# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0001193125-25-188412
**Filing Date:** 2025-8
**Character Count:** 27132
**Document Hash:** 15145355ed54cd939379e06935ae848c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-188412.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001193125-25-188412

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Funds Trust
- **CENTRAL INDEX KEY:** 0001699360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-216479
- **FILM NUMBER:** 251254099

**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 International Equity Fund (Series ID: S000057728)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186139 | Institutional | MSTFX           |

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| | |
|:---|:---|
| **Morningstar**<br> **Funds Trust** | **Morningstar International Equity Fund** MSTFX<br>Summary Prospectus<br> August 31, 2025 |

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Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information, reports to shareholders, and other information about the Fund online at http://connect.rightprospectus.com/Morningstar. You may also obtain this information at no cost by calling 877-626-3224 or by sending an email request to MorningstarFunds@ntrs.com. The Fund's Prospectus and Statement of Additional Information dated August 31, 2025, are incorporated by reference into this Summary Prospectus.

**Investment Objective** 

The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund** 

The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | |
|:---|:---|
| **Shareholder Fees**<br> (Fees paid directly from your investment) | **Institutional** |
| Sales Charge (Load) Imposed on Purchases |  |
| Sales Charge (Load) Imposed on Reinvested Dividends |  |
| Redemption Fee |  |
| Exchange Fee |  |
| Account Service Fee |  |
| **Annual Fund Operating Expenses**<br> (Expenses that you pay each year as a percentage of the value of your investment) | **Institutional** |
| Management Fees | 0.83% |
| Distribution (12b-1) Fees |  |
| Other Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Accounting Fees | 0.10%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | 0.14% |
| Total Other Expenses | 0.24% |
| Acquired Fund Fees and Expenses | 0.01%<sup>2</sup> |
| Total Annual Fund Operating Expenses | 1.08% |
| Fee Waivers and Expense Reimbursement | -0.08%<sup>3</sup> |
| Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement | 1.00%<sup>3</sup> |

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<sup>1</sup> Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers.

<sup>2</sup> Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed-end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund's financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. 

![LOGO](g155923g49i93.jpg)

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<sup>3</sup> Morningstar Investment Management LLC ("Morningstar" or "adviser" or "we") has contractually agreed, through at least August 31, 2026, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares' Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.99% (the Expense Limitation Agreement). Prior to August 31, 2026, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust's board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. 

**Example** 

The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Institutional | $102 | $336 | $588 | $1310 |

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**Portfolio Turnover** 

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the Fund's fiscal year ended April 30, 2025, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

**Principal Investment Strategies** 

In seeking long-term capital appreciation, the Fund will normally invest at least 80% of its assets in equity securities. Under normal circumstances, the Fund will invest approximately 80-100% of its assets in securities of issuers domiciled outside of the United States. The Fund may invest in developed and emerging markets and will typically invest in a minimum of 10 countries. The Fund seeks to provide broad international equity exposure across market capitalizations and investment styles and has the flexibility to invest in large-cap, mid-cap, and small-cap common stocks across the growth and value style spectrum. The Fund may use quantitative models to select equity securities based on certain shared characteristics as determined by the Fund's adviser. To meet its objective, the Fund may invest in investment companies such as ETFs. The Fund may also invest in derivatives, including futures and forward foreign currency contracts, for risk management purposes, including to hedge its currency exposure, or as part of its investment strategies.

*Multimanager Approach—*The Fund uses a multimanager approach, meaning the adviser may allocate assets to one or more subadvisers, in addition to ETFs and individual securities (collectively "Allocation Decisions"). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund's investment objective, strategies, and restrictions. Morningstar is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund's investment objective with a prudent level of risk for the strategy. At times, Morningstar may manage a significant portion of the Fund's assets directly. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.

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**Principal Risks** 

You can lose money by investing in the Fund. The Fund can also underperform broad markets or other investments. The Fund's principal risks include:

*Multimanager and Subadviser Selection Risk—*To a significant extent, the Fund's performance depends on Morningstar's skill in selecting subadvisers and each subadviser's skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.

*Active Management Risk*—The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund's performance depends heavily on Morningstar's skill and judgments around allocating assets to subadvisers, open- and closed-end investment companies, ETFs and individual securities and each subadviser's skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.

*Asset Allocation Risk—*In an attempt to invest in areas that look most attractive on a valuation basis, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark.

*Market Risk—*The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts or social unrest) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.

*Foreign Securities Risk—*Securities of non-U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic and regulatory risks, and market instability. Non-U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.

*European Market Risk—*Adverse economic and political events in Europe may cause the Fund's investments to decline in value. Member states of the European Union ("EU") are subject to restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, recessions in an EU member country, the departure of a member state from the EU, and war in or around the European region may have a significant adverse effect on the economies of other EU member countries.

*Asian Market Risk—*Investments in securities of Asian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. Certain Asian economies have experienced over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, rapid fluctuations in inflation and interest rates, decreased exports, economic recessions and political unrest. Economic and political events in any one Asian country can have a significant effect on the entire Asian region as well as on major trading partners outside Asia, and any adverse effect on some or all of the Asian countries and regions in which the Fund invests. The securities markets in some Asian economies are relatively underdeveloped and may subject the Fund to a higher degree of risk.

*China Market Risk—*To the extent the Fund invests in securities of companies located in or operating in China, those companies may be subject to decisions made by the Chinese government including through monetary policy and currency exchange rates. Heightened trade tensions or political disputes may disrupt supply chains

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or adversely impact revenues of companies selling to or within China. Actions outside of the Fund's control may result in the Fund's inability to buy/sell securities listed on Chinese exchanges.

*Japan Market Risk—*To the extent the Fund invests in securities of companies located in or operating in Japan, those companies may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan's economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund. Japan's relations with its neighbors have at times been strained, and strained relations with its neighbors or trading partners may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy.

*Emerging-Markets Risk—*Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets.

*Geographic Concentration Risk—*To the extent that the Fund invests a significant portion of its assets in a particular country, region or continent, economic, political, social and environmental conditions in such country, region or continent will have a greater effect on the Fund's performance than they would in a more geographically diversified equity fund. Information about the Fund's investment in a geographic area is available in its annual and semi-annual reports to shareholders, on the Fund's website and/or on the Fund's Forms N-PORT and N-CSR.

*Sector Focus Risk—*The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund's investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund's website and/or on the Fund's Forms N-PORT and N-CSR.

*Currency Risk—*Because this Fund may invest in securities of non-U.S. issuers, changes in currency exchange rates (including in the markets in which such non-U.S. issuers' securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.

*Quantitative Models Risk*—Morningstar may utilize quantitative models in managing all or a portion of the Fund. Such quantitative models may not perform as expected and may cause the Fund to underperform other investment strategies that do not use quantitative models. Flaws or errors in the quantitative model's assumptions, design, execution, or data inputs may adversely affect Fund performance. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation, or maintenance of the technology used in the quantitative model. Quantitative models may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models by Morningstar will enable the Fund to achieve its objective.

*Smaller Companies Risk—*The stocks of small- or mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.

*Cash/Cash Equivalents Risk—*In rising markets, holding cash or cash equivalents will negatively affect the Fund's performance relative to its benchmark.

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*Derivatives Risk—*A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract.

*ETF Risk—*An investment company, such as an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company's fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.

*Private Placements Risk—*Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, a Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund's net asset value.

*Cybersecurity Risk—*The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.

**Performance** 

The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund's average annual returns for periods ended December 31, 2024 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. You may obtain the Fund's updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877-626-3224. As with all mutual funds, the Fund's past performance (before and after taxes) does not predict how the Fund will perform in the future.

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**Calendar Year Total Return—Institutional** 

**Morningstar International Equity Fund % Total Return**![LOGO](g155923g00a15.jpg)

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| | | |
|:---|:---|:---|
| **Year-to-Date Return as of** | June 30, 2025 | 16.89% |
| **Best Quarter** | 4Q 2020 | 22.4% |
| **Worst Quarter** | 1Q 2020 | -27.78% |

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| | | | |
|:---|:---|:---|:---|
| **Morningstar International Equity Fund**<br> **Average Annual Total Return** (For the period ended December 31, 2024) | **1 Year** | **5 Years** | **Since**<br> **Inception**<br> **11/2/2018** |
| Institutional |  |  |  |
| Return Before Taxes | 1.30% | 3.00% | 4.87% |
| Return After Taxes on Distributions | 0.28% | 1.76% | 3.72% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.66% | 2.37% | 3.84% |
| Morningstar Global Markets ex U.S. Index (net)<sup>1</sup> <br>(reflects no deduction for fees, expenses, or taxes other than withholding taxes, as noted) | 5.16% | 4.20% | 5.75% |

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<sup>1</sup> The Morningstar Global Markets ex U.S. Index (net) is a broad-based securities market index that measures the performance of large-, mid- and small-cap stocks in in developed and emerging markets outside of the U.S., representing the top 97% of the investable universe by market capitalization. Stocks in the index are weighted by their float capital, which removes corporate cross-ownership, government holdings and other locked-in shares. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. 

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.

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**Fund Management** 

Morningstar is the investment adviser for the Fund and has overall supervisory responsibility for the general management and investment of the Fund's portfolio. The Fund is managed in a multimanager structure. On behalf of Morningstar, the following persons have or will have primary responsibility for the Fund and, subject to oversight by the board of trustees, are or will be responsible for selecting and overseeing the subadvisers listed below.

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Position with Morningstar** | **Start Date with the Fund** |
| *Morningstar Investment Management LLC* | *Morningstar Investment Management LLC* | *Morningstar Investment Management LLC* |
| Douglas M. McGraw, CFA | Portfolio Manager | January 2023 |
| Michael J. Budzinski | Portfolio Manager | February 2025 |
| Vito D. Gala, PhD | Global Head of Systematic Strategies | September 2025 |
| Carlos A. Gutierrez Mangas, PhD, CFA | Senior Quantitative Researcher | September 2025 |

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**Subadvisers and Portfolio Managers** 

Morningstar currently allocates assets among the following subadvisers and may adjust these allocations at any time. The portfolio managers listed below are responsible for the day-to-day management of each subadviser's allocated portion of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Position with Subadviser** | **Start Date with the Fund** |
| *Harding Loevner LP* | *Harding Loevner LP* | *Harding Loevner LP* |
| Ferrill D. Roll, CFA | Co-Chief Investment Officer, Co-Lead Portfolio Manager, Analyst | Since Inception (November 2018) |
| Andrew H. West, CFA | Co-Lead Portfolio Manager, Analyst | Since Inception (November 2018) |
| *Harris Associates L.P.* | *Harris Associates L.P.* | *Harris Associates L.P.* |
| David G. Herro, CFA | Deputy Chairman, Chief Investment Officer—International Equities, and Portfolio Manager | Since Inception (November 2018) |
| Eric Liu, CFA | Vice President, Portfolio Manager, and Analyst | August 2023 |
| Anthony P. Coniaris, CFA | Partner, Chairman, Co-Chief Investment Officer— International Equities, and Portfolio Manager | April 2025 |
| *Lazard Asset Management LLC* | *Lazard Asset Management LLC* | *Lazard Asset Management LLC* |
| James Donald, CFA | Managing Director, Portfolio Manager/Analyst, and Head of Emerging Markets | Since Inception (November 2018) |
| Rohit Chopra | Managing Director and Portfolio Manager/Analyst | Since Inception (November 2018) |
| Monika Shrestha | Director and Portfolio Manager/Analyst | Since Inception (November 2018) |
| Ganesh Ramachandran | Manager, Director and Portfolio Manager/Analyst | July 2020 |

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**Purchase and Sale of Fund Shares** 

Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ("Solutions"). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or "redeem" shares must be placed through the financial institution providing the Solution to you and may trigger a

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purchase or sale of the Fund's underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investor's Fund shares and no further purchases will be allowed.

See the Purchase and Sale of Fund Shares section on page 126 of the prospectus for more information.

**Tax Information** 

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.