 4.00%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96331 |
| Vanguard Group (The), Inc., 3.05%, 8/22/50<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;117433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**213764** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| General Motors Co., |  |  |
| &nbsp;&nbsp;5.40%, 10/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;175839 |
| &nbsp;&nbsp;5.60%, 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;310202 |
| &nbsp;&nbsp;6.60%, 4/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10457 |
| &nbsp;&nbsp;5.95%, 4/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67086 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;4.00%, 1/15/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;506000 | &nbsp;&nbsp;&nbsp;&nbsp;494790 |
| &nbsp;&nbsp;4.30%, 4/06/29 | &nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;204764 |
| &nbsp;&nbsp;2.35%, 1/08/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45537 |
| &nbsp;&nbsp;2.70%, 6/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;175721 |
| &nbsp;&nbsp;3.10%, 1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;304000 | &nbsp;&nbsp;&nbsp;&nbsp;251969 |
|  |  | &nbsp;&nbsp;&nbsp;**1736365** |
| **Banking – 3.3%** | **Banking – 3.3%** | **Banking – 3.3%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 0.78%), 3.55%, 3/05/24<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54915 |
| &nbsp;&nbsp;4.20%, 8/26/24 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59342 |
| &nbsp;&nbsp;(3M USD LIBOR + 0.87%), 2.46%, 10/22/25<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;224661 |
| &nbsp;&nbsp;(SOFR + 1.15%), 1.32%, 6/19/26<sup>(h)</sup> | &nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;998349 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.58%), 3.82%, 1/20/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;383153 |
| &nbsp;&nbsp;(SOFR + 1.58%), 4.38%, 4/27/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;420497 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.37%), 3.59%, 7/21/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;151169 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.04%), 3.42%, 12/20/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;561171 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.21%), 3.97%, 2/07/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;586358 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 1.19%), 2.88%, 10/22/30<sup>(h)</sup> | &nbsp;&nbsp;$226000 | &nbsp;&nbsp;$198098 |
| &nbsp;&nbsp;(SOFR + 2.15%), 2.59%, 4/29/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;846681 |
| &nbsp;&nbsp;(SOFR + 1.53%), 1.90%, 7/23/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;161670 |
| &nbsp;&nbsp;(SOFR + 1.32%), 2.69%, 4/22/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;112286 |
| &nbsp;&nbsp;(SOFR + 1.22%), 2.30%, 7/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;&nbsp;&nbsp;693541 |
| &nbsp;&nbsp;(SOFR + 1.21%), 2.57%, 10/20/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp;389445 |
| &nbsp;&nbsp;(SOFR + 1.33%), 2.97%, 2/04/33<sup>(h)</sup> | &nbsp;&nbsp;2765000 | &nbsp;&nbsp;&nbsp;2357931 |
| &nbsp;&nbsp;(SOFR + 1.83%), 4.57%, 4/27/33<sup>(h)</sup> | &nbsp;&nbsp;1029000 | &nbsp;&nbsp;&nbsp;&nbsp;994291 |
| &nbsp;&nbsp;(SOFR + 2.16%), 5.02%, 7/22/33<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;461000 | &nbsp;&nbsp;&nbsp;&nbsp;460722 |
| &nbsp;&nbsp;5.00%, 1/21/44 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;170111 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.52%), 4.33%, 3/15/50<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27289 |
| &nbsp;&nbsp;(3M USD LIBOR + 3.15%), 4.08%, 3/20/51<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;456217 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;(SOFR + 1.67%), 1.68%, 5/15/24<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;118815 |
| &nbsp;&nbsp;3.30%, 4/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;174441 |
| &nbsp;&nbsp;5.50%, 9/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;121653 |
| &nbsp;&nbsp;(SOFR + 2.84%), 3.11%, 4/08/26<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76715 |
| &nbsp;&nbsp;(SOFR + 1.28%), 3.07%, 2/24/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;124560 |
| &nbsp;&nbsp;(SOFR + 1.89%), 4.66%, 5/24/28<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69263 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.15%), 3.52%, 10/27/28<sup>(h)</sup> | &nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;1039749 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.19%), 4.08%, 4/23/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;143330 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.34%), 3.98%, 3/20/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;517233 |
| &nbsp;&nbsp;(SOFR + 1.42%), 2.98%, 11/05/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;407174 |
| &nbsp;&nbsp;(SOFR + 3.91%), 4.41%, 3/31/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;278167 |
| &nbsp;&nbsp;(SOFR + 2.11%), 2.57%, 6/03/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;288528 |
| &nbsp;&nbsp;(SOFR + 1.94%), 3.79%, 3/17/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;308016 |
| &nbsp;&nbsp;(SOFR + 2.09%), 4.91%, 5/24/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;207367 |
| &nbsp;&nbsp;(SOFR + 2.34%), 6.27%, 11/17/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;265722 |
| &nbsp;&nbsp;8.13%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;768338 |
| &nbsp;&nbsp;4.65%, 7/23/48 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28628 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;(SOFR + 1.46%), 1.51%, 6/01/24<sup>(h)</sup> | $310000 | $306291 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.00%), 4.02%, 12/05/24<sup>(h)</sup> | &nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;465365 |
| &nbsp;&nbsp;(SOFR + 1.85%), 2.08%, 4/22/26<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;187830 |
| &nbsp;&nbsp;(SOFR + 0.89%), 1.58%, 4/22/27<sup>(h)</sup> | &nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;476333 |
| &nbsp;&nbsp;3.63%, 12/01/27 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;182514 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.34%), 3.78%, 2/01/28<sup>(h)</sup> | &nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;212426 |
| &nbsp;&nbsp;(SOFR + 1.17%), 2.95%, 2/24/28<sup>(h)</sup> | &nbsp;&nbsp;434000 | &nbsp;&nbsp;&nbsp;402711 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.38%), 3.54%, 5/01/28<sup>(h)</sup> | &nbsp;&nbsp;428000 | &nbsp;&nbsp;&nbsp;405214 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.33%), 4.45%, 12/05/29<sup>(h)</sup> | &nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;312094 |
| &nbsp;&nbsp;(SOFR + 1.75%), 4.57%, 6/14/30<sup>(h)</sup> | &nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;257618 |
| &nbsp;&nbsp;(SOFR + 2.04%), 2.52%, 4/22/31<sup>(h)</sup> | &nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;435861 |
| &nbsp;&nbsp;(3M CME Term SOFR + 1.11%), 1.76%, 11/19/31<sup>(h)</sup> | &nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;174248 |
| &nbsp;&nbsp;(SOFR + 1.25%), 2.58%, 4/22/32<sup>(h)</sup> | &nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;477247 |
| &nbsp;&nbsp;(SOFR + 1.18%), 2.55%, 11/08/32<sup>(h)</sup> | &nbsp;&nbsp;312000 | &nbsp;&nbsp;&nbsp;258991 |
| &nbsp;&nbsp;(SOFR + 1.26%), 2.96%, 1/25/33<sup>(h)</sup> | &nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;531475 |
| &nbsp;&nbsp;(SOFR + 1.80%), 4.59%, 4/26/33<sup>(h)</sup> | &nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;178615 |
| &nbsp;&nbsp;4.95%, 6/01/45 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;215102 |
| &nbsp;&nbsp;(SOFR + 2.44%), 3.11%, 4/22/51<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;36572 |
| U.S. Bancorp, 1.45%, 5/12/25 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;233906 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;(SOFR + 2.00%), 2.19%, 4/30/26<sup>(h)</sup> | &nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;536229 |
| &nbsp;&nbsp;3.00%, 10/23/26 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;75506 |
| &nbsp;&nbsp;4.30%, 7/22/27 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;266983 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.31%), 3.58%, 5/22/28<sup>(h)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;285095 |
| &nbsp;&nbsp;(SOFR + 2.10%), 2.39%, 6/02/28<sup>(h)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;117815 |
| &nbsp;&nbsp;(SOFR + 1.98%), 4.81%, 7/25/28<sup>(h)</sup> | &nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;186602 |
| &nbsp;&nbsp;4.15%, 1/24/29 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;223334 |
| &nbsp;&nbsp;(3M CME Term SOFR + 1.43%), 2.88%, 10/30/30<sup>(h)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;221248 |
| &nbsp;&nbsp;(SOFR + 4.03%), 4.48%, 4/04/31<sup>(h)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;292054 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;(SOFR + 1.50%), 3.35%, 3/02/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$80000 | &nbsp;&nbsp;&nbsp;&nbsp;$70544 |
| &nbsp;&nbsp;(SOFR + 2.10%), 4.90%, 7/25/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109573 |
| &nbsp;&nbsp;4.40%, 6/14/46 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317306 |
| &nbsp;&nbsp;4.75%, 12/07/46 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341418 |
| &nbsp;&nbsp;(SOFR + 4.50%), 5.01%, 4/04/51<sup>(h)</sup> | &nbsp;&nbsp;2110000 | &nbsp;&nbsp;&nbsp;&nbsp;2080266 |
|  |  | &nbsp;&nbsp;&nbsp;**26119982** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Coca-Cola (The) Co., |  |  |
| &nbsp;&nbsp;3.38%, 3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273168 |
| &nbsp;&nbsp;1.45%, 6/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81163 |
| &nbsp;&nbsp;2.50%, 6/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38442 |
| &nbsp;&nbsp;2.60%, 6/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57804 |
| Constellation Brands, Inc., |  |  |
| &nbsp;&nbsp;3.60%, 5/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88702 |
| &nbsp;&nbsp;4.35%, 5/09/27 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128506 |
| PepsiCo, Inc., |  |  |
| &nbsp;&nbsp;2.25%, 3/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9582 |
| &nbsp;&nbsp;2.63%, 3/19/27 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9451 |
| &nbsp;&nbsp;1.63%, 5/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33570 |
| &nbsp;&nbsp;2.88%, 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**751138** |
| **Biotechnology & Pharmaceuticals – 0.7%** | **Biotechnology & Pharmaceuticals – 0.7%** | **Biotechnology & Pharmaceuticals – 0.7%** |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp;2.60%, 11/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472217 |
| &nbsp;&nbsp;3.80%, 3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402128 |
| &nbsp;&nbsp;3.60%, 5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38988 |
| &nbsp;&nbsp;2.95%, 11/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94633 |
| &nbsp;&nbsp;3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539304 |
| &nbsp;&nbsp;4.55%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200170 |
| &nbsp;&nbsp;4.50%, 5/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236236 |
| &nbsp;&nbsp;4.70%, 5/14/45 | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55485 |
| &nbsp;&nbsp;4.88%, 11/14/48 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19570 |
| &nbsp;&nbsp;4.25%, 11/21/49 | &nbsp;&nbsp;&nbsp;&nbsp;559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500397 |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp;4.05%, 8/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289781 |
| &nbsp;&nbsp;4.40%, 5/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115137 |
| Biogen, Inc., 2.25%, 5/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54261 |
| Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;2.90%, 7/26/24 | &nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187444 |
| &nbsp;&nbsp;3.20%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101681 |
| &nbsp;&nbsp;3.40%, 7/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61951 |
| &nbsp;&nbsp;4.55%, 2/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58291 |
| &nbsp;&nbsp;3.70%, 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47349 |
| Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;2.60%, 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128438 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;4.75%, 3/01/46 | $153000 | &nbsp;&nbsp;$148713 |
| &nbsp;&nbsp;2.80%, 10/01/50 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38346 |
| Johnson & Johnson, |  |  |
| &nbsp;&nbsp;0.55%, 9/01/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73142 |
| &nbsp;&nbsp;0.95%, 9/01/27 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;132062 |
| &nbsp;&nbsp;3.63%, 3/03/37 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65286 |
| &nbsp;&nbsp;2.10%, 9/01/40 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;256492 |
| Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;0.75%, 2/24/26<sup>(f)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;215966 |
| &nbsp;&nbsp;1.45%, 6/24/30 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58007 |
| &nbsp;&nbsp;2.75%, 12/10/51 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;180040 |
| Pfizer, Inc., |  |  |
| &nbsp;&nbsp;0.80%, 5/28/25 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;147754 |
| &nbsp;&nbsp;2.63%, 4/01/30 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;244449 |
| &nbsp;&nbsp;1.70%, 5/28/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85018 |
| &nbsp;&nbsp;2.55%, 5/28/40 | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;184688 |
| &nbsp;&nbsp;2.70%, 5/28/50<sup>(f)</sup> | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;226580 |
|  |  | &nbsp;&nbsp;&nbsp;**5660004** |
| **Cable & Satellite – 1.0%** | **Cable & Satellite – 1.0%** | **Cable & Satellite – 1.0%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;4.91%, 7/23/25 | &nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;567070 |
| &nbsp;&nbsp;4.20%, 3/15/28 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85606 |
| &nbsp;&nbsp;5.05%, 3/30/29 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;682023 |
| &nbsp;&nbsp;4.40%, 4/01/33<sup>(f)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;359333 |
| &nbsp;&nbsp;5.38%, 4/01/38 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53772 |
| &nbsp;&nbsp;3.50%, 6/01/41 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;210838 |
| &nbsp;&nbsp;3.50%, 3/01/42 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41732 |
| &nbsp;&nbsp;5.38%, 5/01/47 | &nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;154513 |
| &nbsp;&nbsp;5.75%, 4/01/48 | &nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;201203 |
| &nbsp;&nbsp;5.13%, 7/01/49 | &nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;236761 |
| &nbsp;&nbsp;4.80%, 3/01/50 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23624 |
| &nbsp;&nbsp;3.90%, 6/01/52 | &nbsp;&nbsp;811000 | &nbsp;&nbsp;&nbsp;&nbsp;553390 |
| &nbsp;&nbsp;6.83%, 10/23/55 | &nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;106541 |
| &nbsp;&nbsp;3.85%, 4/01/61 | &nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;153475 |
| &nbsp;&nbsp;4.40%, 12/01/61 | &nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;102389 |
| &nbsp;&nbsp;5.50%, 4/01/63 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91925 |
| Comcast Corp., |  |  |
| &nbsp;&nbsp;3.95%, 10/15/25 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;157696 |
| &nbsp;&nbsp;3.15%, 3/01/26 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48264 |
| &nbsp;&nbsp;3.30%, 4/01/27 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47949 |
| &nbsp;&nbsp;4.15%, 10/15/28 | &nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp;632224 |
| &nbsp;&nbsp;2.65%, 2/01/30 | &nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;228884 |
| &nbsp;&nbsp;3.40%, 4/01/30 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65678 |
| &nbsp;&nbsp;4.25%, 10/15/30 | &nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;612961 |
| &nbsp;&nbsp;1.95%, 1/15/31 | &nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;193336 |
| &nbsp;&nbsp;5.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82891 |
| &nbsp;&nbsp;4.20%, 8/15/34 | &nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;366101 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| Comcast Corp., |  |  |
| &nbsp;&nbsp;3.25%, 11/01/39 | $20000 | &nbsp;&nbsp;&nbsp;&nbsp;$16622 |
| &nbsp;&nbsp;3.75%, 4/01/40 | &nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;310178 |
| &nbsp;&nbsp;3.40%, 7/15/46 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15909 |
| &nbsp;&nbsp;4.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25988 |
| &nbsp;&nbsp;3.97%, 11/01/47 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;120737 |
| &nbsp;&nbsp;4.00%, 3/01/48 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17406 |
| &nbsp;&nbsp;4.00%, 11/01/49 | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;206459 |
| &nbsp;&nbsp;3.45%, 2/01/50 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47508 |
| &nbsp;&nbsp;2.80%, 1/15/51 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;131705 |
| &nbsp;&nbsp;2.89%, 11/01/51 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83772 |
| &nbsp;&nbsp;2.94%, 11/01/56 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;116012 |
| &nbsp;&nbsp;4.95%, 10/15/58<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19851 |
| Cox Communications, Inc., |  |  |
| &nbsp;&nbsp;3.15%, 8/15/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68881 |
| &nbsp;&nbsp;2.95%, 10/01/50<sup>(b)</sup> | &nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78056 |
| Time Warner Cable LLC, |  |  |
| &nbsp;&nbsp;6.55%, 5/01/37 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51109 |
| &nbsp;&nbsp;5.88%, 11/15/40 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;121767 |
|  |  | &nbsp;&nbsp;&nbsp;**7492139** |
| **Chemicals – 0.0%<sup>(e)</sup>** | **Chemicals – 0.0%<sup>(e)</sup>** | **Chemicals – 0.0%<sup>(e)</sup>** |
| Ecolab, Inc., 2.75%, 8/18/55 | &nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64058 |
| Sherwin-Williams (The) Co., 2.30%, 5/15/30 | &nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64962 |
| Westlake Corp., 3.38%, 8/15/61 | &nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**195863** |
| **Commercial Support Services – 0.0%<sup>(e)</sup>** | **Commercial Support Services – 0.0%<sup>(e)</sup>** | **Commercial Support Services – 0.0%<sup>(e)</sup>** |
| Cintas Corp. No. 2, |  |  |
| &nbsp;&nbsp;3.70%, 4/01/27 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19502 |
| &nbsp;&nbsp;4.00%, 5/01/32<sup>(f)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;116801 |
| Republic Services, Inc., |  |  |
| &nbsp;&nbsp;2.50%, 8/15/24 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67545 |
| &nbsp;&nbsp;3.95%, 5/15/28 | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46757 |
| Waste Management, Inc., 1.15%, 3/15/28 | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**304408** |
| **Containers & Packaging – 0.0%<sup>(e)</sup>** | **Containers & Packaging – 0.0%<sup>(e)</sup>** | **Containers & Packaging – 0.0%<sup>(e)</sup>** |
| International Paper Co., 6.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48234** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| 3M Co., |  |  |
| &nbsp;&nbsp;2.38%, 8/26/29<sup>(f)</sup> | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;358756 |
| &nbsp;&nbsp;3.70%, 4/15/50<sup>(f)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80109 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Diversified Industrials (Continued)** | **Diversified Industrials (Continued)** | **Diversified Industrials (Continued)** |
| Emerson Electric Co., 2.80%, 12/21/51 | &nbsp;&nbsp;$560000 | &nbsp;&nbsp;$390990 |
| Honeywell International, Inc., 1.35%, 6/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**895087** |
| **E-Commerce Discretionary – 0.4%** | **E-Commerce Discretionary – 0.4%** | **E-Commerce Discretionary – 0.4%** |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;0.80%, 6/03/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;119854 |
| &nbsp;&nbsp;3.30%, 4/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48355 |
| &nbsp;&nbsp;1.20%, 6/03/27 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;335442 |
| &nbsp;&nbsp;3.15%, 8/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;133852 |
| &nbsp;&nbsp;3.45%, 4/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;105764 |
| &nbsp;&nbsp;1.50%, 6/03/30 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58208 |
| &nbsp;&nbsp;2.10%, 5/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68156 |
| &nbsp;&nbsp;3.60%, 4/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;304453 |
| &nbsp;&nbsp;4.70%, 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp;&nbsp;265139 |
| &nbsp;&nbsp;3.88%, 8/22/37 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;185918 |
| &nbsp;&nbsp;4.05%, 8/22/47 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;126991 |
| &nbsp;&nbsp;2.50%, 6/03/50 | &nbsp;&nbsp;1057000 | &nbsp;&nbsp;&nbsp;&nbsp;715798 |
| &nbsp;&nbsp;3.95%, 4/13/52 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61993 |
| &nbsp;&nbsp;4.25%, 8/22/57 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;219800 |
| eBay, Inc., 6.30%, 11/22/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;189636 |
|  |  | &nbsp;&nbsp;&nbsp;**2939359** |
| **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** |
| AEP Texas, Inc., |  |  |
| &nbsp;&nbsp;3.95%, 6/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;204231 |
| &nbsp;&nbsp;3.45%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;131475 |
| AEP Transmission Co. LLC, |  |  |
| &nbsp;&nbsp;3.80%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;253762 |
| &nbsp;&nbsp;3.65%, 4/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73089 |
| &nbsp;&nbsp;4.50%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41714 |
| Alabama Power Co., |  |  |
| &nbsp;&nbsp;3.75%, 3/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31364 |
| &nbsp;&nbsp;3.45%, 10/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36198 |
| Ameren Illinois Co., 3.25%, 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81285 |
| American Transmission Systems, Inc., 2.65%, 1/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;172805 |
| Baltimore Gas and Electric Co., |  |  |
| &nbsp;&nbsp;3.75%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;160522 |
| &nbsp;&nbsp;2.90%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;190379 |
| CenterPoint Energy Houston Electric LLC, |  |  |
| &nbsp;&nbsp;2.35%, 4/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64404 |
| &nbsp;&nbsp;3.35%, 4/01/51<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;114434 |
| &nbsp;&nbsp;4.85%, 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;147341 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Cleveland Electric Illuminating (The) Co., 3.50%, 4/01/28<sup>(b)</sup> | $100000 | $93471 |
| Commonwealth Edison Co., |  |  |
| &nbsp;&nbsp;4.00%, 3/01/49 | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;58120 |
| &nbsp;&nbsp;3.00%, 3/01/50 | &nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;37525 |
| &nbsp;&nbsp;5.30%, 2/01/53 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;47950 |
| Consumers Energy Co., |  |  |
| &nbsp;&nbsp;3.75%, 2/15/50 | &nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;259421 |
| &nbsp;&nbsp;4.20%, 9/01/52 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;22809 |
| DTE Electric Co., 3.95%, 3/01/49 | &nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;214121 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;4.95%, 1/15/33 | &nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;234126 |
| &nbsp;&nbsp;3.75%, 6/01/45 | &nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;114028 |
| &nbsp;&nbsp;3.95%, 3/15/48 | &nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;104048 |
| &nbsp;&nbsp;3.55%, 3/15/52 | &nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;124550 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp;5.00%, 12/08/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;100719 |
| &nbsp;&nbsp;4.30%, 3/15/28 | &nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;227654 |
| Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp;2.50%, 12/01/29 | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;286939 |
| &nbsp;&nbsp;1.75%, 6/15/30 | &nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;199625 |
| &nbsp;&nbsp;5.95%, 11/15/52 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;90639 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;3.45%, 3/15/29 | &nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;220271 |
| &nbsp;&nbsp;2.50%, 8/15/50 | &nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;104082 |
| &nbsp;&nbsp;4.00%, 4/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4273 |
| Edison International, |  |  |
| &nbsp;&nbsp;5.75%, 6/15/27 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;33832 |
| &nbsp;&nbsp;6.95%, 11/15/29 | &nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;256221 |
| Entergy Louisiana LLC, 4.20%, 9/01/48 | &nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;131172 |
| Entergy Mississippi LLC, 2.85%, 6/01/28 | &nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;121226 |
| Exelon Corp., |  |  |
| &nbsp;&nbsp;5.10%, 6/15/45 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;15733 |
| &nbsp;&nbsp;4.70%, 4/15/50 | &nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;74552 |
| &nbsp;&nbsp;4.10%, 3/15/52<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;52700 |
| FirstEnergy Corp., |  |  |
| &nbsp;&nbsp;2.05%, 3/01/25 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;20617 |
| &nbsp;&nbsp;1.60%, 1/15/26 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;35904 |
| &nbsp;&nbsp;4.15%, 7/15/27 | &nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;476869 |
| &nbsp;&nbsp;5.10%, 7/15/47 | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;71033 |
| &nbsp;&nbsp;3.40%, 3/01/50 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;39073 |
| FirstEnergy Transmission LLC, |  |  |
| &nbsp;&nbsp;4.35%, 1/15/25<sup>(b)</sup> | &nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;279173 |
| &nbsp;&nbsp;4.55%, 4/01/49<sup>(b)</sup> | &nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;209573 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;3.99%, 3/01/49 | &nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;200069 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;3.15%, 10/01/49 | $237000 | $184204 |
| MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;3.10%, 5/01/27 | &nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;141264 |
| &nbsp;&nbsp;3.65%, 4/15/29 | &nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;522276 |
| &nbsp;&nbsp;4.25%, 7/15/49 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;77287 |
| Mid-Atlantic Interstate Transmission LLC, 4.10%, 5/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38587 |
| Northern States Power Co., |  |  |
| &nbsp;&nbsp;2.90%, 3/01/50 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;36416 |
| &nbsp;&nbsp;2.60%, 6/01/51 | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;71210 |
| &nbsp;&nbsp;3.20%, 4/01/52 | &nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;73686 |
| NRG Energy, Inc., 2.45%, 12/02/27<sup>(b)</sup> | &nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;258416 |
| NSTAR Electric Co., 3.95%, 4/01/30 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;15418 |
| Ohio Power Co., |  |  |
| &nbsp;&nbsp;1.63%, 1/15/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;36159 |
| &nbsp;&nbsp;4.15%, 4/01/48 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;45718 |
| &nbsp;&nbsp;4.00%, 6/01/49 | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;53559 |
| Oncor Electric Delivery Co. LLC, |  |  |
| &nbsp;&nbsp;4.55%, 9/15/32 | &nbsp;&nbsp;421000 | &nbsp;&nbsp;&nbsp;425285 |
| &nbsp;&nbsp;4.10%, 11/15/48 | &nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;45857 |
| Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp;2.10%, 8/01/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;43868 |
| &nbsp;&nbsp;2.50%, 2/01/31 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;145232 |
| &nbsp;&nbsp;6.15%, 1/15/33 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;113062 |
| &nbsp;&nbsp;3.30%, 8/01/40 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;14354 |
| &nbsp;&nbsp;3.50%, 8/01/50 | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;145100 |
| PacifiCorp., 4.15%, 2/15/50 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;70538 |
| Progress Energy, Inc., 7.75%, 3/01/31 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;210523 |
| Public Service Co. of New Hampshire, 5.15%, 1/15/53 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;95104 |
| Public Service Electric and Gas Co., |  |  |
| &nbsp;&nbsp;3.10%, 3/15/32 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9054 |
| &nbsp;&nbsp;4.90%, 12/15/32 | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;149756 |
| &nbsp;&nbsp;2.05%, 8/01/50 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;84907 |
| Southern California Edison Co., |  |  |
| &nbsp;&nbsp;2.25%, 6/01/30 | &nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;234153 |
| &nbsp;&nbsp;2.50%, 6/01/31 | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;33308 |
| &nbsp;&nbsp;5.95%, 11/01/32 | &nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;175250 |
| Southwestern Public Service Co., 3.15%, 5/01/50 | &nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;99769 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Tampa Electric Co., 4.45%, 6/15/49 | $38000 | &nbsp;&nbsp;&nbsp;&nbsp;$33585 |
| Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25<sup>(b)</sup> | &nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290451 |
| Virginia Electric and Power Co., 4.00%, 1/15/43 | &nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175007 |
|  |  | &nbsp;&nbsp;&nbsp;**10413484** |
| **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** |
| Consolidated Edison Co. of New York, Inc., |  |  |
| &nbsp;&nbsp;3.35%, 4/01/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46412 |
| &nbsp;&nbsp;3.95%, 4/01/50 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126 |
| &nbsp;&nbsp;6.15%, 11/15/52 | &nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246092 |
| PECO Energy Co., 3.05%, 3/15/51 | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**459733** |
| **Electrical Equipment – 0.0%<sup>(e)</sup>** | **Electrical Equipment – 0.0%<sup>(e)</sup>** | **Electrical Equipment – 0.0%<sup>(e)</sup>** |
| Carrier Global Corp., 3.58%, 4/05/50 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786 |
| Otis Worldwide Corp., 2.06%, 4/05/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54950** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Fox Corp., 5.48%, 1/25/39 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436761 |
| Paramount Global, 4.38%, 3/15/43 | &nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107726 |
| Time Warner Cable Enterprises LLC, 8.38%, 7/15/33 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199269 |
| TWDC Enterprises 18 Corp., 3.00%, 7/30/46 | &nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120246 |
| Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;3.76%, 3/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74977 |
| &nbsp;&nbsp;4.05%, 3/15/29<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128494 |
| &nbsp;&nbsp;4.28%, 3/15/32<sup>(b)</sup> | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400480 |
| &nbsp;&nbsp;5.05%, 3/15/42<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25615 |
| &nbsp;&nbsp;5.14%, 3/15/52<sup>(b)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1908848** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Hershey (The) Co., 0.90%, 6/01/25 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27674 |
| Kraft Heinz Foods Co., 3.00%, 6/01/26<sup>(f)</sup> | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97086 |
| Mars, Inc., |  |  |
| &nbsp;&nbsp;2.70%, 4/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86448 |
| &nbsp;&nbsp;3.20%, 4/01/30<sup>(b)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166145 |
| &nbsp;&nbsp;2.38%, 7/16/40<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146281 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Mondelez International, Inc., 1.50%, 5/04/25 | $250000 | $233685 |
|  |  | &nbsp;&nbsp;&nbsp;**757319** |
| **Gas & Water Utilities – 0.0%<sup>(e)</sup>** | **Gas & Water Utilities – 0.0%<sup>(e)</sup>** | **Gas & Water Utilities – 0.0%<sup>(e)</sup>** |
| Atmos Energy Corp., 4.13%, 3/15/49 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;35025 |
| CenterPoint Energy Resources Corp., 1.75%, 10/01/30 | &nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;48525 |
| ONE Gas, Inc., 2.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;29377 |
| Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;34791 |
|  |  | &nbsp;&nbsp;&nbsp;**147718** |
| **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** |
| Cigna Corp., |  |  |
| &nbsp;&nbsp;4.13%, 11/15/25 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19774 |
| &nbsp;&nbsp;4.38%, 10/15/28 | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;436349 |
| &nbsp;&nbsp;4.80%, 8/15/38 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;205596 |
| &nbsp;&nbsp;4.90%, 12/15/48 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;124608 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp;3.63%, 4/01/27 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38663 |
| &nbsp;&nbsp;4.30%, 3/25/28 | &nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;213326 |
| &nbsp;&nbsp;3.75%, 4/01/30 | &nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;447864 |
| &nbsp;&nbsp;1.75%, 8/21/30 | &nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;66387 |
| &nbsp;&nbsp;1.88%, 2/28/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;32425 |
| &nbsp;&nbsp;2.13%, 9/15/31<sup>(f)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;106666 |
| &nbsp;&nbsp;4.78%, 3/25/38 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;382879 |
| &nbsp;&nbsp;4.13%, 4/01/40 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;34932 |
| &nbsp;&nbsp;5.13%, 7/20/45 | &nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;260889 |
| &nbsp;&nbsp;5.05%, 3/25/48 | &nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;480112 |
| Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;3.65%, 12/01/27 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;289344 |
| &nbsp;&nbsp;4.10%, 5/15/32 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;76910 |
| &nbsp;&nbsp;4.55%, 5/15/52 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;37187 |
| &nbsp;&nbsp;6.10%, 10/15/52 | &nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;184390 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp;5.25%, 4/15/25 | &nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;198203 |
| &nbsp;&nbsp;5.88%, 2/15/26 | &nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;149633 |
| &nbsp;&nbsp;4.50%, 2/15/27 | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;114117 |
| &nbsp;&nbsp;3.50%, 9/01/30 | &nbsp;&nbsp;443000 | &nbsp;&nbsp;&nbsp;397073 |
| &nbsp;&nbsp;2.38%, 7/15/31 | &nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;256666 |
| &nbsp;&nbsp;3.63%, 3/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;41735 |
| Humana, Inc., |  |  |
| &nbsp;&nbsp;4.50%, 4/01/25 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19932 |
| &nbsp;&nbsp;3.95%, 3/15/27 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;136702 |
| &nbsp;&nbsp;3.70%, 3/23/29 | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;292289 |
| &nbsp;&nbsp;3.13%, 8/15/29 | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;279657 |
| &nbsp;&nbsp;2.15%, 2/03/32 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;40591 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;3.75%, 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;$50000 | &nbsp;&nbsp;&nbsp;&nbsp;$49314 |
| &nbsp;&nbsp;1.25%, 1/15/26<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36847 |
| &nbsp;&nbsp;3.85%, 6/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;126962 |
| &nbsp;&nbsp;3.88%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;107186 |
| &nbsp;&nbsp;4.00%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;156889 |
| &nbsp;&nbsp;2.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34136 |
| &nbsp;&nbsp;2.30%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25807 |
| &nbsp;&nbsp;4.20%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;108432 |
| &nbsp;&nbsp;2.75%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;201579 |
| &nbsp;&nbsp;2.90%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73101 |
| &nbsp;&nbsp;3.25%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;708000 | &nbsp;&nbsp;&nbsp;&nbsp;553944 |
| &nbsp;&nbsp;3.13%, 5/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80659 |
|  |  | &nbsp;&nbsp;&nbsp;**6919755** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 3/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;442753 |
| Kimberly-Clark Corp., 3.10%, 3/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27766 |
| Procter & Gamble (The) Co., |  |  |
| &nbsp;&nbsp;2.80%, 3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19023 |
| &nbsp;&nbsp;3.00%, 3/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**545670** |
| **Institutional Financial Services – 1.6%** | **Institutional Financial Services – 1.6%** | **Institutional Financial Services – 1.6%** |
| Bank of New York Mellon (The) Corp., 1.60%, 4/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56157 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;3.63%, 2/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;118302 |
| &nbsp;&nbsp;3.85%, 7/08/24 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29574 |
| &nbsp;&nbsp;(SOFR + 0.51%), 0.66%, 9/10/24<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;561000 | &nbsp;&nbsp;&nbsp;&nbsp;544369 |
| &nbsp;&nbsp;3.50%, 4/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;419352 |
| &nbsp;&nbsp;3.50%, 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;547485 |
| &nbsp;&nbsp;(SOFR + 1.85%), 3.62%, 3/15/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57137 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.16%), 3.81%, 4/23/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;377755 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.30%), 4.22%, 5/01/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;925691 |
| &nbsp;&nbsp;(SOFR + 1.09%), 1.99%, 1/27/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;419415 |
| &nbsp;&nbsp;(SOFR + 1.28%), 2.62%, 4/22/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;266543 |
| &nbsp;&nbsp;(SOFR + 1.25%), 2.38%, 7/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;196511 |
| &nbsp;&nbsp;(SOFR + 1.26%), 2.65%, 10/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;&nbsp;369553 |
| &nbsp;&nbsp;(SOFR + 1.41%), 3.10%, 2/24/33<sup>(h)</sup> | &nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;882671 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;(SOFR + 1.51%), 3.21%, 4/22/42<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$80000 | &nbsp;&nbsp;&nbsp;&nbsp;$62725 |
| &nbsp;&nbsp;(SOFR + 1.47%), 2.91%, 7/21/42<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119558 |
| &nbsp;&nbsp;5.15%, 5/22/45 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405914 |
| &nbsp;&nbsp;4.75%, 10/21/45 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222440 |
| Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;4.60%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99212 |
| &nbsp;&nbsp;4.95%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29554 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;(SOFR + 0.62%), 0.73%, 4/05/24<sup>(h)</sup> | &nbsp;&nbsp;1602000 | &nbsp;&nbsp;&nbsp;&nbsp;1588114 |
| &nbsp;&nbsp;(SOFR + 1.99%), 2.19%, 4/28/26<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432291 |
| &nbsp;&nbsp;(SOFR + 0.88%), 1.59%, 5/04/27<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116741 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.34%), 3.59%, 7/22/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162709 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.14%), 3.77%, 1/24/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285152 |
| &nbsp;&nbsp;(SOFR + 1.73%), 5.12%, 2/01/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247730 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.63%), 4.43%, 1/23/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9745 |
| &nbsp;&nbsp;(SOFR + 1.14%), 2.70%, 1/22/31<sup>(h)</sup> | &nbsp;&nbsp;1273000 | &nbsp;&nbsp;&nbsp;&nbsp;1104676 |
| &nbsp;&nbsp;(SOFR + 3.12%), 3.62%, 4/01/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469108 |
| &nbsp;&nbsp;(SOFR + 1.03%), 1.79%, 2/13/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89397 |
| &nbsp;&nbsp;(SOFR + 1.02%), 1.93%, 4/28/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50046 |
| &nbsp;&nbsp;(SOFR + 1.18%), 2.24%, 7/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547398 |
| &nbsp;&nbsp;(SOFR + 1.20%), 2.51%, 10/20/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;822000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678854 |
| &nbsp;&nbsp;(SOFR + 1.29%), 2.94%, 1/21/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128103 |
| &nbsp;&nbsp;(SOFR + 2.08%), 4.89%, 7/20/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31696 |
| &nbsp;&nbsp;(SOFR + 2.56%), 6.34%, 10/18/33<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;509000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559540 |
|  |  | &nbsp;&nbsp;&nbsp;**12651218** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| American International Group, Inc., 2.50%, 6/30/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38065 |
| Aon Corp., 4.50%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97923 |
| Berkshire Hathaway Finance Corp., 4.25%, 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141341 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Guardian Life Global Funding, 1.10%, 6/23/25<sup>(b)</sup> | $50000 | &nbsp;&nbsp;&nbsp;&nbsp;$45724 |
| Marsh & McLennan Cos., Inc., 2.25%, 11/15/30 | &nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;148793 |
| MetLife, Inc., 6.40%, 12/15/36 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;101862 |
| New York Life Global Funding, 0.95%, 6/24/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73237 |
| Principal Life Global Funding II, 1.25%, 6/23/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36696 |
| Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**761498** |
| **Internet Media & Services – 0.0%<sup>(e)</sup>** | **Internet Media & Services – 0.0%<sup>(e)</sup>** | **Internet Media & Services – 0.0%<sup>(e)</sup>** |
| Alphabet, Inc., |  |  |
| &nbsp;&nbsp;0.45%, 8/15/25 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27361 |
| &nbsp;&nbsp;1.10%, 8/15/30 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48712 |
| &nbsp;&nbsp;1.90%, 8/15/40 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49273 |
| &nbsp;&nbsp;2.05%, 8/15/50 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25574 |
| Meta Platforms, Inc., 4.45%, 8/15/52 | &nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;173786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**324706** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;3.20%, 8/08/24 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96238 |
| &nbsp;&nbsp;2.90%, 6/25/25 | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;355791 |
| McDonald's Corp., |  |  |
| &nbsp;&nbsp;3.30%, 7/01/25 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68130 |
| &nbsp;&nbsp;1.45%, 9/01/25 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;129651 |
| &nbsp;&nbsp;3.70%, 1/30/26 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59032 |
| &nbsp;&nbsp;3.50%, 3/01/27 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28989 |
| &nbsp;&nbsp;3.50%, 7/01/27 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58026 |
| &nbsp;&nbsp;3.80%, 4/01/28 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;263609 |
| &nbsp;&nbsp;2.13%, 3/01/30 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;146375 |
| &nbsp;&nbsp;3.60%, 7/01/30 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75563 |
| &nbsp;&nbsp;4.88%, 12/09/45 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29623 |
| &nbsp;&nbsp;4.20%, 4/01/50 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;313360 |
|  |  | &nbsp;&nbsp;&nbsp;**1624387** |
| **Machinery – 0.0%<sup>(e)</sup>** | **Machinery – 0.0%<sup>(e)</sup>** | **Machinery – 0.0%<sup>(e)</sup>** |
| Deere & Co., |  |  |
| &nbsp;&nbsp;3.10%, 4/15/30 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27827 |
| &nbsp;&nbsp;3.75%, 4/15/50<sup>(f)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;181829 |
| Eaton Corp., 4.15%, 11/02/42 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**237004** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| Abbott Laboratories, |  |  |
| &nbsp;&nbsp;3.75%, 11/30/26 | $390000 | &nbsp;&nbsp;$384981 |
| &nbsp;&nbsp;4.75%, 11/30/36 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41668 |
| &nbsp;&nbsp;4.90%, 11/30/46 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94130 |
| Agilent Technologies, Inc., 2.10%, 6/04/30 | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55266 |
| Baxter International, Inc., 1.92%, 2/01/27 | &nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71305 |
| Becton Dickinson and Co., |  |  |
| &nbsp;&nbsp;3.36%, 6/06/24 | &nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85260 |
| &nbsp;&nbsp;4.69%, 12/15/44 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14257 |
| GE HealthCare Technologies, Inc., 5.60%, 11/15/25<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;264286 |
| Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;2.00%, 10/15/31 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33573 |
| &nbsp;&nbsp;4.95%, 11/21/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99663 |
|  |  | &nbsp;&nbsp;&nbsp;**1144389** |
| **Metals & Mining – 0.0%<sup>(e)</sup>** | **Metals & Mining – 0.0%<sup>(e)</sup>** | **Metals & Mining – 0.0%<sup>(e)</sup>** |
| Freeport-McMoRan, Inc., 5.45%, 3/15/43 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77720 |
| Newmont Corp., 2.25%, 10/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**144467** |
| **Oil & Gas Producers – 3.2%** | **Oil & Gas Producers – 3.2%** | **Oil & Gas Producers – 3.2%** |
| Apache Corp., |  |  |
| &nbsp;&nbsp;4.75%, 4/15/43 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79163 |
| &nbsp;&nbsp;4.25%, 1/15/44 | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;279314 |
| BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;3.41%, 2/11/26 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19461 |
| &nbsp;&nbsp;3.12%, 5/04/26 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;211446 |
| &nbsp;&nbsp;3.94%, 9/21/28<sup>(f)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;107945 |
| &nbsp;&nbsp;3.63%, 4/06/30 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76193 |
| &nbsp;&nbsp;1.75%, 8/10/30 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;166511 |
| &nbsp;&nbsp;3.00%, 2/24/50 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;138719 |
| Cameron LNG LLC, |  |  |
| &nbsp;&nbsp;2.90%, 7/15/31<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;143391 |
| &nbsp;&nbsp;3.30%, 1/15/35<sup>(b)</sup> | &nbsp;&nbsp;807000 | &nbsp;&nbsp;&nbsp;&nbsp;704531 |
| &nbsp;&nbsp;3.40%, 1/15/38<sup>(b)</sup> | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;195988 |
| Cheniere Corpus Christi Holdings LLC, |  |  |
| &nbsp;&nbsp;5.88%, 3/31/25 | &nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;235245 |
| &nbsp;&nbsp;5.13%, 6/30/27 | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;284124 |
| &nbsp;&nbsp;2.74%, 12/31/39 | &nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80319 |
| Cheniere Energy Partners L.P., |  |  |
| &nbsp;&nbsp;4.50%, 10/01/29 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;168862 |
| &nbsp;&nbsp;3.25%, 1/31/32<sup>(f)</sup> | &nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;517595 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Chevron Corp., |  |  |
| &nbsp;&nbsp;1.55%, 5/11/25 | &nbsp;&nbsp;$130000 | &nbsp;&nbsp;$122362 |
| &nbsp;&nbsp;2.00%, 5/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36697 |
| &nbsp;&nbsp;3.08%, 5/11/50 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;179219 |
| Chevron USA, Inc., 3.85%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;237141 |
| Continental Resources, Inc., |  |  |
| &nbsp;&nbsp;3.80%, 6/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;127415 |
| &nbsp;&nbsp;4.38%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;342530 |
| &nbsp;&nbsp;5.75%, 1/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19637 |
| &nbsp;&nbsp;4.90%, 6/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;570126 |
| Coterra Energy, Inc., |  |  |
| &nbsp;&nbsp;3.90%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;268746 |
| &nbsp;&nbsp;4.38%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;815645 |
| Devon Energy Corp., |  |  |
| &nbsp;&nbsp;5.85%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;123136 |
| &nbsp;&nbsp;5.25%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61461 |
| &nbsp;&nbsp;5.88%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8198 |
| &nbsp;&nbsp;4.50%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;108275 |
| &nbsp;&nbsp;5.60%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;401364 |
| &nbsp;&nbsp;4.75%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;394396 |
| &nbsp;&nbsp;5.00%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;137723 |
| Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;3.25%, 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;610188 |
| &nbsp;&nbsp;3.50%, 12/01/29 | &nbsp;&nbsp;1738000 | &nbsp;&nbsp;&nbsp;1584881 |
| &nbsp;&nbsp;3.13%, 3/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69834 |
| &nbsp;&nbsp;4.40%, 3/24/51 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;311063 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;3.90%, 5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;100246 |
| &nbsp;&nbsp;2.90%, 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;190805 |
| &nbsp;&nbsp;5.95%, 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;163597 |
| &nbsp;&nbsp;5.50%, 6/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;131961 |
| &nbsp;&nbsp;4.95%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19886 |
| &nbsp;&nbsp;5.25%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60561 |
| &nbsp;&nbsp;3.75%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;394094 |
| &nbsp;&nbsp;4.95%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92744 |
| &nbsp;&nbsp;5.15%, 2/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89520 |
| &nbsp;&nbsp;5.30%, 4/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;146802 |
| &nbsp;&nbsp;5.35%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;191318 |
| &nbsp;&nbsp;5.30%, 4/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;149271 |
| &nbsp;&nbsp;5.40%, 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;279712 |
| &nbsp;&nbsp;6.25%, 4/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;108663 |
| &nbsp;&nbsp;5.00%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;298459 |
| Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;4.15%, 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;263651 |
| &nbsp;&nbsp;3.13%, 7/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;271204 |
| &nbsp;&nbsp;2.80%, 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;265898 |
| &nbsp;&nbsp;7.55%, 4/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11764 |
| &nbsp;&nbsp;5.95%, 2/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52371 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;4.85%, 3/15/44 | $80000 | $76193 |
| &nbsp;&nbsp;5.10%, 2/15/45 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;97778 |
| &nbsp;&nbsp;4.80%, 2/01/49 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;37054 |
| &nbsp;&nbsp;4.20%, 1/31/50 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;51183 |
| &nbsp;&nbsp;3.70%, 1/31/51 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;133483 |
| &nbsp;&nbsp;3.20%, 2/15/52 | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;47958 |
| &nbsp;&nbsp;3.95%, 1/31/60 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;55368 |
| &nbsp;&nbsp;(3M USD LIBOR + 2.57%), 5.38%, 2/15/78<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;41825 |
| EOG Resources, Inc., |  |  |
| &nbsp;&nbsp;4.38%, 4/15/30 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;269177 |
| &nbsp;&nbsp;3.90%, 4/01/35 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;170228 |
| &nbsp;&nbsp;4.95%, 4/15/50 | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;423814 |
| EQT Corp., |  |  |
| &nbsp;&nbsp;5.70%, 4/01/28 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;70827 |
| &nbsp;&nbsp;7.00%, 2/01/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;159542 |
| Exxon Mobil Corp., |  |  |
| &nbsp;&nbsp;2.99%, 3/19/25 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;291676 |
| &nbsp;&nbsp;3.04%, 3/01/26 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;67486 |
| &nbsp;&nbsp;2.44%, 8/16/29<sup>(f)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;217251 |
| &nbsp;&nbsp;3.48%, 3/19/30 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;115180 |
| &nbsp;&nbsp;4.11%, 3/01/46 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18202 |
| &nbsp;&nbsp;4.33%, 3/19/50 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9419 |
| &nbsp;&nbsp;3.45%, 4/15/51 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;244626 |
| Kinder Morgan Energy Partners L.P., |  |  |
| &nbsp;&nbsp;4.25%, 9/01/24 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;98767 |
| &nbsp;&nbsp;6.50%, 2/01/37 | &nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;137458 |
| &nbsp;&nbsp;6.38%, 3/01/41 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;116248 |
| &nbsp;&nbsp;5.50%, 3/01/44 | &nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;106737 |
| Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;4.30%, 6/01/25 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;89030 |
| &nbsp;&nbsp;4.30%, 3/01/28 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;343081 |
| &nbsp;&nbsp;5.20%, 6/01/33 | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;94666 |
| &nbsp;&nbsp;5.55%, 6/01/45 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;204638 |
| &nbsp;&nbsp;5.05%, 2/15/46 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;36488 |
| &nbsp;&nbsp;5.20%, 3/01/48 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;55827 |
| Marathon Petroleum Corp., 4.50%, 4/01/48 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;29705 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp;4.00%, 3/15/28 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;192037 |
| &nbsp;&nbsp;4.80%, 2/15/29 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29732 |
| &nbsp;&nbsp;4.50%, 4/15/38 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;81757 |
| &nbsp;&nbsp;5.20%, 3/01/47 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;55362 |
| &nbsp;&nbsp;5.20%, 12/01/47 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;91312 |
| &nbsp;&nbsp;4.70%, 4/15/48 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;181206 |
| &nbsp;&nbsp;5.50%, 2/15/49 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;85888 |
| NGPL PipeCo LLC, |  |  |
| &nbsp;&nbsp;4.88%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;163962 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| NGPL PipeCo LLC, |  |  |
| &nbsp;&nbsp;3.25%, 7/15/31<sup>(b)</sup> | &nbsp;&nbsp;$368000 | &nbsp;&nbsp;$311416 |
| Northwest Pipeline LLC, 4.00%, 4/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;383000 | &nbsp;&nbsp;&nbsp;&nbsp;370970 |
| Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;6.95%, 7/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95704 |
| &nbsp;&nbsp;5.55%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;161608 |
| &nbsp;&nbsp;3.00%, 2/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;202241 |
| &nbsp;&nbsp;7.88%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;237844 |
| &nbsp;&nbsp;4.50%, 7/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65462 |
| &nbsp;&nbsp;6.60%, 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;159731 |
| &nbsp;&nbsp;4.10%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39945 |
| &nbsp;&nbsp;4.20%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;181604 |
| Pioneer Natural Resources Co., |  |  |
| &nbsp;&nbsp;1.13%, 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27136 |
| &nbsp;&nbsp;1.90%, 8/15/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;123047 |
| &nbsp;&nbsp;2.15%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;315112 |
| Sabine Pass Liquefaction LLC, |  |  |
| &nbsp;&nbsp;5.63%, 3/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;931000 | &nbsp;&nbsp;&nbsp;&nbsp;939302 |
| &nbsp;&nbsp;5.88%, 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;265867 |
| &nbsp;&nbsp;5.90%, 9/15/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;180589 |
| Southern Natural Gas Co. LLC, 8.00%, 3/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90341 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp;5.20%, 7/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;261414 |
| &nbsp;&nbsp;4.95%, 4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51375 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., |  |  |
| &nbsp;&nbsp;5.00%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;118016 |
| &nbsp;&nbsp;4.00%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;261962 |
| Tennessee Gas Pipeline Co. LLC, 2.90%, 3/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;183065 |
| Texas Eastern Transmission L.P., |  |  |
| &nbsp;&nbsp;3.50%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;211454 |
| &nbsp;&nbsp;7.00%, 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17303 |
| Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;7.85%, 2/01/26 | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;1241666 |
| &nbsp;&nbsp;4.00%, 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;436000 | &nbsp;&nbsp;&nbsp;&nbsp;420959 |
| Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;3.35%, 2/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47750 |
| &nbsp;&nbsp;4.65%, 7/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86625 |
| Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;4.90%, 1/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;404485 |
| &nbsp;&nbsp;5.10%, 9/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;132412 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Williams (The) Cos., Inc., |  |  |  |
| &nbsp;&nbsp;4.85%, 3/01/48 |  | $110000 | &nbsp;&nbsp;&nbsp;&nbsp;$100086 |
| &nbsp;&nbsp;3.50%, 10/15/51 |  | &nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80481 |
|  |  |  | &nbsp;&nbsp;&nbsp;**25400514** |
| **Oil, Gas Services & Equipment – 0.0%<sup>(e)</sup>** | **Oil, Gas Services & Equipment – 0.0%<sup>(e)</sup>** | **Oil, Gas Services & Equipment – 0.0%<sup>(e)</sup>** | **Oil, Gas Services & Equipment – 0.0%<sup>(e)</sup>** |
| Halliburton Co., 3.80%, 11/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2946** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34<sup>(f)</sup> |  | &nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251536 |
| American Tower Corp., |  |  |  |
| &nbsp;&nbsp;3.95%, 3/15/29 |  | &nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49888 |
| &nbsp;&nbsp;3.80%, 8/15/29 |  | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224302 |
| &nbsp;&nbsp;2.10%, 6/15/30 |  | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117980 |
| &nbsp;&nbsp;1.88%, 10/15/30 |  | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33687 |
| Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;3.10%, 11/15/29<sup>(f)</sup> |  | &nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374461 |
| &nbsp;&nbsp;3.30%, 7/01/30 |  | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57268 |
| &nbsp;&nbsp;2.10%, 4/01/31 |  | &nbsp;&nbsp;359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293842 |
| Digital Dutch Finco B.V., |  |  |  |
| &nbsp;&nbsp;1.50%, 3/15/30 | EUR | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116161 |
| &nbsp;&nbsp;1.00%, 1/15/32 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81254 |
| Equinix, Inc., |  |  |  |
| &nbsp;&nbsp;3.20%, 11/18/29<sup>(f)</sup> |  | &nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308678 |
| &nbsp;&nbsp;2.15%, 7/15/30 |  | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153676 |
| &nbsp;&nbsp;3.90%, 4/15/32 |  | &nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464343 |
| GLP Capital L.P./GLP Financing II, Inc., |  |  |  |
| &nbsp;&nbsp;4.00%, 1/15/30 |  | &nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439918 |
| &nbsp;&nbsp;4.00%, 1/15/31 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176605 |
| &nbsp;&nbsp;3.25%, 1/15/32 |  | &nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325844 |
| Kimco Realty OP LLC, 4.60%, 2/01/33 |  | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39656 |
| National Retail Properties, Inc., |  |  |  |
| &nbsp;&nbsp;3.10%, 4/15/50 |  | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27924 |
| &nbsp;&nbsp;3.50%, 4/15/51 |  | &nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175457 |
| &nbsp;&nbsp;3.00%, 4/15/52 |  | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12436 |
| Prologis L.P., 1.75%, 2/01/31 |  | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306631 |
| Realty Income Corp., 3.25%, 1/15/31 |  | &nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66746 |
| VICI Properties L.P., |  |  |  |
| &nbsp;&nbsp;4.75%, 2/15/28 |  | &nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178172 |
| &nbsp;&nbsp;4.95%, 2/15/30 |  | &nbsp;&nbsp;529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511569 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| VICI Properties L.P./VICI Note Co., Inc., 4.25%, 12/01/26<sup>(b)</sup> | $409000 | &nbsp;&nbsp;$385994 |
| WP Carey, Inc., 2.40%, 2/01/31 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;134159 |
|  |  | &nbsp;&nbsp;&nbsp;**5308187** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Costco Wholesale Corp., |  |  |
| &nbsp;&nbsp;1.38%, 6/20/27 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;169993 |
| &nbsp;&nbsp;1.75%, 4/20/32 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74196 |
| Target Corp., 2.25%, 4/15/25 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;104857 |
| Walmart, Inc., |  |  |
| &nbsp;&nbsp;1.50%, 9/22/28 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52742 |
| &nbsp;&nbsp;2.38%, 9/24/29 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17953 |
| &nbsp;&nbsp;1.80%, 9/22/31 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**453396** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Home Depot (The), Inc., |  |  |
| &nbsp;&nbsp;2.50%, 4/15/27 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56141 |
| &nbsp;&nbsp;3.90%, 12/06/28 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9871 |
| &nbsp;&nbsp;2.70%, 4/15/30 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72092 |
| &nbsp;&nbsp;3.30%, 4/15/40 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;135513 |
| &nbsp;&nbsp;3.90%, 6/15/47 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17692 |
| &nbsp;&nbsp;3.35%, 4/15/50 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;168324 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;1.70%, 9/15/28<sup>(f)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;155161 |
| &nbsp;&nbsp;4.50%, 4/15/30 | &nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;353136 |
| &nbsp;&nbsp;2.80%, 9/15/41 | &nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87762 |
|  |  | &nbsp;&nbsp;&nbsp;**1055692** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| Applied Materials, Inc., 1.75%, 6/01/30 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;176319 |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp;4.15%, 11/15/30 | &nbsp;&nbsp;312000 | &nbsp;&nbsp;&nbsp;&nbsp;291044 |
| &nbsp;&nbsp;2.45%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp;120670 |
| &nbsp;&nbsp;4.15%, 4/15/32<sup>(b)</sup> | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94883 |
| &nbsp;&nbsp;3.42%, 4/15/33<sup>(b)</sup> | &nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;223999 |
| &nbsp;&nbsp;3.47%, 4/15/34<sup>(b)</sup> | &nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;349892 |
| &nbsp;&nbsp;3.14%, 11/15/35<sup>(b)</sup> | &nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;683193 |
| &nbsp;&nbsp;4.93%, 5/15/37<sup>(b)</sup> | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;169805 |
| Intel Corp., |  |  |
| &nbsp;&nbsp;3.70%, 7/29/25 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19562 |
| &nbsp;&nbsp;1.60%, 8/12/28 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;148031 |
| &nbsp;&nbsp;4.75%, 3/25/50 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;138573 |
| &nbsp;&nbsp;3.05%, 8/12/51<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55356 |
| KLA Corp., |  |  |
| &nbsp;&nbsp;4.65%, 7/15/32 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;132030 |
| &nbsp;&nbsp;3.30%, 3/01/50 | &nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;275502 |
| &nbsp;&nbsp;5.25%, 7/15/62 | &nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;153308 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| Lam Research Corp., 2.88%, 6/15/50<sup>(f)</sup> | &nbsp;&nbsp;$116000 | &nbsp;&nbsp;&nbsp;&nbsp;$83659 |
| NVIDIA Corp., |  |  |
| &nbsp;&nbsp;3.50%, 4/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;217218 |
| &nbsp;&nbsp;3.50%, 4/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;273823 |
| &nbsp;&nbsp;3.70%, 4/01/60 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;121827 |
| QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp;5.40%, 5/20/33<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;111764 |
| &nbsp;&nbsp;6.00%, 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;207619 |
| Texas Instruments, Inc., |  |  |
| &nbsp;&nbsp;2.90%, 11/03/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;370965 |
| &nbsp;&nbsp;1.75%, 5/04/30 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59523 |
| &nbsp;&nbsp;3.88%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;187119 |
|  |  | &nbsp;&nbsp;&nbsp;**4665684** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| Adobe, Inc., 2.30%, 2/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;176570 |
| Autodesk, Inc., 2.40%, 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;145038 |
| Microsoft Corp., |  |  |
| &nbsp;&nbsp;3.30%, 2/06/27<sup>(f)</sup> | &nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;1090505 |
| &nbsp;&nbsp;2.53%, 6/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;142523 |
| &nbsp;&nbsp;2.92%, 3/17/52 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53522 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp;1.65%, 3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;328320 |
| &nbsp;&nbsp;2.95%, 4/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26389 |
| &nbsp;&nbsp;2.88%, 3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;370367 |
| &nbsp;&nbsp;3.85%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68178 |
| &nbsp;&nbsp;3.80%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;176503 |
| &nbsp;&nbsp;6.13%, 7/08/39 | &nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;191542 |
| &nbsp;&nbsp;3.60%, 4/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80026 |
| &nbsp;&nbsp;5.38%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;203275 |
| &nbsp;&nbsp;3.65%, 3/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;143256 |
| &nbsp;&nbsp;4.13%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85987 |
| &nbsp;&nbsp;4.00%, 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;414000 | &nbsp;&nbsp;&nbsp;&nbsp;328176 |
| &nbsp;&nbsp;4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47588 |
| &nbsp;&nbsp;3.60%, 4/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;293208 |
| &nbsp;&nbsp;4.38%, 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58560 |
| Salesforce, Inc., |  |  |
| &nbsp;&nbsp;3.70%, 4/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;244700 |
| &nbsp;&nbsp;3.05%, 7/15/61<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44835 |
| ServiceNow, Inc., 1.40%, 9/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;192054 |
| VMware, Inc., 2.20%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;193381 |
| Workday, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 4/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66993 |
| &nbsp;&nbsp;3.70%, 4/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94117 |
| &nbsp;&nbsp;3.80%, 4/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45684 |
|  |  | &nbsp;&nbsp;&nbsp;**4891297** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| Air Lease Corp., |  |  |
| &nbsp;&nbsp;3.38%, 7/01/25 | $70000 | &nbsp;&nbsp;&nbsp;&nbsp;$66930 |
| &nbsp;&nbsp;5.30%, 2/01/28 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;159735 |
| American Express Co., |  |  |
| &nbsp;&nbsp;3.38%, 5/03/24 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;167074 |
| &nbsp;&nbsp;2.50%, 7/30/24 | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;396159 |
| &nbsp;&nbsp;4.20%, 11/06/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69337 |
| &nbsp;&nbsp;4.05%, 5/03/29 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;205107 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;(SOFR + 1.79%), 3.27%, 3/01/30<sup>(h)</sup> | &nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;123145 |
| &nbsp;&nbsp;(SOFR + 2.60%), 5.82%, 2/01/34<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95736 |
| Penske Truck Leasing Co. L.P./PTL Finance Corp., |  |  |
| &nbsp;&nbsp;1.20%, 11/15/25<sup>(b)</sup> | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;103837 |
| &nbsp;&nbsp;1.70%, 6/15/26<sup>(b)(f)</sup> | &nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;214430 |
| &nbsp;&nbsp;5.88%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;366086 |
| &nbsp;&nbsp;5.70%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp;200956 |
| USAA Capital Corp., 2.13%, 5/01/30<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;127617 |
|  |  | &nbsp;&nbsp;&nbsp;**2296149** |
| **Steel – 0.0%<sup>(e)</sup>** | **Steel – 0.0%<sup>(e)</sup>** | **Steel – 0.0%<sup>(e)</sup>** |
| Nucor Corp., 3.95%, 5/01/28 | &nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;**125621** |
| **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** |
| Apple, Inc., |  |  |
| &nbsp;&nbsp;1.13%, 5/11/25<sup>(f)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;242140 |
| &nbsp;&nbsp;2.45%, 8/04/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94265 |
| &nbsp;&nbsp;2.90%, 9/12/27 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;436634 |
| &nbsp;&nbsp;2.40%, 8/20/50 | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;111285 |
| &nbsp;&nbsp;2.80%, 2/08/61 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47997 |
| Dell International LLC/EMC Corp., 3.45%, 12/15/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56462 |
| HP, Inc., 2.65%, 6/17/31 | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31635 |
| Juniper Networks, Inc., 2.00%, 12/10/30 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55519 |
| Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp;2.75%, 5/24/31 | &nbsp;&nbsp;812000 | &nbsp;&nbsp;&nbsp;&nbsp;672468 |
| &nbsp;&nbsp;5.60%, 6/01/32 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;142738 |
| &nbsp;&nbsp;5.50%, 9/01/44 | &nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;252439 |
| Seagate HDD Cayman, 4.09%, 6/01/29 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62039 |
|  |  | &nbsp;&nbsp;&nbsp;**2205621** |
| **Technology Services – 0.5%** | **Technology Services – 0.5%** | **Technology Services – 0.5%** |
| FactSet Research Systems, Inc., 3.45%, 3/01/32 | &nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;208392 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Services (Continued)** | **Technology Services (Continued)** | **Technology Services (Continued)** |
| Global Payments, Inc., |  |  |
| &nbsp;&nbsp;1.20%, 3/01/26 | $455000 | &nbsp;&nbsp;$404566 |
| &nbsp;&nbsp;4.95%, 8/15/27 | &nbsp;&nbsp;409000 | &nbsp;&nbsp;&nbsp;&nbsp;409655 |
| &nbsp;&nbsp;3.20%, 8/15/29 | &nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;347259 |
| &nbsp;&nbsp;2.90%, 5/15/30 | &nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;245458 |
| &nbsp;&nbsp;5.95%, 8/15/52 | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66166 |
| International Business Machines Corp., 3.00%, 5/15/24 | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;400445 |
| Leidos, Inc., 2.30%, 2/15/31 | &nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;348143 |
| Mastercard, Inc., |  |  |
| &nbsp;&nbsp;3.35%, 3/26/30 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;113504 |
| &nbsp;&nbsp;3.85%, 3/26/50 | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;345089 |
| Moody's Corp., |  |  |
| &nbsp;&nbsp;3.25%, 1/15/28 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94438 |
| &nbsp;&nbsp;4.88%, 12/17/48 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39295 |
| &nbsp;&nbsp;3.10%, 11/29/61 | &nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;113336 |
| PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp;1.65%, 6/01/25 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84201 |
| &nbsp;&nbsp;2.30%, 6/01/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;127767 |
| &nbsp;&nbsp;4.40%, 6/01/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68695 |
| S&P Global, Inc., 4.75%, 8/01/28<sup>(b)</sup> | &nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;134942 |
| Visa, Inc., |  |  |
| &nbsp;&nbsp;3.15%, 12/14/25 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;223339 |
| &nbsp;&nbsp;4.30%, 12/14/45 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;164721 |
|  |  | &nbsp;&nbsp;&nbsp;**3939411** |
| **Telecommunications – 1.3%** | **Telecommunications – 1.3%** | **Telecommunications – 1.3%** |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp;3.80%, 2/15/27 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;165175 |
| &nbsp;&nbsp;2.30%, 6/01/27 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;155369 |
| &nbsp;&nbsp;1.65%, 2/01/28 | &nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;455840 |
| &nbsp;&nbsp;4.35%, 3/01/29 | &nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;153332 |
| &nbsp;&nbsp;4.30%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;102511 |
| &nbsp;&nbsp;2.25%, 2/01/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24497 |
| &nbsp;&nbsp;2.55%, 12/01/33 | &nbsp;&nbsp;421000 | &nbsp;&nbsp;&nbsp;&nbsp;340409 |
| &nbsp;&nbsp;4.50%, 5/15/35 | &nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72236 |
| &nbsp;&nbsp;5.35%, 9/01/40 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50532 |
| &nbsp;&nbsp;3.50%, 6/01/41 | &nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;169395 |
| &nbsp;&nbsp;5.55%, 8/15/41 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41062 |
| &nbsp;&nbsp;4.80%, 6/15/44 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20548 |
| &nbsp;&nbsp;3.30%, 2/01/52 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29339 |
| &nbsp;&nbsp;3.50%, 9/15/53 | &nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp;332813 |
| &nbsp;&nbsp;3.55%, 9/15/55 | &nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;282429 |
| &nbsp;&nbsp;3.80%, 12/01/57 | &nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;112518 |
| &nbsp;&nbsp;3.65%, 9/15/59 | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;186943 |
| &nbsp;&nbsp;3.50%, 2/01/61 | &nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81182 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 4/15/25<sup>(f)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;223340 |
| &nbsp;&nbsp;3.75%, 4/15/27 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19237 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;3.38%, 4/15/29 |  | $269000 | &nbsp;&nbsp;$245175 |
| &nbsp;&nbsp;3.88%, 4/15/30 |  | &nbsp;&nbsp;987000 | &nbsp;&nbsp;&nbsp;&nbsp;924406 |
| &nbsp;&nbsp;2.88%, 2/15/31 |  | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64119 |
| &nbsp;&nbsp;2.55%, 2/15/31 |  | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59426 |
| &nbsp;&nbsp;2.25%, 11/15/31 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;327120 |
| &nbsp;&nbsp;3.00%, 2/15/41 |  | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;141687 |
| &nbsp;&nbsp;3.30%, 2/15/51 |  | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50397 |
| Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;2.63%, 8/15/26 |  | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390 |
| &nbsp;&nbsp;4.13%, 3/16/27 |  | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59253 |
| &nbsp;&nbsp;3.00%, 3/22/27 |  | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28339 |
| &nbsp;&nbsp;2.10%, 3/22/28 |  | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;321050 |
| &nbsp;&nbsp;4.33%, 9/21/28 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;246587 |
| &nbsp;&nbsp;3.88%, 2/08/29 |  | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28879 |
| &nbsp;&nbsp;3.15%, 3/22/30 |  | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81735 |
| &nbsp;&nbsp;1.50%, 9/18/30 |  | &nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;388023 |
| &nbsp;&nbsp;1.68%, 10/30/30 |  | &nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;101582 |
| &nbsp;&nbsp;7.75%, 12/01/30 |  | &nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;125207 |
| &nbsp;&nbsp;1.75%, 1/20/31 |  | &nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;264131 |
| &nbsp;&nbsp;2.55%, 3/21/31 |  | &nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;471158 |
| &nbsp;&nbsp;2.36%, 3/15/32 |  | &nbsp;&nbsp;687000 | &nbsp;&nbsp;&nbsp;&nbsp;565954 |
| &nbsp;&nbsp;4.50%, 8/10/33 |  | &nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp;589535 |
| &nbsp;&nbsp;4.40%, 11/01/34 |  | &nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;297115 |
| &nbsp;&nbsp;2.65%, 11/20/40 |  | &nbsp;&nbsp;883000 | &nbsp;&nbsp;&nbsp;&nbsp;637768 |
| &nbsp;&nbsp;3.40%, 3/22/41 |  | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40246 |
| &nbsp;&nbsp;3.85%, 11/01/42 |  | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50906 |
| &nbsp;&nbsp;4.13%, 8/15/46 |  | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60686 |
| &nbsp;&nbsp;4.86%, 8/21/46 |  | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38629 |
| &nbsp;&nbsp;4.00%, 3/22/50 |  | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;160598 |
| &nbsp;&nbsp;2.88%, 11/20/50 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;272009 |
| &nbsp;&nbsp;3.55%, 3/22/51 |  | &nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;255903 |
|  |  |  | &nbsp;&nbsp;&nbsp;**9925720** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Altria Group, Inc., |  |  |  |
| &nbsp;&nbsp;2.35%, 5/06/25 |  | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28491 |
| &nbsp;&nbsp;4.40%, 2/14/26 |  | &nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;171280 |
| &nbsp;&nbsp;2.20%, 6/15/27 | EUR | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99566 |
| &nbsp;&nbsp;4.80%, 2/14/29 |  | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79133 |
| &nbsp;&nbsp;3.13%, 6/15/31 | EUR | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;189402 |
| &nbsp;&nbsp;2.45%, 2/04/32 |  | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;140639 |
| &nbsp;&nbsp;5.80%, 2/14/39 |  | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67445 |
| &nbsp;&nbsp;3.40%, 2/04/41 |  | &nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;248990 |
| &nbsp;&nbsp;5.95%, 2/14/49 |  | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;241000 |
| &nbsp;&nbsp;6.20%, 2/14/59 |  | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23737 |
| Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;5.13%, 11/17/27 |  | &nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;340337 |
| &nbsp;&nbsp;2.10%, 5/01/30 |  | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58595 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** |
| Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;1.45%, 8/01/39 | EUR | $200000 | &nbsp;&nbsp;$129986 |
| &nbsp;&nbsp;4.50%, 3/20/42 |  | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53087 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1871688** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| American Airlines Pass Through Trust, |  |  |  |
| &nbsp;&nbsp;Series 2015-2, Class AA, 3.60%, 9/22/27 |  | &nbsp;&nbsp;&nbsp;12458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11393 |
| &nbsp;&nbsp;Series 2016-1, Class AA, 3.58%, 1/15/28 |  | &nbsp;&nbsp;&nbsp;69064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62545 |
| &nbsp;&nbsp;Series 2016-2, Class AA, 3.20%, 6/15/28<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;21585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19229 |
| &nbsp;&nbsp;Series 2016-3, Class AA, 3.00%, 10/15/28 |  | &nbsp;&nbsp;106878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93827 |
| &nbsp;&nbsp;Series 2017-1, Class AA, 3.65%, 2/15/29 |  | &nbsp;&nbsp;&nbsp;19078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17422 |
| &nbsp;&nbsp;Series 2019-1, Class AA, 3.15%, 2/15/32 |  | &nbsp;&nbsp;&nbsp;64832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56398 |
| Burlington Northern Santa Fe LLC, 3.30%, 9/15/51 |  | &nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;148686 |
| CSX Corp., |  |  |  |
| &nbsp;&nbsp;3.35%, 9/15/49 |  | &nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91093 |
| &nbsp;&nbsp;4.50%, 11/15/52 |  | &nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;135513 |
| Delta Air Lines Pass Through Trust, |  |  |  |
| &nbsp;&nbsp;Series 2019-1, Class AA, 3.20%, 10/25/25 |  | &nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;135544 |
| &nbsp;&nbsp;Series 2015-1, Class AA, 3.63%, 7/30/27 |  | &nbsp;&nbsp;&nbsp;50503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47028 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |
| &nbsp;&nbsp;4.50%, 10/20/25<sup>(b)</sup> |  | &nbsp;&nbsp;201652 | &nbsp;&nbsp;&nbsp;&nbsp;199245 |
| &nbsp;&nbsp;4.75%, 10/20/28<sup>(b)</sup> |  | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;253321 |
| Norfolk Southern Corp., |  |  |  |
| &nbsp;&nbsp;3.05%, 5/15/50 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;152577 |
| &nbsp;&nbsp;4.55%, 6/01/53 |  | &nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64389 |
| &nbsp;&nbsp;3.16%, 5/15/55 |  | &nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67807 |
| Union Pacific Corp., |  |  |  |
| &nbsp;&nbsp;2.15%, 2/05/27 |  | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;110569 |
| &nbsp;&nbsp;2.40%, 2/05/30 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;193778 |
| &nbsp;&nbsp;3.95%, 8/15/59 |  | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34455 |
| &nbsp;&nbsp;3.84%, 3/20/60 |  | &nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;271684 |
| &nbsp;&nbsp;3.75%, 2/05/70 |  | &nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;187293 |
| United Airlines Pass Through Trust, |  |  |  |
| &nbsp;&nbsp;Series 2020-1, Class B, 4.88%, 1/15/26 |  | &nbsp;&nbsp;&nbsp;47028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45825 |
| &nbsp;&nbsp;Series 2014-1, Class A, 4.00%, 4/11/26 |  | &nbsp;&nbsp;&nbsp;82410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76697 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| United Airlines Pass Through Trust, |  |  |
| &nbsp;&nbsp;Series 2016-2, Class B, 3.65%, 4/07/27 | &nbsp;&nbsp;&nbsp;$2287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2118 |
| &nbsp;&nbsp;Series 2020-1, Class A, 5.88%, 10/15/27 | &nbsp;&nbsp;335767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339758 |
| &nbsp;&nbsp;Series 2015-1, Class AA, 3.45%, 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 |
| &nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;43626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39165 |
| &nbsp;&nbsp;Series 2016-1, Class AA, 3.10%, 7/07/28 | &nbsp;&nbsp;&nbsp;&nbsp;2129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 |
| &nbsp;&nbsp;Series 2016-2, Class AA, 2.88%, 10/07/28 | &nbsp;&nbsp;&nbsp;16185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14471 |
| &nbsp;&nbsp;Series 2018-1, Class AA, 3.50%, 3/01/30 | &nbsp;&nbsp;&nbsp;14564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12942 |
| &nbsp;&nbsp;Series 2019-2, Class AA, 2.70%, 5/01/32 | &nbsp;&nbsp;&nbsp;53071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2931549** |
| **Total Corporate Bonds<br> (Cost $171,653,740)** | **Total Corporate Bonds<br> (Cost $171,653,740)** | &nbsp;&nbsp;&nbsp;**158621639** |
| **Foreign Issuer Bonds – 6.4%** | **Foreign Issuer Bonds – 6.4%** | **Foreign Issuer Bonds – 6.4%** |
| **Argentina – 0.0%<sup>(e)</sup>** | **Argentina – 0.0%<sup>(e)</sup>** | **Argentina – 0.0%<sup>(e)</sup>** |
| Genneia S.A., 8.75%, 9/02/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;16330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15750 |
| YPF S.A., |  |  |
| &nbsp;&nbsp;7.00%, 9/30/33 | &nbsp;&nbsp;&nbsp;15526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11916 |
| &nbsp;&nbsp;7.00%, 12/15/47<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40340** |
| **Australia – 0.1%** | **Australia – 0.1%** | **Australia – 0.1%** |
| BHP Billiton Finance USA Ltd., 5.00%, 9/30/43 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165558 |
| Glencore Funding LLC, |  |  |
| &nbsp;&nbsp;4.13%, 3/12/24<sup>(b)</sup> | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385407 |
| &nbsp;&nbsp;4.00%, 3/27/27<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154840 |
| &nbsp;&nbsp;3.88%, 10/27/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66744 |
| &nbsp;&nbsp;2.50%, 9/01/30<sup>(b)(f)</sup> | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1060659** |
| **Belgium – 0.2%** | **Belgium – 0.2%** | **Belgium – 0.2%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;3.65%, 2/01/26 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293163 |
| &nbsp;&nbsp;4.70%, 2/01/36 | &nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88204 |
| &nbsp;&nbsp;4.90%, 2/01/46 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195216 |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;4.00%, 4/13/28 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137530 |
| &nbsp;&nbsp;4.75%, 1/23/29 | &nbsp;&nbsp;537000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545534 |
| &nbsp;&nbsp;3.50%, 6/01/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47158 |
| &nbsp;&nbsp;4.35%, 6/01/40 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120383 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Belgium (Continued)** | **Belgium (Continued)** | **Belgium (Continued)** |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;4.60%, 4/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;$22000 | &nbsp;&nbsp;&nbsp;&nbsp;$20813 |
| &nbsp;&nbsp;5.55%, 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;278857 |
|  |  | &nbsp;&nbsp;&nbsp;**1726858** |
| **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** |
| Atento Luxco 1 S.A., |  |  |
| &nbsp;&nbsp;8.00%, 2/10/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8672 |
| &nbsp;&nbsp;8.00%, 2/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 |
| Gol Finance S.A., 7.00%, 1/31/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26632 |
| Klabin Austria GmbH, 3.20%, 1/12/31<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;163613 |
| Oi S.A., (100% Cash), 10.00%, 7/27/25<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613 |
| Suzano Austria GmbH, |  |  |
| &nbsp;&nbsp;6.00%, 1/15/29 | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;1151422 |
| &nbsp;&nbsp;3.13%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35772 |
| Vale Overseas Ltd., |  |  |
| &nbsp;&nbsp;6.25%, 8/10/26<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;790742 |
| &nbsp;&nbsp;6.88%, 11/21/36 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;328526 |
|  |  | &nbsp;&nbsp;&nbsp;**2510702** |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.30%, 1/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12122 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;1.85%, 5/01/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;197064 |
| &nbsp;&nbsp;(5Y USD Swap Rate + 1.43%), 3.80%, 12/15/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36621 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;3.45%, 4/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;417557 |
| &nbsp;&nbsp;1.30%, 6/11/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;110805 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 2.05%), 4.59%, 5/04/37<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;126167 |
| Barrick North America Finance LLC, 5.75%, 5/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;206593 |
| Canadian Pacific Railway Co., |  |  |
| &nbsp;&nbsp;2.45%, 12/02/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;578597 |
| &nbsp;&nbsp;3.00%, 12/02/41<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;119059 |
| Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;3.80%, 3/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;365451 |
| &nbsp;&nbsp;4.55%, 3/15/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34464 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;1.15%, 6/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92240 |
| &nbsp;&nbsp;3.88%, 5/04/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;318695 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Toronto-Dominion Bank (The), |  |  |  |
| &nbsp;&nbsp;1.15%, 6/12/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;$110000 | &nbsp;&nbsp;$101196 |
| &nbsp;&nbsp;4.46%, 6/08/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;107970 |
|  |  |  | &nbsp;&nbsp;&nbsp;**2824601** |
| **Chile – 0.2%** | **Chile – 0.2%** | **Chile – 0.2%** | **Chile – 0.2%** |
| Chile Government International Bond, 3.10%, 1/22/61 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;204033 |
| Corp. Nacional del Cobre de Chile, |  |  |  |
| &nbsp;&nbsp;3.63%, 8/01/27<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;313994 |
| &nbsp;&nbsp;3.70%, 1/30/50<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;509103 |
| Kenbourne Invest S.A., 6.88%, 11/26/24<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;185750 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1212880** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., |  |  |  |
| &nbsp;&nbsp;2.70%, 5/01/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76095 |
| &nbsp;&nbsp;4.30%, 6/18/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;567387 |
| &nbsp;&nbsp;3.40%, 5/01/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70696 |
| Prosus N.V., |  |  |  |
| &nbsp;&nbsp;3.68%, 1/21/30<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;519000 |
| &nbsp;&nbsp;4.03%, 8/03/50<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;256859 |
| Sinopec Group Overseas Development 2014 Ltd., 4.38%, 4/10/24<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;288482 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1778519** |
| **Colombia – 0.4%** | **Colombia – 0.4%** | **Colombia – 0.4%** | **Colombia – 0.4%** |
| Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15251 |
| Colombia Government International Bond, |  |  |  |
| &nbsp;&nbsp;3.25%, 4/22/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;456130 |
| &nbsp;&nbsp;5.00%, 6/15/45 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;567621 |
| &nbsp;&nbsp;5.20%, 5/15/49 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;323629 |
| Colombian TES, |  |  |  |
| &nbsp;&nbsp;7.00%, 3/26/31 | COP | &nbsp;&nbsp;&nbsp;78500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12499 |
| &nbsp;&nbsp;13.25%, 2/09/33 | COP | &nbsp;&nbsp;143400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32413 |
| &nbsp;&nbsp;7.25%, 10/18/34 | COP | &nbsp;&nbsp;137000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20546 |
| Ecopetrol S.A., |  |  |  |
| &nbsp;&nbsp;4.13%, 1/16/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35843 |
| &nbsp;&nbsp;6.88%, 4/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;225872 |
| &nbsp;&nbsp;8.88%, 1/13/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32822 |
| &nbsp;&nbsp;5.88%, 5/28/45 |  | &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;872750 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Colombia (Continued)** | **Colombia (Continued)** | **Colombia (Continued)** |
| Grupo Aval Ltd., 4.38%, 2/04/30<sup>(b)</sup> | $200000 | &nbsp;&nbsp;$165780 |
| Promigas S.A. ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;166830 |
|  |  | &nbsp;&nbsp;&nbsp;**2927986** |
| **Denmark – 0.0%<sup>(e)</sup>** | **Denmark – 0.0%<sup>(e)</sup>** | **Denmark – 0.0%<sup>(e)</sup>** |
| Danske Bank A/S, (1Y US Treasury CMT + 1.00%), 1.23%, 6/22/24<sup>(b)(f)(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**189887** |
| **France – 0.3%** | **France – 0.3%** | **France – 0.3%** |
| BNP Paribas S.A., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 2.24%), 4.71%, 1/10/25<sup>(b)(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;198721 |
| &nbsp;&nbsp;(SOFR + 2.07%), 2.22%, 6/09/26<sup>(b)(h)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;559378 |
| &nbsp;&nbsp;(1Y US Treasury CMT + 1.45%), 5.13%, 1/13/29<sup>(b)(h)</sup> | &nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;831880 |
| &nbsp;&nbsp;(3M USD LIBOR + 2.57%), 5.20%, 1/10/30<sup>(b)(h)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;296722 |
| &nbsp;&nbsp;(SOFR + 1.51%), 3.05%, 1/13/31<sup>(b)(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;173577 |
| BPCE S.A., (SOFR + 2.10%), 5.98%, 1/18/27<sup>(b)(h)</sup> | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;318995 |
| Credit Agricole S.A., (SOFR + 1.68%), 1.91%, 6/16/26<sup>(b)(h)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;230872 |
| Danone S.A., 2.95%, 11/02/26<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;189174 |
|  |  | &nbsp;&nbsp;&nbsp;**2799319** |
| **Germany – 0.0%<sup>(e)</sup>** | **Germany – 0.0%<sup>(e)</sup>** | **Germany – 0.0%<sup>(e)</sup>** |
| Deutsche Bank A.G., (SOFR + 3.18%), 6.72%, 1/18/29<sup>(h)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;**157835** |
| **Hungary – 0.0%<sup>(e)</sup>** | **Hungary – 0.0%<sup>(e)</sup>** | **Hungary – 0.0%<sup>(e)</sup>** |
| Hungary Government International Bond, 6.13%, 5/22/28<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**206783** |
| **India – 0.1%** | **India – 0.1%** | **India – 0.1%** |
| Export-Import Bank of India, 3.38%, 8/05/26<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;187408 |
| Reliance Industries Ltd., |  |  |
| &nbsp;&nbsp;2.88%, 1/12/32<sup>(b)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;208008 |
| &nbsp;&nbsp;3.63%, 1/12/52<sup>(b)</sup> | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;325506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**720922** |
| **Indonesia – 0.2%** | **Indonesia – 0.2%** | **Indonesia – 0.2%** |
| Indonesia Government International Bond, |  |  |
| &nbsp;&nbsp;2.85%, 2/14/30 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;179991 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** |
| Indonesia Government International Bond, |  |  |  |
| &nbsp;&nbsp;3.05%, 3/12/51 |  | $222000 | &nbsp;&nbsp;$165992 |
| Pertamina Persero PT, 6.00%, 5/03/42<sup>(b)</sup> |  | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;278655 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.45%, 5/21/28<sup>(b)</sup> |  | &nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;777546 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1402184** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |  |
| &nbsp;&nbsp;2.45%, 10/29/26 |  | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;494781 |
| &nbsp;&nbsp;3.00%, 10/29/28 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;352617 |
| &nbsp;&nbsp;3.30%, 1/30/32 |  | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;125941 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**973339** |
| **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** |
| Israel Government International Bond, |  |  |  |
| &nbsp;&nbsp;2.75%, 7/03/30 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;454251 |
| &nbsp;&nbsp;4.50%, 4/03/20<sup>(j)</sup> |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;190341 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**644592** |
| **Japan – 0.2%** | **Japan – 0.2%** | **Japan – 0.2%** | **Japan – 0.2%** |
| Mitsubishi UFJ Financial Group, Inc., (1Y US Treasury CMT + 1.13%), 3.84%, 4/17/26<sup>(h)</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;194507 |
| Nissan Motor Co. Ltd., 4.81%, 9/17/30<sup>(b)</sup> |  | &nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;305536 |
| Nomura Holdings, Inc., 2.61%, 7/14/31 |  | &nbsp;&nbsp;293000 | &nbsp;&nbsp;&nbsp;&nbsp;237449 |
| Takeda Pharmaceutical Co. Ltd., |  |  |  |
| &nbsp;&nbsp;5.00%, 11/26/28 |  | &nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;409477 |
| &nbsp;&nbsp;2.00%, 7/09/40 | EUR | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88502 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1235471** |
| **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** |
| Kazakhstan Government International Bond, 4.88%, 10/14/44 |  | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;547842 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48<sup>(b)</sup> |  | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;359100 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**906942** |
| **Kuwait – 0.1%** | **Kuwait – 0.1%** | **Kuwait – 0.1%** | **Kuwait – 0.1%** |
| Equate Petrochemical B.V., |  |  |  |
| &nbsp;&nbsp;4.25%, 11/03/26<sup>(b)</sup> |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;204288 |
| &nbsp;&nbsp;2.63%, 4/28/28<sup>(b)</sup> |  | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;400500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**604788** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Macau – 0.3%** | **Macau – 0.3%** | **Macau – 0.3%** | **Macau – 0.3%** |
| Sands China Ltd., |  |  |  |
| &nbsp;&nbsp;5.63%, 8/08/25 |  | &nbsp;&nbsp;$300000 | &nbsp;&nbsp;$298228 |
| &nbsp;&nbsp;4.30%, 1/08/26<sup>(f)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;948548 |
| &nbsp;&nbsp;4.88%, 6/18/30<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;819910 |
|  |  |  | &nbsp;&nbsp;&nbsp;**2066686** |
| **Mexico – 0.8%** | **Mexico – 0.8%** | **Mexico – 0.8%** | **Mexico – 0.8%** |
| Banco Mercantil del Norte S.A., (10Y US Treasury CMT + 5.03%), 6.63%, 1/24/32<sup>(h)(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;176561 |
| Comision Federal de Electricidad, 3.88%, 7/26/33<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;568898 |
| Grupo Posadas S.A.B. de C.V., 4.00%, 12/30/27<sup>(i)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;13234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10499 |
| Mexican Bonos, |  |  |  |
| &nbsp;&nbsp;5.75%, 3/05/26 | MXN | &nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;219130 |
| &nbsp;&nbsp;7.50%, 6/03/27 | MXN | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75805 |
| &nbsp;&nbsp;8.50%, 5/31/29 | MXN | &nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85344 |
| &nbsp;&nbsp;8.50%, 11/18/38 | MXN | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;109181 |
| Mexico Government International Bond, |  |  |  |
| &nbsp;&nbsp;2.66%, 5/24/31<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;308463 |
| &nbsp;&nbsp;4.75%, 3/08/44 |  | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;1497668 |
| &nbsp;&nbsp;4.50%, 1/31/50<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;338981 |
| &nbsp;&nbsp;4.40%, 2/12/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;725430 |
| Orbia Advance Corp. S.A.B. de C.V., |  |  |  |
| &nbsp;&nbsp;1.88%, 5/11/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;247885 |
| &nbsp;&nbsp;2.88%, 5/11/31<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;217847 |
| Petroleos Mexicanos, |  |  |  |
| &nbsp;&nbsp;7.19%, 9/12/24 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19872 |
| &nbsp;&nbsp;6.88%, 8/04/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10779 |
| &nbsp;&nbsp;8.75%, 6/02/29<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64276 |
| &nbsp;&nbsp;6.70%, 2/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12451 |
| &nbsp;&nbsp;10.00%, 2/07/33<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48850 |
| &nbsp;&nbsp;5.63%, 1/23/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;393502 |
| Southern Copper Corp., 5.25%, 11/08/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;857389 |
|  |  |  | &nbsp;&nbsp;&nbsp;**5988811** |
| **Morocco – 0.0%<sup>(e)</sup>** | **Morocco – 0.0%<sup>(e)</sup>** | **Morocco – 0.0%<sup>(e)</sup>** | **Morocco – 0.0%<sup>(e)</sup>** |
| OCP S.A., 4.50%, 10/22/25<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**194497** |
| **Netherlands – 0.2%** | **Netherlands – 0.2%** | **Netherlands – 0.2%** | **Netherlands – 0.2%** |
| Cooperatieve Rabobank U.A., |  |  |  |
| &nbsp;&nbsp;4.38%, 8/04/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;431562 |
| &nbsp;&nbsp;(1Y US Treasury CMT + 1.22%), 3.65%, 4/06/28<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;237052 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Netherlands (Continued)** | **Netherlands (Continued)** | **Netherlands (Continued)** | **Netherlands (Continued)** |
| Cooperatieve Rabobank U.A., |  |  |  |
| &nbsp;&nbsp;(1Y US Treasury CMT + 1.42%), 3.76%, 4/06/33<sup>(b)(h)</sup> |  | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$223973 |
| Shell International Finance B.V., |  |  |  |
| &nbsp;&nbsp;2.88%, 5/10/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;133580 |
| &nbsp;&nbsp;3.88%, 11/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 |
| &nbsp;&nbsp;2.38%, 11/07/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;179126 |
| &nbsp;&nbsp;2.75%, 4/06/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;136762 |
| &nbsp;&nbsp;4.38%, 5/11/45 |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;141281 |
| &nbsp;&nbsp;4.00%, 5/10/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71209 |
| &nbsp;&nbsp;3.25%, 4/06/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;328554 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1915550** |
| **Panama – 0.1%** | **Panama – 0.1%** | **Panama – 0.1%** | **Panama – 0.1%** |
| Panama Government International Bond, |  |  |  |
| &nbsp;&nbsp;3.88%, 3/17/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;190736 |
| &nbsp;&nbsp;6.70%, 1/26/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;744859 |
| &nbsp;&nbsp;4.50%, 4/01/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp;187808 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1123403** |
| **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** |
| Peruvian Government International Bond, |  |  |  |
| &nbsp;&nbsp;4.13%, 8/25/27<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;133170 |
| &nbsp;&nbsp;5.63%, 11/18/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;111496 |
| &nbsp;&nbsp;3.55%, 3/10/51<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;161696 |
| &nbsp;&nbsp;3.60%, 1/15/72<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80677 |
| Petroleos del Peru S.A., |  |  |  |
| &nbsp;&nbsp;4.75%, 6/19/32<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;533750 |
| &nbsp;&nbsp;5.63%, 6/19/47<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;133428 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1154217** |
| **Philippines – 0.0%<sup>(e)</sup>** | **Philippines – 0.0%<sup>(e)</sup>** | **Philippines – 0.0%<sup>(e)</sup>** | **Philippines – 0.0%<sup>(e)</sup>** |
| Philippine Government International Bond, 3.20%, 7/06/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;**199715** |
| **Romania – 0.0%<sup>(e)</sup>** | **Romania – 0.0%<sup>(e)</sup>** | **Romania – 0.0%<sup>(e)</sup>** | **Romania – 0.0%<sup>(e)</sup>** |
| Romanian Government International Bond, |  |  |  |
| &nbsp;&nbsp;2.13%, 3/07/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21499 |
| &nbsp;&nbsp;2.88%, 5/26/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12582 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34081** |
| **Russia – 0.0%<sup>(e)</sup>** | **Russia – 0.0%<sup>(e)</sup>** | **Russia – 0.0%<sup>(e)</sup>** | **Russia – 0.0%<sup>(e)</sup>** |
| Lukoil Capital DAC, 3.60%, 10/26/31<sup>(b)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;334052 |
| Russian Federal Bond - OFZ, 6.10%, 7/18/35<sup>(m)</sup> | RUB | &nbsp;&nbsp;6245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**350952** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** |
| Anglo American Capital PLC, |  |  |  |
| &nbsp;&nbsp;4.00%, 9/11/27<sup>(b)</sup> |  | &nbsp;&nbsp;$400000 | &nbsp;&nbsp;$385568 |
| &nbsp;&nbsp;3.88%, 3/16/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;444000 | &nbsp;&nbsp;&nbsp;&nbsp;413522 |
| &nbsp;&nbsp;5.63%, 4/01/30<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;541342 |
| Republic of South Africa Government Bond, 8.00%, 1/31/30 | ZAR | &nbsp;&nbsp;1965000 | &nbsp;&nbsp;&nbsp;&nbsp;103603 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1444035** |
| **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** |
| Banco Santander S.A., 2.75%, 5/28/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;754312 |
| Telefonica Emisiones S.A., 4.10%, 3/08/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;145566 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**899878** |
| **Switzerland – 0.6%** | **Switzerland – 0.6%** | **Switzerland – 0.6%** | **Switzerland – 0.6%** |
| Credit Suisse A.G., |  |  |  |
| &nbsp;&nbsp;7.95%, 1/09/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;891188 |
| &nbsp;&nbsp;2.95%, 4/09/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;230836 |
| &nbsp;&nbsp;5.00%, 7/09/27<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;237134 |
| &nbsp;&nbsp;7.50%, 2/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;503652 |
| Credit Suisse Group A.G., |  |  |  |
| &nbsp;&nbsp;(SOFR + 1.56%), 2.59%, 9/11/25<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;228623 |
| &nbsp;&nbsp;(SOFR + 3.73%), 4.19%, 4/01/31<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;211795 |
| &nbsp;&nbsp;(SOFR + 1.73%), 3.09%, 5/14/32<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;378003 |
| &nbsp;&nbsp;(SOFR + 5.02%), 9.02%, 11/15/33<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;730061 |
| UBS Group A.G., |  |  |  |
| &nbsp;&nbsp;(1Y US Treasury CMT + 1.55%), 4.49%, 5/12/26<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;246283 |
| &nbsp;&nbsp;4.25%, 3/23/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;741423 |
| &nbsp;&nbsp;(1Y US Treasury CMT + 1.10%), 2.75%, 2/11/33<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;164584 |
|  |  |  | &nbsp;&nbsp;&nbsp;**4563582** |
| **Taiwan – 0.1%** | **Taiwan – 0.1%** | **Taiwan – 0.1%** | **Taiwan – 0.1%** |
| TSMC Arizona Corp., 2.50%, 10/25/31 |  | &nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;**875695** |
| **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** |
| DP World Ltd., 5.63%, 9/25/48<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;**697771** |
| **United Kingdom – 0.6%** | **United Kingdom – 0.6%** | **United Kingdom – 0.6%** | **United Kingdom – 0.6%** |
| BAE Systems PLC, 3.40%, 4/15/30<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;&nbsp;248431 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| Barclays PLC, |  |  |
| &nbsp;&nbsp;(1Y US Treasury CMT + 2.30%), 5.30%, 8/09/26<sup>(h)</sup> | $400000 | &nbsp;&nbsp;&nbsp;&nbsp;$400026 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.90%), 4.97%, 5/16/29<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195093 |
| &nbsp;&nbsp;(3M USD LIBOR + 3.05%), 5.09%, 6/20/30<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191852 |
| &nbsp;&nbsp;(1Y US Treasury CMT + 3.00%), 5.75%, 8/09/33<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201421 |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;3.56%, 8/15/27 | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391919 |
| &nbsp;&nbsp;2.26%, 3/25/28 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85983 |
| &nbsp;&nbsp;4.54%, 8/15/47 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144751 |
| &nbsp;&nbsp;5.28%, 4/02/50 | &nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31950 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;(SOFR + 1.93%), 2.10%, 6/04/26<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185363 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.55%), 4.04%, 3/13/28<sup>(h)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230085 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.53%), 4.58%, 6/19/29<sup>(h)</sup> | &nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618157 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.61%), 3.97%, 5/22/30<sup>(h)</sup> | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322771 |
| Lloyds Banking Group PLC, 4.38%, 3/22/28 | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281474 |
| Nationwide Building Society, (3M USD LIBOR + 1.39%), 4.36%, 8/01/24<sup>(b)(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198199 |
| Natwest Group PLC, |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 1.76%), 4.27%, 3/22/25<sup>(h)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394839 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.91%), 5.08%, 1/27/30<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197521 |
| RELX Capital, Inc., 3.00%, 5/22/30 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29308 |
| Reynolds American, Inc., 5.85%, 8/15/45 | &nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4447829** |
| **Uruguay – 0.2%** | **Uruguay – 0.2%** | **Uruguay – 0.2%** |
| Uruguay Government International Bond, |  |  |
| &nbsp;&nbsp;4.38%, 1/23/31 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169498 |
| &nbsp;&nbsp;5.75%, 10/28/34<sup>(f)</sup> | &nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530970 |
| &nbsp;&nbsp;5.10%, 6/18/50<sup>(f)</sup> | &nbsp;&nbsp;617641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1323618** |
| **Total Foreign Issuer Bonds<br> (Cost $56,951,494)** | **Total Foreign Issuer Bonds<br> (Cost $56,951,494)** | &nbsp;&nbsp;&nbsp;**51204927** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Mortgage-Backed Securities – 30.8%** | **Mortgage-Backed Securities – 30.8%** | **Mortgage-Backed Securities – 30.8%** |
| **Commercial Mortgage-Backed Securities – 2.1%** | **Commercial Mortgage-Backed Securities – 2.1%** | **Commercial Mortgage-Backed Securities – 2.1%** |
| 245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 6/05/37<sup>(b)(d)</sup> | &nbsp;&nbsp;$740000 | $551560 |
| AREIT Trust, Series 2022-CRE6, Class A, (30D Average SOFR + 1.25%, 1.25% Floor), 5.56%, 1/16/37<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;786819 | &nbsp;&nbsp;&nbsp;746317 |
| BANK, |  |  |
| &nbsp;&nbsp;Series 2017-BNK5, Class A4, 3.13%, 6/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;308993 |
| &nbsp;&nbsp;Series 2017-BNK7, Class A5, 3.44%, 9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;94546 |
| &nbsp;&nbsp;Series 2019-BN19, Class C, 4.03%, 8/15/61<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;213402 |
| &nbsp;&nbsp;Series 2018-BN13, Class A5, 4.22%, 8/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;468916 |
| Bayview Commercial Asset Trust, Series 2006-1A, Class A1, (1M USD LIBOR + 0.41%), 4.91%, 4/25/36<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;261678 | &nbsp;&nbsp;&nbsp;236505 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2020-IG1, Class AS, 2.91%, 9/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;597672 |
| &nbsp;&nbsp;Series 2018-B2, Class A5, 3.88%, 2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;375660 |
| &nbsp;&nbsp;Series 2019-B9, Class XA, 1.03%, 3/15/52<sup>(d)</sup> | &nbsp;&nbsp;1737758 | &nbsp;&nbsp;&nbsp;&nbsp;81980 |
| &nbsp;&nbsp;Series 2021-B25, Class XA, 1.10%, 4/15/54<sup>(d)</sup> | &nbsp;&nbsp;6724050 | &nbsp;&nbsp;&nbsp;422546 |
| &nbsp;&nbsp;Series 2021-B27, Class XA, 1.27%, 7/15/54<sup>(d)</sup> | &nbsp;&nbsp;5239900 | &nbsp;&nbsp;&nbsp;378286 |
| &nbsp;&nbsp;Series 2019-B10, Class A4, 3.72%, 3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;473537 |
| BHMS, Series 2018-ATLS, Class A, (1M USD LIBOR + 1.25%, 1.25% Floor), 5.71%, 7/15/35<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;185122 |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2021-SOAR, Class A, (1M USD LIBOR + 0.67%, 0.67% Floor), 5.13%, 6/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;664963 | &nbsp;&nbsp;&nbsp;648538 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2021-XL2, Class A, (1M USD LIBOR + 0.69%, 0.69% Floor), 5.15%, 10/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$982318 | $954963 |
| BXP Trust, Series 2017-GM, Class D, 3.42%, 6/13/39<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;306413 |
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, (1M USD LIBOR + 1.75%, 1.75% Floor), 6.21%, 12/15/37<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;98337 |
| CFK Trust, Series 2019-FAX, Class D, 4.64%, 1/15/39<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;87064 |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2019-SMRT, Class D, 4.74%, 1/10/36<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;485774 |
| &nbsp;&nbsp;Series 2019-SMRT, Class E, 4.74%, 1/10/36<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;481904 |
| &nbsp;&nbsp;Series 2014-GC23, Class B, 4.18%, 7/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;229227 |
| &nbsp;&nbsp;Series 2016-P6, Class A4, 3.46%, 12/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88681 | &nbsp;&nbsp;&nbsp;&nbsp;84462 |
| &nbsp;&nbsp;Series 2017-C4, Class A4, 3.47%, 10/12/50 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;395456 |
| Commercial Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;236941 |
| CSMC, Series 2022-NWPT, Class A, (1M CME Term SOFR + 3.14%, 3.14% Floor), 7.62%, 9/09/24<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;99113 |
| CSMC OA LLC, Series 2014-USA, Class B, 4.18%, 9/15/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;457072 |
| DBGS Mortgage Trust, Series 2019-1735, Class X, 0.29%, 4/10/37<sup>(b)(d)</sup> | &nbsp;&nbsp;13945000 | &nbsp;&nbsp;&nbsp;190547 |
| GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;Series 2021-ROSS, Class A, (1M USD LIBOR + 1.15%, 1.15% Floor), 5.61%, 5/15/26<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;659344 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** |
| GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;Series 2020-DUNE, Class A, (1M USD LIBOR + 1.10%, 1.10% Floor), 5.56%, 12/15/36<sup>(b)(c)</sup> | &nbsp;&nbsp;$960000 | $943928 |
| GS Mortgage Securities Trust, Series 2017-GS8, Class A4, 3.47%, 11/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;226191 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NXSS, Class A, (1M CME Term SOFR + 2.18%, 2.18% Floor), 6.66%, 8/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;119962 |
| JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;Series 2020-MKST, Class D, (1M USD LIBOR + 1.75%, 1.50% Floor), 6.21%, 12/15/36<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;608807 |
| &nbsp;&nbsp;Series 2017-JP6, Class A5, 3.49%, 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;221888 |
| LSTAR Commercial Mortgage Trust, Series 2015-3, Class AS, 3.14%, 4/20/48<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47138 | &nbsp;&nbsp;&nbsp;&nbsp;45367 |
| Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;Series 2019-BPR, Class A, (1M USD LIBOR + 1.65%, 1.40% Floor), 6.11%, 5/15/36<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;359483 | &nbsp;&nbsp;&nbsp;345662 |
| &nbsp;&nbsp;Series 2019-L2, Class XA, 1.00%, 3/15/52<sup>(d)</sup> | &nbsp;&nbsp;2506701 | &nbsp;&nbsp;&nbsp;119273 |
| OPG Trust, Series 2021-PORT, Class A, (1M USD LIBOR + 0.48%, 0.48% Floor), 4.94%, 10/15/36<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;575714 | &nbsp;&nbsp;&nbsp;556639 |
| PFP Ltd., Series 2022-9, Class A, (1M CME Term SOFR + 2.27%, 2.27% Floor), 6.75%, 8/19/35<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;119759 |
| SFO Commercial Mortgage Trust, Series 2021-555, Class A, (1M USD LIBOR + 1.15%, 1.15% Floor), 5.61%, 5/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;183243 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** |
| SMRT, Series 2022-MINI, Class A, (1M CME Term SOFR + 1.00%, 1.00% Floor), 5.48%, 1/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$310000 | &nbsp;&nbsp;&nbsp;&nbsp;$302625 |
| Soho Trust, Series 2021-SOHO, Class A, 2.70%, 8/10/38<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;846000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682297 |
| SREIT Trust, Series 2021-MFP, Class A, (1M USD LIBOR + 0.73%, 0.73% Floor), 5.19%, 11/15/38<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780247 |
| VASA Trust, Series 2021-VASA, Class A, (1M USD LIBOR + 0.90%, 0.90% Floor), 5.36%, 7/15/39<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381382 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2016-BNK1, Class B, 2.97%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250464 |
| &nbsp;&nbsp;Series 2017-C38, Class A5, 3.45%, 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297414 |
|  |  | &nbsp;&nbsp;&nbsp;**16735345** |
| **Federal Home Loan Mortgage Corporation – 6.3%** | **Federal Home Loan Mortgage Corporation – 6.3%** | **Federal Home Loan Mortgage Corporation – 6.3%** |
| Multiclass Certificates, Series 2020-RR07, Class BX, 2.61%, 10/27/28 | &nbsp;&nbsp;&nbsp;4160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464598 |
| Multifamily Structured Pass Through Certificates, |  |  |
| &nbsp;&nbsp;Series K736, Class X1, 1.29%, 7/25/26<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;968233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35120 |
| &nbsp;&nbsp;Series K095, Class XAM, 1.24%, 6/25/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33473 |
| &nbsp;&nbsp;Series K-1517, Class X1, 1.32%, 7/25/35<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;234850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24982 |
| Pool, |  |  |
| &nbsp;&nbsp;3.50%, 1/01/34 - 4/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;775012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747835 |
| &nbsp;&nbsp;2.00%, 9/01/35 - 2/01/52 | &nbsp;&nbsp;13021740 | &nbsp;&nbsp;&nbsp;11137054 |
| &nbsp;&nbsp;1.50%, 4/01/36 - 10/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;767851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651834 |
| &nbsp;&nbsp;5/01/36 - 1/01/53<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;3729053 | &nbsp;&nbsp;&nbsp;&nbsp;3471859 |
| &nbsp;&nbsp;3.00%, 9/01/37 - 8/01/52 | &nbsp;&nbsp;&nbsp;9628525 | &nbsp;&nbsp;&nbsp;&nbsp;8890264 |
| &nbsp;&nbsp;4.00%, 1/01/45 - 6/01/52 | &nbsp;&nbsp;&nbsp;2082789 | &nbsp;&nbsp;&nbsp;&nbsp;2051347 |
| &nbsp;&nbsp;(1Y USD LIBOR + 1.62%, 1.62% Floor, 7.88% Cap), 2.88%, 11/01/47<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;181869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176174 |
| &nbsp;&nbsp;(1Y USD LIBOR + 1.63%, 1.63% Floor, 8.01% Cap), 3.01%, 11/01/48<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;657979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629342 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Federal Home Loan Mortgage Corporation<br> (Continued)** | **Federal Home Loan Mortgage Corporation<br> (Continued)** | **Federal Home Loan Mortgage Corporation<br> (Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp;4.50%, 1/01/49 - 8/01/52 | $1648584 | $1669225 |
| &nbsp;&nbsp;5.00%, 11/01/49 - 1/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;365715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368960 |
| &nbsp;&nbsp;(1Y USD LIBOR + 1.62%, 1.62% Floor, 8.10% Cap), 3.10%, 2/01/50<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;321744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311116 |
| &nbsp;&nbsp;2.50%, 7/01/50 - 4/01/52 | &nbsp;&nbsp;18944970 | &nbsp;&nbsp;&nbsp;16828117 |
| &nbsp;&nbsp;6.00%, 12/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206250 |
| Real Estate Mortgage Investment Conduits, |  |  |
| &nbsp;&nbsp;Series 2019-RR01, Class X, 1.53%, 6/25/28 | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167802 |
| &nbsp;&nbsp;Series 4391, Class MZ, 3.00%, 9/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;256725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231631 |
| &nbsp;&nbsp;Series 5100, Class MI, 3.50%, 9/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;156288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27515 |
| &nbsp;&nbsp;Series 5148, Class BI, 2.50%, 1/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;832301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112498 |
| &nbsp;&nbsp;Series 5140, Class NI, 2.50%, 5/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;365898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48308 |
| &nbsp;&nbsp;Series 5148, Class CI, 2.00%, 6/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;466382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51490 |
| &nbsp;&nbsp;Series 4940, Class PI, 4.00%, 7/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5099 |
| &nbsp;&nbsp;Series 4995, Class BI, 4.50%, 6/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7913 |
| &nbsp;&nbsp;Series 5010, Class IK, 2.50%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10153 |
| &nbsp;&nbsp;Series 5010, Class JI, 2.50%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;327888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51667 |
| &nbsp;&nbsp;Series 5013, Class IN, 2.50%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12815 |
| &nbsp;&nbsp;Series 5129, Class IO, 3.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;100249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14807 |
| &nbsp;&nbsp;Series 5014, Class DI, 4.00%, 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9072 |
| &nbsp;&nbsp;Series 5018, Class MI, 2.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;259226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34976 |
| &nbsp;&nbsp;Series 5022, Class KI, 3.00%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;342881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55094 |
| &nbsp;&nbsp;Series 5018, Class CI, 4.50%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8758 |
| &nbsp;&nbsp;Series 5040, Class IB, 2.50%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10883 |
| &nbsp;&nbsp;Series 5052, Class KI, 4.00%, 12/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;136208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26247 |
| &nbsp;&nbsp;Series 5059, Class IB, 2.50%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;349309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55356 |
| &nbsp;&nbsp;Series 5069, Class MI, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11727 |
| &nbsp;&nbsp;Series 5081, Class PI, 3.00%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;204644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32545 |
| &nbsp;&nbsp;Series 5127, Class AI, 3.00%, 6/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;168352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27154 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Federal Home Loan Mortgage Corporation<br> (Continued)** | **Federal Home Loan Mortgage Corporation<br> (Continued)** | **Federal Home Loan Mortgage Corporation<br> (Continued)** |
| Real Estate Mortgage Investment Conduits, |  |  |
| &nbsp;&nbsp;Series 5112, Class KI, 3.50%, 6/25/51 | &nbsp;&nbsp;$440229 | &nbsp;&nbsp;&nbsp;&nbsp;$77397 |
| &nbsp;&nbsp;Series 5139, Class IG, 3.00%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;290844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42478 |
| &nbsp;&nbsp;Series 5142, Class IP, 3.00%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;77775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12403 |
| &nbsp;&nbsp;Series 5142, Class PI, 3.00%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;81855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12685 |
| &nbsp;&nbsp;Series 5145, Class HI, 3.00%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;79927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12026 |
| &nbsp;&nbsp;Series 5155, Class JI, 3.00%, 10/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;79760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11971 |
| &nbsp;&nbsp;Series 5155, Class NI, 3.00%, 10/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;164184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22040 |
| &nbsp;&nbsp;Series 5152, Class EI, 3.50%, 10/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;249834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44669 |
| &nbsp;&nbsp;Series 5167, Class MI, 3.00%, 11/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;86264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11035 |
| &nbsp;&nbsp;Series 5164, Class IB, 3.00%, 11/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;76975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11761 |
| &nbsp;&nbsp;Series 5230, Class PE, 2.00%, 12/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242399 |
| &nbsp;&nbsp;Series 5196, Class DI, 3.00%, 2/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;196232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30541 |
| &nbsp;&nbsp;Series 5224, Class HL, 4.00%, 4/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469077 |
| Strips, |  |  |
| &nbsp;&nbsp;Series 334, Class S7, (6.10% - 1M USD LIBOR, 6.10% Cap), 1.64%, 8/15/44<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 |
| &nbsp;&nbsp;Series 389, Class C35, 2.00%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;647672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83200 |
|  |  | &nbsp;&nbsp;&nbsp;**49797284** |
| **Federal Home Loan Mortgage Corporation Gold –<br> 0.5%** | **Federal Home Loan Mortgage Corporation Gold –<br> 0.5%** | **Federal Home Loan Mortgage Corporation Gold –<br> 0.5%** |
| Pool, |  |  |
| &nbsp;&nbsp;3.00%, 10/01/32 - 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;595213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577269 |
| &nbsp;&nbsp;3.50%, 6/01/46 - 4/01/49 | &nbsp;&nbsp;2445893 | &nbsp;&nbsp;&nbsp;&nbsp;2357387 |
| &nbsp;&nbsp;4.50%, 4/01/47 - 4/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;610274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617553 |
| &nbsp;&nbsp;4.00%, 6/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;694715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686627 |
| &nbsp;&nbsp;5.00%, 11/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;31456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4270955** |
| **Federal National Mortgage Association – 9.9%** | **Federal National Mortgage Association – 9.9%** | **Federal National Mortgage Association – 9.9%** |
| Alternative Credit Enhancement Securities, |  |  |
| &nbsp;&nbsp;Series 2019-M6, Class A2, 3.45%, 1/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;57323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55790 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** |
| Alternative Credit Enhancement Securities, |  |  |
| &nbsp;&nbsp;Series 2019-M23, Class 3A3, 2.72%, 10/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;$91723 | &nbsp;&nbsp;&nbsp;&nbsp;$81835 |
| &nbsp;&nbsp;Series 2020-M36, Class X1, 1.50%, 9/25/34<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;553081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44185 |
| &nbsp;&nbsp;Series 2013-M6, Class 1AC, 3.35%, 2/25/43<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46757 |
| Interest Strip, |  |  |
| &nbsp;&nbsp;Series 409, Class C18, 4.00%, 4/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 |
| &nbsp;&nbsp;Series 427, Class C71, 3.00%, 10/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;488444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77549 |
| &nbsp;&nbsp;Series 427, Class C77, 2.50%, 9/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;589768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87518 |
| &nbsp;&nbsp;Series 427, Class C19, 2.00%, 1/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;213133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28122 |
| &nbsp;&nbsp;Series 426, Class C38, 2.00%, 3/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;275770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36388 |
| Pool, |  |  |
| &nbsp;&nbsp;3.00%, 9/01/28 - 12/01/54 | &nbsp;&nbsp;10855235 | &nbsp;&nbsp;&nbsp;10132598 |
| &nbsp;&nbsp;3.16%, 5/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54123 |
| &nbsp;&nbsp;2.93%, 6/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17806 |
| &nbsp;&nbsp;2.15%, 2/01/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17134 |
| &nbsp;&nbsp;3.84%, 7/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98359 |
| &nbsp;&nbsp;3.89%, 7/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195239 |
| &nbsp;&nbsp;4.06%, 7/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98952 |
| &nbsp;&nbsp;3.90%, 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395323 |
| &nbsp;&nbsp;4.41%, 10/01/32 - 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;199685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203809 |
| &nbsp;&nbsp;4.26%, 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101813 |
| &nbsp;&nbsp;4.37%, 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102707 |
| &nbsp;&nbsp;4.52%, 11/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103096 |
| &nbsp;&nbsp;2.50%, 12/01/33 - 9/01/61 | &nbsp;&nbsp;23742815 | &nbsp;&nbsp;&nbsp;21212855 |
| &nbsp;&nbsp;3.50%, 1/01/34 - 5/01/52 | &nbsp;&nbsp;&nbsp;5525670 | &nbsp;&nbsp;&nbsp;&nbsp;5290454 |
| &nbsp;&nbsp;9/01/35 - 2/01/53<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;2586424 | &nbsp;&nbsp;&nbsp;&nbsp;2361473 |
| &nbsp;&nbsp;2.00%, 9/01/35 - 3/01/52 | &nbsp;&nbsp;17786007 | &nbsp;&nbsp;&nbsp;15181258 |
| &nbsp;&nbsp;1.50%, 3/01/36 - 3/01/51 | &nbsp;&nbsp;&nbsp;5172424 | &nbsp;&nbsp;&nbsp;&nbsp;4287516 |
| &nbsp;&nbsp;6.00%, 7/01/41 - 1/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;128266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133442 |
| &nbsp;&nbsp;4.50%, 11/01/43 - 1/01/59 | &nbsp;&nbsp;&nbsp;4384058 | &nbsp;&nbsp;&nbsp;&nbsp;4426496 |
| &nbsp;&nbsp;4.00%, 7/01/44 - 5/01/52 | &nbsp;&nbsp;&nbsp;7280338 | &nbsp;&nbsp;&nbsp;&nbsp;7131241 |
| &nbsp;&nbsp;5.00%, 8/01/48 - 1/01/53 | &nbsp;&nbsp;&nbsp;1495214 | &nbsp;&nbsp;&nbsp;&nbsp;1527824 |
| &nbsp;&nbsp;3.50%, 1/01/51<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;2192366 | &nbsp;&nbsp;&nbsp;&nbsp;2085121 |
| &nbsp;&nbsp;5.50%, 1/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;415399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423584 |
| &nbsp;&nbsp;6.50%, 1/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;398363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416922 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** |
| Real Estate Mortgage Investment Conduits, |  |  |
| &nbsp;&nbsp;Series 2013-54, Class BS, (6.15% - 1M USD LIBOR, 6.15% Cap), 1.64%, 6/25/43<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$19220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2301 |
| &nbsp;&nbsp;Series 2014-6, Class Z, 2.50%, 2/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;250406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218315 |
| &nbsp;&nbsp;Series 2015-65, Class CZ, 3.50%, 9/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;259180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231515 |
| &nbsp;&nbsp;Series 2021-69, Class IJ, 2.50%, 1/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;844163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115949 |
| &nbsp;&nbsp;Series 2021-61, Class KI, 2.50%, 4/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;547093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77039 |
| &nbsp;&nbsp;Series 2020-32, Class PI, 4.00%, 5/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17798 |
| &nbsp;&nbsp;Series 2020-47, Class GZ, 2.00%, 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;210596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133467 |
| &nbsp;&nbsp;Series 2020-56, Class AQ, 2.00%, 8/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567615 |
| &nbsp;&nbsp;Series 2020-56, Class DI, 2.50%, 8/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;158951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24630 |
| &nbsp;&nbsp;Series 2020-74, Class EI, 2.50%, 10/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994 |
| &nbsp;&nbsp;Series 2020-77, Class HI, 4.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;287978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55493 |
| &nbsp;&nbsp;Series 2020-80, Class EI, 4.00%, 11/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11282 |
| &nbsp;&nbsp;Series 2020-89, Class DI, 2.50%, 12/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;233635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34154 |
| &nbsp;&nbsp;Series 2020-97, Class AI, 2.00%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;449334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59475 |
| &nbsp;&nbsp;Series 2020-101, Class AI, 3.50%, 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;145132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24999 |
| &nbsp;&nbsp;Series 2021-3, Class QI, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;735993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109916 |
| &nbsp;&nbsp;Series 2021-1, Class IG, 2.50%, 2/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;173037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28583 |
| &nbsp;&nbsp;Series 2021-31, Class IB, 4.00%, 6/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;127074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24379 |
| &nbsp;&nbsp;Series 2021-50, Class IO, 4.00%, 8/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;278742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51328 |
|  |  | &nbsp;&nbsp;&nbsp;**78260079** |
| **Government National Mortgage Association – 3.7%** | **Government National Mortgage Association – 3.7%** | **Government National Mortgage Association – 3.7%** |
| &nbsp;&nbsp;Pool,<br> 2/01/53<sup>(n)</sup> | &nbsp;&nbsp;25386271 | &nbsp;&nbsp;&nbsp;24168199 |
| Series 2013-107, Class AD, 2.85%, 11/16/47<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70681 |
| Series 2014-17, Class AM, 3.54%, 6/16/48<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589 |
| Series 2014-H20, Class FA, (1M USD LIBOR + 0.43%, 0.43% Floor), 4.61%, 10/20/64<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159810 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Government National Mortgage Association<br> (Continued)** | **Government National Mortgage Association<br> (Continued)** | **Government National Mortgage Association<br> (Continued)** |
| Series 2020-103, Class AD, 1.45%, 1/16/63 | &nbsp;&nbsp;$592060 | $478451 |
| Series 2020-123, Class IL, 2.50%, 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;79310 | &nbsp;&nbsp;&nbsp;&nbsp;11137 |
| Series 2020-123, Class NI, 2.50%, 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;160563 | &nbsp;&nbsp;&nbsp;&nbsp;21806 |
| Series 2020-127, Class IN, 2.50%, 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;78751 | &nbsp;&nbsp;&nbsp;&nbsp;11335 |
| Series 2020-129, Class IE, 2.50%, 9/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;82144 | &nbsp;&nbsp;&nbsp;&nbsp;11924 |
| Series 2020-144, Class IO, 2.50%, 9/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;145383 | &nbsp;&nbsp;&nbsp;&nbsp;18859 |
| Series 2020-146, Class DI, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;75544 | &nbsp;&nbsp;&nbsp;&nbsp;9519 |
| Series 2020-151, Class MI, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;454840 | &nbsp;&nbsp;&nbsp;&nbsp;60985 |
| Series 2020-160, Class IH, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;83609 | &nbsp;&nbsp;&nbsp;&nbsp;12144 |
| Series 2020-160, Class VI, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;81435 | &nbsp;&nbsp;&nbsp;&nbsp;11283 |
| Series 2020-160, Class YI, 2.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;248806 | &nbsp;&nbsp;&nbsp;&nbsp;33437 |
| Series 2020-181, Class WI, 2.00%, 12/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;394199 | &nbsp;&nbsp;&nbsp;&nbsp;43254 |
| Series 2020-185, Class MI, 2.50%, 12/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;78399 | &nbsp;&nbsp;&nbsp;&nbsp;10512 |
| Series 2020-190, Class IO, 1.03%, 11/16/62<sup>(d)</sup> | &nbsp;&nbsp;3184373 | &nbsp;&nbsp;&nbsp;237912 |
| Series 2020-47, Class MI, 3.50%, 4/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;269507 | &nbsp;&nbsp;&nbsp;&nbsp;44061 |
| Series 2020-47, Class NI, 3.50%, 4/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;73282 | &nbsp;&nbsp;&nbsp;&nbsp;12069 |
| Series 2020-H04, Class FP, (1M USD LIBOR + 0.50%, 0.50% Floor), 4.16%, 6/20/69<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185133 | &nbsp;&nbsp;&nbsp;183281 |
| Series 2020-H09, Class FL, (1M USD LIBOR + 1.15%, 1.15% Floor), 2.88%, 5/20/70<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127286 | &nbsp;&nbsp;&nbsp;126762 |
| Series 2020-H13, Class FA, (1M USD LIBOR + 0.45%, 0.45% Floor, 7.50% Cap), 2.99%, 7/20/70<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;714359 | &nbsp;&nbsp;&nbsp;692712 |
| Series 2020-H13, Class FM, (1M USD LIBOR + 0.40%, 0.40% Floor, 11.00% Cap), 4.58%, 8/20/70<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164949 | &nbsp;&nbsp;&nbsp;163697 |
| Series 2021-14, Class AB, 1.34%, 6/16/63 | &nbsp;&nbsp;&nbsp;&nbsp;293557 | &nbsp;&nbsp;&nbsp;231102 |
| Series 2021-15, Class GI, 3.50%, 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;75254 | &nbsp;&nbsp;&nbsp;&nbsp;12646 |
| Series 2021-161, Class IB, 4.00%, 9/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;67571 | &nbsp;&nbsp;&nbsp;&nbsp;10726 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Government National Mortgage Association<br> (Continued)** | **Government National Mortgage Association<br> (Continued)** | **Government National Mortgage Association<br> (Continued)** |
| Series 2021-176, Class IA, 3.50%, 10/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;$70576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9566 |
| Series 2021-199, Class KI, 3.50%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;74771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10771 |
| Series 2021-209, Class TJ, 3.50%, 11/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;71951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9848 |
| Series 2021-21, Class AH, 1.40%, 6/16/63 | &nbsp;&nbsp;&nbsp;&nbsp;442202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350241 |
| Series 2021-214, Class AI, 4.00%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;101959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15368 |
| Series 2021-215, Class LI, 3.00%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;87666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11479 |
| Series 2021-221, Class AI, 3.50%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;146106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22606 |
| Series 2021-221, Class CI, 3.00%, 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;76579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870 |
| Series 2021-29, Class TI, 2.50%, 2/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;471056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82031 |
| Series 2021-5, Class IO, 1.11%, 1/16/61<sup>(d)</sup> | &nbsp;&nbsp;3281837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251294 |
| Series 2021-67, Class QI, 3.00%, 4/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;81439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11195 |
| Series 2021-76, Class JI, 3.00%, 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;83638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11559 |
| Series 2021-78, Class IC, 4.00%, 5/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;67663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9844 |
| Series 2021-96, Class MI, 3.00%, 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;146244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20195 |
| Series 2021-96, Class VI, 2.50%, 6/20/51 | &nbsp;&nbsp;1639942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221055 |
| Series 2022-139, Class AL, 4.00%, 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194241 |
| Series 2022-189, Class PT, 2.50%, 10/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;98936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85231 |
| Series 2022-196, Class BE, 3.00%, 10/16/64<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78766 |
| Series 2022-220, Class E, 3.00%, 10/16/64 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161529 |
| Series 2022-3, Class IO, 0.64%, 2/16/61<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 |
| Series 2022-4, Class Z, 1.90%, 3/16/64 | &nbsp;&nbsp;&nbsp;&nbsp;203833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111768 |
| Series 2022-63, Class LM, 3.50%, 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351931 |
| Series 2022-82, Class Z, 2.00%, 2/16/64 | &nbsp;&nbsp;&nbsp;&nbsp;912075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610722 |
|  |  | &nbsp;&nbsp;&nbsp;**29502169** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Government National Mortgage Association II – 2.4%** | **Government National Mortgage Association II – 2.4%** | **Government National Mortgage Association II – 2.4%** |
| Pool, |  |  |
| &nbsp;&nbsp;3.00%, 9/15/42 - 4/20/52 | $4649455 | $4273964 |
| &nbsp;&nbsp;3.50%, 3/20/45 - 6/20/52 | &nbsp;&nbsp;&nbsp;1478884 | &nbsp;&nbsp;&nbsp;&nbsp;1411822 |
| &nbsp;&nbsp;4.00%, 8/20/46 - 5/20/50 | &nbsp;&nbsp;&nbsp;1511347 | &nbsp;&nbsp;&nbsp;&nbsp;1485746 |
| &nbsp;&nbsp;4.50%, 4/20/47 - 8/20/50 | &nbsp;&nbsp;&nbsp;1133883 | &nbsp;&nbsp;&nbsp;&nbsp;1139162 |
| &nbsp;&nbsp;2.50%, 10/20/49 - 7/20/52 | &nbsp;&nbsp;&nbsp;9272762 | &nbsp;&nbsp;&nbsp;&nbsp;8290112 |
| &nbsp;&nbsp;2.00%, 8/20/50 - 3/20/51 | &nbsp;&nbsp;&nbsp;2518571 | &nbsp;&nbsp;&nbsp;&nbsp;2183959 |
|  |  | &nbsp;&nbsp;&nbsp;**18784765** |
| **Uniform Mortgage-Backed Securities – 3.9%** | **Uniform Mortgage-Backed Securities – 3.9%** | **Uniform Mortgage-Backed Securities – 3.9%** |
| &nbsp;&nbsp;Pool,<br> 2/01/38 - 3/01/53<sup>(n)</sup> | &nbsp;&nbsp;32690002 | &nbsp;&nbsp;&nbsp;**30847920** |
| **Whole Loan – 2.0%** | **Whole Loan – 2.0%** | **Whole Loan – 2.0%** |
| Adjustable Rate Mortgage Trust, Series 2005-9, Class 5A1, (1M USD LIBOR + 0.54%, 0.54% Floor, 11.00% Cap), 5.05%, 11/25/35<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94649 |
| Angel Oak Mortgage Trust, Series 2022-3, Class A1, 4.00%, 1/10/67<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;742796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710693 |
| Cascade MH Asset Trust, Series 2021-MH1, Class A1, 1.75%, 2/25/46<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;131016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113483 |
| CIM Trust, Series 2021-R6, Class A1, 1.43%, 7/25/61<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239547 |
| COLT Mortgage Loan Trust, Series 2022-2, Class A1, (Step to 3.99% on 3/25/26), 2.99%, 2/25/67<sup>(b)(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;171304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158444 |
| CSMC, |  |  |
| &nbsp;&nbsp;Series 2019-NQM1, Class A2, (Step to 3.86% on 12/25/23), 2.86%, 10/25/59<sup>(b)(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;268049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257601 |
| &nbsp;&nbsp;Series 2021-NQM2, Class A3, 1.54%, 2/25/66<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73363 |
| &nbsp;&nbsp;Series 2021-NQM6, Class A3, 1.59%, 7/25/66<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;643076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512769 |
| &nbsp;&nbsp;Series 2021-NQM7, Class A1, 1.76%, 10/25/66<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;152001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129541 |
| &nbsp;&nbsp;Series 2022-NQM1, Class A1, 2.27%, 11/25/66<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;688203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610283 |
| CSMC Trust, |  |  |
| &nbsp;&nbsp;Series 2021-RPL2, Class A1, 2.00%, 1/25/60<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;122264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106760 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| CSMC Trust, |  |  |
| &nbsp;&nbsp;Series 2021-RPL3, Class A1, 2.00%, 1/25/60<sup>(b)</sup> | $128637 | $112900 |
| &nbsp;&nbsp;Series 2021-RPL6, Class A1, 2.00%, 10/25/60<sup>(b)</sup> | &nbsp;&nbsp;152123 | &nbsp;&nbsp;&nbsp;135874 |
| &nbsp;&nbsp;Series 2021-RPL4, Class A1, 1.80%, 12/27/60<sup>(b)(d)</sup> | &nbsp;&nbsp;157103 | &nbsp;&nbsp;&nbsp;145520 |
| Deephaven Residential Mortgage Trust, Series 2022-1, Class A1, 2.21%, 1/25/67<sup>(b)</sup> | &nbsp;&nbsp;411864 | &nbsp;&nbsp;&nbsp;368110 |
| Ellington Financial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2021-2, Class A1, 0.93%, 6/25/66<sup>(b)</sup> | &nbsp;&nbsp;316103 | &nbsp;&nbsp;&nbsp;258923 |
| &nbsp;&nbsp;Series 2022-1, Class A1, 2.21%, 1/25/67<sup>(b)</sup> | &nbsp;&nbsp;187630 | &nbsp;&nbsp;&nbsp;164417 |
| FHLMC Structured Agency Credit Risk Debt Notes, |  |  |
| &nbsp;&nbsp;Series 2014-DN2, Class M3, (1M USD LIBOR + 3.60%), 8.11%, 4/25/24<sup>(c)</sup> | &nbsp;&nbsp;711005 | &nbsp;&nbsp;&nbsp;729181 |
| &nbsp;&nbsp;Series 2021-DNA2, Class M2, (30D Average SOFR + 2.30%), 6.61%, 8/25/33<sup>(b)(c)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;190832 |
| FNMA Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;Series 2014-C04, Class 1M2, (1M USD LIBOR + 4.90%), 9.41%, 11/25/24<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;72163 | &nbsp;&nbsp;&nbsp;&nbsp;74977 |
| &nbsp;&nbsp;Series 2016-C03, Class 1M2, (1M USD LIBOR + 5.30%), 9.81%, 10/25/28<sup>(c)</sup> | &nbsp;&nbsp;171509 | &nbsp;&nbsp;&nbsp;177660 |
| Freddie Mac STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;Series 2021-DNA6, Class M2, (30D Average SOFR + 1.50%), 5.81%, 10/25/41<sup>(b)(c)</sup> | &nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;555377 |
| &nbsp;&nbsp;Series 2022-DNA2, Class M1A, (30D Average SOFR + 1.30%), 5.61%, 2/25/42<sup>(b)(c)</sup> | &nbsp;&nbsp;501081 | &nbsp;&nbsp;&nbsp;497692 |
| &nbsp;&nbsp;Series 2022-DNA3, Class M1B, (30D Average SOFR + 2.90%), 7.21%, 4/25/42<sup>(b)(c)</sup> | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;551797 |
| &nbsp;&nbsp;Series 2022-DNA4, Class M1A, (30D Average SOFR + 2.20%), 6.51%, 5/25/42<sup>(b)(c)</sup> | &nbsp;&nbsp;220538 | &nbsp;&nbsp;&nbsp;222025 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Freddie Mac STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;Series 2022-DNA2, Class M1B, (30D Average SOFR + 2.40%), 6.71%, 2/25/42<sup>(b)(c)</sup> | $200000 | $196390 |
| GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 1/25/37 | &nbsp;&nbsp;133834 | &nbsp;&nbsp;&nbsp;165491 |
| HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;Series 2005-9, Cllass 2A1B, (1M USD LIBOR + 0.74%, 0.74% Floor, 11.00% Cap), 5.23%, 6/20/35<sup>(c)</sup> | &nbsp;&nbsp;142002 | &nbsp;&nbsp;&nbsp;128249 |
| &nbsp;&nbsp;Series 2005-9, Cllass 2A1C, (1M USD LIBOR + 0.90%, 0.90% Floor, 11.00% Cap), 5.39%, 6/20/35<sup>(c)</sup> | &nbsp;&nbsp;523459 | &nbsp;&nbsp;&nbsp;469904 |
| Impac CMB Trust, Series 2007-A, Class A, (1M USD LIBOR + 0.50%, 0.50% Floor, 11.50% Cap), 5.01%, 5/25/37<sup>(b)(c)</sup> | &nbsp;&nbsp;176329 | &nbsp;&nbsp;&nbsp;164393 |
| Legacy Mortgage Asset Trust, |  |  |
| &nbsp;&nbsp;Series 2021-GS2, Class A1, (Step to 4.75% on 5/25/24), 1.75%, 4/25/61<sup>(b)(p)</sup> | &nbsp;&nbsp;286439 | &nbsp;&nbsp;&nbsp;269655 |
| &nbsp;&nbsp;Series 2021-GS5, Class A1, (Step to 5.25% on 12/25/24), 2.25%, 7/25/67<sup>(b)(p)</sup> | &nbsp;&nbsp;171998 | &nbsp;&nbsp;&nbsp;157261 |
| MASTR Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;Series 2007-1, Class 1A4, 6.50%, 11/25/37 | &nbsp;&nbsp;568378 | &nbsp;&nbsp;&nbsp;149133 |
| &nbsp;&nbsp;Series 2007-2, Class A2, 6.25%, 1/25/38 | &nbsp;&nbsp;322543 | &nbsp;&nbsp;&nbsp;182079 |
| Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 3.43%, 2/25/34<sup>(d)</sup> | &nbsp;&nbsp;225437 | &nbsp;&nbsp;&nbsp;207067 |
| Mill City Mortgage Loan Trust, Series 2019-1, Class A1, 3.25%, 10/25/69<sup>(b)</sup> | &nbsp;&nbsp;289610 | &nbsp;&nbsp;&nbsp;277632 |
| Morgan Stanley Resecuritization Trust, Series 2015-R2, Class 2A1, (12MTA + 1.09%, 1.09% Floor), 4.05%, 12/26/46<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;48845 | &nbsp;&nbsp;&nbsp;&nbsp;48676 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/55<sup>(b)</sup> | $219032 | $205767 |
| &nbsp;&nbsp;Series 2021-NQM3, Class A1, 1.16%, 11/27/56<sup>(b)</sup> | &nbsp;&nbsp;176273 | &nbsp;&nbsp;&nbsp;148266 |
| &nbsp;&nbsp;Series 2017-2A, Class B2, 4.75%, 3/25/57<sup>(b)</sup> | &nbsp;&nbsp;251466 | &nbsp;&nbsp;&nbsp;234083 |
| &nbsp;&nbsp;Series 2018-RPL1, Class M2, 3.50%, 12/25/57<sup>(b)(d)</sup> | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;236107 |
| &nbsp;&nbsp;Series 2018-3A, Class A1, 4.50%, 5/25/58<sup>(b)(d)</sup> | &nbsp;&nbsp;628141 | &nbsp;&nbsp;&nbsp;597295 |
| &nbsp;&nbsp;Series 2019-NQM4, Class A1, 2.49%, 9/25/59<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;96634 | &nbsp;&nbsp;&nbsp;&nbsp;90152 |
| &nbsp;&nbsp;Series 2019-6A, Class A1B, 3.50%, 9/25/59<sup>(b)(d)</sup> | &nbsp;&nbsp;583917 | &nbsp;&nbsp;&nbsp;542516 |
| &nbsp;&nbsp;Series 2019-6A, Class B3C, 3.75%, 9/25/59<sup>(b)(d)</sup> | &nbsp;&nbsp;545899 | &nbsp;&nbsp;&nbsp;478101 |
| &nbsp;&nbsp;Series 2022-NQM4, Class A1, (Step to 5.02% on 7/25/26), 5.00%, 6/25/62<sup>(b)(p)</sup> | &nbsp;&nbsp;235577 | &nbsp;&nbsp;&nbsp;233647 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;Series 2021-NQM2, Class A1, 1.10%, 5/25/61<sup>(b)</sup> | &nbsp;&nbsp;532006 | &nbsp;&nbsp;&nbsp;426736 |
| &nbsp;&nbsp;Series 2021-NQM3, Class A1, 1.05%, 7/25/61<sup>(b)</sup> | &nbsp;&nbsp;178998 | &nbsp;&nbsp;&nbsp;142534 |
| &nbsp;&nbsp;Series 2022-NQM1, Class A1, 2.31%, 11/25/61<sup>(b)</sup> | &nbsp;&nbsp;680174 | &nbsp;&nbsp;&nbsp;599562 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.07%, 11/25/56<sup>(b)</sup> | &nbsp;&nbsp;185889 | &nbsp;&nbsp;&nbsp;159003 |
| Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;Series 2019-2, Class A1, 2.91%, 5/25/59<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;37960 | &nbsp;&nbsp;&nbsp;&nbsp;36993 |
| &nbsp;&nbsp;Series 2020-2, Class A1, 1.65%, 5/25/60<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;62744 | &nbsp;&nbsp;&nbsp;&nbsp;61668 |
| SG Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2022-1, Class A1, 3.17%, 3/27/62<sup>(b)(d)</sup> | &nbsp;&nbsp;740671 | &nbsp;&nbsp;&nbsp;683805 |
| &nbsp;&nbsp;Series 2022-2, Class A1, (Step to 5.36% on 8/25/26), 5.35%, 8/25/62<sup>(b)(p)</sup> | &nbsp;&nbsp;737662 | &nbsp;&nbsp;&nbsp;736205 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Thornburg Mortgage Securities Trust, Series 2004-2, Class A4, (1M USD LIBOR + 0.68%, 0.34% Floor, 11.50% Cap), 5.19%, 6/25/44<sup>(c)</sup> | $253852 | &nbsp;&nbsp;&nbsp;&nbsp;$228759 |
| Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.75%, 9/25/62<sup>(b)</sup> | &nbsp;&nbsp;538198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511642 |
| Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 1.74%, 2/25/38<sup>(b)(d)</sup> | &nbsp;&nbsp;172381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48116 |
| WaMu Mortgage Pass-Through Certificates, Series 2006-AR13, Class 1A, (12MTA + 0.88%, 0.88% Floor), 3.31%, 10/25/46<sup>(c)</sup> | &nbsp;&nbsp;278776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**16245035** |
| **Total Mortgage-Backed Securities<br> (Cost $257,023,523)** | **Total Mortgage-Backed Securities<br> (Cost $257,023,523)** | &nbsp;&nbsp;&nbsp;**244443552** |
| **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| Bay Area Toll Authority Toll Bridge Subordinate Revenue Bonds, Series S1, Build America Bonds, 7.04%, 4/01/50 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198048 |
| California State Taxable GO Unlimited Refunding Bonds, 4.60%, 4/01/38 | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212095 |
| California State Various Purpose Taxable GO Unlimited Bonds, Build America Bonds, |  |  |
| &nbsp;&nbsp;7.50%, 4/01/34 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81969 |
| &nbsp;&nbsp;7.55%, 4/01/39 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26633 |
| Los Angeles Community College District GO Unlimited Bonds, Build America Bonds, 6.60%, 8/01/42 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57004 |
| Los Angeles Unified School District GO Unlimited Bonds, Series RY, Build America Bonds, 6.76%, 7/01/34 | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251628 |
| University of California Taxable General Revenue Bonds, Series AD, 4.86%, 5/15/12<sup>(q)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**851113** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Georgia – 0.0%<sup>(e)</sup>** | **Georgia – 0.0%<sup>(e)</sup>** | **Georgia – 0.0%<sup>(e)</sup>** |
| Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds, 6.64%, 4/01/57 | $40000 | **$45539** |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| Illinois State Taxable GO Unlimited Pension Bonds, 5.10%, 6/01/33 | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;**377337** |
| **New Jersey – 0.0%<sup>(e)</sup>** | **New Jersey – 0.0%<sup>(e)</sup>** | **New Jersey – 0.0%<sup>(e)</sup>** |
| New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds, 7.41%, 1/01/40 | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;**86207** |
| **New York – 0.0%<sup>(e)</sup>** | **New York – 0.0%<sup>(e)</sup>** | **New York – 0.0%<sup>(e)</sup>** |
| Metropolitan Transportation Authority Revenue Bonds, Build America Bonds, 5.87%, 11/15/39 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;45570 |
| New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution Taxable Revenue Bonds, 5.88%, 6/15/44 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;35143 |
| New York City Municipal Water Finance Authority Water & Sewer System Taxable Revenue Bonds, Build America Bonds, 6.01%, 6/15/42 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;29525 |
| New York State Dormitory Authority Personal Income TRB, Build America Bonds, 5.39%, 3/15/40 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;31834 |
| Port Authority of New York & New Jersey Consolidated 164th Taxable Revenue Bonds, 5.65%, 11/01/40 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;37953 |
| Port Authority of New York & New Jersey Consolidated 168th Revenue Bonds, 4.93%, 10/01/51 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;56055 |
| Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series 181, 4.96%, 8/01/46 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;61957 |
|  |  | &nbsp;&nbsp;&nbsp;**298037** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Ohio – 0.0%<sup>(e)</sup>** | **Ohio – 0.0%<sup>(e)</sup>** | **Ohio – 0.0%<sup>(e)</sup>** |
| American Municipal Power-Ohio, Inc., Taxable Revenue Bonds, Series B, Combined Hydroelectric Projects, 8.08%, 2/15/50 | $75000 | &nbsp;&nbsp;**$102528** |
| **Texas – 0.0%<sup>(e)</sup>** | **Texas – 0.0%<sup>(e)</sup>** | **Texas – 0.0%<sup>(e)</sup>** |
| San Antonio Electric & Gas Junior Lien Revenue Bonds, Build America Bonds, 5.81%, 2/01/41 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85324 |
| Texas State Taxable GO Unlimited Bonds, Build America Bonds, 5.52%, 4/01/39 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;129130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**214454** |
| **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** |
| Seattle Municipal Light & Power Improvement Revenue Bonds, 5.00%, 4/01/44 | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;**299585** |
| **Total Municipal Bonds<br> (Cost $2,587,455)** | **Total Municipal Bonds<br> (Cost $2,587,455)** | &nbsp;&nbsp;&nbsp;**2274800** |
| **Term Loans – 0.1%<sup>(c)</sup>** | **Term Loans – 0.1%<sup>(c)</sup>** | **Term Loans – 0.1%<sup>(c)</sup>** |
| **Apparel & Textile Products – 0.0%<sup>(e)</sup>** | **Apparel & Textile Products – 0.0%<sup>(e)</sup>** | **Apparel & Textile Products – 0.0%<sup>(e)</sup>** |
| Fanatics Commerce Intermediate Holdco LLC, Initial Term Loan, (1M USD LIBOR + 3.25%, 0.50% Floor), 7.80%, 11/24/28 | &nbsp;&nbsp;&nbsp;28710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28626 |
| Tory Burch LLC, Initial Term B Loan, (3M USD LIBOR + 3.50%, 0.50% Floor), 8.07%, 4/16/28 | &nbsp;&nbsp;&nbsp;68950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94495** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| Bakelite US Holdco, Inc., Initial Loan, (1M USD LIBOR + 4.00%, 0.50% Floor), 8.73%, 5/29/29 | &nbsp;&nbsp;127360 | &nbsp;&nbsp;&nbsp;&nbsp;118763 |
| LSF11 A5 Holdco LLC, Term Loan, (3M USD LIBOR + 3.50%, 0.50% Floor), 8.18%, 10/15/28 | &nbsp;&nbsp;&nbsp;99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**214850** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Commercial Support Services – 0.0%<sup>(e)</sup>** | **Commercial Support Services – 0.0%<sup>(e)</sup>** | **Commercial Support Services – 0.0%<sup>(e)</sup>** |
| AEA International Holdings (Luxembourg) S.a.r.l., Initial Term Loan, (3M USD LIBOR + 3.75%, 0.50% Floor), 8.50%, 9/07/28 | $74151 | $73873 |
| Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, (1M USD CME Term SOFR + 3.75%, 0.50% Floor), 8.41%, 5/12/28 | &nbsp;&nbsp;&nbsp;67150 | &nbsp;&nbsp;&nbsp;&nbsp;64658 |
|  |  | &nbsp;&nbsp;&nbsp;**138531** |
| **Construction Materials – 0.0%<sup>(e)</sup>** | **Construction Materials – 0.0%<sup>(e)</sup>** | **Construction Materials – 0.0%<sup>(e)</sup>** |
| CP Iris Holdco I, Inc., Delayed Draw Term Loan, 10/02/28<sup>(r)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3149 | &nbsp;&nbsp;&nbsp;&nbsp;2863 |
| CP Iris Holdco I, Inc., Initial Term Loan, (1M USD LIBOR + 3.50%, 0.50% Floor), 8.07%, 10/02/28 | &nbsp;&nbsp;&nbsp;17599 | &nbsp;&nbsp;&nbsp;&nbsp;15998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18861** |
| **Containers & Packaging – 0.0%<sup>(e)</sup>** | **Containers & Packaging – 0.0%<sup>(e)</sup>** | **Containers & Packaging – 0.0%<sup>(e)</sup>** |
| Valcour Packaging LLC, Initial Term Loan, (3M USD CME Term SOFR + 3.75%, 0.50% Floor), 7.98%, 10/04/28 | &nbsp;&nbsp;&nbsp;14888 | &nbsp;&nbsp;&nbsp;&nbsp;**12282** |
| **Food – 0.0%<sup>(e)</sup>** | **Food – 0.0%<sup>(e)</sup>** | **Food – 0.0%<sup>(e)</sup>** |
| BCPE North Star US Holdco 2, Inc., Initial Term Loan, (3M USD LIBOR + 4.00%, 0.75% Floor), 8.73%, 6/09/28 | &nbsp;&nbsp;&nbsp;84148 | &nbsp;&nbsp;&nbsp;&nbsp;**74401** |
| **Home & Office Products – 0.0%<sup>(e)</sup>** | **Home & Office Products – 0.0%<sup>(e)</sup>** | **Home & Office Products – 0.0%<sup>(e)</sup>** |
| SWF Holdings I Corp., Initial Term Loan, (1M USD LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 | &nbsp;&nbsp;&nbsp;38707 | &nbsp;&nbsp;&nbsp;&nbsp;**32986** |
| **Leisure Facilities & Services – 0.0%<sup>(e)</sup>** | **Leisure Facilities & Services – 0.0%<sup>(e)</sup>** | **Leisure Facilities & Services – 0.0%<sup>(e)</sup>** |
| Bally's Corp., Term B Facility Loan, (3M USD LIBOR + 3.25%, 0.50% Floor), 7.71%, 10/02/28 | &nbsp;&nbsp;161370 | &nbsp;&nbsp;&nbsp;155017 |
| Herschend Entertainment Co. LLC, Initial Term Loan, (1M USD CME Term SOFR + 3.75%, 0.50% Floor), 8.38%, 8/27/28 | &nbsp;&nbsp;&nbsp;37525 | &nbsp;&nbsp;&nbsp;&nbsp;37494 |
|  |  | &nbsp;&nbsp;&nbsp;**192511** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Publishing & Broadcasting – 0.0%<sup>(e)</sup>** | **Publishing & Broadcasting – 0.0%<sup>(e)</sup>** | **Publishing & Broadcasting – 0.0%<sup>(e)</sup>** |
| Gray Television, Inc., Term D Loan, (1M USD LIBOR + 3.00%), 7.37%, 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;$109890 | &nbsp;&nbsp;&nbsp;&nbsp;**$109392** |
| **Software – 0.0%<sup>(e)</sup>** | **Software – 0.0%<sup>(e)</sup>** | **Software – 0.0%<sup>(e)</sup>** |
| ConnectWise LLC, Initial Term Loan, (3M USD UNFND + 3.50%, 0.50% Floor), 8.07%, 9/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75199** |
| **Total Term Loans<br> (Cost $1,006,095)** | **Total Term Loans<br> (Cost $1,006,095)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**963508** |
| **U.S. Government Obligations – 13.7%** | **U.S. Government Obligations – 13.7%** | **U.S. Government Obligations – 13.7%** |
| **U.S. Treasury Bonds – 7.2%** | **U.S. Treasury Bonds – 7.2%** | **U.S. Treasury Bonds – 7.2%** |
| &nbsp;&nbsp;4.25%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55231 |
| &nbsp;&nbsp;4.50%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56857 |
| &nbsp;&nbsp;4.38%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55981 |
| &nbsp;&nbsp;4.63%, 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418736 |
| &nbsp;&nbsp;1.13%, 5/15/40 | &nbsp;&nbsp;&nbsp;1108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738984 |
| &nbsp;&nbsp;3.88%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380999 |
| &nbsp;&nbsp;1.13%, 8/15/40 | &nbsp;&nbsp;&nbsp;1108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735175 |
| &nbsp;&nbsp;4.25%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399152 |
| &nbsp;&nbsp;1.38%, 11/15/40 | &nbsp;&nbsp;&nbsp;1108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766727 |
| &nbsp;&nbsp;1.88%, 2/15/41 | &nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;2818799 |
| &nbsp;&nbsp;2.25%, 5/15/41 | &nbsp;&nbsp;&nbsp;2940000 | &nbsp;&nbsp;&nbsp;&nbsp;2345109 |
| &nbsp;&nbsp;1.75%, 8/15/41<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;5660000 | &nbsp;&nbsp;&nbsp;&nbsp;4123398 |
| &nbsp;&nbsp;2.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;6010000 | &nbsp;&nbsp;&nbsp;&nbsp;4567131 |
| &nbsp;&nbsp;2.75%, 8/15/42 | &nbsp;&nbsp;&nbsp;2960000 | &nbsp;&nbsp;&nbsp;&nbsp;2536119 |
| &nbsp;&nbsp;4.00%, 11/15/42<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;6330000 | &nbsp;&nbsp;&nbsp;&nbsp;6541659 |
| &nbsp;&nbsp;3.13%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179623 |
| &nbsp;&nbsp;2.88%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172415 |
| &nbsp;&nbsp;3.63%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193754 |
| &nbsp;&nbsp;3.75%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197095 |
| &nbsp;&nbsp;2.50%, 2/15/45<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;3191000 | &nbsp;&nbsp;&nbsp;&nbsp;2574364 |
| &nbsp;&nbsp;2.88%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166153 |
| &nbsp;&nbsp;2.75%, 11/15/47<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;3341000 | &nbsp;&nbsp;&nbsp;&nbsp;2806832 |
| &nbsp;&nbsp;3.00%, 2/15/48<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;2029000 | &nbsp;&nbsp;&nbsp;&nbsp;1786947 |
| &nbsp;&nbsp;2.38%, 5/15/51 | &nbsp;&nbsp;&nbsp;1560000 | &nbsp;&nbsp;&nbsp;&nbsp;1207964 |
| &nbsp;&nbsp;2.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;3240000 | &nbsp;&nbsp;&nbsp;&nbsp;2297236 |
| &nbsp;&nbsp;1.88%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68641 |
| &nbsp;&nbsp;2.25%, 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 |
| &nbsp;&nbsp;2.88%, 5/15/52 | &nbsp;&nbsp;21350000 | &nbsp;&nbsp;&nbsp;18397695 |
| &nbsp;&nbsp;4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652319 |
|  |  | &nbsp;&nbsp;&nbsp;**57243349** |
| **U.S. Treasury Inflation-Indexed Notes – 0.2%** | **U.S. Treasury Inflation-Indexed Notes – 0.2%** | **U.S. Treasury Inflation-Indexed Notes – 0.2%** |
| &nbsp;&nbsp;1.12%, 1/15/33 | &nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;**1856751** |
| **U.S. Treasury Notes – 6.3%** | **U.S. Treasury Notes – 6.3%** | **U.S. Treasury Notes – 6.3%** |
| &nbsp;&nbsp;2.50%, 4/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138322 |
| &nbsp;&nbsp;2.13%, 7/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378602 |
| &nbsp;&nbsp;1.75%, 7/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635804 |
| &nbsp;&nbsp;3.00%, 7/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307254 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| &nbsp;&nbsp;3.25%, 8/31/24<sup>(f)</sup> | &nbsp;&nbsp;$595000 | &nbsp;&nbsp;$584285 |
| &nbsp;&nbsp;1.50%, 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp;366465 |
| &nbsp;&nbsp;4.25%, 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;184581 |
| &nbsp;&nbsp;4.38%, 10/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;143056 |
| &nbsp;&nbsp;4.50%, 11/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;128425 |
| &nbsp;&nbsp;1.75%, 12/31/24<sup>(f)(o)</sup> | &nbsp;&nbsp;6696000 | &nbsp;&nbsp;&nbsp;6394418 |
| &nbsp;&nbsp;4.25%, 12/31/24 | &nbsp;&nbsp;1071000 | &nbsp;&nbsp;&nbsp;1071000 |
| &nbsp;&nbsp;2.00%, 2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;466360 |
| &nbsp;&nbsp;1.50%, 2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59710 |
| &nbsp;&nbsp;0.50%, 3/31/25 | &nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;1426906 |
| &nbsp;&nbsp;0.38%, 4/30/25 | &nbsp;&nbsp;7349000 | &nbsp;&nbsp;&nbsp;6769118 |
| &nbsp;&nbsp;2.13%, 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;402216 |
| &nbsp;&nbsp;3.00%, 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;150367 |
| &nbsp;&nbsp;3.13%, 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;208582 |
| &nbsp;&nbsp;3.50%, 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;528000 | &nbsp;&nbsp;&nbsp;&nbsp;522081 |
| &nbsp;&nbsp;4.50%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;456000 | &nbsp;&nbsp;&nbsp;&nbsp;462804 |
| &nbsp;&nbsp;0.38%, 11/30/25 | &nbsp;&nbsp;1286000 | &nbsp;&nbsp;&nbsp;1165438 |
| &nbsp;&nbsp;4.00%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;212646 |
| &nbsp;&nbsp;0.38%, 12/31/25 | &nbsp;&nbsp;1286000 | &nbsp;&nbsp;&nbsp;1164835 |
| &nbsp;&nbsp;3.88%, 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;176986 |
| &nbsp;&nbsp;0.75%, 5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;313157 |
| &nbsp;&nbsp;1.50%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp;516194 |
| &nbsp;&nbsp;2.00%, 11/15/26 | &nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;1459331 |
| &nbsp;&nbsp;1.88%, 2/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 |
| &nbsp;&nbsp;0.63%, 3/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;621000 | &nbsp;&nbsp;&nbsp;&nbsp;548760 |
| &nbsp;&nbsp;0.50%, 4/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;621000 | &nbsp;&nbsp;&nbsp;&nbsp;544297 |
| &nbsp;&nbsp;2.38%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;614000 | &nbsp;&nbsp;&nbsp;&nbsp;582389 |
| &nbsp;&nbsp;0.50%, 5/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;484000 | &nbsp;&nbsp;&nbsp;&nbsp;422952 |
| &nbsp;&nbsp;2.75%, 7/31/27<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 |
| &nbsp;&nbsp;2.25%, 8/15/27<sup>(o)</sup> | &nbsp;&nbsp;2561000 | &nbsp;&nbsp;&nbsp;2412642 |
| &nbsp;&nbsp;3.13%, 8/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892 |
| &nbsp;&nbsp;4.13%, 10/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78594 |
| &nbsp;&nbsp;3.88%, 11/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;244760 |
| &nbsp;&nbsp;3.88%, 12/31/27 | &nbsp;&nbsp;8530000 | &nbsp;&nbsp;&nbsp;8626629 |
| &nbsp;&nbsp;1.25%, 3/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp;496271 |
| &nbsp;&nbsp;1.25%, 4/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;443000 | &nbsp;&nbsp;&nbsp;&nbsp;393439 |
| &nbsp;&nbsp;2.88%, 8/15/28<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;117425 |
| &nbsp;&nbsp;1.25%, 9/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76560 |
| &nbsp;&nbsp;3.13%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;320595 |
| &nbsp;&nbsp;1.38%, 12/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 |
| &nbsp;&nbsp;2.63%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;548000 | &nbsp;&nbsp;&nbsp;&nbsp;518952 |
| &nbsp;&nbsp;2.38%, 3/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56899 |
| &nbsp;&nbsp;2.38%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;548000 | &nbsp;&nbsp;&nbsp;&nbsp;510753 |
| &nbsp;&nbsp;1.63%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;792656 |
| &nbsp;&nbsp;3.88%, 9/30/29 | &nbsp;&nbsp;1279800 | &nbsp;&nbsp;&nbsp;1301697 |
| &nbsp;&nbsp;4.00%, 10/31/29 | &nbsp;&nbsp;2254700 | &nbsp;&nbsp;&nbsp;2310891 |
| &nbsp;&nbsp;3.88%, 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;102925 |
| &nbsp;&nbsp;1.50%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;869000 | &nbsp;&nbsp;&nbsp;&nbsp;762819 |
| &nbsp;&nbsp;2.88%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| &nbsp;&nbsp;2.75%, 8/15/32 | $2082700 | &nbsp;&nbsp;&nbsp;$1959691 |
| &nbsp;&nbsp;4.13%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**49877556** |
| **Total U.S. Government Obligations<br> (Cost $119,771,873)** | **Total U.S. Government Obligations<br> (Cost $119,771,873)** | &nbsp;&nbsp;&nbsp;**108977656** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Investment Companies – 23.6%** | **Investment Companies – 23.6%** | **Investment Companies – 23.6%** |
| BlackRock Allocation Target Shares - BATS, Series A | 6932834 | &nbsp;&nbsp;&nbsp;64128713 |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp;308036 | &nbsp;&nbsp;&nbsp;15515773 |
| Schwab Short-Term U.S. Treasury ETF<sup>(f)</sup> | 1250495 | &nbsp;&nbsp;&nbsp;60774057 |
| Vanguard Long-Term Treasury ETF<sup>(f)</sup> | &nbsp;&nbsp;467539 | &nbsp;&nbsp;&nbsp;30866925 |
| Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;347624 | &nbsp;&nbsp;&nbsp;16366138 |
| **Total Investment Companies<br> (Cost $201,057,189)** | **Total Investment Companies<br> (Cost $201,057,189)** | **187651606** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** |  |
| **Short-Term Investments – 9.6%** | **Short-Term Investments – 9.6%** | **Short-Term Investments – 9.6%** |
| **Corporate Bonds – 0.5%** | **Corporate Bonds – 0.5%** | **Corporate Bonds – 0.5%** |
| AbbVie, Inc., 3.75%, 11/14/23 | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;19830 |
| Aetna, Inc., 2.80%, 6/15/23 | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;89271 |
| American Airlines Pass Through Trust, Series 2015-2, Class B, 4.40%, 9/22/23 | &nbsp;&nbsp;15382 | &nbsp;&nbsp;&nbsp;15148 |
| Cargill, Inc., 1.38%, 7/23/23<sup>(b)</sup> | 110000 | 108182 |
| Cigna Corp., 3.75%, 7/15/23 | 101000 | 100444 |
| CNH Industrial Capital LLC, 4.20%, 1/15/24 | 123000 | 121906 |
| Continental Resources, Inc., 4.50%, 4/15/23 | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;89770 |
| Devon Energy Corp., 8.25%, 8/01/23 | &nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;52533 |
| Energy Transfer L.P., 3.60%, 2/01/23 | 653000 | 653000 |
| Exxon Mobil Corp., 1.57%, 4/15/23 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9934 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** | **Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| General Motors Co., 4.88%, 10/02/23 | $560000 | &nbsp;&nbsp;$558768 |
| General Motors Financial Co., Inc., 3.70%, 5/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974 |
| Goldman Sachs Group (The), Inc., 3.20%, 2/23/23 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39962 |
| MassMutual Global Funding II, 0.85%, 6/09/23<sup>(b)</sup> | &nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;325427 |
| Metropolitan Life Global Funding I, 0.90%, 6/08/23<sup>(b)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;246467 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;(SOFR + 0.47%), 4.60%, 11/10/23<sup>(c)</sup> | &nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;431788 |
| &nbsp;&nbsp;(SOFR + 0.46%), 4.79%, 1/25/24<sup>(c)</sup> | &nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;630381 |
| PepsiCo, Inc., 0.75%, 5/01/23 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;118797 |
| Philip Morris International, Inc., 1.13%, 5/01/23 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69331 |
| State Street Corp., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 2.54%), 5.63%, 12/15/23<sup>(h)(k)</sup> | &nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;246421 |
| &nbsp;&nbsp;(3M USD LIBOR + 3.60%), 8.37%, 3/15/23<sup>(c)(k)</sup> | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26028 |
| UnitedHealth Group, Inc., 3.50%, 6/15/23 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29856 |
| Wells Fargo & Co., 3.75%, 1/24/24 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;158238 |
|  |  | &nbsp;&nbsp;&nbsp;**4148456** |
| **Foreign Issuer Bonds – 0.3%** | **Foreign Issuer Bonds – 0.3%** | **Foreign Issuer Bonds – 0.3%** |
| Canadian Imperial Bank of Commerce, 0.95%, 6/23/23 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98422 |
| Credit Suisse A.G., 1.00%, 5/05/23<sup>(f)</sup> | &nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;909010 |
| Danske Bank A/S, |  |  |
| &nbsp;&nbsp;5.38%, 1/12/24<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;200060 |
| &nbsp;&nbsp;3.88%, 9/12/23<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;396143 |
| Ecopetrol S.A., 5.88%, 9/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999 |
| Nordea Bank Abp, 1.00%, 6/09/23<sup>(b)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;207146 |
| Petroleos Mexicanos, 4.88%, 1/18/24 | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18783 |
| Royal Bank of Canada, 1.60%, 4/17/23 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;188929 |
| Shell International Finance B.V., 3.50%, 11/13/23 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;168207 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** | **Value** |
| **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** |
| Swedbank AB, 1.30%, 6/02/23<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;$197552 |
| Toronto-Dominion Bank (The), 0.75%, 6/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2598162** |
| **Money Market Funds – 6.8%** | **Money Market Funds – 6.8%** | **Money Market Funds – 6.8%** |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares), 4.35%<sup>(s)(t)</sup> | &nbsp;&nbsp;15105175 | &nbsp;&nbsp;&nbsp;15105175 |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(s)</sup> | &nbsp;&nbsp;38889648 | &nbsp;&nbsp;&nbsp;38889648 |
|  |  | &nbsp;&nbsp;&nbsp;**53994823** |
| **Mortgage-Backed Securities – 0.1%** | **Mortgage-Backed Securities – 0.1%** | **Mortgage-Backed Securities – 0.1%** |
| MHC Trust, Series 2021-MHC2, Class A, (1M USD LIBOR + 0.85%, 0.85% Floor), 5.31%, 5/15/23<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235793 |
| **U.S. Government Obligations – 0.0%<sup>(e)</sup>** | **U.S. Government Obligations – 0.0%<sup>(e)</sup>** | **U.S. Government Obligations – 0.0%<sup>(e)</sup>** |
| U.S. Treasury Notes, 0.13%, 5/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195061 |
| **U.S. Treasury Bills – 1.9%** | **U.S. Treasury Bills – 1.9%** | **U.S. Treasury Bills – 1.9%** |
| U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;4.25%, 4/25/23<sup>(f)(u)</sup> | &nbsp;&nbsp;&nbsp;2780000 | &nbsp;&nbsp;&nbsp;&nbsp;2751152 |
| &nbsp;&nbsp;3.66%, 2/21/23<sup>(u)</sup> | &nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;2184624 |
| &nbsp;&nbsp;4.19%, 4/11/23<sup>(u)</sup> | &nbsp;&nbsp;&nbsp;5160000 | &nbsp;&nbsp;&nbsp;&nbsp;5115928 |
| &nbsp;&nbsp;4.23%, 4/18/23<sup>(f)(u)</sup> | &nbsp;&nbsp;&nbsp;4850000 | &nbsp;&nbsp;&nbsp;&nbsp;4803733 |
|  |  | &nbsp;&nbsp;&nbsp;**14855437** |
| **Total Short-Term Investments<br> (Cost $76,108,729)** | **Total Short-Term Investments<br> (Cost $76,108,729)** | &nbsp;&nbsp;&nbsp;**76027732** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Number of<br> Contracts** | **Notional<br> Amount** |  |
| **Purchased Options – 0.0%<sup>(e)</sup>** | **Purchased Options – 0.0%<sup>(e)</sup>** | **Purchased Options – 0.0%<sup>(e)</sup>** | **Purchased Options – 0.0%<sup>(e)</sup>** |
| **Call Options - Exchange Traded – 0.0%<sup>(e)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(e)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(e)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(e)</sup>** |
| 10-Year U.S. Treasury Note Future, Strike Price $114.50, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572578 | &nbsp;&nbsp;&nbsp;3906 |
| 10-Year U.S. Treasury Note Future, Strike Price $115.00, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;1259672 | &nbsp;&nbsp;&nbsp;6188 |
| 10-Year U.S. Treasury Note Future, Strike Price $119.00, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| 3-Month SOFR Future, Strike Price $95.19, Expires 2/10/23 | 500 | 118768750 | 25000 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Call Options - Exchange Traded (Continued)** | **Call Options - Exchange Traded (Continued)** | **Call Options - Exchange Traded (Continued)** | **Call Options - Exchange Traded (Continued)** |
| 5-Year U.S. Treasury Note Future, Strike Price $109.25, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$546211 | $2656 |
| 5-Year U.S. Treasury Note Future, Strike Price $109.50, Expires 2/24/23 | 31 | &nbsp;&nbsp;&nbsp;3386508 | &nbsp;&nbsp;&nbsp;12836 |
| 5-Year U.S. Treasury Note Future, Strike Price $109.75, Expires 2/24/23 | 28 | &nbsp;&nbsp;&nbsp;3058782 | &nbsp;&nbsp;&nbsp;&nbsp;8750 |
| Euro-Bobl, Strike Price $118.50, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;703800<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1566 |
| U.S. Treasury Long Bond Future, Strike Price $130.00, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;1168875 | &nbsp;&nbsp;&nbsp;13078 |
| U.S. Treasury Long Bond Future, Strike Price $131.00, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;649375 | &nbsp;&nbsp;&nbsp;&nbsp;5156 |
|  |  |  | &nbsp;&nbsp;&nbsp;**79167** |
| **Call Options - Over the Counter – 0.0%<sup>(e)</sup>** | **Call Options - Over the Counter – 0.0%<sup>(e)</sup>** | **Call Options - Over the Counter – 0.0%<sup>(e)</sup>** | **Call Options - Over the Counter – 0.0%<sup>(e)</sup>** |
| Canadian Dollar vs. U.S. Dollar, Strike Price CAD $1.38, Expires 2/17/23, Counterparty: UBS | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Chilean Peso vs. U.S. Dollar, Strike Price CLP 840.00, Expires 3/16/23, Counterparty: UBS | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| Chilean Peso vs. U.S. Dollar, Strike Price CLP 840.00, Expires 3/16/23, Counterparty: Bank of America | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| Japanese Yen vs. U.S. Dollar, Strike Price JPY 137.00, Expires 3/10/23, Counterparty: Citibank | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| U.S. Dollar vs. Euro, Strike Price USD 1.10, Expires 3/07/23, Counterparty: JPMorgan Chase | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;510000<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3525 |
| U.S. Dollar vs. Euro, Strike Price USD 1.10, Expires 3/14/23, Counterparty: Deutsche Bank | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;520000<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4307 |
| U.S. Dollar vs. Euro, Strike Price USD 1.13, Expires 4/21/23, Counterparty: UBS | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;510000<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2167 |
|  |  |  | &nbsp;&nbsp;&nbsp;**10954** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Call Swaptions - Over the Counter – 0.0%<sup>(e)</sup>** | **Call Swaptions - Over the Counter – 0.0%<sup>(e)</sup>** | **Call Swaptions - Over the Counter – 0.0%<sup>(e)</sup>** | **Call Swaptions - Over the Counter – 0.0%<sup>(e)</sup>** |
| Pay 1-Day USD SOFR (At Maturity); Receive 4.00% (At Maturity): Interest Rate Swap Maturing 07/05/2024, Strike Price USD 4.00, Expires 6/30/23, Counterparty: Goldman Sachs | &nbsp;&nbsp;&nbsp;1 | $83096000 | $46642 |
| Pay 1-Day USD SOFR (At Maturity); Receive 4.10% (At Maturity): Interest Rate Swap Maturing 07/18/2024, Strike Price USD 4.10, Expires 7/14/23, Counterparty: Goldman Sachs | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;83096000 | &nbsp;&nbsp;&nbsp;&nbsp;76307 |
|  |  |  | &nbsp;&nbsp;&nbsp;**122949** |
| **Put Options - Exchange Traded – 0.0%<sup>(e)</sup>** | **Put Options - Exchange Traded – 0.0%<sup>(e)</sup>** | **Put Options - Exchange Traded – 0.0%<sup>(e)</sup>** | **Put Options - Exchange Traded – 0.0%<sup>(e)</sup>** |
| 10-Year U.S. Treasury Note Future, Strike Price $114.00, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229031 | &nbsp;&nbsp;&nbsp;&nbsp;1094 |
| 10-Year U.S. Treasury Note Future, Strike Price $115.00, Expires 2/24/23 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343547 | &nbsp;&nbsp;&nbsp;&nbsp;3141 |
| 5-Year U.S. Treasury Note Future, Strike Price $108.75, Expires 2/24/23 | 76 | &nbsp;&nbsp;&nbsp;&nbsp;8302407 | &nbsp;&nbsp;&nbsp;&nbsp;24937 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**29172** |
| **Put Options - Over the Counter – 0.0%<sup>(e)</sup>** | **Put Options - Over the Counter – 0.0%<sup>(e)</sup>** | **Put Options - Over the Counter – 0.0%<sup>(e)</sup>** | **Put Options - Over the Counter – 0.0%<sup>(e)</sup>** |
| Brazilian Real vs. U.S. Dollar, Strike Price BRL 4.65, Expires 3/23/23, Counterparty: Bank of America | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |
| Brazilian Real vs. U.S. Dollar, Strike Price BRL 5.05, Expires 2/16/23, Counterparty: UBS | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| Brazilian Real vs. U.S. Dollar, Strike Price BRL 5.05, Expires 2/16/23, Counterparty: HSBC Bank | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| Brazilian Real vs. U.S. Dollar, Strike Price BRL 5.30, Expires 2/16/23, Counterparty: HSBC Bank | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;2737 |
| Canadian Dollar vs. Euro, Strike Price CAD $1.40, Expires 4/26/23, Counterparty: Bank of America | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
| Canadian Dollar vs. Euro, Strike Price CAD $1.43, Expires 2/23/23, Counterparty: Bank of America | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** |
| Canadian Dollar vs. U.S. Dollar, Strike Price CAD $1.33, Expires 2/17/23, Counterparty: UBS | 2 | $66000 | &nbsp;&nbsp;&nbsp;&nbsp;$331 |
| Colombian Peso vs. Euro, Strike Price COP $4,950.00, Expires 3/23/23, Counterparty: Bank of America | 2 | &nbsp;&nbsp;&nbsp;&nbsp;62000<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 |
| Mexican Peso vs. U.S. Dollar, Strike Price MXN 19.55, Expires 2/07/23, Counterparty: Bank of America | 2 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| South African Rand vs. U.S. Dollar, Strike Price ZAR $16.90, Expires 2/17/23, Counterparty: Goldman Sachs | 2 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| South African Rand vs. U.S. Dollar, Strike Price ZAR $17.00, Expires 3/23/23, Counterparty: Goldman Sachs | 1 | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| South African Rand vs. U.S. Dollar, Strike Price ZAR $17.00, Expires 3/23/23, Counterparty: ISI Group, Inc. | 1 | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| U.S. Dollar vs. British Pound, Strike Price USD 1.21, Expires 2/02/23, Counterparty: UBS | 1 | &nbsp;&nbsp;&nbsp;&nbsp;32000<sup>(w)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| U.S. Dollar vs. British Pound, Strike Price USD 1.21, Expires 2/02/23, Counterparty: Morgan Stanley | 1 | &nbsp;&nbsp;&nbsp;&nbsp;32000<sup>(w)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| U.S. Dollar vs. Euro, Strike Price USD 1.05, Expires 3/09/23, Counterparty: Citibank | 2 | &nbsp;&nbsp;&nbsp;308000<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7976** |
| **Total Purchased Options<br> (Premiums Paid $492,158)** | **Total Purchased Options<br> (Premiums Paid $492,158)** | **Total Purchased Options<br> (Premiums Paid $492,158)** | &nbsp;&nbsp;&nbsp;**250218** |

---

---

| | |
|:---|:---|
| **Total Long Positions – 108.5%<br> (Cost $919,785,257)** | **862256830** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Short Positions – (2.2)%<sup>(x)</sup>** | **Short Positions – (2.2)%<sup>(x)</sup>** | **Short Positions – (2.2)%<sup>(x)</sup>** |
| **Mortgage-Backed Securities – (2.2)%** | **Mortgage-Backed Securities – (2.2)%** | **Mortgage-Backed Securities – (2.2)%** |
| **Uniform Mortgage-Backed Securities – (2.2)%** | **Uniform Mortgage-Backed Securities – (2.2)%** | **Uniform Mortgage-Backed Securities – (2.2)%** |
| Pool<br> 2/01/38 - 3/01/53<sup>(n)</sup> | $(18786753) | **$(17102871)** |
| **Total Mortgage-Backed Securities<br> (Proceeds $17,117,574)** | **Total Mortgage-Backed Securities<br> (Proceeds $17,117,574)** | &nbsp;&nbsp;&nbsp;**(17102871)** |
| **U.S. Government Obligations – (0.0)%<sup>(e)</sup>** | **U.S. Government Obligations – (0.0)%<sup>(e)</sup>** | **U.S. Government Obligations – (0.0)%<sup>(e)</sup>** |
| **U.S. Treasury Bonds – (0.0)%<sup>(e)</sup>** | **U.S. Treasury Bonds – (0.0)%<sup>(e)</sup>** | **U.S. Treasury Bonds – (0.0)%<sup>(e)</sup>** |
| 1.88%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(64522)** |
| **Total U.S. Government Obligations<br> (Proceeds $96,601)** | **Total U.S. Government Obligations<br> (Proceeds $96,601)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(64522)** |
| **Total Short Positions – (2.2)%<br> (Proceeds $17,214,175)** | **Total Short Positions – (2.2)%<br> (Proceeds $17,214,175)** | &nbsp;&nbsp;&nbsp;**(17167393)** |
| **Total Written Options – (0.1)%<br> (Premiums Received $1,532,728)** | **Total Written Options – (0.1)%<br> (Premiums Received $1,532,728)** | &nbsp;&nbsp;&nbsp;&nbsp;(1187944) |
| Liabilities less Other Assets – (6.2)%<sup>(y)</sup> | Liabilities less Other Assets – (6.2)%<sup>(y)</sup> | &nbsp;&nbsp;&nbsp;(49460805) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$794440688** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

<sup>(a)</sup> Par value is in USD unless otherwise indicated.

<sup>(b)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>(c)</sup> Variable rate security. Rate as of January 31, 2023 is disclosed.

<sup>(d)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2023 is disclosed.

<sup>(e)</sup> Amount rounds to less than 0.05%.

<sup>(f)</sup> Security either partially or fully on loan. As of January 31, 2023, the total value of securities on loan is $35,578,729.

<sup>(g)</sup> Investment is valued using significant unobservable inputs (Level 3).

<sup>(h)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2023 is disclosed.

<sup>(i)</sup> Distributions from this security are made via payments in-kind (PIK) unless otherwise noted in the description.

<sup>(j)</sup> Century bond maturing in 2120.

<sup>(k)</sup> Perpetual bond. Maturity date represents next call date.

<sup>(l)</sup> Restricted security that has been deemed illiquid. At January 31, 2023, the value of these restricted illiquid securities amounted to $334,052 or 0.04% of net assets. Additional information on these restricted illiquid securities is as follows:

---

| | | |
|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** |
| Lukoil Capital DAC, 3.60%, 10/26/31 | 10/19/21 | $470000 |

---

<sup>(m)</sup> Issuer has defaulted on terms of debt obligation.

<sup>(n)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2023.

<sup>(o)</sup> All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap agreements.

<sup>(p)</sup> Step coupon bond. Rate as of January 31, 2023 is disclosed.

<sup>(q)</sup> Century bond maturing in 2112.

<sup>(r)</sup> Unfunded loan commitment. As of January 31, 2023, total value of unfunded loan commitment is $2,863.

<sup>(s)</sup> 7-day current yield as of January 31, 2023 is disclosed.

<sup>(t)</sup> Security purchased with the cash proceeds from securities loaned. As of January 31, 2023, total cash collateral has a value of $15,105,175 and total non-cash collateral has a value of $21,193,768.

<sup>(u)</sup> Discount rate at the time of purchase.

<sup>(v)</sup> The notional amount is EUR.

<sup>(w)</sup> The notional amount is GBP.

<sup>(x)</sup> Securities sold short are not owned by the Fund and cannot produce income.

<sup>(y)</sup> Includes appreciation/(depreciation) on forward foreign currency exchange, futures and swap contracts.

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| 10Y | 10 Year |
| 12MTA | 12 Month Treasury Average |
| 1M | 1 Month |
| 1Y | 1 Year |
| 3M | 3 Month |
| 5Y | 5 Year |
| BATS | Better Alternative Trading System |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CP | Commercial Paper |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| GO | Government Obligation |
| IO | Interest Only |
| JSC | Joint Stock Company |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | |
|:---|:---|
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standards & Poor's |
| SOFR | United States Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |
| Strip | Separate Trading of Registered Interest and Principal |
| TRB | Tax Revenue Bonds |
| USD | United States Dollar |
| EUR | Euro |
| COP | Colombian Peso |
| MXN | Mexican Peso |
| RUB | Russian Ruble |
| ZAR | South African Rand |
| CAD | Canadian Dollar |
| CLP | Chilean Peso |
| JPY | Japanese Yen |
| BRL | Brazilian Real |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Contracts** |  |  |  |  |  |
| Euro-BTP Italian Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;3/08/2023 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124066 | &nbsp;&nbsp;&nbsp;&nbsp;$(2522) |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5382234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47125 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;27923125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130686 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;13466250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86628 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;48121734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44342) |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;136771219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764191 |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;9/19/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7225) |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;12/19/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5953750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2026 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7772800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 |
| **Total Long Contracts** |  |  |  |  | &nbsp;&nbsp;**$1036754** |
| **Short Contracts** |  |  |  |  |  |
| 30-Day Federal Funds | &nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;50894738 | &nbsp;&nbsp;&nbsp;&nbsp;$(2667) |
| 30-Year Euro Buxl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;3/08/2023 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;3/08/2023 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
| 10-Year Japanese Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;3/13/2023 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;12385511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129464 |
| 90-Day Eurodollar | &nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;&nbsp;&nbsp;3/13/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;17577775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8325) |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;&nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;24391828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57607 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7393391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11420) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;&nbsp;&nbsp;6/20/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;41872600 | &nbsp;&nbsp;&nbsp;&nbsp;$(4514) |
| CME 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;(376) | &nbsp;&nbsp;&nbsp;&nbsp;3/19/2024 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;89849900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40076 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp;**$202510** |
|  |  |  |  |  | &nbsp;&nbsp;**$1239264** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;1156696 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;$20580 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567189 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10548 |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;104163000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797957 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 |
| 02/06/23 | &nbsp;&nbsp;Czech Republic Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400876 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444 |
| 03/15/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;1715946628 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110199 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214658 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225605 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106354 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653 |
| 02/06/23 | &nbsp;&nbsp;Chilean Pesos | &nbsp;&nbsp;&nbsp;&nbsp;114263580 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 |
| 02/06/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19276629 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175664 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 |
| 02/06/23 | &nbsp;&nbsp;South Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63912500 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 |
| 02/06/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76513 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| 02/02/23 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129982 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 |
| 02/06/23 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059422 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 |
| 02/06/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;&nbsp;&nbsp;771000000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 |
| 02/06/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45194 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314735 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 |
| 02/06/23 | &nbsp;&nbsp;Hungarian Forints | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566877 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 |
| 02/07/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701488 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140283 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 |
| 02/06/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6397192 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 |
| 02/06/23 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33372 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70682 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 |
| 02/06/23 | &nbsp;&nbsp;Hungarian Forints | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12620804 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
| 03/14/23 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86371 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;Friedman Billings Ramsey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109148 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$972 |
| 03/14/23 | &nbsp;&nbsp;Czech Republic Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308464 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 |
| 02/06/23 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336854 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 |
| 02/06/23 | &nbsp;&nbsp;Swiss Francs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42764 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
| 02/02/23 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84925 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;1728322 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423603 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
| 02/06/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16282 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 |
| 02/06/23 | &nbsp;&nbsp;Chilean Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14037750 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
| 02/07/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894381 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79428 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86115 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |
| 02/06/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32303 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| 02/06/23 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41510 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
| 02/07/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949950 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 |
| 02/06/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36398 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| 03/15/23 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53281 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| 02/07/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628483 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
| 02/06/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215404 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32442 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559906 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87504 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41181 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712720 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| 03/14/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12460863 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37294 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| 02/02/23 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173876 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| 02/06/23 | &nbsp;&nbsp;Colombian Pesos | &nbsp;&nbsp;&nbsp;&nbsp;160106000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
| 02/06/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66856 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31156 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326880 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Indian Rupees | &nbsp;&nbsp;&nbsp;&nbsp;4076800 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31775 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Colombian Pesos | &nbsp;&nbsp;157958560 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69346 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28236 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925522 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| 02/06/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45478 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| 02/06/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33049 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| 03/14/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24079 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| 02/07/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676798 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65491 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43520 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;6492800 | &nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 02/06/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346492 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79 |
| 03/14/23 | &nbsp;&nbsp;Chilean Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27302000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| 03/14/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28268 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| 03/14/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39544 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| 02/07/23 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882342 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| 02/06/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12043 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54041 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| 02/06/23 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329752 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| 02/07/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50464 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33928 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52972 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43568 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| 02/06/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35125 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| 02/02/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172448 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;Hungarian Forints | &nbsp;&nbsp;&nbsp;&nbsp;10084054 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| 03/14/23 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838631 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| 03/14/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50460 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| 03/14/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328547 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| 02/06/23 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557440 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;749410000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| 03/14/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14126 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| 02/06/23 | &nbsp;&nbsp;Singapore Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32857 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;South Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;19696410 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| 02/06/23 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216834 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| 03/14/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387113 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp;$99472 |
| 02/06/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;3395783 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243889 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| 03/14/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;Singapore Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32831 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14106 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| 03/14/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217936 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| 03/14/23 | &nbsp;&nbsp;Hungarian Forints | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206698 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| 02/07/23 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50444 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
| 02/06/23 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329092 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
| 02/07/23 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64668 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
| 03/14/23 | &nbsp;&nbsp;South Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19673810 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29056 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506970 | &nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329632 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
| 02/16/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;Colombian Pesos | &nbsp;&nbsp;&nbsp;&nbsp;26238713 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 03/14/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35174 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(35) |
| 03/02/23 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173278 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |
| 03/14/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888614 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |
| 03/14/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12040 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| 02/06/23 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39514 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69601 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43671 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |
| 02/06/23 | &nbsp;&nbsp;Indian Rupees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287600 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |
| 03/14/23 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346718 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) |
| 03/14/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681100 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24085 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
| 03/14/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;&nbsp;&nbsp;749010000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |
| 02/07/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944780 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
| 03/14/23 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33087 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) |
| 03/14/23 | &nbsp;&nbsp;Indian Rupees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086750 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) |
| 03/14/23 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881820 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;Singapore Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33079 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181) |
| 02/06/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369357 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |
| 03/14/23 | &nbsp;&nbsp;Colombian Pesos | &nbsp;&nbsp;&nbsp;&nbsp;159121360 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45522 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |
| 02/16/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30004 | &nbsp;&nbsp;Colombian Pesos | &nbsp;&nbsp;141620600 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90808 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) |
| 02/06/23 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344150 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;Norwegian Kroner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332443 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21471 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109346 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;South Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;42319800 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;Indian Rupees | &nbsp;&nbsp;&nbsp;&nbsp;2324196 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;1133900 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) |
| 02/06/23 | &nbsp;&nbsp;Indian Rupees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062500 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;JP Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77890 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Hungarian Forints | &nbsp;&nbsp;&nbsp;&nbsp;12413496 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31542 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29383 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |
| 02/02/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83759 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131348 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539) |
| 02/22/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257526 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;Swiss Francs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42618 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) |
| 02/07/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634716 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(668) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;18819168 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689) |
| 02/02/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;Brazilian Reals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206753 | &nbsp;&nbsp;JP Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(729) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140945 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;$(764) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;Czech Republic Koruna | &nbsp;&nbsp;&nbsp;&nbsp;3299852 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827) |
| 02/17/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;Taiwan Dollars | &nbsp;&nbsp;&nbsp;&nbsp;1403690 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828) |
| 02/06/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8472740 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(858) |
| 02/06/23 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010123 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976) |
| 03/15/23 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70616 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1074) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1185) |
| 02/06/23 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813702 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1259) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;Chilean Pesos | &nbsp;&nbsp;&nbsp;&nbsp;28169000 | &nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1351) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58998 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1419) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49189 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71800 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1502) |
| 02/07/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63034 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1611) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;8795688 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1625) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52813 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1691) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70499 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;1369250 | &nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1964) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87274 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2190) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;Chilean Pesos | &nbsp;&nbsp;&nbsp;&nbsp;27260691 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2211) |
| 03/14/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;Chilean Pesos | &nbsp;&nbsp;114953070 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2488) |
| 02/16/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37302 | &nbsp;&nbsp;Colombian Pesos | &nbsp;&nbsp;186398600 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71672 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;1435617 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4303) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231735 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;4471796 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4918) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131925 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;2591491 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5220) |
| 02/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;Chilean Pesos | &nbsp;&nbsp;&nbsp;&nbsp;79607600 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7905) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439785 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9324) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881974 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;(11884) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163352 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;1079380 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;(13247) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906115 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844620 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;(14580) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920211 | &nbsp;&nbsp;Japanese Yen | &nbsp;&nbsp;121458000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;(18282) |
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp;$(129318) |
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp;**$(29846)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;4 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458062 | &nbsp;&nbsp;114.75 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;$(2625) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;10 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1145156 | &nbsp;&nbsp;115.50 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;$(3750) |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;17 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1946766 | &nbsp;&nbsp;117.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1594) |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;20 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2290312 | &nbsp;&nbsp;114.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(21250) |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;41 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4695141 | &nbsp;&nbsp;116.50 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(6406) |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;64 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7329000 | &nbsp;&nbsp;116.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(16000) |
| 3-Month SOFR Future | &nbsp;&nbsp;624 | &nbsp;&nbsp;USD | &nbsp;&nbsp;148223400 | &nbsp;&nbsp;&nbsp;&nbsp;95.44 | &nbsp;&nbsp;2/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(3900) |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp;8 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873938 | &nbsp;&nbsp;110.75 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(750) |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp;13 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1420149 | &nbsp;&nbsp;110.25 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(2234) |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp;18 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1966359 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4219) |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp;23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2512570 | &nbsp;&nbsp;110.50 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(2875) |
| Euro-Bobl Future | &nbsp;&nbsp;6 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703800 | &nbsp;&nbsp;120.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;2 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283500 | &nbsp;&nbsp;131.00 | &nbsp;&nbsp;&nbsp;&nbsp;2/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;5 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649375 | &nbsp;&nbsp;135.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;8 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1039000 | &nbsp;&nbsp;132.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(5625) |
| **Total Written Call Options Contracts (Premiums Received $140,082)** | **Total Written Call Options Contracts (Premiums Received $140,082)** | **Total Written Call Options Contracts (Premiums Received $140,082)** | **Total Written Call Options Contracts (Premiums Received $140,082)** | **Total Written Call Options Contracts (Premiums Received $140,082)** | **Total Written Call Options Contracts (Premiums Received $140,082)** | &nbsp;&nbsp;**$(73208)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114516 | &nbsp;&nbsp;112.50 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$(172) |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp;10 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1145156 | &nbsp;&nbsp;114.50 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(7656) |
| 2-Year U.S. Treasury Note Future | &nbsp;&nbsp;91 | &nbsp;&nbsp;USD | &nbsp;&nbsp;18714008 | &nbsp;&nbsp;102.62 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(25594) |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp;13 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1420149 | &nbsp;&nbsp;108.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1727) |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp;40 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4369688 | &nbsp;&nbsp;108.50 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(9687) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;4 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519500 | &nbsp;&nbsp;130.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(6313) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;8 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1039000 | &nbsp;&nbsp;129.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(9000) |
| U.S. Treasury Long Bond Future | &nbsp;&nbsp;18 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2337750 | &nbsp;&nbsp;128.00 | &nbsp;&nbsp;2/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(13781) |
| **Total Written Put Options Contracts (Premiums Received $93,546)** | **Total Written Put Options Contracts (Premiums Received $93,546)** | **Total Written Put Options Contracts (Premiums Received $93,546)** | **Total Written Put Options Contracts (Premiums Received $93,546)** | **Total Written Put Options Contracts (Premiums Received $93,546)** | **Total Written Put Options Contracts (Premiums Received $93,546)** | &nbsp;&nbsp;**$(73930)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Brazilian Real vs. U.S. Dollar | &nbsp;&nbsp;UBS | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;2/16/2023 | &nbsp;&nbsp;$(115) |
| Brazilian Real vs. U.S. Dollar | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
| Canadian Dollar vs. U.S. Dollar | &nbsp;&nbsp;UBS | &nbsp;&nbsp;2 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) |
| Colombian Peso vs. Euro | &nbsp;&nbsp;UBS | &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;5200.00 | &nbsp;&nbsp;3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Colombian Peso vs. Euro | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;5200.00 | &nbsp;&nbsp;3/23/2023 | &nbsp;&nbsp;$(357) |
| Japanese Yen vs. U.S. Dollar | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;142.00 | &nbsp;&nbsp;3/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Japanese Yen vs. U.S. Dollar | &nbsp;&nbsp;UBS | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;142.00 | &nbsp;&nbsp;3/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Mexican Peso vs. U.S. Dollar | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Mexican Peso vs. U.S. Dollar | &nbsp;&nbsp;UBS | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;&nbsp;2/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| South African Rand vs. U.S. Dollar | &nbsp;&nbsp;UBS | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232) |
| South African Rand vs. U.S. Dollar | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232) |
| U.S. Dollar vs. Euro | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;3/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(3525) |
| U.S. Dollar vs. Euro | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;3/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1125) |
| **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | **Total Written OTC Call Options Contracts (Premiums Received $7,749)** | &nbsp;&nbsp;**$(6169)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Over the Counter** |
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Chilean Peso vs. U.S. Dollar | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;2 | &nbsp;&nbsp;USD | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;810.00 | &nbsp;&nbsp;3/16/2023 | &nbsp;&nbsp;$(1611) |
| Colombian Peso vs. Euro | &nbsp;&nbsp;UBS | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;4750.00 | &nbsp;&nbsp;3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267) |
| Hungarian Forint vs. U.S. Dollar | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;2 | &nbsp;&nbsp;USD | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;390.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(3605) |
| Mexican Peso vs. U.S. Dollar | &nbsp;&nbsp;UBS | &nbsp;&nbsp;2 | &nbsp;&nbsp;USD | &nbsp;&nbsp;32000 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;2/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(706) |
| South African Rand vs. U.S. Dollar | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) |
| South African Rand vs. U.S. Dollar | &nbsp;&nbsp;UBS | &nbsp;&nbsp;1 | &nbsp;&nbsp;USD | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) |
| U.S. Dollar vs. British Pound | &nbsp;&nbsp;UBS | &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Dollar vs. British Pound | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | **Total Written OTC Put Options Contracts (Premiums Received $4,375)** | &nbsp;&nbsp;**$(6607)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** |
| **Description** | **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Rate** | **Notional<br> Amount** | **Value** |
| Interest Rate Swap Maturing 01/08/2034 | 3.16% (Semi-Annually) | 1-Day USD SOFR (Annually) | Deutsche Bank | 1/08/2034 | 3.16% | &nbsp;&nbsp;&nbsp;1857000 | &nbsp;&nbsp;$(68836) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter (continued)** |
| **Description** | **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Rate** | **Notional<br> Amount** | **Value** |
| Interest Rate Swap Maturing 01/10/2034 | 3.15% (Semi-Annually) | 1-Day USD SOFR (Annually) | JPMorgan Chase | 1/10/2034 | 3.15% | &nbsp;&nbsp;&nbsp;1857000 | &nbsp;&nbsp;$(68152) |
| Interest Rate Swap Maturing 01/12/2034 | 3.16% (Semi-Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 1/12/2034 | 3.11 | &nbsp;&nbsp;&nbsp;5195000 | &nbsp;&nbsp;&nbsp;(179999) |
| Interest Rate Swap Maturing 02/03/2036 | 3.04% (Semi-Annually) | 1-Day USD SOFR (Annually) | Deutsche Bank | 2/03/2036 | 3.04 | &nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;(28507) |
| Interest Rate Swap Maturing 07/05/2024 | 3.40% (At Maturity) | 1-Day USD SOFR (At Maturity) | Goldman Sachs | 7/05/2024 | 3.40 | 83096000 | &nbsp;&nbsp;&nbsp;&nbsp;(11160) |
| Interest Rate Swap Maturing 07/18/2024 | 3.50% (At Maturity) | 1-Day USD SOFR (At Maturity) | Goldman Sachs | 7/18/2024 | 3.50 | 83096000 | &nbsp;&nbsp;&nbsp;&nbsp;(19511) |
| Interest Rate Swap Maturing 12/21/2033 | 3.16% (Semi-Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 12/21/2033 | 3.11 | &nbsp;&nbsp;&nbsp;6039700 | &nbsp;&nbsp;&nbsp;(201533) |
| **Total Written OTC Call Swaptions Contracts (Premiums Received $698,539)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $698,539)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $698,539)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $698,539)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $698,539)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $698,539)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $698,539)** | **$(577698)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2023:<br> Over the Counter** |
| **Description** | **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Rate** | **Notional<br> Amount** | **Value** |
| Interest Rate Swap Maturing 01/08/2034 | 1-Day USD SOFR (Annually) | 3.16% (Semi-Annually) | Deutsche Bank | 1/8/2034 | 3.16% | 1857000 | &nbsp;&nbsp;$(49814) |
| Interest Rate Swap Maturing 01/10/2034 | 1-Day USD SOFR (Annually) | 3.15% (Semi-Annually) | JPMorgan Chase | 1/10/2034 | 3.15 | 1857000 | &nbsp;&nbsp;&nbsp;&nbsp;(50741) |
| Interest Rate Swap Maturing 01/12/2034 | 1-Day USD SOFR (Annually) | 3.11% (Semi-Annually) | Morgan Stanley | 1/12/2034 | 3.11 | 5195000 | &nbsp;&nbsp;&nbsp;(150475) |
| Interest Rate Swap Maturing 02/03/2036 | 1-Day USD SOFR (Annually) | 3.04% (Semi-Annually) | Deutsche Bank | 2/3/2036 | 3.04 | &nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;(27009) |
| Interest Rate Swap Maturing 12/21/2033 | 1-Day USD SOFR (Annually) | 3.11% (Semi-Annually) | Morgan Stanley | 12/21/2033 | 3.11 | 6039700 | &nbsp;&nbsp;&nbsp;(172293) |
| **Total Written OTC Put Swaptions Contracts (Premiums Received $588,437)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $588,437)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $588,437)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $588,437)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $588,437)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $588,437)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $588,437)** | **$(450332)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 28-Day MXN-TIIE-BANXICO (Monthly) | 10.17% (Monthly) | 9/14/2023 | MXN | 3865000 | &nbsp;&nbsp;&nbsp;&nbsp;$(1282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1282) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 28-Day MXN-TIIE-BANXICO (Monthly) | 10.30% (Monthly) | 9/18/2023 | MXN | 3078000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(885) |
| 6.15% (Quarterly) | 3M PLN WIBOR (Quarterly) | 4/11/2024 | PLN | 558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 |
| 0.22% (Annually) | 1-Day JPY TONAR (Annually) | 1/20/2025 | JPY | 809024375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6236) |
| 0.23% (Annually) | 1-Day JPY TONAR (Annually) | 1/20/2025 | JPY | 271475625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2214) |
| 3M ZAR JIBAR (Quarterly) | 7.20% (Quarterly) | 3/20/2025 | ZAR | 4707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 |
| 1-Day EUR ESTR (Annually) | 2.26% (Annually) | 1/22/2027 | EUR | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1054) |
| 2.70% (Annually) | 2-Day USD SOFR (Annually) | 1/22/2027 | USD | 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 |
| 1-Day EUR ESTR (Annually) | 2.29% (Annually) | 1/28/2027 | EUR | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1091) |
| 2.78% (Annually) | 2-Day USD SOFR (Annually) | 1/28/2027 | USD | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 |
| 6.87% (Semi-Annually) | 3M PLN WIBOR (Semi-Annually) | 9/29/2027 | PLN | 92600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1223) |
| 6.99% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 9/30/2027 | PLN | 133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1774) |
| 1-Day GBP Sterling Overnight Index Average Rate (At Maturity) | 3.19% (At Maturity) | 1/12/2028 | GBP | 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| 1-Day GBP Sterling Overnight Index Average Rate (At Maturity) | 3.21% (At Maturity) | 1/18/2028 | GBP | 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| 28-Day MXN-TIIE-BANXICO (Monthly) | 8.42% (Monthly) | 1/20/2028 | MXN | 1953000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395) |
| 1-Day EUR ESTR (At Maturity) | 2.10% (At Maturity) | 1/21/2028 | EUR | 860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2248) |
| 1-Day EUR ESTR (At Maturity) | 2.13% (At Maturity) | 1/21/2028 | EUR | 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1436) |
| 1-Day GBP Sterling Overnight Index Average Rate (At Maturity) | 3.17% (At Maturity) | 1/26/2028 | GBP | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |
| 1-Day EUR ESTR (At Maturity) | 2.19% (At Maturity) | 1/27/2028 | EUR | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2373) |
| 5.67% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) |
| 5.92% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1870) |
| 5.99% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(756) |
| 1.13% (Annually) | 2-Day USD SOFR (Annually) | 8/15/2028 | USD | 15840000 | &nbsp;&nbsp;&nbsp;1951191 | &nbsp;&nbsp;&nbsp;&nbsp;41531 | &nbsp;&nbsp;&nbsp;1909660 |
| 1.22% (Annually) | 2-Day USD SOFR (Annually) | 8/15/2028 | USD | 4412000 | &nbsp;&nbsp;&nbsp;&nbsp;521799 | &nbsp;&nbsp;&nbsp;&nbsp;(1493) | &nbsp;&nbsp;&nbsp;&nbsp;523292 |
| 2.85% (Annually) | 2-Day USD SOFR (Annually) | 2/15/2029 | USD | 2329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65260 | &nbsp;&nbsp;&nbsp;&nbsp;8416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56844 |
| 3.27% (Annually) | 2-Day USD SOFR (Annually) | 4/30/2029 | USD | 4174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20914 | &nbsp;&nbsp;&nbsp;(68803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89717 |
| 3.85% (Annually) | 2-Day USD SOFR (Annually) | 6/30/2029 | USD | 5264000 | &nbsp;&nbsp;&nbsp;&nbsp;(158868) | &nbsp;&nbsp;&nbsp;&nbsp;6302 | &nbsp;&nbsp;&nbsp;&nbsp;(165170) |
| 3.25% (Annually) | 2-Day USD SOFR (Annually) | 9/30/2029 | USD | 2157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 |
| 2.00% (Annually) | 2-Day USD SOFR (Annually) | 3/18/2032 | USD | 2112000 | &nbsp;&nbsp;&nbsp;&nbsp;209029 | &nbsp;&nbsp;&nbsp;&nbsp;15611 | &nbsp;&nbsp;&nbsp;&nbsp;193418 |
| 6M EUR EURIBOR (Semi-Annually) | 2.44% (Annually) | 7/14/2032 | EUR | 157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2308) |
| 9.25% (Monthly) | 28-Day MXN-TIIE-BANXICO (Monthly) | 9/17/2032 | MXN | 1824000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5330) |
| 2-Day USD SOFR (Annually) | 3.26% (Annually) | 1/13/2033 | USD | 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 |
| 3.15% (Annually) | 2-Day USD SOFR (Annually) | 5/15/2048 | USD | 14257000 | &nbsp;&nbsp;&nbsp;&nbsp;(187634) | &nbsp;&nbsp;&nbsp;(34236) | &nbsp;&nbsp;&nbsp;&nbsp;(153398) |
| 2.50% (Annually) | 2-Day USD SOFR (Annually) | 4/21/2052 | USD | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11104 |
| **Total** |  |  |  |  | **$2406303** | **$(31809)** | **$2438112** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Over the Counter** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Counterparty** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 1.42% (Semi-Annually) | 1-Day CLP CLICP (Semi-Annually) | Bank of America | 4/1/2023 | CLP | 357254000 | $22565 | $— | $22565 |
| 1-Day CLP CLICP (Semi-Annually) | 1.65% (Semi-Annually) | Bank of America | 5/28/2023 | CLP | 357254000 | &nbsp;&nbsp;&nbsp;(21496) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(21496) |
| 1-Day BRL BZDIO (At Maturity) | 14.49% (At Maturity) | Goldman Sachs | 1/2/2024 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
| 1-Day BRL BZDIO (At Maturity) | 13.97% (At Maturity) | Citibank | 1/2/2024 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 |
| 1-Day BRL BZDIO (At Maturity) | 13.98% (At Maturity) | Citibank | 1/2/2024 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| 1-Day BRL BZDIO (At Maturity) | 12.85% (At Maturity) | Citibank | 1/2/2025 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| 1-Day BRL BZDIO (At Maturity) | 11.69% (At Maturity) | Citibank | 1/2/2025 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;(1519) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1519) |
| 1-Day BRL BZDIO (At Maturity) | 11.65% (At Maturity) | JPMorgan Chase | 1/2/2025 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190918 | &nbsp;&nbsp;&nbsp;&nbsp;(1127) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1127) |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(73)** | **$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(73)** |

---

#### Credit Default Swap Contracts outstanding - Buy Protection as of January 31, 2023:<br> Exchange Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed<br> Deal<br> Pay Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit iTraxx Europe Main Index Series 38 (Pay Quarterly) | 5.00% | 12/20/2027 | EUR | 55000 | $(2358) | $(1798) | $(560) |
| **Total** |  |  |  |  | **$(2358)** | **$(1798)** | **$(560)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2023:<br> Exchange Traded** |
| **Reference Obligation** | **Implied<br> Credit<br> Spread** | **Fixed<br> Deal<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount<sup>(1)</sup>** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America Investment Grade Index Series 39 (Pay Quarterly) | 0.72% | 1.00% | 12/20/2027 | USD | 84820000 | $1150757 | $(125629) | $1276386 |
| Markit iTraxx Europe Main Index Series 38 (Pay Quarterly) | 0.79% | 1.00% | 12/20/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |
| Markit CDX North America Investment Grade Index Series 39 (Pay Quarterly) | 1.11% | 1.00% | 12/20/2032 | USD | &nbsp;&nbsp;&nbsp;8640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65932) | &nbsp;&nbsp;&nbsp;&nbsp;(69285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353 |
| **Total** |  |  |  |  |  | **$1087762** | **$(192527)** | **$1280289** |

---

<sup>(1)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Total Return Bond Fund<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2023:<br> Over the Counter** |
| **Reference Obligation** | **Fixed<br> Deal<br> Pay Rate** | **Maturity<br> Date** | **Counterparty** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Federal Republic of Brazil, 4.25%, Due: 01/07/2025 (Pay Quarterly) | 1.00% | 12/20/2024 | Barclays | USD | 336000 | &nbsp;&nbsp;&nbsp;$(375) | $3164 | &nbsp;&nbsp;$(3539) |
| Abbott Laboratories 3.40% 11/30/2023 (Pay Quarterly) | 1.00% | 6/20/2027 | JPMorgan Chase | USD | 129278 | &nbsp;&nbsp;&nbsp;(3446) | &nbsp;&nbsp;&nbsp;(2639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807) |
| Federal Republic of Brazil, 4.25%, Due: 01/07/2025 (Pay Quarterly) | 1.00% | 12/20/2027 | Barclays | USD | 206700 | &nbsp;&nbsp;&nbsp;11158 | &nbsp;&nbsp;&nbsp;13282 | &nbsp;&nbsp;&nbsp;&nbsp;(2124) |
| Republic of Chile, 3.24%, Due: 02/06/2028 (Pay Quarterly) | 1.00% | 12/20/2027 | Barclays | USD | &nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | &nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;(1174) |
| Republic of Colombia, 10.38%, Due: 01/28/2033 (Pay Quarterly) | 1.00% | 12/20/2027 | BNP Paribas | USD | &nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) |
| Republic of Colombia, 10.38%, Due: 01/28/2033 (Pay Quarterly) | 1.00% | 12/20/2027 | Citibank | USD | &nbsp;&nbsp;&nbsp;93334 | &nbsp;&nbsp;&nbsp;&nbsp;6341 | &nbsp;&nbsp;&nbsp;&nbsp;6148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 |
| Republic of Colombia, 10.38%, Due: 01/28/2033 (Pay Quarterly) | 1.00% | 12/20/2027 | Barclays | USD | &nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;5368 | &nbsp;&nbsp;&nbsp;&nbsp;6402 | &nbsp;&nbsp;&nbsp;&nbsp;(1034) |
| Republic of Indonesia, 4.13%, Due: 01/15/2025 (Pay Quarterly) | 1.00% | 12/20/2027 | Goldman Sachs | USD | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650) |
| Republic of Philippines, 10.63%, Due: 03/16/2025 (Pay Quarterly) | 1.00% | 12/20/2027 | Goldman Sachs | USD | &nbsp;&nbsp;&nbsp;99269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) |
| United Mexican States, 4.15%, Due: 03/28/2027 (Pay Quarterly) | 1.00% | 12/20/2027 | Morgan Stanley | USD | &nbsp;&nbsp;&nbsp;64530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762) |
| United Mexican States, 4.15%, Due: 03/28/2027 (Pay Quarterly) | 1.00% | 12/20/2027 | Deutsche Bank | USD | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540) |
| United Mexican States, 4.15%, Due: 03/28/2027 (Pay Quarterly) | 1.00% | 12/20/2027 | Bank of America | USD | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) |
| United Mexican States, 4.15%, Due: 03/28/2027 (Pay Quarterly) | 1.00% | 12/20/2027 | Goldman Sachs | USD | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425) |
| **Total** |  |  |  |  |  | **$26222** | **$38151** | **$(11929)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2023:<br> Over the Counter** |
| **Reference Obligation** | **Implied<br> Credit<br> Spread** | **Fixed<br> Deal<br> Receive Rate** | **Maturity<br> Date** | **Counterparty** |  | **Notional<br> Amount<sup>(1)</sup>** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Petroles Mexicanos 6.63% 06/15/2035 (Pay Quarterly) | 3.18% | 1.00% | 12/20/2024 | Goldman Sachs | USD | 18000 | $(669) | $(1439) | $770 |
| **Total** |  |  |  |  |  |  | **$(669)** | **$(1439)** | **$770** |

---

<sup>(1)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Total Return Bond Fund<br>

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$31841192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$31841192 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;158504206 | &nbsp;&nbsp;&nbsp;&nbsp;117433 | &nbsp;&nbsp;&nbsp;&nbsp;158621639 |
| &nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51204927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51204927 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;244443552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;244443552 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274800 |
| &nbsp;&nbsp;&nbsp;Term Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963508 |
| &nbsp;&nbsp;&nbsp;U.S. Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;108977656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;108977656 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;187651606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;187651606 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;53994823 | &nbsp;&nbsp;&nbsp;&nbsp;22032909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;76027732 |
| &nbsp;&nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250218 |
| **Total Assets – Investments at value** | &nbsp;&nbsp;$241750862 | &nbsp;&nbsp;$620388535 | &nbsp;&nbsp;$117433 | &nbsp;&nbsp;$862256830 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(17102871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(17102871) |
| &nbsp;&nbsp;&nbsp;U.S. Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64522) |
| **Total Liabilities – Investments at value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(17167393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(17167393) |
| **Net Investments** | &nbsp;&nbsp;$241750862 | &nbsp;&nbsp;$603221142 | &nbsp;&nbsp;$117433 | &nbsp;&nbsp;$845089437 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;$1320279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1320279 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99472 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99472 |
| &nbsp;&nbsp;&nbsp;Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3994591 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3994591 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp;$1320279 | &nbsp;&nbsp;$4094063 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5414342 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(81015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(81015) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129318) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129318) |
| &nbsp;&nbsp;&nbsp;Written Options | &nbsp;&nbsp;&nbsp;&nbsp;(118919) | &nbsp;&nbsp;&nbsp;&nbsp;(1069025) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1187944) |
| &nbsp;&nbsp;&nbsp;Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477404) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477404) |
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp;$(199934) | &nbsp;&nbsp;$(1675747) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1875681) |
| **Net Derivative Financial Instruments** | &nbsp;&nbsp;$1120345 | &nbsp;&nbsp;$2418316 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3538661 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Municipal Bonds – 83.8%** | **Municipal Bonds – 83.8%** | **Municipal Bonds – 83.8%** |
| **Alabama – 2.9%** | **Alabama – 2.9%** | **Alabama – 2.9%** |
| Alabama State Corrections Institution Finance Authority Revenue Bonds, 5.25%, 7/01/47 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$557081 |
| Black Belt Energy Gas District Gas Prepay Revenue Bonds, Series A-1, Project No. 4, 4.00%, 6/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;997748 |
| Black Belt Energy Gas District Gas Prepay Revenue Bonds, Series A-1, Project No. 5, 4.00%, 10/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;526519 |
| Black Belt Energy Gas District Gas Project Revenue Bonds, Series C-1, 5.25%, 6/01/29<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;1104686 |
| Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds, 4.00%, 12/01/31<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;505051 |
| Black Belt Energy Gas District Project Variable Revenue Bonds, Series B-2, (SIFMA Municipal Swap Index Yield + 0.65%), 2.52%, 10/01/27<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;240159 |
| Black Belt Energy Gas District Revenue Bonds, Project No. 7, 4.00%, 12/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;2110000 | &nbsp;&nbsp;&nbsp;2113536 |
| Jefferson County Sewer Warrants Senior Lien Revenue Bonds, Series A (AGM Insured), 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;309189 |
| Lower Alabama Gas District Gas Project Revenue Bonds, 4.00%, 12/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;502263 |
| Mobile Industrial Development Board PCR Bonds, Alabama Power Company Barry Plant Project, 1.00%, 6/26/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;958812 |
| Southeast Alabama State Gas Supply District Revenue Bonds, Series A, Project No. 2, 4.00%, 6/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;601338 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Alabama (Continued)** | **Alabama (Continued)** | **Alabama (Continued)** |
| Southeast Energy Authority Commodity Supply Revenue Bonds, Series B-1, Project No. 4, 5.00%, 8/01/28<sup>(a)(b)(c)</sup> | $150000 | &nbsp;&nbsp;$157191 |
| Tuscaloosa County IDA Gulf Opportunity Zone Revenue Refunding Bonds, Series A, Hunt Refining Project, 5.25%, 5/01/44<sup>(d)</sup> | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;365190 |
| University of South Alabama University Revenue Bonds (BAM Insured), 5.00%, 4/01/27 | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;411181 |
| University of West Alabama University Revenue Refunding Bonds (AGM Insured), 5.00%, 1/01/27 | &nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;544425 |
|  |  | &nbsp;&nbsp;&nbsp;**9894369** |
| **Arizona – 0.8%** | **Arizona – 0.8%** | **Arizona – 0.8%** |
| Arizona State IDA Education Revenue Bonds, Series B, Jerome Facilities Project, Social Bonds, |  |  |
| &nbsp;&nbsp;4.00%, 7/01/51 | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;148754 |
| &nbsp;&nbsp;4.00%, 7/01/61 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;203885 |
| Phoenix Civic Improvement Corp., Airport Senior Lien Revenue Refunding Bonds (AMT), |  |  |
| &nbsp;&nbsp;5.00%, 7/01/28 | &nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;493807 |
| &nbsp;&nbsp;5.00%, 7/01/30 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;251812 |
| Pima County IDA Education Revenue Facility Revenue Bonds, Paideia Academies Project, 6.13%, 7/01/45<sup>(d)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;242041 |
| Pima County IDA Education Revenue Refunding Bonds, Series A, 4.00%, 12/15/24<sup>(d)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;258004 |
| Salt River Project Agricultural Improvement & Power District Electric Revenue Bonds, Salt River Project, 5.00%, 1/01/32 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;470514 |
| Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A, 5.00%, 12/01/45 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;526544 |
|  |  | &nbsp;&nbsp;&nbsp;**2595361** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| Bentonville Sales & Use Tax Revenue Refunding Bonds, Series B, 1.05%, 11/01/46 | &nbsp;&nbsp;$385000 | &nbsp;&nbsp;**$376639** |
| **California – 6.7%** | **California – 6.7%** | **California – 6.7%** |
| Anaheim Public Financing Authority Lease Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 5/01/24<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;258342 |
| Bay Area Toll Bridge Authority Variable Revenue Refunding Bonds, San Francisco Bay, |  |  |
| &nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.28%), 2.15%, 4/01/24<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;249999 |
| &nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.45%), 2.32%, 4/01/26<sup>(a)(c)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;1970695 |
| California HFA Municipal Certificates Revenue Bonds, Series 2, Class A, 4.00%, 3/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;237740 | &nbsp;&nbsp;&nbsp;&nbsp;240950 |
| California PFA Revenue Refunding Bonds, Henry Mayo Newhall Hospital, 5.00%, 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;585301 |
| California State GO Unlimited Bonds, 4.25%, 9/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;128379 |
| California State GO Unlimited Refunding Bonds, 4.00%, 11/01/37 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;1468564 |
| California State Health Facilities Financing Authority Revenue Bonds, City of Hope Obligated Group, 5.00%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;511670 |
| California State Health Facilities Financing Authority Revenue Refunding Bonds, Cedars Sinai Health System, 5.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;604736 |
| California State Infrastructure & Economic Development Bank National Charter Equitable School Revolving Fund Revenue Bonds, 5.00%, 11/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;103508 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| California State Infrastructure & Economic Development Bank Revenue Refunding Bonds, Los Angeles County Museum of Natural History Foundation, 4.00%, 7/01/50 | $1510000 | $1422363 |
| California State Municipal Finance Authority Refunding COPS, Series A, Palomar Health (AGM Insured), 5.25%, 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;119234 |
| California State Municipal Finance Authority Revenue Bonds, Charter School John Adams Academies-Lincoln Project, 5.00%, 10/01/57<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;303596 |
| California State Municipal Finance Authority Revenue Refunding Bonds, Series A, Eisenhower Medical Center, 5.00%, 7/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;677192 |
| California State Municipal Finance Authority Senior Living Revenue Bonds, Mt. San Antonio Garden, 2.12%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;230520 |
| California State Municipal Finance Authority Senior Living Revenue Refunding Bonds, Mt. San Antonio Gardens Project, 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;297622 |
| California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC-West Village, 5.00%, 5/15/36 | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;1180661 |
| California State Municipal Finance Authority Student Housing Revenue Bonds, Series A-P3, Claremont Colleges Project, 5.00%, 7/01/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;325719 |
| California State Municipal Finance Authority Student Housing Revenue Bonds, UCR North District Phase 1 (BAM Insured), 5.00%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;551494 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| California State School Finance Authority Charter School Revenue Bonds, Series A, John Adams Academies, 5.00%, 7/01/52<sup>(d)</sup> | $520000 | $481574 |
| California State University Systemwide Revenue Bonds, Series C, 4.00%, 11/01/45 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;202851 |
| California Statewide Communities Development Authority Revenue Bonds, Lancer Educational Standard Housing Project, 5.00%, 6/01/34<sup>(d)</sup> | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;377807 |
| California Statewide Communities Development Authority Revenue Bonds, Loma Linda University Medical, 5.50%, 12/01/58<sup>(d)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;506650 |
| California Statewide Communities Development Authority Revenue Bonds, Series A, Enloe Medical Center (AGM Insured), 5.25%, 8/15/52 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;486763 |
| California Statewide Communities Development Authority Revenue Bonds, Series A, Loma Linda University Medical Center, 5.25%, 12/01/56<sup>(d)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;250440 |
| California Statewide Communities Development Authority Special Assessment Bonds, Statewide Community Infrastructure Program, 5.00%, 9/02/34 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;108846 |
| California Tobacco Securitization Agency Tobacco Settlement Senior Revenue Refunding Bonds, Series A, 4.00%, 6/01/40 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;292652 |
| Cathedral City Redevelopment Agency Successor Agency Tax Allocation Revenue Refunding Bonds, Merged Redevelopment Project Area (BAM Insured), 4.00%, 8/01/26 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;261760 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| Compton Community Redevelopment Agency Successor Agency Tax Allocation Revenue Refunding Bonds, Series A (AGM Insured), 5.00%, 8/01/42 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$274689 |
| CSCDA Community Improvement Authority Essential Housing Mezzanine Lien Revenue Bonds, City of Orange, 4.00%, 3/01/57<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;151549 |
| Foothill Eastern Transportation Corridor Agency Toll Road Junior Lien Revenue Bonds, Series C, 5.00%, 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;210829 |
| Foothill Eastern Transportation Corridor Agency Toll Road Junior Lien Revenue Refunding Bonds, Series C, 4.00%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;246829 |
| Fresno Airport Revenue Refunding Bonds, Series B (AMT) (BAM Insured), 5.00%, 7/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;393030 |
| Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport, 5.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;538005 |
| Los Angeles Department of Airports Airport Subordinate Revenue Bonds, Series C (AMT), Los Angeles International Airport, 5.00%, 5/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1093857 |
| Los Angeles Department of Airports Subordinate Revenue Bonds, Series A (AMT), Private Activity, 4.00%, 5/15/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;988759 |
| Mesa Water District COPS, 4.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;312094 |
| Newman-Crows Landing Unified School District GO Unlimited CABS, 0.00%, 8/01/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;232071 |
| Port of Oakland Intermediate Lien Revenue Refunding Bonds (AMT), 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;281389 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| Rocklin Community Facilities District No. 10 Special Tax Bonds, 5.00%, 9/01/34 | $150000 | &nbsp;&nbsp;&nbsp;&nbsp;$155714 |
| Sacramento Railyards Community Facilities District No. 2018 Special Tax Bonds, 5.25%, 9/01/47<sup>(d)</sup> | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566424 |
| San Diego County Regional Airport Authority Subordinate Revenue Refunding Bonds, Series A, 4.00%, 7/01/37 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305097 |
| San Diego County Regional Airport Authority Subordinate Revenue Refunding Bonds, Series B (AMT), 5.00%, 7/01/39 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560602 |
| San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT), 5.00%, 5/01/44 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262552 |
| Sunnyvale Financing Authority Lease Revenue Bonds, Green Bonds, Civic Center Project, 4.00%, 4/01/34 | &nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944425 |
| Susanville Natural Gas Revenue Refunding Bonds, Natural Gas Enterprise (AGM Insured), 3.00%, 6/01/26 | &nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607889 |
| Tobacco Securitization Authority of Southern California Tobacco Settlement Revenue Refunding Bonds, San Diego Asset Securities, 5.00%, 6/01/35 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109123 |
|  |  | &nbsp;&nbsp;&nbsp;**22434815** |
| **Colorado – 3.5%** | **Colorado – 3.5%** | **Colorado – 3.5%** |
| Aurora Crossroads Metropolitan District No. 2 Senior Lien GO Limited Bonds, Series A, 5.00%, 12/01/40 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474177 |
| Colorado Educational & Cultural Authority Revenue Refunding Bonds, Prospect Ridge Academy Project (Moral Obligation Insured), |  |  |
| &nbsp;&nbsp;5.00%, 3/15/25 | &nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505054 |
| &nbsp;&nbsp;5.00%, 3/15/26 | &nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541707 |
| &nbsp;&nbsp;5.00%, 3/15/29 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654735 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| Colorado Educational & Cultural Authority Revenue Refunding Bonds, Prospect Ridge Academy Project (Moral Obligation Insured), |  |  |
| &nbsp;&nbsp;5.00%, 3/15/30 | &nbsp;&nbsp;$310000 | &nbsp;&nbsp;$347570 |
| &nbsp;&nbsp;5.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;646435 |
| Colorado High Performance Transportation Enterprise Revenue Bonds, C-470 Express Lane, 5.00%, 12/31/56 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;982317 |
| Colorado State Bridge Enterprise Revenue Bonds (AMT), Central 70 Project, 4.00%, 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;640881 |
| Colorado State COPS, |  |  |
| &nbsp;&nbsp;6.00%, 12/15/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1232759 |
| &nbsp;&nbsp;6.00%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;613025 |
| Colorado State COPS, Series A, |  |  |
| &nbsp;&nbsp;4.00%, 12/15/35 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;1314844 |
| &nbsp;&nbsp;4.00%, 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;209478 |
| Colorado State Health Facilities Authority Revenue Refunding Bonds, Parkview Medical Center, Inc., Project, Series B, 5.00%, 9/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1044441 |
| Denver City & County Airport Revenue Refunding Bonds, Series D (AMT), |  |  |
| &nbsp;&nbsp;5.00%, 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;518625 |
| &nbsp;&nbsp;5.75%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;381087 |
| Denver City & County Airport System Subordinate Revenue Refunding Bonds, Series A (AMT), 5.25%, 12/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;532363 |
| Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds, 5.00%, 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;251655 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| Park Creek Metropolitan District Revenue Refunding Bonds, Series A (NATL, IBC Insured), 5.00%, 12/01/45 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;$516439 |
| Public Authority for Colorado State Energy Natural Gas Purchase Revenue Bonds, 6.50%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309716 |
|  |  | &nbsp;&nbsp;&nbsp;**11717308** |
| **Connecticut – 1.6%** | **Connecticut – 1.6%** | **Connecticut – 1.6%** |
| Bridgeport GO Unlimited Bonds, Series A, 5.00%, 8/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304215 |
| Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series K, Sacred Heart University, 5.00%, 7/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438913 |
| Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Forward Delivery, Stamford Hospital Issue, 4.00%, 7/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233180 |
| Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B-1, 5.00%, 1/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521172 |
| Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series F, Masonicare Issue, 5.00%, 7/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223994 |
| Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, University of Hartford, |  |  |
| &nbsp;&nbsp;5.00%, 7/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242979 |
| &nbsp;&nbsp;5.00%, 7/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267096 |
| &nbsp;&nbsp;5.00%, 7/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525340 |
| &nbsp;&nbsp;4.00%, 7/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107185 |
| &nbsp;&nbsp;4.00%, 7/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80738 |
| Connecticut State HFA Mortgage Finance Program Variable Revenue Bonds, Series A-4, Social Bonds, (SIFMA Municipal Swap Index Yield + 0.30%), 2.17%, 11/15/24<sup>(a)(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992034 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Connecticut (Continued)** | **Connecticut (Continued)** | **Connecticut (Continued)** |
| Hamden GO Unlimited Refunding Bonds, Series A (BAM Insured), 5.00%, 8/01/24 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$517077 |
| Hamden Revenue Refunding Bonds, Whitney Center Project, 5.00%, 1/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;114182 |
| Hartford County Metropolitan District GO Unlimited Bonds, 5.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;838954 |
|  |  | &nbsp;&nbsp;&nbsp;**5407059** |
| **Delaware – 0.3%** | **Delaware – 0.3%** | **Delaware – 0.3%** |
| Delaware River & Bay Authority Revenue Refunding Bonds, 5.00%, 1/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;637645 |
| Kent County Student Housing & Dining Facilities Revenue Bonds, CHF-Dover LLC-Delaware State University Project, |  |  |
| &nbsp;&nbsp;5.00%, 7/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;256999 |
| &nbsp;&nbsp;5.00%, 7/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**991018** |
| **District of Columbia – 1.1%** | **District of Columbia – 1.1%** | **District of Columbia – 1.1%** |
| District of Columbia Revenue Bonds, Ingleside Rock Creek Project, 5.00%, 7/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;340647 |
| District of Columbia Revenue Bonds, KIPP DC Project, 4.00%, 7/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92938 |
| District of Columbia Revenue Refunding Bonds, National Public Radio, Prerefunded, 4.00%, 4/01/26<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;263681 |
| District of Columbia University Revenue Refunding Bonds, Georgetown University, 5.00%, 4/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;379294 |
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds, Dulles Metrorail & Capital Improvement Projects, Series B, 4.00%, 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;358094 |
| Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT), |  |  |
| &nbsp;&nbsp;5.00%, 10/01/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1055705 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **District of Columbia (Continued)** | **District of Columbia (Continued)** | **District of Columbia (Continued)** |
| Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT), |  |  |
| &nbsp;&nbsp;5.00%, 10/01/43 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$525258 |
| &nbsp;&nbsp;5.00%, 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;531822 |
| Washington Metropolitan Area Transit Authority Gross Revenue Bonds, 5.00%, 7/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;318330 |
|  |  | &nbsp;&nbsp;&nbsp;**3865769** |
| **Florida – 3.9%** | **Florida – 3.9%** | **Florida – 3.9%** |
| Alachua County Health Facilities Authority Revenue Bonds, Shands Teaching Hospital & Clinics, 5.00%, 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;505803 |
| Broward County Airport System Revenue Bonds, Series A (AMT), 5.00%, 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;809688 |
| Capital Trust Agency Sustainability Revenue Bonds, The Marie, 4.00%, 6/15/24<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;103963 |
| Central Florida Expressway Authority Senior Lien Revenue Refunding Bonds, 5.00%, 7/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;369761 |
| Collier County Water-Sewer District Revenue Bonds, 4.00%, 7/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;509775 |
| Florida State Board of Education Public Education GO Unlimited Refunding Bonds, Capital Outlay, Series E, 5.00%, 6/01/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1060548 |
| Florida State Municipal Power Agency Revenue Refunding Bonds, Series A, 5.00%, 10/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;324338 |
| Greater Orlando Aviation Authority Airport Facilities Revenue Bonds, Series A (AMT), 5.00%, 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;514186 |
| JEA Electric System Revenue Refunding Bonds, Series Three A, 4.00%, 10/01/37 | &nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;1432772 |
| Lee County Local Optional Gas TRB, 5.25%, 8/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;393232 |
| Lee Memorial Health System Hospital Revenue Refunding Bonds, Series A-1, 5.00%, 4/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;626450 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| Leon County School District Sales TRB, 4.00%, 9/01/26 | $800000 | $806982 |
| Miami-Dade County Aviation Revenue Bonds, Series A (AMT), 5.00%, 10/01/49 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;518796 |
| Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/01/33 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;513508 |
| Miami-Dade County COPS, Series A, Prerefunded, 5.00%, 5/01/24<sup>(e)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;308997 |
| Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds, Series A, University of Miami, 5.00%, 4/01/30 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;261406 |
| Miami-Dade County Seaport Revenue Refunding Bonds, Series A (AMT), Senior Bonds, 10/01/52<sup>(g)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;534303 |
| Miami-Dade County, Florida Aviation Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/01/34 | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;297314 |
| Osceola County Florida Transportation Revenue Refunding CABS, Series A-2, |  |  |
| &nbsp;&nbsp;0.00%, 10/01/25<sup>(f)</sup> | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;111292 |
| &nbsp;&nbsp;0.00%, 10/01/26<sup>(f)</sup> | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;233439 |
| &nbsp;&nbsp;0.00%, 10/01/27<sup>(f)</sup> | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;291004 |
| Sarasota County Public Hospital District Revenue Bonds, Sarasota Memorial Hospital Project, 5.00%, 7/01/52 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;266790 |
| Tampa Hospital Revenue Bonds, H. Lee Moffitt Cancer Center, |  |  |
| &nbsp;&nbsp;5.00%, 7/01/25 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;157703 |
| &nbsp;&nbsp;5.00%, 7/01/26 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;133871 |
| &nbsp;&nbsp;5.00%, 7/01/27 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;135856 |
| Village Community Development District No. 13 Special Assessment Bonds, Limited Offering, 2.62%, 5/01/24 | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;240262 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| Village Community Development District No. 14 Special Assessment Revenue Bonds, 5.50%, 5/01/53 | $240000 | &nbsp;&nbsp;&nbsp;&nbsp;$241545 |
| Volusia County Educational Facilities Authority Revenue Refunding Bonds, Embry-Riddle Aeronautical, 5.00%, 10/15/44 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531524 |
| Wildwood Utility Dependent District Senior Lien Revenue Bonds, South Sumter Utility Project (BAM Insured), 5.00%, 10/01/41 | &nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513154 |
| Wildwood Utility Dependent District Subordinate Revenue Bonds, South Sumter Utility Project (BAM Insured), 5.00%, 10/01/36 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461504 |
|  |  | &nbsp;&nbsp;&nbsp;**13209766** |
| **Georgia – 2.1%** | **Georgia – 2.1%** | **Georgia – 2.1%** |
| Atlanta Airport Passenger Facility Charge Subordinate Revenue Bonds, Series C, 5.00%, 7/01/40 | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413372 |
| Atlanta Development Authority Senior Lien Revenue Bonds, Series A-1, 5.00%, 7/01/30 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211102 |
| Bartow County Development Authority Revenue Refunding Bonds, Georgia Power Company Plant Bowen Project, 1.80%, 9/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225875 |
| Fulton County Development Authority Transportation Corp., Toll Revenue Refunding Bonds, Robert W. Woodruff Arts Center, Inc., Project, 5.00%, 3/15/32 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224096 |
| Gainesville & Hall County Hospital Authority Revenue Refunding Bonds, Northeast Georgia Health System, Inc., Project, 5.00%, 2/15/37 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524425 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| Glynn-Brunswick Memorial Hospital Authority Revenue Refunding Anticipation Certificates Bonds, Southeast Georgia Health System, 5.00%, 8/01/34 | &nbsp;&nbsp;$530000 | &nbsp;&nbsp;$546262 |
| Griffin-Spalding County Hospital Authority Revenue Anticipation Certificates Bonds, Wellstar, 5.00%, 4/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;160086 |
| Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Series C, 4.00%, 11/01/27<sup>(a)(b)(c)(d)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;963821 |
| Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 4.00%, 9/01/27<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;1656233 |
| Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series B, 5.00%, 6/01/29<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;211383 |
| Main Street Natural Gas, Inc., Gas Supply Variable Revenue Bonds, Series B, 4.00%, 12/02/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;100657 |
| Municipal Electric Authority of Georgia Power Revenue Refunding Bonds, Series HH, 5.00%, 1/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;550426 |
| Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3&4 Project (AGM Insured), 5.00%, 7/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;264838 |
| Private Colleges & Universities Authority Revenue Refunding Bonds, Series B, Emory University, 4.00%, 9/01/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1024934 |
|  |  | &nbsp;&nbsp;&nbsp;**7077510** |
| **Guam – 0.1%** | **Guam – 0.1%** | **Guam – 0.1%** |
| Guam Government Business Privilege Tax Revenue Refunding Bonds, Series F, 4.00%, 1/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;**234667** |
| **Illinois – 6.8%** | **Illinois – 6.8%** | **Illinois – 6.8%** |
| Chicago Board of Education GO Unlimited Bonds, Series A, 5.00%, 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;249484 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Chicago Board Of Education GO Unlimited Bonds, Series A, 5.00%, 12/01/38 | $500000 | $513589 |
| Chicago City Colleges Capital Appreciation GO Unlimited Bonds (NATL Insured), 0.00%, 1/01/30<sup>(f)</sup> | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;582159 |
| Chicago GO Unlimited Bonds, Series A, 5.50%, 1/01/49 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;103944 |
| Chicago GO Unlimited Bonds, Series A, Chicago Works, 5.50%, 1/01/39 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;272610 |
| Chicago Heights Multifamily Variable Revenue Bonds, Olympic Village Apartments Project (FHA Insured/Housing & Urban Development Sector 8 Program), 2.87%, 8/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;495666 |
| Chicago O'Hare International Airport Passenger Facility Charge Revenue Refunding Bonds (AMT), 5.00%, 1/01/32 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;500730 |
| Chicago O'Hare International Airport Senior Lien General Revenue Bonds, Series D (AMT), 5.00%, 1/01/26 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;147344 |
| Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds (AMT), 5.00%, 1/01/28 | &nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;738987 |
| Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds, Series A (AMT), 5.00%, 1/01/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;275290 |
| Chicago Park District GO Limited Tax Refunding Bonds, Series B, 5.00%, 1/01/26 | &nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;401692 |
| Chicago Special Assessment Refunding Bonds, Lakeshore East Project, 2.87%, 12/01/27<sup>(d)</sup> | &nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;235080 |
| Chicago Transit Authority Sales Tax Receipts Revenue Bonds, 5.25%, 12/01/49 | &nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;504271 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Chicago Wastewater Transmission Second Lien Revenue Bonds, 5.00%, 1/01/39 | $500000 | $502648 |
| Illinois State Finance Authority Revenue Refunding Bonds, Series A, 4.00%, 7/15/39 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;256345 |
| Illinois State Finance Authority Revenue Refunding Bonds, Series A, Bradley University Project, 4.00%, 8/01/43 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;226720 |
| Illinois State Finance Authority Revenue Refunding Bonds, Series A, Lutheran Communities, 5.00%, 11/01/40 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;311713 |
| Illinois State Finance Authority Revenue Refunding Bonds, Series A, The Carle Foundation, 5.00%, 2/15/45 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;257302 |
| Illinois State Finance Authority Variable Revenue Bonds, Series B-2, 5.00%, 11/15/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;533683 |
| Illinois State GO Unlimited Bonds, |  |  |
| &nbsp;&nbsp;5.50%, 5/01/25 | &nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;891671 |
| &nbsp;&nbsp;5.50%, 7/01/26 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;465014 |
| &nbsp;&nbsp;5.25%, 7/01/28 | &nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;796908 |
| Illinois State GO Unlimited Bonds, Series B, |  |  |
| &nbsp;&nbsp;5.00%, 3/01/24 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;255717 |
| &nbsp;&nbsp;5.00%, 10/01/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;273555 |
| Illinois State GO Unlimited Bonds, Series D, 5.00%, 11/01/25 | &nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;947143 |
| Illinois State GO Unlimited Refunding Bonds, 5.00%, 2/01/26 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;63368 |
| Illinois State GO Unlimited Refunding Bonds, Series A, 5.00%, 10/01/25 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;115622 |
| Illinois State GO Unlimited Refunding Bonds, Series B, 5.00%, 10/01/28 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;271461 |
| Illinois State Housing Development Authority MFH Variable Revenue Bonds, Marshall Field Garden (FNMA LOC), (SIFMA Municipal Swap Index Yield + 1.00%), 2.87%, 5/15/25<sup>(a)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;499869 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Illinois State Sales Tax Revenue Refunding Bonds, Subseries D (BAM, TCRS Insured), 3.00%, 6/15/31 | $390000 | $384247 |
| Illinois State Sports Facilities Authority State Tax Supported Revenue CABS (AMBAC Insured), 0.00%, 6/15/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;87830 |
| Illinois State Sports Facilities Authority State Tax Supported Revenue Refunding Bonds (AGM Insured), 5.00%, 6/15/27 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;409837 |
| Illinois State Toll Highway Authority Revenue Bonds, Series A, 5.00%, 1/01/46 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;824731 |
| Illinois State Toll Highway Authority Senior Revenue Bonds, Series A, |  |  |
| &nbsp;&nbsp;5.00%, 1/01/40 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;552646 |
| &nbsp;&nbsp;5.00%, 1/01/45 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;272135 |
| Illinois State Toll Highway Authority Senior Revenue Refunding Bonds, Series A, 5.00%, 1/01/31 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;596931 |
| Kane, Cook & Dupage Counties, Illinois School District, GO Unlimited Refunding Bonds, Series D, 5.00%, 1/01/28 | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;218895 |
| Metropolitan Pier & Exposition Authority Dedicated Capital Appreciation Tax Revenue Refunding Bonds, Series B, McCormick Project (AGM Insured), 0.00%, 6/15/26<sup>(f)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;224895 |
| Metropolitan Pier & Exposition Authority Revenue Refunding Bonds, McCormick Place Expansion, |  |  |
| &nbsp;&nbsp;4.00%, 12/15/42 | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;350752 |
| &nbsp;&nbsp;4.00%, 6/15/52 | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;216262 |
| Metropolitan Pier & Exposition Authority Revenue Refunding CABS, McCormick Place Expansion, 0.00%, 12/15/35<sup>(f)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;84262 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Metropolitan Pier and Exposition Authority Revenue Refunding Bonds, McCormick Place Expansion Project, |  |  |
| &nbsp;&nbsp;5.00%, 6/15/42 | $500000 | $515577 |
| &nbsp;&nbsp;5.00%, 6/15/50 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;507499 |
| Northern University Board of Trustees Revenue Bonds, Auxiliary Facilities System (BAM Insured), |  |  |
| &nbsp;&nbsp;5.00%, 10/01/25 | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;343276 |
| &nbsp;&nbsp;5.00%, 10/01/26 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;267931 |
| Peoria County School District No. 150 GO Unlimited Refunding Bonds, Series A (AGM Insured), 4.00%, 12/01/26 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;412977 |
| Regional Transportation Authority Revenue Bonds, Series A (AGM Insured), 5.75%, 6/01/34 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;916341 |
| Regional Transportation Authority Revenue Bonds, Series B (NATL Insured), 5.50%, 6/01/27 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;378849 |
| Sales Tax Securitization Corp., Second Lien Revenue Refunding Bonds, Series A, 4.00%, 1/01/38 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;250647 |
| Sangamon Logan & Menard Counties Community Unit School District No. 15 GO Unlimited Bonds, Series B (BAM Insured), |  |  |
| &nbsp;&nbsp;5.00%, 12/01/25 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;319239 |
| &nbsp;&nbsp;4.00%, 12/01/39 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;254055 |
| Springfield Illinois Electric Senior Lien Revenue Refunding Bonds, 5.00%, 3/01/29 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;614633 |
| Waukegan City Lake County Water & Sewer System Revenue Refunding Bonds (AGM Insured), |  |  |
| &nbsp;&nbsp;5.00%, 12/30/26 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;219251 |
| &nbsp;&nbsp;4.00%, 12/30/38 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;514634 |
| &nbsp;&nbsp;4.00%, 12/30/40 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;511895 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Waukegan GO Unlimited Bonds, Series A (AGM Insured), 5.00%, 12/30/32 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;$261761 |
| Will County Community High School District No. 210 Lincoln-Way Refunding GO Unlimited Refunding Bonds (AGM Insured), 4.00%, 1/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676039 |
|  |  | &nbsp;&nbsp;&nbsp;**22877612** |
| **Indiana – 2.1%** | **Indiana – 2.1%** | **Indiana – 2.1%** |
| Fort Wayne Redevelopment Authority Lease Rental Revenue Refunding Bonds, Grand Wayne Center Project (State Intercept Program), 4.00%, 2/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796086 |
| Indiana Bond Bank Revenue CABS, Hamilton Co., Projects, |  |  |
| &nbsp;&nbsp;0.00%, 7/15/25<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420135 |
| &nbsp;&nbsp;0.00%, 7/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770243 |
| &nbsp;&nbsp;0.00%, 1/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471539 |
| Indiana Finance Authority Educational Facilities Revenue Refunding Bonds, Series A, Depauw University Project, 5.50%, 7/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272542 |
| Indiana State Finance Authority Variable Revenue Refunding Bonds, Deaconess Health System, (SIFMA Municipal Swap Index Yield + 0.30%), 2.17%, 3/01/27<sup>(a)(c)</sup> | &nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp;1409103 |
| Knox Middle School Building Corp., Revenue Bonds (State Intercept Program), 5.00%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484721 |
| Upland Economic Development Revenue Refunding Bonds, Taylor University Project, 4.00%, 9/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579422 |
| Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax First Mortgage Revenue Bonds (State Intercept Program), |  |  |
| &nbsp;&nbsp;4.00%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556960 |
| &nbsp;&nbsp;4.00%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571444 |
| &nbsp;&nbsp;4.00%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586014 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| Whiting Environmental Facilities Revenue Refunding Bonds (AMT), BP Products North America, 5.00%, 6/05/26<sup>(a)(b)(c)</sup> | $290000 | &nbsp;&nbsp;$300165 |
|  |  | &nbsp;&nbsp;&nbsp;**7218374** |
| **Kentucky – 1.8%** | **Kentucky – 1.8%** | **Kentucky – 1.8%** |
| Kenton County Airport Board Revenue Refunding Bonds, 5.00%, 1/01/32 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;429281 |
| Kentucky Bond Development Corp., Educational Facilities Revenue Refunding Bonds, Transylvania University Project, 5.00%, 3/01/27 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;168162 |
| Kentucky State Economic Development Finance Authority Health System Revenue Bonds, Norton Healthcare, Inc., Series B (NATL Insured), 0.00%, 10/01/24<sup>(f)</sup> | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;265489 |
| Kentucky State Economic Development Finance Authority Revenue Bonds, Owensboro Health, 5.25%, 6/01/50 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;253436 |
| Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Masonic Home Independent Living, |  |  |
| &nbsp;&nbsp;5.00%, 5/15/36 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;176063 |
| &nbsp;&nbsp;5.00%, 5/15/46 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79995 |
| Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series B, Owensboro Health, 5.00%, 6/01/40 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;307166 |
| Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A, 4.00%, 4/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;476009 |
| Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A-1, 4.00%, 6/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;501378 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Kentucky (Continued)** | **Kentucky (Continued)** | **Kentucky (Continued)** |
| Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply, 4.00%, 1/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;$650000 | &nbsp;&nbsp;$649944 |
| Kentucky State University COPS, Kentucky State University Project (BAM Insured), 5.00%, 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;239291 |
| Louisville & Jefferson County Metro Government PCR Refunding Bonds (AMT), Louisville Gas & Electric, 1.35%, 11/01/27 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1360416 |
| Louisville & Jefferson County Metropolitan Government Health System Variable Revenue Bonds, Norton Healthcare, Inc., 5.00%, 10/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1064916 |
|  |  | &nbsp;&nbsp;&nbsp;**5971546** |
| **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** |
| East Baton Rouge Parish Sewerage Commission Revenue Refunding Bonds, Series A, |  |  |
| &nbsp;&nbsp;5.00%, 2/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;499835 |
| &nbsp;&nbsp;5.00%, 2/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;107921 |
| East Baton Rouge Parish Sewerage Commission Variable Revenue Refunding Bonds, Series A, 1.30%, 2/01/28<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;441101 |
| Louisiana Public Facilities Authority Revenue Refunding Bonds, Loyola University Project, |  |  |
| &nbsp;&nbsp;5.00%, 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;261762 |
| &nbsp;&nbsp;5.00%, 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;228573 |
| Saint James Parish Variable Revenue Bonds, Nustar Logistics, 5.85%, 6/01/25<sup>(a)(b)(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;541064 |
| Saint John The Baptist Parish Variable Revenue Refunding Bonds, Marathon Oil Corp., Project, 2.38%, 7/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;118270 |
|  |  | &nbsp;&nbsp;&nbsp;**2198526** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maine – 0.4%** | **Maine – 0.4%** | **Maine – 0.4%** |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series A, 5.00%, 7/01/27 | &nbsp;&nbsp;$215000 | &nbsp;&nbsp;$236670 |
| Maine Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A (State Aid Withholding), 5.00%, 7/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;710965 |
| Maine State Finance Authority Student Loan Revenue Refunding Bonds (AMT) (AGM Insured), 5.00%, 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;518566 |
|  |  | &nbsp;&nbsp;&nbsp;**1466201** |
| **Maryland – 2.6%** | **Maryland – 2.6%** | **Maryland – 2.6%** |
| Baltimore Convention Center Hotel Revenue Refunding Bonds, Convention Center Hotel, 5.00%, 9/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;479404 |
| Department of Transportation Revenue Bonds (AMT), Baltimore Washington International, 4.00%, 8/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;249324 |
| Maryland Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Stevenson University Project, 4.00%, 6/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;295077 |
| Maryland State Community Development Administration Department Housing & Community Development Revenue Bonds, Social Bonds (GNMA/FNMA/FHLMC Insured), 5.05%, 3/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;524250 |
| Maryland State Community Development Administration Housing Revenue Bonds, Series I, Rosemont L.P., 4.38%, 1/01/25<sup>(d)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1005652 |
| Maryland State Economic Development Corp., Private Activity Revenue Bonds (AMT), Purple Line Light Rail Project, Green Bond, |  |  |
| &nbsp;&nbsp;5.00%, 11/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;518078 |
| &nbsp;&nbsp;5.25%, 6/30/55 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1024626 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| Maryland State Economic Development Corp., Revenue Bonds (AMT), Seagirt Marine Terminal Projects, 5.00%, 6/01/44 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$520306 |
| Maryland State Economic Development Corp., Senior Lien Revenue Bonds, Annapolis Mobility & Resilience, 5.00%, 12/31/42 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;153310 |
| Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Adventist Healthcare Obligated, 5.50%, 1/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;433221 |
| Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Peninsula Regional Health System, |  |  |
| &nbsp;&nbsp;5.00%, 7/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;360078 |
| &nbsp;&nbsp;5.00%, 7/01/27 | &nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;1435782 |
| Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Adventist Healthcare, 4.00%, 1/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;890589 |
| Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, Broadmead Issue, 4.00%, 7/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;274705 |
| Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, Mercy Medical Center, 4.00%, 7/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;111382 |
| Maryland State Health & Higher Educational Facilities Authority Variable Revenue Refunding Bonds, University of Maryland, 5.00%, 7/01/27<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;215922 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| Montgomery County Housing Opportunities Commission Multifamily & Reconstruction Development Revenue Bonds, Series C (FHA 542 (C) Insured), 2.85%, 1/01/51 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$184367 |
| Washington Country Economic Development Revenue Refunding Bonds, Homewood Maryland Obligated Group Project, 4.00%, 5/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;177284 |
|  |  | &nbsp;&nbsp;&nbsp;**8853357** |
| **Massachusetts – 1.2%** | **Massachusetts – 1.2%** | **Massachusetts – 1.2%** |
| Development Finance Agency Revenue Refunding Bonds, Lasell University, |  |  |
| &nbsp;&nbsp;4.00%, 7/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;232756 |
| &nbsp;&nbsp;4.00%, 7/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;236532 |
| Massachusetts Development Finance Agency Revenue Bonds, UMass Boston Student Housing Project, 5.00%, 10/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;492150 |
| Massachusetts Port Authority Revenue Bonds, Series E (AMT), 5.00%, 7/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;395283 |
| Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series F, Lahey Clinic Obligated Group, 5.00%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;255310 |
| Massachusetts State Development Financing Agency Variable Revenue Bonds, Partners Healthcare System, (SIFMA Municipal Swap Index Yield + 0.60%), 2.47%, 1/29/26<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;986395 |
| Massachusetts State GO Limited Refunding Bonds, Series B, 5.00%, 7/01/34 | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;1587972 |
|  |  | &nbsp;&nbsp;&nbsp;**4186398** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

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| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Michigan – 2.2%** | **Michigan – 2.2%** | **Michigan – 2.2%** |
| Detroit Downtown Development Authority Tax Allocation Increment Revenue Refunding Bonds, Series A, Catalyst Development Project (AGM Insured), |  |  |
| &nbsp;&nbsp;5.00%, 7/01/43 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100749 |
| &nbsp;&nbsp;5.00%, 7/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;201498 |
| Detroit GO Unlimited Bonds, 5.00%, 4/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52558 |
| Detroit GO Unlimited Bonds, Series A, Social Bonds, 4.00%, 4/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;223712 |
| Gerald R. Ford International Airport Authority Revenue Bonds (AMT) (County Gtd), 5.00%, 1/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;562260 |
| Great Lakes Water Authority Sewage Disposal System Second Lien Revenue Refunding Bonds, Series C, 5.00%, 7/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;523735 |
| Michigan Finance Authority Revenue Bonds, Local Government Loan Program, 5.00%, 7/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;366553 |
| Michigan State Finance Authority Limited Obligation Revenue Refunding Bonds, Lawrence Technological University, 4.00%, 2/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;182551 |
| Michigan State Finance Authority Local Government Loan Program Revenue Refunding Bonds, |  |  |
| &nbsp;&nbsp;5.00%, 7/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;445404 |
| &nbsp;&nbsp;4.50%, 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;252451 |
| Michigan State Finance Authority Revenue Refunding Bonds, Trinity Health Credit Group, 4.00%, 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;530037 |
| Michigan State Finance Authority Variable Revenue Refunding Bonds, Beaumont Spectrum, (SIFMA Municipal Swap Index Yield + 0.75%), 2.62%, 4/15/27<sup>(a)(c)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1475035 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |
| Michigan State Hospital Finance Authority Revenue Refunding Bonds, Ascenion Senior, 5.00%, 11/15/47 | $420000 | &nbsp;&nbsp;$433166 |
| Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Consumers Energy Co., 1.80%, 10/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;487045 |
| Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Green Bond, 4.00%, 10/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98955 |
| Northern University General Revenue Refunding Bonds, Series A, 5.00%, 12/01/27 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;659713 |
| Wayne County Airport Authority Junior Lien Revenue Refunding Bonds, Series A, 5.00%, 12/01/26 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;548300 |
| Wayne University Revenue Refunding Bonds, Series A (BAM, TCRS Insured), 5.00%, 11/15/27 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;323242 |
|  |  | &nbsp;&nbsp;&nbsp;**7466964** |
| **Minnesota – 0.1%** | **Minnesota – 0.1%** | **Minnesota – 0.1%** |
| City of Shakopee Senior Housing Revenue Bonds, Benedictine Living Community of Shakopee LLC Project, 5.85%, 11/01/25<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;**247917** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| Mississippi State Hospital Equipment & Facilities Authority Adjustable Revenue Refunding Bonds, North Mississippi Health, 5.00%, 3/01/27<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;**281492** |
| **Missouri – 0.7%** | **Missouri – 0.7%** | **Missouri – 0.7%** |
| Central Southwest Community College District COPS, |  |  |
| &nbsp;&nbsp;5.00%, 3/01/26 | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;242193 |
| &nbsp;&nbsp;5.00%, 3/01/27 | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;247390 |
| Missouri Health & Educational Facilities Authority Revenue Refunding Bonds, |  |  |
| &nbsp;&nbsp;5.00%, 2/15/26 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;210208 |

---

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Morningstar Funds Trust January 31, 2023 (unaudited)<br>

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Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Missouri (Continued)** | **Missouri (Continued)** | **Missouri (Continued)** |
| Missouri Health & Educational Facilities Authority Revenue Refunding Bonds, |  |  |
| &nbsp;&nbsp;5.00%, 2/15/27 | &nbsp;&nbsp;$215000 | &nbsp;&nbsp;$229089 |
| &nbsp;&nbsp;5.00%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;269655 |
| Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, St. Luke's Health System, Inc., 5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;265582 |
| Missouri State Health & Educational Facilities Authority Revenue Refunding Bonds, Bethesda Health Group, Inc., |  |  |
| &nbsp;&nbsp;4.00%, 8/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;316570 |
| &nbsp;&nbsp;4.00%, 8/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;195218 |
| Saint Louis County IDA Senior Living Facilities Revenue Refunding Bonds, Friendship Village St. Louis, 5.00%, 9/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;452532 |
|  |  | &nbsp;&nbsp;&nbsp;**2428437** |
| **Nebraska – 0.6%** | **Nebraska – 0.6%** | **Nebraska – 0.6%** |
| Douglas County Educational Facilities Variable Revenue Refunding Bonds, Creighton University Project, (SIFMA Municipal Swap Index Yield + 0.53%), 2.40%, 9/01/26<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;730644 |
| Douglas County Hospital Authority No. 2 Revenue Bonds, Children's Hospital Obligated Group, 5.00%, 11/15/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;634069 |
| Gretna COPS, 5.00%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;522699 |
|  |  | &nbsp;&nbsp;&nbsp;**1887412** |
| **Nevada – 1.3%** | **Nevada – 1.3%** | **Nevada – 1.3%** |
| Clark County PCR Refunding Bonds, Southern California Edison Company, 2.10%, 6/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;210391 |
| Clark County School District GO Limited Refunding Bonds, Series E, 5.00%, 6/15/25 | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;1410108 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Nevada (Continued)** | **Nevada (Continued)** | **Nevada (Continued)** |
| Clark County Stadium Improvement GO Limited Bonds, Series A, 5.00%, 5/01/48 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$532456 |
| Las Vegas Convention & Visitors Authority Convention Center Expansion Revenue Bonds, Series B, 5.00%, 7/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;263378 |
| Las Vegas New Convention & Visitors Authority Revenue Bonds, Series B, 5.00%, 7/01/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1090906 |
| Las Vegas Special Improvement District No. 814 Summerlin Village 21 & 24A Special Assessment Bonds, 4.00%, 6/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81814 |
| Reno Sales Tax First Lien Revenue Refunding Bonds, Retrac-Reno Transportation Rail Access Corridor Project, 5.00%, 6/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;524476 |
| Sparks Nevada Tourism Improvement District No. 1 Sales Tax Senior Lien Revenue Refunding Bonds, Series A, 2.50%, 6/15/24<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97551 |
|  |  | &nbsp;&nbsp;&nbsp;**4211080** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| National Finance Authority Municipal Certificates Revenue Bonds, Series 1-A, 4.13%, 1/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;693491 | &nbsp;&nbsp;&nbsp;&nbsp;700619 |
| National Finance Authority Revenue Bonds, Series A, 4.00%, 7/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;245586 |
| New Hampshire State Health & Education Facilities Authority Revenue Refunding Bonds, Kendal at Hanover Issue, 5.00%, 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;182457 |
|  |  | &nbsp;&nbsp;&nbsp;**1128662** |
| **New Jersey – 3.0%** | **New Jersey – 3.0%** | **New Jersey – 3.0%** |
| Atlantic City Board Of Education GO Unlimited Refunding Bonds (AGM School Board Resource Fund Insured), 4.00%, 4/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;361306 |

---

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Morningstar Funds Trust January 31, 2023 (unaudited)<br>

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Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |
| Garden State Preservation Trust Open Space & Farmland Preservation Revenue Bonds, Series A (AGM Insured), 5.75%, 11/01/28 | &nbsp;&nbsp;$400000 | &nbsp;&nbsp;$446368 |
| New Jersey EDA Revenue Bonds, Portal North Bridge Project NJ Transit, 5.25%, 11/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;257956 |
| New Jersey EDA Revenue Refunding Bonds, Cranes Mill Project, 5.00%, 1/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;223886 |
| New Jersey State EDA Energy Facility Revenue Bonds, Series A (AMT), UMM Energy Partners, |  |  |
| &nbsp;&nbsp;5.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;190092 |
| &nbsp;&nbsp;5.12%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;350140 |
| New Jersey State EDA Motor Vehicle Surcharge Revenue Refunding Bonds, Subseries A, 3.38%, 7/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;249731 |
| New Jersey State EDA Private Activity Revenue Bonds (AMT), The Goethals Project, 5.37%, 1/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;101146 |
| New Jersey State EDA Revenue Bonds, Provident Group Rowan Properties LLC, 5.00%, 1/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;116411 |
| New Jersey State EDA Revenue Refunding Bonds, Series A, United Methodist Homes, Prerefunded, 5.00%, 7/01/24<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;103415 |
| New Jersey State EDA Special Facility Revenue Refunding Bonds (AMT), Port Newark Container, 5.00%, 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;301341 |
| New Jersey State EDA Water Facilities Revenue Refunding Bonds (AMT), New Jersey American Water Co., Inc. Project, 2.20%, 12/03/29<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;685992 |
| New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Valley Health System Obligated Group Series, 5.00%, 7/01/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1101754 |

---

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| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |
| New Jersey State Health Care Facilities Financing Authority Revenue Refunding Bonds, Inspira Health Obligated Group, 5.00%, 7/01/30 | $1000000 | $1071087 |
| New Jersey State Health Care Facilities Financing Authority Revenue Refunding Bonds, RWJ Barnabas Health Obligated Group, 5.00%, 7/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;430279 |
| New Jersey State Higher Education Assistance Authority Student Loan Revenue Bonds, Series B (AMT), 5.00%, 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;589514 |
| New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series A, 4.00%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;244896 |
| New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series AA, 5.00%, 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;533907 |
| New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program, |  |  |
| &nbsp;&nbsp;5.25%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;662344 |
| &nbsp;&nbsp;4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;266198 |
| New Jersey State Transportation Trust Fund Authority Revenue Refunding Bonds, Series A, 4.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;183428 |
| New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding Bonds, 5.00%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;106456 |
| New Jersey State Turnpike Authority Revenue Bonds, Series A, |  |  |
| &nbsp;&nbsp;5.00%, 1/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;336178 |
| &nbsp;&nbsp;5.00%, 1/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;237406 |
| New Jersey State Turnpike Authority Revenue Bonds, Series B, 5.25%, 1/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;391856 |

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Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |
| New Jersey State Turnpike Authority Turnpike Revenue Refunding Bonds, Series E, 5.00%, 1/01/31 | &nbsp;&nbsp;$255000 | &nbsp;&nbsp;&nbsp;&nbsp;$287022 |
| New Jersey Turnpike Revenue Bonds, Series A, 4.00%, 1/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242263 |
|  |  | &nbsp;&nbsp;&nbsp;**10072372** |
| **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** |
| Farmington PCR Refunding Bonds, Public Service Company of New Mexico San Juan Project, 1.15%, 6/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241474 |
| New Mexico State Hospital Equipment Loan Council Variable Revenue Bonds, Series B, 5.00%, 8/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**768271** |
| **New York – 9.5%** | **New York – 9.5%** | **New York – 9.5%** |
| Build Resource Corp., Revenue Bonds, Friends of Hellenic Classical Charter Schools, Inc., 4.00%, 12/01/31<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450990 |
| Hempstead Town Local Develop Corp., Education Revenue Refunding Bonds, Academy Charter School Project, 5.66%, 2/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251289 |
| Hempstead Town Local Development Corp., Education Revenue Bonds, Academy Charter School Project, 4.60%, 2/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194420 |
| Hempstead Town Local Development Corp., Revenue Refunding Bonds, Adelphi University Project, |  |  |
| &nbsp;&nbsp;5.00%, 6/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325957 |
| &nbsp;&nbsp;5.00%, 6/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552670 |
| Hudson Yards Infrastructure Corp., Revenue Refunding Bonds, Second Indenture Series, Fiscal 2022, Green Bonds, 4.00%, 2/15/43 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995413 |
| Long Beach GO Limited Bonds, Series A, 5.00%, 9/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721940 |

---

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| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| Long Island Power Authority Electric System Variable Revenue Bonds, Series B, 1.65%, 9/01/24<sup>(a)(b)(c)</sup> | $1650000 | $1607374 |
| Metropolitan Transportation Authority Variable Revenue Bonds, Subseries D-1, (SOFR + 0.33%), 3.22%, 4/01/24<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;897810 |
| Metropolitan Transportation Authority, New York Transportation Variable Rate Revenue Refunding Bonds, Subseries G-3, (SIFMA Municipal Swap Index Yield + 0.43%), 2.30%, 2/01/25<sup>(a)(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;973980 |
| Monroe County Industrial Development Agency School Facility Revenue Bonds, Rochester Schools Modernization Project (State Aid Withholding), 5.00%, 5/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;922430 |
| Monroe County Industrial Development Corp., Revenue Bonds, University of Rochester Project, 4.00%, 7/01/50 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;979170 |
| New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Series CC-1, 5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;270282 |
| New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series AA-1, 5.25%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;285312 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 4.00%, 11/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;403134 |
| New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds, 4.00%, 5/01/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1037350 |
| New York City Transitional Finance Authority Revenue Bonds, Sub Series C-2, 5.00%, 5/01/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1133991 |

---

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Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| New York City Transitional Finance Authority Subordinate Revenue Bonds, Series F-1, 5.00%, 2/01/47 | &nbsp;&nbsp;$625000 | &nbsp;&nbsp;$691946 |
| New York GO Unlimited Bonds, Series 1, 4.00%, 8/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;673220 |
| New York GO Unlimited Bonds, Series A-1, 5.25%, 9/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;286788 |
| New York GO Unlimited Bonds, Series D, Subseries D1, 5.00%, 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;271615 |
| New York State Convention Center Development Corp., Revenue Refunding Bonds, Hotel Unit Fee Secured, 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;620166 |
| New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Fordham University, 4.00%, 7/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;585507 |
| New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Series A, Barnard College, 4.00%, 7/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;282554 |
| New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series A, 5.00%, 3/15/41 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;2246119 |
| New York State Dormitory Authority Revenues Non State Supported Debt Revenue Bonds, Master Boces Program (State Aid Withholding), 5.00%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;497094 |
| New York State Dormitory Authority Revenues Non State Supported Debt Revenue Bonds, Northwell Health Obligated Group, 5.00%, 5/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;1270062 |
| New York State Dormitory Authority Revenues Non State Supported Debt Revenue Refunding Bonds, Memorial Sloan Kettering Cancer Center, 5.00%, 7/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;211794 |

---

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| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| New York State Dormitory Authority Revenues Non State Supported Debt Revenue Refunding Bonds, Series A, Montefiore Obligated Group, 4.00%, 9/01/50 | $500000 | $429308 |
| New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E, Unrefunded Balance, 5.00%, 2/15/44 | &nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;437749 |
| New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series L-2 (SonyMA Insured), 0.75%, 11/01/25 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;461269 |
| New York State Liberty Development Corp., Revenue Refunding Bonds, Class 2, 3 World Trade Center Project, |  |  |
| &nbsp;&nbsp;5.15%, 11/15/34<sup>(d)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;501990 |
| &nbsp;&nbsp;5.37%, 11/15/40<sup>(d)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;150100 |
| New York State Liberty Development Corp., Revenue Refunding Bonds, Green Bonds, 4 World Trade Center Project, 1.20%, 11/15/28 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;426540 |
| New York State Transportation Development Corp., Special Facilities Revenue Bonds (AMT), Delta Air Lines, Inc., Laguardia Airport Terminal C&D Redevelopment Project, 5.00%, 10/01/35 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;521810 |
| New York State Transportation Development Corp., Special Facility Revenue Refunding Bonds (AMT), John F. Kennedy International Airport Project, 5.38%, 8/01/36 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;253462 |
| New York State Transportation Development Corp., Special Facility Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport Project, 5.00%, 12/01/33 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;270236 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| New York State Urban Development Corp., Personal Income TRB, Series A, |  |  |
| &nbsp;&nbsp;4.00%, 3/15/38 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$506996 |
| &nbsp;&nbsp;5.00%, 3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;276510 |
| New York State Urban Development Corp., Revenue Refunding Bonds, Series E Group 3, 4.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;498372 |
| Niagara Frontier Transportation Authority Revenue Refunding Bonds (AMT), Buffalo Niagara International Airport, 5.00%, 4/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;263742 |
| Onondaga County Trust Cultural Resource Revenue Refunding Bonds, Syracuse University Project, 4.00%, 12/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;497457 |
| Onondaga County Trust Cultural Resources Revenue Refunding Bonds, Syracuse University Project, 4.00%, 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;253097 |
| Port Authority of New York & New Jersey Consolidated 211th Revenue Refunding Bonds, 5.00%, 9/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;893993 |
| Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 218 (AMT), 5.00%, 11/01/31 | &nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;1196244 |
| Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 221 (AMT), 4.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;497081 |
| Port Authority of New York & New Jersey Consolidated Revenue Refunding Bonds (AMT), 5.50%, 8/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;665471 |
| Port Authority of New York & New Jersey Revenue Bonds, Series 179, 5.00%, 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;766068 |
| Poughkeepsie City GO Limited Refunding Bonds, 4.00%, 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;448537 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| Sales Tax Asset Receivable Corp., Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded, 5.00%, 10/15/24<sup>(e)</sup> | &nbsp;&nbsp;$245000 | &nbsp;&nbsp;&nbsp;&nbsp;$255959 |
| Triborough Bridge & Tunnel Authority General Revenue Bonds, Series A, MTA Bridges and Tunnels, 4.00%, 11/15/54 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1268076 |
| Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, Series A, MTA Bridges & Tunnels, 5.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275002 |
| Troy Capital Resource Corp., Revenue Bonds, Rensselaer Polytechnic Institute Project, 4.00%, 9/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103977 |
| Yonkers Economic Development Corp., Educational Revenue Bonds, Charter School Educational Excellence Project, 5.00%, 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93036 |
| Yonkers GO Limited Bonds, Series F (BAM Insured), 5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112191 |
|  |  | &nbsp;&nbsp;&nbsp;**31964650** |
| **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** |
| Greater Asheville Regional Airport Authority Airport System Revenue Bonds, Series A (AMT) (AGM Insured), 5.50%, 7/01/47 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1106257 |
| North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Refunding Bonds, High Point University, |  |  |
| &nbsp;&nbsp;4.00%, 5/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243679 |
| &nbsp;&nbsp;5.00%, 5/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251812 |
| &nbsp;&nbsp;5.00%, 5/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294635 |
| North Carolina Medical Care Commission Retirement Facilities Revenue Bonds, The Forest At Duke Project, |  |  |
| &nbsp;&nbsp;4.00%, 9/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170737 |
| &nbsp;&nbsp;4.00%, 9/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174003 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, 4.00%, 1/01/25 | $250000 | &nbsp;&nbsp;$244548 |
| North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, United Church Services, Prerefunded, 5.00%, 9/01/24<sup>(e)</sup> | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;161307 |
| North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, Series A, Sharon Towers, 5.00%, 7/01/49 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93734 |
| North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway, 4.00%, 1/01/55 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;374688 |
| North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway (AGM Insured), 5.00%, 1/01/49 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;525815 |
| North Carolina State Turnpike Authority Senior Lien Revenue Refunding Bonds, 5.00%, 1/01/40 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;580268 |
| North Carolina Turnpike Authority Triangle Expressway System Revenue BANS, 5.00%, 2/01/24 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;204676 |
|  |  | &nbsp;&nbsp;&nbsp;**4426159** |
| **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
| Cass County Joint Water Resource District GO Unlimited Bonds, Series A, 0.48%, 5/01/24 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;576622 |
| University of North Dakota COPS, Infrastructure Energy Improvement, 5.00%, 4/01/48 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;529842 |
|  |  | &nbsp;&nbsp;&nbsp;**1106464** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio – 2.5%** | **Ohio – 2.5%** | **Ohio – 2.5%** |
| Akron Bath Copley Joint Township Hospital District Revenue Refunding Bonds, Summa Health Obligated Group Hospital, |  |  |
| &nbsp;&nbsp;5.00%, 11/15/26 | $350000 | $374497 |
| &nbsp;&nbsp;5.00%, 11/15/27 | &nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;401116 |
| Allen County Ohio Hospital Facilities Revenue Refunding Bonds, Bon Secours Mercy Health, Inc., 5.00%, 12/01/28 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;451881 |
| Buckeye Tobacco Settlement Financing Authority Revenue Refunding Bonds, Senior-Class 2, Series B-2, 5.00%, 6/01/55 | &nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;858166 |
| Cleveland-Cuyahoga County Port Authority Cultural Facilities Revenue Refunding Bonds, Playhouse Square Foundation Project, 5.50%, 12/01/43 | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;180346 |
| Cleveland-Cuyahoga County Port Authority Cultural Facility Revenue Bonds, Cleveland Museum Of Natural History Project, |  |  |
| &nbsp;&nbsp;5.00%, 7/01/25 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;132019 |
| &nbsp;&nbsp;5.00%, 7/01/26 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;134929 |
| &nbsp;&nbsp;5.00%, 7/01/27 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;137489 |
| &nbsp;&nbsp;5.00%, 7/01/28 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;173376 |
| Cleveland-Cuyahoga County Port Authority Financing Senior Tax Allocation Increment Revenue Refunding Bonds, Flats East Bank Project, 4.00%, 12/01/55<sup>(d)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;211486 |
| Conotton Valley Union Local School District COPS, School Facilities Project (FHLMC Insured), 4.00%, 12/01/42 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;503391 |
| Cuyahoga Metropolitan Housing Authority Multifamily Housing Variable Revenue Bonds, Wade Park Apartments (FHA Insured/Housing & Urban Development Sector 8 Program), 4.75%, 12/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;363759 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| Franklin County Convention Facilities Authority Hotel Project Revenue Bonds, Greater Columbus Convention Center, |  |  |
| &nbsp;&nbsp;5.00%, 12/01/34 | $170000 | $174867 |
| &nbsp;&nbsp;5.00%, 12/01/36 | &nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;308174 |
| Hamilton County Hospital Facilities Revenue Bonds, Cincinnati Children's Hospital Project, 5.00%, 11/15/41 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;293804 |
| Lancaster Port Authority Gas Revenue Refunding Bonds, Series A, 5.00%, 2/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;231617 |
| Marion County Health Care Facilities Revenue Refunding Bonds, United Church Homes, Inc., 5.12%, 12/01/49 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;89495 |
| Miami Valley Career Technology Center GO Unlimited Bonds, 4.00%, 12/01/37 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;260523 |
| Middleburg Heights Hospital Revenue Refunding Bonds, Southwest General Health Center, 4.00%, 8/01/41 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;491809 |
| Ohio State Air Quality Development Authority Revenue Refunding Bonds (AMT), American Electric Power Company Project, 2.10%, 10/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;485279 |
| Ohio State Air Quality Development Authority Revenue Refunding Bonds, Ohio Valley Electric Corp., 3.25%, 9/01/29 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;46443 |
| Ohio State Air Quality Development Authority Variable Revenue Refunding Bonds (AMT), Duke Energy Corp., Project, 4.25%, 6/01/27<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;255943 |
| Ohio State Higher Educational Facilities Commission Revenue Refunding Bonds, Xavier University 2020 Project, 5.00%, 5/01/35 | &nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;985112 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| Ohio State Higher Educational Facility Commission Healthcare Revenue Bonds, Ashtabula County Medical Center Obligated Group, 5.00%, 1/01/26 | $100000 | &nbsp;&nbsp;$104281 |
| Ohio State Higher Educational Facility Commission Revenue Refunding Bonds, Otterbein University 2022 Project, 4.00%, 12/01/46 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;447585 |
| Ohio State Hospital Revenue Refunding Bonds, Premier Health Partners Obligated Group, 5.00%, 11/15/26 | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;154774 |
|  |  | &nbsp;&nbsp;&nbsp;**8252161** |
| **Oklahoma – 0.7%** | **Oklahoma – 0.7%** | **Oklahoma – 0.7%** |
| Carter County Public Facilities Authority Educational Facilities Lease Revenue Bonds, 5.00%, 9/01/27 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;538107 |
| Kingfisher Special Projects Authority Educational Facilities Lease Revenue Bonds, Kingfisher Public Schools Project, 4.00%, 3/01/24 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;608803 |
| Oklahoma County Finance Authority Revenue Refunding Bonds, Series A, Epworth Villa Project, 5.88%, 4/01/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
| Oklahoma State Development Finance Authority Revenue Refunding Bonds, Oklahoma City University Project, 5.00%, 8/01/24 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;598595 |
| Tulsa County Industrial Authority Educational Facilities Lease Revenue Bonds, Berryhill Public Schools Project, 4.00%, 9/01/26 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;523890 |
|  |  | &nbsp;&nbsp;&nbsp;**2294395** |
| **Oregon – 1.7%** | **Oregon – 1.7%** | **Oregon – 1.7%** |
| Klamath Falls Intercommunity Hospital Authority Revenue Refunding Bonds, Sky Lakes Medical Center Project, 4.00%, 9/01/25 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;562947 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oregon (Continued)** | **Oregon (Continued)** | **Oregon (Continued)** |
| Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Projects, 5.00%, 8/15/45 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$532959 |
| Multnomah County Hospital Facilities Authority Revenue Refunding Bonds, Adventist Health System, 5.00%, 3/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;506412 |
| Multnomah County Hospital Facilities Authority Revenue Refunding Bonds, Terwilliger Plaza-Parkview Project, Green Bond Series, 0.95%, 6/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;438626 |
| Multnomah County School District No. 1J Portland GO Unlimited Bonds (School Board Guaranty Program), 5.00%, 6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;259185 |
| Oregon State Facilities Authority Revenue Refunding Bonds, Series A, Legacy Health Project, 5.00%, 6/01/46 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1030891 |
| Port of Morrow GO Limited Refunding Bonds, Series D, |  |  |
| &nbsp;&nbsp;4.00%, 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;178591 |
| &nbsp;&nbsp;4.00%, 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;254744 |
| Port of Portland Airport Revenue Refunding Bonds, Portland International Airport, 5.00%, 7/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;677853 |
| Port of Portland Airport Revenue Refunding Bonds, Portland International Airport (AMT), 5.00%, 7/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;785828 |
| Salem Hospital Facility Authority Revenue Refunding Bonds, Capital Manor Project, |  |  |
| &nbsp;&nbsp;5.00%, 5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;110563 |
| &nbsp;&nbsp;5.00%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;261674 |
|  |  | &nbsp;&nbsp;&nbsp;**5600273** |
| **Pennsylvania – 3.6%** | **Pennsylvania – 3.6%** | **Pennsylvania – 3.6%** |
| Allegheny County Sanitary Authority Revenue Bonds, Series B, 4.00%, 6/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;103711 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds, Forward Delivery, 5.00%, 5/01/42 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$254725 |
| Commonwealth Financing Authority Taxable Revenue Refunding Bonds, Series B-1, 5.00%, 6/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;316205 |
| Cumberland County Municipal Authority Revenue Refunding Bonds, Asbury Pennsylvania Obligated, 4.50%, 1/01/40<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;158933 |
| Laurel Highlands School District GO Limited Refunding Bonds (BAM State Aid Withholding), 4.00%, 2/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;365459 |
| Lehigh County General Purpose Authority Revenue Refunding Bonds, Muhlenberg College Project, (SIFMA Municipal Swap Index Yield + 0.58%), 2.45%, 11/01/24<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;414415 |
| Luzerne County IDA Revenue Refunding Bonds (AMT), Pennsylvania-American Water Co., Project, 2.45%, 12/03/29<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;698303 |
| Montgomery County IDA Revenue Bonds, Acts Retirement-Life Communities, 5.00%, 11/15/45 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1493824 |
| Neshannock Township School District GO Limited Refunding Bonds, Series B (State Aid Withholding), 2.00%, 9/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;187935 |
| Oil City GO Unlimited Bonds, Series A (AGM Insured), |  |  |
| &nbsp;&nbsp;4.00%, 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;153996 |
| &nbsp;&nbsp;4.00%, 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;193290 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| Pennsylvania State Economic Development Financing Authority Tax-Exempt Private Activity Revenue Bonds (AMT), The Penndot Major Bridges, 5.75%, 6/30/48 | &nbsp;&nbsp;$575000 | &nbsp;&nbsp;$636324 |
| Pennsylvania State Economic Development Financing Authority UPMC Revenue Bonds, Series A, 5.00%, 7/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;501925 |
| Pennsylvania State Economic Development Financing Authority UPMC Revenue Bonds, Series A-1, |  |  |
| &nbsp;&nbsp;5.00%, 4/15/24 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;1233090 |
| &nbsp;&nbsp;5.00%, 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;210554 |
| &nbsp;&nbsp;4.00%, 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;489251 |
| Pennsylvania State Higher Educational Facilities Authority Revenue Refunding Bonds, Thomas Jefferson University, |  |  |
| &nbsp;&nbsp;5.00%, 9/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;512703 |
| &nbsp;&nbsp;5.00%, 9/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;253843 |
| Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds (AMT), Series 125A, 2.37%, 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;697753 |
| Pennsylvania State Turnpike Commission Revenue Refunding Bonds, Series B, 5.25%, 12/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;278165 |
| Philadelphia Airport Revenue Refunding Bonds, Series B (AMT), |  |  |
| &nbsp;&nbsp;5.00%, 7/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;548338 |
| &nbsp;&nbsp;5.00%, 7/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;428042 |
| &nbsp;&nbsp;5.00%, 7/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;164152 |
| Philadelphia Airport Revenue Refunding Bonds, Series C (AMT), 4.00%, 7/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;243353 |
| Southcentral General Authority Revenue Bonds, York College of Pennsylvania Project, |  |  |
| &nbsp;&nbsp;5.00%, 5/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;325223 |
| &nbsp;&nbsp;5.00%, 5/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;237105 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| Southeastern Pennsylvania Transportation Authority Revenue Bonds, Asset Improvement Program, 5.25%, 6/01/47 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;$285072 |
| West Cornwall Township Municipal Authority Healthcare Facilities Revenue Refunding Bonds, Lebanon Valley Brethren Home Project, |  |  |
| &nbsp;&nbsp;4.00%, 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114212 |
| &nbsp;&nbsp;4.00%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113652 |
| &nbsp;&nbsp;4.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122840 |
| &nbsp;&nbsp;4.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126949 |
| &nbsp;&nbsp;4.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101825 |
|  |  | &nbsp;&nbsp;&nbsp;**11965167** |
| **Puerto Rico – 1.1%** | **Puerto Rico – 1.1%** | **Puerto Rico – 1.1%** |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien Revenue Refunding Bonds, Series A, 5.00%, 7/01/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257796 |
| Puerto Rico Commonwealth Notes, 0.00%, 11/01/43<sup>(b)(c)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;445556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196602 |
| Puerto Rico Commonwealth Restructured GO Unlimited Bonds, Series A1, |  |  |
| &nbsp;&nbsp;5.38%, 7/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;160394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164080 |
| &nbsp;&nbsp;5.62%, 7/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;309847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324531 |
| &nbsp;&nbsp;5.63%, 7/01/29 | &nbsp;&nbsp;1058875 | &nbsp;&nbsp;&nbsp;&nbsp;1125771 |
| &nbsp;&nbsp;5.75%, 7/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;57185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62019 |
| &nbsp;&nbsp;4.00%, 7/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;54226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50701 |
| &nbsp;&nbsp;4.00%, 7/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;48742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44273 |
| &nbsp;&nbsp;4.00%, 7/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;106285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94051 |
| &nbsp;&nbsp;4.00%, 7/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;56878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48911 |
| Puerto Rico Commonwealth Restructured GO Unlimited CABS, Series A, |  |  |
| &nbsp;&nbsp;0.00%, 7/01/24<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16958 |
| &nbsp;&nbsp;0.00%, 7/01/33<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40415 |
| Puerto Rico Electric Power Authority Power Revenue Bonds, Series TT, 5.00%, 7/01/37<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90675 |
| Puerto Rico Sales Tax Financing Corp., Restructured TRB, Series A-1, 4.75%, 7/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;527000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501222 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Puerto Rico (Continued)** | **Puerto Rico (Continued)** | **Puerto Rico (Continued)** |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue CABS, Series A-1, |  |  |
| &nbsp;&nbsp;0.00%, 7/01/27<sup>(f)</sup> | &nbsp;&nbsp;$225000 | &nbsp;&nbsp;$185523 |
| &nbsp;&nbsp;0.00%, 7/01/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;336763 |
| &nbsp;&nbsp;0.00%, 7/01/46<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;240281 |
|  |  | &nbsp;&nbsp;&nbsp;**3780572** |
| **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
| Providence GO Unlimited Refunding Bonds, Series A, 5.00%, 1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;208729 |
| Rhode Island Commerce Corp., First Lien Special Facility Revenue Refunding Bonds, Rhode Island Airport Corp., International, 5.00%, 7/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;551116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**759845** |
| **South Carolina – 1.2%** | **South Carolina – 1.2%** | **South Carolina – 1.2%** |
| Connector 2000 Association, Inc. Toll Road Revenue CABS, Senior Series A-1, |  |  |
| &nbsp;&nbsp;0.00%, 1/01/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460096 | &nbsp;&nbsp;&nbsp;&nbsp;256859 |
| &nbsp;&nbsp;0.00%, 1/01/42<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;228148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61418 |
| &nbsp;&nbsp;0.00%, 7/22/51<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;265293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33673 |
| County Square Redevelopment Corp., Installment Purchase Revenue BANS, Greenville County South Carolina Project, 2/09/24<sup>(g)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;2043454 |
| South Carolina State Jobs EDA Hospital Revenue Refunding Bonds, Prisma Health Obligated Group, 5.00%, 5/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;422688 |
| South Carolina State Jobs EDA Hospital Variable Revenue Bonds, Bon Secours Mercy Health, 5.00%, 10/01/25<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;900718 |
| South Carolina State Public Service Authority Revenue Bonds, Series E, Santee Cooper, 5.75%, 12/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;279521 |
|  |  | &nbsp;&nbsp;&nbsp;**3998331** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **South Dakota – 0.2%** | **South Dakota – 0.2%** | **South Dakota – 0.2%** |
| South Dakota State Board of Regents Housing & Auxiliary Facilities System Revenue Refunding Bonds, |  |  |
| &nbsp;&nbsp;4.00%, 4/01/26 | &nbsp;&nbsp;$375000 | &nbsp;&nbsp;$392520 |
| &nbsp;&nbsp;4.00%, 4/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;450938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**843458** |
| **Tennessee – 1.2%** | **Tennessee – 1.2%** | **Tennessee – 1.2%** |
| Greeneville Health & Educational Facilities Board Revenue Refunding Bonds, Ballad Health Obligation Group, 5.00%, 7/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;140873 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, Vanderbilt University Medical Center, 5.00%, 7/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;414872 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Trevecca Nazarene University, 3.00%, 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;211585 |
| Metropolitan Nashville Airport Authority Revenue Bonds, Series B (AMT), 5.00%, 7/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;639556 |
| Metropolitan Nashville Airport Authority Subordinate Revenue Bonds, Series B (AMT), 5.00%, 7/01/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1072984 |
| Tennergy Corp., Gas Revenue Bonds, Series A, 4.00%, 9/01/28<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1503436 |
|  |  | &nbsp;&nbsp;&nbsp;**3983306** |
| **Texas – 5.9%** | **Texas – 5.9%** | **Texas – 5.9%** |
| Arlington Higher Education Finance Corp., Revenue Bonds, Riverwalk Education Foundation (PSF, Gtd), 5.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;548204 |
| Austin Airport System Revenue Bonds, Series A, 5.00%, 11/15/46 | &nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;1447821 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Austin Convention Enterprises, Inc., Convention Center Revenue Refunding Bonds, First Tier, 5.00%, 1/01/32 | &nbsp;&nbsp;$625000 | &nbsp;&nbsp;$650544 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Mortgage Revenue Refunding Bonds, 5.00%, 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;194992 |
| Central Texas Regional Mobility Authority Revenue Bonds, Series C, 5.00%, 1/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;292397 |
| Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds, Series A, 5.00%, 1/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;535750 |
| Dallas Texas Hotel Occupancy Tax Revenue Refunding Bonds, 4.00%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;307344 |
| Dallas-Fort Worth International Airport Joint Improvement Revenue Bonds, Series C, 5.00%, 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;452051 |
| Dallas-Fort Worth International Airport Joint Revenue Refunding Bonds, Series A (AMT), 5.25%, 11/01/30 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;1117177 |
| El Paso Texas Airport Revenue Bonds (AMT), 5.00%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;405128 |
| Fort Bend Independent School District Variable GO Unlimited Refunding Bonds, Series B (PSF, Gtd), 0.72%, 8/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;778409 |
| Grand Parkway Transportation Corp., System Toll Revenue Refunding Bonds, Grand Parkway System - First, 4.00%, 10/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;263033 |
| Harris County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Texas Children's Hospital, 4.00%, 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;359127 |
| Houston Airport System Revenue Bonds, Subseries A (AMT), 5.00%, 7/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;523885 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Houston Airport System Revenue Refunding Bonds (AMT), United Airlines, Inc., Improvement Projects, 5.00%, 7/15/27 | $175000 | $179679 |
| Houston Airport System Revenue Refunding Bonds (AMT), United Airlines, Inc., Terminal, 5.00%, 7/01/27 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;128327 |
| Houston Airport System Subordinate Revenue Refunding Bonds, Series B, 5.00%, 7/01/26 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;544676 |
| Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment, 5.00%, 9/01/36 | &nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;556405 |
| Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services Corp., Project, 5.00%, 5/15/35 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;280260 |
| Montgomery County Toll Road Authority Senior Lien Revenue Bonds, 5.00%, 9/15/37 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;508030 |
| New Hope Cultural Educational Facilities Finance Corp., Retirement Facilities Revenue Refunding Bonds, Presbyterian Village North Project, 5.25%, 10/01/49 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;87325 |
| New Hope Cultural Educational Facilities Finance Corp., Retirement Facilities Revenue Refunding Bonds, Westminster Manor Project, 5.00%, 11/01/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;252959 |
| Northside Texas Independent School District GO Unlimited Refunding Bonds (PSF, Gtd), 1.60%, 8/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;331779 |
| Odessa Junior College District Consolidated Revenue Bonds (AGM Insured), 4.00%, 7/01/27 | &nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;464777 |
| Port Arthur Certificates GO Limited Bonds (BAM Insured), 5.00%, 2/15/27 | &nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;378694 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Port Beaumont Navigation District Dock & Wharf Facility Revenue Refunding Bonds (AMT), Jefferson Gulf Coast Energy Project, 4.00%, 1/01/50<sup>(d)</sup> | &nbsp;&nbsp;$375000 | &nbsp;&nbsp;$279473 |
| San Antonio Airport System Subordinate Lien Revenue Refunding Bonds, Series A (AMT), 5.00%, 7/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;276492 |
| San Antonio Water Junior Lien Revenue Refunding Bonds, Series A, 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;534799 |
| San Antonio Water Junior Lien Variable Revenue Bonds, Series A, 2.63%, 5/01/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;1126025 |
| Tarrant County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Texas Health Resources System Obligation, |  |  |
| &nbsp;&nbsp;5.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;427052 |
| &nbsp;&nbsp;5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;720161 |
| Texas City Industrial Development Corp., Revenue Bonds, Series 2012, NRG Energy Project, 4.12%, 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;492963 |
| Texas State PFA Lease Revenue Refunding Bonds, 4.00%, 2/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;263017 |
| Texas State Private Activity Bond Surface Transportation Corp., Revenue Bonds (AMT), Segment 3C Project, 5.00%, 6/30/58 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;1113175 |
| Texas State Private Activity Bond Surface Transportation Corp., Senior Lien Revenue Bonds (AMT), Blueridge Transportation, |  |  |
| &nbsp;&nbsp;5.00%, 12/31/45 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;504579 |
| &nbsp;&nbsp;5.00%, 12/31/55 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;200371 |
| Texas State Private Activity Bond Surface Transportation Corp., Senior Lien Revenue Refunding Bonds, North Tarrant Express, 4.00%, 12/31/38 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;713726 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Texas State Transportation Commission Central Turnpike System Subordinate Revenue Refunding Bonds, Series C, 5.00%, 8/15/42 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;&nbsp;&nbsp;$101587 |
| Texas State Transportation Commission First Tier Toll Revenue Bonds, State Highway, 5.00%, 8/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101555 |
| Texas State Transportation Commission First Tier Toll Revenue CABS, 0.00%, 8/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367112 |
| Texas State Water Development Board Revenue Bonds, State Water Implementation Fund, 4.00%, 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532340 |
| University of Houston Revenue Refunding Bonds, Series A, 5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275656 |
| Waller Independent School District GO Unlimited Bonds (BAM Insured), 2/15/44<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261539 |
|  |  | &nbsp;&nbsp;&nbsp;**19880395** |
| **Utah – 0.2%** | **Utah – 0.2%** | **Utah – 0.2%** |
| Salt Lake City Airport Revenue Bonds, Series A (AMT), 5.00%, 7/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**828190** |
| **Virginia – 2.5%** | **Virginia – 2.5%** | **Virginia – 2.5%** |
| Chesapeake Bay Bridge & Tunnel District Revenue Bonds, First Tier General Resolution (AGM Insured), 5.00%, 7/01/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1028767 |
| Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue Bonds, 5.00%, 7/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763537 |
| Chesapeake Hospital Authority Hospital Facilities Revenue Refunding Bonds, Chesapeake Regional Medical Center, 5.00%, 7/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560948 |
| Chesapeake Transportation System Senior Toll Road Revenue Bonds, Series A, 5.00%, 7/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500281 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Virginia (Continued)** | **Virginia (Continued)** | **Virginia (Continued)** |
| Fairfax County EDA Residential Care Facilities Revenue Refunding Bonds, Series A, Goodwin House, Inc., Prerefunded, 5.00%, 10/01/24<sup>(e)</sup> | &nbsp;&nbsp;$150000 | &nbsp;&nbsp;$158557 |
| Fairfax County IDA Health Care Revenue Refunding Bonds, Inova Health System Project, 3.50%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;480232 |
| Newport News EDA Residential Care Facilities Revenue Refunding Bonds, Lifespire of Virginia, 5.00%, 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;560839 |
| University of Virginia Revenue Refunding Bonds, Series A, 5.00%, 4/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;536096 |
| Virginia Small Business Financing Authority Private Activity Revenue Bonds (AMT), Transform 66 P3 Project, 5.00%, 12/31/56 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;993519 |
| Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River Crossings OpCo, LLC Project, |  |  |
| &nbsp;&nbsp;4.00%, 7/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;281788 |
| &nbsp;&nbsp;4.00%, 1/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;649206 |
| Virginia State Small Business Financing Authority Senior Lien Revenue Refunding Bonds (AMT), 95 Express Lanes, |  |  |
| &nbsp;&nbsp;5.00%, 7/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;685660 |
| &nbsp;&nbsp;4.00%, 1/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;267153 |
| &nbsp;&nbsp;4.00%, 1/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;203611 |
| Virginia State Small Business Financing Authority Senior Lien Revenue Refunding Bonds (AMT), 95 Express Lanes LLC Project, 4.00%, 7/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;231628 |
| Virginia State Small Business Financing Authority Senior Lien Revenue Refunding Bonds (AMT), I-495 Hot Lanes, 5.00%, 12/31/47 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;363406 |
|  |  | &nbsp;&nbsp;&nbsp;**8265228** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington – 2.6%** | **Washington – 2.6%** | **Washington – 2.6%** |
| Energy Electric Revenue Refunding Bonds, Columbia Generating Station, 5.00%, 7/01/36 | $1200000 | $1377269 |
| King County Public Hospital District No. 1 GO Limited Tax Refunding Bonds, Valley Medical Center, 5.00%, 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;601018 |
| King County Sewer Revenue Refunding Bonds, 5.00%, 7/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;269453 |
| Port of Seattle Airport Intermediate Lien Revenue Bonds (AMT), 5.00%, 4/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;523425 |
| Port of Seattle Intermediate Lien Revenue Refunding Bonds (AMT), 5.00%, 8/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;267026 |
| Seattle Housing Authority Revenue Refunding Bonds, Northgate Plaza Project, 1.00%, 6/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;462415 |
| Seattle Municipal Light & Power Revenue Refunding Bonds, 4.00%, 9/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;501275 |
| Seattle Municipal Light & Power Variable Revenue Refunding Bonds, Series B, (SIFMA Municipal Swap Index Yield + 0.25%), 2.12%, 11/01/26<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;735611 |
| Washington State GO Unlimited Bonds, Series C, |  |  |
| &nbsp;&nbsp;5.00%, 2/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;378675 |
| &nbsp;&nbsp;5.00%, 2/01/40 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;2240483 |
| Washington State Health Care Facilities Authority Revenue Bonds, Series A, Providence Health & Services, 4.00%, 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500044 |
| Washington State Health Care Facilities Authority Revenue Refunding Bonds, Series B, Commonspirit Health, 5.00%, 8/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;649424 |
| Washington State Higher Educational Facilities Authority Revenue Bonds, Seattle University Project, 4.00%, 5/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;239250 |
|  |  | &nbsp;&nbsp;&nbsp;**8745368** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin – 1.9%** | **Wisconsin – 1.9%** | **Wisconsin – 1.9%** |
| Clayton Town NANS, Series B, |  |  |
| &nbsp;&nbsp;2.00%, 6/01/24 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;&nbsp;&nbsp;$97937 |
| &nbsp;&nbsp;2.00%, 6/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;217526 |
| Milwaukee Corp., Purpose GO Unlimited Bonds, Series B3, 4.00%, 4/01/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1015398 |
| Park Falls NANS, Series B, 3.00%, 3/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;975176 |
| PFA Education Revenue Bonds, North Carolina Leadership Academy, 5.00%, 6/15/49<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92034 |
| PFA Educational Revenue Bonds, Piedmont Community Charter School, |  |  |
| &nbsp;&nbsp;5.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;505928 |
| &nbsp;&nbsp;5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;151513 |
| PFA Exempt Facilities Revenue Refunding Bonds (AMT), National Gypsum Co., 4.00%, 8/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;329882 |
| PFA Hospital Revenue Refunding Bonds, Series A, WakeMed Hospital, 4.00%, 10/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;473029 |
| PFA Pollution Control Variable Revenue Refunding Bonds, Duke Energy Progress Project, 3.30%, 10/01/26<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;508803 |
| PFA Revenue Bonds, Roseman University of Health System, 5.00%, 4/01/50<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;235171 |
| Public Finance Authority Project Revenue Bonds, CFP3 - Eastern Michigan University Housing Project (BAM Insured), 5.50%, 7/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;279143 |
| Wisconsin Center District Appropriation Revenue Bonds, Milwaukee Arena Project, 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;217708 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Benevolent Corp., Cedar Community, 5.00%, 6/01/41 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$231308 |
| Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B5, 5.00%, 12/03/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6310495** |
| **Total Municipal Bonds<br> (Cost $297,791,514)** | **Total Municipal Bonds<br> (Cost $297,791,514)** | &nbsp;&nbsp;&nbsp;**282073359** |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** |  |
| **Short-Term Investments – 17.3%** | **Short-Term Investments – 17.3%** | **Short-Term Investments – 17.3%** |
| **Money Market Fund – 4.1%** | **Money Market Fund – 4.1%** | **Money Market Fund – 4.1%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(j)</sup> | 13988843 | **13988844** |
| **Municipal Bonds – 13.2%** | **Municipal Bonds – 13.2%** | **Municipal Bonds – 13.2%** |
| Arkansas State Development Finance Authority Multi Family Housing Variable Revenue Bonds, The Cottages Apartments (Housing & Urban Development Sector 8 Program), 1.25%, 12/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;2957808 |
| Atlantic City Board Of Education GO Unlimited Refunding Bonds (AGM School Board Resource Fund Insured), 4.00%, 4/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;300722 |
| Bartow County Development Authority Variable Revenue Refunding Bonds, Georgia Power Company Plant Bowen Project, 2.75%, 3/15/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;499903 |
| Bay Area Toll Authority Toll Bridge Variable Revenue Bonds, San Francisco Bay Area, (SIFMA Municipal Swap Index Yield + 0.90%), 2.77%, 5/01/23<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;700337 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Botetourt County Residential Care Facility Revenue Refunding Bonds, Series A, Glebe, Inc., 4.75%, 7/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;$60000 | &nbsp;&nbsp;&nbsp;&nbsp;$60248 |
| Broward County Airport System Revenue Bonds, Series A (AMT), 5.00%, 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;881309 |
| California State Infrastructure & Economic Development Bank Variable Revenue Bonds (AMT), Brightline West Passenger Rail Project, 3.65%, 1/31/24<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1499964 |
| Capital Trust Agency Sustainability Revenue Bonds, The Marie, 4.00%, 6/15/23<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;548753 |
| Chandler IDA Industrial Development Variable Revenue Bonds (AMT), Intel Corp., Project, 2.70%, 8/14/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;498312 |
| Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue BANS, 5.00%, 11/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;304390 |
| Chicago Park District GO Limited Tax Refunding Bonds, Series B, 5.00%, 1/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;178489 |
| Clarksville Sewage Works Revenue BANS, 2.75%, 12/11/23 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;124962 |
| Cleveland-Cuyahoga County Port Authority Euclid Avenue Development Corp., Revenue Refunding Bonds, 5.00%, 8/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;374297 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Series A, Idea Public School, 5.00%, 8/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;328284 |
| Dallas Texas Housing Finance Corp., Estates at Shiloh Revenue Bonds, 1.75%, 7/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;496363 |
| E-470 Public Highway Authority Senior Revenue Refunding Bonds, Series A, 5.00%, 9/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;152117 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Fairfax County EDA Residential Care Facilities Revenue Bonds, Series A, Vinson Hall LLC, Prerefunded, 5.00%, 12/01/23<sup>(e)</sup> | &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$204152 |
| Fairfax County IDA Health Care Revenue Refunding Bonds, Inova Health System, 5.00%, 5/15/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;503195 |
| Grundy Kendall & Will Counties Community High School District No. 111 GO Unlimited Refunding Bonds, 4.00%, 5/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;175551 |
| Hennepin County Variable GO Unlimited Refunding Bonds, Series B, 1.85%, 2/08/23<sup>(a)(c)(k)</sup> | &nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;1930000 |
| Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment, 4.00%, 9/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;186446 |
| Illinois State Finance Authority Revenue Refunding Bonds, Series C, Presence Health Network, 5.00%, 2/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500458 |
| Indiana State Finance Authority Revenue Refunding Bonds, Valparaiso University Project, 5.00%, 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;592295 |
| Indianola GO Unlimited Capital Loan Notes, 3.00%, 6/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;195300 |
| James City County EDA Residential Care Facilities Variable Revenue Bonds, United Methodist Home, Prerefunded, 6.00%, 6/01/23<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99579 | &nbsp;&nbsp;&nbsp;&nbsp;100617 |
| Louisiana Stadium & Exposition District Revenue BANS, 4.00%, 7/03/23 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1501637 |
| Louisiana State Public Facilities Authority Hospital Revenue Bonds, Louisiana Children's Medical Center Project, 5.00%, 6/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;1167197 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Louisville Regional Airport Authority Airport System Revenue Refunding Bonds, Series A (AMT), 5.00%, 7/01/23 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$504192 |
| Madison, Macoupin Etc. Counties Community College District No. 536 GO Unlimited Refunding Bonds, Lewis & Clark Community (AGM Insured), 4.00%, 5/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;701976 |
| Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 4.00%, 9/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;612429 |
| Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Subseries C, 4.00%, 12/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;251417 |
| Main Street Natural Gas, Inc., Gas Supply Variable Revenue Bonds, Series B, 4.00%, 12/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;356932 |
| Maryland State Community Development Administration Department Housing Revenue Bonds, Series A, Woodside Gardens, 1.33%, 1/01/24<sup>(d)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;1951551 |
| Mcintosh County Educational Facilities Authority Lease Revenue Bonds, Checotah Public Schools Project, 2.00%, 9/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;297831 |
| Metropolitan Transportation Authority Revenue BANS, Series A-1, 5.00%, 2/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;750000 |
| Metropolitan Transportation Authority Revenue Refunding Bonds, Series B, Green Bonds, 5.00%, 11/15/23 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1013114 |
| Michigan State Finance Authority Revenue Refunding Bonds, Michigan Health, Escrowed to Maturity, 5.00%, 6/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;393341 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Mississippi State Hospital Equipment & Facilities Authority Revenue Refunding Bonds, Forrest Country General Hospital Project, 5.00%, 1/01/24 | &nbsp;&nbsp;$400000 | &nbsp;&nbsp;$407792 |
| Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, St. Luke's Health System, Inc., 5.00%, 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;152687 |
| Missouri State Public Utilities Commission Revenue Notes, 0.75%, 8/01/23 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;1973925 |
| Muskogee Industrial Trust Educational Lease Revenue Bonds, Muskogee Public Schools Project, 5.00%, 9/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;910251 |
| New Jersey EDA Revenue Refunding Bonds, Series GGG, School Facilities Construction, 5.25%, 9/01/23<sup>(d)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1521574 |
| New Jersey State EDA Private Activity Revenue Bonds (AMT), The Goethals Project, 5.00%, 1/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;152319 |
| New Jersey State EDA Revenue Refunding Bonds, Series XX, 5.00%, 6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;171427 |
| New York State Transportation Development Corp., Special Facility Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport Project, 5.00%, 12/01/23 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1014794 |
| Newark Board of Education GO Unlimited Refunding Bonds, Sustainability Bonds (School Board Resource Fund Program), 5.00%, 7/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;303397 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Newark Housing Authority Port Newark Marine Terminal Rental Revenue Refunding Bonds, Additional Newark Redevelopment Project (NATL Insured), 5.25%, 1/01/24 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$506781 |
| North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Refunding Bonds, High Point University, 4.00%, 5/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;300981 |
| Northside Texas Independent School District Variable GO Unlimited Bonds (PSF, Gtd), 2.75%, 8/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;996902 |
| Orlando Tourist Development Senior Lien Tax Revenue Refunding Bonds (AGM Insured), 5.00%, 11/01/23 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1016274 |
| Osage County Industrial Authority Use Tax Revenue BANS, 2.00%, 9/01/23 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1487857 |
| Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Variable Revenue Refunding Bonds (AMT), Republic Services Inc., Project, 3.45%, 4/17/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;250063 |
| Pennsylvania State Turnpike Commission Turnpike Variable Revenue Refunding Bonds, Series B, (SIFMA Municipal Swap Index Yield + 0.70%), 2.57%, 12/01/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500132 |
| Pequea Valley School District GO Limited Bonds (State Aid Withholding), 2.00%, 5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;174660 |
| PMA Levy & Aid TRANS, Series A, 4.00%, 8/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;503403 |
| Puerto Rico Commonwealth Restructured GO Unlimited Bonds, Series A1, 5.25%, 7/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;30130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30274 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds, Series ZZ, 5.25%, 7/01/23<sup>(i)</sup> | &nbsp;&nbsp;$175000 | &nbsp;&nbsp;$122500 |
| Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp., Project, 2.00%, 4/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;598913 |
| Sand Creek Metropolitan District GO Limited Refunding Bonds, Series A (AGM Insured), 4.00%, 12/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;182118 |
| Tampa Hospital Revenue Bonds, H. Lee Moffitt Cancer Center, 5.00%, 7/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;151320 |
| United Local School District COPS (BAM Insured), 3.00%, 12/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;330542 |
| Wagoner County School Development Authority Educational Facilities Lease Revenue Bonds, Wagoner Public Schools Project, 4.00%, 9/01/23 | &nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;1068344 |
| Warrick County, Indiana Environmental Improvement Variable Revenue Bonds (AMT), Vectren Energy Delivery, 0.87%, 9/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;987845 |
| Watford City North Dakota State Aid Certificates Indebtedness Revenue Refunding Bonds (AGM Insured), 3.00%, 12/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;798763 |
| Wilkes-Barre Area School District GO Limited Bonds (BAM State Aid Withholding), 5.00%, 4/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;200936 |
| Will County Community School District No. 161 Summit Hill Refunding GO Unlimited Refunding Bonds, 4.00%, 1/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;475798 |
| Wilsonville Industrial Development Board Pollution Control Variable Revenue Refunding Bonds, Series D, Alabama Power Company, 1.45%, 2/01/23<sup>(a)(c)(k)</sup> | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;1600000 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Beloit Health System, Inc., 5.00%, 7/01/23 | &nbsp;&nbsp;$645000 | &nbsp;&nbsp;&nbsp;&nbsp;$650141 |
| York County EDA PCR Bonds, Series A, Electric & Power, 1.90%, 6/01/23<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**44332757** |
| **Total Short-Term Investments<br> (Cost $58,620,855)** | **Total Short-Term Investments<br> (Cost $58,620,855)** | &nbsp;&nbsp;&nbsp;&nbsp;**58321601** |
| **Total Investments – 101.1%<br> (Cost $356,412,369)** | **Total Investments – 101.1%<br> (Cost $356,412,369)** | &nbsp;&nbsp;&nbsp;**340394960** |
| Liabilities less Other Assets – (1.1)% | Liabilities less Other Assets – (1.1)% | &nbsp;&nbsp;&nbsp;&nbsp;(3843472) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$336551488** |

---

*Percentages shown are based on Net Assets.*

<sup>(a)</sup> Maturity date represents the puttable date.

<sup>(b)</sup> These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

<sup>(c)</sup> Variable rate security. Rate as of January 31, 2023 is disclosed.

<sup>(d)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>(e)</sup> Maturity date represents the prerefunded date.

<sup>(f)</sup> Zero coupon bond.

<sup>(g)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2023.

<sup>(h)</sup> Discount rate at the time of purchase.

<sup>(i)</sup> Issuer has defaulted on terms of debt obligation. Income is not being accrued.

<sup>(j)</sup> 7-day current yield as of January 31, 2023 is disclosed.

<sup>(k)</sup> Rate is determined by a Remarketing Agent which, in its judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| AGM | Assured Guarantee Municipal Corporation |
| AMBAC | American Municipal Bond Assurance Corporation |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BANS | Bond Anticipation Notes |
| CABS | Capital Appreciation Bonds |
| COPS | Certificates of Participation |
| EDA | Economic Development Administration |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GO | Government Obligation |
| Gtd | Guaranteed |
| HFA | Housing Finance Authority |
| IBC | Insured Bond Certificates |
| IDA | Industrial Development Association |
| L.P. | Limited Partnership |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LOC | Letter of Credit |
| MFH | Multifamily Housing |
| MTA | Metropolitan Transportation Authority |
| NATL | National Interstate Insurance |
| PCR | Pollution Control Revenue |
| PFA | Public Finance Authority |
| PSF | Permanent School Fund |
| SFM | Single Family Mortgage |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | United States Secured Overnight Financing Rate |
| SonyMA | State of New York Mortgage Agency |
| TCRS | Transferable Custodial Receipts |
| TRANS | Tax Revenue Anticipation Bonds |
| TRB | Tax Revenue Bonds |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Municipal Bond Fund<br>

---

| | |
|:---|:---|
| **Municipal Issue Type (%)<sup>(a),(b)</sup>** |  |
| Revenue Bonds | &nbsp;&nbsp;81.5 |
| General Obligation Unlimited Bonds | &nbsp;&nbsp;8.4 |
| General Obligation Limited Bonds | &nbsp;&nbsp;2.5 |
| Certificates of Participation | &nbsp;&nbsp;2.0 |
| Revenue Notes | &nbsp;&nbsp;1.8 |
| Tax Allocation Bonds | &nbsp;&nbsp;0.3 |
| Special Assessment Bonds | &nbsp;&nbsp;0.3 |
| Special Tax Bonds | &nbsp;&nbsp;0.2 |
| **Total** | &nbsp;&nbsp;**97.0** |

---

---

| |
|:---|
| <sup>(a)</sup>Percentages shown are based on Net Assets. |
| <sup>(b)</sup>Excludes Short-Term Money Market Fund Investments. |

---

---

| | |
|:---|:---|
| **Sector Diversification (%)<sup>(a)</sup>** |  |
| General | &nbsp;&nbsp;17.8 |
| Medical | &nbsp;&nbsp;14.0 |
| Airport | &nbsp;&nbsp;10.2 |
| Transportation | &nbsp;&nbsp;10.0 |
| General Obligation | &nbsp;&nbsp;7.7 |
| Higher Education | &nbsp;&nbsp;6.3 |
| Education | &nbsp;&nbsp;5.4 |
| All other sectors less than 5% | &nbsp;&nbsp;28.6 |
| **Total** | &nbsp;&nbsp;**100.0** |

---

<sup>(a)</sup>Percentages shown are based on Net Assets.

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Municipal Bond Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$282073359 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$282073359 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;13988844 | &nbsp;&nbsp;&nbsp;&nbsp;44332757 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;58321601 |
| **Total Investments** | &nbsp;&nbsp;$13988844 | &nbsp;&nbsp;$326406116 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$340394960 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities – 33.7%** | **Asset-Backed Securities – 33.7%** | **Asset-Backed Securities – 33.7%** |
| **Automobile – 7.4%** | **Automobile – 7.4%** | **Automobile – 7.4%** |
| American Credit Acceptance Receivables Trust, |  |  |
| &nbsp;&nbsp;Series 2022-1, Class B, 1.68%, 9/14/26<sup>(a)</sup> | $189000 | $184982 |
| &nbsp;&nbsp;Series 2021-4, Class C, 1.32%, 2/14/28<sup>(a)</sup> | &nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;285061 |
| &nbsp;&nbsp;Series 2022-1, Class C, 2.12%, 3/13/28<sup>(a)</sup> | &nbsp;&nbsp;389000 | &nbsp;&nbsp;&nbsp;371304 |
| BMW Vehicle Lease Trust, Series 2022-1, Class A4, 1.23%, 5/27/25 | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;243386 |
| CarMax Auto Owner Trust, Series 2022-1, Class A3, 1.47%, 12/15/26 | &nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;495147 |
| Chesapeake Funding II LLC, Series 2020-1A, Class C, 2.14%, 8/15/32<sup>(a)</sup> | &nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;156354 |
| Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;Series 2021-3, Class C, 1.47%, 1/15/27 | &nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;593543 |
| &nbsp;&nbsp;Series 2021-2, Class C, 0.87%, 10/15/27 | &nbsp;&nbsp;417000 | &nbsp;&nbsp;&nbsp;403235 |
| DT Auto Owner Trust, |  |  |
| &nbsp;&nbsp;Series 2021-4A, Class B, 1.02%, 5/15/26<sup>(a)</sup> | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;111128 |
| &nbsp;&nbsp;Series 2021-3A, Class C, 0.87%, 5/17/27<sup>(a)</sup> | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;140531 |
| &nbsp;&nbsp;Series 2021-4A, Class C, 1.50%, 9/15/27<sup>(a)</sup> | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;108176 |
| &nbsp;&nbsp;Series 2022-1A, Class C, 2.96%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;154923 |
| Exeter Automobile Receivables Trust, Series 2021-4A, Class C, 1.46%, 10/15/27 | &nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;337697 |
| Flagship Credit Auto Trust, |  |  |
| &nbsp;&nbsp;Series 2021-4, Class B, 1.49%, 2/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;68937 |
| &nbsp;&nbsp;Series 2021-2, Class C, 1.27%, 6/15/27<sup>(a)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;140119 |
| Ford Credit Auto Lease Trust, |  |  |
| &nbsp;&nbsp;Series 2021-B, Class B, 0.66%, 1/15/25 | &nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;170190 |
| &nbsp;&nbsp;Series 2021-B, Class C, 0.90%, 5/15/26 | &nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;167190 |
| Ford Credit Auto Owner Trust, Series 2022-A, Class A3, 1.29%, 6/15/26 | &nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;265977 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Automobile (Continued)** | **Automobile (Continued)** | **Automobile (Continued)** |
| GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;Series 2020-3, Class C, 1.37%, 1/16/26 | $50000 | $47823 |
| &nbsp;&nbsp;Series 2022-1, Class A3, 1.26%, 11/16/26 | &nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;231376 |
| Hertz Vehicle Financing LLC, Series 2022-5A, Class A, 3.89%, 9/25/28<sup>(a)</sup> | &nbsp;&nbsp;614000 | &nbsp;&nbsp;&nbsp;584815 |
| Honda Auto Receivables Owner Trust, Series 2021-4, Class A3, 0.88%, 1/21/26 | &nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;360802 |
| Hyundai Auto Lease Securitization Trust, Series 2022-A, Class A4, 1.32%, 12/15/25<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;287050 |
| Hyundai Auto Receivables Trust, Series 2021-C, Class A3, 0.74%, 5/15/26 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;237604 |
| Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;Series 2021-1A, Class B, 1.19%, 4/15/26<sup>(a)</sup> | &nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;308736 |
| &nbsp;&nbsp;Series 2021-1A, Class C, 1.53%, 2/15/28<sup>(a)</sup> | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;108077 |
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27 | &nbsp;&nbsp;518000 | &nbsp;&nbsp;&nbsp;494875 |
| Santander Retail Auto Lease Trust, |  |  |
| &nbsp;&nbsp;Series 2022-A, Class A3, 1.34%, 7/21/25<sup>(a)</sup> | &nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;249739 |
| &nbsp;&nbsp;Series 2022-A, Class A4, 1.42%, 1/20/26<sup>(a)</sup> | &nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;147785 |
| &nbsp;&nbsp;Series 2022-A, Class B, 1.61%, 1/20/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;80568 |
| Volkswagen Auto Loan Enhanced Trust, Series 2021-1, Class A3, 1.02%, 6/22/26 | &nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;427077 |
| Westlake Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;Series 2021-2A, Class C, 0.89%, 7/15/26<sup>(a)</sup> | &nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;384246 |
| &nbsp;&nbsp;Series 2021-3A, Class B, 1.29%, 1/15/27<sup>(a)</sup> | &nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;573693 |
| &nbsp;&nbsp;Series 2021-3A, Class C, 1.58%, 1/15/27<sup>(a)</sup> | &nbsp;&nbsp;598000 | &nbsp;&nbsp;&nbsp;564145 |
| &nbsp;&nbsp;Series 2022-1A, Class C, 3.11%, 3/15/27<sup>(a)</sup> | &nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;429595 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Automobile (Continued)** | **Automobile (Continued)** | **Automobile (Continued)** |
| World Omni Auto Receivables Trust, Series 2020-C, Class C, 1.39%, 5/17/27 | $50000 | &nbsp;&nbsp;&nbsp;&nbsp;$46207 |
|  |  | &nbsp;&nbsp;&nbsp;**9962093** |
| **Automobile Floor Plan – 0.2%** | **Automobile Floor Plan – 0.2%** | **Automobile Floor Plan – 0.2%** |
| Ford Credit Floorplan Master Owner Trust, Series 2018-4, Class A, 4.06%, 11/15/30 | &nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;**323648** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| Avis Budget Rental Car Funding (AESOP) LLC, Series 2023-1A, Class A, 5.25%, 4/20/29<sup>(a)</sup> | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;**102001** |
| **Other – 25.5%** | **Other – 25.5%** | **Other – 25.5%** |
| ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class B, 4.93%, 12/20/30<sup>(a)(b)</sup> | &nbsp;&nbsp;891000 | &nbsp;&nbsp;&nbsp;&nbsp;830063 |
| ABPCI Direct Lending Fund ABS II LLC, |  |  |
| &nbsp;&nbsp;Series 2022-2A, Class A1, (3M CME Term SOFR + 2.10%, 2.10% Floor), 6.77%, 3/01/32<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;218293 |
| &nbsp;&nbsp;Series 2022-2A, Class C, 8.24%, 3/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;893649 |
| ABPCI Direct Lending Fund CLO II LLC, Series 2017-1A, Class ER, (3M USD LIBOR + 7.60%, 7.60% Floor), 12.41%, 4/20/32<sup>(a)(c)</sup> | &nbsp;&nbsp;746000 | &nbsp;&nbsp;&nbsp;&nbsp;674959 |
| ABPCI Direct Lending Fund CLO X L.P., Series 2020-10A, Class A1A, (3M USD LIBOR + 1.95%, 1.95% Floor), 6.19%, 1/20/32<sup>(a)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;246193 |
| ABPCI Direct Lending Fund IX LLC, Series 2020-9A, Class A1R, (3M USD LIBOR + 1.40%, 1.40% Floor), 6.21%, 11/18/31<sup>(a)(c)</sup> | &nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp;&nbsp;370395 |
| Blackrock Mount Adams CLO IX L.P., Series 2021-9A, Class A1, (3M USD LIBOR + 1.37%, 1.37% Floor), 6.12%, 9/22/31<sup>(a)(c)</sup> | &nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp;&nbsp;252505 |
| CARS-DB4 L.P., Series 2020-1A, Class A1, 2.69%, 2/15/50<sup>(a)</sup> | &nbsp;&nbsp;144625 | &nbsp;&nbsp;&nbsp;&nbsp;136681 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Cerberus Loan Funding XXIX L.P., Series 2020-2A, Class A, (3M USD LIBOR + 1.90%, 1.90% Floor), 6.69%, 10/15/32<sup>(a)(c)</sup> | $939000 | $922732 |
| Cerberus Loan Funding XXVI L.P., Series 2019-1A, Class AR, (3M USD LIBOR + 1.50%, 1.50% Floor), 6.29%, 4/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;246531 |
| Cerberus Loan Funding XXVIII L.P., |  |  |
| &nbsp;&nbsp;Series 2020-1A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 6.64%, 10/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;628976 | &nbsp;&nbsp;&nbsp;624593 |
| &nbsp;&nbsp;Series 2020-1A, Class D, (3M USD LIBOR + 5.30%, 5.30% Floor), 10.09%, 10/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;741525 |
| Cerberus Loan Funding XXXI L.P., Series 2021-1A, Class A, (3M USD LIBOR + 1.50%, 1.50% Floor), 6.29%, 4/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;342620 | &nbsp;&nbsp;&nbsp;338074 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, 4/25/47<sup>(a)</sup> | &nbsp;&nbsp;874640 | &nbsp;&nbsp;&nbsp;672769 |
| Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class A2, 3.30%, 12/26/51<sup>(a)</sup> | &nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;368331 |
| Conn's Receivables Funding LLC, Series 2021-A, Class B, 2.87%, 5/15/26<sup>(a)</sup> | &nbsp;&nbsp;314744 | &nbsp;&nbsp;&nbsp;311413 |
| Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;Series 2020-2, Class D, 1.92%, 3/23/26<sup>(a)</sup> | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;251157 |
| &nbsp;&nbsp;Series 2021-2, Class C, 0.94%, 12/22/26<sup>(a)</sup> | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;98172 |
| Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.47%, 4/15/49<sup>(a)</sup> | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;82776 |
| Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51<sup>(a)</sup> | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;227299 |
| Elm Trust, |  |  |
| &nbsp;&nbsp;Series 2020-3A, Class A2, 2.95%, 8/20/29<sup>(a)</sup> | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;125662 |
| &nbsp;&nbsp;Series 2020-3A, Class B, 4.48%, 8/20/29<sup>(a)</sup> | &nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp;299046 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Elm Trust, |  |  |
| &nbsp;&nbsp;Series 2020-4A, Class A2, 2.29%, 10/20/29<sup>(a)</sup> | $113000 | $105860 |
| &nbsp;&nbsp;Series 2020-4A, Class B, 3.87%, 10/20/29<sup>(a)</sup> | &nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;307076 |
| FCI Funding, Series 2021-1A, Class A, 1.13%, 4/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;48391 | &nbsp;&nbsp;&nbsp;&nbsp;47527 |
| Fortress Credit Opportunities IX CLO Ltd., Series 2017-9A, Class A1TR, (3M USD LIBOR + 1.55%, 1.55% Floor), 6.34%, 10/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;954000 | &nbsp;&nbsp;&nbsp;913878 |
| Fortress Credit Opportunities XI CLO Ltd., Series 2018-11A, Class A1T, (3M USD LIBOR + 1.30%), 6.09%, 4/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;366733 |
| Fortress Credit Opportunities XVII CLO Ltd., Series 2022-17A, Class A, (3M CME Term SOFR + 1.37%, 1.37% Floor), 6.03%, 1/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp;421961 | &nbsp;&nbsp;&nbsp;416329 |
| Golub Capital Partners ABS Funding Ltd., |  |  |
| &nbsp;&nbsp;Series 2020-1A, Class A2, 3.21%, 1/22/29<sup>(a)</sup> | &nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;713413 |
| &nbsp;&nbsp;Series 2020-1A, Class B, 4.50%, 1/22/29<sup>(a)</sup> | &nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp;443944 |
| &nbsp;&nbsp;Series 2021-1A, Class A2, 2.77%, 4/20/29<sup>(a)</sup> | &nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;148060 |
| &nbsp;&nbsp;Series 2021-1A, Class B, 3.82%, 4/20/29<sup>(a)</sup> | &nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;336724 |
| &nbsp;&nbsp;Series 2021-2A, Class A, 2.94%, 10/19/29<sup>(a)</sup> | &nbsp;&nbsp;796000 | &nbsp;&nbsp;&nbsp;692462 |
| &nbsp;&nbsp;Series 2021-2A, Class B, 3.99%, 10/19/29<sup>(a)</sup> | &nbsp;&nbsp;926000 | &nbsp;&nbsp;&nbsp;781877 |
| Golub Capital Partners CLO 36m Ltd., Series 2018-36A, Class A, (3M USD LIBOR + 1.30%), 5.83%, 2/05/31<sup>(a)(c)</sup> | &nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;551167 |
| Golub Capital Partners CLO Ltd., |  |  |
| &nbsp;&nbsp;Series 2018-38A, Class C, (3M USD LIBOR + 2.80%, 2.80% Floor), 7.61%, 7/20/30<sup>(a)(c)</sup> | &nbsp;&nbsp;507000 | &nbsp;&nbsp;&nbsp;480494 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Golub Capital Partners CLO Ltd., |  |  |
| &nbsp;&nbsp;Series 2019-42A, Class A2, (3M USD LIBOR + 2.00%, 2.00% Floor), 6.81%, 4/20/31<sup>(a)(c)</sup> | $472000 | $465442 |
| HPEFS Equipment Trust, |  |  |
| &nbsp;&nbsp;Series 2022-1A, Class A3, 1.38%, 5/21/29<sup>(a)</sup> | &nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp;530783 |
| &nbsp;&nbsp;Series 2022-1A, Class B, 1.79%, 5/21/29<sup>(a)</sup> | &nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;214327 |
| &nbsp;&nbsp;Series 2022-1A, Class C, 1.96%, 5/21/29<sup>(a)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;140778 |
| Ivy Hill Middle Market Credit Fund XVIII Ltd., Series 18A, Class E, (3M USD LIBOR + 7.75%, 7.75% Floor), 12.57%, 4/22/33<sup>(a)(c)</sup> | &nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;842896 |
| Lake Shore MM CLO III LLC, |  |  |
| &nbsp;&nbsp;Series 2019-2A, Class A1R, (3M USD LIBOR + 1.48%, 1.48% Floor), 6.27%, 10/17/31<sup>(a)(c)</sup> | &nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;198099 |
| &nbsp;&nbsp;Series 2019-2A, Class A2R, 2.52%, 10/17/31<sup>(a)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;91643 |
| Lake Shore MM CLO IV Ltd., Series 2021-1A, Class X, (3M USD LIBOR + 1.18%, 1.18% Floor), 5.97%, 10/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;106333 | &nbsp;&nbsp;&nbsp;105831 |
| Legal Fee Funding LLC, Series 2006-1A, Class A, 8.00%, 7/20/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;17068 | &nbsp;&nbsp;&nbsp;&nbsp;15124 |
| MCF CLO IX Ltd., Series 2019-1A, Class A1R, (3M CME Term SOFR + 1.50%, 1.50% Floor), 6.16%, 7/17/31<sup>(a)(c)</sup> | &nbsp;&nbsp;971000 | &nbsp;&nbsp;&nbsp;952740 |
| Monroe Capital ABS Funding Ltd., |  |  |
| &nbsp;&nbsp;Series 2021-1A, Class A2, 2.81%, 4/22/31<sup>(a)(b)</sup> | &nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;370644 |
| &nbsp;&nbsp;Series 2021-1A, Class B, 3.91%, 4/22/31<sup>(a)(b)</sup> | &nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;204560 |
| NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53<sup>(a)</sup> | &nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;900229 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Oasis Securitization Funding LLC, Series 2021-1A, Class A, 2.58%, 2/15/33<sup>(a)</sup> | $32406 | $31994 |
| Oportun Funding XIV LLC, Series 2021-A, Class A, 1.21%, 3/08/28<sup>(a)</sup> | &nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;134217 |
| Oportun Issuance Trust, |  |  |
| &nbsp;&nbsp;Series 2021-B, Class A, 1.47%, 5/08/31<sup>(a)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;207611 |
| &nbsp;&nbsp;Series 2021-C, Class A, 2.18%, 10/08/31<sup>(a)</sup> | &nbsp;&nbsp;803000 | &nbsp;&nbsp;&nbsp;721499 |
| Owl Rock CLO III Ltd., Series 2020-3A, Class A1L, (3M USD LIBOR + 1.80%), 6.61%, 4/20/32<sup>(a)(c)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;391057 |
| Owl Rock CLO VI Ltd., Series 2021-6A, Class A, (3M USD LIBOR + 1.45%, 1.45% Floor), 6.20%, 6/21/32<sup>(a)(c)</sup> | &nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;888015 |
| Owl Rock Technology Financing LLC, Series 2020-1A, Class A, (3M USD LIBOR + 2.95%, 2.95% Floor), 7.03%, 1/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;769531 |
| Parliament CLO II Ltd., Series 2021-2A, Class A, (3M USD LIBOR + 1.35%, 1.35% Floor), 6.03%, 8/20/32<sup>(a)(c)</sup> | &nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;328560 |
| Parliament Funding II Ltd., Series 2020-1A, Class AR, (3M USD LIBOR + 1.25%, 1.25% Floor), 6.06%, 10/20/31<sup>(a)(c)</sup> | &nbsp;&nbsp;347051 | &nbsp;&nbsp;&nbsp;343368 |
| Pawneee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27<sup>(a)</sup> | &nbsp;&nbsp;127117 | &nbsp;&nbsp;&nbsp;121934 |
| PFS Financing Corp., |  |  |
| &nbsp;&nbsp;Series 2020-E, Class B, 1.57%, 10/15/25<sup>(a)</sup> | &nbsp;&nbsp;747000 | &nbsp;&nbsp;&nbsp;723206 |
| &nbsp;&nbsp;Series 2020-G, Class A, 0.97%, 2/15/26<sup>(a)</sup> | &nbsp;&nbsp;531000 | &nbsp;&nbsp;&nbsp;507587 |
| &nbsp;&nbsp;Series 2020-G, Class B, 1.57%, 2/15/26<sup>(a)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;95530 |
| &nbsp;&nbsp;Series 2021-A, Class A, 0.71%, 4/15/26<sup>(a)</sup> | &nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;347588 |
| &nbsp;&nbsp;Series 2021-A, Class B, 0.96%, 4/15/26<sup>(a)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;94521 |
| &nbsp;&nbsp;Series 2021-B, Class A, 0.77%, 8/15/26<sup>(a)</sup> | &nbsp;&nbsp;317000 | &nbsp;&nbsp;&nbsp;296399 |
| &nbsp;&nbsp;Series 2021-B, Class B, 1.09%, 8/15/26<sup>(a)</sup> | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;93723 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| PFS Financing Corp., |  |  |
| &nbsp;&nbsp;Series 2022-A, Class A, 2.47%, 2/15/27<sup>(a)</sup> | &nbsp;&nbsp;$899000 | &nbsp;&nbsp;$854710 |
| PRET LLC, |  |  |
| &nbsp;&nbsp;Series 2021-NPL6, Class A1, (Step to 5.49% on 12/25/24), 2.49%, 7/25/51<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;224600 | &nbsp;&nbsp;&nbsp;&nbsp;210356 |
| &nbsp;&nbsp;Series 2021-NPL5, Class A1, (Step to 5.49% on 11/25/24), 2.49%, 10/25/51<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;801910 | &nbsp;&nbsp;&nbsp;&nbsp;737388 |
| Pretium Mortgage Credit Partners I LLC, |  |  |
| &nbsp;&nbsp;Series 2021-NPL2, Class A1, (Step to 3.43% on 7/27/24), 1.99%, 6/27/60<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;338334 | &nbsp;&nbsp;&nbsp;&nbsp;315534 |
| &nbsp;&nbsp;Series 2021-NPL4, Class A1, (Step to 3.27% on 11/27/24), 2.36%, 10/27/60<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;666695 | &nbsp;&nbsp;&nbsp;&nbsp;622141 |
| SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;307246 | &nbsp;&nbsp;&nbsp;&nbsp;279750 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;222118 | &nbsp;&nbsp;&nbsp;&nbsp;214042 |
| TVEST LLC, Series 2020-A, Class A, 4.50%, 7/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53051 |
| Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;125635 |
| VCAT LLC, |  |  |
| &nbsp;&nbsp;Series 2021-NPL1, Class A1, (Step to 5.29% on 1/25/24), 2.29%, 12/26/50<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47956 |
| &nbsp;&nbsp;Series 2021-NPL2, Class A1, (Step to 5.12% on 4/25/24), 2.12%, 3/27/51<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;229674 | &nbsp;&nbsp;&nbsp;&nbsp;217857 |
| VCP CLO II Ltd., |  |  |
| &nbsp;&nbsp;Series 2021-2A, Class E, (3M USD LIBOR + 8.41%), 13.20%, 4/15/31<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1119000 | &nbsp;&nbsp;&nbsp;1064608 |
| &nbsp;&nbsp;Series 2021-2A, Class A1, (3M USD LIBOR + 1.67%), 6.46%, 4/15/31<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp;&nbsp;&nbsp;817978 |
| VCP RRL ABS I Ltd., |  |  |
| &nbsp;&nbsp;Series 2021-1A, Class A, 2.15%, 10/20/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;316260 | &nbsp;&nbsp;&nbsp;&nbsp;290116 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| VCP RRL ABS I Ltd., |  |  |
| &nbsp;&nbsp;Series 2021-1A, Class B, 2.85%, 10/20/31<sup>(a)(b)</sup> | $282740 | &nbsp;&nbsp;&nbsp;&nbsp;$253000 |
| VOLT C LLC, Series 2021-NPL9, Class A1, (Step to 4.99% on 5/25/24), 1.99%, 5/25/51<sup>(a)(d)</sup> | &nbsp;&nbsp;232460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212159 |
| VOLT XCIV LLC, Series 2021-NPL3, Class A1, (Step to 5.24% on 2/25/24), 2.24%, 2/27/51<sup>(a)(d)</sup> | &nbsp;&nbsp;321552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301410 |
| VOLT XCV LLC, Series 2021-NPL4, Class A1, (Step to 5.24% on 3/25/24), 2.24%, 3/27/51<sup>(a)(d)</sup> | &nbsp;&nbsp;292020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270613 |
| Woodmont Trust, |  |  |
| &nbsp;&nbsp;Series 2019-6A, Class A1R, (3M USD LIBOR + 1.48%, 1.48% Floor), 6.27%, 7/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512432 |
| &nbsp;&nbsp;Series 2019-6A, Class A1R2, (3M USD LIBOR + 1.48%, 1.48% Floor), 6.27%, 7/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246897 |
| Zais CLO 7 Ltd., Series 2017-2A, Class A, (3M USD LIBOR + 1.29%), 6.08%, 4/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp;258797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255807 |
|  |  | &nbsp;&nbsp;&nbsp;**34271238** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| CarMax Auto Owner Trust, Series 2023-1, Class A4, 4.65%, 1/16/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100124 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A4, 4.59%, 7/17/28 | &nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122820 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A4, 4.31%, 4/16/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99774 |
| Toyota Auto Receivables Owner Trust, Series 2023-A, Class A4, 4.42%, 8/15/28 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**448012** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan – 0.2%** | **Whole Loan – 0.2%** | **Whole Loan – 0.2%** |
| RCO VII Mortgage LLC, Series 2021-2, Class A1, (Step to 5.12% on 10/25/24), 2.12%, 9/25/26<sup>(a)(d)</sup> | $218481 | &nbsp;&nbsp;&nbsp;&nbsp;**$201845** |
| **Total Asset-Backed Securities<br> (Cost $47,823,444)** | **Total Asset-Backed Securities<br> (Cost $47,823,444)** | &nbsp;&nbsp;&nbsp;**45308837** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Common Stocks – 0.6%** | **Common Stocks – 0.6%** | **Common Stocks – 0.6%** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| Copper Property CTL Pass Through Trust<sup>(e)</sup> | 25536 | **338352** |
| **Retail - Discretionary – 0.0%<sup>(f)</sup>** | **Retail - Discretionary – 0.0%<sup>(f)</sup>** | **Retail - Discretionary – 0.0%<sup>(f)</sup>** |
| J.C. Penney Earnout<sup>(e)\*</sup> | &nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;**11918** |
| **Telecommunications – 0.0%<sup>(f)</sup>** | **Telecommunications – 0.0%<sup>(f)</sup>** | **Telecommunications – 0.0%<sup>(f)</sup>** |
| Windstream Corp.<sup>(e)\*</sup> | &nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;**33470** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| PHI Group, Inc.\* | 44387 | **399483** |
| **Total Common Stocks<br> (Cost $894,480)** | **Total Common Stocks<br> (Cost $894,480)** | **783223** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **Corporate Bonds – 2.5%** | **Corporate Bonds – 2.5%** | **Corporate Bonds – 2.5%** |
| **Asset Management – 1.1%** | **Asset Management – 1.1%** | **Asset Management – 1.1%** |
| Ares Capital Corp., 2.88%, 6/15/28 | $398000 | &nbsp;&nbsp;$336103 |
| Golub Capital BDC, Inc., 3.37%, 4/15/24 | &nbsp;&nbsp;513000 | &nbsp;&nbsp;&nbsp;&nbsp;497707 |
| OWL Rock Core Income Corp., 4.70%, 2/08/27 | &nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;604037 |
|  |  | &nbsp;&nbsp;&nbsp;**1437847** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| Aramark Services, Inc., 6.38%, 5/01/25<sup>(a)</sup> | &nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp;**159040** |
| **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** |
| CD&R Smokey Buyer, Inc., 6.75%, 7/15/25<sup>(a)</sup> | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;**285862** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| Royal Caribbean Cruises Ltd., 11.50%, 6/01/25<sup>(a)</sup> | &nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;**176100** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| Midcap Financial Issuer Trust, 6.50%, 5/01/28<sup>(a)</sup> | $761000 | &nbsp;&nbsp;**$669680** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| Consolidated Communications, Inc., 6.50%, 10/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;310379 |
| Frontier Communications Holdings LLC, |  |  |
| &nbsp;&nbsp;5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;130824 |
| &nbsp;&nbsp;6.00%, 1/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;175786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**616989** |
| **Total Corporate Bonds<br> (Cost $3,620,810)** | **Total Corporate Bonds<br> (Cost $3,620,810)** | &nbsp;&nbsp;&nbsp;**3345518** |

---

---

| | | |
|:---|:---|:---|
| **Foreign Issuer Bonds – 0.5%** | **Foreign Issuer Bonds – 0.5%** | **Foreign Issuer Bonds – 0.5%** |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 7/15/26<sup>(a)</sup> | 470000 | **497025** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| Cimpress PLC, 7.00%, 6/15/26<sup>(g)</sup> | 175000 | **121502** |
| **Total Foreign Issuer Bonds<br> (Cost $612,889)** | **Total Foreign Issuer Bonds<br> (Cost $612,889)** | **618527** |
| **Mortgage-Backed Securities – 3.2%** | **Mortgage-Backed Securities – 3.2%** | **Mortgage-Backed Securities – 3.2%** |
| **Commercial Mortgage-Backed Securities – 1.1%** | **Commercial Mortgage-Backed Securities – 1.1%** | **Commercial Mortgage-Backed Securities – 1.1%** |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2021-VOLT, Class E, (1M USD LIBOR + 2.00%, 2.00% Floor), 6.46%, 9/15/36<sup>(a)(c)</sup> | 242000 | 232610 |
| &nbsp;&nbsp;Series 2021-VOLT, Class F, (1M USD LIBOR + 2.40%, 2.40% Floor), 6.86%, 9/15/36<sup>(a)(c)</sup> | 370000 | 349972 |
| Hawaii Hotel Trust, Series 2019-MAUI, Class C, (1M USD LIBOR + 1.65%, 1.65% Floor), 6.11%, 5/15/38<sup>(a)(c)</sup> | 616000 | 597482 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** | **Commercial Mortgage-Backed Securities<br> (Continued)** |
| LoanCore Issuer Ltd., Series 2021-CRE4, Class A, (30D Average SOFR + 0.91%, 0.80% Floor), 5.19%, 7/15/35<sup>(a)(c)</sup> | &nbsp;&nbsp;$100310 | &nbsp;&nbsp;&nbsp;&nbsp;$98864 |
| VMC Finance LLC, Series 2021-HT1, Class A, (1M USD LIBOR + 1.65%, 1.65% Floor), 6.12%, 1/18/37<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;172297 | &nbsp;&nbsp;&nbsp;&nbsp;168103 |
|  |  | &nbsp;&nbsp;&nbsp;**1447031** |
| **Federal Home Loan Mortgage Corporation – 0.1%** | **Federal Home Loan Mortgage Corporation – 0.1%** | **Federal Home Loan Mortgage Corporation – 0.1%** |
| Real Estate Mortgage Investment Conduits, Series 4162, Class P, 3.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;156554 | &nbsp;&nbsp;&nbsp;&nbsp;**151272** |
| **Federal National Mortgage Association – 0.1%** | **Federal National Mortgage Association – 0.1%** | **Federal National Mortgage Association – 0.1%** |
| Interest Strip, Series 284, Class 1, 0.00%, 7/25/27<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59266 |
| Real Estate Mortgage Investment Conduits, |  |  |
| &nbsp;&nbsp;Series 2014-3, Class AM, 2.50%, 1/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;23516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23330 |
| &nbsp;&nbsp;Series 2012-144, Class PD, 3.50%, 4/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;99771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**179840** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| Series 2012-150, Class IO, 0.44%, 11/16/52<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;696285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 |
| Series 2015-108, Class IO, 0.33%, 10/16/56<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091 |
| Series 2015-7, Class IO, 0.45%, 1/16/57<sup>(i)</sup> | &nbsp;&nbsp;1508440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32272 |
| Series 2020-42, Class IO, 0.94%, 3/16/62<sup>(i)</sup> | &nbsp;&nbsp;1429171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93038 |
| Series 2020-43, Class IO, 1.26%, 11/16/61<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;971676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69566 |
| Series 2020-71, Class IO, 1.09%, 1/16/62<sup>(i)</sup> | &nbsp;&nbsp;1265848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88677 |
| Series 2020-75, Class IO, 0.87%, 2/16/62<sup>(i)</sup> | &nbsp;&nbsp;2277086 | &nbsp;&nbsp;&nbsp;&nbsp;141289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**432368** |
| **Whole Loan – 1.6%** | **Whole Loan – 1.6%** | **Whole Loan – 1.6%** |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.90%, 6/25/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;117493 | &nbsp;&nbsp;&nbsp;&nbsp;111738 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| CFMT LLC, |  |  |
| &nbsp;&nbsp;Series 2021-HB5, Class A, 0.80%, 2/25/31<sup>(a)(i)</sup> | $209945 | &nbsp;&nbsp;$202901 |
| &nbsp;&nbsp;Series 2021-HB7, Class A, 1.15%, 10/27/31<sup>(a)</sup> | &nbsp;&nbsp;142781 | &nbsp;&nbsp;&nbsp;&nbsp;134353 |
| &nbsp;&nbsp;Series 2021-HB7, Class M1, 2.12%, 10/27/31<sup>(a)(i)</sup> | &nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;177595 |
| PRPM LLC, |  |  |
| &nbsp;&nbsp;Series 2021-2, Class A1, 2.12%, 3/25/26<sup>(a)(i)</sup> | &nbsp;&nbsp;229779 | &nbsp;&nbsp;&nbsp;&nbsp;217670 |
| &nbsp;&nbsp;Series 2021-9, Class A1, (Step to 5.36% on 11/25/24), 2.36%, 10/25/26<sup>(a)(d)</sup> | &nbsp;&nbsp;353201 | &nbsp;&nbsp;&nbsp;&nbsp;331511 |
| &nbsp;&nbsp;Series 2021-10, Class A1, (Step to 5.49% on 11/25/24), 2.49%, 10/25/26<sup>(a)(d)</sup> | &nbsp;&nbsp;357394 | &nbsp;&nbsp;&nbsp;&nbsp;337194 |
| &nbsp;&nbsp;Series 2021-11, Class A1, (Step to 5.49% on 12/25/24), 2.49%, 11/25/26<sup>(a)(d)</sup> | &nbsp;&nbsp;433191 | &nbsp;&nbsp;&nbsp;&nbsp;407394 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75%, 1/25/63<sup>(a)</sup> | &nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;193105 |
|  |  | &nbsp;&nbsp;&nbsp;**2113461** |
| **Total Mortgage-Backed Securities<br> (Cost $5,240,632)** | **Total Mortgage-Backed Securities<br> (Cost $5,240,632)** | &nbsp;&nbsp;&nbsp;**4323972** |
| **Term Loans – 2.8%<sup>(c)</sup>** | **Term Loans – 2.8%<sup>(c)</sup>** | **Term Loans – 2.8%<sup>(c)</sup>** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Cimpress PLC, Tranche B-1 Term Loan, (1M USD LIBOR + 3.50%, 0.50% Floor), 8.07%, 5/17/28 | &nbsp;&nbsp;267920 | &nbsp;&nbsp;&nbsp;&nbsp;242524 |
| Packers Holdings LLC, Initial Term Loan, (1M USD LIBOR + 3.25%, 0.75% Floor), 7.71%, 3/09/28 | &nbsp;&nbsp;328275 | &nbsp;&nbsp;&nbsp;&nbsp;303382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**545906** |
| **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** |
| GHX Ultimate Parent Corp., Initial Term Loan, (3M USD LIBOR + 3.25%, 1.00% Floor), 7.98%, 6/28/24 | &nbsp;&nbsp;489580 | &nbsp;&nbsp;&nbsp;&nbsp;487132 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| Heartland Dental LLC, 2021 Incremental Term Loan, (1M USD LIBOR + 4.00%), 8.55%, 4/30/25 | $491570 | &nbsp;&nbsp;$471907 |
| PetVet Care Centers LLC, 2021 First Lien Replacement Term Loan, (1M USD LIBOR + 3.50%, 0.75% Floor), 8.07%, 2/14/25 | &nbsp;&nbsp;320218 | &nbsp;&nbsp;&nbsp;&nbsp;303487 |
|  |  | &nbsp;&nbsp;&nbsp;**1262526** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| Asurion LLC, New B-7 Term Loan, (1M USD LIBOR + 3.00%), 7.57%, 11/03/24 | &nbsp;&nbsp;641564 | &nbsp;&nbsp;&nbsp;&nbsp;**634244** |
| **Retail - Discretionary – 0.0%<sup>(f)</sup>** | **Retail - Discretionary – 0.0%<sup>(f)</sup>** | **Retail - Discretionary – 0.0%<sup>(f)</sup>** |
| J.C. Penney Corp., Inc., Term Loan, <sup>(j)</sup> | &nbsp;&nbsp;233386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23** |
| **Software – 0.5%** | **Software – 0.5%** | **Software – 0.5%** |
| Applied Systems, Inc., 2026 Term Loan, (3M USD CME Term SOFR + 4.50%, 0.50% Floor), 9.08%, 9/18/26 | &nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59098 |
| Azalea TopCo, Inc., Initial Term Loan, (1M USD LIBOR + 3.50%), 8.07%, 7/24/26 | &nbsp;&nbsp;327946 | &nbsp;&nbsp;&nbsp;&nbsp;312880 |
| Polaris Newco LLC, Dollar Term Loan, (3M USD LIBOR + 4.00%, 0.50% Floor), 8.73%, 6/02/28 | &nbsp;&nbsp;325875 | &nbsp;&nbsp;&nbsp;&nbsp;309275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**681253** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| Frontier Communications Corp., TLB, (3M USD LIBOR + 3.75%, 0.75% Floor), 8.50%, 5/01/28 | &nbsp;&nbsp;363525 | &nbsp;&nbsp;&nbsp;&nbsp;355688 |
| Windstream Services II LLC, Initial Term Loan, (1M USD CME Term SOFR + 6.25%, 1.00% Floor), 10.91%, 9/21/27 | &nbsp;&nbsp;308014 | &nbsp;&nbsp;&nbsp;&nbsp;279778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**635466** |
| **Total Term Loans<br> (Cost $3,902,277)** | **Total Term Loans<br> (Cost $3,902,277)** | &nbsp;&nbsp;&nbsp;**3759418** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Warrants – 0.0%<sup>(f)</sup>** | **Warrants – 0.0%<sup>(f)</sup>** | **Warrants – 0.0%<sup>(f)</sup>** |
| **Telecommunications – 0.0%<sup>(f)</sup>** | **Telecommunications – 0.0%<sup>(f)</sup>** | **Telecommunications – 0.0%<sup>(f)</sup>** |
| Windstream Services LLC<sup>(e)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3180** |
| **Total Warrants<br> (Cost $146,140)** | **Total Warrants<br> (Cost $146,140)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3180** |
| **Investment Companies – 46.1%** | **Investment Companies – 46.1%** | **Investment Companies – 46.1%** |
| Schwab Intermediate-Term U.S. Treasury ETF | 296270 | &nbsp;&nbsp;&nbsp;14923120 |
| Schwab Short-Term U.S. Treasury ETF | 470158 | &nbsp;&nbsp;&nbsp;22849679 |
| Vanguard Short-Term Corporate Bond ETF | 201875 | &nbsp;&nbsp;&nbsp;15439400 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 186006 | &nbsp;&nbsp;&nbsp;&nbsp;8757162 |
| **Total Investment Companies<br> (Cost $66,318,550)** | **Total Investment Companies<br> (Cost $66,318,550)** | &nbsp;&nbsp;&nbsp;**61969361** |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** |  |
| **Short-Term Investments – 11.2%** | **Short-Term Investments – 11.2%** | **Short-Term Investments – 11.2%** |
| **Asset-Backed Securities – 0.3%** | **Asset-Backed Securities – 0.3%** | **Asset-Backed Securities – 0.3%** |
| Gracie Point International Funding, (1M USD LIBOR + 0.75%), 5.32%, 11/01/23<sup>(a)(c)</sup> | $402845 | **402304** |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number<br> of Shares** | **Value** |
| **Money Market Funds – 6.3%** | **Money Market Funds – 6.3%** | **Money Market Funds – 6.3%** |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares), 4.35%<sup>(k)(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;451755 | &nbsp;&nbsp;&nbsp;&nbsp;$451755 |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(k)</sup> | &nbsp;&nbsp;8015390 | &nbsp;&nbsp;&nbsp;&nbsp;8015390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8467145** |
| **U.S. Treasury Bills – 4.6%** | **U.S. Treasury Bills – 4.6%** | **U.S. Treasury Bills – 4.6%** |
| U.S. Treasury Bill, 2.70%, 2/02/23<sup>(m)</sup> | $6183000 | &nbsp;&nbsp;&nbsp;&nbsp;**6182314** |
| **Total Short-Term Investments<br> (Cost $15,052,294)** | **Total Short-Term Investments<br> (Cost $15,052,294)** | &nbsp;&nbsp;&nbsp;&nbsp;**15051763** |
| **Total Investments – 100.6%<br> (Cost $143,611,516)** | **Total Investments – 100.6%<br> (Cost $143,611,516)** | &nbsp;&nbsp;&nbsp;**135163799** |
| Liabilities less Other Assets – (0.6)% | Liabilities less Other Assets – (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803169) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$134360630** |

---

*Percentages shown are based on Net Assets.*

<sup>(a)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>(b)</sup> Restricted security that has been deemed illiquid. At January 31, 2023, the value of these restricted illiquid securities amounted to $4,652,795 or 3.46% of net assets. Additional information on these restricted illiquid securities is as follows:

---

| | | |
|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** |
| ABPCI Direct Lending Fund ABS I Ltd., 4.93%, 12/20/30 | 12/16/20 | &nbsp;&nbsp;$891000 |
| ABPCI Direct Lending Fund ABS II LLC, 6.77%, 3/1/32 | 2/15/22 | &nbsp;&nbsp;&nbsp;&nbsp;224000 |
| ABPCI Direct Lending Fund ABS II LLC, 8.24%, 3/1/32 | 2/15/22 | &nbsp;&nbsp;&nbsp;&nbsp;935000 |
| Monroe Capital ABS Funding Ltd., 2.81%, 4/22/31 | 2/18/21-3/25/21 | &nbsp;&nbsp;&nbsp;&nbsp;403000 |
| Monroe Capital ABS Funding Ltd., 3.91%, 4/22/31 | 2/18/21 | &nbsp;&nbsp;&nbsp;&nbsp;221000 |
| VCP CLO II Ltd., 13.20%, 4/15/31 | 2/5/21 | &nbsp;&nbsp;&nbsp;1085000 |
| VCP CLO II Ltd., 6.46%, 4/15/31 | 3/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;813000 |
| VCP RRL ABS I Ltd., 2.85%, 10/20/31 | 7/28/21 | &nbsp;&nbsp;&nbsp;&nbsp;283000 |

---

<sup>(c)</sup> Variable rate security. Rate as of January 31, 2023 is disclosed.

<sup>(d)</sup> Step coupon bond. Rate as of January 31, 2023 is disclosed.

<sup>(e)</sup> Investment is valued using significant unobservable inputs (Level 3).

<sup>(f)</sup> Amount rounds to less than 0.05%.

<sup>(g)</sup> Security either partially or fully on loan. As of January 31, 2023, the total value of securities on loan is $617,858.

<sup>(h)</sup> Zero coupon bond.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

<sup>(i)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2023 is disclosed.

<sup>(j)</sup> Issuer has defaulted on terms of debt obligation. Income is not being accrued.

<sup>(k)</sup> 7-day current yield as of January 31, 2023 is disclosed.

<sup>(l)</sup> Security purchased with the cash proceeds from securities loaned. As of January 31, 2023, total cash collateral has a value of $451,755 and total non-cash collateral has a value of $178,762.

<sup>(m)</sup> Discount rate at the time of purchase.

\* Non-Income Producing Security

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| 1M | 1 Month |
| 3M | 3 Month |
| ABS | Asset-Backed Security |
| BDC | Business Development Company |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange-Traded Fund |
| IO | Interest Only |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| SOFR | United States Secured Overnight Financing Rate |
| Strip | Separate Trading of Registered Interest and Principal |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Country Diversification (%)<sup>(a)</sup>** |  |
| United States | &nbsp;&nbsp;80.3 |
| Cayman Islands | &nbsp;&nbsp;8.5 |
| All other countries less than 5% | &nbsp;&nbsp;11.2 |
| **Total** | &nbsp;&nbsp;**100.0** |

---

<sup>(a)</sup> Percentages shown are based on Net Assets.

---

| | |
|:---|:---|
| **Sector Diversification (%)<sup>(a)</sup>** |  |
| Investment Companies | &nbsp;&nbsp;46.1 |
| Asset-Backed Securities | &nbsp;&nbsp;33.7 |
| Short-Term Investments | &nbsp;&nbsp;11.2 |
| All other sectors less than 5% | &nbsp;&nbsp;9.0 |
| **Total** | &nbsp;&nbsp;**100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Defensive Bond Fund<br>

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Defensive Bond Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$45308837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$45308837 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;383740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783223 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3345518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345518 |
| &nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618527 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4323972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323972 |
| &nbsp;&nbsp;&nbsp;Term Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3759418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759418 |
| &nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;61969361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;61969361 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;8467145 | &nbsp;&nbsp;&nbsp;&nbsp;6584618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15051763 |
| **Total Investments** | &nbsp;&nbsp;$70835989 | &nbsp;&nbsp;$63940890 | &nbsp;&nbsp;$386920 | &nbsp;&nbsp;$135163799 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Asset-Backed Securities – 0.3%** | **Asset-Backed Securities – 0.3%** | **Asset-Backed Securities – 0.3%** |
| **Other – 0.3%** | **Other – 0.3%** | **Other – 0.3%** |
| AIG CLO LLC, Series 2021-2A, Class E, (3M USD LIBOR + 6.50%, 6.50% Floor), 11.31%, 7/20/34<sup>(b)(c)</sup> | $250000 | $230337 |
| Pikes Peak CLO 4, Series 2019-4A, Class ER, (3M USD LIBOR + 6.61%, 6.61% Floor), 11.40%, 7/15/34<sup>(b)(c)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;219806 |
| **Total Asset-Backed Securities<br> (Cost $497,673)** | **Total Asset-Backed Securities<br> (Cost $497,673)** | &nbsp;&nbsp;&nbsp;**450143** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Common Stocks – 0.0%<sup>(d)</sup>** | **Common Stocks – 0.0%<sup>(d)</sup>** | **Common Stocks – 0.0%<sup>(d)</sup>** |
| **Cable & Satellite – 0.0%<sup>(d)</sup>** | **Cable & Satellite – 0.0%<sup>(d)</sup>** | **Cable & Satellite – 0.0%<sup>(d)</sup>** |
| Altice USA, Inc., Class A\* | 16055 | **78670** |
| **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** |
| Mcdermott International Ltd.\* | &nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;**754** |
| **Oil & Gas Producers – 0.0%<sup>(d)</sup>** | **Oil & Gas Producers – 0.0%<sup>(d)</sup>** | **Oil & Gas Producers – 0.0%<sup>(d)</sup>** |
| Battalion Oil Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;**3746** |
| **Technology Services – 0.0%<sup>(d)</sup>** | **Technology Services – 0.0%<sup>(d)</sup>** | **Technology Services – 0.0%<sup>(d)</sup>** |
| Clarivate PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;**867** |
| **Total Common Stocks<br> (Cost $338,427)** | **Total Common Stocks<br> (Cost $338,427)** | **84037** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** |  |
| **Convertible Bonds – 1.5%** | **Convertible Bonds – 1.5%** | **Convertible Bonds – 1.5%** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| BioMarin Pharmaceutical, Inc., 1.25%, 5/15/27 | &nbsp;&nbsp;$335000 | $376875 |
| Livongo Health, Inc., 0.88%, 6/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;106656 |
|  |  | &nbsp;&nbsp;&nbsp;**483531** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| DISH Network Corp., |  |  |
| &nbsp;&nbsp;0.00%, 12/15/25<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;82437 |
| &nbsp;&nbsp;3.38%, 8/15/26 | &nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;749165 |
|  |  | &nbsp;&nbsp;&nbsp;**831602** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| Bilibili, Inc., 0.50%, 12/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;**91124** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| Teladoc Health, Inc., 1.25%, 6/01/27 | $460000 | &nbsp;&nbsp;**$368874** |
| **Household Products – 0.0%<sup>(d)</sup>** | **Household Products – 0.0%<sup>(d)</sup>** | **Household Products – 0.0%<sup>(d)</sup>** |
| Beauty Health (The) Co., 1.25%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12272** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Uber Technologies, Inc., 0.00%, 12/15/25<sup>(e)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;210899 |
| Zillow Group, Inc., 1.38%, 9/01/26 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**246689** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| NCL Corp. Ltd., 1.13%, 2/15/27 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;114375 |
| Penn Entertainment, Inc., 2.75%, 5/15/26 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**164505** |
| **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** | **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** | **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** |
| Lantheus Holdings, Inc., 2.63%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64014** |
| **Semiconductors – 0.0%<sup>(d)</sup>** | **Semiconductors – 0.0%<sup>(d)</sup>** | **Semiconductors – 0.0%<sup>(d)</sup>** |
| Wolfspeed, Inc., |  |  |
| &nbsp;&nbsp;0.25%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13688 |
| &nbsp;&nbsp;1.88%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47677** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| RingCentral, Inc., 0.00%, 3/15/26<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52123 |
| Unity Software, Inc., 0.00%, 11/15/26<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94528** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Southwest Airlines Co., 1.25%, 5/01/25 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;**251790** |
| **Total Convertible Bonds<br> (Cost $3,085,498)** | **Total Convertible Bonds<br> (Cost $3,085,498)** | &nbsp;&nbsp;&nbsp;**2656606** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Convertible Preferred Stocks – 0.3%** | **Convertible Preferred Stocks – 0.3%** | **Convertible Preferred Stocks – 0.3%** |
| **Technology Services – 0.1%** | **Technology Services – 0.1%** | **Technology Services – 0.1%** |
| Clarivate PLC, 5.25% | 3251 | **157543** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| 2020 Cash Mandatory Exchangeable Trust<sup>(b)(f)\*</sup> | 250 | **$301535** |
| **Total Convertible Preferred Stocks<br> (Cost $526,672)** | **Total Convertible Preferred Stocks<br> (Cost $526,672)** | &nbsp;&nbsp;&nbsp;**459078** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** |  |
| **Corporate Bonds – 41.8%** | **Corporate Bonds – 41.8%** | **Corporate Bonds – 41.8%** |
| **Advertising & Marketing – 0.0%<sup>(d)</sup>** | **Advertising & Marketing – 0.0%<sup>(d)</sup>** | **Advertising & Marketing – 0.0%<sup>(d)</sup>** |
| CMG Media Corp., 8.88%, 12/15/27<sup>(b)</sup> | $55000 | &nbsp;&nbsp;&nbsp;&nbsp;**$42900** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Boeing (The) Co., |  |  |
| &nbsp;&nbsp;3.25%, 2/01/28 | &nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp;109222 |
| &nbsp;&nbsp;5.71%, 5/01/40 | &nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;135070 |
| &nbsp;&nbsp;3.85%, 11/01/48 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17346 |
| &nbsp;&nbsp;5.81%, 5/01/50 | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50024 |
| &nbsp;&nbsp;5.93%, 5/01/60 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23503 |
| Lockheed Martin Corp., 5.25%, 1/15/33 | &nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;118451 |
| Moog, Inc., 4.25%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13913 |
| Raytheon Technologies Corp., |  |  |
| &nbsp;&nbsp;4.45%, 11/16/38 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62632 |
| &nbsp;&nbsp;4.50%, 6/01/42 | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64269 |
| &nbsp;&nbsp;4.80%, 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6806 |
| &nbsp;&nbsp;4.35%, 4/15/47 | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44440 |
| Spirit AeroSystems, Inc., 4.60%, 6/15/28 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;193318 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp;6.25%, 3/15/26<sup>(b)</sup> | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;174938 |
| &nbsp;&nbsp;5.50%, 11/15/27 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76398 |
|  |  | &nbsp;&nbsp;&nbsp;**1090330** |
| **Asset Management – 0.6%** | **Asset Management – 0.6%** | **Asset Management – 0.6%** |
| Blackstone Holdings Finance Co. LLC, |  |  |
| &nbsp;&nbsp;2.00%, 1/30/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35881 |
| &nbsp;&nbsp;6.20%, 4/22/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51687 |
| &nbsp;&nbsp;2.85%, 8/05/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60611 |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp., |  |  |
| &nbsp;&nbsp;6.38%, 12/15/25 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;104082 |
| &nbsp;&nbsp;6.25%, 5/15/26 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;103583 |
| &nbsp;&nbsp;5.25%, 5/15/27 | &nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;526069 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Main Street Capital Corp., 3.00%, 7/14/26 | $70000 | &nbsp;&nbsp;&nbsp;&nbsp;$61661 |
| OWL Rock Core Income Corp., 7.75%, 9/16/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57431 |
|  |  | &nbsp;&nbsp;&nbsp;**1001005** |
| **Automotive – 1.4%** | **Automotive – 1.4%** | **Automotive – 1.4%** |
| Dana, Inc., 4.25%, 9/01/30 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38084 |
| Ford Motor Co., 3.25%, 2/12/32 | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;269847 |
| Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;4.06%, 11/01/24 | &nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;489087 |
| &nbsp;&nbsp;2.30%, 2/10/25 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;440450 |
| General Motors Co., 6.13%, 10/01/25 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61530 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 3.60%), 5.75%, 9/30/27<sup>(g)(h)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;237981 |
| &nbsp;&nbsp;(3M USD LIBOR + 3.44%), 6.50%, 9/30/28<sup>(g)(h)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;112280 |
| Goodyear Tire & Rubber (The) Co., |  |  |
| &nbsp;&nbsp;4.88%, 3/15/27 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;196627 |
| &nbsp;&nbsp;5.00%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404 |
| Harley-Davidson Financial Services, Inc., 3.05%, 2/14/27<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96430 |
| Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;4.40%, 9/20/24 | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;288616 |
| &nbsp;&nbsp;4.45%, 6/29/29 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60379 |
| &nbsp;&nbsp;4.70%, 1/12/33 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60989 |
| Wheel Pros, Inc., 6.50%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25984 |
|  |  | &nbsp;&nbsp;&nbsp;**2382688** |
| **Banking – 2.8%** | **Banking – 2.8%** | **Banking – 2.8%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 0.78%), 3.55%, 3/05/24<sup>(h)</sup> | &nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;469271 |
| &nbsp;&nbsp;(SOFR + 0.69%), 0.98%, 4/22/25<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64438 |
| &nbsp;&nbsp;(SOFR + 0.65%), 1.53%, 12/06/25<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42054 |
| &nbsp;&nbsp;(3M USD LIBOR + 0.64%), 2.02%, 2/13/26<sup>(h)</sup> | &nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;&nbsp;167070 |
| &nbsp;&nbsp;(SOFR + 1.01%), 1.20%, 10/24/26<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25246 |
| &nbsp;&nbsp;(SOFR + 1.29%), 5.08%, 1/20/27<sup>(h)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;120441 |
| &nbsp;&nbsp;(SOFR + 0.91%), 1.66%, 3/11/27<sup>(h)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;117399 |
| &nbsp;&nbsp;(SOFR + 0.96%), 1.73%, 7/22/27<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45697 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 1.51%), 3.71%, 4/24/28<sup>(h)</sup> | $133000 | $126821 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.37%), 3.59%, 7/21/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;27399 |
| &nbsp;&nbsp;(SOFR + 1.99%), 6.20%, 11/10/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;41127 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.04%), 3.42%, 12/20/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;33670 |
| &nbsp;&nbsp;(SOFR + 1.06%), 2.09%, 6/14/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5229 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.31%), 4.27%, 7/23/29<sup>(h)</sup> | &nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;99569 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.18%), 3.19%, 7/23/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;76231 |
| &nbsp;&nbsp;(SOFR + 2.15%), 2.59%, 4/29/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;35065 |
| &nbsp;&nbsp;(SOFR + 1.53%), 1.90%, 7/23/31<sup>(h)</sup> | &nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;168137 |
| &nbsp;&nbsp;(SOFR + 1.32%), 2.69%, 4/22/32<sup>(h)</sup> | &nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;148588 |
| &nbsp;&nbsp;(SOFR + 1.22%), 2.30%, 7/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;63493 |
| &nbsp;&nbsp;(SOFR + 1.33%), 2.97%, 2/04/33<sup>(h)</sup> | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;127064 |
| &nbsp;&nbsp;(SOFR + 1.83%), 4.57%, 4/27/33<sup>(h)</sup> | &nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;157502 |
| &nbsp;&nbsp;(SOFR + 2.16%), 5.02%, 7/22/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;82950 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 1.20%), 2.48%, 9/21/36<sup>(h)</sup> | &nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;138870 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 2.00%), 3.85%, 3/08/37<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;47057 |
| &nbsp;&nbsp;(SOFR + 1.93%), 2.68%, 6/19/41<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;5160 |
| &nbsp;&nbsp;(3M USD LIBOR + 3.15%), 4.08%, 3/20/51<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;18937 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;(SOFR + 1.28%), 3.07%, 2/24/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;31605 |
| &nbsp;&nbsp;(SOFR + 3.91%), 4.41%, 3/31/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;39327 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;(3M CME Term SOFR + 0.58%), 0.97%, 6/23/25<sup>(h)</sup> | &nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;308104 |
| &nbsp;&nbsp;(SOFR + 1.16%), 2.30%, 10/15/25<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;71392 |
| &nbsp;&nbsp;(SOFR + 1.07%), 5.55%, 12/15/25<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;86694 |
| &nbsp;&nbsp;(SOFR + 0.92%), 2.60%, 2/24/26<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;25688 |
| &nbsp;&nbsp;(SOFR + 1.85%), 2.08%, 4/22/26<sup>(h)</sup> | &nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;330581 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 1.25%), 3.96%, 1/29/27<sup>(h)</sup> | $58000 | &nbsp;&nbsp;&nbsp;&nbsp;$56664 |
| &nbsp;&nbsp;(3M CME Term SOFR + 0.70%), 1.04%, 2/04/27<sup>(h)</sup> | &nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;159395 |
| &nbsp;&nbsp;(SOFR + 0.89%), 1.58%, 4/22/27<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60216 |
| &nbsp;&nbsp;(SOFR + 0.77%), 1.47%, 9/22/27<sup>(h)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;101879 |
| &nbsp;&nbsp;(SOFR + 1.17%), 2.95%, 2/24/28<sup>(h)</sup> | &nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98358 |
| &nbsp;&nbsp;(SOFR + 1.89%), 2.18%, 6/01/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37659 |
| &nbsp;&nbsp;(3M USD LIBOR + 0.95%), 3.51%, 1/23/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71214 |
| &nbsp;&nbsp;(SOFR + 1.02%), 2.07%, 6/01/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33794 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.33%), 4.45%, 12/05/29<sup>(h)</sup> | &nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;122887 |
| &nbsp;&nbsp;(SOFR + 1.07%), 1.95%, 2/04/32<sup>(h)</sup> | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;124560 |
| &nbsp;&nbsp;(SOFR + 1.18%), 2.55%, 11/08/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27393 |
| &nbsp;&nbsp;(SOFR + 1.26%), 2.96%, 1/25/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26574 |
| &nbsp;&nbsp;(SOFR + 2.58%), 5.72%, 9/14/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41269 |
| &nbsp;&nbsp;(SOFR + 2.46%), 3.11%, 4/22/41<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33994 |
| &nbsp;&nbsp;(SOFR + 2.44%), 3.11%, 4/22/51<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48275 |
| PNC Financial Services Group (The), Inc., (SOFR + 1.93%), 5.07%, 1/24/34<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76661 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 0.65%), 5.42%, 3/15/28<sup>(c)</sup> | &nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99378 |
| &nbsp;&nbsp;(SOFR + 1.85%), 5.12%, 1/26/34<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93233 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;(SOFR + 2.53%), 3.07%, 4/30/41<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16374 |
| &nbsp;&nbsp;(SOFR + 4.50%), 5.01%, 4/04/51<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47324 |
| &nbsp;&nbsp;(SOFR + 2.13%), 4.61%, 4/25/53<sup>(h)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;139955 |
|  |  | &nbsp;&nbsp;&nbsp;**4864932** |
| **Beverages – 0.0%<sup>(d)</sup>** | **Beverages – 0.0%<sup>(d)</sup>** | **Beverages – 0.0%<sup>(d)</sup>** |
| PepsiCo, Inc., |  |  |
| &nbsp;&nbsp;3.90%, 7/18/32 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40058 |
| &nbsp;&nbsp;4.20%, 7/18/52 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**72832** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Biotechnology & Pharmaceuticals – 1.4%** | **Biotechnology & Pharmaceuticals – 1.4%** | **Biotechnology & Pharmaceuticals – 1.4%** |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp;3.20%, 5/14/26 | $68000 | $65287 |
| &nbsp;&nbsp;3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;71597 |
| &nbsp;&nbsp;4.50%, 5/14/35 | &nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;81023 |
| &nbsp;&nbsp;4.05%, 11/21/39 | &nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;109020 |
| &nbsp;&nbsp;4.63%, 10/01/42 | &nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;55496 |
| &nbsp;&nbsp;4.25%, 11/21/49 | &nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;51920 |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp;2.20%, 2/21/27 | &nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;54123 |
| &nbsp;&nbsp;2.45%, 2/21/30 | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;31308 |
| &nbsp;&nbsp;2.30%, 2/25/31 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;18511 |
| &nbsp;&nbsp;3.15%, 2/21/40 | &nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;75062 |
| &nbsp;&nbsp;4.20%, 2/22/52 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;23076 |
| Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;6.13%, 2/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;44363 |
| &nbsp;&nbsp;4.88%, 6/01/28<sup>(b)</sup> | &nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;334266 |
| &nbsp;&nbsp;6.25%, 2/15/29<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;55149 |
| &nbsp;&nbsp;5.00%, 2/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;2247 |
| &nbsp;&nbsp;5.25%, 1/30/30<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;61393 |
| Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;3.20%, 6/15/26 | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;44546 |
| &nbsp;&nbsp;3.40%, 7/26/29 | &nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;10484 |
| &nbsp;&nbsp;4.63%, 5/15/44 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24467 |
| &nbsp;&nbsp;4.55%, 2/20/48 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38861 |
| &nbsp;&nbsp;4.25%, 10/26/49 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;32271 |
| &nbsp;&nbsp;3.70%, 3/15/52 | &nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;95544 |
| &nbsp;&nbsp;3.90%, 3/15/62 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;19399 |
| Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 6/30/28<sup>(b)(i)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6005 |
| Endo Luxembourg Finance Co. I S.a.r.l./Endo U.S., Inc., 6.13%, 4/01/29<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;7850 |
| Gilead Sciences, Inc., 3.50%, 2/01/25 | &nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;104693 |
| Johnson & Johnson, |  |  |
| &nbsp;&nbsp;3.63%, 3/03/37 | &nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;56892 |
| &nbsp;&nbsp;5.85%, 7/15/38 | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;50232 |
| &nbsp;&nbsp;2.10%, 9/01/40 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;29313 |
| &nbsp;&nbsp;3.70%, 3/01/46 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;19836 |
| Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;2.75%, 12/10/51 | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;20165 |
| &nbsp;&nbsp;2.90%, 12/10/61 | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;32720 |
| Mylan, Inc., 5.20%, 4/15/48 | &nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;59247 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 4/30/31<sup>(b)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;216670 |
| Prestige Brands, Inc., 3.75%, 4/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;38210 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Roche Holdings, Inc., 2.08%, 12/13/31<sup>(b)</sup> | &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$168836 |
| Royalty Pharma PLC, |  |  |
| &nbsp;&nbsp;1.75%, 9/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87780 |
| &nbsp;&nbsp;3.55%, 9/02/50 | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18323 |
| Utah Acquisition Sub, Inc., 5.25%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11681 |
| Viatris, Inc., |  |  |
| &nbsp;&nbsp;3.85%, 6/22/40 | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31386 |
| &nbsp;&nbsp;4.00%, 6/22/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852 |
|  |  | &nbsp;&nbsp;&nbsp;**2364104** |
| **Cable & Satellite – 2.8%** | **Cable & Satellite – 2.8%** | **Cable & Satellite – 2.8%** |
| Block Communications, Inc., 4.88%, 3/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 |
| CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| &nbsp;&nbsp;5.50%, 5/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24564 |
| &nbsp;&nbsp;5.13%, 5/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;438403 |
| &nbsp;&nbsp;5.00%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;480881 |
| &nbsp;&nbsp;4.75%, 3/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;541750 |
| &nbsp;&nbsp;4.25%, 2/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84971 |
| &nbsp;&nbsp;4.50%, 5/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36410 |
| &nbsp;&nbsp;4.25%, 1/15/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70159 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;4.91%, 7/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 |
| &nbsp;&nbsp;2.80%, 4/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23746 |
| &nbsp;&nbsp;2.30%, 2/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20764 |
| &nbsp;&nbsp;6.48%, 10/23/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854 |
| &nbsp;&nbsp;4.80%, 3/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62209 |
| &nbsp;&nbsp;3.95%, 6/30/62 | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43299 |
| Comcast Corp., |  |  |
| &nbsp;&nbsp;5.35%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10418 |
| &nbsp;&nbsp;1.95%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30130 |
| &nbsp;&nbsp;5.65%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78495 |
| &nbsp;&nbsp;6.50%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12782 |
| &nbsp;&nbsp;3.20%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19715 |
| &nbsp;&nbsp;3.90%, 3/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43870 |
| &nbsp;&nbsp;3.25%, 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73136 |
| &nbsp;&nbsp;4.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37250 |
| &nbsp;&nbsp;2.89%, 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62131 |
| &nbsp;&nbsp;2.94%, 11/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95539 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;5.75%, 1/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;567000 |
| &nbsp;&nbsp;4.63%, 12/01/30<sup>(b)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;591302 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;307974 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp;7.75%, 7/01/26 | $315000 | &nbsp;&nbsp;$255830 |
| &nbsp;&nbsp;5.25%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56022 |
| &nbsp;&nbsp;7.38%, 7/01/28 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57451 |
| &nbsp;&nbsp;5.75%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57273 |
| &nbsp;&nbsp;5.13%, 6/01/29 | &nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;371996 |
| Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28<sup>(b)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67729 |
| Sirius XM Radio, Inc., 5.00%, 8/01/27<sup>(b)</sup> | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;165594 |
|  |  | &nbsp;&nbsp;&nbsp;**4829596** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| ASP Unifrax Holdings, Inc., 5.25%, 9/30/28<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;102814 |
| Chemours (The) Co., 5.38%, 5/15/27 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64714 |
| Dow Chemical (The) Co., |  |  |
| &nbsp;&nbsp;6.30%, 3/15/33 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22035 |
| &nbsp;&nbsp;4.38%, 11/15/42 | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63410 |
| &nbsp;&nbsp;6.90%, 5/15/53 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61635 |
| International Flavors & Fragrances, Inc., |  |  |
| &nbsp;&nbsp;1.83%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64904 |
| &nbsp;&nbsp;2.30%, 11/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28180 |
| Mosaic (The) Co., |  |  |
| &nbsp;&nbsp;5.45%, 11/15/33 | &nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83188 |
| &nbsp;&nbsp;4.88%, 11/15/41 | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17274 |
| &nbsp;&nbsp;5.63%, 11/15/43 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14976 |
| RPM International, Inc., 2.95%, 1/15/32 | &nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**593969** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| ADT Security (The) Corp., 4.13%, 8/01/29<sup>(b)</sup> | &nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;235916 |
| Aramark Services, Inc., 5.00%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23562 |
| Clean Harbors, Inc., 6.38%, 2/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50935 |
| Covanta Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;144169 |
| Deluxe Corp., 8.00%, 6/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81344 |
| Republic Services, Inc., 2.90%, 7/01/26 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33123 |
| Waste Connections, Inc., |  |  |
| &nbsp;&nbsp;2.60%, 2/01/30 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14116 |
| &nbsp;&nbsp;3.20%, 6/01/32 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14348 |
| Waste Management, Inc., 2.95%, 6/01/41 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**618817** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Advanced Drainage Systems, Inc., 6.38%, 6/15/30<sup>(b)</sup> | $85000 | $84455 |
| Standard Industries, Inc., 4.38%, 7/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;68390 |
| Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;46949 |
|  |  | &nbsp;&nbsp;&nbsp;**199794** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Graham Packaging Co., Inc., 7.13%, 8/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;65549 |
| Sealed Air Corp., 6.13%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;60534 |
| WRKCo, Inc., 4.65%, 3/15/26 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;15944 |
|  |  | &nbsp;&nbsp;&nbsp;**142027** |
| **Diversified Industrials – 0.0%<sup>(d)</sup>** | **Diversified Industrials – 0.0%<sup>(d)</sup>** | **Diversified Industrials – 0.0%<sup>(d)</sup>** |
| Honeywell International, Inc., 5.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;26323 |
| Parker-Hannifin Corp., 4.25%, 9/15/27 | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;53386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**79709** |
| **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;4.55%, 12/01/27 | &nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;53673 |
| &nbsp;&nbsp;2.10%, 5/12/31 | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;14483 |
| &nbsp;&nbsp;3.60%, 4/13/32 | &nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;50425 |
| &nbsp;&nbsp;4.70%, 12/01/32 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;71659 |
| &nbsp;&nbsp;3.10%, 5/12/51 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;83637 |
| &nbsp;&nbsp;3.95%, 4/13/52 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;23912 |
| &nbsp;&nbsp;3.25%, 5/12/61 | &nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;53684 |
| &nbsp;&nbsp;4.10%, 4/13/62 | &nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;86906 |
|  |  | &nbsp;&nbsp;&nbsp;**438379** |
| **Electric Utilities – 3.0%** | **Electric Utilities – 3.0%** | **Electric Utilities – 3.0%** |
| AEP Transmission Co. LLC, 2.75%, 8/15/51 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;17102 |
| Alabama Power Co., |  |  |
| &nbsp;&nbsp;3.85%, 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3397 |
| &nbsp;&nbsp;3.75%, 3/01/45 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;23936 |
| &nbsp;&nbsp;4.30%, 7/15/48 | &nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;33748 |
| &nbsp;&nbsp;3.45%, 10/01/49 | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;20024 |
| Alliant Energy Finance LLC, 3.60%, 3/01/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;25126 |
| American Electric Power Co., Inc., (5Y US Treasury CMT + 2.68%), 3.88%, 2/15/62<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;30875 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Appalachian Power Co., |  |  |
| &nbsp;&nbsp;3.40%, 6/01/25 | $25000 | $24210 |
| &nbsp;&nbsp;4.50%, 3/01/49 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;29228 |
| Avangrid, Inc., 3.15%, 12/01/24 | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;45394 |
| Calpine Corp., |  |  |
| &nbsp;&nbsp;5.25%, 6/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38687 |
| &nbsp;&nbsp;4.50%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;138414 |
| &nbsp;&nbsp;5.13%, 3/15/28<sup>(b)</sup> | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;158447 |
| CMS Energy Corp., (5Y US Treasury CMT + 4.12%), 4.75%, 6/01/50<sup>(h)</sup> | &nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;188258 |
| Connecticut Light and Power (The) Co., 5.25%, 1/15/53 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;123149 |
| Consumers Energy Co., 4.20%, 9/01/52 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;24634 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;3.07%, 8/15/24 | &nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;36873 |
| &nbsp;&nbsp;5.38%, 11/15/32 | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;79220 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;6.45%, 10/15/32 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;38014 |
| &nbsp;&nbsp;4.25%, 12/15/41 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;20968 |
| &nbsp;&nbsp;4.00%, 9/30/42 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;25407 |
| &nbsp;&nbsp;3.75%, 6/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;5031 |
| &nbsp;&nbsp;5.35%, 1/15/53 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;68673 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp;3.15%, 8/15/27 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;30116 |
| &nbsp;&nbsp;2.55%, 6/15/31 | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;60231 |
| Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp;2.40%, 12/15/31 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;29732 |
| &nbsp;&nbsp;4.20%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7110 |
| &nbsp;&nbsp;5.95%, 11/15/52 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;26059 |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp;3.70%, 6/15/46 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;32252 |
| &nbsp;&nbsp;4.30%, 2/01/49 | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;42574 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;4.10%, 5/15/42 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;53418 |
| &nbsp;&nbsp;4.10%, 3/15/43 | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;37269 |
| &nbsp;&nbsp;4.20%, 8/15/45 | &nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;54150 |
| Entergy Arkansas LLC, |  |  |
| &nbsp;&nbsp;4.00%, 6/01/28 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9681 |
| &nbsp;&nbsp;5.15%, 1/15/33 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;23902 |
| &nbsp;&nbsp;4.20%, 4/01/49 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;20257 |
| &nbsp;&nbsp;2.65%, 6/15/51 | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;9271 |
| &nbsp;&nbsp;3.35%, 6/15/52 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;25811 |
| Entergy Louisiana LLC, |  |  |
| &nbsp;&nbsp;5.40%, 11/01/24 | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;67146 |
| &nbsp;&nbsp;3.25%, 4/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4686 |
| &nbsp;&nbsp;4.00%, 3/15/33 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;25493 |
| &nbsp;&nbsp;4.95%, 1/15/45 | &nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;169634 |
| &nbsp;&nbsp;4.20%, 9/01/48 | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;31907 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Entergy Mississippi LLC, |  |  |
| &nbsp;&nbsp;3.85%, 6/01/49 | $34000 | $27837 |
| &nbsp;&nbsp;3.50%, 6/01/51 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;11606 |
| Eversource Energy, |  |  |
| &nbsp;&nbsp;1.40%, 8/15/26 | &nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;106589 |
| &nbsp;&nbsp;2.90%, 3/01/27 | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;63821 |
| Exelon Corp., 4.95%, 6/15/35 | &nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;138965 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;5.40%, 9/01/35 | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;32317 |
| &nbsp;&nbsp;5.65%, 2/01/37 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;21388 |
| &nbsp;&nbsp;2.88%, 12/04/51 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;2909 |
| Georgia Power Co., 4.70%, 5/15/32 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;31905 |
| Indiana Michigan Power Co., |  |  |
| &nbsp;&nbsp;3.85%, 5/15/28 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;21243 |
| &nbsp;&nbsp;6.05%, 3/15/37 | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;13008 |
| IPALCO Enterprises, Inc., 4.25%, 5/01/30 | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;61031 |
| Metropolitan Edison Co., 4.00%, 4/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;68474 |
| MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;4.80%, 9/15/43 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;14843 |
| &nbsp;&nbsp;4.40%, 10/15/44 | &nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;105462 |
| &nbsp;&nbsp;4.25%, 5/01/46 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;46358 |
| Mississippi Power Co., |  |  |
| &nbsp;&nbsp;4.75%, 10/15/41 | &nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;9560 |
| &nbsp;&nbsp;4.25%, 3/15/42 | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;22438 |
| Monongahela Power Co., 3.55%, 5/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;44946 |
| National Rural Utilities Cooperative Finance Corp., |  |  |
| &nbsp;&nbsp;3.40%, 2/07/28 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;20952 |
| &nbsp;&nbsp;2.75%, 4/15/32 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;27491 |
| &nbsp;&nbsp;4.02%, 11/01/32 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;38814 |
| &nbsp;&nbsp;4.15%, 12/15/32 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;47904 |
| &nbsp;&nbsp;5.80%, 1/15/33 | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;12939 |
| &nbsp;&nbsp;(3M USD LIBOR + 3.63%), 5.25%, 4/20/46<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;90452 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;4.26%, 9/01/24 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49571 |
| &nbsp;&nbsp;4.45%, 6/20/25 | &nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;50690 |
| &nbsp;&nbsp;1.88%, 1/15/27 | &nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;80376 |
| NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;5.25%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9025 |
| &nbsp;&nbsp;3.88%, 2/15/32<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;77840 |
| Oklahoma Gas and Electric Co., 5.40%, 1/15/33 | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;25105 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp;3.25%, 6/01/31 | $31000 | $26314 |
| &nbsp;&nbsp;4.45%, 4/15/42 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;41339 |
| &nbsp;&nbsp;4.30%, 3/15/45 | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;35051 |
| &nbsp;&nbsp;6.75%, 1/15/53 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;33518 |
| PacifiCorp., |  |  |
| &nbsp;&nbsp;4.10%, 2/01/42 | &nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;98984 |
| &nbsp;&nbsp;5.35%, 12/01/53 | &nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;93983 |
| Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;50462 |
| PG&E Corp., |  |  |
| &nbsp;&nbsp;5.00%, 7/01/28 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;98390 |
| &nbsp;&nbsp;5.25%, 7/01/30 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;13800 |
| Public Service Co. of New Hampshire, |  |  |
| &nbsp;&nbsp;3.60%, 7/01/49 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;27287 |
| &nbsp;&nbsp;5.15%, 1/15/53 | &nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;86650 |
| Public Service Co. of Oklahoma, |  |  |
| &nbsp;&nbsp;2.20%, 8/15/31 | &nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;48737 |
| &nbsp;&nbsp;3.15%, 8/15/51 | &nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;40497 |
| Public Service Electric and Gas Co., |  |  |
| &nbsp;&nbsp;3.00%, 5/15/27 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;23769 |
| &nbsp;&nbsp;3.10%, 3/15/32 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;24447 |
| Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;5.85%, 11/15/27 | &nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;39901 |
| &nbsp;&nbsp;2.45%, 11/15/31 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;75144 |
| Sempra Energy, (5Y US Treasury CMT + 2.87%), 4.13%, 4/01/52<sup>(h)</sup> | &nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;159312 |
| Southern (The) Co., (5Y US Treasury CMT + 3.73%), 4.00%, 1/15/51<sup>(h)</sup> | &nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;203585 |
| Southern California Edison Co., |  |  |
| &nbsp;&nbsp;4.05%, 3/15/42 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;50846 |
| &nbsp;&nbsp;4.13%, 3/01/48 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;28053 |
| &nbsp;&nbsp;3.65%, 2/01/50 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;11791 |
| Tucson Electric Power Co., 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;21942 |
| Union Electric Co., 2.15%, 3/15/32 | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;19732 |
| Virginia Electric and Power Co., 3.80%, 4/01/28 | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;100465 |
| Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;5.13%, 5/13/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;78461 |
| &nbsp;&nbsp;5.50%, 9/01/26<sup>(b)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;204528 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| WEC Energy Group, Inc., |  |  |
| &nbsp;&nbsp;5.00%, 9/27/25 | $15000 | &nbsp;&nbsp;&nbsp;&nbsp;$15078 |
| &nbsp;&nbsp;5.15%, 10/01/27 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20444 |
| Wisconsin Power and Light Co., 3.00%, 7/01/29 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29953 |
|  |  | &nbsp;&nbsp;&nbsp;**5137836** |
| **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** |
| New York State Electric & Gas Corp., 3.25%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90720 |
| PECO Energy Co., 2.85%, 9/15/51 | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**116229** |
| **Electrical Equipment – 0.0%<sup>(d)</sup>** | **Electrical Equipment – 0.0%<sup>(d)</sup>** | **Electrical Equipment – 0.0%<sup>(d)</sup>** |
| Sensata Technologies, Inc., |  |  |
| &nbsp;&nbsp;4.38%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18105 |
| &nbsp;&nbsp;3.75%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43571** |
| **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** |
| Installed Building Products, Inc., 5.75%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27596 |
| Quanta Services, Inc., 2.35%, 1/15/32 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60409** |
| **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** |
| Diamond Sports Group LLC/Diamond Sports Finance Co., |  |  |
| &nbsp;&nbsp;5.38%, 8/15/26<sup>(b)</sup> | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15856 |
| &nbsp;&nbsp;6.63%, 8/15/27<sup>(b)(f)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 |
| Discovery Communications LLC, |  |  |
| &nbsp;&nbsp;4.88%, 4/01/43 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51367 |
| &nbsp;&nbsp;5.30%, 5/15/49 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19454 |
| Paramount Global, |  |  |
| &nbsp;&nbsp;4.95%, 1/15/31 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64553 |
| &nbsp;&nbsp;5.50%, 5/15/33 | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16993 |
| &nbsp;&nbsp;4.38%, 3/15/43 | &nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64193 |
| &nbsp;&nbsp;5.85%, 9/01/43 | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43599 |
| &nbsp;&nbsp;5.25%, 4/01/44 | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13826 |
| &nbsp;&nbsp;4.95%, 5/19/50 | &nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68364 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 4.00%), 6.38%, 3/30/62<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36644 |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49785 |
| Time Warner Cable Enterprises LLC, 8.38%, 7/15/33 | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43370 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Entertainment Content (Continued)** | **Entertainment Content (Continued)** | **Entertainment Content (Continued)** |
| TWDC Enterprises 18 Corp., |  |  |
| &nbsp;&nbsp;3.15%, 9/17/25 | $29000 | &nbsp;&nbsp;&nbsp;&nbsp;$27951 |
| &nbsp;&nbsp;4.13%, 12/01/41 | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10986 |
| Walt Disney (The) Co., |  |  |
| &nbsp;&nbsp;8.50%, 2/23/25 | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39770 |
| &nbsp;&nbsp;2.00%, 9/01/29 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17283 |
| &nbsp;&nbsp;6.55%, 3/15/33 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47034 |
| &nbsp;&nbsp;4.75%, 9/15/44 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34273 |
| &nbsp;&nbsp;4.75%, 11/15/46 | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41682 |
| Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;3.76%, 3/15/27<sup>(b)</sup> | &nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;179946 |
| &nbsp;&nbsp;4.28%, 3/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79206 |
| &nbsp;&nbsp;5.05%, 3/15/42<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35007 |
| &nbsp;&nbsp;5.14%, 3/15/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19103 |
| &nbsp;&nbsp;5.39%, 3/15/62<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19972 |
|  |  | &nbsp;&nbsp;&nbsp;**1042517** |
| **Food – 0.6%** | **Food – 0.6%** | **Food – 0.6%** |
| Cargill, Inc., |  |  |
| &nbsp;&nbsp;2.13%, 4/23/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28839 |
| &nbsp;&nbsp;1.70%, 2/02/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13699 |
| &nbsp;&nbsp;2.13%, 11/10/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743 |
| &nbsp;&nbsp;5.13%, 10/11/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15638 |
| &nbsp;&nbsp;3.13%, 5/25/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16331 |
| Hershey (The) Co., 3.13%, 11/15/49 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50182 |
| HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 6/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51188 |
| Hormel Foods Corp., 3.05%, 6/03/51 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25529 |
| J M Smucker (The) Co., 2.75%, 9/15/41 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47735 |
| Kraft Heinz Foods Co., |  |  |
| &nbsp;&nbsp;5.00%, 6/04/42 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27911 |
| &nbsp;&nbsp;5.20%, 7/15/45 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28356 |
| Mars, Inc., 2.38%, 7/16/40<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72409 |
| Mondelez International, Inc., 2.63%, 3/17/27 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27921 |
| Nestle Holdings, Inc., 4.70%, 1/15/53<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;153328 |
| Pilgrim's Pride Corp., 5.88%, 9/30/27<sup>(b)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;297687 |
| Post Holdings, Inc., 4.63%, 4/15/30<sup>(b)</sup> | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;145200 |
| Simmons Foods, Inc., 4.63%, 3/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55109 |
|  |  | &nbsp;&nbsp;&nbsp;**1062805** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Forestry, Paper & Wood Products – 0.0%<sup>(d)</sup>** | **Forestry, Paper & Wood Products – 0.0%<sup>(d)</sup>** | **Forestry, Paper & Wood Products – 0.0%<sup>(d)</sup>** |
| Georgia-Pacific LLC, 0.63%, 5/15/24<sup>(b)</sup> | $55000 | **$52155** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 4/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;59800 |
| ONE Gas, Inc., 4.25%, 9/01/32 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;32193 |
| Piedmont Natural Gas Co., Inc., 3.60%, 9/01/25 | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;26792 |
| South Jersey Industries, Inc., 5.02%, 4/15/31 | &nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;160945 |
| Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.00%, 6/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;82648 |
|  |  | &nbsp;&nbsp;&nbsp;**362378** |
| **Health Care Facilities & Services – 1.8%** | **Health Care Facilities & Services – 1.8%** | **Health Care Facilities & Services – 1.8%** |
| AdaptHealth LLC, 5.13%, 3/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;84553 |
| AHP Health Partners, Inc., 5.75%, 7/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;53475 |
| Centene Corp., |  |  |
| &nbsp;&nbsp;2.45%, 7/15/28 | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;194906 |
| &nbsp;&nbsp;3.00%, 10/15/30 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;102600 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/30<sup>(b)</sup> | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;225938 |
| Cigna Corp., |  |  |
| &nbsp;&nbsp;4.13%, 11/15/25 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;22740 |
| &nbsp;&nbsp;4.80%, 8/15/38 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;127273 |
| &nbsp;&nbsp;3.20%, 3/15/40 | &nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;74275 |
| &nbsp;&nbsp;4.90%, 12/15/48 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;20129 |
| &nbsp;&nbsp;3.40%, 3/15/50 | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;23528 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp;4.30%, 3/25/28 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;83561 |
| &nbsp;&nbsp;4.78%, 3/25/38 | &nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;195268 |
| &nbsp;&nbsp;2.70%, 8/21/40 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;24541 |
| &nbsp;&nbsp;5.13%, 7/20/45 | &nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;12515 |
| &nbsp;&nbsp;5.05%, 3/25/48 | &nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;55142 |
| DaVita, Inc., 3.75%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;167162 |
| Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;2.88%, 9/15/29 | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;48766 |
| &nbsp;&nbsp;2.55%, 3/15/31 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;17291 |
| &nbsp;&nbsp;4.10%, 5/15/32 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;33648 |
| &nbsp;&nbsp;5.50%, 10/15/32 | &nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;61614 |
| &nbsp;&nbsp;2/15/33<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;45146 |
| &nbsp;&nbsp;4.63%, 5/15/42 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;43405 |
| &nbsp;&nbsp;5.10%, 1/15/44 | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;31153 |
| &nbsp;&nbsp;6.10%, 10/15/52 | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;27317 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| Elevance Health, Inc., |  |  |
| &nbsp;&nbsp;2/15/53<sup>(j)</sup> | $57000 | &nbsp;&nbsp;&nbsp;&nbsp;$57232 |
| Encompass Health Corp., 4.75%, 2/01/30 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96249 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp;5.88%, 2/01/29 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15429 |
| &nbsp;&nbsp;3.38%, 3/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31681 |
| &nbsp;&nbsp;4.13%, 6/15/29 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71289 |
| &nbsp;&nbsp;3.50%, 9/01/30 | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27786 |
| &nbsp;&nbsp;2.38%, 7/15/31 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25991 |
| &nbsp;&nbsp;5.25%, 6/15/49 | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70352 |
| Humana, Inc., 5.75%, 3/01/28 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26099 |
| LifePoint Health, Inc., 5.38%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;136939 |
| Molina Healthcare, Inc., 3.88%, 5/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29343 |
| RP Escrow Issuer LLC, 5.25%, 12/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 |
| Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;6.25%, 2/01/27 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;122555 |
| &nbsp;&nbsp;5.13%, 11/01/27 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57750 |
| &nbsp;&nbsp;6.13%, 10/01/28 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70131 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;1.15%, 5/15/26 | &nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 |
| &nbsp;&nbsp;5.30%, 2/15/30 | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;121964 |
| &nbsp;&nbsp;5.35%, 2/15/33 | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70338 |
| &nbsp;&nbsp;3.50%, 8/15/39 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27802 |
| &nbsp;&nbsp;2.75%, 5/15/40 | &nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60474 |
| &nbsp;&nbsp;3.05%, 5/15/41 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27958 |
| &nbsp;&nbsp;3.75%, 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7655 |
| &nbsp;&nbsp;4.45%, 12/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561 |
| &nbsp;&nbsp;3.25%, 5/15/51 | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32861 |
| &nbsp;&nbsp;4.75%, 5/15/52 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845 |
| US Acute Care Solutions LLC, 6.38%, 3/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45230 |
|  |  | &nbsp;&nbsp;&nbsp;**3108660** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| Newell Brands, Inc., 4.45%, 4/01/26 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;147256 |
| Tempur Sealy International, Inc., 3.88%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**204930** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| Cornerstone Building Brands, Inc., 6.13%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89894 |
| CP Atlas Buyer, Inc., 7.00%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50213 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Home Construction (Continued)** | **Home Construction (Continued)** | **Home Construction (Continued)** |
| JELD-WEN, Inc., 4.63%, 12/15/25<sup>(b)</sup> | $55000 | $48675 |
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;74832 |
| Victors Merger Corp., 6.38%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;76192 |
|  |  | &nbsp;&nbsp;&nbsp;**339806** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| Coty, Inc., 5.00%, 4/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;67025 |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;140662 |
| Energizer Holdings, Inc., 4.38%, 3/31/29<sup>(b)</sup> | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;117237 |
|  |  | &nbsp;&nbsp;&nbsp;**324924** |
| **Industrial Intermediate Products – 0.0%<sup>(d)</sup>** | **Industrial Intermediate Products – 0.0%<sup>(d)</sup>** | **Industrial Intermediate Products – 0.0%<sup>(d)</sup>** |
| Chart Industries, Inc., 7.50%, 1/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;**66462** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| Resideo Funding, Inc., 4.00%, 9/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;78786 |
| WW Grainger, Inc., |  |  |
| &nbsp;&nbsp;3.75%, 5/15/46 | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;45580 |
| &nbsp;&nbsp;4.20%, 5/15/47 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18132 |
|  |  | &nbsp;&nbsp;&nbsp;**142498** |
| **Institutional Financial Services – 1.9%** | **Institutional Financial Services – 1.9%** | **Institutional Financial Services – 1.9%** |
| Bank of New York Mellon (The) Corp., |  |  |
| &nbsp;&nbsp;(SOFR + 1.76%), 4.60%, 7/26/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;26859 |
| &nbsp;&nbsp;(SOFR Index + 2.07%), 5.83%, 10/25/33<sup>(h)</sup> | &nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;150541 |
| Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp;3.38%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;29025 |
| &nbsp;&nbsp;3.63%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;29125 |
| Goldman Sachs Capital I, 6.35%, 2/15/34 | &nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;88364 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;3.50%, 4/01/25 | &nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;36887 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.75%), 6.55%, 10/28/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;44262 |
| &nbsp;&nbsp;(SOFR + 1.25%), 2.38%, 7/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;6550 |
| &nbsp;&nbsp;6.45%, 5/01/36 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;36025 |
| &nbsp;&nbsp;6.25%, 2/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;9069 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;2.10%, 6/15/30 | $38000 | &nbsp;&nbsp;&nbsp;&nbsp;$32167 |
| &nbsp;&nbsp;4.60%, 3/15/33 | &nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;155763 |
| &nbsp;&nbsp;4.95%, 6/15/52 | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66005 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;(SOFR + 0.62%), 0.73%, 4/05/24<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54523 |
| &nbsp;&nbsp;(3M USD LIBOR + 0.85%), 3.74%, 4/24/24<sup>(h)</sup> | &nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;106623 |
| &nbsp;&nbsp;(SOFR + 0.51%), 0.79%, 1/22/25<sup>(h)</sup> | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;157407 |
| &nbsp;&nbsp;(SOFR + 1.15%), 2.72%, 7/22/25<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56003 |
| &nbsp;&nbsp;(SOFR + 0.94%), 2.63%, 2/18/26<sup>(h)</sup> | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;299330 |
| &nbsp;&nbsp;(SOFR + 1.99%), 2.19%, 4/28/26<sup>(h)</sup> | &nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;124049 |
| &nbsp;&nbsp;(SOFR + 0.72%), 0.99%, 12/10/26<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56060 |
| &nbsp;&nbsp;(SOFR + 0.88%), 1.59%, 5/04/27<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66453 |
| &nbsp;&nbsp;(SOFR + 0.86%), 1.51%, 7/20/27<sup>(h)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;267669 |
| &nbsp;&nbsp;(SOFR + 1.00%), 2.48%, 1/21/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26441 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.34%), 3.59%, 7/22/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20812 |
| &nbsp;&nbsp;(SOFR + 2.24%), 6.30%, 10/18/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17973 |
| &nbsp;&nbsp;(SOFR + 1.02%), 1.93%, 4/28/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61167 |
| &nbsp;&nbsp;(SOFR + 1.18%), 2.24%, 7/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47175 |
| &nbsp;&nbsp;(SOFR + 1.20%), 2.51%, 10/20/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14865 |
| &nbsp;&nbsp;(SOFR + 2.56%), 6.34%, 10/18/33<sup>(h)</sup> | &nbsp;&nbsp;423000 | &nbsp;&nbsp;&nbsp;&nbsp;465001 |
| &nbsp;&nbsp;(SOFR + 2.62%), 5.30%, 4/20/37<sup>(h)</sup> | &nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;328769 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 2.43%), 5.95%, 1/19/38<sup>(h)</sup> | &nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;161464 |
| Northern Trust Corp., 6.13%, 11/02/32 | &nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;162724 |
| State Street Corp., (SOFR + 1.72%), 5.82%, 11/04/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46216 |
|  |  | &nbsp;&nbsp;&nbsp;**3251366** |
| **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** |
| Alleghany Corp., |  |  |
| &nbsp;&nbsp;3.63%, 5/15/30 | &nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;171447 |
| &nbsp;&nbsp;4.90%, 9/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 |
| &nbsp;&nbsp;3.25%, 8/15/51 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33747 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| American International Group, Inc., 3.90%, 4/01/26 | $40000 | &nbsp;&nbsp;&nbsp;&nbsp;$39182 |
| AmWINS Group, Inc., 4.88%, 6/30/29<sup>(b)</sup> | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;109645 |
| Assurant, Inc., 3.70%, 2/22/30 | &nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49517 |
| AssuredPartners, Inc., 5.63%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85538 |
| Berkshire Hathaway Finance Corp., 4.40%, 5/15/42 | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17685 |
| Brighthouse Financial, Inc., 4.70%, 6/22/47 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17074 |
| BroadStreet Partners, Inc., 5.88%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83914 |
| Chubb INA Holdings, Inc., 1.38%, 9/15/30 | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39679 |
| Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;3.85%, 4/05/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 |
| &nbsp;&nbsp;3.90%, 4/05/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69224 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 3.85%), 6.88%, 12/15/52<sup>(b)(h)</sup> | &nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;113400 |
| Enstar Finance LLC, (5Y US Treasury CMT + 4.01%), 5.50%, 1/15/42<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73407 |
| Hartford Financial Services Group (The), Inc., |  |  |
| &nbsp;&nbsp;5.95%, 10/15/36 | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46991 |
| &nbsp;&nbsp;(3M USD LIBOR + 2.13%), 6.73%, 2/12/47<sup>(b)(c)</sup> | &nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;112038 |
| Liberty Mutual Group, Inc., |  |  |
| &nbsp;&nbsp;5.50%, 6/15/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35768 |
| &nbsp;&nbsp;4.30%, 2/01/61<sup>(b)</sup> | &nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83450 |
| New York Life Global Funding, 4.55%, 1/28/33<sup>(b)</sup> | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;102288 |
| Old Republic International Corp., 3.85%, 6/11/51 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64452 |
| PartnerRe Finance B LLC, (5Y US Treasury CMT + 3.82%), 4.50%, 10/01/50<sup>(h)</sup> | &nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;173340 |
|  |  | &nbsp;&nbsp;&nbsp;**1563097** |
| **Internet Media & Services – 1.3%** | **Internet Media & Services – 1.3%** | **Internet Media & Services – 1.3%** |
| ANGI Group LLC, 3.88%, 8/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61322 |
| Arches Buyer, Inc., 6.13%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42113 |
| Endurance International Group Holdings, Inc., 6.00%, 2/15/29<sup>(b)</sup> | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;152787 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| Match Group Holdings II LLC, |  |  |
| &nbsp;&nbsp;5.00%, 12/15/27<sup>(b)</sup> | $55000 | &nbsp;&nbsp;&nbsp;&nbsp;$52738 |
| &nbsp;&nbsp;3.63%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20062 |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 8/15/27 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31691 |
| &nbsp;&nbsp;3.85%, 8/15/32 | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43691 |
| &nbsp;&nbsp;4.45%, 8/15/52 | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90823 |
| &nbsp;&nbsp;4.65%, 8/15/62 | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59593 |
| Netflix, Inc., |  |  |
| &nbsp;&nbsp;5.88%, 2/15/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;101459 |
| &nbsp;&nbsp;6.38%, 5/15/29 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16073 |
| &nbsp;&nbsp;5.38%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;152134 |
| &nbsp;&nbsp;4.88%, 6/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9876 |
| Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;8.00%, 11/01/26<sup>(b)</sup> | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;332683 |
| &nbsp;&nbsp;7.50%, 9/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96460 |
| &nbsp;&nbsp;4.50%, 8/15/29<sup>(b)</sup> | &nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;823539 |
| Ziff Davis, Inc., 4.63%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86834 |
|  |  | &nbsp;&nbsp;&nbsp;**2173878** |
| **Leisure Facilities & Services – 2.0%** | **Leisure Facilities & Services – 2.0%** | **Leisure Facilities & Services – 2.0%** |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80383 |
| Caesars Entertainment, Inc., 6.25%, 7/01/25<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;149422 |
| Carnival Corp., 5.75%, 3/01/27<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;215800 |
| Everi Holdings, Inc., 5.00%, 7/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45242 |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, |  |  |
| &nbsp;&nbsp;5.00%, 6/01/29<sup>(b)</sup> | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;183342 |
| &nbsp;&nbsp;4.88%, 7/01/31<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;104062 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 6/01/27<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;135800 |
| Live Nation Entertainment, Inc., |  |  |
| &nbsp;&nbsp;4.75%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;124875 |
| &nbsp;&nbsp;3.75%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88969 |
| Marriott Ownership Resorts, Inc., |  |  |
| &nbsp;&nbsp;4.75%, 1/15/28 | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;230137 |
| &nbsp;&nbsp;4.50%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60936 |
| McDonald's Corp., |  |  |
| &nbsp;&nbsp;5.70%, 2/01/39 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24720 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| McDonald's Corp., |  |  |
| &nbsp;&nbsp;4.20%, 4/01/50 | $32000 | &nbsp;&nbsp;&nbsp;&nbsp;$28650 |
| NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;5.88%, 3/15/26<sup>(b)</sup> | &nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;289768 |
| &nbsp;&nbsp;5.88%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 |
| NCL Finance Ltd., 6.13%, 3/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44688 |
| Papa John's International, Inc., 3.88%, 9/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60214 |
| Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;4.25%, 7/01/26<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;138800 |
| &nbsp;&nbsp;11.63%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;122037 |
| &nbsp;&nbsp;3.70%, 3/15/28 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90561 |
| &nbsp;&nbsp;5.50%, 4/01/28<sup>(b)</sup> | &nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;275200 |
| Scientific Games International, Inc., |  |  |
| &nbsp;&nbsp;7.00%, 5/15/28<sup>(b)</sup> | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;277198 |
| &nbsp;&nbsp;7.25%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35093 |
| Speedway Motorsports LLC/Speedway Funding II, Inc., 4.88%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65353 |
| Travel + Leisure Co., |  |  |
| &nbsp;&nbsp;6.63%, 7/31/26<sup>(b)</sup> | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;143894 |
| &nbsp;&nbsp;6.00%, 4/01/27 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9813 |
| &nbsp;&nbsp;4.50%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60207 |
| &nbsp;&nbsp;4.63%, 3/01/30<sup>(b)</sup> | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;131802 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 2/15/29<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89775 |
| VOC Escrow Ltd., 5.00%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87915 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;133875 |
|  |  | &nbsp;&nbsp;&nbsp;**3532856** |
| **Leisure Products – 0.0%<sup>(d)</sup>** | **Leisure Products – 0.0%<sup>(d)</sup>** | **Leisure Products – 0.0%<sup>(d)</sup>** |
| Hasbro, Inc., |  |  |
| &nbsp;&nbsp;3.00%, 11/19/24 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38649 |
| &nbsp;&nbsp;3.55%, 11/19/26 | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**72958** |
| **Machinery – 0.5%** | **Machinery – 0.5%** | **Machinery – 0.5%** |
| CNH Industrial Capital LLC, 5.45%, 10/14/25 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20328 |
| Deere & Co., 3.10%, 4/15/30 | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40813 |
| Eaton Corp., 4.15%, 3/15/33 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;154729 |
| John Deere Capital Corp., 3.35%, 4/18/29 | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64372 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Machinery (Continued)** | **Machinery (Continued)** | **Machinery (Continued)** |
| Madison IAQ LLC, 5.88%, 6/30/29<sup>(b)</sup> | $80000 | $63459 |
| Regal Rexnord Corp., |  |  |
| &nbsp;&nbsp;6.30%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;20393 |
| &nbsp;&nbsp;6.40%, 4/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;20507 |
| Trane Technologies Global Holding Co. Ltd., 3.75%, 8/21/28 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19315 |
| Trane Technologies Luxembourg Finance S.A., |  |  |
| &nbsp;&nbsp;3.55%, 11/01/24 | &nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;252118 |
| &nbsp;&nbsp;3.50%, 3/21/26 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;23988 |
| &nbsp;&nbsp;3.80%, 3/21/29 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19030 |
| Xylem, Inc., 3.25%, 11/01/26 | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;96938 |
|  |  | &nbsp;&nbsp;&nbsp;**795990** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| Baxter International, Inc., 1.92%, 2/01/27 | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;61376 |
| Boston Scientific Corp., 4.70%, 3/01/49 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;20269 |
| Garden Spinco Corp., 8.63%, 7/20/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;96300 |
| Medline Borrower L.P., 5.25%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;113034 |
| PerkinElmer, Inc., 3.30%, 9/15/29 | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;38719 |
| Thermo Fisher Scientific, Inc., 4.80%, 11/21/27 | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;26696 |
|  |  | &nbsp;&nbsp;&nbsp;**356394** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| Novelis Corp., 4.75%, 1/30/30<sup>(b)</sup> | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;**158375** |
| **Oil & Gas Producers – 5.3%** | **Oil & Gas Producers – 5.3%** | **Oil & Gas Producers – 5.3%** |
| Antero Midstream Partners L.P./Antero Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;7.88%, 5/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;61575 |
| &nbsp;&nbsp;5.38%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;55725 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26<sup>(b)</sup> | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;147734 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25<sup>(b)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;132031 |
| BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;3.94%, 9/21/28 | &nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;87337 |
| &nbsp;&nbsp;3.38%, 2/08/61 | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;32234 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Buckeye Partners L.P., |  |  |
| &nbsp;&nbsp;4.50%, 3/01/28<sup>(b)</sup> | $105000 | $95839 |
| &nbsp;&nbsp;5.85%, 11/15/43 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;42075 |
| &nbsp;&nbsp;5.60%, 10/15/44 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;22878 |
| California Resources Corp., 7.13%, 2/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;68127 |
| Callon Petroleum Co., 8.00%, 8/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;84954 |
| Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 4/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;41904 |
| Cameron LNG LLC, 2.90%, 7/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;69903 |
| Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 | &nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;10330 |
| Cheniere Energy Partners L.P., 4.00%, 3/01/31 | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;85230 |
| Chesapeake Energy Corp., |  |  |
| &nbsp;&nbsp;5.50%, 2/01/26<sup>(b)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;232657 |
| &nbsp;&nbsp;6.75%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49303 |
| Chevron USA, Inc., 3.25%, 10/15/29 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;23592 |
| Chord Energy Corp., 6.38%, 6/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49250 |
| CNX Resources Corp., 7.25%, 3/14/27<sup>(b)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;109450 |
| Comstock Resources, Inc., 6.75%, 3/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;87637 |
| Continental Resources, Inc., |  |  |
| &nbsp;&nbsp;5.75%, 1/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;68730 |
| &nbsp;&nbsp;2.88%, 4/01/32<sup>(b)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;180714 |
| Coterra Energy, Inc., |  |  |
| &nbsp;&nbsp;3.90%, 5/15/27 | &nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;94061 |
| &nbsp;&nbsp;4.38%, 3/15/29 | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;13434 |
| Crescent Energy Finance LLC, 7.25%, 5/01/26<sup>(b)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;105600 |
| Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;94867 |
| CVR Energy, Inc., 5.25%, 2/15/25<sup>(b)</sup> | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;149575 |
| DCP Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;5.38%, 7/15/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;79838 |
| &nbsp;&nbsp;5.63%, 7/15/27 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;172536 |
| &nbsp;&nbsp;3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8645 |
| Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 12/01/29 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;19150 |
| &nbsp;&nbsp;6.25%, 3/15/33 | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;75563 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;4.40%, 3/24/51 | $57000 | $47282 |
| &nbsp;&nbsp;6.25%, 3/15/53 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;64835 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;(5Y US Treasury CMT + 5.69%), 6.50%, 11/15/26<sup>(g)(h)</sup> | &nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;76906 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 5.31%), 7.13%, 5/15/30<sup>(g)(h)</sup> | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;60291 |
| &nbsp;&nbsp;5.75%, 2/15/33 | &nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;57551 |
| &nbsp;&nbsp;5.30%, 4/15/47 | &nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;74183 |
| &nbsp;&nbsp;5.40%, 10/01/47 | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;42186 |
| EnLink Midstream LLC, 6.50%, 9/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;96781 |
| EnLink Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;5.60%, 4/01/44 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;29316 |
| &nbsp;&nbsp;5.05%, 4/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;3931 |
| &nbsp;&nbsp;5.45%, 6/01/47 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;54070 |
| Enterprise Products Operating LLC, 3.95%, 1/31/60 | &nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;72769 |
| EQM Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;6.00%, 7/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;27566 |
| &nbsp;&nbsp;7.50%, 6/01/27<sup>(b)</sup> | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;169996 |
| &nbsp;&nbsp;6.50%, 7/01/27<sup>(b)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;137481 |
| &nbsp;&nbsp;5.50%, 7/15/28 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;27675 |
| &nbsp;&nbsp;7.50%, 6/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;34956 |
| &nbsp;&nbsp;6.50%, 7/15/48 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;23100 |
| EQT Corp., |  |  |
| &nbsp;&nbsp;6.13%, 2/01/25 | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;207013 |
| &nbsp;&nbsp;3.13%, 5/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9351 |
| &nbsp;&nbsp;3.90%, 10/01/27 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;132815 |
| &nbsp;&nbsp;5.70%, 4/01/28 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;16189 |
| Exxon Mobil Corp., |  |  |
| &nbsp;&nbsp;2.28%, 8/16/26 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;74824 |
| &nbsp;&nbsp;2.44%, 8/16/29 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;13578 |
| &nbsp;&nbsp;3.00%, 8/16/39 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;27902 |
| &nbsp;&nbsp;4.23%, 3/19/40 | &nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;123257 |
| Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 2/01/28 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;164285 |
| Gulfport Energy Corp., 8.00%, 5/17/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;54495 |
| Hess Midstream Operations L.P., |  |  |
| &nbsp;&nbsp;5.63%, 2/15/26<sup>(b)</sup> | &nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;167330 |
| &nbsp;&nbsp;4.25%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;109476 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 4/15/27<sup>(b)</sup> | $75000 | $74156 |
| Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;5.20%, 6/01/33 | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;94666 |
| &nbsp;&nbsp;3.60%, 2/15/51 | &nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;91812 |
| Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;4.75%, 9/15/44 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;19740 |
| &nbsp;&nbsp;5.00%, 9/15/54 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;58723 |
| Matador Resources Co., 5.88%, 9/15/26 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;147543 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp;4.00%, 2/15/25 | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;52808 |
| &nbsp;&nbsp;1.75%, 3/01/26 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;40981 |
| &nbsp;&nbsp;2.65%, 8/15/30 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;24728 |
| &nbsp;&nbsp;5.20%, 3/01/47 | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;133792 |
| &nbsp;&nbsp;5.20%, 12/01/47 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;41090 |
| &nbsp;&nbsp;4.70%, 4/15/48 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;13806 |
| &nbsp;&nbsp;5.50%, 2/15/49 | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;44853 |
| Murphy Oil Corp., 6.13%, 12/01/42 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;98190 |
| Murphy Oil USA, Inc., 4.75%, 9/15/29 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;22906 |
| Northern Oil and Gas, Inc., 8.13%, 3/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;59765 |
| NuStar Logistics L.P., 5.75%, 10/01/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;98951 |
| Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;5.55%, 3/15/26 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;35352 |
| &nbsp;&nbsp;8.50%, 7/15/27 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;49781 |
| &nbsp;&nbsp;8.88%, 7/15/30 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;164850 |
| &nbsp;&nbsp;6.63%, 9/01/30 | &nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;243117 |
| &nbsp;&nbsp;6.13%, 1/01/31 | &nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;186821 |
| &nbsp;&nbsp;7.50%, 5/01/31 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;61188 |
| &nbsp;&nbsp;7.88%, 9/15/31 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;28315 |
| &nbsp;&nbsp;6.60%, 3/15/46 | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;276866 |
| ONEOK Partners L.P., 6.13%, 2/01/41 | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;18184 |
| PDC Energy, Inc., 5.75%, 5/15/26 | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;236947 |
| Permian Resources Operating LLC, |  |  |
| &nbsp;&nbsp;6.88%, 4/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;88190 |
| &nbsp;&nbsp;5.88%, 7/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;56238 |
| Phillips 66, |  |  |
| &nbsp;&nbsp;0.90%, 2/15/24 | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;40258 |
| &nbsp;&nbsp;2.15%, 12/15/30 | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;30020 |
| Pioneer Natural Resources Co., 1.90%, 8/15/30 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;27891 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Plains All American Pipeline L.P./PAA Finance Corp., |  |  |
| &nbsp;&nbsp;3.55%, 12/15/29 | $41000 | &nbsp;&nbsp;&nbsp;&nbsp;$36875 |
| &nbsp;&nbsp;4.30%, 1/31/43 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 |
| Range Resources Corp., 8.25%, 1/15/29 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56542 |
| Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | &nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;143434 |
| SM Energy Co., |  |  |
| &nbsp;&nbsp;5.63%, 6/01/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78400 |
| &nbsp;&nbsp;6.75%, 9/15/26 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73827 |
| Southwestern Energy Co., 5.38%, 2/01/29 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46982 |
| Sunoco L.P./Sunoco Finance Corp., 4.50%, 5/15/29 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54281 |
| Tap Rock Resources LLC, 7.00%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85185 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp;5.20%, 7/01/27 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;130707 |
| &nbsp;&nbsp;6.13%, 3/15/33 | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65720 |
| &nbsp;&nbsp;6.25%, 7/01/52 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21292 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., |  |  |
| &nbsp;&nbsp;5.00%, 1/15/28 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24384 |
| &nbsp;&nbsp;5.50%, 3/01/30 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68293 |
| &nbsp;&nbsp;4.88%, 2/01/31 | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94417 |
| &nbsp;&nbsp;4.00%, 1/15/32 | &nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63744 |
| Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26140 |
| Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;3.35%, 2/01/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47750 |
| &nbsp;&nbsp;4.50%, 3/01/28 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23625 |
| &nbsp;&nbsp;4.75%, 8/15/28 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75400 |
| &nbsp;&nbsp;5.30%, 3/01/48 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 |
| &nbsp;&nbsp;5.50%, 2/01/50 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47713 |
| Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;4.55%, 6/24/24 | &nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82840 |
| &nbsp;&nbsp;3.75%, 6/15/27 | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;100550 |
| &nbsp;&nbsp;2.60%, 3/15/31 | &nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49090 |
| &nbsp;&nbsp;5.10%, 9/15/45 | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63369 |
|  |  | &nbsp;&nbsp;&nbsp;**9153144** |
| **Oil, Gas Services & Equipment – 0.4%** | **Oil, Gas Services & Equipment – 0.4%** | **Oil, Gas Services & Equipment – 0.4%** |
| Nabors Industries, Inc., 7.38%, 5/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85111 |
| Solaris Midstream Holdings LLC, 7.63%, 4/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** |
| Transocean Pontus Ltd., 6.13%, 8/01/25<sup>(b)</sup> | $39200 | $40381 |
| Transocean Poseidon Ltd., 6.88%, 2/01/27<sup>(b)</sup> | &nbsp;&nbsp;306250 | &nbsp;&nbsp;&nbsp;305530 |
| Transocean Proteus Ltd., 6.25%, 12/01/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;47674 |
| Transocean Titan Financing Ltd., 8.38%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;72640 |
| Weatherford International Ltd., |  |  |
| &nbsp;&nbsp;11.00%, 12/01/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;7193 |
| &nbsp;&nbsp;8.63%, 4/30/30<sup>(b)</sup> | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;136270 |
|  |  | &nbsp;&nbsp;&nbsp;**744799** |
| **Publishing & Broadcasting – 0.3%** | **Publishing & Broadcasting – 0.3%** | **Publishing & Broadcasting – 0.3%** |
| iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp;6.38%, 5/01/26 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;148087 |
| &nbsp;&nbsp;8.38%, 5/01/27 | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;174769 |
| &nbsp;&nbsp;4.75%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;136809 |
| Nexstar Media, Inc., 5.63%, 7/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;23814 |
| Sinclair Television Group, Inc., 5.13%, 2/15/27<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;88382 |
|  |  | &nbsp;&nbsp;&nbsp;**571861** |
| **Real Estate Investment Trusts – 1.5%** | **Real Estate Investment Trusts – 1.5%** | **Real Estate Investment Trusts – 1.5%** |
| American Homes 4 Rent L.P., |  |  |
| &nbsp;&nbsp;3.38%, 7/15/51 | &nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;39367 |
| &nbsp;&nbsp;4.30%, 4/15/52 | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;9774 |
| American Tower Corp., |  |  |
| &nbsp;&nbsp;4.40%, 2/15/26 | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;25698 |
| &nbsp;&nbsp;3.65%, 3/15/27 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;33250 |
| &nbsp;&nbsp;3.60%, 1/15/28 | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;45126 |
| &nbsp;&nbsp;4.05%, 3/15/32 | &nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;52814 |
| AvalonBay Communities, Inc., 5.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;38450 |
| Camden Property Trust, 2.80%, 5/15/30 | &nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;70933 |
| Crown Castle, Inc., 5.00%, 1/11/28 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;50590 |
| CubeSmart L.P., 2.50%, 2/15/32 | &nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;51663 |
| Extra Space Storage L.P., 3.90%, 4/01/29 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;41706 |
| Invitation Homes Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;2.30%, 11/15/28 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;72486 |
| &nbsp;&nbsp;2.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;72954 |
| &nbsp;&nbsp;4.15%, 4/15/32 | &nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;81616 |
| &nbsp;&nbsp;2.70%, 1/15/34 | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;32419 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;5.25%, 3/15/28<sup>(b)</sup> | $60000 | &nbsp;&nbsp;&nbsp;&nbsp;$57054 |
| &nbsp;&nbsp;4.88%, 9/15/29<sup>(b)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;171596 |
| &nbsp;&nbsp;4.50%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72836 |
| Life Storage L.P., 2.40%, 10/15/31 | &nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58513 |
| Mid-America Apartments L.P., |  |  |
| &nbsp;&nbsp;3.60%, 6/01/27 | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45494 |
| &nbsp;&nbsp;4.20%, 6/15/28 | &nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76186 |
| &nbsp;&nbsp;2.75%, 3/15/30 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75842 |
| &nbsp;&nbsp;1.70%, 2/15/31 | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13737 |
| Prologis L.P., 2.25%, 1/15/32 | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20070 |
| Realty Income Corp., |  |  |
| &nbsp;&nbsp;4.88%, 6/01/26 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33222 |
| &nbsp;&nbsp;3.95%, 8/15/27 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60494 |
| &nbsp;&nbsp;4.85%, 3/15/30 | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34059 |
| Rexford Industrial Realty L.P., 2.15%, 9/01/31 | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29605 |
| SBA Communications Corp., |  |  |
| &nbsp;&nbsp;3.88%, 2/15/27 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;106207 |
| &nbsp;&nbsp;3.13%, 2/01/29 | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;275334 |
| Service Properties Trust, |  |  |
| &nbsp;&nbsp;7.50%, 9/15/25 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;108162 |
| &nbsp;&nbsp;4.75%, 10/01/26 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66058 |
| Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 4/15/28<sup>(b)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94037 |
| VICI Properties L.P., 4.38%, 5/15/25 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;166230 |
| VICI Properties L.P./VICI Note Co., Inc., |  |  |
| &nbsp;&nbsp;5.63%, 5/01/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 |
| &nbsp;&nbsp;4.50%, 9/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 |
| &nbsp;&nbsp;4.25%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719 |
| &nbsp;&nbsp;4.50%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;211148 |
| Weyerhaeuser Co., 4.00%, 3/09/52 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22468 |
|  |  | &nbsp;&nbsp;&nbsp;**2531673** |
| **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** |
| Realogy Group LLC/Realogy Co-Issuer Corp., |  |  |
| &nbsp;&nbsp;5.75%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93305 |
| &nbsp;&nbsp;5.25%, 4/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**142055** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 4.63%, 1/15/27<sup>(b)</sup> | $245000 | $232272 |
| Kroger (The) Co., 2.20%, 5/01/30 | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;52978 |
| Target Corp., |  |  |
| &nbsp;&nbsp;4.50%, 9/15/32 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;52445 |
| &nbsp;&nbsp;4.40%, 1/15/33 | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;38990 |
| &nbsp;&nbsp;2.95%, 1/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;6669 |
| &nbsp;&nbsp;4.80%, 1/15/53 | &nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;99015 |
| Walmart, Inc., |  |  |
| &nbsp;&nbsp;4.15%, 9/09/32 | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;46092 |
| &nbsp;&nbsp;4.50%, 9/09/52 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;33178 |
|  |  | &nbsp;&nbsp;&nbsp;**561639** |
| **Retail - Discretionary – 0.9%** | **Retail - Discretionary – 0.9%** | **Retail - Discretionary – 0.9%** |
| Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;4.50%, 3/01/28 | &nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;84985 |
| &nbsp;&nbsp;4.63%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;66183 |
| &nbsp;&nbsp;4.75%, 3/01/30 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;23618 |
| AutoZone, Inc., 4.75%, 2/01/33 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;109384 |
| Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;5.25%, 2/01/28 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;37757 |
| &nbsp;&nbsp;6.88%, 11/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4557 |
| &nbsp;&nbsp;6.75%, 7/01/36 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;67832 |
| Builders FirstSource, Inc., |  |  |
| &nbsp;&nbsp;5.00%, 3/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;51282 |
| &nbsp;&nbsp;4.25%, 2/01/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;60217 |
| Carvana Co., |  |  |
| &nbsp;&nbsp;5.50%, 4/15/27<sup>(b)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;49500 |
| &nbsp;&nbsp;4.88%, 9/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;8900 |
| Foundation Building Materials, Inc., 6.00%, 3/01/29<sup>(b)</sup> | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;108589 |
| Group 1 Automotive, Inc., 4.00%, 8/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;30781 |
| Home Depot (The), Inc., |  |  |
| &nbsp;&nbsp;3.25%, 4/15/32 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18397 |
| &nbsp;&nbsp;3.30%, 4/15/40 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;55052 |
| &nbsp;&nbsp;2.75%, 9/15/51 | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;72434 |
| &nbsp;&nbsp;3.63%, 4/15/52 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;17514 |
| &nbsp;&nbsp;4.95%, 9/15/52 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;63874 |
| Ken Garff Automotive LLC, 4.88%, 9/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;51675 |
| LBM Acquisition LLC, 6.25%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;79800 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;4.65%, 4/15/42 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;30618 |
| &nbsp;&nbsp;4.45%, 4/01/62 | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;23638 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;5.80%, 9/15/62 | $33000 | &nbsp;&nbsp;&nbsp;&nbsp;$34281 |
| Michaels (The) Cos., Inc., 7.88%, 5/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200 |
| Patrick Industries, Inc., 4.75%, 5/01/29<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89759 |
| QVC, Inc., 4.85%, 4/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 |
| Sonic Automotive, Inc., |  |  |
| &nbsp;&nbsp;4.63%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;108042 |
| &nbsp;&nbsp;4.88%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95819 |
|  |  | &nbsp;&nbsp;&nbsp;**1502446** |
| **Semiconductors – 1.0%** | **Semiconductors – 1.0%** | **Semiconductors – 1.0%** |
| Advanced Micro Devices, Inc., |  |  |
| &nbsp;&nbsp;3.92%, 6/01/32 | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97525 |
| &nbsp;&nbsp;4.39%, 6/01/52 | &nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66926 |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp;2.45%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28731 |
| &nbsp;&nbsp;4.30%, 11/15/32 | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;151944 |
| &nbsp;&nbsp;3.42%, 4/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38592 |
| &nbsp;&nbsp;3.19%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;106286 |
| &nbsp;&nbsp;4.93%, 5/15/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44975 |
| Entegris Escrow Corp., 5.95%, 6/15/30<sup>(b)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;201669 |
| Intel Corp., |  |  |
| &nbsp;&nbsp;3.70%, 7/29/25 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 |
| &nbsp;&nbsp;2.80%, 8/12/41 | &nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96960 |
| &nbsp;&nbsp;4.75%, 3/25/50 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21248 |
| &nbsp;&nbsp;5.05%, 8/05/62 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25284 |
| KLA Corp., |  |  |
| &nbsp;&nbsp;4.65%, 7/15/32 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40625 |
| &nbsp;&nbsp;4.95%, 7/15/52 | &nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51199 |
| &nbsp;&nbsp;5.25%, 7/15/62 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41435 |
| Micron Technology, Inc., 6.75%, 11/01/29 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;223985 |
| NVIDIA Corp., |  |  |
| &nbsp;&nbsp;1.55%, 6/15/28 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;158106 |
| &nbsp;&nbsp;2.00%, 6/15/31 | &nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95407 |
| &nbsp;&nbsp;3.50%, 4/01/40 | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38230 |
| QUALCOMM, Inc., 6.00%, 5/20/53 | &nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;106677 |
| Texas Instruments, Inc., |  |  |
| &nbsp;&nbsp;3.65%, 8/16/32 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59360 |
| &nbsp;&nbsp;3.88%, 3/15/39 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84204 |
|  |  | &nbsp;&nbsp;&nbsp;**1810668** |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| Cloud Software Group Holdings, Inc., 6.50%, 3/31/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39491 |
| Fortinet, Inc., 1.00%, 3/15/26 | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58747 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Gen Digital, Inc., 6.75%, 9/30/27<sup>(b)</sup> | $130000 | &nbsp;&nbsp;$131826 |
| GoTo Group, Inc., 5.50%, 9/01/27<sup>(b)</sup> | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83042 |
| Microsoft Corp., |  |  |
| &nbsp;&nbsp;3.45%, 8/08/36 | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17587 |
| &nbsp;&nbsp;2.53%, 6/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 |
| &nbsp;&nbsp;2.92%, 3/17/52 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91752 |
| &nbsp;&nbsp;2.68%, 6/01/60 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31222 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp;2.95%, 5/15/25 | &nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;160425 |
| &nbsp;&nbsp;2.80%, 4/01/27 | &nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49056 |
| &nbsp;&nbsp;3.25%, 11/15/27 | &nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;114840 |
| &nbsp;&nbsp;2.30%, 3/25/28 | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60727 |
| &nbsp;&nbsp;6.15%, 11/09/29 | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50236 |
| &nbsp;&nbsp;4.30%, 7/08/34 | &nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53629 |
| &nbsp;&nbsp;3.80%, 11/15/37 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13448 |
| &nbsp;&nbsp;4.13%, 5/15/45 | &nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77875 |
| &nbsp;&nbsp;4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26174 |
| &nbsp;&nbsp;3.60%, 4/01/50 | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28659 |
| &nbsp;&nbsp;3.95%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441 |
| &nbsp;&nbsp;6.90%, 11/09/52 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37016 |
| &nbsp;&nbsp;3.85%, 4/01/60 | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31077 |
| Salesforce, Inc., |  |  |
| &nbsp;&nbsp;2.70%, 7/15/41 | &nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;113807 |
| &nbsp;&nbsp;2.90%, 7/15/51 | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18572 |
| SS&C Technologies, Inc., 5.50%, 9/30/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57705 |
|  |  | &nbsp;&nbsp;&nbsp;**1353779** |
| **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** |
| Aircastle Ltd., (5Y US Treasury CMT + 4.41%), 5.25%, 6/15/26<sup>(b)(g)(h)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 |
| American Express Co., (SOFR + 1.76%), 4.42%, 8/03/33<sup>(h)</sup> | &nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;117458 |
| Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp;1.95%, 9/20/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58174 |
| &nbsp;&nbsp;3.50%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47458 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;(SOFR + 1.29%), 2.64%, 3/03/26<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46402 |
| &nbsp;&nbsp;(SOFR + 1.79%), 3.27%, 3/01/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42525 |
| &nbsp;&nbsp;(SOFR + 2.60%), 5.25%, 7/26/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34418 |
| &nbsp;&nbsp;(SOFR + 2.60%), 5.82%, 2/01/34<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82635 |
| Cobra AcquisitionCo LLC, 6.38%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;122000 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 2/01/27<sup>(b)</sup> | $105000 | &nbsp;&nbsp;&nbsp;&nbsp;$92531 |
| LFS Topco LLC, 5.88%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74451 |
| Nationstar Mortgage Holdings, Inc., |  |  |
| &nbsp;&nbsp;6.00%, 1/15/27<sup>(b)</sup> | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;162312 |
| &nbsp;&nbsp;5.13%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60750 |
| &nbsp;&nbsp;5.75%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;116725 |
| Navient Corp., |  |  |
| &nbsp;&nbsp;5.00%, 3/15/27 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;273775 |
| &nbsp;&nbsp;4.88%, 3/15/28 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;101627 |
| OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;6.88%, 3/15/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99686 |
| &nbsp;&nbsp;7.13%, 3/15/26 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;139084 |
| &nbsp;&nbsp;3.50%, 1/15/27 | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;126109 |
| Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 6/15/25<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98426 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;2.88%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;182771 |
| &nbsp;&nbsp;2.88%, 10/15/26 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747 |
| &nbsp;&nbsp;3.63%, 3/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33748 |
| &nbsp;&nbsp;3.63%, 3/01/29 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67495 |
| &nbsp;&nbsp;3.88%, 3/01/31<sup>(b)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93664 |
| &nbsp;&nbsp;4.00%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;448067 |
| Synchrony Financial, 7.25%, 2/02/33 | &nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86110 |
|  |  | &nbsp;&nbsp;&nbsp;**2880248** |
| **Steel – 0.3%** | **Steel – 0.3%** | **Steel – 0.3%** |
| ATI, Inc., |  |  |
| &nbsp;&nbsp;5.88%, 12/01/27 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;149558 |
| &nbsp;&nbsp;4.88%, 10/01/29 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45757 |
| Cleveland-Cliffs, Inc., 6.75%, 3/15/26<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;152438 |
| Commercial Metals Co., 4.13%, 1/15/30 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;107400 |
| Nucor Corp., 4.30%, 5/23/27 | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38629 |
| United States Steel Corp., 6.88%, 3/01/29 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**516011** |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| Apple, Inc., |  |  |
| &nbsp;&nbsp;1.65%, 2/08/31 | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950 |
| &nbsp;&nbsp;1.70%, 8/05/31 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16463 |
| &nbsp;&nbsp;3.85%, 5/04/43 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59079 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Apple, Inc., |  |  |
| &nbsp;&nbsp;4.38%, 5/13/45 | $25000 | &nbsp;&nbsp;&nbsp;&nbsp;$24332 |
| &nbsp;&nbsp;4.65%, 2/23/46 | &nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93670 |
| &nbsp;&nbsp;4.25%, 2/09/47 | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35571 |
| &nbsp;&nbsp;2.70%, 8/05/51 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44082 |
| &nbsp;&nbsp;3.95%, 8/08/52 | &nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70945 |
| &nbsp;&nbsp;2.85%, 8/05/61 | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47312 |
| &nbsp;&nbsp;4.10%, 8/08/62 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14319 |
| Avnet, Inc., 5.50%, 6/01/32 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51249 |
| CommScope Technologies LLC, 5.00%, 3/15/27<sup>(b)</sup> | &nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;450452 |
| Dell International LLC/EMC Corp., 5.75%, 2/01/33 | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;100920 |
| NCR Corp., |  |  |
| &nbsp;&nbsp;5.75%, 9/01/27<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;101888 |
| &nbsp;&nbsp;5.00%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52852 |
| &nbsp;&nbsp;5.13%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47908 |
| Seagate HDD Cayman, |  |  |
| &nbsp;&nbsp;4.88%, 6/01/27 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24237 |
| &nbsp;&nbsp;9.63%, 12/01/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 |
| ViaSat, Inc., 6.50%, 7/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52164 |
| Western Digital Corp., |  |  |
| &nbsp;&nbsp;4.75%, 2/15/26 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38650 |
| &nbsp;&nbsp;3.10%, 2/01/32 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19150 |
|  |  | &nbsp;&nbsp;&nbsp;**1359524** |
| **Technology Services – 1.1%** | **Technology Services – 1.1%** | **Technology Services – 1.1%** |
| Block, Inc., 2.75%, 6/01/26 | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;149959 |
| Dun & Bradstreet (The) Corp., 5.00%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48702 |
| Fiserv, Inc., 3.50%, 7/01/29 | &nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;103380 |
| Global Payments, Inc., |  |  |
| &nbsp;&nbsp;4.95%, 8/15/27 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;155248 |
| &nbsp;&nbsp;4.45%, 6/01/28 | &nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;126333 |
| &nbsp;&nbsp;5.95%, 8/15/52 | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23701 |
| International Business Machines Corp., |  |  |
| &nbsp;&nbsp;4.15%, 7/27/27 | &nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50580 |
| &nbsp;&nbsp;3.50%, 5/15/29 | &nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;137218 |
| &nbsp;&nbsp;4.40%, 7/27/32 | &nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79618 |
| &nbsp;&nbsp;4.75%, 2/06/33 | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44126 |
| &nbsp;&nbsp;4.90%, 7/27/52 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39814 |
| Kyndryl Holdings, Inc., |  |  |
| &nbsp;&nbsp;2.05%, 10/15/26 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18105 |
| &nbsp;&nbsp;2.70%, 10/15/28 | &nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85300 |
| &nbsp;&nbsp;3.15%, 10/15/31 | &nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44800 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Services (Continued)** | **Technology Services (Continued)** | **Technology Services (Continued)** |
| Moody's Corp., |  |  |
| &nbsp;&nbsp;3.75%, 3/24/25 | $50000 | &nbsp;&nbsp;&nbsp;&nbsp;$48974 |
| &nbsp;&nbsp;3.75%, 2/25/52 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36923 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;102063 |
| PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp;2.85%, 10/01/29 | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 |
| &nbsp;&nbsp;2.30%, 6/01/30 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51107 |
| &nbsp;&nbsp;4.40%, 6/01/32 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28459 |
| &nbsp;&nbsp;3.25%, 6/01/50 | &nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62412 |
| &nbsp;&nbsp;5.25%, 6/01/62 | &nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68047 |
| Presidio Holdings, Inc., |  |  |
| &nbsp;&nbsp;4.88%, 2/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27888 |
| &nbsp;&nbsp;8.25%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28837 |
| S&P Global, Inc., |  |  |
| &nbsp;&nbsp;2.45%, 3/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63239 |
| &nbsp;&nbsp;2.70%, 3/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30817 |
| &nbsp;&nbsp;1.25%, 8/15/30 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25520 |
| &nbsp;&nbsp;2.90%, 3/01/32<sup>(b)</sup> | &nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;111622 |
| &nbsp;&nbsp;3.70%, 3/01/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45559 |
| Sabre GLBL, Inc., 11.25%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42400 |
| Visa, Inc., 4.15%, 12/14/35 | &nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84984 |
|  |  | &nbsp;&nbsp;&nbsp;**1976535** |
| **Telecommunications – 1.1%** | **Telecommunications – 1.1%** | **Telecommunications – 1.1%** |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 6/01/41 | &nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;101958 |
| &nbsp;&nbsp;3.55%, 9/15/55 | &nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88534 |
| &nbsp;&nbsp;3.80%, 12/01/57 | &nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52458 |
| &nbsp;&nbsp;3.65%, 9/15/59 | &nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;149554 |
| Frontier Communications Holdings LLC, |  |  |
| &nbsp;&nbsp;5.88%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;176660 |
| &nbsp;&nbsp;8.75%, 5/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62175 |
| Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;4.25%, 7/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35662 |
| &nbsp;&nbsp;3.63%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;2.25%, 2/15/26 | &nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89898 |
| &nbsp;&nbsp;2.63%, 4/15/26 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41784 |
| &nbsp;&nbsp;2.63%, 2/15/29 | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20976 |
| &nbsp;&nbsp;3.38%, 4/15/29 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54686 |
| &nbsp;&nbsp;2.88%, 2/15/31 | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53860 |
| &nbsp;&nbsp;2.55%, 2/15/31 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19526 |
| &nbsp;&nbsp;3.50%, 4/15/31 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;161073 |
| &nbsp;&nbsp;4.50%, 4/15/50 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45922 |
| &nbsp;&nbsp;5.80%, 9/15/62 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16798 |
| Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;2.36%, 3/15/32 | &nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92266 |
| &nbsp;&nbsp;4.50%, 8/10/33 | &nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;270814 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;4.40%, 11/01/34 | $33000 | &nbsp;&nbsp;&nbsp;&nbsp;$31731 |
| &nbsp;&nbsp;4.81%, 3/15/39 | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;112187 |
| &nbsp;&nbsp;2.65%, 11/20/40 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28891 |
| &nbsp;&nbsp;4.75%, 11/01/41 | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18281 |
| &nbsp;&nbsp;3.70%, 3/22/61 | &nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82800 |
|  |  | &nbsp;&nbsp;&nbsp;**1901494** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Altria Group, Inc., |  |  |
| &nbsp;&nbsp;4.80%, 2/14/29 | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13848 |
| &nbsp;&nbsp;3.40%, 5/06/30 | &nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58403 |
| &nbsp;&nbsp;3.70%, 2/04/51 | &nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34694 |
| Philip Morris International, Inc., 5.75%, 11/17/32 | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**187914** |
| **Transportation & Logistics – 1.3%** | **Transportation & Logistics – 1.3%** | **Transportation & Logistics – 1.3%** |
| Alaska Airlines Pass Through Trust, Series 2020-1, Class A, 4.80%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 |
| Allegiant Travel Co., 7.25%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78209 |
| American Airlines Pass Through Trust, |  |  |
| &nbsp;&nbsp;Series 2015-2, Class AA, 3.60%, 9/22/27 | &nbsp;&nbsp;&nbsp;10381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494 |
| &nbsp;&nbsp;Series 2015-2, Class A, 4.00%, 9/22/27 | &nbsp;&nbsp;&nbsp;29068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24070 |
| &nbsp;&nbsp;Series 2016-1, Class AA, 3.58%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378 |
| &nbsp;&nbsp;Series 2016-1, Class A, 4.10%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 |
| &nbsp;&nbsp;Series 2016-2, Class AA, 3.20%, 6/15/28 | &nbsp;&nbsp;&nbsp;28780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25638 |
| &nbsp;&nbsp;Series 2016-2, Class A, 3.65%, 6/15/28 | &nbsp;&nbsp;&nbsp;12951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10955 |
| &nbsp;&nbsp;Series 2017-1, Class A, 4.00%, 2/15/29 | &nbsp;&nbsp;104192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87345 |
| &nbsp;&nbsp;Series 2017-2, Class AA, 3.35%, 10/15/29 | &nbsp;&nbsp;171714 | &nbsp;&nbsp;&nbsp;&nbsp;152142 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29<sup>(b)</sup> | &nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;623858 |
| Burlington Northern Santa Fe LLC, |  |  |
| &nbsp;&nbsp;4.40%, 3/15/42 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21838 |
| &nbsp;&nbsp;4.38%, 9/01/42 | &nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50118 |
| &nbsp;&nbsp;5.15%, 9/01/43 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42458 |
| &nbsp;&nbsp;4.90%, 4/01/44 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35166 |
| &nbsp;&nbsp;4.45%, 1/15/53 | &nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;116321 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| CSX Corp., |  |  |
| &nbsp;&nbsp;4.50%, 11/15/52 | $52000 | $48265 |
| &nbsp;&nbsp;4.65%, 3/01/68 | &nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;76518 |
| Delta Air Lines Pass Through Trust, |  |  |
| &nbsp;&nbsp;Series 2015-1, Class A, 3.88%, 7/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;8344 | &nbsp;&nbsp;&nbsp;&nbsp;7707 |
| &nbsp;&nbsp;Series 2020-1, Class AA, 2.00%, 6/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp;5214 |
| &nbsp;&nbsp;Series 2020-1, Class A, 2.50%, 6/10/28 | &nbsp;&nbsp;&nbsp;41802 | &nbsp;&nbsp;&nbsp;&nbsp;36005 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;31178 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;52201 | &nbsp;&nbsp;&nbsp;&nbsp;52739 |
| Norfolk Southern Corp., |  |  |
| &nbsp;&nbsp;3.95%, 10/01/42 | &nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;53499 |
| &nbsp;&nbsp;4.55%, 6/01/53 | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;44792 |
| U.S. Airways Pass Through Trust, |  |  |
| &nbsp;&nbsp;Series 2012-1, Class A, 5.90%, 10/01/24 | &nbsp;&nbsp;&nbsp;44343 | &nbsp;&nbsp;&nbsp;&nbsp;43144 |
| &nbsp;&nbsp;Series 2012-2, Class A, 4.63%, 6/03/25 | &nbsp;&nbsp;&nbsp;44654 | &nbsp;&nbsp;&nbsp;&nbsp;41309 |
| &nbsp;&nbsp;Series 2013-1, Class A, 3.95%, 11/15/25 | &nbsp;&nbsp;&nbsp;36838 | &nbsp;&nbsp;&nbsp;&nbsp;34127 |
| Union Pacific Corp., |  |  |
| &nbsp;&nbsp;3.60%, 9/15/37 | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;12434 |
| &nbsp;&nbsp;3.55%, 8/15/39 | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;32367 |
| &nbsp;&nbsp;3.38%, 2/14/42 | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;17711 |
| &nbsp;&nbsp;4.95%, 9/09/52 | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;33768 |
| &nbsp;&nbsp;3.50%, 2/14/53 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;33142 |
| &nbsp;&nbsp;3.84%, 3/20/60 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;24849 |
| &nbsp;&nbsp;5.15%, 1/20/63 | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;27938 |
| &nbsp;&nbsp;4.10%, 9/15/67 | &nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;22028 |
| United Airlines Pass Through Trust, |  |  |
| &nbsp;&nbsp;Series 2012-1, Class A, 4.15%, 4/11/24 | &nbsp;&nbsp;&nbsp;60696 | &nbsp;&nbsp;&nbsp;&nbsp;59533 |
| &nbsp;&nbsp;Series 2020-1, Class A, 5.88%, 10/15/27 | &nbsp;&nbsp;103371 | &nbsp;&nbsp;&nbsp;104600 |
| &nbsp;&nbsp;Series 2016-2, Class A, 3.10%, 10/07/28 | &nbsp;&nbsp;&nbsp;17657 | &nbsp;&nbsp;&nbsp;&nbsp;14772 |
| &nbsp;&nbsp;Series 2016-2, Class AA, 2.88%, 10/07/28 | &nbsp;&nbsp;&nbsp;&nbsp;5886 | &nbsp;&nbsp;&nbsp;&nbsp;5262 |
| &nbsp;&nbsp;Series 2018-1, Class AA, 3.50%, 3/01/30 | &nbsp;&nbsp;&nbsp;11328 | &nbsp;&nbsp;&nbsp;&nbsp;10066 |
| &nbsp;&nbsp;Series 2018-1, Class A, 3.70%, 3/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp;6913 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| United Airlines Pass Through Trust, |  |  |
| &nbsp;&nbsp;Series 2019-1, Class AA, 4.15%, 8/25/31 | $10825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9962 |
| &nbsp;&nbsp;Series 2019-1, Class A, 4.55%, 8/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 |
| &nbsp;&nbsp;Series 2019-2, Class AA, 2.70%, 5/01/32 | &nbsp;&nbsp;&nbsp;18575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2196085** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| Allison Transmission, Inc., 4.75%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**146974** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Performance Food Group, Inc., 4.25%, 8/01/29<sup>(b)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98147** |
| **Total Corporate Bonds<br> (Cost $75,965,088)** | **Total Corporate Bonds<br> (Cost $75,965,088)** | &nbsp;&nbsp;&nbsp;**72326172** |

---

---

| | | |
|:---|:---|:---|
| **Foreign Issuer Bonds – 48.1%** | **Foreign Issuer Bonds – 48.1%** | **Foreign Issuer Bonds – 48.1%** |
| **Angola – 0.3%** | **Angola – 0.3%** | **Angola – 0.3%** |
| Angolan Government International Bond, |  |  |
| &nbsp;&nbsp;8.25%, 5/09/28<sup>(b)</sup> | 260000 | 245830 |
| &nbsp;&nbsp;8.75%, 4/14/32<sup>(b)</sup> | 270000 | 249391 |
|  |  | **495221** |
| **Argentina – 0.3%** | **Argentina – 0.3%** | **Argentina – 0.3%** |
| Argentine Republic Government International Bond, |  |  |
| &nbsp;&nbsp;(Step to 4.25% on 7/9/23), 3.88%, 1/09/38<sup>(k)</sup> | 688956 | 253081 |
| &nbsp;&nbsp;(Step to 4.88% on 7/9/29), 3.50%, 7/09/41<sup>(k)</sup> | 658931 | 224187 |
|  |  | **477268** |
| **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** |
| CSL Finance PLC, |  |  |
| &nbsp;&nbsp;4.25%, 4/27/32<sup>(b)</sup> | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;49773 |
| &nbsp;&nbsp;4.63%, 4/27/42<sup>(b)</sup> | &nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;69986 |
| &nbsp;&nbsp;4.75%, 4/27/52<sup>(b)</sup> | &nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;59424 |
| &nbsp;&nbsp;4.95%, 4/27/62<sup>(b)</sup> | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;30155 |
| Mineral Resources Ltd., |  |  |
| &nbsp;&nbsp;8.13%, 5/01/27<sup>(b)</sup> | 110000 | 110825 |
| &nbsp;&nbsp;8.00%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;25595 |
| NBN Co. Ltd., 2.50%, 1/08/32<sup>(b)</sup> | 200000 | 163078 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** |
| Newcrest Finance Pty. Ltd., |  |  |  |
| &nbsp;&nbsp;3.25%, 5/13/30<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;$36000 | &nbsp;&nbsp;&nbsp;&nbsp;$31333 |
| &nbsp;&nbsp;4.20%, 5/13/50<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31517 |
| Rio Tinto Finance USA Ltd., 2.75%, 11/02/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25036 |
| South32 Treasury Ltd., 4.35%, 4/14/32<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42320 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**639042** |
| **Bahrain – 0.7%** | **Bahrain – 0.7%** | **Bahrain – 0.7%** | **Bahrain – 0.7%** |
| Bahrain Government International Bond, 5.63%, 5/18/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;533522 |
| Oil and Gas Holding (The) Co. BSCC, |  |  |  |
| &nbsp;&nbsp;7.63%, 11/07/24 |  | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;461568 |
| &nbsp;&nbsp;7.50%, 10/25/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;208644 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1203734** |
| **Belgium – 0.4%** | **Belgium – 0.4%** | **Belgium – 0.4%** | **Belgium – 0.4%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;3.65%, 2/01/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;133878 |
| &nbsp;&nbsp;4.90%, 2/01/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;227427 |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;4.75%, 1/23/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73144 |
| &nbsp;&nbsp;4.38%, 4/15/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88199 |
| &nbsp;&nbsp;4.44%, 10/06/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79207 |
| &nbsp;&nbsp;5.55%, 1/23/49 |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40756 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**642611** |
| **Bermuda – 0.0%<sup>(d)</sup>** | **Bermuda – 0.0%<sup>(d)</sup>** | **Bermuda – 0.0%<sup>(d)</sup>** | **Bermuda – 0.0%<sup>(d)</sup>** |
| Triton Container International Ltd., 3.15%, 6/15/31<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39394** |
| **Brazil – 2.6%** | **Brazil – 2.6%** | **Brazil – 2.6%** | **Brazil – 2.6%** |
| Acu Petroleo Luxembourg S.a.r.l., 7.50%, 1/13/32<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;248470 | &nbsp;&nbsp;&nbsp;&nbsp;233870 |
| Brazil Minas SPE via State of Minas Gerais, 5.33%, 2/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;117300 |
| Brazil Notas do Tesouro Nacional, Serie B, 6.00%, 8/15/50 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;236173 |
| Brazil Notas do Tesouro Nacional, Serie F, |  |  |  |
| &nbsp;&nbsp;10.00%, 1/01/25 | BRL | &nbsp;&nbsp;9549000 | &nbsp;&nbsp;&nbsp;1795387 |
| &nbsp;&nbsp;10.00%, 1/01/27 | BRL | &nbsp;&nbsp;5055000 | &nbsp;&nbsp;&nbsp;&nbsp;914480 |
| &nbsp;&nbsp;10.00%, 1/01/29 | BRL | &nbsp;&nbsp;2057000 | &nbsp;&nbsp;&nbsp;&nbsp;358256 |
| Brazilian Government International Bond, 3.75%, 9/12/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;214540 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** |
| CSN Resources S.A., 4.63%, 6/10/31<sup>(b)</sup> | $200000 | &nbsp;&nbsp;$168362 |
| Globo Comunicacao e Participacoes S.A., 5.50%, 1/14/32<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;172725 |
| MC Brazil Downstream Trading S.a.r.l., 7.25%, 6/30/31<sup>(b)</sup> | &nbsp;&nbsp;193251 | &nbsp;&nbsp;&nbsp;&nbsp;168570 |
| MV24 Capital B.V., 6.75%, 6/01/34<sup>(b)</sup> | &nbsp;&nbsp;171300 | &nbsp;&nbsp;&nbsp;&nbsp;163420 |
|  |  | &nbsp;&nbsp;&nbsp;**4543083** |
| **Canada – 1.6%** | **Canada – 1.6%** | **Canada – 1.6%** |
| 1011778 B.C. ULC/New Red Finance, Inc., 3.88%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;287904 |
| Algonquin Power & Utilities Corp., (5Y US Treasury CMT + 3.25%), 4.75%, 1/18/82<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67600 |
| Bank of Montreal, 3.70%, 6/07/25 | &nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66395 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;5.25%, 12/06/24 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62489 |
| &nbsp;&nbsp;2/01/30<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44085 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 2.05%), 4.59%, 5/04/37<sup>(h)</sup> | &nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;183843 |
| Baytex Energy Corp., 8.75%, 4/01/27<sup>(b)</sup> | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;170740 |
| Bombardier, Inc., |  |  |
| &nbsp;&nbsp;7.13%, 6/15/26<sup>(b)</sup> | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;379092 |
| &nbsp;&nbsp;6.00%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33193 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54247 |
| Enbridge, Inc., |  |  |
| &nbsp;&nbsp;(5Y US Treasury CMT + 3.71%), 7.38%, 1/15/83<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49084 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 4.42%), 7.63%, 1/15/83<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50518 |
| GFL Environmental, Inc., 4.00%, 8/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71020 |
| Intact Financial Corp., 5.46%, 9/22/32<sup>(b)</sup> | &nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;154203 |
| MEG Energy Corp., 5.88%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28650 |
| Nutrien Ltd., |  |  |
| &nbsp;&nbsp;5.95%, 11/07/25 | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24720 |
| &nbsp;&nbsp;2.95%, 5/13/30 | &nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;159704 |
| &nbsp;&nbsp;4.13%, 3/15/35 | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28185 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Open Text Corp., |  |  |  |
| &nbsp;&nbsp;6.90%, 12/01/27<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;$130000 | &nbsp;&nbsp;$133088 |
| &nbsp;&nbsp;3.88%, 12/01/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;162172 |
| Parkland Corp., 5.88%, 7/15/27<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91134 |
| Precision Drilling Corp., |  |  |  |
| &nbsp;&nbsp;7.13%, 1/15/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 |
| &nbsp;&nbsp;6.88%, 1/15/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62611 |
| Rogers Communications, Inc., |  |  |  |
| &nbsp;&nbsp;3.80%, 3/15/32<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22503 |
| &nbsp;&nbsp;4.55%, 3/15/52<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25217 |
| Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;3.63%, 5/04/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13533 |
| &nbsp;&nbsp;4.24%, 8/03/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25638 |
| Strathcona Resources Ltd., 6.88%, 8/01/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;106563 |
| Telesat Canada/Telesat LLC, 5.63%, 12/06/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36950 |
| Toronto-Dominion Bank (The), |  |  |  |
| &nbsp;&nbsp;2.80%, 3/10/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39405 |
| &nbsp;&nbsp;4.11%, 6/08/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;109189 |
|  |  |  | &nbsp;&nbsp;&nbsp;**2748623** |
| **Chile – 1.1%** | **Chile – 1.1%** | **Chile – 1.1%** | **Chile – 1.1%** |
| Bonos de la Tesoreria de la Republica en pesos, |  |  |  |
| &nbsp;&nbsp;4.50%, 3/01/26 | CLP | &nbsp;&nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96312 |
| &nbsp;&nbsp;5.00%, 10/01/28<sup>(b)</sup> | CLP | &nbsp;&nbsp;&nbsp;95000000 | &nbsp;&nbsp;&nbsp;&nbsp;116562 |
| &nbsp;&nbsp;4.70%, 9/01/30<sup>(b)</sup> | CLP | &nbsp;&nbsp;420000000 | &nbsp;&nbsp;&nbsp;&nbsp;502820 |
| &nbsp;&nbsp;5.00%, 3/01/35 | CLP | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;120516 |
| Chile Government International Bond, |  |  |  |
| &nbsp;&nbsp;2.55%, 1/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;329817 |
| &nbsp;&nbsp;2.55%, 7/27/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;162880 |
| &nbsp;&nbsp;3.50%, 1/31/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;530482 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1859389** |
| **China – 2.1%** | **China – 2.1%** | **China – 2.1%** | **China – 2.1%** |
| Agile Group Holdings Ltd., 6.05%, 10/13/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;118465 |
| Agricultural Development Bank of China, 2.25%, 4/22/25 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;292211 |
| China Evergrande Group, 8.75%, 6/28/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 |
| China Government Bond, |  |  |  |
| &nbsp;&nbsp;3.22%, 12/06/25 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;4670000 | &nbsp;&nbsp;&nbsp;&nbsp;706512 |
| &nbsp;&nbsp;2.85%, 6/04/27 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;551301 |
| &nbsp;&nbsp;3.28%, 12/03/27 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;495601 |
| &nbsp;&nbsp;2.75%, 6/15/29 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;4280000 | &nbsp;&nbsp;&nbsp;&nbsp;630255 |
| &nbsp;&nbsp;3.27%, 11/19/30 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;2860000 | &nbsp;&nbsp;&nbsp;&nbsp;439006 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **China (Continued)** | **China (Continued)** | **China (Continued)** | **China (Continued)** |
| Global Aircraft Leasing Co. Ltd., 6.50%, 9/15/24<sup>(b)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92718 | &nbsp;&nbsp;&nbsp;&nbsp;$84613 |
| Kaisa Group Holdings Ltd., 9.38%, 6/30/24<sup>(i)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., |  |  |  |
| &nbsp;&nbsp;5.00%, 1/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76478 |
| &nbsp;&nbsp;3.13%, 2/15/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16534 |
| &nbsp;&nbsp;3.25%, 11/30/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37548 |
| Sunac China Holdings Ltd., 6.50%, 1/26/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56693 |
| Times China Holdings Ltd., 6.20%, 3/22/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41201 |
| Yuzhou Group Holdings Co. Ltd., 6.35%, 1/13/27<sup>(i)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29750 |
| Zhenro Properties Group Ltd., 6.63%, 1/07/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17394 |
|  |  |  | &nbsp;&nbsp;&nbsp;**3652162** |
| **Colombia – 2.1%** | **Colombia – 2.1%** | **Colombia – 2.1%** | **Colombia – 2.1%** |
| Colombia Government International Bond, |  |  |  |
| &nbsp;&nbsp;8.00%, 4/20/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;204818 |
| &nbsp;&nbsp;2/02/34<sup>(j)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;592924 |
| &nbsp;&nbsp;4.13%, 2/22/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;321656 |
| Colombian TES, |  |  |  |
| &nbsp;&nbsp;7.50%, 8/26/26 | COP | &nbsp;&nbsp;1737800000 | &nbsp;&nbsp;&nbsp;&nbsp;326204 |
| &nbsp;&nbsp;5.75%, 11/03/27 | COP | &nbsp;&nbsp;3423000000 | &nbsp;&nbsp;&nbsp;&nbsp;574572 |
| &nbsp;&nbsp;6.00%, 4/28/28 | COP | &nbsp;&nbsp;1425600000 | &nbsp;&nbsp;&nbsp;&nbsp;237037 |
| &nbsp;&nbsp;7.75%, 9/18/30 | COP | &nbsp;&nbsp;1823700000 | &nbsp;&nbsp;&nbsp;&nbsp;308277 |
| &nbsp;&nbsp;7.00%, 6/30/32 | COP | &nbsp;&nbsp;3035500000 | &nbsp;&nbsp;&nbsp;&nbsp;466333 |
| Ecopetrol S.A., 8.88%, 1/13/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;292324 |
| Gran Tierra Energy International Holdings Ltd., 6.25%, 2/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;178847 |
| Multibank, Inc., 7.75%, 2/03/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;202800 |
|  |  |  | &nbsp;&nbsp;&nbsp;**3705792** |
| **Czech Republic – 1.1%** | **Czech Republic – 1.1%** | **Czech Republic – 1.1%** | **Czech Republic – 1.1%** |
| Czech Republic Government Bond, |  |  |  |
| &nbsp;&nbsp;1.25%, 2/14/25 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8090000 | &nbsp;&nbsp;&nbsp;&nbsp;340493 |
| &nbsp;&nbsp;1.00%, 6/26/26 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;261146 |
| &nbsp;&nbsp;2.75%, 7/23/29 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230000 | &nbsp;&nbsp;&nbsp;&nbsp;335356 |
| &nbsp;&nbsp;0.95%, 5/15/30 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8670000 | &nbsp;&nbsp;&nbsp;&nbsp;307165 |
| &nbsp;&nbsp;1.75%, 6/23/32 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5220000 | &nbsp;&nbsp;&nbsp;&nbsp;188552 |
| &nbsp;&nbsp;2.00%, 10/13/33 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;14740000 | &nbsp;&nbsp;&nbsp;&nbsp;528750 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1961462** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Dominican Republic – 0.8%** | **Dominican Republic – 0.8%** | **Dominican Republic – 0.8%** |
| Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;5.50%, 2/22/29<sup>(b)</sup> | $475000 | &nbsp;&nbsp;$446817 |
| &nbsp;&nbsp;4.50%, 1/30/30<sup>(b)</sup> | &nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;307914 |
| &nbsp;&nbsp;4.88%, 9/23/32<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;127693 |
| &nbsp;&nbsp;5.30%, 1/21/41<sup>(b)</sup> | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;328140 |
| &nbsp;&nbsp;5.88%, 1/30/60 | &nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;203552 |
|  |  | &nbsp;&nbsp;&nbsp;**1414116** |
| **Ecuador – 0.3%** | **Ecuador – 0.3%** | **Ecuador – 0.3%** |
| Ecuador Government International Bond, |  |  |
| &nbsp;&nbsp;(Step to 6.00% on 7/31/23), 5.50%, 7/31/30<sup>(k)</sup> | &nbsp;&nbsp;725610 | &nbsp;&nbsp;&nbsp;&nbsp;481992 |
| &nbsp;&nbsp;(Step to 3.50% on 7/31/23), 2.50%, 7/31/35<sup>(b)(k)</sup> | &nbsp;&nbsp;120291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**540529** |
| **Egypt – 0.6%** | **Egypt – 0.6%** | **Egypt – 0.6%** |
| Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;7.05%, 1/15/32<sup>(b)</sup> | &nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;607176 |
| &nbsp;&nbsp;7.30%, 9/30/33 | &nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;477607 |
|  |  | &nbsp;&nbsp;&nbsp;**1084783** |
| **El Salvador – 0.2%** | **El Salvador – 0.2%** | **El Salvador – 0.2%** |
| El Salvador Government International Bond, |  |  |
| &nbsp;&nbsp;6.38%, 1/18/27 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;126007 |
| &nbsp;&nbsp;8.25%, 4/10/32 | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;107100 |
| &nbsp;&nbsp;7.12%, 1/20/50 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;138846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**371953** |
| **France – 0.4%** | **France – 0.4%** | **France – 0.4%** |
| Altice France S.A., 5.13%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;227290 |
| BPCE S.A., (SOFR + 1.09%), 2.05%, 10/19/27<sup>(b)(h)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;221209 |
| Orange S.A., 9.00%, 3/01/31 | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46805 |
| TotalEnergies Capital International S.A., |  |  |
| &nbsp;&nbsp;2.83%, 1/10/30 | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42767 |
| &nbsp;&nbsp;2.99%, 6/29/41 | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25506 |
| XLIT Ltd., 5.50%, 3/31/45 | &nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;107777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**671354** |
| **Gabon – 0.1%** | **Gabon – 0.1%** | **Gabon – 0.1%** |
| Gabon Government International Bond, 6.63%, 2/06/31 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**168886** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| Deutsche Bank A.G., (5Y USD Swap Rate + 2.55%), 4.88%, 12/01/32<sup>(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;$400000 | &nbsp;&nbsp;**$356622** |
| **Guatemala – 0.2%** | **Guatemala – 0.2%** | **Guatemala – 0.2%** | **Guatemala – 0.2%** |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;105632 |
| Guatemala Government Bond, 3.70%, 10/07/33<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;168593 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**274225** |
| **Hungary – 1.5%** | **Hungary – 1.5%** | **Hungary – 1.5%** | **Hungary – 1.5%** |
| Hungary Government Bond, |  |  |  |
| &nbsp;&nbsp;3.00%, 6/26/24 | HUF | &nbsp;&nbsp;299510000 | &nbsp;&nbsp;&nbsp;&nbsp;740870 |
| &nbsp;&nbsp;2.50%, 10/24/24 | HUF | &nbsp;&nbsp;133550000 | &nbsp;&nbsp;&nbsp;&nbsp;319004 |
| &nbsp;&nbsp;1.00%, 11/26/25 | HUF | &nbsp;&nbsp;&nbsp;39680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86717 |
| &nbsp;&nbsp;3.00%, 10/27/27 | HUF | &nbsp;&nbsp;&nbsp;62670000 | &nbsp;&nbsp;&nbsp;&nbsp;134896 |
| &nbsp;&nbsp;3.25%, 10/22/31 | HUF | &nbsp;&nbsp;&nbsp;91050000 | &nbsp;&nbsp;&nbsp;&nbsp;180298 |
| &nbsp;&nbsp;4.75%, 11/24/32 | HUF | &nbsp;&nbsp;&nbsp;71320000 | &nbsp;&nbsp;&nbsp;&nbsp;155959 |
| &nbsp;&nbsp;3.00%, 10/27/38 | HUF | &nbsp;&nbsp;&nbsp;23570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38071 |
| Hungary Government International Bond, |  |  |  |
| &nbsp;&nbsp;6.13%, 5/22/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;206783 |
| &nbsp;&nbsp;5.25%, 6/16/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;393600 |
| &nbsp;&nbsp;5.50%, 6/16/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;197055 |
| &nbsp;&nbsp;3.13%, 9/21/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;126448 |
|  |  |  | &nbsp;&nbsp;&nbsp;**2579701** |
| **India – 0.5%** | **India – 0.5%** | **India – 0.5%** | **India – 0.5%** |
| Adani Green Energy Ltd., 4.38%, 9/08/24 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;155973 |
| Clean Renewable Power Mauritius Pte. Ltd., 4.25%, 3/25/27<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;169960 |
| India Airport Infra, 6.25%, 10/25/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;237500 |
| India Green Power Holdings, 4.00%, 2/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;217748 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**781181** |
| **Indonesia – 3.4%** | **Indonesia – 3.4%** | **Indonesia – 3.4%** | **Indonesia – 3.4%** |
| Freeport Indonesia PT, |  |  |  |
| &nbsp;&nbsp;5.32%, 4/14/32<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;380048 |
| &nbsp;&nbsp;6.20%, 4/14/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;185000 |
| Indonesia Asahan Aluminium Persero PT, |  |  |  |
| &nbsp;&nbsp;4.75%, 5/15/25<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;396617 |
| &nbsp;&nbsp;5.45%, 5/15/30<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;298593 |
| Indonesia Government International Bond, 5.65%, 1/11/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;209927 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** |
| Indonesia Treasury Bond, |  |  |  |
| &nbsp;&nbsp;8.38%, 9/15/26 | IDR | $5700000000 | &nbsp;&nbsp;$406700 |
| &nbsp;&nbsp;6.13%, 5/15/28 | IDR | 12593000000 | &nbsp;&nbsp;&nbsp;&nbsp;828396 |
| &nbsp;&nbsp;9.00%, 3/15/29 | IDR | &nbsp;&nbsp;&nbsp;9247000000 | &nbsp;&nbsp;&nbsp;&nbsp;694711 |
| &nbsp;&nbsp;7.00%, 9/15/30 | IDR | &nbsp;&nbsp;&nbsp;7666000000 | &nbsp;&nbsp;&nbsp;&nbsp;521881 |
| &nbsp;&nbsp;6.38%, 4/15/32 | IDR | &nbsp;&nbsp;&nbsp;3817000000 | &nbsp;&nbsp;&nbsp;&nbsp;249549 |
| &nbsp;&nbsp;7.50%, 8/15/32 | IDR | &nbsp;&nbsp;&nbsp;5944000000 | &nbsp;&nbsp;&nbsp;&nbsp;417948 |
| &nbsp;&nbsp;8.38%, 3/15/34 | IDR | &nbsp;&nbsp;&nbsp;3453000000 | &nbsp;&nbsp;&nbsp;&nbsp;257489 |
| &nbsp;&nbsp;7.50%, 6/15/35 | IDR | &nbsp;&nbsp;&nbsp;4715000000 | &nbsp;&nbsp;&nbsp;&nbsp;331591 |
| Perusahaan Penerbit SBSN Indonesia III, |  |  |  |
| &nbsp;&nbsp;4.40%, 6/06/27<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;199485 |
| &nbsp;&nbsp;2.55%, 6/09/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;172700 |
| &nbsp;&nbsp;4.70%, 6/06/32<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;200300 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.88%, 7/17/49 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;163396 |
|  |  |  | &nbsp;&nbsp;&nbsp;**5914331** |
| **Iraq – 0.1%** | **Iraq – 0.1%** | **Iraq – 0.1%** | **Iraq – 0.1%** |
| Iraq International Bond, 5.80%, 1/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;**162634** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| Avolon Holdings Funding Ltd., |  |  |  |
| &nbsp;&nbsp;2.13%, 2/21/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59935 |
| &nbsp;&nbsp;4.38%, 5/01/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38966 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98901** |
| **Israel – 1.1%** | **Israel – 1.1%** | **Israel – 1.1%** | **Israel – 1.1%** |
| Bank Leumi Le-Israel B.M., (5Y US Treasury CMT + 3.47%), 7.13%, 7/18/33<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;413800 |
| Energean Israel Finance Ltd., |  |  |  |
| &nbsp;&nbsp;4.88%, 3/30/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89602 |
| &nbsp;&nbsp;5.38%, 3/30/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;138664 |
| &nbsp;&nbsp;5.88%, 3/30/31<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;158597 |
| Leviathan Bond Ltd., 6.75%, 6/30/30<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83139 |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, 2/01/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55503 |
| Teva Pharmaceutical Finance Netherlands III B.V., |  |  |  |
| &nbsp;&nbsp;3.15%, 10/01/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;448590 |
| &nbsp;&nbsp;4.10%, 10/01/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787000 | &nbsp;&nbsp;&nbsp;&nbsp;539619 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1927514** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** |
| Intesa Sanpaolo S.p.A., 5.71%, 1/15/26<sup>(b)</sup> |  | $200000 | $196532 |
| Telecom Italia Capital S.A., |  |  |  |
| &nbsp;&nbsp;6.38%, 11/15/33 |  | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;59516 |
| &nbsp;&nbsp;6.00%, 9/30/34 |  | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8024 |
| &nbsp;&nbsp;7.20%, 7/18/36 |  | &nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;50123 |
| UniCredit S.p.A., (5Y US Treasury CMT + 4.75%), 5.46%, 6/30/35<sup>(b)(h)</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;174972 |
|  |  |  | &nbsp;&nbsp;&nbsp;**489167** |
| **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** |
| Ivory Coast Government International Bond, |  |  |  |
| &nbsp;&nbsp;4.88%, 1/30/32<sup>(b)</sup> | EUR | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;171248 |
| &nbsp;&nbsp;6.88%, 10/17/40<sup>(b)</sup> | EUR | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;230158 |
|  |  |  | &nbsp;&nbsp;&nbsp;**401406** |
| **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** |
| Mitsubishi UFJ Financial Group, Inc., 1.41%, 7/17/25 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;183110 |
| SoftBank Group Corp., 4.63%, 7/06/28 |  | &nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;547946 |
| Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;203214 |
|  |  |  | &nbsp;&nbsp;&nbsp;**934270** |
| **Jordan – 0.1%** | **Jordan – 0.1%** | **Jordan – 0.1%** | **Jordan – 0.1%** |
| Jordan Government International Bond, 7.75%, 1/15/28<sup>(b)</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;**206540** |
| **Kazakhstan – 0.5%** | **Kazakhstan – 0.5%** | **Kazakhstan – 0.5%** | **Kazakhstan – 0.5%** |
| KazMunayGas National Co. JSC, |  |  |  |
| &nbsp;&nbsp;4.75%, 4/19/27<sup>(b)</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;185660 |
| &nbsp;&nbsp;3.50%, 4/14/33<sup>(b)</sup> |  | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;246203 |
| &nbsp;&nbsp;5.75%, 4/19/47 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;160372 |
| Tengizchevroil Finance Co. International Ltd., |  |  |  |
| &nbsp;&nbsp;4.00%, 8/15/26 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;178432 |
| &nbsp;&nbsp;3.25%, 8/15/30 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;154264 |
|  |  |  | &nbsp;&nbsp;&nbsp;**924931** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| Altice Financing S.A., 5.00%, 1/15/28<sup>(b)</sup> |  | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;**204070** |
| **Macau – 0.5%** | **Macau – 0.5%** | **Macau – 0.5%** | **Macau – 0.5%** |
| Sands China Ltd., |  |  |  |
| &nbsp;&nbsp;5.90%, 8/08/28 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;196495 |
| &nbsp;&nbsp;3.35%, 3/08/29 |  | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8555 |
| &nbsp;&nbsp;4.88%, 6/18/30 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;364404 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Macau (Continued)** | **Macau (Continued)** | **Macau (Continued)** | **Macau (Continued)** |
| Studio City Finance Ltd., 5.00%, 1/15/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;$162441 |
| Wynn Macau Ltd., 5.13%, 12/15/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;166750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**898645** |
| **Malaysia – 2.2%** | **Malaysia – 2.2%** | **Malaysia – 2.2%** | **Malaysia – 2.2%** |
| Malaysia Government Bond, |  |  |  |
| &nbsp;&nbsp;4.18%, 7/15/24 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37091 |
| &nbsp;&nbsp;3.96%, 9/15/25 | MYR | &nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;408719 |
| &nbsp;&nbsp;3.90%, 11/30/26 | MYR | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;237704 |
| &nbsp;&nbsp;3.90%, 11/16/27 | MYR | &nbsp;&nbsp;&nbsp;2685000 | &nbsp;&nbsp;&nbsp;&nbsp;638159 |
| &nbsp;&nbsp;3.73%, 6/15/28 | MYR | &nbsp;&nbsp;&nbsp;2174000 | &nbsp;&nbsp;&nbsp;&nbsp;516747 |
| &nbsp;&nbsp;3.89%, 8/15/29 | MYR | &nbsp;&nbsp;&nbsp;3048000 | &nbsp;&nbsp;&nbsp;&nbsp;720462 |
| &nbsp;&nbsp;3.58%, 7/15/32 | MYR | &nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;451777 |
| &nbsp;&nbsp;4.76%, 4/07/37 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;789000 | &nbsp;&nbsp;&nbsp;&nbsp;197797 |
| &nbsp;&nbsp;3.76%, 5/22/40 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp;173251 |
| Malaysia Government Investment Issue, 3.47%, 10/15/30 | MYR | &nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;392398 |
|  |  |  | &nbsp;&nbsp;&nbsp;**3774105** |
| **Mexico – 4.5%** | **Mexico – 4.5%** | **Mexico – 4.5%** | **Mexico – 4.5%** |
| Cemex S.A.B. de C.V., |  |  |  |
| &nbsp;&nbsp;(5Y US Treasury CMT + 4.53%), 5.13%, 6/08/26<sup>(b)(g)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;368080 |
| &nbsp;&nbsp;3.88%, 7/11/31<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;413148 |
| Comision Federal de Electricidad, |  |  |  |
| &nbsp;&nbsp;4.69%, 5/15/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;368500 |
| &nbsp;&nbsp;6.26%, 2/15/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;173400 |
| Electricidad Firme de Mexico Holdings S.A. de C.V., 4.90%, 11/20/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;179791 |
| Mexican Bonos, |  |  |  |
| &nbsp;&nbsp;10.00%, 12/05/24 | MXN | &nbsp;&nbsp;12391600 | &nbsp;&nbsp;&nbsp;&nbsp;660112 |
| &nbsp;&nbsp;5.00%, 3/06/25 | MXN | &nbsp;&nbsp;12960600 | &nbsp;&nbsp;&nbsp;&nbsp;624508 |
| &nbsp;&nbsp;5.75%, 3/05/26 | MXN | &nbsp;&nbsp;13387900 | &nbsp;&nbsp;&nbsp;&nbsp;644767 |
| &nbsp;&nbsp;8.50%, 5/31/29 | MXN | &nbsp;&nbsp;15406300 | &nbsp;&nbsp;&nbsp;&nbsp;811628 |
| &nbsp;&nbsp;7.75%, 5/29/31 | MXN | &nbsp;&nbsp;15396300 | &nbsp;&nbsp;&nbsp;&nbsp;773597 |
| &nbsp;&nbsp;10.00%, 11/20/36 | MXN | &nbsp;&nbsp;&nbsp;1346500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79253 |
| &nbsp;&nbsp;8.50%, 11/18/38 | MXN | &nbsp;&nbsp;13050000 | &nbsp;&nbsp;&nbsp;&nbsp;678485 |
| Mexico Government International Bond, |  |  |  |
| &nbsp;&nbsp;3.50%, 2/12/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;168072 |
| &nbsp;&nbsp;3.77%, 5/24/61 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;170058 |
| Petroleos Mexicanos, |  |  |  |
| &nbsp;&nbsp;6.49%, 1/23/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;516456 |
| &nbsp;&nbsp;5.35%, 2/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86310 |
| &nbsp;&nbsp;6.84%, 1/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;&nbsp;&nbsp;515053 |
| &nbsp;&nbsp;5.95%, 1/28/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;245767 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** |
| Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;6.70%, 2/16/32 | $250000 | &nbsp;&nbsp;$207516 |
| &nbsp;&nbsp;6.63%, 6/15/35 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70654 |
|  |  | &nbsp;&nbsp;&nbsp;**7755155** |
| **Morocco – 0.1%** | **Morocco – 0.1%** | **Morocco – 0.1%** |
| Morocco Government International Bond, 4.00%, 12/15/50 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**137980** |
| **Mozambique – 0.1%** | **Mozambique – 0.1%** | **Mozambique – 0.1%** |
| Mozambique International Bond, (Step to 9.00% on 9/15/23), 5.00%, 9/15/31<sup>(k)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**161152** |
| **Netherlands – 0.4%** | **Netherlands – 0.4%** | **Netherlands – 0.4%** |
| Cooperatieve Rabobank U.A., (1Y US Treasury CMT + 1.75%), 4.66%, 8/22/28<sup>(b)(h)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;247536 |
| Shell International Finance B.V., |  |  |
| &nbsp;&nbsp;4.13%, 5/11/35 | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30022 |
| &nbsp;&nbsp;2.88%, 11/26/41 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22506 |
| &nbsp;&nbsp;4.00%, 5/10/46 | &nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97023 |
| &nbsp;&nbsp;3.00%, 11/26/51 | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45588 |
| UPC Broadband Finco B.V., 4.88%, 7/15/31<sup>(b)</sup> | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;193549 |
| Ziggo Bond Co. B.V., 6.00%, 1/15/27<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;141867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**778091** |
| **Nigeria – 0.5%** | **Nigeria – 0.5%** | **Nigeria – 0.5%** |
| IHS Netherlands Holdco B.V., 8.00%, 9/18/27 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;181030 |
| Nigeria Government International Bond, |  |  |
| &nbsp;&nbsp;7.38%, 9/28/33 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;430652 |
| &nbsp;&nbsp;7.70%, 2/23/38<sup>(b)</sup> | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;270075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**881757** |
| **Oman – 0.8%** | **Oman – 0.8%** | **Oman – 0.8%** |
| Lamar Funding Ltd., 3.96%, 5/07/25 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;192186 |
| Oman Government International Bond, |  |  |
| &nbsp;&nbsp;6.00%, 8/01/29 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;205402 |
| &nbsp;&nbsp;6.50%, 3/08/47 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;192012 |
| &nbsp;&nbsp;6.75%, 1/17/48 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;197699 |
| OmGrid Funding Ltd., 5.20%, 5/16/27 | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;284834 |
| OQ SAOC, 5.13%, 5/06/28 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;241347 |
|  |  | &nbsp;&nbsp;&nbsp;**1313480** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Pakistan – 0.1%** | **Pakistan – 0.1%** | **Pakistan – 0.1%** | **Pakistan – 0.1%** |
| Pakistan Government International Bond, |  |  |  |
| &nbsp;&nbsp;6.00%, 4/08/26<sup>(b)</sup> |  | &nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp;$86000 |
| &nbsp;&nbsp;6.88%, 12/05/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;144050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**230050** |
| **Panama – 0.8%** | **Panama – 0.8%** | **Panama – 0.8%** | **Panama – 0.8%** |
| Panama Government International Bond, |  |  |  |
| &nbsp;&nbsp;2.25%, 9/29/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;153008 |
| &nbsp;&nbsp;6.40%, 2/14/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;685353 |
| &nbsp;&nbsp;6.70%, 1/26/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;377827 |
| &nbsp;&nbsp;4.50%, 4/16/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;156511 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1372699** |
| **Paraguay – 0.2%** | **Paraguay – 0.2%** | **Paraguay – 0.2%** | **Paraguay – 0.2%** |
| Paraguay Government International Bond, 3.85%, 6/28/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;**263063** |
| **Peru – 0.8%** | **Peru – 0.8%** | **Peru – 0.8%** | **Peru – 0.8%** |
| Peru Government Bond, |  |  |  |
| &nbsp;&nbsp;5.94%, 2/12/29 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87554 |
| &nbsp;&nbsp;6.15%, 8/12/32 | PEN | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;261859 |
| Peruvian Government International Bond, |  |  |  |
| &nbsp;&nbsp;8.20%, 8/12/26 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68145 |
| &nbsp;&nbsp;6.35%, 8/12/28 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;164515 |
| &nbsp;&nbsp;2.78%, 1/23/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;287787 |
| &nbsp;&nbsp;1.86%, 12/01/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;149418 |
| &nbsp;&nbsp;3.00%, 1/15/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;377445 |
| Volcan Cia Minera S.A.A., 4.38%, 2/11/26<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30927 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1427650** |
| **Philippines – 0.5%** | **Philippines – 0.5%** | **Philippines – 0.5%** | **Philippines – 0.5%** |
| Philippine Government International Bond, |  |  |  |
| &nbsp;&nbsp;3.56%, 9/29/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;369316 |
| &nbsp;&nbsp;3.20%, 7/06/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;261798 |
| &nbsp;&nbsp;5.95%, 10/13/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;218807 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**849921** |
| **Poland – 1.1%** | **Poland – 1.1%** | **Poland – 1.1%** | **Poland – 1.1%** |
| Republic of Poland Government Bond, |  |  |  |
| &nbsp;&nbsp;2.25%, 10/25/24 | PLN | &nbsp;&nbsp;1994000 | &nbsp;&nbsp;&nbsp;&nbsp;432846 |
| &nbsp;&nbsp;0.75%, 4/25/25 | PLN | &nbsp;&nbsp;1501000 | &nbsp;&nbsp;&nbsp;&nbsp;310426 |
| &nbsp;&nbsp;2.50%, 7/25/26 | PLN | &nbsp;&nbsp;1668000 | &nbsp;&nbsp;&nbsp;&nbsp;343566 |
| &nbsp;&nbsp;2.50%, 7/25/27 | PLN | &nbsp;&nbsp;1659000 | &nbsp;&nbsp;&nbsp;&nbsp;332837 |
| &nbsp;&nbsp;2.75%, 10/25/29 | PLN | &nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;193427 |
| &nbsp;&nbsp;1.25%, 10/25/30 | PLN | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;158548 |
| &nbsp;&nbsp;1.75%, 4/25/32 | PLN | &nbsp;&nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp;159433 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1931083** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **Qatar – 0.4%** | **Qatar – 0.4%** | **Qatar – 0.4%** | **Qatar – 0.4%** |
| Qatar Energy, 3.13%, 7/12/41<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;$925000 | &nbsp;&nbsp;**$732036** |
| **Romania – 1.3%** | **Romania – 1.3%** | **Romania – 1.3%** | **Romania – 1.3%** |
| Romania Government Bond, |  |  |  |
| &nbsp;&nbsp;3.25%, 4/29/24 | RON | &nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;281637 |
| &nbsp;&nbsp;4.75%, 2/24/25 | RON | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76215 |
| &nbsp;&nbsp;3.25%, 6/24/26 | RON | &nbsp;&nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp;&nbsp;440881 |
| &nbsp;&nbsp;5.00%, 2/12/29 | RON | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91964 |
| &nbsp;&nbsp;6.70%, 2/25/32 | RON | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;125084 |
| Romanian Government International Bond, |  |  |  |
| &nbsp;&nbsp;6.63%, 2/17/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;176035 |
| &nbsp;&nbsp;7.13%, 1/17/33<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;295400 |
| &nbsp;&nbsp;6.00%, 5/25/34<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;195900 |
| &nbsp;&nbsp;7.63%, 1/17/53<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;603555 |
|  |  |  | &nbsp;&nbsp;&nbsp;**2286671** |
| **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** |
| Gaci First Investment Co., 5.38%, 10/13/22 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;579692 |
| Saudi Government International Bond, |  |  |  |
| &nbsp;&nbsp;5.50%, 10/25/32<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;428520 |
| &nbsp;&nbsp;4.88%, 7/18/33<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;305250 |
| &nbsp;&nbsp;4.63%, 10/04/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;182237 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1495699** |
| **Senegal – 0.2%** | **Senegal – 0.2%** | **Senegal – 0.2%** | **Senegal – 0.2%** |
| Senegal Government International Bond, |  |  |  |
| &nbsp;&nbsp;5.38%, 6/08/37<sup>(b)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;229801 |
| &nbsp;&nbsp;6.75%, 3/13/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;150198 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**379999** |
| **Serbia – 0.2%** | **Serbia – 0.2%** | **Serbia – 0.2%** | **Serbia – 0.2%** |
| Serbia International Bond, |  |  |  |
| &nbsp;&nbsp;6.25%, 5/26/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;203000 |
| &nbsp;&nbsp;6.50%, 9/26/33<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;200380 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**403380** |
| **South Africa – 2.7%** | **South Africa – 2.7%** | **South Africa – 2.7%** | **South Africa – 2.7%** |
| Eskom Holdings SOC Ltd., |  |  |  |
| &nbsp;&nbsp;7.13%, 2/11/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;408225 |
| &nbsp;&nbsp;6.35%, 8/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;287586 |
| Republic of South Africa Government Bond, |  |  |  |
| &nbsp;&nbsp;10.50%, 12/21/26 | ZAR | &nbsp;&nbsp;&nbsp;3654517 | &nbsp;&nbsp;&nbsp;&nbsp;227009 |
| &nbsp;&nbsp;8.00%, 1/31/30 | ZAR | &nbsp;&nbsp;12895956 | &nbsp;&nbsp;&nbsp;&nbsp;679932 |
| &nbsp;&nbsp;7.00%, 2/28/31 | ZAR | &nbsp;&nbsp;12825574 | &nbsp;&nbsp;&nbsp;&nbsp;614026 |
| &nbsp;&nbsp;8.25%, 3/31/32 | ZAR | &nbsp;&nbsp;&nbsp;5040321 | &nbsp;&nbsp;&nbsp;&nbsp;255176 |
| &nbsp;&nbsp;8.88%, 2/28/35 | ZAR | &nbsp;&nbsp;16384022 | &nbsp;&nbsp;&nbsp;&nbsp;815036 |
| &nbsp;&nbsp;6.25%, 3/31/36 | ZAR | &nbsp;&nbsp;&nbsp;3350467 | &nbsp;&nbsp;&nbsp;&nbsp;130132 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>** | **Value** |
| **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** |
| Republic of South Africa Government Bond, |  |  |  |
| &nbsp;&nbsp;8.50%, 1/31/37 | ZAR | $15024445 | &nbsp;&nbsp;$701924 |
| Republic of South Africa Government International Bond, |  |  |  |
| &nbsp;&nbsp;4.85%, 9/30/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;182149 |
| &nbsp;&nbsp;5.65%, 9/27/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;247855 |
| Transnet SOC Ltd., 8.25%, 2/06/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;199944 |
|  |  |  | &nbsp;&nbsp;&nbsp;**4748994** |
| **South Korea – 0.4%** | **South Korea – 0.4%** | **South Korea – 0.4%** | **South Korea – 0.4%** |
| POSCO, 5.75%, 1/17/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;206442 |
| SK Hynix, Inc., 6.38%, 1/17/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;406077 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**612519** |
| **Spain – 0.0%<sup>(d)</sup>** | **Spain – 0.0%<sup>(d)</sup>** | **Spain – 0.0%<sup>(d)</sup>** | **Spain – 0.0%<sup>(d)</sup>** |
| Iberdrola International B.V., 5.81%, 3/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33603** |
| **Sri Lanka – 0.1%** | **Sri Lanka – 0.1%** | **Sri Lanka – 0.1%** | **Sri Lanka – 0.1%** |
| Sri Lanka Government International Bond, |  |  |  |
| &nbsp;&nbsp;6.20%, 5/11/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93204 |
| &nbsp;&nbsp;6.75%, 4/18/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;135460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**228664** |
| **Switzerland – 0.4%** | **Switzerland – 0.4%** | **Switzerland – 0.4%** | **Switzerland – 0.4%** |
| Credit Suisse Group A.G., (SOFR + 3.34%), 6.37%, 7/15/26<sup>(b)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;242735 |
| UBS A.G., 5.13%, 5/15/24 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;198410 |
| UBS Group A.G., (5Y US Treasury CMT + 4.86%), 5.13%, 7/29/26<sup>(g)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;190250 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**631395** |
| **Tanzania, United Republic of – 0.1%** | **Tanzania, United Republic of – 0.1%** | **Tanzania, United Republic of – 0.1%** | **Tanzania, United Republic of – 0.1%** |
| HTA Group Ltd., 7.00%, 12/18/25<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;**239700** |
| **Thailand – 1.7%** | **Thailand – 1.7%** | **Thailand – 1.7%** | **Thailand – 1.7%** |
| Thailand Government Bond, |  |  |  |
| &nbsp;&nbsp;0.75%, 6/17/24 | THB | &nbsp;&nbsp;11998000 | &nbsp;&nbsp;&nbsp;&nbsp;358837 |
| &nbsp;&nbsp;2.13%, 12/17/26 | THB | &nbsp;&nbsp;&nbsp;9883000 | &nbsp;&nbsp;&nbsp;&nbsp;301372 |
| &nbsp;&nbsp;2.88%, 12/17/28 | THB | &nbsp;&nbsp;29638000 | &nbsp;&nbsp;&nbsp;&nbsp;933492 |
| &nbsp;&nbsp;1.60%, 12/17/29 | THB | &nbsp;&nbsp;&nbsp;5919000 | &nbsp;&nbsp;&nbsp;&nbsp;171943 |
| &nbsp;&nbsp;2.00%, 12/17/31 | THB | &nbsp;&nbsp;14849000 | &nbsp;&nbsp;&nbsp;&nbsp;435041 |
| &nbsp;&nbsp;3.78%, 6/25/32 | THB | &nbsp;&nbsp;&nbsp;2316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77783 |
| &nbsp;&nbsp;3.35%, 6/17/33 | THB | &nbsp;&nbsp;&nbsp;4551000 | &nbsp;&nbsp;&nbsp;&nbsp;147986 |
| &nbsp;&nbsp;1.59%, 12/17/35 | THB | &nbsp;&nbsp;&nbsp;7400000 | &nbsp;&nbsp;&nbsp;&nbsp;196277 |
| &nbsp;&nbsp;3.30%, 6/17/38 | THB | &nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;252842 |
|  |  |  | &nbsp;&nbsp;&nbsp;**2875573** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Tunisia – 0.1%** | **Tunisia – 0.1%** | **Tunisia – 0.1%** |
| Tunisian Republic, 5.75%, 1/30/25 | $200000 | &nbsp;&nbsp;**$131757** |
| **Turkey – 1.1%** | **Turkey – 1.1%** | **Turkey – 1.1%** |
| Turkey Government International Bond, |  |  |
| &nbsp;&nbsp;9.88%, 1/15/28 | &nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;666250 |
| &nbsp;&nbsp;5.88%, 6/26/31 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;161452 |
| &nbsp;&nbsp;9.38%, 1/19/33 | &nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;807926 |
| &nbsp;&nbsp;6.88%, 3/17/36 | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;308437 |
|  |  | &nbsp;&nbsp;&nbsp;**1944065** |
| **United Arab Emirates – 0.5%** | **United Arab Emirates – 0.5%** | **United Arab Emirates – 0.5%** |
| Galaxy Pipeline Assets Bidco Ltd., |  |  |
| &nbsp;&nbsp;2.16%, 3/31/34<sup>(b)</sup> | &nbsp;&nbsp;184932 | &nbsp;&nbsp;&nbsp;&nbsp;159568 |
| &nbsp;&nbsp;2.63%, 3/31/36<sup>(b)</sup> | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;449215 |
| &nbsp;&nbsp;2.94%, 9/30/40<sup>(b)</sup> | &nbsp;&nbsp;217469 | &nbsp;&nbsp;&nbsp;&nbsp;177643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**786426** |
| **United Kingdom – 0.9%** | **United Kingdom – 0.9%** | **United Kingdom – 0.9%** |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;2.73%, 3/25/31 | &nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67589 |
| &nbsp;&nbsp;3.98%, 9/25/50 | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73178 |
| BP Capital Markets PLC, 3.28%, 9/19/27 | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60368 |
| Coca-Cola Europacific Partners PLC, 1.50%, 1/15/27<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;176671 |
| HSBC Holdings PLC, (SOFR + 1.73%), 2.01%, 9/22/28<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;172991 |
| Jaguar Land Rover Automotive PLC, 5.50%, 7/15/29<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;159492 |
| Lloyds Banking Group PLC, (1Y US Treasury CMT + 1.00%), 2.44%, 2/05/26<sup>(h)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;188494 |
| LSEGA Financing PLC, 1.38%, 4/06/26<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;179065 |
| Unilever Capital Corp., 2.63%, 8/12/51 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71208 |
| Virgin Media Secured Finance PLC, 5.50%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;231923 |
| Vodafone Group PLC, |  |  |
| &nbsp;&nbsp;5.13%, 6/19/59 | &nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38202 |
| &nbsp;&nbsp;(5Y US Treasury CMT + 3.07%), 5.13%, 6/04/81<sup>(h)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;107625 |
|  |  | &nbsp;&nbsp;&nbsp;**1526806** |
| **Uruguay – 0.2%** | **Uruguay – 0.2%** | **Uruguay – 0.2%** |
| Uruguay Government International Bond, 5.10%, 6/18/50 | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;**378345** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Zambia – 0.4%** | **Zambia – 0.4%** | **Zambia – 0.4%** |
| First Quantum Minerals Ltd., 6.88%, 3/01/26<sup>(b)</sup> | $710000 | &nbsp;&nbsp;&nbsp;&nbsp;**$690439** |
| **Total Foreign Issuer Bonds<br> (Cost $86,829,712)** | **Total Foreign Issuer Bonds<br> (Cost $86,829,712)** | &nbsp;&nbsp;&nbsp;**83375797** |
| **Mortgage-Backed Securities – 0.8%** | **Mortgage-Backed Securities – 0.8%** | **Mortgage-Backed Securities – 0.8%** |
| **Commercial Mortgage-Backed Securities – 0.7%** | **Commercial Mortgage-Backed Securities – 0.7%** | **Commercial Mortgage-Backed Securities – 0.7%** |
| Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class D, 4.94%, 5/10/47<sup>(b)(m)</sup> | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129840 |
| Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.92%, 10/15/45<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86820 |
| GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;Series 2011-GC5, Class C, 5.15%, 8/10/44<sup>(b)(m)</sup> | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156185 |
| &nbsp;&nbsp;Series 2013-GC13, Class C, 4.08%, 7/10/46<sup>(b)(m)</sup> | &nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228018 |
| &nbsp;&nbsp;Series 2014-GC22, Class D, 4.69%, 6/10/47<sup>(b)(m)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44470 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class C, 5.36%, 2/15/46<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93686 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.40%, 8/15/46<sup>(m)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81135 |
| MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.28%, 10/15/30<sup>(b)(m)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73227 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2014-LC16, Class C, 4.46%, 8/15/50 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46591 |
| &nbsp;&nbsp;Series 2016-C36, Class C, 4.13%, 11/15/59<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34711 |
| WFRBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;Series 2011-C3, Class D, 5.38%, 3/15/44<sup>(b)(m)</sup> | &nbsp;&nbsp;172921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64845 |
| &nbsp;&nbsp;Series 2012-C7, Class D, 4.81%, 6/15/45<sup>(b)(m)</sup> | &nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 |
| &nbsp;&nbsp;Series 2012-C10, Class C, 4.33%, 12/15/45<sup>(m)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1265129** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan – 0.1%** | **Whole Loan – 0.1%** | **Whole Loan – 0.1%** |
| PRPM LLC, Series 2022-5, Class A1, (Step to 9.17% on 9/25/25), 6.90%, 9/27/27<sup>(b)(k)</sup> | $122849 | &nbsp;&nbsp;**$123176** |
| **Total Mortgage-Backed Securities<br> (Cost $1,950,996)** | **Total Mortgage-Backed Securities<br> (Cost $1,950,996)** | &nbsp;&nbsp;&nbsp;**1388305** |
| **Term Loans – 0.0%<sup>(c)(d)</sup>** | **Term Loans – 0.0%<sup>(c)(d)</sup>** | **Term Loans – 0.0%<sup>(c)(d)</sup>** |
| **Leisure Facilities & Services – 0.0%<sup>(d)</sup>** | **Leisure Facilities & Services – 0.0%<sup>(d)</sup>** | **Leisure Facilities & Services – 0.0%<sup>(d)</sup>** |
| Carnival Corp., 2021 Incremental Term B Advance, 10/18/28<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14625 |
| Carnival Corp., Initial Advance, 6/30/25<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68800 |
| **Total Term Loans<br> (Cost $84,061)** | **Total Term Loans<br> (Cost $84,061)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83425** |
| **U.S. Government Obligations – 1.6%** | **U.S. Government Obligations – 1.6%** | **U.S. Government Obligations – 1.6%** |
| **U.S. Treasury Bonds – 0.2%** | **U.S. Treasury Bonds – 0.2%** | **U.S. Treasury Bonds – 0.2%** |
| &nbsp;&nbsp;4.00%, 11/15/42 | &nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;262493 |
| &nbsp;&nbsp;3.00%, 8/15/52 | &nbsp;&nbsp;117100 | &nbsp;&nbsp;&nbsp;&nbsp;103615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**366108** |
| **U.S. Treasury Notes – 1.4%** | **U.S. Treasury Notes – 1.4%** | **U.S. Treasury Notes – 1.4%** |
| &nbsp;&nbsp;4.13%, 1/31/25 | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17980 |
| &nbsp;&nbsp;3.88%, 1/15/26 | &nbsp;&nbsp;479300 | &nbsp;&nbsp;&nbsp;&nbsp;479262 |
| &nbsp;&nbsp;2.63%, 5/31/27 | &nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;819264 |
| &nbsp;&nbsp;3.50%, 1/31/28 | &nbsp;&nbsp;996000 | &nbsp;&nbsp;&nbsp;&nbsp;991565 |
| &nbsp;&nbsp;4.13%, 11/15/32 | &nbsp;&nbsp;112300 | &nbsp;&nbsp;&nbsp;&nbsp;118143 |
|  |  | &nbsp;&nbsp;&nbsp;**2426214** |
| **Total U.S. Government Obligations<br> (Cost $2,794,065)** | **Total U.S. Government Obligations<br> (Cost $2,794,065)** | &nbsp;&nbsp;&nbsp;**2792322** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Warrants – 0.0%<sup>(d)</sup>** | **Warrants – 0.0%<sup>(d)</sup>** | **Warrants – 0.0%<sup>(d)</sup>** |
| **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** |
| Mcdermott International Ltd., Class A<sup>(o)\*</sup> | 3868 | 1 |
| Mcdermott International Ltd., Class B<sup>(o)\*</sup> | 4298 | 1 |
| **Total Warrants<br> (Cost $6,000)** | **Total Warrants<br> (Cost $6,000)** | **2** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par<sup>(a)</sup>/Number<br> of Shares** | **Value** |
| **Short-Term Investments – 4.6%** | **Short-Term Investments – 4.6%** | **Short-Term Investments – 4.6%** | **Short-Term Investments – 4.6%** |
| **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** |
| Aviation Capital Group LLC, 3.88%, 5/01/23<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;$48000 | &nbsp;&nbsp;&nbsp;&nbsp;$47711 |
| Delta Air Lines Pass Through Trust, 4.25%, 7/30/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;13294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13172 |
| Entergy Louisiana LLC, 4.05%, 9/01/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962 |
| Entergy Louisiana LLC, 0.62%, 11/17/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44468 |
| Ligado Networks LLC, 15.50%, 11/01/23<sup>(b)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;137322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41969 |
| Mid-America Apartments L.P., 4.30%, 10/15/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29829 |
| NextEra Energy Capital Holdings, Inc., (SOFR Index + 0.40%), 4.73%, 11/03/23<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;150789 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**335900** |
| **Foreign Issuer Bonds – 0.7%** | **Foreign Issuer Bonds – 0.7%** | **Foreign Issuer Bonds – 0.7%** | **Foreign Issuer Bonds – 0.7%** |
| Brazil Letras do Tesouro Nacional, 0.00%, 1/01/24<sup>(e)</sup> | BRL | &nbsp;&nbsp;2155000 | &nbsp;&nbsp;&nbsp;&nbsp;378648 |
| Danone S.A., 2.59%, 11/02/23<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;196154 |
| Fantasia Holdings Group Co. Ltd., 11.88%, 6/01/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33994 |
| Greenko Investment Co., 4.88%, 8/16/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;196000 |
| Romania Government Bond, 4.25%, 6/28/23 | RON | &nbsp;&nbsp;1685000 | &nbsp;&nbsp;&nbsp;&nbsp;368383 |
|  |  |  | &nbsp;&nbsp;&nbsp;**1173179** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** | **Value** |
| **Money Market Fund – 2.1%** | **Money Market Fund – 2.1%** | **Money Market Fund – 2.1%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(p)</sup> | &nbsp;&nbsp;3674933 | &nbsp;&nbsp;&nbsp;**$3674933** |
| **U.S. Government Obligations – 1.6%** | **U.S. Government Obligations – 1.6%** | **U.S. Government Obligations – 1.6%** |
| U.S. Treasury Bill, 4.25%, 3/30/23<sup>(q)</sup> | $1440000 | &nbsp;&nbsp;&nbsp;&nbsp;1429746 |
| U.S. Treasury Notes, 0.13%, 3/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585785 |
| U.S. Treasury Notes, 0.25%, 4/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302285 |
| U.S. Treasury Notes, 0.13%, 9/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2730929** |
| **Total Short-Term Investments<br> (Cost $8,030,960)** | **Total Short-Term Investments<br> (Cost $8,030,960)** | &nbsp;&nbsp;&nbsp;&nbsp;**7914941** |
| **Total Investments – 99.0%<br> (Cost $180,109,152)** | **Total Investments – 99.0%<br> (Cost $180,109,152)** | &nbsp;&nbsp;&nbsp;**171530828** |
| Other Assets less Liabilities – 1.0%<sup>(r)</sup> | Other Assets less Liabilities – 1.0%<sup>(r)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1708376 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$173239204** |

---

*Percentages shown are based on Net Assets.*

<sup>(a)</sup> Par value is in USD unless otherwise indicated.

<sup>(b)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>(c)</sup> Variable rate security. Rate as of January 31, 2023 is disclosed.

<sup>(d)</sup> Amount rounds to less than 0.05%.

<sup>(e)</sup> Zero coupon bond.

<sup>(f)</sup> Restricted security that has been deemed illiquid. At January 31, 2023, the value of these restricted illiquid securities amounted to $303,835 or 0.18% of net assets. Additional information on these restricted illiquid securities is as follows:

---

| | | |
|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** |
| 2020 Cash Mandatory Exchangeable Trust | 5/6/21 | $305140 |
| Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27 | 9/29/20-12/5/22 | &nbsp;&nbsp;&nbsp;&nbsp;47148 |

---

<sup>(g)</sup> Perpetual bond. Maturity date represents next call date.

<sup>(h)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2023 is disclosed.

<sup>(i)</sup> Issuer has defaulted on terms of debt obligation.

<sup>(j)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2023.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

<sup>(k)</sup> Step coupon bond. Rate as of January 31, 2023 is disclosed.

<sup>(l)</sup> Distributions from this security are made via payments in-kind (PIK) unless otherwise noted in the description.

<sup>(m)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2023 is disclosed.

<sup>(n)</sup> Position is unsettled. Contract rate was not determined at January 31, 2023 and does not take effect until settlement date.

<sup>(o)</sup> Investment is valued using significant unobservable inputs (Level 3).

<sup>(p)</sup> 7-day current yield as of January 31, 2023 is disclosed.

<sup>(q)</sup> Discount rate at the time of purchase.

<sup>(r)</sup> Includes appreciation/(depreciation) on forward foreign currency exchange, futures and swap contracts.

\* Non-Income Producing Security

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| 1Y | 1 Year |
| 3M | 3 Month |
| 5Y | 5 Year |
| BRL | Brazilian Real |
| CLO | Collateralized Loan Obligation |
| CLP | Chilean Peso |
| CME | Chicago Mercantile Exchange |
| CMS | Constant Maturity Swap |
| CMT | Constant Maturity |
| CNH | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CP | Commercial Paper |
| CVR | Contingent Value Rights |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JSC | Joint Stock Company |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sole |
| PLC | Public Limited Company |
| PLN | Polish Zloty |
| RON | Romania New Leu |
| S&P | Standards & Poor's |
| SOFR | United States Secured Overnight Financing Rate |
| THB | Thai Baht |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)<sup>(a)</sup>** |  |
| U.S. Dollar | &nbsp;&nbsp;74.2 |
| All other currencies less than 5% | &nbsp;&nbsp;25.8 |
| **Total** | &nbsp;&nbsp;**100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Sector Diversification (%)<sup>(a)</sup>** |  |
| Foreign Issuer Bonds | &nbsp;&nbsp;48.1 |
| Corporate Bonds | &nbsp;&nbsp;41.8 |
| All other sectors less than 5% | &nbsp;&nbsp;10.1 |
| **Total** | &nbsp;&nbsp;**100.0** |
| <sup>(a)</sup>Percentages shown are based on Net Assets. |  |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Contracts** |  |  |  |  |  |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;3907320 | &nbsp;&nbsp;$14316 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1092422 | &nbsp;&nbsp;&nbsp;&nbsp;11840 |
| **Total Long Contracts** |  |  |  |  | &nbsp;&nbsp;**$26156** |
| **Short Contracts** |  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;687094 | &nbsp;&nbsp;$(9703) |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;649375 | &nbsp;&nbsp;&nbsp;&nbsp;(16313) |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp;(16) | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1939250 | &nbsp;&nbsp;&nbsp;&nbsp;(33500) |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp;**$(59516)** |
|  |  |  |  |  | &nbsp;&nbsp;**$(33360)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 02/21/23 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599200 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;$34160 |
| 06/06/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;8169609140 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522621 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21189 |
| 02/07/23 | &nbsp;&nbsp;Czech Republic Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154170 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264877 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16396 |
| 02/07/23 | &nbsp;&nbsp;Czech Republic Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364951 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14089 |
| 03/06/23 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423958 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319154 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8779 |
| 06/06/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;2231073200 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141100 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411 |
| 03/23/23 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612327 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335600 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737 |
| 03/06/23 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626494 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598211 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 |
| 06/06/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;2322882156 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148228 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395 |
| 04/10/23 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545050 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 |
| 04/06/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591536 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642284 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441 |
| 06/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558412 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;8345470975 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 |
| 02/17/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;2607046483 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171833 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 |
| 04/03/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86173 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93091 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
| 02/17/23 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;1382790105 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91267 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |
| 02/17/23 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000064 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211900 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Multisector Bond Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 04/13/23 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143610 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$440 |
| 03/02/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120200 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092502 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp;$138836 |
| 03/23/23 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5924159 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339676 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;$(693) |
| 02/17/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118917 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;1795401325 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767) |
| 02/17/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145375 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;2194435263 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(908) |
| 03/02/23 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092502 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120911 | &nbsp;&nbsp;BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949) |
| 04/03/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92500 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86174 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1552) |
| 06/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289710 | &nbsp;&nbsp;Indonesian Rupiahs | &nbsp;&nbsp;4378093521 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1718) |
| 04/27/23 | &nbsp;&nbsp;Hungarian Forints | &nbsp;&nbsp;&nbsp;&nbsp;134394750 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367500 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3689) |
| 02/07/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185834 | &nbsp;&nbsp;Czech Republic Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183931 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5390) |
| 04/10/23 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28605001 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878324 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5736) |
| 04/06/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631151 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591536 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;(14574) |
| 02/15/23 | &nbsp;&nbsp;Egyptian Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456861 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212909 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;(34305) |
| 02/21/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365548 | &nbsp;&nbsp;Mexican Pesos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599200 | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;(36612) |
| 02/14/23 | &nbsp;&nbsp;Egyptian Pounds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5811755 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228091 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;(37714) |
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp;$(144607) |
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp;&nbsp;**$(5771)** |

---

#### Credit Default Swap Contracts outstanding - Buy Protection as of January 31, 2023:<br> Exchange Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed<br> Deal<br> Pay Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America Investment Grade Index Series 39 (Pay Quarterly) | 1.00% | 12/20/2027 | USD | 2082853 | $(28258) | $(18374) | $(9884) |
| **Total** |  |  |  |  | **$(28258)** | **$(18374)** | **$(9884)** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Multisector Bond Fund<br>

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$450143 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$450143 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84037 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656606 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656606 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301535 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459078 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;72326172 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;72326172 |
| &nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;83375797 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;83375797 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388305 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388305 |
| &nbsp;&nbsp;&nbsp;Term Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83425 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83425 |
| &nbsp;&nbsp;&nbsp;U.S. Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792322 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792322 |
| &nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3674933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240008 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914941 |
| **Total Investments** | &nbsp;&nbsp;$3916513 | &nbsp;&nbsp;$167614313 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$171530828 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;$26156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$26156 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;138836 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;138836 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp;$26156 | &nbsp;&nbsp;$138836 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$164992 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;$(59516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(59516) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(144607) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(144607) |
| &nbsp;&nbsp;&nbsp;Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28258) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28258) |
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp;$(59516) | &nbsp;&nbsp;$(172865) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(232381) |
| **Net Derivative Financial Instruments** | &nbsp;&nbsp;$(33360) | &nbsp;&nbsp;$(34029) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(67389) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar Global Opportunistic Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Common Stocks – 54.2%** | **Common Stocks – 54.2%** | **Common Stocks – 54.2%** |
| **Advertising & Marketing – 1.7%** | **Advertising & Marketing – 1.7%** | **Advertising & Marketing – 1.7%** |
| Dentsu Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;$61197 |
| Omnicom Group, Inc. | &nbsp;&nbsp;40177 | &nbsp;&nbsp;&nbsp;3454820 |
| WPP PLC (United Kingdom) | &nbsp;&nbsp;10954 | &nbsp;&nbsp;&nbsp;&nbsp;127984 |
|  |  | &nbsp;&nbsp;&nbsp;**3644001** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| BAE Systems PLC (United Kingdom) | &nbsp;&nbsp;20325 | &nbsp;&nbsp;&nbsp;&nbsp;**215162** |
| **Apparel & Textile Products – 1.8%** | **Apparel & Textile Products – 1.8%** | **Apparel & Textile Products – 1.8%** |
| Tapestry, Inc. | &nbsp;&nbsp;83943 | &nbsp;&nbsp;&nbsp;**3825283** |
| **Asset Management – 0.5%** | **Asset Management – 0.5%** | **Asset Management – 0.5%** |
| Investor AB, Class B (Sweden) | &nbsp;&nbsp;10174 | &nbsp;&nbsp;&nbsp;&nbsp;197701 |
| Julius Baer Group Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;139193 |
| Kinnevik AB, Class B (Sweden)\* | &nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48381 |
| Schroders PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;6224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36805 |
| St. James's Place PLC (United Kingdom) | &nbsp;&nbsp;13734 | &nbsp;&nbsp;&nbsp;&nbsp;208259 |
| UBS Group A.G. (Switzerland)<sup>(a)</sup> | &nbsp;&nbsp;18146 | &nbsp;&nbsp;&nbsp;&nbsp;387333 |
|  |  | &nbsp;&nbsp;&nbsp;**1017672** |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| Bridgestone Corp. (Japan) | &nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;209066 |
| Denso Corp. (Japan) | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;108011 |
| Honda Motor Co. Ltd. (Japan) | &nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;316627 |
| Nissan Motor Co. Ltd. (Japan) | &nbsp;&nbsp;31100 | &nbsp;&nbsp;&nbsp;&nbsp;111741 |
| Stanley Electric Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;126975 |
| Sumitomo Electric Industries Ltd. (Japan) | &nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68492 |
| Toyota Motor Corp. (Japan) | &nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp;622675 |
|  |  | &nbsp;&nbsp;&nbsp;**1563587** |
| **Banking – 3.1%** | **Banking – 3.1%** | **Banking – 3.1%** |
| ABN AMRO Bank N.V. - CVA (Netherlands)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;6108 | &nbsp;&nbsp;&nbsp;&nbsp;101378 |
| Banco Bilbao Vizcaya Argentaria S.A. (Spain) | &nbsp;&nbsp;31883 | &nbsp;&nbsp;&nbsp;&nbsp;225214 |
| Banco Santander S.A. (Spain) | 101628 | &nbsp;&nbsp;&nbsp;&nbsp;355184 |
| Barclays PLC (United Kingdom) | 165048 | &nbsp;&nbsp;&nbsp;&nbsp;379411 |
| BNP Paribas S.A. (France) | &nbsp;&nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp;499249 |
| CaixaBank S.A. (Spain) | &nbsp;&nbsp;24977 | &nbsp;&nbsp;&nbsp;&nbsp;110822 |
| DNB Bank ASA (Norway) | &nbsp;&nbsp;&nbsp;4323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80838 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Erste Group Bank A.G. (Austria) | &nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;$126885 |
| HSBC Holdings PLC (United Kingdom) | 198151 | &nbsp;&nbsp;&nbsp;1460046 |
| ING Groep N.V. (Netherlands) | &nbsp;&nbsp;26185 | &nbsp;&nbsp;&nbsp;&nbsp;379166 |
| Intesa Sanpaolo S.p.A. (Italy) | &nbsp;&nbsp;69012 | &nbsp;&nbsp;&nbsp;&nbsp;181451 |
| KBC Group N.V. (Belgium) | &nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97250 |
| Lloyds Banking Group PLC (United Kingdom) | 877298 | &nbsp;&nbsp;&nbsp;&nbsp;570942 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;225606 |
| Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76540 |
| NatWest Group PLC (United Kingdom) | &nbsp;&nbsp;72658 | &nbsp;&nbsp;&nbsp;&nbsp;277196 |
| Nordea Bank Abp (Finland) | &nbsp;&nbsp;15095 | &nbsp;&nbsp;&nbsp;&nbsp;176467 |
| Resona Holdings, Inc. (Japan) | &nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69172 |
| Skandinaviska Enskilda Banken AB, Class A (Sweden) | &nbsp;&nbsp;&nbsp;9939 | &nbsp;&nbsp;&nbsp;&nbsp;120320 |
| Standard Chartered PLC (United Kingdom) | &nbsp;&nbsp;30461 | &nbsp;&nbsp;&nbsp;&nbsp;255861 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;391150 |
| Sumitomo Mitsui Trust Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;182143 |
| Svenska Handelsbanken AB, Class A (Sweden) | &nbsp;&nbsp;12493 | &nbsp;&nbsp;&nbsp;&nbsp;130277 |
| Swedbank AB, Class A (Sweden) | &nbsp;&nbsp;&nbsp;8143 | &nbsp;&nbsp;&nbsp;&nbsp;156642 |
| UniCredit S.p.A. (Italy) | &nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp;126191 |
|  |  | &nbsp;&nbsp;&nbsp;**6755401** |
| **Beverages – 0.6%** | **Beverages – 0.6%** | **Beverages – 0.6%** |
| Anheuser-Busch InBev S.A./N.V. (Belgium) | &nbsp;&nbsp;&nbsp;8939 | &nbsp;&nbsp;&nbsp;&nbsp;539574 |
| Asahi Group Holdings Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69347 |
| Diageo PLC (United Kingdom) | &nbsp;&nbsp;10966 | &nbsp;&nbsp;&nbsp;&nbsp;479500 |
| Kirin Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;154097 |
|  |  | &nbsp;&nbsp;&nbsp;**1242518** |
| **Biotechnology & Pharmaceuticals – 0.9%** | **Biotechnology & Pharmaceuticals – 0.9%** | **Biotechnology & Pharmaceuticals – 0.9%** |
| Astellas Pharma, Inc. (Japan) | &nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp;107457 |
| AstraZeneca PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;6270 | &nbsp;&nbsp;&nbsp;&nbsp;821449 |
| Chugai Pharmaceutical Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;158143 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Global Opportunistic Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Daiichi Sankyo Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;$103643 |
| GSK PLC | &nbsp;&nbsp;20039 | &nbsp;&nbsp;&nbsp;&nbsp;351986 |
| Ono Pharmaceutical Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56416 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;238924 |
|  |  | &nbsp;&nbsp;&nbsp;**1838018** |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| Comcast Corp., Class A | &nbsp;&nbsp;18951 | &nbsp;&nbsp;&nbsp;&nbsp;**745722** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Nitto Denko Corp. (Japan) | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;129275 |
| Shin-Etsu Chemical Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;294846 |
| Toray Industries, Inc. (Japan) | &nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**496621** |
| **Commercial Support Services – 2.8%** | **Commercial Support Services – 2.8%** | **Commercial Support Services – 2.8%** |
| Compass Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;7944 | &nbsp;&nbsp;&nbsp;&nbsp;189766 |
| H&R Block, Inc. | &nbsp;&nbsp;63441 | &nbsp;&nbsp;&nbsp;2472930 |
| Recruit Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;228338 |
| Rentokil Initial PLC (United Kingdom) | &nbsp;&nbsp;14583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88423 |
| Secom Co. Ltd. (Japan) | &nbsp;&nbsp;44015 | &nbsp;&nbsp;&nbsp;2622230 |
| Stericycle, Inc.\* | &nbsp;&nbsp;10502 | &nbsp;&nbsp;&nbsp;&nbsp;565113 |
|  |  | &nbsp;&nbsp;&nbsp;**6166800** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| Hitachi Ltd. (Japan) | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;**157327** |
| **E-Commerce Discretionary – 3.7%** | **E-Commerce Discretionary – 3.7%** | **E-Commerce Discretionary – 3.7%** |
| Alibaba Group Holding Ltd. (China)\* | 235300 | &nbsp;&nbsp;&nbsp;3235062 |
| eBay, Inc. | &nbsp;&nbsp;52079 | &nbsp;&nbsp;&nbsp;2577910 |
| JD.com, Inc., Class A (China) | &nbsp;&nbsp;47050 | &nbsp;&nbsp;&nbsp;1397073 |
| Pinduoduo, Inc. ADR (China)\* | &nbsp;&nbsp;&nbsp;8124 | &nbsp;&nbsp;&nbsp;&nbsp;795990 |
|  |  | &nbsp;&nbsp;&nbsp;**8006035** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| Chubu Electric Power Co., Inc. (Japan) | &nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70012 |
| National Grid PLC (United Kingdom) | 146432 | &nbsp;&nbsp;&nbsp;1861577 |
| SSE PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95453 |
|  |  | &nbsp;&nbsp;&nbsp;**2027042** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Daikin Industries Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;$156325 |
| Mitsubishi Electric Corp. (Japan) | &nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228130 |
| Toshiba Corp. (Japan) | &nbsp;&nbsp;&nbsp;2588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**473344** |
| **Engineering & Construction – 1.7%** | **Engineering & Construction – 1.7%** | **Engineering & Construction – 1.7%** |
| Ferrovial S.A. (Spain) | &nbsp;&nbsp;82438 | &nbsp;&nbsp;&nbsp;&nbsp;2432601 |
| Vinci S.A. (France) | &nbsp;&nbsp;10901 | &nbsp;&nbsp;&nbsp;&nbsp;1231700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3664301** |
| **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139970 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201642 |
| NetEase, Inc. (China) | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816137 |
| Nexon Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77160 |
| Square Enix Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52020 |
| Walt Disney (The) Co.\* | &nbsp;&nbsp;&nbsp;6869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2032147** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Associated British Foods PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;4862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111608 |
| MEIJI Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144404 |
| Yamazaki Baking Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;4586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**309667** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| Osaka Gas Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59706 |
| Severn Trent PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76980 |
| United Utilities Group PLC (United Kingdom) | &nbsp;&nbsp;43821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**710087** |
| **Health Care Facilities & Services – 4.9%** | **Health Care Facilities & Services – 4.9%** | **Health Care Facilities & Services – 4.9%** |
| Alfresa Holdings Corp. (Japan) | &nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67592 |
| CVS Health Corp. | &nbsp;&nbsp;42100 | &nbsp;&nbsp;&nbsp;&nbsp;3714062 |
| DaVita, Inc.\* | &nbsp;&nbsp;14984 | &nbsp;&nbsp;&nbsp;&nbsp;1234532 |
| Fresenius Medical Care A.G. & Co. KGaA (Germany) | &nbsp;&nbsp;89323 | &nbsp;&nbsp;&nbsp;&nbsp;3354497 |
| Pediatrix Medical Group, Inc.\* | 141484 | &nbsp;&nbsp;&nbsp;&nbsp;2171779 |
|  |  | &nbsp;&nbsp;&nbsp;**10542462** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Opportunistic Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Berkeley Group Holdings (The) PLC (United Kingdom) | &nbsp;&nbsp;2092 | &nbsp;&nbsp;$107126 |
| Sekisui House Ltd. (Japan) | &nbsp;&nbsp;2961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**163087** |
| **Household Products – 0.5%** | **Household Products – 0.5%** | **Household Products – 0.5%** |
| Haleon PLC\* | 30310 | &nbsp;&nbsp;&nbsp;&nbsp;121464 |
| Kao Corp. (Japan) | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;181898 |
| Reckitt Benckiser Group PLC (United Kingdom) | &nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp;286326 |
| Unilever PLC (United Kingdom) | 10749 | &nbsp;&nbsp;&nbsp;&nbsp;547115 |
|  |  | &nbsp;&nbsp;&nbsp;**1136803** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| Ferguson PLC | &nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;**104403** |
| **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** |
| Credit Suisse Group A.G. (Switzerland)<sup>(a)</sup> | 11761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40515 |
| Daiwa Securities Group, Inc. (Japan) | 12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59461 |
| Deutsche Boerse A.G. (Germany) | &nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;222962 |
| Japan Exchange Group, Inc. (Japan) | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56627 |
| London Stock Exchange Group PLC (United Kingdom) | &nbsp;&nbsp;4523 | &nbsp;&nbsp;&nbsp;&nbsp;414058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**793623** |
| **Insurance – 1.6%** | **Insurance – 1.6%** | **Insurance – 1.6%** |
| Allianz S.E. (Germany)<sup>(a)</sup> | &nbsp;&nbsp;2412 | &nbsp;&nbsp;&nbsp;&nbsp;576743 |
| Assicurazioni Generali S.p.A. (Italy) | &nbsp;&nbsp;4812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93937 |
| Aviva PLC (United Kingdom) | 34976 | &nbsp;&nbsp;&nbsp;&nbsp;197259 |
| AXA S.A. (France) | 11856 | &nbsp;&nbsp;&nbsp;&nbsp;369896 |
| Dai-ichi Life Holdings, Inc. (Japan) | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;107929 |
| Hannover Rueck S.E. (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;102143 |
| Legal & General Group PLC (United Kingdom) | 81401 | &nbsp;&nbsp;&nbsp;&nbsp;256164 |
| MS&AD Insurance Group Holdings, Inc. (Japan) | &nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;118673 |
| Muenchener Rueckversicherungs-Gesellschaft A.G. (Germany)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp;235869 |
| Prudential PLC (Hong Kong) | 29239 | &nbsp;&nbsp;&nbsp;&nbsp;485808 |
| Sampo OYJ, Class A (Finland) | &nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76492 |
| Sompo Holdings, Inc. (Japan) | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51659 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Swiss Life Holding A.G. (Switzerland)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;$124288 |
| Swiss Re A.G. | &nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173087 |
| Tokio Marine Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113101 |
| Tryg A/S (Denmark) | &nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58219 |
| Zurich Insurance Group A.G. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3545792** |
| **Internet Media & Services – 6.4%** | **Internet Media & Services – 6.4%** | **Internet Media & Services – 6.4%** |
| Alphabet, Inc., Class A\* | &nbsp;&nbsp;30637 | &nbsp;&nbsp;&nbsp;&nbsp;3028161 |
| Alphabet, Inc., Class C\* | &nbsp;&nbsp;12075 | &nbsp;&nbsp;&nbsp;&nbsp;1205930 |
| Baidu, Inc., Class A (China)\* | &nbsp;&nbsp;92200 | &nbsp;&nbsp;&nbsp;&nbsp;1549886 |
| Meituan, Class B (China)<sup>(b)\*</sup> | &nbsp;&nbsp;71070 | &nbsp;&nbsp;&nbsp;&nbsp;1588832 |
| Meta Platforms, Inc., Class A\* | &nbsp;&nbsp;&nbsp;8620 | &nbsp;&nbsp;&nbsp;&nbsp;1284122 |
| Netflix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164899 |
| Tencent Holdings Ltd. (China) | &nbsp;&nbsp;62800 | &nbsp;&nbsp;&nbsp;&nbsp;3060176 |
| Tencent Music Entertainment Group ADR (China)\* | &nbsp;&nbsp;79009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662886 |
| Trip.com Group Ltd. (China)\* | &nbsp;&nbsp;37100 | &nbsp;&nbsp;&nbsp;&nbsp;1364740 |
|  |  | &nbsp;&nbsp;&nbsp;**13909632** |
| **Leisure Facilities & Services – 1.8%** | **Leisure Facilities & Services – 1.8%** | **Leisure Facilities & Services – 1.8%** |
| Entain PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;5705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105204 |
| InterContinental Hotels Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114757 |
| International Game Technology PLC | 141064 | &nbsp;&nbsp;&nbsp;&nbsp;3731143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3951104** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Shimano, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**124835** |
| **Machinery – 0.5%** | **Machinery – 0.5%** | **Machinery – 0.5%** |
| FANUC Corp. (Japan) | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229697 |
| Keyence Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230184 |
| Komatsu Ltd. (Japan) | &nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130245 |
| Nabtesco Corp. (Japan) | &nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71381 |
| SMC Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152373 |
| Smiths Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102637 |
| Sumitomo Heavy Industries Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**978781** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Opportunistic Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Medical Equipment & Devices – 2.9%** | **Medical Equipment & Devices – 2.9%** | **Medical Equipment & Devices – 2.9%** |
| DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;50215 | $1849418 |
| Hoya Corp. (Japan) | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;109972 |
| Medtronic PLC | &nbsp;&nbsp;28607 | &nbsp;&nbsp;&nbsp;2394120 |
| Olympus Corp. (Japan) | &nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90238 |
| Smith & Nephew PLC (United Kingdom) | 139315 | &nbsp;&nbsp;&nbsp;1923988 |
|  |  | &nbsp;&nbsp;&nbsp;**6367736** |
| **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** |
| Anglo American PLC (South Africa) | &nbsp;&nbsp;&nbsp;5128 | &nbsp;&nbsp;&nbsp;&nbsp;221173 |
| Cameco Corp. (Canada) | &nbsp;&nbsp;&nbsp;2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83579 |
| Glencore PLC (Australia) | &nbsp;&nbsp;36668 | &nbsp;&nbsp;&nbsp;&nbsp;245562 |
| Rio Tinto PLC (Australia) | &nbsp;&nbsp;&nbsp;5665 | &nbsp;&nbsp;&nbsp;&nbsp;443577 |
| Sumitomo Metal Mining Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81206 |
|  |  | &nbsp;&nbsp;&nbsp;**1075097** |
| **Oil & Gas Producers – 3.6%** | **Oil & Gas Producers – 3.6%** | **Oil & Gas Producers – 3.6%** |
| BP PLC (United Kingdom) | 220098 | &nbsp;&nbsp;&nbsp;1329448 |
| Canadian Natural Resources Ltd. (Canada) | &nbsp;&nbsp;&nbsp;5518 | &nbsp;&nbsp;&nbsp;&nbsp;338698 |
| Cenovus Energy, Inc. (Canada) | &nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92452 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;187768 |
| China Petroleum & Chemical Corp., Class H (China) | 302250 | &nbsp;&nbsp;&nbsp;&nbsp;163206 |
| Ecopetrol S.A. ADR (Colombia) | &nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39922 |
| ENEOS Holdings, Inc. (Japan) | &nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63011 |
| Eni S.p.A. (Italy) | &nbsp;&nbsp;19125 | &nbsp;&nbsp;&nbsp;&nbsp;294300 |
| Equinor ASA (Norway) | &nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp;&nbsp;&nbsp;165793 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;3866 | &nbsp;&nbsp;&nbsp;&nbsp;448495 |
| Galp Energia SGPS S.A. (Portugal) | &nbsp;&nbsp;&nbsp;5533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75736 |
| Gazprom PJSC (Russia)<sup>(c)</sup> | 100532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Imperial Oil Ltd. (Canada) | &nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62087 |
| Inpex Corp. (Japan) | &nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp;170324 |
| LUKOIL PJSC (Russia)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Neste OYJ (Finland) | &nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp;176247 |
| OMV A.G. (Austria) | &nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62963 |
| Petroleo Brasileiro S.A. ADR (Brazil) | &nbsp;&nbsp;26126 | &nbsp;&nbsp;&nbsp;&nbsp;303062 |
| Repsol S.A. (Spain) | &nbsp;&nbsp;&nbsp;8920 | &nbsp;&nbsp;&nbsp;&nbsp;146527 |
| Rosneft Oil Co. PJSC (Russia)<sup>(c)</sup> | &nbsp;&nbsp;48304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Santos Ltd. (Australia) | &nbsp;&nbsp;12020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61361 |
| Shell PLC (Netherlands) | &nbsp;&nbsp;77772 | &nbsp;&nbsp;&nbsp;2283214 |
| Suncor Energy, Inc. (Canada) | &nbsp;&nbsp;&nbsp;6625 | &nbsp;&nbsp;&nbsp;&nbsp;229937 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| TotalEnergies S.E. (France) | &nbsp;&nbsp;16340 | $1010152 |
| Woodside Energy Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp;5147 | &nbsp;&nbsp;&nbsp;&nbsp;133276 |
|  |  | &nbsp;&nbsp;&nbsp;**7837979** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Informa PLC (United Kingdom) | &nbsp;&nbsp;13082 | &nbsp;&nbsp;&nbsp;&nbsp;**108198** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| Mitsubishi Estate Co. Ltd. (Japan) | &nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;150381 |
| Mitsui Fudosan Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48734 |
| Sumitomo Realty & Development Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**250307** |
| **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** |
| Alibaba Health Information Technology Ltd. (China)<sup>(d)\*</sup> | 756000 | &nbsp;&nbsp;&nbsp;&nbsp;675195 |
| Seven & i Holdings Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;118032 |
| Tesco PLC (United Kingdom) | &nbsp;&nbsp;67939 | &nbsp;&nbsp;&nbsp;&nbsp;206493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**999720** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Fast Retailing Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;121472 |
| Kingfisher PLC (United Kingdom) | &nbsp;&nbsp;33018 | &nbsp;&nbsp;&nbsp;&nbsp;113909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**235381** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Tokyo Electron Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;**174762** |
| **Specialty Finance – 0.0%<sup>(e)</sup>** | **Specialty Finance – 0.0%<sup>(e)</sup>** | **Specialty Finance – 0.0%<sup>(e)</sup>** |
| ORIX Corp. (Japan) | &nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91432** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Mitsui & Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;**230121** |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| Casio Computer Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65124 |
| FUJIFILM Holdings Corp. (Japan) | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;100550 |
| Kyocera Corp. (Japan) | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98594 |
| Murata Manufacturing Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;234276 |
| Nidec Corp. (Japan) | &nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99754 |
| Nintendo Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;286161 |
| Panasonic Holdings Corp. (Japan) | &nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;153011 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Opportunistic Equity Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Sony Group Corp. (Japan) | &nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;$482499 |
| TDK Corp. (Japan) | &nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;157196 |
|  |  | &nbsp;&nbsp;&nbsp;**1677165** |
| **Technology Services – 4.1%** | **Technology Services – 4.1%** | **Technology Services – 4.1%** |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;56149 | &nbsp;&nbsp;&nbsp;3747946 |
| Experian PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;4170 | &nbsp;&nbsp;&nbsp;&nbsp;152495 |
| Fiserv, Inc.\* | &nbsp;&nbsp;22366 | &nbsp;&nbsp;&nbsp;2386005 |
| RELX PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;8272 | &nbsp;&nbsp;&nbsp;&nbsp;245752 |
| Visa, Inc., Class A<sup>(d)</sup> | &nbsp;&nbsp;10597 | &nbsp;&nbsp;&nbsp;2439535 |
|  |  | &nbsp;&nbsp;&nbsp;**8971733** |
| **Telecommunications – 2.1%** | **Telecommunications – 2.1%** | **Telecommunications – 2.1%** |
| BT Group PLC (United Kingdom) | &nbsp;&nbsp;60053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92523 |
| KDDI Corp. (Japan) | &nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;265569 |
| Nippon Telegraph & Telephone Corp. (Japan) | &nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;134935 |
| SES S.A. (United Kingdom) | 337154 | &nbsp;&nbsp;&nbsp;2616358 |
| Softbank Corp. (Japan) | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57211 |
| SoftBank Group Corp. (Japan) | &nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;265116 |
| T-Mobile U.S., Inc.\* | &nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp;270400 |
| Verizon Communications, Inc. | &nbsp;&nbsp;15785 | &nbsp;&nbsp;&nbsp;&nbsp;656183 |
| Vodafone Group PLC (United Kingdom) | 199011 | &nbsp;&nbsp;&nbsp;&nbsp;229622 |
|  |  | &nbsp;&nbsp;&nbsp;**4587917** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| British American Tobacco PLC (United Kingdom) | &nbsp;&nbsp;10257 | &nbsp;&nbsp;&nbsp;&nbsp;393190 |
| Japan Tobacco, Inc. (Japan) | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**466601** |
| **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** |
| East Japan Railway Co. (Japan) | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;211881 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;4361 | &nbsp;&nbsp;&nbsp;1071978 |
| Poste Italiane S.p.A. (Italy)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;7984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85301 |
|  |  | &nbsp;&nbsp;&nbsp;**1369160** |
| **Transportation Equipment – 1.1%** | **Transportation Equipment – 1.1%** | **Transportation Equipment – 1.1%** |
| Knorr-Bremse A.G. (Germany) | &nbsp;&nbsp;37271 | &nbsp;&nbsp;&nbsp;**2449750** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Number<br> of Shares** | **Value** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| ITOCHU Corp. (Japan) |  | &nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;$271503 |
| Mitsubishi Corp. (Japan) |  | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200916 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**472419** |
| **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** |
| Bunzl PLC (United Kingdom) |  | &nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97138** |
| **Total Common Stocks<br> (Cost $109,584,789)** | **Total Common Stocks<br> (Cost $109,584,789)** | **Total Common Stocks<br> (Cost $109,584,789)** | &nbsp;&nbsp;&nbsp;**117603873** |
| **Investment Companies – 40.6%** | **Investment Companies – 40.6%** | **Investment Companies – 40.6%** | **Investment Companies – 40.6%** |
| Franklin FTSE Brazil ETF |  | 267926 | &nbsp;&nbsp;&nbsp;&nbsp;5002178 |
| Invesco KBW Bank ETF<sup>(d)</sup> |  | 196416 | &nbsp;&nbsp;&nbsp;&nbsp;11380343 |
| iShares Core DAX UCITS ETF DE\* | EUR | &nbsp;&nbsp;63140 | &nbsp;&nbsp;&nbsp;&nbsp;8747820 |
| iShares MSCI South Korea ETF<sup>(d)</sup> |  | &nbsp;&nbsp;83267 | &nbsp;&nbsp;&nbsp;&nbsp;5284957 |
| Schwab Fundamental Emerging Markets Large Company Index ETF |  | 435331 | &nbsp;&nbsp;&nbsp;&nbsp;11684284 |
| Vanguard Consumer Staples ETF |  | &nbsp;&nbsp;33819 | &nbsp;&nbsp;&nbsp;&nbsp;6468222 |
| Vanguard Health Care ETF |  | &nbsp;&nbsp;17440 | &nbsp;&nbsp;&nbsp;&nbsp;4291635 |
| Vanguard Total Stock Market ETF<sup>(d)</sup> |  | 172105 | &nbsp;&nbsp;&nbsp;&nbsp;35183425 |
| **Total Investment Companies<br> (Cost $85,180,510)** | **Total Investment Companies<br> (Cost $85,180,510)** | **Total Investment Companies<br> (Cost $85,180,510)** | &nbsp;&nbsp;&nbsp;&nbsp;**88042864** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments – 6.8%** | **Short-Term Investments – 6.8%** | **Short-Term Investments – 6.8%** |
| **Money Market Funds – 6.8%** | **Money Market Funds – 6.8%** | **Money Market Funds – 6.8%** |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares), 4.35%<sup>(f)(g)</sup> | &nbsp;&nbsp;3246837 | &nbsp;&nbsp;&nbsp;&nbsp;3246837 |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(f)</sup> | 11533567 | &nbsp;&nbsp;&nbsp;&nbsp;11533567 |
| **Total Short-Term Investments<br> (Cost $14,780,404)** | **Total Short-Term Investments<br> (Cost $14,780,404)** | &nbsp;&nbsp;&nbsp;&nbsp;**14780404** |
| **Total Investments – 101.6%<br> (Cost $209,545,703)** | **Total Investments – 101.6%<br> (Cost $209,545,703)** | &nbsp;&nbsp;&nbsp;**220427141** |
| Liabilities less Other Assets – (1.6)% | Liabilities less Other Assets – (1.6)% | &nbsp;&nbsp;&nbsp;&nbsp;(3554411) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$216872730** |

---

*Percentages shown are based on Net Assets.*

All securities are United States companies, unless noted otherwise in parentheses. <br> <sup>(a)</sup> Security sold outside United States without registration under the Securities Act of 1933.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Global Opportunistic Equity Fund<br>

<sup>(b)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>(c)</sup> Investment is valued using significant unobservable inputs (Level 3).

<sup>(d)</sup> Security either partially or fully on loan. As of January 31, 2023, the total value of securities on loan is $5,775,873.

<sup>(e)</sup> Amount rounds to less than 0.05%.

<sup>(f)</sup> 7-day current yield as of January 31, 2023 is disclosed.

<sup>(g)</sup> Security purchased with the cash proceeds from securities loaned. As of January 31, 2023, total cash collateral has a value of $3,246,837 and total non-cash collateral has a value of $2,610,500.

\* Non-Income Producing Security

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| ADR | American Depositary Receipt |
| CVA | Credit Valuation Adjustment |
| DAX | Deutscher Aktienindex |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FTSE | Financial Times Stock Exchange |
| MSCI | Morgan Stanley Capital International |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| UCITS | Undertakings for Collective Investment in Transferable Securities |

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)<sup>(a)</sup>** |  |
| U.S. Dollar | &nbsp;&nbsp;59.5 |
| Euro | &nbsp;&nbsp;12.5 |
| British Pound | &nbsp;&nbsp;8.8 |
| Japanese Yen | &nbsp;&nbsp;6.6 |
| Hong Kong Dollar | &nbsp;&nbsp;5.8 |
| All other currencies less than 5% | &nbsp;&nbsp;6.8 |
| **Total** | &nbsp;&nbsp;**100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)<sup>(a)</sup>** |  |
| United States | &nbsp;&nbsp;62.5 |
| United Kingdom | &nbsp;&nbsp;8.1 |
| China | &nbsp;&nbsp;7.1 |
| Japan | &nbsp;&nbsp;6.6 |
| All other countries less than 5% | &nbsp;&nbsp;15.7 |
| **Total** | &nbsp;&nbsp;**100.0** |

---

<sup>(a)</sup> Percentages shown are based on Net Assets.

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Opportunistic Equity Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$49323697 | &nbsp;&nbsp;$68280176 | &nbsp;&nbsp;$—\* | &nbsp;&nbsp;$117603873 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;88042864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;88042864 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;14780404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14780404 |
| **Total Investments** | &nbsp;&nbsp;$152146965 | &nbsp;&nbsp;$68280176 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$220427141 |

---

\*Includes securities determined to have no value as of January 31, 2023.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments
Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Long Positions – 104.0%** | **Long Positions – 104.0%** | **Long Positions – 104.0%** |
| **Asset-Backed Securities – 0.8%** | **Asset-Backed Securities – 0.8%** | **Asset-Backed Securities – 0.8%** |
| **Automobile – 0.4%** | **Automobile – 0.4%** | **Automobile – 0.4%** |
| ACC Auto Trust, Series 2021-A, Class A, 1.08%, 4/15/27<sup>(b)</sup> | $137810 | &nbsp;&nbsp;$136308 |
| Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.75%, 3/10/28 | &nbsp;&nbsp;&nbsp;60719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55707 |
| Drive Auto Receivables Trust, Series 2019-1, Class D, 4.09%, 6/15/26 | &nbsp;&nbsp;269134 | &nbsp;&nbsp;&nbsp;&nbsp;268798 |
| JPMorgan Chase Bank NA - CACLN, |  |  |
| &nbsp;&nbsp;Series 2021-2, Class B, 0.89%, 12/26/28<sup>(b)</sup> | &nbsp;&nbsp;153038 | &nbsp;&nbsp;&nbsp;&nbsp;147167 |
| &nbsp;&nbsp;Series 2021-3, Class B, 0.76%, 2/26/29<sup>(b)</sup> | &nbsp;&nbsp;355890 | &nbsp;&nbsp;&nbsp;&nbsp;338052 |
| Santander Bank NA - SBCLN, Series 2021-1A, Class B, 1.83%, 12/15/31<sup>(b)</sup> | &nbsp;&nbsp;124381 | &nbsp;&nbsp;&nbsp;&nbsp;120263 |
| Santander Drive Auto Receivables Trust, Series 2019-1, Class D, 3.65%, 4/15/25 | &nbsp;&nbsp;&nbsp;76030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75904 |
|  |  | &nbsp;&nbsp;&nbsp;**1142199** |
| **Other – 0.4%** | **Other – 0.4%** | **Other – 0.4%** |
| Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.21%, 7/15/30<sup>(b)</sup> | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;260274 |
| Conn's Receivables Funding LLC, Series 2022-A, Class A, 5.87%, 12/15/26<sup>(b)</sup> | &nbsp;&nbsp;295264 | &nbsp;&nbsp;&nbsp;&nbsp;295153 |
| Upstart Securitization Trust, |  |  |
| &nbsp;&nbsp;Series 2021-1, Class A, 0.87%, 3/20/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 |
| &nbsp;&nbsp;Series 2021-2, Class A, 0.91%, 6/20/31<sup>(b)</sup> | &nbsp;&nbsp;118936 | &nbsp;&nbsp;&nbsp;&nbsp;117524 |
| &nbsp;&nbsp;Series 2021-3, Class A, 0.83%, 7/20/31<sup>(b)</sup> | &nbsp;&nbsp;209159 | &nbsp;&nbsp;&nbsp;&nbsp;205080 |
| &nbsp;&nbsp;Series 2021-4, Class A, 0.84%, 9/20/31<sup>(b)</sup> | &nbsp;&nbsp;242106 | &nbsp;&nbsp;&nbsp;&nbsp;235308 |
| &nbsp;&nbsp;Series 2021-5, Class A, 1.31%, 11/20/31<sup>(b)</sup> | &nbsp;&nbsp;268548 | &nbsp;&nbsp;&nbsp;&nbsp;260981 |
|  |  | &nbsp;&nbsp;&nbsp;**1374802** |
| **Total Asset-Backed Securities<br> (Cost $2,587,145)** | **Total Asset-Backed Securities<br> (Cost $2,587,145)** | &nbsp;&nbsp;&nbsp;**2517001** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Common Stocks – 16.8%** | **Common Stocks – 16.8%** | **Common Stocks – 16.8%** |
| **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** |
| Aerojet Rocketdyne Holdings, Inc.<sup>(c)\*</sup> | 48177 | $2694058 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45652 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45862 |
|  |  | &nbsp;&nbsp;&nbsp;**2785572** |
| **Banking – 0.8%** | **Banking – 0.8%** | **Banking – 0.8%** |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 |
| Credicorp Ltd. (Peru) | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19473 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46380 |
| First Horizon Corp. | 85645 | &nbsp;&nbsp;&nbsp;2118001 |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22533 |
| Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49233 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342 |
|  |  | &nbsp;&nbsp;&nbsp;**2264872** |
| **Beverages – 0.0%<sup>(d)</sup>** | **Beverages – 0.0%<sup>(d)</sup>** | **Beverages – 0.0%<sup>(d)</sup>** |
| Coca-Cola Europacific Partners PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37948** |
| **Biotechnology & Pharmaceuticals – 2.0%** | **Biotechnology & Pharmaceuticals – 2.0%** | **Biotechnology & Pharmaceuticals – 2.0%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42552 |
| Albireo Pharma, Inc.\* | 21904 | &nbsp;&nbsp;&nbsp;&nbsp;978233 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44422 |
| Amryt Pharma PLC ADR (United Kingdom)\* | 26086 | &nbsp;&nbsp;&nbsp;&nbsp;381638 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47513 |
| CinCor Pharma, Inc.\* | 16646 | &nbsp;&nbsp;&nbsp;&nbsp;481569 |
| Concert Pharmaceuticals, Inc.\* | 87913 | &nbsp;&nbsp;&nbsp;&nbsp;733194 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45999 |
| Horizon Pharma PLC<sup>(e)\*</sup> | 23539 | &nbsp;&nbsp;&nbsp;2582699 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42980 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44468 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41820 |
| Swedish Orphan Biovitrum AB (Sweden)\* | 20838 | &nbsp;&nbsp;&nbsp;&nbsp;464699 |
|  |  | &nbsp;&nbsp;&nbsp;**5931786** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| Shaw Communications, Inc., Class B (Canada) | 54801 | &nbsp;&nbsp;&nbsp;**1630994** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Rogers Corp.<sup>(c)\*</sup> | &nbsp;&nbsp;5704 | &nbsp;&nbsp;&nbsp;&nbsp;**796221** |
| **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** |
| Caverion OYJ (Finland) | 71851 | &nbsp;&nbsp;&nbsp;&nbsp;**662397** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Construction Materials – 0.0%<sup>(d)</sup>** | **Construction Materials – 0.0%<sup>(d)</sup>** | **Construction Materials – 0.0%<sup>(d)</sup>** |
| MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;**$12240** |
| **Containers & Packaging – 0.0%<sup>(d)</sup>** | **Containers & Packaging – 0.0%<sup>(d)</sup>** | **Containers & Packaging – 0.0%<sup>(d)</sup>** |
| Amcor PLC | &nbsp;&nbsp;3771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45478 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49084** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7402 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21517 |
| Avangrid, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35634 |
| Brookfield Renewable Corp., Class A | &nbsp;&nbsp;1694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53395 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17630 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46988 |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33029 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13033 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46615 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36149 |
| NorthWestern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45724 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10931 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 |
| PNM Resources, Inc.<sup>(c)</sup> | 49400 | &nbsp;&nbsp;&nbsp;2444312 |
| Southern (The) Co. | &nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45210 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45961 |
|  |  | &nbsp;&nbsp;&nbsp;**2908525** |
| **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** |
| Activision Blizzard, Inc.<sup>(c)(e)</sup> | 35976 | &nbsp;&nbsp;&nbsp;**2754682** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48179 |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43517 |
| Conagra Brands, Inc. | &nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43736 |
| Flowers Foods, Inc. | &nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45384 |
| Hormel Foods Corp. | &nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46262 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 |
| JM Smucker (The) Co. | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45076 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45674 |
| Kraft Heinz (The) Co. | &nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**366007** |
| **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** |
| Resolute Forest Products, Inc.\* | 44100 | &nbsp;&nbsp;&nbsp;&nbsp;**957411** |
| **Gas & Water Utilities – 0.4%** | **Gas & Water Utilities – 0.4%** | **Gas & Water Utilities – 0.4%** |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** |
| South Jersey Industries, Inc. | &nbsp;&nbsp;32271 | $1164660 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
|  |  | &nbsp;&nbsp;&nbsp;**1175254** |
| **Health Care Facilities & Services – 1.2%** | **Health Care Facilities & Services – 1.2%** | **Health Care Facilities & Services – 1.2%** |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45874 |
| LHC Group, Inc.\* | &nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;1760460 |
| Mediclinic International PLC (Switzerland) | &nbsp;&nbsp;98661 | &nbsp;&nbsp;&nbsp;&nbsp;603647 |
| Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44936 |
| Signify Health, Inc., Class A\* | &nbsp;&nbsp;43117 | &nbsp;&nbsp;&nbsp;1227110 |
|  |  | &nbsp;&nbsp;&nbsp;**3682027** |
| **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** |
| iRobot Corp.\* | &nbsp;&nbsp;13609 | &nbsp;&nbsp;&nbsp;&nbsp;**612405** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50447 |
| Ritchie Bros Auctioneers, Inc. (Canada) | &nbsp;&nbsp;&nbsp;5761 | &nbsp;&nbsp;&nbsp;&nbsp;348368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**398815** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48363 |
| Allstate (The) Corp. | &nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43294 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41963 |
| Hartford Financial Services Group (The), Inc. | &nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37563 |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51461 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 |
| TOWER Ltd. (New Zealand) | 173173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74440 |
| Travelers (The) Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47971 |
| Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**382002** |
| **Machinery – 0.7%** | **Machinery – 0.7%** | **Machinery – 0.7%** |
| Altra Industrial Motion Corp. | &nbsp;&nbsp;26720 | &nbsp;&nbsp;&nbsp;1631790 |
| Evoqua Water Technologies Corp.\* | &nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp;497034 |
|  |  | &nbsp;&nbsp;&nbsp;**2128824** |
| **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** | **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** | **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45946** |
| **Metals & Mining – 0.0%<sup>(d)</sup>** | **Metals & Mining – 0.0%<sup>(d)</sup>** | **Metals & Mining – 0.0%<sup>(d)</sup>** |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23660** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Oil & Gas Producers – 0.0%<sup>(d)</sup>** | **Oil & Gas Producers – 0.0%<sup>(d)</sup>** | **Oil & Gas Producers – 0.0%<sup>(d)</sup>** |
| Williams (The) Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;**$25341** |
| **Publishing & Broadcasting – 0.8%** | **Publishing & Broadcasting – 0.8%** | **Publishing & Broadcasting – 0.8%** |
| TEGNA, Inc.<sup>(c)</sup> | 116527 | &nbsp;&nbsp;&nbsp;&nbsp;**2322383** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48202 |
| STORE Capital Corp. | &nbsp;&nbsp;67925 | &nbsp;&nbsp;&nbsp;&nbsp;2187864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2236066** |
| **Retail - Consumer Staples – 0.0%<sup>(d)</sup>** | **Retail - Consumer Staples – 0.0%<sup>(d)</sup>** | **Retail - Consumer Staples – 0.0%<sup>(d)</sup>** |
| Kroger (The) Co. | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21869** |
| **Retail - Discretionary – 0.0%<sup>(d)</sup>** | **Retail - Discretionary – 0.0%<sup>(d)</sup>** | **Retail - Discretionary – 0.0%<sup>(d)</sup>** |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46822** |
| **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** |
| Magnachip Semiconductor Corp. (South Korea)\* | &nbsp;&nbsp;24731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262149 |
| Silicon Motion Technology Corp. ADR (Taiwan)<sup>(c)</sup> | &nbsp;&nbsp;13752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1143652** |
| **Software – 3.4%** | **Software – 3.4%** | **Software – 3.4%** |
| 1Life Healthcare, Inc.<sup>(c)\*</sup> | &nbsp;&nbsp;90304 | &nbsp;&nbsp;&nbsp;&nbsp;1443961 |
| Black Knight, Inc.\* | &nbsp;&nbsp;&nbsp;2266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137297 |
| Coupa Software, Inc.\* | &nbsp;&nbsp;22152 | &nbsp;&nbsp;&nbsp;&nbsp;1770388 |
| Duck Creek Technologies, Inc.\* | &nbsp;&nbsp;75380 | &nbsp;&nbsp;&nbsp;&nbsp;1426943 |
| ForgeRock, Inc., Class A\* | &nbsp;&nbsp;23002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456820 |
| KnowBe4, Inc., Class A\* | &nbsp;&nbsp;35596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885984 |
| Magnet Forensics, Inc. (Canada)\* | &nbsp;&nbsp;21046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695971 |
| Micro Focus International PLC (United Kingdom)<sup>(f)</sup> | &nbsp;&nbsp;81718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535969 |
| Momentive Global, Inc.<sup>(c)(e)\*</sup> | &nbsp;&nbsp;90568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698279 |
| VMware, Inc., Class A<sup>(c)\*</sup> | &nbsp;&nbsp;19161 | &nbsp;&nbsp;&nbsp;&nbsp;2346648 |
|  |  | &nbsp;&nbsp;&nbsp;**10398260** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| Home Capital Group, Inc. (Canada) | &nbsp;&nbsp;14480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**461645** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48816 |
| Maxar Technologies, Inc. | &nbsp;&nbsp;25622 | &nbsp;&nbsp;&nbsp;&nbsp;1323889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1372705** |
| **Technology Services – 0.5%** | **Technology Services – 0.5%** | **Technology Services – 0.5%** |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44865 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Services (Continued)** | **Technology Services (Continued)** | **Technology Services (Continued)** |
| Moneylion, Inc.\* | &nbsp;&nbsp;25132 | &nbsp;&nbsp;&nbsp;&nbsp;$19781 |
| Paya Holdings, Inc.\* | 148166 | &nbsp;&nbsp;&nbsp;&nbsp;1440174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1504820** |
| **Telecommunications – 0.0%<sup>(d)</sup>** | **Telecommunications – 0.0%<sup>(d)</sup>** | **Telecommunications – 0.0%<sup>(d)</sup>** |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49866** |
| **Tobacco & Cannabis – 0.0%<sup>(d)</sup>** | **Tobacco & Cannabis – 0.0%<sup>(d)</sup>** | **Tobacco & Cannabis – 0.0%<sup>(d)</sup>** |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33357** |
| **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** |
| Atlas Air Worldwide Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458208 |
| Atlas Corp. (Canada)<sup>(c)</sup> | &nbsp;&nbsp;79409 | &nbsp;&nbsp;&nbsp;&nbsp;1176047 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1643239** |
| **Total Common Stocks<br> (Cost $52,900,018)** | **Total Common Stocks<br> (Cost $52,900,018)** | &nbsp;&nbsp;&nbsp;**50866697** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** |  |
| **Convertible Bonds – 26.2%** | **Convertible Bonds – 26.2%** | **Convertible Bonds – 26.2%** |
| **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** |
| Magnite, Inc., 0.25%, 3/15/26<sup>(c)</sup> | $1626000 | **1305841** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| Kaman Corp., 3.25%, 5/01/24<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;**566885** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| RWT Holdings, Inc., 5.75%, 10/01/25<sup>(c)</sup> | &nbsp;&nbsp;1073000 | &nbsp;&nbsp;&nbsp;950034 |
| WisdomTree, Inc., 3.25%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;165760 |
|  |  | **1115794** |
| **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** |
| Coherus Biosciences, Inc., 1.50%, 4/15/26<sup>(c)</sup> | &nbsp;&nbsp;1228000 | &nbsp;&nbsp;&nbsp;906207 |
| Halozyme Therapeutics, Inc., 0.25%, 3/01/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;917000 | &nbsp;&nbsp;&nbsp;858541 |
| Insmed, Inc., 0.75%, 6/01/28<sup>(c)</sup> | &nbsp;&nbsp;1031000 | &nbsp;&nbsp;&nbsp;915012 |
| Jazz Investments I Ltd., 1.50%, 8/15/24<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;768000 | &nbsp;&nbsp;&nbsp;754080 |
|  |  | **3433840** |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| Cable One, Inc., 1.13%, 3/15/28<sup>(c)</sup> | &nbsp;&nbsp;1343000 | **1032095** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Consumer Services – 0.8%** | **Consumer Services – 0.8%** | **Consumer Services – 0.8%** |
| Chegg, Inc., 0.00%, 9/01/26<sup>(c)(g)</sup> | $1551000 | $1218466 |
| Stride, Inc., 1.13%, 9/01/27<sup>(c)</sup> | &nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;1164506 |
|  |  | &nbsp;&nbsp;&nbsp;**2382972** |
| **E-Commerce Discretionary – 0.6%** | **E-Commerce Discretionary – 0.6%** | **E-Commerce Discretionary – 0.6%** |
| Etsy, Inc., 0.25%, 6/15/28<sup>(c)</sup> | &nbsp;&nbsp;1023000 | &nbsp;&nbsp;&nbsp;&nbsp;920086 |
| Pinduoduo, Inc., 0.00%, 12/01/23<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;428000 | &nbsp;&nbsp;&nbsp;&nbsp;412592 |
| Wayfair, Inc., 1.00%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;608000 | &nbsp;&nbsp;&nbsp;&nbsp;462080 |
|  |  | &nbsp;&nbsp;&nbsp;**1794758** |
| **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** |
| NRG Energy, Inc., 2.75%, 9/01/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;766000 | &nbsp;&nbsp;&nbsp;&nbsp;**782469** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Mesa Laboratories, Inc., 1.38%, 8/15/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;622000 | &nbsp;&nbsp;&nbsp;&nbsp;**598053** |
| **Food – 0.4%** | **Food – 0.4%** | **Food – 0.4%** |
| Herbalife Nutrition Ltd., 2.63%, 3/15/24 | &nbsp;&nbsp;1149000 | &nbsp;&nbsp;&nbsp;**1076038** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| UpHealth, Inc., |  |  |
| &nbsp;&nbsp;(SOFR + 9.00%), 13.31%, 12/15/25<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;171626 |
| &nbsp;&nbsp;6.25%, 6/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**190766** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| Beauty Health (The) Co., 1.25%, 10/01/26<sup>(b)(c)</sup> | &nbsp;&nbsp;1394000 | &nbsp;&nbsp;&nbsp;**1140466** |
| **Internet Media & Services – 2.2%** | **Internet Media & Services – 2.2%** | **Internet Media & Services – 2.2%** |
| Groupon, Inc., 1.13%, 3/15/26<sup>(c)</sup> | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;593883 |
| iQIYI, Inc., 2.00%, 4/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;378087 |
| JOYY, Inc., 0.75%, 6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;577000 | &nbsp;&nbsp;&nbsp;&nbsp;556805 |
| Liberty TripAdvisor Holdings, Inc., 0.50%, 3/27/25<sup>(b)(c)</sup> | &nbsp;&nbsp;1848000 | &nbsp;&nbsp;&nbsp;1472856 |
| Snap, Inc., 0.00%, 5/01/27<sup>(c)(g)</sup> | &nbsp;&nbsp;1291000 | &nbsp;&nbsp;&nbsp;&nbsp;952758 |
| Upwork, Inc., 0.25%, 8/15/26<sup>(c)</sup> | &nbsp;&nbsp;1498000 | &nbsp;&nbsp;&nbsp;1177877 |
| Ziff Davis, Inc., 1.75%, 11/01/26<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;918000 | &nbsp;&nbsp;&nbsp;&nbsp;969408 |
| Zillow Group, Inc., 2.75%, 5/15/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp;547083 |
|  |  | &nbsp;&nbsp;&nbsp;**6648757** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Leisure Facilities & Services – 1.5%** | **Leisure Facilities & Services – 1.5%** | **Leisure Facilities & Services – 1.5%** |
| Carnival Corp., 5.75%, 12/01/27<sup>(b)(c)</sup> | &nbsp;&nbsp;$450000 | &nbsp;&nbsp;$501300 |
| Cheesecake Factory (The), Inc., 0.38%, 6/15/26<sup>(c)</sup> | &nbsp;&nbsp;1333000 | &nbsp;&nbsp;&nbsp;1158877 |
| Live Nation Entertainment, Inc., 3.13%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp;&nbsp;440797 |
| Marcus (The) Corp., 5.00%, 9/15/25<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;569531 |
| Marriott Vacations Worldwide Corp., 3.25%, 12/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;439620 |
| NCL Corp. Ltd., 2.50%, 2/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1181250 |
| Royal Caribbean Cruises Ltd., 6.00%, 8/15/25<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;419788 |
|  |  | &nbsp;&nbsp;&nbsp;**4711163** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Topgolf Callaway Brands Corp., 2.75%, 5/01/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;383000 | &nbsp;&nbsp;&nbsp;&nbsp;583836 |
| Winnebago Industries, Inc., 1.50%, 4/01/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;426000 | &nbsp;&nbsp;&nbsp;&nbsp;498686 |
|  |  | &nbsp;&nbsp;&nbsp;**1082522** |
| **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** |
| CONMED Corp., 2.25%, 6/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;572000 | &nbsp;&nbsp;&nbsp;&nbsp;544258 |
| Exact Sciences Corp., 0.38%, 3/15/27<sup>(c)</sup> | &nbsp;&nbsp;1499000 | &nbsp;&nbsp;&nbsp;1412807 |
| Haemonetics Corp., 0.00%, 3/01/26<sup>(c)(g)</sup> | &nbsp;&nbsp;1609000 | &nbsp;&nbsp;&nbsp;1372638 |
| Lantheus Holdings, Inc., 2.63%, 12/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;261391 |
|  |  | &nbsp;&nbsp;&nbsp;**3591094** |
| **Oil & Gas Producers – 0.5%** | **Oil & Gas Producers – 0.5%** | **Oil & Gas Producers – 0.5%** |
| Permian Resources Operating LLC, 3.25%, 4/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;658092 |
| Pioneer Natural Resources Co., 0.25%, 5/15/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;823375 |
|  |  | &nbsp;&nbsp;&nbsp;**1481467** |
| **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** |
| Helix Energy Solutions Group, Inc., 6.75%, 2/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;488000 | &nbsp;&nbsp;&nbsp;&nbsp;**681980** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26<sup>(c)</sup> | $1426000 | $1303364 |
| Summit Hotel Properties, Inc., 1.50%, 2/15/26<sup>(c)</sup> | &nbsp;&nbsp;1234000 | &nbsp;&nbsp;&nbsp;1139599 |
|  |  | &nbsp;&nbsp;&nbsp;**2442963** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| Realogy Group LLC/Realogy Co-Issuer Corp., 0.25%, 6/15/26<sup>(c)</sup> | &nbsp;&nbsp;1231000 | &nbsp;&nbsp;&nbsp;&nbsp;**933714** |
| **Renewable Energy – 0.8%** | **Renewable Energy – 0.8%** | **Renewable Energy – 0.8%** |
| Array Technologies, Inc., 1.00%, 12/01/28<sup>(c)</sup> | &nbsp;&nbsp;1041000 | &nbsp;&nbsp;&nbsp;1175081 |
| Sunnova Energy International, Inc., |  |  |
| &nbsp;&nbsp;0.25%, 12/01/26<sup>(c)</sup> | &nbsp;&nbsp;1027000 | &nbsp;&nbsp;&nbsp;&nbsp;827248 |
| &nbsp;&nbsp;2.63%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;434000 | &nbsp;&nbsp;&nbsp;&nbsp;365385 |
|  |  | &nbsp;&nbsp;&nbsp;**2367714** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| Patrick Industries, Inc., 1.75%, 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;841000 | &nbsp;&nbsp;&nbsp;&nbsp;**756900** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| Impinj, Inc., 1.13%, 5/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;615960 |
| MACOM Technology Solutions Holdings, Inc., 0.25%, 3/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp;857592 |
| Semtech Corp., 1.63%, 11/01/27<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp;762584 |
|  |  | &nbsp;&nbsp;&nbsp;**2236136** |
| **Software – 5.4%** | **Software – 5.4%** | **Software – 5.4%** |
| 8x8, Inc., 0.50%, 2/01/24<sup>(c)</sup> | &nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;1110191 |
| Bandwidth, Inc., 0.50%, 4/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;878000 | &nbsp;&nbsp;&nbsp;&nbsp;566310 |
| Bentley Systems, Inc., 0.38%, 7/01/27<sup>(c)</sup> | &nbsp;&nbsp;1321000 | &nbsp;&nbsp;&nbsp;1103035 |
| BigCommerce Holdings, Inc., 0.25%, 10/01/26<sup>(c)</sup> | &nbsp;&nbsp;1619000 | &nbsp;&nbsp;&nbsp;1227364 |
| Blackline, Inc., 0.00%, 3/15/26<sup>(c)(g)</sup> | &nbsp;&nbsp;1306000 | &nbsp;&nbsp;&nbsp;1132139 |
| Ceridian HCM Holding, Inc., 0.25%, 3/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;937000 | &nbsp;&nbsp;&nbsp;&nbsp;850327 |
| Envestnet, Inc., |  |  |
| &nbsp;&nbsp;0.75%, 8/15/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;864000 | &nbsp;&nbsp;&nbsp;&nbsp;803520 |
| &nbsp;&nbsp;2.63%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp;755430 |
| Five9, Inc., 0.50%, 6/01/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp;413691 |
| i3 Verticals LLC, 1.00%, 2/15/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;673000 | &nbsp;&nbsp;&nbsp;&nbsp;655334 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Jamf Holding Corp., 0.13%, 9/01/26 | &nbsp;&nbsp;$709000 | &nbsp;&nbsp;&nbsp;&nbsp;$593078 |
| Kaleyra, Inc., 6.13%, 6/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115474 |
| LivePerson, Inc., 0.00%, 12/15/26<sup>(c)(g)</sup> | &nbsp;&nbsp;1211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902922 |
| Mitek Systems, Inc., 0.75%, 2/01/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678562 |
| NextGen Healthcare, Inc., 3.75%, 11/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468083 |
| Progress Software Corp., 1.00%, 4/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;964000 | &nbsp;&nbsp;&nbsp;&nbsp;1010272 |
| RingCentral, Inc., 0.00%, 3/01/25<sup>(c)(g)</sup> | &nbsp;&nbsp;1498000 | &nbsp;&nbsp;&nbsp;&nbsp;1309814 |
| Splunk, Inc., 1.13%, 6/15/27<sup>(c)</sup> | &nbsp;&nbsp;1098000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944939 |
| Verint Systems, Inc., 0.25%, 4/15/26<sup>(c)</sup> | &nbsp;&nbsp;1102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982846 |
| Workiva, Inc., 1.13%, 8/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611874 |
|  |  | &nbsp;&nbsp;&nbsp;**16235205** |
| **Specialty Finance – 4.0%** | **Specialty Finance – 4.0%** | **Specialty Finance – 4.0%** |
| Arbor Realty Trust, Inc., 7.50%, 8/01/25<sup>(b)</sup> | &nbsp;&nbsp;1269000 | &nbsp;&nbsp;&nbsp;&nbsp;1293745 |
| EZCORP, Inc., 3.75%, 12/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420485 |
| LendingTree, Inc., 0.50%, 7/15/25<sup>(c)</sup> | &nbsp;&nbsp;1786000 | &nbsp;&nbsp;&nbsp;&nbsp;1386829 |
| MFA Financial, Inc., 6.25%, 6/15/24<sup>(c)</sup> | &nbsp;&nbsp;2332000 | &nbsp;&nbsp;&nbsp;&nbsp;2209570 |
| PennyMac Corp., |  |  |
| &nbsp;&nbsp;5.50%, 11/01/24<sup>(c)</sup> | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;1942500 |
| &nbsp;&nbsp;5.50%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837623 |
| Redwood Trust, Inc., 5.63%, 7/15/24 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1182813 |
| SoFi Technologies, Inc., 0.00%, 10/15/26<sup>(b)(c)(g)</sup> | &nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;1460550 |
| Two Harbors Investment Corp., 6.25%, 1/15/26<sup>(c)</sup> | &nbsp;&nbsp;1693000 | &nbsp;&nbsp;&nbsp;&nbsp;1503553 |
|  |  | &nbsp;&nbsp;&nbsp;**12237668** |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| Infinera Corp., 2.13%, 9/01/24<sup>(c)</sup> | &nbsp;&nbsp;1192000 | &nbsp;&nbsp;&nbsp;&nbsp;1208092 |
| Lumentum Holdings, Inc., 0.50%, 12/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494587 |
| Western Digital Corp., 1.50%, 2/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2437079** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Services – 0.6%** | **Technology Services – 0.6%** | **Technology Services – 0.6%** |
| Perficient, Inc., 0.13%, 11/15/26<sup>(c)</sup> | $1466000 | $1186581 |
| Sabre GLBL, Inc., 4.00%, 4/15/25<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;578000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1845154** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| GDS Holdings Ltd., 2.00%, 6/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**570076** |
| **Transportation & Logistics – 0.9%** | **Transportation & Logistics – 0.9%** | **Transportation & Logistics – 0.9%** |
| Air Transport Services Group, Inc., 1.13%, 10/15/24<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;602000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635712 |
| CryoPort, Inc., 0.75%, 12/01/26<sup>(b)(c)</sup> | &nbsp;&nbsp;1341000 | &nbsp;&nbsp;&nbsp;&nbsp;1047723 |
| JetBlue Airways Corp., 0.50%, 4/01/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;837000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661648 |
| Spirit Airlines, Inc., 1.00%, 5/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2782981** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| Greenbrier (The) Cos., Inc., 2.88%, 4/15/28<sup>(c)</sup> | &nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971533 |
| Lightning eMotors, Inc., 7.50%, 5/15/24<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**993478** |
| **Total Convertible Bonds<br> (Cost $81,726,591)** | **Total Convertible Bonds<br> (Cost $81,726,591)** | &nbsp;&nbsp;&nbsp;**79456028** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Convertible Preferred Stocks – 1.6%** | **Convertible Preferred Stocks – 1.6%** | **Convertible Preferred Stocks – 1.6%** |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| AMG Capital Trust II, 5.15%<sup>(c)</sup> | 10807 | **540350** |
| **Banking – 0.2%** | **Banking – 0.2%** | **Banking – 0.2%** |
| New York Community Capital Trust V, 6.00% | 15668 | **703650** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Lyondellbasell Advanced Polymers, Inc., 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;669 | **565974** |
| **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** |
| Fluor Corp., 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;464 | **788800** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| Cowen, Inc., 5.63%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;548 | **839963** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| Ready Capital Corp., 7.00% | 35062 | **876901** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| NCR Corp., (100% Cash), 5.50%<sup>(i)</sup> | 556 | &nbsp;&nbsp;**$648630** |
| **Total Convertible Preferred Stocks<br> (Cost $4,380,237)** | **Total Convertible Preferred Stocks<br> (Cost $4,380,237)** | &nbsp;&nbsp;&nbsp;**4964268** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** |  |
| **Corporate Bonds – 15.2%** | **Corporate Bonds – 15.2%** | **Corporate Bonds – 15.2%** |
| **Advertising & Marketing – 0.0%<sup>(d)</sup>** | **Advertising & Marketing – 0.0%<sup>(d)</sup>** | **Advertising & Marketing – 0.0%<sup>(d)</sup>** |
| Interpublic (The) Group of Cos., Inc, 2.40%, 3/01/31 | &nbsp;&nbsp;&nbsp;$5000 | &nbsp;&nbsp;&nbsp;&nbsp;**4135** |
| **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
| Boeing (The) Co., |  |  |
| &nbsp;&nbsp;1.43%, 2/04/24 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;19276 |
| &nbsp;&nbsp;2.20%, 2/04/26 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;55472 |
| General Dynamics Corp., |  |  |
| &nbsp;&nbsp;3.50%, 4/01/27 | &nbsp;&nbsp;130000 | 126297 |
| &nbsp;&nbsp;3.75%, 5/15/28 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;68096 |
| Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;5.90%, 2/01/27 | &nbsp;&nbsp;125000 | 127187 |
| &nbsp;&nbsp;5.95%, 2/01/37 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;25235 |
| Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;5.10%, 11/15/27 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;41513 |
| &nbsp;&nbsp;3.90%, 6/15/32 | &nbsp;&nbsp;105000 | 101967 |
| &nbsp;&nbsp;5.25%, 1/15/33 | &nbsp;&nbsp;170000 | 181411 |
| TransDigm, Inc., 6.25%, 3/15/26<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;99965 |
|  |  | **846419** |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| Ameriprise Financial, Inc., 3.00%, 4/02/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;96539 |
| Ares Capital Corp., |  |  |
| &nbsp;&nbsp;2.15%, 7/15/26 | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;41946 |
| &nbsp;&nbsp;2.88%, 6/15/27 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;53224 |
| &nbsp;&nbsp;2.88%, 6/15/28 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;33779 |
| Barings BDC, Inc., 3.30%, 11/23/26 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;30857 |
| Blackstone Private Credit Fund, 2.70%, 1/15/25 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;56165 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp;0.75%, 3/18/24 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;28677 |
| &nbsp;&nbsp;1.15%, 5/13/26 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;44945 |
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;35991 |
| FS KKR Capital Corp., |  |  |
| &nbsp;&nbsp;2.63%, 1/15/27 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;90332 |
| &nbsp;&nbsp;3.25%, 7/15/27 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8688 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Golub Capital BDC, Inc., 2.50%, 8/24/26 | $10000 | &nbsp;&nbsp;&nbsp;&nbsp;$8770 |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 2/01/29 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52249 |
| Prospect Capital Corp., 3.36%, 11/15/26 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**634396** |
| **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** |
| American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;2.15%, 9/10/24 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38416 |
| &nbsp;&nbsp;1.20%, 7/08/25 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69084 |
| Ford Motor Co., |  |  |
| &nbsp;&nbsp;9.63%, 4/22/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58855 |
| &nbsp;&nbsp;4.75%, 1/15/43 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19515 |
| &nbsp;&nbsp;5.29%, 12/08/46 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20618 |
| Ford Motor Credit Co. LLC, 3.38%, 11/13/25 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;186250 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;4.35%, 4/09/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78503 |
| &nbsp;&nbsp;2.35%, 2/26/27 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;179492 |
| Lear Corp., 3.80%, 9/15/27 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57226 |
| Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;3.95%, 6/30/25 | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;276290 |
| &nbsp;&nbsp;3.65%, 8/18/25 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;146691 |
| &nbsp;&nbsp;1.13%, 6/18/26 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26911 |
|  |  | &nbsp;&nbsp;&nbsp;**1157851** |
| **Banking – 1.8%** | **Banking – 1.8%** | **Banking – 1.8%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;(SOFR + 0.74%), 0.81%, 10/24/24<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64811 |
| &nbsp;&nbsp;4.00%, 1/22/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49139 |
| &nbsp;&nbsp;(SOFR + 0.69%), 0.98%, 4/22/25<sup>(j)</sup> | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;113714 |
| &nbsp;&nbsp;(SOFR + 0.91%), 0.98%, 9/25/25<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18649 |
| &nbsp;&nbsp;(3M USD LIBOR + 0.81%), 3.37%, 1/23/26<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24141 |
| &nbsp;&nbsp;(SOFR + 1.33%), 3.38%, 4/02/26<sup>(j)</sup> | &nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;672282 |
| &nbsp;&nbsp;(SOFR + 1.15%), 1.32%, 6/19/26<sup>(j)</sup> | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;192342 |
| &nbsp;&nbsp;(SOFR + 1.75%), 4.83%, 7/22/26<sup>(j)</sup> | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;104736 |
| &nbsp;&nbsp;(SOFR + 2.04%), 4.95%, 7/22/28<sup>(j)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;110189 |
| &nbsp;&nbsp;(SOFR + 1.99%), 6.20%, 11/10/28<sup>(j)</sup> | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;131818 |
| &nbsp;&nbsp;(3M USD LIBOR + 0.99%), 2.50%, 2/13/31<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68050 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;(SOFR + 1.22%), 2.65%, 3/11/32<sup>(j)</sup> | $50000 | $42148 |
| &nbsp;&nbsp;(SOFR + 1.21%), 2.57%, 10/20/32<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;24805 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;4.00%, 8/05/24 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;148786 |
| &nbsp;&nbsp;(SOFR + 0.69%), 0.78%, 10/30/24<sup>(j)</sup> | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;435059 |
| &nbsp;&nbsp;(SOFR + 0.67%), 0.98%, 5/01/25<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;80497 |
| &nbsp;&nbsp;(SOFR + 1.37%), 4.14%, 5/24/25<sup>(j)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;108757 |
| &nbsp;&nbsp;(SOFR + 0.77%), 1.46%, 6/09/27<sup>(j)</sup> | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;333943 |
| &nbsp;&nbsp;4.45%, 9/29/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;98111 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;(SOFR + 0.98%), 3.85%, 6/14/25<sup>(j)</sup> | &nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;239730 |
| &nbsp;&nbsp;(SOFR + 0.61%), 1.56%, 12/10/25<sup>(j)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;121769 |
| &nbsp;&nbsp;(SOFR + 0.92%), 2.60%, 2/24/26<sup>(j)</sup> | &nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;311108 |
| &nbsp;&nbsp;(3M CME Term SOFR + 1.59%), 2.01%, 3/13/26<sup>(j)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;282215 |
| &nbsp;&nbsp;(SOFR + 0.80%), 1.05%, 11/19/26<sup>(j)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;161110 |
| &nbsp;&nbsp;(3M CME Term SOFR + 0.70%), 1.04%, 2/04/27<sup>(j)</sup> | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;182548 |
| &nbsp;&nbsp;(SOFR + 0.77%), 1.47%, 9/22/27<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;84161 |
| &nbsp;&nbsp;(SOFR + 1.99%), 4.85%, 7/25/28<sup>(j)</sup> | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;244938 |
| Santander Holdings USA, Inc., (SOFR Index + 1.38%), 4.26%, 6/09/25<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;68485 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;4.00%, 5/01/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49234 |
| &nbsp;&nbsp;(SOFR + 1.46%), 4.26%, 7/28/26<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;88997 |
| U.S. Bancorp, |  |  |
| &nbsp;&nbsp;(SOFR + 1.66%), 4.55%, 7/22/28<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29955 |
| &nbsp;&nbsp;(SOFR + 1.23%), 4.65%, 2/01/29<sup>(j)</sup> | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;189839 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;(SOFR + 0.51%), 0.81%, 5/19/25<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;31235 |
| &nbsp;&nbsp;(SOFR + 1.09%), 2.41%, 10/30/25<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;11456 |
| &nbsp;&nbsp;(SOFR + 1.32%), 3.91%, 4/25/26<sup>(j)</sup> | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;161200 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;(SOFR + 1.51%), 3.53%, 3/24/28<sup>(j)</sup> | $160000 | &nbsp;&nbsp;$152160 |
| &nbsp;&nbsp;(SOFR + 1.98%), 4.81%, 7/25/28<sup>(j)</sup> | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;239489 |
|  |  | &nbsp;&nbsp;&nbsp;**5471606** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Coca-Cola (The) Co., 3.38%, 3/25/27 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;224388 |
| Constellation Brands, Inc., 4.35%, 5/09/27 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64253 |
| Keurig Dr Pepper, Inc., |  |  |
| &nbsp;&nbsp;3.95%, 4/15/29 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;110728 |
| &nbsp;&nbsp;3.20%, 5/01/30 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63267 |
| &nbsp;&nbsp;4.05%, 4/15/32 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52135 |
| PepsiCo, Inc., 3.60%, 2/18/28 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;244289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**759060** |
| **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp;3.85%, 6/15/24 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98772 |
| &nbsp;&nbsp;2.60%, 11/21/24 | &nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;356572 |
| &nbsp;&nbsp;3.80%, 3/15/25 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68656 |
| &nbsp;&nbsp;3.60%, 5/14/25 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;165698 |
| Amgen, Inc., 4.05%, 8/18/29 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14489 |
| Bristol-Myers Squibb Co., 1.45%, 11/13/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40863 |
| Horizon Therapeutics USA, Inc., 5.50%, 8/01/27<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;204250 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;137193 |
| Viatris, Inc., 1.65%, 6/22/25 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27574 |
| Zoetis, Inc., |  |  |
| &nbsp;&nbsp;3.00%, 9/12/27 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;132098 |
| &nbsp;&nbsp;2.00%, 5/15/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84662 |
|  |  | &nbsp;&nbsp;&nbsp;**1330827** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 2.25%, 1/15/29 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12573 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 8/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13587 |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp;5.88%, 11/15/24 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94383 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp;7.75%, 7/01/26 | $50000 | $40608 |
| &nbsp;&nbsp;7.38%, 7/01/28 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;14363 |
| GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;17611 |
| Sirius XM Radio, Inc., |  |  |
| &nbsp;&nbsp;5.50%, 7/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;45920 |
| &nbsp;&nbsp;3.88%, 9/01/31<sup>(b)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;94804 |
|  |  | &nbsp;&nbsp;&nbsp;**333849** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Air Products and Chemicals, Inc., 1.85%, 5/15/27 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;100220 |
| Albemarle Corp., 4.65%, 6/01/27 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;297801 |
| Ashland LLC, 3.38%, 9/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;58100 |
| Chemours (The) Co., 5.38%, 5/15/27 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;46224 |
| EIDP, Inc., 2.30%, 7/15/30 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;51986 |
| FMC Corp., 4.10%, 2/01/24 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29755 |
| PPG Industries, Inc., 1.20%, 3/15/26 | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;148577 |
| Sherwin-Williams (The) Co., |  |  |
| &nbsp;&nbsp;3.13%, 6/01/24 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;43891 |
| &nbsp;&nbsp;4.05%, 8/08/24 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;54375 |
|  |  | &nbsp;&nbsp;&nbsp;**830929** |
| **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** |
| AMN Healthcare, Inc., 4.63%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;13914 |
| ASGN, Inc., 4.63%, 5/15/28<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;91230 |
| Block Financial LLC, 2.50%, 7/15/28 | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;34250 |
| Cintas Corp. No. 2, |  |  |
| &nbsp;&nbsp;3.45%, 5/01/25 | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;131512 |
| &nbsp;&nbsp;3.70%, 4/01/27 | &nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;166739 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49002 |
| Waste Connections, Inc., |  |  |
| &nbsp;&nbsp;2.60%, 2/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4411 |
| &nbsp;&nbsp;3.20%, 6/01/32 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;49322 |
|  |  | &nbsp;&nbsp;&nbsp;**540380** |
| **Construction Materials – 0.0%<sup>(d)</sup>** | **Construction Materials – 0.0%<sup>(d)</sup>** | **Construction Materials – 0.0%<sup>(d)</sup>** |
| Carlisle Cos., Inc., 2.75%, 3/01/30 | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;**31123** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Consumer Services – 0.0%<sup>(d)</sup>** | **Consumer Services – 0.0%<sup>(d)</sup>** | **Consumer Services – 0.0%<sup>(d)</sup>** |
| Service Corp. International, |  |  |
| &nbsp;&nbsp;3.38%, 8/15/30 | $15000 | $12605 |
| &nbsp;&nbsp;4.00%, 5/15/31 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**34467** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 4/30/25<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;195550 |
| Berry Global, Inc., 4.50%, 2/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;43670 |
| Sealed Air Corp., 6.88%, 7/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;62362 |
|  |  | &nbsp;&nbsp;&nbsp;**301582** |
| **E-Commerce Discretionary – 0.0%<sup>(d)</sup>** | **E-Commerce Discretionary – 0.0%<sup>(d)</sup>** | **E-Commerce Discretionary – 0.0%<sup>(d)</sup>** |
| eBay, Inc., 1.90%, 3/11/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;**47218** |
| **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** |
| AEP Texas, Inc., 3.95%, 6/01/28 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48168 |
| Alabama Power Co., 3.05%, 3/15/32 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;31245 |
| Appalachian Power Co., 4.50%, 8/01/32 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19450 |
| Arizona Public Service Co., 2.20%, 12/15/31 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;39723 |
| Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;4.05%, 4/15/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;98741 |
| &nbsp;&nbsp;1.65%, 5/15/31 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20073 |
| Black Hills Corp., |  |  |
| &nbsp;&nbsp;1.04%, 8/23/24 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9394 |
| &nbsp;&nbsp;3.15%, 1/15/27 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18847 |
| Calpine Corp., 4.63%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21727 |
| CenterPoint Energy Houston Electric LLC, 4.45%, 10/01/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;30068 |
| Constellation Energy Generation LLC, 3.25%, 6/01/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48119 |
| Dominion Energy, Inc., 3.38%, 4/01/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;45564 |
| DPL, Inc., 4.35%, 4/15/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;91338 |
| DTE Energy Co., 1.05%, 6/01/25 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;50361 |
| Duke Energy Carolinas LLC, 4.95%, 1/15/33 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;10269 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp;3.75%, 4/15/24 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29602 |
| &nbsp;&nbsp;2.65%, 9/01/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;93509 |
| &nbsp;&nbsp;3.40%, 6/15/29 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;46234 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Duke Energy Progress LLC, 3.40%, 4/01/32 | $20000 | &nbsp;&nbsp;&nbsp;&nbsp;$18306 |
| Entergy Louisiana LLC, 1.60%, 12/15/30 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71652 |
| Eversource Energy, |  |  |
| &nbsp;&nbsp;4.20%, 6/27/24 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84141 |
| &nbsp;&nbsp;2.90%, 10/01/24 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48548 |
| Florida Power & Light Co., 2.45%, 2/03/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25881 |
| Georgia Power Co., 4.70%, 5/15/32 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19940 |
| ITC Holdings Corp., 3.35%, 11/15/27 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85242 |
| National Rural Utilities Cooperative Finance Corp., |  |  |
| &nbsp;&nbsp;1.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75913 |
| &nbsp;&nbsp;2.40%, 3/15/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86200 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;2.94%, 3/21/24 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78374 |
| &nbsp;&nbsp;4.45%, 6/20/25 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;188844 |
| Pacific Gas and Electric Co., 2.50%, 2/01/31 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64548 |
| PG&E Corp., 5.25%, 7/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 |
| PPL Capital Funding, Inc., 3.10%, 5/15/26 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18977 |
| Public Service Co. of Colorado, 4.10%, 6/01/32 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24314 |
| Public Service Enterprise Group, Inc., 1.60%, 8/15/30 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8015 |
| Southern California Edison Co., 2.95%, 2/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137 |
| Union Electric Co., 2.95%, 3/15/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90352 |
| Virginia Electric and Power Co., 2.30%, 11/15/31 | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79917 |
| Vistra Operations Co. LLC, 5.00%, 7/31/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47054 |
| Wisconsin Electric Power Co., 1.70%, 6/15/28 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747 |
| Wisconsin Power and Light Co., 1.95%, 9/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 |
| Xcel Energy, Inc., 4.60%, 6/01/32 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9901 |
|  |  | &nbsp;&nbsp;&nbsp;**1987494** |
| **Electrical Equipment – 0.0%<sup>(d)</sup>** | **Electrical Equipment – 0.0%<sup>(d)</sup>** | **Electrical Equipment – 0.0%<sup>(d)</sup>** |
| Amphenol Corp., 2.05%, 3/01/25 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28366 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** |
| Atkore, Inc., 4.25%, 6/01/31<sup>(b)</sup> | $35000 | $30711 |
| BWX Technologies, Inc., 4.13%, 6/30/28<sup>(b)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;103788 |
|  |  | &nbsp;&nbsp;&nbsp;**162865** |
| **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** | **Engineering & Construction – 0.0%<sup>(d)</sup>** |
| Quanta Services, Inc., |  |  |
| &nbsp;&nbsp;0.95%, 10/01/24 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;79123 |
| &nbsp;&nbsp;2.35%, 1/15/32 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;40016 |
|  |  | &nbsp;&nbsp;&nbsp;**119139** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| Campbell Soup Co., 3.95%, 3/15/25 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;187130 |
| Darling Ingredients, Inc., 5.25%, 4/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24381 |
| General Mills, Inc., |  |  |
| &nbsp;&nbsp;4.00%, 4/17/25 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29537 |
| &nbsp;&nbsp;5.24%, 11/18/25 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;25131 |
| Hershey (The) Co., 0.90%, 6/01/25 | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;40588 |
| Kellogg Co., 3.25%, 4/01/26 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48225 |
| Kraft Heinz Foods Co., 3.88%, 5/15/27 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;155873 |
| Mondelez International, Inc., 2.63%, 3/17/27 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;37228 |
|  |  | &nbsp;&nbsp;&nbsp;**548093** |
| **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** |
| Boise Cascade Co., 4.88%, 7/01/30<sup>(b)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;233819 |
| Louisiana-Pacific Corp., 3.63%, 3/15/29<sup>(b)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;259702 |
|  |  | &nbsp;&nbsp;&nbsp;**493521** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| American Water Capital Corp., 4.45%, 6/01/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29911 |
| AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 5/20/27 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;23563 |
| National Fuel Gas Co., 5.20%, 7/15/25 | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;184760 |
| NiSource, Inc., 0.95%, 8/15/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;91137 |
| ONE Gas, Inc., 4.25%, 9/01/32 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24389 |
| Southwest Gas Corp., 4.05%, 3/15/32 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;41268 |
|  |  | &nbsp;&nbsp;&nbsp;**395028** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** |
| Acadia Healthcare Co., Inc., |  |  |
| &nbsp;&nbsp;5.50%, 7/01/28<sup>(b)</sup> | $75000 | &nbsp;&nbsp;&nbsp;&nbsp;$72254 |
| &nbsp;&nbsp;5.00%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70133 |
| Aetna, Inc., 3.50%, 11/15/24 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39102 |
| AmerisourceBergen Corp., 3.25%, 3/01/25 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72529 |
| Cigna Corp., 1.25%, 3/15/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90102 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp;6.25%, 6/01/27 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85218 |
| &nbsp;&nbsp;1.30%, 8/21/27 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56381 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp;5.25%, 4/15/25 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;115118 |
| &nbsp;&nbsp;3.50%, 9/01/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44816 |
| &nbsp;&nbsp;3.63%, 3/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320 |
| Humana, Inc., |  |  |
| &nbsp;&nbsp;3.85%, 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 |
| &nbsp;&nbsp;4.50%, 4/01/25 | &nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56806 |
| &nbsp;&nbsp;5.75%, 3/01/28 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;135713 |
| Laboratory Corp. of America Holdings, 1.55%, 6/01/26 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36040 |
| McKesson Corp., 0.90%, 12/03/25 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67395 |
| Molina Healthcare, Inc., |  |  |
| &nbsp;&nbsp;4.38%, 6/15/28<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;184710 |
| &nbsp;&nbsp;3.88%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43007 |
| Tenet Healthcare Corp., 6.13%, 10/01/28 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60780 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;3.70%, 5/15/27 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;122916 |
| &nbsp;&nbsp;5.25%, 2/15/28 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;177230 |
| &nbsp;&nbsp;5.30%, 2/15/30 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;410053 |
| &nbsp;&nbsp;2.00%, 5/15/30 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;106674 |
|  |  | &nbsp;&nbsp;&nbsp;**2064236** |
| **Home Construction – 0.0%<sup>(d)</sup>** | **Home Construction – 0.0%<sup>(d)</sup>** | **Home Construction – 0.0%<sup>(d)</sup>** |
| Masco Corp., 3.50%, 11/15/27 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42913 |
| NVR, Inc., 3.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39342 |
| Tri Pointe Homes, Inc., 5.70%, 6/15/28 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**129164** |
| **Household Products – 0.0%<sup>(d)</sup>** | **Household Products – 0.0%<sup>(d)</sup>** | **Household Products – 0.0%<sup>(d)</sup>** |
| Coty, Inc., 5.00%, 4/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47875** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| Williams Scotsman International, Inc., 4.63%, 8/15/28<sup>(b)</sup> | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;**338193** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| Bank of New York Mellon (The) Corp., |  |  |
| &nbsp;&nbsp;0.50%, 4/26/24 | $85000 | &nbsp;&nbsp;&nbsp;&nbsp;$80763 |
| &nbsp;&nbsp;(SOFR + 1.17%), 4.54%, 2/01/29<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49960 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp;(SOFR + 0.51%), 0.66%, 9/10/24<sup>(j)</sup> | &nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;456067 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.20%), 3.27%, 9/29/25<sup>(j)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;145350 |
| &nbsp;&nbsp;(SOFR + 0.61%), 0.86%, 2/12/26<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82481 |
| &nbsp;&nbsp;3.50%, 11/16/26 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48025 |
| &nbsp;&nbsp;(SOFR + 0.79%), 1.09%, 12/09/26<sup>(j)</sup> | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;402253 |
| &nbsp;&nbsp;(SOFR + 0.80%), 1.43%, 3/09/27<sup>(j)</sup> | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98563 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.16%), 3.81%, 4/23/29<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47219 |
| &nbsp;&nbsp;3.80%, 3/15/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46975 |
| &nbsp;&nbsp;(SOFR + 1.09%), 1.99%, 1/27/32<sup>(j)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92047 |
| &nbsp;&nbsp;(SOFR + 1.28%), 2.62%, 4/22/32<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8356 |
| &nbsp;&nbsp;(SOFR + 1.25%), 2.38%, 7/21/32<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61410 |
| Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;3.65%, 5/23/25 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9862 |
| &nbsp;&nbsp;1.85%, 9/15/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23631 |
| LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;4.63%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95164 |
| &nbsp;&nbsp;4.38%, 5/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61293 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;(3M USD LIBOR + 0.85%), 3.74%, 4/24/24<sup>(j)</sup> | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;159436 |
| &nbsp;&nbsp;(SOFR + 0.75%), 0.86%, 10/21/25<sup>(j)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;120478 |
| &nbsp;&nbsp;(SOFR + 1.99%), 2.19%, 4/28/26<sup>(j)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93976 |
| &nbsp;&nbsp;(SOFR + 1.67%), 4.68%, 7/17/26<sup>(j)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;257827 |
| &nbsp;&nbsp;(SOFR + 0.72%), 0.99%, 12/10/26<sup>(j)</sup> | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;320344 |
| &nbsp;&nbsp;(SOFR + 0.88%), 1.59%, 5/04/27<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62861 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.63%), 4.43%, 1/23/30<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48724 |
| &nbsp;&nbsp;(SOFR + 3.12%), 3.62%, 4/01/31<sup>(j)</sup> | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;133374 |
|  |  | &nbsp;&nbsp;&nbsp;**3006439** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| Aflac, Inc., |  |  |
| &nbsp;&nbsp;1.13%, 3/15/26 | $180000 | &nbsp;&nbsp;$162426 |
| &nbsp;&nbsp;3.60%, 4/01/30 | &nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60829 |
| Aon Corp., 2.80%, 5/15/30 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17708 |
| Assurant, Inc., 4.90%, 3/27/28 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;157721 |
| Berkshire Hathaway, Inc., 3.13%, 3/15/26 | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92274 |
| Brown & Brown, Inc., 4.50%, 3/15/29 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86179 |
| Corebridge Financial, Inc., 3.50%, 4/04/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77316 |
| Enstar Group Ltd., 3.10%, 9/01/31 | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;127479 |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;3.88%, 3/15/24 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;197788 |
| &nbsp;&nbsp;4.38%, 3/15/29 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;168135 |
| &nbsp;&nbsp;2.25%, 11/15/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42271 |
| &nbsp;&nbsp;2.38%, 12/15/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83970 |
| Progressive (The) Corp., 2.50%, 3/15/27 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;336204 |
| Willis North America, Inc., 4.65%, 6/15/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98965 |
|  |  | &nbsp;&nbsp;&nbsp;**1709265** |
| **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** |
| Booking Holdings, Inc., 4.63%, 4/13/30 | &nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23091 |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 8/15/27 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;124842 |
| &nbsp;&nbsp;3.85%, 8/15/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27888 |
| Netflix, Inc., |  |  |
| &nbsp;&nbsp;3.63%, 6/15/25<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96250 |
| &nbsp;&nbsp;5.88%, 11/15/28 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51871 |
| &nbsp;&nbsp;6.38%, 5/15/29 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80364 |
| &nbsp;&nbsp;5.38%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76067 |
| Uber Technologies, Inc., 7.50%, 5/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76070 |
| VeriSign, Inc., 4.75%, 7/15/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99133 |
| Ziff Davis, Inc., 4.63%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;170124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**825700** |
| **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** |
| Boyne USA, Inc., 4.75%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 |
| Caesars Entertainment, Inc., 6.25%, 7/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54788 |
| Choice Hotels International, Inc., 3.70%, 12/01/29 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49505 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Hilton Domestic Operating Co., Inc., 4.00%, 5/01/31<sup>(b)</sup> | $50000 | $43325 |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.88%, 7/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;60703 |
| International Game Technology PLC, 5.25%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;191940 |
| Marriott International, Inc., |  |  |
| &nbsp;&nbsp;5.75%, 5/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;9153 |
| &nbsp;&nbsp;5.00%, 10/15/27 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;35322 |
| Marriott Ownership Resorts, Inc., 4.50%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21763 |
| McDonald's Corp., 4.60%, 9/09/32 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;181373 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 5/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8750 |
| Royal Caribbean Cruises Ltd., 11.50%, 6/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;16107 |
| Six Flags Theme Parks, Inc., 7.00%, 7/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;50546 |
| Vail Resorts, Inc., 6.25%, 5/15/25<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;100478 |
| Yum! Brands, Inc., |  |  |
| &nbsp;&nbsp;4.75%, 1/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;46762 |
| &nbsp;&nbsp;4.63%, 1/31/32 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;90984 |
|  |  | &nbsp;&nbsp;&nbsp;**970560** |
| **Leisure Products – 0.0%<sup>(d)</sup>** | **Leisure Products – 0.0%<sup>(d)</sup>** | **Leisure Products – 0.0%<sup>(d)</sup>** |
| Winnebago Industries, Inc., 6.25%, 7/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;**9617** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp;0.45%, 5/17/24 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;179965 |
| &nbsp;&nbsp;3.40%, 5/13/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;78109 |
| &nbsp;&nbsp;3.65%, 8/12/25 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;39221 |
| &nbsp;&nbsp;0.80%, 11/13/25 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;54436 |
| Eaton Corp., 4.15%, 3/15/33 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19341 |
| IDEX Corp., 2.63%, 6/15/31 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;68395 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Machinery (Continued)** | **Machinery (Continued)** | **Machinery (Continued)** |
| John Deere Capital Corp., 3.40%, 6/06/25 | $280000 | $273316 |
| Terex Corp., 5.00%, 5/15/29<sup>(b)</sup> | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;135394 |
|  |  | &nbsp;&nbsp;&nbsp;**848177** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Agilent Technologies, Inc., 2.30%, 3/12/31 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;25166 |
| Becton Dickinson and Co., 3.70%, 6/06/27 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;53487 |
| Edwards Lifesciences Corp., 4.30%, 6/15/28 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;68776 |
| Hologic, Inc., 4.63%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;47648 |
|  |  | &nbsp;&nbsp;&nbsp;**195077** |
| **Metals & Mining – 0.0%<sup>(d)</sup>** | **Metals & Mining – 0.0%<sup>(d)</sup>** | **Metals & Mining – 0.0%<sup>(d)</sup>** |
| Arconic Corp., 6.13%, 2/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;38432 |
| Freeport-McMoRan, Inc., 4.13%, 3/01/28 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;33191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**71623** |
| **Oil & Gas Producers – 2.2%** | **Oil & Gas Producers – 2.2%** | **Oil & Gas Producers – 2.2%** |
| Antero Midstream Partners L.P./Antero Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;5.75%, 3/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;72750 |
| &nbsp;&nbsp;5.38%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;60369 |
| Antero Resources Corp., |  |  |
| &nbsp;&nbsp;7.63%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;55220 |
| &nbsp;&nbsp;5.38%, 3/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18650 |
| Apache Corp., |  |  |
| &nbsp;&nbsp;4.25%, 1/15/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;45742 |
| &nbsp;&nbsp;5.10%, 9/01/40 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21831 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9792 |
| Cheniere Corpus Christi Holdings LLC, |  |  |
| &nbsp;&nbsp;5.88%, 3/31/25 | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;257457 |
| &nbsp;&nbsp;5.13%, 6/30/27 | &nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;76572 |
| &nbsp;&nbsp;3.70%, 11/15/29 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;37564 |
| Cheniere Energy Partners L.P., 3.25%, 1/31/32 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;33393 |
| Chevron Corp., |  |  |
| &nbsp;&nbsp;1.55%, 5/11/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;75300 |
| &nbsp;&nbsp;2.95%, 5/16/26 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;134502 |
| Chevron USA, Inc., |  |  |
| &nbsp;&nbsp;3.85%, 1/15/28 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29643 |
| &nbsp;&nbsp;3.25%, 10/15/29 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18873 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| CNX Resources Corp., |  |  |
| &nbsp;&nbsp;7.25%, 3/14/27<sup>(b)</sup> | $12000 | $11940 |
| &nbsp;&nbsp;6.00%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;36719 |
| Columbia Pipeline Group, Inc., 4.50%, 6/01/25 | &nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;232940 |
| Conoco Funding Co., 7.25%, 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;10584 |
| ConocoPhillips Co., |  |  |
| &nbsp;&nbsp;2.40%, 3/07/25 | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;186640 |
| &nbsp;&nbsp;6.95%, 4/15/29 | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;80397 |
| CQP Holdco L.P./BIP-V Chinook Holdco LLC, 5.50%, 6/15/31<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;364246 |
| Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;28460 |
| DCP Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;64837 |
| &nbsp;&nbsp;5.60%, 4/01/44 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24982 |
| Devon Energy Corp., |  |  |
| &nbsp;&nbsp;5.85%, 12/15/25 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;71829 |
| &nbsp;&nbsp;4.50%, 1/15/30 | &nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;78306 |
| &nbsp;&nbsp;7.95%, 4/15/32 | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;51994 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;4.05%, 3/15/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49011 |
| &nbsp;&nbsp;2.90%, 5/15/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;76322 |
| &nbsp;&nbsp;5.75%, 2/15/33 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;123324 |
| EnLink Midstream LLC, |  |  |
| &nbsp;&nbsp;5.63%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24438 |
| &nbsp;&nbsp;5.38%, 6/01/29 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24095 |
| EnLink Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;4.85%, 7/15/26 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48479 |
| &nbsp;&nbsp;5.45%, 6/01/47 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20796 |
| Enterprise Products Operating LLC, 3.75%, 2/15/25 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;54114 |
| EQM Midstream Partners L.P., |  |  |
| &nbsp;&nbsp;4.13%, 12/01/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;90464 |
| &nbsp;&nbsp;6.50%, 7/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;19640 |
| &nbsp;&nbsp;6.50%, 7/15/48 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;7700 |
| EQT Corp., |  |  |
| &nbsp;&nbsp;5.68%, 10/01/25 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;40052 |
| &nbsp;&nbsp;3.90%, 10/01/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;94868 |
| &nbsp;&nbsp;7.00%, 2/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;106361 |
| Exxon Mobil Corp., 2.99%, 3/19/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;77780 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Global Partners L.P./GLP Finance Corp., 6.88%, 1/15/29 | $100000 | $94370 |
| Harvest Midstream I L.P., 7.50%, 9/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;34431 |
| Hess Corp., 4.30%, 4/01/27 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48975 |
| Hess Midstream Operations L.P., |  |  |
| &nbsp;&nbsp;5.13%, 6/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;70630 |
| &nbsp;&nbsp;4.25%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;21895 |
| &nbsp;&nbsp;5.50%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18652 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 2/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;27741 |
| Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;1.75%, 11/15/26 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;53824 |
| &nbsp;&nbsp;7.75%, 1/15/32 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;23240 |
| &nbsp;&nbsp;5.20%, 6/01/33 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;39859 |
| Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;3.63%, 9/15/24 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;78551 |
| &nbsp;&nbsp;4.70%, 5/01/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49900 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp;4.88%, 12/01/24 | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;11977 |
| &nbsp;&nbsp;4.88%, 6/01/25 | &nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;733078 |
| &nbsp;&nbsp;4.13%, 3/01/27 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;174513 |
| &nbsp;&nbsp;4.25%, 12/01/27 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;87491 |
| &nbsp;&nbsp;2.65%, 8/15/30 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;76744 |
| Murphy Oil Corp., 6.38%, 7/15/28 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;34614 |
| Murphy Oil USA, Inc., 3.75%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;20917 |
| New Fortress Energy, Inc., 6.75%, 9/15/25<sup>(b)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;110013 |
| Northern Oil and Gas, Inc., 8.13%, 3/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;64745 |
| Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;5.50%, 12/01/25 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;25169 |
| &nbsp;&nbsp;8.50%, 7/15/27 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;71906 |
| &nbsp;&nbsp;6.38%, 9/01/28 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;46748 |
| &nbsp;&nbsp;6.13%, 1/01/31 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;26092 |
| &nbsp;&nbsp;6.45%, 9/15/36 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;26291 |
| ONEOK, Inc., |  |  |
| &nbsp;&nbsp;2.75%, 9/01/24 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48242 |
| &nbsp;&nbsp;2.20%, 9/15/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;74353 |
| &nbsp;&nbsp;5.85%, 1/15/26 | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;78897 |
| &nbsp;&nbsp;4.00%, 7/13/27 | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;245162 |
| &nbsp;&nbsp;6.35%, 1/15/31 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;63747 |
| Ovintiv Exploration, Inc., 5.38%, 1/01/26 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;10061 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** | **Oil & Gas Producers (Continued)** |
| Permian Resources Operating LLC, 5.88%, 7/01/29<sup>(b)</sup> | $10000 | &nbsp;&nbsp;&nbsp;&nbsp;$9373 |
| Southwestern Energy Co., |  |  |
| &nbsp;&nbsp;7.75%, 10/01/27 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78216 |
| &nbsp;&nbsp;8.38%, 9/15/28 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15755 |
| Sunoco L.P./Sunoco Finance Corp., 4.50%, 5/15/29 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31664 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92089 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp;5.20%, 7/01/27 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;160870 |
| &nbsp;&nbsp;4.20%, 2/01/33 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36250 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., |  |  |
| &nbsp;&nbsp;6.50%, 7/15/27 | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17401 |
| &nbsp;&nbsp;5.00%, 1/15/28 | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44866 |
| &nbsp;&nbsp;5.50%, 3/01/30 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24391 |
| &nbsp;&nbsp;4.88%, 2/01/31 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65438 |
| &nbsp;&nbsp;4.00%, 1/15/32 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52392 |
| Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;7.85%, 2/01/26 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;113370 |
| &nbsp;&nbsp;3.25%, 5/15/30 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27041 |
| Valero Energy Corp., 2.80%, 12/01/31 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25627 |
| Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;4.65%, 7/01/26 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48125 |
| &nbsp;&nbsp;4.75%, 8/15/28 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23563 |
| &nbsp;&nbsp;4.30%, 2/01/30 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68682 |
| &nbsp;&nbsp;5.50%, 8/15/48 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21721 |
| Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp;4.30%, 3/04/24 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74318 |
| &nbsp;&nbsp;2.60%, 3/15/31 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;143886 |
|  |  | &nbsp;&nbsp;&nbsp;**6816842** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., |  |  |
| &nbsp;&nbsp;3.14%, 11/07/29 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;136213 |
| &nbsp;&nbsp;4.49%, 5/01/30 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**185431** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Nexstar Media, Inc., 5.63%, 7/15/27<sup>(b)</sup> | $100000 | $95257 |
| TEGNA, Inc., 5.00%, 9/15/29 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;188402 |
|  |  | &nbsp;&nbsp;&nbsp;**283659** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| American Tower Corp., |  |  |
| &nbsp;&nbsp;5.00%, 2/15/24 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;79960 |
| &nbsp;&nbsp;1.45%, 9/15/26 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;57590 |
| &nbsp;&nbsp;3.13%, 1/15/27 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18722 |
| &nbsp;&nbsp;3.65%, 3/15/27 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;104501 |
| &nbsp;&nbsp;3.55%, 7/15/27 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;141663 |
| Camden Property Trust, 3.15%, 7/01/29 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;46141 |
| Crown Castle, Inc., |  |  |
| &nbsp;&nbsp;3.65%, 9/01/27 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;76332 |
| &nbsp;&nbsp;3.80%, 2/15/28 | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;16223 |
| EPR Properties, 4.75%, 12/15/26 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18682 |
| GLP Capital L.P./GLP Financing II, Inc., |  |  |
| &nbsp;&nbsp;5.38%, 4/15/26 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;104893 |
| &nbsp;&nbsp;4.00%, 1/15/31 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;22076 |
| Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;52020 |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;5.00%, 7/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;68964 |
| &nbsp;&nbsp;4.88%, 9/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;67735 |
| &nbsp;&nbsp;5.25%, 7/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;36198 |
| &nbsp;&nbsp;4.50%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;25707 |
| &nbsp;&nbsp;5.63%, 7/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;44997 |
| Omega Healthcare Investors, Inc., |  |  |
| &nbsp;&nbsp;4.50%, 1/15/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;48880 |
| &nbsp;&nbsp;4.50%, 4/01/27 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;77178 |
| &nbsp;&nbsp;4.75%, 1/15/28 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;57605 |
| Public Storage, |  |  |
| &nbsp;&nbsp;1.50%, 11/09/26 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18088 |
| &nbsp;&nbsp;1.95%, 11/09/28 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;109733 |
| &nbsp;&nbsp;3.39%, 5/01/29 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;23496 |
| &nbsp;&nbsp;2.25%, 11/09/31 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;100762 |
| Realty Income Corp., |  |  |
| &nbsp;&nbsp;5.05%, 1/13/26 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;45124 |
| &nbsp;&nbsp;5.63%, 10/13/32 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;31804 |
| SBA Communications Corp., 3.13%, 2/01/29 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8472 |
| Simon Property Group L.P., |  |  |
| &nbsp;&nbsp;3.50%, 9/01/25 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;63119 |
| &nbsp;&nbsp;1.38%, 1/15/27 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;8917 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25<sup>(b)</sup> | $50000 | &nbsp;&nbsp;&nbsp;&nbsp;$49346 |
| VICI Properties L.P., 5.13%, 5/15/32 | &nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27741 |
| VICI Properties L.P./VICI Note Co., Inc., |  |  |
| &nbsp;&nbsp;4.63%, 6/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33873 |
| &nbsp;&nbsp;5.75%, 2/01/27<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99475 |
| &nbsp;&nbsp;4.13%, 8/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44724 |
| Welltower OP LLC, |  |  |
| &nbsp;&nbsp;3.63%, 3/15/24 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49177 |
| &nbsp;&nbsp;4.00%, 6/01/25 | &nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55728 |
| Weyerhaeuser Co., 4.00%, 4/15/30 | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89642 |
| XHR L.P., 6.38%, 8/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29552 |
|  |  | &nbsp;&nbsp;&nbsp;**2054840** |
| **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** |
| Enviva Partners Finance Corp., 6.50%, 1/15/26<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;**186682** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, |  |  |
| &nbsp;&nbsp;4.63%, 1/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47403 |
| &nbsp;&nbsp;3.50%, 3/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25875 |
| &nbsp;&nbsp;4.88%, 2/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59789 |
| Costco Wholesale Corp., 1.38%, 6/20/27 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;125258 |
| Ingles Markets, Inc., 4.00%, 6/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30157 |
| Walmart, Inc., 1.50%, 9/22/28 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**354410** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| Abercrombie & Fitch Management Co., 8.75%, 7/15/25<sup>(b)</sup> | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;227250 |
| AutoZone, Inc., 4.50%, 2/01/28 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39883 |
| Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;5.25%, 2/01/28 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23598 |
| &nbsp;&nbsp;6.63%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34201 |
| Genuine Parts Co., 1.75%, 2/01/25 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;178627 |
| Home Depot (The), Inc., 4.00%, 9/15/25 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;104512 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;4.00%, 4/15/25 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44341 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;4.40%, 9/08/25 | $65000 | &nbsp;&nbsp;&nbsp;&nbsp;$64715 |
| &nbsp;&nbsp;3.35%, 4/01/27 | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52668 |
| &nbsp;&nbsp;3.10%, 5/03/27 | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90245 |
| &nbsp;&nbsp;2.63%, 4/01/31 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 |
| Macy's Retail Holdings LLC, 5.88%, 4/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 |
| Ross Stores, Inc., 4.70%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**875270** |
| **Semiconductors – 0.3%** | **Semiconductors – 0.3%** | **Semiconductors – 0.3%** |
| Amkor Technology, Inc., 6.63%, 9/15/27<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;100412 |
| Analog Devices, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 12/05/26 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67977 |
| &nbsp;&nbsp;1.70%, 10/01/28 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34828 |
| &nbsp;&nbsp;2.10%, 10/01/31 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25245 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 1/15/27 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;375782 |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp;3.46%, 9/15/26 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66913 |
| &nbsp;&nbsp;4.00%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;135949 |
| Entegris, Inc., 3.63%, 5/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25584 |
| Intel Corp., 3.75%, 3/25/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97870 |
| Micron Technology, Inc., 4.98%, 2/06/26 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30091 |
| Texas Instruments, Inc., 1.90%, 9/15/31 | &nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45239 |
|  |  | &nbsp;&nbsp;&nbsp;**1005890** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Fortinet, Inc., 2.20%, 3/15/31 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32844 |
| Intuit, Inc., 1.65%, 7/15/30 | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13243 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp;1.65%, 3/25/26 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;164160 |
| &nbsp;&nbsp;2.88%, 3/25/31 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8613 |
| Roper Technologies, Inc., 1.00%, 9/15/25 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40819 |
| VMware, Inc., |  |  |
| &nbsp;&nbsp;1.00%, 8/15/24 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61115 |
| &nbsp;&nbsp;4.50%, 5/15/25 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**330661** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| Air Lease Corp., 3.38%, 7/01/25 | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43027 |
| American Express Co., |  |  |
| &nbsp;&nbsp;2.50%, 7/30/24 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48312 |
| &nbsp;&nbsp;3.95%, 8/01/25 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68925 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| American Express Co., |  |  |
| &nbsp;&nbsp;4.20%, 11/06/25 | $50000 | &nbsp;&nbsp;&nbsp;&nbsp;$49527 |
| &nbsp;&nbsp;4.05%, 5/03/29 | &nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41998 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;(SOFR + 1.37%), 4.17%, 5/09/25<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83615 |
| &nbsp;&nbsp;(SOFR + 2.16%), 4.99%, 7/24/26<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44601 |
| Credit Acceptance Corp., 6.63%, 3/15/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91500 |
| Discover Financial Services, 6.70%, 11/29/32 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16012 |
| Fortress Transportation and Infrastructure Investors LLC, |  |  |
| &nbsp;&nbsp;6.50%, 10/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21296 |
| &nbsp;&nbsp;9.75%, 8/01/27<sup>(b)</sup> | &nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;328972 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66466 |
| MGIC Investment Corp., 5.25%, 8/15/28 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47135 |
| Nationstar Mortgage Holdings, Inc., |  |  |
| &nbsp;&nbsp;6.00%, 1/15/27<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92750 |
| &nbsp;&nbsp;5.50%, 8/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21843 |
| &nbsp;&nbsp;5.13%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 |
|  |  | &nbsp;&nbsp;&nbsp;**1130779** |
| **Steel – 0.0%<sup>(d)</sup>** | **Steel – 0.0%<sup>(d)</sup>** | **Steel – 0.0%<sup>(d)</sup>** |
| Big River Steel LLC/BRS Finance Corp., 6.63%, 1/31/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23539 |
| Cleveland-Cliffs, Inc., 5.88%, 6/01/27 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49172 |
| Nucor Corp., 3.13%, 4/01/32 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44504 |
| Reliance Steel & Aluminum Co., 1.30%, 8/15/25 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**153860** |
| **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** |
| Apple, Inc., |  |  |
| &nbsp;&nbsp;1.40%, 8/05/28 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43358 |
| &nbsp;&nbsp;3.35%, 8/08/32 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23360 |
| CDW LLC/CDW Finance Corp., |  |  |
| &nbsp;&nbsp;5.50%, 12/01/24 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39965 |
| &nbsp;&nbsp;2.67%, 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8092 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;5.85%, 7/15/25 | $80000 | $81516 |
| &nbsp;&nbsp;6.10%, 7/15/27 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;31440 |
| Flex Ltd., 4.88%, 6/15/29 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;88829 |
| Jabil, Inc., |  |  |
| &nbsp;&nbsp;1.70%, 4/15/26 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;58678 |
| &nbsp;&nbsp;4.25%, 5/15/27 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;68056 |
| Motorola Solutions, Inc., 4.60%, 5/23/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;97619 |
| TD SYNNEX Corp., 1.25%, 8/09/24 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;18797 |
| Teledyne Technologies, Inc., 2.75%, 4/01/31 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;25501 |
| ViaSat, Inc., |  |  |
| &nbsp;&nbsp;5.63%, 4/15/27<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;93274 |
| &nbsp;&nbsp;6.50%, 7/15/28<sup>(b)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;92290 |
| Western Digital Corp., 4.75%, 2/15/26 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;9662 |
|  |  | &nbsp;&nbsp;&nbsp;**780437** |
| **Technology Services – 0.7%** | **Technology Services – 0.7%** | **Technology Services – 0.7%** |
| FactSet Research Systems, Inc., 2.90%, 3/01/27 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;140078 |
| Fidelity National Information Services, Inc., 4.50%, 7/15/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;49488 |
| Gartner, Inc., |  |  |
| &nbsp;&nbsp;4.50%, 7/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;28500 |
| &nbsp;&nbsp;3.63%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;17960 |
| &nbsp;&nbsp;3.75%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;35450 |
| HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;44765 |
| International Business Machines Corp., |  |  |
| &nbsp;&nbsp;4.00%, 7/27/25 | &nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;459163 |
| &nbsp;&nbsp;3.30%, 5/15/26 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;192996 |
| &nbsp;&nbsp;2.20%, 2/09/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;91843 |
| &nbsp;&nbsp;4.15%, 7/27/27 | &nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;282651 |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4024 |
| Mastercard, Inc., |  |  |
| &nbsp;&nbsp;3.30%, 3/26/27 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;126254 |
| &nbsp;&nbsp;1.90%, 3/15/31 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;18564 |
| MSCI, Inc., |  |  |
| &nbsp;&nbsp;3.88%, 2/15/31<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;88257 |
| &nbsp;&nbsp;3.63%, 11/01/31<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;85470 |
| &nbsp;&nbsp;3.25%, 8/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;45100 |
| S&P Global, Inc., |  |  |
| &nbsp;&nbsp;2.45%, 3/01/27<sup>(b)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;139497 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Technology Services (Continued)** | **Technology Services (Continued)** | **Technology Services (Continued)** |
| S&P Global, Inc., |  |  |
| &nbsp;&nbsp;1.25%, 8/15/30 | $110000 | &nbsp;&nbsp;&nbsp;&nbsp;$87724 |
| Verisk Analytics, Inc., 4.00%, 6/15/25 | &nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81286 |
| Visa, Inc., 1.90%, 4/15/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91734 |
|  |  | &nbsp;&nbsp;&nbsp;**2110804** |
| **Telecommunications – 0.6%** | **Telecommunications – 0.6%** | **Telecommunications – 0.6%** |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp;1.70%, 3/25/26 | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;344181 |
| &nbsp;&nbsp;2.30%, 6/01/27 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68545 |
| Frontier Communications Holdings LLC, 5.88%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9549 |
| Level 3 Financing, Inc., 3.63%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74400 |
| Lumen Technologies, Inc., |  |  |
| &nbsp;&nbsp;4.50%, 1/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33625 |
| &nbsp;&nbsp;5.38%, 6/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10391 |
| Sprint Capital Corp., |  |  |
| &nbsp;&nbsp;6.88%, 11/15/28 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53492 |
| &nbsp;&nbsp;8.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92625 |
| Sprint LLC, 7.13%, 6/15/24 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;102116 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;3.50%, 4/15/25 | &nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;412694 |
| &nbsp;&nbsp;2.88%, 2/15/31 | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39326 |
| &nbsp;&nbsp;3.50%, 4/15/31 | &nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;160178 |
| &nbsp;&nbsp;5.20%, 1/15/33 | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;249950 |
| Verizon Communications, Inc., 3.00%, 3/22/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94463 |
|  |  | &nbsp;&nbsp;&nbsp;**1745535** |
| **Tobacco & Cannabis – 0.4%** | **Tobacco & Cannabis – 0.4%** | **Tobacco & Cannabis – 0.4%** |
| Altria Group, Inc., |  |  |
| &nbsp;&nbsp;2.35%, 5/06/25 | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;246924 |
| &nbsp;&nbsp;2.63%, 9/16/26 | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;242166 |
| &nbsp;&nbsp;3.40%, 5/06/30 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26547 |
| Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;5.13%, 11/15/24 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90630 |
| &nbsp;&nbsp;1.50%, 5/01/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93563 |
| &nbsp;&nbsp;5.63%, 11/17/29 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;281992 |
| &nbsp;&nbsp;2.10%, 5/01/30 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50224 |
| &nbsp;&nbsp;5.75%, 11/17/32 | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89381 |
| Vector Group Ltd., 5.75%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52319 |
|  |  | &nbsp;&nbsp;&nbsp;**1173746** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| American Airlines, Inc., 11.75%, 7/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27826 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |
| &nbsp;&nbsp;5.50%, 4/20/26<sup>(b)</sup> | $20000 | &nbsp;&nbsp;&nbsp;&nbsp;$19607 |
| &nbsp;&nbsp;5.75%, 4/20/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19345 |
| Cargo Aircraft Management, Inc., 4.75%, 2/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033 |
| Delta Air Lines, Inc., 7.38%, 1/15/26 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78063 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;29920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30518 |
| Union Pacific Corp., |  |  |
| &nbsp;&nbsp;3.75%, 7/15/25 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88490 |
| &nbsp;&nbsp;2.75%, 3/01/26 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9543 |
| United Airlines, Inc., |  |  |
| &nbsp;&nbsp;4.38%, 4/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28480 |
| &nbsp;&nbsp;4.63%, 4/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27363 |
| United Parcel Service, Inc., 4.45%, 4/01/30 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**353420** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Bunge Ltd. Finance Corp., |  |  |
| &nbsp;&nbsp;1.63%, 8/17/25 | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207361 |
| &nbsp;&nbsp;3.75%, 9/25/27 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**236176** |
| **Total Corporate Bonds<br> (Cost $48,629,965)** | **Total Corporate Bonds<br> (Cost $48,629,965)** | &nbsp;&nbsp;&nbsp;**46024350** |
| **Foreign Issuer Bonds – 2.9%** | **Foreign Issuer Bonds – 2.9%** | **Foreign Issuer Bonds – 2.9%** |
| **Australia – 0.0%<sup>(d)</sup>** | **Australia – 0.0%<sup>(d)</sup>** | **Australia – 0.0%<sup>(d)</sup>** |
| Rio Tinto Finance USA Ltd., 7.13%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 |
| Westpac Banking Corp., 3.74%, 8/26/25 | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**151155** |
| **Canada – 0.8%** | **Canada – 0.8%** | **Canada – 0.8%** |
| 1011778 B.C. ULC/New Red Finance, Inc., |  |  |
| &nbsp;&nbsp;3.88%, 1/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86828 |
| &nbsp;&nbsp;4.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110663 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;4.25%, 9/14/24 | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193144 |
| &nbsp;&nbsp;3.70%, 6/07/25 | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209924 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;1.05%, 3/02/26 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58120 |
| &nbsp;&nbsp;1.35%, 6/24/26 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143230 |
| Baytex Energy Corp., 8.75%, 4/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77609 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Brookfield Corp., 4.00%, 1/15/25 | $50000 | &nbsp;&nbsp;&nbsp;&nbsp;$49225 |
| Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;3.95%, 8/04/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49205 |
| &nbsp;&nbsp;0.95%, 10/23/25 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;154464 |
| Canadian Natural Resources Ltd., |  |  |
| &nbsp;&nbsp;3.80%, 4/15/24 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;147767 |
| &nbsp;&nbsp;2.05%, 7/15/25 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74852 |
| Enbridge, Inc., 4.25%, 12/01/26 | &nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88146 |
| Fairfax Financial Holdings Ltd., 3.38%, 3/03/31 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21260 |
| GFL Environmental, Inc., 3.75%, 8/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23756 |
| MEG Energy Corp., 5.88%, 2/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 |
| Methanex Corp., 5.25%, 12/15/29 | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68963 |
| Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;3.20%, 3/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70534 |
| &nbsp;&nbsp;3.80%, 3/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63009 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;3.97%, 7/26/24 | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64294 |
| &nbsp;&nbsp;0.65%, 7/29/24 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56450 |
| &nbsp;&nbsp;0.75%, 10/07/24 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65572 |
| &nbsp;&nbsp;1.20%, 4/27/26 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63048 |
| &nbsp;&nbsp;2.05%, 1/21/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91389 |
| Taseko Mines Ltd., 7.00%, 2/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47375 |
| Tervita Corp., 11.00%, 12/01/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14089 |
| Toronto-Dominion Bank (The), |  |  |
| &nbsp;&nbsp;3.77%, 6/06/25 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;146849 |
| &nbsp;&nbsp;0.75%, 1/06/26 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;143257 |
| &nbsp;&nbsp;4.69%, 9/15/27 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;130709 |
|  |  | &nbsp;&nbsp;&nbsp;**2532831** |
| **Finland – 0.0%<sup>(d)</sup>** | **Finland – 0.0%<sup>(d)</sup>** | **Finland – 0.0%<sup>(d)</sup>** |
| Nokia Oyj, 4.38%, 6/12/27 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48000** |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;(SOFR + 3.19%), 6.12%, 7/14/26<sup>(j)</sup> | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;151651 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Germany (Continued)** | **Germany (Continued)** | **Germany (Continued)** |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp;(SOFR + 1.22%), 2.31%, 11/16/27<sup>(j)</sup> | $150000 | &nbsp;&nbsp;$132573 |
| &nbsp;&nbsp;(5Y USD Swap Rate + 2.55%), 4.88%, 12/01/32<sup>(j)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;178311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**462535** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;**280662** |
| **Japan – 0.6%** | **Japan – 0.6%** | **Japan – 0.6%** |
| Honda Motor Co. Ltd., |  |  |
| &nbsp;&nbsp;2.27%, 3/10/25 | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57124 |
| &nbsp;&nbsp;2.53%, 3/10/27 | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65299 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;3.41%, 3/07/24 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24597 |
| &nbsp;&nbsp;(1Y US Treasury CMT + 1.70%), 4.79%, 7/18/25<sup>(j)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;198963 |
| &nbsp;&nbsp;(1Y US Treasury CMT + 0.45%), 0.96%, 10/11/25<sup>(j)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;185604 |
| &nbsp;&nbsp;(1Y US Treasury CMT + 0.83%), 2.34%, 1/19/28<sup>(j)</sup> | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;248323 |
| Mizuho Financial Group, Inc., |  |  |
| &nbsp;&nbsp;(1.25% - SOFR), 1.24%, 7/10/24<sup>(j)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;196224 |
| &nbsp;&nbsp;(3M USD LIBOR + 1.00%), 3.92%, 9/11/24<sup>(j)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;198086 |
| Nomura Holdings, Inc., 1.85%, 7/16/25 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;184063 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;2.45%, 9/27/24 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;192039 |
| &nbsp;&nbsp;1.40%, 9/17/26 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;176816 |
|  |  | &nbsp;&nbsp;&nbsp;**1727138** |
| **Mexico – 0.0%<sup>(d)</sup>** | **Mexico – 0.0%<sup>(d)</sup>** | **Mexico – 0.0%<sup>(d)</sup>** |
| Coca-Cola Femsa S.A.B. de C.V., 2.75%, 1/22/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;134661 |
| Southern Copper Corp., 3.88%, 4/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**139529** |
| **Spain – 0.3%** | **Spain – 0.3%** | **Spain – 0.3%** |
| Banco Santander S.A., |  |  |
| &nbsp;&nbsp;2.71%, 6/27/24 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;193789 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Spain (Continued)** | **Spain (Continued)** | **Spain (Continued)** |
| Banco Santander S.A., |  |  |
| &nbsp;&nbsp;(1Y US Treasury CMT + 0.45%), 0.70%, 6/30/24<sup>(j)</sup> | $400000 | &nbsp;&nbsp;$391672 |
| &nbsp;&nbsp;1.85%, 3/25/26 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;180490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**765951** |
| **Switzerland – 0.0%<sup>(d)</sup>** | **Switzerland – 0.0%<sup>(d)</sup>** | **Switzerland – 0.0%<sup>(d)</sup>** |
| Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;3.10%, 5/17/27 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14435 |
| &nbsp;&nbsp;2.20%, 8/14/30 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23244** |
| **United Kingdom – 0.9%** | **United Kingdom – 0.9%** | **United Kingdom – 0.9%** |
| Astrazeneca Finance LLC, 1.20%, 5/28/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90333 |
| AstraZeneca PLC, 3.13%, 6/12/27 | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46845 |
| Barclays PLC, (3M USD LIBOR + 1.61%), 3.93%, 5/07/25<sup>(j)</sup> | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;200878 |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;3.22%, 8/15/24 | &nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95326 |
| &nbsp;&nbsp;2.26%, 3/25/28 | &nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41272 |
| &nbsp;&nbsp;4.91%, 4/02/30 | &nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67252 |
| &nbsp;&nbsp;7.75%, 10/19/32 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39021 |
| BAT International Finance PLC, 4.45%, 3/16/28 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95710 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;(SOFR + 0.53%), 0.73%, 8/17/24<sup>(j)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;194641 |
| &nbsp;&nbsp;(SOFR + 1.51%), 4.18%, 12/09/25<sup>(j)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;254891 |
| &nbsp;&nbsp;(SOFR + 1.43%), 3.00%, 3/10/26<sup>(j)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;380972 |
| &nbsp;&nbsp;(SOFR + 4.25%), 8.11%, 11/03/33<sup>(j)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;229434 |
| Lloyds Banking Group PLC, 4.58%, 12/10/25 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;195249 |
| Reynolds American, Inc., 4.45%, 6/12/25 | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;191445 |
| Santander UK Group Holdings PLC, (SOFR + 0.79%), 1.09%, 3/15/25<sup>(j)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;284685 |
| Unilever Capital Corp., 3.38%, 3/22/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97558 |
| Vmed O2 UK Financing I PLC, 4.75%, 7/15/31<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;170005 |
|  |  | &nbsp;&nbsp;&nbsp;**2675517** |
| **Total Foreign Issuer Bonds<br> (Cost $9,217,192)** | **Total Foreign Issuer Bonds<br> (Cost $9,217,192)** | &nbsp;&nbsp;&nbsp;**8806562** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Master Limited Partnerships – 0.8%** | **Master Limited Partnerships – 0.8%** | **Master Limited Partnerships – 0.8%** |
| **Oil & Gas Producers – 0.8%** | **Oil & Gas Producers – 0.8%** | **Oil & Gas Producers – 0.8%** |
| DCP Midstream L.P.<sup>(c)</sup> | 56881 | **$2391277** |
| **Total Master Limited Partnerships<br> (Cost $2,385,007)** | **Total Master Limited Partnerships<br> (Cost $2,385,007)** | &nbsp;&nbsp;&nbsp;**2391277** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** |  |
| **Mortgage-Backed Securities – 18.7%** | **Mortgage-Backed Securities – 18.7%** | **Mortgage-Backed Securities – 18.7%** |
| **Federal Home Loan Mortgage Corporation – 1.2%** | **Federal Home Loan Mortgage Corporation – 1.2%** | **Federal Home Loan Mortgage Corporation – 1.2%** |
| Pool, |  |  |
| &nbsp;&nbsp;3.00%, 3/01/30 - 8/01/50 | &nbsp;&nbsp;$603803 | &nbsp;&nbsp;&nbsp;566390 |
| &nbsp;&nbsp;2.50%, 4/01/32 - 11/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;829642 | &nbsp;&nbsp;&nbsp;762487 |
| &nbsp;&nbsp;4.50%, 4/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;41708 | &nbsp;&nbsp;&nbsp;&nbsp;42163 |
| &nbsp;&nbsp;2.00%, 10/01/50 - 1/01/52 | &nbsp;&nbsp;1266520 | 1066121 |
| &nbsp;&nbsp;2.50%, 9/01/51<sup>(c)</sup> | &nbsp;&nbsp;1392120 | 1220994 |
|  |  | **3658155** |
| **Federal Home Loan Mortgage Corporation Gold –<br> 0.1%** | **Federal Home Loan Mortgage Corporation Gold –<br> 0.1%** | **Federal Home Loan Mortgage Corporation Gold –<br> 0.1%** |
| &nbsp;&nbsp;Pool,<br> 3.00%, 3/01/46 - 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;231701 | &nbsp;&nbsp;&nbsp;**214994** |
| **Federal National Mortgage Association – 2.7%** | **Federal National Mortgage Association – 2.7%** | **Federal National Mortgage Association – 2.7%** |
| Pool, |  |  |
| &nbsp;&nbsp;2.50%, 10/01/35 - 1/01/52 | &nbsp;&nbsp;4063917 | 3591072 |
| &nbsp;&nbsp;3.50%, 8/01/45 - 2/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;548741 | &nbsp;&nbsp;&nbsp;521855 |
| &nbsp;&nbsp;3.50%, 1/01/48<sup>(c)</sup> | &nbsp;&nbsp;1068043 | 1020803 |
| &nbsp;&nbsp;4.00%, 9/01/48 - 3/01/51 | &nbsp;&nbsp;1660870 | 1623737 |
| &nbsp;&nbsp;3.00%, 11/01/48 - 6/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;383118 | &nbsp;&nbsp;&nbsp;349558 |
| &nbsp;&nbsp;4.50%, 1/01/49 - 2/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;379679 | &nbsp;&nbsp;&nbsp;379874 |
| &nbsp;&nbsp;2.00%, 2/01/51 - 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;971871 | &nbsp;&nbsp;&nbsp;821421 |
|  |  | **8308320** |
| **Government National Mortgage Association – 1.0%** | **Government National Mortgage Association – 1.0%** | **Government National Mortgage Association – 1.0%** |
| &nbsp;&nbsp;Pool,<br> 2/01/53<sup>(k)</sup> | &nbsp;&nbsp;3194000 | **2981183** |
| **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** |
| Pool, |  |  |
| &nbsp;&nbsp;2.50%, 12/20/46 - 8/20/51 | &nbsp;&nbsp;1147804 | 1022290 |
| &nbsp;&nbsp;3.50%, 1/20/48 - 8/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;915240 | &nbsp;&nbsp;&nbsp;878313 |
| &nbsp;&nbsp;4.50%, 9/20/48 - 1/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;120353 | &nbsp;&nbsp;&nbsp;119508 |
| &nbsp;&nbsp;3.00%, 4/20/49 - 7/20/50 | &nbsp;&nbsp;1386349 | 1285617 |
| &nbsp;&nbsp;2.00%, 2/20/51 - 10/20/51 | &nbsp;&nbsp;1816035 | 1575711 |
|  |  | **4881439** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Uniform Mortgage-Backed Securities – 6.6%** | **Uniform Mortgage-Backed Securities – 6.6%** | **Uniform Mortgage-Backed Securities – 6.6%** |
| &nbsp;&nbsp;Pool,<br> 2/01/38 - 2/01/53<sup>(k)</sup> | $21765000 | **$19962804** |
| **Whole Loan – 5.5%** | **Whole Loan – 5.5%** | **Whole Loan – 5.5%** |
| FHLMC Structured Agency Credit Risk Debt Notes, |  |  |
| &nbsp;&nbsp;Series 2014-DN2, Class M3, (1M USD LIBOR + 3.60%), 8.11%, 4/25/24<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;877784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900223 |
| &nbsp;&nbsp;Series 2017-DNA1, Class B1, (1M USD LIBOR + 4.95%), 9.46%, 7/25/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533851 |
| &nbsp;&nbsp;Series 2017-HQA2, Class B1, (1M USD LIBOR + 4.75%), 9.26%, 12/25/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583883 |
| &nbsp;&nbsp;Series 2017-HQA3, Class M2, (1M USD LIBOR + 2.35%), 6.86%, 4/25/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;522003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527842 |
| &nbsp;&nbsp;Series 2018-HQA1, Class M2, (1M USD LIBOR + 2.30%), 6.81%, 9/25/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;325682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328122 |
| &nbsp;&nbsp;Series 2022-HQA2, Class M1A, (30D Average SOFR + 2.65%), 6.96%, 7/25/42<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;322681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327477 |
| FNMA Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;Series 2017-C03, Class 1B1, (1M USD LIBOR + 4.85%), 9.36%, 10/25/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458281 |
| &nbsp;&nbsp;Series 2017-C04, Class 2B1, (1M USD LIBOR + 5.05%), 9.56%, 11/25/29<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480269 |
| &nbsp;&nbsp;Series 2017-C06, Class 2B1, (1M USD LIBOR + 4.45%, 4.45% Floor), 8.96%, 2/25/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209933 |
| &nbsp;&nbsp;Series 2017-C07, Class 2B1, (1M USD LIBOR + 4.45%, 4.45% Floor), 8.96%, 5/25/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228806 |
| &nbsp;&nbsp;Series 2018-C02, Class 2B1, (1M USD LIBOR + 4.00%, 4.00% Floor), 8.51%, 8/25/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441469 |
| &nbsp;&nbsp;Series 2018-C03, Class 1B1, (1M USD LIBOR + 3.75%, 3.75% Floor), 8.26%, 10/25/30<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571787 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| FNMA Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;Series 2018-C05, Class 1B1, (1M USD LIBOR + 4.25%, 4.25% Floor), 8.76%, 1/25/31<sup>(h)</sup> | &nbsp;&nbsp;$340000 | &nbsp;&nbsp;$351892 |
| &nbsp;&nbsp;Series 2021-R02, Class 2M1, (30D Average SOFR + 0.90%), 5.21%, 11/25/41<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;566997 | &nbsp;&nbsp;&nbsp;&nbsp;561443 |
| Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;Series 2018-R07, Class 1M2, (1M USD LIBOR + 2.40%), 6.91%, 4/25/31<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119049 | &nbsp;&nbsp;&nbsp;&nbsp;119197 |
| &nbsp;&nbsp;Series 2018-R07, Class 1M2C, (1M USD LIBOR + 2.40%), 6.91%, 4/25/31<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;137457 | &nbsp;&nbsp;&nbsp;&nbsp;137456 |
| &nbsp;&nbsp;Series 2019-R01, Class 2M2, (1M USD LIBOR + 2.45%), 6.96%, 7/25/31<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;121483 | &nbsp;&nbsp;&nbsp;&nbsp;121634 |
| &nbsp;&nbsp;Series 2019-R01, Class 2M2C, (1M USD LIBOR + 2.45%), 6.96%, 7/25/31<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;213988 | &nbsp;&nbsp;&nbsp;&nbsp;214353 |
| &nbsp;&nbsp;Series 2019-R02, Class 1M2, (1M USD LIBOR + 2.30%), 6.81%, 8/25/31<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27921 |
| &nbsp;&nbsp;Series 2019-R06, Class 2M2, (1M USD LIBOR + 2.10%), 6.61%, 9/25/39<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40455 |
| &nbsp;&nbsp;Series 2019-R07, Class 1M2, (1M USD LIBOR + 2.10%), 6.61%, 10/25/39<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45633 |
| &nbsp;&nbsp;Series 2020-R02, Class 2M2, (1M USD LIBOR + 2.00%), 6.51%, 1/25/40<sup>(b)(h)</sup> | &nbsp;&nbsp;1110739 | &nbsp;&nbsp;&nbsp;1106832 |
| &nbsp;&nbsp;Series 2020-R01, Class 1M2, (1M USD LIBOR + 2.05%), 6.56%, 1/25/40<sup>(b)(h)</sup> | &nbsp;&nbsp;1083144 | &nbsp;&nbsp;&nbsp;1083144 |
| &nbsp;&nbsp;Series 2021-R01, Class 1M2, (30D Average SOFR + 1.55%), 5.86%, 10/25/41<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;187100 |
| &nbsp;&nbsp;Series 2022-R02, Class 2M1, (30D Average SOFR + 1.20%), 5.51%, 1/25/42<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;182349 | &nbsp;&nbsp;&nbsp;&nbsp;180574 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;Series 2022-R07, Class 1M1, (30D Average SOFR + 2.95%), 7.26%, 6/25/42<sup>(b)(h)</sup> | $513989 | $524592 |
| &nbsp;&nbsp;Series 2022-R08, Class 1M1, (30D Average SOFR + 2.55%, 2.55% Floor), 6.86%, 7/25/42<sup>(b)(h)</sup> | &nbsp;&nbsp;211123 | &nbsp;&nbsp;&nbsp;213385 |
| Freddie Mac STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;Series 2021-HQA1, Class M1, (30D Average SOFR + 0.70%), 5.01%, 8/25/33<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;87017 | &nbsp;&nbsp;&nbsp;&nbsp;86886 |
| &nbsp;&nbsp;Series 2021-DNA3, Class M2, (30D Average SOFR + 2.10%), 6.41%, 10/25/33<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;29841 |
| &nbsp;&nbsp;Series 2021-DNA5, Class M2, (30D Average SOFR + 1.65%), 5.96%, 1/25/34<sup>(b)(h)</sup> | &nbsp;&nbsp;734040 | &nbsp;&nbsp;&nbsp;726263 |
| &nbsp;&nbsp;Series 2021-DNA6, Class M1, (30D Average SOFR + 0.80%), 5.11%, 10/25/41<sup>(b)(h)</sup> | &nbsp;&nbsp;240717 | &nbsp;&nbsp;&nbsp;238773 |
| &nbsp;&nbsp;Series 2021-DNA7, Class M1, (30D Average SOFR + 0.85%), 5.16%, 11/25/41<sup>(b)(h)</sup> | &nbsp;&nbsp;589317 | &nbsp;&nbsp;&nbsp;582322 |
| &nbsp;&nbsp;Series 2021-DNA7, Class B1, (30D Average SOFR + 3.65%), 7.96%, 11/25/41<sup>(b)(h)</sup> | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;248002 |
| &nbsp;&nbsp;Series 2022-HQA1, Class M1A, (30D Average SOFR + 2.10%), 6.41%, 3/25/42<sup>(b)(h)</sup> | &nbsp;&nbsp;638088 | &nbsp;&nbsp;&nbsp;638883 |
| &nbsp;&nbsp;Series 2022-DNA5, Class M1A, (30D Average SOFR + 2.95%), 7.26%, 6/25/42<sup>(b)(h)</sup> | &nbsp;&nbsp;872981 | &nbsp;&nbsp;&nbsp;893719 |
| &nbsp;&nbsp;Series 2019-HQA4, Class M2, (1M USD LIBOR + 2.05%), 6.56%, 11/25/49<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;32237 | &nbsp;&nbsp;&nbsp;&nbsp;32237 |
| &nbsp;&nbsp;Series 2020-DNA1, Class M2, (1M USD LIBOR + 1.70%), 6.21%, 1/25/50<sup>(b)(h)</sup> | &nbsp;&nbsp;353553 | &nbsp;&nbsp;&nbsp;352671 |
| &nbsp;&nbsp;Series 2020-HQA1, Class M2, (1M USD LIBOR + 1.90%), 6.41%, 1/25/50<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;37730 | &nbsp;&nbsp;&nbsp;&nbsp;37636 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Freddie Mac STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;Series 2020-DNA2, Class M2, (1M USD LIBOR + 1.85%), 6.36%, 2/25/50<sup>(b)(h)</sup> | $1199237 | $1196674 |
| &nbsp;&nbsp;Series 2020-HQA2, Class M2, (1M USD LIBOR + 3.10%), 7.61%, 3/25/50<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;450259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460096 |
| &nbsp;&nbsp;Series 2020-DNA5, Class M2, (30D Average SOFR + 2.80%), 7.11%, 10/25/50<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212891 |
| &nbsp;&nbsp;STACR Trust,<br> Series 2018-HRP2, Class M3, (1M USD LIBOR + 2.40%), 6.91%, 2/25/47<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;219111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220207 |
| &nbsp;&nbsp;Freddie Mac STACR Trust,<br> Series 2019-DNA4, Class M2, (1M USD LIBOR + 1.95%), 6.46%, 10/25/49<sup>(b)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79888 |
|  |  | &nbsp;&nbsp;&nbsp;**16544543** |
| **Total Mortgage-Backed Securities<br> (Cost $58,205,873)** | **Total Mortgage-Backed Securities<br> (Cost $58,205,873)** | &nbsp;&nbsp;&nbsp;**56551438** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Preferred Stocks – 1.6%** | **Preferred Stocks – 1.6%** | **Preferred Stocks – 1.6%** |
| **Specialty Finance – 1.6%** | **Specialty Finance – 1.6%** | **Specialty Finance – 1.6%** |
| AGNC Investment Corp., 6.50%<sup>(h)</sup> | &nbsp;&nbsp;3228 | &nbsp;&nbsp;&nbsp;72307 |
| AGNC Investment Corp., 6.13%<sup>(h)</sup> | 21599 | 466538 |
| Arbor Realty Trust, Inc., 6.25%<sup>(h)</sup> | 39458 | 799419 |
| Chimera Investment Corp., 8.00%<sup>(h)</sup> | 24975 | 558691 |
| Granite Point Mortgage Trust, Inc., 7.00%<sup>(h)</sup> | 25749 | 470949 |
| MFA Financial, Inc., 6.50%<sup>(h)</sup> | 44682 | 873086 |
| New York Mortgage Trust, Inc., 7.88%<sup>(h)</sup> | &nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;46750 |
| New York Mortgage Trust, Inc., 6.88%<sup>(h)</sup> | 21682 | 410007 |
| Redwood Trust, Inc. <sup>(h)\*</sup> | &nbsp;&nbsp;7133 | 178610 |
| Rithm Capital Corp., 7.13%<sup>(h)</sup> | &nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;51090 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Rithm Capital Corp., 6.38%<sup>(h)</sup> | 43302 | &nbsp;&nbsp;$863009 |
| **Total Preferred Stocks<br> (Cost $5,480,057)** | **Total Preferred Stocks<br> (Cost $5,480,057)** | &nbsp;&nbsp;&nbsp;**4790456** |
| **Rights – 0.0%<sup>(d)</sup>** | **Rights – 0.0%<sup>(d)</sup>** | **Rights – 0.0%<sup>(d)</sup>** |
| **Biotechnology & Pharmaceuticals – 0.0%<sup>(d)</sup>** | **Biotechnology & Pharmaceuticals – 0.0%<sup>(d)</sup>** | **Biotechnology & Pharmaceuticals – 0.0%<sup>(d)</sup>** |
| Zogenix Inc. Cvr<sup>(f)\*</sup> | 21009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15568** |
| **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** | **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** | **Medical Equipment & Devices – 0.0%<sup>(d)</sup>** |
| Contra Abiomed, Inc. Cvr<sup>(f)\*</sup> | &nbsp;&nbsp;8954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13431** |
| **Total Rights<br> (Cost $14,286)** | **Total Rights<br> (Cost $14,286)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28999** |
| **Investment Companies – 0.4%** | **Investment Companies – 0.4%** | **Investment Companies – 0.4%** |
| ProShares Short 20+ Year Treasury | 60796 | &nbsp;&nbsp;&nbsp;1284011 |
| **Total Investment Companies<br> (Cost $1,233,031)** | **Total Investment Companies<br> (Cost $1,233,031)** | &nbsp;&nbsp;&nbsp;**1284011** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** |  |
| **Short-Term Investments – 18.9%** | **Short-Term Investments – 18.9%** | **Short-Term Investments – 18.9%** |
| **Corporate Bonds – 0.4%** | **Corporate Bonds – 0.4%** | **Corporate Bonds – 0.4%** |
| Kinder Morgan Energy Partners L.P., 3.50%, 9/01/23 | $70000 | &nbsp;&nbsp;&nbsp;69525 |
| Morgan Stanley, 4.10%, 5/22/23 | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;24938 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24 | &nbsp;&nbsp;220000 | 216892 |
| Federal Realty Investment Trust, 3.95%, 1/15/24 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;49439 |
| General Motors Financial Co., Inc., 1.70%, 8/18/23 | &nbsp;&nbsp;140000 | 137330 |
| Starwood Property Trust, Inc., 5.50%, 11/01/23<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;34781 |
| American Tower Corp., 0.60%, 1/15/24 | &nbsp;&nbsp;135000 | 129436 |
| Boeing (The) Co., 1.17%, 2/04/23 | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;29995 |
| NextEra Energy Capital Holdings, Inc., 0.65%, 3/01/23 | &nbsp;&nbsp;105000 | 104680 |
| Elevance Health, Inc., 0.45%, 3/15/23 | &nbsp;&nbsp;130000 | 129315 |
| Pioneer Natural Resources Co., 0.55%, 5/15/23 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;39508 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** | **Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| Martin Marietta Materials, Inc., 0.65%, 7/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;$55000 | &nbsp;&nbsp;&nbsp;&nbsp;$53880 |
| Humana, Inc., 0.65%, 8/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21513 |
| Ecolab, Inc., 0.90%, 12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1075005** |
| **Convertible Bonds – 4.7%** | **Convertible Bonds – 4.7%** | **Convertible Bonds – 4.7%** |
| Starwood Property Trust, Inc., 4.38%, 4/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;657000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652483 |
| Blackstone Mortgage Trust, Inc., 4.75%, 3/15/23 | &nbsp;&nbsp;&nbsp;1486000 | &nbsp;&nbsp;&nbsp;&nbsp;1473879 |
| Apollo Commercial Real Estate Finance, Inc., 5.38%, 10/15/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;2612000 | &nbsp;&nbsp;&nbsp;&nbsp;2571187 |
| Encore Capital Europe Finance Ltd., 4.50%, 9/01/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951860 |
| Granite Point Mortgage Trust, Inc., 6.38%, 10/01/23 | &nbsp;&nbsp;&nbsp;1424000 | &nbsp;&nbsp;&nbsp;&nbsp;1388400 |
| PRA Group, Inc., 3.50%, 6/01/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937180 |
| Redwood Trust, Inc., 4.75%, 8/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411668 |
| SFL Corp. Ltd., 4.88%, 5/01/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480411 |
| Ligand Pharmaceuticals, Inc., 0.75%, 5/15/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;787000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766341 |
| New Relic, Inc., 0.50%, 5/01/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826268 |
| KKR Real Estate Finance Trust, Inc., 6.13%, 5/15/23 | &nbsp;&nbsp;&nbsp;1536000 | &nbsp;&nbsp;&nbsp;&nbsp;1538880 |
| WisdomTree, Inc., 4.25%, 6/15/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;701000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736926 |
| DigitalBridge Group, Inc., 5.00%, 4/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698391 |
| Patrick Industries, Inc., 1.00%, 2/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;658000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657915 |
|  |  | &nbsp;&nbsp;&nbsp;**14091789** |
| **Money Market Fund – 10.5%** | **Money Market Fund – 10.5%** | **Money Market Fund – 10.5%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.02%<sup>(l)</sup> | &nbsp;&nbsp;31809879 | &nbsp;&nbsp;&nbsp;**31809879** |
| **Foreign Issuer Bonds – 0.0%<sup>(d)</sup>** | **Foreign Issuer Bonds – 0.0%<sup>(d)</sup>** | **Foreign Issuer Bonds – 0.0%<sup>(d)</sup>** |
| Thomson Reuters Corp., 4.30%, 11/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9938** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>/Number<br> of Shares** | **Value** |
| **Mortgage-Backed Securities – 0.0%<sup>(d)</sup>** | **Mortgage-Backed Securities – 0.0%<sup>(d)</sup>** | **Mortgage-Backed Securities – 0.0%<sup>(d)</sup>** |
| FNMA Connecticut Avenue Securities, 8.91%, 1/25/24<sup>(h)</sup> | &nbsp;&nbsp;$122014 | &nbsp;&nbsp;&nbsp;&nbsp;**$125441** |
| **U.S. Treasury Bills – 3.3%** | **U.S. Treasury Bills – 3.3%** | **U.S. Treasury Bills – 3.3%** |
| U.S. Treasury Bill, 4.50%, 4/27/23<sup>(m)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1187259 |
| U.S. Treasury Bill, 4.38%, 4/06/23<sup>(m)</sup> | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8928400 |
|  |  | &nbsp;&nbsp;&nbsp;**10115659** |
| **Total Short-Term Investments<br> (Cost $57,095,719)** | **Total Short-Term Investments<br> (Cost $57,095,719)** | &nbsp;&nbsp;&nbsp;**57227711** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Number of<br> Contracts** | **Notional<br> Amount** |  |
| **Purchased Options – 0.1%<sup>(d)</sup>** | **Purchased Options – 0.1%<sup>(d)</sup>** | **Purchased Options – 0.1%<sup>(d)</sup>** | **Purchased Options – 0.1%<sup>(d)</sup>** |
| **Call Options - Exchange Traded – 0.0%<sup>(d)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(d)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(d)</sup>** | **Call Options - Exchange Traded – 0.0%<sup>(d)</sup>** |
| Meridian Bioscience, Inc., Strike Price $35.00, Expires 4/21/23 | &nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;540123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**795** |
| **Put Options - Exchange Traded – 0.1%<sup>(d)</sup>** | **Put Options - Exchange Traded – 0.1%<sup>(d)</sup>** | **Put Options - Exchange Traded – 0.1%<sup>(d)</sup>** | **Put Options - Exchange Traded – 0.1%<sup>(d)</sup>** |
| Activision Blizzard, Inc., Strike Price $60.00, Expires 2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;551304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 |
| Horizon Therapeutics PLC, Strike Price $85.00, Expires 5/19/23 | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;230412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 |
| iShares 20+ Year Treasury Bond ETF, Strike Price $98.00, Expires 3/17/23 | 1040 | 11145680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 |
| iShares iBoxx High Yield Corporate Bond ETF, Strike Price $73.00, Expires 5/19/23 | 1500 | 11449500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129000 |
| Momentive Global, Inc., Strike Price $6.00, Expires 4/21/23 | &nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;533532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15570 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**179808** |
| **Total Purchased Options<br> (Premiums Paid $549,944)** | **Total Purchased Options<br> (Premiums Paid $549,944)** | **Total Purchased Options<br> (Premiums Paid $549,944)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**180603** |
| **Total Long Positions – 104.0%<br> (Cost $324,405,065)** | **Total Long Positions – 104.0%<br> (Cost $324,405,065)** | **Total Long Positions – 104.0%<br> (Cost $324,405,065)** | **315089401** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Short Positions – (9.9)%<sup>(n)</sup>** | **Short Positions – (9.9)%<sup>(n)</sup>** | **Short Positions – (9.9)%<sup>(n)</sup>** |
| **Common Stocks – (8.0)%** | **Common Stocks – (8.0)%** | **Common Stocks – (8.0)%** |
| **Advertising & Marketing – (0.0)%<sup>(d)</sup>** | **Advertising & Marketing – (0.0)%<sup>(d)</sup>** | **Advertising & Marketing – (0.0)%<sup>(d)</sup>** |
| Magnite, Inc. | (2999) | **(36228)** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Aerospace & Defense – (0.0)%<sup>(d)</sup>** | **Aerospace & Defense – (0.0)%<sup>(d)</sup>** | **Aerospace & Defense – (0.0)%<sup>(d)</sup>** |
| Kaman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(466) | &nbsp;&nbsp;&nbsp;&nbsp;**$(11753)** |
| **Asset Management – (0.1)%** | **Asset Management – (0.1)%** | **Asset Management – (0.1)%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96216) |
| WisdomTree, Inc. | (53371) | &nbsp;&nbsp;&nbsp;&nbsp;(307417) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(403633)** |
| **Biotechnology & Pharmaceuticals – (0.4)%** | **Biotechnology & Pharmaceuticals – (0.4)%** | **Biotechnology & Pharmaceuticals – (0.4)%** |
| Coherus Biosciences, Inc. | (34793) | &nbsp;&nbsp;&nbsp;&nbsp;(295045) |
| Halozyme Therapeutics, Inc. | &nbsp;&nbsp;(6369) | &nbsp;&nbsp;&nbsp;&nbsp;(329723) |
| Insmed, Inc. | (21255) | &nbsp;&nbsp;&nbsp;&nbsp;(457620) |
| Jazz Pharmaceuticals PLC | &nbsp;&nbsp;(1058) | &nbsp;&nbsp;&nbsp;&nbsp;(165746) |
|  |  | &nbsp;&nbsp;&nbsp;**(1248134)** |
| **Cable & Satellite – (0.0)%<sup>(d)</sup>** | **Cable & Satellite – (0.0)%<sup>(d)</sup>** | **Cable & Satellite – (0.0)%<sup>(d)</sup>** |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(144) | &nbsp;&nbsp;&nbsp;&nbsp;**(113743)** |
| **Consumer Services – (0.2)%** | **Consumer Services – (0.2)%** | **Consumer Services – (0.2)%** |
| Chegg, Inc. | &nbsp;&nbsp;(2880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59789) |
| Stride, Inc. | (12674) | &nbsp;&nbsp;&nbsp;&nbsp;(544095) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(603884)** |
| **E-Commerce Discretionary – (0.1)%** | **E-Commerce Discretionary – (0.1)%** | **E-Commerce Discretionary – (0.1)%** |
| Etsy, Inc. | &nbsp;&nbsp;(2128) | &nbsp;&nbsp;&nbsp;&nbsp;(292770) |
| Wayfair, Inc., Class A | &nbsp;&nbsp;(2189) | &nbsp;&nbsp;&nbsp;&nbsp;(132435) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(425205)** |
| **Electric Utilities – (0.1)%** | **Electric Utilities – (0.1)%** | **Electric Utilities – (0.1)%** |
| NRG Energy, Inc. | &nbsp;&nbsp;(7936) | &nbsp;&nbsp;&nbsp;&nbsp;**(271570)** |
| **Electrical Equipment – (0.0)%<sup>(d)</sup>** | **Electrical Equipment – (0.0)%<sup>(d)</sup>** | **Electrical Equipment – (0.0)%<sup>(d)</sup>** |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(829) | &nbsp;&nbsp;&nbsp;&nbsp;**(161274)** |
| **Engineering & Construction – (0.2)%** | **Engineering & Construction – (0.2)%** | **Engineering & Construction – (0.2)%** |
| Fluor Corp. | (18778) | &nbsp;&nbsp;&nbsp;&nbsp;**(690092)** |
| **Household Products – (0.1)%** | **Household Products – (0.1)%** | **Household Products – (0.1)%** |
| Beauty Health (The) Co. | (16691) | &nbsp;&nbsp;&nbsp;&nbsp;**(190277)** |
| **Institutional Financial Services – (0.3)%** | **Institutional Financial Services – (0.3)%** | **Institutional Financial Services – (0.3)%** |
| Cowen, Inc., Class A | (20049) | &nbsp;&nbsp;&nbsp;&nbsp;(779505) |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34093) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(813598)** |
| **Internet Media & Services – (0.3)%** | **Internet Media & Services – (0.3)%** | **Internet Media & Services – (0.3)%** |
| Groupon, Inc. | &nbsp;&nbsp;(3063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25300) |
| Snap, Inc., Class A | &nbsp;&nbsp;(3615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41790) |
| TripAdvisor, Inc. | &nbsp;&nbsp;(6354) | &nbsp;&nbsp;&nbsp;&nbsp;(148048) |
| Upwork, Inc. | &nbsp;&nbsp;(5730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74261) |
| Ziff Davis, Inc. | &nbsp;&nbsp;(5088) | &nbsp;&nbsp;&nbsp;&nbsp;(455274) |
| Zillow Group, Inc., Class C | &nbsp;&nbsp;(2777) | &nbsp;&nbsp;&nbsp;&nbsp;(122771) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(867444)** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Leisure Facilities & Services – (0.6)%** | **Leisure Facilities & Services – (0.6)%** | **Leisure Facilities & Services – (0.6)%** |
| Carnival Corp. | (23490) | &nbsp;&nbsp;$(254162) |
| Cheesecake Factory (The), Inc. | &nbsp;&nbsp;(6043) | &nbsp;&nbsp;&nbsp;&nbsp;(237188) |
| Live Nation Entertainment, Inc. | &nbsp;&nbsp;(2630) | &nbsp;&nbsp;&nbsp;&nbsp;(211689) |
| Marcus (The) Corp. | (29850) | &nbsp;&nbsp;&nbsp;&nbsp;(451929) |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;(1189) | &nbsp;&nbsp;&nbsp;&nbsp;(190287) |
| Norwegian Cruise Line Holdings Ltd. | (19560) | &nbsp;&nbsp;&nbsp;&nbsp;(297507) |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;(4319) | &nbsp;&nbsp;&nbsp;&nbsp;(280476) |
|  |  | &nbsp;&nbsp;&nbsp;**(1923238)** |
| **Leisure Products – (0.2)%** | **Leisure Products – (0.2)%** | **Leisure Products – (0.2)%** |
| Topgolf Callaway Brands Corp. | (16278) | &nbsp;&nbsp;&nbsp;&nbsp;(398648) |
| Winnebago Industries, Inc. | &nbsp;&nbsp;(4295) | &nbsp;&nbsp;&nbsp;&nbsp;(273506) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(672154)** |
| **Machinery – (0.2)%** | **Machinery – (0.2)%** | **Machinery – (0.2)%** |
| Xylem, Inc. | &nbsp;&nbsp;(4918) | &nbsp;&nbsp;&nbsp;&nbsp;**(511521)** |
| **Medical Equipment & Devices – (0.5)%** | **Medical Equipment & Devices – (0.5)%** | **Medical Equipment & Devices – (0.5)%** |
| CONMED Corp. | &nbsp;&nbsp;(1907) | &nbsp;&nbsp;&nbsp;&nbsp;(182614) |
| Exact Sciences Corp. | &nbsp;&nbsp;(6047) | &nbsp;&nbsp;&nbsp;&nbsp;(408294) |
| Haemonetics Corp. | &nbsp;&nbsp;(2745) | &nbsp;&nbsp;&nbsp;&nbsp;(232227) |
| Lantheus Holdings, Inc. | &nbsp;&nbsp;(1674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96255) |
| Meridian Bioscience, Inc.<sup>(e)(f)</sup> | (15900) | &nbsp;&nbsp;&nbsp;&nbsp;(540600) |
|  |  | &nbsp;&nbsp;&nbsp;**(1459990)** |
| **Oil & Gas Producers – (0.4)%** | **Oil & Gas Producers – (0.4)%** | **Oil & Gas Producers – (0.4)%** |
| Permian Resources Corp. | (44094) | &nbsp;&nbsp;&nbsp;&nbsp;(479302) |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;(3072) | &nbsp;&nbsp;&nbsp;&nbsp;(707635) |
|  |  | &nbsp;&nbsp;&nbsp;**(1186937)** |
| **Oil, Gas Services & Equipment – (0.1)%** | **Oil, Gas Services & Equipment – (0.1)%** | **Oil, Gas Services & Equipment – (0.1)%** |
| Helix Energy Solutions Group, Inc. | (45482) | &nbsp;&nbsp;&nbsp;&nbsp;**(360672)** |
| **Real Estate Investment Trusts – (0.3)%** | **Real Estate Investment Trusts – (0.3)%** | **Real Estate Investment Trusts – (0.3)%** |
| Pebblebrook Hotel Trust | (28001) | &nbsp;&nbsp;&nbsp;&nbsp;(459216) |
| Summit Hotel Properties, Inc. | (54296) | &nbsp;&nbsp;&nbsp;&nbsp;(462602) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(921818)** |
| **Real Estate Services – (0.1)%** | **Real Estate Services – (0.1)%** | **Real Estate Services – (0.1)%** |
| Anywhere Real Estate, Inc. | (19928) | &nbsp;&nbsp;&nbsp;&nbsp;**(168989)** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Renewable Energy – (0.4)%** | **Renewable Energy – (0.4)%** | **Renewable Energy – (0.4)%** |
| Array Technologies, Inc. | (35129) | &nbsp;&nbsp;$(780918) |
| Sunnova Energy International, Inc. | (24596) | &nbsp;&nbsp;&nbsp;&nbsp;(479130) |
|  |  | &nbsp;&nbsp;&nbsp;**(1260048)** |
| **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** |
| Patrick Industries, Inc. | &nbsp;&nbsp;(4625) | &nbsp;&nbsp;&nbsp;&nbsp;**(328236)** |
| **Semiconductors – (0.9)%** | **Semiconductors – (0.9)%** | **Semiconductors – (0.9)%** |
| Broadcom, Inc. | &nbsp;&nbsp;(2413) | &nbsp;&nbsp;&nbsp;(1411629) |
| Impinj, Inc. | &nbsp;&nbsp;(3105) | &nbsp;&nbsp;&nbsp;&nbsp;(402967) |
| MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;(5485) | &nbsp;&nbsp;&nbsp;&nbsp;(367605) |
| MaxLinear, Inc. | &nbsp;&nbsp;(5336) | &nbsp;&nbsp;&nbsp;&nbsp;(219843) |
| Semtech Corp. | (12041) | &nbsp;&nbsp;&nbsp;&nbsp;(397714) |
|  |  | &nbsp;&nbsp;&nbsp;**(2799758)** |
| **Software – (1.1)%** | **Software – (1.1)%** | **Software – (1.1)%** |
| Bandwidth, Inc., Class A | &nbsp;&nbsp;(1245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30976) |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;(6706) | &nbsp;&nbsp;&nbsp;&nbsp;(261869) |
| BigCommerce Holdings, Inc., Series 1 | &nbsp;&nbsp;(4453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54594) |
| Blackline, Inc. | &nbsp;&nbsp;(2712) | &nbsp;&nbsp;&nbsp;&nbsp;(194721) |
| Ceridian HCM Holding, Inc. | &nbsp;&nbsp;(2465) | &nbsp;&nbsp;&nbsp;&nbsp;(178170) |
| Envestnet, Inc. | &nbsp;&nbsp;(8403) | &nbsp;&nbsp;&nbsp;&nbsp;(546195) |
| Five9, Inc. | &nbsp;&nbsp;(1138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89652) |
| Jamf Holding Corp. | &nbsp;&nbsp;(5672) | &nbsp;&nbsp;&nbsp;&nbsp;(112703) |
| LivePerson, Inc. | &nbsp;&nbsp;(4022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51803) |
| Mitek Systems, Inc. | (16500) | &nbsp;&nbsp;&nbsp;&nbsp;(162690) |
| New Relic, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17888) |
| NextGen Healthcare, Inc. | (11225) | &nbsp;&nbsp;&nbsp;&nbsp;(213499) |
| Progress Software Corp. | (10117) | &nbsp;&nbsp;&nbsp;&nbsp;(536606) |
| RingCentral, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;(428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16705) |
| Splunk, Inc. | &nbsp;&nbsp;(1229) | &nbsp;&nbsp;&nbsp;&nbsp;(117701) |
| Verint Systems, Inc. | &nbsp;&nbsp;(7102) | &nbsp;&nbsp;&nbsp;&nbsp;(269663) |
| Workiva, Inc. | &nbsp;&nbsp;(4238) | &nbsp;&nbsp;&nbsp;&nbsp;(366714) |
|  |  | &nbsp;&nbsp;&nbsp;**(3222149)** |
| **Specialty Finance – (0.4)%** | **Specialty Finance – (0.4)%** | **Specialty Finance – (0.4)%** |
| Encore Capital Group, Inc. | (11503) | &nbsp;&nbsp;&nbsp;&nbsp;(640947) |
| EZCORP, Inc., Class A | (24286) | &nbsp;&nbsp;&nbsp;&nbsp;(221245) |
| LendingTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8091) |
| PRA Group, Inc. | &nbsp;&nbsp;(2029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81647) |
| SoFi Technologies, Inc. | (34357) | &nbsp;&nbsp;&nbsp;&nbsp;(238094) |
|  |  | &nbsp;&nbsp;&nbsp;**(1190024)** |
| **Technology Hardware – (0.3)%** | **Technology Hardware – (0.3)%** | **Technology Hardware – (0.3)%** |
| Infinera Corp. | (47085) | &nbsp;&nbsp;&nbsp;&nbsp;(344662) |
| Lumentum Holdings, Inc. | &nbsp;&nbsp;(2461) | &nbsp;&nbsp;&nbsp;&nbsp;(148103) |
| NCR Corp. | (10186) | &nbsp;&nbsp;&nbsp;&nbsp;(279300) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(772065)** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Services – (0.2)%** | **Technology Services – (0.2)%** | **Technology Services – (0.2)%** |
| I3 Verticals, Inc., Class A | &nbsp;&nbsp;(6596) | &nbsp;&nbsp;&nbsp;&nbsp;$(190756) |
| Perficient, Inc. | &nbsp;&nbsp;(2690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199437) |
| Sabre Corp. | (44027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299824) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(690017)** |
| **Transportation & Logistics – (0.2)%** | **Transportation & Logistics – (0.2)%** | **Transportation & Logistics – (0.2)%** |
| Air Transport Services Group, Inc. | (10387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294056) |
| CryoPort, Inc. | &nbsp;&nbsp;(1692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38628) |
| JetBlue Airways Corp. | &nbsp;&nbsp;(8370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66960) |
| Spirit Airlines, Inc. | &nbsp;&nbsp;(4377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86840) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(486484)** |
| **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** |
| Greenbrier (The) Cos., Inc. | &nbsp;&nbsp;(9301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(287587)** |
| **Wholesale - Discretionary – (0.1)%** | **Wholesale - Discretionary – (0.1)%** | **Wholesale - Discretionary – (0.1)%** |
| IAA, Inc. | &nbsp;&nbsp;(5761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(240407)** |
| **Total Common Stocks<br> (Proceeds $24,370,614)** | **Total Common Stocks<br> (Proceeds $24,370,614)** | &nbsp;&nbsp;&nbsp;**(24318929)** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** |  |
| **Mortgage-Backed Securities – (1.9)%** | **Mortgage-Backed Securities – (1.9)%** | **Mortgage-Backed Securities – (1.9)%** |
| **Government National Mortgage Association –<br> (0.0)%<sup>(d)</sup>** | **Government National Mortgage Association –<br> (0.0)%<sup>(d)</sup>** | **Government National Mortgage Association –<br> (0.0)%<sup>(d)</sup>** |
| Pool,<br> 2/01/53<sup>(k)</sup> | $(150000) | **(129616)** |

---

---

| | | |
|:---|:---|:---|
|  | **Par<sup>(a)</sup>** | **Value** |
| **Uniform Mortgage-Backed Securities – (1.9)%** | **Uniform Mortgage-Backed Securities – (1.9)%** | **Uniform Mortgage-Backed Securities – (1.9)%** |
| Pool,<br> 2/01/53<sup>(k)</sup> | $(6382000) | **$(5587427)** |
| **Total Mortgage-Backed Securities<br> (Proceeds $5,653,383)** | **Total Mortgage-Backed Securities<br> (Proceeds $5,653,383)** | &nbsp;&nbsp;&nbsp;**(5717043)** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **Rights – 0.0%<sup>(d)</sup>** | **Rights – 0.0%<sup>(d)</sup>** | **Rights – 0.0%<sup>(d)</sup>** |
| **Biotechnology & Pharmaceuticals — 0.0%<sup>(d)</sup>** | **Biotechnology & Pharmaceuticals — 0.0%<sup>(d)</sup>** | **Biotechnology & Pharmaceuticals — 0.0%<sup>(d)</sup>** |
| Ligand Pharmaceuticals, Inc. Cvr | (104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Rights<br> (Proceeds $—)** | **Total Rights<br> (Proceeds $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Short Positions – (9.9)%<br> (Proceeds $30,023,997)** | **Total Short Positions – (9.9)%<br> (Proceeds $30,023,997)** | &nbsp;&nbsp;&nbsp;**(30035972)** |
| **Total Written Options – (0.0)%<sup>(d)</sup><br> (Premiums Received $176,335)** | **Total Written Options – (0.0)%<sup>(d)</sup><br> (Premiums Received $176,335)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54602) |
| Other Assets less Liabilities – 5.9%<sup>(o)</sup> | Other Assets less Liabilities – 5.9%<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17971103 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$302969930** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |

---

<sup>(a)</sup> Par value is in USD unless otherwise indicated.

<sup>(b)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

<sup>(c)</sup> All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap agreements.

<sup>(d)</sup> Amount rounds to less than 0.05%.

<sup>(e)</sup> Security represents underlying investment on open options contracts.

<sup>(f)</sup> Investment is valued using significant unobservable inputs (Level 3).

<sup>(g)</sup> Zero coupon bond.

<sup>(h)</sup> Variable rate security. Rate as of January 31, 2023 is disclosed.

<sup>(i)</sup> Distributions from this security are made via payments in-kind (PIK) unless otherwise noted in the description.

<sup>(j)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2023 is disclosed.

<sup>(k)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2023.

<sup>(l)</sup> 7-day current yield as of January 31, 2023 is disclosed.

<sup>(m)</sup> Discount rate at the time of purchase.

<sup>(n)</sup> Securities sold short are not owned by the Fund and cannot produce income.

<sup>(o)</sup> Includes appreciation/(depreciation) on forward foreign currency exchange, futures and swap contracts.

\* Non-Income Producing Security

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| 1M | 1 Month |
| 1Y | 1 Year |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | |
|:---|:---|
| 3M | 3 Month |
| 5Y | 5 Year |
| ADR | American Depositary Receipt |
| BDC | Business Development Company |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| MSCI | Morgan Stanley Capital International |
| PLC | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standards & Poor's |
| SOFR | United States Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)<sup>(a)</sup>** |  |
| U.S. Dollar | &nbsp;&nbsp;73.4 |
| All other currencies less than 5% | &nbsp;&nbsp;26.6 |
| **Total** | &nbsp;&nbsp;**100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)<sup>(a)</sup>** |  |
| United States | &nbsp;&nbsp;68.8 |
| All other countries less than 5% | &nbsp;&nbsp;31.2 |
| **Total** | &nbsp;&nbsp;**100.0** |

---

<sup>(a)</sup> Percentages shown are based on Net Assets.

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Futures Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Contracts** |  |  |  |  |  |
| 10-Year Canadian Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;2087648 | &nbsp;&nbsp;$42458 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992250 | &nbsp;&nbsp;&nbsp;&nbsp;(20867) |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;3/29/2023 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| **Total Long Contracts** |  |  |  |  | &nbsp;&nbsp;**$21588** |
| **Short Contracts** |  |  |  |  |  |
| Euro-BTP Italian Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;3/08/2023 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620328 | &nbsp;&nbsp;$20704 |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;3/08/2023 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2231158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81905 |
| Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;3/08/2023 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2430694 | &nbsp;&nbsp;&nbsp;&nbsp;102843 |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;3/15/2023 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;1190033 | &nbsp;&nbsp;&nbsp;&nbsp;(34458) |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3549984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4621) |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6363875 | &nbsp;&nbsp;&nbsp;&nbsp;(181223) |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6787375 | &nbsp;&nbsp;&nbsp;&nbsp;(109323) |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1028242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3944) |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;(195) | &nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;21302227 | &nbsp;&nbsp;&nbsp;&nbsp;(239052) |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp;**$(367169)** |
|  |  |  |  |  | &nbsp;&nbsp;**$(345581)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023:** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 03/15/23 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;1063 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;$16230 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;Swedish Krona | &nbsp;&nbsp;&nbsp;4995 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8067 |
| 03/15/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967 |
| 03/15/23 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;Swedish Krona | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;Hong Kong Dollars | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 |
| 03/15/23 | &nbsp;&nbsp;Swedish Krona | &nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| 03/15/23 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp;$33658 |
| 03/15/23 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(11) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2023: (continued)** |
| **Settlement<br> Date** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> of Currency<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> of Currency<br> Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;Swedish Krona | &nbsp;&nbsp;&nbsp;&nbsp;(242) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;$(117) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;Swiss Francs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;Australian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460) |
| 03/15/23 | &nbsp;&nbsp;Swedish Krona | &nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632) |
| 03/15/23 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;(398) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(857) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;New Zealand Dollars | &nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1009) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;(210) | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3733) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4660) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;2924 | &nbsp;&nbsp;British Pounds | &nbsp;&nbsp;(2377) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8089) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;1660 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;(1561) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;(41177) |
| 03/15/23 | &nbsp;&nbsp;U.S. Dollars | &nbsp;&nbsp;2997 | &nbsp;&nbsp;Canadian Dollars | &nbsp;&nbsp;(4059) | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;(53968) |
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp;$(116814) |
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp;**$(83156)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Written Put Option Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;72 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551304 | &nbsp;&nbsp;55.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$(72) |
| iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;1040 | &nbsp;&nbsp;USD | &nbsp;&nbsp;11145680 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(7280) |
| iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;1500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;11449500 | &nbsp;&nbsp;69.00 | &nbsp;&nbsp;5/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(47250) |
| **Total Written Put Options Contracts (Premiums Received $176,335)** | **Total Written Put Options Contracts (Premiums Received $176,335)** | **Total Written Put Options Contracts (Premiums Received $176,335)** | **Total Written Put Options Contracts (Premiums Received $176,335)** | **Total Written Put Options Contracts (Premiums Received $176,335)** | **Total Written Put Options Contracts (Premiums Received $176,335)** | &nbsp;&nbsp;**$(54602)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter** |
| **Reference Company** | **The Fund Pays<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Advanced Auto Parts, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1323 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$201169 | &nbsp;&nbsp;&nbsp;&nbsp;$3764 |
| Air Products & Chemicals, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 363 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 |
| Albemarle Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 848 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32173 |
| Alexandria Real Estate Equities, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1822 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7995 |
| Allstate Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 3440 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23412) |
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 9819 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| American Electric Power Co., Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 4724 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$443191 | &nbsp;&nbsp;&nbsp;&nbsp;$(4928) |
| American Express Co. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1544 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31755 |
| American International Group, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 6191 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2219) |
| American International Group, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 5856 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
| Amgen, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1690 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29565) |
| AMN Healthcare Services, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2621 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15514) |
| Antero Resources Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1038 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1768) |
| Apache Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 10023 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8802) |
| Apache Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 6014 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) |
| Applied Materials, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3154 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8688) |
| Aramark Services, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 9754 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4818) |
| Arrow Electronics, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1795 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008 |
| AT&T, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 18103 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18299 |
| Atmos Energy Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1774 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148 |
| Autodesk, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1231 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17399 |
| AutoZone, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 149 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11832 |
| AutoZone, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 179 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21148 |
| AvalonBay Communities, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 345 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 |
| Avantor, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1977 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 |
| Avis Budget Group, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 2323 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090 |
| Avis Budget Group, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1952 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11114 |
| Baxter International, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 7542 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450 |
| Baxter International, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 9590 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 |
| Berkshire Hathaway, Inc., Class B | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1376 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 |
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 2989 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16875 |
| Biogen, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1271 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 |
| Boeing (The) Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1119 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 |
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 10471 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31027 |
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3902 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053 |
| Boston Properties, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 5017 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43379 |
| Boyd Gaming Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 7520 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14247 |
| Bristol-Myers Squibb Co. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 3861 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510 |
| Bristol-Myers Squibb Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2176 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1447) |
| Builders FirstSource, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 4781 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37512 |
| Cable One, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 140 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 |
| Caesars Entertainment, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 5558 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20567 |
| Camden Property Trust REIT | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1346 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7123 |
| Campbell Soup | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 4378 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12313) |
| Canadian Natural Resources Ltd. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 2553 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Cardinal Health, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 2655 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$204584 | &nbsp;&nbsp;&nbsp;&nbsp;$(1364) |
| Cardinal Health, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 3113 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 |
| Cardinal Health, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 4630 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977 |
| Centene Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 541 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| CF Industries Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 4229 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3740) |
| CH Robinson Worldwide, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 3752 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27577 |
| Chubb Limited | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1979 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6714 |
| Cigna Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1110 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 |
| Cisco Systems, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 9568 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 |
| Clarivate PLC | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 23738 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552 |
| Clorox (The) Co. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 256 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
| CME Group, Inc., Class A | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2039 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4422 |
| Colgate-Palmolive Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2378 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1782) |
| ConocoPhillips | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3798 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6265 |
| Coterra Energy, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 12282 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9450) |
| Crown Castle International Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2438 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7853 |
| CSX Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 11048 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14365) |
| CSX Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 14317 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24757) |
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 6440 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21623) |
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 2505 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2224) |
| Darden Restaurants, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2389 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2375) |
| Darling Ingredients, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1125 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669) |
| DaVita, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 5642 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19654 |
| Dell Technologies, Inc., Class C | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 6546 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2952) |
| Delta Air Lines, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 11179 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23659 |
| Devon Energy Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 31 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) |
| Dominion Energy, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1709 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 |
| DTE Energy Co. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 176 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |
| Duke Energy Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 4505 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8683) |
| DuPont de Nemours, Inc. | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 244 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| DXC Technology | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1903 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788) |
| DXC Technology | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 5793 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2502) |
| Eastman Chemical Co. | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 181 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Ebay, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 7212 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12998 |
| Elanco Animal Health, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 27661 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24359 |
| Elastic N.V. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 6450 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9590 |
| Energy, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1575 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Entergy Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 890 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| EOG Resources, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 619 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1257) |
| EQT Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 6572 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16911) |
| Equitable Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 7028 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16558 |
| Equity Residential | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1190 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |
| Eversource Energy | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 4313 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10264 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Exelon Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1199 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$50453 | &nbsp;&nbsp;&nbsp;&nbsp;$(2483) |
| Exelon Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 9257 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9583) |
| Expedia Group, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2370 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3596) |
| Extra Space Storage, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 245 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 |
| Factset Research Systems, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 805 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3398) |
| Fair Isaac Corporation | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 560 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20764 |
| FedEx Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2187 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313 |
| Fox Corp., Class A | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 10431 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12991 |
| General Mills, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 359 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| General Mills, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 272 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| General Motors Co. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 11632 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30880 |
| Gilead Sciences, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 4176 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 |
| Goodyear Tire & Rubber (The) Co. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 38981 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12374) |
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 12223 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33610 |
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 9881 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533 |
| Halliburton Co. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 5756 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7910) |
| Hartford Financial Services Group (The), Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 2178 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 |
| Hartford Financial Services Group (The), Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 2685 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569 |
| Healthpeak Properties, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 13463 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 |
| Honeywell International, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2096 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 |
| HP, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 3860 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066 |
| HP, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 11709 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070 |
| Humana, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 704 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14432 |
| International Business Machines Corp. | U.S. Fed Funds + 0.15% | 2/27/2023 | Goldman Sachs | 670 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) |
| International Paper Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 12484 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53953 |
| Intuit, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 569 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17449 |
| Johnson & Johnson | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 2552 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23479) |
| Johnson Controls International PLC | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 288 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| Johnson Controls International PLC | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 6833 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 |
| Kellogg Co. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 5108 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5810) |
| Keysight Technologies, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 417 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
| Kimberly-Clarke Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1268 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5479) |
| Kinder Morgan, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3499 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1659) |
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 9668 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16197) |
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 7534 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781) |
| L Brands, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 9580 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8599 |
| L Brands, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 7985 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 |
| L3Harris Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1780 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36354 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Laboratory Corporation of America Holdings | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 331 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$83216 | &nbsp;&nbsp;&nbsp;&nbsp;$2634 |
| Lam Research Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 688 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134 |
| Life Storage, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 342 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318 |
| LIncoln National Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 13942 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55804 |
| LIncoln National Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 9977 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29471 |
| Live Nation Entertainment, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3560 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15994 |
| Loews Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 4547 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8421 |
| Lowe's Cos., Inc. | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 91 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |
| Lowe's Cos., Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2153 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6428 |
| Macy's, Inc. | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 13745 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31306 |
| Macy's, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 4595 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 |
| Marathon Petroleum Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 2731 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34027 |
| Marathon Petroleum Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3379 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197 |
| Marsh & McLennan Cos., Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1915 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4886 |
| Martin Marietta Materials, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 919 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222 |
| Marvell Technology, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 453 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 |
| Masco Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 500 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
| Match Group, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 6732 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13522 |
| Mcdonalds Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 828 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) |
| Mcdonalds Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1282 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9133) |
| Mcdonalds Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 743 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1555) |
| McKesson Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 480 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2032) |
| McKesson Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 198 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 |
| MGM Resorts International | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 20602 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49029 |
| Mid-America Apartment Communities, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 110 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| Mosaic (The) Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 7700 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883 |
| Murphy Oil Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 10232 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 |
| Murphy Oil USA, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1270 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706 |
| Nasdaq, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 5211 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9496) |
| NetApp, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 5715 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12977 |
| Netflix, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 961 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5966) |
| Netflix, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1280 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34268 |
| Norfolk Southern Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1764 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17788) |
| Northrop Grumman Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 782 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1618) |
| Norwegian Cruise Line Holdings Ltd. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1818 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(647) |
| Nucor Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2070 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31130 |
| Nutrien ltd. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 214 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 |
| NXP Semiconductors N.V. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 867 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12390 |
| Occidental Petroleum Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1636 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 |
| Olin Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 7301 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61382 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Olin Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 5902 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$380670 | &nbsp;&nbsp;&nbsp;&nbsp;$53640 |
| O'Reilly Automotive, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 122 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(937) |
| Ovintiv, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3801 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8222) |
| Owens Corning | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3492 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22946 |
| Parker-Hannifin Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 120 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 |
| PBF Energy, Inc., Class A | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 2208 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| Penn National Gaming, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 10582 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902 |
| Pfizer, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 7640 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7415) |
| Pfizer, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 9527 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8135) |
| Phillips 66 | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 3304 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7912) |
| PPG Industries, Inc. | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 131 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| PTC Therapeutics, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1870 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307 |
| Public Storage | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1277 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16947 |
| Quest Diagnostics, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 219 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Quest Diagnostics, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 2894 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047 |
| Range Resources Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 11890 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22356) |
| Republic Services, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2811 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 |
| Royal Caribbean Cruises Ltd. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 6804 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33618 |
| Royal Caribbean Cruises Ltd. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3662 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5119 |
| SBA Communications Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1142 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 |
| Seagate Technology, LLC | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 5357 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65833 |
| SM Energy Co. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 10903 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23042 |
| Southwest Airlines Co. | U.S. Fed Funds + 0.15% | 1/24/2024 | Barclays | 1703 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1657) |
| Southwestern Energy | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 36887 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18409) |
| Steel Dynamics, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3139 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38257 |
| Steris, PLC | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 557 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 |
| Synchrony Financial | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1674 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 |
| Sysco Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 486 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899) |
| Take-Two Interactive Software, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1266 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10802 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 5311 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3383) |
| Toll Brothers, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 8075 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27518 |
| Transocean Ltd. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 19949 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10080 |
| Trimble, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 349 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 |
| Tyson Foods, Inc., Class A | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 5699 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707) |
| Uber Technologies, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 12177 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20529 |
| UDR, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 5689 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16972 |
| Union Pacific Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2055 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12532) |
| United States Steel Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 4931 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 |
| United States Steel Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 6146 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 |
| UnitedHealth Group, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 900 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12076 |
| Valero Energy Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1187 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 |
| Valero Energy Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 1273 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4049) |
| VeriSign, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 241 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Voya Financial, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1327 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$92447 | &nbsp;&nbsp;&nbsp;&nbsp;$1109 |
| Voya Financial, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 469 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 |
| Vulcan Materials Co. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 488 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| Walt Disney (The) Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2928 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7929 |
| Waste Connections, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 2622 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9499 |
| Waste Management, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 783 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
| WestRock Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 12027 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26726 |
| Weyerhaeuser Co. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 24099 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49272 |
| Whirlpool Corp. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 1010 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 |
| Williams (The) Cos., Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 7244 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168 |
| Xcel Energy, Inc. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 27 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Xerox Holdings Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 13622 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9302) |
| Zoetis , Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 54 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 |
| ZoomInfo Technologies, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 2175 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 |
| **Total (Cost $59,026,330)** |  |  |  | **1038546** |  | **$60406984** | **$1380654** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter** |
| **Reference Company** | **The Fund Receives<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 3M Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1282 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$(147473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9726 |
| Advanced Micro Devices, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 5976 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8438 |
| AES (The) Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 16258 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1646) |
| AES (The) Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 13096 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6377) |
| Aflac, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3840 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3761) |
| Alcoa Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 539 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592) |
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 6688 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38809) |
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 14549 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78727) |
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1898 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) |
| Amazon.com, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3710 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20565) |
| Amcor, PLC | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 18909 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1031) |
| American Airlines Group, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 17783 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
| American Express Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 2555 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53476) |
| Aptiv PLC | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 831 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4735) |
| AT&T, Inc. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 1879 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) |
| Baker Hughes Co., Class A | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1692 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1932) |
| Baker Hughes Co., Class A | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 10041 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11336) |
| Ball Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 6349 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16214) |
| Ball Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 5182 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191 |
| Barrick Gold Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 15880 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8264) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Berkshire Hathaway, Inc., Class B | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 254 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$(78801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$620 |
| Block, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 4527 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56592) |
| Booking Holdings, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 148 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4569) |
| Booz Allen Hamilton Holding Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2130 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
| Boston Scientific Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 10101 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3827) |
| Broadcom, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 623 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1857) |
| Brookfield Asset Management, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 3879 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12599) |
| Brown & Brown, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3018 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10422 |
| Bunge Ltd. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3580 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12192) |
| Canadian Natural Resources Ltd. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 6045 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1806) |
| Capital One Financial Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3939 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46571) |
| Carnival Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 7344 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(663) |
| Catalent Pharma Solutions, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1214 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367) |
| Caterpillar, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1201 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 |
| Caterpillar, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1793 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
| CDW Corporation of Delaware | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 94 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3038 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598) |
| Cenovus Energy, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 7128 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4826) |
| Charles River Laboratories International, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 593 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(908) |
| Charter Communications, Inc., Class A | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 605 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 |
| Ciena Corpment, Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 5339 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4532) |
| Ciena Corpment, Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1787 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1295) |
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 12154 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37963) |
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 220 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
| Comcast Corp., Class A | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 4361 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2682) |
| Comcast Corp., Class A | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 7591 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 |
| Conagra Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 4019 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13302 |
| Conagra Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3206 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 |
| Conagra Brands, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 4030 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |
| Corteva, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 7039 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22580) |
| Crocs, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 529 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298) |
| Crown Holdings, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1057 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 |
| Cummins, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1408 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |
| D.R. Horton, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 8786 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26062) |
| Danaher Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 773 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9813 |
| Deere & Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 941 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12380) |
| Dell Technologies, Inc., Class C | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4374 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2211) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Dentsply Sirona, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 5742 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$(211453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3355 |
| Devon Energy Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 4304 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3675) |
| Diamondback Energy, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1553 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294) |
| Diamondback Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 945 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 |
| Discover Financial Services | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1098 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10329) |
| Discovery Incment, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 19719 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30926) |
| DISH Network Corp., Class A | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1497 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
| Dollar General Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 308 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Dollar Tree, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 262 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) |
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 8166 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15362) |
| Eastman Chemical Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2042 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 |
| Ecolab, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1341 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279) |
| Emerson Electric Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3768 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521 |
| Enbridge, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 11076 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 |
| Entegris, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4384 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5112) |
| Equifax, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1660 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29094) |
| Equinix, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 101 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2153) |
| Equity Residential | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 7458 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17004) |
| Estee Lauder (The) Cos., Inc., Class A | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 457 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1248) |
| Expedia Group, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2100 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 |
| Fidelity National Information Services, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 225 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1098) |
| Fidelity National Information Services, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 345 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) |
| FirstEnergy Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 10223 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20910 |
| FirstEnergy Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 5667 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 |
| Fiserv, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1861 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1814) |
| Flex Ltd. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4754 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 |
| FMC Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1058 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5875) |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 10307 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8452) |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 17578 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14283) |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 4228 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2965) |
| Fortune Brands Home & Security, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1233 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3703) |
| Freeport-McMoRan, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3524 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1411) |
| Freeport-McMoRan, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 7747 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556 |
| Gap (The), Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 15708 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11221) |
| Gap (The), Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 33928 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2864) |
| Gen Digital Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 975 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |
| General Electric Co. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 3319 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
| General Electric Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3751 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2376) |
| Global Payments, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1861 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 |
| Halliburton Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 6719 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4694) |
| HCA Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1451 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| HCA Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1455 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$(371127) | &nbsp;&nbsp;&nbsp;&nbsp;$12717 |
| Hess Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 2341 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12999) |
| Hess Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 2850 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15211 |
| Hewlett Packard Enterprise Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 4243 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| Home Depot (The), Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1045 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6646) |
| Host Hotels & Resorts, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 21643 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30647) |
| Host Hotels & Resorts, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3414 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3013) |
| Howmet Aerospace Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 6086 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938) |
| Howmet Aerospace Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 6020 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7479) |
| Hyatt Hotels Corp., Class A | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 3245 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29467) |
| Intel Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1724 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711 |
| International Flavors & Fragrances, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 211 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3352 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6880) |
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 7555 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17513) |
| JM Smucker (The) Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 17 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Juniper Networks, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 6911 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2945) |
| Kinder Morgan, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2953 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
| Kohls Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 12827 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20964) |
| Kohls Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 9047 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 |
| Kraft Heinz Foods Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 10480 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2827) |
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4440 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2030) |
| Las Vegas Sands Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 6334 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28392) |
| Lennar Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 736 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4945) |
| Lennar Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1220 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5837) |
| Lithia Motors, Inc., Class A | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1478 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44073) |
| Lockheed Martin Corp. | U.S. Fed Funds + 0.20% | 2/8/2023 | JPMorgan Chase | 483 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(729) |
| Lockheed Martin Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 665 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1398) |
| Lumen Technologies, Inc. | U.S. Fed Funds | 2/8/2023 | JPMorgan Chase | 4139 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) |
| Lumen Technologies, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 63496 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6197) |
| Marriott International, Inc., Class A | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1215 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2260) |
| McCormick & Co., Inc. (Non Voting) | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3901 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23665 |
| Medical Properties Trust, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 27196 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14759) |
| Metlife, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 5300 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12154) |
| MGIC Investment Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 5643 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4298) |
| MGIC Investment Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3636 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952) |
| Micron Technology, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 5980 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23547) |
| Molina Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1164 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14680) |
| Mondelez International, Inc., Class A | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3609 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 |
| Motorola Solutions, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1320 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Motorola Solutions, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1042 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$(266942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$664 |
| Newell Brands, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 13542 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| Newmont Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1202 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479) |
| NextEra Energy, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 339 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) |
| NextEra Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 5681 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42233 |
| Nike, Inc., Class B | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 699 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Nordstrom, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 4797 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14353) |
| Nordstrom, Inc. | U.S. Fed Funds + (0.55)% | 2/27/2023 | Goldman Sachs | 14654 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25578) |
| Nordstrom, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 2361 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1882) |
| NRG Energy, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 10454 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14886) |
| NRG Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 13321 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23775) |
| Occidental Petroleum Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 5435 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| Omnicom Group, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4071 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8935) |
| Omnicom Group, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 2724 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3950) |
| Onemain Holdings, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 10667 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38968) |
| Oneok, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 5345 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6820 |
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 644 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873) |
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4494 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 |
| Ovintiv, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 7279 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554 |
| Packaging Corp. Of America | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 704 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6854) |
| PayPal Holdings, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1079 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2088) |
| Philip Morris International, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 594 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |
| Pioneer Natural Resources Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1487 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11699 |
| Procter & Gamble (The) Co. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1177 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11446 |
| Prologis, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1812 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13207) |
| Prudential Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3905 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15009) |
| PulteGroup, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 7026 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60635) |
| PulteGroup, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 7583 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44066) |
| Quanta Services, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 2440 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32310) |
| Radian Group, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 8741 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28336) |
| Ralph Lauren Corp., Class A | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1885 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797 |
| Raymond James Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3130 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13673 |
| Raytheon Technologies Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 4612 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) |
| Ross Stores, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3040 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773 |
| S&P Global, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 288 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1995) |
| Salesforce.com, Inc. | U.S. Fed Funds + 0.20% | 2/27/2023 | Goldman Sachs | 131 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |
| Schlumberger Ltd. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 6372 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7662) |
| Sealed Air Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 3582 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3720) |
| Sempra Energy | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1978 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 |
| Sempra Energy | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 101 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |
| Sherwin-Williams (The) Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 8 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Sherwin-Williams (The) Co. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1817 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17371 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Simon Property Group, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 3000 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$(384812) | &nbsp;&nbsp;&nbsp;&nbsp;$(9752) |
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 4056 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071 |
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1731 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269 |
| Southern Copper Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 4921 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4662) |
| Stanley Black & Decker, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 2784 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2287) |
| Stryker Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1183 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404 |
| Tapestry, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1402 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1850) |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1261 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496) |
| Target Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4868 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(837977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49277) |
| TC Energy Corp. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 2586 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5703) |
| TC Energy Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 8029 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Teck Resources Ltd., Class B | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 11484 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42055) |
| Teledyne Technologies, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 877 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6822) |
| Teleflex, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 309 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462 |
| Tenet Healthcare Corp. | U.S. Fed Funds + 0.20% | 1/24/2024 | Barclays | 3662 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10148) |
| Tesla, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2571 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444760) | &nbsp;&nbsp;&nbsp;&nbsp;(108201) |
| Thermo Fisher Scientific, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 348 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4731) |
| T-Mobile US, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1129 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273) |
| T-Mobile US, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1898 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8613) |
| TransDigm, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 308 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20055) |
| TransDigm, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 336 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12219) |
| Twilio Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 6222 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28167) |
| Tyson Foods, Inc., Class A | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1915 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(954) |
| United Airlines Holdings, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 8914 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20505 |
| United Parcel Service, Inc., Class B | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1027 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3451) |
| United Rentals North America, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 357 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22560) |
| United Rentals North America, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1060 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54684) |
| Universal Health Services, Inc., Class B | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2912 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4295) |
| Ventas, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1449 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4560) |
| Verisk Analytics, Inc. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 359 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
| Verizon Communications, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 10919 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7549) |
| Verizon Communications, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1995 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3870) |
| VF Corp. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2913 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946) |
| ViacomCBS, Inc., Class B | U.S. Fed Funds + (0.57)% | 2/8/2023 | JPMorgan Chase | 2487 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8964) |
| ViacomCBS, Inc., Class B | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 34417 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(797098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68834) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2023:<br> Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives<br> Financing Rate** | **Expiration<br> Date** | **Counterparty** | **Notional<br> Amount** | **Pay<br> Frequency** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| VICI Properties, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 11121 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;$(379016) | &nbsp;&nbsp;&nbsp;&nbsp;$(4906) |
| Vistra Operations Co. LLC | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 20042 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17967) |
| Walgreen Boots Alliance, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 8153 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3889) |
| Walmart, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2957 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 |
| Welltower, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 4977 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16082) |
| Western Digital Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 8448 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18248) |
| Western Union (The) Co. | U.S. Fed Funds + (0.15)% | 2/8/2023 | JPMorgan Chase | 1850 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
| Whirlpool Corp. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 1095 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4010) |
| Willis Towers Watson, PLC | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 1253 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2345) |
| Workday, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 433 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2113) |
| Yum Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/27/2023 | Goldman Sachs | 2042 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) |
| Zimmer Biomet Holdings, Inc. | U.S. Fed Funds + (0.15)% | 1/24/2024 | Barclays | 2787 | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3301) |
| **Total (Cost $55,676,768)** |  |  |  | **1114712** |  | **$(57204339)** | **$(1527571)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 8.20% (Monthly) | 28-Day MXN-TIIE-BANXICO (Monthly) | 3/8/2028 | MXN | 2040000 | &nbsp;&nbsp;&nbsp;&nbsp;$982 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$982 |
| 8.24% (Monthly) | 28-Day MXN-TIIE-BANXICO (Monthly) | 3/8/2028 | MXN | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 |
| 8.29% (Monthly) | 28-Day MXN-TIIE-BANXICO (Monthly) | 3/8/2028 | MXN | 2990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
| 8.30% (Monthly) | 28-Day MXN-TIIE-BANXICO (Monthly) | 3/8/2028 | MXN | 1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |
| 9.00% (Monthly) | 28-Day MXN-TIIE-BANXICO (Monthly) | 3/8/2028 | MXN | 2920000 | &nbsp;&nbsp;&nbsp;&nbsp;(3579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3579) |
| 9.07% (Monthly) | 28-Day MXN-TIIE-BANXICO (Monthly) | 3/8/2028 | MXN | 4710000 | &nbsp;&nbsp;&nbsp;&nbsp;(6421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6421) |
| 1-Day CHF SARON (Annually) | 2.06% (Annually) | 3/15/2028 | CHF | 640000 | &nbsp;&nbsp;&nbsp;&nbsp;18539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18539 |
| 1-Day CHF SARON (Annually) | 1.73% (Annually) | 3/15/2028 | CHF | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;2818 |
| 1-Day CHF SARON (Annually) | 1.54% (Annually) | 3/15/2028 | CHF | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 |
| 1-Day CHF SARON (Annually) | 1.59% (Annually) | 3/15/2028 | CHF | 260000 | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
| 1-Day CHF SARON (Annually) | 1.51% (Annually) | 3/15/2028 | CHF | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| 1-Day CHF SARON (Annually) | 1.70% (Annually) | 3/15/2028 | CHF | 190000 | &nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1859 |
| 1-Day CHF SARON (Annually) | 1.71% (Annually) | 3/15/2028 | CHF | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
| 1-Day CHF SARON (Annually) | 2.10% (Annually) | 3/15/2028 | CHF | 70000 | &nbsp;&nbsp;&nbsp;&nbsp;2159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2159 |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 3.60% (Annually) | 3/15/2028 | GBP | 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 3.80% (Annually) | 3/15/2028 | GBP | 230000 | &nbsp;&nbsp;$2750 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$2750 |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 3.86% (Annually) | 3/15/2028 | GBP | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;2446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2446 |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 3.75% (Annually) | 3/15/2028 | GBP | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;1117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 4.50% (Annually) | 3/15/2028 | GBP | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;5061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5061 |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 3.97% (Annually) | 3/15/2028 | GBP | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2137 |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 4.01% (Annually) | 3/15/2028 | GBP | 70000 | &nbsp;&nbsp;&nbsp;&nbsp;1641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1641 |
| 1-Day GBP Sterling Overnight Index Average Rate (Annually) | 3.90% (Annually) | 3/15/2028 | GBP | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 |
| 1-Day THB THBRO (Quarterly) | 2.21% (Quarterly) | 3/15/2028 | THB | 6150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 |
| 1-Day THB THBRO (Quarterly) | 2.10% (Quarterly) | 3/15/2028 | THB | 2690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) |
| 1-Day THB THBRO (Quarterly) | 2.05% (Quarterly) | 3/15/2028 | THB | 2690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474) |
| 1-Day THB THBRO (Quarterly) | 2.24% (Quarterly) | 3/15/2028 | THB | 2005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| 2.67% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2590000 | &nbsp;&nbsp;&nbsp;&nbsp;1282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1282 |
| 2.68% (Semi-Annually) | 1-Day SGD SIBOR (Semi-Annually) | 3/15/2028 | SGD | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1179 |
| 2.71% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| 2.73% (Semi-Annually) | 1-Day SGD SIBOR (Semi-Annually) | 3/15/2028 | SGD | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| 2.77% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| 2.79% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) |
| 2.92% (Semi-Annually) | 1-Day SGD SORA (Semi-Annually) | 3/15/2028 | SGD | 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956) |
| 2.94% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2650000 | &nbsp;&nbsp;&nbsp;&nbsp;(1871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1871) |
| 2.97% (Semi-Annually) | 6M EUR EURIBOR (Semi-Annually) | 3/15/2028 | EUR | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |
| 2-Day USD SOFR (Annually) | 3.53% (Annually) | 3/15/2028 | USD | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;1367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1367 |
| 2-Day USD SOFR (Annually) | 3.19% (Annually) | 3/15/2028 | USD | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;(1727) | &nbsp;&nbsp;&nbsp;&nbsp;(485) | &nbsp;&nbsp;&nbsp;&nbsp;(1242) |
| 2-Day USD SOFR (Annually) | 3.43% (Annually) | 3/15/2028 | USD | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 |
| 2-Day USD SOFR (Annually) | 3.65% (Annually) | 3/15/2028 | USD | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2042 |
| 2-Day USD SOFR (Annually) | 3.37% (Annually) | 3/15/2028 | USD | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) |
| 2-Day USD SOFR (Annually) | 3.30% (Annually) | 3/15/2028 | USD | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) |
| 3.01% (Semi-Annually) | 1-Day SGD SORA (Semi-Annually) | 3/15/2028 | SGD | 985000 | &nbsp;&nbsp;&nbsp;&nbsp;(6228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6228) |
| 3.02% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2170000 | &nbsp;&nbsp;&nbsp;&nbsp;(2250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2250) |
| 3.07% (Semi-Annually) | 1-Day SGD SIBOR (Semi-Annually) | 3/15/2028 | SGD | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;(2115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2115) |
| 3.11% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2370000 | &nbsp;&nbsp;&nbsp;&nbsp;(3459) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;(3669) |
| 3.14% (Semi-Annually) | 3M CAD CIDOR (Semi-Annually) | 3/15/2028 | CAD | 310000 | &nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;1503 |
| 3.16% (Semi-Annually) | 3M CAD CIDOR (Semi-Annually) | 3/15/2028 | CAD | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp;&nbsp;&nbsp;1117 |
| 3.19% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 970000 | &nbsp;&nbsp;&nbsp;&nbsp;(1733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1733) |
| 3.20% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 810000 | &nbsp;&nbsp;&nbsp;&nbsp;(1504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1504) |
| 3.23% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 1470000 | &nbsp;&nbsp;&nbsp;&nbsp;(2914) | &nbsp;&nbsp;&nbsp;&nbsp;(257) | &nbsp;&nbsp;&nbsp;&nbsp;(2657) |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 3.24% (Semi-Annually) | 1-Day SGD SORA (Semi-Annually) | 3/15/2028 | SGD | 320000 | &nbsp;&nbsp;$(4600) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(4600) |
| 3.26% (Semi-Annually) | 3M CAD CIDOR (Semi-Annually) | 3/15/2028 | CAD | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| 3.29% (Quarterly) | 3M SEK STBOR (Quarterly) | 3/15/2028 | SEK | 2030000 | &nbsp;&nbsp;&nbsp;&nbsp;(4503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4503) |
| 3.29% (Semi-Annually) | 3M CAD CIDOR (Semi-Annually) | 3/15/2028 | CAD | 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 |
| 3.38% (Semi-Annually) | 6M NOK NIBOR (Semi-Annually) | 3/15/2028 | NOK | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;(2371) | &nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;(2760) |
| 3.43% (Semi-Annually) | 6M NOK NIBOR (Semi-Annually) | 3/15/2028 | NOK | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;(1966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;(2052) |
| 3.51% (Semi-Annually) | 1-Day SGD SORA (Semi-Annually) | 3/15/2028 | SGD | 260000 | &nbsp;&nbsp;&nbsp;&nbsp;(6168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6168) |
| 3.53% (Semi-Annually) | 1-Day SGD SORA (Semi-Annually) | 3/15/2028 | SGD | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;(8842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8842) |
| 3.57% (Semi-Annually) | 6M NOK NIBOR (Semi-Annually) | 3/15/2028 | NOK | 930000 | &nbsp;&nbsp;&nbsp;&nbsp;(2350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;(2413) |
| 3.57% (Semi-Annually) | 3M CAD CIDOR (Semi-Annually) | 3/15/2028 | CAD | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;(2440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;(2362) |
| 3.58% (Semi-Annually) | 3M CAD CIDOR (Semi-Annually) | 3/15/2028 | CAD | 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(769) |
| 3.69% (Quarterly) | 3M HKD HIBOR (Quarterly) | 3/15/2028 | HKD | 426400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) |
| 3M HKD HIBOR (Quarterly) | 3.28% (Quarterly) | 3/15/2028 | HKD | 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;(1841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1841) |
| 3M KRW KSDA (Quarterly) | 3.28% (Quarterly) | 3/15/2028 | KRW | 446451075 | &nbsp;&nbsp;&nbsp;&nbsp;2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2755 |
| 3M KRW KSDA (Quarterly) | 3.01% (Quarterly) | 3/15/2028 | KRW | 146434600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) |
| 3M KRW KSDA (Quarterly) | 2.98% (Quarterly) | 3/15/2028 | KRW | 142127700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713) |
| 3M KRW KSDA (Quarterly) | 2.96% (Quarterly) | 3/15/2028 | KRW | 142127700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830) |
| 3M KRW KSDA (Quarterly) | 3.29% (Quarterly) | 3/15/2028 | KRW | 65335950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
| 4.22% (Quarterly) | 3M NZD BBR (Quarterly) | 3/15/2028 | NZD | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
| 4.30% (Quarterly) | 3M NZD BBR (Quarterly) | 3/15/2028 | NZD | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| 4.32% (Quarterly) | 3M NZD BBR (Quarterly) | 3/15/2028 | NZD | 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| 4.43% (Quarterly) | 3M NZD BBR (Quarterly) | 3/15/2028 | NZD | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |
| 4.52% (Quarterly) | 3M NZD BBR (Quarterly) | 3/15/2028 | NZD | 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336) |
| 5.07% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 740000 | &nbsp;&nbsp;&nbsp;&nbsp;2114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2114 |
| 5.34% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| 5.94% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;(2637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2637) |
| 6.03% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;(3772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3772) |
| 6.21% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 1330000 | &nbsp;&nbsp;&nbsp;(10642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10642) |
| 6M ASX BBSW (Semi-Annually) | 4.21% (Semi-Annually) | 3/15/2028 | AUD | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6195 |
| 6M ASX BBSW (Semi-Annually) | 4.20% (Semi-Annually) | 3/15/2028 | AUD | 370000 | &nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4465 |
| 6M ASX BBSW (Semi-Annually) | 3.73% (Semi-Annually) | 3/15/2028 | AUD | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(996) |
| 6M ASX BBSW (Semi-Annually) | 3.88% (Semi-Annually) | 3/15/2028 | AUD | 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 |
| 6M ASX BBSW (Semi-Annually) | 3.97% (Semi-Annually) | 3/15/2028 | AUD | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1483 |
| 6M ASX BBSW (Semi-Annually) | 3.67% (Semi-Annually) | 3/15/2028 | AUD | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;(1466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1466) |
| 6M ASX BBSW (Semi-Annually) | 3.78% (Semi-Annually) | 3/15/2028 | AUD | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316) |
| 6M ASX BBSW (Semi-Annually) | 4.24% (Semi-Annually) | 3/15/2028 | AUD | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3056 |
| 6M ASX BBSW (Semi-Annually) | 4.00% (Semi-Annually) | 3/15/2028 | AUD | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 |
| 6M ASX BBSW (Semi-Annually) | 4.38% (Semi-Annually) | 3/15/2028 | AUD | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2502 |
| 6M ASX BBSW (Semi-Annually) | 3.83% (Semi-Annually) | 3/15/2028 | AUD | 134900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| 6M ASX BBSW (Semi-Annually) | 3.89% (Semi-Annually) | 3/15/2028 | AUD | 134900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
| 6M ASX BBSW (Semi-Annually) | 4.50% (Semi-Annually) | 3/15/2028 | AUD | 116850 | &nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2526 |
| 6M ASX BBSW (Semi-Annually) | 3.82% (Semi-Annually) | 3/15/2028 | AUD | 110200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| 6M ASX BBSW (Semi-Annually) | 4.44% (Semi-Annually) | 3/15/2028 | AUD | 99305 | &nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1964 |
| 6M ASX BBSW (Semi-Annually) | 4.42% (Semi-Annually) | 3/15/2028 | AUD | 99304 | &nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1908 |
| 6M ASX BBSW (Semi-Annually) | 4.43% (Semi-Annually) | 3/15/2028 | AUD | 44541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

Morningstar Alternatives Fund<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded (continued)** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 6M CZK PRBOR (Semi-Annually) | 5.68% (Annually) | 3/15/2028 | CZK | 2330000 | &nbsp;&nbsp;$4605 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$4605 |
| 6M CZK PRBOR (Semi-Annually) | 4.91% (Annually) | 3/15/2028 | CZK | 2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| 6M CZK PRBOR (Semi-Annually) | 4.71% (Annually) | 3/15/2028 | CZK | 1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| 6M CZK PRBOR (Semi-Annually) | 5.73% (Annually) | 3/15/2028 | CZK | 840000 | &nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1751 |
| 7.54% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;(8249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8249) |
| 7.63% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/15/2028 | PLN | 850000 | &nbsp;&nbsp;&nbsp;(18299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(18299) |
| 7.79% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 3/15/2028 | ZAR | 830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |
| **Total** |  |  |  |  | **$(21769)** | **$1672** | **$(23441)** |

---

#### Credit Default Swap Contracts outstanding - Buy Protection as of January 31, 2023:<br> Exchange Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed<br> Deal<br> Pay Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America Investment Grade Index Series 39 (Pay Quarterly) | 1.00% | 12/20/2027 | USD | 3600000 | &nbsp;&nbsp;$(48841) | $(29390) | &nbsp;&nbsp;$(19451) |
| Markit CDX North America Investment Grade Index Series 39 (Pay Quarterly) | 5.00% | 12/20/2027 | USD | 3335000 | &nbsp;&nbsp;&nbsp;(108181) | &nbsp;&nbsp;&nbsp;20808 | &nbsp;&nbsp;&nbsp;(128989) |
| **Total** |  |  |  |  | **$(157022)** | **$(8582)** | **$(148440)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** | **Inflation Swap Contracts outstanding at January 31, 2023:<br> Exchange Traded** |
| **Pay Rate Index/<br> Pay Rate** | **Receive Rate Index/<br> Receive Rate** | **Maturity<br> Date** |  | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 2.31% (At Maturity) | 1-Day EUR CPTFE (At Maturity) | 1/15/2033 | EUR | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;$(89) | $199 | &nbsp;&nbsp;$(288) |
| 2.40% (At Maturity) | 1-Day U.S. Consumer Price Index (At Maturity) | 1/19/2033 | USD | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1525 |
| 2.49% (At Maturity) | 1-Day U.S. Consumer Price Index (At Maturity) | 1/26/2033 | USD | 630000 | &nbsp;&nbsp;&nbsp;(1372) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1372) |
| 2.48% (At Maturity) | 1-Day U.S. Consumer Price Index (At Maturity) | 1/27/2033 | USD | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(194) |
| 2.54% (At Maturity) | 1-Day U.S. Consumer Price Index (At Maturity) | 1/31/2033 | USD | 270000 | &nbsp;&nbsp;&nbsp;(1840) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1840) |
| **Total** |  |  |  |  | **$(1970)** | **$199** | **$(2169)** |

---

------

Morningstar Funds Trust January 31, 2023 (unaudited)<br>

------

### Schedule of Investments (continued)
Morningstar Alternatives Fund<br>

#### Valuation Hierarchy
The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2517001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2517001 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;48525545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805183 | &nbsp;&nbsp;&nbsp;&nbsp;535969 | &nbsp;&nbsp;&nbsp;&nbsp;50866697 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;79456028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;79456028 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964268 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46024350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46024350 |
| &nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8806562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8806562 |
| &nbsp;&nbsp;&nbsp;Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391277 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;56551438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;56551438 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790456 |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28999 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284011 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;31809879 | &nbsp;&nbsp;&nbsp;&nbsp;25417832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57227711 |
| &nbsp;&nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180603 |
| **Total Assets – Investments at value** | &nbsp;&nbsp;$91889744 | &nbsp;&nbsp;$222634689 | &nbsp;&nbsp;$564968 | &nbsp;&nbsp;$315089401 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$(23778329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(540600) | &nbsp;&nbsp;$(24318929) |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5717043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5717043) |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Liabilities – Investments at value** | &nbsp;&nbsp;$(23778329) | &nbsp;&nbsp;$(5717043) | &nbsp;&nbsp;$(540600) | &nbsp;&nbsp;$(30035972) |
| **Net Investments** | &nbsp;&nbsp;$68111415 | &nbsp;&nbsp;$216917646 | &nbsp;&nbsp;$24368 | &nbsp;&nbsp;$285053429 |

---

\*Includes securities determined to have no value as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;$247910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$247910 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33658 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33658 |
| &nbsp;&nbsp;&nbsp;Contracts for Difference | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60406984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60406984 |
| &nbsp;&nbsp;&nbsp;Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101926 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101926 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp;$247910 | &nbsp;&nbsp;$60542568 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$60790478 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;$(593491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(593491) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116814) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116814) |
| &nbsp;&nbsp;&nbsp;Written Options | &nbsp;&nbsp;&nbsp;&nbsp;(54530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54602) |
| &nbsp;&nbsp;&nbsp;Contracts for Difference | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(57204339) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(57204339) |
| &nbsp;&nbsp;&nbsp;Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282687) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282687) |
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp;$(648021) | &nbsp;&nbsp;$(57603912) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(58251933) |
| **Net Derivative Financial Instruments** | &nbsp;&nbsp;$(400111) | &nbsp;&nbsp;$2938656 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2538545 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Morningstar Funds Trust

- **b. Investment Company Act file number:** 811-23235

- **c. CIK number of Registrant:** 0001699360

- **d. LEI of Registrant:** 254900AE65UZA65M0T82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 22 W. WASHINGTON STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60602

  - **Telephone number:** 312-696-6000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Morningstar Alternatives Fund

- **b. EDGAR series identifier (if any):** S000057735

- **c. LEI of Series:** 254900CU5KYJQ7TVSX92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $357942200.43

**Total Liabilities:** $54759114.23

**Net Assets:** $303183086.20

**Delayed Delivery Securities:** $22754344.66

**Cash Not Reported:** $24978828.93

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 237.582931739021 | **1-Year:** 6384.942535073863 | **5-Year:** 12226.914746482327 | **10-Year:** 10375.201838174885 | **30-Year:** 15328.978890789604

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 308.069673815728 | **1-Year:** 6576.072863627372 | **5-Year:** 11976.473463275757 | **10-Year:** 1538.191088555734 | **30-Year:** 163.242455331433

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186146 | 0.70%                | 0.20%                | 1.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1455502.51             | $5135916.44                                |
| Month 2  | $776728.04               | $-667014.24                                |
| Month 3  | $-142753.40              | $5070719.30                                |

**Designated Index Information**

- **Index Name:** Morningstar U.S. Cash T-Bill TR USD Index

- **Index Identifier:** F0000113F2

### Schedule of Portfolio Investments

| Name                                                                                   | Title                                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal Home Loan Mortgage Corporation                                                 | FR RA6624                                                                                                                                              | CUSIP: 3133KNLD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    288111 | PA      | $242602.31    | 0.08%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corporation                                                         | DE 3.4 06/06/25 MTN                                                                                                                                    | CUSIP: 24422EWF2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    280000 | PA      | $273316.56    | 0.09%             | 2025-06-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                         | C 4.45 09/29/27                                                                                                                                        | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98111.31     | 0.03%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Coupa Software Incorporated                                                            | Coupa Software Incorporated COM USD0.0001                                                                                                              | CUSIP: 22266L106<br>LEI: 549300Q95ICR2GFL2K37 | Long             | EC               | CORP              | US        |     22152 | NS      | $1770387.84   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                                                         | EPR 4.75 12/15/26                                                                                                                                      | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18682.13     | 0.01%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Southern Copper Corporation                                                            | SCCO 3.875 04/23/25                                                                                                                                    | CUSIP: 84265VAH8<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4867.55      | 0.00%             | 2025-04-23      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 BY0805                                                                                                                                              | CUSIP: 3617QG3N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     30886 | PA      | $26609.68     | 0.01%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fortinet Inc                                                                           | FTNT 2.2 03/15/31                                                                                                                                      | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |     40000 | PA      | $32843.50     | 0.01%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 2.196 02/04/26                                                                                                                                      | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55471.68     | 0.02%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Idex Corporation                                                                       | IEX 2.625 06/15/31                                                                                                                                     | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |     80000 | PA      | $68394.98     | 0.02%             | 2031-06-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                               | DVN 4.5 01/15/30                                                                                                                                       | CUSIP: 25179MBF9<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     81000 | PA      | $78305.98     | 0.03%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                              | TD 3.766 06/06/25                                                                                                                                      | CUSIP: 89115A2A9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $146848.76    | 0.05%             | 2025-06-06      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                            | PEP 3.6 02/18/28                                                                                                                                       | CUSIP: 713448FL7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244289.10    | 0.08%             | 2028-02-18      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Aflac Incorporated                                                                     | Aflac Incorporated COM USD0.10                                                                                                                         | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       658 | NS      | $48363.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                                          | Intercontinental Exchange Inc COM USD0.01                                                                                                              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Short            | EC               | CORP              | US        |      -317 | NS      | $-34093.35    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                                               | V 1.9 04/15/27                                                                                                                                         | CUSIP: 92826CAL6<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91733.85     | 0.03%             | 2027-04-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Credicorp Ltd.                                                                         | Credicorp Ltd. COM USD5                                                                                                                                | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |       145 | NS      | $19473.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                                                                     | BOK Financial Corp COM USD0.00006                                                                                                                      | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |        17 | NS      | $1708.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd.                                                                    | HNDA 2.271 03/10/25                                                                                                                                    | CUSIP: 438127AA0<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     60000 | PA      | $57123.68     | 0.02%             | 2025-03-10      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                                                    | CAS 2020-R02 2M2                                                                                                                                       | CUSIP: 20754WAB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1110740 | PA      | $1106831.55   | 0.37%             | 2040-01-25      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Methanex Corporation                                                                   | MXCN 5.25 12/15/29                                                                                                                                     | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $68963.25     | 0.02%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hormel Foods Corp                                                                      | Hormel Foods Corp COM USD0.0586                                                                                                                        | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      1021 | NS      | $46261.51     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| South Jersey Industries Inc                                                            | South Jersey Industries Inc COM USD1.25                                                                                                                | CUSIP: 838518108<br>LEI: 549300DJYWYT5VXLFA46 | Long             | EC               | CORP              | US        |     32271 | NS      | $1164660.39   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics PLC                                                               | Horizon Therapeutics PLC COM USD0.0001                                                                                                                 | CUSIP: G46188101<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               | CORP              | IE        |     23539 | NS      | $2582699.08   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                         | MS V1.593 05/04/27                                                                                                                                     | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62860.70     | 0.02%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                    | KMI 5.2 06/01/33                                                                                                                                       | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39859.34     | 0.01%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VMware Inc                                                                             | VMware Inc COM STK USD0.01 CLASS 'A'                                                                                                                   | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |     19161 | NS      | $2346647.67   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Paya Holdings Inc.                                                                     | Paya Holdings Inc. COM CL A                                                                                                                            | CUSIP: 70434P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148166 | NS      | $1440173.52   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corporation International                                                      | SCI 4 05/15/31                                                                                                                                         | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21862.00     | 0.01%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Knight Inc                                                                       | Black Knight Inc COM USD0.0001                                                                                                                         | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |      2266 | NS      | $137296.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                                       | AAL 5.5 04/20/26 144A                                                                                                                                  | CUSIP: 00253XAA9<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | KY        |     20000 | PA      | $19606.50     | 0.01%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Welltower OP LLC                                                                       | WELL 4 06/01/25                                                                                                                                        | CUSIP: 42217KBF2<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     57000 | PA      | $55728.44     | 0.02%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 1Life Healthcare Inc.                                                                  | 1Life Healthcare Inc. COM                                                                                                                              | CUSIP: 68269G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90304 | NS      | $1443960.96   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaman Corporation                                                                      | KAMN 3.25 05/01/24                                                                                                                                     | CUSIP: 483548AF0<br>LEI: 5493003YK076OLTEQF95 | Long             | DBT              | CORP              | US        |    605000 | PA      | $566885.00    | 0.19%             | 2024-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Redwood Trust Inc                                                                      | RWT 5.625 07/15/24                                                                                                                                     | CUSIP: 758075AD7<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1182812.50   | 0.39%             | 2024-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                  | BBWI 6.625 10/01/30 144A                                                                                                                               | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34201.30     | 0.01%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                       | BCULC 4 10/15/30 144A                                                                                                                                  | CUSIP: 68245XAM1<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |    130000 | PA      | $110662.50    | 0.04%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Micro Focus International PLC                                                          | Micro Focus International PLC ORD GBP0.10                                                                                                              | CUSIP: G6117L194<br>LEI: 213800F8E4X648142844 | Long             | EC               | CORP              | GB        |     81718 | NS      | $535968.97    | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| Public Storage                                                                         | PSA 3.385 05/01/29                                                                                                                                     | CUSIP: 74460DAD1<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23496.41     | 0.01%             | 2029-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                            | GLPI 4 01/15/31                                                                                                                                        | CUSIP: 361841AQ2<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22075.68     | 0.01%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp                                                  | GLP 6.875 01/15/29                                                                                                                                     | CUSIP: 37954FAJ3<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94370.00     | 0.03%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Colgate Energy Partners III LLC                                                        | PR 5.875 07/01/29 144A                                                                                                                                 | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9373.03      | 0.00%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Activision Blizzard Inc                                                                | Activision Blizzard Inc COM USD0.000001                                                                                                                | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     35976 | NS      | $2754682.32   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V1.04 02/04/27                                                                                                                                     | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    205000 | PA      | $182547.79    | 0.06%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Xylem, Inc.                                                                            | Xylem, Inc. COM USD0.01                                                                                                                                | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |     -4918 | NS      | $-511521.18   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                                                      | FTAI 9.75 08/01/27 144A                                                                                                                                | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | KY        |    320000 | PA      | $328971.95    | 0.11%             | 2027-08-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V0.976 04/22/25                                                                                                                                    | CUSIP: 06051GJR1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    120000 | PA      | $113714.46    | 0.04%             | 2025-04-22      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp                           | AM 5.75 03/01/27 144A                                                                                                                                  | CUSIP: 03690AAD8<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72750.00     | 0.02%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                                     | MTN 6.25 05/15/25 144A                                                                                                                                 | CUSIP: 91879QAL3<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100478.25    | 0.03%             | 2025-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maxar Technologies Inc                                                                 | Maxar Technologies Inc COM USD0.0001                                                                                                                   | CUSIP: 57778K105<br>LEI: 549300OEN2G821MIJ922 | Long             | EC               | CORP              | US        |     25622 | NS      | $1323888.74   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                        | IEP 4.375 02/01/29                                                                                                                                     | CUSIP: 451102CC9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52248.75     | 0.02%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                              | DUK 4.95 01/15/33                                                                                                                                      | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10268.67     | 0.00%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Prime Securities Services Borrower, LLC and Prime Finance, Inc.                        | PRSESE 5.75 04/15/26 144A                                                                                                                              | CUSIP: 74166MAC0<br>LEI: 549300O6QPZVWXV2DC15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49001.98     | 0.02%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Devon Energy Corporation                                                               | DVN 5.85 12/15/25                                                                                                                                      | CUSIP: 25179MAV5<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71829.24     | 0.02%             | 2025-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2559                                                                                                                                              | CUSIP: 3140QMZZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    185859 | PA      | $162927.19    | 0.05%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sofi Technologies Inc                                                                  | SOFI 0 10/15/26                                                                                                                                        | CUSIP: 83406FAA0<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1460550.00   | 0.48%             | 2026-10-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Santander Bank National Association                                                    | SBCLN 2021-1A B                                                                                                                                        | CUSIP: 80290CAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124381 | PA      | $120262.54    | 0.04%             | 2031-12-15      | Fixed         | 1.83%                 | Yes           |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2022-R02                                           | CAS 2022-R02 2M1                                                                                                                                       | CUSIP: 20754BAA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    182349 | PA      | $180574.46    | 0.06%             | 2042-01-27      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| AMN Healthcare Allied Inc                                                              | AMN 4.625 10/01/27 144A                                                                                                                                | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13913.70     | 0.00%             | 2027-10-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Netflix, Inc.                                                                          | NFLX 5.375 11/15/29 144A                                                                                                                               | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76067.25     | 0.03%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Netflix, Inc.                                                                          | NFLX 5.875 11/15/28                                                                                                                                    | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51871.44     | 0.02%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7648                                                                                                                                              | CUSIP: 36179WP93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    928443 | PA      | $804388.48    | 0.27%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TD Synnex Corp                                                                         | SNX 1.25 08/09/24                                                                                                                                      | CUSIP: 87162WAD2<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18796.79     | 0.01%             | 2024-08-09      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2019-R01 2M2                                                                                                                                       | CUSIP: 20754FAK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    121483 | PA      | $121634.17    | 0.04%             | 2031-07-25      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Atlas Corp                                                                             | Atlas Corp COM USD0.01                                                                                                                                 | CUSIP: Y0436Q109<br>LEI: N/A                  | Long             | EC               | CORP              | MH        |     79409 | NS      | $1176047.29   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR RA3935                                                                                                                                              | CUSIP: 3133KKLQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |    224866 | PA      | $198379.51    | 0.07%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2020-DNA1 M2                                                                                                                                     | CUSIP: 35565HAH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    353553 | PA      | $352671.11    | 0.12%             | 2050-01-25      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.                                | DTV 5.875 08/15/27 144A                                                                                                                                | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $13587.08     | 0.00%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Campbell Soup Company                                                                  | Campbell Soup Company CAP USD0.0375                                                                                                                    | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |       838 | NS      | $43517.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                                                    | Dominion Energy Inc COM STK NPV                                                                                                                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |       519 | NS      | $33029.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Power & Light Company                                                          | NEE 2.45 02/03/32                                                                                                                                      | CUSIP: 341081GG6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25881.38     | 0.01%             | 2032-02-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                               | HCA 3.625 03/15/32 144A                                                                                                                                | CUSIP: 404119CF4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13319.67     | 0.00%             | 2032-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| International Business Machines Corporation                                            | IBM 4.15 07/27/27                                                                                                                                      | CUSIP: 459200KT7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    285000 | PA      | $282651.05    | 0.09%             | 2027-07-27      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2020-HQA2 M2                                                                                                                                     | CUSIP: 35565LAH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    450259 | PA      | $460095.99    | 0.15%             | 2050-03-25      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies Inc                                                                 | LUMN 5.375 06/15/29 144A                                                                                                                               | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10390.85     | 0.00%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                    | ADI 1.7 10/01/28                                                                                                                                       | CUSIP: 032654AU9<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34828.18     | 0.01%             | 2028-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Splunk Inc                                                                             | Splunk Inc COM USD0.001                                                                                                                                | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Short            | EC               | CORP              | US        |     -1229 | NS      | $-117701.33   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                                                               | The Allstate Corporation COM USD0.01                                                                                                                   | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       337 | NS      | $43294.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                                                             | Cullen/Frost Bankers, Inc. COM USD0.01                                                                                                                 | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |       356 | NS      | $46379.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods, Inc.                                                                    | Flowers Foods, Inc. COM USD0.01                                                                                                                        | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |      1639 | NS      | $45383.91     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas, Inc.                                                                          | ONE Gas, Inc. COM USD0.01                                                                                                                              | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |        67 | NS      | $5518.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR Capital Corp                                                                    | FSK 3.25 07/15/27                                                                                                                                      | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8688.18      | 0.00%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Chevron Corporation                                                                    | CVX 2.954 05/16/26                                                                                                                                     | CUSIP: 166764BL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $134502.32    | 0.04%             | 2026-05-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Tri Pointe Homes Inc                                                                   | TPH 5.7 06/15/28                                                                                                                                       | CUSIP: 87265HAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $46909.00     | 0.02%             | 2028-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress Inc                                                               | DUK 3.4 04/01/32                                                                                                                                       | CUSIP: 26442UAN4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18305.85     | 0.01%             | 2032-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC   | UNIT 7.875 02/15/25 144A                                                                                                                               | CUSIP: 91327AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49346.04     | 0.02%             | 2025-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                        | SANUK V1.089 03/15/25                                                                                                                                  | CUSIP: 80281LAN5<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $284685.41    | 0.09%             | 2025-03-15      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                             | FIS 4.5 07/15/25                                                                                                                                       | CUSIP: 31620MBV7<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49487.48     | 0.02%             | 2025-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CONAGRA B                                                              | CFD_EQS CHASUS33 2215460                                                                                                                               | CUSIP: 205887102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4019 | NC      | $-149466.61   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA6474                                                                                                                                              | CUSIP: 36179VFP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     26230 | PA      | $24315.58     | 0.01%             | 2050-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennymac Corporation                                                                   | PMT 5.5 11/01/24                                                                                                                                       | CUSIP: 70932AAD5<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1942500.00   | 0.64%             | 2024-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vici Properties Inc                                                                    | VICI 4.125 08/15/30 144A                                                                                                                               | CUSIP: 92564RAE5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44724.34     | 0.01%             | 2030-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                              | TOYOTA 1.125 06/18/26 MTN                                                                                                                              | CUSIP: 89236TJK2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26910.54     | 0.01%             | 2026-06-18      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Evoqua Water Technologies Corp                                                         | Evoqua Water Technologies Corp COM USD0.01                                                                                                             | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Long             | EC               | CORP              | US        |     10246 | NS      | $497033.46    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lightning eMotors Inc.                                                                 | ZEV 7.5 05/15/24                                                                                                                                       | CUSIP: 53228RAA3<br>LEI: 549300JQ9U3NF5XD5A71 | Long             | DBT              | CORP              | US        |     42000 | PA      | $21945.00     | 0.01%             | 2024-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR QA2237                                                                                                                                              | CUSIP: 31334YPW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     70005 | PA      | $65152.06     | 0.02%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | Broadcom Inc COM USD0.001                                                                                                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Short            | EC               | CORP              | US        |     -2413 | NS      | $-1411629.13  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                                                           | SHW 4.05 08/08/24                                                                                                                                      | CUSIP: 824348BQ8<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54374.53     | 0.02%             | 2024-08-08      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2020-DNA5 M2                                                                                                                                     | CUSIP: 35566AAH2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    210937 | PA      | $212890.86    | 0.07%             | 2050-10-25      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| American Water Capital Corp                                                            | AWK 4.45 06/01/32                                                                                                                                      | CUSIP: 03040WBA2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29911.15     | 0.01%             | 2032-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Jazz Investments I LTD                                                                 | JAZZ 1.5 08/15/24                                                                                                                                      | CUSIP: 472145AD3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    768000 | PA      | $754080.00    | 0.25%             | 2024-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BALL CORP                                                              | CFD_EQS CHASUS33 2073022                                                                                                                               | CUSIP: 058498106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6349 | NC      | $-369765.76   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TC ENERGY                                                              | CFD_EQS GSILGB2X BJMY6F9                                                                                                                               | CUSIP: 87807B107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8029 | NC      | $-346371.06   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CNX Resources Corporation                                                              | CNX 7.25 03/14/27 144A                                                                                                                                 | CUSIP: 12653CAC2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11940.00     | 0.00%             | 2027-03-14      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Arconic Corp.                                                                          | ARNC 6.125 02/15/28 144A                                                                                                                               | CUSIP: 03966VAA5<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38431.74     | 0.01%             | 2028-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Mondelez International, Inc.                                                           | MDLZ 2.625 03/17/27                                                                                                                                    | CUSIP: 609207BA2<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37227.75     | 0.01%             | 2027-03-17      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corporation                                            | IBM 4 07/27/25                                                                                                                                         | CUSIP: 459200KS9<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    465000 | PA      | $459163.44    | 0.15%             | 2025-07-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                          | DELL 5.85 07/15/25                                                                                                                                     | CUSIP: 24703TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $81516.04     | 0.03%             | 2025-07-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| AmerisourceBergen Corporation                                                          | ABC 3.25 03/01/25                                                                                                                                      | CUSIP: 03073EAM7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72528.73     | 0.02%             | 2025-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Liveperson Inc                                                                         | LPSN 0 12/15/26                                                                                                                                        | CUSIP: 538146AD3<br>LEI: 549300IN2P1JZ20G7N40 | Long             | DBT              | CORP              | US        |   1211000 | PA      | $902921.60    | 0.30%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2020-HQA1 M2                                                                                                                                     | CUSIP: 35565JAH4<br>LEI: 549300TCRXCIFPAC3B85 | Long             | ABS-O            | USGSE             | US        |     37730 | PA      | $37635.53     | 0.01%             | 2050-01-25      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Union Pacific Corporation                                                              | UNP 2.75 03/01/26                                                                                                                                      | CUSIP: 907818EH7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9542.99      | 0.00%             | 2026-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DPL Inc.                                                                               | AES 4.35 04/15/29                                                                                                                                      | CUSIP: 233293AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $91338.24     | 0.03%             | 2029-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                    | BNS 1.35 06/24/26                                                                                                                                      | CUSIP: 0641594A1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $143229.96    | 0.05%             | 2026-06-24      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DIAMONDBA                                                              | CFD_EQS GSILGB2X B7Y8YR3                                                                                                                               | CUSIP: 25278X109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1553 | NC      | $-226924.36   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TRANSDIGM                                                              | CFD_EQS GSILGB2X B11FJK3                                                                                                                               | CUSIP: 893641100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -336 | NC      | $-241164.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Two Harbors Investment Corp.                                                           | TWO 6.25 01/15/26                                                                                                                                      | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |   1693000 | PA      | $1503553.30   | 0.50%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ceridian HCM Holding Inc                                                               | CDAY 0.25 03/15/26                                                                                                                                     | CUSIP: 15677JAD0<br>LEI: 549300T64GVCHFJ8L449 | Long             | DBT              | CORP              | US        |    937000 | PA      | $850327.50    | 0.28%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ARAMARK                                                                | CFD_EQS BARCUS33 BH3XG17                                                                                                                               | CUSIP: 03852U106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9754 | NC      | $434345.62    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GLOBAL PA                                                              | CFD_EQS BARCUS33 2712013                                                                                                                               | CUSIP: 37940X102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1861 | NC      | $-209771.92   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                   | RY 2.05 01/21/27 FXD                                                                                                                                   | CUSIP: 78016EYV3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $91388.73     | 0.03%             | 2027-01-21      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                                   | MUFG V4.788 07/18/25                                                                                                                                   | CUSIP: 606822CH5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $198963.06    | 0.07%             | 2025-07-18      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| ONE Gas, Inc.                                                                          | OGS 4.25 09/01/32                                                                                                                                      | CUSIP: 68235PAM0<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24388.79     | 0.01%             | 2032-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                     | ET 4.05 03/15/25                                                                                                                                       | CUSIP: 29273RBD0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49011.38     | 0.02%             | 2025-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Travelers Companies, Inc.                                                              | Travelers Companies, Inc. COM NPV                                                                                                                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       251 | NS      | $47971.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate Bancsystem Inc.                                                       | First Interstate Bancsystem Inc. COM NPV CL 'A'                                                                                                        | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |       628 | NS      | $22532.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                     | NRUC 1 06/15/26 MTN                                                                                                                                    | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     85000 | PA      | $75912.78     | 0.03%             | 2026-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR SB8500                                                                                                                                              | CUSIP: 3132D6NR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    108454 | PA      | $101538.74    | 0.03%             | 2035-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nucor Corporation                                                                      | NUE 3.125 04/01/32                                                                                                                                     | CUSIP: 670346AV7<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44503.90     | 0.01%             | 2032-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                       | DUK 3.75 04/15/24                                                                                                                                      | CUSIP: 26441CAN5<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29602.14     | 0.01%             | 2024-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BAKER HUG                                                              | CFD_EQS BARCUS33 BDHLTQ5                                                                                                                               | CUSIP: 05722G100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10041 | NC      | $-318701.34   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Company                                                      | PXD 0.55 05/15/23                                                                                                                                      | CUSIP: 723787AU1<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39508.40     | 0.01%             | 2023-05-15      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PBF ENERG                                                              | CFD_EQS CHASUS33 B7F4TJ7                                                                                                                               | CUSIP: 69318G106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       807 | NC      | $33885.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Baytex Energy Corp                                                                     | BTECN 8.75 04/01/27 144A                                                                                                                               | CUSIP: 07317QAH8<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $77609.25     | 0.03%             | 2027-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Intel Corporation                                                                      | INTC 3.75 03/25/27                                                                                                                                     | CUSIP: 458140BQ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97869.68     | 0.03%             | 2027-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CA7368                                                                                                                                              | CUSIP: 3140QFFJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120601 | PA      | $106566.94    | 0.04%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                                                       | ESGR 3.1 09/01/31                                                                                                                                      | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    165000 | PA      | $127478.85    | 0.04%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2017-C04 2B1                                                                                                                                       | CUSIP: 30711XLU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    450000 | PA      | $480268.71    | 0.16%             | 2029-11-26      | Floating      | 9.44%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2018-C02 2B1                                                                                                                                       | CUSIP: 30711XC44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    425000 | PA      | $441468.75    | 0.15%             | 2030-08-26      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                      | EPD 3.75 02/15/25                                                                                                                                      | CUSIP: 29379VBE2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54113.94     | 0.02%             | 2025-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2021-HQA1 M1                                                                                                                                     | CUSIP: 35564KBK4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     87017 | PA      | $86885.85     | 0.03%             | 2033-08-25      | Floating      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNITED AI                                                              | CFD_EQS CHASUS33 B4QG225                                                                                                                               | CUSIP: 910047109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8914 | NC      | $-436429.44   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AT&T INC                                                               | CFD_EQS CHASUS33 2831811                                                                                                                               | CUSIP: 00206R102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       780 | NC      | $15888.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                           | NOVNVX 2.2 08/14/30                                                                                                                                    | CUSIP: 66989HAR9<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8808.87      | 0.00%             | 2030-08-14      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corporation                                                           | AR 7.625 02/01/29 144A                                                                                                                                 | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     54000 | PA      | $55220.41     | 0.02%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CAMDEN PR                                                              | CFD_EQS GSILGB2X 2166320                                                                                                                               | CUSIP: 133131102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1346 | NC      | $165840.66    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FIRSTENER                                                              | CFD_EQS BARCUS33 2100920                                                                                                                               | CUSIP: 337932107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5667 | NC      | $-232063.65   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2017-C07 2B1                                                                                                                                       | CUSIP: 30711XWW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    217000 | PA      | $228805.54    | 0.08%             | 2030-05-28      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| YUM Brands Inc                                                                         | YUM 4.625 01/31/32                                                                                                                                     | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90984.00     | 0.03%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KnowBe4 Inc                                                                            | KnowBe4 Inc CL A                                                                                                                                       | CUSIP: 49926T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35596 | NS      | $885984.44    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chegg Inc                                                                              | CHGG 0 09/01/26                                                                                                                                        | CUSIP: 163092AF6<br>LEI: 549300AKX7O8JG0O3G77 | Long             | DBT              | CORP              | US        |   1551000 | PA      | $1218465.60   | 0.40%             | 2026-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Stride Inc                                                                             | LRN 1.125 09/01/27                                                                                                                                     | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1164506.00   | 0.38%             | 2027-09-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corporation                                             | CAT 3.65 08/12/25 MTN                                                                                                                                  | CUSIP: 14913R2Z9<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39221.22     | 0.01%             | 2025-08-12      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TELEFLEX                                                               | CFD_EQS CHASUS33 2881407                                                                                                                               | CUSIP: 879369106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -309 | NC      | $-75216.78    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Enlink Midstream LLC                                                                   | ENLC 5.375 06/01/29                                                                                                                                    | CUSIP: 29336TAA8<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24095.13     | 0.01%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                 | UAL 4.375 04/15/26 144a                                                                                                                                | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28480.05     | 0.01%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Welltower OP LLC                                                                       | WELL 3.625 03/15/24                                                                                                                                    | CUSIP: 95040QAG9<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49176.97     | 0.02%             | 2024-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                              | TRGP 5.5 03/01/30                                                                                                                                      | CUSIP: 87612BBQ4<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24390.48     | 0.01%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corporation                                                           | AR 5.375 03/01/30 144A                                                                                                                                 | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18650.00     | 0.01%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| The Beauty Health Company                                                              | SKIN 1.25 10/01/26                                                                                                                                     | CUSIP: 88331LAA6<br>LEI: 5493001Z2JZQT4C63C50 | Long             | DBT              | CORP              | US        |   1394000 | PA      | $1140466.25   | 0.38%             | 2026-10-01      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TYSON FOO                                                              | CFD_EQS GSILGB2X 2909730                                                                                                                               | CUSIP: 902494103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1915 | NC      | $-125911.25   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BERKSHIRE                                                              | CFD_EQS BARCUS33 2073390                                                                                                                               | CUSIP: 084670702<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1376 | NC      | $428651.52    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Momentive Global Inc                                                                   | Momentive Global Inc COM                                                                                                                               | CUSIP: 60878Y108<br>LEI: 549300PR9RG3VC9OH575 | Long             | EC               | CORP              | US        |     90568 | NS      | $698279.28    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Maxlinear Inc                                                                          | Maxlinear Inc COM USD0.01                                                                                                                              | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Short            | EC               | CORP              | US        |     -5336 | NS      | $-219843.20   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG LUMEN                                                                  | CFD_EQS CHASUS33 BMDH249                                                                                                                               | CUSIP: 550241103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4139 | NC      | $-21729.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WHIRLPOOL                                                              | CFD_EQS GSILGB2X 2960384                                                                                                                               | CUSIP: 963320106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       889 | NC      | $138319.51    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                                    | FSK 2.625 01/15/27                                                                                                                                     | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    105000 | PA      | $90331.79     | 0.03%             | 2027-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Newfield Exploration Company                                                           | OVV 5.375 01/01/26                                                                                                                                     | CUSIP: 651290AR9<br>LEI: T8W3X1PFLPW2YE0UIP44 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10061.28     | 0.00%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corporation                                            | IBM 3.3 05/15/26                                                                                                                                       | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192996.42    | 0.06%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Gartner Incorporation                                                                  | IT 3.75 10/01/30 144A                                                                                                                                  | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35450.00     | 0.01%             | 2030-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                                   | MUFG V0.962 10/11/25                                                                                                                                   | CUSIP: 606822CA0<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $185604.23    | 0.06%             | 2025-10-11      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2018-C05 1B1                                                                                                                                       | CUSIP: 30711XY32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    340000 | PA      | $351892.25    | 0.12%             | 2031-01-27      | Floating      | 8.64%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMERICAN                                                               | CFD_EQS GSILGB2X 2026242                                                                                                                               | CUSIP: 025537101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4724 | NC      | $443867.04    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EQUITABLE                                                              | CFD_EQS CHASUS33 BKRMR96                                                                                                                               | CUSIP: 29452E101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7028 | NC      | $225387.96    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                                                 | VRSK 4 06/15/25                                                                                                                                        | CUSIP: 92345YAD8<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     83000 | PA      | $81285.61     | 0.03%             | 2025-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc New                                                          | CZR 6.25 07/01/25 144A                                                                                                                                 | CUSIP: 28470RAH5<br>LEI: 549300V3UCT773B1KR38 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54788.14     | 0.02%             | 2025-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Electric Power Company                                                       | WEC 1.7 06/15/28                                                                                                                                       | CUSIP: 976656CM8<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8747.32      | 0.00%             | 2028-06-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V4.851 07/25/28                                                                                                                                    | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    245000 | PA      | $244937.95    | 0.08%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Five9 Inc.                                                                             | FIVN 0.5 06/01/25                                                                                                                                      | CUSIP: 338307AD3<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |    438000 | PA      | $413691.00    | 0.14%             | 2025-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FactSet Research Systems Inc.                                                          | FDS 2.9 03/01/27                                                                                                                                       | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140078.46    | 0.05%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                                   | MUFG V2.341 01/19/28                                                                                                                                   | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    275000 | PA      | $248323.21    | 0.08%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Altra Industrial Motion Corporation                                                    | Altra Industrial Motion Corporation COM STK USD0.001                                                                                                   | CUSIP: 02208R106<br>LEI: NQ0NIXPGW4YKG4MWM571 | Long             | EC               | CORP              | US        |     26720 | NS      | $1631790.40   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Company, Inc.                                                        | ACHC 5.5 07/01/28 144A                                                                                                                                 | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72253.50     | 0.02%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2021-DNA7 M1                                                                                                                                     | CUSIP: 35564KMA4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    589317 | PA      | $582322.12    | 0.19%             | 2041-11-25      | Floating      | 4.78%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PAYPAL HO                                                              | CFD_EQS BARCUS33 BYW36M8                                                                                                                               | CUSIP: 70450Y103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1079 | NC      | $-87927.71    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DISCOVERY                                                              | CFD_EQS BM8JYX3                                                                                                                                        | CUSIP: 934423104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -21330 | NC      | $-316110.60   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                   | GM 2.35 02/26/27                                                                                                                                       | CUSIP: 37045XDR4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $179492.40    | 0.06%             | 2027-02-26      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                     | VICI 5.125 05/15/32                                                                                                                                    | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     29000 | PA      | $27741.40     | 0.01%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FTAI Aviation Ltd                                                                      | FTAI 6.5 10/01/25 144A                                                                                                                                 | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | KY        |     22000 | PA      | $21296.00     | 0.01%             | 2025-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Gartner Incorporation                                                                  | IT 4.5 07/01/28 144A                                                                                                                                   | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28499.70     | 0.01%             | 2028-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM8911                                                                                                                                              | CUSIP: 3140XC3V8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    460201 | PA      | $437221.07    | 0.14%             | 2051-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Entegris Inc                                                                           | ENTG 3.625 05/01/29 144A                                                                                                                               | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25584.57     | 0.01%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CLARIVATE                                                              | CFD_EQS BARCUS33 BJJN444                                                                                                                               | CUSIP: G21810109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     23738 | NC      | $263966.56    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AIR PRODU                                                              | CFD_EQS CHASUS33 2011602                                                                                                                               | CUSIP: 009158106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       317 | NC      | $101601.67    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BOYD GAMI                                                              | CFD_EQS BARCUS33 2117232                                                                                                                               | CUSIP: 103304101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7520 | NC      | $468571.20    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Transcontinental Gas Pipe Line Company, LLC                                            | WMB 3.25 05/15/30                                                                                                                                      | CUSIP: 893574AP8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $27040.97     | 0.01%             | 2030-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                                              | JBL 4.25 05/15/27                                                                                                                                      | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68056.49     | 0.02%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                       | DUK 3.4 06/15/29                                                                                                                                       | CUSIP: 26441CBE4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46233.73     | 0.02%             | 2029-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Kaleyra Inc                                                                            | KLR 6.125 06/01/26                                                                                                                                     | CUSIP: 483379AA1<br>LEI: 549300Q16CZ1PDK9BL93 | Long             | DBT              | CORP              | US        |    148000 | PA      | $115473.94    | 0.04%             | 2026-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Joyy Inc                                                                               | YY 0.75 06/15/25                                                                                                                                       | CUSIP: 98426TAD8<br>LEI: 549300N6CHVU5CQZPW24 | Long             | DBT              | CORP              | KY        |    577000 | PA      | $556805.00    | 0.18%             | 2025-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                            | ABBV 3.8 03/15/25                                                                                                                                      | CUSIP: 00287YCX5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68656.02     | 0.02%             | 2025-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Encore Capital Europe Finance Ltd                                                      | ECPG 4.5 09/01/23                                                                                                                                      | CUSIP: 29260UAA5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | JE        |    728000 | PA      | $951860.00    | 0.31%             | 2023-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| 8X8 Inc New                                                                            | EGHT 0.5 02/01/24                                                                                                                                      | CUSIP: 282914AB6<br>LEI: 254900XWSOC5U1BRW939 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1110191.12   | 0.37%             | 2024-02-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                          | USB V4.548 07/22/28 MTN                                                                                                                                | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29954.94     | 0.01%             | 2028-07-22      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PRA Group Inc.                                                                         | PRAA 3.5 06/01/23                                                                                                                                      | CUSIP: 69354NAB2<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    940000 | PA      | $937180.00    | 0.31%             | 2023-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                       | DB V6.119 07/14/26                                                                                                                                     | CUSIP: 25160PAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    150000 | PA      | $151651.33    | 0.05%             | 2026-07-14      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                           | BACR V3.932 05/07/25                                                                                                                                   | CUSIP: 06738EBH7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    205000 | PA      | $200877.77    | 0.07%             | 2025-05-07      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMERICAN                                                               | CFD_EQS GSILGB2X 2027342                                                                                                                               | CUSIP: 026874784<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5821 | NC      | $368003.62    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VERIZON C                                                              | CFD_EQS GSILGB2X 2090571                                                                                                                               | CUSIP: 92343V104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10919 | NC      | $-453902.83   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 2.875 02/15/31                                                                                                                                    | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     46000 | PA      | $39326.08     | 0.01%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2469                                                                                                                                              | CUSIP: 3140QMW75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    556387 | PA      | $490117.45    | 0.16%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Targa Resources Co                                                                     | TRGP 4.2 02/01/33                                                                                                                                      | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36250.01     | 0.01%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                            | MIZUHO V3.922 09/11/24                                                                                                                                 | CUSIP: 60687YAS8<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $198085.82    | 0.07%             | 2024-09-11      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BAXTER IN                                                              | CFD_EQS BARCUS33 2085102                                                                                                                               | CUSIP: 071813109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9590 | NC      | $438167.10    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TELEDYNE                                                               | CFD_EQS GSILGB2X 2503477                                                                                                                               | CUSIP: 879360105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -877 | NC      | $-372076.02   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                      | LPLA 4.375 05/15/31 144A                                                                                                                               | CUSIP: 50212YAF1<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     70000 | PA      | $61292.70     | 0.02%             | 2031-05-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Forgerock Inc                                                                          | Forgerock Inc CL A                                                                                                                                     | CUSIP: 34631B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23002 | NS      | $456819.72    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds American Inc.                                                                 | BATSLN 4.45 06/12/25                                                                                                                                   | CUSIP: 761713BG0<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191445.28    | 0.06%             | 2025-06-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                                                           | UPST 2021-1 A                                                                                                                                          | CUSIP: 91681NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       483 | PA      | $481.71       | 0.00%             | 2031-03-20      | Fixed         | 0.87%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CA7573                                                                                                                                              | CUSIP: 3140QFMX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144865 | PA      | $129108.86    | 0.04%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                   | RY 0.65 07/29/24                                                                                                                                       | CUSIP: 78016EZU4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $56449.87     | 0.02%             | 2024-07-29      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                              | FLEX 4.875 06/15/29                                                                                                                                    | CUSIP: 33938XAA3<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |     90000 | PA      | $88828.72     | 0.03%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio Inc                                                                    | SIRI 5.5 07/01/29 144A                                                                                                                                 | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     49000 | PA      | $45920.35     | 0.02%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MFA Financial Inc.                                                                     | MFA 6.25 06/15/24                                                                                                                                      | CUSIP: 55272XAA0<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | DBT              | CORP              | US        |   2332000 | PA      | $2209570.00   | 0.73%             | 2024-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                            | UPS 4.45 04/01/30                                                                                                                                      | CUSIP: 911312BY1<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15151.65     | 0.00%             | 2030-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                                                            | ECL 0.9 12/15/23                                                                                                                                       | CUSIP: 278865BK5<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33773.50     | 0.01%             | 2023-12-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V3.384 04/02/26 MTN                                                                                                                                | CUSIP: 06051GKM0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    695000 | PA      | $672282.34    | 0.22%             | 2026-04-02      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                         | SCHW 1.15 05/13/26                                                                                                                                     | CUSIP: 808513BR5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44944.64     | 0.01%             | 2026-05-13      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Lendingtree Inc                                                                        | TREE 0.5 07/15/25                                                                                                                                      | CUSIP: 52603BAD9<br>LEI: 549300ISY5YHUJZTON08 | Long             | DBT              | CORP              | US        |   1786000 | PA      | $1386829.00   | 0.46%             | 2025-07-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 BY0776                                                                                                                                              | CUSIP: 3617QG2H6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     33459 | PA      | $28831.83     | 0.01%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CSX CORP                                                               | CFD_EQS GSILGB2X 2160753                                                                                                                               | CUSIP: 126408103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     14317 | NC      | $442681.64    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Columbia Pipeline Group, Inc.                                                          | CPGX 4.5 06/01/25                                                                                                                                      | CUSIP: 198280AF6<br>LEI: 549300SRP1TQM9JJBG80 | Long             | DBT              | CORP              | US        |    235000 | PA      | $232939.64    | 0.08%             | 2025-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                      | ES 4.2 06/27/24                                                                                                                                        | CUSIP: 30040WAS7<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84140.79     | 0.03%             | 2024-06-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| EZCORP Inc.                                                                            | EZPW 3.75 12/15/29                                                                                                                                     | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    408000 | PA      | $420484.80    | 0.14%             | 2029-12-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Marathon Petroleum Company                                                             | MPC 4.7 05/01/25                                                                                                                                       | CUSIP: 56585ABH4<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49900.31     | 0.02%             | 2025-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                     | COP 2.4 03/07/25                                                                                                                                       | CUSIP: 20826FAU0<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    195000 | PA      | $186639.62    | 0.06%             | 2025-03-07      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Agnc Investment Corp                                                                   | Agnc Investment Corp DEP SHS EACH REP 1/1,000TH OF A SHARE OF 6.50% SER E FIX TO FLTNG RATE CUM RED PFD STK                                            | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |      3228 | PA      | $72307.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                                                                  | AL 3.375 07/01/25                                                                                                                                      | CUSIP: 00914AAH5<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43026.41     | 0.01%             | 2025-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EXELON CO                                                              | CFD_EQS CHASUS33 2670519                                                                                                                               | CUSIP: 30161N101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1199 | NC      | $50585.81     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NORDSTROM                                                              | CFD_EQS GSILGB2X 2641827                                                                                                                               | CUSIP: 655664100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -14654 | NC      | $-286339.16   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BOSTON SC                                                              | CFD_EQS BARCUS33 2113434                                                                                                                               | CUSIP: 101137107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10101 | NC      | $-467171.25   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CONNS RECEIVABLES FUNDING 2022-A LLC                                                   | CONN 2022-A A                                                                                                                                          | CUSIP: 20825YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295264 | PA      | $295152.75    | 0.10%             | 2026-12-15      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Northern Inst Fds                                                                      | Northern Inst Fds TREAS PRT PRMR                                                                                                                       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  17386006 | NS      | $17386006.12  | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CA7572                                                                                                                                              | CUSIP: 3140QFMW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96823 | PA      | $86403.29     | 0.03%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc                                                    | SUMIBK 1.402 09/17/26                                                                                                                                  | CUSIP: 86562MCH1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $176815.65    | 0.06%             | 2026-09-17      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR RA3022                                                                                                                                              | CUSIP: 3133KJLB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     35841 | PA      | $31662.20     | 0.01%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Coty Inc.                                                                              | COTY 5 04/15/26 144A                                                                                                                                   | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47875.00     | 0.02%             | 2026-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Natural Resources Company                                                      | PXD 0.25 05/15/25                                                                                                                                      | CUSIP: 723787AP2<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    350000 | PA      | $823375.00    | 0.27%             | 2025-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                  | WFC V3.908 04/25/26 MTN                                                                                                                                | CUSIP: 95000U2X0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    165000 | PA      | $161200.04    | 0.05%             | 2026-04-25      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR SD7521                                                                                                                                              | CUSIP: 3132DVLA1<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGA              | US        |     35831 | PA      | $31956.25     | 0.01%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR SB0383                                                                                                                                              | CUSIP: 3132CWM84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    100296 | PA      | $95279.18     | 0.03%             | 2032-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lantheus Holdings Inc                                                                  | LNTH 2.625 12/15/27                                                                                                                                    | CUSIP: 516544AA1<br>LEI: 5299005HUB5IOJGO7S39 | Long             | DBT              | CORP              | US        |    245000 | PA      | $261390.50    | 0.09%             | 2027-12-15      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| National Fuel Gas Company                                                              | NFG 5.2 07/15/25                                                                                                                                       | CUSIP: 636180BM2<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    185000 | PA      | $184760.10    | 0.06%             | 2025-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                        | EQT 5.678 10/01/25                                                                                                                                     | CUSIP: 26884LAP4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40052.20     | 0.01%             | 2025-10-01      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corporation                                             | CAT 0.8 11/13/25 MTN                                                                                                                                   | CUSIP: 14913R2H9<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54435.94     | 0.02%             | 2025-11-13      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp                                                        | SUN 4.5 05/15/29                                                                                                                                       | CUSIP: 86765LAT4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31664.15     | 0.01%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Uphealth Incorporated                                                                  | UPH F 12/15/25                                                                                                                                         | CUSIP: 91532BAC5<br>LEI: 549300OSKGXG2OH2XE50 | Long             | DBT              | CORP              | US        |    182000 | PA      | $171626.00    | 0.06%             | 2025-12-15      | Floating      | 11.29%                | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                                         | C V0.776 10/30/24                                                                                                                                      | CUSIP: 172967MT5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    450000 | PA      | $435058.94    | 0.14%             | 2024-10-30      | Fixed         | 0.78%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                                                              | AVNT 2021-REV1 A                                                                                                                                       | CUSIP: 05353LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $260274.09    | 0.09%             | 2030-07-15      | Fixed         | 1.21%                 | Yes           |                  2 | On Loan: No      |
| Haemonetics Corp                                                                       | HAE 0 03/01/26                                                                                                                                         | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |   1609000 | PA      | $1372637.90   | 0.45%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2022-R08                                           | CAS 2022-R08 1M1                                                                                                                                       | CUSIP: 20755DAA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    211123 | PA      | $213385.08    | 0.07%             | 2042-07-25      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp                                                                        | CVS Health Corp COM USD0.01                                                                                                                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       520 | NS      | $45874.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                                                    | Newmont Corporation COM USD1.60                                                                                                                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       447 | NS      | $23659.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp                           | AM 5.375 06/15/29 144A                                                                                                                                 | CUSIP: 03690AAH9<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60368.75     | 0.02%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                              | CACLN 2021-3 B                                                                                                                                         | CUSIP: 46591HCD0<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |    355890 | PA      | $338051.76    | 0.11%             | 2029-02-25      | Fixed         | 0.76%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HARTFORD                                                               | CFD_EQS CHASUS33 2476193                                                                                                                               | CUSIP: 416515104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2178 | NC      | $169034.58    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WALGREENS                                                              | CFD_EQS GSILGB2X BTN1Y44                                                                                                                               | CUSIP: 931427108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8153 | NC      | $-300519.58   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2297                                                                                                                                              | CUSIP: 3140QMRT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    925187 | PA      | $811272.38    | 0.27%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Array Technologies Inc                                                                 | ARRY 1 12/01/28                                                                                                                                        | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |   1041000 | PA      | $1175080.80   | 0.39%             | 2028-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients, Inc                                                               | DAR 5.25 04/15/27 144A                                                                                                                                 | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24381.25     | 0.01%             | 2027-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                | AAL 11.75 07/15/25 144A                                                                                                                                | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27826.38     | 0.01%             | 2025-07-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2022-HQA1 M1A                                                                                                                                    | CUSIP: 35564KTA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    638088 | PA      | $638882.58    | 0.21%             | 2042-03-25      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                  | LOW 3.35 04/01/27                                                                                                                                      | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52667.79     | 0.02%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MCKESSON                                                               | CFD_EQS BARCUS33 2378534                                                                                                                               | CUSIP: 58155Q103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       198 | NC      | $74978.64     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WILLIS TO                                                              | CFD_EQS GSILGB2X BDB6Q21                                                                                                                               | CUSIP: G96629103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1253 | NC      | $-318500.07   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Campbell Soup Company                                                                  | CPB 3.95 03/15/25                                                                                                                                      | CUSIP: 134429BF5<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    190000 | PA      | $187130.70    | 0.06%             | 2025-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA3467                                                                                                                                              | CUSIP: 31418CZ98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     92274 | PA      | $90415.80     | 0.03%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                                                      | BRO 4.5 03/15/29                                                                                                                                       | CUSIP: 115236AB7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86179.15     | 0.03%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                                | BHI 4.486 05/01/30                                                                                                                                     | CUSIP: 05724BAA7<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49217.57     | 0.02%             | 2030-05-01      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| I3 Verticals LLC                                                                       | IIIV 1 02/15/25                                                                                                                                        | CUSIP: 44933TAB2<br>LEI: 549300VET627YPCK1T69 | Long             | DBT              | CORP              | US        |    673000 | PA      | $655333.75    | 0.22%             | 2025-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                          | ICE 3.65 05/23/25                                                                                                                                      | CUSIP: 45866FAT1<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9862.47      | 0.00%             | 2025-05-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| The Williams Companies, Inc.                                                           | WMB 2.6 03/15/31                                                                                                                                       | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    170000 | PA      | $143885.74    | 0.05%             | 2031-03-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                                                                    | HNDA 2.534 03/10/27                                                                                                                                    | CUSIP: 438127AB8<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     70000 | PA      | $65298.53     | 0.02%             | 2027-03-10      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA5467                                                                                                                                              | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     39460 | PA      | $39182.96     | 0.01%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                                   | MUFG 3.407 03/07/24                                                                                                                                    | CUSIP: 606822BD5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     25000 | PA      | $24597.39     | 0.01%             | 2024-03-07      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc / Ardagh Holdings USA Inc.                                | ARGID 5.25 04/30/25 144A                                                                                                                               | CUSIP: 03969AAQ3<br>LEI: 6354001JXMLKNZDZR978 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $195550.00    | 0.06%             | 2025-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                                               | Arbor Realty Trust, Inc. 6.25% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                                   | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     39458 | PA      | $799419.08    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc.                                                              | WGO 1.5 04/01/25                                                                                                                                       | CUSIP: 974637AB6<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |    426000 | PA      | $498686.25    | 0.16%             | 2025-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GDS Holdings Ltd.                                                                      | GDSHDG 2 06/01/25                                                                                                                                      | CUSIP: 36165LAB4<br>LEI: 391200MGV8DDCHTN2R77 | Long             | DBT              | CORP              | KY        |    577000 | PA      | $570076.00    | 0.19%             | 2025-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corporation                                                       | OXY 6.45 09/15/36                                                                                                                                      | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26290.75     | 0.01%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BR7647                                                                                                                                              | CUSIP: 3140L6P99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37850 | PA      | $31936.07     | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7534                                                                                                                                              | CUSIP: 36179WLP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    562047 | PA      | $502017.71    | 0.17%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                              | TRGP 4 01/15/32                                                                                                                                        | CUSIP: 87612BBU5<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52392.35     | 0.02%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                   | KDP 4.05 04/15/32                                                                                                                                      | CUSIP: 49271VAQ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52134.66     | 0.02%             | 2032-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CVS HEALT                                                              | CFD_EQS GSILGB2X 2577609                                                                                                                               | CUSIP: 126650100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2505 | NC      | $220991.10    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BigCommerce Holdings Inc                                                               | BIGC 0.25 10/01/26                                                                                                                                     | CUSIP: 08975PAB4<br>LEI: 549300MOVEFQ78DMPG58 | Long             | DBT              | CORP              | US        |   1619000 | PA      | $1227363.90   | 0.40%             | 2026-10-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                         | APD 1.85 05/15/27                                                                                                                                      | CUSIP: 009158AY2<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    110000 | PA      | $100219.43    | 0.03%             | 2027-05-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| WisdomTree, Inc.                                                                       | WT 4.25 06/15/23                                                                                                                                       | CUSIP: 97717PAB0<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    701000 | PA      | $736926.25    | 0.24%             | 2023-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LENNAR CO                                                              | CFD_EQS CHASUS33 2511920                                                                                                                               | CUSIP: 526057104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -941 | NC      | $-96358.40    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V2.188 04/28/26                                                                                                                                     | CUSIP: 6174468Q5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93976.22     | 0.03%             | 2026-04-28      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana, LLC                                                                 | ETR 1.6 12/15/30                                                                                                                                       | CUSIP: 29364WBE7<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |     90000 | PA      | $71652.25     | 0.02%             | 2030-12-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HESS CORP                                                              | CFD_EQS CHASUS33 2023748                                                                                                                               | CUSIP: 42809H107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2341 | NC      | $-351524.56   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MOSAIC CO                                                              | CFD_EQS BARCUS33 B3NPHP6                                                                                                                               | CUSIP: 61945C103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7700 | NC      | $381458.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HOME DEPO                                                              | CFD_EQS CHASUS33 2434209                                                                                                                               | CUSIP: 437076102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1045 | NC      | $-338757.65   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG L BRANDS                                                               | CFD_EQS GSILGB2X BNNTGJ5                                                                                                                               | CUSIP: 070830104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7985 | NC      | $367389.85    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                  | RCL 6 08/15/25                                                                                                                                         | CUSIP: 780153BP6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    275000 | PA      | $419787.50    | 0.14%             | 2025-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2017-C06 2B1                                                                                                                                       | CUSIP: 30711XSW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    200000 | PA      | $209933.40    | 0.07%             | 2030-02-25      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EOG RESOU                                                              | CFD_EQS BARCUS33 2318024                                                                                                                               | CUSIP: 26875P101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       619 | NC      | $81862.75     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BOOKING H                                                              | CFD_EQS BARCUS33 BDRXDB4                                                                                                                               | CUSIP: 09857L108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -148 | NC      | $-360246.80   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| New York Mortgage Trust, Inc.                                                          | New York Mortgage Trust, Inc. 7.875% SERIES E FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                             | CUSIP: 649604873<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |      2103 | PA      | $46749.69     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                                                          | NFLX 3.625 06/15/25 144A                                                                                                                               | CUSIP: 64110LAY2<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96250.00     | 0.03%             | 2025-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Tegna Inc                                                                              | Tegna Inc COM USD1                                                                                                                                     | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    116527 | NS      | $2322383.11   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                  | ACI 4.875 02/15/30 144A                                                                                                                                | CUSIP: 013092AE1<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     65000 | PA      | $59789.35     | 0.02%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Upwork Inc                                                                             | UPWK 0.25 08/15/26                                                                                                                                     | CUSIP: 91688FAB0<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | DBT              | CORP              | US        |   1498000 | PA      | $1177877.40   | 0.39%             | 2026-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                                               | ABR 7.5 08/01/25                                                                                                                                       | CUSIP: 038923AZ1<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   1269000 | PA      | $1293745.50   | 0.43%             | 2025-08-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                                      | Redwood Trust Inc 10.00% SERIES A FIXED-RATE RESET CUMULATIVE REDEEMABLE PREFERRED STOCK                                                               | CUSIP: 758075808<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EP               | CORP              | US        |      7133 | PA      | $178610.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG MCDONALD'                                                              | CFD_EQS CHASUS33 2550707                                                                                                                               | CUSIP: 580135101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       828 | NC      | $221407.20    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MGM RESOR                                                              | CFD_EQS GSILGB2X 2547419                                                                                                                               | CUSIP: 552953101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     20602 | NC      | $853128.82    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EXPEDIA G                                                              | CFD_EQS GSILGB2X B748CK2                                                                                                                               | CUSIP: 30212P303<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1666 | NC      | $-190423.80   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                         | SCHW 0.75 03/18/24                                                                                                                                     | CUSIP: 808513BN4<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28677.23     | 0.01%             | 2024-03-18      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2148                                                                                                                                              | CUSIP: 3140QML69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47113 | PA      | $39694.30     | 0.01%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LOCKHEED                                                               | CFD_EQS GSILGB2X 2522096                                                                                                                               | CUSIP: 539830109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -447 | NC      | $-207077.22   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG JOHNSON C                                                              | CFD_EQS GSILGB2X BY7QL61                                                                                                                               | CUSIP: G51502105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6833 | NC      | $475371.81    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HUMANA IN                                                              | CFD_EQS GSILGB2X 2445063                                                                                                                               | CUSIP: 444859102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       704 | NC      | $360236.80    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MCCORMICK                                                              | CFD_EQS GSILGB2X 2550161                                                                                                                               | CUSIP: 579780206<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3901 | NC      | $-293043.12   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corporation                                                      | COF V4.985 07/24/26                                                                                                                                    | CUSIP: 14040HCU7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44600.99     | 0.01%             | 2026-07-24      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Concert Pharmaceuticals Inc                                                            | Concert Pharmaceuticals Inc COM USD0.001                                                                                                               | CUSIP: 206022105<br>LEI: 529900PYI5BSGQNATP82 | Long             | EC               | CORP              | US        |     87913 | NS      | $733194.42    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG BUILDERS                                                               | CFD_EQS GSILGB2X B0BV2M7                                                                                                                               | CUSIP: 12008R107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4781 | NC      | $381045.70    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VOYA FINA                                                              | CFD_EQS BARCUS33 BKWQ2N2                                                                                                                               | CUSIP: 929089100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       973 | NC      | $67886.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Boyne USA Inc                                                                          | BIGSKY 4.75 05/15/29 144A                                                                                                                              | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9060.84      | 0.00%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Pinnacle West Capital Corporation                                                      | Pinnacle West Capital Corporation COM NPV                                                                                                              | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |        67 | NS      | $4994.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG JUNIPER N                                                              | CFD_EQS BARCUS33 2431846                                                                                                                               | CUSIP: 48203R104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6911 | NC      | $-223225.30   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AVIS BUDG                                                              | CFD_EQS BARCUS33 B1CL8J2                                                                                                                               | CUSIP: 053774105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1952 | NC      | $390478.08    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| The Coca-Cola Company                                                                  | KO 3.375 03/25/27                                                                                                                                      | CUSIP: 191216CR9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    230000 | PA      | $224387.93    | 0.07%             | 2027-03-25      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                             | AAPL 3.35 08/08/32                                                                                                                                     | CUSIP: 037833EP1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23360.19     | 0.01%             | 2032-08-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG COLGATE-P                                                              | CFD_EQS BARCUS33 2209106                                                                                                                               | CUSIP: 194162103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2378 | NC      | $177232.34    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                                                 | SDART 2019-1 D                                                                                                                                         | CUSIP: 80285HAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76030 | PA      | $75903.53     | 0.03%             | 2025-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                 | UAL 4.625 04/15/29 144A                                                                                                                                | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27363.31     | 0.01%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR QA8965                                                                                                                                              | CUSIP: 3133A36A1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |     19748 | PA      | $18156.64     | 0.01%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corporation                                                         | SBAC 3.125 02/01/29                                                                                                                                    | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8471.83      | 0.00%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Incorporated                                                             | IRM 5.25 07/15/30 144A                                                                                                                                 | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36197.60     | 0.01%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage LLC                                                                | NSM 5.125 12/15/30 144A                                                                                                                                | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $64800.00     | 0.02%             | 2030-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                             | RCICN 3.8 03/15/32 144A                                                                                                                                | CUSIP: 775109CC3<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $63008.73     | 0.02%             | 2032-03-15      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| STORE Capital Corp.                                                                    | STORE Capital Corp. COM USD0.01                                                                                                                        | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | EC               | CORP              | US        |     67925 | NS      | $2187864.25   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                                                               | AXP 3.95 08/01/25                                                                                                                                      | CUSIP: 025816CY3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68925.10     | 0.02%             | 2025-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Aerojet Rocketdyne Holdings Inc.                                                       | Aerojet Rocketdyne Holdings Inc. COM USD0.10                                                                                                           | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     48177 | NS      | $2694057.84   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG TYSON FOO                                                              | CFD_EQS CHASUS33 2909730                                                                                                                               | CUSIP: 902494103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5699 | NC      | $374709.25    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DAVITA IN                                                              | CFD_EQS CHASUS33 2898087                                                                                                                               | CUSIP: 23918K108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5642 | NC      | $464844.38    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Marcus Corp                                                                            | MCS 5 09/15/25                                                                                                                                         | CUSIP: 566330AA4<br>LEI: 549300NL0OKPNEMP6B79 | Long             | DBT              | CORP              | US        |    375000 | PA      | $569531.25    | 0.19%             | 2025-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                                        | LYV 3.125 01/15/29                                                                                                                                     | CUSIP: 538034AZ2<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    411000 | PA      | $440797.50    | 0.15%             | 2029-01-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BIOGEN IN                                                              | CFD_EQS GSILGB2X 2455965                                                                                                                               | CUSIP: 09062X103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1271 | NC      | $369733.90    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BOEING CO                                                              | CFD_EQS GSILGB2X 2108601                                                                                                                               | CUSIP: 097023105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       476 | NC      | $101388.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                         | SPGI 2.45 03/01/27 144A                                                                                                                                | CUSIP: 78409VBA1<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139497.12    | 0.05%             | 2027-03-01      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                             | RCICN 3.2 03/15/27 144A                                                                                                                                | CUSIP: 775109CB5<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $70533.84     | 0.02%             | 2027-03-15      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LABORATOR                                                              | CFD_EQS CHASUS33 2586122                                                                                                                               | CUSIP: 50540R409<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       331 | NC      | $83451.72     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc.                                                              | Encore Capital Group Inc. COM USD0.01                                                                                                                  | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Short            | EC               | CORP              | US        |    -11503 | NS      | $-640947.16   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V1.093 12/09/26 VAR                                                                                                                                 | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    450000 | PA      | $402253.16    | 0.13%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| B.A.T. International Finance PLC                                                       | BATSLN 4.448 03/16/28                                                                                                                                  | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $95709.62     | 0.03%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                                                    | CPN 4.625 02/01/29 144A                                                                                                                                | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21727.15     | 0.01%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Wayfair Inc                                                                            | W 1 08/15/26                                                                                                                                           | CUSIP: 94419LAF8<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |    608000 | PA      | $462080.00    | 0.15%             | 2026-08-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V2.651 03/11/32 N                                                                                                                                  | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42148.27     | 0.01%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow Inc | HGVLLC 4.875 07/01/31 144A                                                                                                                             | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $60702.60     | 0.02%             | 2031-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM8794                                                                                                                                              | CUSIP: 3140XCXY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    885536 | PA      | $776987.69    | 0.26%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V4.827 07/22/26 MTN                                                                                                                                | CUSIP: 06051GLA5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104735.61    | 0.03%             | 2026-07-22      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc (CA) Inc                                                         | WCNCN 2.6 02/01/30                                                                                                                                     | CUSIP: 94106BAA9<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $4411.20      | 0.00%             | 2030-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA6766                                                                                                                                              | CUSIP: 36179VQT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    318607 | PA      | $294858.84    | 0.10%             | 2050-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                                       | AAL 5.75 04/20/29 144A                                                                                                                                 | CUSIP: 00253XAB7<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | KY        |     20000 | PA      | $19344.44     | 0.01%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Midwest Gaming Borrower LLC                                                            | MWGAME 4.875 05/01/29 144A                                                                                                                             | CUSIP: 59833DAB6<br>LEI: 5493005826VXDUREHL94 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8750.42      | 0.00%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| PPL Capital Funding Inc.                                                               | PPL 3.1 05/15/26                                                                                                                                       | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18977.27     | 0.01%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                               | AXP 2.5 07/30/24                                                                                                                                       | CUSIP: 025816CG2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48312.09     | 0.02%             | 2024-07-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V0.985 12/10/26                                                                                                                                     | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    360000 | PA      | $320344.26    | 0.11%             | 2026-12-10      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| MSCI Inc.                                                                              | MSCI 3.625 11/01/31 144A                                                                                                                               | CUSIP: 55354GAM2<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85469.85     | 0.03%             | 2031-11-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Cincor Pharma Inc                                                                      | Cincor Pharma Inc COM                                                                                                                                  | CUSIP: 17240Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16646 | NS      | $481568.78    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                                                                          | CABO 1.125 03/15/28                                                                                                                                    | CUSIP: 12685JAG0<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   1343000 | PA      | $1032095.50   | 0.34%             | 2028-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V4.948 07/22/28 MTN                                                                                                                                | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110188.67    | 0.04%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PIONEER N                                                              | CFD_EQS GSILGB2X 2690830                                                                                                                               | CUSIP: 723787107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1487 | NC      | $-342530.45   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FORD MOTO                                                              | CFD_EQS GSILGB2X 2615468                                                                                                                               | CUSIP: 345370860<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -17578 | NC      | $-237478.78   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SCHLUMBER                                                              | CFD_EQS CHASUS33 2779201                                                                                                                               | CUSIP: 806857108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6372 | NC      | $-363076.56   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG RALPH LAU                                                              | CFD_EQS BARCUS33 B4V9661                                                                                                                               | CUSIP: 751212101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1885 | NC      | $-233457.25   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG COTERRA E                                                              | CFD_EQS BARCUS33 2162340                                                                                                                               | CUSIP: 127097103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     12282 | NC      | $307418.46    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EXTRA SPA                                                              | CFD_EQS CHASUS33 B02HWR9                                                                                                                               | CUSIP: 30225T102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       245 | NC      | $38668.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ONEOK INC                                                              | CFD_EQS BARCUS33 2130109                                                                                                                               | CUSIP: 682680103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5345 | NC      | $-366025.60   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Envestnet Inc                                                                          | ENV 0.75 08/15/25                                                                                                                                      | CUSIP: 29404KAE6<br>LEI: 549300HLWZ5OKIDM8737 | Long             | DBT              | CORP              | US        |    864000 | PA      | $803520.00    | 0.27%             | 2025-08-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                              | TOYOTA 3.95 06/30/25                                                                                                                                   | CUSIP: 89236TKC8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    280000 | PA      | $276289.80    | 0.09%             | 2025-06-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Exact Sciences Corporation                                                             | EXAS 0.375 03/15/27                                                                                                                                    | CUSIP: 30063PAB1<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   1499000 | PA      | $1412807.50   | 0.47%             | 2027-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Summit Hotel Properties, Inc.                                                          | INN 1.5 02/15/26                                                                                                                                       | CUSIP: 866082AA8<br>LEI: 254900OBQWJK6X20LS71 | Long             | DBT              | CORP              | US        |   1234000 | PA      | $1139599.00   | 0.38%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Cheesecake Factory Inc                                                                 | Cheesecake Factory Inc COM USD0.01                                                                                                                     | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Short            | EC               | CORP              | US        |     -6043 | NS      | $-237187.75   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Avangrid Inc                                                                           | Avangrid Inc COM NPV                                                                                                                                   | CUSIP: 05351W103<br>LEI: 549300OX0Q38NLSKPB49 | Long             | EC               | CORP              | US        |       845 | NS      | $35633.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cowen Inc                                                                              | Cowen Inc COM USD0.01 CL A                                                                                                                             | CUSIP: 223622606<br>LEI: 5493008QI0EFC5WBED75 | Short            | EC               | CORP              | US        |    -20049 | NS      | $-779505.12   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Groupon Inc                                                                            | Groupon Inc COM NEW                                                                                                                                    | CUSIP: 399473206<br>LEI: 5299005W5W1R5POQJL03 | Short            | EC               | CORP              | US        |     -3063 | NS      | $-25300.38    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Array Technologies Inc                                                                 | Array Technologies Inc COM SHS                                                                                                                         | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Short            | EC               | CORP              | US        |    -35129 | NS      | $-780917.67   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2021-DNA5 M2                                                                                                                                     | CUSIP: 35564KHE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    734040 | PA      | $726263.48    | 0.24%             | 2034-01-25      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                   | DISH 7.375 07/01/28                                                                                                                                    | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $14362.70     | 0.00%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                          | BDX 3.7 06/06/27                                                                                                                                       | CUSIP: 075887BW8<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53486.67     | 0.02%             | 2027-06-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2022-R07                                           | CAS 2022-R07 1M1                                                                                                                                       | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    513989 | PA      | $524592.37    | 0.17%             | 2042-06-25      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Company                                                                     | F 9.625 04/22/30                                                                                                                                       | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $58855.00     | 0.02%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Oracle Corporation                                                                     | ORCL 2.875 03/25/31                                                                                                                                    | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8613.19      | 0.00%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Haemonetics Corp                                                                       | Haemonetics Corp COM USD0.01                                                                                                                           | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Short            | EC               | CORP              | US        |     -2745 | NS      | $-232227.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| NCR Corporation                                                                        | NCR Corporation COM STK USD0.01                                                                                                                        | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Short            | EC               | CORP              | US        |    -10186 | NS      | $-279300.12   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corporation                                                            | JetBlue Airways Corporation COM USD0.01                                                                                                                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Short            | EC               | CORP              | US        |     -8370 | NS      | $-66960.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                                                           | COST 1.375 06/20/27                                                                                                                                    | CUSIP: 22160KAN5<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |    140000 | PA      | $125257.96    | 0.04%             | 2027-06-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                                | MPLX 4.25 12/01/27                                                                                                                                     | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87490.98     | 0.03%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Patrick Inds Inc                                                                       | Patrick Inds Inc COM NPV                                                                                                                               | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Short            | EC               | CORP              | US        |     -4625 | NS      | $-328236.25   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc.                                                                 | Mesa Laboratories Inc. COM NPV                                                                                                                         | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Short            | EC               | CORP              | US        |      -829 | NS      | $-161273.66   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                                                                    | VICI 4.625 06/15/25 144A                                                                                                                               | CUSIP: 92564RAG0<br>LEI: 254900RKH6RY9KCJQH63 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33872.96     | 0.01%             | 2025-06-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Fluor Corporation                                                                      | Fluor Corporation SERIES A 6.50% CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED STOCK                                                                      | CUSIP: 343412607<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EP               | CORP              | US        |       464 | PA      | $788800.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2017-DNA1 B1                                                                                                                                     | CUSIP: 3137G0MX4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $533850.60    | 0.18%             | 2029-07-25      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings, LLC                                                  | CHCOCH 5.875 03/31/25                                                                                                                                  | CUSIP: 16412XAC9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    255000 | PA      | $257457.39    | 0.08%             | 2025-03-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sunnova Energy International Incorporation                                             | NOVA 0.25 12/01/26                                                                                                                                     | CUSIP: 86745KAF1<br>LEI: 549300JK1Y1VVC3JU540 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $827248.50    | 0.27%             | 2026-12-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Sunnova Energy International Incorporation                                             | NOVA 2.625 02/15/28                                                                                                                                    | CUSIP: 86745KAG9<br>LEI: 549300JK1Y1VVC3JU540 | Long             | DBT              | CORP              | US        |    434000 | PA      | $365384.60    | 0.12%             | 2028-02-15      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                | UNH 3.7 05/15/27                                                                                                                                       | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122916.10    | 0.04%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                               | AT&T Inc COM USD1                                                                                                                                      | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      2448 | NS      | $49865.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                                                            | VTRS 1.65 06/22/25                                                                                                                                     | CUSIP: 92556VAB2<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27574.02     | 0.01%             | 2025-06-22      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated                                             | Reinsurance Group of America, Incorporated COM USD0.01                                                                                                 | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |        68 | NS      | $10320.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aercap Ireland Capital DAC                                                             | AER 1.65 10/29/24                                                                                                                                      | CUSIP: 00774MAU9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    300000 | PA      | $280662.14    | 0.09%             | 2024-10-29      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM9494                                                                                                                                              | CUSIP: 3140XDRQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15644 | PA      | $13717.49     | 0.00%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA6412                                                                                                                                              | CUSIP: 36179VDR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80893 | PA      | $80324.79     | 0.03%             | 2050-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                           | MAR 5.75 05/01/25 EE                                                                                                                                   | CUSIP: 571903BD4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9152.88      | 0.00%             | 2025-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Nokia Corp                                                                             | NOKIA 4.375 06/12/27                                                                                                                                   | CUSIP: 654902AE5<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |     50000 | PA      | $48000.00     | 0.02%             | 2027-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H030625<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25000 | PA      | $22964.84     | 0.01%             | 2053-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR QA2226                                                                                                                                              | CUSIP: 31334YPK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     30582 | PA      | $28468.18     | 0.01%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Power and Light Company                                                      | LNT 1.95 09/16/31                                                                                                                                      | CUSIP: 976826BP1<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4058.68      | 0.00%             | 2031-09-16      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                      | HSBC V0.732 08/17/24                                                                                                                                   | CUSIP: 404280CU1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $194640.94    | 0.06%             | 2024-08-17      | Fixed         | 0.73%                 | No            |                  2 | On Loan: No      |
| The Chemours Company LLC                                                               | CC 5.375 05/15/27                                                                                                                                      | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46224.22     | 0.02%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                          | STWD 4.375 04/01/23                                                                                                                                    | CUSIP: 85571BAH8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    657000 | PA      | $652483.13    | 0.22%             | 2023-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                                                          | AEP 3.95 06/01/28                                                                                                                                      | CUSIP: 00108WAH3<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48167.58     | 0.02%             | 2028-06-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Simon Property Group, L.P.                                                             | SPG 1.375 01/15/27                                                                                                                                     | CUSIP: 828807DP9<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8916.90      | 0.00%             | 2027-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                                                    | CAS 2021-R01 1M2                                                                                                                                       | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    190000 | PA      | $187100.14    | 0.06%             | 2041-10-25      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WESTROCK                                                               | CFD_EQS GSILGB2X BYR0914                                                                                                                               | CUSIP: 96145D105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       868 | NC      | $34060.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PFIZER IN                                                              | CFD_EQS CHASUS33 2684703                                                                                                                               | CUSIP: 717081103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7640 | NC      | $337382.40    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                    | KMI 1.75 11/15/26                                                                                                                                      | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53824.16     | 0.02%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CVS HEALT                                                              | CFD_EQS CHASUS33 2577609                                                                                                                               | CUSIP: 126650100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6440 | NC      | $568136.80    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                     | CM 0.95 10/23/25                                                                                                                                       | CUSIP: 13607GRR7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $154464.03    | 0.05%             | 2025-10-23      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Perficient Inc                                                                         | PRFT 0.125 11/15/26                                                                                                                                    | CUSIP: 71375UAF8<br>LEI: 549300HTBXKL2755T650 | Long             | DBT              | CORP              | US        |   1466000 | PA      | $1186580.40   | 0.39%             | 2026-11-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TRANSDIGM                                                              | CFD_EQS CHASUS33 B11FJK3                                                                                                                               | CUSIP: 893641100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -308 | NC      | $-221067.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BARRICK G                                                              | CFD_EQS CHASUS33 2024677                                                                                                                               | CUSIP: 067901108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -15880 | NC      | $-310454.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V0.864 10/21/25 I                                                                                                                                   | CUSIP: 6174468R3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    130000 | PA      | $120477.84    | 0.04%             | 2025-10-21      | Fixed         | 0.86%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                          | STWD 5.5 11/01/23 144A                                                                                                                                 | CUSIP: 85571BAS4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34781.06     | 0.01%             | 2023-11-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CAMPBELL                                                               | CFD_EQS GSILGB2X 2162845                                                                                                                               | CUSIP: 134429109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4378 | NC      | $227349.54    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HOST HOTE                                                              | CFD_EQS GSILGB2X 2567503                                                                                                                               | CUSIP: 44107P104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -21643 | NC      | $-407970.55   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KROGER CO                                                              | CFD_EQS CHASUS33 2497406                                                                                                                               | CUSIP: 501044101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9668 | NC      | $431482.84    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CLOROX CO                                                              | CFD_EQS CHASUS33 2204026                                                                                                                               | CUSIP: 189054109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       256 | NC      | $37040.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                           | BMY 1.45 11/13/30                                                                                                                                      | CUSIP: 110122DQ8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40862.57     | 0.01%             | 2030-11-13      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V1.431 03/09/27                                                                                                                                     | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    110000 | PA      | $98563.03     | 0.03%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BROOKFIEL                                                              | CFD_EQS CHASUS33 BP95GG8                                                                                                                               | CUSIP: 11271J107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3879 | NC      | $-144298.80   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OLIN CORP                                                              | CFD_EQS GSILGB2X 2658526                                                                                                                               | CUSIP: 680665205<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5902 | NC      | $381210.18    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V2.595 02/24/26                                                                                                                                    | CUSIP: 46647PCV6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    327000 | PA      | $311107.95    | 0.10%             | 2026-02-24      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Impinj Inc                                                                             | PI 1.125 05/15/27                                                                                                                                      | CUSIP: 453204AD1<br>LEI: 549300M26VGKSMMWWN17 | Long             | DBT              | CORP              | US        |    450000 | PA      | $615960.00    | 0.20%             | 2027-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PROCTER &                                                              | CFD_EQS CHASUS33 2704407                                                                                                                               | CUSIP: 742718109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1177 | NC      | $-167581.26   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PARKER HA                                                              | CFD_EQS GSILGB2X 2671501                                                                                                                               | CUSIP: 701094104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       120 | NC      | $39120.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ONEMAIN H                                                              | CFD_EQS GSILGB2X BYSZB89                                                                                                                               | CUSIP: 68268W103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10667 | NC      | $-460174.38   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SEAGATE T                                                              | CFD_EQS CHASUS33 BKVD2N4                                                                                                                               | CUSIP: G7997R103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5357 | NC      | $363097.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 5.75 12/01/27                                                                                                                                      | CUSIP: 143658BU5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    450000 | PA      | $501300.00    | 0.17%             | 2027-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                               | VST 5 07/31/27 144A                                                                                                                                    | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47054.00     | 0.02%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CATALENT                                                               | CFD_EQS GSILGB2X BP96PQ4                                                                                                                               | CUSIP: 148806102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -726 | NC      | $-38877.30    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EQUITY RE                                                              | CFD_EQS GSILGB2X 2319157                                                                                                                               | CUSIP: 29476L107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7458 | NC      | $-474701.70   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ESTEE LAU                                                              | CFD_EQS BARCUS33 2320524                                                                                                                               | CUSIP: 518439104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -457 | NC      | $-126625.56   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LOWE'S CO                                                              | CFD_EQS BARCUS33 2536763                                                                                                                               | CUSIP: 548661107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2153 | NC      | $448362.25    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V0.81 10/24/24 MTN                                                                                                                                 | CUSIP: 06051GJH3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     67000 | PA      | $64811.33     | 0.02%             | 2024-10-24      | Fixed         | 0.81%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                                                 | LUMN 4.5 01/15/29 144A                                                                                                                                 | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     50000 | PA      | $33625.00     | 0.01%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AES CORP                                                               | CFD_EQS CHASUS33 2002479                                                                                                                               | CUSIP: 00130H105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -16258 | NC      | $-445631.78   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NETFLIX I                                                              | CFD_EQS CHASUS33 2857817                                                                                                                               | CUSIP: 64110L106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       961 | NC      | $340059.46    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VICI PROP                                                              | CFD_EQS BARCUS33 BYWH073                                                                                                                               | CUSIP: 925652109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -11121 | NC      | $-380115.78   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMERICAN                                                               | CFD_EQS BARCUS33 2026082                                                                                                                               | CUSIP: 025816109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2555 | NC      | $-446946.15   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG METLIFE I                                                              | CFD_EQS BARCUS33 2573209                                                                                                                               | CUSIP: 59156R108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5300 | NC      | $-387006.00   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PUBLIC ST                                                              | CFD_EQS BARCUS33 2852533                                                                                                                               | CUSIP: 74460D109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1277 | NC      | $388642.18    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MOLINA HE                                                              | CFD_EQS GSILGB2X 2212706                                                                                                                               | CUSIP: 60855R100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1164 | NC      | $-362970.12   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Gas Corp                                                                     | SWX 4.05 03/15/32                                                                                                                                      | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41267.73     | 0.01%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                    | NEE 2.94 03/21/24                                                                                                                                      | CUSIP: 65339KCD0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78374.20     | 0.03%             | 2024-03-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DXC TECHN                                                              | CFD_EQS BARCUS33 BYXD7B3                                                                                                                               | CUSIP: 23355L106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5793 | NC      | $166432.89    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LITHIA MO                                                              | CFD_EQS GSILGB2X 2515030                                                                                                                               | CUSIP: 536797103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1478 | NC      | $-389009.60   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                  | WFC V4.808 07/25/28 MTN                                                                                                                                | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239488.84    | 0.08%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Redwood Trust Inc                                                                      | RWT 4.75 08/15/23                                                                                                                                      | CUSIP: 758075AC9<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |    419000 | PA      | $411667.50    | 0.14%             | 2023-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Patrick Inds Inc                                                                       | PATK 1 02/01/23                                                                                                                                        | CUSIP: 703343AB9<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    658000 | PA      | $657915.47    | 0.22%             | 2023-02-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG XCEL ENER                                                              | CFD_EQS BARCUS33 2614807                                                                                                                               | CUSIP: 98389B100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        27 | NC      | $1856.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ViaSat, Inc.                                                                           | VSAT 5.625 04/15/27 144A                                                                                                                               | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93274.00     | 0.03%             | 2027-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V1.561 12/10/25                                                                                                                                    | CUSIP: 46647PCT1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    130000 | PA      | $121769.30    | 0.04%             | 2025-12-10      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co Inc.                                                      | HLT 4 05/01/31 144A                                                                                                                                    | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43325.00     | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                                | MOH 4.375 06/15/28 144A                                                                                                                                | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184710.00    | 0.06%             | 2028-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                  | WFC V3.526 03/24/28 MTN                                                                                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    160000 | PA      | $152160.47    | 0.05%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                                                         | BXMT 4.75 03/15/23                                                                                                                                     | CUSIP: 09257WAC4<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1486000 | PA      | $1473878.67   | 0.49%             | 2023-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                                                 | AMKR 6.625 09/15/27 144A                                                                                                                               | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100412.00    | 0.03%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CQP Holdco LP & Bip-V Chinook Holdco LLC                                               | BLKCQP 5.5 06/15/31                                                                                                                                    | CUSIP: 12657NAA8<br>LEI: 549300LPL012JY5D4B69 | Long             | DBT              | CORP              | US        |    400000 | PA      | $364246.00    | 0.12%             | 2031-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Corp                                                                       | Duke Energy Corp COM USD0.001                                                                                                                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       455 | NS      | $46614.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                     | MO 3.4 05/06/30                                                                                                                                        | CUSIP: 02209SBJ1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26546.75     | 0.01%             | 2030-05-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V4.679 07/17/26                                                                                                                                     | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    260000 | PA      | $257826.99    | 0.09%             | 2026-07-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MACY'S IN                                                              | CFD_EQS CHASUS33 2345022                                                                                                                               | CUSIP: 55616P104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     13745 | NC      | $324794.35    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BWX Technologies Inc                                                                   | BWXT 4.125 06/30/28 144A                                                                                                                               | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    115000 | PA      | $103788.16    | 0.03%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Northwestern Corporation                                                               | Northwestern Corporation NEW COM USD0.01                                                                                                               | CUSIP: 668074305<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | EC               | CORP              | US        |       805 | NS      | $45724.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Incorporated                                                        | CSL 2.75 03/01/30                                                                                                                                      | CUSIP: 142339AJ9<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |     36000 | PA      | $31123.41     | 0.01%             | 2030-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                                                  | PWR 2.35 01/15/32                                                                                                                                      | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40016.11     | 0.01%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNITED RE                                                              | CFD_EQS CHASUS33 2134781                                                                                                                               | CUSIP: 911363109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -357 | NC      | $-157419.15   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NEWMONT C                                                              | CFD_EQS GSILGB2X 2636607                                                                                                                               | CUSIP: 651639106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1202 | NC      | $-63621.86    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                                        | CVX 3.85 01/15/28                                                                                                                                      | CUSIP: 166756AR7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29642.67     | 0.01%             | 2028-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                             | OKE 6.35 01/15/31                                                                                                                                      | CUSIP: 682680BE2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63747.41     | 0.02%             | 2031-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WHIRLPOOL                                                              | CFD_EQS BARCUS33 2960384                                                                                                                               | CUSIP: 963320106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1095 | NC      | $-170371.05   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CA5182                                                                                                                                              | CUSIP: 3140QCXL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    370870 | PA      | $371025.39    | 0.12%             | 2050-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp. (Calif)                                                          | TRGP 5.2 07/01/27                                                                                                                                      | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160870.20    | 0.05%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Premier Inc                                                                            | Premier Inc COM USD0.01 CL'A'                                                                                                                          | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1347 | NS      | $44935.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co (The)                                                                       | HSY 0.9 06/01/25                                                                                                                                       | CUSIP: 427866BF4<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |     44000 | PA      | $40587.96     | 0.01%             | 2025-06-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MARRIOTT                                                               | CFD_EQS CHASUS33 2210614                                                                                                                               | CUSIP: 571903202<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1215 | NC      | $-211628.70   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LIFE STOR                                                              | CFD_EQS CHASUS33 BDCSFJ6                                                                                                                               | CUSIP: 53223X107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       342 | NC      | $36949.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMGEN INC                                                              | CFD_EQS CHASUS33 2023607                                                                                                                               | CUSIP: 031162100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1690 | NC      | $426556.00    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CANADIAN                                                               | CFD_EQS GSILGB2X 2125202                                                                                                                               | CUSIP: 136385101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2245 | NC      | $137932.80    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNITEDHEA                                                              | CFD_EQS GSILGB2X 2917766                                                                                                                               | CUSIP: 91324P102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       900 | NC      | $449271.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG T-MOBILE                                                               | CFD_EQS CHASUS33 B94Q9V0                                                                                                                               | CUSIP: 872590104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1129 | NC      | $-168570.99   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                     | F 5.291 12/08/46                                                                                                                                       | CUSIP: 345370CS7<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20618.25     | 0.01%             | 2046-12-08      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2017-HQA2 B1                                                                                                                                     | CUSIP: 3137G0QN2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    550000 | PA      | $583883.30    | 0.19%             | 2029-12-26      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HP INC                                                                 | CFD_EQS CHASUS33 BYX4D52                                                                                                                               | CUSIP: 40434L105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3860 | NC      | $112480.40    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG QUEST DIA                                                              | CFD_EQS CHASUS33 2702791                                                                                                                               | CUSIP: 74834L100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       116 | NC      | $17223.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings, LLC                                                  | CHCOCH 3.7 11/15/29                                                                                                                                    | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37563.98     | 0.01%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Atkore Inc                                                                             | ATKR 4.25 06/01/31 144A                                                                                                                                | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30710.75     | 0.01%             | 2031-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KINDER MO                                                              | CFD_EQS GSILGB2X B3NQ4P8                                                                                                                               | CUSIP: 49456B101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2953 | NC      | $-54039.90    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FIRSTENER                                                              | CFD_EQS GSILGB2X 2100920                                                                                                                               | CUSIP: 337932107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10223 | NC      | $-418631.85   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                             | BATSLN 7.75 10/19/32                                                                                                                                   | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     35000 | PA      | $39021.38     | 0.01%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                           | Bristol-Myers Squibb Company COM USD0.10                                                                                                               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       654 | NS      | $47513.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group, Inc.                                                              | MDU Resources Group, Inc. COM USD1.00                                                                                                                  | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       396 | NS      | $12240.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-15YR                                                                                                                                              | CUSIP: 01F030421<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    435000 | PA      | $417229.92    | 0.14%             | 2038-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 4.65 07/01/26                                                                                                                                      | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48125.00     | 0.02%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                             | AMT 3.65 03/15/27                                                                                                                                      | CUSIP: 03027XBV1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104500.49    | 0.03%             | 2027-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | AVGO 4 04/15/29 144A                                                                                                                                   | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    145000 | PA      | $135948.91    | 0.04%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                           | HESM 5.5 10/15/30 144A                                                                                                                                 | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $18652.20     | 0.01%             | 2030-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MARSH & M                                                              | CFD_EQS GSILGB2X 2567741                                                                                                                               | CUSIP: 571748102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1915 | NC      | $334952.65    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SEMPRA EN                                                              | CFD_EQS GSILGB2X 2138158                                                                                                                               | CUSIP: 816851109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1978 | NC      | $-317132.74   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2018-R07 1M2C                                                                                                                                      | CUSIP: 20753QAD1<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    137457 | PA      | $137456.21    | 0.05%             | 2031-04-25      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Enlink Midstream Partners LP                                                           | ENLK 4.85 07/15/26                                                                                                                                     | CUSIP: 29336UAF4<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48478.68     | 0.02%             | 2026-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                                | MOH 3.875 11/15/30 144A                                                                                                                                | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43006.50     | 0.01%             | 2030-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Jabil Inc                                                                              | JBL 1.7 04/15/26                                                                                                                                       | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |     65000 | PA      | $58677.71     | 0.02%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                              | CRBG 3.5 04/04/25 144A                                                                                                                                 | CUSIP: 21871XAA7<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77315.69     | 0.03%             | 2025-04-04      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| AbbVie Inc.                                                                            | AbbVie Inc. COM USD0.01                                                                                                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       288 | NS      | $42552.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG LAM RESEA                                                              | CFD_EQS BARCUS33 2502247                                                                                                                               | CUSIP: 512807108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       688 | NC      | $344068.80    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DENTSPLY                                                               | CFD_EQS BARCUS33 BYNPPC6                                                                                                                               | CUSIP: 24906P109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5742 | NC      | $-211477.86   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                       | DUK 2.65 09/01/26                                                                                                                                      | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93509.28     | 0.03%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Transcontinental Gas Pipe Line Company, LLC                                            | WMB 7.85 02/01/26                                                                                                                                      | CUSIP: 893574AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $113369.54    | 0.04%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                                                          | AIZ 4.9 03/27/28                                                                                                                                       | CUSIP: 04621XAJ7<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157721.14    | 0.05%             | 2028-03-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CNX Resources Corporation                                                              | CNX 6 01/15/29 144A                                                                                                                                    | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36719.08     | 0.01%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.                    | CMLP 6 02/01/29 144A                                                                                                                                   | CUSIP: 226373AR9<br>LEI: 549300VJQPPSEJPBNA66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28460.03     | 0.01%             | 2029-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Prospect Capital Corporation                                                           | PSEC 3.364 11/15/26                                                                                                                                    | CUSIP: 74348TAV4<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52234.34     | 0.02%             | 2026-11-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WORKDAY I                                                              | CFD_EQS BARCUS33 B8K6ZD1                                                                                                                               | CUSIP: 98138H101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -433 | NC      | $-78559.19    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                              | CACLN 2021-2 B                                                                                                                                         | CUSIP: 48128U2M0<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |    153038 | PA      | $147167.01    | 0.05%             | 2028-12-25      | Fixed         | 0.89%                 | Yes           |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                       | MMC 2.375 12/15/31                                                                                                                                     | CUSIP: 571748BP6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83970.03     | 0.03%             | 2031-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALLY FINA                                                              | CFD_EQS CHASUS33 B72XK05                                                                                                                               | CUSIP: 02005N100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7157 | NC      | $-232530.93   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BRISTOL-M                                                              | CFD_EQS CHASUS33 2126335                                                                                                                               | CUSIP: 110122108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3861 | NC      | $280501.65    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ENBRIDGE                                                               | CFD_EQS CHASUS33 2478906                                                                                                                               | CUSIP: 29250N105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -11076 | NC      | $-453783.72   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OCCIDENTA                                                              | CFD_EQS GSILGB2X 2655408                                                                                                                               | CUSIP: 674599105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5435 | NC      | $-352133.65   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OMNICOM G                                                              | CFD_EQS GSILGB2X 2279303                                                                                                                               | CUSIP: 681919106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4071 | NC      | $-350065.29   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CANADIAN                                                               | CFD_EQS BARCUS33 2125202                                                                                                                               | CUSIP: 136385101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6045 | NC      | $-371404.80   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG APA CORP                                                               | CFD_EQS BARCUS33 BNNF1C1                                                                                                                               | CUSIP: 03743Q108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6014 | NC      | $266600.62    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TRANSOCEA                                                              | CFD_EQS BARCUS33 B3KFWW1                                                                                                                               | CUSIP: H8817H100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     19949 | NC      | $134456.26    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AT&T Inc                                                                               | T 1.7 03/25/26                                                                                                                                         | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    375000 | PA      | $344181.15    | 0.11%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                     | META 3.5 08/15/27                                                                                                                                      | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    130000 | PA      | $124842.09    | 0.04%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Brookfield Corp.                                                                       | BNCN 4 01/15/25                                                                                                                                        | CUSIP: 112585AH7<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49225.11     | 0.02%             | 2025-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corporation                                                                | XOM 2.992 03/19/25                                                                                                                                     | CUSIP: 30231GBH4<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77780.33     | 0.03%             | 2025-03-19      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                       | PM 1.5 05/01/25                                                                                                                                        | CUSIP: 718172CN7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93563.11     | 0.03%             | 2025-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                       | PM 2.1 05/01/30                                                                                                                                        | CUSIP: 718172CP2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $50224.24     | 0.02%             | 2030-05-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Permian Resources Corp                                                                 | PR 3.25 04/01/28                                                                                                                                       | CUSIP: 15136AAA0<br>LEI: 529900NXUJPOKU7OJ511 | Long             | DBT              | CORP              | US        |    346000 | PA      | $658092.00    | 0.22%             | 2028-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                                                           | UPST 2021-4 A                                                                                                                                          | CUSIP: 91682NAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    242106 | PA      | $235308.52    | 0.08%             | 2031-09-20      | Fixed         | 0.84%                 | Yes           |                  2 | On Loan: No      |
| Boise Cascade Co                                                                       | BCC 4.875 07/01/30 144A                                                                                                                                | CUSIP: 09739DAD2<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | DBT              | CORP              | US        |    260000 | PA      | $233818.49    | 0.08%             | 2030-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Topgolf Callaway Brands Corp                                                           | MODG 2.75 05/01/26                                                                                                                                     | CUSIP: 131193AE4<br>LEI: 5493005UB0KFRKBPCU72 | Long             | DBT              | CORP              | US        |    383000 | PA      | $583835.63    | 0.19%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                    | GIS 5.241 11/18/25                                                                                                                                     | CUSIP: 370334CS1<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25130.95     | 0.01%             | 2025-11-18      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                     | MO 2.35 05/06/25                                                                                                                                       | CUSIP: 02209SBH5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    260000 | PA      | $246923.76    | 0.08%             | 2025-05-06      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                    | NEE 0.65 03/01/23                                                                                                                                      | CUSIP: 65339KBU3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104680.23    | 0.03%             | 2023-03-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 3.5 04/15/25                                                                                                                                      | CUSIP: 87264ABB0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    425000 | PA      | $412693.93    | 0.14%             | 2025-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc (CA) Inc                                                         | WCNCN 3.2 06/01/32                                                                                                                                     | CUSIP: 94106BAE1<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $49321.69     | 0.02%             | 2032-06-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Reliance Steel & Aluminum Co.                                                          | RS 1.3 08/15/25                                                                                                                                        | CUSIP: 759509AF9<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36645.04     | 0.01%             | 2025-08-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V1.045 11/19/26                                                                                                                                    | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    180000 | PA      | $161110.32    | 0.05%             | 2026-11-19      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Pinduoduo Inc                                                                          | PDD 0 12/01/25                                                                                                                                         | CUSIP: 722304AC6<br>LEI: 5493000573DS7005T657 | Long             | DBT              | CORP              | KY        |    428000 | PA      | $412592.00    | 0.14%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V2.615 04/22/32                                                                                                                                     | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8355.57      | 0.00%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Insmed Inc                                                                             | INSM 0.75 06/01/28                                                                                                                                     | CUSIP: 457669AB5<br>LEI: 529900Q55QAG41CCAC11 | Long             | DBT              | CORP              | US        |   1031000 | PA      | $915012.50    | 0.30%             | 2028-06-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Lumentum Holdings Incorporation                                                        | LITE 0.5 12/15/26                                                                                                                                      | CUSIP: 55024UAD1<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |    545000 | PA      | $494587.50    | 0.16%             | 2026-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                      | HSBC V2.999 03/10/26                                                                                                                                   | CUSIP: 404280DA4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $380971.72    | 0.13%             | 2026-03-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                                            | PGR 2.5 03/15/27                                                                                                                                       | CUSIP: 743315AY9<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |    360000 | PA      | $336203.94    | 0.11%             | 2027-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Alabama Power Company                                                                  | SO 3.05 03/15/32                                                                                                                                       | CUSIP: 010392FX1<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31244.66     | 0.01%             | 2032-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MATTEL IN                                                              | CFD_EQS GSILGB2X 2572303                                                                                                                               | CUSIP: 577081102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       145 | NC      | $2966.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OVINTIV I                                                              | CFD_EQS GSILGB2X BJ01KB6                                                                                                                               | CUSIP: 69047Q102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7279 | NC      | $-358345.17   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AFLAC INC                                                              | CFD_EQS GSILGB2X 2026361                                                                                                                               | CUSIP: 001055102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3840 | NC      | $-282240.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MACY'S IN                                                              | CFD_EQS GSILGB2X 2345022                                                                                                                               | CUSIP: 55616P104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4595 | NC      | $108579.85    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                                                                | MPLX 4.125 03/01/27                                                                                                                                    | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174513.29    | 0.06%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                                                                   | PPG 1.2 03/15/26                                                                                                                                       | CUSIP: 693506BU0<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |    165000 | PA      | $148577.29    | 0.05%             | 2026-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM7460                                                                                                                                              | CUSIP: 3140XBJE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    444583 | PA      | $433546.58    | 0.14%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                       | American Electric Power Co, Inc. COM USD6.50                                                                                                           | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       229 | NS      | $21516.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                                                                       | Genuine Parts Co COM USD1.00                                                                                                                           | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       279 | NS      | $46821.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                                                            | Lockheed Martin Corporation COM USD1.00                                                                                                                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        99 | NS      | $45862.74     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                                                             | AMT 3.55 07/15/27                                                                                                                                      | CUSIP: 03027XAP5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141663.27    | 0.05%             | 2027-07-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                              | TD 0.75 01/06/26 MTN                                                                                                                                   | CUSIP: 89114QCP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $143257.34    | 0.05%             | 2026-01-06      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2019-R01 2M2C                                                                                                                                      | CUSIP: 20754FAH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    213988 | PA      | $214353.05    | 0.07%             | 2031-07-25      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H032621<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    225000 | PA      | $212725.75    | 0.07%             | 2053-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2021-DNA6 M1                                                                                                                                     | CUSIP: 35564KKR9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    240717 | PA      | $238772.67    | 0.08%             | 2041-10-25      | Floating      | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM7719                                                                                                                                              | CUSIP: 3140XBSH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    269351 | PA      | $227315.34    | 0.07%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                                        | AZN 3.125 06/12/27                                                                                                                                     | CUSIP: 046353AN8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     49000 | PA      | $46845.37     | 0.02%             | 2027-06-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                            | VZ 3 03/22/27                                                                                                                                          | CUSIP: 92343VFF6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94462.65     | 0.03%             | 2027-03-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EQUIFAX I                                                              | CFD_EQS CHASUS33 2319146                                                                                                                               | CUSIP: 294429105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1660 | NC      | $-368852.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BAKER HUG                                                              | CFD_EQS CHASUS33 BDHLTQ5                                                                                                                               | CUSIP: 05722G100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1692 | NC      | $-53704.08    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AUTOZONE                                                               | CFD_EQS GSILGB2X 2065955                                                                                                                               | CUSIP: 053332102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       149 | NC      | $363388.65    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GAP INC/T                                                              | CFD_EQS GSILGB2X 2360326                                                                                                                               | CUSIP: 364760108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -15708 | NC      | $-213157.56   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CONAGRA B                                                              | CFD_EQS GSILGB2X 2215460                                                                                                                               | CUSIP: 205887102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3206 | NC      | $-119231.14   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OCCIDENTA                                                              | CFD_EQS CHASUS33 2655408                                                                                                                               | CUSIP: 674599105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1636 | NC      | $105996.44    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ARROW ELE                                                              | CFD_EQS GSILGB2X 2051404                                                                                                                               | CUSIP: 042735100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1795 | NC      | $210894.55    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NXP SEMIC                                                              | CFD_EQS GSILGB2X B505PN7                                                                                                                               | CUSIP: N6596X109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       867 | NC      | $159796.77    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALEXANDRI                                                              | CFD_EQS GSILGB2X 2009210                                                                                                                               | CUSIP: 015271109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1822 | NC      | $292868.28    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MGIC INVE                                                              | CFD_EQS GSILGB2X 2548616                                                                                                                               | CUSIP: 552848103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5643 | NC      | $-79679.16    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MURPHY OI                                                              | CFD_EQS GSILGB2X 2611206                                                                                                                               | CUSIP: 626717102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     10232 | NC      | $446217.52    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SOUTHWEST                                                              | CFD_EQS BARCUS33 2831543                                                                                                                               | CUSIP: 844741108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2276 | NC      | $81412.52     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TENET HEA                                                              | CFD_EQS BARCUS33 B8DMK08                                                                                                                               | CUSIP: 88033G407<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3018 | NC      | $-165537.30   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SYSCO COR                                                              | CFD_EQS BARCUS33 2868165                                                                                                                               | CUSIP: 871829107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       486 | NC      | $37645.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CIENA COR                                                              | CFD_EQS GSILGB2X B1FLZ21                                                                                                                               | CUSIP: 171779309<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5339 | NC      | $-277734.78   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| NVR Inc                                                                                | NVR 3 05/15/30                                                                                                                                         | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39342.29     | 0.01%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Air Transport Services Group Inc.                                                      | ATSG 1.125 10/15/24                                                                                                                                    | CUSIP: 00922RAB1<br>LEI: 5493000F3MSFGIXTQE27 | Long             | DBT              | CORP              | US        |    602000 | PA      | $635712.00    | 0.21%             | 2024-10-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Granite Point Mortgage Trust Inc                                                       | GPMT 6.375 10/01/23                                                                                                                                    | CUSIP: 38741LAC1<br>LEI: 529900VX2HQZ76AYIE02 | Long             | DBT              | CORP              | US        |   1424000 | PA      | $1388400.00   | 0.46%             | 2023-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Cheesecake Factory Inc                                                                 | CAKE 0.375 06/15/26                                                                                                                                    | CUSIP: 163072AA9<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |   1333000 | PA      | $1158876.88   | 0.38%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2022-DNA5 M1A                                                                                                                                    | CUSIP: 35564KYN3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    872981 | PA      | $893718.52    | 0.29%             | 2042-06-25      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Old National Bancorp                                                                   | Old National Bancorp COM NPV                                                                                                                           | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |       183 | NS      | $3202.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc                                                                  | United Bankshares Inc COM USD2.50                                                                                                                      | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |       108 | NS      | $4341.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                   | KDP 3.2 05/01/30                                                                                                                                       | CUSIP: 49271VAJ9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63266.95     | 0.02%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                                   | BKNG 4.625 04/13/30                                                                                                                                    | CUSIP: 09857LAR9<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23090.92     | 0.01%             | 2030-04-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                       | PCG 2.5 02/01/31                                                                                                                                       | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     80000 | PA      | $64547.51     | 0.02%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                                              | TDY 2.75 04/01/31                                                                                                                                      | CUSIP: 879360AE5<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25500.81     | 0.01%             | 2031-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corporation                                                | BK V4.543 02/01/29                                                                                                                                     | CUSIP: 06406RBN6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49960.18     | 0.02%             | 2029-02-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc.                                            | ARI 5.375 10/15/23                                                                                                                                     | CUSIP: 03762UAC9<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |   2612000 | PA      | $2571187.50   | 0.85%             | 2023-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                       | MMC 2.25 11/15/30                                                                                                                                      | CUSIP: 571748BN1<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42270.60     | 0.01%             | 2030-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V2.383 07/21/32                                                                                                                                     | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61409.84     | 0.02%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                           | B 0 04/06/23                                                                                                                                           | CUSIP: 912796YN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $8928399.96   | 2.94%             | 2023-04-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Infinera Corporation                                                                   | INFN 2.125 09/01/24                                                                                                                                    | CUSIP: 45667GAC7<br>LEI: 549300ZOF66WPV3H0H17 | Long             | DBT              | CORP              | US        |   1192000 | PA      | $1208092.00   | 0.40%             | 2024-09-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Amcor PLC                                                                              | Amcor PLC COM USD0.01                                                                                                                                  | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |      3771 | NS      | $45478.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Appalachian Power Company                                                              | AEP 4.5 08/01/32 BB                                                                                                                                    | CUSIP: 037735DA2<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19449.64     | 0.01%             | 2032-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SFL Corporation Ltd                                                                    | SFL 4.875 05/01/23                                                                                                                                     | CUSIP: 824689AG8<br>LEI: 549300RLYYPSB0C7RH77 | Long             | DBT              | CORP              | BM        |    486000 | PA      | $480411.00    | 0.16%             | 2023-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                            | HUM 5.75 03/01/28                                                                                                                                      | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135712.59    | 0.04%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                                | AZN 1.2 05/28/26                                                                                                                                       | CUSIP: 04636NAA1<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90333.39     | 0.03%             | 2026-05-28      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HYATT HOT                                                              | CFD_EQS CHASUS33 B5B82X4                                                                                                                               | CUSIP: 448579102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3245 | NC      | $-354094.40   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CARDINAL                                                               | CFD_EQS CHASUS33 2175672                                                                                                                               | CUSIP: 14149Y108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2655 | NC      | $205098.75    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AT&T INC                                                               | CFD_EQS GSILGB2X 2831811                                                                                                                               | CUSIP: 00206R102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     18103 | NC      | $368758.11    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WALMART I                                                              | CFD_EQS GSILGB2X 2936921                                                                                                                               | CUSIP: 931142103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2957 | NC      | $-425423.59   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNITED RE                                                              | CFD_EQS GSILGB2X 2134781                                                                                                                               | CUSIP: 911363109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1060 | NC      | $-467407.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GENERAL M                                                              | CFD_EQS GSILGB2X B665KZ5                                                                                                                               | CUSIP: 37045V100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     11632 | NC      | $457370.24    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NORDSTROM                                                              | CFD_EQS CHASUS33 2641827                                                                                                                               | CUSIP: 655664100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4797 | NC      | $-93733.38    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GENERAL M                                                              | CFD_EQS CHASUS33 2367026                                                                                                                               | CUSIP: 370334104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       359 | NC      | $28131.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SOUTHERN                                                               | CFD_EQS CHASUS33 2829601                                                                                                                               | CUSIP: 842587107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4056 | NC      | $-274510.08   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MCKESSON                                                               | CFD_EQS CHASUS33 2378534                                                                                                                               | CUSIP: 58155Q103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       480 | NC      | $181766.40    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BOSTON PR                                                              | CFD_EQS CHASUS33 2019479                                                                                                                               | CUSIP: 101121101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5017 | NC      | $373967.18    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MASCO COR                                                              | CFD_EQS CHASUS33 2570200                                                                                                                               | CUSIP: 574599106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       500 | NC      | $26600.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HALLIBURT                                                              | CFD_EQS GSILGB2X 2405302                                                                                                                               | CUSIP: 406216101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5756 | NC      | $237262.32    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LOEWS COR                                                              | CFD_EQS BARCUS33 2523022                                                                                                                               | CUSIP: 540424108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4871 | NC      | $299469.08    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                            | GLPI 5.375 04/15/26                                                                                                                                    | CUSIP: 361841AH2<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104892.90    | 0.03%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nextgen Healthcare Inc                                                                 | Nextgen Healthcare Inc COM USD0.01                                                                                                                     | CUSIP: 65343C102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11225 | NS      | $-213499.50   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                                                          | NFLX 6.375 05/15/29                                                                                                                                    | CUSIP: 64110LAX4<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     75000 | PA      | $80364.08     | 0.03%             | 2029-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 4.05 02/01/30                                                                                                                                      | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68682.00     | 0.02%             | 2030-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                                 | GFLCN 3.75 08/01/25 144A                                                                                                                               | CUSIP: 36168QAK0<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23756.25     | 0.01%             | 2025-08-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Uphealth Incorporated                                                                  | UPH 6.25 06/15/26                                                                                                                                      | CUSIP: 91532BAA9<br>LEI: 549300OSKGXG2OH2XE50 | Long             | DBT              | CORP              | US        |     66000 | PA      | $19140.00     | 0.01%             | 2026-06-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Duck Creek Technologies Inc                                                            | Duck Creek Technologies Inc SHS                                                                                                                        | CUSIP: 264120106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75380 | NS      | $1426943.40   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                                          | ICE 1.85 09/15/32                                                                                                                                      | CUSIP: 45866FAN4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23631.01     | 0.01%             | 2032-09-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                   | GM 1.7 08/18/23                                                                                                                                        | CUSIP: 37045XCZ7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137329.66    | 0.05%             | 2023-08-18      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| PNM Resources Inc.                                                                     | PNM Resources Inc. COM NPV                                                                                                                             | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     49400 | NS      | $2444312.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprint Capital Corporation                                                             | S 8.75 03/15/32                                                                                                                                        | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     75000 | PA      | $92625.00     | 0.03%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                           | Southern Co. COM USD5                                                                                                                                  | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |       668 | NS      | $45210.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    600000 | PA      | $602203.12    | 0.20%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Williams Companies, Inc.                                                           | The Williams Companies, Inc. COM USD1.00                                                                                                               | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |       786 | NS      | $25340.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                                                                   | Cal-Maine Foods Inc. COM STK USD0.01                                                                                                                   | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |       842 | NS      | $48179.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-15YR                                                                                                                                              | CUSIP: 01F020422<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2283812 | PA      | $2075324.95   | 0.68%             | 2038-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Lumentum Holdings Incorporation                                                        | Lumentum Holdings Incorporation COM USD0.001                                                                                                           | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Short            | EC               | CORP              | US        |     -2461 | NS      | $-148102.98   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                                                             | Evergy Inc COM NPV                                                                                                                                     | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       577 | NS      | $36149.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp.                                                                    | Ready Capital Corp. 7% CNV SNR NTS DUE 2023                                                                                                            | CUSIP: 75574U200<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     35062 | PA      | $876900.62    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                                                       | OXY 6.125 01/01/31                                                                                                                                     | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26092.25     | 0.01%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Company                                                         | PNW 2.2 12/15/31                                                                                                                                       | CUSIP: 040555DD3<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39723.39     | 0.01%             | 2031-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| The Greenbrier Companies, Inc.                                                         | The Greenbrier Companies, Inc. COM USD0.001                                                                                                            | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Short            | EC               | CORP              | US        |     -9301 | NS      | $-287586.92   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| LHC Group Inc                                                                          | LHC Group Inc COM USD0.01                                                                                                                              | CUSIP: 50187A107<br>LEI: 5299009NPLWAMRQYZX73 | Long             | EC               | CORP              | US        |     11100 | NS      | $1760460.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.                                                        | Live Nation Entertainment, Inc. COM USD0.01                                                                                                            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Short            | EC               | CORP              | US        |     -2630 | NS      | $-211688.70   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| DCP Midstream LP                                                                       | DCP Midstream LP COM UNITS LTD PARTNER INT                                                                                                             | CUSIP: 23311P100<br>LEI: 52990024YYS3MLGW0E91 | Long             | EC               | CORP              | US        |     56881 | NS      | $2391277.24   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                                                             | Insmed Inc COM USD0.01                                                                                                                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Short            | EC               | CORP              | US        |    -21255 | NS      | $-457620.15   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Nationstar Mortgage LLC                                                                | NSM 6 01/15/27 144A                                                                                                                                    | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $92750.00     | 0.03%             | 2027-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil Corporation                                                                 | MUR 6.375 07/15/28                                                                                                                                     | CUSIP: 626717AN2<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34613.87     | 0.01%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust, Inc.                                                          | New York Mortgage Trust, Inc. 6.875% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                             | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     21682 | PA      | $410006.62    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                                                        | EQT 7 02/01/30                                                                                                                                         | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106361.00    | 0.04%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Service Corporation International                                                      | SCI 3.375 08/15/30                                                                                                                                     | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12605.10     | 0.00%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Granite Point Mortgage Trust Inc                                                       | Granite Point Mortgage Trust Inc 7.00% SERIES A FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                           | CUSIP: 38741L305<br>LEI: 529900VX2HQZ76AYIE02 | Long             | EP               | CORP              | US        |     25749 | PA      | $470949.21    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                                                            | LMT 3.9 06/15/32                                                                                                                                       | CUSIP: 539830BR9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101967.19    | 0.03%             | 2032-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2017-C03 1B1                                                                                                                                       | CUSIP: 30711XJW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    430000 | PA      | $458281.40    | 0.15%             | 2029-10-25      | Floating      | 9.24%                 | No            |                  2 | On Loan: No      |
| Coca-Cola FEMSA SAB de CV                                                              | KOF 2.75 01/22/30                                                                                                                                      | CUSIP: 191241AH1<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $134661.00    | 0.04%             | 2030-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bentley Systems Incorporated                                                           | Bentley Systems Incorporated COM CL B                                                                                                                  | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |     -6706 | NS      | $-261869.30   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                      | BRKHEC 1.65 05/15/31                                                                                                                                   | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20073.24     | 0.01%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2021-DNA7 B1                                                                                                                                     | CUSIP: 35564KND7<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    260000 | PA      | $248001.96    | 0.08%             | 2041-11-25      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| Northern Inst Fds                                                                      | Northern Inst Fds TREAS PRT PRMR                                                                                                                       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2346680 | NS      | $2346680.43   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H022622<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1419000 | PA      | $1264725.01   | 0.42%             | 2053-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NCR Corporation                                                                        | NCR Corporation 5.5% PFD CONV SER A                                                                                                                    | CUSIP: 62886E207<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EP               | CORP              | US        |       556 | PA      | $648629.60    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                           | HESM 4.25 02/15/30 144A                                                                                                                                | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21895.19     | 0.01%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Fairfax Financial Holdings Limited                                                     | FFHCN 3.375 03/03/31                                                                                                                                   | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $21260.40     | 0.01%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNITED PA                                                              | CFD_EQS CHASUS33 2517382                                                                                                                               | CUSIP: 911312106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1156 | NC      | $-214125.88   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG L BRANDS                                                               | CFD_EQS CHASUS33 BNNTGJ5                                                                                                                               | CUSIP: 070830104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9580 | NC      | $440775.80    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VALERO EN                                                              | CFD_EQS BARCUS33 2041364                                                                                                                               | CUSIP: 91913Y100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1273 | NC      | $178258.19    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TARGA RES                                                              | CFD_EQS BARCUS33 B55PZY3                                                                                                                               | CUSIP: 87612G101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5311 | NC      | $398431.22    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KRAFT HEI                                                              | CFD_EQS BARCUS33 BYRY499                                                                                                                               | CUSIP: 500754106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10480 | NC      | $-424754.40   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SM ENERGY                                                              | CFD_EQS CHASUS33 2764188                                                                                                                               | CUSIP: 78454L100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     10903 | NC      | $358381.61    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BROADCOM                                                               | CFD_EQS BARCUS33 BDZ78H9                                                                                                                               | CUSIP: 11135F101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -623 | NC      | $-364461.23   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NUCOR COR                                                              | CFD_EQS BARCUS33 2651086                                                                                                                               | CUSIP: 670346105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2070 | NC      | $349871.40    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AVANTOR I                                                              | CFD_EQS GSILGB2X BJLT387                                                                                                                               | CUSIP: 05352A100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1977 | NC      | $47250.30     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TAKE-TWO                                                               | CFD_EQS GSILGB2X 2122117                                                                                                                               | CUSIP: 874054109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1266 | NC      | $143349.18    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Marathon Petroleum Company                                                             | MPC 3.625 09/15/24                                                                                                                                     | CUSIP: 56585AAG7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78550.98     | 0.03%             | 2024-09-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA4125                                                                                                                                              | CUSIP: 36179SSN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29608 | PA      | $26831.15     | 0.01%             | 2046-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ziff Davis Inc                                                                         | ZD 1.75 11/01/26                                                                                                                                       | CUSIP: 48123VAD4<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    918000 | PA      | $969408.00    | 0.32%             | 2026-11-01      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Humana Inc.                                                                            | HUM 3.85 10/01/24                                                                                                                                      | CUSIP: 444859BD3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3939.11      | 0.00%             | 2024-10-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V3.366 01/23/26                                                                                                                                    | CUSIP: 06051GGZ6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24140.51     | 0.01%             | 2026-01-23      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Zillow Group Inc                                                                       | Z 2.75 05/15/25                                                                                                                                        | CUSIP: 98954MAH4<br>LEI: 2549002XEELQDIR6FU05 | Long             | DBT              | CORP              | US        |    534000 | PA      | $547083.00    | 0.18%             | 2025-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                                                                    | DAL 7.375 01/15/26                                                                                                                                     | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78063.29     | 0.03%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| The Interpublic Group of Companies, Inc.                                               | IPG 2.4 03/01/31                                                                                                                                       | CUSIP: 460690BT6<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4135.34      | 0.00%             | 2031-03-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Compass Group Diversified Holdings LLC                                                 | CODI 5.25 04/15/29 144A                                                                                                                                | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35991.20     | 0.01%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Caterpillar Financial Services Corporation                                             | CAT 0.45 05/17/24 MTN                                                                                                                                  | CUSIP: 14913R2L0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    190000 | PA      | $179965.09    | 0.06%             | 2024-05-17      | Fixed         | 0.45%                 | No            |                  2 | On Loan: No      |
| Rogers Corp                                                                            | Rogers Corp CAP USD1                                                                                                                                   | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |      6810 | NS      | $950607.90    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F052623<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    275000 | PA      | $279447.26    | 0.09%             | 2053-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H042620<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    300000 | PA      | $297843.75    | 0.10%             | 2053-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Game Technology PLC                                                      | IGT 5.25 01/15/29 144A                                                                                                                                 | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $191940.00    | 0.06%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7193                                                                                                                                              | CUSIP: 36179V7E4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    135730 | PA      | $121506.92    | 0.04%             | 2051-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cryoport Inc                                                                           | CYRX 0.75 12/01/26                                                                                                                                     | CUSIP: 229050AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1341000 | PA      | $1047723.30   | 0.35%             | 2026-12-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                                            | SANUSA V4.26 06/09/25                                                                                                                                  | CUSIP: 80282KBD7<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68484.60     | 0.02%             | 2025-06-09      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 1.167 02/04/23                                                                                                                                      | CUSIP: 097023DD4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29994.94     | 0.01%             | 2023-02-04      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                             | AAPL 1.4 08/05/28                                                                                                                                      | CUSIP: 037833EH9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43357.63     | 0.01%             | 2028-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Albireo Pharma Inc.                                                                    | Albireo Pharma Inc. COM USD0.01                                                                                                                        | CUSIP: 01345P106<br>LEI: 549300835H8LC7O8VC29 | Long             | EC               | CORP              | US        |     21904 | NS      | $978232.64    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V3.272 09/29/25                                                                                                                                     | CUSIP: 38141GWQ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145350.02    | 0.05%             | 2025-09-29      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| IQIYI Inc.                                                                             | IQ 2 04/01/25                                                                                                                                          | CUSIP: 46267XAD0<br>LEI: 222100XL8T2Q5B8MS302 | Long             | DBT              | CORP              | KY        |    386000 | PA      | $378087.00    | 0.12%             | 2025-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Discover Financial Services                                                            | DFS 6.7 11/29/32                                                                                                                                       | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16012.25     | 0.01%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                   | HWM 5.9 02/01/27                                                                                                                                       | CUSIP: 013817AJ0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127187.50    | 0.04%             | 2027-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Simon Property Group, L.P.                                                             | SPG 3.5 09/01/25                                                                                                                                       | CUSIP: 828807CV7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63118.51     | 0.02%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                     | NRUC 2.4 03/15/30                                                                                                                                      | CUSIP: 637432NV3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86200.32     | 0.03%             | 2030-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                    | ADI 2.1 10/01/31                                                                                                                                       | CUSIP: 032654AV7<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25244.90     | 0.01%             | 2031-10-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                       | PM 5.125 11/15/24                                                                                                                                      | CUSIP: 718172CT4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90629.80     | 0.03%             | 2024-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                        | EQT 3.9 10/01/27                                                                                                                                       | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94868.00     | 0.03%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                         | C V1.462 06/09/27                                                                                                                                      | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    375000 | PA      | $333943.49    | 0.11%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA6409                                                                                                                                              | CUSIP: 36179VDN7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     47421 | PA      | $43959.69     | 0.01%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                             | AMT 0.6 01/15/24                                                                                                                                       | CUSIP: 03027XBH2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    135000 | PA      | $129435.72    | 0.04%             | 2024-01-15      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc.                                                              | A 2.3 03/12/31                                                                                                                                         | CUSIP: 00846UAN1<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25166.46     | 0.01%             | 2031-03-12      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM6834                                                                                                                                              | CUSIP: 3140XASY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209364 | PA      | $176803.68    | 0.06%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA4357                                                                                                                                              | CUSIP: 31418DZX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364477 | PA      | $332371.62    | 0.11%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                  | LOW 4.4 09/08/25                                                                                                                                       | CUSIP: 548661EK9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64714.54     | 0.02%             | 2025-09-08      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG JOHNSON C                                                              | CFD_EQS CHASUS33 BY7QL61                                                                                                                               | CUSIP: G51502105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       288 | NC      | $20036.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VIACOMCBS                                                              | CFD_EQS CHASUS33 BKTNTR9                                                                                                                               | CUSIP: 92556H206<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2487 | NC      | $-57598.92    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DUKE ENER                                                              | CFD_EQS GSILGB2X B7VD3F2                                                                                                                               | CUSIP: 26441C204<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4505 | NC      | $461537.25    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WESTERN U                                                              | CFD_EQS CHASUS33 B1F76F9                                                                                                                               | CUSIP: 959802109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1850 | NC      | $-26214.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MURPHY US                                                              | CFD_EQS GSILGB2X BCZWJ63                                                                                                                               | CUSIP: 626755102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1270 | NC      | $345478.10    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMERICAN                                                               | CFD_EQS CHASUS33 BCV7KT2                                                                                                                               | CUSIP: 02376R102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -17783 | NC      | $-287017.62   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG O'REILLY                                                               | CFD_EQS GSILGB2X B65LWX6                                                                                                                               | CUSIP: 67103H107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       122 | NC      | $96666.70     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NETAPP IN                                                              | CFD_EQS CHASUS33 2630643                                                                                                                               | CUSIP: 64110D104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5715 | NC      | $378504.45    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EMERSON E                                                              | CFD_EQS GSILGB2X 2313405                                                                                                                               | CUSIP: 291011104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3768 | NC      | $-339948.96   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WESTROCK                                                               | CFD_EQS BARCUS33 BYR0914                                                                                                                               | CUSIP: 96145D105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     12027 | NC      | $471939.48    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNION PAC                                                              | CFD_EQS BARCUS33 2914734                                                                                                                               | CUSIP: 907818108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2055 | NC      | $419610.45    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VERIZON C                                                              | CFD_EQS BARCUS33 2090571                                                                                                                               | CUSIP: 92343V104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1995 | NC      | $-82932.15    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DEERE & C                                                              | CFD_EQS BARCUS33 2261203                                                                                                                               | CUSIP: 244199105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -990 | NC      | $-418611.60   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CATERPILL                                                              | CFD_EQS BARCUS33 2180201                                                                                                                               | CUSIP: 149123101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1793 | NC      | $-452355.97   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FREEPORT-                                                              | CFD_EQS BARCUS33 2352118                                                                                                                               | CUSIP: 35671D857<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7747 | NC      | $-345671.14   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG STRYKER C                                                              | CFD_EQS BARCUS33 2853688                                                                                                                               | CUSIP: 863667101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1183 | NC      | $-300257.23   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Sabre Corporation                                                                      | Sabre Corporation COM USD0.01                                                                                                                          | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Short            | EC               | CORP              | US        |    -44027 | NS      | $-299823.87   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                                                    | D 3.375 04/01/30 C                                                                                                                                     | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45563.53     | 0.02%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR SD8146                                                                                                                                              | CUSIP: 3132DWBP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |    918366 | PA      | $772614.69    | 0.25%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                  | LOW 2.625 04/01/31                                                                                                                                     | CUSIP: 548661EA1<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8595.09      | 0.00%             | 2031-04-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Abiomed Inc                                                                            | Abiomed Inc NPV                                                                                                                                        | CUSIP: 003CVR016<br>LEI: 5493001EZN4ZTB4Z5887 | Long             | EC               | CORP              | US        |      8954 | NS      | $13431.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Chegg Inc                                                                              | Chegg Inc COM USD0.001                                                                                                                                 | CUSIP: 163092109<br>LEI: 549300AKX7O8JG0O3G77 | Short            | EC               | CORP              | US        |     -2880 | NS      | $-59788.80    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sprint Capital Corporation                                                             | S 6.875 11/15/28                                                                                                                                       | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53491.85     | 0.02%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                     | COP 6.95 04/15/29                                                                                                                                      | CUSIP: 208251AE8<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | DBT              | CORP              | US        |     71000 | PA      | $80396.49     | 0.03%             | 2029-04-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA4156                                                                                                                                              | CUSIP: 31418DTN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65425 | PA      | $61252.43     | 0.02%             | 2035-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2410                                                                                                                                              | CUSIP: 3140QMVC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63910 | PA      | $56037.70     | 0.02%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Meridian Bioscience Incorporation                                                      | Meridian Bioscience Incorporation COM STK NPV                                                                                                          | CUSIP: 589584101<br>LEI: 549300ELSRZEFFFRX195 | Short            | EC               | CORP              | US        |    -15900 | NS      | $-540600.00   | -0.18%            |  |  |  | No            |                  3 | On Loan: No      |
| First Horizon Corporation                                                              | First Horizon Corporation COM USD0.625                                                                                                                 | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     85645 | NS      | $2118000.85   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc                                                    | SUMIBK 2.448 09/27/24                                                                                                                                  | CUSIP: 86562MBT6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $192039.37    | 0.06%             | 2024-09-27      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings Llc                                                              | BHI 3.138 11/07/29                                                                                                                                     | CUSIP: 05723KAG5<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136213.49    | 0.04%             | 2029-11-07      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Incorporated                                                             | IRM 5.625 07/15/32 144A                                                                                                                                | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44996.73     | 0.01%             | 2032-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CA5575                                                                                                                                              | CUSIP: 3140QDFR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255919 | PA      | $249148.42    | 0.08%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB                                                            | Swedish Orphan Biovitrum AB NPV                                                                                                                        | CUSIP: W95637117<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |     20838 | NS      | $464699.43    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Five9 Inc.                                                                             | Five9 Inc. COM USD0.001                                                                                                                                | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Short            | EC               | CORP              | US        |     -1138 | NS      | $-89651.64    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Amryt Pharma PLC (NEW)                                                                 | Amryt Pharma PLC (NEW) SPONSORED ADS                                                                                                                   | CUSIP: 03217L106<br>LEI: 213800YNUJEOJ84L4T95 | Long             | EC               | CORP              | GB        |     26086 | NS      | $381638.18    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc.                                                              | WGO 6.25 07/15/28 144A                                                                                                                                 | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9616.50      | 0.00%             | 2028-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                  | SANTAN 2.706 06/27/24                                                                                                                                  | CUSIP: 05971KAD1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $193789.36    | 0.06%             | 2024-06-27      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust 2019-Dna4                                                | STACR 2019-DNA4 M2                                                                                                                                     | CUSIP: 35565AAH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     79888 | PA      | $79888.29     | 0.03%             | 2049-10-25      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Renewable Corporation                                                       | Brookfield Renewable Corporation CL A SUB VTG                                                                                                          | CUSIP: 11284V105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1694 | NS      | $53394.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Holdings Inc.                                                                      | LPLA 4.625 11/15/27 144A                                                                                                                               | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95164.00     | 0.03%             | 2027-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Texas Instruments Incorporated                                                         | TXN 1.9 09/15/31                                                                                                                                       | CUSIP: 882508BL7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     54000 | PA      | $45238.95     | 0.01%             | 2031-09-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                             | NOG 8.125 03/01/28 144A                                                                                                                                | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64745.20     | 0.02%             | 2028-03-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                             | AMP 3 04/02/25                                                                                                                                         | CUSIP: 03076CAK2<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96539.44     | 0.03%             | 2025-04-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VF CORP                                                                | CFD_EQS GSILGB2X 2928683                                                                                                                               | CUSIP: 918204108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2913 | NC      | $-90128.22    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PTC INC                                                                | CFD_EQS GSILGB2X B95N910                                                                                                                               | CUSIP: 69370C100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1870 | NC      | $252225.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OVINTIV I                                                              | CFD_EQS BARCUS33 BJ01KB6                                                                                                                               | CUSIP: 69047Q102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3801 | NC      | $187123.23    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.                     | LADR 4.75 06/15/29 144A                                                                                                                                | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $66466.40     | 0.02%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Autozone, Inc.                                                                         | AZO 4.5 02/01/28                                                                                                                                       | CUSIP: 053332BC5<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39883.48     | 0.01%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CONOCOPHI                                                              | CFD_EQS BARCUS33 2685717                                                                                                                               | CUSIP: 20825C104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3798 | NC      | $462862.26    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GENERAL E                                                              | CFD_EQS BARCUS33 BL59CR9                                                                                                                               | CUSIP: 369604301<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3751 | NC      | $-301880.48   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Resolute Forest Products Inc.                                                          | Resolute Forest Products Inc. COM USD0.001                                                                                                             | CUSIP: 76117W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44100 | NS      | $957411.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp.                                                        | Silicon Motion Technology Corp. SPONS ADR EA REP 4 COM                                                                                                 | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |     13752 | NS      | $881503.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG T-MOBILE                                                               | CFD_EQS BARCUS33 B94Q9V0                                                                                                                               | CUSIP: 872590104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1898 | NC      | $-283390.38   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HCA HEALT                                                              | CFD_EQS BARCUS33 B4MGBG6                                                                                                                               | CUSIP: 40412C101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1455 | NC      | $-371126.85   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DELL TECH                                                              | CFD_EQS BARCUS33 BHKD3S6                                                                                                                               | CUSIP: 24703L202<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6546 | NC      | $265898.52    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EBAY INC                                                               | CFD_EQS BARCUS33 2293819                                                                                                                               | CUSIP: 278642103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7212 | NC      | $356994.00    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| IRobot Corp                                                                            | IRobot Corp COM USD0.01                                                                                                                                | CUSIP: 462726100<br>LEI: 5493009PRNKOUKBAT390 | Long             | EC               | CORP              | US        |     13609 | NS      | $612405.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Caverion Oyj                                                                           | Caverion Oyj NPV                                                                                                                                       | CUSIP: X09586102<br>LEI: 7437007ECQWVPCJIS695 | Long             | EC               | CORP              | FI        |     71851 | NS      | $662396.72    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FISERV IN                                                              | CFD_EQS BARCUS33 2342034                                                                                                                               | CUSIP: 337738108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1861 | NC      | $-198531.48   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BORGWARNE                                                              | CFD_EQS BARCUS33 2111955                                                                                                                               | CUSIP: 099724106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3902 | NC      | $184486.56    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2018-HQA1 M2                                                                                                                                     | CUSIP: 3137G0UD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    325682 | PA      | $328122.05    | 0.11%             | 2030-09-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Equitrans Midstream Corporation                                                        | EQM 6.5 07/15/48                                                                                                                                       | CUSIP: 26885BAE0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7700.00      | 0.00%             | 2048-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NEXTERA E                                                              | CFD_EQS BARCUS33 2328915                                                                                                                               | CUSIP: 65339F101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5247 | NC      | $-391583.61   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ATMOS ENE                                                              | CFD_EQS CHASUS33 2315359                                                                                                                               | CUSIP: 049560105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1774 | NC      | $208515.96    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ENTEGRIS                                                               | CFD_EQS GSILGB2X 2599700                                                                                                                               | CUSIP: 29362U104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4384 | NC      | $-353832.64   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ELASTIC N                                                              | CFD_EQS BARCUS33 BFXCLC6                                                                                                                               | CUSIP: N14506104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6450 | NC      | $379518.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OWENS COR                                                              | CFD_EQS BARCUS33 B1FW7Q2                                                                                                                               | CUSIP: 690742101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3329 | NC      | $321747.85    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMCOR PLC                                                              | CFD_EQS BARCUS33 BJ1F307                                                                                                                               | CUSIP: G0250X107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -18909 | NC      | $-228042.54   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM2888                                                                                                                                              | CUSIP: 3140X6F63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43006 | PA      | $40947.92     | 0.01%             | 2049-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V1.992 01/27/32                                                                                                                                     | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    115000 | PA      | $92047.27     | 0.03%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                                        | XEL 4.6 06/01/32                                                                                                                                       | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9901.26      | 0.00%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Atlas Air Worldwide Holdings, Inc.                                                     | Atlas Air Worldwide Holdings, Inc. COM STK USD0.01                                                                                                     | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |      4483 | NS      | $458207.43    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                         | MS 4.1 05/22/23 MTN                                                                                                                                    | CUSIP: 61747YDU6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24937.52     | 0.01%             | 2023-05-22      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Parent Inc                                                     | FYBR 5.875 10/15/27 144A                                                                                                                               | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9549.20      | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MoneyLion Inc                                                                          | MoneyLion Inc CL A                                                                                                                                     | CUSIP: 60938K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25132 | NS      | $19781.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                                                                         | HD 4 09/15/25                                                                                                                                          | CUSIP: 437076CR1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104511.97    | 0.03%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                      | HSBC V8.113 11/03/33                                                                                                                                   | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $229434.11    | 0.08%             | 2033-11-03      | Fixed         | 8.11%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                                | LVLT 3.625 01/15/29 144A                                                                                                                               | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $74400.00     | 0.02%             | 2029-01-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 BW4651                                                                                                                                              | CUSIP: 3617NWEY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14747 | PA      | $13143.14     | 0.00%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Company, Inc.                                                        | ACHC 5 04/15/29 144A                                                                                                                                   | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70132.50     | 0.02%             | 2029-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Magnachip Semiconductor Corp.                                                          | Magnachip Semiconductor Corp. COM USD0.01                                                                                                              | CUSIP: 55933J203<br>LEI: 529900P54J1ATLRBUV29 | Long             | EC               | CORP              | US        |     24731 | NS      | $262148.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR ZS4746                                                                                                                                              | CUSIP: 3132A5HX6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGA              | US        |      9052 | PA      | $8347.45      | 0.00%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Company                                                                   | WY 4 04/15/30                                                                                                                                          | CUSIP: 962166BY9<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |     95000 | PA      | $89641.69     | 0.03%             | 2030-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Magnet Forensics Inc                                                                   | Magnet Forensics Inc SUB VTG SHS                                                                                                                       | CUSIP: 55940P101<br>LEI: 213800DQQ66RWWIDSR27 | Long             | EC               | CORP              | CA        |     21046 | NS      | $695970.84    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-15YR                                                                                                                                              | CUSIP: 01F012429<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    366188 | PA      | $324519.81    | 0.11%             | 2038-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts Inc                                                         | VAC 4.5 06/15/29 144A                                                                                                                                  | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21762.73     | 0.01%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| The Bank of New York Mellon Corporation                                                | BK 0.5 04/26/24 MTN                                                                                                                                    | CUSIP: 06406RAS6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     85000 | PA      | $80762.91     | 0.03%             | 2024-04-26      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Nexstar Escrow Inc                                                                     | NXST 5.625 07/15/27 144A                                                                                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95257.00     | 0.03%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| New Fortress Energy Inc.                                                               | NFE 6.75 09/15/25 144A                                                                                                                                 | CUSIP: 644393AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $110013.12    | 0.04%             | 2025-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ZOGENIX INC OR                                                                         | ZOGENIX INC OR SHS                                                                                                                                     | CUSIP: 989CVR014<br>LEI: 54930089H3HF4C32SK78 | Long             | EC               | CORP              | US        |     21009 | NS      | $15567.67     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 5.2 01/15/33                                                                                                                                      | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    245000 | PA      | $249949.62    | 0.08%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corporation                                            | International Business Machines Corporation COM USD0.20                                                                                                | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       333 | NS      | $44865.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Inc                                                                       | BERY 4.5 02/15/26 144A                                                                                                                                 | CUSIP: 08576PAA9<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43669.69     | 0.01%             | 2026-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V3.814 04/23/29                                                                                                                                     | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47219.41     | 0.02%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Affiliated Managers Group, Inc.                                                        | Affiliated Managers Group, Inc. COM USD0.01                                                                                                            | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Short            | EC               | CORP              | US        |      -557 | NS      | $-96216.18    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                                                    | Cisco Systems, Inc. COM USD0.001                                                                                                                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1003 | NS      | $48816.01     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil USA Inc                                                                     | MUSA 3.75 02/15/31 144A                                                                                                                                | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20916.84     | 0.01%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                  | SANTAN V0.701 06/30/24                                                                                                                                 | CUSIP: 05971KAK5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $391672.00    | 0.13%             | 2024-06-30      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                              | TD 4.693 09/15/27 MTN                                                                                                                                  | CUSIP: 89115A2H4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    130000 | PA      | $130709.43    | 0.04%             | 2027-09-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Energy Partners LP                                                       | KMI 3.5 09/01/23                                                                                                                                       | CUSIP: 494550BQ8<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69525.17     | 0.02%             | 2023-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                            | MIZUHO V1.241 07/10/24                                                                                                                                 | CUSIP: 60687YBF5<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $196224.16    | 0.06%             | 2024-07-10      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Taseko Mines Limited                                                                   | TKOCN 7 02/15/26 144A                                                                                                                                  | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $47375.00     | 0.02%             | 2026-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Spire Inc                                                                              | Spire Inc COM USD1                                                                                                                                     | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |         6 | NS      | $433.32       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 5.5 08/15/48                                                                                                                                       | CUSIP: 958254AL8<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21721.00     | 0.01%             | 2048-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA4026                                                                                                                                              | CUSIP: 31418DPL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    448782 | PA      | $436691.80    | 0.14%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BigCommerce Holdings Inc                                                               | BigCommerce Holdings Inc COM SER 1                                                                                                                     | CUSIP: 08975P108<br>LEI: 549300MOVEFQ78DMPG58 | Short            | EC               | CORP              | US        |     -4453 | NS      | $-54593.78    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Corporation/Broadcom Cayman Finance Ltd                                       | AVGO 3.625 01/15/24                                                                                                                                    | CUSIP: 11134LAF6<br>LEI: KFFV4ZWM9DJH1ND3BD89 | Long             | DBT              | CORP              | US        |    220000 | PA      | $216891.69    | 0.07%             | 2024-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Liveperson Inc                                                                         | Liveperson Inc COM USD0.001                                                                                                                            | CUSIP: 538146101<br>LEI: 549300IN2P1JZ20G7N40 | Short            | EC               | CORP              | US        |     -4022 | NS      | $-51803.36    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Mediclinic International PLC                                                           | Mediclinic International PLC ORD GBP0.10                                                                                                               | CUSIP: G5960R100<br>LEI: 2138002S5BSBIZTD5I60 | Long             | EC               | CORP              | GB        |     98661 | NS      | $603646.93    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ITC Holdings Corporation                                                               | ITC 3.35 11/15/27                                                                                                                                      | CUSIP: 465685AP0<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85242.44     | 0.03%             | 2027-11-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Horizon Pharma USA Inc.                                                                | HZNP 5.5 08/01/27 144A                                                                                                                                 | CUSIP: 44055PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $204250.00    | 0.07%             | 2027-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Drive Auto Receivables Trust 2019-1                                                    | DRIVE 2019-1 D                                                                                                                                         | CUSIP: 26208NAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    269134 | PA      | $268798.22    | 0.09%             | 2026-06-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                             | Amgen Inc. COM USD0.0001                                                                                                                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       176 | NS      | $44422.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                                                           | MAR 5 10/15/27                                                                                                                                         | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35322.56     | 0.01%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ringcentral Inc                                                                        | Ringcentral Inc COM USD0.0001 CL'A'                                                                                                                    | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Short            | EC               | CORP              | US        |      -428 | NS      | $-16704.84    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Company                                                                     | DTE Energy Company COM NPV                                                                                                                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       112 | NS      | $13033.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Financial Services Group, Inc.                                            | The Hartford Financial Services Group, Inc. COM USD0.01                                                                                                | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       484 | NS      | $37563.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Holdings, Inc.                                                                  | NOMURA 1.851 07/16/25                                                                                                                                  | CUSIP: 65535HAR0<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $184062.84    | 0.06%             | 2025-07-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PROLOGIS                                                               | CFD_EQS CHASUS33 B44WZD7                                                                                                                               | CUSIP: 74340W103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1697 | NC      | $-219388.16   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                             | AMT 3.125 01/15/27                                                                                                                                     | CUSIP: 03027XAM2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18722.34     | 0.01%             | 2027-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Incorporated                                                             | IRM 4.875 09/15/29 144A                                                                                                                                | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     75000 | PA      | $67735.13     | 0.02%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PACKAGING                                                              | CFD_EQS GSILGB2X 2504566                                                                                                                               | CUSIP: 695156109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -704 | NC      | $-100460.80   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NRG ENERG                                                              | CFD_EQS CHASUS33 2212922                                                                                                                               | CUSIP: 629377508<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10454 | NC      | $-357735.88   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                  | WFC V0.805 05/19/25 MTN                                                                                                                                | CUSIP: 95000U2T9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     33000 | PA      | $31235.39     | 0.01%             | 2025-05-19      | Fixed         | 0.81%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                                                     | Coca-Cola Europacific Partners PLC COM EUR0.01                                                                                                         | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |       675 | NS      | $37948.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG HCA HEALT                                                              | CFD_EQS GSILGB2X B4MGBG6                                                                                                                               | CUSIP: 40412C101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1451 | NC      | $-370106.57   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CARNIVAL                                                               | CFD_EQS BARCUS33 2523044                                                                                                                               | CUSIP: 143658300<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -9187 | NC      | $-99403.34    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                   | KD 2.7 10/15/28                                                                                                                                        | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4023.58      | 0.00%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Hess Corporation                                                                       | HES 4.3 04/01/27                                                                                                                                       | CUSIP: 42809HAG2<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48974.84     | 0.02%             | 2027-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALTRIA GR                                                              | CFD_EQS BARCUS33 2692632                                                                                                                               | CUSIP: 02209S103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9819 | NC      | $442247.76    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AUTOZONE                                                               | CFD_EQS BARCUS33 2065955                                                                                                                               | CUSIP: 053332102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       179 | NC      | $436554.15    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                                | HILCRP 6 02/01/31 144A                                                                                                                                 | CUSIP: 431318AV6<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27741.00     | 0.01%             | 2031-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| APA Corp.                                                                              | APA 5.1 09/01/40                                                                                                                                       | CUSIP: 037411AW5<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21831.25     | 0.01%             | 2040-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GENERAL M                                                              | CFD_EQS BARCUS33 2367026                                                                                                                               | CUSIP: 370334104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       272 | NC      | $21313.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DANAHER C                                                              | CFD_EQS BARCUS33 2250870                                                                                                                               | CUSIP: 235851102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -845 | NC      | $-223401.10   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Aetna, Inc.                                                                            | AET 3.5 11/15/24                                                                                                                                       | CUSIP: 00817YAQ1<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39101.94     | 0.01%             | 2024-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                     | MO 2.625 09/16/26                                                                                                                                      | CUSIP: 02209SAU7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    260000 | PA      | $242166.09    | 0.08%             | 2026-09-16      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                    | D 2.3 11/15/31                                                                                                                                         | CUSIP: 927804GE8<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     95000 | PA      | $79917.13     | 0.03%             | 2031-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V2.572 10/20/32                                                                                                                                    | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24805.41     | 0.01%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Northern Inst Fds                                                                      | Northern Inst Fds TREAS PRT PRMR                                                                                                                       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |      5383 | NS      | $5383.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                                                         | ZD 4.625 10/15/30 144A                                                                                                                                 | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    192000 | PA      | $170123.52    | 0.06%             | 2030-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| American Tower Corporation                                                             | AMT 5 02/15/24                                                                                                                                         | CUSIP: 03027XAD2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79960.34     | 0.03%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                          | NI 0.95 08/15/25                                                                                                                                       | CUSIP: 65473PAK1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91137.50     | 0.03%             | 2025-08-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                                        | CVX 3.25 10/15/29                                                                                                                                      | CUSIP: 166756AS5<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18873.39     | 0.01%             | 2029-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ashland Llc                                                                            | ASH 3.375 09/01/31 144A                                                                                                                                | CUSIP: 04433LAA0<br>LEI: 6O4MRU8C1MS0K34UQF79 | Long             | DBT              | CORP              | US        |     70000 | PA      | $58100.00     | 0.02%             | 2031-09-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNIVERSAL                                                              | CFD_EQS GSILGB2X 2923785                                                                                                                               | CUSIP: 913903100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2912 | NC      | $-431587.52   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TESLA INC                                                              | CFD_EQS GSILGB2X B616C79                                                                                                                               | CUSIP: 88160R101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2571 | NC      | $-445348.62   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TARGET CO                                                              | CFD_EQS GSILGB2X 2259101                                                                                                                               | CUSIP: 87612E106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4868 | NC      | $-837977.52   | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VISTRA EN                                                              | CFD_EQS GSILGB2X BZ8VJQ8                                                                                                                               | CUSIP: 92840M102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -20042 | NC      | $-462168.52   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CENTENE C                                                              | CFD_EQS CHASUS33 2807061                                                                                                                               | CUSIP: 15135B101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       244 | NC      | $18602.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DOMINION                                                               | CFD_EQS CHASUS33 2542049                                                                                                                               | CUSIP: 25746U109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1709 | NC      | $108760.76    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AUTODESK                                                               | CFD_EQS GSILGB2X 2065159                                                                                                                               | CUSIP: 052769106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1231 | NC      | $264861.96    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG JOHNSON &                                                              | CFD_EQS GSILGB2X 2475833                                                                                                                               | CUSIP: 478160104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2552 | NC      | $417047.84    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG COMCAST C                                                              | CFD_EQS BARCUS33 2044545                                                                                                                               | CUSIP: 20030N101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7591 | NC      | $-298705.85   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KROGER CO                                                              | CFD_EQS BARCUS33 2497406                                                                                                                               | CUSIP: 501044101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7534 | NC      | $336242.42    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BLOCK INC                                                              | CFD_EQS CHASUS33 BYNZGK1                                                                                                                               | CUSIP: 852234103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4527 | NC      | $-369946.44   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FACTSET R                                                              | CFD_EQS GSILGB2X 2329770                                                                                                                               | CUSIP: 303075105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       805 | NC      | $340466.70    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MARATHON                                                               | CFD_EQS BARCUS33 B3K3L40                                                                                                                               | CUSIP: 56585A102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3379 | NC      | $434269.08    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LIVE NATI                                                              | CFD_EQS BARCUS33 B0T7YX2                                                                                                                               | CUSIP: 538034109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3560 | NC      | $286544.40    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                    | BNS 1.05 03/02/26                                                                                                                                      | CUSIP: 0641593U8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $58119.65     | 0.02%             | 2026-03-02      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                         | C V0.981 05/01/25                                                                                                                                      | CUSIP: 172967MX6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     85000 | PA      | $80496.75     | 0.03%             | 2025-05-01      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EXPEDIA G                                                              | CFD_EQS BARCUS33 B748CK2                                                                                                                               | CUSIP: 30212P303<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2370 | NC      | $270891.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WILLIAMS                                                               | CFD_EQS BARCUS33 2967181                                                                                                                               | CUSIP: 969457100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7244 | NC      | $233546.56    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG COMCAST C                                                              | CFD_EQS GSILGB2X 2044545                                                                                                                               | CUSIP: 20030N101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4361 | NC      | $-171605.35   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GENERAL E                                                              | CFD_EQS CHASUS33 BL59CR9                                                                                                                               | CUSIP: 369604301<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2967 | NC      | $-238784.16   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SEALED AI                                                              | CFD_EQS BARCUS33 2232793                                                                                                                               | CUSIP: 81211K100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3582 | NC      | $-196150.32   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HEWLETT P                                                              | CFD_EQS BARCUS33 BYVYWS0                                                                                                                               | CUSIP: 42824C109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4243 | NC      | $-68439.59    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NETFLIX I                                                              | CFD_EQS GSILGB2X 2857817                                                                                                                               | CUSIP: 64110L106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1280 | NC      | $452940.80    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LAMB WEST                                                              | CFD_EQS GSILGB2X BDQZFJ3                                                                                                                               | CUSIP: 513272104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4440 | NC      | $-443511.60   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CELANESE                                                               | CFD_EQS BARCUS33 B05MZT4                                                                                                                               | CUSIP: 150870103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3038 | NC      | $-374281.60   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FAIR ISAA                                                              | CFD_EQS GSILGB2X 2330299                                                                                                                               | CUSIP: 303250104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       560 | NC      | $372932.00    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CHUBB LTD                                                              | CFD_EQS CHASUS33 B3BQMF6                                                                                                                               | CUSIP: H1467J104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1979 | NC      | $450202.71    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CATERPILL                                                              | CFD_EQS GSILGB2X 2180201                                                                                                                               | CUSIP: 149123101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1117 | NC      | $-281807.93   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DOW INC                                                                | CFD_EQS GSILGB2X BHXCF84                                                                                                                               | CUSIP: 260557103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8166 | NC      | $-484652.10   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALCOA COR                                                              | CFD_EQS CHASUS33 BYNF418                                                                                                                               | CUSIP: 013872106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1096 | NC      | $-57255.04    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NIKE INC                                                               | CFD_EQS CHASUS33 2640147                                                                                                                               | CUSIP: 654106103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -699 | NC      | $-89003.67    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NUTRIEN L                                                              | CFD_EQS CHASUS33 BDH3SB9                                                                                                                               | CUSIP: 67077M108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       214 | NC      | $17717.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SHERWIN-W                                                              | CFD_EQS BARCUS33 2804211                                                                                                                               | CUSIP: 824348106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1817 | NC      | $-429884.03   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GILEAD SC                                                              | CFD_EQS BARCUS33 2369174                                                                                                                               | CUSIP: 375558103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4176 | NC      | $350533.44    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NASDAQ IN                                                              | CFD_EQS BARCUS33 2965107                                                                                                                               | CUSIP: 631103108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4922 | NC      | $296255.18    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PFIZER IN                                                              | CFD_EQS BARCUS33 2684703                                                                                                                               | CUSIP: 717081103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9527 | NC      | $420712.32    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BUNGE LTD                                                              | CFD_EQS BARCUS33 2788713                                                                                                                               | CUSIP: G16962105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3580 | NC      | $-354778.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NORWEGIAN                                                              | CFD_EQS CHASUS33 B9CGTC3                                                                                                                               | CUSIP: G66721104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1818 | NC      | $27651.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SUN COMMU                                                              | CFD_EQS BARCUS33 2860257                                                                                                                               | CUSIP: 866674104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -99 | NC      | $-15529.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG L3HARRIS                                                               | CFD_EQS BARCUS33 BK9DTN5                                                                                                                               | CUSIP: 502431109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1780 | NC      | $382379.60    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                              | UNP 3.75 07/15/25                                                                                                                                      | CUSIP: 907818ES3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88489.47     | 0.03%             | 2025-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| KKR Real Estate Finance Trust Inc.                                                     | KREF 6.125 05/15/23                                                                                                                                    | CUSIP: 48251KAB6<br>LEI: 549300K23AYZDZ2REL62 | Long             | DBT              | CORP              | US        |   1536000 | PA      | $1538880.00   | 0.51%             | 2023-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tegna Inc                                                                              | TGNA 5 09/15/29                                                                                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188402.00    | 0.06%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc                                                          | MLM 0.65 07/15/23                                                                                                                                      | CUSIP: 573284AY2<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53879.84     | 0.02%             | 2023-07-15      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| Healthequity Inc                                                                       | HQY 4.5 10/01/29 144A                                                                                                                                  | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44765.00     | 0.01%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Information Management Servces Inc                                       | IRM 5 07/15/32 144A                                                                                                                                    | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $52020.09     | 0.02%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V2.496 02/13/31 MTN                                                                                                                                | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     80000 | PA      | $68050.03     | 0.02%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                                                        | ROST 4.7 04/15/27                                                                                                                                      | CUSIP: 778296AC7<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1985.32      | 0.00%             | 2027-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                                                                     | Conagra Brands Inc COM USD5.00                                                                                                                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      1176 | NS      | $43735.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                                                                 | CMS Energy Corporation COM USD0.01                                                                                                                     | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       279 | NS      | $17630.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd.                                                                  | Everest Re Group Ltd. COM USD0.01                                                                                                                      | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       120 | NS      | $41962.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                                                                  | Gilead Sciences, Inc. COM USD0.001                                                                                                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |       548 | NS      | $45999.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Conoco Funding Company                                                                 | COP 7.25 10/15/31                                                                                                                                      | CUSIP: 20825UAC8<br>LEI: XX71EBFZWSRCIL200314 | Long             | DBT              | CORP              | CA        |      9000 | PA      | $10583.97     | 0.00%             | 2031-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                    | KMI 7.75 01/15/32 GMTN                                                                                                                                 | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $23239.79     | 0.01%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                                                                | The J M Smucker Company COM NPV                                                                                                                        | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |       295 | NS      | $45076.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                         | MS V3.737 04/24/24                                                                                                                                     | CUSIP: 61744YAQ1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159435.87    | 0.05%             | 2024-04-24      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                                                           | TFC 4 05/01/25                                                                                                                                         | CUSIP: 867914BS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49234.35     | 0.02%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                       | NRG 2.75 06/01/48                                                                                                                                      | CUSIP: 629377CG5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    766000 | PA      | $782469.00    | 0.26%             | 2048-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Cintas Corporation No. 2                                                               | CTAS 3.7 04/01/27                                                                                                                                      | CUSIP: 17252MAN0<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |    171000 | PA      | $166738.58    | 0.05%             | 2027-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Vector Group Ltd                                                                       | VGR 5.75 02/01/29 144A                                                                                                                                 | CUSIP: 92240MBL1<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52319.40     | 0.02%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Cowen Inc                                                                              | Cowen Inc 5.625% CUM PERP CNV PFD A                                                                                                                    | CUSIP: 223622507<br>LEI: 5493008QI0EFC5WBED75 | Long             | EP               | CORP              | US        |       548 | PA      | $839963.44    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Cryoport Inc                                                                           | Cryoport Inc COM USD0.01                                                                                                                               | CUSIP: 229050307<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1692 | NS      | $-38628.36    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                                                                    | Rithm Capital Corp. 7.125 FIX TO FLT PFD SR B                                                                                                          | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      2335 | PA      | $51089.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                         | C V4.14 05/24/25                                                                                                                                       | CUSIP: 172967NQ0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108756.66    | 0.04%             | 2025-05-24      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                    | GIS 4 04/17/25                                                                                                                                         | CUSIP: 370334CF9<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29536.84     | 0.01%             | 2025-04-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SECURE Energy Services Inc.                                                            | SESCN 11 12/01/25 144A                                                                                                                                 | CUSIP: 88159EAA1<br>LEI: 549300EZKELHYBQO9X11 | Long             | DBT              | CORP              | CA        |     13000 | PA      | $14088.75     | 0.00%             | 2025-12-01      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp                                 | ASCRES 8.25 12/31/28 144A                                                                                                                              | CUSIP: 04364VAR4<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9792.32      | 0.00%             | 2028-12-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST                                                         | CRVNA 2021-N2 B                                                                                                                                        | CUSIP: 14686KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60719 | PA      | $55707.20     | 0.02%             | 2028-03-10      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM7259                                                                                                                                              | CUSIP: 3140XBB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    198521 | PA      | $186346.62    | 0.06%             | 2036-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Gartner Incorporation                                                                  | IT 3.625 06/15/29 144A                                                                                                                                 | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17960.00     | 0.01%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                                | CNP 4.45 10/01/32 ai.                                                                                                                                  | CUSIP: 15189XAZ1<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30068.32     | 0.01%             | 2032-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                   | HWM 5.95 02/01/37                                                                                                                                      | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25235.00     | 0.01%             | 2037-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Cable One Inc                                                                          | Cable One Inc COM USD0.01                                                                                                                              | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Short            | EC               | CORP              | US        |      -144 | NS      | $-113742.72   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                                                              | MSCI 3.25 08/15/33 144A                                                                                                                                | CUSIP: 55354GAQ3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45100.00     | 0.01%             | 2033-08-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| DCP Midstream Operating, LP                                                            | DCP 3.25 02/15/32                                                                                                                                      | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     75000 | PA      | $64837.13     | 0.02%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                            | LMT 5.1 11/15/27                                                                                                                                       | CUSIP: 539830BV0<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41513.33     | 0.01%             | 2027-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| New York Community Capital Trust V                                                     | NYCB 6 11/01/51                                                                                                                                        | CUSIP: 64944P307<br>LEI: 529900HVXOTLY61GL030 | Long             | DBT              | CORP              | US        |     15668 | PA      | $703649.88    | 0.23%             | 2051-05-07      | Fixed         | 6.00%                 | No            |                  1 | On Loan: No      |
| Marcus Corp                                                                            | Marcus Corp COM USD1                                                                                                                                   | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Short            | EC               | CORP              | US        |    -29850 | NS      | $-451929.00   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc.                                                              | Winnebago Industries Inc. COM USD0.50                                                                                                                  | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Short            | EC               | CORP              | US        |     -4295 | NS      | $-273505.60   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                                                                   | Carnival Corporation UNITS (COMPR 1 COM & 1 TR                                                                                                         | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Short            | EC               | CORP              | PA        |    -23490 | NS      | $-254161.80   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR RA3382                                                                                                                                              | CUSIP: 3133KJXK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     99711 | PA      | $91442.39     | 0.03%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corporation                                                               | ARCC 2.875 06/15/28                                                                                                                                    | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33779.21     | 0.01%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM9198                                                                                                                                              | CUSIP: 3140XDGG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    494065 | PA      | $436832.13    | 0.14%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                                | MPLX 4.875 12/01/24                                                                                                                                    | CUSIP: 55336VAG5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11976.87     | 0.00%             | 2024-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio Inc                                                                    | SIRI 3.875 09/01/31 144A                                                                                                                               | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    115000 | PA      | $94803.70     | 0.03%             | 2031-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Oneok Inc.                                                                             | OKE 4 07/13/27                                                                                                                                         | CUSIP: 682680AS2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    255000 | PA      | $245162.34    | 0.08%             | 2027-07-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR RA3174                                                                                                                                              | CUSIP: 3133KJQ39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     32735 | PA      | $30177.75     | 0.01%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Edwards Lifesciences Corporation                                                       | EW 4.3 06/15/28                                                                                                                                        | CUSIP: 28176EAD0<br>LEI: YA13X31F3V31L8TMPR58 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68775.57     | 0.02%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Conmed Corporation                                                                     | CNMD 2.25 06/15/27                                                                                                                                     | CUSIP: 207410AG6<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | DBT              | CORP              | US        |    572000 | PA      | $544258.00    | 0.18%             | 2027-06-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F030629<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2282000 | PA      | $2072697.81   | 0.68%             | 2053-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                        | CVS 1.3 08/21/27                                                                                                                                       | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56381.44     | 0.02%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                       | DB V2.311 11/16/27                                                                                                                                     | CUSIP: 251526CP2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    150000 | PA      | $132573.16    | 0.04%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Northern Inst Fds                                                                      | Northern Inst Fds TREAS PRT PRMR                                                                                                                       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5735145 | NS      | $5735145.28   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AMG Capital Tr Ii                                                                      | AMG Capital Tr Ii 5.15% CONV PRF 15/10/2037                                                                                                            | CUSIP: 00170F209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10807 | PA      | $540350.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                                                            | ABBV 3.6 05/14/25                                                                                                                                      | CUSIP: 00287YAQ2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165697.96    | 0.05%             | 2025-05-14      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                           | NOVNVX 3.1 05/17/27                                                                                                                                    | CUSIP: 66989HAN8<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14435.21     | 0.00%             | 2027-05-17      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V1.319 06/19/26 MTN                                                                                                                                | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    210000 | PA      | $192342.42    | 0.06%             | 2026-06-19      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| APA Corp.                                                                              | APA 4.25 01/15/30                                                                                                                                      | CUSIP: 037411BF1<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45742.00     | 0.02%             | 2030-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chevron Corporation                                                                    | CVX 1.554 05/11/25                                                                                                                                     | CUSIP: 166764BW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75299.77     | 0.02%             | 2025-05-11      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Enlink Midstream LLC                                                                   | ENLC 5.625 01/15/28 144A                                                                                                                               | CUSIP: 29336TAC4<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24437.50     | 0.01%             | 2028-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CLEVELAND                                                              | CFD_EQS CHASUS33 BYVZ186                                                                                                                               | CUSIP: 185899101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -13495 | NC      | $-288118.25   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG RADIAN GR                                                              | CFD_EQS CHASUS33 2173911                                                                                                                               | CUSIP: 750236101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8741 | NC      | $-193176.10   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KOHLS COR                                                              | CFD_EQS GSILGB2X 2496113                                                                                                                               | CUSIP: 500255104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8609 | NC      | $-278673.33   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                              | KHC 3.875 05/15/27                                                                                                                                     | CUSIP: 50077LBC9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155872.70    | 0.05%             | 2027-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                             | AMGN 4.05 08/18/29                                                                                                                                     | CUSIP: 031162DH0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14489.07     | 0.00%             | 2029-08-18      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG QUALCOMM                                                               | CFD_EQS GSILGB2X 2714923                                                                                                                               | CUSIP: 747525103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        67 | NC      | $8925.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VALERO EN                                                              | CFD_EQS GSILGB2X 2041364                                                                                                                               | CUSIP: 91913Y100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1187 | NC      | $166215.61    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BORGWARNE                                                              | CFD_EQS GSILGB2X 2111955                                                                                                                               | CUSIP: 099724106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     10471 | NC      | $495068.88    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NRG ENERG                                                              | CFD_EQS BARCUS33 2212922                                                                                                                               | CUSIP: 629377508<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -13321 | NC      | $-455844.62   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG APPLIED M                                                              | CFD_EQS BARCUS33 2046552                                                                                                                               | CUSIP: 038222105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3154 | NC      | $351639.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG 3M CO                                                                  | CFD_EQS BARCUS33 2595708                                                                                                                               | CUSIP: 88579Y101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1282 | NC      | $-147532.56   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MARVELL T                                                              | CFD_EQS CHASUS33 BNKJSM5                                                                                                                               | CUSIP: 573874104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       453 | NC      | $19546.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ELECTRONI                                                              | CFD_EQS CHASUS33 2310194                                                                                                                               | CUSIP: 285512109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       881 | NC      | $113367.08    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG C.H. ROBI                                                              | CFD_EQS GSILGB2X 2116228                                                                                                                               | CUSIP: 12541W209<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3752 | NC      | $375837.84    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ZOOMINFO                                                               | CFD_EQS CHASUS33 BMWF095                                                                                                                               | CUSIP: 98980F104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2175 | NC      | $61400.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GEN DIGIT                                                              | CFD_EQS BARCUS33 BJN4XN5                                                                                                                               | CUSIP: 668771108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -975 | NC      | $-22434.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Etsy Inc                                                                               | Etsy Inc USD0.001                                                                                                                                      | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Short            | EC               | CORP              | US        |     -2128 | NS      | $-292770.24   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                                                                | BRK 3.125 03/15/26                                                                                                                                     | CUSIP: 084670BS6<br>LEI: 5493000C01ZX7D35SD85 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92274.19     | 0.03%             | 2026-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                                           | GD 3.75 05/15/28                                                                                                                                       | CUSIP: 369550BC1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68096.34     | 0.02%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                                                    | CAS 2020-R01 1M2                                                                                                                                       | CUSIP: 20754CAB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1083145 | PA      | $1083144.16   | 0.36%             | 2040-01-25      | Floating      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Oneok Inc.                                                                             | OKE 5.85 01/15/26                                                                                                                                      | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     77000 | PA      | $78896.46     | 0.03%             | 2026-01-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Lyondellbasell Advanced Polymers Inc                                                   | Lyondellbasell Advanced Polymers Inc CUM SPECIAL STK CONV 6%                                                                                           | CUSIP: 67054E202<br>LEI: 5493004OGK9A7CGV3B42 | Long             | EP               | CORP              | US        |       669 | PA      | $565974.00    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                            | ZTS 2 05/15/30                                                                                                                                         | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84662.24     | 0.03%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM4808                                                                                                                                              | CUSIP: 3140X8KW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72085 | PA      | $63670.37     | 0.02%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Rwt Holdings Inc                                                                       | RWT 5.75 10/01/25                                                                                                                                      | CUSIP: 749772AD1<br>LEI: Z31FN4C0IQMCYFAEUP31 | Long             | DBT              | CORP              | US        |   1073000 | PA      | $950033.67    | 0.31%             | 2025-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM7840                                                                                                                                              | CUSIP: 3140XBWA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67339 | PA      | $65961.15     | 0.02%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VOYA FINA                                                              | CFD_EQS GSILGB2X BKWQ2N2                                                                                                                               | CUSIP: 929089100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1327 | NC      | $92584.79     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALLY FINA                                                              | CFD_EQS GSILGB2X B72XK05                                                                                                                               | CUSIP: 02005N100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -14549 | NC      | $-472697.01   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BERKSHIRE                                                              | CFD_EQS GSILGB2X 2073390                                                                                                                               | CUSIP: 084670702<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -140 | NC      | $-43612.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SOUTHERN                                                               | CFD_EQS GSILGB2X 2829601                                                                                                                               | CUSIP: 842587107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1731 | NC      | $-117154.08   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MARATHON                                                               | CFD_EQS CHASUS33 B3K3L40                                                                                                                               | CUSIP: 56585A102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2731 | NC      | $350988.12    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AVIS BUDG                                                              | CFD_EQS GSILGB2X B1CL8J2                                                                                                                               | CUSIP: 053774105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2323 | NC      | $464692.92    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ORACLE CO                                                              | CFD_EQS CHASUS33 2661568                                                                                                                               | CUSIP: 68389X105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -387 | NC      | $-34234.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LUMEN                                                                  | CFD_EQS BARCUS33 BMDH249                                                                                                                               | CUSIP: 550241103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -63496 | NC      | $-333354.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG STEEL DYN                                                              | CFD_EQS BARCUS33 2849472                                                                                                                               | CUSIP: 858119100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3139 | NC      | $378688.96    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ADVANCED                                                               | CFD_EQS BARCUS33 2007849                                                                                                                               | CUSIP: 007903107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5976 | NC      | $-449096.40   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KOHLS COR                                                              | CFD_EQS BARCUS33 2496113                                                                                                                               | CUSIP: 500255104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -9047 | NC      | $-292851.39   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NORDSTROM                                                              | CFD_EQS BARCUS33 2641827                                                                                                                               | CUSIP: 655664100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2361 | NC      | $-46133.94    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HALLIBURT                                                              | CFD_EQS BARCUS33 2405302                                                                                                                               | CUSIP: 406216101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7082 | NC      | $-291920.04   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FEDEX COR                                                              | CFD_EQS BARCUS33 2142784                                                                                                                               | CUSIP: 31428X106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2000 | NC      | $387720.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                                                                        | S 7.125 06/15/24                                                                                                                                       | CUSIP: 85207UAH8<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102116.20    | 0.03%             | 2024-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CA3666                                                                                                                                              | CUSIP: 3140QBCC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    351973 | PA      | $347973.16    | 0.11%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Energy Company                                                            | SWN 8.375 09/15/28                                                                                                                                     | CUSIP: 845467AP4<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15755.10     | 0.01%             | 2028-09-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corporation                                                              | VLO 2.8 12/01/31                                                                                                                                       | CUSIP: 91913YBC3<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25626.99     | 0.01%             | 2031-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                      | Johnson & Johnson COM USD1.00                                                                                                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       263 | NS      | $42979.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated                                                           | IMKTA 4 06/15/31 144A                                                                                                                                  | CUSIP: 457030AK0<br>LEI: 549300XH5RYBMYP8TF26 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30157.02     | 0.01%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| The Greenbrier Companies, Inc.                                                         | GBX 2.875 04/15/28                                                                                                                                     | CUSIP: 393657AM3<br>LEI: 5493001GAGGFR30BP390 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $971532.50    | 0.32%             | 2028-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Proshares Trust                                                                        | Proshares Trust SHRT 20+YR TRE                                                                                                                         | CUSIP: 74347X849<br>LEI: 5493005D9DS7C1P5AM59 | Long             | EC               | RF                | US        |     60796 | NS      | $1284011.52   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Inc.                                                                               | HCA 5.25 04/15/25                                                                                                                                      | CUSIP: 404119BQ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115117.85    | 0.04%             | 2025-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2019- R07                                          | CAS 2019-R07 1M2                                                                                                                                       | CUSIP: 20753WAF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     45633 | PA      | $45632.93     | 0.02%             | 2039-10-25      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                  | WFC V2.406 10/30/25 MTN                                                                                                                                | CUSIP: 95000U2H5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11455.65     | 0.00%             | 2025-10-30      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                    | Rithm Capital Corp. 6.375% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                                       | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     43302 | PA      | $863008.86    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                                                           | UPST 2021-5 A                                                                                                                                          | CUSIP: 91679JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    268548 | PA      | $260980.71    | 0.09%             | 2031-11-20      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Cintas Corporation No. 2                                                               | CTAS 3.45 05/01/25                                                                                                                                     | CUSIP: 17252MAP5<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |    135000 | PA      | $131512.12    | 0.04%             | 2025-05-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V6.204 11/10/28                                                                                                                                    | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131817.53    | 0.04%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA5397                                                                                                                                              | CUSIP: 36179T7J8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    167397 | PA      | $160298.09    | 0.05%             | 2048-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR ZS4693                                                                                                                                              | CUSIP: 3132A5GA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    176339 | PA      | $163326.02    | 0.05%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Relic Inc                                                                          | NEWR 0.5 05/01/23                                                                                                                                      | CUSIP: 64829BAB6<br>LEI: 549300AB8FY2HQILL804 | Long             | DBT              | CORP              | US        |    838000 | PA      | $826268.00    | 0.27%             | 2023-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                   | APH 2.05 03/01/25                                                                                                                                      | CUSIP: 032095AK7<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28365.70     | 0.01%             | 2025-03-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Progress Software Corp.                                                                | PRGS 1 04/15/26                                                                                                                                        | CUSIP: 743312AB6<br>LEI: 549300R65B3JG6972S24 | Long             | DBT              | CORP              | US        |    964000 | PA      | $1010272.00   | 0.33%             | 2026-04-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                      | BRKHEC 4.05 04/15/25                                                                                                                                   | CUSIP: 084659AT8<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98741.08     | 0.03%             | 2025-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR SD8167                                                                                                                                              | CUSIP: 3132DWCC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1392120 | PA      | $1220993.93   | 0.40%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                            | HUM 0.65 08/03/23                                                                                                                                      | CUSIP: 444859BP6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21512.82     | 0.01%             | 2023-08-03      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| Ingredion Incorporated                                                                 | Ingredion Incorporated COM USD0.01                                                                                                                     | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |        20 | NS      | $2056.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                                                       | Zillow Group Inc COM USD0.0001 CLASS C                                                                                                                 | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Short            | EC               | CORP              | US        |     -2777 | NS      | $-122771.17   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial Inc.                                                                     | MFA Financial Inc. 6.50% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                                         | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     44682 | PA      | $873086.28    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                                                              | EBAY 1.9 03/11/25                                                                                                                                      | CUSIP: 278642AV5<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47217.85     | 0.02%             | 2025-03-11      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                                 | ROP 1 09/15/25                                                                                                                                         | CUSIP: 776743AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40819.16     | 0.01%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corporation                                                                     | ORCL 1.65 03/25/26                                                                                                                                     | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    180000 | PA      | $164160.15    | 0.05%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Verint Systems Inc                                                                     | VRNT 0.25 04/15/26                                                                                                                                     | CUSIP: 92343XAC4<br>LEI: 549300KEQJS5FRVUCO94 | Long             | DBT              | CORP              | US        |   1102000 | PA      | $982846.25    | 0.32%             | 2026-04-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                               | AXP 4.05 05/03/29                                                                                                                                      | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41998.22     | 0.01%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Northern Inst Fds                                                                      | Northern Inst Fds TREAS PRT PRMR                                                                                                                       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   6581426 | NS      | $6581425.89   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F040628<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7107000 | PA      | $6862696.88   | 2.26%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FR ZT1858                                                                                                                                              | CUSIP: 3132AEB39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGA              | US        |     41708 | PA      | $42162.86     | 0.01%             | 2049-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                  | FCX 4.125 03/01/28                                                                                                                                     | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33191.03     | 0.01%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Incorporated                                           | PEG 1.6 08/15/30                                                                                                                                       | CUSIP: 744573AQ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8014.53      | 0.00%             | 2030-08-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TARGA RES                                                              | CFD_EQS CHASUS33 B55PZY3                                                                                                                               | CUSIP: 87612G101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1261 | NC      | $-94600.22    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EQUITY RE                                                              | CFD_EQS CHASUS33 2319157                                                                                                                               | CUSIP: 29476L107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       687 | NC      | $43727.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DELL TECH                                                              | CFD_EQS GSILGB2X BHKD3S6                                                                                                                               | CUSIP: 24703L202<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4374 | NC      | $-177671.88   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MOTOROLA                                                               | CFD_EQS CHASUS33 B5BKPQ4                                                                                                                               | CUSIP: 620076307<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1320 | NC      | $-339253.20   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CARDINAL                                                               | CFD_EQS GSILGB2X 2175672                                                                                                                               | CUSIP: 14149Y108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3113 | NC      | $240479.25    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DR HORTON                                                              | CFD_EQS BARCUS33 2250687                                                                                                                               | CUSIP: 23331A109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8786 | NC      | $-867090.34   | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG XEROX HOL                                                              | CFD_EQS BARCUS33 BJJD5G3                                                                                                                               | CUSIP: 98421M106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     13622 | NC      | $223128.36    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LENNAR CO                                                              | CFD_EQS BARCUS33 2511920                                                                                                                               | CUSIP: 526057104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1552 | NC      | $-158924.80   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG QUANTA SE                                                              | CFD_EQS CHASUS33 2150204                                                                                                                               | CUSIP: 74762E102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2440 | NC      | $-371343.60   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DIAMONDBA                                                              | CFD_EQS BARCUS33 B7Y8YR3                                                                                                                               | CUSIP: 25278X109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -945 | NC      | $-138083.40   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CROCS INC                                                              | CFD_EQS GSILGB2X B0T7Z62                                                                                                                               | CUSIP: 227046109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -529 | NC      | $-64416.33    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CAESARS E                                                              | CFD_EQS GSILGB2X BMWWGB0                                                                                                                               | CUSIP: 12769G100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5558 | NC      | $289349.48    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TWILIO IN                                                              | CFD_EQS GSILGB2X BD6P5Q0                                                                                                                               | CUSIP: 90138F102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6222 | NC      | $-372324.48   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG INTUIT IN                                                              | CFD_EQS GSILGB2X 2459020                                                                                                                               | CUSIP: 461202103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       569 | NC      | $240499.23    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| The Kraft Heinz Company                                                                | The Kraft Heinz Company COM USD0.01                                                                                                                    | CUSIP: 500754106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1138 | NS      | $46123.14     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                              | TRGP 5 01/15/28                                                                                                                                        | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     46000 | PA      | $44865.64     | 0.01%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Asgn Incorporated                                                                      | ASGN 4.625 05/15/28 144A                                                                                                                               | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91230.49     | 0.03%             | 2028-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Occidental Petroleum Corporation                                                       | OXY 5.5 12/01/25                                                                                                                                       | CUSIP: 674599EE1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25168.50     | 0.01%             | 2025-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                                         | PSA 1.95 11/09/28                                                                                                                                      | CUSIP: 74460DAH2<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109733.35    | 0.04%             | 2028-11-09      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BN3960                                                                                                                                              | CUSIP: 3140JLMJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8810 | PA      | $8849.45      | 0.00%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                  | LOW 4 04/15/25                                                                                                                                         | CUSIP: 548661DT1<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44341.17     | 0.01%             | 2025-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ringcentral Inc                                                                        | RNG 0 03/01/25                                                                                                                                         | CUSIP: 76680RAF4<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |   1498000 | PA      | $1309813.75   | 0.43%             | 2025-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB0400                                                                                                                                              | CUSIP: 3140QKNS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22531 | PA      | $19375.74     | 0.01%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2019-HQA4 M2                                                                                                                                     | CUSIP: 35565CAH9<br>LEI: 5493005LAQ76UDHPEE03 | Long             | ABS-O            | USGSE             | US        |     32237 | PA      | $32236.59     | 0.01%             | 2049-11-26      | Floating      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| ViaSat, Inc.                                                                           | VSAT 6.5 07/15/28 144A                                                                                                                                 | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    115000 | PA      | $92289.80     | 0.03%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM9491                                                                                                                                              | CUSIP: 3140XDRM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24764 | PA      | $21716.62     | 0.01%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                             | STZ 4.35 05/09/27                                                                                                                                      | CUSIP: 21036PBK3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64252.84     | 0.02%             | 2027-05-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                             | BATSLN 3.222 08/15/24                                                                                                                                  | CUSIP: 05526DAZ8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     98000 | PA      | $95325.76     | 0.03%             | 2024-08-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International, Inc.                                                      | CHH 3.7 12/01/29                                                                                                                                       | CUSIP: 169905AF3<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     55000 | PA      | $49504.82     | 0.02%             | 2029-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                                 | AEE 2.95 03/15/30                                                                                                                                      | CUSIP: 906548CR1<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90351.91     | 0.03%             | 2030-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                         | SPGI 1.25 08/15/30                                                                                                                                     | CUSIP: 78409VAS3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    110000 | PA      | $87724.44     | 0.03%             | 2030-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| The Beauty Health Company                                                              | The Beauty Health Company COM CL A                                                                                                                     | CUSIP: 88331L108<br>LEI: 5493001Z2JZQT4C63C50 | Short            | EC               | CORP              | US        |    -16691 | NS      | $-190277.40   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Nextgen Healthcare Inc                                                                 | NXGN 3.75 11/15/27                                                                                                                                     | CUSIP: 65343CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    449000 | PA      | $468082.50    | 0.15%             | 2027-11-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Spirit Airlines Inc.                                                                   | Spirit Airlines Inc. COM USD0.0001                                                                                                                     | CUSIP: 848577102<br>LEI: 549300DCAFIXFNFR3304 | Short            | EC               | CORP              | US        |     -4377 | NS      | $-86839.68    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Wayfair Inc                                                                            | Wayfair Inc COM USD0.001 A                                                                                                                             | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Short            | EC               | CORP              | US        |     -2189 | NS      | $-132434.50   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc.                                                                         | PRA Group Inc. COM USD0.01                                                                                                                             | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Short            | EC               | CORP              | US        |     -2029 | NS      | $-81646.96    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream Operations LP                                                           | HESM 5.125 06/15/28 144A                                                                                                                               | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $70629.87     | 0.02%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| DTE Energy Company                                                                     | DTE 1.05 06/01/25 F                                                                                                                                    | CUSIP: 233331BG1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     55000 | PA      | $50360.66     | 0.02%             | 2025-06-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman International Inc                                                    | WLSC 4.625 08/15/28 144A                                                                                                                               | CUSIP: 96950GAE2<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |    365000 | PA      | $338192.58    | 0.11%             | 2028-08-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Macys Retail Holdings LLC                                                              | M 5.875 04/01/29 144A                                                                                                                                  | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4650.07      | 0.00%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| American Express Company                                                               | AXP 4.2 11/06/25                                                                                                                                       | CUSIP: 025816CA5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49526.59     | 0.02%             | 2025-11-06      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                                | MPLX 2.65 08/15/30                                                                                                                                     | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     90000 | PA      | $76743.58     | 0.03%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                       | Philip Morris International Inc. COM NPV                                                                                                               | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       320 | NS      | $33356.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Power Company                                                                  | SO 4.7 05/15/32                                                                                                                                        | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19940.44     | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Patrick Inds Inc                                                                       | PATK 1.75 12/01/28                                                                                                                                     | CUSIP: 703343AG8<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    841000 | PA      | $756900.00    | 0.25%             | 2028-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                         | C 4 08/05/24                                                                                                                                           | CUSIP: 172967HV6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148785.70    | 0.05%             | 2024-08-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Impinj Inc                                                                             | Impinj Inc COM USD0.001                                                                                                                                | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Short            | EC               | CORP              | US        |     -3105 | NS      | $-402966.90   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2018-HRP2 M3                                                                                                                                     | CUSIP: 35564ABF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    219111 | PA      | $220206.89    | 0.07%             | 2047-02-25      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                            | WMT 1.5 09/22/28                                                                                                                                       | CUSIP: 931142ES8<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     75000 | PA      | $65927.76     | 0.02%             | 2028-09-22      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                  | UBER 7.5 05/15/25 144A                                                                                                                                 | CUSIP: 90353TAF7<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76070.48     | 0.03%             | 2025-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Sabre GLBL Inc.                                                                        | SABHLD 4 04/15/25                                                                                                                                      | CUSIP: 78573NAE2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    578000 | PA      | $658573.20    | 0.22%             | 2025-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Envestnet Inc                                                                          | ENV 2.625 12/01/27                                                                                                                                     | CUSIP: 29404KAF3<br>LEI: 549300HLWZ5OKIDM8737 | Long             | DBT              | CORP              | US        |    676000 | PA      | $755430.00    | 0.25%             | 2027-12-01      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Prosperity Bancshares Inc                                                              | Prosperity Bancshares Inc COM USD1                                                                                                                     | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       649 | NS      | $49233.14     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherus Biosciences Inc                                                                | Coherus Biosciences Inc COM USD0.0001                                                                                                                  | CUSIP: 19249H103<br>LEI: 5493007IL8W5MV932D26 | Short            | EC               | CORP              | US        |    -34793 | NS      | $-295044.64   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Coherus Biosciences Inc                                                                | CHRS 1.5 04/15/26                                                                                                                                      | CUSIP: 19249HAB9<br>LEI: 5493007IL8W5MV932D26 | Long             | DBT              | CORP              | US        |   1228000 | PA      | $906206.71    | 0.30%             | 2026-04-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Inc.                                                                   | SAVE 1 05/15/26                                                                                                                                        | CUSIP: 848577AB8<br>LEI: 549300DCAFIXFNFR3304 | Long             | DBT              | CORP              | US        |    535000 | PA      | $437897.50    | 0.14%             | 2026-05-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                  | ACI 4.625 01/15/27 144A                                                                                                                                | CUSIP: 013092AC5<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47402.50     | 0.02%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Marriott Vacations Worldwide Corp                                                      | VAC 3.25 12/15/27                                                                                                                                      | CUSIP: 57164YAE7<br>LEI: 549300WA6BT5H4F7IO94 | Long             | DBT              | CORP              | US        |    408000 | PA      | $439620.00    | 0.15%             | 2027-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H050623<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    225000 | PA      | $226529.30    | 0.07%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                   | ELV 0.45 03/15/23                                                                                                                                      | CUSIP: 036752AQ6<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129314.90    | 0.04%             | 2023-03-15      | Fixed         | 0.45%                 | No            |                  2 | On Loan: No      |
| Semtech Corporation                                                                    | SMTC 1.625 11/01/27                                                                                                                                    | CUSIP: 816850AE1<br>LEI: 549300J7WUY317SW6O61 | Long             | DBT              | CORP              | US        |    692000 | PA      | $762584.00    | 0.25%             | 2027-11-01      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Ligand Pharmaceuticals Incorporated                                                    | Ligand Pharmaceuticals Incorporated SHS                                                                                                                | CUSIP: 532CNT011<br>LEI: 5493008K7TB0IKP37H79 | Short            | EC               | CORP              | US        |       -52 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                                                           | UPST 2021-3 A                                                                                                                                          | CUSIP: 91679LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209159 | PA      | $205080.11    | 0.07%             | 2031-07-20      | Fixed         | 0.83%                 | Yes           |                  2 | On Loan: No      |
| LIGAND PHARM CVR $15.00                                                                | LIGAND PHARM CVR $15.00                                                                                                                                | CUSIP: 532CNT029<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -52 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MICRON TE                                                              | CFD_EQS CHASUS33 2588184                                                                                                                               | CUSIP: 595112103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5980 | NC      | $-360594.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DISCOVER                                                               | CFD_EQS GSILGB2X B1YLC43                                                                                                                               | CUSIP: 254709108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -905 | NC      | $-105640.65   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Upwork Inc                                                                             | Upwork Inc COM USD0.0001                                                                                                                               | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Short            | EC               | CORP              | US        |     -5730 | NS      | $-74260.80    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Tripadvisor Holdings Inc                                                       | LTRPA 0.5 06/30/51                                                                                                                                     | CUSIP: 531465AA0<br>LEI: 5299006PCRAU736ZJ155 | Long             | DBT              | CORP              | US        |   1848000 | PA      | $1472856.00   | 0.49%             | 2051-06-30      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| VMware Inc                                                                             | VMW 1 08/15/24                                                                                                                                         | CUSIP: 928563AH8<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     65000 | PA      | $61114.84     | 0.02%             | 2024-08-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                       | PM 5.75 11/17/32                                                                                                                                       | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89381.09     | 0.03%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UDR INC                                                                | CFD_EQS CHASUS33 2727910                                                                                                                               | CUSIP: 902653104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5689 | NC      | $242294.51    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SEMPRA EN                                                              | CFD_EQS BARCUS33 2138158                                                                                                                               | CUSIP: 816851109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -101 | NC      | $-16193.33    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Exelon Generation Company, LLC                                                         | CEG 3.25 06/01/25                                                                                                                                      | CUSIP: 30161MAS2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48118.58     | 0.02%             | 2025-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Aon Corporation                                                                        | AON 2.8 05/15/30                                                                                                                                       | CUSIP: 037389BE2<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17707.94     | 0.01%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                | UNH 2 05/15/30                                                                                                                                         | CUSIP: 91324PDX7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    125000 | PA      | $106673.97    | 0.04%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EIDP Inc                                                                               | CTVA 2.3 07/15/30                                                                                                                                      | CUSIP: 263534CP2<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51986.31     | 0.02%             | 2030-07-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG APTIV PLC                                                              | CFD_EQS BARCUS33 B783TY6                                                                                                                               | CUSIP: G6095L109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -831 | NC      | $-93977.79    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WESTERN D                                                              | CFD_EQS BARCUS33 2954699                                                                                                                               | CUSIP: 958102105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -8448 | NC      | $-371289.60   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                                | MA 1.9 03/15/31                                                                                                                                        | CUSIP: 57636QAS3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     22000 | PA      | $18563.58     | 0.01%             | 2031-03-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                  | SANTAN 1.849 03/25/26                                                                                                                                  | CUSIP: 05964HAL9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $180489.89    | 0.06%             | 2026-03-25      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ROYAL CAR                                                              | CFD_EQS BARCUS33 2754907                                                                                                                               | CUSIP: V7780T103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3356 | NC      | $217938.64    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALLY FINA                                                              | CFD_EQS BARCUS33 B72XK05                                                                                                                               | CUSIP: 02005N100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1898 | NC      | $-61666.02    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SIMON PRO                                                              | CFD_EQS GSILGB2X 2812452                                                                                                                               | CUSIP: 828806109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3292 | NC      | $-422890.32   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HARTFORD                                                               | CFD_EQS GSILGB2X 2476193                                                                                                                               | CUSIP: 416515104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2685 | NC      | $208382.85    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LINCOLN N                                                              | CFD_EQS BARCUS33 2516378                                                                                                                               | CUSIP: 534187109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9221 | NC      | $326700.03    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KINDER MO                                                              | CFD_EQS BARCUS33 B3NQ4P8                                                                                                                               | CUSIP: 49456B101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3499 | NC      | $64031.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG YUM BRAN                                                               | CFD_EQS GSILGB2X 2098876                                                                                                                               | CUSIP: 988498101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2042 | NC      | $-266501.42   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DELTA AIR                                                              | CFD_EQS CHASUS33 B1W9D46                                                                                                                               | CUSIP: 247361702<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     11179 | NC      | $437098.90    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WASTE MAN                                                              | CFD_EQS GSILGB2X 2937667                                                                                                                               | CUSIP: 94106L109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       783 | NC      | $121153.59    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG INTL BUSI                                                              | CFD_EQS GSILGB2X 2005973                                                                                                                               | CUSIP: 459200101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       670 | NC      | $90269.10     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNITED ST                                                              | CFD_EQS BARCUS33 2824770                                                                                                                               | CUSIP: 912909108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6146 | NC      | $175099.54    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CME GROUP                                                              | CFD_EQS BARCUS33 2965839                                                                                                                               | CUSIP: 12572Q105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2039 | NC      | $360209.74    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KIMBERLY-                                                              | CFD_EQS BARCUS33 2491839                                                                                                                               | CUSIP: 494368103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1268 | NC      | $164852.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG INTEL COR                                                              | CFD_EQS GSILGB2X 2463247                                                                                                                               | CUSIP: 458140100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1724 | NC      | $-48720.24    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FMC CORP                                                               | CFD_EQS BARCUS33 2328603                                                                                                                               | CUSIP: 302491303<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1058 | NC      | $-140851.54   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FOX CORP                                                               | CFD_EQS BARCUS33 BJJMGL2                                                                                                                               | CUSIP: 35137L105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     10431 | NC      | $354028.14    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EVERSOURC                                                              | CFD_EQS BARCUS33 BVVN4Q8                                                                                                                               | CUSIP: 30040W108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4313 | NC      | $355089.29    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ZIMMER BI                                                              | CFD_EQS BARCUS33 2783815                                                                                                                               | CUSIP: 98956P102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2787 | NC      | $-354896.58   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BOOZ ALLE                                                              | CFD_EQS GSILGB2X B5367T7                                                                                                                               | CUSIP: 099502106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2130 | NC      | $-201583.20   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CF INDUST                                                              | CFD_EQS BARCUS33 B0G4K50                                                                                                                               | CUSIP: 125269100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4229 | NC      | $358196.30    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | AVGO 3.459 09/15/26                                                                                                                                    | CUSIP: 11135FAN1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66913.18     | 0.02%             | 2026-09-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Tripadvisor Inc                                                                        | Tripadvisor Inc COM USD0.001                                                                                                                           | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Short            | EC               | CORP              | US        |     -6354 | NS      | $-148048.20   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F022626<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -6382000 | PA      | $-5587427.15  | -1.84%            | 2053-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS 3.8 03/15/30                                                                                                                                        | CUSIP: 38141GXH2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46974.99     | 0.02%             | 2030-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Incorporated                                                             | IRM 5 07/15/28 144A                                                                                                                                    | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68963.49     | 0.02%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                          | USB V4.653 02/01/29                                                                                                                                    | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189838.57    | 0.06%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Topgolf Callaway Brands Corp                                                           | Topgolf Callaway Brands Corp COM USD0.01                                                                                                               | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Short            | EC               | CORP              | US        |    -16278 | NS      | $-398648.22   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                                                                     | Conmed Corporation COM USD0.01                                                                                                                         | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Short            | EC               | CORP              | US        |     -1907 | NS      | $-182614.32   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Kaman Corporation                                                                      | Kaman Corporation COM USD1.00                                                                                                                          | CUSIP: 483548103<br>LEI: 5493003YK076OLTEQF95 | Short            | EC               | CORP              | US        |      -466 | NS      | $-11752.52    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                                                                         | The Kroger Co. COM USD1.00                                                                                                                             | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |       490 | NS      | $21868.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp.                                                                | Progress Software Corp. COM USD0.01                                                                                                                    | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Short            | EC               | CORP              | US        |    -10117 | NS      | $-536605.68   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2021-DNA3 M2                                                                                                                                     | CUSIP: 35564KEL9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     30000 | PA      | $29840.70     | 0.01%             | 2033-10-25      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM9806                                                                                                                                              | CUSIP: 3140XD3Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55414 | PA      | $48593.74     | 0.02%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Willis North American Inc.                                                             | WTW 4.65 06/15/27                                                                                                                                      | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98965.52     | 0.03%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| EZCORP Inc.                                                                            | EZCORP Inc. CL'A'COM NON VTG USD0.01                                                                                                                   | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Short            | EC               | CORP              | US        |    -24286 | NS      | $-221245.46   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                                                                     | Verint Systems Inc COM USD0.001                                                                                                                        | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Short            | EC               | CORP              | US        |     -7102 | NS      | $-269662.94   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 4.75 08/15/28                                                                                                                                      | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23562.50     | 0.01%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Helix Energy Solutions Group, Inc.                                                     | Helix Energy Solutions Group, Inc. COM NPV                                                                                                             | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Short            | EC               | CORP              | US        |    -45482 | NS      | $-360672.26   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                                                                | MPLX 4.875 06/01/25                                                                                                                                    | CUSIP: 55336VAJ9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    735000 | PA      | $733078.20    | 0.24%             | 2025-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Vici Properties Inc                                                                    | VICI 5.75 02/01/27 144A                                                                                                                                | CUSIP: 92564RAJ4<br>LEI: 254900RKH6RY9KCJQH63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99475.00     | 0.03%             | 2027-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                    | ADI 3.5 12/05/26                                                                                                                                       | CUSIP: 032654AN5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67977.32     | 0.02%             | 2026-12-05      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corporation                                                       | OXY 6.375 09/01/28                                                                                                                                     | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46747.66     | 0.02%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                      | CCI 3.65 09/01/27                                                                                                                                      | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76332.29     | 0.03%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage LLC                                                                | NSM 5.5 08/15/28 144A                                                                                                                                  | CUSIP: 63861CAC3<br>LEI: 549300LBCBNR1OT00651 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21842.75     | 0.01%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Realty Income Corp.                                                                    | O 5.05 01/13/26                                                                                                                                        | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45123.59     | 0.01%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PULTEGROU                                                              | CFD_EQS CHASUS33 2708841                                                                                                                               | CUSIP: 745867101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7026 | NC      | $-399709.14   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CIGNA COR                                                              | CFD_EQS GSILGB2X BHJ0775                                                                                                                               | CUSIP: 125523100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1110 | NC      | $351503.70    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VULCAN MA                                                              | CFD_EQS GSILGB2X 2931205                                                                                                                               | CUSIP: 929160109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       488 | NC      | $89465.04     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FLEX LTD                                                               | CFD_EQS GSILGB2X 2353058                                                                                                                               | CUSIP: Y2573F102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4754 | NC      | $-111005.90   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UNITED ST                                                              | CFD_EQS GSILGB2X 2824770                                                                                                                               | CUSIP: 912909108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4931 | NC      | $140484.19    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DARDEN RE                                                              | CFD_EQS BARCUS33 2289874                                                                                                                               | CUSIP: 237194105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2389 | NC      | $353500.33    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BRISTOL-M                                                              | CFD_EQS BARCUS33 2126335                                                                                                                               | CUSIP: 110122108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2176 | NC      | $158086.40    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BALL CORP                                                              | CFD_EQS BARCUS33 2073022                                                                                                                               | CUSIP: 058498106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5706 | NC      | $-332317.44   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CLEVELAND                                                              | CFD_EQS BARCUS33 BYVZ186                                                                                                                               | CUSIP: 185899101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -220 | NC      | $-4697.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lendingtree Inc                                                                        | Lendingtree Inc COM USD0.01                                                                                                                            | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Short            | EC               | CORP              | US        |      -204 | NS      | $-8090.64     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                                                                      | CCI 3.8 02/15/28                                                                                                                                       | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16222.72     | 0.01%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| WisdomTree, Inc.                                                                       | WT 3.25 06/15/26                                                                                                                                       | CUSIP: 97717PAD6<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    177000 | PA      | $165760.50    | 0.05%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Pebblebrook Hotel Trust                                                                | Pebblebrook Hotel Trust COM USD0.01 SBI                                                                                                                | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Short            | EC               | CORP              | US        |    -28001 | NS      | $-459216.40   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2014-C01 M2                                                                                                                                        | CUSIP: 30711XAD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    122014 | PA      | $125441.16    | 0.04%             | 2024-01-25      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corporation                                                               | ARCC 2.15 07/15/26                                                                                                                                     | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     48000 | PA      | $41945.55     | 0.01%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Louisiana Pacific Corporation                                                          | LPX 3.625 03/15/29 144A                                                                                                                                | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |    300000 | PA      | $259702.26    | 0.09%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GAP INC/T                                                              | CFD_EQS BARCUS33 2360326                                                                                                                               | CUSIP: 364760108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -33928 | NC      | $-460402.96   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Laboratory Corp of America Holdings                                                    | LH 1.55 06/01/26                                                                                                                                       | CUSIP: 50540RAX0<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36040.34     | 0.01%             | 2026-06-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Splunk Inc                                                                             | SPLK 1.125 06/15/27                                                                                                                                    | CUSIP: 848637AF1<br>LEI: 549300XGDSGBP6UEI867 | Long             | DBT              | CORP              | US        |   1098000 | PA      | $944938.80    | 0.31%             | 2027-06-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                              | Union Pacific Corporation COM USD2.50                                                                                                                  | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |        44 | NS      | $8984.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corporation                                                                        | FMC 4.1 02/01/24                                                                                                                                       | CUSIP: 302491AS4<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29755.42     | 0.01%             | 2024-02-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Hologic Inc                                                                            | HOLX 4.625 02/01/28 144A                                                                                                                               | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47648.02     | 0.02%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Gci Llc                                                                                | GCILLC 4.75 10/15/28 144A                                                                                                                              | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17610.80     | 0.01%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Stride Inc                                                                             | Stride Inc COM                                                                                                                                         | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Short            | EC               | CORP              | US        |    -12674 | NS      | $-544094.82   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| NCL Corporation Ltd.                                                                   | NCLH 2.5 02/15/27                                                                                                                                      | CUSIP: 62886HBJ9<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1181250.00   | 0.39%             | 2027-02-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F042624<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    736000 | PA      | $726800.00    | 0.24%             | 2053-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-15YR                                                                                                                                              | CUSIP: 01F040420<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125000 | PA      | $124130.86    | 0.04%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FG G08697                                                                                                                                              | CUSIP: 3128MJX39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    105912 | PA      | $98365.98     | 0.03%             | 2046-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                          | DELL 6.1 07/15/27                                                                                                                                      | CUSIP: 24703TAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $31440.47     | 0.01%             | 2027-07-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Blackline Inc                                                                          | Blackline Inc COM USD0.01                                                                                                                              | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Short            | EC               | CORP              | US        |     -2712 | NS      | $-194721.60   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.                       | TEP 5.5 01/15/28 144A                                                                                                                                  | CUSIP: 87470LAD3<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92088.50     | 0.03%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Mesa Laboratories Inc.                                                                 | MLAB 1.375 08/15/25                                                                                                                                    | CUSIP: 59064RAA7<br>LEI: 549300ZCG738WLX8ZW79 | Long             | DBT              | CORP              | US        |    622000 | PA      | $598053.00    | 0.20%             | 2025-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Golub Capital BDC Inc.                                                                 | GBDC 2.5 08/24/26                                                                                                                                      | CUSIP: 38173MAB8<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8769.78      | 0.00%             | 2026-08-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                       | PM 5.625 11/17/29                                                                                                                                      | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    270000 | PA      | $281992.10    | 0.09%             | 2029-11-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Verisign, Inc.                                                                         | VRSN 4.75 07/15/27                                                                                                                                     | CUSIP: 92343EAL6<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99132.66     | 0.03%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Southwestern Energy Company                                                            | SWN 7.75 10/01/27                                                                                                                                      | CUSIP: 845467AN9<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78216.00     | 0.03%             | 2027-10-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2017-HQA3 M2                                                                                                                                     | CUSIP: 3137G0RL5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    522003 | PA      | $527842.48    | 0.17%             | 2030-04-25      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| Bandwidth Inc                                                                          | Bandwidth Inc COM USD0.001 CL A                                                                                                                        | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Short            | EC               | CORP              | US        |     -1245 | NS      | $-30975.60    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corporation                                                                | BKH 1.037 08/23/24                                                                                                                                     | CUSIP: 092113AU3<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9394.15      | 0.00%             | 2024-08-23      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Pennymac Corporation                                                                   | PMT 5.5 03/15/26                                                                                                                                       | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    923000 | PA      | $837622.50    | 0.28%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Service Company of Colorado                                                     | XEL 4.1 06/01/32 38                                                                                                                                    | CUSIP: 744448CW9<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24313.66     | 0.01%             | 2032-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bunge Limited Finance Corp.                                                            | BG 3.75 09/25/27                                                                                                                                       | CUSIP: 120568AZ3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28815.53     | 0.01%             | 2027-09-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Western Digital Corp.                                                                  | WDC 1.5 02/01/24                                                                                                                                       | CUSIP: 958102AP0<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    765000 | PA      | $734400.00    | 0.24%             | 2024-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2014-DN2 M3                                                                                                                                      | CUSIP: 3137G0AY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    877784 | PA      | $900223.27    | 0.30%             | 2024-04-25      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| New Relic Inc                                                                          | New Relic Inc COM USD0.001                                                                                                                             | CUSIP: 64829B100<br>LEI: 549300AB8FY2HQILL804 | Short            | EC               | CORP              | US        |      -293 | NS      | $-17887.65    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                                                    | CAS 2021-R02 2M1                                                                                                                                       | CUSIP: 20754KAA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    566997 | PA      | $561442.78    | 0.19%             | 2041-11-25      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                              | TRGP 6.5 07/15/27                                                                                                                                      | CUSIP: 87612BBL5<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17401.20     | 0.01%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V0.657 09/10/24 *                                                                                                                                   | CUSIP: 38141GYE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    470000 | PA      | $456066.77    | 0.15%             | 2024-09-10      | Fixed         | 0.66%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                      | HSBC V4.18 12/09/25                                                                                                                                    | CUSIP: 404280DE6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $254891.00    | 0.08%             | 2025-12-09      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                | UNH 5.3 02/15/30                                                                                                                                       | CUSIP: 91324PEQ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    390000 | PA      | $410053.07    | 0.14%             | 2030-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Williams Partners LP / Williams Partners Finance Corporation                           | WMB 4.3 03/04/24                                                                                                                                       | CUSIP: 96950FAM6<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74317.62     | 0.02%             | 2024-03-04      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                             | OKE 2.75 09/01/24                                                                                                                                      | CUSIP: 682680AX1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48241.56     | 0.02%             | 2024-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Cargo Aircraft Management Inc                                                          | ATSG 4.75 02/01/28 144A                                                                                                                                | CUSIP: 14180LAA4<br>LEI: 549300GH5J7LOMV44F11 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9033.30      | 0.00%             | 2028-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corporation                                                            | BAC V0.981 09/25/25 MTN                                                                                                                                | CUSIP: 06051GJG5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18648.76     | 0.01%             | 2025-09-25      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                | UNH 5.25 02/15/28                                                                                                                                      | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    170000 | PA      | $177229.83    | 0.06%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OLIN CORP                                                              | CFD_EQS CHASUS33 2658526                                                                                                                               | CUSIP: 680665205<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7301 | NC      | $471571.59    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DOLLAR TR                                                              | CFD_EQS GSILGB2X 2272476                                                                                                                               | CUSIP: 256746108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -135 | NC      | $-20274.30    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SHERWIN-W                                                              | CFD_EQS GSILGB2X 2804211                                                                                                                               | CUSIP: 824348106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -8 | NC      | $-1892.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| International Business Machines Corporation                                            | IBM 2.2 02/09/27                                                                                                                                       | CUSIP: 459200KM2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91842.93     | 0.03%             | 2027-02-09      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corporation                                                            | JBLU 0.5 04/01/26                                                                                                                                      | CUSIP: 477143AP6<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |    837000 | PA      | $661648.50    | 0.22%             | 2026-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG RAYTHEON                                                               | CFD_EQS CHASUS33 BM5M5Y3                                                                                                                               | CUSIP: 75513E101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4612 | NC      | $-460508.20   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG H&R BLOCK                                                              | CFD_EQS GSILGB2X 2105505                                                                                                                               | CUSIP: 093671105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9881 | NC      | $385161.38    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Permian Resources Corp                                                                 | Permian Resources Corp CLASS A COM                                                                                                                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Short            | EC               | CORP              | US        |    -44094 | NS      | $-479301.78   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                            | BAC 4 01/22/25 MTN                                                                                                                                     | CUSIP: 06051GFM6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49138.60     | 0.02%             | 2025-01-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG UBER TECH                                                              | CFD_EQS GSILGB2X BK6N347                                                                                                                               | CUSIP: 90353T100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     12177 | NC      | $376634.61    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DUPONT DE                                                              | CFD_EQS CHASUS33 BK0VN47                                                                                                                               | CUSIP: 26614N102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       244 | NC      | $18043.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DTE ENERG                                                              | CFD_EQS GSILGB2X 2280220                                                                                                                               | CUSIP: 233331107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       176 | NC      | $20481.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HOWMET AE                                                              | CFD_EQS BARCUS33 BKLJ8V2                                                                                                                               | CUSIP: 443201108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6020 | NC      | $-244953.80   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN AS5640                                                                                                                                              | CUSIP: 3138WFHS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45534 | PA      | $43686.00     | 0.01%             | 2045-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Abercrombie & Fitch Management Co                                                      | ANF 8.75 07/15/25 144A                                                                                                                                 | CUSIP: 003000AA4<br>LEI: 5493003QMCFDA98NPT74 | Long             | DBT              | CORP              | US        |    225000 | PA      | $227250.00    | 0.07%             | 2025-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MGIC INVE                                                              | CFD_EQS BARCUS33 2548616                                                                                                                               | CUSIP: 552848103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3636 | NC      | $-51340.32    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DISH NETW                                                              | CFD_EQS BARCUS33 2303581                                                                                                                               | CUSIP: 25470M109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1497 | NC      | $-21541.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Big River Steel LLC / BRS Finance Corp                                                 | BIGBRS 6.625 01/31/29 144A                                                                                                                             | CUSIP: 08949LAB6<br>LEI: 549300FDOTXSG1N4RG27 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23538.95     | 0.01%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F020620<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5314000 | PA      | $4466250.94   | 1.47%             | 2053-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| McKesson Corporation                                                                   | MCK 0.9 12/03/25                                                                                                                                       | CUSIP: 581557BQ7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     75000 | PA      | $67395.38     | 0.02%             | 2025-12-03      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 3.5 04/15/31                                                                                                                                      | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    179000 | PA      | $160178.11    | 0.05%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NORFOLK S                                                              | CFD_EQS BARCUS33 2641894                                                                                                                               | CUSIP: 655844108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1764 | NC      | $433608.84    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMAZON.CO                                                              | CFD_EQS BARCUS33 2000019                                                                                                                               | CUSIP: 023135106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3710 | NC      | $-382612.30   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Ares Capital Corporation                                                               | ARCC 2.875 06/15/27                                                                                                                                    | CUSIP: 04010LBD4<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53223.98     | 0.02%             | 2027-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| OGE Energy Corporation                                                                 | OGE Energy Corporation COM USD0.01                                                                                                                     | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |       278 | NS      | $10930.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG ANTERO RE                                                              | CFD_EQS BARCUS33 BFD2WR8                                                                                                                               | CUSIP: 03674X106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1038 | NC      | $29935.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CABLE ONE                                                              | CFD_EQS GSILGB2X BZ07DS4                                                                                                                               | CUSIP: 12685J105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       185 | NC      | $146127.80    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Old Republic International Corporation                                                 | Old Republic International Corporation COM USD1                                                                                                        | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      1950 | NS      | $51460.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                                       | OHI 4.5 04/01/27                                                                                                                                       | CUSIP: 681936BF6<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77177.80     | 0.03%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DARLING I                                                              | CFD_EQS GSILGB2X 2250289                                                                                                                               | CUSIP: 237266101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1125 | NC      | $74576.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Jamf Holding Corp                                                                      | Jamf Holding Corp COM                                                                                                                                  | CUSIP: 47074L105<br>LEI: 254900IHLXZU4Z5ANA12 | Short            | EC               | CORP              | US        |     -5672 | NS      | $-112702.64   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                               | G2 BW6206                                                                                                                                              | CUSIP: 3617NX3P3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     32147 | PA      | $27703.87     | 0.01%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                                                           | UPST 2021-2 A                                                                                                                                          | CUSIP: 91680FAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118936 | PA      | $117524.57    | 0.04%             | 2031-06-20      | Fixed         | 0.91%                 | Yes           |                  2 | On Loan: No      |
| Workiva Inc                                                                            | Workiva Inc COM USD0.001                                                                                                                               | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Short            | EC               | CORP              | US        |     -4238 | NS      | $-366714.14   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                                                               | Snap Inc COM USD0.00001 CL A                                                                                                                           | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Short            | EC               | CORP              | US        |     -3615 | NS      | $-41789.40    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                       | DB V4.875 12/01/32                                                                                                                                     | CUSIP: 251526BN8<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    200000 | PA      | $178311.01    | 0.06%             | 2032-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Incorporated                                                             | IRM 4.5 02/15/31 144A                                                                                                                                  | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25706.70     | 0.01%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 BW4741                                                                                                                                              | CUSIP: 3617NWHS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16437 | PA      | $14161.26     | 0.00%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS V0.855 02/12/26                                                                                                                                     | CUSIP: 38141GXS8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     90000 | PA      | $82480.61     | 0.03%             | 2026-02-12      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Kellogg Company                                                                        | K 3.25 04/01/26                                                                                                                                        | CUSIP: 487836BP2<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48225.08     | 0.02%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VMware Inc                                                                             | VMW 4.5 05/15/25                                                                                                                                       | CUSIP: 928563AD7<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9867.21      | 0.00%             | 2025-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Spirit IP Cayman Ltd / Spirit Loyalty Cayman Ltd                                       | SAVE 8 09/20/25 144A                                                                                                                                   | CUSIP: 84859BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     29920 | PA      | $30518.40     | 0.01%             | 2025-09-20      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                   | RY 0.75 10/07/24 GMTN                                                                                                                                  | CUSIP: 78016EZX8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $65571.44     | 0.02%             | 2024-10-07      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | STACR 2020-DNA2 M2                                                                                                                                     | CUSIP: 35565KAH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1199237 | PA      | $1196673.84   | 0.39%             | 2050-02-25      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| MSCI Inc.                                                                              | MSCI 3.875 02/15/31 144A                                                                                                                               | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88257.00     | 0.03%             | 2031-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Magnite Inc                                                                            | Magnite Inc COM                                                                                                                                        | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Short            | EC               | CORP              | US        |     -2999 | NS      | $-36227.92    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB1065                                                                                                                                              | CUSIP: 3140QLFF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    158832 | PA      | $139521.09    | 0.05%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                                                  | PWR 0.95 10/01/24                                                                                                                                      | CUSIP: 74762EAG7<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     85000 | PA      | $79122.54     | 0.03%             | 2024-10-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                                                       | GPC 1.75 02/01/25                                                                                                                                      | CUSIP: 372460AB1<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    190000 | PA      | $178626.66    | 0.06%             | 2025-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Bandwidth Inc                                                                          | BAND 0.5 04/01/28                                                                                                                                      | CUSIP: 05988JAD5<br>LEI: 549300QC70JB7MUGXM66 | Long             | DBT              | CORP              | US        |    878000 | PA      | $566310.00    | 0.19%             | 2028-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                   | DISH 5.875 11/15/24                                                                                                                                    | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94382.50     | 0.03%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| YUM Brands Inc                                                                         | YUM 4.75 01/15/30 144A                                                                                                                                 | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46762.50     | 0.02%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Oneok Inc.                                                                             | OKE 2.2 09/15/25                                                                                                                                       | CUSIP: 682680BA0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74353.27     | 0.02%             | 2025-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Bunge Limited Finance Corp.                                                            | BG 1.63 08/17/25                                                                                                                                       | CUSIP: 120568BB5<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    225000 | PA      | $207360.91    | 0.07%             | 2025-08-17      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                   | RY 1.2 04/27/26                                                                                                                                        | CUSIP: 78016EZQ3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $63047.84     | 0.02%             | 2026-04-27      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Blackline Inc                                                                          | BL 0 03/15/26                                                                                                                                          | CUSIP: 09239BAD1<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   1306000 | PA      | $1132138.75   | 0.37%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Halozyme Therapeutics Inc                                                              | HALO 0.25 03/01/27                                                                                                                                     | CUSIP: 40637HAD1<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |    917000 | PA      | $858541.25    | 0.28%             | 2027-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners L P                                                           | CQP 3.25 01/31/32                                                                                                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33393.20     | 0.01%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V2.005 03/13/26                                                                                                                                    | CUSIP: 46647PBH8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $282215.43    | 0.09%             | 2026-03-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                                         | PSA 1.5 11/09/26                                                                                                                                       | CUSIP: 74460DAG4<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18087.67     | 0.01%             | 2026-11-09      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Mitek Systems Inc.                                                                     | MITK 0.75 02/01/26                                                                                                                                     | CUSIP: 606710AA9<br>LEI: 549300ABZAQ3R25XG118 | Long             | DBT              | CORP              | US        |    825000 | PA      | $678562.50    | 0.22%             | 2026-02-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Groupon Inc                                                                            | GRPN 1.125 03/15/26                                                                                                                                    | CUSIP: 399473AF4<br>LEI: 5299005W5W1R5POQJL03 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $593883.00    | 0.20%             | 2026-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VERISK AN                                                              | CFD_EQS CHASUS33 B4P9W92                                                                                                                               | CUSIP: 92345Y106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -359 | NC      | $-65262.61    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CHARLES R                                                              | CFD_EQS GSILGB2X 2604336                                                                                                                               | CUSIP: 159864107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -521 | NC      | $-126733.25   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FREEPORT-                                                              | CFD_EQS GSILGB2X 2352118                                                                                                                               | CUSIP: 35671D857<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3524 | NC      | $-157240.88   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EASTMAN C                                                              | CFD_EQS GSILGB2X 2298386                                                                                                                               | CUSIP: 277432100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2042 | NC      | $-180043.14   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DXC TECHN                                                              | CFD_EQS GSILGB2X BYXD7B3                                                                                                                               | CUSIP: 23355L106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1903 | NC      | $54673.19     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MONDELEZ                                                               | CFD_EQS GSILGB2X B8CKK03                                                                                                                               | CUSIP: 609207105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3609 | NC      | $-236172.96   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ADVANCE A                                                              | CFD_EQS GSILGB2X 2822019                                                                                                                               | CUSIP: 00751Y106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1323 | NC      | $201466.44    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CDW CORP/                                                              | CFD_EQS GSILGB2X BBM5MD6                                                                                                                               | CUSIP: 12514G108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -94 | NC      | $-18426.82    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG H&R BLOCK                                                              | CFD_EQS CHASUS33 2105505                                                                                                                               | CUSIP: 093671105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     12223 | NC      | $476452.54    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MOTOROLA                                                               | CFD_EQS BARCUS33 B5BKPQ4                                                                                                                               | CUSIP: 620076307<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1157 | NC      | $-297360.57   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NEWELL BR                                                              | CFD_EQS BARCUS33 2635701                                                                                                                               | CUSIP: 651229106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -13542 | NC      | $-216130.32   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WEYERHAEU                                                              | CFD_EQS BARCUS33 2958936                                                                                                                               | CUSIP: 962166104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     24099 | NC      | $829728.57    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EQUINIX I                                                              | CFD_EQS BARCUS33 BVLZX12                                                                                                                               | CUSIP: 29444U700<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -101 | NC      | $-74551.13    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                     | ET 2.9 05/15/25                                                                                                                                        | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76321.92     | 0.03%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Shaw Communications Inc.                                                               | Shaw Communications Inc. 'B'CNV NPV                                                                                                                    | CUSIP: 82028K200<br>LEI: 549300SCT0RG6178CI40 | Long             | EC               | CORP              | CA        |     54801 | NS      | $1630994.40   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Capital Group Inc.                                                                | Home Capital Group Inc. COM NPV                                                                                                                        | CUSIP: 436913107<br>LEI: 529900BYMJZJJLBC8L85 | Long             | EC               | CORP              | CA        |     14480 | NS      | $461644.88    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                                                                 | MSI 4.6 05/23/29                                                                                                                                       | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97619.20     | 0.03%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA6338                                                                                                                                              | CUSIP: 36179VBF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    777437 | PA      | $720902.94    | 0.24%             | 2049-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WisdomTree, Inc.                                                                       | WisdomTree, Inc. COM USD0.01                                                                                                                           | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Short            | EC               | CORP              | US        |    -53371 | NS      | $-307416.96   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Perficient Inc                                                                         | Perficient Inc COM USD0.001                                                                                                                            | CUSIP: 71375U101<br>LEI: 549300HTBXKL2755T650 | Short            | EC               | CORP              | US        |     -2690 | NS      | $-199436.60   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Herbalife Nutrition Ltd                                                                | Herbalife Nutrition Ltd 2.625% SNR CONV PIDI NTS 15/03/2024 USD (144A)                                                                                 | CUSIP: 42703MAC7<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |   1149000 | PA      | $1076038.50   | 0.35%             | 2024-03-15      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                          | F 3.375 11/13/25                                                                                                                                       | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186250.00    | 0.06%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                                                          | Medtronic PLC USD0.0001                                                                                                                                | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       549 | NS      | $45945.81     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2018-R07 1M2                                                                                                                                       | CUSIP: 20753QAE9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    119049 | PA      | $119196.80    | 0.04%             | 2031-04-25      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| CDW LLC / CDW Finance Corp                                                             | CDWC 2.67 12/01/26                                                                                                                                     | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $8091.72      | 0.00%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Ligand Pharmaceuticals Incorporated                                                    | LGND 0.75 05/15/23                                                                                                                                     | CUSIP: 53220KAF5<br>LEI: 5493008K7TB0IKP37H79 | Long             | DBT              | CORP              | US        |    787000 | PA      | $766341.25    | 0.25%             | 2023-05-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                               | T 2.3 06/01/27                                                                                                                                         | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68545.10     | 0.02%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                            | Pfizer Inc. COM USD0.05                                                                                                                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |       947 | NS      | $41819.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enviva Inc                                                                             | EVA 6.5 01/15/26 144A                                                                                                                                  | CUSIP: 29413XAD9<br>LEI: 549300WH5VXDEFM5KR81 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186682.00    | 0.06%             | 2026-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Envestnet Inc                                                                          | Envestnet Inc COM USD0.01                                                                                                                              | CUSIP: 29404K106<br>LEI: 549300HLWZ5OKIDM8737 | Short            | EC               | CORP              | US        |     -8403 | NS      | $-546195.00   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                                                            | WK 1.125 08/15/26                                                                                                                                      | CUSIP: 98139AAB1<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | DBT              | CORP              | US        |    486000 | PA      | $611874.00    | 0.20%             | 2026-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                       | NRG Energy, Inc. COM USD0.01                                                                                                                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Short            | EC               | CORP              | US        |     -7936 | NS      | $-271569.92   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC                                                               | Jazz Pharmaceuticals PLC COM USD0.0001                                                                                                                 | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Short            | EC               | CORP              | IE        |     -1058 | NS      | $-165746.28   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Tower Ltd                                                                              | Tower Ltd NPV                                                                                                                                          | CUSIP: Q91556102<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |    173173 | NS      | $74439.46     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F032625<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    692000 | PA      | $648924.71    | 0.21%             | 2053-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2018-C03 1B1                                                                                                                                       | CUSIP: 30711XJ62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    550000 | PA      | $571787.10    | 0.19%             | 2030-10-25      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                   | KDP 3.95 04/15/29                                                                                                                                      | CUSIP: 49271VAP5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    115000 | PA      | $110728.41    | 0.04%             | 2029-04-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Realogy Group LLC/Realogy Co-Issuer Corp                                               | HOUS 0.25 06/15/26                                                                                                                                     | CUSIP: 75606DAP6<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |   1231000 | PA      | $933713.50    | 0.31%             | 2026-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Infinera Corporation                                                                   | Infinera Corporation COM STK USD0.001                                                                                                                  | CUSIP: 45667G103<br>LEI: 549300ZOF66WPV3H0H17 | Short            | EC               | CORP              | US        |    -47085 | NS      | $-344662.20   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp                                                      | Marriott Vacations Worldwide Corp COM USD0.01                                                                                                          | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Short            | EC               | CORP              | US        |     -1189 | NS      | $-190287.56   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Theme Parks Inc.                                                             | SIX 7 07/01/25 144A                                                                                                                                    | CUSIP: 83001WAC8<br>LEI: 5493003MX0ZXTM8EVY68 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50545.63     | 0.02%             | 2025-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                  | RCL 11.5 06/01/25 144A                                                                                                                                 | CUSIP: 780153AZ5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     15000 | PA      | $16106.70     | 0.01%             | 2025-06-01      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                  | WEC Energy Group Inc. COM USD0.01                                                                                                                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |       489 | NS      | $45961.11     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | CAS 2019-R02 1M2                                                                                                                                       | CUSIP: 20753KAB8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     27921 | PA      | $27921.28     | 0.01%             | 2031-08-25      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                              | TRGP 4.875 02/01/31                                                                                                                                    | CUSIP: 87612BBS0<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65437.72     | 0.02%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mitek Systems Inc.                                                                     | Mitek Systems Inc. COM USD0.001                                                                                                                        | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Short            | EC               | CORP              | US        |    -16500 | NS      | $-162690.00   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                       | BCULC 3.875 01/15/28 144A                                                                                                                              | CUSIP: 68245XAH2<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $86828.10     | 0.03%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                   | CLF 5.875 06/01/27                                                                                                                                     | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49172.50     | 0.02%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc.                                               | MTSI 0.25 03/15/26                                                                                                                                     | CUSIP: 55405YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    831000 | PA      | $857592.00    | 0.28%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                                           | GD 3.5 04/01/27                                                                                                                                        | CUSIP: 369550BL1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126297.09    | 0.04%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Amerigas Partners, L.P./Amerigas Finance Corp.                                         | APU 5.75 05/20/27                                                                                                                                      | CUSIP: 030981AL8<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23563.00     | 0.01%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Signify Health Inc                                                                     | Signify Health Inc CL A COM                                                                                                                            | CUSIP: 82671G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43117 | NS      | $1227109.82   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                                                               | SNAP 0 05/01/27                                                                                                                                        | CUSIP: 83304AAF3<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   1291000 | PA      | $952758.00    | 0.31%             | 2027-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Jamf Holding Corp                                                                      | JAMF 0.125 09/01/26                                                                                                                                    | CUSIP: 47074LAB1<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | DBT              | CORP              | US        |    709000 | PA      | $593078.50    | 0.20%             | 2026-09-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                       | PCG 5.25 07/01/30                                                                                                                                      | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92000.00     | 0.03%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V1.47 09/22/27                                                                                                                                     | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     95000 | PA      | $84160.55     | 0.03%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DEVON ENE                                                              | CFD_EQS CHASUS33 2480677                                                                                                                               | CUSIP: 25179M103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4304 | NC      | $-272184.96   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KEYSIGHT                                                               | CFD_EQS CHASUS33 BQZJ0Q9                                                                                                                               | CUSIP: 49338L103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       300 | NC      | $53805.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DEVON ENE                                                              | CFD_EQS BARCUS33 2480677                                                                                                                               | CUSIP: 25179M103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        31 | NC      | $1960.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMERICAN                                                               | CFD_EQS BARCUS33 2027342                                                                                                                               | CUSIP: 026874784<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5856 | NC      | $370216.32    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TAPESTRY                                                               | CFD_EQS BARCUS33 BF09HX3                                                                                                                               | CUSIP: 876030107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1402 | NC      | $-63889.14    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ECOLAB IN                                                              | CFD_EQS BARCUS33 2304227                                                                                                                               | CUSIP: 278865100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1444 | NC      | $-223574.52   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CSX CORP                                                               | CFD_EQS CHASUS33 2160753                                                                                                                               | CUSIP: 126408103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     11048 | NC      | $341604.16    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LAS VEGAS                                                              | CFD_EQS GSILGB2X B02T2J7                                                                                                                               | CUSIP: 517834107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6334 | NC      | $-373706.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CROWN HOL                                                              | CFD_EQS BARCUS33 2427986                                                                                                                               | CUSIP: 228368106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1057 | NC      | $-93185.12    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FIDELITY                                                               | CFD_EQS BARCUS33 2769796                                                                                                                               | CUSIP: 31620M106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -345 | NC      | $-25888.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LOWE'S CO                                                              | CFD_EQS CHASUS33 2536763                                                                                                                               | CUSIP: 548661107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        91 | NC      | $18950.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SBA COMMU                                                              | CFD_EQS CHASUS33 BZ6TS23                                                                                                                               | CUSIP: 78410G104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1142 | NC      | $339779.26    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HEALTHPEA                                                              | CFD_EQS BARCUS33 BJBLRK3                                                                                                                               | CUSIP: 42250P103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     13463 | NC      | $369963.24    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG IRON MOUN                                                              | CFD_EQS BARCUS33 BVFTF03                                                                                                                               | CUSIP: 46284V101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7555 | NC      | $-412351.90   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG REPUBLIC                                                               | CFD_EQS BARCUS33 2262530                                                                                                                               | CUSIP: 760759100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2811 | NC      | $350869.02    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG APACHE C                                                               | CFD_EQS GSILGB2X BNNF1C1                                                                                                                               | CUSIP: 03743Q108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     10023 | NC      | $444319.59    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ZOETIS IN                                                              | CFD_EQS CHASUS33 B95WG16                                                                                                                               | CUSIP: 98978V103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        54 | NC      | $8936.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG STANLEY B                                                              | CFD_EQS BARCUS33 B3Q2FJ4                                                                                                                               | CUSIP: 854502101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2784 | NC      | $-248639.04   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CORTEVA I                                                              | CFD_EQS CHASUS33 BK73B42                                                                                                                               | CUSIP: 22052L104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7039 | NC      | $-453663.55   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                 | MU 4.975 02/06/26                                                                                                                                      | CUSIP: 595112BM4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30090.71     | 0.01%             | 2026-02-06      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                             | BATSLN 2.259 03/25/28                                                                                                                                  | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     48000 | PA      | $41271.78     | 0.01%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALBEMARLE                                                              | CFD_EQS GSILGB2X 2046853                                                                                                                               | CUSIP: 012653101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       848 | NC      | $238669.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| DigitalBridge Group Inc                                                                | DBRG 5 04/15/23                                                                                                                                        | CUSIP: 19624RAA4<br>LEI: 549300XG87L902AGBO89 | Long             | DBT              | CORP              | US        |    705000 | PA      | $698390.63    | 0.23%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA3238                                                                                                                                              | CUSIP: 31418CS47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1068043 | PA      | $1020803.20   | 0.34%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Harvest Midstream I LP                                                                 | HARMID 7.5 09/01/28 144A                                                                                                                               | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34431.25     | 0.01%             | 2028-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                  | ACI 3.5 03/15/29 144A                                                                                                                                  | CUSIP: 013092AG6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25875.00     | 0.01%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Block Financial Llc                                                                    | HRB 2.5 07/15/28                                                                                                                                       | CUSIP: 093662AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39000 | PA      | $34250.32     | 0.01%             | 2028-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Magnite Inc                                                                            | MGNI 0.25 03/15/26                                                                                                                                     | CUSIP: 55955DAB6<br>LEI: 54930018FR2YX1HHSB02 | Long             | DBT              | CORP              | US        |   1626000 | PA      | $1305840.60   | 0.43%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                                                                         | ALB 4.65 06/01/27                                                                                                                                      | CUSIP: 012653AD3<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297800.57    | 0.10%             | 2027-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                           | THC 6.125 10/01/28                                                                                                                                     | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60780.20     | 0.02%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Corporation                                                             | Alliant Energy Corporation COM USD0.01                                                                                                                 | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |       137 | NS      | $7402.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                                                       | Merck & Co., Inc COM USD0.50                                                                                                                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       414 | NS      | $44467.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2022-HQA2 M1A                                                                                                                                    | CUSIP: 35564KB24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    322681 | PA      | $327477.38    | 0.11%             | 2042-07-25      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Canadian Natural Resources Limited                                                     | CNQCN 3.8 04/15/24                                                                                                                                     | CUSIP: 136385AT8<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $147767.25    | 0.05%             | 2024-04-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                  | BBWI 5.25 02/01/28                                                                                                                                     | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23597.77     | 0.01%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Helix Energy Solutions Group, Inc.                                                     | HLX 6.75 02/15/26                                                                                                                                      | CUSIP: 42330PAK3<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    488000 | PA      | $681980.00    | 0.22%             | 2026-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Pebblebrook Hotel Trust                                                                | PEB 1.75 12/15/26                                                                                                                                      | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              | CORP              | US        |   1426000 | PA      | $1303364.00   | 0.43%             | 2026-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                     | META 3.85 08/15/32                                                                                                                                     | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27887.88     | 0.01%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Company                                                                | Sonoco Products Company COM NPV                                                                                                                        | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |        59 | NS      | $3605.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                                                         | Ziff Davis Inc COM USD0.001                                                                                                                            | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Short            | EC               | CORP              | US        |     -5088 | NS      | $-455274.24   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Anywhere Real Estate Inc.                                                              | Anywhere Real Estate Inc. COM USD0.01                                                                                                                  | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Short            | EC               | CORP              | US        |    -19928 | NS      | $-168989.44   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| B.A.T. Capital Corporation                                                             | BATSLN 4.906 04/02/30                                                                                                                                  | CUSIP: 05526DBN4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     71000 | PA      | $67251.80     | 0.02%             | 2030-04-02      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR SB8505                                                                                                                                              | CUSIP: 3132D6NW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    324354 | PA      | $303670.81    | 0.10%             | 2035-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MEG Energy Corporation                                                                 | MEGCN 5.875 02/01/29 144A                                                                                                                              | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $19100.00     | 0.01%             | 2029-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                             | VMED 4.75 07/15/31 144A                                                                                                                                | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $170005.25    | 0.06%             | 2031-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Sealed Air Corporation                                                                 | SEE 6.875 07/15/33 144A                                                                                                                                | CUSIP: 81211KAK6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62362.20     | 0.02%             | 2033-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc.                                               | MACOM Technology Solutions Holdings Inc. COM USD0.001                                                                                                  | CUSIP: 55405Y100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5485 | NS      | $-367604.70   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB0235                                                                                                                                              | CUSIP: 3140QKHM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    107590 | PA      | $91044.52     | 0.03%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sofi Technologies Inc                                                                  | Sofi Technologies Inc COM                                                                                                                              | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Short            | EC               | CORP              | US        |    -34357 | NS      | $-238094.01   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                                                                  | MTG 5.25 08/15/28                                                                                                                                      | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47135.00     | 0.02%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V3.845 06/14/25                                                                                                                                    | CUSIP: 46647PDE3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    244000 | PA      | $239730.00    | 0.08%             | 2025-06-14      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ACC AUTO TRUST                                                                         | AUTOC 2021-A A                                                                                                                                         | CUSIP: 00108XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137810 | PA      | $136308.33    | 0.04%             | 2027-04-15      | Fixed         | 1.08%                 | Yes           |                  2 | On Loan: No      |
| McDonald's Corporation                                                                 | MCD 4.6 09/09/32 MTN                                                                                                                                   | CUSIP: 58013MFS8<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181373.21    | 0.06%             | 2032-09-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| National Retail Properties, Inc.                                                       | National Retail Properties, Inc. COM USD0.01                                                                                                           | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      1018 | NS      | $48202.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                                                    | Huntington Ingalls Industries, Inc. COM USD0.01                                                                                                        | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |       207 | NS      | $45651.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP Midstream Operating, LP                                                            | DCP 5.6 04/01/44                                                                                                                                       | CUSIP: 23311VAF4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24982.00     | 0.01%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                       | MMC 3.875 03/15/24                                                                                                                                     | CUSIP: 571748BF8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197788.07    | 0.07%             | 2024-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Thomson Reuters Corp.                                                                  | TRICN 4.3 11/23/23                                                                                                                                     | CUSIP: 884903BQ7<br>LEI: 549300561UZND4C7B569 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9938.07      | 0.00%             | 2023-11-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CDW LLC / CDW Finance Corp                                                             | CDWC 5.5 12/01/24                                                                                                                                      | CUSIP: 12513GBA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39964.80     | 0.01%             | 2024-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Terex Corporation                                                                      | TEX 5 05/15/29 144A                                                                                                                                    | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    145000 | PA      | $135393.75    | 0.04%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Etsy Inc                                                                               | ETSY 0.25 06/15/28                                                                                                                                     | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |   1023000 | PA      | $920086.20    | 0.30%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                            | ZTS 3 09/12/27                                                                                                                                         | CUSIP: 98978VAL7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    140000 | PA      | $132098.18    | 0.04%             | 2027-09-12      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cigna Corporation                                                                      | CI 1.25 03/15/26                                                                                                                                       | CUSIP: 125523CP3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90102.44     | 0.03%             | 2026-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                      | ES 2.9 10/01/24 L                                                                                                                                      | CUSIP: 30040WAD0<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48548.37     | 0.02%             | 2024-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                       | BMO 4.25 09/14/24 H                                                                                                                                    | CUSIP: 06368LAP1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $193143.86    | 0.06%             | 2024-09-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Air Transport Services Group Inc.                                                      | Air Transport Services Group Inc. COM STK USD0.01                                                                                                      | CUSIP: 00922R105<br>LEI: 5493000F3MSFGIXTQE27 | Short            | EC               | CORP              | US        |    -10387 | NS      | $-294055.97   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Ceridian HCM Holding Inc                                                               | Ceridian HCM Holding Inc COM USD0.01                                                                                                                   | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Short            | EC               | CORP              | US        |     -2465 | NS      | $-178170.20   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BM5024                                                                                                                                              | CUSIP: 3140J9SN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18641 | PA      | $17185.83     | 0.01%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                        | TDG 6.25 03/15/26 144A                                                                                                                                 | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99964.77     | 0.03%             | 2026-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Barings BDC Inc.                                                                       | BBDC 3.3 11/23/26                                                                                                                                      | CUSIP: 06759LAC7<br>LEI: 549300GSF4KFZP6ONG49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30856.74     | 0.01%             | 2026-11-23      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Lear Corporation                                                                       | LEA 3.8 09/15/27                                                                                                                                       | CUSIP: 521865AY1<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57225.82     | 0.02%             | 2027-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                                             | INTU 1.65 07/15/30                                                                                                                                     | CUSIP: 46124HAD8<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     16000 | PA      | $13243.22     | 0.00%             | 2030-07-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H012623<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $82691.41     | 0.03%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Bentley Systems Incorporated                                                           | BSY 0.375 07/01/27                                                                                                                                     | CUSIP: 08265TAD1<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |   1321000 | PA      | $1103035.00   | 0.36%             | 2027-07-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                     | F 4.75 01/15/43                                                                                                                                        | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     25000 | PA      | $19515.33     | 0.01%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA4962                                                                                                                                              | CUSIP: 36179TQP3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    747843 | PA      | $718015.45    | 0.24%             | 2048-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Corporation/Broadcom Cayman Finance Ltd                                       | AVGO 3.875 01/15/27                                                                                                                                    | CUSIP: 11134LAH2<br>LEI: KFFV4ZWM9DJH1ND3BD89 | Long             | DBT              | CORP              | US        |    390000 | PA      | $375782.06    | 0.12%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Equitrans Midstream Corporation                                                        | EQM 6.5 07/01/27 144A                                                                                                                                  | CUSIP: 26885BAH3<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19640.20     | 0.01%             | 2027-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                  | WSTP 3.735 08/26/25                                                                                                                                    | CUSIP: 961214FA6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    145000 | PA      | $142136.97    | 0.05%             | 2025-08-26      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7136                                                                                                                                              | CUSIP: 36179V4V9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16466 | PA      | $14740.79     | 0.00%             | 2051-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM6135                                                                                                                                              | CUSIP: 3140X9Y90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41948 | PA      | $35439.06     | 0.01%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                                                     | Norwegian Cruise Line Holdings Ltd COM USD0.001                                                                                                        | CUSIP: G66721104<br>LEI: N/A                  | Short            | EC               | CORP              | BM        |    -19560 | NS      | $-297507.60   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                         | MS V4.431 01/23/30 GMTN                                                                                                                                | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48724.09     | 0.02%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                     | CM 3.945 08/04/25                                                                                                                                      | CUSIP: 13607H6M9<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49205.25     | 0.02%             | 2025-08-04      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison, Inc.                                                              | Consolidated Edison, Inc. COM USD0.10                                                                                                                  | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       493 | NS      | $46987.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                                                                | MA 3.3 03/26/27                                                                                                                                        | CUSIP: 57636QAR5<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126254.06    | 0.04%             | 2027-03-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Summit Hotel Properties, Inc.                                                          | Summit Hotel Properties, Inc. COM USD0.01                                                                                                              | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Short            | EC               | CORP              | US        |    -54296 | NS      | $-462601.92   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                                                              | Halozyme Therapeutics Inc COM USD0.001                                                                                                                 | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Short            | EC               | CORP              | US        |     -6369 | NS      | $-329723.13   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                                                        | CVS 6.25 06/01/27                                                                                                                                      | CUSIP: 126650BJ8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $85218.25     | 0.03%             | 2027-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal Realty OP LP                                                                   | FRT 3.95 01/15/24                                                                                                                                      | CUSIP: 313747AU1<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49439.20     | 0.02%             | 2024-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings, LLC                                                  | CHCOCH 5.125 06/30/27                                                                                                                                  | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     76000 | PA      | $76572.40     | 0.03%             | 2027-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Kellogg Company                                                                        | Kellogg Company COM USD0.25                                                                                                                            | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |       666 | NS      | $45674.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                                               | DVN 7.95 04/15/32                                                                                                                                      | CUSIP: 251799AA0<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     44000 | PA      | $51994.14     | 0.02%             | 2032-04-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Equitrans Midstream Corporation                                                        | EQM 4.125 12/01/26                                                                                                                                     | CUSIP: 26885BAB6<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90464.39     | 0.03%             | 2026-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Masco Corporation                                                                      | MAS 3.5 11/15/27                                                                                                                                       | CUSIP: 574599BN5<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42913.09     | 0.01%             | 2027-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) Limited                                                        | RIOLN 7.125 07/15/28                                                                                                                                   | CUSIP: 767201AD8<br>LEI: 213800RX94ZKEZXPKH58 | Long             | DBT              | CORP              | AU        |      8000 | PA      | $9017.74      | 0.00%             | 2028-07-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Sunnova Energy International Incorporation                                             | Sunnova Energy International Incorporation COM USD0.0001                                                                                               | CUSIP: 86745K104<br>LEI: 549300JK1Y1VVC3JU540 | Short            | EC               | CORP              | US        |    -24596 | NS      | $-479130.08   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                                                      | COF V4.166 05/09/25                                                                                                                                    | CUSIP: 14040HCQ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83614.96     | 0.03%             | 2025-05-09      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H020626<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -150000 | PA      | $-129615.23   | -0.04%            | 2053-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                                         | PSA 2.25 11/09/31                                                                                                                                      | CUSIP: 74460DAJ8<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    120000 | PA      | $100762.20    | 0.03%             | 2031-11-09      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corporation                                                       | OXY 8.5 07/15/27                                                                                                                                       | CUSIP: 674599DZ5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     65000 | PA      | $71906.25     | 0.02%             | 2027-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Western Digital Corp.                                                                  | WDC 4.75 02/15/26                                                                                                                                      | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9662.50      | 0.00%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB0684                                                                                                                                              | CUSIP: 3140QKXN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77499 | PA      | $65581.05     | 0.02%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                       | MMC 4.375 03/15/29                                                                                                                                     | CUSIP: 571748BG6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168134.78    | 0.06%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                            | ABBV 3.85 06/15/24                                                                                                                                     | CUSIP: 00287YCV9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98771.45     | 0.03%             | 2024-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EXELON CO                                                              | CFD_EQS GSILGB2X 2670519                                                                                                                               | CUSIP: 30161N101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9257 | NC      | $390552.83    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PRUDENTIA                                                              | CFD_EQS GSILGB2X 2819118                                                                                                                               | CUSIP: 744320102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3905 | NC      | $-409790.70   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                                                        | REGN 1.75 09/15/30                                                                                                                                     | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    170000 | PA      | $137193.19    | 0.05%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 785043                                                                                                                                              | CUSIP: 3622AAP40<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    216653 | PA      | $201579.71    | 0.07%             | 2049-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7192                                                                                                                                              | CUSIP: 36179V7D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    887592 | PA      | $771322.78    | 0.25%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB0819                                                                                                                                              | CUSIP: 3140QK4D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    158626 | PA      | $134230.80    | 0.04%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-15YR                                                                                                                                              | CUSIP: 01F032427<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    425000 | PA      | $414398.34    | 0.14%             | 2038-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Enlink Midstream Partners LP                                                           | ENLK 5.45 06/01/47                                                                                                                                     | CUSIP: 29336UAG2<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20796.02     | 0.01%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                                | BKH 3.15 01/15/27                                                                                                                                      | CUSIP: 092113AM1<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18846.62     | 0.01%             | 2027-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG GOODYEAR                                                               | CFD_EQS GSILGB2X 2378200                                                                                                                               | CUSIP: 382550101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     38981 | NC      | $438536.25    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ROYAL CAR                                                              | CFD_EQS CHASUS33 2754907                                                                                                                               | CUSIP: V7780T103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6501 | NC      | $422174.94    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                   | GM 4.35 04/09/25                                                                                                                                       | CUSIP: 37045XCK0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78503.38     | 0.03%             | 2025-04-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                            | ABBV 2.6 11/21/24                                                                                                                                      | CUSIP: 00287YBZ1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    370000 | PA      | $356572.07    | 0.12%             | 2024-11-21      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Eaton Corporation                                                                      | ETN 4.15 03/15/33                                                                                                                                      | CUSIP: 278062AH7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19341.16     | 0.01%             | 2033-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                                       | OHI 4.5 01/15/25                                                                                                                                       | CUSIP: 681936BD1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48880.40     | 0.02%             | 2025-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HOWMET AE                                                              | CFD_EQS GSILGB2X BKLJ8V2                                                                                                                               | CUSIP: 443201108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -6086 | NC      | $-247639.34   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CARDINAL                                                               | CFD_EQS BARCUS33 2175672                                                                                                                               | CUSIP: 14149Y108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4630 | NC      | $357667.50    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-30YR                                                                                                                                              | CUSIP: 01F012627<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $598945.31    | 0.20%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR ZS7757                                                                                                                                              | CUSIP: 3132A8TN9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    165631 | PA      | $161319.84    | 0.05%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FIDELITY                                                               | CFD_EQS CHASUS33 2769796                                                                                                                               | CUSIP: 31620M106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -225 | NC      | $-16884.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MID-AMERI                                                              | CFD_EQS CHASUS33 2589132                                                                                                                               | CUSIP: 59522J103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       110 | NC      | $18339.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG OMNICOM G                                                              | CFD_EQS BARCUS33 2279303                                                                                                                               | CUSIP: 681919106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2724 | NC      | $-234236.76   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MCDONALD'                                                              | CFD_EQS BARCUS33 2550707                                                                                                                               | CUSIP: 580135101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       743 | NC      | $198678.20    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Unum Group                                                                             | Unum Group COM USD0.10                                                                                                                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |       571 | NS      | $23999.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp.                                                             | New Jersey Resources Corp. COM USD2.5                                                                                                                  | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |        93 | NS      | $4642.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG QUEST DIA                                                              | CFD_EQS GSILGB2X 2702791                                                                                                                               | CUSIP: 74834L100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2894 | NC      | $429701.12    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG JM SMUCKE                                                              | CFD_EQS GSILGB2X 2951452                                                                                                                               | CUSIP: 832696405<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -17 | NC      | $-2597.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Camden Property Trust                                                                  | CPT 3.15 07/01/29                                                                                                                                      | CUSIP: 133131AX0<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46140.60     | 0.02%             | 2029-07-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                               | HCA 3.5 09/01/30                                                                                                                                       | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44816.39     | 0.01%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                           | SHW 3.125 06/01/24                                                                                                                                     | CUSIP: 824348AV8<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43890.94     | 0.01%             | 2024-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AXIS Capital Holdings Limited                                                          | AXIS Capital Holdings Limited COM USD0.0125                                                                                                            | CUSIP: G0692U109<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |        42 | NS      | $2627.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG TOLL BROT                                                              | CFD_EQS BARCUS33 2896092                                                                                                                               | CUSIP: 889478103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      8075 | NC      | $480381.75    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CAPITAL O                                                              | CFD_EQS BARCUS33 2654461                                                                                                                               | CUSIP: 14040H105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3939 | NC      | $-468741.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ORACLE CO                                                              | CFD_EQS GSILGB2X 2661568                                                                                                                               | CUSIP: 68389X105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4852 | NC      | $-429207.92   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ROSS STOR                                                              | CFD_EQS GSILGB2X 2746711                                                                                                                               | CUSIP: 778296103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3040 | NC      | $-359297.60   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ELANCO AN                                                              | CFD_EQS GSILGB2X BF5L3T2                                                                                                                               | CUSIP: 28414H103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     27661 | NC      | $379785.53    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EVERGY IN                                                              | CFD_EQS GSILGB2X BFMXGR0                                                                                                                               | CUSIP: 30034W106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1330 | NC      | $83324.50     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SOUTHERN                                                               | CFD_EQS BARCUS33 2823777                                                                                                                               | CUSIP: 84265V105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4921 | NC      | $-370108.41   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG INTL FLAV                                                              | CFD_EQS BARCUS33 2464165                                                                                                                               | CUSIP: 459506101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -211 | NC      | $-23729.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNMA-15YR                                                                                                                                              | CUSIP: 01F022428<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    374000 | PA      | $349233.54    | 0.12%             | 2038-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H040624<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    900000 | PA      | $873703.13    | 0.29%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Corporation of Michigan                                              | CACC 6.625 03/15/26                                                                                                                                    | CUSIP: 225310AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $91500.00     | 0.03%             | 2026-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7472                                                                                                                                              | CUSIP: 36179WJR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    276277 | PA      | $246743.00    | 0.08%             | 2051-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                    | NEE 4.45 06/20/25                                                                                                                                      | CUSIP: 65339KCG3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188844.31    | 0.06%             | 2025-06-20      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2019-R06                                           | CAS 2019-R06 2M2                                                                                                                                       | CUSIP: 20754JAB0<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     40455 | PA      | $40454.83     | 0.01%             | 2039-09-26      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SYNCHRONY                                                              | CFD_EQS GSILGB2X BP96PS6                                                                                                                               | CUSIP: 87165B103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1674 | NC      | $61486.02     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FORD MOTO                                                              | CFD_EQS BARCUS33 2615468                                                                                                                               | CUSIP: 345370860<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4228 | NC      | $-57120.28    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CIENA COR                                                              | CFD_EQS BARCUS33 B1FLZ21                                                                                                                               | CUSIP: 171779309<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1787 | NC      | $-92959.74    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Unilever Capital Corporation                                                           | UNANA 3.375 03/22/25                                                                                                                                   | CUSIP: 904764BB2<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97558.15     | 0.03%             | 2025-03-22      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                            | HUM 4.5 04/01/25                                                                                                                                       | CUSIP: 444859BM3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     57000 | PA      | $56806.40     | 0.02%             | 2025-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HESS CORP                                                              | CFD_EQS BARCUS33 2023748                                                                                                                               | CUSIP: 42809H107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2850 | NC      | $-427956.00   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VIACOMCBS                                                              | CFD_EQS BARCUS33 BKTNTR9                                                                                                                               | CUSIP: 92556H206<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -34417 | NC      | $-797097.72   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Aflac Incorporated                                                                     | AFL 3.6 04/01/30                                                                                                                                       | CUSIP: 001055BJ0<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |     64000 | PA      | $60828.64     | 0.02%             | 2030-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 2.25 01/15/29                                                                                                                                     | CUSIP: 161175CD4<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12573.40     | 0.00%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                         | BCRED 2.7 01/15/25                                                                                                                                     | CUSIP: 09261HAP2<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56165.25     | 0.02%             | 2025-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BEST BUY                                                               | CFD_EQS CHASUS33 2094670                                                                                                                               | CUSIP: 086516101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2989 | NC      | $265184.08    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AES CORP                                                               | CFD_EQS BARCUS33 2002479                                                                                                                               | CUSIP: 00130H105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -13096 | NC      | $-358961.36   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HP INC                                                                 | CFD_EQS BARCUS33 BYX4D52                                                                                                                               | CUSIP: 40434L105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     11709 | NC      | $341200.26    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                       | BMO 3.7 06/07/25 MTN                                                                                                                                   | CUSIP: 06368D3S1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    215000 | PA      | $209923.92    | 0.07%             | 2025-06-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                    | O 5.625 10/13/32                                                                                                                                       | CUSIP: 756109BP8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31804.19     | 0.01%             | 2032-10-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VENTAS IN                                                              | CFD_EQS CHASUS33 2927925                                                                                                                               | CUSIP: 92276F100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1449 | NC      | $-75072.69    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMERICAN                                                               | CFD_EQS CHASUS33 2026082                                                                                                                               | CUSIP: 025816109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1544 | NC      | $270091.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BROWN & B                                                              | CFD_EQS BARCUS33 2692687                                                                                                                               | CUSIP: 115236101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3621 | NC      | $-212045.76   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CROWN CAS                                                              | CFD_EQS BARCUS33 BTGQCX1                                                                                                                               | CUSIP: 22822V101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2438 | NC      | $361092.18    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MEDICAL P                                                              | CFD_EQS CHASUS33 B0JL5L9                                                                                                                               | CUSIP: 58463J304<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -27196 | NC      | $-352188.20   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG EQT CORP                                                               | CFD_EQS GSILGB2X 2319414                                                                                                                               | CUSIP: 26884L109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6572 | NC      | $214707.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                            | LMT 5.25 01/15/33                                                                                                                                      | CUSIP: 539830BW8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    170000 | PA      | $181410.63    | 0.06%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                     | HNDA 1.2 07/08/25 MTN                                                                                                                                  | CUSIP: 02665WDL2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69084.06     | 0.02%             | 2025-07-08      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG SOUTHWEST                                                              | CFD_EQS GSILGB2X 2828619                                                                                                                               | CUSIP: 845467109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     36887 | NC      | $203616.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MCDONALD'                                                              | CFD_EQS GSILGB2X 2550707                                                                                                                               | CUSIP: 580135101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1282 | NC      | $342806.80    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TECK RESO                                                              | CFD_EQS CHASUS33 2124533                                                                                                                               | CUSIP: 878742204<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -11484 | NC      | $-497257.20   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ALLSTATE                                                               | CFD_EQS GSILGB2X 2019952                                                                                                                               | CUSIP: 020002101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3440 | NC      | $441936.80    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 1.433 02/04/24                                                                                                                                      | CUSIP: 097023DE2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19275.60     | 0.01%             | 2024-02-04      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corporation                                             | CAT 3.4 05/13/25 MTN                                                                                                                                   | CUSIP: 14913R2V8<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78108.64     | 0.03%             | 2025-05-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WELLTOWER                                                              | CFD_EQS GSILGB2X BYVYHH4                                                                                                                               | CUSIP: 95040Q104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4977 | NC      | $-373474.08   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG BAXTER IN                                                              | CFD_EQS GSILGB2X 2085102                                                                                                                               | CUSIP: 071813109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7542 | NC      | $344593.98    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                           | B 0 04/27/23                                                                                                                                           | CUSIP: 912796YV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1200000 | PA      | $1187258.50   | 0.39%             | 2023-04-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                                       | OHI 4.75 01/15/28                                                                                                                                      | CUSIP: 681936BK5<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57604.62     | 0.02%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TC ENERGY                                                              | CFD_EQS CHASUS33 BJMY6F9                                                                                                                               | CUSIP: 87807B107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -2586 | NC      | $-111560.04   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AVALONBAY                                                              | CFD_EQS GSILGB2X 2131179                                                                                                                               | CUSIP: 053484101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       345 | NC      | $61216.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                  | LOW 3.1 05/03/27                                                                                                                                       | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     95000 | PA      | $90244.48     | 0.03%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V3.622 04/01/31 MTN                                                                                                                                 | CUSIP: 6174468P7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    145000 | PA      | $133373.89    | 0.04%             | 2031-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CUMMINS I                                                              | CFD_EQS GSILGB2X 2240202                                                                                                                               | CUSIP: 231021106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1408 | NC      | $-351352.32   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HOST HOTE                                                              | CFD_EQS BARCUS33 2567503                                                                                                                               | CUSIP: 44107P104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3414 | NC      | $-64353.90    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited                                                     | CNQCN 2.05 07/15/25                                                                                                                                    | CUSIP: 136385AZ4<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $74852.05     | 0.02%             | 2025-07-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Aflac Incorporated                                                                     | AFL 1.125 03/15/26                                                                                                                                     | CUSIP: 001055BK7<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    180000 | PA      | $162426.52    | 0.05%             | 2026-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WALT DISN                                                              | CFD_EQS BARCUS33 2270726                                                                                                                               | CUSIP: 254687106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2928 | NC      | $317658.72    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG KELLOGG C                                                              | CFD_EQS GSILGB2X 2486813                                                                                                                               | CUSIP: 487836108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5108 | NC      | $350306.64    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                             | AMT 1.45 09/15/26                                                                                                                                      | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     65000 | PA      | $57590.48     | 0.02%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                     | ET 5.75 02/15/33                                                                                                                                       | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123324.00    | 0.04%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                     | HNDA 2.15 09/10/24 MTN                                                                                                                                 | CUSIP: 02665WDD0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38416.10     | 0.01%             | 2024-09-10      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Xhr LP                                                                                 | XHR 6.375 08/15/25 144A                                                                                                                                | CUSIP: 98372MAA3<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29552.27     | 0.01%             | 2025-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CFD_EQS FIN LEG AMN HEALT                                                              | CFD_EQS BARCUS33 2813552                                                                                                                               | CUSIP: 001744101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2773 | NC      | $265764.32    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FR SD0514                                                                                                                                              | CUSIP: 3132DMSB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     60043 | PA      | $50904.36     | 0.02%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LOCKHEED                                                               | CFD_EQS CHASUS33 2522096                                                                                                                               | CUSIP: 539830109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -233 | NC      | $-107939.58   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CISCO SYS                                                              | CFD_EQS GSILGB2X 2198163                                                                                                                               | CUSIP: 17275R102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      9568 | NC      | $465674.56    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CHARTER C                                                              | CFD_EQS CHASUS33 BZ6VT82                                                                                                                               | CUSIP: 16119P108<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -518 | NC      | $-199072.58   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG ENTERGY C                                                              | CFD_EQS CHASUS33 2317087                                                                                                                               | CUSIP: 29364G103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       890 | NC      | $96369.20     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG TRIMBLE I                                                              | CFD_EQS CHASUS33 2903958                                                                                                                               | CUSIP: 896239100<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       349 | NC      | $20262.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG LINCOLN N                                                              | CFD_EQS GSILGB2X 2516378                                                                                                                               | CUSIP: 534187109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     13942 | NC      | $493965.06    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG THERMO FI                                                              | CFD_EQS CHASUS33 2886907                                                                                                                               | CUSIP: 883556102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -314 | NC      | $-179083.62   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG RAYMOND J                                                              | CFD_EQS GSILGB2X 2718992                                                                                                                               | CUSIP: 754730109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3130 | NC      | $-352970.10   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG IRON MOUN                                                              | CFD_EQS GSILGB2X BVFTF03                                                                                                                               | CUSIP: 46284V101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -3352 | NC      | $-182952.16   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG S&P GLOBA                                                              | CFD_EQS GSILGB2X BYV2325                                                                                                                               | CUSIP: 78409V104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -288 | NC      | $-107982.72   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG VERISIGN                                                               | CFD_EQS GSILGB2X 2142922                                                                                                                               | CUSIP: 92343E102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       241 | NC      | $52550.05     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MARTIN MA                                                              | CFD_EQS GSILGB2X 2572079                                                                                                                               | CUSIP: 573284106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       841 | NC      | $302457.24    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CONAGRA B                                                              | CFD_EQS BARCUS33 2215460                                                                                                                               | CUSIP: 205887102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -4030 | NC      | $-149875.70   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG WASTE CON                                                              | CFD_EQS BARCUS33 BYVG1F6                                                                                                                               | CUSIP: 94106B101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2622 | NC      | $348463.80    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG RANGE RES                                                              | CFD_EQS BARCUS33 2523334                                                                                                                               | CUSIP: 75281A109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     11890 | NC      | $297487.80    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG MATCH GRO                                                              | CFD_EQS BARCUS33 BK80XH9                                                                                                                               | CUSIP: 57667L107<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6732 | NC      | $364335.84    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG INTERNATI                                                              | CFD_EQS BARCUS33 2465254                                                                                                                               | CUSIP: 460146103<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     12484 | NC      | $522080.88    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PULTEGROU                                                              | CFD_EQS BARCUS33 2708841                                                                                                                               | CUSIP: 745867101<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -7583 | NC      | $-431396.87   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG HONEYWELL                                                              | CFD_EQS BARCUS33 2020459                                                                                                                               | CUSIP: 438516106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2096 | NC      | $436974.08    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Lantheus Holdings Inc                                                                  | Lantheus Holdings Inc COM USD0.01                                                                                                                      | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Short            | EC               | CORP              | US        |     -1674 | NS      | $-96255.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group PLC                                                               | LLOYDS 4.582 12/10/25                                                                                                                                  | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195248.42    | 0.06%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                          | ENBCN 4.25 12/01/26                                                                                                                                    | CUSIP: 29250NAL9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $88146.34     | 0.03%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Agnc Investment Corp                                                                   | Agnc Investment Corp DEPOSITARY SHARES EACH REPRESENTING 1/1,000TH OF A SHARE OF 6.125% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRE | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     21599 | PA      | $466538.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Motor Credit Corp.                                                              | TOYOTA 3.65 08/18/25 MTN                                                                                                                               | CUSIP: 89236TKF1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146690.82    | 0.05%             | 2025-08-18      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Fluor Corporation                                                                      | Fluor Corporation COM USD0.01                                                                                                                          | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Short            | EC               | CORP              | US        |    -18778 | NS      | $-690091.50   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corporation                                                             | Exact Sciences Corporation COM USD0.01                                                                                                                 | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Short            | EC               | CORP              | US        |     -6047 | NS      | $-408293.44   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc.                                                          | MSC Industrial Direct Co Inc. CL A COM USD0.001                                                                                                        | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |       610 | NS      | $50447.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Company                                                      | Pioneer Natural Resources Company COM USD0.01                                                                                                          | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Short            | EC               | CORP              | US        |     -3072 | NS      | $-707635.20   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Group                                                                  | Royal Caribbean Group COM USD0.01                                                                                                                      | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Short            | EC               | CORP              | LR        |     -4319 | NS      | $-280475.86   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corporation                                                                    | Semtech Corporation COM STK USD0.01                                                                                                                    | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Short            | EC               | CORP              | US        |    -12041 | NS      | $-397714.23   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corporation                                                                   | DISH 7.75 07/01/26                                                                                                                                     | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $40608.00     | 0.01%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                              | GS 3.5 11/16/26                                                                                                                                        | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48024.99     | 0.02%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                     | EIX 2.95 02/01/51 20A                                                                                                                                  | CUSIP: 842400GY3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      6000 | PA      | $4137.19      | 0.00%             | 2051-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                   | RY 3.97 07/26/24 GMTN                                                                                                                                  | CUSIP: 78016EZH3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $64293.69     | 0.02%             | 2024-07-26      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                 | FG G08737                                                                                                                                              | CUSIP: 3128MJZB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    125789 | PA      | $116628.14    | 0.04%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                                                           | TFC V4.26 07/28/26 MTN                                                                                                                                 | CUSIP: 89788MAH5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88997.36     | 0.03%             | 2026-07-28      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| Chimera Investment Corporation                                                         | Chimera Investment Corporation 8% PFD SER B FIXD/FLTG RATE                                                                                             | CUSIP: 16934Q406<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     24975 | PA      | $558690.75    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals INC                                                                       | I3 Verticals INC COM USD0.0001 CLASS A                                                                                                                 | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Short            | EC               | CORP              | US        |     -6596 | NS      | $-190756.32   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| CFD_EQS FIN LEG FORD MOTO                                                              | CFD_EQS CHASUS33 2615468                                                                                                                               | CUSIP: 345370860<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    -10307 | NC      | $-139247.57   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PHILLIPS                                                               | CFD_EQS GSILGB2X B78C4Y8                                                                                                                               | CUSIP: 718546104<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3304 | NC      | $331292.08    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG FORTUNE B                                                              | CFD_EQS CHASUS33 B3MC7D6                                                                                                                               | CUSIP: 34964C106<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1233 | NC      | $-79540.83    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG NORTHROP                                                               | CFD_EQS GSILGB2X 2648806                                                                                                                               | CUSIP: 666807102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       782 | NC      | $350367.28    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG CENOVUS E                                                              | CFD_EQS GSILGB2X B5BQMT4                                                                                                                               | CUSIP: 15135U109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -5926 | NC      | $-118401.48   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG DOLLAR GE                                                              | CFD_EQS GSILGB2X B5B1S13                                                                                                                               | CUSIP: 256677105<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      -198 | NC      | $-46252.80    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CFD_EQS FIN LEG PENN NATI                                                              | CFD_EQS BARCUS33 2682105                                                                                                                               | CUSIP: 707569109<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     11277 | NC      | $399769.65    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CAD                                                                | CURRENCY CONTRACT - CAD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -216752 | NC      | $2606.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CAD                                                                | CURRENCY CONTRACT - CAD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -236231 | NC      | $4966.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - EUR                                                                | CURRENCY CONTRACT - EUR                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -755649 | NC      | $15052.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - EUR                                                                | CURRENCY CONTRACT - EUR                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -387204 | NC      | $1177.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - GBP                                                                | CURRENCY CONTRACT - GBP                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -397586 | NC      | $-857.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - NZD                                                                | CURRENCY CONTRACT - NZD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -3319 | NC      | $43.47        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - NZD                                                                | CURRENCY CONTRACT - NZD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -1625 | NC      | $55.85        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - NZD                                                                | CURRENCY CONTRACT - NZD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -1652 | NC      | $28.93        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - NZD                                                                | CURRENCY CONTRACT - NZD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -3933 | NC      | $11.72        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - NZD                                                                | CURRENCY CONTRACT - NZD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -1165 | NC      | $-0.82        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - NZD                                                                | CURRENCY CONTRACT - NZD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -2855 | NC      | $-9.67        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - SEK                                                                | CURRENCY CONTRACT - SEK                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10412 | NC      | $-32.07       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - SEK                                                                | CURRENCY CONTRACT - SEK                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -11932 | NC      | $249.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - SEK                                                                | CURRENCY CONTRACT - SEK                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -6687 | NC      | $-92.88       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - SEK                                                                | CURRENCY CONTRACT - SEK                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -17002 | NC      | $-420.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - SEK                                                                | CURRENCY CONTRACT - SEK                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -6681 | NC      | $-86.48       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -18000 | NC      | $-551.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |  -2333400 | NC      | $-7500.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |  -4461400 | NC      | $7377.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |  -1466150 | NC      | $-29270.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |  -1335570 | NC      | $-37315.84    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -120400 | NC      | $-846.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -89600 | NC      | $234.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -26110 | NC      | $-453.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -2600 | NC      | $-3.54        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -18310 | NC      | $-383.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -43100 | NC      | $-588.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -6000 | NC      | $-49.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -20660 | NC      | $-446.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -60400 | NC      | $23.66        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -20260 | NC      | $-521.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -1800 | NC      | $-28.83       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -18540 | NC      | $-329.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -84160 | NC      | $-1088.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -2600 | NC      | $-30.75       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -95800 | NC      | $-92.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -805190 | NC      | $-15804.22    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -64990 | NC      | $-666.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -1700 | NC      | $-21.72       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -55900 | NC      | $-646.42      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -145900 | NC      | $-24.70       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -42400 | NC      | $-496.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -2600 | NC      | $-26.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -318630 | NC      | $-1791.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -95800 | NC      | $32.96        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -73000 | NC      | $89.02        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -4980 | NC      | $-32.70       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -106300 | NC      | $93.58        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -351270 | NC      | $-1546.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -1800 | NC      | $6.38         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -568690 | NC      | $-2011.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -159370 | NC      | $-951.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -106130 | NC      | $338.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -108400 | NC      | $215.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -105540 | NC      | $-338.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -1800 | NC      | $3.90         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -124620 | NC      | $-373.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -20000 | NC      | $-134.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -270000 | NC      | $-4508.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -800000 | NC      | $520.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -320000 | NC      | $527.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-126.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-139.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-82.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-167.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-173.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-77.71       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-151.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-160.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-124.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-97.23       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-126.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -20000 | NC      | $-310.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -30000 | NC      | $-712.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -80000 | NC      | $-1907.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -40000 | NC      | $-748.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -30000 | NC      | $-459.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -20000 | NC      | $-182.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -40000 | NC      | $-181.42      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -10000 | NC      | $-102.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -40000 | NC      | $-35.25       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                                | CURRENCY CONTRACT - USD                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -30000 | NC      | $-369.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Montreal Exchange                                                                      | Ten-Year Government of Canada Bond Futures,Mar-2023,Composite                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |        22 | NC      | $2087647.97   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex                                                                                  | Euro-OAT Futures,Mar-2023,Composite                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | DE        |       -17 | NC      | $-2430693.64  | -0.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex                                                                                  | Long-Term Euro-BTP Futures,Mar-2023,Composite                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | DE        |        -5 | NC      | $-620327.84   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex                                                                                  | Euro-Bund Futures,Mar-2023,Composite                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | DE        |       -15 | NC      | $-2231158.10  | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 2YR                                                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -5 | NC      | $-1028242.19  | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 10YR                                                                                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -31 | NC      | $-3549984.38  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-BOND 30YR                                                                                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -49 | NC      | $-6363875.00  | -2.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE ULTRA 10Y                                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -56 | NC      | $-6787375.00  | -2.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-BOND ULTRA                                                                                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         7 | NC      | $992250.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 5YR                                                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -195 | NC      | $-21302226.56 | -7.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                                                     | Long Gilt Future - ICEU - Mar23                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |         5 | NC      | $644225.83    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sydney Futures Exchange                                                                | ASX 10 Year Treasury Bond Futures                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |       -14 | NC      | $-1190033.44  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| OPT. ISHS. I P 73 19/5/23                                                              | HYG A 2023-05-19 PUT 73                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1500 | NC      | $129000.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OPT. ISHS. I P 69 19/5/23                                                              | HYG A 2023-05-19 PUT 69                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1500 | NC      | $-47250.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| OPT. ISHS. 2 P 90 17/3/23                                                              | TLT A 2023-03-17 PUT 90                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     -1040 | NC      | $-7280.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OPT. HORIZON P 85 19/5/23                                                              | HZNP A 2023-05-19 PUT 85                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        21 | NC      | $2310.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OPT. ISHS. 2 P 98 17/3/23                                                              | TLT A 2023-03-17 PUT 98                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1040 | NC      | $31200.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OPT. MERIDIA C 35 21/4/23                                                              | VIVO A 2023-04-21 CALL 35                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       159 | NC      | $795.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OPT. MOMENTIV P 6 21/4/23                                                              | MNTV A 2023-04-21 PUT 6                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       692 | NC      | $15570.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CDS_IX_CCP CDX.NA.HY.39 5% 20271220                                                    | CDS_IX_CCP CDX.NA.HY.39 5% 20271220                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |   3335000 | OU      | $-88263.78    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CDS_IX_CCP CDX.NA.IG.39 1% 20271220                                                    | CDS_IX_CCP CDX.NA.IG.39 1% 20271220                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |   3600000 | OU      | $-44541.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.668% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 3.668% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    300000 | OU      | $-1465.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SIBCS1D PAY 2.915% 15-MAR-2028                                         | OIS_CCP SGD RCV SIBCS1D PAY 2.915% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SG        |    155000 | OU      | $-469.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SIBCS1D PAY 2.918% 15-MAR-2028                                         | OIS_CCP SGD RCV SIBCS1D PAY 2.918% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SG        |    155000 | OU      | $-486.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 2.7058% 15-MAR-2028                                        | IRS_CCP SEK RCV STBOR3M PAY 2.7058% 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2280000 | OU      | $763.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP EUR RCV EURIB6M PAY 2.968% 15-MAR-2028                                         | IRS_CCP EUR RCV EURIB6M PAY 2.968% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | XX        |     50000 | OU      | $-55.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.886% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 3.886% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    134900 | OU      | $283.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP KRW RCV 3.275% PAY KSDA3M 15-MAR-2028                                          | IRS_CCP KRW RCV 3.275% PAY KSDA3M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | KR        | 148817025 | OU      | $918.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV TIIE28D PAY 8.295% 08-MAR-2028                                         | IRS_CCP MXN RCV TIIE28D PAY 8.295% 08-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |   1920000 | OU      | $517.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP KRW RCV 2.977% PAY KSDA3M 15-MAR-2028                                          | IRS_CCP KRW RCV 2.977% PAY KSDA3M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | KR        | 142127700 | OU      | $-712.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 1.6975% PAY SARON1D 15-MAR-2028                                        | OIS_CCP CHF RCV 1.6975% PAY SARON1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |    190000 | OU      | $1858.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP KRW RCV 3.275% PAY KSDA3M 15-MAR-2028                                          | IRS_CCP KRW RCV 3.275% PAY KSDA3M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | KR        | 297634050 | OU      | $1836.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP KRW RCV 3.285% PAY KSDA3M 15-MAR-2028                                          | IRS_CCP KRW RCV 3.285% PAY KSDA3M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | KR        |  65335950 | OU      | $427.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 3.801% PAY SONIA1D 15-MAR-2028                                         | OIS_CCP GBP RCV 3.801% PAY SONIA1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |    230000 | OU      | $2749.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 2.942% 15-MAR-2028                                         | IRS_CCP SEK RCV STBOR3M PAY 2.942% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2650000 | OU      | $-1871.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.207% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 4.207% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    500000 | OU      | $6194.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SORF1D PAY 3.07% 15-MAR-2028                                           | OIS_CCP SGD RCV SORF1D PAY 3.07% 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SG        |    250000 | OU      | $-2114.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 3.017% 15-MAR-2028                                         | IRS_CCP SEK RCV STBOR3M PAY 3.017% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2170000 | OU      | $-2249.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 3.8615% PAY SONIA1D 15-MAR-2028                                        | OIS_CCP GBP RCV 3.8615% PAY SONIA1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |    160000 | OU      | $2445.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RPI_CCP USD RCV CPI1D PAY 2.40375% 19-JAN-2033                                         | RPI_CCP USD RCV CPI1D PAY 2.40375% 19-JAN-2033                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    270000 | OU      | $1525.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SORF1D PAY 2.725% 15-MAR-2028                                          | OIS_CCP SGD RCV SORF1D PAY 2.725% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SG        |    130000 | OU      | $470.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV TIIE28D PAY 8.195% 08-MAR-2028                                         | IRS_CCP MXN RCV TIIE28D PAY 8.195% 08-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |   2040000 | OU      | $981.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.729% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 3.729% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    340000 | OU      | $-996.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.781% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 3.781% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    250000 | OU      | $-315.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RPI_CCP EUR RCV CPTFE1D PAY 2.3104% 15-JAN-2033                                        | RPI_CCP EUR RCV CPTFE1D PAY 2.3104% 15-JAN-2033                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | XX        |    160000 | OU      | $-88.94       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 1.5085% PAY SARON1D 15-MAR-2028                                        | OIS_CCP CHF RCV 1.5085% PAY SARON1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |    200000 | OU      | $-45.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NZD RCV BBR3M PAY 4.2925% 15-MAR-2028                                          | IRS_CCP NZD RCV BBR3M PAY 4.2925% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NZ        |    340000 | OU      | $263.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP USD RCV 3.3% PAY SOFR1D 15-MAR-2028                                            | OIS_CCP USD RCV 3.3% PAY SOFR1D 15-MAR-2028                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    160000 | OU      | $-606.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP KRW RCV 2.955% PAY KSDA3M 15-MAR-2028                                          | IRS_CCP KRW RCV 2.955% PAY KSDA3M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | KR        | 142127700 | OU      | $-829.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NZD RCV BBR3M PAY 4.22% 15-MAR-2028                                            | IRS_CCP NZD RCV BBR3M PAY 4.22% 15-MAR-2028                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NZ        |    270000 | OU      | $769.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CAD RCV CDOR3M PAY 3.16% 15-MAR-2028                                           | IRS_CCP CAD RCV CDOR3M PAY 3.16% 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |    210000 | OU      | $1083.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 2.765% 15-MAR-2028                                         | IRS_CCP SEK RCV STBOR3M PAY 2.765% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2420000 | OU      | $179.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP HKD RCV 3.2725% PAY HIBOR3M 15-MAR-2028                                        | IRS_CCP HKD RCV 3.2725% PAY HIBOR3M 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | HK        |    665000 | OU      | $-925.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RPI_CCP USD RCV CPI1D PAY 2.475% 27-JAN-2033                                           | RPI_CCP USD RCV CPI1D PAY 2.475% 27-JAN-2033                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    270000 | OU      | $-193.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP HKD RCV 3.275% PAY HIBOR3M 15-MAR-2028                                         | IRS_CCP HKD RCV 3.275% PAY HIBOR3M 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | HK        |    665000 | OU      | $-915.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RPI_CCP USD RCV CPI1D PAY 2.5425% 31-JAN-2033                                          | RPI_CCP USD RCV CPI1D PAY 2.5425% 31-JAN-2033                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    270000 | OU      | $-1839.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.88% PAY BBSW6M 15-MAR-2028                                           | IRS_CCP AUD RCV 3.88% PAY BBSW6M 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    330000 | OU      | $629.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP THB RCV 2.053% PAY THBRO1D 15-MAR-2028                                         | OIS_CCP THB RCV 2.053% PAY THBRO1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | TH        |   2690000 | OU      | $-473.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 3.5965% PAY SONIA1D 15-MAR-2028                                        | OIS_CCP GBP RCV 3.5965% PAY SONIA1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |    170000 | OU      | $117.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP THB RCV 2.095% PAY THBRO1D 15-MAR-2028                                         | OIS_CCP THB RCV 2.095% PAY THBRO1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | TH        |   2690000 | OU      | $-310.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RPI_CCP USD RCV CPI1D PAY 2.491% 26-JAN-2033                                           | RPI_CCP USD RCV CPI1D PAY 2.491% 26-JAN-2033                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    630000 | OU      | $-1372.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP ZAR RCV JIBAR3M PAY 7.785% 15-MAR-2028                                         | IRS_CCP ZAR RCV JIBAR3M PAY 7.785% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | ZA        |    830000 | OU      | $-121.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV TIIE28D PAY 8.285% 08-MAR-2028                                         | IRS_CCP MXN RCV TIIE28D PAY 8.285% 08-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |   2990000 | OU      | $868.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 2.794% 15-MAR-2028                                         | IRS_CCP SEK RCV STBOR3M PAY 2.794% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2410000 | OU      | $-129.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 3.972% PAY SONIA1D 15-MAR-2028                                         | OIS_CCP GBP RCV 3.972% PAY SONIA1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |    100000 | OU      | $2137.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP PLN RCV WIBOR6M PAY 5.935% 15-MAR-2028                                         | IRS_CCP PLN RCV WIBOR6M PAY 5.935% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | PL        |    490000 | OU      | $-2637.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 4.0095% PAY SONIA1D 15-MAR-2028                                        | OIS_CCP GBP RCV 4.0095% PAY SONIA1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |     70000 | OU      | $1640.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.965% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 3.965% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    320000 | OU      | $1482.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.825% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 3.825% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    134900 | OU      | $19.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 2.6695% 15-MAR-2028                                        | IRS_CCP SEK RCV STBOR3M PAY 2.6695% 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2590000 | OU      | $1282.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CAD RCV CDOR3M PAY 3.29% 15-MAR-2028                                           | IRS_CCP CAD RCV CDOR3M PAY 3.29% 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |    430000 | OU      | $304.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CAD RCV CDOR3M PAY 3.26% 15-MAR-2028                                           | IRS_CCP CAD RCV CDOR3M PAY 3.26% 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |    320000 | OU      | $555.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP USD RCV 3.36758% PAY SOFR1D 15-MAR-2028                                        | OIS_CCP USD RCV 3.36758% PAY SOFR1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    160000 | OU      | $-117.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NOK RCV NIBOR6M PAY 3.42612% 15-MAR-2028                                       | IRS_CCP NOK RCV NIBOR6M PAY 3.42612% 15-MAR-2028                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NO        |   1060000 | OU      | $-1966.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4% PAY BBSW6M 15-MAR-2028                                              | IRS_CCP AUD RCV 4% PAY BBSW6M 15-MAR-2028                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    160000 | OU      | $920.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP HKD RCV HIBOR3M PAY 3.69% 15-MAR-2028                                          | IRS_CCP HKD RCV HIBOR3M PAY 3.69% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | HK        |    426400 | OU      | $-439.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP PLN RCV WIBOR6M PAY 6.21% 15-MAR-2028                                          | IRS_CCP PLN RCV WIBOR6M PAY 6.21% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | PL        |   1330000 | OU      | $-10642.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SIBCS1D PAY 3.009% 15-MAR-2028                                         | OIS_CCP SGD RCV SIBCS1D PAY 3.009% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SG        |    985000 | OU      | $-6227.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV TIIE28D PAY 8.235% 08-MAR-2028                                         | IRS_CCP MXN RCV TIIE28D PAY 8.235% 08-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |   1400000 | OU      | $555.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 3.187% 15-MAR-2028                                         | IRS_CCP SEK RCV STBOR3M PAY 3.187% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |    970000 | OU      | $-1732.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP PLN RCV WIBOR6M PAY 5.34% 15-MAR-2028                                          | IRS_CCP PLN RCV WIBOR6M PAY 5.34% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | PL        |    170000 | OU      | $48.52        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NZD RCV BBR3M PAY 4.32% 15-MAR-2028                                            | IRS_CCP NZD RCV BBR3M PAY 4.32% 15-MAR-2028                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NZ        |    220000 | OU      | $-3.06        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NZD RCV BBR3M PAY 4.43% 15-MAR-2028                                            | IRS_CCP NZD RCV BBR3M PAY 4.43% 15-MAR-2028                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NZ        |    140000 | OU      | $-443.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP THB RCV 2.206% PAY THBRO1D 15-MAR-2028                                         | OIS_CCP THB RCV 2.206% PAY THBRO1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | TH        |   6150000 | OU      | $271.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 3.753% PAY SONIA1D 15-MAR-2028                                         | OIS_CCP GBP RCV 3.753% PAY SONIA1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |    120000 | OU      | $1117.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP THB RCV 2.235% PAY THBRO1D 15-MAR-2028                                         | OIS_CCP THB RCV 2.235% PAY THBRO1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | TH        |   2005000 | OU      | $172.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NZD RCV BBR3M PAY 4.515% 15-MAR-2028                                           | IRS_CCP NZD RCV BBR3M PAY 4.515% 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NZ        |     60000 | OU      | $-335.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP USD RCV 3.5275% PAY SOFR1D 15-MAR-2028                                         | OIS_CCP USD RCV 3.5275% PAY SOFR1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    210000 | OU      | $1366.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP USD RCV 3.649% PAY SOFR1D 15-MAR-2028                                          | OIS_CCP USD RCV 3.649% PAY SOFR1D 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    170000 | OU      | $2041.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NOK RCV NIBOR6M PAY 3.37587% 15-MAR-2028                                       | IRS_CCP NOK RCV NIBOR6M PAY 3.37587% 15-MAR-2028                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NO        |   1460000 | OU      | $-2371.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP PLN RCV WIBOR6M PAY 7.535% 15-MAR-2028                                         | IRS_CCP PLN RCV WIBOR6M PAY 7.535% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | PL        |    400000 | OU      | $-8249.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 3.602% PAY SONIA1D 15-MAR-2028                                         | OIS_CCP GBP RCV 3.602% PAY SONIA1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |    260000 | OU      | $258.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP KRW RCV 3.005% PAY KSDA3M 15-MAR-2028                                          | IRS_CCP KRW RCV 3.005% PAY KSDA3M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | KR        | 146434600 | OU      | $-580.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 3.8175% PAY BBSW6M 15-MAR-2028                                         | IRS_CCP AUD RCV 3.8175% PAY BBSW6M 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    110200 | OU      | $-10.36       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP PLN RCV WIBOR6M PAY 5.07% 15-MAR-2028                                          | IRS_CCP PLN RCV WIBOR6M PAY 5.07% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | PL        |    740000 | OU      | $2114.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP USD RCV 3.19302% PAY SOFR1D 15-MAR-2028                                        | OIS_CCP USD RCV 3.19302% PAY SOFR1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    200000 | OU      | $-1727.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SORF1D PAY 2.682% 15-MAR-2028                                          | OIS_CCP SGD RCV SORF1D PAY 2.682% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SG        |    230000 | OU      | $1178.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 1.725% PAY SARON1D 15-MAR-2028                                         | OIS_CCP CHF RCV 1.725% PAY SARON1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |     50000 | OU      | $562.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CZK RCV 5.728% PAY PRBOR6M 15-MAR-2028                                         | IRS_CCP CZK RCV 5.728% PAY PRBOR6M 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CZ        |    840000 | OU      | $1750.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CZK RCV 5.675% PAY PRBOR6M 15-MAR-2028                                         | IRS_CCP CZK RCV 5.675% PAY PRBOR6M 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CZ        |   2330000 | OU      | $4605.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 1.59409% PAY SARON1D 15-MAR-2028                                       | OIS_CCP CHF RCV 1.59409% PAY SARON1D 15-MAR-2028                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |    260000 | OU      | $1119.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV TIIE28D PAY 9.065% 08-MAR-2028                                         | IRS_CCP MXN RCV TIIE28D PAY 9.065% 08-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |   4710000 | OU      | $-6421.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SIBCS1D PAY 3.239% 15-MAR-2028                                         | OIS_CCP SGD RCV SIBCS1D PAY 3.239% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | BR        |    320000 | OU      | $-4599.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CAD RCV CDOR3M PAY 3.57451% 15-MAR-2028                                        | IRS_CCP CAD RCV CDOR3M PAY 3.57451% 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |    270000 | OU      | $-2440.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CAD RCV CDOR3M PAY 3.58% 15-MAR-2028                                           | IRS_CCP CAD RCV CDOR3M PAY 3.58% 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |     80000 | OU      | $-738.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 2.095% PAY SARON1D 15-MAR-2028                                         | OIS_CCP CHF RCV 2.095% PAY SARON1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | BR        |     70000 | OU      | $2158.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV TIIE28D PAY 9% 08-MAR-2028                                             | IRS_CCP MXN RCV TIIE28D PAY 9% 08-MAR-2028                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |   2920000 | OU      | $-3578.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 3.203% 15-MAR-2028                                         | IRS_CCP SEK RCV STBOR3M PAY 3.203% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |    810000 | OU      | $-1504.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP USD RCV 3.4265% PAY SOFR1D 15-MAR-2028                                         | OIS_CCP USD RCV 3.4265% PAY SOFR1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |    180000 | OU      | $348.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.429% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 4.429% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |     44541 | OU      | $868.75       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SIBCS1D PAY 3.506% 15-MAR-2028                                         | OIS_CCP SGD RCV SIBCS1D PAY 3.506% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SG        |    260000 | OU      | $-6167.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 2.063% PAY SARON1D 15-MAR-2028                                         | OIS_CCP CHF RCV 2.063% PAY SARON1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |    340000 | OU      | $9908.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 2.056% PAY SARON1D 15-MAR-2028                                         | OIS_CCP CHF RCV 2.056% PAY SARON1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | BR        |    300000 | OU      | $8631.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP SGD RCV SIBCS1D PAY 3.53% 15-MAR-2028                                          | OIS_CCP SGD RCV SIBCS1D PAY 3.53% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | BR        |    360000 | OU      | $-8842.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.495% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 4.495% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    116850 | OU      | $2526.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.4375% PAY BBSW6M 15-MAR-2028                                         | IRS_CCP AUD RCV 4.4375% PAY BBSW6M 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |     99305 | OU      | $1963.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 3.8985% PAY SONIA1D 15-MAR-2028                                        | OIS_CCP GBP RCV 3.8985% PAY SONIA1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |     50000 | OU      | $866.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CAD RCV CDOR3M PAY 3.13612% 15-MAR-2028                                        | IRS_CCP CAD RCV CDOR3M PAY 3.13612% 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CA        |    310000 | OU      | $1853.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CZK RCV 4.71% PAY PRBOR6M 15-MAR-2028                                          | IRS_CCP CZK RCV 4.71% PAY PRBOR6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CZ        |   1190000 | OU      | $15.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 1.5355% PAY SARON1D 15-MAR-2028                                        | OIS_CCP CHF RCV 1.5355% PAY SARON1D 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |    270000 | OU      | $324.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.235% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 4.235% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    230000 | OU      | $3055.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP NOK RCV NIBOR6M PAY 3.57223% 15-MAR-2028                                       | IRS_CCP NOK RCV NIBOR6M PAY 3.57223% 15-MAR-2028                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | NO        |    930000 | OU      | $-2349.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.197% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 4.197% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    370000 | OU      | $4465.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.42% PAY BBSW6M 15-MAR-2028                                           | IRS_CCP AUD RCV 4.42% PAY BBSW6M 15-MAR-2028                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |     99304 | OU      | $1908.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CZK RCV 4.91% PAY PRBOR6M 15-MAR-2028                                          | IRS_CCP CZK RCV 4.91% PAY PRBOR6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CZ        |   2060000 | OU      | $864.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP PLN RCV WIBOR6M PAY 7.63% 15-MAR-2028                                          | IRS_CCP PLN RCV WIBOR6M PAY 7.63% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | PL        |    850000 | OU      | $-18298.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 3.285% 15-MAR-2028                                         | IRS_CCP SEK RCV STBOR3M PAY 3.285% 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2030000 | OU      | $-4503.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 3.1129% 15-MAR-2028                                        | IRS_CCP SEK RCV STBOR3M PAY 3.1129% 15-MAR-2028                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   2370000 | OU      | $-3459.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP SEK RCV STBOR3M PAY 3.23137% 15-MAR-2028                                       | IRS_CCP SEK RCV STBOR3M PAY 3.23137% 15-MAR-2028                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | SE        |   1470000 | OU      | $-2913.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 1.73391% PAY SARON1D 15-MAR-2028                                       | OIS_CCP CHF RCV 1.73391% PAY SARON1D 15-MAR-2028                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |    270000 | OU      | $3162.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP CHF RCV 1.711% PAY SARON1D 15-MAR-2028                                         | OIS_CCP CHF RCV 1.711% PAY SARON1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CH        |    100000 | OU      | $1049.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP AUD RCV 4.378% PAY BBSW6M 15-MAR-2028                                          | IRS_CCP AUD RCV 4.378% PAY BBSW6M 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |    140000 | OU      | $2501.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP PLN RCV WIBOR6M PAY 6.03% 15-MAR-2028                                          | IRS_CCP PLN RCV WIBOR6M PAY 6.03% 15-MAR-2028                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | PL        |    600000 | OU      | $-3772.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP GBP RCV 4.503% PAY SONIA1D 15-MAR-2028                                         | OIS_CCP GBP RCV 4.503% PAY SONIA1D 15-MAR-2028                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | GB        |    100000 | OU      | $5061.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Morningstar Funds Trust

**Signature:** Marc Peirce

**Name of Signer:** Marc Peirce

**Title:** Director Mutual Fund Compliance