# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0002066578-25-000797
**Filing Date:** 2025-9
**Character Count:** 1344444
**Document Hash:** 9275338be22966af8e71982d6516c633
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000797.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0002066578-25-000797

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 251348722

**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           |

## Nport-Ex

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar U.S. Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 90.0%** | **Common Stocks – 90.0%** | **Common Stocks – 90.0%** |
| **Advertising & Marketing – 0.0%**<sup>(a)</sup> | **Advertising & Marketing – 0.0%**<sup>(a)</sup> | **Advertising & Marketing – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Interpublic Group of Cos. <br> (The), Inc.<br>| 5182 | $127477 |
| Omnicom Group, Inc.<sup>(b)</sup> <br>| 2385 | 171840 |
| &nbsp;&nbsp; Trade Desk (The), Inc., <br> Class A\*<br>| 3546 | 308360 |
|  |  | **607677** |
| **Aerospace & Defense – 3.5%** | **Aerospace & Defense – 3.5%** | **Aerospace & Defense – 3.5%** |
| AAR Corp.\* | 20439 | 1526998 |
| Airbus S.E. ADR (France) | 107533 | 5402458 |
| Boeing (The) Co.\* | 44492 | 9870105 |
| General Dynamics Corp. | 29595 | 9222098 |
| &nbsp;&nbsp; Huntington Ingalls <br> Industries, Inc.<br>| 16709 | 4659472 |
| L3Harris Technologies, Inc. | 11611 | 3190935 |
| Loar Holdings, Inc.\* | 31406 | 2321217 |
| Lockheed Martin Corp. | 2460 | 1035611 |
| Moog, Inc., Class A | 9106 | 1762740 |
| Northrop Grumman Corp. | 11836 | 6824756 |
| RTX Corp. | 103002 | 16230025 |
| TransDigm Group, Inc. | 435 | 699680 |
|  |  | **62746095** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| NIKE, Inc., Class B | 9621 | 718592 |
| Ralph Lauren Corp. | 661 | 197474 |
| &nbsp;&nbsp; Skechers USA, Inc., <br> Class A\*<br>| 2033 | 128587 |
| Tapestry, Inc. | 1754 | 189485 |
|  |  | **1234138** |
| **Asset Management – 1.4%** | **Asset Management – 1.4%** | **Asset Management – 1.4%** |
| Ameriprise Financial, Inc. | 398 | 206240 |
| &nbsp;&nbsp; Apollo Global <br> Management, Inc.<br>| 2251 | 327115 |
| Ares Capital Corp. | 21335 | 482811 |
| Blackrock, Inc. | 6989 | 7729904 |
| Cohen & Steers, Inc. | 24477 | 1800528 |
| Franklin Resources, Inc. | 3061 | 73464 |
| &nbsp;&nbsp; Hamilton Lane, Inc., <br> Class A<sup>(b)</sup> <br>| 15417 | 2348009 |
| Invesco Ltd. | 4129 | 86750 |
| KKR & Co., Inc. | 53263 | 7807291 |
| LPL Financial Holdings, Inc. | 8818 | 3489547 |
| &nbsp;&nbsp; Raymond James <br> Financial, Inc.<br>| 1912 | 319553 |
| Stifel Financial Corp. | 9599 | 1095438 |
| T. Rowe Price Group, Inc.<sup>(b)</sup> <br>| 640 | 64928 |
|  |  | **25831578** |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| Autoliv, Inc. (Sweden) | 1109 | 123709 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| BorgWarner, Inc. | 3427 | $126113 |
| General Motors Co. | 9300 | 496062 |
| Gentex Corp. | 8140 | 215059 |
| Lear Corp. | 12872 | 1213701 |
| Tesla, Inc.\* | 28010 | 8634643 |
| XPEL, Inc.\* | 37566 | 1228032 |
|  |  | **12037319** |
| **Banking – 3.2%** | **Banking – 3.2%** | **Banking – 3.2%** |
| &nbsp;&nbsp; Atlantic Union <br> Bankshares Corp.<br>| 55119 | 1747272 |
| &nbsp;&nbsp; Bank of NT Butterfield & <br> Son (The) Ltd. (Bermuda)<br>| 20057 | 912794 |
| Bank OZK | 49877 | 2458936 |
| Banner Corp. | 27593 | 1712836 |
| Citigroup, Inc. | 72759 | 6817518 |
| City Holding Co.<sup>(b)</sup> <br>| 13514 | 1650060 |
| Coastal Financial Corp.\* | 9252 | 890042 |
| First Bancorp | 34488 | 1727504 |
| JP Morgan Chase & Co. | 62209 | 18428794 |
| &nbsp;&nbsp; National Bank <br> Holdings Corp., Class A<br>| 31951 | 1184104 |
| &nbsp;&nbsp; Pinnacle Financial <br> Partners, Inc.<br>| 16752 | 1472333 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.<br>| 34751 | 6612073 |
| Renasant Corp. | 44049 | 1613955 |
| &nbsp;&nbsp; Seacoast Banking Corp. of <br> Florida<br>| 59345 | 1672936 |
| &nbsp;&nbsp; Simmons First <br> National Corp., Class A<br>| 87077 | 1669266 |
| Webster Financial Corp. | 31319 | 1805540 |
| Wells Fargo & Co. | 61917 | 4992368 |
|  |  | **57368331** |
| **Beverages – 0.7%** | **Beverages – 0.7%** | **Beverages – 0.7%** |
| &nbsp;&nbsp; Brown-Forman Corp., <br> Class B<sup>(b)</sup> <br>| 3321 | 95811 |
| &nbsp;&nbsp; Diageo PLC (United <br> Kingdom)<br>| 50945 | 1234783 |
| Monster Beverage Corp.\* | 94942 | 5577842 |
| PepsiCo, Inc. | 43811 | 6042413 |
|  |  | **12950849** |
| **Biotechnology & Pharmaceuticals – 1.7%** | **Biotechnology & Pharmaceuticals – 1.7%** | **Biotechnology & Pharmaceuticals – 1.7%** |
| AbbVie, Inc. | 28615 | 5408807 |
| Amgen, Inc. | 2916 | 860512 |
| Biogen, Inc.\* | 606 | 77568 |
| Bristol-Myers Squibb Co. | 8864 | 383900 |
| Certara, Inc.\* | 173618 | 1708401 |
| Gilead Sciences, Inc. | 9396 | 1055077 |
| Johnson & Johnson | 50768 | 8363520 |
| Merck & Co., Inc. | 46680 | 3646642 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| &nbsp;&nbsp; Novo Nordisk A/S ADR <br> (Denmark)<sup>(b)</sup> <br>| 50264 | $2365926 |
| Pfizer, Inc. | 223189 | 5198072 |
| &nbsp;&nbsp; Regeneron <br> Pharmaceuticals, Inc.<br>| 1159 | 632188 |
| &nbsp;&nbsp; Royalty Pharma PLC, <br> Class A<br>| 8307 | 305698 |
| United Therapeutics Corp.\* | 656 | 180203 |
| &nbsp;&nbsp; Vertex <br> Pharmaceuticals, Inc.\*<br>| 1230 | 561950 |
| Zoetis, Inc. | 6052 | 882321 |
|  |  | **31630785** |
| **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** |
| &nbsp;&nbsp; Charter <br> Communications, Inc., <br> Class A<sup>(b)\*</sup> <br>| 448 | 120673 |
| Comcast Corp., Class A | 190552 | 6332043 |
| Sirius XM Holdings, Inc.<sup>(b)</sup> <br>| 2871 | 60636 |
|  |  | **6513352** |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| &nbsp;&nbsp; Ashland Global <br> Holdings, Inc.<br>| 41130 | 2120663 |
| Avery Dennison Corp. | 1439 | 241421 |
| &nbsp;&nbsp; Axalta Coating <br> Systems Ltd.\*<br>| 3668 | 103878 |
| Balchem Corp. | 11745 | 1790760 |
| CF Industries Holdings, Inc. | 1335 | 123928 |
| Corteva, Inc. | 10673 | 769843 |
| DuPont de Nemours, Inc. | 10358 | 744740 |
| Eastman Chemical Co. | 1301 | 94466 |
| Hawkins, Inc. | 8199 | 1338733 |
| Innospec, Inc. | 10622 | 848698 |
| Linde PLC | 8200 | 3774132 |
| &nbsp;&nbsp; LyondellBasell Industries <br> N.V., Class A<sup>(b)</sup> <br>| 1646 | 95353 |
| PPG Industries, Inc. | 747 | 78808 |
| &nbsp;&nbsp; Sensient <br> Technologies Corp.<br>| 15706 | 1763627 |
| &nbsp;&nbsp; Sherwin-Williams <br> (The) Co.<br>| 29581 | 9787761 |
| Stepan Co. | 31294 | 1588796 |
| Westlake Corp. | 913 | 72401 |
|  |  | **25338008** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| &nbsp;&nbsp; Automatic Data <br> Processing, Inc.<br>| 5820 | 1801290 |
| &nbsp;&nbsp; Casella Waste <br> Systems, Inc., Class A\*<br>| 50532 | 5494344 |
| Cintas Corp. | 3105 | 691018 |
| FTI Consulting, Inc.\* | 6707 | 1115710 |
| Paychex, Inc. | 1374 | 198310 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| Robert Half, Inc. | 2340 | $86369 |
| Verra Mobility Corp.\* | 72128 | 1821953 |
|  |  | **11208994** |
| **Construction Materials – 0.5%** | **Construction Materials – 0.5%** | **Construction Materials – 0.5%** |
| CRH PLC | 31593 | 3015552 |
| &nbsp;&nbsp; Martin Marietta <br> Materials, Inc.<br>| 4227 | 2430018 |
| Owens Corning | 1090 | 151979 |
| Trex Co., Inc.\* | 44748 | 2874611 |
|  |  | **8472160** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Crown Holdings, Inc. | 965 | 95882 |
| &nbsp;&nbsp; Graphic Packaging <br> Holding Co.<br>| 7681 | 171747 |
| International Paper Co.<sup>(b)</sup> <br>| 3939 | 184109 |
| &nbsp;&nbsp; Packaging Corp. of <br> America<br>| 1344 | 260400 |
| Sealed Air Corp. | 2825 | 82688 |
| Smurfit WestRock PLC | 3550 | 157549 |
|  |  | **952375** |
| **Diversified Industrials – 0.9%** | **Diversified Industrials – 0.9%** | **Diversified Industrials – 0.9%** |
| 3M Co. | 2070 | 308886 |
| Emerson Electric Co. | 4489 | 653194 |
| &nbsp;&nbsp; Honeywell <br> International, Inc.<br>| 28998 | 6447705 |
| Illinois Tool Works, Inc. | 16587 | 4245775 |
| Parker-Hannifin Corp. | 6928 | 5070603 |
|  |  | **16726163** |
| **E-Commerce Discretionary – 2.9%** | **E-Commerce Discretionary – 2.9%** | **E-Commerce Discretionary – 2.9%** |
| Amazon.com, Inc.\* | 226463 | 53017253 |
| eBay, Inc. | 2011 | 184509 |
|  |  | **53201762** |
| **Electric Utilities – 2.5%** | **Electric Utilities – 2.5%** | **Electric Utilities – 2.5%** |
| Ameren Corp. | 2270 | 229565 |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.<br>| 19832 | 2243793 |
| Avista Corp. | 46798 | 1745565 |
| CMS Energy Corp. | 3391 | 250256 |
| Consolidated Edison, Inc. | 2430 | 251505 |
| Dominion Energy, Inc.<sup>(b)</sup> <br>| 119379 | 6977703 |
| Duke Energy Corp. | 66099 | 8040282 |
| Evergy, Inc. | 3377 | 239092 |
| Eversource Energy | 2275 | 150378 |
| Exelon Corp. | 63194 | 2839938 |
| &nbsp;&nbsp; Northwestern Energy <br> Group, Inc.<br>| 26600 | 1428420 |
| NRG Energy, Inc. | 1517 | 253642 |
| OGE Energy Corp. | 8819 | 400559 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| PG&E Corp. | 291814 | $4091232 |
| &nbsp;&nbsp; Pinnacle West <br> Capital Corp.<sup>(b)</sup> <br>| 3915 | 354777 |
| Sempra | 15299 | 1249622 |
| Southern (The) Co. | 78498 | 7416491 |
| TXNM Energy, Inc. | 21201 | 1204005 |
| Xcel Energy, Inc.<sup>(b)</sup> <br>| 68558 | 5034900 |
|  |  | **44401725** |
| **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** |
| A.O. Smith Corp. | 1404 | 99389 |
| AAON, Inc.<sup>(b)</sup> <br>| 20128 | 1680688 |
| Allegion PLC | 933 | 154803 |
| Amphenol Corp., Class A | 4956 | 527864 |
| &nbsp;&nbsp; Atmus Filtration <br> Technologies, Inc.<br>| 23503 | 914502 |
| Camtek Ltd. (Israel)<sup>(b)\*</sup> <br>| 22684 | 2135699 |
| Eaton Corp. PLC | 41123 | 15820841 |
| Hayward Holdings, Inc.\* | 62844 | 966541 |
| Hubbell, Inc.<sup>(b)</sup> <br>| 442 | 193366 |
| &nbsp;&nbsp; Johnson Controls <br> International PLC<br>| 19166 | 2012430 |
| Lennox International, Inc. | 305 | 185745 |
| &nbsp;&nbsp; Modine <br> Manufacturing Co.\*<br>| 20670 | 2781355 |
| Novanta, Inc.\* | 18557 | 2282882 |
| Otis Worldwide Corp. | 12252 | 1049874 |
| Rockwell Automation, Inc. | 360 | 126616 |
| &nbsp;&nbsp; Sensata Technologies <br> Holding PLC<br>| 2236 | 68779 |
| &nbsp;&nbsp; TE Connectivity PLC <br> (Switzerland)<br>| 1042 | 214391 |
| Trane Technologies PLC | 4704 | 2060728 |
|  |  | **33276493** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp; Everus Construction <br> Group, Inc.\*<br>| 23701 | **1760036** |
| **Entertainment Content – 1.8%** | **Entertainment Content – 1.8%** | **Entertainment Content – 1.8%** |
| Electronic Arts, Inc. | 2075 | 316417 |
| Netflix, Inc.\* | 22534 | 26125920 |
| Walt Disney (The) Co. | 57175 | 6810114 |
|  |  | **33252451** |
| **Food – 1.1%** | **Food – 1.1%** | **Food – 1.1%** |
| BellRing Brands, Inc.\* | 41383 | 2258684 |
| Conagra Brands, Inc. | 9595 | 175205 |
| General Mills, Inc. | 3608 | 176720 |
| Hershey (The) Co.<sup>(b)</sup> <br>| 907 | 168820 |
| Hormel Foods Corp. | 8047 | 226040 |
| Ingredion, Inc. | 1849 | 243218 |
| J&J Snack Foods Corp. | 7419 | 837531 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Kraft Heinz (The) Co. | 10840 | $297666 |
| &nbsp;&nbsp; Lamb Weston <br> Holdings, Inc.<br>| 2159 | 123214 |
| Marzetti Co. (The) | 8305 | 1476297 |
| &nbsp;&nbsp; Mondelez <br> International, Inc., <br> Class A<br>| 83936 | 5429820 |
| Nestle S.A.<sup>(c)</sup> <br>| 40034 | 3498054 |
| Post Holdings, Inc.\* | 52353 | 5539471 |
| The Campbell's Co.<sup>(b)</sup> <br>| 4684 | 149513 |
|  |  | **20600253** |
| **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** |
| Boise Cascade Co. | 20452 | 1714082 |
| UFP Industries, Inc. | 15862 | 1554476 |
|  |  | **3268558** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| &nbsp;&nbsp; American Water <br> Works Co., Inc.<br>| 1127 | 158050 |
| UGI Corp.<sup>(b)</sup> <br>| 58415 | 2113455 |
|  |  | **2271505** |
| **Health Care Facilities & Services – 2.8%** | **Health Care Facilities & Services – 2.8%** | **Health Care Facilities & Services – 2.8%** |
| Cencora, Inc. | 1153 | 329850 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.\*<br>| 380 | 64463 |
| Cigna Group (The) | 37813 | 10110440 |
| CVS Health Corp. | 3165 | 196547 |
| DaVita, Inc.<sup>(b)\*</sup> <br>| 1324 | 185850 |
| Elevance Health, Inc. | 11433 | 3236454 |
| Encompass Health Corp. | 1773 | 195225 |
| Ensign Group (The), Inc.<sup>(b)</sup> <br>| 26102 | 3915300 |
| HCA Healthcare, Inc. | 1735 | 614173 |
| HealthEquity, Inc.\* | 47100 | 4568700 |
| Henry Schein, Inc.<sup>(b)\*</sup> <br>| 2388 | 161548 |
| Humana, Inc. | 19621 | 4902699 |
| ICON PLC\* | 14021 | 2372213 |
| Labcorp Holdings, Inc. | 8541 | 2221343 |
| McKesson Corp. | 16755 | 11620263 |
| Medpace Holdings, Inc.\* | 6567 | 2805422 |
| Quest Diagnostics, Inc. | 1751 | 293135 |
| Tenet Healthcare Corp.\* | 540 | 87091 |
| UnitedHealth Group, Inc. | 9231 | 2303688 |
| &nbsp;&nbsp; Universal Health <br> Services, Inc., Class B<br>| 831 | 138320 |
|  |  | **50322724** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| Arhaus, Inc.<sup>(b)\*</sup> <br>| 154369 | 1352273 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Home & Office Products (Continued)** | **Home & Office Products (Continued)** | **Home & Office Products (Continued)** |
| &nbsp;&nbsp; Somnigroup <br> International, Inc.<sup>(b)</sup> <br>| 1685 | $121960 |
| Whirlpool Corp.<sup>(b)</sup> <br>| 971 | 80632 |
|  |  | **1554865** |
| **Home Construction – 0.4%** | **Home Construction – 0.4%** | **Home Construction – 0.4%** |
| Century Communities, Inc. | 28586 | 1609106 |
| DR Horton, Inc. | 1131 | 161552 |
| &nbsp;&nbsp; Fortune Brands <br> Innovations, Inc.<br>| 31356 | 1710156 |
| Lennar Corp., Class A | 1222 | 137084 |
| Masco Corp. | 1960 | 133535 |
| Mohawk Industries, Inc.\* | 585 | 66988 |
| NVR, Inc.\* | 354 | 2672520 |
| PulteGroup, Inc. | 1462 | 165089 |
| Toll Brothers, Inc. | 2038 | 241218 |
|  |  | **6897248** |
| **Household Products – 0.8%** | **Household Products – 0.8%** | **Household Products – 0.8%** |
| &nbsp;&nbsp; Central Garden & Pet Co., <br> Class A\*<br>| 23551 | 836532 |
| Church & Dwight Co., Inc. | 3509 | 329039 |
| Clorox (The) Co. | 1181 | 148286 |
| Colgate-Palmolive Co. | 15153 | 1270579 |
| Interparfums, Inc. | 12954 | 1562253 |
| Kenvue, Inc. | 158021 | 3387970 |
| Kimberly-Clark Corp. | 21063 | 2624871 |
| &nbsp;&nbsp; Prestige Consumer <br> Healthcare, Inc.\*<br>| 22942 | 1696561 |
| &nbsp;&nbsp; Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 34664 | 2597921 |
|  |  | **14454012** |
| **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** |
| AZZ, Inc. | 11996 | 1313562 |
| Enpro, Inc. | 14484 | 3076547 |
| RBC Bearings, Inc.\* | 11715 | 4537688 |
| &nbsp;&nbsp; Standex <br> International Corp.<br>| 3415 | 562587 |
|  |  | **9490384** |
| **Industrial Support Services – 1.2%** | **Industrial Support Services – 1.2%** | **Industrial Support Services – 1.2%** |
| Fastenal Co. | 5534 | 255283 |
| &nbsp;&nbsp; SiteOne Landscape <br> Supply, Inc.\*<br>| 21142 | 2914002 |
| United Rentals, Inc. | 190 | 167759 |
| W.W. Grainger, Inc. | 10147 | 10548212 |
| Watsco, Inc. | 247 | 111367 |
| WESCO International, Inc. | 35178 | 7280439 |
|  |  | **21277062** |
| **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** |
| CME Group, Inc. | 6694 | 1862806 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| &nbsp;&nbsp; Intercontinental <br> Exchange, Inc.<br>| 9530 | $1761430 |
| Moelis & Co., Class A | 35458 | 2487024 |
| Morgan Stanley | 56491 | 8047708 |
| Nasdaq, Inc. | 81164 | 7809600 |
| Perella Weinberg Partners | 44748 | 892275 |
| Piper Sandler Cos. | 5553 | 1750972 |
| SEI Investments Co. | 3706 | 326573 |
|  |  | **24938388** |
| **Insurance – 3.7%** | **Insurance – 3.7%** | **Insurance – 3.7%** |
| &nbsp;&nbsp; American International <br> Group, Inc.<br>| 89108 | 6917454 |
| Aon PLC, Class A | 23268 | 8276660 |
| Arthur J Gallagher & Co. | 3964 | 1138659 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> (The), Inc.<sup>(b)\*</sup> <br>| 40042 | 1475147 |
| Chubb Ltd. | 22813 | 6069171 |
| &nbsp;&nbsp; Goosehead Insurance, Inc., <br> Class A<br>| 19727 | 1793382 |
| &nbsp;&nbsp; Hartford Insurance Group <br> (The), Inc.<br>| 18473 | 2297856 |
| &nbsp;&nbsp; Marsh & McLennan Cos., <br> Inc.<br>| 65501 | 13047799 |
| Progressive (The) Corp. | 59706 | 14451240 |
| RLI Corp. | 21007 | 1386252 |
| Travelers (The) Cos., Inc. | 26199 | 6818028 |
| Willis Towers Watson PLC | 9875 | 3118624 |
|  |  | **66790272** |
| **Internet Media & Services – 8.6%** | **Internet Media & Services – 8.6%** | **Internet Media & Services – 8.6%** |
| Airbnb, Inc., Class A\* | 47016 | 6225389 |
| Alphabet, Inc., Class A | 371418 | 71275114 |
| Booking Holdings, Inc. | 99 | 544902 |
| GoDaddy, Inc., Class A\* | 8856 | 1430952 |
| &nbsp;&nbsp; Meta Platforms, Inc., <br> Class A<br>| 85181 | 65882393 |
| Uber Technologies, Inc.\* | 84915 | 7451291 |
| VeriSign, Inc. | 11929 | 3207350 |
|  |  | **156017391** |
| **IT Services – 0.9%** | **IT Services – 0.9%** | **IT Services – 0.9%** |
| &nbsp;&nbsp; Accenture PLC, Class A <br> (Ireland)<br>| 42751 | 11418792 |
| Amdocs Ltd. | 2827 | 241313 |
| CDW Corp. | 6588 | 1148815 |
| &nbsp;&nbsp; Cognizant Technology <br> Solutions Corp., Class A<br>| 1370 | 98311 |
| Globant S.A.<sup>(b)\*</sup> <br>| 7903 | 665907 |
| ICF International, Inc. | 25812 | 2165369 |
|  |  | **15738507** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** |
| &nbsp;&nbsp; Cheesecake Factory <br> (The), Inc.<sup>(b)</sup> <br>| 20222 | $1292388 |
| &nbsp;&nbsp; Chipotle Mexican <br> Grill, Inc.\*<br>| 8335 | 357405 |
| Domino's Pizza, Inc. | 261 | 120898 |
| &nbsp;&nbsp; Marriott International, Inc., <br> Class A<br>| 18923 | 4992455 |
| &nbsp;&nbsp; Red Rock Resorts, Inc., <br> Class A<br>| 123540 | 7579179 |
| Starbucks Corp. | 54465 | 4856099 |
| TKO Group Holdings, Inc. | 686 | 115255 |
| Wingstop, Inc. | 6053 | 2284039 |
|  |  | **21597718** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Brunswick Corp. | 1274 | 74261 |
| Hasbro, Inc. | 817 | 61406 |
| Polaris, Inc.<sup>(b)</sup> <br>| 1514 | 80106 |
| YETI Holdings, Inc.\* | 43383 | 1593891 |
|  |  | **1809664** |
| **Machinery – 1.0%** | **Machinery – 1.0%** | **Machinery – 1.0%** |
| Alamo Group, Inc.<sup>(b)</sup> <br>| 8141 | 1812024 |
| Caterpillar, Inc. | 2245 | 983355 |
| CSW Industrials, Inc. | 8446 | 2191568 |
| Federal Signal Corp. | 21574 | 2730621 |
| Graco, Inc. | 1629 | 136803 |
| IDEX Corp. | 1058 | 172994 |
| Kadant, Inc. | 10569 | 3517046 |
| Middleby (The) Corp.\* | 643 | 93364 |
| Regal Rexnord Corp. | 38003 | 5809899 |
| Snap-on, Inc. | 759 | 243783 |
| &nbsp;&nbsp; Stanley Black & <br> Decker, Inc.<br>| 913 | 61764 |
| &nbsp;&nbsp; Thermon Group <br> Holdings, Inc.\*<br>| 33617 | 950689 |
| Xylem, Inc. | 1152 | 166602 |
|  |  | **18870512** |
| **Medical Equipment & Devices – 2.8%** | **Medical Equipment & Devices – 2.8%** | **Medical Equipment & Devices – 2.8%** |
| Abbott Laboratories | 46355 | 5849537 |
| Baxter International, Inc. | 1650 | 35904 |
| Becton Dickinson & Co. | 7681 | 1369138 |
| Boston Scientific Corp.\* | 31856 | 3342331 |
| CONMED Corp. | 27397 | 1401357 |
| Envista Holdings Corp.\* | 44069 | 832463 |
| Hologic, Inc.\* | 5482 | 366307 |
| Illumina, Inc.\* | 22770 | 2338707 |
| &nbsp;&nbsp; Inspire Medical <br> Systems, Inc.\*<br>| 13839 | 1723509 |
| Intuitive Surgical, Inc.\* | 17960 | 8640376 |
| Medtronic PLC | 17565 | 1585066 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| &nbsp;&nbsp; Merit Medical <br> Systems, Inc.\*<br>| 19073 | $1618535 |
| Revvity, Inc.<sup>(b)</sup> <br>| 16399 | 1441472 |
| Solventum Corp.\* | 22730 | 1622013 |
| Stryker Corp. | 21823 | 8570547 |
| Teleflex, Inc. | 21572 | 2577854 |
| &nbsp;&nbsp; Thermo Fisher <br> Scientific, Inc.<br>| 16563 | 7746184 |
| Waters Corp.\* | 409 | 118103 |
|  |  | **51179403** |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| Freeport-McMoRan, Inc. | 94399 | **3798616** |
| **Oil & Gas Supply Chain – 2.6%** | **Oil & Gas Supply Chain – 2.6%** | **Oil & Gas Supply Chain – 2.6%** |
| Antero Midstream Corp. | 20562 | 377313 |
| Cheniere Energy, Inc. | 6072 | 1432263 |
| Chevron Corp. | 34547 | 5238707 |
| Civitas Resources, Inc. | 28056 | 851780 |
| ConocoPhillips | 77070 | 7347854 |
| Coterra Energy, Inc. | 83842 | 2044906 |
| Diamondback Energy, Inc. | 8013 | 1191213 |
| DT Midstream, Inc. | 3731 | 383286 |
| Enbridge, Inc. (Canada) | 38745 | 1754654 |
| EOG Resources, Inc. | 30236 | 3628925 |
| Exxon Mobil Corp. | 67350 | 7518954 |
| Gulfport Energy Corp.<sup>(b)\*</sup> <br>| 5039 | 877441 |
| &nbsp;&nbsp; Infinity Natural <br> Resources, Inc., Class A\*<br>| 39240 | 585068 |
| Kinder Morgan, Inc. | 88905 | 2494674 |
| Northern Oil & Gas, Inc.<sup>(b)</sup> <br>| 62214 | 1751946 |
| ONEOK, Inc. | 23447 | 1925233 |
| &nbsp;&nbsp; Pembina Pipeline Corp. <br> (Canada)<br>| 13297 | 494223 |
| SM Energy Co. | 64528 | 1780327 |
| South Bow Corp. (Canada) | 7643 | 200728 |
| Targa Resources Corp. | 3087 | 513708 |
| TC Energy Corp. (Canada) | 32373 | 1545755 |
| Texas Pacific Land Corp.<sup>(b)</sup> <br>| 127 | 122952 |
| Vital Energy, Inc.<sup>(b)\*</sup> <br>| 42756 | 799110 |
| Williams (The) Cos., Inc. | 39489 | 2367366 |
|  |  | **47228386** |
| **Oil, Gas Services & Equipment – 0.0%**<sup>(a)</sup> | **Oil, Gas Services & Equipment – 0.0%**<sup>(a)</sup> | **Oil, Gas Services & Equipment – 0.0%**<sup>(a)</sup> |
| Schlumberger N.V. | 15744 | **532147** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; Liberty Media Corp.-Liberty <br> Formula One, Class C<sup>(b)\*</sup> <br>| 25394 | 2548288 |
| Nexstar Media Group, Inc. | 485 | 90748 |
|  |  | **2639036** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** |
| American Tower Corp. | 2559 | $533270 |
| &nbsp;&nbsp; Brixmor Property <br> Group, Inc.<br>| 7222 | 188711 |
| BXP, Inc. | 1456 | 95266 |
| COPT Defense Properties | 65081 | 1775410 |
| CubeSmart | 89678 | 3489371 |
| Equinix, Inc. | 7278 | 5714467 |
| Extra Space Storage, Inc. | 13233 | 1777986 |
| &nbsp;&nbsp; Federal Realty Investment <br> Trust<br>| 2201 | 202844 |
| &nbsp;&nbsp; Four Corners Property <br> Trust, Inc.<sup>(b)</sup> <br>| 68087 | 1718516 |
| Kimco Realty Corp. | 6792 | 144194 |
| &nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc.<br>| 20416 | 2907851 |
| &nbsp;&nbsp; Plymouth Industrial <br> REIT, Inc.<sup>(b)</sup> <br>| 102710 | 1491349 |
| PotlatchDeltic Corp. | 40080 | 1638871 |
| Prologis, Inc. | 57872 | 6179572 |
| Public Storage | 4053 | 1102173 |
| &nbsp;&nbsp; Ryman Hospitality <br> Properties, Inc.<br>| 23073 | 2193319 |
| &nbsp;&nbsp; SBA <br> Communications Corp.<br>| 8403 | 1888322 |
| Simon Property Group, Inc. | 4217 | 690703 |
| &nbsp;&nbsp; Sunstone Hotel <br> Investors, Inc.<br>| 94544 | 827260 |
| Urban Edge Properties | 87360 | 1722739 |
| Ventas, Inc. | 24182 | 1624547 |
|  |  | **37906741** |
| **Real Estate Services – 0.0%**<sup>(a)</sup> | **Real Estate Services – 0.0%**<sup>(a)</sup> | **Real Estate Services – 0.0%**<sup>(a)</sup> |
| Jones Lang LaSalle, Inc.\* | 468 | 126529 |
| &nbsp;&nbsp; Newmark Group, Inc., <br> Class A<br>| 47742 | 724246 |
|  |  | **850775** |
| **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** |
| Costco Wholesale Corp. | 1171 | 1100318 |
| Five Below, Inc.\* | 10070 | 1374756 |
| Kroger (The) Co. | 4182 | 293158 |
| &nbsp;&nbsp; Ollie's Bargain Outlet <br> Holdings, Inc.\*<br>| 32676 | 4464522 |
| Target Corp. | 24843 | 2496722 |
|  |  | **9729476** |
| **Retail - Discretionary – 1.4%** | **Retail - Discretionary – 1.4%** | **Retail - Discretionary – 1.4%** |
| &nbsp;&nbsp; Academy Sports & <br> Outdoors, Inc.<sup>(b)</sup> <br>| 31080 | 1578553 |
| AutoNation, Inc.\* | 471 | 90733 |
| AutoZone, Inc.\* | 272 | 1024999 |
| Best Buy Co., Inc. | 1338 | 87050 |
| Boot Barn Holdings, Inc.\* | 4607 | 791943 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Builders FirstSource, Inc.\* | 687 | $87338 |
| CarMax, Inc.\* | 17779 | 1006469 |
| Dick's Sporting Goods, Inc. | 553 | 116965 |
| Ferguson Enterprises, Inc. | 11334 | 2531222 |
| &nbsp;&nbsp; Floor & Decor <br> Holdings, Inc., Class A\*<br>| 24082 | 1845644 |
| Freshpet, Inc.<sup>(b)\*</sup> <br>| 23918 | 1634078 |
| GMS, Inc.\* | 3727 | 408628 |
| Lithia Motors, Inc. | 256 | 73728 |
| Lowe's Cos., Inc. | 30873 | 6902277 |
| Lululemon Athletica, Inc.\* | 658 | 131949 |
| O'Reilly Automotive, Inc.\* | 12525 | 1231458 |
| &nbsp;&nbsp; Sonic Automotive, Inc. <br> Class A<br>| 9953 | 720100 |
| TJX (The) Cos., Inc. | 8639 | 1075815 |
| Tractor Supply Co.<sup>(b)</sup> <br>| 3944 | 224611 |
| Ulta Beauty, Inc.\* | 480 | 247205 |
| Valvoline, Inc.\* | 77726 | 2739842 |
| Williams-Sonoma, Inc. | 1158 | 216604 |
|  |  | **24767211** |
| **Semiconductors – 10.4%** | **Semiconductors – 10.4%** | **Semiconductors – 10.4%** |
| Analog Devices, Inc. | 33801 | 7592719 |
| Applied Materials, Inc. | 1632 | 293858 |
| &nbsp;&nbsp; ASML Holding N.V. <br> (Netherlands)<sup>(c)</sup> <br>| 8091 | 5620899 |
| Broadcom, Inc. | 87420 | 25675254 |
| Intel Corp. | 6338 | 125492 |
| KLA Corp. | 6330 | 5564260 |
| Lam Research Corp. | 2437 | 231125 |
| Marvell Technology, Inc. | 47400 | 3809538 |
| Microchip Technology, Inc. | 3048 | 206014 |
| Nova Ltd. (Israel)<sup>(b)\*</sup> <br>| 14398 | 3780771 |
| NVIDIA Corp. | 642189 | 114226158 |
| &nbsp;&nbsp; NXP Semiconductors N.V. <br> (Netherlands)<br>| 24638 | 5266865 |
| QUALCOMM, Inc. | 2177 | 319497 |
| Rambus, Inc.\* | 23030 | 1702608 |
| Skyworks Solutions, Inc. | 845 | 57916 |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 27876 | 6735399 |
| Teradyne, Inc. | 1226 | 131709 |
| Texas Instruments, Inc. | 31673 | 5734713 |
| Veeco Instruments, Inc.<sup>(b)\*</sup> <br>| 63741 | 1324538 |
|  |  | **188399333** |
| **Software – 10.2%** | **Software – 10.2%** | **Software – 10.2%** |
| &nbsp;&nbsp; ACV Auctions, Inc., <br> Class A\*<br>| 82044 | 1165845 |
| Adobe, Inc.\* | 437 | 156311 |
| Akamai Technologies, Inc.\* | 1686 | 128659 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Autodesk, Inc.\* | 2364 | $716552 |
| BlackLine, Inc.<sup>(b)\*</sup> <br>| 32213 | 1732415 |
| &nbsp;&nbsp; Cadence Design <br> Systems, Inc.\*<br>| 844 | 307697 |
| &nbsp;&nbsp; CCC Intelligent Solutions <br> Holdings, Inc.<sup>(b)\*</sup> <br>| 242927 | 2349104 |
| &nbsp;&nbsp; Check Point Software <br> Technologies Ltd. (Israel)\*<br>| 3716 | 691919 |
| &nbsp;&nbsp; Clearwater Analytics <br> Holdings, Inc., Class A\*<br>| 82298 | 1667357 |
| &nbsp;&nbsp; Donnelley Financial <br> Solutions, Inc.\*<br>| 16097 | 852497 |
| &nbsp;&nbsp; Global-e Online Ltd. <br> (Israel)\*<br>| 37164 | 1231987 |
| Guidewire Software, Inc.\* | 10703 | 2421233 |
| Intuit, Inc. | 13578 | 10660495 |
| Microsoft Corp. | 196760 | 104971460 |
| nCino, Inc.<sup>(b)\*</sup> <br>| 52137 | 1455926 |
| Oracle Corp. | 10700 | 2715339 |
| Palo Alto Networks, Inc.\* | 59184 | 10274342 |
| Paylocity Holding Corp.\* | 14393 | 2660978 |
| &nbsp;&nbsp; Procore <br> Technologies, Inc.<sup>(b)\*</sup> <br>| 64536 | 4622714 |
| Q2 Holdings, Inc.\* | 23266 | 1889199 |
| Roper Technologies, Inc. | 1833 | 1008883 |
| Salesforce, Inc. | 23754 | 6136371 |
| ServiceNow, Inc.\* | 3400 | 3206608 |
| &nbsp;&nbsp; SS&C Technologies <br> Holdings, Inc.<br>| 45814 | 3916181 |
| Synopsys, Inc.\* | 14551 | 9217622 |
| Vertex, Inc., Class A<sup>(b)\*</sup> <br>| 43224 | 1433740 |
| Workday, Inc., Class A\* | 32703 | 7501414 |
|  |  | **185092848** |
| **Specialty Finance – 3.4%** | **Specialty Finance – 3.4%** | **Specialty Finance – 3.4%** |
| American Express Co. | 29416 | 8804503 |
| Corpay, Inc.\* | 409 | 132127 |
| Equifax, Inc. | 14942 | 3589517 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.<br>| 407 | 163980 |
| &nbsp;&nbsp; Fidelity National <br> Information Services, Inc.<br>| 26166 | 2077842 |
| &nbsp;&nbsp; Jack Henry & <br> Associates, Inc.<br>| 2083 | 353725 |
| Mr. Cooper Group, Inc.\* | 31251 | 4866406 |
| PayPal Holdings, Inc.\* | 94210 | 6477880 |
| S&P Global, Inc. | 12885 | 7100923 |
| &nbsp;&nbsp; Shift4 Payments, Inc., <br> Class A<sup>(b)\*</sup> <br>| 53295 | 5489385 |
| Synchrony Financial | 2157 | 150278 |
| TransUnion | 18927 | 1801661 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Verisk Analytics, Inc. | 639 | $178096 |
| Visa, Inc., Class A<sup>(b)</sup> <br>| 56678 | 19580549 |
|  |  | **60766872** |
| **Steel – 0.0%**<sup>(a)</sup> | **Steel – 0.0%**<sup>(a)</sup> | **Steel – 0.0%**<sup>(a)</sup> |
| Nucor Corp. | 458 | **65526** |
| **Technology Hardware – 5.4%** | **Technology Hardware – 5.4%** | **Technology Hardware – 5.4%** |
| Apple, Inc. | 402678 | 83583872 |
| Arista Networks, Inc.\* | 2630 | 324069 |
| Arrow Electronics, Inc.\* | 1038 | 120408 |
| Ciena Corp.\* | 24846 | 2306703 |
| Cisco Systems, Inc. | 18680 | 1271734 |
| F5, Inc.\* | 814 | 255124 |
| Fabrinet (Thailand)\* | 15464 | 5006161 |
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co.<br>| 11122 | 230114 |
| HP, Inc. | 4732 | 117354 |
| Motorola Solutions, Inc. | 3307 | 1451707 |
| NetApp, Inc. | 2093 | 217944 |
| &nbsp;&nbsp; Seagate Technology <br> Holdings PLC<br>| 880 | 138169 |
| TD SYNNEX Corp. | 1877 | 271020 |
| &nbsp;&nbsp; Teledyne <br> Technologies, Inc.\*<br>| 3123 | 1720835 |
|  |  | **97015214** |
| **Telecommunications – 0.6%** | **Telecommunications – 0.6%** | **Telecommunications – 0.6%** |
| AT&T, Inc. | 31650 | 867527 |
| T-Mobile U.S., Inc. | 8384 | 1998829 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 173103 | 7401884 |
|  |  | **10268240** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Altria Group, Inc. | 19897 | **1232420** |
| **Transportation & Logistics – 1.2%** | **Transportation & Logistics – 1.2%** | **Transportation & Logistics – 1.2%** |
| Alaska Air Group, Inc.\* | 18496 | 979548 |
| ArcBest Corp. | 17600 | 1287088 |
| &nbsp;&nbsp; C.H. Robinson <br> Worldwide, Inc.<br>| 1136 | 131004 |
| &nbsp;&nbsp; Canadian National <br> Railway Co. (Canada)<br>| 15674 | 1464735 |
| CSX Corp. | 21370 | 759490 |
| &nbsp;&nbsp; Expeditors International of <br> Washington, Inc.<br>| 923 | 107290 |
| FedEx Corp. | 1587 | 354679 |
| &nbsp;&nbsp; JB Hunt Transport <br> Services, Inc.<br>| 687 | 98962 |
| &nbsp;&nbsp; Knight-Swift <br> Transportation <br> Holdings, Inc.<br>| 1696 | 72080 |
| Landstar System, Inc. | 1033 | 137771 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| Norfolk Southern Corp. | 2333 | $648574 |
| Saia, Inc.\* | 7823 | 2364423 |
| Union Pacific Corp. | 59631 | 13236293 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| 6176 | 532124 |
|  |  | **22174061** |
| **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** |
| Blue Bird Corp.<sup>(b)\*</sup> <br>| 38897 | 1742197 |
| Cummins, Inc. | 920 | 338210 |
| PACCAR, Inc. | 44827 | 4427115 |
|  |  | **6507522** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Sysco Corp. | 32419 | **2580552** |
| **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** |
| Pool Corp.<sup>(b)</sup> <br>| 7410 | **2283317** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $1,214,473,026) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $1,214,473,026) | **1630427050** |
| **Master Limited Partnerships – 0.2%** | **Master Limited Partnerships – 0.2%** | **Master Limited Partnerships – 0.2%** |
| **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** |
| Energy Transfer L.P. | 62947 | 1135564 |
| &nbsp;&nbsp; Enterprise Products <br> Partners L.P.<br>| 33076 | 1025025 |
| MPLX L.P. | 14610 | 767025 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P.<br>| 52623 | 960370 |
| &nbsp;&nbsp; Western Midstream <br> Partners L.P.<br>| 13301 | 541750 |
| &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $3,329,788) | &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $3,329,788) | **4429734** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Investment Companies – 8.0%** | **Investment Companies – 8.0%** | **Investment Companies – 8.0%** |
| Schwab U.S. REIT ETF | 848452 | $17758100 |
| &nbsp;&nbsp; Vanguard Consumer <br> Staples ETF<br>| 198839 | 42973085 |
| Vanguard Health Care ETF | 351624 | 84910163 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $144,084,946) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $144,084,946) | **145641348** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(d)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 2.2%** | **Short-Term Investments – 2.2%** | **Short-Term Investments – 2.2%** |
| **Money Market Funds – 2.0%** | **Money Market Funds – 2.0%** | **Money Market Funds – 2.0%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(e)</sup> <br>| 29195830 | 29195830 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(e)(f)</sup> <br>| 6977129 | 6977129 |
|  |  | **36172959** |
| **U.S. Government Agencies – 0.2%**<sup>(g)</sup> | **U.S. Government Agencies – 0.2%**<sup>(g)</sup> | **U.S. Government Agencies – 0.2%**<sup>(g)</sup> |
| &nbsp;&nbsp; Federal Home Loan Bank <br> Discount Notes, 0.00%, <br> 8/1/25<sup>(h)</sup> <br>| $3510000 | **3510000** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $39,682,959) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $39,682,959) | **39682959** |
| &nbsp;&nbsp; **Total Investments – 100.4%** <br>(Cost $1,401,570,719) | &nbsp;&nbsp; **Total Investments – 100.4%** <br>(Cost $1,401,570,719) | **1820181091** |
| Liabilities less Other Assets – (0.4)% | Liabilities less Other Assets – (0.4)% | (7816402)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1812364689** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Percentages shown are based on Net Assets.*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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> <br>| Amount rounds to less than 0.05%. |
| <sup>(b)</sup> <br>| Security either partially or fully on loan. As of July 31, 2025, the total value of securities on loan is $66,174,907. |
| <sup>(c)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(d)</sup> <br>| Par value is in USD unless otherwise indicated. |
| <sup>(e)</sup> <br>| 7-day current yield as of July 31, 2025 is disclosed. |
| <sup>(f)</sup> <br>| Security purchased with the cash proceeds from securities loaned. As of July 31, 2025, total cash collateral has a value of $6,977,129 and <br> total non-cash collateral has a value of $61,703,533.<br>|
| <sup>(g)</sup> <br>| The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury. |
| <sup>(h)</sup> <br>| Zero coupon bond. |
| \* | Non-Income Producing Security |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipt <br> ETF Exchange-Traded Fund <br> L.P. Limited Partnership

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

PLC Public Limited Company <br> REIT Real Estate Investment Trust

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar U.S. Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $1623096292 | &nbsp;&nbsp; $7330758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1630427050 |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships | &nbsp;&nbsp; 4429734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4429734 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 145641348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145641348 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 36172959 | &nbsp;&nbsp; 3510000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39682959 |
| **Total Investments** | &nbsp;&nbsp; $1809340333 | &nbsp;&nbsp; $10840758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1820181091 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 93.9%** | **Common Stocks – 93.9%** | **Common Stocks – 93.9%** |
| **Advertising & Marketing – 0.6%** | **Advertising & Marketing – 0.6%** | **Advertising & Marketing – 0.6%** |
| &nbsp;&nbsp; Dentsu Group, Inc. <br> (Japan)<sup>(a)</sup> <br>| 18894 | $372601 |
| &nbsp;&nbsp; DKSH Holding A.G. <br> (Switzerland)<br>| 2080 | 143833 |
| &nbsp;&nbsp; Publicis Groupe S.A. <br> (France)<br>| 39449 | 3604919 |
| WPP PLC (United Kingdom) | 292921 | 1585988 |
|  |  | **5707341** |
| **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |
| Airbus S.E. (France) | 23900 | 4805219 |
| &nbsp;&nbsp; BAE Systems PLC (United <br> Kingdom)<br>| 30329 | 723669 |
| &nbsp;&nbsp; QinetiQ Group PLC (United <br> Kingdom)<br>| 6776 | 44424 |
| &nbsp;&nbsp; Rolls-Royce Holdings PLC <br> (United Kingdom)<br>| 47673 | 676622 |
| Safran S.A. (France) | 9258 | 3052839 |
|  |  | **9302773** |
| **Apparel & Textile Products – 2.3%** | **Apparel & Textile Products – 2.3%** | **Apparel & Textile Products – 2.3%** |
| adidas A.G. (Germany) | 29932 | 5720875 |
| &nbsp;&nbsp; Chow Tai Seng <br> Jewellery Co. Ltd., <br> Class A (China)<br>| 30600 | 54926 |
| &nbsp;&nbsp; Cie Financiere Richemont <br> S.A., Class A <br> (Switzerland)<sup>(b)</sup> <br>| 18624 | 3040858 |
| &nbsp;&nbsp; Eclat Textile Co. Ltd. <br> (Taiwan)<br>| 7508 | 100429 |
| Kering S.A. (France) | 31765 | 7799754 |
| &nbsp;&nbsp; LVMH Moet Hennessy <br> Louis Vuitton S.E. (France)<br>| 7890 | 4235448 |
| &nbsp;&nbsp; Shenzhou International <br> Group Holdings Ltd. <br> (China)<br>| 52200 | 375671 |
| Titan Co. Ltd. (India) | 12005 | 456987 |
| &nbsp;&nbsp; Youngone Corp. (South <br> Korea)<br>| 3165 | 137571 |
|  |  | **21922519** |
| **Asset Management – 1.1%** | **Asset Management – 1.1%** | **Asset Management – 1.1%** |
| &nbsp;&nbsp; 3i Group PLC (United <br> Kingdom)<br>| 10993 | 600681 |
| &nbsp;&nbsp; Ashmore Group PLC <br> (United Kingdom)<br>| 95421 | 220279 |
| EXOR N.V. (Netherlands) | 30123 | 2903150 |
| &nbsp;&nbsp; Netwealth Group Ltd. <br> (Australia)<br>| 9251 | 220770 |
| &nbsp;&nbsp; Partners Group Holding <br> A.G. (Switzerland)<br>| 201 | 270204 |
| Sanlam Ltd. (South Africa) | 217285 | 1045377 |
| &nbsp;&nbsp; Schroders PLC (United <br> Kingdom)<br>| 971193 | 4992080 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| &nbsp;&nbsp; St. James's Place PLC <br> (United Kingdom)<br>| 8429 | $145071 |
| &nbsp;&nbsp; VZ Holding A.G. <br> (Switzerland)<br>| 1193 | 252498 |
| XTB S.A. (Poland)<sup>(c)</sup> <br>| 4733 | 94587 |
|  |  | **10744697** |
| **Automotive – 4.0%** | **Automotive – 4.0%** | **Automotive – 4.0%** |
| &nbsp;&nbsp; Bayerische Motoren Werke <br> A.G. (Germany)<br>| 59255 | 5638203 |
| Bridgestone Corp. (Japan) | 43700 | 1767674 |
| &nbsp;&nbsp; Cie Generale des <br> Etablissements Michelin <br> S.C.A. (France)<br>| 9190 | 326948 |
| &nbsp;&nbsp; Contemporary Amperex <br> Technology Co. Ltd., <br> Class A (China)<br>| 170000 | 6208470 |
| Continental A.G. (Germany) | 81807 | 6987192 |
| Denso Corp. (Japan) | 63800 | 865602 |
| &nbsp;&nbsp; Fuyao Glass Industry <br> Group Co. Ltd., Class A <br> (China)<br>| 49600 | 375427 |
| &nbsp;&nbsp; Honda Motor Co. Ltd. <br> (Japan)<br>| 186000 | 1925640 |
| &nbsp;&nbsp; Huayu Automotive <br> Systems Co. Ltd., Class A <br> (China)<br>| 262400 | 638166 |
| &nbsp;&nbsp; Hyundai Mobis Co. Ltd. <br> (South Korea)<br>| 9165 | 1933996 |
| Kia Corp. (South Korea) | 14476 | 1059220 |
| &nbsp;&nbsp; Koito Manufacturing Co. <br> Ltd. (Japan)<br>| 11100 | 141934 |
| &nbsp;&nbsp; Li Auto, Inc., Class A <br> (China)\*<br>| 32400 | 424171 |
| &nbsp;&nbsp; Mercedes-Benz Group A.G. <br> (Germany)<br>| 63690 | 3606146 |
| &nbsp;&nbsp; NGK Insulators Ltd. <br> (Japan)<br>| 3900 | 49375 |
| Nifco, Inc. (Japan) | 8097 | 197567 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. <br> (Japan)<sup>(a)\*</sup> <br>| 124476 | 263927 |
| &nbsp;&nbsp; Stanley Electric Co. Ltd. <br> (Japan)<br>| 49500 | 933546 |
| &nbsp;&nbsp; Sumitomo Electric <br> Industries Ltd. (Japan)<br>| 20400 | 506220 |
| Toyo Tire Corp. (Japan) | 7788 | 164958 |
| Toyota Motor Corp. (Japan) | 224900 | 4000433 |
|  |  | **38014815** |
| **Banking – 11.2%** | **Banking – 11.2%** | **Banking – 11.2%** |
| &nbsp;&nbsp; Al Rajhi Bank (Saudi <br> Arabia)<br>| 42086 | 1061159 |
| Axis Bank Ltd. (India) | 270624 | 3286479 |
| &nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria S.A. (Spain)<br>| 288819 | 4817001 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| &nbsp;&nbsp; Banco do Brasil S.A. <br> (Brazil)<br>| 364700 | $1288276 |
| &nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Indonesia)<br>| 2727200 | 1366861 |
| &nbsp;&nbsp; Bank for Foreign Trade of <br> Vietnam JSC (Vietnam)\*<br>| 268428 | 615878 |
| &nbsp;&nbsp; Bank Mandiri Persero Tbk <br> PT (Indonesia)<br>| 20570700 | 5599980 |
| &nbsp;&nbsp; Bank Polska Kasa Opieki <br> S.A. (Poland)<br>| 11423 | 620308 |
| &nbsp;&nbsp; Barclays PLC (United <br> Kingdom)<br>| 98016 | 479104 |
| &nbsp;&nbsp; BDO Unibank, Inc. <br> (Philippines)<br>| 236375 | 577021 |
| BNP Paribas S.A. (France) | 85698 | 7813797 |
| &nbsp;&nbsp; Capitec Bank Holdings Ltd. <br> (South Africa)<br>| 3471 | 672848 |
| &nbsp;&nbsp; China Construction <br> Bank Corp., Class H <br> (China)<br>| 3277000 | 3351727 |
| &nbsp;&nbsp; China Merchants Bank Co. <br> Ltd., Class H (China)<br>| 224613 | 1457547 |
| &nbsp;&nbsp; Commercial International <br> Bank - Egypt (CIB) GDR <br> (Egypt)<sup>(b)</sup> <br>| 390894 | 747197 |
| Credicorp Ltd. (Peru) | 19157 | 4540209 |
| &nbsp;&nbsp; CTBC Financial Holding Co. <br> Ltd. (Taiwan)<br>| 613000 | 842322 |
| &nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Singapore)<br>| 295687 | 10853047 |
| &nbsp;&nbsp; E.Sun Financial <br> Holding Co. Ltd. (Taiwan)<br>| 295934 | 316500 |
| &nbsp;&nbsp; Grupo Financiero Banorte <br> S.A.B. de C.V., Class O <br> (Mexico)<br>| 491620 | 4378324 |
| HDFC Bank Ltd. ADR (India) | 127729 | 9805755 |
| &nbsp;&nbsp; HSBC Holdings PLC (United <br> Kingdom)<br>| 168156 | 2048640 |
| ICICI Bank Ltd. (India) | 107183 | 1804888 |
| &nbsp;&nbsp; Intesa Sanpaolo S.p.A. <br> (Italy)<br>| 489139 | 2947193 |
| &nbsp;&nbsp; Kasikornbank PCL <br> (Thailand)<sup>(b)</sup> <br>| 155700 | 769763 |
| &nbsp;&nbsp; KB Financial Group, Inc. <br> (South Korea)<br>| 99335 | 7891990 |
| &nbsp;&nbsp; Kotak Mahindra Bank Ltd. <br> (India)<br>| 55239 | 1244554 |
| &nbsp;&nbsp; Lloyds Banking Group PLC <br> (United Kingdom)<br>| 1974559 | 2024809 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc. (Japan)<br>| 183600 | 2530516 |
| &nbsp;&nbsp; Mizuho Financial <br> Group, Inc. (Japan)<br>| 30000 | 879950 |
| &nbsp;&nbsp; National Bank of Greece <br> S.A. (Greece)<br>| 93082 | 1298360 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| &nbsp;&nbsp; NatWest Group PLC <br> (United Kingdom)<br>| 52184 | $362240 |
| &nbsp;&nbsp; Nedbank Group Ltd. (South <br> Africa)<br>| 85197 | 1162556 |
| &nbsp;&nbsp; NU Holdings Ltd., Class A <br> (Brazil)\*<br>| 59389 | 725734 |
| OTP Bank Nyrt. (Hungary) | 28921 | 2346822 |
| &nbsp;&nbsp; Qatar National Bank QPSC <br> (Qatar)<br>| 148870 | 765881 |
| &nbsp;&nbsp; Resona Holdings, Inc. <br> (Japan)<br>| 54600 | 497079 |
| &nbsp;&nbsp; Saudi National Bank (The) <br> (Saudi Arabia)<br>| 104983 | 1047635 |
| &nbsp;&nbsp; Sberbank of Russia PJSC <br> (Russia)<sup>(d)</sup> <br>| 405212 |  |
| &nbsp;&nbsp; Shinhan Financial <br> Group Co. Ltd. (South <br> Korea)<br>| 32789 | 1596625 |
| &nbsp;&nbsp; Skandinaviska Enskilda <br> Banken AB, Class A <br> (Sweden)<br>| 291305 | 5095664 |
| &nbsp;&nbsp; Standard Bank Group Ltd. <br> (South Africa)<br>| 90321 | 1162203 |
| &nbsp;&nbsp; Standard Chartered PLC <br> (United Kingdom)<br>| 21408 | 383781 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 100200 | 2527706 |
| &nbsp;&nbsp; Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 54400 | 1426083 |
|  |  | **107032012** |
| **Beverages – 2.3%** | **Beverages – 2.3%** | **Beverages – 2.3%** |
| Ambev S.A. (Brazil) | 96400 | 215885 |
| &nbsp;&nbsp; Anhui Kouzi Distillery Co. <br> Ltd., Class A (China)<br>| 18800 | 86613 |
| &nbsp;&nbsp; Arca Continental S.A.B. de <br> C.V. (Mexico)<br>| 45839 | 477902 |
| &nbsp;&nbsp; Asahi Group Holdings Ltd. <br> (Japan)<br>| 213200 | 2704672 |
| &nbsp;&nbsp; Carlsberg A.S., Class B <br> (Denmark)<br>| 1082 | 134890 |
| &nbsp;&nbsp; China Resources Beer <br> Holdings Co. Ltd. (China)<br>| 112000 | 372388 |
| &nbsp;&nbsp; Diageo PLC (United <br> Kingdom)<br>| 191879 | 4650680 |
| &nbsp;&nbsp; Fomento Economico <br> Mexicano S.A.B. de C.V. <br> ADR (Mexico)<br>| 51144 | 4626486 |
| &nbsp;&nbsp; Jiangsu King's Luck <br> Brewery JSC Ltd., <br> Class A (China)<br>| 9500 | 51738 |
| &nbsp;&nbsp; Jiangsu Yanghe <br> Distillery Co. Ltd., Class A <br> (China)<br>| 36400 | 340112 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| &nbsp;&nbsp; Kirin Holdings Co. Ltd. <br> (Japan)<br>| 65300 | $860502 |
| &nbsp;&nbsp; Kweichow Moutai Co. Ltd., <br> Class A (China)<br>| 700 | 137758 |
| Pernod Ricard S.A. (France) | 58059 | 5966656 |
| &nbsp;&nbsp; Tingyi Cayman Islands <br> Holding Corp. (China)<br>| 620000 | 916524 |
| &nbsp;&nbsp; Wuliangye Yibin Co. Ltd., <br> Class A (China)<br>| 3300 | 55368 |
|  |  | **21598174** |
| **Biotechnology & Pharmaceuticals – 4.8%** | **Biotechnology & Pharmaceuticals – 4.8%** | **Biotechnology & Pharmaceuticals – 4.8%** |
| 3SBio, Inc. (China)<sup>(c)\*</sup> <br>| 180788 | 730867 |
| &nbsp;&nbsp; Astellas Pharma, Inc. <br> (Japan)<br>| 98300 | 1019236 |
| &nbsp;&nbsp; AstraZeneca PLC (United <br> Kingdom)<br>| 16871 | 2461339 |
| Bayer A.G. (Germany)<sup>(b)</sup> <br>| 203233 | 6320904 |
| &nbsp;&nbsp; Changchun High-Tech <br> Industry Group Co. Ltd., <br> Class A (China)<br>| 8000 | 116714 |
| &nbsp;&nbsp; China Medical System <br> Holdings Ltd. (China)<br>| 749180 | 1272036 |
| &nbsp;&nbsp; Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 154700 | 7415846 |
| &nbsp;&nbsp; CSPC Pharmaceutical <br> Group Ltd. (China)<sup>(a)</sup> <br>| 62000 | 77921 |
| &nbsp;&nbsp; Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 69300 | 1700063 |
| &nbsp;&nbsp; Divi's Laboratories Ltd. <br> (India)<br>| 4456 | 333685 |
| Genmab A/S (Denmark)\* | 10067 | 2167399 |
| GSK PLC | 66503 | 1223256 |
| &nbsp;&nbsp; Hikma Pharmaceuticals <br> PLC (United Kingdom)<br>| 2228 | 57588 |
| &nbsp;&nbsp; Jiangsu Hengrui <br> Pharmaceuticals Co. Ltd., <br> Class A (China)<br>| 52600 | 458592 |
| &nbsp;&nbsp; Kalbe Farma Tbk PT <br> (Indonesia)<br>| 1290800 | 111642 |
| &nbsp;&nbsp; Kobayashi <br> Pharmaceutical Co. Ltd. <br> (Japan)<br>| 5800 | 203972 |
| &nbsp;&nbsp; Nippon Shinyaku Co. Ltd. <br> (Japan)<br>| 5173 | 111380 |
| Novartis A.G.<sup>(b)</sup> <br>| 47724 | 5435147 |
| &nbsp;&nbsp; Ono Pharmaceutical Co. <br> Ltd. (Japan)<br>| 35500 | 396989 |
| &nbsp;&nbsp; Orion OYJ, Class B <br> (Finland)<br>| 2456 | 196624 |
| &nbsp;&nbsp; Renhe Pharmacy Co. Ltd., <br> Class A (China)<br>| 128000 | 104258 |
| &nbsp;&nbsp; Roche Holding A.G. <br> (Genusschein)<br>| 28754 | 8973348 |
| Sanofi S.A. | 485 | 43539 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Shionogi & Co. Ltd. (Japan) | 173200 | $2896652 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. <br> Ltd. (Japan)<br>| 47100 | 1293827 |
| Tsumura & Co. (Japan) | 9200 | 226944 |
| &nbsp;&nbsp; Zhejiang Wolwo <br> Bio-Pharmaceutical Co. <br> Ltd., Class A (China)<br>| 19800 | 69611 |
|  |  | **45419379** |
| **Chemicals – 3.0%** | **Chemicals – 3.0%** | **Chemicals – 3.0%** |
| &nbsp;&nbsp; Aica Kogyo Co. Ltd. <br> (Japan)<br>| 9100 | 224068 |
| Air Liquide S.A. (France) | 18144 | 3569589 |
| &nbsp;&nbsp; Akzo Nobel N.V. <br> (Netherlands)<br>| 74130 | 4655472 |
| Brenntag S.E. (Germany) | 94669 | 5873187 |
| &nbsp;&nbsp; C Uyemura & Co. Ltd. <br> (Japan)<br>| 765 | 48997 |
| &nbsp;&nbsp; Croda International PLC <br> (United Kingdom)<br>| 2587 | 89039 |
| Dongyue Group Ltd. (China) | 66865 | 88378 |
| &nbsp;&nbsp; EMS-Chemie Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 612 | 481516 |
| &nbsp;&nbsp; Givaudan S.A. <br> (Switzerland)<sup>(b)</sup> <br>| 33 | 137952 |
| Linde PLC | 9145 | 4209078 |
| Nitto Denko Corp. (Japan) | 29100 | 602193 |
| &nbsp;&nbsp; Novonesis Novozymes B <br> (Denmark)<br>| 36014 | 2330018 |
| &nbsp;&nbsp; SABIC Agri-Nutrients Co. <br> (Saudi Arabia)<br>| 4469 | 141755 |
| &nbsp;&nbsp; Shin-Etsu Chemical Co. <br> Ltd. (Japan)<br>| 71700 | 2063305 |
| Symrise A.G. (Germany) | 27381 | 2482014 |
| Toagosei Co. Ltd. (Japan) | 18300 | 179388 |
| &nbsp;&nbsp; Toray Industries, Inc. <br> (Japan)<br>| 71500 | 489050 |
| UPL Ltd. (India) | 133423 | 1067431 |
| Zeon Corp. (Japan) | 5200 | 55190 |
|  |  | **28787620** |
| **Commercial Support Services – 1.6%** | **Commercial Support Services – 1.6%** | **Commercial Support Services – 1.6%** |
| ALSOK Co. Ltd. (Japan) | 8200 | 57118 |
| &nbsp;&nbsp; Bidvest Group Ltd. (South <br> Africa)<br>| 66290 | 862353 |
| Brambles Ltd. (Australia) | 3855 | 58980 |
| &nbsp;&nbsp; Bureau Veritas S.A. <br> (France)<br>| 7395 | 227737 |
| &nbsp;&nbsp; Compass Group PLC <br> (United Kingdom)<br>| 15975 | 561353 |
| Daiseki Co. Ltd. (Japan) | 2549 | 59343 |
| &nbsp;&nbsp; Eurofins Scientific S.E. <br> (Luxembourg)<br>| 57835 | 4429204 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| &nbsp;&nbsp; Intertek Group PLC (United <br> Kingdom)<br>| 5691 | $370029 |
| &nbsp;&nbsp; Recruit Holdings Co. Ltd. <br> (Japan)<br>| 32000 | 1898597 |
| RELX PLC (United Kingdom) | 22035 | 1144963 |
| &nbsp;&nbsp; Rentokil Initial PLC (United <br> Kingdom)<br>| 615929 | 3072530 |
| S-1 Corp. (South Korea) | 13050 | 695468 |
| Secom Co. Ltd. (Japan) | 45000 | 1616096 |
| &nbsp;&nbsp; Taiwan Secom Co. Ltd. <br> (Taiwan)<br>| 94000 | 355879 |
|  |  | **15409650** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| &nbsp;&nbsp; Anhui Conch Cement Co. <br> Ltd., Class H (China)<br>| 347500 | 1006058 |
| Astral Ltd. (India) | 14829 | 236517 |
| &nbsp;&nbsp; Cemex S.A.B. de C.V. ADR <br> (Mexico)<br>| 83255 | 724319 |
| &nbsp;&nbsp; Xinyi Glass Holdings Ltd. <br> (China)<sup>(a)</sup> <br>| 65374 | 67387 |
| &nbsp;&nbsp; Zhejiang Weixing New <br> Building Materials Co. <br> Ltd., Class A (China)<br>| 61000 | 90171 |
|  |  | **2124452** |
| **Consumer Services – 0.0%**<sup>(e)</sup> | **Consumer Services – 0.0%**<sup>(e)</sup> | **Consumer Services – 0.0%**<sup>(e)</sup> |
| &nbsp;&nbsp; Fu Shou Yuan International <br> Group Ltd. (China)<br>| 156421 | 71886 |
| &nbsp;&nbsp; Humansoft Holding Co. <br> K.S.C. (Kuwait)<br>| 45981 | 360304 |
|  |  | **432190** |
| **Containers & Packaging – 0.0%**<sup>(e)</sup> | **Containers & Packaging – 0.0%**<sup>(e)</sup> | **Containers & Packaging – 0.0%**<sup>(e)</sup> |
| &nbsp;&nbsp; CCL Industries, Inc., <br> Class B (Canada)<br>| 1104 | 61710 |
| Viscofan S.A. (Spain) | 1557 | 106542 |
|  |  | **168252** |
| **Diversified Industrials – 0.8%** | **Diversified Industrials – 0.8%** | **Diversified Industrials – 0.8%** |
| Alfa Laval AB (Sweden) | 111364 | 4838503 |
| Hitachi Ltd. (Japan) | 81700 | 2500073 |
| &nbsp;&nbsp; Sumitomo Heavy <br> Industries Ltd. (Japan)<br>| 24564 | 544008 |
|  |  | **7882584** |
| **E-Commerce Discretionary – 2.6%** | **E-Commerce Discretionary – 2.6%** | **E-Commerce Discretionary – 2.6%** |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (China)<br>| 903960 | 13590839 |
| &nbsp;&nbsp; JD.com, Inc., Class A <br> (China)<br>| 139000 | 2190910 |
| MercadoLibre, Inc. (Brazil)\* | 2587 | 6141253 |
| PDD Holdings, Inc. (China)\* | 16008 | 1816108 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **E-Commerce Discretionary (Continued)** | **E-Commerce Discretionary (Continued)** | **E-Commerce Discretionary (Continued)** |
| Pilot Corp. (Japan) | 5000 | $145571 |
| Sea Ltd. ADR (Singapore)\* | 3416 | 535116 |
|  |  | **24419797** |
| **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** |
| &nbsp;&nbsp; Chubu Electric Power Co., <br> Inc. (Japan)<br>| 39181 | 479213 |
| &nbsp;&nbsp; Engie Brasil Energia S.A. <br> (Brazil)<br>| 90000 | 644355 |
| Fortum OYJ (Finland) | 10949 | 200868 |
| &nbsp;&nbsp; Manila Electric Co. <br> (Philippines)<br>| 20977 | 193111 |
| &nbsp;&nbsp; National Grid PLC (United <br> Kingdom)<br>| 34563 | 485682 |
| &nbsp;&nbsp; Power Grid Corp. of <br> India Ltd. (India)<br>| 218244 | 721464 |
| SSE PLC (United Kingdom) | 17102 | 419208 |
|  |  | **3143901** |
| **Electrical Equipment – 1.5%** | **Electrical Equipment – 1.5%** | **Electrical Equipment – 1.5%** |
| &nbsp;&nbsp; Assa Abloy AB, Class B <br> (Sweden)<br>| 104736 | 3465741 |
| &nbsp;&nbsp; Daikin Industries Ltd. <br> (Japan)<br>| 10700 | 1315628 |
| &nbsp;&nbsp; dormakaba Holding A.G. <br> (Switzerland)<br>| 163 | 157348 |
| &nbsp;&nbsp; Guangzhou Shiyuan <br> Electronic Technology Co. <br> Ltd., Class A (China)<br>| 12300 | 59620 |
| &nbsp;&nbsp; Hexagon AB, Class B <br> (Sweden)<br>| 150300 | 1651508 |
| &nbsp;&nbsp; Hirose Electric Co. Ltd. <br> (Japan)<br>| 400 | 50226 |
| &nbsp;&nbsp; Huber + Suhner A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 803 | 107221 |
| &nbsp;&nbsp; Kone OYJ, Class B <br> (Finland)<br>| 8395 | 515524 |
| Legrand S.A. (France) | 3663 | 541050 |
| &nbsp;&nbsp; LEM Holding S.A. <br> (Switzerland)<sup>(b)\*</sup> <br>| 124 | 100795 |
| &nbsp;&nbsp; Mitsubishi Electric Corp. <br> (Japan)<br>| 71500 | 1608196 |
| &nbsp;&nbsp; Opple Lighting Co. Ltd., <br> Class A (China)<br>| 66010 | 169071 |
| Schneider Electric S.E. | 15000 | 3881902 |
| Voltas Ltd. (India) | 29633 | 447261 |
| &nbsp;&nbsp; Zhuzhou Hongda <br> Electronics Corp. Ltd., <br> Class A (China)<br>| 28600 | 140164 |
|  |  | **14211255** |
| **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** |
| &nbsp;&nbsp; Bravida Holding AB <br> (Sweden)<sup>(c)</sup> <br>| 17112 | 160578 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** |
| &nbsp;&nbsp; China Tower Corp. Ltd., <br> Class H (China)<sup>(c)</sup> <br>| 395000 | $552730 |
| &nbsp;&nbsp; COMSYS Holdings Corp. <br> (Japan)<br>| 7139 | 163661 |
| Indus Towers Ltd. (India)\* | 372720 | 1537120 |
| Kinden Corp. (Japan) | 7573 | 238449 |
| Larsen & Toubro Ltd. (India) | 17020 | 703874 |
| &nbsp;&nbsp; Spirax Group PLC (United <br> Kingdom)<br>| 620 | 51812 |
| &nbsp;&nbsp; United Integrated <br> Services Co. Ltd. (Taiwan)<br>| 12998 | 341252 |
|  |  | **3749476** |
| **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** |
| &nbsp;&nbsp; G-bits Network Technology <br> Xiamen Co. Ltd., Class A <br> (China)<br>| 7180 | 337470 |
| MIXI, Inc. (Japan) | 4550 | 104126 |
| NetEase, Inc. (China) | 119105 | 3113673 |
| NetEase, Inc. ADR (China) | 26767 | 3487740 |
| Nexon Co. Ltd. (Japan) | 29300 | 536133 |
| &nbsp;&nbsp; Square Enix Holdings Co. <br> Ltd. (Japan)<br>| 6500 | 439440 |
|  |  | **8018582** |
| **Food – 1.2%** | **Food – 1.2%** | **Food – 1.2%** |
| AVI Ltd. (South Africa) | 41553 | 214195 |
| &nbsp;&nbsp; Cheng De Lolo Co. Ltd., <br> Class A (China)<br>| 98500 | 119334 |
| Danone S.A. (France) | 21400 | 1751310 |
| &nbsp;&nbsp; Gruma S.A.B. de C.V., <br> Class B (Mexico)<br>| 3300 | 56846 |
| &nbsp;&nbsp; Kerry Group PLC, Class A <br> (Ireland)<br>| 2101 | 194070 |
| &nbsp;&nbsp; MEIJI Holdings Co. Ltd. <br> (Japan)<br>| 42900 | 867480 |
| &nbsp;&nbsp; Nestle Malaysia Bhd. <br> (Malaysia)<br>| 7100 | 146431 |
| Nestle S.A.<sup>(b)</sup> <br>| 7140 | 623872 |
| Nestle S.A. ADR | 54361 | 4728320 |
| Orion Corp. (South Korea) | 1162 | 92780 |
| &nbsp;&nbsp; Tiger Brands Ltd. (South <br> Africa)<br>| 9816 | 163544 |
| &nbsp;&nbsp; United Plantations Bhd. <br> (Malaysia)<br>| 44475 | 225651 |
| &nbsp;&nbsp; Universal Robina Corp. <br> (Philippines)<br>| 109309 | 165557 |
| &nbsp;&nbsp; Want Want China <br> Holdings Ltd. (China)<br>| 1353000 | 977913 |
| &nbsp;&nbsp; Yamazaki Baking Co. Ltd. <br> (Japan)<br>| 21900 | 467835 |
| &nbsp;&nbsp; Yihai International <br> Holding Ltd. (China)<br>| 78975 | 135978 |
|  |  | **10931116** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** |
| Suzano S.A. (Brazil)\* | 70700 | **$657058** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp; ENN Natural Gas Co. Ltd., <br> Class A (China)<br>| 287476 | 734550 |
| &nbsp;&nbsp; Kunlun Energy Co. Ltd. <br> (China)<br>| 84699 | 81595 |
| Osaka Gas Co. Ltd. (Japan) | 19800 | 500967 |
| &nbsp;&nbsp; Severn Trent PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 5874 | 205985 |
|  |  | **1523097** |
| **Health Care Facilities & Services – 1.4%** | **Health Care Facilities & Services – 1.4%** | **Health Care Facilities & Services – 1.4%** |
| &nbsp;&nbsp; Alfresa Holdings Corp. <br> (Japan)<br>| 30300 | 439835 |
| As One Corp. (Japan) | 8542 | 134235 |
| &nbsp;&nbsp; Fresenius Medical Care <br> A.G. (Germany)<br>| 107900 | 5472845 |
| &nbsp;&nbsp; Fresenius S.E. & Co. KGaA <br> (Germany)<br>| 92300 | 4405543 |
| &nbsp;&nbsp; Life Healthcare Group <br> Holdings Ltd. (South <br> Africa)<br>| 710329 | 522133 |
| &nbsp;&nbsp; Rede D'Or Sao Luiz S.A. <br> (Brazil)<sup>(c)\*</sup> <br>| 118300 | 684083 |
| &nbsp;&nbsp; Sinopharm Group Co. Ltd., <br> Class H (China)<br>| 515523 | 1239126 |
|  |  | **12897800** |
| **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** |
| &nbsp;&nbsp; Coway Co. Ltd. (South <br> Korea)<br>| 18133 | 1414296 |
| &nbsp;&nbsp; Haier Smart Home Co. Ltd., <br> Class A (China)<br>| 899700 | 3091005 |
| &nbsp;&nbsp; Hangzhou Robam <br> Appliances Co. Ltd., <br> Class A (China)<br>| 31800 | 83991 |
| &nbsp;&nbsp; Midea Group Co. Ltd., <br> Class A (China)<br>| 94600 | 918759 |
| &nbsp;&nbsp; Nien Made Enterprise Co. <br> Ltd. (Taiwan)<br>| 14400 | 205556 |
| Societe BIC S.A. (France) | 3007 | 182835 |
|  |  | **5896442** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp; Bellway PLC (United <br> Kingdom)<br>| 42 | 1375 |
| &nbsp;&nbsp; Berkeley Group Holdings <br> PLC (United Kingdom)<br>| 6462 | 310769 |
| &nbsp;&nbsp; Forbo Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 46 | 43632 |
| &nbsp;&nbsp; Geberit A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 590 | 451998 |
| &nbsp;&nbsp; Sekisui Chemical Co. Ltd. <br> (Japan)<br>| 14600 | 253239 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Home Construction (Continued)** | **Home Construction (Continued)** | **Home Construction (Continued)** |
| Sekisui House Ltd. (Japan) | 18869 | $395812 |
| TOTO Ltd. (Japan) | 2000 | 50912 |
|  |  | **1507737** |
| **Household Products – 2.8%** | **Household Products – 2.8%** | **Household Products – 2.8%** |
| Beiersdorf A.G. (Germany) | 1598 | 198571 |
| Haleon PLC | 1277961 | 5994498 |
| &nbsp;&nbsp; Hengan International <br> Group Co. Ltd. (China)<br>| 243500 | 727433 |
| Kao Corp. (Japan) | 29200 | 1313897 |
| &nbsp;&nbsp; Kimberly-Clark de Mexico <br> S.A.B. de C.V., Series A <br> (Mexico)<br>| 401107 | 750973 |
| &nbsp;&nbsp; LG H&H Co. Ltd. (South <br> Korea)<br>| 305 | 69136 |
| L'Oreal S.A. (France) | 13993 | 6191673 |
| &nbsp;&nbsp; Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 86910 | 6513540 |
| Unicharm Corp. (Japan) | 385200 | 2664485 |
| &nbsp;&nbsp; Unilever PLC (United <br> Kingdom)<br>| 14541 | 849989 |
| &nbsp;&nbsp; Unilever PLC (London <br> Exchange) (United <br> Kingdom)<br>| 30170 | 1750478 |
|  |  | **27024673** |
| **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** |
| &nbsp;&nbsp; Bodycote PLC (United <br> Kingdom)<br>| 18213 | 153097 |
| &nbsp;&nbsp; Elite Material Co. Ltd. <br> (Taiwan)<br>| 16000 | 586506 |
| Hexpol AB (Sweden) | 5662 | 48756 |
| &nbsp;&nbsp; King Slide Works Co. Ltd. <br> (Taiwan)<br>| 5000 | 440248 |
| SKF AB, Class B (Sweden) | 162112 | 3775987 |
|  |  | **5004594** |
| **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** |
| &nbsp;&nbsp; Ashtead Group PLC (United <br> Kingdom)<br>| 93930 | 6275592 |
| &nbsp;&nbsp; Bossard Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 738 | 156409 |
| &nbsp;&nbsp; KEPCO Plant Service & <br> Engineering Co. Ltd. <br> (South Korea)<br>| 2392 | 89511 |
|  |  | **6521512** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| &nbsp;&nbsp; Bursa Malaysia Bhd. <br> (Malaysia)<br>| 106500 | 187847 |
| &nbsp;&nbsp; Daiwa Securities <br> Group, Inc. (Japan)<sup>(a)</sup> <br>| 65900 | 458786 |
| &nbsp;&nbsp; Hong Kong Exchanges & <br> Clearing Ltd. (Hong Kong)<br>| 9600 | 519541 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| &nbsp;&nbsp; IG Group Holdings PLC <br> (United Kingdom)<br>| 30057 | $447573 |
| &nbsp;&nbsp; Japan Exchange <br> Group, Inc. (Japan)<br>| 66400 | 648886 |
| &nbsp;&nbsp; London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 4569 | 556939 |
| &nbsp;&nbsp; Nihon M&A Center <br> Holdings, Inc. (Japan)<br>| 48400 | 241962 |
| &nbsp;&nbsp; Singapore Exchange Ltd. <br> (Singapore)<br>| 17300 | 212126 |
|  |  | **3273660** |
| **Insurance – 4.4%** | **Insurance – 4.4%** | **Insurance – 4.4%** |
| &nbsp;&nbsp; AIA Group Ltd. (Hong <br> Kong)<br>| 878200 | 8188488 |
| Allianz S.E. (Germany)<sup>(b)</sup> <br>| 24807 | 9803183 |
| &nbsp;&nbsp; ASR Nederland N.V. <br> (Netherlands)<br>| 48300 | 3208277 |
| &nbsp;&nbsp; Aviva PLC (United <br> Kingdom)<br>| 25934 | 221580 |
| &nbsp;&nbsp; BB Seguridade <br> Participacoes S.A. (Brazil)<br>| 243900 | 1465696 |
| &nbsp;&nbsp; China Pacific Insurance <br> Group Co. Ltd., Class H <br> (China)<br>| 186400 | 750711 |
| &nbsp;&nbsp; Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 110800 | 876670 |
| &nbsp;&nbsp; HDFC Life Insurance Co. <br> Ltd. (India)<sup>(c)</sup> <br>| 92288 | 792956 |
| &nbsp;&nbsp; Legal & General Group PLC <br> (United Kingdom)<br>| 60889 | 205992 |
| &nbsp;&nbsp; Manulife Financial Corp. <br> (Canada)<br>| 174183 | 5389164 |
| &nbsp;&nbsp; MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 36800 | 786272 |
| &nbsp;&nbsp; Ping An Insurance <br> Group Co. of China Ltd., <br> Class H (China)<br>| 514000 | 3528797 |
| Prudential PLC (Hong Kong) | 392763 | 4982665 |
| &nbsp;&nbsp; Sompo Holdings, Inc. <br> (Japan)<br>| 16900 | 498331 |
| &nbsp;&nbsp; Tokio Marine Holdings, Inc. <br> (Japan)<br>| 33600 | 1349138 |
|  |  | **42047920** |
| **Internet Media & Services – 3.2%** | **Internet Media & Services – 3.2%** | **Internet Media & Services – 3.2%** |
| &nbsp;&nbsp; Auto Trader Group PLC <br> (United Kingdom)<sup>(c)</sup> <br>| 34262 | 378245 |
| &nbsp;&nbsp; Baidu, Inc., Class A <br> (China)\*<br>| 201300 | 2202491 |
| &nbsp;&nbsp; Guangdong South New <br> Media Co. Ltd., Class A <br> (China)<br>| 65800 | 373936 |
| Kakaku.com, Inc. (Japan) | 11526 | 195902 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| Kanzhun Ltd.ADR (China)\* | 31681 | $600672 |
| M3, Inc. (Japan) | 12400 | 152505 |
| MakeMyTrip Ltd. (India)<sup>(a)\*</sup> <br>| 4804 | 449606 |
| Meituan, Class B (China)<sup>(c)\*</sup> <br>| 137990 | 2128847 |
| &nbsp;&nbsp; MONY Group PLC (United <br> Kingdom)<br>| 65190 | 172479 |
| NAVER Corp. (South Korea) | 781 | 131439 |
| Prosus N.V. (China)\* | 59991 | 3427034 |
| &nbsp;&nbsp; REA Group Ltd. <br> (Australia)<sup>(a)</sup> <br>| 404 | 61542 |
| &nbsp;&nbsp; Rightmove PLC (United <br> Kingdom)<br>| 105036 | 1133496 |
| &nbsp;&nbsp; Tencent Holdings Ltd. <br> (China)<br>| 217100 | 15199657 |
| &nbsp;&nbsp; Tencent Music <br> Entertainment Group ADR <br> (China)<br>| 87973 | 1846553 |
| Trip.com Group Ltd. (China) | 33800 | 2098387 |
| Zetrix Ai Bhd. (Malaysia) | 548164 | 112429 |
|  |  | **30665220** |
| **IT Services – 1.0%** | **IT Services – 1.0%** | **IT Services – 1.0%** |
| Capgemini S.E. (France) | 32580 | 4850396 |
| CGI, Inc. (Canada) | 1320 | 127256 |
| Fujitsu Ltd. (Japan) | 79700 | 1736178 |
| Infosys Ltd. (India) | 71291 | 1212442 |
| Otsuka Corp. (Japan) | 12300 | 233050 |
| &nbsp;&nbsp; Samsung SDS Co. Ltd. <br> (South Korea)<br>| 1574 | 180330 |
| &nbsp;&nbsp; Tata Consultancy <br> Services Ltd. (India)<br>| 30808 | 1062459 |
| Wipro Ltd. (India) | 66106 | 185954 |
|  |  | **9588065** |
| **Leisure Facilities & Services – 1.1%** | **Leisure Facilities & Services – 1.1%** | **Leisure Facilities & Services – 1.1%** |
| Accor S.A. (France) | 82719 | 4192523 |
| &nbsp;&nbsp; Amadeus IT Group S.A. <br> (Spain)<br>| 11700 | 939438 |
| &nbsp;&nbsp; Arcos Dorados <br> Holdings, Inc., Class A <br> (Brazil)<sup>(a)</sup> <br>| 74333 | 494314 |
| &nbsp;&nbsp; Entain PLC (United <br> Kingdom)<br>| 10914 | 146561 |
| &nbsp;&nbsp; Flutter Entertainment PLC <br> (United Kingdom)\*<br>| 9024 | 2727594 |
| &nbsp;&nbsp; H World Group Ltd. ADR <br> (China)<br>| 15486 | 483473 |
| &nbsp;&nbsp; InterContinental Hotels <br> Group PLC (United <br> Kingdom)<br>| 1962 | 225709 |
| &nbsp;&nbsp; Jollibee Foods Corp. <br> (Philippines)<br>| 73330 | 272380 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| OPAP S.A. (Greece) | 25571 | $573711 |
| &nbsp;&nbsp; Yum China Holdings, Inc. <br> (China)<br>| 9998 | 466707 |
|  |  | **10522410** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| &nbsp;&nbsp; Fusheng Precision Co. Ltd. <br> (Taiwan)<br>| 14257 | 133450 |
| Shimano, Inc. (Japan) | 5400 | 590738 |
|  |  | **724188** |
| **Machinery – 4.6%** | **Machinery – 4.6%** | **Machinery – 4.6%** |
| &nbsp;&nbsp; Airtac International Group <br> (China)<br>| 6000 | 170649 |
| &nbsp;&nbsp; Atlas Copco AB, Class A <br> (Sweden)<br>| 179273 | 2730039 |
| CNH Industrial N.V. | 561966 | 7283079 |
| Cummins India Ltd. (India) | 16038 | 647745 |
| Daifuku Co. Ltd. (Japan) | 109200 | 2764531 |
| &nbsp;&nbsp; Doosan Bobcat, Inc. (South <br> Korea)\*<br>| 4241 | 168127 |
| &nbsp;&nbsp; Epiroc AB, Class A <br> (Sweden)<br>| 183008 | 3724793 |
| FANUC Corp. (Japan) | 58500 | 1628462 |
| &nbsp;&nbsp; Haitian International <br> Holdings Ltd. (China)<br>| 36000 | 97587 |
| IMI PLC (United Kingdom) | 6459 | 188699 |
| Keyence Corp. (Japan) | 10100 | 3653488 |
| Komatsu Ltd. (Japan) | 240400 | 7745184 |
| Nabtesco Corp. (Japan) | 30466 | 560467 |
| &nbsp;&nbsp; Rotork PLC (United <br> Kingdom)<br>| 53483 | 229400 |
| Sandvik AB (Sweden) | 114700 | 2798642 |
| &nbsp;&nbsp; Sany Heavy Industry Co. <br> Ltd., Class A (China)<br>| 200900 | 554726 |
| SMC Corp. (Japan) | 10700 | 3723317 |
| &nbsp;&nbsp; Smiths Group PLC (United <br> Kingdom)<br>| 43120 | 1335693 |
| &nbsp;&nbsp; Techtronic Industries Co. <br> Ltd. (Hong Kong)<br>| 234500 | 2804070 |
| &nbsp;&nbsp; Vesuvius PLC (United <br> Kingdom)<br>| 11063 | 52071 |
| WEG S.A. (Brazil) | 86191 | 569522 |
|  |  | **43430291** |
| **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** |
| Alcon A.G.<sup>(a)</sup> <br>| 50480 | 4419524 |
| Ansell Ltd. (Australia) | 3389 | 64881 |
| &nbsp;&nbsp; Coloplast A/S, Class B <br> (Denmark)<br>| 21856 | 1996153 |
| &nbsp;&nbsp; FUJIFILM Holdings Corp. <br> (Japan)<br>| 38100 | 790279 |
| Hoya Corp. (Japan) | 11600 | 1463488 |
| Nakanishi, Inc. (Japan) | 7900 | 101692 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| Olympus Corp. (Japan) | 114100 | $1363159 |
| &nbsp;&nbsp; Ovctek China, Inc., Class A <br> (China)<br>| 87900 | 217672 |
| &nbsp;&nbsp; Shenzhen Mindray <br> Bio-Medical <br> Electronics Co. Ltd., <br> Class A (China)<br>| 65700 | 2102172 |
| &nbsp;&nbsp; Siemens Healthineers A.G. <br> (Germany)<sup>(c)</sup> <br>| 1000 | 53863 |
| &nbsp;&nbsp; Smith & Nephew PLC <br> (United Kingdom)<br>| 205518 | 3140924 |
| &nbsp;&nbsp; Sonova Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 8774 | 2388353 |
| Sysmex Corp. (Japan) | 251800 | 4090706 |
|  |  | **22192866** |
| **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** |
| &nbsp;&nbsp; Anglo American PLC <br> (South Africa)<br>| 10558 | 297082 |
| &nbsp;&nbsp; BHP Group Ltd. ADR <br> (Australia)<sup>(a)</sup> <br>| 77933 | 3948865 |
| &nbsp;&nbsp; Bukit Asam Tbk PT <br> (Indonesia)<br>| 839498 | 123256 |
| Cameco Corp. (Canada) | 13401 | 1006139 |
| &nbsp;&nbsp; China Shenhua Energy Co. <br> Ltd., Class H (China)<br>| 34500 | 149528 |
| &nbsp;&nbsp; CMOC Group Ltd., Class H <br> (China)<br>| 483000 | 548270 |
| &nbsp;&nbsp; Exxaro Resources Ltd. <br> (South Africa)<br>| 12511 | 109394 |
| Fortescue Ltd. (Australia) | 19404 | 219542 |
| Glencore PLC (Australia)<sup>(a)\*</sup> <br>| 2131415 | 8554064 |
| &nbsp;&nbsp; Grupo Mexico S.A.B. de <br> C.V., Series B (Mexico)<br>| 283965 | 1771526 |
| &nbsp;&nbsp; Indo Tambangraya Megah <br> Tbk PT (Indonesia)<br>| 138830 | 193710 |
| &nbsp;&nbsp; Kumba Iron Ore Ltd. (South <br> Africa)<br>| 42885 | 709137 |
| Rio Tinto PLC (Australia) | 84276 | 5019432 |
| &nbsp;&nbsp; Shougang Fushan <br> Resources Group Ltd. <br> (China)<br>| 467826 | 171757 |
| &nbsp;&nbsp; Sumitomo Metal <br> Mining Co. Ltd. (Japan)<sup>(a)</sup> <br>| 20300 | 446505 |
| &nbsp;&nbsp; United Tractors Tbk PT <br> (Indonesia)<br>| 478017 | 700448 |
| Vale S.A. (Brazil) | 11600 | 110395 |
| Vale S.A. ADR (Brazil) | 101925 | 971345 |
| &nbsp;&nbsp; Valterra Platinum Ltd. <br> (South Africa)<br>| 1226 | 54726 |
|  |  | **25105121** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain – 6.3%** | **Oil & Gas Supply Chain – 6.3%** | **Oil & Gas Supply Chain – 6.3%** |
| &nbsp;&nbsp; Abu Dhabi National Oil Co. <br> for Distribution PJSC <br> (United Arab Emirates)<br>| 52427 | $52954 |
| BP PLC | 999219 | 5356098 |
| &nbsp;&nbsp; Canadian Natural <br> Resources Ltd. (Canada)<br>| 68574 | 2170652 |
| &nbsp;&nbsp; Cenovus Energy, Inc. <br> (Canada)<br>| 57979 | 882489 |
| Chevron Corp. | 10825 | 1641503 |
| &nbsp;&nbsp; China Petroleum & <br> Chemical Corp., Class H <br> (China)<br>| 1603092 | 940731 |
| &nbsp;&nbsp; ENEOS Holdings, Inc. <br> (Japan)<br>| 98400 | 516466 |
| Eni S.p.A. (Italy) | 97615 | 1666030 |
| Equinor ASA (Norway) | 44676 | 1147618 |
| Exxon Mobil Corp. | 21594 | 2410754 |
| &nbsp;&nbsp; Galp Energia SGPS S.A. <br> (Portugal)<br>| 21531 | 411140 |
| Gazprom PJSC (Russia)<sup>(d)\*</sup> <br>| 421794 |  |
| Imperial Oil Ltd. (Canada) | 4943 | 412142 |
| Inpex Corp. (Japan) | 120100 | 1710075 |
| LUKOIL PJSC (Russia)<sup>(d)</sup> <br>| 13736 |  |
| &nbsp;&nbsp; MOL Hungarian Oil & Gas <br> PLC (Hungary)<br>| 103662 | 900670 |
| Neste OYJ (Finland) | 27725 | 437574 |
| &nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras ADR (Brazil)<br>| 310711 | 3958458 |
| &nbsp;&nbsp; Petronas Gas Bhd. <br> (Malaysia)<br>| 54600 | 230178 |
| PRIO S.A. (Brazil)\* | 109600 | 823632 |
| &nbsp;&nbsp; PTT Exploration & <br> Production PCL (Thailand)<br>| 153400 | 591563 |
| &nbsp;&nbsp; Reliance Industries Ltd. <br> (India)<br>| 73676 | 1163528 |
| Repsol S.A. (Spain) | 81756 | 1239566 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC <br> (Russia)<sup>(d)</sup> <br>| 210931 |  |
| Santos Ltd. (Australia) | 198559 | 999127 |
| Shell PLC | 544458 | 19564080 |
| &nbsp;&nbsp; Suncor Energy, Inc. <br> (Canada)<br>| 41235 | 1626366 |
| TotalEnergies S.E. (France) | 99938 | 5942864 |
| Vibra Energia S.A. (Brazil) | 290400 | 1103090 |
| &nbsp;&nbsp; Vista Energy S.A.B. de C.V. <br> ADR (Argentina)<sup>(a)\*</sup> <br>| 4744 | 212057 |
| &nbsp;&nbsp; Woodside Energy <br> Group Ltd. (Australia)<br>| 101111 | 1711040 |
|  |  | **59822445** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Schlumberger N.V. | 31636 | **1069297** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; Informa PLC (United <br> Kingdom)<br>| 20200 | $230988 |
| &nbsp;&nbsp; Metropole Television S.A. <br> (France)<br>| 13097 | 191314 |
| &nbsp;&nbsp; Shandong Publishing & <br> Media Co. Ltd., Class A <br> (China)<br>| 107391 | 134002 |
|  |  | **556304** |
| **Real Estate Investment Trusts – 0.0%**<sup>(e)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(e)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(e)</sup> |
| &nbsp;&nbsp; Parkway Life Real Estate <br> Investment Trust <br> (Singapore)<br>| 55300 | **171301** |
| **Real Estate Owners & Developers – 0.6%** | **Real Estate Owners & Developers – 0.6%** | **Real Estate Owners & Developers – 0.6%** |
| &nbsp;&nbsp; China Resources Land Ltd. <br> (China)<br>| 147000 | 539044 |
| &nbsp;&nbsp; Emaar Development PJSC <br> (United Arab Emirates)<br>| 135784 | 554126 |
| &nbsp;&nbsp; Emaar Properties PJSC <br> (United Arab Emirates)<br>| 42137 | 174502 |
| &nbsp;&nbsp; Mitsubishi Estate Co. Ltd. <br> (Japan)<br>| 174300 | 3263319 |
| &nbsp;&nbsp; Mitsui Fudosan Co. Ltd. <br> (Japan)<br>| 52600 | 470155 |
| &nbsp;&nbsp; Sumitomo Realty & <br> Development Co. Ltd. <br> (Japan)<br>| 13600 | 496797 |
|  |  | **5497943** |
| **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** |
| &nbsp;&nbsp; China Resources Mixc <br> Lifestyle Services Ltd. <br> (China)<sup>(c)</sup> <br>| 129600 | 601845 |
| &nbsp;&nbsp; Country Garden Services <br> Holdings Co. Ltd. (China)<br>| 591000 | 488654 |
| &nbsp;&nbsp; Daito Trust <br> Construction Co. Ltd. <br> (Japan)<br>| 2300 | 235469 |
| &nbsp;&nbsp; KE Holdings, Inc., Class A <br> (China)<br>| 79584 | 486738 |
|  |  | **1812706** |
| **Retail - Consumer Staples – 1.5%** | **Retail - Consumer Staples – 1.5%** | **Retail - Consumer Staples – 1.5%** |
| &nbsp;&nbsp; Alibaba Health Information <br> Technology Ltd. (China)\*<br>| 1294000 | 802458 |
| &nbsp;&nbsp; Alimentation <br> Couche-Tard, Inc. <br> (Canada)<br>| 68777 | 3573863 |
| &nbsp;&nbsp; BIM Birlesik Magazalar <br> A.S. (Turkey)<br>| 93599 | 1223170 |
| &nbsp;&nbsp; Clicks Group Ltd. (South <br> Africa)<br>| 30573 | 640974 |
| CP ALL PCL (Thailand)<sup>(b)</sup> <br>| 412600 | 596553 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Consumer Staples (Continued)** | **Retail - Consumer Staples (Continued)** | **Retail - Consumer Staples (Continued)** |
| &nbsp;&nbsp; DaShenLin Pharmaceutical <br> Group Co. Ltd., Class A <br> (China)<br>| 316839 | $759474 |
| &nbsp;&nbsp; Jeronimo Martins SGPS <br> S.A. (Portugal)<br>| 45159 | 1100871 |
| &nbsp;&nbsp; Koninklijke Ahold Delhaize <br> N.V. (Netherlands)<br>| 60900 | 2405334 |
| &nbsp;&nbsp; President Chain <br> Store Corp. (Taiwan)<br>| 16000 | 137112 |
| Raia Drogasil S.A. (Brazil) | 246845 | 595121 |
| Seria Co. Ltd. (Japan) | 7400 | 136283 |
| &nbsp;&nbsp; Seven & i Holdings Co. Ltd. <br> (Japan)<br>| 51900 | 684208 |
| Sundrug Co. Ltd. (Japan) | 6900 | 204509 |
| &nbsp;&nbsp; Tesco PLC (United <br> Kingdom)<br>| 88372 | 496511 |
| &nbsp;&nbsp; Wal-Mart de Mexico <br> S.A.B. de C.V. (Mexico)<br>| 251345 | 740778 |
|  |  | **14097219** |
| **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** |
| &nbsp;&nbsp; Associated British Foods <br> PLC (United Kingdom)<br>| 27 | 782 |
| &nbsp;&nbsp; Astra International Tbk PT <br> (Indonesia)<br>| 2667000 | 824425 |
| &nbsp;&nbsp; Chengdu Fusen <br> Noble-House <br> Industrial Co. Ltd., <br> Class A (China)<br>| 122450 | 202598 |
| &nbsp;&nbsp; Dunelm Group PLC (United <br> Kingdom)<br>| 18506 | 296862 |
| &nbsp;&nbsp; Fast Retailing Co. Ltd. <br> (Japan)<br>| 3400 | 1037101 |
| &nbsp;&nbsp; Jardine Matheson <br> Holdings Ltd. (Hong Kong)<br>| 9600 | 521293 |
| JUMBO S.A. (Greece) | 1749 | 59160 |
| &nbsp;&nbsp; Localiza Rent a Car S.A. <br> (Brazil)\*<br>| 70283 | 433028 |
| &nbsp;&nbsp; Luk Fook Holdings <br> International Ltd. (Hong <br> Kong)<br>| 26158 | 68256 |
| Moncler S.p.A. (Italy) | 3542 | 188904 |
| &nbsp;&nbsp; Mr Price Group Ltd. (South <br> Africa)<br>| 22431 | 259564 |
| Next PLC (United Kingdom) | 2082 | 337952 |
| Pandora A/S (Denmark) | 706 | 116558 |
| &nbsp;&nbsp; Truworths <br> International Ltd. (South <br> Africa)<br>| 43193 | 167710 |
| USS Co. Ltd. (Japan) | 41200 | 447798 |
| Workman Co. Ltd. (Japan) | 1969 | 84280 |
|  |  | **5046271** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Semiconductors – 5.5%** | **Semiconductors – 5.5%** | **Semiconductors – 5.5%** |
| &nbsp;&nbsp; ASE Technology <br> Holding Co. Ltd. (Taiwan)<br>| 309000 | $1498461 |
| &nbsp;&nbsp; ASML Holding N.V. <br> (Netherlands)<sup>(b)</sup> <br>| 4865 | 3379764 |
| &nbsp;&nbsp; ASML Holding N.V. <br> (Euronext Amsterdam <br> Exchange) (Netherlands)<br>| 8997 | 6235584 |
| ASMPT Ltd. (Hong Kong) | 78100 | 660704 |
| &nbsp;&nbsp; DB HiTek Co. Ltd. (South <br> Korea)<br>| 16712 | 545071 |
| Disco Corp. (Japan) | 11600 | 3428110 |
| &nbsp;&nbsp; Globalwafers Co. Ltd. <br> (Taiwan)<br>| 68000 | 771869 |
| &nbsp;&nbsp; Japan Material Co. Ltd. <br> (Japan)<br>| 4796 | 43712 |
| &nbsp;&nbsp; King Yuan Electronics Co. <br> Ltd. (Taiwan)<br>| 166000 | 649338 |
| &nbsp;&nbsp; LEENO Industrial, Inc. <br> (South Korea)<br>| 5292 | 179731 |
| MediaTek, Inc. (Taiwan) | 45000 | 2037806 |
| &nbsp;&nbsp; Novatek <br> Microelectronics Corp. <br> (Taiwan)<br>| 65000 | 1027239 |
| &nbsp;&nbsp; OmniVision Integrated <br> Circuits Group, Inc. <br> (China)<br>| 39300 | 657488 |
| &nbsp;&nbsp; Powertech Technology, Inc. <br> (Taiwan)<br>| 12000 | 50123 |
| &nbsp;&nbsp; SK Hynix, Inc. (South <br> Korea)<br>| 20052 | 3886398 |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> (Taiwan)<br>| 340945 | 13126140 |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 48883 | 11811111 |
| Tokyo Electron Ltd. (Japan) | 12200 | 1939542 |
|  |  | **51928191** |
| **Software – 1.3%** | **Software – 1.3%** | **Software – 1.3%** |
| &nbsp;&nbsp; Atoss Software S.E. <br> (Germany)<br>| 701 | 94027 |
| &nbsp;&nbsp; Dassault Systemes S.E. <br> (France)<br>| 109077 | 3583317 |
| Nice Ltd. ADR (Israel)<sup>(a)\*</sup> <br>| 11265 | 1757903 |
| Obic Co. Ltd. (Japan) | 74668 | 2658374 |
| SAP S.E. (Germany) | 1194 | 341431 |
| SAP S.E. ADR (Germany) | 12407 | 3557087 |
|  |  | **11992139** |
| **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** |
| &nbsp;&nbsp; Adyen N.V. <br> (Netherlands)<sup>(c)\*</sup> <br>| 2142 | 3673856 |
| Bajaj Finance Ltd. (India) | 62726 | 627722 |
| Edenred S.E. (France) | 156700 | 4475057 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Experian PLC | 13989 | $737091 |
| ORIX Corp. (Japan) | 30200 | 678384 |
| Plus500 Ltd. (Israel) | 10817 | 480076 |
| &nbsp;&nbsp; Worldline S.A. <br> (France)<sup>(a)(c)\*</sup> <br>| 231410 | 843021 |
| &nbsp;&nbsp; Zenkoku Hosho Co. Ltd. <br> (Japan)<br>| 11500 | 245354 |
|  |  | **11760561** |
| **Steel – 0.5%** | **Steel – 0.5%** | **Steel – 0.5%** |
| &nbsp;&nbsp; Maruichi Steel Tube Ltd. <br> (Japan)<br>| 6400 | 154723 |
| Mitsui & Co. Ltd. (Japan) | 85100 | 1732350 |
| Ternium S.A. ADR (Mexico) | 19703 | 641924 |
| &nbsp;&nbsp; thyssenkrupp A.G. <br> (Germany)<br>| 189749 | 2196375 |
| &nbsp;&nbsp; Tokyo Steel <br> Manufacturing Co. Ltd. <br> (Japan)<br>| 23807 | 247708 |
|  |  | **4973080** |
| **Technology Hardware – 4.5%** | **Technology Hardware – 4.5%** | **Technology Hardware – 4.5%** |
| &nbsp;&nbsp; Advantech Co. Ltd. <br> (Taiwan)<br>| 18000 | 200229 |
| &nbsp;&nbsp; Brother Industries Ltd. <br> (Japan)<br>| 17439 | 296739 |
| &nbsp;&nbsp; Casio Computer Co. Ltd. <br> (Japan)<br>| 53100 | 420677 |
| &nbsp;&nbsp; Delta Electronics, Inc. <br> (Taiwan)<br>| 375000 | 7064291 |
| &nbsp;&nbsp; Hon Hai Precision <br> Industry Co. Ltd. (Taiwan)<br>| 101000 | 593929 |
| &nbsp;&nbsp; Inaba Denki Sangyo Co. <br> Ltd. (Japan)<br>| 9500 | 249133 |
| Kyocera Corp. (Japan) | 74000 | 873524 |
| &nbsp;&nbsp; Largan Precision Co. Ltd. <br> (Taiwan)<br>| 6000 | 470599 |
| Lenovo Group Ltd. (China) | 574000 | 736012 |
| Lotes Co. Ltd. (Taiwan) | 11000 | 514359 |
| &nbsp;&nbsp; Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 126800 | 1887302 |
| Nidec Corp. (Japan) | 47100 | 903674 |
| Nintendo Co. Ltd. (Japan) | 23300 | 1947389 |
| &nbsp;&nbsp; Panasonic Holdings Corp. <br> (Japan)<br>| 83600 | 790799 |
| &nbsp;&nbsp; Quanta Computer, Inc. <br> (Taiwan)<br>| 92000 | 856903 |
| &nbsp;&nbsp; Samsung Electronics Co. <br> Ltd. (South Korea)<br>| 68249 | 3478240 |
| &nbsp;&nbsp; Samsung Electronics Co. <br> Ltd. GDR (South Korea)<sup>(b)</sup> <br>| 6270 | 7846092 |
| Sony Group Corp. (Japan) | 388300 | 9339903 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| &nbsp;&nbsp; TCL Technology <br> Group Corp., Class A <br> (China)<br>| 27600 | $16841 |
| TDK Corp. (Japan) | 79400 | 967325 |
| &nbsp;&nbsp; Venture Corp. Ltd. <br> (Singapore)<br>| 6700 | 66459 |
| Wiwynn Corp. (Taiwan) | 13000 | 1186466 |
| &nbsp;&nbsp; Xiamen Faratronic Co. Ltd., <br> Class A (China)<br>| 11000 | 167482 |
| &nbsp;&nbsp; Xiaomi Corp., Class B <br> (China)<sup>(c)\*</sup> <br>| 106600 | 717200 |
| Yageo Corp. (Taiwan) | 54936 | 965316 |
| &nbsp;&nbsp; Yealink Network <br> Technology Corp. Ltd., <br> Class A (China)<br>| 45100 | 209148 |
|  |  | **42766031** |
| **Telecommunications – 1.6%** | **Telecommunications – 1.6%** | **Telecommunications – 1.6%** |
| &nbsp;&nbsp; America Movil S.A.B. de <br> C.V. ADR (Mexico)<sup>(a)</sup> <br>| 62295 | 1125671 |
| Bharti Airtel Ltd. (India) | 54515 | 1186745 |
| &nbsp;&nbsp; BT Group PLC (United <br> Kingdom)<br>| 52872 | 144396 |
| &nbsp;&nbsp; CELCOMDIGI Bhd. <br> (Malaysia)<br>| 137200 | 123528 |
| &nbsp;&nbsp; Chunghwa Telecom Co. <br> Ltd. (Taiwan)<br>| 68000 | 293847 |
| Elisa OYJ (Finland) | 6489 | 333877 |
| KDDI Corp. (Japan) | 92400 | 1516433 |
| KT Corp. (South Korea) | 22720 | 901528 |
| &nbsp;&nbsp; Kuwait <br> Telecommunications Co. <br> (Kuwait)<br>| 69601 | 130722 |
| &nbsp;&nbsp; Mobile TeleSystems PJSC <br> (Russia)<sup>(d)\*</sup> <br>| 138416 |  |
| NTT, Inc. (Japan) | 961200 | 970679 |
| &nbsp;&nbsp; Saudi Telecom Co. (Saudi <br> Arabia)<br>| 17503 | 195923 |
| Softbank Corp. (Japan) | 307000 | 443565 |
| &nbsp;&nbsp; SoftBank Group Corp. <br> (Japan)<br>| 25200 | 1924246 |
| &nbsp;&nbsp; Telkom Indonesia Persero <br> Tbk PT (Indonesia)<br>| 20865233 | 3663829 |
| &nbsp;&nbsp; Telkom Indonesia Persero <br> Tbk PT ADR (Indonesia)<sup>(a)</sup> <br>| 65840 | 1158784 |
| &nbsp;&nbsp; Vodacom Group Ltd. (South <br> Africa)<br>| 149186 | 1139026 |
| &nbsp;&nbsp; Vodafone Group PLC <br> (United Kingdom)<br>| 304553 | 330196 |
|  |  | **15582995** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| &nbsp;&nbsp; British American Tobacco <br> PLC (United Kingdom)<br>| 25532 | 1367937 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** |
| &nbsp;&nbsp; Imperial Brands PLC <br> (United Kingdom)<br>| 83 | $3236 |
| KT&G Corp. (South Korea) | 10129 | 949329 |
|  |  | **2320502** |
| **Transportation & Logistics – 2.5%** | **Transportation & Logistics – 2.5%** | **Transportation & Logistics – 2.5%** |
| &nbsp;&nbsp; Canadian National <br> Railway Co. (Canada)<br>| 26583 | 2484181 |
| &nbsp;&nbsp; Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 1030 | 75748 |
| &nbsp;&nbsp; Daqin Railway Co. Ltd., <br> Class A (China)<br>| 68400 | 61974 |
| DSV A/S (Denmark) | 19410 | 4349490 |
| &nbsp;&nbsp; East Japan Railway Co. <br> (Japan)<br>| 63200 | 1354640 |
| &nbsp;&nbsp; Fujian Expressway <br> Development Co. Ltd., <br> Class A (China)<br>| 302300 | 145645 |
| &nbsp;&nbsp; Grupo Aeroportuario del <br> Pacifico S.A.B. de C.V. <br> ADR (Mexico)<br>| 7395 | 1699297 |
| &nbsp;&nbsp; International Container <br> Terminal Services, Inc. <br> (Philippines)<br>| 102840 | 789648 |
| Kamigumi Co. Ltd. (Japan) | 6500 | 182673 |
| &nbsp;&nbsp; Motiva Infraestrutura de <br> Mobilidade S.A. (Brazil)<br>| 323560 | 710156 |
| &nbsp;&nbsp; Ryanair Holdings PLC ADR <br> (Italy)<br>| 93609 | 5829033 |
| &nbsp;&nbsp; SF Holding Co. Ltd., <br> Class A (China)<br>| 436100 | 2776898 |
| &nbsp;&nbsp; TangShan Port Group Co. <br> Ltd., Class A (China)<br>| 130200 | 73088 |
| &nbsp;&nbsp; Westports Holdings Bhd. <br> (Malaysia)<br>| 63618 | 83378 |
| &nbsp;&nbsp; ZTO Express Cayman, Inc. <br> (China)<br>| 39460 | 769258 |
| &nbsp;&nbsp; ZTO Express Cayman, Inc. <br> ADR (China)<sup>(a)</sup> <br>| 132441 | 2607763 |
|  |  | **23992870** |
| **Transportation Equipment – 1.1%** | **Transportation Equipment – 1.1%** | **Transportation Equipment – 1.1%** |
| &nbsp;&nbsp; CRRC Corp. Ltd., Class A <br> (China)<br>| 690500 | 705218 |
| &nbsp;&nbsp; Daimler Truck Holding A.G. <br> (Germany)<br>| 118039 | 5742043 |
| &nbsp;&nbsp; Volvo AB, Class B <br> (Sweden)<br>| 94100 | 2702533 |
| &nbsp;&nbsp; Weichai Power Co. Ltd., <br> Class H (China)<br>| 579000 | 1227403 |
|  |  | **10377197** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Wholesale - Consumer Staples – 0.4%** | **Wholesale - Consumer Staples – 0.4%** | **Wholesale - Consumer Staples – 0.4%** |
| ITOCHU Corp. (Japan) | 37800 | $1982709 |
| Mitsubishi Corp. (Japan) | 81100 | 1599567 |
|  |  | **3582276** |
| **Wholesale - Discretionary – 0.0%**<sup>(e)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(e)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(e)</sup> |
| &nbsp;&nbsp; Bunzl PLC (United <br> Kingdom)<br>| 11477 | **340608** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $795,687,692) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $795,687,692) | **895293175** |
| **Master Limited Partnerships – 0.0%**<sup>(e)</sup>  | **Master Limited Partnerships – 0.0%**<sup>(e)</sup>  | **Master Limited Partnerships – 0.0%**<sup>(e)</sup>  |
| **Oil & Gas Supply Chain – 0.0%**<sup>(e)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(e)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(e)</sup> |
| &nbsp;&nbsp; Newmed Energy L.P. <br> (Israel)<br>| 82971 | **373723** |
| &nbsp;&nbsp; **Total Master Limited Partnership** <br>(Cost $237,610) | &nbsp;&nbsp; **Total Master Limited Partnership** <br>(Cost $237,610) | **373723** |
| **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| &nbsp;&nbsp; Itau Unibanco Holding S.A. <br> ADR, 3.97% (Brazil)<sup>(f)</sup> <br>| 156387 | **980546** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| &nbsp;&nbsp; Samsung Electronics Co. <br> Ltd., 2.53% (South <br> Korea)<sup>(f)</sup> <br>| 124150 | **5111810** |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $6,321,438) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $6,321,438) | **6092356** |
| **Investment Companies – 2.3%** | **Investment Companies – 2.3%** | **Investment Companies – 2.3%** |
| &nbsp;&nbsp; iShares Core MSCI Total <br> International Stock ETF<sup>(a)</sup> <br>| 156396 | 11989317 |
| &nbsp;&nbsp; iShares MSCI South Korea <br> ETF (South Korea)<sup>(a)</sup> <br>| 133055 | 9687735 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $19,712,254) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $19,712,254) | **21677052** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short-Term Investments – 4.9%** | **Short-Term Investments – 4.9%** | **Short-Term Investments – 4.9%** |
| **Money Market Funds – 4.9%** | **Money Market Funds – 4.9%** | **Money Market Funds – 4.9%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.15%<sup>(g)</sup> <br>| 29525886 | $29525886 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(g)(h)</sup> <br>| 16773452 | 16773452 |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $46,299,338) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $46,299,338) | **46299338** |
| &nbsp;&nbsp; **Total Investments – 101.7%** <br>(Cost $868,258,332) | &nbsp;&nbsp; **Total Investments – 101.7%** <br>(Cost $868,258,332) | **969735644** |
| Liabilities less Other Assets – (1.7)% | Liabilities less Other Assets – (1.7)% | (16207083)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$953528561** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Percentages shown are based on Net Assets.*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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> <br>| Security either partially or fully on loan. As of July 31, 2025, the total value of securities on loan is $24,360,329. |
| <sup>(b)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(c)</sup> <br>| Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt <br> from registration, normally to qualified institutional buyers. As of July 31, 2025, these securities had a total value of $11,412,678 or 1.20% of <br> net assets.<br>|
| <sup>(d)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3). |
| <sup>(e)</sup> <br>| Amount rounds to less than 0.05%. |
| <sup>(f)</sup> <br>| Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(g)</sup> <br>| 7-day current yield as of July 31, 2025 is disclosed. |
| <sup>(h)</sup> <br>| Security purchased with the cash proceeds from securities loaned. As of July 31, 2025, total cash collateral has a value of $16,773,452 and <br> total non-cash collateral has a value of $8,666,556.<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

\* Non-Income Producing Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| L.P. | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| QPSC | Qatari Public Shareholding Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| Euro | 20.9 |
| Japanese Yen | 15.2 |
| U.S. Dollar | 13.3 |
| British Pound | 11.2 |
| Hong Kong Dollar | 7.5 |
| All other currencies less than 5% | 31.9 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| Japan | 15.2 |
| United States | 14.2 |
| China | 11.1 |
| France | 7.8 |
| Germany | 7.2 |
| United Kingdom | 6.1 |
| South Korea | 5.0 |
| All other countries less than 5%<sup>(b)</sup> <br>| 33.4 |
| **Total** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>(a)</sup> Percentages shown are based on Net Assets. |
| <sup>(b)</sup> Includes Other. |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $152732759 | &nbsp;&nbsp; $742560416 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $895293175 |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships | &nbsp;&nbsp; — | &nbsp;&nbsp; 373723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 373723 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 980546 | &nbsp;&nbsp; 5111810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6092356 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 21677052 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21677052 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 46299338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46299338 |
| **Total Investments** | &nbsp;&nbsp; $221689695 | &nbsp;&nbsp; $748045949 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $969735644 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Includes securities determined to have no value as of July 31, 2025. <br>

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar Global Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Asset-Backed Securities – 3.5%** | **Asset-Backed Securities – 3.5%** | **Asset-Backed Securities – 3.5%** |
| **Other – 3.3%** | **Other – 3.3%** | **Other – 3.3%** |
| &nbsp;&nbsp; AMMC CLO Ltd., Series <br> 2021-24A, Class DR, (3M <br> CME Term SOFR + 2.95%, <br> 2.95% Floor), 7.28%, <br> 1/20/35<sup>(b)(c)</sup> <br>| $150000 | $150105 |
| &nbsp;&nbsp; Apex Credit CLO Ltd., <br> Series 2022-1A, Class D, <br> (3M CME Term SOFR + <br> 4.40%, 4.40% Floor), <br> 8.73%, 4/22/33<sup>(b)(c)</sup> <br>| 130000 | 130000 |
| &nbsp;&nbsp; Bain Capital Credit <br> CLO Ltd., Series 2022-2A, <br> Class D1R, (3M CME <br> Term SOFR + 3.20%), <br> 7.53%, 4/22/35<sup>(b)(c)</sup> <br>| 250000 | 250526 |
| &nbsp;&nbsp; Black Diamond CLO Ltd., <br> Series 2021-1A, <br> Class CR, (3M CME Term <br> SOFR + 3.90%), 8.22%, <br> 11/22/34<sup>(b)(c)(d)</sup> <br>| 150000 | 150000 |
| &nbsp;&nbsp; Blueberry Park CLO Ltd., <br> Series 2024-1A, <br> Class D1, (3M CME Term <br> SOFR + 2.90%, 2.90% <br> Floor), 7.23%, <br> 10/20/37<sup>(b)(c)</sup> <br>| 110000 | 110472 |
| &nbsp;&nbsp; BlueMountain CLO <br> XXIX Ltd., Series <br> 2020-29A, Class ER, (3M <br> CME Term SOFR + 7.12%, <br> 6.86% Floor), 11.44%, <br> 7/25/34<sup>(b)(c)</sup> <br>| 250000 | 247360 |
| &nbsp;&nbsp; BlueMountain CLO <br> XXX Ltd., Series <br> 2020-30A, Class CR, (3M <br> CME Term SOFR + 2.15%, <br> 2.15% Floor), 6.47%, <br> 4/15/35<sup>(b)(c)</sup> <br>| 250000 | 250372 |
| &nbsp;&nbsp; CIFC Funding Ltd., Series <br> 2017-3A, Class D1R, (3M <br> CME Term SOFR + 3.70%, <br> 3.70% Floor), 8.03%, <br> 4/20/37<sup>(b)(c)</sup> <br>| 210000 | 211292 |
| &nbsp;&nbsp; Columbia Cent CLO 35 Ltd., <br> Series 2025-35A, <br> Class D1A, (3M CME <br> Term SOFR + 3.50%), <br> 7.82%, 7/25/36<sup>(b)(c)</sup> <br>| 100000 | 100943 |
| &nbsp;&nbsp; Cook Park CLO Ltd., Series <br> 2018-1A, Class D, (3M <br> CME Term SOFR + <br> 2.86%), 7.18%, <br> 4/17/30<sup>(b)(c)</sup> <br>| 250000 | 251698 |
| &nbsp;&nbsp; Dwight Issuer LLC, Series <br> 2025-FL1, Class A, (1M <br> CME Term SOFR + <br> 1.66%), 5.96%, <br> 9/18/42<sup>(b)(c)</sup> <br>| 100000 | 100090 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Goldentree Loan <br> Management U.S. CLO 1 <br> Ltd., Series 2017-1A, <br> Class ER3, (3M CME Term <br> SOFR + 4.50%), 8.83%, <br> 4/20/34<sup>(b)(c)</sup> <br>| $150000 | $148708 |
| &nbsp;&nbsp; GoodLeap Sustainable <br> Home Solutions Trust, <br> Series 2021-3CS, Class C, <br> 3.50%, 5/20/48<sup>(b)</sup> <br>| 441959 | 265649 |
| &nbsp;&nbsp; Greywolf CLO IV Ltd., <br> Series 2019-1A, <br> Class CR2, (3M CME <br> Term SOFR + 3.50%), <br> 7.73%, 4/17/34<sup>(b)(c)(d)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; Jamestown CLO IX Ltd., <br> Series 2016-9A, <br> Class CR3, (3M CME <br> Term SOFR + 3.25%), <br> 7.57%, 7/25/34<sup>(b)(c)(d)</sup> <br>| 150000 | 150000 |
| &nbsp;&nbsp; Mountain View CLO <br> XVI Ltd., Series 2022-1A, <br> Class DR, (3M CME Term <br> SOFR + 4.19%, 4.19% <br> Floor), 8.51%, <br> 4/15/34<sup>(b)(c)</sup> <br>| 140000 | 140340 |
| &nbsp;&nbsp; Nassau Ltd., Series <br> 2021-IA, Class DR, (3M <br> CME Term SOFR + <br> 3.60%), 7.92%, <br> 8/26/34<sup>(b)(c)</sup> <br>| 150000 | 150539 |
| &nbsp;&nbsp; National Collegiate <br> Student Loan Trust, <br> Series 2007-2, Class A4, <br> (1M CME Term SOFR + <br> 0.40%), 4.76%, 1/25/33<sup>(c)</sup> <br>| 196618 | 191411 |
| &nbsp;&nbsp; New Mountain CLO 5 Ltd., <br> Series 5A, Class D1R, <br> (3M CME Term SOFR + <br> 3.15%), 7.48%, <br> 7/20/36<sup>(b)(c)</sup> <br>| 100000 | 99999 |
| &nbsp;&nbsp; Palmer Square CLO Ltd., <br> Series 2022-3A, <br> Class D1R, (3M CME <br> Term SOFR + 2.95%, <br> 2.95% Floor), 7.28%, <br> 7/20/37<sup>(b)(c)</sup> <br>| 150000 | 150424 |
| &nbsp;&nbsp; Palmer Square <br> Loan Funding Ltd., Series <br> 2022-3A, Class CR, (3M <br> CME Term SOFR + 3.00%, <br> 3.00% Floor), 7.32%, <br> 4/15/31<sup>(b)(c)</sup> <br>| 160000 | 160841 |
| &nbsp;&nbsp; Pioneer Aircraft <br> Finance Ltd., Series <br> 2019-1, Class A, 3.97%, <br> 6/15/44<sup>(b)</sup> <br>| 129106 | 126530 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; RAD CLO Ltd., Series <br> 2023-21A, Class D1R, <br> (3M CME Term SOFR + <br> 2.60%), 6.92%, <br> 1/25/37<sup>(b)(c)</sup> <br>| $160000 | $160221 |
| &nbsp;&nbsp; SMB Private Education <br> Loan Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D1, <br> 3.86%, 1/15/53<sup>(b)</sup> <br>| 135505 | 121822 |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class D, <br> 7.51%, 7/05/53<sup>(b)</sup> <br>| 100000 | 104909 |
| &nbsp;&nbsp; Stonepeak ABS, Series <br> 2021-1A, Class A, 2.68%, <br> 2/28/33<sup>(b)</sup> <br>| 152107 | 144897 |
| &nbsp;&nbsp; Symphony CLO XXV Ltd., <br> Series 2021-25A, <br> Class D, (3M CME Term <br> SOFR + 3.86%, 3.60% <br> Floor), 8.19%, <br> 4/19/34<sup>(b)(c)</sup> <br>| 250000 | 250067 |
| &nbsp;&nbsp; Trinitas CLO XXVII Ltd., <br> Series 2024-27A, <br> Class D1, (3M CME Term <br> SOFR + 4.30%, 4.30% <br> Floor), 8.63%, <br> 4/18/37<sup>(b)(c)</sup> <br>| 160000 | 160478 |
| &nbsp;&nbsp; Valley Stream Park <br> CLO Ltd., Series 2022-1A, <br> Class DRR, (3M CME <br> Term SOFR + 2.70%, <br> 2.70% Floor), 7.03%, <br> 1/20/37<sup>(b)(c)</sup> <br>| 120000 | 119998 |
|  |  | **4699691** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp; Galaxy XXVI CLO Ltd., <br> Series 2018-26A, <br> Class DR, (3M CME Term <br> SOFR + 2.95%, 2.95% <br> Floor), 7.28%, <br> 11/22/31<sup>(b)(c)</sup> <br>| 110000 | 110420 |
| &nbsp;&nbsp; MF1 LLC, Series 2022-FL9, <br> Class A, (1M CME Term <br> SOFR + 2.15%, 2.15% <br> Floor), 6.50%, <br> 6/19/37<sup>(b)(c)</sup> <br>| 206066 | 206311 |
|  |  | **316731** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $5,070,504) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $5,070,504) | **5016422** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 46.4%** | **Common Stocks – 46.4%** | **Common Stocks – 46.4%** |
| **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** |
| &nbsp;&nbsp; BAE Systems PLC (United <br> Kingdom)<br>| 96621 | $2305439 |
| &nbsp;&nbsp; Huntington Ingalls <br> Industries, Inc.<br>| 1418 | 395424 |
|  |  | **2700863** |
| **Asset Management – 0.7%** | **Asset Management – 0.7%** | **Asset Management – 0.7%** |
| Blackrock, Inc. | 274 | 303047 |
| Blackstone, Inc. | 1056 | 182646 |
| &nbsp;&nbsp; Macquarie Korea <br> Infrastructure Fund <br> (South Korea)<br>| 30161 | 256328 |
| T. Rowe Price Group, Inc.<sup>(e)</sup> <br>| 3035 | 307901 |
|  |  | **1049922** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| &nbsp;&nbsp; Hyundai Motor Co. (South <br> Korea)<br>| 5060 | **769765** |
| **Banking – 4.3%** | **Banking – 4.3%** | **Banking – 4.3%** |
| &nbsp;&nbsp; Bank Polska Kasa Opieki <br> S.A. (Poland)<br>| 10408 | 565190 |
| JP Morgan Chase & Co. | 6282 | 1860980 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.<br>| 1350 | 256864 |
| Truist Financial Corp. | 4831 | 211163 |
| U.S. Bancorp | 7571 | 340392 |
| UniCredit S.p.A. (Italy) | 39270 | 2889245 |
|  |  | **6123834** |
| **Beverages – 1.8%** | **Beverages – 1.8%** | **Beverages – 1.8%** |
| Coca-Cola (The) Co. | 9616 | 652830 |
| &nbsp;&nbsp; Coca-Cola Europacific <br> Partners PLC (United <br> Kingdom)<br>| 14935 | 1447500 |
| PepsiCo, Inc. | 3664 | 505339 |
|  |  | **2605669** |
| **Biotechnology & Pharmaceuticals – 4.3%** | **Biotechnology & Pharmaceuticals – 4.3%** | **Biotechnology & Pharmaceuticals – 4.3%** |
| AbbVie, Inc. | 2287 | 432289 |
| Amgen, Inc. | 1310 | 386581 |
| Bristol-Myers Squibb Co. | 5388 | 233354 |
| Gilead Sciences, Inc. | 3489 | 391780 |
| Johnson & Johnson | 13604 | 2241123 |
| Novartis A.G. ADR<sup>(e)</sup> <br>| 16772 | 1907647 |
| Pfizer, Inc. | 19811 | 461398 |
|  |  | **6054172** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| Comcast Corp., Class A | 20020 | **665265** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| &nbsp;&nbsp; Air Products and <br> Chemicals, Inc.<br>| 1746 | $502639 |
| &nbsp;&nbsp; International Flavors & <br> Fragrances, Inc.<br>| 4173 | 296408 |
|  |  | **799047** |
| **Construction Materials – 0.9%** | **Construction Materials – 0.9%** | **Construction Materials – 0.9%** |
| &nbsp;&nbsp; Cie de Saint-Gobain S.A. <br> (France)<br>| 10706 | **1228162** |
| **Consumer Services – 0.0%**<sup>(f)</sup> | **Consumer Services – 0.0%**<sup>(f)</sup> | **Consumer Services – 0.0%**<sup>(f)</sup> |
| WW International, Inc.\* | 786 | **33256** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Amcor PLC | 48141 | **450118** |
| **Diversified Industrials – 2.1%** | **Diversified Industrials – 2.1%** | **Diversified Industrials – 2.1%** |
| Emerson Electric Co. | 2100 | 305571 |
| &nbsp;&nbsp; Honeywell <br> International, Inc.<br>| 1031 | 229243 |
| Siemens A.G. (Germany)<sup>(g)</sup> <br>| 9792 | 2494055 |
|  |  | **3028869** |
| **Electric Utilities – 2.8%** | **Electric Utilities – 2.8%** | **Electric Utilities – 2.8%** |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.<br>| 3395 | 384110 |
| Dominion Energy, Inc. | 4492 | 262557 |
| Enel S.p.A. (Italy) | 180986 | 1595988 |
| &nbsp;&nbsp; National Grid PLC (United <br> Kingdom)<br>| 125436 | 1762638 |
|  |  | **4005293** |
| **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** |
| &nbsp;&nbsp; Johnson Controls <br> International PLC<br>| 8767 | **920535** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| &nbsp;&nbsp; Mondelez <br> International, Inc., <br> Class A<br>| 5877 | **380183** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| NiSource, Inc. | 4730 | **200788** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| CVS Health Corp. | 3345 | **207724** |
| **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** |
| &nbsp;&nbsp; Midea Group Co. Ltd., <br> Class H (China)<br>| 35211 | **341167** |
| **Household Products – 0.8%** | **Household Products – 0.8%** | **Household Products – 0.8%** |
| Kenvue, Inc. | 14339 | 307428 |
| Kimberly-Clark Corp. | 2337 | 291237 |
| Procter & Gamble (The) Co. | 3763 | 566219 |
|  |  | **1164884** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** |
| CME Group, Inc. | 2068 | $575483 |
| Morgan Stanley | 7270 | 1035684 |
| Northern Trust Corp. | 2249 | 292370 |
|  |  | **1903537** |
| **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
| &nbsp;&nbsp; MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 29332 | 626710 |
| &nbsp;&nbsp; NN Group N.V. <br> (Netherlands)<br>| 23030 | 1550741 |
| &nbsp;&nbsp; Zurich Insurance Group <br> A.G. (Switzerland)<br>| 1623 | 1107059 |
|  |  | **3284510** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| 1061 | **268592** |
| **Leisure Facilities & Services – 2.1%** | **Leisure Facilities & Services – 2.1%** | **Leisure Facilities & Services – 2.1%** |
| McDonald's Corp. | 1191 | 357383 |
| OPAP S.A. (Greece) | 105269 | 2361815 |
| Starbucks Corp. | 2699 | 240643 |
|  |  | **2959841** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| Hasbro, Inc. | 3396 | **255243** |
| **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** |
| Baxter International, Inc. | 13023 | 283381 |
| Medtronic PLC | 5197 | 468977 |
|  |  | **752358** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| Rio Tinto Ltd. (Australia) | 8272 | **588288** |
| **Oil & Gas Supply Chain – 4.3%** | **Oil & Gas Supply Chain – 4.3%** | **Oil & Gas Supply Chain – 4.3%** |
| Chevron Corp. | 12577 | 1907176 |
| Enbridge, Inc. (Canada) | 40851 | 1850029 |
| Exxon Mobil Corp. | 4885 | 545362 |
| Gazprom PJSC (Russia)<sup>(h)\*</sup> <br>| 33780 |  |
| LUKOIL PJSC (Russia)<sup>(h)</sup> <br>| 1232 |  |
| ONEOK, Inc. | 4275 | 351020 |
| &nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras (Brazil)<br>| 233597 | 1485546 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC <br> (Russia)<sup>(h)</sup> <br>| 17410 |  |
|  |  | **6139133** |
| **Real Estate Investment Trusts – 3.5%** | **Real Estate Investment Trusts – 3.5%** | **Real Estate Investment Trusts – 3.5%** |
| Crown Castle, Inc. | 4226 | 444110 |
| &nbsp;&nbsp; Federal Realty Investment <br> Trust<br>| 4096 | 377487 |
| &nbsp;&nbsp; Prologis Property Mexico <br> S.A. de C.V. (Mexico)<br>| 387469 | 1468542 |
| Realty Income Corp. | 3547 | 199093 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Simon Property Group, Inc. | 1205 | $197367 |
| Ventas, Inc. | 3030 | 203555 |
| VICI Properties, Inc. | 62629 | 2041706 |
|  |  | **4931860** |
| **Semiconductors – 2.3%** | **Semiconductors – 2.3%** | **Semiconductors – 2.3%** |
| &nbsp;&nbsp; ASE Technology <br> Holding Co. Ltd. (Taiwan)<br>| 157000 | 761354 |
| MediaTek, Inc. (Taiwan) | 45011 | 2038304 |
| Texas Instruments, Inc. | 2300 | 416438 |
|  |  | **3216096** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Western Union (The) Co.<sup>(e)</sup> <br>| 16077 | **129420** |
| **Technology Hardware – 1.2%** | **Technology Hardware – 1.2%** | **Technology Hardware – 1.2%** |
| Cisco Systems, Inc. | 3729 | 253870 |
| NetApp, Inc. | 949 | 98820 |
| &nbsp;&nbsp; Quanta Computer, Inc. <br> (Taiwan)<br>| 142302 | 1325424 |
|  |  | **1678114** |
| **Telecommunications – 1.8%** | **Telecommunications – 1.8%** | **Telecommunications – 1.8%** |
| Softbank Corp. (Japan) | 1354211 | 1956614 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 13789 | 589618 |
|  |  | **2546232** |
| **Tobacco & Cannabis – 2.3%** | **Tobacco & Cannabis – 2.3%** | **Tobacco & Cannabis – 2.3%** |
| &nbsp;&nbsp; British American Tobacco <br> PLC ADR (United <br> Kingdom)<br>| 51512 | 2765164 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.<br>| 2929 | 480503 |
|  |  | **3245667** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp; Spirit Aviation <br> Holdings, Inc.\*<br>| 8659 | 35415 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| 2109 | 181712 |
|  |  | **217127** |
| **Transportation Equipment – 0.5%** | **Transportation Equipment – 0.5%** | **Transportation Equipment – 0.5%** |
| &nbsp;&nbsp; Volvo AB, Class B <br> (Sweden)<br>| 26300 | **755331** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| Sysco Corp. | 2684 | **213646** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $57,903,499) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $57,903,499) | **65814511** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Corporate Bonds – 8.3%** | **Corporate Bonds – 8.3%** | **Corporate Bonds – 8.3%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp; 6.13%, 3/15/30<sup>(b)</sup> <br>| $50000 | $51065 |
| &nbsp;&nbsp; 6.25%, 3/15/33<sup>(b)</sup> <br>| 20000 | 20489 |
| &nbsp;&nbsp; TransDigm, Inc., 6.63%, <br> 3/01/32<sup>(b)</sup> <br>| 50000 | 51414 |
|  |  | **122968** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| &nbsp;&nbsp; PM General Purchaser LLC, <br> 9.50%, 10/01/28<sup>(b)(e)</sup> <br>| 300000 | **233250** |
| **Beverages – 0.0%**<sup>(f)</sup> | **Beverages – 0.0%**<sup>(f)</sup> | **Beverages – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Primo Water <br> Holdings, Inc./Triton <br> Water Holdings, Inc., <br> 6.25%, 4/01/29<sup>(b)</sup> <br>| 40000 | **40082** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| &nbsp;&nbsp; 1261229 B.C. Ltd., 10.00%, <br> 4/15/32<sup>(b)</sup> <br>| 200000 | 203618 |
| &nbsp;&nbsp; Amneal <br> Pharmaceuticals LLC, <br> 6.88%, 8/01/32<sup>(b)(d)</sup> <br>| 50000 | 50749 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., <br> 6.25%, 2/15/29<sup>(b)(e)</sup> <br>| 10000 | 7250 |
|  |  | **261617** |
| **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp., <br> 4.25%, 2/01/31<sup>(b)</sup> <br>| 140000 | 127876 |
| &nbsp;&nbsp; CSC Holdings LLC, 11.75%, <br> 1/31/29<sup>(b)</sup> <br>| 790000 | 738957 |
| &nbsp;&nbsp; Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 2/15/31<sup>(b)</sup> <br>| 50000 | 48219 |
| &nbsp;&nbsp; DISH DBS Corp., 5.25%, <br> 12/01/26<sup>(b)</sup> <br>| 80000 | 75298 |
| &nbsp;&nbsp; DISH Network Corp., <br> 11.75%, 11/15/27<sup>(b)</sup> <br>| 160000 | 166631 |
|  |  | **1156981** |
| **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** |
| CoreCivic, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 10/15/27 | 200000 | 195557 |
| &nbsp;&nbsp; 8.25%, 4/15/29 | 40000 | 42296 |
| &nbsp;&nbsp; GEO Group (The), Inc., <br> 10.25%, 4/15/31<br>| 90000 | 98948 |
| &nbsp;&nbsp; RR Donnelley & Sons Co., <br> 9.50%, 8/01/29<sup>(b)</sup> <br>| 130000 | 132830 |
| TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.88%, 5/15/28<sup>(b)</sup> <br>| 90000 | 89925 |
| &nbsp;&nbsp; 10.50%, 5/15/29<sup>(b)(e)</sup> <br>| 80000 | 82091 |
|  |  | **641647** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| &nbsp;&nbsp; Advanced Drainage <br> Systems, Inc., 5.00%, <br> 9/30/27<sup>(b)</sup> <br>| $60000 | $59376 |
| &nbsp;&nbsp; JH North America <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.88%, 1/31/31<sup>(b)</sup> <br>| 30000 | 30103 |
| &nbsp;&nbsp; 6.13%, 7/31/32<sup>(b)</sup> <br>| 40000 | 40415 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(b)</sup> <br>| 90000 | 92303 |
|  |  | **222197** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings <br> USA, Inc., 5.25%, <br> 8/15/27<sup>(b)(e)</sup> <br>| 400000 | **192000** |
| **Diversified Industrials – 0.0%**<sup>(f)</sup> | **Diversified Industrials – 0.0%**<sup>(f)</sup> | **Diversified Industrials – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Vortex Opco LLC, 8.00%, <br> 4/30/30<sup>(b)</sup> <br>| 107217 | **10722** |
| **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** |
| &nbsp;&nbsp; Lightning Power LLC, <br> 7.25%, 8/15/32<sup>(b)</sup> <br>| 200000 | 209094 |
| &nbsp;&nbsp; NRG Energy, Inc., 6.25%, <br> 11/01/34<sup>(b)</sup> <br>| 70000 | 70928 |
| Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp; 4.38%, 5/01/29<sup>(b)</sup> <br>| 50000 | 48451 |
| &nbsp;&nbsp; 6.88%, 4/15/32<sup>(b)</sup> <br>| 70000 | 72733 |
|  |  | **401206** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp; Alpha Generation LLC, <br> 6.75%, 10/15/32<sup>(b)</sup> <br>| 130000 | **133032** |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| &nbsp;&nbsp; Railworks Holdings <br> L.P./Railworks Rally, Inc., <br> 8.25%, 11/15/28<sup>(b)</sup> <br>| 90000 | 91693 |
| &nbsp;&nbsp; Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(b)</sup> <br>| 240000 | 269852 |
|  |  | **361545** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| &nbsp;&nbsp; AMC Networks, Inc., <br> 10.25%, 1/15/29<sup>(b)</sup> <br>| 40000 | 41049 |
| &nbsp;&nbsp; Univision <br> Communications, Inc., <br> 9.38%, 8/01/32<sup>(b)</sup> <br>| 40000 | 41504 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc., 4.28%, <br> 3/15/32<br>| 88000 | 73897 |
|  |  | **156450** |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| &nbsp;&nbsp; Akumin, Inc., (100% Cash), <br> 9.00%, 8/01/27<sup>(b)(e)(i)</sup> <br>| 250000 | 234165 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| &nbsp;&nbsp; CHS/Community Health <br> Systems, Inc.,<br>|  |  |
| &nbsp;&nbsp; 6.88%, 4/15/29<sup>(b)</sup> <br>| $180000 | $139950 |
| &nbsp;&nbsp; 5.25%, 5/15/30<sup>(b)</sup> <br>| 100000 | 87477 |
| &nbsp;&nbsp; 9.75%, 1/15/34<sup>(b)(d)</sup> <br>| 150000 | 150958 |
| &nbsp;&nbsp; Claritev Corp., 6.75%, <br> 3/31/31<sup>(b)(i)</sup> <br>| 100911 | 72656 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 9.88%, 8/15/30<sup>(b)</sup> <br>| 120000 | 129334 |
| &nbsp;&nbsp; MPH Acquisition <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 11.50%, 12/31/30<sup>(b)(e)(i)</sup> <br>| 18266 | 18038 |
| &nbsp;&nbsp; 5.75%, 12/31/30<sup>(b)</sup> <br>| 11644 | 9595 |
| &nbsp;&nbsp; U.S. Renal Care, Inc., <br> 10.63%, 6/28/28<sup>(b)</sup> <br>| 52500 | 46069 |
|  |  | **888242** |
| **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** |
| Park-Ohio Industries, Inc., |  |  |
| &nbsp;&nbsp; 6.63%, 4/15/27 | 90000 | 89988 |
| &nbsp;&nbsp; 8.50%, 8/01/30<sup>(b)</sup> <br>| 160000 | 153603 |
|  |  | **243591** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| EquipmentShare.com, Inc., |  |  |
| &nbsp;&nbsp; 8.63%, 5/15/32<sup>(b)</sup> <br>| 90000 | 95794 |
| &nbsp;&nbsp; 8.00%, 3/15/33<sup>(b)(e)</sup> <br>| 10000 | 10440 |
| Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp; 7.00%, 6/15/30<sup>(b)</sup> <br>| 50000 | 51677 |
| &nbsp;&nbsp; 7.25%, 6/15/33<sup>(b)</sup> <br>| 20000 | 20710 |
|  |  | **178621** |
| **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** |
| &nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.13%, 4/30/31<sup>(b)</sup> <br>| 100000 | 103283 |
| &nbsp;&nbsp; 6.75%, 5/01/33<sup>(b)</sup> <br>| 50000 | 51169 |
| &nbsp;&nbsp; Stonex Escrow Issuer LLC, <br> 6.88%, 7/15/32<sup>(b)</sup> <br>| 50000 | 50898 |
| &nbsp;&nbsp; VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 20000 | 20809 |
|  |  | **226159** |
| **Insurance – 0.0%**<sup>(f)</sup> | **Insurance – 0.0%**<sup>(f)</sup> | **Insurance – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; APH Somerset Investor 2 <br> LLC/APH2 Somerset <br> Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, <br> 7.88%, 11/01/29<sup>(b)</sup> <br>| 20000 | **20605** |
| **Internet Media & Services – 0.0%**<sup>(f)</sup> | **Internet Media & Services – 0.0%**<sup>(f)</sup> | **Internet Media & Services – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Getty Images, Inc., <br> 11.25%, 2/21/30<sup>(b)(e)</sup> <br>| 30000 | **28725** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** |
| &nbsp;&nbsp; AMC Entertainment <br> Holdings, Inc., 7.50%, <br> 2/15/29<sup>(b)(e)</sup> <br>| $110000 | $93721 |
| &nbsp;&nbsp; Caesars <br> Entertainment, Inc., <br> 6.50%, 2/15/32<sup>(b)</sup> <br>| 20000 | 20396 |
| &nbsp;&nbsp; Carnival Corp., 6.13%, <br> 2/15/33<sup>(b)(e)</sup> <br>| 120000 | 122129 |
| &nbsp;&nbsp; Full House Resorts, Inc., <br> 8.25%, 2/15/28<sup>(b)</sup> <br>| 190000 | 183928 |
| &nbsp;&nbsp; Hilton Domestic <br> Operating Co., Inc., <br> 3.63%, 2/15/32<sup>(b)</sup> <br>| 10000 | 9016 |
| NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp; 8.13%, 1/15/29<sup>(b)</sup> <br>| 70000 | 73538 |
| &nbsp;&nbsp; 6.75%, 2/01/32<sup>(b)</sup> <br>| 160000 | 164339 |
| Viking Cruises Ltd., |  |  |
| &nbsp;&nbsp; 7.00%, 2/15/29<sup>(b)</sup> <br>| 130000 | 131000 |
| &nbsp;&nbsp; 9.13%, 7/15/31<sup>(b)</sup> <br>| 90000 | 96833 |
| &nbsp;&nbsp; VOC Escrow Ltd., 5.00%, <br> 2/15/28<sup>(b)</sup> <br>| 60000 | 59455 |
| &nbsp;&nbsp; Wynn Resorts <br> Finance LLC/Wynn <br> Resorts Capital Corp., <br> 7.13%, 2/15/31<sup>(b)</sup> <br>| 50000 | 53180 |
|  |  | **1007535** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; Titan International, Inc., <br> 7.00%, 4/30/28<br>| 130000 | **129923** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp; Medline Borrower L.P., <br> 5.25%, 10/01/29<sup>(b)</sup> <br>| 30000 | 29414 |
| &nbsp;&nbsp; Medline Borrower <br> L.P./Medline <br> Co-Issuer, Inc., 6.25%, <br> 4/01/29<sup>(b)</sup> <br>| 80000 | 81571 |
| &nbsp;&nbsp; Sotera Health <br> Holdings LLC, 7.38%, <br> 6/01/31<sup>(b)</sup> <br>| 70000 | 72413 |
|  |  | **183398** |
| **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** |
| &nbsp;&nbsp; Blue Racer <br> Midstream LLC/Blue <br> Racer Finance Corp., <br> 7.25%, 7/15/32<sup>(b)</sup> <br>| 50000 | 52715 |
| &nbsp;&nbsp; Chord Energy Corp., <br> 6.75%, 3/15/33<sup>(b)</sup> <br>| 60000 | 61201 |
| &nbsp;&nbsp; Crescent Energy <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp; 7.63%, 4/01/32<sup>(b)</sup> <br>| 50000 | 48860 |
| &nbsp;&nbsp; 8.38%, 1/15/34<sup>(b)</sup> <br>| 70000 | 69283 |
| &nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC, 7.38%, <br> 7/15/32<sup>(b)</sup> <br>| 50000 | 51696 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; New Generation Gas <br> Gathering LLC, 10.34%, <br> 9/30/29<sup>(h)</sup> <br>| $172973 | $170352 |
| &nbsp;&nbsp; Northern Oil & Gas, Inc., <br> 8.13%, 3/01/28<sup>(b)</sup> <br>| 170000 | 171655 |
| &nbsp;&nbsp; Occidental <br> Petroleum Corp., 4.40%, <br> 8/15/49<br>| 60000 | 41510 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF <br> Finance Corp., 6.00%, <br> 2/15/28<br>| 30000 | 28871 |
| &nbsp;&nbsp; Permian Resources <br> Operating LLC,<br>|  |  |
| &nbsp;&nbsp; 7.00%, 1/15/32<sup>(b)</sup> <br>| 150000 | 154893 |
| &nbsp;&nbsp; 6.25%, 2/01/33<sup>(b)</sup> <br>| 90000 | 90535 |
| Range Resources Corp., |  |  |
| &nbsp;&nbsp; 8.25%, 1/15/29 | 110000 | 112787 |
| &nbsp;&nbsp; 4.75%, 2/15/30<sup>(b)</sup> <br>| 90000 | 87486 |
| &nbsp;&nbsp; Rockies Express <br> Pipeline LLC,<br>|  |  |
| &nbsp;&nbsp; 6.75%, 3/15/33<sup>(b)</sup> <br>| 40000 | 41552 |
| &nbsp;&nbsp; 7.50%, 7/15/38<sup>(b)</sup> <br>| 40000 | 41152 |
| &nbsp;&nbsp; Tallgrass Energy Partners <br> L.P./Tallgrass Energy <br> Finance Corp., 6.00%, <br> 12/31/30<sup>(b)</sup> <br>| 50000 | 48988 |
| &nbsp;&nbsp; Venture Global Calcasieu <br> Pass LLC,<br>|  |  |
| &nbsp;&nbsp; 4.13%, 8/15/31<sup>(b)</sup> <br>| 30000 | 27711 |
| &nbsp;&nbsp; 3.88%, 11/01/33<sup>(b)</sup> <br>| 150000 | 130880 |
| Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp; 9.50%, 2/01/29<sup>(b)</sup> <br>| 150000 | 163587 |
| &nbsp;&nbsp; 9.88%, 2/01/32<sup>(b)</sup> <br>| 140000 | 151052 |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| &nbsp;&nbsp; 7.75%, 5/01/35<sup>(b)</sup> <br>| 20000 | 21929 |
| &nbsp;&nbsp; 6.75%, 1/15/36<sup>(b)</sup> <br>| 220000 | 226315 |
|  |  | **1995010** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| &nbsp;&nbsp; Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(b)</sup> <br>| 70000 | **71398** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; Clear Channel Outdoor <br> Holdings, Inc., 7.13%, <br> 2/15/31<sup>(b)(d)</sup> <br>| 50000 | 49931 |
| Gray Media, Inc., |  |  |
| &nbsp;&nbsp; 9.63%, 7/15/32<sup>(b)</sup> <br>| 50000 | 50438 |
| &nbsp;&nbsp; 7.25%, 8/15/33<sup>(b)</sup> <br>| 50000 | 49737 |
| &nbsp;&nbsp; iHeartCommunications, Inc., <br> 9.13%, 5/01/29<sup>(b)</sup> <br>| 28500 | 23773 |
|  |  | **173879** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/15/27 | $190000 | $174307 |
| &nbsp;&nbsp; 8.50%, 2/15/32<sup>(b)(e)</sup> <br>| 60000 | 62364 |
| &nbsp;&nbsp; Service Properties Trust, <br> 5.50%, 12/15/27<br>| 40000 | 39447 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti <br> Group Finance 2019, <br> Inc./CSL Capital LLC, <br> 10.50%, 2/15/28<sup>(b)</sup> <br>| 18000 | 19024 |
|  |  | **295142** |
| **Real Estate Owners & Developers – 0.0%**<sup>(f)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(f)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Five Point Operating Co. <br> L.P./Five Point <br> Capital Corp., (Step to <br> 11.00% on 11/15/24), <br> 10.50%, 1/15/28<sup>(b)(j)</sup> <br>| 65562 | **66295** |
| **Real Estate Services – 0.0%**<sup>(f)</sup> | **Real Estate Services – 0.0%**<sup>(f)</sup> | **Real Estate Services – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Cushman & Wakefield <br> U.S. Borrower LLC, <br> 6.75%, 5/15/28<sup>(b)</sup> <br>| 60000 | **60455** |
| **Renewable Energy – 0.0%**<sup>(f)</sup> | **Renewable Energy – 0.0%**<sup>(f)</sup> | **Renewable Energy – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Sunnova Energy Corp., <br> 5.88%, 9/01/26<sup>(b)(k)</sup> <br>| 50000 | **50** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| &nbsp;&nbsp; Foot Locker, Inc., 4.00%, <br> 10/01/29<sup>(b)</sup> <br>| 80000 | 75335 |
| &nbsp;&nbsp; Michaels (The) Cos., Inc., <br> 5.25%, 5/01/28<sup>(b)</sup> <br>| 60000 | 47579 |
| &nbsp;&nbsp; PetSmart, Inc./PetSmart <br> Finance Corp., 4.75%, <br> 2/15/28<sup>(b)</sup> <br>| 250000 | 245332 |
| &nbsp;&nbsp; Saks Global <br> Enterprises LLC, 11.00%, <br> 12/15/29<sup>(b)</sup> <br>| 90000 | 20250 |
| &nbsp;&nbsp; SGUS LLC, 11.00%, <br> 12/15/29<sup>(b)(d)</sup> <br>| 24545 | 22916 |
|  |  | **411412** |
| **Semiconductors – 0.0%**<sup>(f)</sup> | **Semiconductors – 0.0%**<sup>(f)</sup> | **Semiconductors – 0.0%**<sup>(f)</sup> |
| Intel Corp., 5.70%, 2/10/53 | 30000 | **27010** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| &nbsp;&nbsp; Citrix Systems, Inc., <br> 4.50%, 12/01/27<br>| 50000 | 47877 |
| &nbsp;&nbsp; Cloud Software <br> Group, Inc., 8.25%, <br> 6/30/32<sup>(b)</sup> <br>| 40000 | 42593 |
| CoreWeave, Inc., |  |  |
| &nbsp;&nbsp; 9.25%, 6/01/30<sup>(b)</sup> <br>| 30000 | 30152 |
| &nbsp;&nbsp; 9.00%, 2/01/31<sup>(b)</sup> <br>| 30000 | 29872 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| &nbsp;&nbsp; Gen Digital, Inc., 6.25%, <br> 4/01/33<sup>(b)</sup> <br>| $80000 | $81558 |
|  |  | **232052** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| &nbsp;&nbsp; Arbor Realty SR, Inc., <br> 7.88%, 7/15/30<sup>(b)</sup> <br>| 40000 | 40848 |
| &nbsp;&nbsp; FirstCash, Inc., 5.63%, <br> 1/01/30<sup>(b)</sup> <br>| 50000 | 49482 |
| &nbsp;&nbsp; Mcclatchy Media Co. LLC, <br> 11.00%, 12/01/31<sup>(b)(i)</sup> <br>| 110820 | 120240 |
| &nbsp;&nbsp; Rocket Cos, Inc., 6.13%, <br> 8/01/30<sup>(b)</sup> <br>| 60000 | 60837 |
| &nbsp;&nbsp; Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 3.63%, 3/01/29<sup>(b)</sup> <br>| 160000 | 151142 |
| &nbsp;&nbsp; Starwood Property <br> Trust, Inc., 7.25%, <br> 4/01/29<sup>(b)</sup> <br>| 50000 | 52292 |
|  |  | **474841** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| CommScope LLC, |  |  |
| &nbsp;&nbsp; 7.13%, 7/01/28<sup>(b)(e)</sup> <br>| 20000 | 19793 |
| &nbsp;&nbsp; 9.50%, 12/15/31<sup>(b)</sup> <br>| 130000 | 136899 |
| &nbsp;&nbsp; Viasat, Inc., 5.63%, <br> 4/15/27<sup>(b)</sup> <br>| 50000 | 49758 |
|  |  | **206450** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| &nbsp;&nbsp; EchoStar Corp., 10.75%, <br> 11/30/29<br>| 194800 | 205270 |
| &nbsp;&nbsp; Hughes Satellite <br> Systems Corp., 5.25%, <br> 8/01/26<sup>(e)</sup> <br>| 30000 | 27650 |
| &nbsp;&nbsp; Level 3 Financing, Inc., <br> 6.88%, 6/30/33<sup>(b)</sup> <br>| 50000 | 50668 |
|  |  | **283588** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| American Airlines, Inc., |  |  |
| &nbsp;&nbsp; 7.25%, 2/15/28<sup>(b)</sup> <br>| 40000 | 40817 |
| &nbsp;&nbsp; 8.50%, 5/15/29<sup>(b)(e)</sup> <br>| 70000 | 73159 |
| &nbsp;&nbsp; American <br> Airlines, Inc./Aadvantage <br> Loyalty IP Ltd., 5.75%, <br> 4/20/29<sup>(b)</sup> <br>| 80000 | 79972 |
| &nbsp;&nbsp; Carriage Purchaser, Inc., <br> 7.88%, 10/15/29<sup>(b)</sup> <br>| 200000 | 185455 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| &nbsp;&nbsp; JetBlue <br> Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 9/20/31<sup>(b)</sup> <br>|  | $70000 | $67679 |
| &nbsp;&nbsp; Spirit Loyalty <br> Cayman Ltd./Spirit IP <br> Cayman Ltd., 11.00%, <br> 3/12/30<sup>(b)(i)</sup> <br>|  | 223884 | 143286 |
|  |  |  | **590368** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| &nbsp;&nbsp; JB Poindexter & Co., Inc., <br> 8.75%, 12/15/31<sup>(b)</sup> <br>|  | 90000 | **92046** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $11,982,470) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $11,982,470) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $11,982,470) | **11820492** |
| **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(f)</sup>  | **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(f)</sup>  | **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(f)</sup>  | **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(f)</sup>  |
| **Sovereign Government – 0.0%**<sup>(f)</sup> | **Sovereign Government – 0.0%**<sup>(f)</sup> | **Sovereign Government – 0.0%**<sup>(f)</sup> | **Sovereign Government – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Uruguay Government <br> International Bond, <br> 3.40%, 5/16/45<br>| UYU | 60000 | **1602** |
| &nbsp;&nbsp; **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,652) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,652) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,652) | **1602** |
| **Foreign Issuer Bonds – 5.4%** | **Foreign Issuer Bonds – 5.4%** | **Foreign Issuer Bonds – 5.4%** | **Foreign Issuer Bonds – 5.4%** |
| **Angola – 0.1%** | **Angola – 0.1%** | **Angola – 0.1%** | **Angola – 0.1%** |
| &nbsp;&nbsp; Angolan Government <br> International Bond, <br> 8.75%, 4/14/32<sup>(b)</sup> <br>|  | 210000 | **190876** |
| **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** |
| &nbsp;&nbsp; Provincia de Buenos Aires, <br> 6.63%, 9/01/37<sup>(b)</sup> <br>|  | 188180 | **133137** |
| **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie F, 10.00%, <br> 1/01/31<br>| BRL | 1998000 | 307828 |
| &nbsp;&nbsp; Suzano Austria GmbH, <br> 3.13%, 1/15/32<br>|  | 120000 | 105488 |
|  |  |  | **413316** |
| **Canada – 0.5%** | **Canada – 0.5%** | **Canada – 0.5%** | **Canada – 0.5%** |
| Bombardier, Inc., |  |  |  |
| &nbsp;&nbsp; 7.25%, 7/01/31<sup>(b)</sup> <br>|  | 64000 | 66829 |
| &nbsp;&nbsp; 7.00%, 6/01/32<sup>(b)(e)</sup> <br>|  | 80000 | 82759 |
| &nbsp;&nbsp; 6.75%, 6/15/33<sup>(b)</sup> <br>|  | 10000 | 10278 |
| &nbsp;&nbsp; Capstone Copper Corp., <br> 6.75%, 3/31/33<sup>(b)</sup> <br>|  | 30000 | 30575 |
| &nbsp;&nbsp; Empire Communities Corp., <br> 9.75%, 5/01/29<sup>(b)</sup> <br>|  | 50000 | 50991 |
| &nbsp;&nbsp; Hudbay Minerals, Inc., <br> 6.13%, 4/01/29<sup>(b)</sup> <br>|  | 50000 | 50280 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| TransAlta Corp., |  |  |
| &nbsp;&nbsp; 7.75%, 11/15/29 | $90000 | $93775 |
| &nbsp;&nbsp; 6.50%, 3/15/40 | 30000 | 29094 |
| &nbsp;&nbsp; Vermilion Energy, Inc., <br> 7.25%, 2/15/33<sup>(b)(e)</sup> <br>| 100000 | 94538 |
| &nbsp;&nbsp; Wrangler Holdco Corp., <br> 6.63%, 4/01/32<sup>(b)</sup> <br>| 140000 | 144643 |
|  |  | **653762** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp; Latam Airlines Group S.A., <br> 7.88%, 4/15/30<sup>(b)(e)</sup> <br>| 100000 | **103450** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| &nbsp;&nbsp; Prosus N.V., 3.06%, <br> 7/13/31<sup>(b)</sup> <br>| 270000 | **240455** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| &nbsp;&nbsp; Ecopetrol S.A., 8.38%, <br> 1/19/36<br>| 200000 | **197507** |
| **France – 0.5%** | **France – 0.5%** | **France – 0.5%** |
| &nbsp;&nbsp; Altice France S.A., 5.50%, <br> 10/15/29<sup>(b)</sup> <br>| 840000 | **728416** |
| **Germany – 0.3%** | **Germany – 0.3%** | **Germany – 0.3%** |
| &nbsp;&nbsp; TK Elevator U.S. Newco, <br> Inc., 5.25%, 7/15/27<sup>(b)</sup> <br>| 200000 | 199105 |
| &nbsp;&nbsp; ZF North America <br> Capital, Inc.,<br>|  |  |
| &nbsp;&nbsp; 6.75%, 4/23/30<sup>(b)</sup> <br>| 150000 | 142742 |
| &nbsp;&nbsp; 6.88%, 4/23/32<sup>(b)</sup> <br>| 150000 | 139969 |
|  |  | **481816** |
| **Ireland – 0.3%** | **Ireland – 0.3%** | **Ireland – 0.3%** |
| &nbsp;&nbsp; AerCap Ireland Capital <br> DAC/AerCap Global <br> Aviation Trust, (5Y US <br> Treasury CMT + 2.72%), <br> 6.95%, 3/10/55<sup>(l)</sup> <br>| 150000 | 156930 |
| &nbsp;&nbsp; Flutter Treasury DAC, <br> 5.88%, 6/04/31<sup>(b)</sup> <br>| 200000 | 201319 |
|  |  | **358249** |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Netherlands III <br> B.V., 4.10%, 10/01/46<br>| 400000 | **284657** |
| **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** |
| &nbsp;&nbsp; Intesa Sanpaolo S.p.A., <br> 7.80%, 11/28/53<sup>(b)</sup> <br>| 400000 | **475922** |
| **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** |
| &nbsp;&nbsp; Ivory Coast Government <br> International Bond, <br> 7.63%, 1/30/33<sup>(b)</sup> <br>| 300000 | **299822** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Jamaica – 0.0%**<sup>(f)</sup> | **Jamaica – 0.0%**<sup>(f)</sup> | **Jamaica – 0.0%**<sup>(f)</sup> | **Jamaica – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Jamaica Government <br> International Bond, <br> 9.63%, 11/03/30<br>| JMD | 10000000 | **$64776** |
| **Jordan – 0.2%** | **Jordan – 0.2%** | **Jordan – 0.2%** | **Jordan – 0.2%** |
| &nbsp;&nbsp; Jordan Government <br> International Bond, <br> 7.75%, 1/15/28<sup>(b)</sup> <br>|  | $230000 | **238872** |
| **Kenya – 0.2%** | **Kenya – 0.2%** | **Kenya – 0.2%** | **Kenya – 0.2%** |
| &nbsp;&nbsp; Republic of Kenya <br> Government International <br> Bond, 9.75%, 2/16/31<sup>(b)</sup> <br>|  | 280000 | **287530** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| &nbsp;&nbsp; MEGlobal Canada ULC, <br> 5.88%, 5/18/30<sup>(b)</sup> <br>|  | 210000 | **217951** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| &nbsp;&nbsp; Banco Mercantil del Norte <br> S.A., (10Y US Treasury <br> CMT + 5.47%), 7.50%, <br> 6/27/29<sup>(b)(l)(m)</sup> <br>|  | 250000 | 250577 |
| &nbsp;&nbsp; Mexico Government <br> International Bond, <br> 4.75%, 3/08/44<br>|  | 150000 | 118200 |
|  |  |  | **368777** |
| **Morocco – 0.1%** | **Morocco – 0.1%** | **Morocco – 0.1%** | **Morocco – 0.1%** |
| &nbsp;&nbsp; OCP S.A., 6.75%, <br> 5/02/34<sup>(b)</sup> <br>|  | 200000 | **208014** |
| **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** |
| &nbsp;&nbsp; Petroleos del Peru S.A., <br> 5.63%, 6/19/47<sup>(b)</sup> <br>|  | 250000 | **167683** |
| **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Romanian Government <br> International Bond, <br> 7.50%, 2/10/37<sup>(b)</sup> <br>|  | 60000 | **63669** |
| **Supranational – 0.3%** | **Supranational – 0.3%** | **Supranational – 0.3%** | **Supranational – 0.3%** |
| &nbsp;&nbsp; Inter-American <br> Development Bank, <br> 7.35%, 10/06/30<br>| INR | 34000000 | **399059** |
| **Switzerland – 0.0%**<sup>(f)</sup> | **Switzerland – 0.0%**<sup>(f)</sup> | **Switzerland – 0.0%**<sup>(f)</sup> | **Switzerland – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc., 7.88%, <br> 5/01/27<sup>(b)</sup> <br>|  | 40000 | **40137** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| &nbsp;&nbsp; Turk Telekomunikasyon <br> A.S., 7.38%, 5/20/29<sup>(b)</sup> <br>|  | 200000 | **206056** |
| **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** |
| &nbsp;&nbsp; DP World Ltd., 5.63%, <br> 9/25/48<sup>(b)</sup> <br>|  | 290000 | **273424** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom – 0.1%** | **United Kingdom – 0.1%** | **United Kingdom – 0.1%** |
| &nbsp;&nbsp; Marks & Spencer PLC, <br> 7.13%, 12/01/37<sup>(b)</sup> <br>| $100000 | **$108617** |
| **Zambia – 0.4%** | **Zambia – 0.4%** | **Zambia – 0.4%** |
| &nbsp;&nbsp; First Quantum <br> Minerals Ltd.,<br>|  |  |
| &nbsp;&nbsp; 8.63%, 6/01/31<sup>(b)(e)</sup> <br>| 260000 | 270726 |
| &nbsp;&nbsp; 8.00%, 3/01/33<sup>(b)</sup> <br>| 230000 | 236997 |
|  |  | **507723** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $7,688,805) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $7,688,805) | **7713673** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Master Limited Partnerships – 2.5%** | **Master Limited Partnerships – 2.5%** | **Master Limited Partnerships – 2.5%** |
| **Oil & Gas Supply Chain – 2.5%** | **Oil & Gas Supply Chain – 2.5%** | **Oil & Gas Supply Chain – 2.5%** |
| Energy Transfer L.P. | 77383 | 1395989 |
| &nbsp;&nbsp; Enterprise Products <br> Partners L.P.<br>| 68127 | 2111256 |
| &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $2,939,579) | &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $2,939,579) | **3507245** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Mortgage-Backed Securities – 8.7%** | **Mortgage-Backed Securities – 8.7%** | **Mortgage-Backed Securities – 8.7%** |
| **Commercial Mortgage-Backed Securities – 3.9%** | **Commercial Mortgage-Backed Securities – 3.9%** | **Commercial Mortgage-Backed Securities – 3.9%** |
| BANK, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-BNK44, <br> Class D, 4.00%, <br> 11/15/32<sup>(b)</sup> <br>| $190000 | 146233 |
| &nbsp;&nbsp;&nbsp; Series 2024-BNK48, <br> Class A5, 5.05%, <br> 10/15/57<br>| 190000 | 189919 |
| &nbsp;&nbsp; Bank of America Merrill <br> Lynch Commercial <br> Mortgage Trust, Series <br> 2017-BNK3, Class D, <br> 3.25%, 2/15/50<sup>(b)</sup> <br>| 110000 | 97636 |
| &nbsp;&nbsp; BFLD Commercial <br> Mortgage Trust, Series <br> 2024-UNIV, Class D, (1M <br> CME Term SOFR + 2.69%, <br> 2.69% Floor), 7.03%, <br> 11/15/29<sup>(b)(c)</sup> <br>| 250000 | 250703 |
| &nbsp;&nbsp; BHMS, Series 2018-ATLS, <br> Class A, (1M CME Term <br> SOFR + 1.55%, 1.50% <br> Floor), 5.89%, <br> 7/15/35<sup>(b)(c)</sup> <br>| 190000 | 189963 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; BOCA Commercial <br> Mortgage Trust, Series <br> 2024-BOCA, Class E, (1M <br> CME Term SOFR + 4.44%, <br> 4.44% Floor), 8.78%, <br> 8/15/41<sup>(b)(c)</sup> <br>| $130000 | $130666 |
| &nbsp;&nbsp; BX Commercial Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E, <br> (1M CME Term SOFR + <br> 2.20%, 2.15% Floor), <br> 6.54%, 4/15/34<sup>(b)(c)</sup> <br>| 300000 | 291750 |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, <br> Class A, (1M CME Term <br> SOFR + 0.96%, 0.85% <br> Floor), 5.31%, <br> 11/15/38<sup>(b)(c)</sup> <br>| 168888 | 168888 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, <br> Class D, (1M CME Term <br> SOFR + 1.76%, 1.65% <br> Floor), 6.11%, <br> 9/15/36<sup>(b)(c)</sup> <br>| 261584 | 260777 |
| &nbsp;&nbsp;&nbsp; Series 2024-BI02, <br> Class D, 7.71%, <br> 8/13/41<sup>(b)(n)</sup> <br>| 100000 | 98826 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ARIA, <br> Class A, (1M CME Term <br> SOFR + 1.01%, 0.90% <br> Floor), 5.36%, <br> 10/15/36<sup>(b)(c)</sup> <br>| 270000 | 269916 |
| &nbsp;&nbsp;&nbsp; Series 2021-SDMF, <br> Class F, (1M CME Term <br> SOFR + 2.05%, 1.94% <br> Floor), 6.39%, <br> 9/15/34<sup>(b)(c)</sup> <br>| 197803 | 195333 |
| &nbsp;&nbsp; BXHPP Trust, Series <br> 2021-FILM, Class C, (1M <br> CME Term SOFR + 1.21%, <br> 1.10% Floor), 5.56%, <br> 8/15/36<sup>(b)(c)</sup> <br>| 270000 | 242586 |
| &nbsp;&nbsp; Citigroup Commercial <br> Mortgage Trust, Series <br> 2017-P8, Class A3, <br> 3.20%, 9/15/50<br>| 250000 | 243409 |
| &nbsp;&nbsp; Extended Stay America <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ESH, <br> Class C, (1M CME Term <br> SOFR + 1.81%, 1.70% <br> Floor), 6.16%, <br> 7/15/38<sup>(b)(c)</sup> <br>| 223009 | 223287 |
| &nbsp;&nbsp;&nbsp; Series 2021-ESH, Class E, <br> (1M CME Term SOFR + <br> 2.96%, 2.85% Floor), <br> 7.31%, 7/15/38<sup>(b)(c)</sup> <br>| 223009 | 223915 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; GS Mortgage Securities <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC30, <br> Class C, 4.03%, <br> 5/10/50<sup>(n)</sup> <br>| $180000 | $158398 |
| &nbsp;&nbsp;&nbsp; Series 2015-GC32, <br> Class D, 3.35%, 7/10/48<br>| 55233 | 53023 |
| &nbsp;&nbsp;&nbsp; Series 2017-GS6, <br> Class A2, 3.16%, <br> 5/10/50<br>| 184774 | 181449 |
| &nbsp;&nbsp; HIH Trust, Series 2024-61P, <br> Class F, (1M CME Term <br> SOFR + 5.44%, 5.44% <br> Floor), 9.78%, <br> 10/15/41<sup>(b)(c)</sup> <br>| 197051 | 196685 |
| &nbsp;&nbsp; JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust, Series <br> 2022-ACB, Class D, (30D <br> Average SOFR + 2.90%, <br> 2.90% Floor), 7.24%, <br> 3/15/39<sup>(b)(c)</sup> <br>| 190000 | 190119 |
| &nbsp;&nbsp; KIND Trust, Series <br> 2021-KIND, Class E, (1M <br> CME Term SOFR + 3.36%, <br> 3.25% Floor), 7.71%, <br> 8/15/38<sup>(b)(c)</sup> <br>| 158697 | 155780 |
| &nbsp;&nbsp; KREF Ltd., Series 2022-FL3, <br> Class D, (1M CME Term <br> SOFR + 2.80%, 2.80% <br> Floor), 7.15%, <br> 2/17/39<sup>(b)(c)</sup> <br>| 150000 | 148691 |
| MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-FL17, <br> Class A, (1M CME Term <br> SOFR + 1.32%), 5.67%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 120000 | 120136 |
| &nbsp;&nbsp;&nbsp; Series 2025-FL17, <br> Class D, (1M CME Term <br> SOFR + 2.74%), 7.09%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 100000 | 98607 |
| &nbsp;&nbsp; MF1 Ltd., Series 2020-FL4, <br> Class A, (1M CME Term <br> SOFR + 1.81%, 1.70% <br> Floor), 6.16%, <br> 11/15/35<sup>(b)(c)</sup> <br>| 36729 | 36758 |
| &nbsp;&nbsp; MHC Commercial <br> Mortgage Trust, Series <br> 2021-MHC, Class F, (1M <br> CME Term SOFR + 2.72%, <br> 2.60% Floor), 7.06%, <br> 4/15/38<sup>(b)(c)</sup> <br>| 160000 | 160150 |
| &nbsp;&nbsp; Morgan Stanley Capital I <br> Trust, Series 2021-230P, <br> Class B, (1M CME Term <br> SOFR + 1.56%, 1.45% <br> Floor), 5.91%, <br> 12/15/38<sup>(b)(c)</sup> <br>| 110000 | 100128 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; MSWF Commercial <br> Mortgage Trust, Series <br> 2023-2, Class C, 7.02%, <br> 12/15/56<sup>(n)</sup> <br>| $90000 | $93344 |
| &nbsp;&nbsp; MTN Commercial <br> Mortgage Trust, Series <br> 2022-LPFL, Class F, (1M <br> CME Term SOFR + 5.29%, <br> 5.29% Floor), 9.64%, <br> 3/15/39<sup>(b)(c)</sup> <br>| 200000 | 200122 |
| &nbsp;&nbsp; RIDE, Series 2025-SHRE, <br> Class D, 6.75%, <br> 2/14/35<sup>(b)(n)</sup> <br>| 200000 | 202132 |
| &nbsp;&nbsp; SMRT, Series 2022-MINI, <br> Class F, (1M CME Term <br> SOFR + 3.35%, 3.35% <br> Floor), 7.69%, <br> 1/15/39<sup>(b)(c)</sup> <br>| 210000 | 203700 |
|  |  | **5523029** |
| **Federal Home Loan Mortgage Corporation – 0.4%** | **Federal Home Loan Mortgage Corporation – 0.4%** | **Federal Home Loan Mortgage Corporation – 0.4%** |
| Pool, |  |  |
| &nbsp;&nbsp; 2.00%, 9/01/41 - 5/01/51 | 434231 | 355104 |
| &nbsp;&nbsp; 4.00%, 6/01/52 | 80878 | 74752 |
| &nbsp;&nbsp; 6.00%, 8/01/53 | 149821 | 152276 |
|  |  | **582132** |
| **Federal National Mortgage Association – 0.5%** | **Federal National Mortgage Association – 0.5%** | **Federal National Mortgage Association – 0.5%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.50%, 1/01/50 | 83379 | 75915 |
| &nbsp;&nbsp; 2.50%, 5/01/51 - 1/01/52 | 220020 | 181778 |
| &nbsp;&nbsp; 3.00%, 5/01/52 | 165347 | 141755 |
| &nbsp;&nbsp; 4.50%, 7/01/52 | 187556 | 179265 |
| &nbsp;&nbsp; 5.00%, 2/01/53 | 81618 | 79835 |
| &nbsp;&nbsp; 5.50%, 5/01/53 | 83359 | 83051 |
|  |  | **741599** |
| **Whole Loan – 3.9%** | **Whole Loan – 3.9%** | **Whole Loan – 3.9%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, <br> Series 2022-3, Class A3, <br> 4.13%, 1/25/67<sup>(b)(n)</sup> <br>| 128153 | 117454 |
| &nbsp;&nbsp; BRAVO Residential <br> Funding Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, <br> Class A1, 3.63%, <br> 9/25/61<sup>(b)(n)</sup> <br>| 147199 | 142886 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, <br> Class A1, 4.27%, <br> 11/25/61<sup>(b)(n)</sup> <br>| 107504 | 106840 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, <br> Class A3, 5.24%, <br> 11/25/61<sup>(b)</sup> <br>| 134380 | 133424 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, <br> Class A3, (Step to <br> 7.59% on 3/25/28), <br> 6.59%, 2/25/64<sup>(b)(j)</sup> <br>| 129333 | 129988 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; CAFL Issuer LLC, Series <br> 2023-RTL1, Class A1, <br> (Step to 9.05% on <br> 7/28/26), 7.55%, <br> 12/28/30<sup>(b)(j)</sup> <br>| $160000 | $161024 |
| &nbsp;&nbsp; Citigroup Mortgage Loan <br> Trust, Series 2022-A, <br> Class A1, (Step to 9.17% <br> on 9/25/25), 6.17%, <br> 9/25/62<sup>(b)(j)</sup> <br>| 190376 | 190435 |
| COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, <br> 3.90%, 2/25/67<sup>(b)(n)</sup> <br>| 179671 | 174617 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1, <br> 6.59%, 2/25/69<sup>(b)</sup> <br>| 160000 | 160600 |
| &nbsp;&nbsp; CSMC Trust, Series <br> 2020-RPL4, Class A1, <br> 2.00%, 1/25/60<sup>(b)</sup> <br>| 162063 | 145262 |
| &nbsp;&nbsp; FHLMC Seasoned Credit <br> Risk Transfer Trust, Series <br> 2022-1, Class M, 4.50%, <br> 11/25/61<sup>(b)</sup> <br>| 130000 | 115166 |
| &nbsp;&nbsp; FHLMC STACR REMIC <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-DNA6, <br> Class B1, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 12/25/50<sup>(b)(c)</sup> <br>| 260000 | 277225 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA1, <br> Class B2, (30D Average <br> SOFR + 4.75%), 9.10%, <br> 1/25/51<sup>(b)(c)</sup> <br>| 240000 | 266695 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA2, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 8/25/33<sup>(b)(c)</sup> <br>| 270000 | 299533 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA2, <br> Class M2, (30D Average <br> SOFR + 3.75%), 8.10%, <br> 2/25/42<sup>(b)(c)</sup> <br>| 225000 | 233630 |
| &nbsp;&nbsp; FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class <br> 1M2, (30D Average <br> SOFR + 3.60%), 7.95%, <br> 7/25/42<sup>(b)(c)</sup> <br>| 200000 | 208626 |
| &nbsp;&nbsp;&nbsp; Series 2024-R01, Class <br> 1B1, (30D Average SOFR <br> + 2.70%), 7.05%, <br> 1/25/44<sup>(b)(c)</sup> <br>| 200000 | 205958 |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust, Series <br> 2022-NQM1, Class A4, <br> 4.00%, 5/25/62<sup>(b)</sup> <br>| 173460 | 157038 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; LHOME Mortgage Trust, <br> Series 2024-RTL1, <br> Class A1, (Step to 8.52% <br> on 9/25/26), 7.02%, <br> 1/25/29<sup>(b)(j)</sup> <br>| $160000 | $160993 |
| &nbsp;&nbsp; Mill City Mortgage Loan <br> Trust, Series 2018-2, <br> Class M3, 3.75%, <br> 5/25/58<sup>(b)(n)</sup> <br>| 209639 | 191364 |
| &nbsp;&nbsp; New Residential Mortgage <br> Loan Trust, Series <br> 2022-NQM2, Class A1, <br> 3.08%, 3/27/62<sup>(b)(n)</sup> <br>| 188298 | 176241 |
| &nbsp;&nbsp; NYMT Loan Trust, Series <br> 2024-BPL1, Class A1, <br> (Step to 8.65% on <br> 8/25/26), 7.15%, <br> 2/25/29<sup>(b)(j)</sup> <br>| 160000 | 160711 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM6, <br> Class A1, (Step to <br> 4.69% on 12/25/25), <br> 4.70%, 7/25/62<sup>(b)(j)</sup> <br>| 191532 | 190542 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, <br> Class M1, 6.85%, <br> 12/25/63<sup>(b)</sup> <br>| 200000 | 201616 |
| &nbsp;&nbsp; Saluda Grade Alternative <br> Mortgage Trust, Series <br> 2024-RTL4, Class A1, <br> (Step to 8.50% on <br> 8/25/26), 7.50%, <br> 2/25/30<sup>(b)(j)</sup> <br>| 160000 | 160763 |
| &nbsp;&nbsp; SG Residential Mortgage <br> Trust, Series 2022-1, <br> Class A1, 3.17%, <br> 3/27/62<sup>(b)(n)</sup> <br>| 202579 | 187384 |
| &nbsp;&nbsp; Towd Point Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-5, Class B3, <br> 4.01%, 5/25/55<sup>(b)(n)</sup> <br>| 220000 | 208555 |
| &nbsp;&nbsp;&nbsp; Series 2019-HY2, <br> Class B1, (1M CME <br> Term SOFR + 2.36%, <br> 2.25% Floor), 6.72%, <br> 5/25/58<sup>(b)(c)</sup> <br>| 190000 | 191484 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class A3, <br> (Step to 7.97% on <br> 1/25/28), 6.97%, <br> 12/25/68<sup>(b)(j)</sup> <br>| 59363 | 59937 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, <br> (Step to 7.12% on <br> 2/25/28), 6.12%, <br> 1/25/69<sup>(b)(j)</sup> <br>| 124880 | 124898 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A3, <br> (Step to 7.85% on <br> 5/25/28), 6.85%, <br> 4/25/69<sup>(b)(j)</sup> <br>| $99124 | $100250 |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, <br> (Step to 7.67% on <br> 6/25/28), 6.67%, <br> 6/25/69<sup>(b)(j)</sup> <br>| 143244 | 144618 |
|  |  | **5485757** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $12,263,858) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $12,263,858) | **12332517** |
| **Term Loans – 5.9%**<sup>(c)</sup>  | **Term Loans – 5.9%**<sup>(c)</sup>  | **Term Loans – 5.9%**<sup>(c)</sup>  |
| **Advertising & Marketing – 0.0%**<sup>(f)</sup> | **Advertising & Marketing – 0.0%**<sup>(f)</sup> | **Advertising & Marketing – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Neptune BidCo US, Inc., <br> Term A Loan, (3M USD <br> CME Term SOFR + 4.75%, <br> 0.50% Floor), 9.18%, <br> 10/11/28<br>| 46616 | **44535** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| &nbsp;&nbsp; ABG Intermediate Holdings <br> 2 LLC, 2025 Delayed <br> Draw Term Loan, (1M <br> USD CME Term SOFR + <br> 2.25%), 6.61%, 2/13/32<br>| 93976 | **93595** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp; Focus Financial <br> Partners LLC, Tranche B <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 2.75%), 7.11%, 9/15/31<br>| 9950 | 9952 |
| &nbsp;&nbsp; GC Ferry Intermediate, Inc., <br> Delayed Draw Term Loan, <br> 6/06/32<sup>(o)</sup> <br>| 13125 | 13125 |
| &nbsp;&nbsp; GC Ferry Intermediate, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.50%), 7.71%, 6/06/32<br>| 76875 | 75722 |
|  |  | **98799** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp; Clarios Global L.P., <br> Amendment No. 6 Dollar <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 7.11%, 1/28/32<br>| 30000 | 29987 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| &nbsp;&nbsp; First Brands Group LLC, <br> 2021 Term Loan, (3M <br> USD CME Term SOFR + <br> 5.00%, 1.00% Floor), <br> 9.57%, 3/30/27<br>| $9871 | $9637 |
| &nbsp;&nbsp; First Brands Group LLC, <br> 2022-II Incremental Term <br> Loan, (3M USD CME Term <br> SOFR + 5.00%, 1.00% <br> Floor), 9.57%, 3/30/27<br>| 136850 | 133458 |
|  |  | **173082** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp; Celsius, Inc., Initial Term <br> Loan, (3M USD CME Term <br> SOFR + 3.25%), 7.54%, <br> 4/01/32<br>| 90000 | 90619 |
| &nbsp;&nbsp; Primo Brands Corp., 2025 <br> Refinancing Term Loan, <br> (3M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 6.55%, 3/31/28<br>| 167259 | 167567 |
|  |  | **258186** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| &nbsp;&nbsp; Virgin Media Bristol LLC, <br> Facility Y, (6M USD CME <br> Term SOFR + 3.18%), <br> 7.37%, 3/31/31<br>| 100000 | **98000** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; A-AP Buyer, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 7.11%, 9/09/31<br>| 59700 | 59999 |
| &nbsp;&nbsp; Natgasoline LLC, 2025 <br> Term Loan, (1M USD CME <br> Term SOFR + 5.50%), <br> 9.86%, 3/29/30<br>| 39750 | 39750 |
|  |  | **99749** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| &nbsp;&nbsp; Catawba Nation Gaming <br> Authority, Initial Term B <br> Loan, (3M USD CME Term <br> SOFR + 4.75%), 9.05%, <br> 3/29/32<br>| 70000 | 71167 |
| &nbsp;&nbsp; LTR Intermediate <br> Holdings, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 4.50%, 1.00% <br> Floor), 8.97%, 5/05/28<br>| 148072 | 145142 |
| &nbsp;&nbsp; Prime Security Services <br> Borrower LLC, 2024-1 <br> Refinancing Term B-1 <br> Loan , (6M USD CME <br> Term SOFR + 2.00%), <br> 6.13%, 10/13/30<br>| 89103 | 89053 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| &nbsp;&nbsp; Ryan LLC, Closing Date <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.86%, 11/14/30<br>| $147777 | $147796 |
| &nbsp;&nbsp; WIN Waste Innovations <br> Holdings, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 2.75%, 0.50% <br> Floor), 7.22%, 3/24/28<br>| 49366 | 49285 |
|  |  | **502443** |
| **Communications – 0.0%**<sup>(f)</sup> | **Communications – 0.0%**<sup>(f)</sup> | **Communications – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Univision <br> Communications, Inc., <br> 2024 Replacement <br> Converted First-Lien Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%, 0.50% <br> Floor), 7.97%, 1/31/29<br>| 19800 | **19713** |
| **Consumer Cyclical – 0.3%** | **Consumer Cyclical – 0.3%** | **Consumer Cyclical – 0.3%** |
| &nbsp;&nbsp; DS Parent, Inc., Term Loan <br> B, (3M USD CME Term <br> SOFR + 5.50%, 0.75% <br> Floor), 9.80%, 1/31/31<br>| 178200 | 161494 |
| &nbsp;&nbsp; Harbor Freight Tools <br> USA, Inc., Replacement <br> Term Loan, (1M USD CME <br> Term SOFR + 2.25%), <br> 6.61%, 6/11/31<br>| 93738 | 91638 |
| &nbsp;&nbsp; Spencer Spirit IH LLC, <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%), 9.06%, 7/15/31<br>| 168500 | 168500 |
|  |  | **421632** |
| **Consumer Non-Cyclical – 0.2%** | **Consumer Non-Cyclical – 0.2%** | **Consumer Non-Cyclical – 0.2%** |
| &nbsp;&nbsp; 1261229 B.C. Ltd., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 6.25%), <br> 10.61%, 10/08/30<br>| 40000 | 39138 |
| &nbsp;&nbsp; Global Medical <br> Response, Inc., 2024 <br> Extended Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%, 1.00% Floor), <br> 9.08%, 10/31/28<br>| 102170 | 102218 |
| &nbsp;&nbsp; Opal Bidco SAS Facility <br> B-2, (6M USD CME Term <br> SOFR + 3.25%), 7.44%, <br> 4/28/32<br>| 170000 | 170574 |
|  |  | **311930** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Consumer Services – 0.0%**<sup>(f)</sup> | **Consumer Services – 0.0%**<sup>(f)</sup> | **Consumer Services – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Adtalem Global <br> Education, Inc., 2024 <br> Second Repricing Term <br> Loan, (1M USD CME Term <br> SOFR + 2.75%, 0.75% <br> Floor), 7.11%, 8/12/28<br>| $14838 | $14852 |
| &nbsp;&nbsp; WW International, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 6.80%), 11.12%, 6/24/30<br>| 40232 | 37732 |
|  |  | **52584** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc., 2025 <br> Incremental Closing Date <br> Term B Loan, (1M USD <br> CME Term SOFR + 3.25%, <br> 0.50% Floor), 7.61%, <br> 4/01/32<br>| 95126 | **95036** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp; Alpha Generation LLC, <br> Initial Term B Loan, (1M <br> USD CME Term SOFR + <br> 2.00%), 6.36%, 9/30/31<br>| 79400 | **79252** |
| **Entertainment Content – 0.0%**<sup>(f)</sup> | **Entertainment Content – 0.0%**<sup>(f)</sup> | **Entertainment Content – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Allen Media LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 5.50%), <br> 9.95%, 2/10/27<br>| 76445 | **45676** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| &nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc., 2025 <br> Incremental Delayed <br> Draw Term B Loan,<br>|  |  |
| &nbsp;&nbsp; 4/01/32<sup>(p)</sup> <br>| 1613 | 1612 |
| &nbsp;&nbsp;&nbsp; (1M USD CME Term SOFR <br> + 3.25%, 0.50% Floor), <br> 7.61%, 4/01/32<br>| 50 | 50 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 2024-1 Refinancing Term <br> Loan, (3M USD CME Term <br> SOFR + 3.75%), 8.07%, <br> 5/17/31<br>| 93976 | 93731 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 2024-2 Refinancing Term <br> Loan, (3M USD CME Term <br> SOFR + 3.50%), 7.82%, <br> 5/19/31<br>| 39700 | 39458 |
| &nbsp;&nbsp; MPH Acquisition <br> Holdings LLC, Exchange <br> First Out Term Loan, (3M <br> USD CME Term SOFR + <br> 3.75%, 0.50% Floor), <br> 8.06%, 12/31/30<br>| 14803 | 14714 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| &nbsp;&nbsp; MPH Acquisition <br> Holdings LLC, Second Out <br> Term Loan, (3M USD CME <br> Term SOFR + 4.60%, <br> 0.50% Floor), 9.17%, <br> 12/31/30<br>| $122713 | $109548 |
| &nbsp;&nbsp; Sonrava Health <br> Holdings LLC, Second-Out <br> Term Loan, (3M USD CME <br> Term SOFR + 1.00%, <br> 0.75% Floor), 5.58%, <br> 8/18/28<br>| 315581 | 102302 |
| &nbsp;&nbsp; TEAM Services Group LLC, <br> Incremental Term Loan, <br> (3M USD CME Term SOFR <br> + 5.25%), 9.56%, <br> 12/20/27<br>| 29850 | 29775 |
| &nbsp;&nbsp; TEAM Services Group LLC, <br> Term Loan, (3M USD CME <br> Term SOFR + 5.00%, <br> 1.00% Floor), 9.57%, <br> 12/20/27<br>| 39587 | 39226 |
|  |  | **430416** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| &nbsp;&nbsp; Accession Risk <br> Management Group, Inc., <br> Tranche B Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%), 9.08%, 11/01/29<br>| 1 | 1 |
| &nbsp;&nbsp; BCPE Empire <br> Holdings, Inc., <br> Amendment No. 8 <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 3.25%, 0.50% Floor), <br> 7.61%, 12/11/30<br>| 99500 | 99413 |
|  |  | **99414** |
| **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** |
| &nbsp;&nbsp; Jane Street Group LLC, <br> Seventh Amendment <br> Extended Term Loan, (3M <br> USD CME Term SOFR + <br> 2.00%), 6.33%, 12/15/31<br>| 93966 | 93521 |
| &nbsp;&nbsp; VFH Parent LLC, Term B-2 <br> Loan, (1M USD CME Term <br> SOFR + 2.50%), 6.86%, <br> 6/21/31<br>| 120000 | 120300 |
|  |  | **213821** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| &nbsp;&nbsp; Acrisure LLC, 2024 <br> Repricing Term B-6 Loan, <br> (1M USD CME Term SOFR <br> + 3.00%), 7.36%, <br> 11/06/30<br>| 178133 | 177910 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; AmWINS Group, Inc., <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 2.25%, 0.75% Floor), <br> 6.61%, 1/30/32<br>| $93975 | $94013 |
| &nbsp;&nbsp; AssuredPartners, Inc., <br> 2024 Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.86%, 2/14/31<br>| 207375 | 207771 |
| &nbsp;&nbsp; Asurion LLC, New B-9 Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 7.72%, <br> 7/31/27<br>| 181079 | 180982 |
| &nbsp;&nbsp; Sedgwick Claims <br> Management <br> Services, Inc. (Lightning <br> Cayman Merger <br> Sub, Ltd.), 2024 Term <br> Loan, (1M USD CME Term <br> SOFR + 2.50%), 6.86%, <br> 7/31/31<br>| 93142 | 93219 |
|  |  | **753895** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| &nbsp;&nbsp; Diamond Sports Net LLC, <br> Term Loan, (3M USD <br> FIXED + 0.00%), 0.00%, <br> 1/02/28<br>| 50962 | 44337 |
| &nbsp;&nbsp; MH Sub I LLC (Micro <br> Holding Corp.), 2023 May <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 4.25%, 0.50% Floor), <br> 8.61%, 5/03/28<br>| 99959 | 95111 |
| &nbsp;&nbsp; MH Sub I LLC, 2024 <br> December New Term <br> Loan, (1M USD CME Term <br> SOFR + 4.25%, 0.50% <br> Floor), 8.61%, 12/31/31<br>| 67654 | 60156 |
|  |  | **199604** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp; Evertec Group LLC, Term <br> Loan B, (1M USD CME <br> Term SOFR + 2.75%, <br> 0.50% Floor), 7.11%, <br> 10/30/30<br>| 72000 | 72585 |
| &nbsp;&nbsp; Nielsen Consumer, Inc., <br> Eleventh Amendment <br> Dollar Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 7.61%, <br> 3/06/28<br>| 89501 | 89657 |
| &nbsp;&nbsp; UST Global, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 3.00%, <br> 0.50% Floor), 7.34%, <br> 11/20/28<br>| 76674 | 76962 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **IT Services (Continued)** | **IT Services (Continued)** | **IT Services (Continued)** |
| &nbsp;&nbsp; X Corp., Tranche B-1 Loan, <br> (3M USD CME Term SOFR <br> + 6.50%, 0.50% Floor), <br> 10.96%, 10/26/29<br>| $149235 | $145294 |
| &nbsp;&nbsp; X Corp., Tranche B-3 Term <br> Loan, (6M USD FIXED + <br> 9.50%), 9.50%, 10/26/29<br>| 90000 | 87200 |
|  |  | **471698** |
| **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** |
| &nbsp;&nbsp; Allwyn Entertainment <br> Financing LLC, Facility <br> B-2, (3M USD CME Term <br> SOFR + 2.00%), 6.33%, <br> 6/02/31<br>| 108904 | 108223 |
| &nbsp;&nbsp; Alterra Mountain Co., <br> Series B-6 Term Loan <br> Retired 07/28/2025, (1M <br> USD CME Term SOFR + <br> 2.75%), 7.07%, 8/17/28<br>| 175445 | 175775 |
| &nbsp;&nbsp; Caesars <br> Entertainment, Inc., 2023 <br> Incremental Term B Loan, <br> (1M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 6.61%, 2/06/30<br>| 65400 | 65291 |
| &nbsp;&nbsp; Caesars <br> Entertainment, Inc., Term <br> B-1 Loan, (1M USD CME <br> Term SOFR + 2.25%, <br> 0.50% Floor), 6.61%, <br> 2/06/31<br>| 148125 | 147792 |
| &nbsp;&nbsp; Endeavor Group <br> Holdings, Inc., Term Loan <br> B, (1M USD CME Term <br> SOFR + 3.00%), 7.36%, <br> 3/24/32<br>| 100000 | 100063 |
| &nbsp;&nbsp; Flutter Entertainment PLC, <br> 2024 Refinancing Term B <br> Loan, (3M USD CME Term <br> SOFR + 1.75%, 0.50% <br> Floor), 6.05%, 11/30/30<br>| 93973 | 93550 |
| &nbsp;&nbsp; Flutter Entertainment PLC, <br> Third Incremental Term B <br> Loan, (3M USD CME Term <br> SOFR + 2.00%, 0.50% <br> Floor), 6.30%, 6/04/32<br>| 110000 | 109862 |
| &nbsp;&nbsp; UFC Holdings LLC, <br> Incremental Term B-4 <br> Loan , (3M USD CME <br> Term SOFR + 2.25%), <br> 6.57%, 11/21/31<br>| 93976 | 94192 |
|  |  | **894748** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| &nbsp;&nbsp; Alliance Laundry <br> Systems LLC, Initial Term <br> B Loan, (1M USD CME <br> Term SOFR + 2.50%), <br> 6.86%, 8/19/31<br>| $94212 | $94053 |
| &nbsp;&nbsp; Dynamo Midco B.V., <br> Facility B, (1M USD CME <br> Term SOFR + 3.50%), <br> 7.83%, 9/30/31<br>| 138950 | 139471 |
| &nbsp;&nbsp; Madison IAQ LLC, 2025 <br> Incremental Term Loan, <br> (6M USD CME Term SOFR <br> + 3.25%, 0.50% Floor), <br> 7.45%, 5/06/32<br>| 60000 | 60210 |
|  |  | **293734** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| &nbsp;&nbsp; Medline Borrower L.P., <br> Third Amendment <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 6.57%, 10/23/28<br>| 93975 | 94034 |
| &nbsp;&nbsp; Sotera Health <br> Holdings LLC, 2024 <br> Refinancing Term Loan, <br> (3M USD CME Term SOFR <br> + 3.25%), 7.55%, 5/30/31<br>| 198500 | 198873 |
|  |  | **292907** |
| **Metals & Mining – 0.0%**<sup>(f)</sup> | **Metals & Mining – 0.0%**<sup>(f)</sup> | **Metals & Mining – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; GEO Group (The), Inc., The <br> Term Loan Retired <br> 08/01/2025, (1M USD <br> CME Term SOFR + 5.25%, <br> 0.75% Floor), 9.61%, <br> 4/13/29<br>| 29310 | **29339** |
| **Publishing & Broadcasting – 0.0%**<sup>(f)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(f)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Gray Television, Inc., Term <br> F Loan, (1M USD CME <br> Term SOFR + 5.25%), <br> 9.58%, 6/04/29<br>| 1000 | 1000 |
| &nbsp;&nbsp; Learfield <br> Communications LLC, <br> 2024 Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 4.50%), 8.86%, <br> 6/30/28<br>| 8033 | 8093 |
|  |  | **9093** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| &nbsp;&nbsp; Peer Holding III B.V., <br> Facility B-4B, (3M USD <br> CME Term SOFR + <br> 2.50%), 6.80%, 10/28/30<br>| 93974 | 94121 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| &nbsp;&nbsp; Peer Holding III B.V., <br> Facility B-5B, (3M USD <br> CME Term SOFR + <br> 2.50%), 6.80%, 7/01/31<br>| $89550 | $89718 |
| &nbsp;&nbsp; Thermostat Purchaser <br> III, Inc., Initial Term B-1 <br> Loan, (3M USD CME Term <br> SOFR + 4.25%, 0.75% <br> Floor), 8.55%, 8/31/28<br>| 206843 | 207274 |
|  |  | **391113** |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| &nbsp;&nbsp; Cloudera, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.75%, 0.50% <br> Floor), 8.21%, 10/08/28<br>| 89049 | 85181 |
| &nbsp;&nbsp; Cotiviti, Inc., Amendment 2 <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 7.08%, 3/26/32<br>| 80000 | 79766 |
| &nbsp;&nbsp; Cotiviti, Inc., Initial Fixed <br> Rate Term Loan, (3M USD <br> FIXED + 7.63%), 7.63%, <br> 5/01/31<br>| 90000 | 90488 |
| &nbsp;&nbsp; Cotiviti, Inc., Initial <br> Floating Rate Term Loan, <br> (1M USD CME Term SOFR <br> + 2.75%), 7.08%, 5/01/31<br>| 108555 | 108193 |
| &nbsp;&nbsp; Dayforce, Inc., First <br> Amendment Refinancing <br> Term Loan, (3M USD CME <br> Term SOFR + 2.00%), <br> 6.31%, 3/01/31<br>| 28423 | 28494 |
| &nbsp;&nbsp; DCert Buyer, Inc., First <br> Amendment Refinancing <br> Loan, (1M USD CME Term <br> SOFR + 7.00%), 11.36%, <br> 2/19/29<br>| 94212 | 83299 |
| &nbsp;&nbsp; Liftoff Mobile, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 3.75%, <br> 0.50% Floor), 8.21%, <br> 10/02/28<br>| 59536 | 59300 |
| &nbsp;&nbsp; Modena Buyer LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 4.50%), <br> 8.81%, 7/01/31<br>| 93739 | 91814 |
| &nbsp;&nbsp; Starlight Parent LLC, Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 4.00%), <br> 8.34%, 4/16/32<br>| 117764 | 116293 |
| &nbsp;&nbsp; X.AI Corp., Fixed Term <br> Loan, (3M USD FIXED + <br> 0.00%), 12.50%, 6/28/30<br>| 130000 | 130511 |
| &nbsp;&nbsp; X.AI Corp., Term Loan, (1M <br> USD CME Term SOFR + <br> 7.25%), 11.55%, 6/28/30<br>| 170000 | 162739 |
|  |  | **1036078** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| &nbsp;&nbsp; Blackhawk Network <br> Holdings, Inc., Additional <br> Term B-2 Loan, (1M USD <br> CME Term SOFR + 4.00%, <br> 1.00% Floor), 8.36%, <br> 3/12/29<br>| $99002 | $99343 |
| &nbsp;&nbsp; Boost Newco <br> Borrower LLC, USD Term <br> B-2 Loan, (3M USD CME <br> Term SOFR + 2.00%), <br> 6.30%, 1/31/31<br>| 99501 | 99646 |
| &nbsp;&nbsp; CFC Bidco 2022, Ltd., Term <br> Loan B, (3M USD CME <br> Term SOFR + 3.75%), <br> 8.04%, 5/30/32<br>| 110000 | 109657 |
| &nbsp;&nbsp; KREF Holdings X LLC, <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.25%), 7.59%, 3/05/32<br>| 99750 | 100187 |
| &nbsp;&nbsp; Starwood Property <br> Mortgage LLC, 2024 <br> Repricing Term Loan <br> Retired 07/31/2025, (1M <br> USD CME Term SOFR + <br> 2.25%, 0.50% Floor), <br> 6.61%, 11/18/27<br>| 46987 | 46928 |
|  |  | **455761** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| &nbsp;&nbsp; Global Tel Link Corp., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 7.50%, <br> 3.00% Floor), 11.86%, <br> 8/06/29<br>| 89325 | **88074** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| &nbsp;&nbsp; QualityTech L.P., Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.83%, <br> 11/04/31<br>| 139650 | **139999** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp; Brown Group Holding LLC, <br> Incremental Term B-2 <br> Facility, (3M USD CME <br> Term SOFR + 2.50%, <br> 0.50% Floor), 6.83%, <br> 7/01/31<br>| 29477 | 29506 |
| &nbsp;&nbsp; United AirLines, Inc., <br> Class B Term Loan, (1M <br> USD CME Term SOFR + <br> 2.00%), 6.35%, 2/22/31<br>| 149167 | 149540 |
|  |  | **179046** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $8,619,766) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $8,619,766) | **8372952** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **U.S. Government Obligations – 0.7%** | **U.S. Government Obligations – 0.7%** | **U.S. Government Obligations – 0.7%** |
| **U.S. Treasury Notes – 0.7%** | **U.S. Treasury Notes – 0.7%** | **U.S. Treasury Notes – 0.7%** |
| &nbsp;&nbsp; 3.88%, 4/30/30 | $1000000 | $996953 |
| &nbsp;&nbsp; 3.88%, 6/30/30<sup>(e)</sup> <br>| 20000 | 19928 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $1,008,025) | &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $1,008,025) | **1016881** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Warrants – 0.1%** | **Warrants – 0.1%** | **Warrants – 0.1%** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Spirit Airlines LLC\* | 6153 | **86142** |
| &nbsp;&nbsp; **Total Warrants** <br>(Cost $74,903) | &nbsp;&nbsp; **Total Warrants** <br>(Cost $74,903) | **86142** |
| **Investment Companies – 14.3%** | **Investment Companies – 14.3%** | **Investment Companies – 14.3%** |
| Schwab U.S. REIT ETF | 73125 | 1530506 |
| &nbsp;&nbsp; Vanguard <br> Intermediate-Term <br> Treasury ETF<br>| 72197 | 4285614 |
| &nbsp;&nbsp; Vanguard Long-Term <br> Treasury ETF<sup>(e)</sup> <br>| 187211 | 10373362 |
| &nbsp;&nbsp; Vanguard Total <br> International Bond ETF<br>| 81366 | 4015412 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $20,263,800) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $20,263,800) | **20204894** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 6.1%** | **Short-Term Investments – 6.1%** | **Short-Term Investments – 6.1%** | **Short-Term Investments – 6.1%** |
| **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** |
| &nbsp;&nbsp; Edison International, (5Y <br> US Treasury CMT + <br> 4.70%), 5.38%, <br> 3/09/26<sup>(l)(m)</sup> <br>|  | 110000 | 104597 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P., (3M CME <br> Term SOFR + 4.37%), <br> 8.70%, 8/31/25<sup>(c)(m)</sup> <br>|  | 130000 | 130074 |
|  |  |  | **234671** |
| **Foreign Issuer Bonds – 0.0%**<sup>(f)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(f)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(f)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Brazil Letras do Tesouro <br> Nacional,0.00%, <br> 1/01/26<sup>(q)</sup> <br>| BRL | 114000 | **19200** |
| **Money Market Funds – 5.9%** | **Money Market Funds – 5.9%** | **Money Market Funds – 5.9%** | **Money Market Funds – 5.9%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(r)(s)</sup> <br>|  | 4415619 | 4415619 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Money Market Funds (Continued)** | **Money Market Funds (Continued)** | **Money Market Funds (Continued)** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.15%<sup>(r)</sup> <br>| 3998182 | $3998182 |
|  |  | **8413801** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $8,654,516) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $8,654,516) | **8667672** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **Purchased Options – 0.0%**<sup>(f)</sup>  | **Purchased Options – 0.0%**<sup>(f)</sup>  | **Purchased Options – 0.0%**<sup>(f)</sup>  | **Purchased Options – 0.0%**<sup>(f)</sup>  |
| **Call Options - Exchange Traded – 0.0%**<sup>(f)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(f)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(f)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Future, <br> Strike Price USD 96.38, <br> Expires 12/12/25<br>| 36 | 8637300 | **4500** |
| **Call Options - Over the Counter – 0.0%**<sup>(f)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(f)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(f)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Chinese Yuan vs. <br> U.S. Dollar, Strike Price <br> CNY 7.21, Expires <br> 8/28/25, <br> Counterparty: BNP Paribas<br>| 1 | 270000 | 281 |
| &nbsp;&nbsp;&nbsp; Chinese Yuan vs. <br> U.S. Dollar, Strike Price <br> CNY 7.22, Expires <br> 10/28/25, <br> Counterparty: BNP Paribas<br>| 1 | 270000 | 741 |
|  |  |  | **1022** |
| &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $7,489) | &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $7,489) | &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $7,489) | **5522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Total Investments – 101.9%** <br>(Cost $136,478,866) | **144560525** |
| Liabilities less Other Assets – (1.9)%<sup>(t)</sup>  | (2727085)<br>|
| **NET ASSETS – 100.0%** | **$141833440** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Percentages shown are based on Net Assets.*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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> <br>| Par value is in USD unless otherwise indicated. |
| <sup>(b)</sup> <br>| Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt <br> from registration, normally to qualified institutional buyers. As of July 31, 2025, these securities had a total value of $31,185,416 or 21.99% <br> of net assets.<br>|
| <sup>(c)</sup> <br>| Variable or floating rate security. Rate as of July 31, 2025 is disclosed. |
| <sup>(d)</sup> <br>| When-Issued Security. Coupon rate was not yet in effect at July 31, 2025. |
| <sup>(e)</sup> <br>| Security either partially or fully on loan. As of July 31, 2025, the total value of securities on loan is $5,042,446. |
| <sup>(f)</sup> <br>| Amount rounds to less than 0.05%. |
| <sup>(g)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(h)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3). |
| <sup>(i)</sup> <br>| Distributions from this security are made via payments in-kind (PIK) unless otherwise noted in the description. |
| <sup>(j)</sup> <br>| Step coupon bond. Rate as of July 31, 2025 is disclosed. |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

&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;

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

<sup>(l)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of July 31, 2025 is disclosed. 

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

<sup>(n)</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 July 31, 2025 is disclosed. 

<sup>(o)</sup> Position is unsettled. Contract rate was not determined at July 31, 2025 and does not take effect until settlement date.

<sup>(p)</sup> Unfunded loan commitment. As of July 31, 2025, total value of unfunded loan commitment is $1,612.

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

<sup>(r)</sup> 7-day current yield as of July 31, 2025 is disclosed.

<sup>(s)</sup> Security purchased with the cash proceeds from securities loaned. As of July 31, 2025, total cash collateral has a value of $4,415,619 and total non-cash collateral has a value of $737,601. 

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

\* Non-Income Producing Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1M | 1 Month |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| 10Y | 10 Year |
| 30D | 30 Day |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| BZDIO | Brazil Interbank Rate |
| CDX | Credit Default Swap Index |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNY | Chinese Offshore Yuan |
| CR | Custodial Receipts |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| INR | Indian Rupee |
| JMD | Jamaican Dollar |
| L.P. | Limited Partnership |
| LLC | Limited Liability Company |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | United States Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |
| TIIE | Tasa de Interés Interbancaria de Equilibrio |
| ULC | Unlimited Liability Corporation |
| USD | United States Dollar |
| UYU | Uruguay Peso |

---

&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; <br>

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9/10/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 296027 | &nbsp;&nbsp; $(3297)<br>|
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9/15/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 511876 | &nbsp;&nbsp; (3032)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4553562 | &nbsp;&nbsp; (15563)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2397938 | &nbsp;&nbsp; 47032 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 586563 | &nbsp;&nbsp; 10787 |
| Long Gilt | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9/26/2025 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 243422 | &nbsp;&nbsp; 2636 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3725719 | &nbsp;&nbsp; (3067)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5733109 | &nbsp;&nbsp; 18517 |
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$54013** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 10/16/25 | U.S. Dollars | &nbsp;&nbsp; 297205 | British Pounds | &nbsp;&nbsp; 217642 | Goldman Sachs | &nbsp;&nbsp; $9560 |
| 10/16/25 | U.S. Dollars | &nbsp;&nbsp; 428704 | Indian Rupees | &nbsp;&nbsp; 36930481 | Citibank | &nbsp;&nbsp; 8446 |
| 10/16/25 | U.S. Dollars | &nbsp;&nbsp; 240879 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 1715208 | Citibank | &nbsp;&nbsp; 1545 |
| 10/16/25 | U.S. Dollars | &nbsp;&nbsp; 58875 | Euro | &nbsp;&nbsp; 50000 | Goldman Sachs | &nbsp;&nbsp; 1515 |
| 9/03/25 | U.S. Dollars | &nbsp;&nbsp; 234754 | Brazilian Reals | &nbsp;&nbsp; 1320000 | Citibank | &nbsp;&nbsp; 1167 |
| 8/04/25 | U.S. Dollars | &nbsp;&nbsp; 471707 | Brazilian Reals | &nbsp;&nbsp; 2640000 | Citibank | &nbsp;&nbsp; 751 |
| 10/16/25 | U.S. Dollars | &nbsp;&nbsp; 88913 | Mexican Pesos | &nbsp;&nbsp; 1679356 | Morgan Stanley | &nbsp;&nbsp; 647 |
| 10/16/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 1260000 | U.S. Dollars | &nbsp;&nbsp; 175742 | BNP Paribas | &nbsp;&nbsp; 74 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $23705 |
| 10/16/25 | British Pounds | &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 133286 | Goldman Sachs | &nbsp;&nbsp; $(1122)<br>|
| 8/04/25 | Brazilian Reals | &nbsp;&nbsp; 2640000 | U.S. Dollars | &nbsp;&nbsp; 472185 | Citibank | &nbsp;&nbsp; (1230)<br>|
| 10/16/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 554905 | U.S. Dollars | &nbsp;&nbsp; 362103 | JPMorgan Chase | &nbsp;&nbsp; (4956)<br>|
| 10/16/25 | Euro | &nbsp;&nbsp; 224484 | U.S. Dollars | &nbsp;&nbsp; 262485 | JPMorgan Chase | &nbsp;&nbsp; (4958)<br>|
| 10/16/25 | Japanese Yen | &nbsp;&nbsp; 55082202 | U.S. Dollars | &nbsp;&nbsp; 379494 | Goldman Sachs | &nbsp;&nbsp; (10994)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(23260)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$445** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.90% (Monthly) | 11/16/2029 | MXN | 20240000 | $45921 | $— | $45921 |
| 3.49% (Annually) | 1-Day USD SOFR (Annually) | 5/31/2032 | USD | 1300000 | 13621 | 6199 | 7422 |
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.89% (Monthly) | 11/10/2034 | MXN | 3550000 | 8597 |  | 8597 |
| **Total** |  |  |  |  | **$68139** | **$6199** | **$61940** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day BRL BZDIO (At <br> Maturity)<br>| 11.03% (At Maturity) | JPMorgan Chase | 1/02/2026 | BRL | 4988414 | $(28250)<br>| $— | $(28250)<br>|
| &nbsp;&nbsp; 1-Day BRL BZDIO (At <br> Maturity)<br>| 10.26% (At Maturity) | JPMorgan Chase | 1/02/2029 | BRL | 3493323 | (87175)<br>|  | (87175)<br>|
| **Total** |  |  |  |  |  | **$(115425)**<br>| **$—** | **$(115425)**<br>|

---

**Credit Default Swap Contracts outstanding - Buy Protection as of July 31, 2025:** <br>**Centrally Cleared** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Markit CDX North America High Yield Index Series 44 (Pay <br> Quarterly)<br>| 5.00% | 6/20/2030 | USD | 228000 | $(17829)<br>| $(10556)<br>| $(7273)<br>|
| &nbsp;&nbsp; MGM Resorts International, 4.75%, Due: 10/15/2028 (Pay <br> Quarterly)<br>| 5.00% | 6/20/2030 | USD | 75000 | (10409)<br>| (9915)<br>| (494)<br>|
| **Total** |  |  |  |  | **$(28238)**<br>| **$(20471)**<br>| **$(7767)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Caesars Entertainment, Inc., 4.63%, <br> Due: 10/15/2029 (Pay Quarterly)<br>| 2.44% | 5.00% | 6/20/2030 | USD | 75000 | $8525 | $8109 | $416 |
| **Total** |  |  |  |  |  | **$8525** | **$8109** | **$416** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day USD SOFR <br> +0.04% (At Maturity)<br>| Western Asset Management <br>Emerging Markets Frontier Custom Basket<br>| 10/03/2025 | JPMorgan Chase | USD | 445000 | $3162 | $— | $3162 |
| **Total** |  |  |  |  |  | **$3162** | **$—** | **$3162** |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5016422 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5016422 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 40896709 | &nbsp;&nbsp; 24917802 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 65814511 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 11650140 | &nbsp;&nbsp; 170352 | &nbsp;&nbsp; 11820492 |
| &nbsp;&nbsp;&nbsp; Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1602 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1602 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 7713673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7713673 |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships | &nbsp;&nbsp; 3507245 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3507245 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 12332517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12332517 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 8372952 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8372952 |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1016881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1016881 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 20204894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20204894 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 8413801 | &nbsp;&nbsp; 253871 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8667672 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5522 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5522 |
| **Total Investments** | &nbsp;&nbsp; $73022649 | &nbsp;&nbsp; $71367524 | &nbsp;&nbsp; $170352 | &nbsp;&nbsp; $144560525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Includes securities determined to have no value as of July 31, 2025. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $78972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78972 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23705 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23705 |
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 65518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65518 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $78972 | &nbsp;&nbsp; $89223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168195 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(24959)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24959)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (23260)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23260)<br>|
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (123192)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (123192)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(24959)<br>| &nbsp;&nbsp; $(146452)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(171411)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $54013 | &nbsp;&nbsp; $(57229)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3216)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar Total Return Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 113.0%** | **Long Positions – 113.0%** | **Long Positions – 113.0%** |
| **Asset-Backed Securities – 7.0%** | **Asset-Backed Securities – 7.0%** | **Asset-Backed Securities – 7.0%** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp; Avis Budget Rental <br> Car Funding AESOP LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br> 5.12%, 8/20/31<sup>(b)</sup> <br>| $1000000 | $1014700 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, <br> 5.51%, 8/20/31<sup>(b)</sup> <br>| 600000 | 604989 |
|  |  | **1619689** |
| **Leisure Facilities & Services – 0.0%**<sup>(c)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(c)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Five Guys Holdings, Inc., <br> Series 2023-1A, <br> Class A2, 7.55%, <br> 1/26/54<sup>(b)</sup> <br>| 297750 | **306191** |
| **Other – 6.7%** | **Other – 6.7%** | **Other – 6.7%** |
| &nbsp;&nbsp; AASET, Series 2025-1A, <br> Class A, 5.94%, <br> 2/16/50<sup>(b)</sup> <br>| 261678 | 265512 |
| &nbsp;&nbsp; AASET MT-1 Ltd., Series <br> 2025-2A, Class A, 5.52%, <br> 2/16/50<sup>(b)</sup> <br>| 546640 | 551338 |
| &nbsp;&nbsp; Affirm Master Trust, Series <br> 2025-1A, Class A, 4.99%, <br> 2/15/33<sup>(b)</sup> <br>| 304000 | 305260 |
| AGL CLO 42 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-42A, Class B, <br> (3M CME Term SOFR + <br> 1.65%), 5.92%, <br> 7/22/38<sup>(b)(d)</sup> <br>| 2800000 | 2810443 |
| &nbsp;&nbsp;&nbsp; Series 2025-42A, Class C, <br> (3M CME Term SOFR + <br> 1.80%), 6.07%, <br> 7/22/38<sup>(b)(d)</sup> <br>| 350000 | 350122 |
| &nbsp;&nbsp; AGL Core CLO 38 Ltd., <br> Series 2025-38A, <br> Class A1, (3M CME Term <br> SOFR + 1.24%), 5.57%, <br> 1/20/38<sup>(b)(d)</sup> <br>| 250000 | 250381 |
| &nbsp;&nbsp; BCC Middle Market <br> CLO LLC, Series 2019-1A, <br> Class A1RR, (3M CME <br> Term SOFR + 1.45%), <br> 5.72%, 7/15/36<sup>(b)(d)</sup> <br>| 1650000 | 1652266 |
| &nbsp;&nbsp; Benefit Street Partners <br> CLO X Ltd., Series <br> 2016-10A, Class A1R3, <br> (3M CME Term SOFR + <br> 1.30%), 5.63%, <br> 7/20/38<sup>(b)(d)</sup> <br>| 322000 | 322620 |
| &nbsp;&nbsp; Blue Stream Issuer LLC, <br> Series 2024-1A, <br> Class A2, 5.41%, <br> 11/20/54<sup>(b)</sup> <br>| 1000000 | 1003017 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; BlueMountain Fuji U.S. <br> CLO II Ltd., Series <br> 2017-2A, Class A1AR, <br> (3M CME Term SOFR + <br> 1.26%), 5.59%, <br> 10/20/30<sup>(b)(d)</sup> <br>| $170179 | $170331 |
| &nbsp;&nbsp; BXMT Ltd., Series <br> 2025-FL5, Class A, (1M <br> CME Term SOFR + <br> 1.64%), 5.99%, <br> 10/18/42<sup>(b)(d)</sup> <br>| 116000 | 115685 |
| &nbsp;&nbsp; Canyon CLO Ltd., Series <br> 2020-3A, Class A1R, (3M <br> CME Term SOFR + 1.40%, <br> 1.40% Floor), 5.72%, <br> 10/15/37<sup>(b)(d)</sup> <br>| 330000 | 331218 |
| &nbsp;&nbsp; Carbone CLO Ltd., Series <br> 2017-1A, Class A1, (3M <br> CME Term SOFR + <br> 1.40%), 5.73%, <br> 1/20/31<sup>(b)(d)</sup> <br>| 69591 | 69656 |
| &nbsp;&nbsp; Carlyle Global Market <br> Strategies CLO Ltd., <br> Series 2014-1A, <br> Class A1R2, (3M CME <br> Term SOFR + 1.23%, <br> 0.97% Floor), 5.55%, <br> 4/17/31<sup>(b)(d)</sup> <br>| 42132 | 42153 |
| &nbsp;&nbsp; CARS-DB4 L.P., Series <br> 2020-1A, Class A6, <br> 3.81%, 2/15/50<sup>(b)</sup> <br>| 244844 | 228191 |
| &nbsp;&nbsp; Carva CLO VIII-C Ltd., <br> Series 2022-2A, <br> Class A1R, (3M CME <br> Term SOFR + 1.42%, <br> 1.42% Floor), 5.75%, <br> 10/22/37<sup>(b)(d)</sup> <br>| 250000 | 250957 |
| &nbsp;&nbsp; Castlelake Aircraft <br> Structured Trust, Series <br> 2025-2A, Class A, 5.47%, <br> 8/15/50<sup>(b)(e)</sup> <br>| 1700000 | 1699966 |
| &nbsp;&nbsp; Cerberus Loan Funding 50 <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br> (3M CME Term SOFR + <br> 1.65%), 5.97%, <br> 7/15/37<sup>(b)(d)</sup> <br>| 800000 | 804257 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, <br> (3M CME Term SOFR + <br> 1.95%), 6.27%, <br> 7/15/37<sup>(b)(d)</sup> <br>| 800000 | 798598 |
| &nbsp;&nbsp; Cerberus Loan Funding 51 <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br> (3M CME Term SOFR + <br> 1.52%), 5.75%, <br> 10/15/37<sup>(b)(d)(e)</sup> <br>| 500000 | 500000 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Cerberus Loan Funding 51 <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2B, Class B, <br> (3M CME Term SOFR + <br> 1.82%), 6.05%, <br> 10/15/37<sup>(b)(d)(e)</sup> <br>| $500000 | $500000 |
| CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-4A, <br> Class A1R, (3M CME <br> Term SOFR + 1.21%, <br> 0.95% Floor), 5.53%, <br> 10/24/30<sup>(b)(d)</sup> <br>| 65435 | 65459 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br> (3M CME Term SOFR + <br> 1.13%), 5.41%, <br> 4/15/38<sup>(b)(d)</sup> <br>| 250000 | 249755 |
| &nbsp;&nbsp; Citigroup Mortgage Loan <br> Trust, Inc., Series <br> 2007-WFH4, Class M3A, <br> (1M CME Term SOFR + <br> 3.86%, 3.75% Floor), <br> 8.22%, 7/25/37<sup>(d)</sup> <br>| 500000 | 485465 |
| &nbsp;&nbsp; CLI Funding IX LLC, Series <br> 2025-1A, Class A, 5.35%, <br> 6/20/50<sup>(b)</sup> <br>| 842562 | 843847 |
| &nbsp;&nbsp; Compass Datacenters <br> Issuer II LLC, Series <br> 2025-1A, Class A1, <br> 5.32%, 5/25/50<sup>(b)</sup> <br>| 1000000 | 1007375 |
| &nbsp;&nbsp; CWABS Asset-Backed <br> Certificates Trust, Series <br> 2006-14, Class M1, (1M <br> CME Term SOFR + 0.55%, <br> 0.44% Floor), 4.90%, <br> 2/25/37<sup>(d)</sup> <br>| 109935 | 93126 |
| &nbsp;&nbsp; DB Master Finance LLC, <br> Series 2021-1A, <br> Class A23, 2.79%, <br> 11/20/51<sup>(b)</sup> <br>| 820250 | 711481 |
| &nbsp;&nbsp; Dewolf Park CLO Ltd., <br> Series 2017-1A, <br> Class AR, (3M CME Term <br> SOFR + 1.18%, 0.90% <br> Floor), 5.50%, <br> 10/15/30<sup>(b)(d)</sup> <br>| 86498 | 86514 |
| &nbsp;&nbsp; Diameter Capital CLO 10 <br> Ltd., Series 2025-10A, <br> Class A, (3M CME Term <br> SOFR + 1.31%), 5.60%, <br> 4/20/38<sup>(b)(d)</sup> <br>| 500000 | 500944 |
| &nbsp;&nbsp; Dryden 40 Senior <br> Loan Fund, Series <br> 2015-40A, Class AR2, <br> (3M CME Term SOFR + <br> 1.15%, 1.15% Floor), <br> 5.48%, 8/15/31<sup>(b)(d)</sup> <br>| 158275 | 158195 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; EFMT, Series 2025-CES4, <br> Class A1, (Step to 6.43% <br> on 8/25/29), 5.43%, <br> 6/25/60<sup>(b)(f)</sup> <br>| $1050000 | $1049997 |
| &nbsp;&nbsp; Enterprise Fleet <br> Financing LLC, Series <br> 2024-4, Class A4, 4.70%, <br> 6/20/31<sup>(b)</sup> <br>| 50000 | 50334 |
| FIGRE Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, <br> Class A, 5.83%, <br> 1/25/55<sup>(b)</sup> <br>| 804000 | 810365 |
| &nbsp;&nbsp;&nbsp; Series 2025-PF1, Class A, <br> 5.76%, 6/25/55<sup>(b)</sup> <br>| 750220 | 754371 |
| &nbsp;&nbsp;&nbsp; Series 2025-PF1, Class B, <br> 5.91%, 6/25/55<sup>(b)</sup> <br>| 684575 | 687351 |
| &nbsp;&nbsp; First Franklin Mortgage <br> Loan Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-FF4, <br> Class M1, (1M CME <br> Term SOFR + 1.91%, <br> 1.80% Floor), 6.24%, <br> 10/25/33<sup>(d)</sup> <br>| 183376 | 181103 |
| &nbsp;&nbsp;&nbsp; Series 2006-FF13, <br> Class A1, (1M CME <br> Term SOFR + 0.35%, <br> 0.24% Floor), 4.71%, <br> 10/25/36<sup>(d)</sup> <br>| 25252 | 16150 |
| &nbsp;&nbsp;&nbsp; Series 2006-FF13, <br> Class A2C, (1M CME <br> Term SOFR + 0.43%, <br> 0.32% Floor), 4.79%, <br> 10/25/36<sup>(d)</sup> <br>| 14733 | 9559 |
| &nbsp;&nbsp; FNA 8 LLC, Series 2025-1, <br> Class A, 5.62%, <br> 3/15/45<sup>(b)</sup> <br>| 97141 | 97168 |
| &nbsp;&nbsp; GoldenTree Loan <br> Management U.S. CLO 23 <br> Ltd., Series 2024-23A, <br> Class B, (3M CME Term <br> SOFR + 1.60%, 1.60% <br> Floor), 5.93%, <br> 1/20/39<sup>(b)(d)</sup> <br>| 610000 | 611378 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 16M-R3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-16A, <br> Class A1R3, (3M CME <br> Term SOFR + 1.63%), <br> 5.95%, 8/09/39<sup>(b)(d)</sup> <br>| 1500000 | 1504443 |
| &nbsp;&nbsp;&nbsp; Series 2013-16A, <br> Class BR3, (3M CME <br> Term SOFR + 1.95%), <br> 6.27%, 8/09/39<sup>(b)(d)</sup> <br>| 1600000 | 1596377 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 49M Ltd., Series <br> 2020-49A, Class A1R2, <br> (3M CME Term SOFR + <br> 1.52%), 5.84%, <br> 7/20/38<sup>(b)(d)</sup> <br>| $850000 | $850000 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 54M L.P, Series <br> 2021-54A, Class A2R, <br> (3M CME Term SOFR + <br> 1.70%), 5.80%, <br> 8/05/37<sup>(b)(d)</sup> <br>| 800000 | 800000 |
| &nbsp;&nbsp; GoodLeap Home <br> Improvement Solutions <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br> 5.35%, 10/20/46<sup>(b)</sup> <br>| 116367 | 117262 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br> 5.38%, 2/20/49<sup>(b)</sup> <br>| 253283 | 254880 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, <br> 6.27%, 2/20/49<sup>(b)</sup> <br>| 49488 | 50315 |
| &nbsp;&nbsp; GreenSky Home <br> Improvement Issuer Trust, <br> Series 2025-2A, Class B, <br> 5.07%, 6/25/60<sup>(b)</sup> <br>| 850000 | 850655 |
| &nbsp;&nbsp; GSAA Home Equity Trust, <br> Series 2006-4, Class 1A1, <br> 4.14%, 3/25/36<sup>(g)</sup> <br>| 40908 | 27500 |
| &nbsp;&nbsp; HLEND CLO LLC, Series <br> 2025-4A, Class B, (3M <br> CME Term SOFR + <br> 1.85%), 6.08%, <br> 8/15/37<sup>(b)(d)(e)</sup> <br>| 1650000 | 1650221 |
| &nbsp;&nbsp; Hotwire Funding LLC, <br> Series 2024-1A, <br> Class A2, 5.89%, <br> 6/20/54<sup>(b)</sup> <br>| 800000 | 808070 |
| &nbsp;&nbsp; HPS Private Credit <br> CLO LLC, Series 2025-3A, <br> Class B, (3M CME Term <br> SOFR + 2.05%), 6.31%, <br> 7/20/37<sup>(b)(d)</sup> <br>| 3250000 | 3244857 |
| &nbsp;&nbsp; Huntington Bank Auto <br> Credit-Linked Notes, <br> Series 2024-2, Class B2, <br> (30D Average SOFR + <br> 1.35%), 5.70%, <br> 10/20/32<sup>(b)(d)</sup> <br>| 160522 | 161318 |
| &nbsp;&nbsp; JCP Direct Lending <br> CLO LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, <br> Class A1R, (3M CME <br> Term SOFR + 1.65%), <br> 5.98%, 7/20/37<sup>(b)(d)</sup> <br>| 350000 | 351836 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, <br> Class AJR, (3M CME <br> Term SOFR + 1.78%), <br> 6.11%, 7/20/37<sup>(b)(d)</sup> <br>| 1000000 | 1003744 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; LCM 36 Ltd., Series 36A, <br> Class A1R, (3M CME <br> Term SOFR + 1.07%), <br> 5.39%, 1/15/34<sup>(b)(d)</sup> <br>| $250000 | $250389 |
| &nbsp;&nbsp; Lendmark Funding Trust, <br> Series 2025-1A, Class A, <br> 4.94%, 9/20/34<sup>(b)</sup> <br>| 145000 | 145607 |
| &nbsp;&nbsp; Long Beach Mortgage <br> Loan Trust, Series 2006-6, <br> Class 2A3, (1M CME <br> Term SOFR + 0.41%, <br> 0.30% Floor), 4.77%, <br> 7/25/36<sup>(d)</sup> <br>| 702058 | 274360 |
| &nbsp;&nbsp; Lyra Music Assets <br> Delaware L.P., Series <br> 2025-1A, Class A2, <br> 5.60%, 9/20/65<sup>(b)</sup> <br>| 100000 | 99999 |
| &nbsp;&nbsp; Madison Park Funding <br> LXV Ltd., Series <br> 2025-65A, Class C, (3M <br> CME Term SOFR + <br> 1.80%), 6.12%, <br> 7/16/38<sup>(b)(d)</sup> <br>| 800000 | 800000 |
| &nbsp;&nbsp; MAPS Trust, Series <br> 2021-1A, Class A, 2.52%, <br> 6/15/46<sup>(b)</sup> <br>| 1757603 | 1654897 |
| &nbsp;&nbsp; Mariner Finance Issuance <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-BA, Class A, <br> 4.91%, 11/20/38<sup>(b)</sup> <br>| 134000 | 134678 |
| &nbsp;&nbsp;&nbsp; Series 2055-AA, Class A, <br> 4.98%, 5/20/38<sup>(b)</sup> <br>| 219000 | 220727 |
| &nbsp;&nbsp; MFA Trust, Series <br> 2024-NPL1, Class A1, <br> (Step to 0.36% on <br> 8/25/25), 6.33%, <br> 9/25/54<sup>(f)</sup> <br>| 94503 | 94610 |
| &nbsp;&nbsp; MidOcean Credit CLO <br> XI Ltd., Series 2022-11A, <br> Class A1R2, (3M CME <br> Term SOFR + 1.21%, <br> 1.21% Floor), 5.54%, <br> 1/18/36<sup>(b)(d)</sup> <br>| 370000 | 370777 |
| &nbsp;&nbsp; Morgan Stanley ABS <br> Capital I, Inc. Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE8, <br> Class A2FP, (1M CME <br> Term SOFR + 0.18%, <br> 0.07% Floor), 4.54%, <br> 10/25/36<sup>(d)</sup> <br>| 29569 | 12716 |
| &nbsp;&nbsp;&nbsp; Series 2007-HE2, <br> Class A2B, (1M CME <br> Term SOFR + 0.20%, <br> 0.09% Floor), 4.56%, <br> 1/25/37<sup>(d)</sup> <br>| 1775498 | 807989 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Nelnet Student Loan Trust, <br> Series 2025-AA, <br> Class A1B, (30D Average <br> SOFR + 1.10%), 5.44%, <br> 3/15/57<sup>(b)(d)</sup> <br>| $100025 | $99451 |
| &nbsp;&nbsp; Neuberger Berman <br> CLO Ltd., Series <br> 2019-32RA, Class B, (3M <br> CME Term SOFR + <br> 1.65%), 5.98%, <br> 7/20/39<sup>(b)(d)</sup> <br>| 800000 | 800999 |
| &nbsp;&nbsp; OCL CLO Ltd., Series <br> 2025-40A, Class A, (3M <br> CME Term SOFR + <br> 1.14%), 5.46%, <br> 4/16/38<sup>(b)(d)</sup> <br>| 250000 | 249757 |
| &nbsp;&nbsp; OCP Aegis CLO Ltd., Series <br> 2024-39A, Class A1, (3M <br> CME Term SOFR + 1.22%, <br> 1.22% Floor), 5.54%, <br> 1/16/37<sup>(b)(d)</sup> <br>| 250000 | 250500 |
| &nbsp;&nbsp; Option One Mortgage Loan <br> Trust, Series 2007-FXD1, <br> Class 3A4, (Step to <br> 3.93% on 10/25/25), <br> 5.86%, 1/25/37<sup>(f)</sup> <br>| 27461 | 26683 |
| &nbsp;&nbsp; Owl Rock CLO VII LLC, <br> Series 2022-7A, <br> Class AR, (3M CME Term <br> SOFR + 1.40%), 5.73%, <br> 4/20/38<sup>(b)(d)</sup> <br>| 500000 | 497165 |
| &nbsp;&nbsp; Park Blue CLO Ltd., Series <br> 2025-9A, Class A1, (3M <br> CME Term SOFR + <br> 1.35%), 5.58%, <br> 10/20/38<sup>(b)(d)(e)</sup> <br>| 250000 | 250000 |
| PFP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class A, <br> (1M CME Term SOFR + <br> 1.49%), 5.84%, <br> 12/18/42<sup>(b)(d)</sup> <br>| 1500000 | 1501752 |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class AS, <br> (1M CME Term SOFR + <br> 1.74%), 6.09%, <br> 12/18/42<sup>(b)(d)</sup> <br>| 1000000 | 1006818 |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class B, <br> (1M CME Term SOFR + <br> 2.04%), 6.39%, <br> 12/18/42<sup>(b)(d)</sup> <br>| 200000 | 199847 |
| &nbsp;&nbsp; QTS Issuer ABS I LLC, <br> Series 2025-1A, <br> Class A2, 5.44%, <br> 5/25/55<sup>(b)</sup> <br>| 1600000 | 1608302 |
| RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, <br> Class A1A, (Step to <br> 6.47% on 7/25/29), <br> 5.47%, 6/25/55<sup>(b)(f)</sup> <br>| 1680918 | 1688246 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, <br> Class A1B, (Step to <br> 6.48% on 8/25/29), <br> 5.48%, 7/25/55<sup>(b)(f)</sup> <br>| $800000 | $799918 |
| &nbsp;&nbsp; Regatta 32 Funding Ltd., <br> Series 2025-4A, <br> Class A1, (3M CME Term <br> SOFR + 1.34%), 5.63%, <br> 7/25/38<sup>(b)(d)</sup> <br>| 250000 | 250783 |
| &nbsp;&nbsp; Regatta IX Funding Ltd., <br> Series 2017-1A, <br> Class B1R, (3M CME <br> Term SOFR + 2.00%, <br> 2.00% Floor), 6.32%, <br> 4/17/37<sup>(b)(d)</sup> <br>| 360000 | 361720 |
| &nbsp;&nbsp; Republic Finance Issuance <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, <br> 5.42%, 11/20/37<sup>(b)</sup> <br>| 212000 | 214179 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class B, <br> 5.86%, 11/20/37<sup>(b)</sup> <br>| 100000 | 101150 |
| &nbsp;&nbsp; Sagard-Halseypoint CLO 8 <br> Ltd., Series 2024-8A, <br> Class A1, (3M CME Term <br> SOFR + 1.39%), 5.70%, <br> 1/30/38<sup>(b)(d)</sup> <br>| 250000 | 251078 |
| &nbsp;&nbsp; SERVPRO Master <br> Issuer LLC, Series <br> 2024-1A, Class A2, <br> 6.17%, 1/25/54<sup>(b)</sup> <br>| 837250 | 858717 |
| &nbsp;&nbsp; Silver Point CLO Ltd., <br> Series 2024-7A, <br> Class A1, (3M CME Term <br> SOFR + 1.36%, 1.36% <br> Floor), 5.68%, <br> 1/15/38<sup>(b)(d)</sup> <br>| 250000 | 250937 |
| &nbsp;&nbsp; Slam Ltd., Series 2024-1A, <br> Class A, 5.34%, <br> 9/15/49<sup>(b)</sup> <br>| 94727 | 94576 |
| &nbsp;&nbsp; SMB Private Education <br> Loan Trust, Series <br> 2024-A, Class A1B, (30D <br> Average SOFR + 1.45%, <br> 1.45% Floor), 5.79%, <br> 3/15/56<sup>(b)(d)</sup> <br>| 101943 | 103238 |
| &nbsp;&nbsp; SoFi Consumer Loan <br> Program Trust, Series <br> 2025-1, Class A, 4.80%, <br> 2/27/34<sup>(b)</sup> <br>| 422572 | 423026 |
| &nbsp;&nbsp; Sound Point CLO Ltd., <br> Series 2025-1RA, <br> Class C, (3M CME Term <br> SOFR + 2.10%), 6.42%, <br> 2/20/38<sup>(b)(d)</sup> <br>| 1000000 | 1005347 |
| &nbsp;&nbsp; SSI ABS Issuer LLC, Series <br> 2025-1, Class A, 6.15%, <br> 7/25/65<sup>(b)</sup> <br>| 246380 | 245806 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Stack Infrastructure <br> Issuer LLC, Series 2025-1, <br> Class A, 5.00%, <br> 5/25/50<sup>(b)</sup> <br>|  | $1300000 | $1281114 |
| STAR Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-SFR6, <br> Class A, (1M CME Term <br> SOFR + 1.40%), 5.76%, <br> 8/17/42<sup>(b)(d)</sup> <br>|  | 500000 | 501092 |
| &nbsp;&nbsp;&nbsp; Series 2025-SFR6, <br> Class B, (1M CME Term <br> SOFR + 1.65%), 6.01%, <br> 8/17/42<sup>(b)(d)</sup> <br>|  | 500000 | 501562 |
| &nbsp;&nbsp; Store Master Funding I-VII, <br> XIV, XIX, XX, Series <br> 2021-1A, Class A4, <br> 3.70%, 6/20/51<sup>(b)</sup> <br>|  | 293875 | 255325 |
| &nbsp;&nbsp; Stream Innovations Issuer <br> Trust, Series 2025-1A, <br> Class A, 5.05%, <br> 9/15/45<sup>(b)</sup> <br>|  | 90370 | 90500 |
| &nbsp;&nbsp; Sycamore Tree CLO Ltd., <br> Series 2021-1A, <br> Class AR, (3M CME Term <br> SOFR + 1.39%, 1.39% <br> Floor), 5.72%, <br> 1/20/38<sup>(b)(d)</sup> <br>|  | 250000 | 251097 |
| &nbsp;&nbsp; TCI-Symphony CLO Ltd., <br> Series 2016-1A, <br> Class AR2, (3M CME <br> Term SOFR + 1.28%, <br> 1.02% Floor), 5.60%, <br> 10/13/32<sup>(b)(d)</sup> <br>|  | 130566 | 130675 |
| &nbsp;&nbsp; Tricon Residential Trust, <br> Series 2025-SFR2, <br> Class B, 5.42%, <br> 8/09/44<sup>(b)(e)</sup> <br>|  | 1000000 | 998217 |
| &nbsp;&nbsp; Trimaran CAVU Ltd., Series <br> 2024-1A, Class A, (3M <br> CME Term SOFR + 1.38%, <br> 1.38% Floor), 5.70%, <br> 1/25/38<sup>(b)(d)</sup> <br>|  | 250000 | 250912 |
| &nbsp;&nbsp; Triton Container Finance <br> IX LLC, Series 2025-1A, <br> Class A, 5.43%, <br> 6/20/50<sup>(b)</sup> <br>|  | 794000 | 797704 |
| &nbsp;&nbsp; Vantage Data Centers <br> Germany Borrower Lux <br> S.a.r.l., Series 2025-1X, <br> Class A2, 4.29%, 6/28/50<br>| EUR | 171000 | 197062 |
| &nbsp;&nbsp; Vista Point Securitization <br> Trust, Series 2025-CES1, <br> Class A1, (Step to 6.81% <br> on 4/25/29), 5.81%, <br> 4/25/55<sup>(b)(f)</sup> <br>|  | 1504909 | 1506332 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; WaMu Asset-Backed <br> Certificates Trust, Series <br> 2007-HE2, Class 2A3, <br> (1M CME Term SOFR + <br> 0.36%, 0.36% Floor), <br> 4.72%, 4/25/37<sup>(d)</sup> <br>|  | $8809556 | $3172742 |
| &nbsp;&nbsp; Warwick Capital CLO Ltd., <br> Series 2024-5A, <br> Class A1, (3M CME Term <br> SOFR + 1.36%, 1.36% <br> Floor), 5.69%, <br> 1/20/38<sup>(b)(d)</sup> <br>|  | 321000 | 322217 |
| &nbsp;&nbsp; Washington Mutural <br> Asset-Backed Certificates <br> Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE1, Class <br> 2A1, (1M CME Term <br> SOFR + 0.23%, 0.12% <br> Floor), 4.59%, <br> 11/25/36<sup>(d)</sup> <br>|  | 4064 | 1261 |
| &nbsp;&nbsp;&nbsp; Series 2007-HE1, Class <br> 2A2, (1M CME Term <br> SOFR + 0.45%, 0.34% <br> Floor), 4.81%, <br> 11/25/36<sup>(d)</sup> <br>|  | 35848 | 11175 |
| &nbsp;&nbsp; Wendy's Funding LLC, <br> Series 2022-1A, <br> Class A2II, 4.54%, <br> 3/15/52<sup>(b)</sup> <br>|  | 145474 | 138924 |
|  |  |  | **63178041** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| Dowson PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class E, <br> (SONIO/N Index + <br> 3.95%), 8.17%, <br> 8/20/31<sup>(d)</sup> <br>| GBP | 116000 | 152865 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class F, <br> (SONIO/N Index + <br> 6.95%), 11.17%, <br> 8/20/31<sup>(d)</sup> <br>|  | 170000 | 224044 |
| &nbsp;&nbsp; Neuberger Berman CLO <br> XXI Ltd., Series <br> 2016-21A, Class A1R3, <br> (3M CME Term SOFR + <br> 1.32%, 1.32% Floor), <br> 5.65%, 1/20/39<sup>(b)(d)</sup> <br>|  | 340000 | 341018 |
| &nbsp;&nbsp; Textainer Marine <br> Containers VII Ltd., Series <br> 2021-3A, Class A, 1.94%, <br> 8/20/46<sup>(b)</sup> <br>|  | 1030000 | 915232 |
|  |  |  | **1633159** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $66,826,876) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $66,826,876) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $66,826,876) | **66737080** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 0.1%** | **Common Stocks – 0.1%** | **Common Stocks – 0.1%** |
| **Asset Management – 0.0%**<sup>(c)</sup> | **Asset Management – 0.0%**<sup>(c)</sup> | **Asset Management – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; WM Cayman <br>Holdings Ltd. II<sup>(h)\*</sup> <br>| 405 | **$10125** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| JP Morgan Chase & Co. | 1087 | **322013** |
| **Electric Utilities – 0.0%**<sup>(c)</sup> | **Electric Utilities – 0.0%**<sup>(c)</sup> | **Electric Utilities – 0.0%**<sup>(c)</sup> |
| Vistra Corp. | 287 | **59851** |
| **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> |
| GE Vernova, Inc. | 127 | **83857** |
| **Oil & Gas Supply Chain – 0.0%**<sup>(c)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(c)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(c)</sup> |
| Kinder Morgan, Inc. | 1507 | **42286** |
| **Real Estate Investment Trusts – 0.0%**<sup>(c)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(c)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(c)</sup> |
| Invitation Homes, Inc. | 2564 | **78587** |
| **Specialty Finance – 0.0%**<sup>(c)</sup> | **Specialty Finance – 0.0%**<sup>(c)</sup> | **Specialty Finance – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Blackstone Mortgage <br> Trust, Inc., Class A<sup>(i)</sup> <br>| 9994 | **184689** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $649,450) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $649,450) | **781408** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Convertible Bonds – 0.0%**<sup>(c)</sup>  | **Convertible Bonds – 0.0%**<sup>(c)</sup>  | **Convertible Bonds – 0.0%**<sup>(c)</sup>  |
| **Telecommunications – 0.0%**<sup>(c)</sup> | **Telecommunications – 0.0%**<sup>(c)</sup> | **Telecommunications – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; WOM Chile Holdco S.p.A., <br> 5.00%, 4/01/32<sup>(b)(j)</sup> <br>| $213385 | **205917** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $186,617) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $186,617) | **205917** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Convertible Preferred Stocks – 0.0%**<sup>(c)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(c)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(c)</sup>  |
| **Aerospace & Defense – 0.0%**<sup>(c)</sup> | **Aerospace & Defense – 0.0%**<sup>(c)</sup> | **Aerospace & Defense – 0.0%**<sup>(c)</sup> |
| Boeing (The) Co., 6.00% | 800 | **56560** |
| &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $40,000) | &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $40,000) | **56560** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 14.5%** | **Corporate Bonds – 14.5%** | **Corporate Bonds – 14.5%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Boeing (The) Co., |  |  |
| &nbsp;&nbsp; 6.53%, 5/01/34 | $150000 | 163261 |
| &nbsp;&nbsp; 3.75%, 2/01/50 | 240000 | 169730 |
| &nbsp;&nbsp; 7.01%, 5/01/64 | 105000 | 115869 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| &nbsp;&nbsp; Howmet Aerospace, Inc., <br> 3.00%, 1/15/29<br>| $560000 | $533951 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., <br> 5.25%, 6/01/31<br>| 40000 | 41170 |
| Northrop Grumman Corp., |  |  |
| &nbsp;&nbsp; 4.03%, 10/15/47 | 206000 | 163703 |
| &nbsp;&nbsp; 4.95%, 3/15/53 | 73000 | 65284 |
|  |  | **1252968** |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| &nbsp;&nbsp; Apollo Management <br> Holdings L.P., 2.65%, <br> 6/05/30<sup>(b)</sup> <br>| 360000 | 328262 |
| &nbsp;&nbsp; KKR Group Finance Co. <br> VIII LLC, 3.50%, <br> 8/25/50<sup>(b)</sup> <br>| 500000 | 345520 |
| &nbsp;&nbsp; Nuveen LLC, 5.85%, <br> 4/15/34<sup>(b)</sup> <br>| 320000 | 332114 |
| &nbsp;&nbsp; Prime Investments <br> Group Ltd., 11.00%, <br> 5/01/30<br>| 112000 | 111782 |
| &nbsp;&nbsp; TPG Operating Group II L.P., <br> 5.88%, 3/05/34<br>| 320000 | 332329 |
| &nbsp;&nbsp; Voya Financial, Inc., <br> 4.80%, 6/15/46<br>| 390000 | 336856 |
|  |  | **1786863** |
| **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; General Motors <br> Financial Co., Inc., 6.10%, <br> 1/07/34<br>| 166000 | **171278** |
| **Banking – 1.7%** | **Banking – 1.7%** | **Banking – 1.7%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 5.93%, <br> 9/15/27<sup>(k)</sup> <br>| 343000 | 348161 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(k)</sup> <br>| 433000 | 422823 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.83%), 4.98%, <br> 1/24/29<sup>(k)</sup> <br>| 364000 | 368519 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, <br> 9/15/29<sup>(k)</sup> <br>| 140000 | 145445 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.68%), 6.63%, <br> 5/01/30<sup>(k)(l)</sup> <br>| 800000 | 819242 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.44%), 3.19%, <br> 7/23/30<sup>(k)</sup> <br>| 39000 | 37103 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.35%), 6.25%, <br> 7/26/30<sup>(k)(l)</sup> <br>| 25000 | 24914 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 5.16%, <br> 1/24/31<sup>(k)</sup> <br>| 102000 | 104356 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.37%), 1.92%, <br> 10/24/31<sup>(k)</sup> <br>| 87000 | 75872 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(k)</sup> <br>| $234000 | $209824 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(k)</sup> <br>| 569000 | 509386 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(k)</sup> <br>| 267000 | 262861 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.29%, <br> 4/25/34<sup>(k)</sup> <br>| 51000 | 51955 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.70%), 5.74%, <br> 2/12/36<sup>(k)</sup> <br>| 780000 | 793505 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 2.83%, <br> 10/24/51<sup>(k)</sup> <br>| 40000 | 25005 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.64%, <br> 5/07/28<sup>(k)</sup> <br>| 398000 | 398404 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 4.79%, <br> 3/04/29<sup>(k)</sup> <br>| 373000 | 374962 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.69%), 7.13%, <br> 8/15/29<sup>(k)(l)</sup> <br>| 400000 | 409103 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.17%, <br> 2/13/30<sup>(k)</sup> <br>| 168000 | 171057 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.57%), 6.75%, <br> 2/15/30<sup>(i)(k)(l)</sup> <br>| 400000 | 401691 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.60%), 3.98%, <br> 3/20/30<sup>(k)</sup> <br>| 90000 | 88085 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.89%), 6.88%, <br> 8/15/30<sup>(k)(l)</sup> <br>| 325000 | 327763 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(k)</sup> <br>| 183000 | 182257 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 2.98%, <br> 11/05/30<sup>(k)</sup> <br>| 274000 | 255842 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 2.67%, <br> 1/29/31<sup>(k)</sup> <br>| 291000 | 266552 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 4.95%, <br> 5/07/31<sup>(k)</sup> <br>| 170000 | 171614 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 3.06%, <br> 1/25/33<sup>(k)</sup> <br>| 36000 | 32246 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.94%), 3.79%, <br> 3/17/33<sup>(k)</sup> <br>| 470000 | 438955 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 5.83%, <br> 2/13/35<sup>(k)</sup> <br>| 720000 | 732167 |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.07%, <br> 10/22/27<sup>(k)</sup> <br>| 45000 | 45816 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.57%, <br> 4/22/28<sup>(k)</sup> <br>| 409000 | 416239 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.98%, <br> 7/22/28<sup>(k)</sup> <br>| 117000 | 118126 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 4.51%, <br> 10/22/28<sup>(k)</sup> <br>| 842000 | 842991 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 4.92%, <br> 1/24/29<sup>(k)</sup> <br>| $57000 | $57620 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 2.07%, <br> 6/01/29<sup>(k)</sup> <br>| 540000 | 506010 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.01%, <br> 1/23/30<sup>(k)</sup> <br>| 530000 | 538936 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(k)</sup> <br>| 1997000 | 2030893 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(k)</sup> <br>| 249000 | 254471 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 5.10%, <br> 4/22/31<sup>(i)(k)</sup> <br>| 8000 | 8181 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.95%, <br> 2/04/32<sup>(k)</sup> <br>| 32000 | 27762 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.50%, <br> 1/24/36<sup>(k)</sup> <br>| 553000 | 567356 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.57%, <br> 4/22/36<sup>(k)</sup> <br>| 507000 | 523569 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.64%), 5.58%, <br> 7/23/36<sup>(k)</sup> <br>| 115000 | 116490 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.44%), 3.11%, <br> 4/22/51<sup>(k)</sup> <br>| 171000 | 114793 |
| &nbsp;&nbsp; KeyBank N.A., 5.00%, <br> 1/26/33<br>| 350000 | 346520 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(k)</sup> <br>| 259000 | 264051 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(k)</sup> <br>| 382000 | 391097 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 3.35%, <br> 3/02/33<sup>(k)</sup> <br>| 49000 | 44856 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 4.90%, <br> 7/25/33<sup>(k)</sup> <br>| 18000 | 17984 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.02%), 5.39%, <br> 4/24/34<sup>(k)</sup> <br>| 384000 | 392893 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.50%, <br> 1/23/35<sup>(k)</sup> <br>| 22000 | 22545 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, <br> 4/25/53<sup>(k)</sup> <br>| 25000 | 21336 |
|  |  | **16120204** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp; 3.00%, 1/15/52 | 43000 | 27301 |
| &nbsp;&nbsp; 4.40%, 2/22/62 | 65000 | 50044 |
| Pfizer, Inc., |  |  |
| &nbsp;&nbsp; 1.75%, 8/18/31 | 25000 | 21496 |
| &nbsp;&nbsp; 2.70%, 5/28/50 | 95000 | 58063 |
| &nbsp;&nbsp; Royalty Pharma PLC, <br> 3.55%, 9/02/50<br>| 500000 | 338817 |
|  |  | **495721** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.50%, 5/01/32 | $150000 | $136104 |
| &nbsp;&nbsp; 4.25%, 1/15/34<sup>(b)</sup> <br>| 118000 | 101675 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| &nbsp;&nbsp; 6.65%, 2/01/34 | 25000 | 26501 |
| &nbsp;&nbsp; 6.55%, 6/01/34 | 286000 | 301569 |
| &nbsp;&nbsp; 6.38%, 10/23/35 | 99000 | 102347 |
| &nbsp;&nbsp; 3.50%, 3/01/42 | 16000 | 11257 |
| &nbsp;&nbsp; 5.75%, 4/01/48 | 50000 | 44250 |
| &nbsp;&nbsp; 4.80%, 3/01/50 | 171000 | 132591 |
| &nbsp;&nbsp; 3.70%, 4/01/51 | 33000 | 21303 |
| &nbsp;&nbsp; 3.90%, 6/01/52 | 663000 | 439552 |
| &nbsp;&nbsp; 5.25%, 4/01/53 | 48000 | 39577 |
| &nbsp;&nbsp; 3.85%, 4/01/61 | 245000 | 150634 |
| &nbsp;&nbsp; 3.95%, 6/30/62 | 679000 | 422567 |
| &nbsp;&nbsp; 5.50%, 4/01/63 | 17000 | 13914 |
| &nbsp;&nbsp; Comcast Corp., 2.99%, <br> 11/01/63<br>| 212000 | 118171 |
|  |  | **2062012** |
| **Chemicals – 0.0%**<sup>(c)</sup> | **Chemicals – 0.0%**<sup>(c)</sup> | **Chemicals – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Dow Chemical (The) Co., <br> 6.90%, 5/15/53<sup>(i)</sup> <br>| 200000 | **209340** |
| **Commercial Support Services – 0.0%**<sup>(c)</sup> | **Commercial Support Services – 0.0%**<sup>(c)</sup> | **Commercial Support Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; GXO Logistics, Inc., 6.25%, <br> 5/06/29<br>| 320000 | **332846** |
| **Construction Materials – 0.0%**<sup>(c)</sup> | **Construction Materials – 0.0%**<sup>(c)</sup> | **Construction Materials – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Owens Corning, 5.95%, <br> 6/15/54<sup>(i)</sup> <br>| 330000 | **332435** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp; Amcor Flexibles North <br> America, Inc., 2.63%, <br> 6/19/30<br>| 360000 | 326666 |
| &nbsp;&nbsp; Berry Global, Inc., 5.80%, <br> 6/15/31<br>| 310000 | 325095 |
| &nbsp;&nbsp; Sonoco Products Co., <br> 5.00%, 9/01/34<sup>(i)</sup> <br>| 340000 | 330571 |
|  |  | **982332** |
| **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** |
| AEP Texas, Inc., |  |  |
| &nbsp;&nbsp; 5.70%, 5/15/34 | 125000 | 127620 |
| &nbsp;&nbsp; 3.45%, 5/15/51 | 174000 | 116288 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, <br> 3.15%, 9/15/49<br>| 211000 | 140351 |
| Alabama Power Co., |  |  |
| &nbsp;&nbsp; 6.00%, 3/01/39 | 28000 | 29821 |
| &nbsp;&nbsp; 3.75%, 3/01/45 | 12000 | 9283 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Allete, Inc., 5.79%, <br> 7/09/37<br>| $300000 | $300000 |
| &nbsp;&nbsp; Baltimore Gas and <br> Electric Co., 3.75%, <br> 8/15/47<br>| 30000 | 22805 |
| &nbsp;&nbsp; CMS Energy Corp., (5Y US <br> Treasury CMT + 1.96%), <br> 6.50%, 6/01/55<sup>(k)</sup> <br>| 330000 | 332743 |
| &nbsp;&nbsp; Consumers Energy Co., <br> 5.05%, 5/15/35<sup>(i)</sup> <br>| 44000 | 44148 |
| &nbsp;&nbsp; Continuum Energy Pte. <br> Ltd., 12.85%, 9/11/27<sup>(h)</sup> <br>| 218366 | 218366 |
| &nbsp;&nbsp; Dominion Energy, Inc., (5Y <br> US Treasury CMT + <br> 2.51%), 7.00%, 6/01/54<sup>(k)</sup> <br>| 180000 | 192026 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp; 3.75%, 6/01/45 | 349000 | 269996 |
| &nbsp;&nbsp; 3.70%, 12/01/47 | 41000 | 30538 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp; 3.95%, 8/15/47 | 88000 | 66031 |
| &nbsp;&nbsp; 3.50%, 6/15/51 | 95000 | 64954 |
| &nbsp;&nbsp; 5.00%, 8/15/52 | 114000 | 99480 |
| &nbsp;&nbsp; 5.80%, 6/15/54 | 263000 | 257035 |
| &nbsp;&nbsp; Duke Energy Florida LLC, <br> 3.00%, 12/15/51<br>| 47000 | 29595 |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp; 2.13%, 6/01/30<sup>(i)</sup> <br>| 249000 | 223679 |
| &nbsp;&nbsp; 5.65%, 4/01/53 | 17000 | 16783 |
| &nbsp;&nbsp; 5.55%, 3/15/54 | 29000 | 28181 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp; 2.50%, 8/15/50 | 415000 | 242786 |
| &nbsp;&nbsp; 5.55%, 3/15/55 | 76000 | 74293 |
| FirstEnergy Corp., |  |  |
| &nbsp;&nbsp; 3.90%, 7/15/27 | 86000 | 84933 |
| &nbsp;&nbsp; 2.65%, 3/01/30 | 184000 | 168770 |
| &nbsp;&nbsp; 4.85%, 7/15/47 | 237000 | 201302 |
| &nbsp;&nbsp; 3.40%, 3/01/50 | 579000 | 390548 |
| &nbsp;&nbsp; FirstEnergy <br> Transmission LLC,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/15/35 | 330000 | 326272 |
| &nbsp;&nbsp; 5.45%, 7/15/44<sup>(b)</sup> <br>| 79000 | 74951 |
| &nbsp;&nbsp; 4.55%, 4/01/49<sup>(b)</sup> <br>| 200000 | 167052 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp; 2.88%, 12/04/51 | 24000 | 15054 |
| &nbsp;&nbsp; 5.70%, 3/15/55 | 22000 | 22205 |
| Georgia Power Co., |  |  |
| &nbsp;&nbsp; 4.55%, 3/15/30 | 82000 | 82468 |
| &nbsp;&nbsp; 4.85%, 3/15/31<sup>(i)</sup> <br>| 75000 | 76301 |
| &nbsp;&nbsp; 4.70%, 5/15/32 | 82000 | 82079 |
| &nbsp;&nbsp; 4.95%, 5/17/33 | 31000 | 31141 |
| &nbsp;&nbsp; 3.70%, 1/30/50 | 29000 | 21636 |
| &nbsp;&nbsp; 3.25%, 3/15/51 | 25000 | 17084 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; MidAmerican Energy Co., <br> 3.15%, 4/15/50<br>| $51000 | $34359 |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.69%, 9/01/27 | 120000 | 120589 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.05%), 6.38%, <br> 8/15/55<sup>(k)</sup> <br>| 320000 | 328311 |
| NRG Energy, Inc., |  |  |
| &nbsp;&nbsp; 2.45%, 12/02/27<sup>(b)</sup> <br>| 350000 | 331639 |
| &nbsp;&nbsp; 4.45%, 6/15/29<sup>(b)(i)</sup> <br>| 185000 | 181952 |
| &nbsp;&nbsp; 7.00%, 3/15/33<sup>(b)</sup> <br>| 513000 | 562753 |
| Ohio Power Co., |  |  |
| &nbsp;&nbsp; 2.60%, 4/01/30 | 18000 | 16531 |
| &nbsp;&nbsp; 1.63%, 1/15/31 | 26000 | 22077 |
| &nbsp;&nbsp; 4.00%, 6/01/49 | 147000 | 110998 |
| &nbsp;&nbsp; Pacific Gas and <br> Electric Co.,<br>|  |  |
| &nbsp;&nbsp; 6.95%, 3/15/34 | 436000 | 474311 |
| &nbsp;&nbsp; 4.75%, 2/15/44 | 227000 | 187720 |
| &nbsp;&nbsp; 4.30%, 3/15/45 | 22000 | 16926 |
| &nbsp;&nbsp; 4.00%, 12/01/46 | 91000 | 65942 |
| &nbsp;&nbsp; 3.50%, 8/01/50 | 375000 | 245955 |
| &nbsp;&nbsp; 5.25%, 3/01/52 | 152000 | 129536 |
| &nbsp;&nbsp; 6.75%, 1/15/53 | 158000 | 164004 |
| &nbsp;&nbsp; 5.90%, 10/01/54 | 205000 | 192147 |
| &nbsp;&nbsp; 6.15%, 3/01/55 | 121000 | 115879 |
| &nbsp;&nbsp; PacifiCorp, (5Y US Treasury <br> CMT + 3.32%), 7.38%, <br> 9/15/55<sup>(k)</sup> <br>| 320000 | 327603 |
| PECO Energy Co., |  |  |
| &nbsp;&nbsp; 3.05%, 3/15/51 | 125000 | 80685 |
| &nbsp;&nbsp; 2.85%, 9/15/51 | 86000 | 53980 |
| PG&E Corp., |  |  |
| &nbsp;&nbsp; 5.25%, 7/01/30 | 472000 | 452745 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 3.88%), 7.38%, <br> 3/15/55<sup>(i)(k)</sup> <br>| 262000 | 252825 |
| &nbsp;&nbsp; Pinnacle West <br> Capital Corp., 5.15%, <br> 5/15/30<br>| 294000 | 299702 |
| Southern (The) Co., |  |  |
| &nbsp;&nbsp; 5.70%, 10/15/32 | 143000 | 149885 |
| &nbsp;&nbsp; 5.20%, 6/15/33 | 23000 | 23392 |
| &nbsp;&nbsp; 4.25%, 7/01/36 | 128000 | 116664 |
| &nbsp;&nbsp; Southwestern Public <br> Service Co., 3.70%, <br> 8/15/47<br>| 1150000 | 837547 |
| &nbsp;&nbsp; Tennessee Valley <br> Authority,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 2/01/55 | 175000 | 169464 |
| &nbsp;&nbsp; 4.63%, 9/15/60 | 50000 | 42845 |
| &nbsp;&nbsp; 4.25%, 9/15/65 | 3950000 | 3149024 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp; 5.05%, 12/30/26<sup>(b)</sup> <br>| $135000 | $135234 |
| &nbsp;&nbsp; 6.95%, 10/15/33<sup>(b)</sup> <br>| 173000 | 190185 |
| &nbsp;&nbsp; 6.00%, 4/15/34<sup>(b)</sup> <br>| 543000 | 563580 |
| &nbsp;&nbsp; 5.70%, 12/30/34<sup>(b)</sup> <br>| 425000 | 432661 |
|  |  | **15278248** |
| **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Vontier Corp., 2.95%, <br> 4/01/31<br>| 370000 | **332581** |
| **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; LBJ Infrastructure <br> Group LLC, 3.80%, <br> 12/31/57<sup>(b)</sup> <br>| 500000 | **339160** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| AppLovin Corp., |  |  |
| &nbsp;&nbsp; 5.13%, 12/01/29 | 358000 | 362326 |
| &nbsp;&nbsp; 5.38%, 12/01/31 | 667000 | 679683 |
| &nbsp;&nbsp; 5.95%, 12/01/54 | 344000 | 335181 |
| &nbsp;&nbsp; Discovery <br> Communications LLC, <br> 3.95%, 3/20/28<br>| 490000 | 471625 |
| &nbsp;&nbsp; Fox Corp., 6.50%, <br> 10/13/33<br>| 310000 | 334397 |
| Paramount Global, |  |  |
| &nbsp;&nbsp; 3.70%, 10/04/26 | 84000 | 82050 |
| &nbsp;&nbsp; 2.90%, 1/15/27<sup>(i)</sup> <br>| 313000 | 304332 |
| &nbsp;&nbsp; 3.38%, 2/15/28 | 57000 | 55079 |
| &nbsp;&nbsp; 4.38%, 3/15/43 | 30000 | 22706 |
| &nbsp;&nbsp; 5.85%, 9/01/43 | 71000 | 63037 |
| &nbsp;&nbsp; 5.25%, 4/01/44 | 25000 | 20195 |
| &nbsp;&nbsp; 4.90%, 8/15/44 | 21000 | 16480 |
| &nbsp;&nbsp; 4.60%, 1/15/45 | 57000 | 43521 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.76%, 3/15/27 | 1634000 | 1602153 |
| &nbsp;&nbsp; 5.14%, 3/15/52<sup>(i)</sup> <br>| 8000 | 4941 |
|  |  | **4397706** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| &nbsp;&nbsp; Conagra Brands, Inc., <br> 5.75%, 8/01/35<br>| 350000 | 350828 |
| &nbsp;&nbsp; JBS U.S.A. Holding Lux <br> Sarl/JBS U.S.A. Foods <br> Group Holdings, Inc./JBS <br> U.S.A. Food Co., 5.50%, <br> 1/15/36<sup>(b)(i)</sup> <br>| 525000 | 522863 |
| &nbsp;&nbsp; Kraft Heinz Foods Co., <br> 7.13%, 8/01/39<sup>(b)</sup> <br>| 290000 | 318897 |
| &nbsp;&nbsp; Mars, Inc., 5.20%, <br> 3/01/35<sup>(b)</sup> <br>| 330000 | 331580 |
|  |  | **1524168** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; 4.78%, 3/25/38 | $9000 | $8224 |
| &nbsp;&nbsp; 5.13%, 7/20/45 | 44000 | 38609 |
| Elevance Health, Inc., |  |  |
| &nbsp;&nbsp; 3.13%, 5/15/50 | 42000 | 26773 |
| &nbsp;&nbsp; 3.60%, 3/15/51 | 42000 | 29056 |
| &nbsp;&nbsp; 4.55%, 5/15/52 | 103000 | 83043 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp; 5.20%, 6/01/28<sup>(i)</sup> <br>| 99000 | 100685 |
| &nbsp;&nbsp; 4.13%, 6/15/29 | 158000 | 154870 |
| &nbsp;&nbsp; 5.45%, 4/01/31 | 171000 | 175757 |
| &nbsp;&nbsp; 7.50%, 11/06/33 | 15000 | 17011 |
| &nbsp;&nbsp; 5.45%, 9/15/34 | 65000 | 65263 |
| &nbsp;&nbsp; 5.75%, 3/01/35 | 415000 | 424998 |
| &nbsp;&nbsp; 5.50%, 6/15/47 | 19000 | 17582 |
| &nbsp;&nbsp; 5.25%, 6/15/49 | 21000 | 18574 |
| &nbsp;&nbsp; 3.50%, 7/15/51 | 183000 | 120334 |
| &nbsp;&nbsp; 6.20%, 3/01/55 | 96000 | 95777 |
| &nbsp;&nbsp; 6.10%, 4/01/64 | 79000 | 76549 |
| &nbsp;&nbsp; Highmark, Inc., 2.55%, <br> 5/10/31<sup>(b)(i)</sup> <br>| 390000 | 334251 |
| &nbsp;&nbsp; Icon Investments Six DAC, <br> 6.00%, 5/08/34<br>| 330000 | 337727 |
| &nbsp;&nbsp; IQVIA, Inc., 6.25%, <br> 6/01/32<sup>(b)</sup> <br>| 700000 | 717819 |
| &nbsp;&nbsp; Universal Health <br> Services, Inc., 2.65%, <br> 10/15/30<br>| 370000 | 327392 |
|  |  | **3170294** |
| **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** |
| &nbsp;&nbsp; Citadel Securities Global <br> Holdings LLC, 6.20%, <br> 6/18/35<sup>(b)</sup> <br>| 250000 | 254919 |
| &nbsp;&nbsp; Evercore, Inc., 5.74%, <br> 7/24/32<br>| 800000 | 807382 |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 1.54%, <br> 9/10/27<sup>(k)</sup> <br>| 17000 | 16429 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, <br> 10/21/27<sup>(k)</sup> <br>| 163000 | 157848 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, <br> 2/24/28<sup>(k)</sup> <br>| 299000 | 290201 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.94%, <br> 4/23/28<sup>(k)</sup> <br>| 414000 | 416492 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 4.48%, <br> 8/23/28<sup>(k)</sup> <br>| 297000 | 296981 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.56%), 4.22%, <br> 5/01/29<sup>(k)</sup> <br>| 731000 | 726520 |
| &nbsp;&nbsp; 2.60%, 2/07/30<sup>(i)</sup> <br>| 183000 | 169052 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 5.05%, <br> 7/23/30<sup>(k)</sup> <br>| 307000 | 311939 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.21%, <br> 1/28/31<sup>(k)</sup> <br>| $306000 | $312483 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, <br> 4/23/31<sup>(k)</sup> <br>| 370000 | 378337 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 1.99%, <br> 1/27/32<sup>(k)</sup> <br>| 597000 | 517966 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.65%, <br> 10/21/32<sup>(k)</sup> <br>| 79000 | 69584 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.54%, <br> 1/28/36<sup>(i)(k)</sup> <br>| 46000 | 47029 |
| &nbsp;&nbsp; Jefferies Financial <br> Group, Inc., 6.20%, <br> 4/14/34<br>| 800000 | 835742 |
| Lazard Group LLC, |  |  |
| &nbsp;&nbsp; 6.00%, 3/15/31 | 320000 | 335281 |
| &nbsp;&nbsp; 5.63%, 8/01/35 | 550000 | 549421 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, <br> 5/04/27<sup>(k)</sup> <br>| 163000 | 159323 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 2.48%, <br> 1/21/28<sup>(k)</sup> <br>| 98000 | 95118 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 4.99%, <br> 4/12/29<sup>(k)</sup> <br>| 1066000 | 1079145 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, <br> 4/20/29<sup>(k)</sup> <br>| 127000 | 129048 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 6.41%, <br> 11/01/29<sup>(k)</sup> <br>| 127000 | 134039 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.17%, <br> 1/16/30<sup>(k)</sup> <br>| 20000 | 20402 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 5.04%, <br> 7/19/30<sup>(k)</sup> <br>| 1053000 | 1071153 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.23%, <br> 1/15/31<sup>(k)</sup> <br>| 513000 | 525501 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 2.70%, <br> 1/22/31<sup>(k)</sup> <br>| 18000 | 16588 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 1.79%, <br> 2/13/32<sup>(k)</sup> <br>| 579000 | 495284 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(k)</sup> <br>| 41000 | 35528 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.94%, <br> 1/21/33<sup>(k)</sup> <br>| 67000 | 59872 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(k)</sup> <br>| 478000 | 485726 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.83%, <br> 4/19/35<sup>(k)</sup> <br>| 320000 | 335442 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.59%, <br> 1/18/36<sup>(k)</sup> <br>| 17000 | 17448 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 1.80%), 5.94%, <br> 2/07/39<sup>(k)</sup> <br>| 320000 | 330416 |
| &nbsp;&nbsp; VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 520000 | 541036 |
|  |  | **12024675** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance – 1.7%** | **Insurance – 1.7%** | **Insurance – 1.7%** |
| &nbsp;&nbsp; 200 Park Funding Trust, <br> 5.74%, 2/15/55<sup>(b)</sup> <br>| $500000 | $491725 |
| &nbsp;&nbsp; Accident Fund <br> Insurance Co. of America, <br> 8.50%, 8/01/32<sup>(b)</sup> <br>| 360000 | 356948 |
| &nbsp;&nbsp; American National Global <br> Funding, 5.25%, <br> 6/03/30<sup>(b)</sup> <br>| 350000 | 351944 |
| &nbsp;&nbsp; American National <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/27 | 740000 | 742020 |
| &nbsp;&nbsp; 6.00%, 7/15/35 | 75000 | 75447 |
| &nbsp;&nbsp; Americo Life, Inc., 3.45%, <br> 4/15/31<sup>(b)</sup> <br>| 370000 | 328958 |
| AmFam Holdings, Inc., |  |  |
| &nbsp;&nbsp; 2.81%, 3/11/31<sup>(b)</sup> <br>| 390000 | 333504 |
| &nbsp;&nbsp; 3.83%, 3/11/51<sup>(b)</sup> <br>| 200000 | 125092 |
| &nbsp;&nbsp; Aspen Insurance <br> Holdings Ltd., 5.75%, <br> 7/01/30<br>| 325000 | 329957 |
| &nbsp;&nbsp; Assured Guaranty <br> U.S. Holdings, Inc., <br> 3.60%, 9/15/51<br>| 500000 | 341301 |
| &nbsp;&nbsp; Athene Global Funding, <br> 5.03%, 7/17/30<sup>(b)</sup> <br>| 500000 | 502737 |
| &nbsp;&nbsp; Beacon Funding Trust, <br> 6.27%, 8/15/54<sup>(b)</sup> <br>| 340000 | 336413 |
| &nbsp;&nbsp; Belrose Funding Trust II, <br> 6.79%, 5/15/55<sup>(b)</sup> <br>| 320000 | 327404 |
| Brown & Brown, Inc., |  |  |
| &nbsp;&nbsp; 5.55%, 6/23/35 | 150000 | 151634 |
| &nbsp;&nbsp; 6.25%, 6/23/55 | 150000 | 153693 |
| &nbsp;&nbsp; CNO Financial Group, Inc., <br> 6.45%, 6/15/34<br>| 320000 | 333383 |
| &nbsp;&nbsp; Corebridge Life <br> Holdings, Inc., 8.13%, <br> 3/15/46<sup>(b)</sup> <br>| 270000 | 327787 |
| &nbsp;&nbsp; Enstar Group Ltd., (5Y US <br> Treasury CMT + 3.19%), <br> 7.50%, 4/01/45<sup>(b)(k)</sup> <br>| 320000 | 330468 |
| &nbsp;&nbsp; Equitable America Global <br> Funding, 4.95%, <br> 6/09/30<sup>(b)(i)</sup> <br>| 400000 | 403183 |
| &nbsp;&nbsp; Equitable Holdings, Inc., <br> (5Y US Treasury CMT + <br> 2.39%), 6.70%, 3/28/55<sup>(k)</sup> <br>| 410000 | 417937 |
| &nbsp;&nbsp; Farmers Insurance <br> Exchange, (10Y US <br> Treasury CMT + 3.86%), <br> 7.00%, 10/15/64<sup>(b)(k)</sup> <br>| 330000 | 336532 |
| &nbsp;&nbsp; Fortitude Group <br> Holdings LLC, 6.25%, <br> 4/01/30<sup>(b)</sup> <br>| 320000 | 328081 |
| &nbsp;&nbsp; Global Atlantic Fin Co., <br> 7.95%, 6/15/33<sup>(b)</sup> <br>| 570000 | 644890 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; Globe Life, Inc., 5.85%, <br> 9/15/34<br>| $320000 | $331778 |
| &nbsp;&nbsp; Jackson National Life <br> Global Funding, 4.70%, <br> 6/05/28<sup>(b)</sup> <br>| 1650000 | 1653045 |
| &nbsp;&nbsp; Maple Grove Funding Trust <br> I, 4.16%, 8/15/51<sup>(b)</sup> <br>| 700000 | 477143 |
| &nbsp;&nbsp; Markel Group, Inc., 6.00%, <br> 5/16/54<br>| 330000 | 328587 |
| &nbsp;&nbsp; MetLife, Inc., (5Y US <br> Treasury CMT + 2.08%), <br> 6.35%, 3/15/55<sup>(k)</sup> <br>| 480000 | 492700 |
| &nbsp;&nbsp; Mutual of Omaha <br> Insurance Co., (10Y US <br> Treasury CMT + 2.95%), <br> 6.14%, 1/16/64<sup>(b)(k)</sup> <br>| 330000 | 330026 |
| &nbsp;&nbsp; Nassau Cos. of New York <br> (The), 7.88%, 7/15/30<sup>(b)</sup> <br>| 100000 | 100954 |
| &nbsp;&nbsp; Nationwide Mutual <br> Insurance Co., 4.35%, <br> 4/30/50<sup>(b)</sup> <br>| 650000 | 495919 |
| &nbsp;&nbsp; Northwestern Mutual Life <br> Insurance (The) Co., <br> 6.17%, 5/29/55<sup>(b)</sup> <br>| 325000 | 339002 |
| &nbsp;&nbsp; Old Republic <br> International Corp., <br> 5.75%, 3/28/34<br>| 320000 | 327885 |
| &nbsp;&nbsp; Omnis Funding Trust, <br> 6.72%, 5/15/55<sup>(b)</sup> <br>| 400000 | 413712 |
| &nbsp;&nbsp; PartnerRe Finance B LLC, <br> (5Y US Treasury CMT + <br> 3.82%), 4.50%, <br> 10/01/50<sup>(i)(k)</sup> <br>| 590000 | 548325 |
| &nbsp;&nbsp; Penn Mutual Life <br> Insurance (The) Co., <br> 3.80%, 4/29/61<sup>(b)</sup> <br>| 510000 | 327723 |
| &nbsp;&nbsp; Prudential Financial, Inc., <br> (5Y US Treasury CMT + <br> 3.04%), 3.70%, <br> 10/01/50<sup>(k)</sup> <br>| 360000 | 328659 |
| &nbsp;&nbsp; Reinsurance Group of <br> America, Inc., 5.75%, <br> 9/15/34<br>| 320000 | 328241 |
| &nbsp;&nbsp; Selective Insurance <br> Group, Inc., 5.90%, <br> 4/15/35<br>| 320000 | 325603 |
| &nbsp;&nbsp; Symetra Life <br> Insurance Co., 6.55%, <br> 10/01/55<sup>(b)</sup> <br>| 150000 | 153130 |
| &nbsp;&nbsp; Trustage Financial <br> Group, Inc., 4.63%, <br> 4/15/32<sup>(b)</sup> <br>| 350000 | 329826 |
|  |  | **15703296** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp; 4.65%, 8/15/62 | 284000 | 238258 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp; 5.75%, 5/15/63 | $155000 | $155733 |
| &nbsp;&nbsp; 5.55%, 8/15/64 | 51000 | 49479 |
|  |  | **443470** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Gartner, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 7/01/28<sup>(b)</sup> <br>| 659000 | 648246 |
| &nbsp;&nbsp; 3.63%, 6/15/29<sup>(b)</sup> <br>| 533000 | 505501 |
| &nbsp;&nbsp; 3.75%, 10/01/30<sup>(b)</sup> <br>| 72000 | 67382 |
|  |  | **1221129** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| &nbsp;&nbsp; Carnival Corp., 5.75%, <br> 8/01/32<sup>(b)</sup> <br>| 215000 | 216456 |
| &nbsp;&nbsp; Choice Hotels <br> International, Inc., 3.70%, <br> 1/15/31<br>| 360000 | 334234 |
| &nbsp;&nbsp; Hyatt Hotels Corp., 5.75%, <br> 3/30/32<br>| 320000 | 328142 |
| &nbsp;&nbsp; Marriott International, Inc., <br> 5.50%, 4/15/37<br>| 330000 | 329455 |
| &nbsp;&nbsp; Six Flags <br> Entertainment Corp./Six <br> Flags Theme <br> Parks, Inc./Canada's <br> Wonderland Co., 6.63%, <br> 5/01/32<sup>(b)</sup> <br>| 900000 | 916476 |
|  |  | **2124763** |
| **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Polaris, Inc., 6.95%, <br> 3/15/29<br>| 310000 | **326824** |
| **Machinery – 0.0%**<sup>(c)</sup> | **Machinery – 0.0%**<sup>(c)</sup> | **Machinery – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Flowserve Corp., 3.50%, <br> 10/01/30<br>| 350000 | **329404** |
| **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Becton Dickinson & Co., <br> 5.08%, 6/07/29<br>| 68000 | 69273 |
| Solventum Corp., |  |  |
| &nbsp;&nbsp; 5.40%, 3/01/29 | 82000 | 84365 |
| &nbsp;&nbsp; 5.60%, 3/23/34 | 131000 | 134362 |
| &nbsp;&nbsp; 6.00%, 5/15/64 | 43000 | 42451 |
|  |  | **330451** |
| **Oil & Gas Supply Chain – 3.0%** | **Oil & Gas Supply Chain – 3.0%** | **Oil & Gas Supply Chain – 3.0%** |
| Antero Resources Corp., |  |  |
| &nbsp;&nbsp; 7.63%, 2/01/29<sup>(b)</sup> <br>| 110000 | 112316 |
| &nbsp;&nbsp; 5.38%, 3/01/30<sup>(b)</sup> <br>| 862000 | 858052 |
| &nbsp;&nbsp; Boardwalk Pipelines L.P., <br> 5.63%, 8/01/34<br>| 330000 | 334171 |
| &nbsp;&nbsp; BP Capital Markets <br> America, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.89%, 9/11/33 | 24000 | 23957 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; BP Capital Markets <br> America, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.23%, 11/17/34 | $208000 | $210467 |
| &nbsp;&nbsp; BP Capital Markets PLC, <br> (5Y US Treasury CMT + <br> 1.92%), 6.13%, <br> 3/18/35<sup>(k)(l)</sup> <br>| 830000 | 832415 |
| &nbsp;&nbsp; Cameron LNG LLC, 3.40%, <br> 1/15/38<sup>(b)</sup> <br>| 447000 | 379281 |
| &nbsp;&nbsp; Cheniere Corpus Christi <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 5.13%, 6/30/27 | 32000 | 32222 |
| &nbsp;&nbsp; 2.74%, 12/31/39 | 521000 | 428528 |
| &nbsp;&nbsp; Cheniere Energy Partners <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 3/01/31 | 320000 | 305654 |
| &nbsp;&nbsp; 3.25%, 1/31/32 | 385000 | 346091 |
| &nbsp;&nbsp; 5.95%, 6/30/33 | 320000 | 334026 |
| &nbsp;&nbsp; 5.75%, 8/15/34 | 184000 | 188596 |
| &nbsp;&nbsp; 5.55%, 10/30/35<sup>(b)</sup> <br>| 50000 | 50252 |
| &nbsp;&nbsp; Cheniere Energy, Inc., <br> 5.65%, 4/15/34<br>| 1083000 | 1101635 |
| &nbsp;&nbsp; CNX Resources Corp., <br> 7.25%, 3/01/32<sup>(b)</sup> <br>| 145000 | 149496 |
| Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp; 3.25%, 12/01/26 | 1525000 | 1499968 |
| &nbsp;&nbsp; 3.50%, 12/01/29<sup>(i)</sup> <br>| 1126000 | 1074294 |
| &nbsp;&nbsp; 3.13%, 3/24/31 | 1031000 | 942967 |
| &nbsp;&nbsp; DT Midstream, Inc., <br> 5.80%, 12/15/34<sup>(b)</sup> <br>| 360000 | 366187 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp; 7.38%, 2/01/31<sup>(b)</sup> <br>| 294000 | 307507 |
| &nbsp;&nbsp; 5.15%, 2/01/43 | 23000 | 20238 |
| &nbsp;&nbsp; 5.95%, 5/15/54 | 277000 | 261827 |
| &nbsp;&nbsp; 6.20%, 4/01/55 | 340000 | 333416 |
| EQT Corp., |  |  |
| &nbsp;&nbsp; 7.50%, 6/01/27<sup>(b)</sup> <br>| 225000 | 229013 |
| &nbsp;&nbsp; 6.50%, 7/01/27<sup>(b)</sup> <br>| 225000 | 229567 |
| &nbsp;&nbsp; 3.90%, 10/01/27 | 608000 | 599553 |
| &nbsp;&nbsp; 5.70%, 4/01/28 | 390000 | 400920 |
| &nbsp;&nbsp; 5.50%, 7/15/28<sup>(b)</sup> <br>| 31000 | 31090 |
| &nbsp;&nbsp; 5.00%, 1/15/29 | 674000 | 678120 |
| &nbsp;&nbsp; 4.50%, 1/15/29<sup>(b)</sup> <br>| 888000 | 877333 |
| &nbsp;&nbsp; 7.00%, 2/01/30 | 412000 | 445618 |
| &nbsp;&nbsp; 7.50%, 6/01/30<sup>(b)</sup> <br>| 1157000 | 1267875 |
| &nbsp;&nbsp; 4.75%, 1/15/31<sup>(b)</sup> <br>| 1536000 | 1513162 |
| &nbsp;&nbsp; 3.63%, 5/15/31<sup>(b)</sup> <br>| 1088000 | 1009091 |
| &nbsp;&nbsp; 5.75%, 2/01/34<sup>(i)</sup> <br>| 156000 | 160416 |
| Expand Energy Corp., |  |  |
| &nbsp;&nbsp; 5.88%, 2/01/29<sup>(b)</sup> <br>| 83000 | 83130 |
| &nbsp;&nbsp; 5.38%, 2/01/29 | 377000 | 377409 |
| &nbsp;&nbsp; 6.75%, 4/15/29<sup>(b)</sup> <br>| 317000 | 319593 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Expand Energy Corp., |  |  |
| &nbsp;&nbsp; 5.38%, 3/15/30 | $219000 | $219231 |
| &nbsp;&nbsp; 4.75%, 2/01/32 | 86000 | 83532 |
| &nbsp;&nbsp; 5.70%, 1/15/35 | 1018000 | 1030902 |
| &nbsp;&nbsp; Florida Gas <br> Transmission Co. LLC, <br> 5.75%, 7/15/35<sup>(b)</sup> <br>| 200000 | 204077 |
| &nbsp;&nbsp; Gulfstream Natural Gas <br> System LLC, 5.60%, <br> 7/23/35<sup>(b)</sup> <br>| 325000 | 326861 |
| &nbsp;&nbsp; HF Sinclair Corp., 6.25%, <br> 1/15/35<br>| 330000 | 335766 |
| &nbsp;&nbsp; Kinder Morgan Energy <br> Partners L.P., 5.80%, <br> 3/15/35<br>| 320000 | 328494 |
| &nbsp;&nbsp; Midwest Connector <br> Capital Co. LLC, 4.63%, <br> 4/01/29<sup>(b)</sup> <br>| 330000 | 326903 |
| &nbsp;&nbsp; NGPL PipeCo LLC, 3.25%, <br> 7/15/31<sup>(b)</sup> <br>| 446000 | 395632 |
| &nbsp;&nbsp; ONEOK, Inc., 7.15%, <br> 1/15/51<br>| 300000 | 325314 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.70%, 9/15/34 | 420000 | 426006 |
| &nbsp;&nbsp; 4.70%, 6/15/44 | 100000 | 82666 |
| &nbsp;&nbsp; Rockies Express <br> Pipeline LLC, 6.88%, <br> 4/15/40<sup>(b)</sup> <br>| 400000 | 402639 |
| &nbsp;&nbsp; Sabine Pass <br> Liquefaction LLC,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 3/15/27 | 355000 | 356312 |
| &nbsp;&nbsp; 4.50%, 5/15/30 | 494000 | 491565 |
| &nbsp;&nbsp; 5.90%, 9/15/37 | 243000 | 254565 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp; 6.15%, 3/01/29 | 117000 | 122485 |
| &nbsp;&nbsp; 4.20%, 2/01/33 | 228000 | 213160 |
| &nbsp;&nbsp; 5.65%, 2/15/36 | 350000 | 352258 |
| &nbsp;&nbsp; 4.95%, 4/15/52 | 213000 | 176594 |
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 6.88%, 1/15/29<sup>(i)</sup> <br>| 320000 | 326637 |
| &nbsp;&nbsp; 4.88%, 2/01/31 | 261000 | 257998 |
| &nbsp;&nbsp; Venture Global LNG, Inc., <br> 9.50%, 2/01/29<sup>(b)(i)</sup> <br>| 510000 | 556195 |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC, <br> 6.75%, 1/15/36<sup>(b)</sup> <br>| 200000 | 205741 |
| Viper Energy Partners LLC, |  |  |
| &nbsp;&nbsp; 4.90%, 8/01/30 | 468000 | 466025 |
| &nbsp;&nbsp; 5.70%, 8/01/35 | 436000 | 433340 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; Viper Energy, Inc., 5.38%, <br> 11/01/27<sup>(b)</sup> <br>| $822000 | $821773 |
|  |  | **28238124** |
| **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** |
| American Tower Corp., |  |  |
| &nbsp;&nbsp; 3.80%, 8/15/29 | 238000 | 231099 |
| &nbsp;&nbsp; 2.10%, 6/15/30 | 101000 | 89634 |
| &nbsp;&nbsp; 5.45%, 2/15/34 | 339000 | 347118 |
| Crown Castle, Inc., |  |  |
| &nbsp;&nbsp; 4.30%, 2/15/29 | 102000 | 100658 |
| &nbsp;&nbsp; 2.50%, 7/15/31 | 39000 | 34118 |
| &nbsp;&nbsp; Equinix Europe 2 <br> Financing Corp. LLC, <br> 5.50%, 6/15/34<br>| 347000 | 353701 |
| Equinix, Inc., |  |  |
| &nbsp;&nbsp; 2.50%, 5/15/31 | 526000 | 466427 |
| &nbsp;&nbsp; 3.90%, 4/15/32 | 246000 | 231975 |
| &nbsp;&nbsp; 3.00%, 7/15/50 | 52000 | 32536 |
| &nbsp;&nbsp; 2.95%, 9/15/51 | 35000 | 21378 |
| &nbsp;&nbsp; 3.40%, 2/15/52<sup>(i)</sup> <br>| 85000 | 56670 |
| Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp; 3.90%, 4/01/29 | 17000 | 16629 |
| &nbsp;&nbsp; 4.00%, 6/15/29 | 17000 | 16673 |
| &nbsp;&nbsp; 5.50%, 7/01/30 | 337000 | 348443 |
| &nbsp;&nbsp; 2.20%, 10/15/30 | 77000 | 68141 |
| &nbsp;&nbsp; 5.90%, 1/15/31 | 12000 | 12623 |
| &nbsp;&nbsp; 5.40%, 6/15/35 | 129000 | 129283 |
| &nbsp;&nbsp; GLP Capital L.P./GLP <br> Financing II, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 6/01/28 | 216000 | 220670 |
| &nbsp;&nbsp; 5.30%, 1/15/29 | 24000 | 24221 |
| &nbsp;&nbsp; 4.00%, 1/15/30 | 133000 | 127211 |
| &nbsp;&nbsp; 4.00%, 1/15/31 | 350000 | 329828 |
| &nbsp;&nbsp; 3.25%, 1/15/32 | 419000 | 370633 |
| &nbsp;&nbsp; 6.25%, 9/15/54 | 191000 | 188164 |
| &nbsp;&nbsp; Host Hotels & Resorts L.P., <br> 5.70%, 7/01/34<br>| 830000 | 833522 |
| &nbsp;&nbsp; Safehold GL Holdings LLC, <br> 5.65%, 1/15/35<br>| 330000 | 330261 |
| Store Capital LLC, |  |  |
| &nbsp;&nbsp; 4.63%, 3/15/29 | 340000 | 334619 |
| &nbsp;&nbsp; 2.75%, 11/18/30 | 98000 | 87025 |
| &nbsp;&nbsp; VICI Properties L.P., 5.13%, <br> 5/15/32<br>| 414000 | 413009 |
| &nbsp;&nbsp; VICI Properties L.P./VICI <br> Note Co., Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.75%, 2/15/27<sup>(b)</sup> <br>| 600000 | 589658 |
| &nbsp;&nbsp; 4.50%, 1/15/28<sup>(b)</sup> <br>| 20000 | 19797 |
| &nbsp;&nbsp; 3.88%, 2/15/29<sup>(b)</sup> <br>| 615000 | 594922 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| &nbsp;&nbsp; VICI Properties L.P./VICI <br> Note Co., Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.63%, 12/01/29<sup>(b)</sup> <br>| $745000 | $730092 |
| &nbsp;&nbsp; 4.13%, 8/15/30<sup>(b)</sup> <br>| 350000 | 334406 |
|  |  | **8085144** |
| **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** |
| &nbsp;&nbsp; Prime Property Fund LLC, <br> 5.81%, 7/15/35<br>| 400000 | **400000** |
| **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; CoStar Group, Inc., 2.80%, <br> 7/15/30<sup>(b)</sup> <br>| 440000 | **396845** |
| **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** |
| MN8 Portfolio IV LLC, |  |  |
| &nbsp;&nbsp; 6.31%, 6/30/45<sup>(e)</sup> <br>| 367200 | 367200 |
| &nbsp;&nbsp; 6.31%, 6/30/45 | 532800 | 532800 |
|  |  | **900000** |
| **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp; 2.45%, 2/15/31<sup>(b)</sup> <br>| 94000 | 83856 |
| &nbsp;&nbsp; 5.15%, 11/15/31 | 366000 | 375048 |
| &nbsp;&nbsp; 4.55%, 2/15/32 | 34000 | 33547 |
| &nbsp;&nbsp; 5.20%, 4/15/32 | 181000 | 185529 |
| &nbsp;&nbsp; 2.60%, 2/15/33<sup>(b)</sup> <br>| 40000 | 34216 |
| &nbsp;&nbsp; 3.42%, 4/15/33<sup>(b)</sup> <br>| 241000 | 218012 |
| &nbsp;&nbsp; 3.47%, 4/15/34<sup>(b)</sup> <br>| 695000 | 617703 |
| &nbsp;&nbsp; 4.80%, 10/15/34 | 134000 | 131487 |
| &nbsp;&nbsp; 5.20%, 7/15/35 | 33000 | 33156 |
| &nbsp;&nbsp; 4.93%, 5/15/37<sup>(b)</sup> <br>| 30000 | 28991 |
| &nbsp;&nbsp; Entegris, Inc., 4.75%, <br> 4/15/29<sup>(b)</sup> <br>| 540000 | 528949 |
| Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp; 5.90%, 1/25/33<sup>(b)</sup> <br>| 200000 | 205525 |
| &nbsp;&nbsp; 5.88%, 1/25/34<sup>(b)</sup> <br>| 920000 | 928949 |
|  |  | **3404968** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| &nbsp;&nbsp; Atlassian Corp., 5.50%, <br> 5/15/34<br>| 320000 | 324947 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; 6.00%, 8/03/55 | 226000 | 221377 |
| &nbsp;&nbsp; 5.50%, 9/27/64 | 144000 | 128659 |
| &nbsp;&nbsp; 6.13%, 8/03/65 | 238000 | 233826 |
|  |  | **908809** |
| **Specialty Finance – 0.8%** | **Specialty Finance – 0.8%** | **Specialty Finance – 0.8%** |
| &nbsp;&nbsp; American Express Co., <br> (SOFR + 1.22%), 4.92%, <br> 7/20/33<sup>(k)</sup> <br>| 85000 | 85274 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; AT&T Reign II <br> Multi-Property <br> Lease-Backed <br> Pass-Through Trust, <br> 6.09%, 12/15/44<sup>(b)</sup> <br>| $420000 | $416372 |
| &nbsp;&nbsp; Capital One <br> Financial Corp., (SOFR + <br> 2.26%), 6.05%, 2/01/35<sup>(k)</sup> <br>| 320000 | 333380 |
| &nbsp;&nbsp; First American <br> Financial Corp., 4.00%, <br> 5/15/30<sup>(i)</sup> <br>| 460000 | 437570 |
| &nbsp;&nbsp; Fiserv, Inc., 5.63%, <br> 8/21/33<br>| 320000 | 329720 |
| &nbsp;&nbsp; Flourishing Trade & <br> Investment Ltd., 11.04%, <br> 4/01/30<br>| 425389 | 425389 |
| &nbsp;&nbsp; Global Payments, Inc., <br> 2.90%, 11/15/31<br>| 370000 | 324826 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN <br> Co-Issuer Corp., 5.00%, <br> 8/15/28<sup>(b)</sup> <br>| 570000 | 549677 |
| &nbsp;&nbsp; MSCI, Inc., 3.63%, <br> 11/01/31<sup>(b)</sup> <br>| 900000 | 827909 |
| &nbsp;&nbsp; OneMain Finance Corp., <br> 6.13%, 5/15/30<sup>(e)</sup> <br>| 350000 | 350588 |
| &nbsp;&nbsp; Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 5.25%, 7/01/29<sup>(b)</sup> <br>| 320000 | 326354 |
| &nbsp;&nbsp; Rocket Cos, Inc., 6.38%, <br> 8/01/33<sup>(b)(i)</sup> <br>| 150000 | 152997 |
| &nbsp;&nbsp; Stewart Information <br> Services Corp., 3.60%, <br> 11/15/31<br>| 370000 | 329076 |
| Synchrony Financial, |  |  |
| &nbsp;&nbsp; 3.95%, 12/01/27 | 46000 | 45111 |
| &nbsp;&nbsp; 5.15%, 3/19/29 | 209000 | 209924 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.40%), 5.02%, <br> 7/29/29<sup>(k)</sup> <br>| 110000 | 109936 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 2.13%), <br> 5.94%, 8/02/30<sup>(k)</sup> <br>| 347000 | 356641 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.45%, <br> 3/06/31<sup>(k)</sup> <br>| 726000 | 731050 |
| &nbsp;&nbsp; 2.88%, 10/28/31 | 313000 | 272739 |
| &nbsp;&nbsp; 7.25%, 2/02/33 | 411000 | 431911 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.07%), 6.00%, <br> 7/29/36<sup>(k)</sup> <br>| 60000 | 60181 |
| &nbsp;&nbsp; United Wholesale <br> Mortgage LLC, 5.50%, <br> 4/15/29<sup>(b)</sup> <br>| 570000 | 557540 |
|  |  | **7664165** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp; 5.60%, 6/01/32 | 75000 | 77783 |
| &nbsp;&nbsp; 5.55%, 8/15/35 | 173000 | 176464 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| &nbsp;&nbsp; TD SYNNEX Corp., 6.10%, <br> 4/12/34<br>| $320000 | $335762 |
|  |  | **590009** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp; 4.30%, 2/15/30<sup>(b)</sup> <br>| 105000 | 104201 |
| &nbsp;&nbsp; 5.45%, 3/01/47 | 28000 | 26433 |
| &nbsp;&nbsp; 3.50%, 9/15/53 | 311000 | 209518 |
| &nbsp;&nbsp; 6.05%, 8/15/56 | 121000 | 122661 |
| &nbsp;&nbsp; 3.80%, 12/01/57 | 257000 | 178529 |
| &nbsp;&nbsp; 3.65%, 9/15/59 | 601000 | 399725 |
| &nbsp;&nbsp; 3.85%, 6/01/60<sup>(i)</sup> <br>| 29000 | 20042 |
| &nbsp;&nbsp; Frontier Communications <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/01/28<sup>(b)</sup> <br>| 263000 | 262669 |
| &nbsp;&nbsp; 5.88%, 11/01/29<sup>(i)</sup> <br>| 174260 | 175714 |
| &nbsp;&nbsp; 8.63%, 3/15/31<sup>(b)</sup> <br>| 83000 | 87930 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp; 3.88%, 4/15/30 | 466000 | 451663 |
| &nbsp;&nbsp; 5.13%, 5/15/32 | 218000 | 221169 |
| &nbsp;&nbsp; 3.60%, 11/15/60 | 57000 | 37620 |
| &nbsp;&nbsp; 5.80%, 9/15/62 | 301000 | 293891 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.,<br>|  |  |
| &nbsp;&nbsp; 1.50%, 9/18/30 | 61000 | 52488 |
| &nbsp;&nbsp; 5.40%, 7/02/37<sup>(b)</sup> <br>| 191000 | 190858 |
|  |  | **2835111** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Altria Group, Inc., |  |  |
| &nbsp;&nbsp; 3.40%, 2/04/41 | 400000 | 297038 |
| &nbsp;&nbsp; 4.45%, 5/06/50 | 430000 | 335681 |
| &nbsp;&nbsp; 6.20%, 2/14/59 | 158000 | 156754 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc., 5.25%, <br> 2/13/34<br>| 320000 | 323989 |
|  |  | **1113462** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp; AS Mileage Plan IP Ltd., <br> 5.31%, 10/20/31<sup>(b)</sup> <br>| 340000 | 337277 |
| &nbsp;&nbsp; Delta Air Lines Pass <br> Through Trust, Series <br> 2015-1, Class AA, 3.63%, <br> 7/30/27<br>| 42285 | 41372 |
| FedEx Corp., |  |  |
| &nbsp;&nbsp; 4.10%, 2/01/45<sup>(b)</sup> <br>| 25000 | 19005 |
| &nbsp;&nbsp; 4.75%, 11/15/45 | 400000 | 329824 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| &nbsp;&nbsp; Terminal Invest Ltd., <br> 5.63%, 7/09/32<sup>(e)</sup> <br>|  | $600000 | $600000 |
| &nbsp;&nbsp; United Airlines Pass <br> Through Trust, Series <br> 2023-1, Class A, 5.80%, <br> 1/15/36<br>|  | 317210 | 323398 |
|  |  |  | **1650876** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $135,976,747) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $135,976,747) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $135,976,747) | **137479681** |
| **Foreign Issuer Bonds – 5.2%** | **Foreign Issuer Bonds – 5.2%** | **Foreign Issuer Bonds – 5.2%** | **Foreign Issuer Bonds – 5.2%** |
| **Argentina – 0.0%**<sup>(c)</sup> | **Argentina – 0.0%**<sup>(c)</sup> | **Argentina – 0.0%**<sup>(c)</sup> | **Argentina – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Vista Energy Argentina <br> S.A.U., 7.63%, <br> 12/10/35<sup>(b)</sup> <br>|  | 32000 | 31398 |
| YPF S.A., 9.50%, 1/17/31<sup>(b)</sup> <br>|  | 26000 | 27506 |
|  |  |  | **58904** |
| **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** |
| &nbsp;&nbsp; Australia & New Zealand <br> Banking Group Ltd.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 1.70%), 2.57%, <br> 11/25/35<sup>(b)(k)</sup> <br>|  | 380000 | 332859 |
| &nbsp;&nbsp;&nbsp; (1Y US Treasury CMT + <br> 1.35%), 5.82%, <br> 6/18/36<sup>(b)(k)</sup> <br>|  | 450000 | 456473 |
| &nbsp;&nbsp; Commonwealth Bank of <br> Australia, (1Y US <br> Treasury CMT + 1.32%), <br> 5.93%, 3/14/46<sup>(b)(k)</sup> <br>|  | 350000 | 348021 |
| Glencore Funding LLC, |  |  |  |
| &nbsp;&nbsp; 6.38%, 10/06/30<sup>(b)</sup> <br>|  | 247000 | 264003 |
| &nbsp;&nbsp; 2.85%, 4/27/31<sup>(b)</sup> <br>|  | 23000 | 20699 |
| &nbsp;&nbsp; 2.63%, 9/23/31<sup>(b)</sup> <br>|  | 22000 | 19359 |
| &nbsp;&nbsp; Macquarie Group Ltd., <br> (SOFR + 1.53%), 2.87%, <br> 1/14/33<sup>(b)(i)(k)</sup> <br>|  | 950000 | 837736 |
| &nbsp;&nbsp; National Australia <br> Bank Ltd., (1Y US <br> Treasury CMT + 1.30%), <br> 5.90%, 1/14/36<sup>(b)(k)</sup> <br>|  | 810000 | 830371 |
| &nbsp;&nbsp; Westpac Banking Corp., <br> 3.13%, 11/18/41<sup>(i)</sup> <br>|  | 470000 | 343644 |
|  |  |  | **3453165** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| &nbsp;&nbsp; Kingdom of Belgium <br> Government Bond, <br> 3.30%, 6/22/54<sup>(b)</sup> <br>| EUR | 766520 | **765521** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie F,<br>|  |  |  |
| &nbsp;&nbsp; 10.00%, 1/01/29 | BRL | 2600000 | 421811 |
| &nbsp;&nbsp; 10.00%, 1/01/35 | BRL | 12886000 | 1847872 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** |
| &nbsp;&nbsp; Embraer Netherlands <br> Finance B.V., 5.98%, <br> 2/11/35<sup>(i)</sup> <br>| $283000 | $290368 |
| &nbsp;&nbsp; Raizen Fuels Finance S.A., <br> 6.45%, 3/05/34<sup>(i)</sup> <br>| 307000 | 304676 |
| &nbsp;&nbsp; Suzano Austria GmbH, <br> 3.13%, 1/15/32<br>| 355000 | 312068 |
| &nbsp;&nbsp; Vale Overseas Ltd., 6.40%, <br> 6/28/54<sup>(i)</sup> <br>| 314000 | 308359 |
|  |  | **3485154** |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| &nbsp;&nbsp; Alimentation <br> Couche-Tard, Inc., 3.80%, <br> 1/25/50<sup>(b)</sup> <br>| 400000 | 290941 |
| &nbsp;&nbsp; Ascot Group Ltd., (5Y US <br> Treasury CMT + 2.38%), <br> 6.35%, 6/15/35<sup>(b)(k)</sup> <br>| 320000 | 326565 |
| &nbsp;&nbsp; Brookfield Capital <br> Finance LLC, 6.09%, <br> 6/14/33<br>| 310000 | 328700 |
| &nbsp;&nbsp; Brookfield Finance, Inc., <br> 3.63%, 2/15/52<br>| 490000 | 342040 |
| Enbridge, Inc., |  |  |
| &nbsp;&nbsp; 5.63%, 4/05/34 | 320000 | 327464 |
| &nbsp;&nbsp; 5.55%, 6/20/35<sup>(i)</sup> <br>| 500000 | 504742 |
| &nbsp;&nbsp; Fairfax Financial <br> Holdings Ltd., 5.75%, <br> 5/20/35<sup>(b)</sup> <br>| 320000 | 322622 |
| &nbsp;&nbsp; Rogers <br> Communications, Inc., <br> 4.55%, 3/15/52<br>| 420000 | 340690 |
| TELUS Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.71%), 7.00%, <br> 10/15/55<sup>(i)(k)</sup> <br>| 150000 | 151863 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.77%), 6.63%, <br> 10/15/55<sup>(k)</sup> <br>| 150000 | 151900 |
| &nbsp;&nbsp; Triton Container <br> International Ltd., 3.15%, <br> 6/15/31<sup>(b)</sup> <br>| 380000 | 329694 |
| &nbsp;&nbsp; Yamana Gold, Inc., 2.63%, <br> 8/15/31<br>| 380000 | 331961 |
|  |  | **3749182** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp; AES Andes S.A., 6.30%, <br> 3/15/29<sup>(i)</sup> <br>| 301000 | 311327 |
| &nbsp;&nbsp; Corp Nacional del Cobre <br> de Chile, 6.44%, 1/26/36<br>| 293000 | 307060 |
| &nbsp;&nbsp; WOM Mobile S.A., <br> 11.00%, 4/01/31<sup>(b)(j)</sup> <br>| 20611 | 19993 |
|  |  | **638380** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **China – 0.0%**<sup>(c)</sup> | **China – 0.0%**<sup>(c)</sup> | **China – 0.0%**<sup>(c)</sup> | **China – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Prosus N.V., 4.19%, <br> 1/19/32<br>|  | $330000 | **$310599** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| &nbsp;&nbsp; Colombia Government <br> International Bond, <br> 8.00%, 11/14/35<br>|  | 200000 | 205000 |
| &nbsp;&nbsp; Colombian TES, 6.25%, <br> 7/09/36<br>| COP | 3107100000 | 494039 |
| &nbsp;&nbsp; SURA Asset Management <br> S.A., 6.35%, 5/13/32<sup>(b)(i)</sup> <br>|  | 297000 | 311969 |
|  |  |  | **1011008** |
| **France – 0.4%** | **France – 0.4%** | **France – 0.4%** | **France – 0.4%** |
| &nbsp;&nbsp; BNP Paribas S.A., (SOFR + <br> 1.68%), 5.09%, <br> 5/09/31<sup>(b)(k)</sup> <br>|  | 330000 | 333188 |
| &nbsp;&nbsp; BPCE S.A., (SOFR + <br> 1.31%), 2.28%, <br> 1/20/32<sup>(b)(k)</sup> <br>|  | 1200000 | 1040709 |
| &nbsp;&nbsp; Credit Agricole S.A., (SOFR <br> + 1.46%), 5.22%, <br> 5/27/31<sup>(b)(k)</sup> <br>|  | 800000 | 813070 |
| &nbsp;&nbsp; Societe Generale S.A., (1Y <br> US Treasury CMT + <br> 1.50%), 5.52%, <br> 1/19/28<sup>(b)(k)</sup> <br>|  | 400000 | 404166 |
| &nbsp;&nbsp; Sodexo, Inc., 5.80%, <br> 8/15/35<sup>(b)</sup> <br>|  | 800000 | 818400 |
| &nbsp;&nbsp; Worldline S.A., 5.50%, <br> 6/10/30<br>| EUR | 100000 | 103576 |
|  |  |  | **3513109** |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| &nbsp;&nbsp; Allianz S.E., (5Y US <br> Treasury CMT + 2.17%), <br> 3.20%, 10/30/27<sup>(b)(k)(l)</sup> <br>|  | 800000 | 730146 |
| &nbsp;&nbsp; Bundesrepublik <br> Deutschland <br> Bundesanleihe, 2.50%, <br> 8/15/54<br>| EUR | 632000 | 631496 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen, (5Y <br> US Treasury CMT + <br> 3.98%), 5.88%, <br> 5/23/42<sup>(b)(k)</sup> <br>|  | 400000 | 409000 |
|  |  |  | **1770642** |
| **Hong Kong – 0.0%**<sup>(c)</sup> | **Hong Kong – 0.0%**<sup>(c)</sup> | **Hong Kong – 0.0%**<sup>(c)</sup> | **Hong Kong – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Melco Resorts <br> Finance Ltd., 5.75%, <br> 7/21/28<br>|  | 200000 | **195818** |
| **Hungary – 0.0%**<sup>(c)</sup> | **Hungary – 0.0%**<sup>(c)</sup> | **Hungary – 0.0%**<sup>(c)</sup> | **Hungary – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; MVM Energetika Zrt., <br> 6.50%, 3/13/31<br>|  | 298000 | **309369** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **India – 0.2%** | **India – 0.2%** | **India – 0.2%** | **India – 0.2%** |
| &nbsp;&nbsp; Continuum Green Energy <br> India Pvt./Co-Issuers, <br> 7.50%, 6/26/33<br>|  | $385800 | $397696 |
| &nbsp;&nbsp; Greenko Power II Ltd., <br> 4.30%, 12/13/28<br>|  | 239250 | 226142 |
| &nbsp;&nbsp; Greenko Wind Projects <br> Mauritius Ltd., 7.25%, <br> 9/27/28<br>|  | 200000 | 203679 |
| &nbsp;&nbsp; India Clean Energy <br> Holdings, 4.50%, <br> 4/18/27<sup>(i)</sup> <br>|  | 400000 | 387157 |
| &nbsp;&nbsp; India Green Power <br> Holdings, 4.00%, 2/22/27<br>|  | 216650 | 210359 |
| &nbsp;&nbsp; IRB Infrastructure <br> Developers Ltd., 7.11%, <br> 3/11/32<sup>(i)</sup> <br>|  | 400000 | 402943 |
| &nbsp;&nbsp; ReNew Pvt. Ltd., 5.88%, <br> 3/05/27<br>|  | 400000 | 397489 |
|  |  |  | **2225465** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| &nbsp;&nbsp; Indonesia Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.85%, 2/14/30 |  | 400000 | 374571 |
| &nbsp;&nbsp; 3.05%, 3/12/51 |  | 222000 | 146823 |
| &nbsp;&nbsp; Medco Laurel Tree Pte. <br> Ltd., 6.95%, 11/12/28<br>|  | 200000 | 200180 |
| &nbsp;&nbsp; Minejesa Capital B.V., <br> 5.63%, 8/10/37<sup>(i)</sup> <br>|  | 522000 | 510635 |
|  |  |  | **1232209** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| &nbsp;&nbsp; Flutter Treasury DAC, <br> 6.38%, 4/29/29<sup>(b)(i)</sup> <br>|  | 320000 | 329094 |
| &nbsp;&nbsp; Smurfit Kappa Treasury <br> ULC, 5.44%, 4/03/34<br>|  | 330000 | 336330 |
|  |  |  | **665424** |
| **Israel – 0.0%**<sup>(c)</sup> | **Israel – 0.0%**<sup>(c)</sup> | **Israel – 0.0%**<sup>(c)</sup> | **Israel – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Israel Government <br> International Bond, <br> 5.75%, 3/12/54<br>|  | 204000 | **189859** |
| **Italy – 0.1%** | **Italy – 0.1%** | **Italy – 0.1%** | **Italy – 0.1%** |
| &nbsp;&nbsp; Italy Buoni Poliennali Del <br> Tesoro, 3.60%, 10/01/35<br>| EUR | 741000 | **852930** |
| **Japan – 0.6%** | **Japan – 0.6%** | **Japan – 0.6%** | **Japan – 0.6%** |
| &nbsp;&nbsp; Dai-ichi Life Insurance <br> (The) Co. Ltd., (5Y US <br> Treasury CMT + 2.52%), <br> 6.20%, 1/16/35<sup>(b)(k)(l)</sup> <br>|  | 330000 | 335738 |
| &nbsp;&nbsp; Japan Government Thirty <br> Year Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.30%, 12/20/54 | JPY | 136250000 | 774718 |
| &nbsp;&nbsp; 2.40%, 3/20/55 | JPY | 68850000 | 400144 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** |
| &nbsp;&nbsp; Meiji Yasuda Life <br> Insurance Co., (5Y US <br> Treasury CMT + 2.91%), <br> 6.10%, 6/11/55<sup>(b)(k)</sup> <br>| $550000 | $555852 |
| &nbsp;&nbsp; Mizuho Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 1.07%), <br> 5.32%, 7/08/36<sup>(k)</sup> <br>| 850000 | 854447 |
| &nbsp;&nbsp; Nippon Life Insurance Co., <br> (5Y US Treasury CMT + <br> 2.65%), 2.75%, <br> 1/21/51<sup>(b)(k)</sup> <br>| 1190000 | 1050313 |
| &nbsp;&nbsp; NTT Finance Corp., 5.50%, <br> 7/16/35<sup>(b)</sup> <br>| 200000 | 203099 |
| &nbsp;&nbsp; Rakuten Group, Inc., <br> 9.75%, 4/15/29<br>| 400000 | 437967 |
| &nbsp;&nbsp; SoftBank Corp., 5.33%, <br> 7/09/35<sup>(b)</sup> <br>| 350000 | 345930 |
| &nbsp;&nbsp; Sumitomo Life <br> Insurance Co., (5Y US <br> Treasury CMT + 2.75%), <br> 3.38%, 4/15/81<sup>(b)(i)(k)</sup> <br>| 360000 | 324121 |
|  |  | **5282329** |
| **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** |
| &nbsp;&nbsp; Kaspi.KZ JSC, 6.25%, <br> 3/26/30<br>| 308000 | 314212 |
| &nbsp;&nbsp; KazMunayGas <br> National Co. JSC, 6.38%, <br> 10/24/48<br>| 491000 | 460973 |
|  |  | **775185** |
| **Macau – 0.0%**<sup>(c)</sup> | **Macau – 0.0%**<sup>(c)</sup> | **Macau – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Wynn Macau Ltd., 5.63%, <br> 8/26/28<br>| 200000 | **197809** |
| **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** |
| &nbsp;&nbsp; Becle S.A.B. de C.V., <br> 2.50%, 10/14/31<sup>(b)</sup> <br>| 400000 | 331685 |
| &nbsp;&nbsp; Eagle Funding Luxco <br> S.a.r.l., 5.50%, <br> 8/17/30<sup>(b)(e)</sup> <br>| 450000 | 452025 |
| &nbsp;&nbsp; Mexico Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 2.66%, 5/24/31 | 568000 | 489230 |
| &nbsp;&nbsp; 3.50%, 2/12/34 | 451000 | 377712 |
| &nbsp;&nbsp; 6.35%, 2/09/35<sup>(i)</sup> <br>| 512000 | 519680 |
| &nbsp;&nbsp; 6.88%, 5/13/37 | 693000 | 715176 |
| &nbsp;&nbsp; 4.50%, 1/31/50 | 420000 | 304500 |
| &nbsp;&nbsp; Orbia Advance Corp. S.A.B. <br> de C.V., 6.80%, 5/13/30<sup>(b)</sup> <br>| 305000 | 311062 |
| &nbsp;&nbsp; Trust Fibra Uno, 7.70%, <br> 1/23/32<br>| 293000 | 309475 |
|  |  | **3810545** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| &nbsp;&nbsp; ING Groep N.V., (SOFR + <br> 1.61%), 5.53%, 3/25/36<sup>(k)</sup> <br>| $330000 | $336328 |
| &nbsp;&nbsp; NXP B.V./NXP Funding <br> LLC/NXP U.S.A., Inc., <br> 5.00%, 1/15/33<br>| 17000 | 16949 |
| &nbsp;&nbsp; Sunrise FinCo I B.V., <br> 4.88%, 7/15/31<sup>(b)</sup> <br>| 590000 | 556134 |
|  |  | **909411** |
| **Panama – 0.1%** | **Panama – 0.1%** | **Panama – 0.1%** |
| &nbsp;&nbsp; Panama Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 3.88%, 3/17/28 | 200000 | 193624 |
| &nbsp;&nbsp; 4.50%, 4/01/56 | 247000 | 163529 |
|  |  | **357153** |
| **Peru – 0.0%**<sup>(c)</sup> | **Peru – 0.0%**<sup>(c)</sup> | **Peru – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Peruvian Government <br> International Bond, <br> 3.55%, 3/10/51<br>| 180000 | 121719 |
| &nbsp;&nbsp; Volcan Cia Minera S.A.A., <br> 8.75%, 1/24/30<sup>(b)</sup> <br>| 4000 | 4019 |
|  |  | **125738** |
| **Philippines – 0.1%** | **Philippines – 0.1%** | **Philippines – 0.1%** |
| &nbsp;&nbsp; Philippine Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 3.00%, 2/01/28<sup>(i)</sup> <br>| 200000 | 193244 |
| &nbsp;&nbsp; 3.20%, 7/06/46 | 267000 | 188622 |
|  |  | **381866** |
| **Poland – 0.0%**<sup>(c)</sup> | **Poland – 0.0%**<sup>(c)</sup> | **Poland – 0.0%**<sup>(c)</sup> |
| Orlen S.A., 6.00%, 1/30/35 | 300000 | **308185** |
| **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** |
| &nbsp;&nbsp; Greensaif Pipelines Bidco <br> S.a.r.l.,<br>|  |  |
| &nbsp;&nbsp; 5.85%, 2/23/36 | 304000 | 311150 |
| &nbsp;&nbsp; 6.10%, 8/23/42<sup>(b)</sup> <br>| 500000 | 508354 |
|  |  | **819504** |
| **Singapore – 0.0%**<sup>(c)</sup> | **Singapore – 0.0%**<sup>(c)</sup> | **Singapore – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Puma International <br> Financing S.A., 7.75%, <br> 4/25/29<br>| 200000 | **206495** |
| **South Africa – 0.0%**<sup>(c)</sup> | **South Africa – 0.0%**<sup>(c)</sup> | **South Africa – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Anglo American Capital <br> PLC, 5.75%, 4/05/34<sup>(b)(i)</sup> <br>| 320000 | **330646** |
| **Spain – 0.0%**<sup>(c)</sup> | **Spain – 0.0%**<sup>(c)</sup> | **Spain – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Cellnex Finance Co. S.A., <br> 3.88%, 7/07/41<sup>(b)</sup> <br>| 430000 | **335473** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Supranational – 0.3%** | **Supranational – 0.3%** | **Supranational – 0.3%** | **Supranational – 0.3%** |
| European Union, |  |  |  |
| &nbsp;&nbsp; 2.50%, 10/04/52 | EUR | 262000 | $232086 |
| &nbsp;&nbsp; 3.00%, 3/04/53 | EUR | 2498389 | 2444956 |
|  |  |  | **2677042** |
| **Sweden – 0.0%**<sup>(c)</sup> | **Sweden – 0.0%**<sup>(c)</sup> | **Sweden – 0.0%**<sup>(c)</sup> | **Sweden – 0.0%**<sup>(c)</sup> |
| EQT AB, 5.85%, 5/08/35<sup>(b)</sup> <br>|  | $320000 | **324520** |
| **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** |
| &nbsp;&nbsp; Argentum Netherlands B.V. <br> for Swiss Re Ltd., (3M <br> USD LIBOR + 3.78%), <br> 5.63%, 8/15/52<sup>(k)</sup> <br>|  | 330000 | 331637 |
| &nbsp;&nbsp; UBS Group A.G., (SOFR + <br> 1.73%), 3.09%, <br> 5/14/32<sup>(b)(k)</sup> <br>|  | 430000 | 390681 |
|  |  |  | **722318** |
| **United Arab Emirates – 0.0%**<sup>(c)</sup> | **United Arab Emirates – 0.0%**<sup>(c)</sup> | **United Arab Emirates – 0.0%**<sup>(c)</sup> | **United Arab Emirates – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; DP World Ltd., 6.85%, <br> 7/02/37<br>|  | 280000 | **310566** |
| **United Kingdom – 0.7%** | **United Kingdom – 0.7%** | **United Kingdom – 0.7%** | **United Kingdom – 0.7%** |
| BAT Capital Corp., |  |  |  |
| &nbsp;&nbsp; 6.00%, 2/20/34 |  | 440000 | 463400 |
| &nbsp;&nbsp; 7.08%, 8/02/43 |  | 270000 | 297122 |
| &nbsp;&nbsp; 4.54%, 8/15/47 |  | 35000 | 28373 |
| &nbsp;&nbsp; 4.76%, 9/06/49 |  | 387000 | 318382 |
| &nbsp;&nbsp; 5.28%, 4/02/50 |  | 243000 | 214965 |
| &nbsp;&nbsp; 5.65%, 3/16/52 |  | 239000 | 221747 |
| &nbsp;&nbsp; 7.08%, 8/02/53 |  | 290000 | 323341 |
| &nbsp;&nbsp; British Airways Pass <br> Through Trust, Series <br> 2020-1, Class A, 4.25%, <br> 11/15/32<sup>(b)</sup> <br>|  | 346893 | 334753 |
| &nbsp;&nbsp; Diageo Investment Corp., <br> 5.63%, 4/15/35<br>|  | 580000 | 605564 |
| &nbsp;&nbsp; Fidelis Insurance <br> Holdings Ltd., (5Y US <br> Treasury CMT + 4.28%), <br> 7.75%, 6/15/55<sup>(k)</sup> <br>|  | 325000 | 341251 |
| &nbsp;&nbsp; HSBC Holdings PLC, (SOFR <br> + 1.29%), 5.13%, <br> 3/03/31<sup>(k)</sup> <br>|  | 320000 | 324425 |
| &nbsp;&nbsp; Nationwide Building <br> Society, (SOFR + 1.65%), <br> 5.54%, 7/14/36<sup>(b)(k)</sup> <br>|  | 200000 | 202132 |
| &nbsp;&nbsp; NatWest Group PLC, (1Y <br> US Treasury CMT + <br> 1.05%), 5.12%, <br> 5/23/31<sup>(i)(k)</sup> <br>|  | 800000 | 812106 |
| &nbsp;&nbsp; Reynolds American, Inc., <br> 8.13%, 5/01/40<br>|  | 205000 | 239052 |
| Standard Chartered PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; (1Y US Treasury CMT + <br> 1.15%), 5.01%, <br> 10/15/30<sup>(b)(k)</sup> <br>|  | 596000 | 602640 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| Standard Chartered PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; (1Y US Treasury CMT + <br> 3.85%), 4.64%, <br> 4/01/31<sup>(b)(k)</sup> <br>|  | $214000 | $212248 |
| United Kingdom Gilt, |  |  |  |
| &nbsp;&nbsp; 4.38%, 3/07/30 | GBP | 451730 | 605854 |
| &nbsp;&nbsp; 4.38%, 7/31/54 | GBP | 330718 | 372956 |
|  |  |  | **6520311** |
| **Uruguay – 0.0%**<sup>(c)</sup> | **Uruguay – 0.0%**<sup>(c)</sup> | **Uruguay – 0.0%**<sup>(c)</sup> | **Uruguay – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Uruguay Government <br> International Bond, <br> 5.10%, 6/18/50<br>|  | 267641 | **245242** |
| **Vietnam – 0.0%**<sup>(c)</sup> | **Vietnam – 0.0%**<sup>(c)</sup> | **Vietnam – 0.0%**<sup>(c)</sup> | **Vietnam – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Mong Duong Finance <br> Holdings B.V., 5.13%, <br> 5/07/29<br>|  | 169400 | **166769** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $49,596,066) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $49,596,066) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $49,596,066) | **49233845** |
| **Mortgage-Backed Securities – 30.7%** | **Mortgage-Backed Securities – 30.7%** | **Mortgage-Backed Securities – 30.7%** | **Mortgage-Backed Securities – 30.7%** |
| **Commercial Mortgage-Backed Securities – 1.4%** | **Commercial Mortgage-Backed Securities – 1.4%** | **Commercial Mortgage-Backed Securities – 1.4%** | **Commercial Mortgage-Backed Securities – 1.4%** |
| 1301 Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-AOA, <br> Class A, 5.23%, <br> 8/11/30<sup>(e)</sup> <br>|  | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp; Series 2025-AOA, <br> Class E, 7.48%, <br> 8/11/30<sup>(b)(g)</sup> <br>|  | 13000 | 13000 |
| &nbsp;&nbsp;&nbsp; Series 2025-AOA, Class F, <br> 8.37%, 8/11/30<sup>(b)(g)</sup> <br>|  | 183000 | 183000 |
| &nbsp;&nbsp; 245 Park Avenue Trust, <br> Series 2017-245P, <br> Class E, 3.66%, <br> 6/05/37<sup>(b)(g)</sup> <br>|  | 740000 | 692532 |
| &nbsp;&nbsp; ACRES LLC, Series <br> 2025-FL3, Class A, (1M <br> CME Term SOFR + <br> 1.62%), 5.95%, <br> 8/18/40<sup>(b)(d)</sup> <br>|  | 200000 | 199993 |
| &nbsp;&nbsp; Atrium Hotel Portfolio <br> Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ATRM, <br> Class A, 5.41%, <br> 11/10/29<sup>(b)(g)</sup> <br>|  | 150000 | 151589 |
| &nbsp;&nbsp;&nbsp; Series 2024-ATRM, <br> Class E, 9.21%, <br> 11/10/29<sup>(b)(g)</sup> <br>|  | 30000 | 30596 |
| &nbsp;&nbsp; BANK, Series 2021-BN35, <br> Class C, 2.90%, 6/15/64<br>|  | 32000 | 27120 |
| &nbsp;&nbsp; BANK5, Series <br> 2024-5YR11, Class A3, <br> 5.89%, 11/15/57<br>|  | 39000 | 40673 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; Bayview Commercial Asset <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1A, <br> Class A1, (1M CME <br> Term SOFR + 0.52%), <br> 4.87%, 4/25/36<sup>(b)(d)</sup> <br>| $175582 | $163589 |
| &nbsp;&nbsp;&nbsp; Series 2007-4A, <br> Class A1, (1M CME <br> Term SOFR + 0.79%, <br> 0.68% Floor), 5.14%, <br> 9/25/37<sup>(b)(d)</sup> <br>| 177941 | 166353 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, <br> Class A5, 5.59%, <br> 7/15/58<br>| 171000 | 176986 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, <br> Class AS, 5.84%, <br> 7/15/58<br>| 16000 | 16499 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class B, <br> 6.12%, 7/15/58<br>| 14000 | 14479 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class D, <br> 4.50%, 7/15/58<sup>(b)</sup> <br>| 25000 | 19069 |
| &nbsp;&nbsp; Benchmark Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-B9, <br> Class XA, 1.01%, <br> 3/15/52<sup>(g)(m)</sup> <br>| 1600406 | 46215 |
| &nbsp;&nbsp;&nbsp; Series 2020-B21, <br> Class A5, 1.98%, <br> 12/17/53<br>| 16000 | 13917 |
| &nbsp;&nbsp; BFLD Commercial <br> Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-UNIV, <br> Class A, (1M CME Term <br> SOFR + 1.49%, 1.49% <br> Floor), 5.83%, <br> 11/15/29<sup>(b)(d)</sup> <br>| 80000 | 80250 |
| &nbsp;&nbsp;&nbsp; Series 2024-UNIV, <br> Class E, (1M CME Term <br> SOFR + 3.64%, 3.64% <br> Floor), 7.98%, <br> 11/15/29<sup>(b)(d)</sup> <br>| 50000 | 50026 |
| &nbsp;&nbsp; BHMS, Series 2018-ATLS, <br> Class A, (1M CME Term <br> SOFR + 1.55%, 1.50% <br> Floor), 5.89%, <br> 7/15/35<sup>(b)(d)</sup> <br>| 190000 | 189963 |
| &nbsp;&nbsp; BPR Commercial Mortgage <br> Trust, Series 2024-PARK, <br> Class A, 5.22%, <br> 11/05/39<sup>(b)(g)</sup> <br>| 110000 | 110641 |
| &nbsp;&nbsp; BPR Trust, Series <br> 2024-PMDW, Class A, <br> 5.36%, 11/05/29<sup>(b)</sup> <br>| 70000 | 70625 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; BX Commercial Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-BRBK, <br> Class D, (1M CME Term <br> SOFR + 5.97%, 5.97% <br> Floor), 10.31%, <br> 10/15/41<sup>(b)(d)</sup> <br>| $10000 | $10037 |
| &nbsp;&nbsp;&nbsp; Series 2024-PURE, <br> Class A, (CORRA Index + <br> 1.90%, 1.90% Floor), <br> 4.66%, 11/15/29<sup>(b)(d)</sup> <br>CAD | 26000 | 19055 |
| &nbsp;&nbsp; BX Trust, Series <br> 2025-VLT6, Class A, (1M <br> CME Term SOFR + 1.44%, <br> 1.44% Floor), 5.79%, <br> 3/15/30<sup>(b)(d)</sup> <br>| 512000 | 511680 |
| &nbsp;&nbsp; BXP Trust, Series <br> 2017-GM, Class D, <br> 3.42%, 6/13/39<sup>(b)(g)</sup> <br>| 370000 | 350438 |
| &nbsp;&nbsp; CENT, Series 2025-CITY, <br> Class A, 5.09%, <br> 7/10/40<sup>(b)(g)</sup> <br>| 170000 | 170580 |
| &nbsp;&nbsp; CFK Trust, Series <br> 2019-FAX, Class D, <br> 4.64%, 1/15/39<sup>(b)(g)</sup> <br>| 100000 | 92841 |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CBM, <br> Class A2, 5.87%, <br> 12/10/41<sup>(b)</sup> <br>| 110000 | 111092 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, <br> Class A, 5.50%, <br> 8/10/40<sup>(b)</sup> <br>| 36000 | 35850 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, <br> Class E, 8.47%, <br> 8/10/40<sup>(b)(g)</sup> <br>| 30000 | 29880 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, <br> Class F, 9.46%, <br> 8/10/40<sup>(b)(g)</sup> <br>| 18000 | 17929 |
| &nbsp;&nbsp;&nbsp; Series 2025-SBX, <br> Class B, 5.73%, <br> 8/10/41<sup>(b)(e)(g)</sup> <br>| 14000 | 13995 |
| &nbsp;&nbsp; DBGS Mortgage Trust, <br> Series 2019-1735, <br> Class X, 0.29%, <br> 4/10/37<sup>(g)(m)</sup> <br>| 13945000 | 123232 |
| &nbsp;&nbsp; Fontainbleau Miami Beach <br> Mortgage Trust, Series <br> 2024-FBLU, Class G, (1M <br> CME Term SOFR + 5.65%, <br> 5.65% Floor), 9.99%, <br> 12/15/29<sup>(b)(d)</sup> <br>| 100000 | 99981 |
| FS Rialto Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL9, Class A, <br> (1M CME Term SOFR + <br> 1.63%, 1.63% Floor), <br> 5.98%, 10/19/39<sup>(b)(d)</sup> <br>| 100000 | 100697 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| FS Rialto Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-FL10, <br> Class A, (1M CME Term <br> SOFR + 1.39%), 5.74%, <br> 8/19/42<sup>(b)(d)</sup> <br>|  | $850000 | $847974 |
| &nbsp;&nbsp; GS Mortgage <br> Securities Corp. Trust, <br> Series 2023-SHIP, <br> Class E, 7.43%, <br> 9/10/38<sup>(b)(g)</sup> <br>|  | 32000 | 32060 |
| &nbsp;&nbsp; HONO Mortgage Trust, <br> Series 2021-LULU, <br> Class A, (1M CME Term <br> SOFR + 1.26%, 1.15% <br> Floor), 5.61%, <br> 10/15/36<sup>(b)(d)</sup> <br>|  | 580300 | 578487 |
| &nbsp;&nbsp; JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, <br> Class A, 5.17%, <br> 11/09/39<sup>(b)(g)</sup> <br>|  | 510000 | 512237 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, <br> Class D, 6.48%, <br> 11/09/39<sup>(b)(g)</sup> <br>|  | 140000 | 138693 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, <br> Class E, 7.25%, <br> 11/09/39<sup>(b)(g)</sup> <br>|  | 435000 | 430950 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, <br> Class F, 8.22%, <br> 11/09/39<sup>(b)(g)</sup> <br>|  | 372000 | 368547 |
| &nbsp;&nbsp; JW Commercial Mortgage <br> Trust, Series 2024-MRCO, <br> Class A, (1M CME Term <br> SOFR + 1.62%, 1.62% <br> Floor), 5.96%, <br> 6/15/39<sup>(b)(d)</sup> <br>|  | 100000 | 100125 |
| &nbsp;&nbsp; KSL Commercial Mortgage <br> Trust, Series 2024-HT2, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.88%, <br> 12/15/39<sup>(b)(d)</sup> <br>|  | 100000 | 99969 |
| &nbsp;&nbsp; Lagarino European Loan <br> Conduit No. 40 DAC, (3M <br> Euribor + 3.55%), 5.55%, <br> 6/22/37<sup>(d)</sup> <br>| EUR | 141000 | 162371 |
| &nbsp;&nbsp; Last Mile Logistics Pan <br> Euro Finance DAC, Series <br> 1X, Class E, (3M Euribor + <br> 2.70%, 2.70% Floor), <br> 4.83%, 8/17/33<sup>(d)</sup> <br>|  | 191462 | 218473 |
| &nbsp;&nbsp; Last Mile Securities PE <br> DAC, Series 2021-1X, <br> Class D, (3M Euribor + <br> 2.35%, 2.35% Floor), <br> 4.48%, 8/17/31<sup>(d)</sup> <br>|  | 194960 | 222894 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; MCR Mortgage Trust, <br> Series 2024-HF1, Class A, <br> (1M CME Term SOFR + <br> 1.79%, 1.79% Floor), <br> 6.13%, 12/15/41<sup>(b)(d)</sup> <br>| $328000 | $328410 |
| &nbsp;&nbsp; MILE Trust, Series <br> 2025-STNE, Class B, (1M <br> CME Term SOFR + 1.70%, <br> 1.70% Floor), 6.04%, <br> 7/15/30<sup>(b)(d)</sup> <br>| 850000 | 850265 |
| &nbsp;&nbsp; Morgan Stanley Capital I <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-L2, Class XA, <br> 0.99%, 3/15/52<sup>(g)(m)</sup> <br>| 2320149 | 68060 |
| &nbsp;&nbsp;&nbsp; Series 2021-230P, <br> Class B, (1M CME Term <br> SOFR + 1.56%, 1.45% <br> Floor), 5.91%, <br> 12/15/38<sup>(b)(d)</sup> <br>| 10000 | 9103 |
| &nbsp;&nbsp; MSWF Commercial <br> Mortgage Trust, Series <br> 2023-2, Class XA, 0.91%, <br> 12/15/56<sup>(g)(m)</sup> <br>| 997876 | 57844 |
| &nbsp;&nbsp; ORL Trust, Series <br> 2024-GLKS, Class A, (1M <br> CME Term SOFR + 1.49%, <br> 1.49% Floor), 5.83%, <br> 12/15/39<sup>(b)(d)</sup> <br>| 100000 | 100089 |
| &nbsp;&nbsp; PENN Commercial <br> Mortgage Trust, Series <br> 2025-P11, Class A, <br> 5.52%, 8/12/42<sup>(b)(g)</sup> <br>| 21000 | 21060 |
| &nbsp;&nbsp; PFP Ltd., Series 2022-9, <br> Class A, (1M CME Term <br> SOFR + 2.27%, 2.27% <br> Floor), 6.61%, <br> 8/19/35<sup>(b)(d)</sup> <br>| 66822 | 66931 |
| &nbsp;&nbsp; ROCK Trust, Series <br> 2024-CNTR, Class E, <br> 8.82%, 11/13/41<sup>(b)</sup> <br>| 100000 | 105190 |
| &nbsp;&nbsp; SCG Commercial Mortgage <br> Trust, Series 2025-FLWR, <br> Class A, (1M CME Term <br> SOFR + 1.25%), 5.60%, <br> 8/15/30<sup>(b)(d)(e)</sup> <br>| 48000 | 48000 |
| &nbsp;&nbsp; SELF Commerical <br> Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-STRG, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.88%, <br> 11/15/34<sup>(b)(d)</sup> <br>| 210000 | 211331 |
| &nbsp;&nbsp;&nbsp; Series 2024-STRG, <br> Class E, (1M CME Term <br> SOFR + 4.19%, 4.19% <br> Floor), 8.53%, <br> 11/15/34<sup>(b)(d)</sup> <br>| 100000 | 99736 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; SELF Commerical <br> Mortgage Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-STRG, <br> Class F, (1M CME Term <br> SOFR + 5.19%, 5.19% <br> Floor), 9.53%, <br> 11/15/34<sup>(b)(d)</sup> <br>|  | $100000 | $99448 |
| &nbsp;&nbsp; STWD Ltd., Series <br> 2021-FL2, Class AS, (1M <br> CME Term SOFR + 1.56%, <br> 1.45% Floor), 5.91%, <br> 4/18/38<sup>(b)(d)</sup> <br>|  | 850000 | 850051 |
| &nbsp;&nbsp; Taurus UK DAC, Series <br> 2025-UK2X, Class D, <br> (SONIO/N Index + <br> 3.20%), 7.44%, 2/18/35<sup>(d)</sup> <br>| GBP | 157265 | 209098 |
| &nbsp;&nbsp; THE Trust, Series <br> 2023-MIC, Class A, <br> 8.44%, 12/05/38<sup>(b)(g)</sup> <br>|  | 30000 | 32455 |
| &nbsp;&nbsp; TTAN, Series 2021-MHC, <br> Class F, (1M CME Term <br> SOFR + 3.01%, 2.90% <br> Floor), 7.36%, <br> 3/15/38<sup>(b)(d)</sup> <br>|  | 70215 | 70347 |
| &nbsp;&nbsp; UK Logistics DAC, Series <br> 2025-1X, Class D, <br> (SONIO/N Index + <br> 4.00%), 8.32%, 5/17/35<sup>(d)</sup> <br>| GBP | 158000 | 210132 |
| &nbsp;&nbsp; VDCM Commercial <br> Mortgage Trust, Series <br> 2025-AZ, Class A, 5.23%, <br> 7/13/44<sup>(b)(g)</sup> <br>|  | 1000000 | 999918 |
| VEGAS, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-GCS, <br> Class C, 6.22%, <br> 7/10/36<sup>(b)(g)</sup> <br>|  | 140000 | 137041 |
| &nbsp;&nbsp;&nbsp; Series 2024-GCS, <br> Class D, 6.22%, <br> 7/10/36<sup>(b)(g)</sup> <br>|  | 330000 | 309860 |
| &nbsp;&nbsp; Velocity Commercial <br> Capital Loan Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, <br> 6.55%, 1/25/54<sup>(b)</sup> <br>|  | 62430 | 62917 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class M3, <br> 6.92%, 12/25/54<sup>(b)(g)</sup> <br>|  | 99181 | 99175 |
|  |  |  | **12913643** |
| **Federal Home Loan Mortgage Corporation – 2.5%** | **Federal Home Loan Mortgage Corporation – 2.5%** | **Federal Home Loan Mortgage Corporation – 2.5%** | **Federal Home Loan Mortgage Corporation – 2.5%** |
| &nbsp;&nbsp; Multiclass Certificates, <br> Series 2024-P015, <br> Class A1, 4.30%, <br> 11/25/32<sup>(g)</sup> <br>|  | 46781 | 45253 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **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; 3.50%, 1/01/34 - 2/01/48 | $273129 | $257683 |
| &nbsp;&nbsp; 2.00%, 9/01/35 - 2/01/52 | 5294942 | 4324393 |
| &nbsp;&nbsp; 1.50%, 4/01/36 - 6/01/51 | 939716 | 754140 |
| &nbsp;&nbsp; 3.00%, 9/01/37 - 8/01/52 | 3982602 | 3492255 |
| &nbsp;&nbsp; 4.50%, 1/01/49 - 2/01/53 | 541642 | 520725 |
| &nbsp;&nbsp; 4.00%, 6/01/49 - 6/01/52 | 606051 | 567300 |
| &nbsp;&nbsp; 2.50%, 7/01/50 - 4/01/52 | 3305536 | 2760376 |
| &nbsp;&nbsp;&nbsp; 5.00%, 6/01/52 - <br> 11/01/53<br>| 2523486 | 2470076 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 - <br> 6/01/53<br>| 825237 | 842335 |
| &nbsp;&nbsp; 5.50%, 1/01/53 - 8/01/53 | 820544 | 823390 |
| &nbsp;&nbsp; 6.50%, 11/01/53 | 72559 | 75346 |
| &nbsp;&nbsp;&nbsp; 6.00%, 4/01/54 - <br> 5/01/55<sup>(e)</sup> <br>| 202997 | 206640 |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 5112, Class KI, <br> 3.50%, 6/25/51<sup>(m)</sup> <br>| 341456 | 64757 |
| &nbsp;&nbsp;&nbsp; Series 5499, Class B, <br> 5.50%, 7/25/53<br>| 851357 | 850936 |
| &nbsp;&nbsp;&nbsp; Series 5513, Class FD, <br> (30D Average SOFR + <br> 1.35%, 1.35% Floor, <br> 6.50% Cap), 5.70%, <br> 1/25/55<sup>(d)</sup> <br>| 1038597 | 1038651 |
| &nbsp;&nbsp;&nbsp; Series 5516, Class FC, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.75%, <br> 3/25/55<sup>(d)</sup> <br>| 2402968 | 2404684 |
| &nbsp;&nbsp;&nbsp; Series 5554, Class A, <br> 5.25%, 4/25/53<br>| 493388 | 489739 |
| &nbsp;&nbsp;&nbsp; Series 5564, Class CA, <br> 5.00%, 2/25/52<br>| 300000 | 297119 |
| &nbsp;&nbsp;&nbsp; Series 5566, Class EA, <br> 5.00%, 11/25/51<br>| 750000 | 741293 |
| &nbsp;&nbsp;&nbsp; Series 5571, Class BA, <br> 5.00%, 10/25/51<br>| 700000 | 693719 |
|  |  | **23720810** |
| **Federal Home Loan Mortgage Corporation Gold –** <br> **0.3%** | **Federal Home Loan Mortgage Corporation Gold –** <br> **0.3%** | **Federal Home Loan Mortgage Corporation Gold –** <br> **0.3%** |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/32 - <br> 12/01/32<br>| 373653 | 361114 |
| &nbsp;&nbsp; 4.50%, 4/01/47 - 4/01/49 | 428803 | 416809 |
| &nbsp;&nbsp; 5.00%, 11/01/48 | 22776 | 22659 |
| &nbsp;&nbsp; 3.50%, 4/01/49 | 1740487 | 1597601 |
|  |  | **2398183** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Federal National Mortgage Association – 11.2%** | **Federal National Mortgage Association – 11.2%** | **Federal National Mortgage Association – 11.2%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.00%, 9/01/28 - 6/01/52 | $19312534 | $16628097 |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/33 - <br> 2/01/52<br>| 22984025 | 19100035 |
| &nbsp;&nbsp; 3.50%, 1/01/34 - 1/01/51 | 798716 | 735660 |
| &nbsp;&nbsp; 2.00%, 9/01/35 - 3/01/52 | 11047911 | 9003685 |
| &nbsp;&nbsp; 1.50%, 3/01/36 - 3/01/51 | 3683859 | 2990255 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/01/43 - <br> 9/01/53<br>| 1639088 | 1587545 |
| &nbsp;&nbsp; 4.00%, 7/01/44 - 5/01/52 | 2831039 | 2654184 |
| &nbsp;&nbsp; 5.00%, 8/01/48 - 6/01/55 | 15075510 | 14687176 |
| &nbsp;&nbsp; 2.00%, 11/01/51<sup>(e)</sup> <br>| 937365 | 736371 |
| &nbsp;&nbsp; 3.00%, 7/01/52<sup>(e)</sup> <br>| 159221 | 136978 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 - <br> 6/01/55<br>| 8795819 | 8940261 |
| &nbsp;&nbsp; 5.50%, 1/01/53 - 6/01/55 | 20483910 | 20391014 |
| &nbsp;&nbsp; 6.50%, 8/01/53 - 7/01/54 | 1493201 | 1544811 |
| &nbsp;&nbsp; 5.69%, 7/01/55 | 400000 | 398835 |
| &nbsp;&nbsp; 6.50%, 9/01/55<sup>(e)</sup> <br>| 3180000 | 3277034 |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-32, Class PI, <br> 4.00%, 5/25/50<sup>(m)</sup> <br>| 69381 | 15071 |
| &nbsp;&nbsp;&nbsp; Series 2025-52, <br> Class GA, 5.00%, <br> 1/25/53<br>| 739208 | 732128 |
| &nbsp;&nbsp;&nbsp; Series 2025-64, Class BA, <br> 5.00%, 5/25/52<br>| 450000 | 445872 |
| &nbsp;&nbsp;&nbsp; Series 2025-65, Class BA, <br> 5.00%, 11/25/53<br>| 800000 | 790678 |
| &nbsp;&nbsp;&nbsp; Series 2025-68, Class CA, <br> 5.00%, 1/25/53<br>| 450000 | 446417 |
| &nbsp;&nbsp;&nbsp; Series 2025-69, <br> Class DA, 5.00%, <br> 10/25/51<br>| 900000 | 890569 |
|  |  | **106132676** |
| **Government National Mortgage Association – 1.6%** | **Government National Mortgage Association – 1.6%** | **Government National Mortgage Association – 1.6%** |
| Pool, |  |  |
| &nbsp;&nbsp; 2.00%, 8/01/53<sup>(e)</sup> <br>| 1845000 | 1489073 |
| &nbsp;&nbsp; 3.00%, 8/01/53<sup>(e)</sup> <br>| 939000 | 820330 |
| &nbsp;&nbsp;&nbsp; 3.50%, 8/01/53 - <br> 9/01/55<sup>(e)</sup> <br>| 1202000 | 1078379 |
| &nbsp;&nbsp; 4.50%, 8/01/53<sup>(e)</sup> <br>| 1478000 | 1402447 |
| &nbsp;&nbsp; 5.00%, 8/01/53<sup>(e)</sup> <br>| 2091000 | 2040494 |
| &nbsp;&nbsp; 5.50%, 8/01/53<sup>(e)</sup> <br>| 2384000 | 2377566 |
| &nbsp;&nbsp; 6.00%, 8/01/53<sup>(e)</sup> <br>| 1509000 | 1529218 |
| &nbsp;&nbsp; 2.50%, 8/01/55<sup>(e)</sup> <br>| 1195000 | 1004742 |
| &nbsp;&nbsp; 4.00%, 8/01/55<sup>(e)</sup> <br>| 538000 | 495377 |
| &nbsp;&nbsp; 6.50%, 8/01/55<sup>(e)</sup> <br>| 712000 | 730798 |
| &nbsp;&nbsp;&nbsp; Series 2021-58, Class IY, <br> 3.00%, 2/20/51<sup>(m)</sup> <br>| 620222 | 101603 |
| &nbsp;&nbsp;&nbsp; Series 2021-67, Class QI, <br> 3.00%, 4/20/51<sup>(m)</sup> <br>| 62897 | 10749 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-76, Class JI, <br> 3.00%, 8/20/50<sup>(m)</sup> <br>| $64595 | $11017 |
| &nbsp;&nbsp;&nbsp; Series 2021-78, Class IP, <br> 3.00%, 5/20/51<sup>(m)</sup> <br>| 586411 | 98428 |
| &nbsp;&nbsp;&nbsp; Series 2021-83, Class PI, <br> 3.00%, 5/20/51<sup>(m)</sup> <br>| 210896 | 35726 |
| &nbsp;&nbsp;&nbsp; Series 2021-96, Class MI, <br> 3.00%, 6/20/51<sup>(m)</sup> <br>| 112947 | 19321 |
| &nbsp;&nbsp;&nbsp; Series 2021-97, Class LI, <br> 3.00%, 8/20/50<sup>(m)</sup> <br>| 749888 | 124170 |
| &nbsp;&nbsp;&nbsp; Series 2022-78, Class IO, <br> 3.00%, 8/20/51<sup>(m)</sup> <br>| 67739 | 11479 |
| &nbsp;&nbsp;&nbsp; Series 2022-85, Class IK, <br> 3.00%, 5/20/51<sup>(m)</sup> <br>| 346406 | 59238 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class CT, <br> 5.00%, 1/20/55<br>| 153787 | 151886 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class MT, <br> 5.00%, 1/20/55<br>| 329969 | 326136 |
| &nbsp;&nbsp;&nbsp; Series 2025-117, <br> Class NB, 5.25%, <br> 3/20/52<br>| 650000 | 648928 |
| &nbsp;&nbsp;&nbsp; Series 2025-126, <br> Class AD, 5.00%, <br> 5/16/65<br>| 54084 | 53294 |
| &nbsp;&nbsp;&nbsp; Series 2025-128, <br> Class AG, 4.75%, <br> 7/16/66<br>| 81000 | 77077 |
| &nbsp;&nbsp;&nbsp; Series 2025-128, Column <br> AD, 5.00%, 10/16/56<br>| 82000 | 80505 |
| &nbsp;&nbsp;&nbsp; Series 2025-129, <br> Class AB, 4.75%, <br> 8/16/54<br>| 40000 | 39351 |
| &nbsp;&nbsp;&nbsp; Series 2025-130, <br> Class AL, 4.75%, <br> 10/16/31<br>| 40000 | 39448 |
| &nbsp;&nbsp;&nbsp; Series 2025-88, Class AT, <br> 5.00%, 6/16/58<br>| 40543 | 40131 |
|  |  | **14896911** |
| **Government National Mortgage Association II – 0.7%** | **Government National Mortgage Association II – 0.7%** | **Government National Mortgage Association II – 0.7%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.50%, 4/20/45 - 6/20/52 | 814237 | 740384 |
| &nbsp;&nbsp;&nbsp; 4.00%, 3/20/47 - <br> 12/20/52<br>| 904048 | 843861 |
| &nbsp;&nbsp; 4.50%, 4/20/47 - 8/20/50 | 129191 | 125004 |
| &nbsp;&nbsp; 3.00%, 4/20/50 - 1/20/52 | 1709604 | 1496573 |
| &nbsp;&nbsp; 2.00%, 8/20/50 - 2/20/51 | 1794988 | 1449646 |
| &nbsp;&nbsp; 2.50%, 4/20/51 - 1/20/53 | 2450385 | 2061886 |
|  |  | **6717354** |
| **Uniform Mortgage-Backed Securities – 10.0%** | **Uniform Mortgage-Backed Securities – 10.0%** | **Uniform Mortgage-Backed Securities – 10.0%** |
| Pool, |  |  |
| &nbsp;&nbsp; 1.50%, 8/01/38<sup>(e)</sup> <br>| 125000 | 110368 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Uniform Mortgage-Backed Securities (Continued)** | **Uniform Mortgage-Backed Securities (Continued)** | **Uniform Mortgage-Backed Securities (Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 8/01/40 - <br> 8/01/53<sup>(e)</sup> <br>| $143600 | $120041 |
| &nbsp;&nbsp;&nbsp; 4.00%, 8/01/40 - <br> 8/01/52<sup>(e)</sup> <br>| 676000 | 630085 |
| &nbsp;&nbsp; 4.50%, 8/01/40<sup>(e)</sup> <br>| 590000 | 582846 |
| &nbsp;&nbsp;&nbsp; 5.00%, 9/01/40 - <br> 9/01/53<sup>(e)</sup> <br>| 23474000 | 23304546 |
| &nbsp;&nbsp;&nbsp; 3.00%, 8/01/52 - <br> 9/01/53<sup>(e)</sup> <br>| 1031700 | 882932 |
| &nbsp;&nbsp; 2.00%, 8/01/53<sup>(e)</sup> <br>| 1437000 | 1123857 |
| &nbsp;&nbsp;&nbsp; 3.50%, 8/01/53 - <br> 9/01/53<sup>(e)</sup> <br>| 1916000 | 1709174 |
| &nbsp;&nbsp;&nbsp; 5.50%, 8/01/53 - <br> 9/01/53<sup>(e)</sup> <br>| 39443000 | 39231308 |
| &nbsp;&nbsp; 6.00%, 8/01/53<sup>(e)</sup> <br>| 25746000 | 26101857 |
| &nbsp;&nbsp; 6.50%, 8/01/53<sup>(e)</sup> <br>| 1277000 | 1317113 |
|  |  | **95114127** |
| **Whole Loan – 3.0%** | **Whole Loan – 3.0%** | **Whole Loan – 3.0%** |
| &nbsp;&nbsp; A&D Mortgage Trust, <br> Series 2024-NQM5, <br> Class M1, 6.52%, <br> 11/25/69<sup>(b)</sup> <br>| 201500 | 203159 |
| &nbsp;&nbsp; ACRA Trust, Series <br> 2024-NQM1, Class A1, <br> (Step to 6.61% on <br> 11/25/28), 5.61%, <br> 10/25/64<sup>(b)(f)</sup> <br>| 160746 | 160470 |
| &nbsp;&nbsp; Anchor Mortgage Trust, <br> Series 2025-RTL1, <br> Class A1, 5.72%, <br> 5/25/40<sup>(b)</sup> <br>| 800000 | 798712 |
| Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class A1, <br> (Step to 4.77% on <br> 9/25/25), 4.80%, <br> 11/25/67<sup>(b)(f)</sup> <br>| 101810 | 100784 |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, <br> (Step to 6.35% on <br> 11/25/28), 5.35%, <br> 10/25/69<sup>(b)(f)</sup> <br>| 44150 | 43906 |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A1, <br> (Step to 6.70% on <br> 11/25/28), 5.70%, <br> 8/25/69<sup>(b)(f)</sup> <br>| 367948 | 368080 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, <br> (Step to 6.69% on <br> 2/25/29), 5.69%, <br> 1/25/70<sup>(b)(f)</sup> <br>| 184425 | 184447 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br> (Step to 6.41% on <br> 8/25/29), 5.41%, <br> 7/25/70<sup>(b)(f)</sup> <br>| 112264 | 112175 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; Braccan Mortgage Funding <br> PLC, Series 2024-1, <br> Class X, (SONIO/N Index <br> + 4.34%), 8.58%, <br> 1/15/67<sup>(d)</sup> <br>| GBP | 112157 | $148785 |
| &nbsp;&nbsp; BRAVO, Series <br> 2024-NQM6, Class A3, <br> 5.71%, 8/01/64<sup>(b)</sup> <br>|  | $674034 | 671468 |
| &nbsp;&nbsp; BRAVO Residential <br> Funding Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM6, <br> Class B1, 8.00%, <br> 9/25/63<sup>(b)(g)</sup> <br>|  | 100000 | 100772 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, <br> Class A2, (Step to <br> 6.66% on 8/25/29), <br> 5.66%, 7/25/65<sup>(b)(e)(f)</sup> <br>|  | 850000 | 848852 |
| &nbsp;&nbsp; CAFL Issuer LLC, Series <br> 2024-RTL1, Class A1, <br> (Step to 8.25% on <br> 6/28/27), 6.75%, <br> 11/28/31<sup>(b)(f)</sup> <br>|  | 100000 | 100968 |
| &nbsp;&nbsp; CHL Mortgage <br> Pass-Through Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A6, <br> 6.00%, 12/25/36<br>|  | 5089 | 2224 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class A1, <br> 5.75%, 7/25/37<br>|  | 25409 | 11757 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class A11, <br> 5.75%, 7/25/37<br>|  | 13884 | 6424 |
| &nbsp;&nbsp; CIM Trust, Series 2025-I1, <br> Class M1, 6.44%, <br> 10/25/69<sup>(b)</sup> <br>|  | 900000 | 906802 |
| COLT Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, <br> 1.73%, 11/26/66<sup>(b)</sup> <br>|  | 58853 | 52598 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, <br> (Step to 6.39% on <br> 11/25/28), 5.39%, <br> 11/25/69<sup>(b)(f)</sup> <br>|  | 87625 | 87522 |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br> (Step to 6.47% on <br> 9/25/29), 5.47%, <br> 6/25/70<sup>(b)(f)</sup> <br>|  | 117000 | 116958 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br> (Step to 6.48% on <br> 9/25/29), 5.48%, <br> 8/25/70<sup>(b)(f)</sup> <br>|  | 100000 | 99900 |
| &nbsp;&nbsp; Cross Mortgage Trust, <br> Series 2023-H2, <br> Class A1A, (Step to <br> 8.14% on 11/25/27), <br> 7.14%, 11/25/68<sup>(b)(f)</sup> <br>|  | 60876 | 61647 |
| CSMC Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM3, <br> Class A1B, 4.27%, <br> 3/25/67<sup>(b)(g)</sup> <br>|  | 111000 | 107699 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM6, <br> Class PT, 8.85%, <br> 12/25/67<sup>(b)(g)</sup> <br>| $100700 | $106087 |
| &nbsp;&nbsp; Deephaven Residential <br> Mortgage Trust, Series <br> 2024-1, Class A1, (Step <br> to 6.74% on 11/25/28), <br> 5.74%, 7/25/69<sup>(b)(f)</sup> <br>| 136817 | 137169 |
| EFMT, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class A1A, (Step to <br> 6.71% on 11/25/28), <br> 5.71%, 11/25/69<sup>(b)(f)</sup> <br>| 342631 | 342581 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV1, <br> Class A1, (Step to <br> 6.63% on 3/25/29), <br> 5.63%, 3/25/70<sup>(b)(f)</sup> <br>| 157686 | 157893 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV3, <br> Class A1, (Step to <br> 6.44% on 8/25/29), <br> 5.44%, 7/25/70<sup>(b)(f)</sup> <br>| 116000 | 115901 |
| GCAT Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, <br> Class A1, (Step to <br> 6.60% on 6/25/29), <br> 5.60%, 4/25/70<sup>(b)(f)</sup> <br>| 1554068 | 1557155 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, <br> Class A3, (Step to <br> 7.01% on 6/25/29), <br> 6.01%, 4/25/70<sup>(b)(f)</sup> <br>| 777034 | 780143 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, (Step to <br> 6.55% on 7/25/29), <br> 5.55%, 5/25/70<sup>(b)(f)</sup> <br>| 1635251 | 1637557 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, <br> Class A1, (Step to <br> 6.53% on 8/25/29), <br> 5.53%, 6/25/70<sup>(b)(f)</sup> <br>| 170000 | 169984 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, <br> Class A2, (Step to <br> 6.73% on 8/25/29), <br> 5.73%, 6/25/70<sup>(b)(f)</sup> <br>| 500000 | 499948 |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, <br> Class A4, 4.00%, <br> 5/25/62<sup>(b)</sup> <br>| 66715 | 60399 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, <br> Class A1, (30D Average <br> SOFR + 1.55%), 6.09%, <br> 10/25/55<sup>(b)(d)</sup> <br>| 500000 | 499934 |
| &nbsp;&nbsp; GSR Mortgage Loan Trust, <br> Series 2007-1F, Class <br> 2A4, 5.50%, 1/25/37<br>| 41076 | 82180 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Homes Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, <br> Class A1, (Step to <br> 6.72% on 12/25/28), <br> 5.72%, 10/25/69<sup>(b)(f)</sup> <br>|  | $94146 | $94316 |
| &nbsp;&nbsp;&nbsp; Series 2025-AFC2, <br> Class A1B, (Step to <br> 6.57% on 7/25/29), <br> 5.57%, 6/25/60<sup>(b)(f)</sup> <br>|  | 784148 | 782785 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, <br> Class A1, (Step to <br> 6.43% on 5/25/29), <br> 5.43%, 2/25/70<sup>(b)(f)</sup> <br>|  | 96230 | 96187 |
| &nbsp;&nbsp; Household Capital, Series <br> 2025-1, Class A, (3M <br> Australian BBSW + <br> 1.90%), 5.74%, 7/21/87<sup>(d)</sup> <br>| AUD | 60000 | 38563 |
| &nbsp;&nbsp; Impac Secured Assets <br> Trust, Series 2006-3, <br> Class A1, (1M CME Term <br> SOFR + 0.45%, 0.34% <br> Floor), 4.81%, 11/25/36<sup>(d)</sup> <br>|  | 86404 | 78406 |
| &nbsp;&nbsp; IndyMac INDX Mortgage <br> Loan Trust, Series <br> 2006-AR41, Class A3, <br> (1M CME Term SOFR + <br> 0.47%, 0.36% Floor, <br> 11.00% Cap), 4.83%, <br> 2/25/37<sup>(d)</sup> <br>|  | 8984 | 8472 |
| &nbsp;&nbsp; JP Morgan Mortgage <br> Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-VIS2, <br> Class B1, 7.72%, <br> 11/25/64<sup>(b)(g)</sup> <br>|  | 25000 | 25240 |
| &nbsp;&nbsp;&nbsp; Series 2025-VIS1, <br> Class M1, 6.41%, <br> 8/25/55<sup>(b)(g)</sup> <br>|  | 150000 | 150742 |
| &nbsp;&nbsp; Jupiter Mortgage No. 1 <br> PLC, Series 1X, Class DR, <br> (SONIO/N Index + <br> 3.00%), 7.24%, 7/20/55<sup>(d)</sup> <br>| GBP | 100000 | 134041 |
| &nbsp;&nbsp; MASTR Asset <br> Securitization Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A4, <br> 6.50%, 11/25/37<br>|  | 562796 | 92767 |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A2, <br> 6.25%, 1/25/38<br>|  | 299998 | 154221 |
| &nbsp;&nbsp; Morgan Stanley <br> Residential Mortgage <br> Loan Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-DSC2, <br> Class A1, (Step to <br> 6.44% on 8/25/29), <br> 5.44%, 7/25/70<sup>(b)(f)</sup> <br>|  | 116000 | 115908 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, <br> Class M1, 6.50%, <br> 11/25/69<sup>(b)</sup> <br>|  | 182800 | 184527 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; New Residential Mortgage <br> Loan Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class A1, (Step to <br> 6.64% on 12/25/32), <br> 5.38%, 1/25/65<sup>(b)(f)</sup> <br>| $142492 | $143077 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class M1, 6.47%, <br> 1/25/65<sup>(b)</sup> <br>| 501164 | 506169 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, <br> Class B1, 7.17%, <br> 11/25/64<sup>(b)(g)</sup> <br>| 100000 | 102365 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, (Step to <br> 6.53% on 9/25/40), <br> 5.53%, 5/25/65<sup>(b)(f)</sup> <br>| 774969 | 777251 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A3, (Step to <br> 6.74% on 9/25/40), <br> 5.99%, 5/25/65<sup>(b)(f)</sup> <br>| 774969 | 777464 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, <br> Class A1, 5.35%, <br> 7/25/65<sup>(b)(g)</sup> <br>| 100000 | 99839 |
| &nbsp;&nbsp; NYMT Loan Trust, Series <br> 2025-CP1, Class A1, <br> 3.75%, 11/25/69<sup>(b)(g)</sup> <br>| 850000 | 808584 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, <br> Class A3, (Step to <br> 6.87% on 12/25/28), <br> 5.87%, 10/25/64<sup>(b)(f)</sup> <br>| 683509 | 684153 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, <br> Class A3, (Step to <br> 6.71% on 6/25/29), <br> 5.71%, 5/25/65<sup>(b)(f)</sup> <br>| 791523 | 793449 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, <br> Class A3, (Step to <br> 6.82% on 8/25/29), <br> 5.82%, 5/25/65<sup>(b)(f)</sup> <br>| 800000 | 799761 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, (Step to <br> 6.65% on 3/25/29), <br> 5.65%, 12/01/64<sup>(b)(f)</sup> <br>| 106616 | 106846 |
| &nbsp;&nbsp; PMT Loan Trust, Series <br> 2025-INV7, Class A7, <br> 6.00%, 6/25/56<sup>(b)(g)</sup> <br>| 800000 | 809751 |
| &nbsp;&nbsp; PRKCM Trust, Series <br> 2023-AFC1, Class B1, <br> 7.44%, 2/25/58<sup>(b)(g)</sup> <br>| 226000 | 226713 |
| &nbsp;&nbsp; PRPM, Series 2025-3, <br> Class A1, (Step to 9.26% <br> on 6/25/28), 6.26%, <br> 5/25/30<sup>(b)(f)</sup> <br>| 781006 | 782380 |
| PRPM LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, <br> (Step to 8.73% on <br> 8/25/28), 5.93%, <br> 7/25/30<sup>(b)(f)</sup> <br>| 800000 | 799452 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| PRPM LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF3, <br> Class A1, (Step to <br> 6.25% on 8/25/29), <br> 5.25%, 7/25/55<sup>(b)(f)</sup> <br>|  | $500000 | $499090 |
| PRPM Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class B1, 7.48%, <br> 12/25/68<sup>(b)(g)</sup> <br>|  | 100000 | 100832 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, <br> Class A1, (Step to <br> 6.80% on 3/25/29), <br> 5.80%, 11/25/69<sup>(b)(f)</sup> <br>|  | 94607 | 94807 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, (Step to <br> 6.61% on 8/25/29), <br> 5.61%, 5/25/70<sup>(b)(f)</sup> <br>|  | 116000 | 116070 |
| &nbsp;&nbsp; RFMSI Trust, Series <br> 006-SA4, Class 2A1, <br> 5.54%, 11/25/36<sup>(g)</sup> <br>|  | 17752 | 14918 |
| &nbsp;&nbsp; Saluda Grade Alternative <br> Mortgage Trust, Series <br> 2025-LOC4, Class A1A, <br> (30D Average SOFR + <br> 1.75%), 6.10%, <br> 6/25/55<sup>(b)(d)</sup> <br>|  | 780981 | 780977 |
| Sequoia Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A5, <br> 5.50%, 6/25/55<sup>(b)(g)</sup> <br>|  | 949060 | 947879 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A11, <br> 5.50%, 3/25/38<sup>(b)(g)(l)</sup> <br>|  | 791761 | 791332 |
| &nbsp;&nbsp; Towd Point Mortgage <br> Trust, Series 2025-1, <br> Class A1B, 4.75%, <br> 6/25/65<sup>(b)(g)</sup> <br>|  | 987818 | 983469 |
| Verus Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, <br> 1.82%, 11/25/66<sup>(b)(g)</sup> <br>|  | 57849 | 52518 |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class B1, <br> 7.47%, 3/25/68<sup>(b)(g)</sup> <br>|  | 100000 | 99793 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, <br> (Step to 6.43% on <br> 7/25/29), 5.43%, <br> 6/25/70<sup>(b)(f)</sup> <br>|  | 120170 | 120200 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A2, <br> (Step to 6.58% on <br> 7/25/29), 5.58%, <br> 6/25/70<sup>(b)(f)</sup> <br>|  | 787998 | 785207 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A3, <br> (Step to 6.68% on <br> 7/25/29), 5.68%, <br> 6/25/70<sup>(b)(f)</sup> <br>|  | 787998 | 785195 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, <br> (Step to 6.42% on <br> 8/25/29), 5.42%, <br> 7/25/70<sup>(b)(f)</sup> <br>| SAR | 275000 | 275375 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; Vista Point Securitization <br> Trust, Series 2020-2, <br> Class B2, 5.16%, <br> 4/25/65<sup>(b)(g)</sup> <br>| $142800 | $134793 |
| &nbsp;&nbsp; Voyager OPTONE <br> Delaware Trust, Series <br> 2009-1, Class SAA7, <br> 2.76%, 2/25/38<sup>(g)(m)</sup> <br>| 159960 | 34506 |
| &nbsp;&nbsp; WaMu Mortgage <br> Pass-Through Certificates <br> Trust, Series 2006-AR13, <br> Class 1A, (12MTA + <br> 0.88%, 0.88% Floor), <br> 4.85%, 10/25/46<sup>(d)</sup> <br>| 229290 | 196384 |
|  |  | **28429814** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $295,678,513) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $295,678,513) | **290323518** |
| **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| &nbsp;&nbsp; Bay Area Toll Authority Toll <br> Bridge Subordinate <br> Revenue Bonds, Series <br> S1, Build America Bonds, <br> 7.04%, 4/01/50<br>| 160000 | 181547 |
| &nbsp;&nbsp; California State Taxable <br> GO Unlimited Refunding <br> Bonds, Prerefunded, <br> 4.60%, 4/01/28<sup>(n)</sup> <br>| 325000 | 328544 |
| &nbsp;&nbsp; California State Various <br> Purpose Taxable GO <br> Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp; 7.50%, 4/01/34 | 65000 | 75235 |
| &nbsp;&nbsp; 7.55%, 4/01/39 | 40000 | 47819 |
| &nbsp;&nbsp; Los Angeles Community <br> College District GO <br> Unlimited Bonds, Build <br> America Bonds, 6.60%, <br> 8/01/42<br>| 45000 | 47792 |
| &nbsp;&nbsp; University of California <br> Taxable General Revenue <br> Bonds, Series AD, 4.86%, <br> 5/15/12<sup>(o)</sup> <br>| 25000 | 20687 |
|  |  | **701624** |
| **Georgia – 0.0%**<sup>(c)</sup> | **Georgia – 0.0%**<sup>(c)</sup> | **Georgia – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Municipal Electric <br> Authority of Georgia <br> Taxable Revenue Bonds, <br> Build America Bonds, <br> 6.64%, 4/01/57<br>| 38000 | **40729** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** |
| &nbsp;&nbsp; Idaho State Housing & <br> Finance Association SFM <br> Taxable Revenue Bond, <br> Series D (GNMA, FNMA, <br> FHLMC Insured), 6.01%, <br> 7/01/45<br>| $850000 | **$851422** |
| **Illinois – 0.0%**<sup>(c)</sup> | **Illinois – 0.0%**<sup>(c)</sup> | **Illinois – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Illinois State Taxable <br> Pension GO Unlimited <br> Bonds, 5.10%, 6/01/33<br>| 261765 | **267434** |
| **Louisiana – 0.0%**<sup>(c)</sup> | **Louisiana – 0.0%**<sup>(c)</sup> | **Louisiana – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Louisiana State Local <br> Government <br> Environmental Facilities <br> & Community <br> Development Authority <br> Taxable Revenue Bonds, <br> Louisiana Utilities <br> Restoration Corp., <br> Project, 4.15%, 2/01/33<br>| 70000 | **69221** |
| **New Jersey – 0.0%**<sup>(c)</sup> | **New Jersey – 0.0%**<sup>(c)</sup> | **New Jersey – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; New Jersey State Turnpike <br> Authority Taxable <br> Revenue Bonds, Build <br> America Bonds, 7.41%, <br> 1/01/40<br>| 106000 | **125761** |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| &nbsp;&nbsp; Metropolitan <br> Transportation Authority <br> Revenue Bonds, Build <br> America Bonds, 6.67%, <br> 11/15/39<br>| 70000 | 75209 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Second General <br> Resolution Taxable <br> Revenue Bonds, 5.88%, <br> 6/15/44<br>| 30000 | 30320 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Taxable Revenue Bonds, <br> Build America Bonds, <br> 6.01%, 6/15/42<br>| 95000 | 98396 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Personal <br> Income TRB, Build <br> America Bonds, 5.39%, <br> 3/15/40<br>| 30000 | 29876 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 165th <br> Taxable Revenue Bonds, <br> 5.65%, 11/01/40<br>| 65000 | 67810 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 168th <br> Revenue Bonds, 4.93%, <br> 10/01/51<br>| $85000 | $77856 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated Taxable <br> Revenue Bonds, Series <br> 181, 4.96%, 8/01/46<br>| 60000 | 56129 |
|  |  | **435596** |
| **Ohio – 0.0%**<sup>(c)</sup> | **Ohio – 0.0%**<sup>(c)</sup> | **Ohio – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; American Municipal <br> Power-Ohio, Inc., Taxable <br> Revenue Bonds, Series B, <br> Combined Hydroelectric <br> Projects, 8.08%, 2/15/50<br>| 75000 | **94348** |
| **Texas – 0.0%**<sup>(c)</sup> | **Texas – 0.0%**<sup>(c)</sup> | **Texas – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; San Antonio Electric & Gas <br> Junior Lien Revenue <br> Bonds, Build America <br> Bonds, 5.81%, 2/01/41<br>| 75000 | 76210 |
| &nbsp;&nbsp; Texas State Taxable GO <br> Unlimited Bonds, Build <br> America Bonds, 5.52%, <br> 4/01/39<br>| 95000 | 96973 |
|  |  | **173183** |
| &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $3,009,779) | &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $3,009,779) | **2759318** |
| **Term Loans – 0.5%**<sup>(d)</sup>  | **Term Loans – 0.5%**<sup>(d)</sup>  | **Term Loans – 0.5%**<sup>(d)</sup>  |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp; MG Azalea LP, Term Loan, <br> (1M USD CME Term SOFR <br> + 2.10%), 6.45%, 6/24/32<br>| 1300000 | **1300000** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| &nbsp;&nbsp; Burlington Coat Factory <br> Warehouse Corp., Term <br> B-7 Loan, (1M USD CME <br> Term SOFR + 1.75%), <br> 6.11%, 9/24/31<br>| 797990 | **794199** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp; NRG Energy, Inc., 2024 <br> New Term Loan, <br> 4/16/31<sup>(p)</sup> <br>| 750000 | **749895** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp; Colossus AcquireCo LLC, <br> Initial Term Loan, <br> 7/30/32<sup>(p)</sup> <br>| 800000 | **795432** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services – 0.1%**<sup>(c)</sup> | **Leisure Facilities & Services – 0.1%**<sup>(c)</sup> | **Leisure Facilities & Services – 0.1%**<sup>(c)</sup> |
| &nbsp;&nbsp; Entain Holdings <br> (Gibraltar) Ltd., Term Loan <br> B, 0.00%, 7/30/32<sup>(e)</sup> <br>| $325000 | $324594 |
| &nbsp;&nbsp; Flutter Entertainment PLC, <br> 2024 Refinancing Term B <br> Loan, (3M USD CME Term <br> SOFR + 1.75%, 0.50% <br> Floor), 6.05%, 11/30/30<br>| 89544 | 89141 |
| &nbsp;&nbsp; Flutter Entertainment PLC, <br> Third Incremental Term B <br> Loan, (3M USD CME Term <br> SOFR + 2.00%, 0.50% <br> Floor), 6.30%, 6/04/32<br>| 450000 | 449438 |
|  |  | **863173** |
| **Software – 0.0%**<sup>(c)</sup> | **Software – 0.0%**<sup>(c)</sup> | **Software – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; ConnectWise LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 3.50%, <br> 0.50% Floor), 8.06%, <br> 9/29/28<br>| 22735 | **22796** |
| **Specialty Finance – 0.0%**<sup>(c)</sup> | **Specialty Finance – 0.0%**<sup>(c)</sup> | **Specialty Finance – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; IMC Financing LLC, Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.85%, <br> 6/18/32<br>| 300000 | **302625** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $4,818,258) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $4,818,258) | **4828120** |
| **U.S. Government Obligations – 17.6%** | **U.S. Government Obligations – 17.6%** | **U.S. Government Obligations – 17.6%** |
| **U.S. Treasury Bonds – 5.3%** | **U.S. Treasury Bonds – 5.3%** | **U.S. Treasury Bonds – 5.3%** |
| &nbsp;&nbsp; 4.25%, 5/15/39 | 64000 | 61673 |
| &nbsp;&nbsp; 4.38%, 11/15/39 | 18814000 | 18263544 |
| &nbsp;&nbsp; 1.13%, 5/15/40 | 1373000 | 847667 |
| &nbsp;&nbsp; 1.13%, 8/15/40 | 1373000 | 839675 |
| &nbsp;&nbsp; 4.25%, 11/15/40 | 1312700 | 1245834 |
| &nbsp;&nbsp; 1.38%, 11/15/40 | 1373000 | 869763 |
| &nbsp;&nbsp; 1.88%, 2/15/41 | 1863700 | 1273431 |
| &nbsp;&nbsp; 3.75%, 8/15/41 | 1029000 | 912755 |
| &nbsp;&nbsp; 3.88%, 2/15/43 | 652500 | 577794 |
| &nbsp;&nbsp; 3.63%, 8/15/43 | 1009600 | 858870 |
| &nbsp;&nbsp; 3.75%, 11/15/43 | 1009600 | 871845 |
| &nbsp;&nbsp; 4.13%, 8/15/44 | 325700 | 294911 |
| &nbsp;&nbsp; 4.63%, 11/15/44 | 388000 | 375329 |
| &nbsp;&nbsp; 2.50%, 2/15/45 | 3008200 | 2092462 |
| &nbsp;&nbsp; 2.75%, 11/15/47 | 3558600 | 2499639 |
| &nbsp;&nbsp; 3.00%, 2/15/48 | 1433000 | 1052135 |
| &nbsp;&nbsp; 2.25%, 8/15/49 | 1430000 | 884813 |
| &nbsp;&nbsp; 1.38%, 8/15/50 | 389000 | 189090 |
| &nbsp;&nbsp; 1.63%, 11/15/50 | 251800 | 130749 |
| &nbsp;&nbsp; 2.38%, 5/15/51 | 391300 | 244547 |
| &nbsp;&nbsp; 2.00%, 8/15/51 | 389000 | 220970 |
| &nbsp;&nbsp; 1.88%, 11/15/51 | 1164000 | 637654 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **U.S. Treasury Bonds (Continued)** | **U.S. Treasury Bonds (Continued)** | **U.S. Treasury Bonds (Continued)** |
| &nbsp;&nbsp; 2.25%, 2/15/52 | $1486200 | $894274 |
| &nbsp;&nbsp; 3.00%, 8/15/52 | 26000 | 18483 |
| &nbsp;&nbsp; 3.63%, 2/15/53 | 41000 | 32991 |
| &nbsp;&nbsp; 3.63%, 5/15/53 | 35500 | 28535 |
| &nbsp;&nbsp; 4.63%, 2/15/55 | 132000 | 126452 |
| &nbsp;&nbsp; 4.75%, 5/15/55 | 2040000 | 1995375 |
| &nbsp;&nbsp; 0.00%, 5/15/45<sup>(q)(r)</sup> <br>| 8000000 | 2986740 |
| &nbsp;&nbsp; 0.00%, 5/15/55<sup>(r)</sup> <br>| 36000000 | 8451127 |
|  |  | **49779127** |
| **U.S. Treasury Notes – 12.3%** | **U.S. Treasury Notes – 12.3%** | **U.S. Treasury Notes – 12.3%** |
| &nbsp;&nbsp; 1.25%, 4/15/28 | 1280000 | 1368813 |
| &nbsp;&nbsp; 2.13%, 4/15/29 | 2870000 | 3061973 |
| &nbsp;&nbsp; 1.63%, 10/15/29 | 3420000 | 3538687 |
| &nbsp;&nbsp; 1.38%, 7/15/33 | 260000 | 266623 |
| &nbsp;&nbsp; 1.88%, 7/15/34 | 4710000 | 4817924 |
| &nbsp;&nbsp; 2.13%, 1/15/35 | 8180000 | 8437865 |
| &nbsp;&nbsp; 4.63%, 10/15/26 | 53000 | 53306 |
| &nbsp;&nbsp; 2.00%, 11/15/26 | 1385800 | 1349423 |
| &nbsp;&nbsp; 4.25%, 11/30/26 | 5998000 | 6009481 |
| &nbsp;&nbsp; 4.38%, 12/15/26 | 1952700 | 1960633 |
| &nbsp;&nbsp; 4.25%, 12/31/26 | 156000 | 156372 |
| &nbsp;&nbsp; 4.00%, 1/15/27 | 1332700 | 1331659 |
| &nbsp;&nbsp; 1.88%, 2/28/27 | 4000 | 3870 |
| &nbsp;&nbsp; 4.25%, 3/15/27 | 1332700 | 1337646 |
| &nbsp;&nbsp; 3.75%, 4/30/27 | 111000 | 110562 |
| &nbsp;&nbsp; 0.50%, 5/31/27 | 688000 | 646344 |
| &nbsp;&nbsp; 3.25%, 6/30/27<sup>(i)</sup> <br>| 4939000 | 4875912 |
| &nbsp;&nbsp; 4.38%, 7/15/27 | 24000 | 24187 |
| &nbsp;&nbsp; 2.25%, 8/15/27 | 1202400 | 1162852 |
| &nbsp;&nbsp; 3.13%, 8/31/27 | 6000 | 5904 |
| &nbsp;&nbsp; 3.38%, 9/15/27<sup>(i)</sup> <br>| 100000 | 98898 |
| &nbsp;&nbsp; 0.38%, 9/30/27 | 970000 | 899372 |
| &nbsp;&nbsp; 4.13%, 10/31/27 | 1096600 | 1101269 |
| &nbsp;&nbsp; 0.63%, 11/30/27 | 12000 | 11130 |
| &nbsp;&nbsp; 3.88%, 11/30/27<sup>(i)</sup> <br>| 1475500 | 1474174 |
| &nbsp;&nbsp; 4.00%, 2/29/28 | 14000 | 14036 |
| &nbsp;&nbsp; 1.25%, 3/31/28 | 1046700 | 977233 |
| &nbsp;&nbsp; 3.50%, 4/30/28 | 61000 | 60376 |
| &nbsp;&nbsp; 3.75%, 5/15/28 | 9600000 | 9565500 |
| &nbsp;&nbsp; 1.25%, 5/31/28 | 1710800 | 1590844 |
| &nbsp;&nbsp; 1.13%, 8/31/28 | 1395200 | 1284183 |
| &nbsp;&nbsp; 4.38%, 8/31/28 | 1223100 | 1240061 |
| &nbsp;&nbsp; 1.25%, 9/30/28 | 1368700 | 1261984 |
| &nbsp;&nbsp; 1.38%, 12/31/28 | 4000 | 3681 |
| &nbsp;&nbsp; 3.75%, 12/31/28 | 1599000 | 1591192 |
| &nbsp;&nbsp; 2.38%, 3/31/29 | 1121800 | 1063431 |
| &nbsp;&nbsp; 3.25%, 6/30/29 | 1253600 | 1223533 |
| &nbsp;&nbsp; 4.25%, 6/30/29 | 2000 | 2024 |
| &nbsp;&nbsp; 4.00%, 2/28/30 | 304000 | 304819 |
| &nbsp;&nbsp; 3.88%, 4/30/30 | 9556000 | 9526884 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| &nbsp;&nbsp; 3.75%, 5/31/30 | $1046000 | $1036521 |
| &nbsp;&nbsp; 4.00%, 5/31/30<sup>(q)</sup> <br>| 14633000 | 14668439 |
| &nbsp;&nbsp; 3.88%, 6/30/30<sup>(i)</sup> <br>| 170000 | 169389 |
| &nbsp;&nbsp; 4.00%, 7/31/30 | 175000 | 175260 |
| &nbsp;&nbsp; 4.88%, 10/31/30 | 844300 | 879490 |
| &nbsp;&nbsp; 3.75%, 12/31/30 | 13000 | 12840 |
| &nbsp;&nbsp; 4.25%, 6/30/31 | 1278500 | 1291485 |
| &nbsp;&nbsp; 3.63%, 9/30/31<sup>(i)</sup> <br>| 1177200 | 1148598 |
| &nbsp;&nbsp; 4.13%, 11/30/31 | 13000 | 13023 |
| &nbsp;&nbsp; 4.50%, 12/31/31 | 752100 | 768993 |
| &nbsp;&nbsp; 4.13%, 2/29/32 | 29000 | 29022 |
| &nbsp;&nbsp; 4.00%, 4/30/32 | 6500000 | 6452520 |
| &nbsp;&nbsp; 2.88%, 5/15/32 | 43600 | 40376 |
| &nbsp;&nbsp; 4.13%, 5/31/32 | 14250000 | 14243320 |
| &nbsp;&nbsp; 4.00%, 6/30/32 | 329000 | 326327 |
| &nbsp;&nbsp; 4.00%, 2/15/34 | 1061800 | 1041269 |
| &nbsp;&nbsp; 3.88%, 8/15/34 | 16000 | 15479 |
| &nbsp;&nbsp; 4.63%, 2/15/35 | 149000 | 152236 |
| &nbsp;&nbsp; 4.25%, 5/15/35 | 684000 | 678015 |
|  |  | **116957262** |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $169,755,615) | &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $169,755,615) | **166736389** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Investment Companies – 33.5%** | **Investment Companies – 33.5%** | **Investment Companies – 33.5%** |
| &nbsp;&nbsp; BlackRock Allocation <br> Target Shares - BATS, <br> Series A<br>| 5928904 | 56502457 |
| &nbsp;&nbsp; iShares U.S. Treasury Bond <br> ETF<sup>(s)</sup> <br>| 11422789 | 260668045 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $318,764,707) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $318,764,707) | **317170502** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 3.5%** | **Short-Term Investments – 3.5%** | **Short-Term Investments – 3.5%** |
| **Corporate Bonds – 0.0%**<sup>(c)</sup> | **Corporate Bonds – 0.0%**<sup>(c)</sup> | **Corporate Bonds – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; EQT Corp., 3.13%, <br> 5/15/26<sup>(b)</sup> <br>| $268000 | 264164 |
| **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** |
| &nbsp;&nbsp; Diamond II Ltd., 7.95%, <br> 7/28/26<br>| 450000 | 453747 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Money Market Funds – 2.9%** | **Money Market Funds – 2.9%** | **Money Market Funds – 2.9%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(t)(u)</sup> <br>| $8101008 | $8101008 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.15%<sup>(t)</sup> <br>| 19121168 | 19121168 |
|  |  | **27222176** |
| **Mortgage-Backed Securities – 0.0%**<sup>(c)</sup> | **Mortgage-Backed Securities – 0.0%**<sup>(c)</sup> | **Mortgage-Backed Securities – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Petroleos Mexicanos, <br> 7.50%, 3/20/26<br>| 422000 | 422638 |
| **U.S. Government Obligations – 0.5%** | **U.S. Government Obligations – 0.5%** | **U.S. Government Obligations – 0.5%** |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp; 3.13%, 8/15/25<sup>(i)</sup> <br>| 213000 | 212885 |
| &nbsp;&nbsp; 4.63%, 3/15/26<sup>(i)</sup> <br>| 2508000 | 2515367 |
| &nbsp;&nbsp; 0.63%, 7/31/26 | 1989100 | 1920228 |
|  |  | **4648480** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $32,999,860) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $32,999,860) | **33011205** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **Purchased Options – 0.1%** | **Purchased Options – 0.1%** | **Purchased Options – 0.1%** | **Purchased Options – 0.1%** |
| **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; 3-Month SOFR Future, <br> Strike Price USD 96.19, <br> Expires 10/10/25<br>| 328 | 78695400 | **43050** |
| **Call Swaptions - Over the Counter – 0.0%**<sup>(c)</sup> | **Call Swaptions - Over the Counter – 0.0%**<sup>(c)</sup> | **Call Swaptions - Over the Counter – 0.0%**<sup>(c)</sup> | **Call Swaptions - Over the Counter – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 3.93% <br> (Annually): Interest Rate <br> Swap Maturing <br> 3/31/2037, Strike Price <br> USD 3.93, Expires 3/29/27, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 1046700 | 38372 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.00% <br> (Annually): Interest Rate <br> Swap Maturing <br> 3/31/2037, Strike Price <br> USD 4.00, Expires 3/29/27, <br> Counterparty: BNP Paribas<br>| 1 | 428800 | 16990 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.00% <br> (Annually): Interest Rate <br> Swap Maturing <br> 6/08/2037, Strike Price <br> USD 4.00, Expires 6/04/27, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 1390000 | 55707 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Call Swaptions - Over the Counter (Continued)** | **Call Swaptions - Over the Counter (Continued)** | **Call Swaptions - Over the Counter (Continued)** | **Call Swaptions - Over the Counter (Continued)** |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.01% <br> (Annually): Interest Rate <br> Swap Maturing <br> 4/16/2037, Strike Price <br> USD 4.01, Expires 4/14/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | $169133 | $6787 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.05% <br> (Annually): Interest Rate <br> Swap Maturing <br> 4/14/2037, Strike Price <br> USD 4.05, Expires 4/12/27, <br> Counterparty: Citibank<br>| 1 | 337050 | 14072 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.05% <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/12/2037, Strike Price <br> USD 4.05, Expires 7/08/27, <br> Counterparty: Barclays<br>| 1 | 67000 | 2854 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.07% <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/16/2037, Strike Price <br> USD 4.07, Expires 7/14/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | 819500 | 35621 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.08% <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/19/2037, Strike Price <br> USD 4.08, Expires 7/15/27, <br> Counterparty: JPMorgan <br> Chase<br>| 1 | 819500 | 36062 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.34% <br> (Annually): Interest Rate <br> Swap Maturing <br> 1/15/2037, Strike Price <br> USD 4.34, Expires 1/13/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | 745360 | 41339 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 4.35% <br> (Annually): Interest Rate <br> Swap Maturing <br> 1/15/2037, Strike Price <br> USD 4.35, Expires 1/13/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | 745360 | 41745 |
|  |  |  | **289549** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Put Options - Over the Counter – 0.0%**<sup>(c)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(c)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(c)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Brazilian Real vs. <br> U.S. Dollar, Strike Price <br> BRL 5.48, Expires 8/12/25, <br> Counterparty: Morgan <br> Stanley<br>| 1 | $7152000 | $8191 |
| &nbsp;&nbsp; Chinese Yuan vs. <br> U.S. Dollar, Strike Price <br> CNH 7.00, Expires <br> 1/16/26, <br> Counterparty: Standard <br> Chartered Bank<br>| 1 | 7614000 | 35315 |
| &nbsp;&nbsp; Japanese Yen vs. <br> U.S. Dollar, Strike Price <br> JPY 150.00, Expires <br> 11/20/25, <br> Counterparty: Barclays<br>| 1 | 3516000 | 15671 |
|  |  |  | **59177** |
| **Put Swaptions - Over the Counter – 0.1%** | **Put Swaptions - Over the Counter – 0.1%** | **Put Swaptions - Over the Counter – 0.1%** | **Put Swaptions - Over the Counter – 0.1%** |
| &nbsp;&nbsp; Pay 3.50% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/14/2029, Strike Price <br> USD 3.50, Expires 7/12/27, <br> Counterparty: BNP Paribas<br>| 1 | 6434214 | 56247 |
| &nbsp;&nbsp; Pay 3.50% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/14/2029, Strike Price <br> USD 3.50, Expires 7/12/27, <br> Counterparty: Bank of <br> America<br>| 1 | 7045786 | 61593 |
| &nbsp;&nbsp; Pay 3.93% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 3/31/2037, Strike Price <br> USD 3.93, Expires 3/29/27, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 1046700 | 38434 |
| &nbsp;&nbsp; Pay 4.00% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 3/31/2037, Strike Price <br> USD 4.00, Expires 3/29/27, <br> Counterparty: BNP Paribas<br>| 1 | 428800 | 14671 |
| &nbsp;&nbsp; Pay 4.00% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 6/08/2037, Strike Price <br> USD 4.00, Expires 6/04/27, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 1390000 | 51438 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Put Swaptions - Over the Counter (Continued)** | **Put Swaptions - Over the Counter (Continued)** | **Put Swaptions - Over the Counter (Continued)** | **Put Swaptions - Over the Counter (Continued)** |
| &nbsp;&nbsp; Pay 4.01% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 4/16/2037, Strike Price <br> USD 4.01, Expires 4/14/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | $169133 | $5850 |
| &nbsp;&nbsp; Pay 4.05% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 4/14/2037, Strike Price <br> USD 4.05, Expires 4/12/27, <br> Counterparty: Citibank<br>| 1 | 337050 | 11200 |
| &nbsp;&nbsp; Pay 4.05% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/12/2037, Strike Price <br> USD 4.05, Expires 7/08/27, <br> Counterparty: Barclays<br>| 1 | 67000 | 2444 |
| &nbsp;&nbsp; Pay 4.07% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/16/2037, Strike Price <br> USD 4.07, Expires 7/14/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | 819500 | 29558 |
| &nbsp;&nbsp; Pay 4.08% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 7/19/2037, Strike Price <br> USD 4.08, Expires 7/15/27, <br> Counterparty: JPMorgan <br> Chase<br>| 1 | 819500 | 29255 |
| &nbsp;&nbsp; Pay 4.33% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 10/16/2055, Strike Price <br> USD 4.33, Expires <br> 10/14/25, <br> Counterparty: Citibank<br>| 1 | 4800000 | 38210 |
| &nbsp;&nbsp; Pay 4.34% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 1/15/2037, Strike Price <br> USD 4.34, Expires 1/13/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | 745360 | 15805 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Put Swaptions - Over the Counter (Continued)** | **Put Swaptions - Over the Counter (Continued)** | **Put Swaptions - Over the Counter (Continued)** | **Put Swaptions - Over the Counter (Continued)** |
| &nbsp;&nbsp; Pay 4.35% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 1/15/2037, Strike Price <br> USD 4.35, Expires 1/13/27, <br> Counterparty: Deutsche <br> Bank<br>| 1 | $745360 | $15623 |
| &nbsp;&nbsp; Pay 4.35% (Annually); <br> Receive 1-Day USD SOFR <br> (Annually): Interest Rate <br> Swap Maturing <br> 8/15/2055, Strike Price <br> USD 4.35, Expires 8/13/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 4822000 | 1036 |
|  |  |  | **371364** |
| &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid 1,011,161) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid 1,011,161) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid 1,011,161) | **763140** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Total Long Positions** – **113.0%** <br>(Cost $1,079,313,649) | **1070086683** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Short Positions – (0.9)%**<sup>(v)</sup>  | **Short Positions – (0.9)%**<sup>(v)</sup>  | **Short Positions – (0.9)%**<sup>(v)</sup>  |
| **Mortgage-Backed Securities – (0.9)%** | **Mortgage-Backed Securities – (0.9)%** | **Mortgage-Backed Securities – (0.9)%** |
| **Uniform Mortgage-Backed Securities – (0.9)%** | **Uniform Mortgage-Backed Securities – (0.9)%** | **Uniform Mortgage-Backed Securities – (0.9)%** |
| Pool, |  |  |
| &nbsp;&nbsp; 2.00%, 8/01/38<sup>(e)</sup> <br>| (396000)<br>| (359455)<br>|
| &nbsp;&nbsp; 3.00%, 8/01/40<sup>(e)</sup> <br>| (128000)<br>| (121200)<br>|
| &nbsp;&nbsp; 3.50%, 8/01/40<sup>(e)</sup> <br>| (18000)<br>| (17243)<br>|
| &nbsp;&nbsp; 4.50%, 8/01/53<sup>(e)</sup> <br>| (8202000)<br>| (7779546)<br>|
|  |  | **(8277444)**<br>|
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Proceeds $8,254,389) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Proceeds $8,254,389) | **(8277444)**<br>|
| &nbsp;&nbsp; **Total Short Positions – (0.9)%** <br>(Proceeds $8,254,389) | &nbsp;&nbsp; **Total Short Positions – (0.9)%** <br>(Proceeds $8,254,389) | **(8277444)**<br>|
| &nbsp;&nbsp; **Total Written Options** – **(0.0)%**<sup>(c)</sup> <br>(Premiums Received $288,283) | &nbsp;&nbsp; **Total Written Options** – **(0.0)%**<sup>(c)</sup> <br>(Premiums Received $288,283) | (137520)<br>|
| Liabilities less Other Assets – (12.1)%<sup>(w)</sup>  | Liabilities less Other Assets – (12.1)%<sup>(w)</sup>  | (114664382)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$947007337** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. As of July 31, 2025, these securities had a total value of $158,041,281 or 16.69% of net assets. 

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

<sup>(d)</sup> Variable or floating rate security. Rate as of July 31, 2025 is disclosed.

<sup>(e)</sup> When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.

<sup>(f)</sup> Step coupon bond. Rate as of July 31, 2025 is disclosed.

<sup>(g)</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 July 31, 2025 is disclosed. 

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

<sup>(i)</sup> Security either partially or fully on loan. As of July 31, 2025, the total value of securities on loan is $18,693,580.

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

<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 July 31, 2025 is disclosed. 

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

<sup>(m)</sup> Security is an Interest Only Strip.

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

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

<sup>(p)</sup> Position is unsettled. Contract rate was not determined at July 31, 2025 and does not take effect until settlement date.

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

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

<sup>(s)</sup> Fair value of this security exceeds 25% of the Fund's Net Assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. 

<sup>(t)</sup> 7-day current yield as of July 31, 2025 is disclosed.

<sup>(u)</sup> Security purchased with the cash proceeds from securities loaned. As of July 31, 2025, total cash collateral has a value of $8,101,008 and total non-cash collateral has a value of $11,022,705. 

<sup>(v)</sup> Securities sold short are not owned by the Fund.

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

\* Non-Income Producing Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1M | 1 Month |
| 1Y | 1 Year |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| 10Y | 10 Year |
| 12MTA | 12 Month Treasury Average |
| 30D | 30 Day |
| ABS | Asset-Backed Security |
| AUD | Australian Dollar |
| BATS | Better Alternative Trading System |
| BBSW | Bank Bill Swap Rate |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CDX | Credit Default Swap Index |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMS | Constant Maturity Swap |
| CMT | Constant Maturity |
| CNH | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CORRA | Canadian Overnight Repo Rate Average |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| GO | Government Obligation |
| IO | Interest Only |
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| MSCI | Morgan Stanley Capital International |
| PLC | Public Limited Company |
| S&P | Standards & Poor's |
| SAR | Saudi Arabia Riyal |
| SFM | Single Family Mortgage |
| SOFR | United States Secured Overnight Financing Rate |
| TONAR | Tokyo Overnight Average Rate |
| TRB | Tax Revenue Bonds |
| ULC | Unlimited Liability Corporation |
| USD | United States Dollar |

---

&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; <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 9/08/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 3613371 | &nbsp;&nbsp; $(17602)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2776562 | &nbsp;&nbsp; (1570)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4681687 | &nbsp;&nbsp; 36854 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8211875 | &nbsp;&nbsp; 94564 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 79275016 | &nbsp;&nbsp; (184169)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 18281047 | &nbsp;&nbsp; (9250)<br>|
| CME 3-Month SOFR | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 3/17/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 17034675 | &nbsp;&nbsp; (4438)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$(85611)**<br>|
| **Short Contracts** |  |  |  |  |  |
| 30-Year Euro-Buxl | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; 9/08/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1071633 | &nbsp;&nbsp; $27487 |
| E-Mini S&P 500 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 956137 | &nbsp;&nbsp; (50955)<br>|
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (242)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 27364906 | &nbsp;&nbsp; (89638)<br>|
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(113106)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$(198717)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 3553619 | Euro | &nbsp;&nbsp; 3012000 | Deutsche Bank | &nbsp;&nbsp; $104886 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 4519945 | Euro | &nbsp;&nbsp; 3882817 | UBS | &nbsp;&nbsp; 74129 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 2710567 | British Pounds | &nbsp;&nbsp; 1996100 | Morgan Stanley | &nbsp;&nbsp; 73128 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 1249146 | Japanese Yen | &nbsp;&nbsp; 177489111 | JPMorgan Chase | &nbsp;&nbsp; 65563 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 2534891 | Euro | &nbsp;&nbsp; 2172000 | RBS | &nbsp;&nbsp; 47955 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 631641 | British Pounds | &nbsp;&nbsp; 465000 | UBS | &nbsp;&nbsp; 17238 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 397474 | Colombian Pesos | &nbsp;&nbsp; 1635827000 | Goldman Sachs | &nbsp;&nbsp; 8667 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 188060 | Euro | &nbsp;&nbsp; 160000 | Citibank | &nbsp;&nbsp; 4861 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 212756 | Euro | &nbsp;&nbsp; 182304 | State Street | &nbsp;&nbsp; 4018 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 191315 | Euro | &nbsp;&nbsp; 164000 | BNP Paribas | &nbsp;&nbsp; 3536 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 65484 | Japanese Yen | &nbsp;&nbsp; 9339000 | HSBC | &nbsp;&nbsp; 3207 |
| 9/17/25 | Mexican Pesos | &nbsp;&nbsp; 6366714 | U.S. Dollars | &nbsp;&nbsp; 333000 | JPMorgan Chase | &nbsp;&nbsp; 2677 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 138069 | Brazilian Reals | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 2279 |
| 12/22/25 | Egyptian Pounds | &nbsp;&nbsp; 1685300 | U.S. Dollars | &nbsp;&nbsp; 30052 | Citibank | &nbsp;&nbsp; 2225 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 99537 | Euro | &nbsp;&nbsp; 85348 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 1813 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 99537 | Euro | &nbsp;&nbsp; 85348 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; 1813 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 285476 | Brazilian Reals | &nbsp;&nbsp; 1611000 | Citibank | &nbsp;&nbsp; 1375 |
| 9/17/25 | Mexican Pesos | &nbsp;&nbsp; 6322276 | U.S. Dollars | &nbsp;&nbsp; 332000 | Goldman Sachs | &nbsp;&nbsp; 1334 |
| 10/24/25 | Turkish Lira | &nbsp;&nbsp; 883707 | U.S. Dollars | &nbsp;&nbsp; 19000 | UBS | &nbsp;&nbsp; 1135 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 1609103 | Brazilian Reals | &nbsp;&nbsp; 9118787 | Barclays | &nbsp;&nbsp; 998 |
| 8/04/25 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 174250 | U.S. Dollars | &nbsp;&nbsp; 47531 | Citibank | &nbsp;&nbsp; 966 |
| 9/03/25 | Turkish Lira | &nbsp;&nbsp; 780000 | U.S. Dollars | &nbsp;&nbsp; 17680 | UBS | &nbsp;&nbsp; 940 |
| 9/04/25 | Nigerian Naira | &nbsp;&nbsp; 13170300 | U.S. Dollars | &nbsp;&nbsp; 7982 | Morgan Stanley | &nbsp;&nbsp; 475 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 318514 | Brazilian Reals | &nbsp;&nbsp; 1804000 | Societe Generale | &nbsp;&nbsp; 377 |
| 9/04/25 | Nigerian Naira | &nbsp;&nbsp; 25441348 | U.S. Dollars | &nbsp;&nbsp; 16021 | Citibank | &nbsp;&nbsp; 316 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 15545 | Japanese Yen | &nbsp;&nbsp; 2298000 | Barclays | &nbsp;&nbsp; 221 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $426132 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 133696 | Colombian Pesos | &nbsp;&nbsp; 562618329 | JPMorgan Chase | &nbsp;&nbsp; $(29)<br>|
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 3552000 | U.S. Dollars | &nbsp;&nbsp; 10199 | Morgan Stanley | &nbsp;&nbsp; (90)<br>|
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 816000 | U.S. Dollars | &nbsp;&nbsp; 38223 | State Street | &nbsp;&nbsp; (286)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 144098 | Brazilian Reals | &nbsp;&nbsp; 820000 | Citibank | &nbsp;&nbsp; (509)<br>|
| 9/17/25 | Brazilian Reals | &nbsp;&nbsp; 292052 | U.S. Dollars | &nbsp;&nbsp; 52400 | Goldman Sachs | &nbsp;&nbsp; (896)<br>|
| 9/03/25 | U.S. Dollars | &nbsp;&nbsp; 17482 | Turkish Lira | &nbsp;&nbsp; 780000 | Barclays | &nbsp;&nbsp; (1138)<br>|
| 8/04/25 | U.S. Dollars | &nbsp;&nbsp; 47327 | Peruvian Nuevo Soles | &nbsp;&nbsp; 174250 | Citibank | &nbsp;&nbsp; (1170)<br>|
| 10/24/25 | U.S. Dollars | &nbsp;&nbsp; 19000 | Turkish Lira | &nbsp;&nbsp; 892383 | Barclays | &nbsp;&nbsp; (1332)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/22/25 | U.S. Dollars | &nbsp;&nbsp; 30036 | Egyptian Pounds | &nbsp;&nbsp; 1685300 | Citibank | &nbsp;&nbsp; $(2241)<br>|
| 9/04/25 | U.S. Dollars | &nbsp;&nbsp; 24003 | Nigerian Naira | &nbsp;&nbsp; 41669208 | Morgan Stanley | &nbsp;&nbsp; (2754)<br>|
| 9/17/25 | Brazilian Reals | &nbsp;&nbsp; 5676895 | U.S. Dollars | &nbsp;&nbsp; 1003888 | Barclays | &nbsp;&nbsp; (2763)<br>|
| 9/17/25 | Brazilian Reals | &nbsp;&nbsp; 1387143 | U.S. Dollars | &nbsp;&nbsp; 249300 | Citibank | &nbsp;&nbsp; (4677)<br>|
| 9/17/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 11797615 | U.S. Dollars | &nbsp;&nbsp; 1650000 | Barclays | &nbsp;&nbsp; (7334)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 2321000 | U.S. Dollars | &nbsp;&nbsp; 2670171 | HSBC | &nbsp;&nbsp; (12632)<br>|
| 9/17/25 | British Pounds | &nbsp;&nbsp; 830000 | U.S. Dollars | &nbsp;&nbsp; 1137025 | RBS | &nbsp;&nbsp; (40349)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 2685000 | U.S. Dollars | &nbsp;&nbsp; 3149814 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (75495)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(153695)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$272437** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** |
| **Description** | &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Amount** | &nbsp;&nbsp; **Notional** <br>**Amount** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| 3-Month SOFR Future | 328 | USD | &nbsp;&nbsp; 78695400 | 96.44 | &nbsp;&nbsp; 10/10/2025 | &nbsp;&nbsp; $(18450)<br>|
| **Total Written Call Options Contracts (Premiums Received $32,265)** | **Total Written Call Options Contracts (Premiums Received $32,265)** | **Total Written Call Options Contracts (Premiums Received $32,265)** | **Total Written Call Options Contracts (Premiums Received $32,265)** | **Total Written Call Options Contracts (Premiums Received $32,265)** | **Total Written Call Options Contracts (Premiums Received $32,265)** | &nbsp;&nbsp; **$(18450)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at July 31, 2025:** <br>**Over the Counter** |
| **Description** | **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Expiration** <br>**Date**<br>| **Value** |
| Brazilian Real vs. <br> U.S. Dollar<br>| Morgan Stanley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7152000 | &nbsp;&nbsp; BRL | 5.35 | &nbsp;&nbsp; 8/12/2025 | &nbsp;&nbsp; $(613)<br>|
| Chinese Yuan vs. <br> U.S. Dollar<br>| Standard Chartered Bank | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7614000 | &nbsp;&nbsp; CNH | 6.85 | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; (12295)<br>|
| **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | **Total Written OTC Put Options Contracts (Premiums Received $37,688)** | &nbsp;&nbsp; **$(12908)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:** <br>**Over the Counter** |
| **Description** | **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| **Exercise** <br>**Rate**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value** |
| &nbsp;&nbsp; Interest Rate Swap <br>Maturing <br> 10/16/2030<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.81% (Annually) | Citibank | 10/14/2025 | 3.81<br> %<br>| USD | 18574000 | $(49735)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Description** | **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| **Exercise**<br> **Rate**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Value** |
| &nbsp;&nbsp; Interest Rate Swap <br>Maturing 7/14/2029<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.25% (Annually) | BNP Paribas | 7/12/2027 | 4.25<br> %<br>| USD | 6434214 | $(26890)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br>Maturing 7/14/2029<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.25% (Annually) | Bank of America | 7/12/2027 | 4.25 | USD | 7045786 | (29446)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br>Maturing 8/15/2030<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.03% (Annually) | Goldman Sachs | 8/13/2025 | 4.03 | USD | 18516000 | (91)<br>|
| **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $218,330)** | **$(106162)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br> (At Maturity)<br>| 4.31% (At Maturity) | 9/17/2025 | USD | 255477000 | $(7113)<br>| $— | $(7113)<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br> (At Maturity)<br>| 4.27% (At Maturity) | 9/17/2025 | USD | 252579295 | (18991)<br>|  | (18991)<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br> (At Maturity)<br>| 4.29% (At Maturity) | 9/17/2025 | USD | 126270705 | (6931)<br>|  | (6931)<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br> (At Maturity)<br>| 4.28% (At Maturity) | 9/17/2025 | USD | 77250000 | (5075)<br>|  | (5075)<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br> (At Maturity)<br>| 4.32% (At Maturity) | 9/17/2025 | USD | 63154000 | (347)<br>|  | (347)<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br> (At Maturity)<br>| 4.33% (At Maturity) | 9/17/2025 | USD | 25000000 | 130 |  | 130 |
| 1-Day USD SOFR (At Maturity) | 3.80% (At Maturity) | 5/16/2026 | USD | 7578000 | (31756)<br>|  | (31756)<br>|
| 1-Day USD SOFR (At Maturity) | 3.90% (At Maturity) | 5/16/2026 | USD | 5815000 | (18635)<br>|  | (18635)<br>|
| 3.79% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 7578000 | 32228 |  | 32228 |
| 3.81% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 5815000 | 23566 | 2857 | 20709 |
| 1.00% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 538261739 | (4901)<br>|  | (4901)<br>|
| 1.02% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 570293188 | (5976)<br>|  | (5976)<br>|
| 1.03% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 1317226437 | (14496)<br>|  | (14496)<br>|
| 0.68% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 482733887 | 6359 |  | 6359 |
| 0.69% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 488377358 | 6369 |  | 6369 |
| 0.86% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 200000000 | 338 |  | 338 |
| 0.70% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 5/11/2027 | JPY | 385492528 | 5008 |  | 5008 |
| 0.85% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 7/07/2027 | JPY | 1206240000 | 6089 |  | 6089 |
| 1-Day USD SOFR (Annually) | 3.67% (Annually) | 7/21/2027 | USD | 7500000 | (10189)<br>| 172 | (10361)<br>|
| 1-Day USD SOFR (Annually) | 3.49% (Annually) | 6/27/2028 | USD | 24750000 | (98156)<br>| (23968)<br>| (74188)<br>|
| 2.49% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2/19/2054 | EUR | 793980 | 64357 |  | 64357 |
| 2.51% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2/20/2054 | EUR | 1517980 | 116284 |  | 116284 |
| 2.51% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 3/01/2054 | EUR | 395000 | 29862 |  | 29862 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** |
| **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Maturity**<br> **Date**<br>|  | **Notional**<br> **Amount**<br>| **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 2.46% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 3/22/2054 | EUR | 166000 | $14546 | $— | $14546 |
| 2.54% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 4/22/2054 | EUR | 2000 | 145 | (4)<br>| 149 |
| 2.44% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 6/19/2054 | EUR | 158000 | 14482 |  | 14482 |
| 2.41% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 6/20/2054 | EUR | 248000 | 24584 | 9081 | 15503 |
| &nbsp;&nbsp; 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2.44% (Annually) | 6/24/2054 | EUR | 108000 | (9833)<br>|  | (9833)<br>|
| 2.81% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 7/22/2054 | EUR | 80000 | 643 | (38)<br>| 681 |
| 2.26% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 10/22/2054 | EUR | 270000 | 32562 |  | 32562 |
| &nbsp;&nbsp; 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2.18% (Annually) | 11/07/2054 | EUR | 105000 | (14565)<br>|  | (14565)<br>|
| **Total** |  |  |  |  | **$130588** | **$(11900)**<br>| **$142488** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Markit CDX North America High Yield <br> Index Series 44 (Pay Quarterly)<br>| 3.22% | 5.00% | 6/20/2030 | USD | 14161503 | $1107386 | $719538 | $387848 |
| **Total** |  |  |  |  |  | **$1107386** | **$719538** | **$387848** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at July 31, 2025:** <br>**Over the Counter** |
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; American Electric Power, 3.20%, <br> Due: 11/13/2027 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Bank of America | USD | 703000 | $(20860)<br>| $(17159)<br>| $(3701)<br>|
| &nbsp;&nbsp; American Express Co., 4.05%, <br> Due: 5/03/2029 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 360000 | (11008)<br>| (8967)<br>| (2041)<br>|
| &nbsp;&nbsp; Dominion Energy, Inc., 4.25%, <br> Due: 6/01/2028 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 346000 | (9720)<br>| (8179)<br>| (1541)<br>|
| **Total** |  |  |  |  |  | **$(41588)**<br>| **$(34305)**<br>| **$(7283)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at July 31, 2025:** <br>**Over the Counter** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; PacifiCorp, 3.30%, <br> Due: 3/15/2051 (Pay <br> Quarterly)<br>| 0.31% | 0.13% | 09/29/2027 | JPMorgan Chase | USD | 142500 | $(510)<br>| $(45)<br>| $(465)<br>|
| **Total** |  |  |  |  |  |  | **$(510)**<br>| **$(45)**<br>| **$(465)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at July 31, 2025:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.32% (At Maturity) | 7/15/2027 | GBP | 1944518 | $(7658)<br>| $— | $(7658)<br>|
| &nbsp;&nbsp; 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.30% (At Maturity) | 7/15/2027 | GBP | 992664 | (4225)<br>|  | (4225)<br>|
| &nbsp;&nbsp; 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.28% (At Maturity) | 7/15/2027 | GBP | 973200 | (4637)<br>|  | (4637)<br>|
| &nbsp;&nbsp; 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.43% (At Maturity) | 7/15/2027 | GBP | 953719 | (1028)<br>| 10 | (1038)<br>|
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 970000 | 6543 | 114 | 6429 |
| 2.73% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 1120000 | 5041 |  | 5041 |
| 2.79% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 1313000 | 2258 |  | 2258 |
| 2.83% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 1220000 | (557)<br>|  | (557)<br>|
| 2.84% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 1964000 | (1168)<br>| 558 | (1726)<br>|
| 2.87% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 1313000 | (3068)<br>|  | (3068)<br>|
| 2.53% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 187500 | 1440 | (33)<br>| 1473 |
| 2.54% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 522500 | 3886 | (74)<br>| 3960 |
| 2.56% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 860000 | 5344 |  | 5344 |
| 2.64% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 751000 | 1767 |  | 1767 |
| 2.67% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 687000 | 664 |  | 664 |
| 2.68% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 525000 | 136 |  | 136 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at July 31, 2025:**<br> **Centrally Cleared (continued)** |
| **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Maturity**<br> **Date**<br>|  | **Notional**<br> **Amount**<br>| **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 1051000 | $94 | $— | $94 |
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 1025000 | 217 | 1226 | (1009)<br>|
| 2.72% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 1051000 | (1751)<br>|  | (1751)<br>|
| 3.41% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 973200 | 4488 |  | 4488 |
| 3.42% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 992664 | 3925 |  | 3925 |
| 3.43% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 1944518 | 7176 |  | 7176 |
| 3.49% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 953719 | 411 | (145)<br>| 556 |
| 2.43% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2030 | USD | 1515379 | 11711 |  | 11711 |
| 3.35% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 638000 | 4468 |  | 4468 |
| 3.37% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 631620 | 3630 |  | 3630 |
| 3.39% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 424500 | 1799 |  | 1799 |
| 3.40% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 432990 | 1562 |  | 1562 |
| 3.41% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 848179 | 2926 |  | 2926 |
| 3.46% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 416002 | 112 | (105)<br>| 217 |
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 7/17/2030 | USD | 2106000 | (3530)<br>|  | (3530)<br>|
| 2.70% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 7/22/2030 | USD | 686000 | (1510)<br>|  | (1510)<br>|
| &nbsp;&nbsp; 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.24% (At Maturity) | 7/15/2035 | GBP | 1705669 | (6152)<br>|  | (6152)<br>|
| &nbsp;&nbsp; 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.27% (At Maturity) | 7/15/2035 | GBP | 416002 | 20 | 241 | (221)<br>|
| **Total** |  |  |  |  | **$34334** | **$1792** | **$32542** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of July 31, 2025:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 0.00% (Quarterly) | Goldman Sachs Intraday Delta Replication <br>VX Series 5 Excess Return Strategy<br>| 11/06/2025 | Goldman Sachs | USD | 1754764 | $2021 | $— | $2021 |
| **Total** |  |  |  |  |  | **$2021** | **$—** | **$2021** |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66737080 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66737080 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 771283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10125 | &nbsp;&nbsp; 781408 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 205917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 205917 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 56560 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56560 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 137261315 | &nbsp;&nbsp; 218366 | &nbsp;&nbsp; 137479681 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 49233845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49233845 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 290323518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 290323518 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2759318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2759318 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 4828120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4828120 |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 166736389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 166736389 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 317170502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 317170502 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 27222176 | &nbsp;&nbsp; 5789029 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33011205 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; 43050 | &nbsp;&nbsp; 720090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 763140 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $345263571 | &nbsp;&nbsp; $724594621 | &nbsp;&nbsp; $228491 | &nbsp;&nbsp; $1070086683 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8277444)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8277444)<br>|
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8277444)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8277444)<br>|
| **Net Investments** | &nbsp;&nbsp; $345263571 | &nbsp;&nbsp; $716317177 | &nbsp;&nbsp; $228491 | &nbsp;&nbsp; $1061809239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $158905 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $158905 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 426132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 426132 |
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 825147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 825147 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $158905 | &nbsp;&nbsp; $1251279 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1410184 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(357622)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(357622)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (153695)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (153695)<br>|
| &nbsp;&nbsp;&nbsp; Written Options  | &nbsp;&nbsp; (18450)<br>| &nbsp;&nbsp; (119070)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (137520)<br>|
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (267996)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (267996)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(376072)<br>| &nbsp;&nbsp; $(540761)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(916833)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $(217167)<br>| &nbsp;&nbsp; $710518 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $493351 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar Municipal Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Municipal Bonds – 89.0%** | **Municipal Bonds – 89.0%** | **Municipal Bonds – 89.0%** |
| **Alabama – 2.6%** | **Alabama – 2.6%** | **Alabama – 2.6%** |
| &nbsp;&nbsp; Alabama State University <br> Revenue Bonds (AG <br> Insured), 5.75%, 9/01/50<br>| $100000 | $105196 |
| &nbsp;&nbsp; Birmingham Jefferson <br> Civic Center Authority <br> Special Tax Bonds, Series <br> A, 5.00%, 7/01/48<br>| 250000 | 243751 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Gas Project <br> Revenue Bonds, Series C, <br> 5.50%, 6/01/32<sup>(a)(b)(c)</sup> <br>| 1250000 | 1348778 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Gas Project <br> Revenue Bonds, Series <br> C-1, 5.25%, 6/01/29<sup>(a)(b)(c)</sup> <br>| 1030000 | 1080524 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Gas Supply <br> Revenue Refunding <br> Bonds, 4.00%, <br> 12/01/31<sup>(a)(b)(c)</sup> <br>| 500000 | 505671 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Project Variable <br> Revenue Bonds, Series <br> B-2, (SIFMA Municipal <br> Swap Index Yield + <br> 0.65%), 2.94%, <br> 10/01/27<sup>(a)(c)</sup> <br>| 250000 | 244578 |
| &nbsp;&nbsp; Southeast Alabama State <br> Gas Supply District <br> Revenue Refunding <br> Bonds, Series 2024-B, <br> Project No. 2, 5.00%, <br> 5/01/32<sup>(a)(b)(c)</sup> <br>| 350000 | 369666 |
| &nbsp;&nbsp; Southeast Energy <br> Authority Commodity <br> Supply Revenue Bonds, <br> Series B, Project No. 6, <br> 5.00%, 6/01/30<br>| 475000 | 501596 |
| &nbsp;&nbsp; Southeast Energy <br> Authority Commodity <br> Supply Revenue Bonds, <br> Series B-1, Project No. 4, <br> 5.00%, 8/01/28<sup>(a)(b)(c)</sup> <br>| 150000 | 155057 |
| &nbsp;&nbsp; Southeast Energy <br> Authority Cooperative <br> District Energy Supply <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/01/30 | 175000 | 185761 |
| &nbsp;&nbsp; 5.00%, 6/01/31 | 325000 | 345160 |
| &nbsp;&nbsp; Southeast Energy <br> Authority Cooperative <br> District Gas Supply <br> Revenue Bonds, Series F,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 11/01/32 | 1000000 | 1082020 |
| &nbsp;&nbsp; 5.25%, 11/01/35 | 500000 | 531589 |
| &nbsp;&nbsp; 5.25%, 11/01/35<sup>(a)(b)(c)</sup> <br>| 500000 | 537130 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Alabama (Continued)** | **Alabama (Continued)** | **Alabama (Continued)** |
| &nbsp;&nbsp; Tuscaloosa County IDA <br> Gulf Opportunity Zone <br> Revenue Refunding <br> Bonds, Series A, Hunt <br> Refining Project, 5.25%, <br> 5/01/44<sup>(d)</sup> <br>| $260000 | $250338 |
| &nbsp;&nbsp; University of South <br> Alabama University <br> Revenue Bonds (BAM <br> Insured), 5.00%, 4/01/27<br>| 375000 | 388448 |
| &nbsp;&nbsp; University of West <br> Alabama University <br> Revenue Refunding <br> Bonds (AGM Insured), <br> 5.00%, 1/01/27<br>| 505000 | 517680 |
|  |  | **8392943** |
| **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** |
| &nbsp;&nbsp; Alaska State Municipal <br> Bond Bank Authority <br> Revenue Bonds, Series 2 <br> (AMT), 5.00%, 12/01/29<br>| 590000 | **629605** |
| **Arizona – 0.9%** | **Arizona – 0.9%** | **Arizona – 0.9%** |
| &nbsp;&nbsp; Arizona State IDA <br> Education Revenue <br> Bonds, Series B, Jerome <br> Facilities Project, Social <br> Bonds, 4.00%, 7/01/51<br>| 175000 | 140890 |
| &nbsp;&nbsp; Arizona State IDA National <br> Charter School Revolving <br> Loan Fund Sustainable <br> Revenue Bonds, <br> Equitable School, 5.25%, <br> 11/01/53<br>| 1000000 | 969934 |
| &nbsp;&nbsp; Chandler IDA Variable <br> Revenue Bonds, <br> Intel Corp., Project (AMT), <br> 4.00%, 6/01/29<sup>(a)(b)(c)</sup> <br>| 500000 | 497215 |
| &nbsp;&nbsp; Chandler Industrial <br> Development Authority <br> Development Variable <br> Revenue Bonds (AMT), <br> Intel Corp., Project, <br> 4.10%, 6/15/28<sup>(a)(b)(c)</sup> <br>| 500000 | 502336 |
| &nbsp;&nbsp; Maricopa County IDA <br> Revenue Bonds, Series A, <br> Banner Health, 4.00%, <br> 1/01/41<br>| 250000 | 224653 |
| &nbsp;&nbsp; Pima County IDA Education <br> Revenue Facility Revenue <br> Bonds, Paideia <br> Academies Project, <br> 6.13%, 7/01/45<sup>(d)</sup> <br>| 240000 | 234664 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |
| &nbsp;&nbsp; Sierra Vista Industrial <br> Development Authority <br> Education Facility <br> Revenue Bonds, Wake <br> Preparatory Academy, <br> 6.25%, 6/15/45<br>| $250000 | $248907 |
| &nbsp;&nbsp; Yuma Arizona IDA Hospital <br> Revenue Refunding <br> Bonds, Yuma Regional <br> Medical Center (AGC <br> Insured), 4.00%, 8/01/49<br>| 350000 | 296992 |
|  |  | **3115591** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| &nbsp;&nbsp; Springdale Sales & Use <br> Revenue Bonds, Series B <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 8/01/28 | 125000 | 133600 |
| &nbsp;&nbsp; 5.00%, 8/01/29 | 120000 | 130394 |
| &nbsp;&nbsp; Springdale Water & Sewer <br> Revenue Bonds, 5.00%, <br> 9/01/30<br>| 150000 | 165933 |
|  |  | **429927** |
| **California – 5.3%** | **California – 5.3%** | **California – 5.3%** |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Sustainable <br> Revenue Bonds, Clean <br> Energy Project, 5.00%, <br> 8/01/33<sup>(a)(b)(c)</sup> <br>| 150000 | 162603 |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Sustainable <br> Revenue Bonds, Series <br> B-1, Clean Energy Project, <br> 4.00%, 8/01/31<sup>(a)(b)(c)</sup> <br>| 500000 | 496878 |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Variable <br> Revenue Bonds, Clean <br> Energy Project, Green <br> Bonds, 5.00%, 10/01/30<br>| 450000 | 474919 |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Variable <br> Sustainable Revenue <br> Bonds, Clean Energy <br> Project, 5.00%, <br> 11/01/35<sup>(a)(b)(c)</sup> <br>| 300000 | 318346 |
| &nbsp;&nbsp; California Housing Finance <br> Agency Municipal <br> Certificates Revenue <br> Bonds, Series 2, Class A, <br> 4.00%, 3/20/33<br>| 215433 | 217051 |
| &nbsp;&nbsp; California PFA Revenue <br> Refunding Bonds, Henry <br> Mayo Newhall Hospital, <br> 5.00%, 10/15/47<br>| 580000 | 536780 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; California State GO <br> Unlimited Refunding <br> Bonds, 4.00%, 8/01/38<br>| $300000 | $291609 |
| &nbsp;&nbsp; California State Health <br> Facilities Financing <br> Authority Revenue Bonds, <br> Episcopal Communities & <br> Services, 5.00%, <br> 11/15/30<br>| 200000 | 214638 |
| &nbsp;&nbsp; California State <br> Infrastructure & <br> Economic Development <br> Bank Revenue Refunding <br> Bonds, Los Angeles <br> County Museum of <br> Natural History <br> Foundation, 3.00%, <br> 7/01/50<br>| 1250000 | 840898 |
| &nbsp;&nbsp; California State Municipal <br> Finance Authority <br> Refunding COPS, Series <br> A, Palomar Health (AGM <br> Insured), 5.25%, <br> 11/01/52<br>| 110000 | 109963 |
| &nbsp;&nbsp; California State Municipal <br> Finance Authority <br> Revenue Bonds, Charter <br> School John Adams <br> Academies-Lincoln <br> Project, 5.00%, <br> 10/01/57<sup>(d)</sup> <br>| 330000 | 276921 |
| &nbsp;&nbsp; California State Municipal <br> Finance Authority Senior <br> Living Revenue Refunding <br> Bonds, Mt. San Antonio <br> Gardens Project, 5.00%, <br> 11/15/39<br>| 450000 | 447529 |
| &nbsp;&nbsp; California State Municipal <br> Finance Authority <br> Student Housing Revenue <br> Bonds, Series A-P3, <br> Claremont Colleges <br> Project, 5.00%, 7/01/30<sup>(d)</sup> <br>| 320000 | 323417 |
| &nbsp;&nbsp; California State School <br> Finance Authority Charter <br> Revenue Bonds, Fortune <br> School of Education, <br> 5.13%, 6/01/59<sup>(d)</sup> <br>| 250000 | 218668 |
| &nbsp;&nbsp; California State School <br> Finance Authority Charter <br> School Revenue Bonds, <br> Series A, John Adams <br> Academies, 5.00%, <br> 7/01/52<sup>(d)</sup> <br>| 520000 | 452982 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; California State School <br> Finance Authority <br> Educational Facilities <br> Revenue Refunding <br> Bonds, New Designs <br> Charter School, 5.00%, <br> 6/01/64<sup>(d)</sup> <br>| $100000 | $86287 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Lancer <br> Educational Standard <br> Housing Project, 5.00%, <br> 6/01/34<sup>(d)</sup> <br>| 375000 | 381130 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Loma <br> Linda University Medical, <br> 5.50%, 12/01/58<sup>(d)</sup> <br>| 500000 | 481875 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Series A, <br> Enloe Medical Center <br> (AGM Insured), 5.25%, <br> 8/15/52<br>| 450000 | 453100 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Series A, <br> Loma Linda University <br> Medical Center, 5.25%, <br> 12/01/56<sup>(d)</sup> <br>| 250000 | 230737 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Special Assessment <br> Bonds, Statewide <br> Community Infrastructure <br> Program, 5.25%, 9/02/43<br>| 200000 | 196475 |
| &nbsp;&nbsp; California Tobacco <br> Securitization Agency <br> Tobacco Settlement <br> Senior Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 6/01/40<br>| 300000 | 273235 |
| &nbsp;&nbsp; Cathedral City <br> Redevelopment Agency <br> Successor Agency Tax <br> Allocation Revenue <br> Refunding Bonds, <br> Merged Redevelopment <br> Project Area (BAM <br> Insured), 4.00%, 8/01/26<br>| 250000 | 253286 |
| &nbsp;&nbsp; Central Valley Energy <br> Authority Commodity <br> Supply Variable Revenue <br> Bonds, 5.00%, <br> 8/01/35<sup>(a)(b)(c)</sup> <br>| 650000 | 693977 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; Compton Community <br> Redevelopment Agency <br> Successor Agency Tax <br> Allocation Revenue <br> Refunding Bonds, Series <br> A (AGM Insured), 5.00%, <br> 8/01/42<br>| $250000 | $255389 |
| &nbsp;&nbsp; CSCDA Community <br> Improvement Authority <br> Essential Housing <br> Mezzanine Lien Revenue <br> Bonds, City of Orange, <br> 4.00%, 3/01/57<sup>(d)</sup> <br>| 200000 | 138022 |
| &nbsp;&nbsp; Foothill Eastern <br> Transportation Corridor <br> Agency Toll Road Junior <br> Lien Revenue Refunding <br> Bonds, Series C, 4.00%, <br> 1/15/43<br>| 250000 | 233170 |
| &nbsp;&nbsp; Lodi Unified School District <br> GO Unlimited Bonds, <br> 3.00%, 8/01/46<br>| 400000 | 291649 |
| &nbsp;&nbsp; Los Angeles Department of <br> Airports Airport <br> Subordinate Revenue <br> Bonds (AMT), Los <br> Angeles International <br> Airport,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/15/34 | 510000 | 513922 |
| &nbsp;&nbsp; 5.00%, 5/15/46 | 280000 | 275564 |
| &nbsp;&nbsp; Los Angeles Department of <br> Airports Senior Revenue <br> Bonds (AMT), Private <br> Activity, 5.00%, 5/15/47<br>| 250000 | 246136 |
| &nbsp;&nbsp; Los Angeles Department of <br> Airports Subordinate <br> Revenue Bonds, Series A <br> (AMT), Private Activity, <br> 4.00%, 5/15/41<br>| 1000000 | 923617 |
| &nbsp;&nbsp; Los Angeles Department of <br> Water & Power <br> Waterworks Revenue <br> Refunding Bonds, Series <br> B, 5.00%, 7/01/30<br>| 500000 | 527403 |
| &nbsp;&nbsp; Los Angeles Department of <br> Water and Power System <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 7/01/28<br>| 500000 | 526375 |
| &nbsp;&nbsp; Orange County Community <br> Facilities District No. <br> 2023-1 Special Tax <br> Bonds, Rienda Phase 2B, <br> 5.50%, 8/15/53<br>| 500000 | 506777 |
| &nbsp;&nbsp; Pittsburg Public Financing <br> Authority Water Revenue <br> Bonds, Series A (AGM <br> Insured), 4.13%, 8/01/47<br>| 250000 | 231427 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; Riverside County <br> Redevelopment <br> Successor Agency Tax <br> Allocation Revenue <br> Refunding Bonds, Series <br> B (AGM Insured), 4.00%, <br> 10/01/37<br>| $400000 | $386329 |
| &nbsp;&nbsp; Rocklin Community <br> Facilities District No. 10 <br> Special Tax Bonds, <br> 5.00%, 9/01/34<br>| 150000 | 150181 |
| &nbsp;&nbsp; Sacramento Railyards <br> Community Facilities <br> District No. 2018 Special <br> Tax Bonds, 5.25%, <br> 9/01/47<sup>(d)</sup> <br>| 550000 | 539551 |
| &nbsp;&nbsp; San Francisco Bay Area <br> Rapid Transit District <br> Sustainable GO Unlimited <br> Bonds, Series C-1, <br> 4.00%, 8/01/45<br>| 200000 | 178656 |
| &nbsp;&nbsp; San Francisco California <br> City & County Airport <br> Commission International <br> Airport Revenue Bonds, <br> Series A (AMT), 5.25%, <br> 5/01/42<br>| 480000 | 481362 |
| &nbsp;&nbsp; San Joaquin Valley Clean <br> Energy Authority Variable <br> Sustainable Revenue <br> Bonds, Clean Energy <br> Project, 5.50%, <br> 7/01/35<sup>(a)(b)(c)</sup> <br>| 500000 | 549983 |
| &nbsp;&nbsp; Southern California Public <br> Power Authority Revenue <br> Bonds, Series A, Clean <br> Energy Project, 5.00%, <br> 9/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1046257 |
| &nbsp;&nbsp; Tobacco Securitization <br> Authority of Southern <br> California Tobacco <br> Settlement Revenue <br> Refunding Bonds, San <br> Diego Asset Securities, <br> 5.00%, 6/01/35<br>| 100000 | 102655 |
| &nbsp;&nbsp; Washington Township <br> Health Care District 2020 <br> Election GO Unlimited <br> Bonds, Series B, 5.50%, <br> 8/01/53<br>| 750000 | 787055 |
|  |  | **17324784** |
| **Colorado – 3.5%** | **Colorado – 3.5%** | **Colorado – 3.5%** |
| &nbsp;&nbsp; Adams & Arapahoe <br> Counties Joint School <br> District No. 28J Aurora <br> GO Unlimited Bonds <br> (State Aid Withholding), <br> 5.50%, 12/01/45<br>| 150000 | 161660 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| &nbsp;&nbsp; Aurora Crossroads <br> Metropolitan District No. <br> 2 Senior Lien GO Limited <br> Bonds, Series A, 5.00%, <br> 12/01/40<br>| $500000 | $486315 |
| &nbsp;&nbsp; Baseline Metropolitan <br> District No. 1 Special GO <br> Unlimited Revenue <br> Refunding Bonds, Series <br> A (AGC Insured), 4.00%, <br> 12/01/46<br>| 360000 | 321504 |
| &nbsp;&nbsp; Colorado Educational & <br> Cultural Authority <br> Revenue Refunding <br> Bonds, Ascent Classical <br> Academy, 5.75%, <br> 4/01/59<sup>(d)</sup> <br>| 100000 | 92953 |
| &nbsp;&nbsp; Colorado Educational & <br> Cultural Authority <br> Revenue Refunding <br> Bonds, Prospect Ridge <br> Academy Project (Moral <br> Obligation Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 3/15/29 | 590000 | 625341 |
| &nbsp;&nbsp; 5.00%, 3/15/30 | 310000 | 331199 |
| &nbsp;&nbsp; 5.00%, 3/15/35 | 590000 | 610162 |
| &nbsp;&nbsp; Colorado High <br> Performance <br> Transportation Enterprise <br> Revenue Bonds, C-470 <br> Express Lane, 5.00%, <br> 12/31/56<br>| 1000000 | 922301 |
| &nbsp;&nbsp; Colorado Science and <br> Technology Park <br> Metropolitan District No. <br> 1 Revenue Refunding <br> Bonds, Series A (AGM <br> Insured), 4.25%, <br> 12/01/44<br>| 250000 | 224399 |
| &nbsp;&nbsp; Colorado Springs School <br> District No. 11 COPS <br> (BAM Insured), 5.00%, <br> 12/15/43<br>| 400000 | 407888 |
| Colorado State COPS, |  |  |
| &nbsp;&nbsp; 6.00%, 12/15/40 | 1000000 | 1120892 |
| &nbsp;&nbsp; 6.00%, 12/15/41 | 500000 | 556169 |
| &nbsp;&nbsp; Colorado State COPS, <br> Series A,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 12/15/36 | 200000 | 198273 |
| &nbsp;&nbsp; 4.00%, 12/15/40 | 375000 | 349815 |
| &nbsp;&nbsp; Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series 2019-A, <br> AdventHealth Obligated <br> Group, 4.00%, 11/15/43<br>| 500000 | 437254 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| &nbsp;&nbsp; Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, <br> Intermountain Health, <br> 5.00%, 5/15/54<br>| $350000 | $343594 |
| &nbsp;&nbsp; Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, Sanford <br> Health, 4.00%, 11/01/39<br>| 200000 | 186123 |
| &nbsp;&nbsp; Colorado State HFA MFH <br> Variable Revenue Bonds, <br> Albion Apartments <br> Project, 3.38%, <br> 7/01/28<sup>(a)(b)(c)</sup> <br>| 100000 | 100814 |
| &nbsp;&nbsp; Denver City & County <br> Airport Revenue <br> Refunding Bonds, Series <br> D (AMT), 5.75%, <br> 11/15/41<br>| 325000 | 346455 |
| &nbsp;&nbsp; Denver City & County <br> Airport System <br> Subordinate Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.25%, <br> 12/01/43<br>| 500000 | 500969 |
| &nbsp;&nbsp; Denver Convention Center <br> Hotel Authority Senior <br> Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/36 | 500000 | 501963 |
| &nbsp;&nbsp; 5.00%, 12/01/40 | 250000 | 245556 |
| &nbsp;&nbsp; Denver Health & Hospital <br> Authority Healthcare <br> Revenue Bonds, Series A, <br> 4.00%, 12/01/27<br>| 180000 | 180053 |
| &nbsp;&nbsp; Midtown Clear Creek <br> Metropolitan District <br> Refunding GO Limited <br> Bonds, Series A (BAM <br> Insured), 5.00%, <br> 12/01/53<br>| 845000 | 858601 |
| &nbsp;&nbsp; Park Creek Metropolitan <br> District Revenue <br> Refunding Bonds, Series <br> A (NATL, IBC Insured), <br> 5.00%, 12/01/45<br>| 500000 | 485902 |
| &nbsp;&nbsp; Public Authority for <br> Colorado State Energy <br> Natural Gas Purchase <br> Revenue Bonds, 6.50%, <br> 11/15/38<br>| 250000 | 291167 |
| &nbsp;&nbsp; Trails at Crowfoot <br> Metropolitan District No. <br> 3 GO Limited Refunding <br> Bonds, Series A (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/27 | 100000 | 104063 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| &nbsp;&nbsp; Trails at Crowfoot <br> Metropolitan District No. <br> 3 GO Limited Refunding <br> Bonds, Series A (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/28 | $115000 | $121611 |
| &nbsp;&nbsp; 5.00%, 12/01/29 | 130000 | 139365 |
| &nbsp;&nbsp; 5.00%, 12/01/31 | 150000 | 164123 |
|  |  | **11416484** |
| **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** |
| &nbsp;&nbsp; Connecticut State Health <br> & Educational Facilities <br> Authority Revenue Bonds, <br> Series K, Sacred Heart <br> University, 5.00%, <br> 7/01/27<br>| 400000 | 416302 |
| &nbsp;&nbsp; Connecticut State Health <br> & Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Forward Delivery, <br> Stamford Hospital Issue, <br> 4.00%, 7/01/42<br>| 250000 | 221283 |
| &nbsp;&nbsp; Connecticut State Health <br> & Educational Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> F, Masonicare Issue, <br> 5.00%, 7/01/27<br>| 220000 | 221444 |
| &nbsp;&nbsp; Connecticut State Health <br> & Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> University of Hartford,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 7/01/39 | 120000 | 98009 |
| &nbsp;&nbsp; 4.00%, 7/01/49 | 100000 | 71288 |
| &nbsp;&nbsp; Hamden Revenue <br> Refunding Bonds, <br> Whitney Center Project, <br> 5.00%, 1/01/40<br>| 125000 | 115893 |
| &nbsp;&nbsp; West Haven City GO <br> Unlimited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 255000 | 263874 |
|  |  | **1408093** |
| **Delaware – 0.5%** | **Delaware – 0.5%** | **Delaware – 0.5%** |
| &nbsp;&nbsp; Bridgeville Special Tax <br> Obligation Bonds, <br> Heritage Shores Special <br> Development, 5.25%, <br> 7/01/44<sup>(d)</sup> <br>| 100000 | 96508 |
| &nbsp;&nbsp; Delaware State <br> Transportation Authority <br> System Senior Revenue <br> Bonds, 3.00%, 7/01/43<br>| 1500000 | 1191584 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Delaware (Continued)** | **Delaware (Continued)** | **Delaware (Continued)** |
| &nbsp;&nbsp; Kent County Student <br> Housing & Dining <br> Facilities Revenue Bonds, <br> CHF-Dover LLC-Delaware <br> State University Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/32 | $250000 | $253610 |
| &nbsp;&nbsp; 5.00%, 7/01/48 | 100000 | 91519 |
|  |  | **1633221** |
| **District of Columbia – 1.4%** | **District of Columbia – 1.4%** | **District of Columbia – 1.4%** |
| &nbsp;&nbsp; District of Columbia <br> Hospital Revenue <br> Refunding Bonds, <br> Children's Hospital, <br> 5.00%, 7/15/44<br>| 300000 | 294376 |
| &nbsp;&nbsp; District of Columbia <br> Income Tax Secured <br> Revenue Bonds, Series A, <br> 5.25%, 5/01/48<br>| 500000 | 512069 |
| &nbsp;&nbsp; District of Columbia <br> Revenue Bonds, Ingleside <br> Rock Creek Project, <br> 5.00%, 7/01/52<br>| 400000 | 345066 |
| &nbsp;&nbsp; District of Columbia <br> Revenue Bonds, KIPP DC <br> Project, 4.00%, 7/01/39<br>| 100000 | 91198 |
| &nbsp;&nbsp; Metropolitan Washington <br> Airports Authority Airport <br> System Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.25%, <br> 10/01/48<br>| 1000000 | 1007202 |
| &nbsp;&nbsp; Metropolitan Washington <br> Airports Authority Dulles <br> Toll Road Revenue <br> Refunding Bonds, Dulles <br> Metrorail & Capital (AGM <br> Insured), 4.00%, <br> 10/01/52<br>| 280000 | 232100 |
| &nbsp;&nbsp; Metropolitan Washington <br> Airports Authority Dulles <br> Toll Road Subordinate <br> Lien Revenue Refunding <br> Bonds, Dulles Metrorail <br> & Capital Improvement <br> Projects, Series B, 4.00%, <br> 10/01/35<br>| 350000 | 349051 |
| &nbsp;&nbsp; Metropolitan Washington <br> Airports Authority System <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/46 | 500000 | 492001 |
| &nbsp;&nbsp; 4.00%, 10/01/51 | 500000 | 413699 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **District of Columbia (Continued)** | **District of Columbia (Continued)** | **District of Columbia (Continued)** |
| &nbsp;&nbsp; Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Series A, Green <br> Bonds, 5.50%, 7/15/51<br>| $525000 | $545673 |
| &nbsp;&nbsp; Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Sustainability <br> Financed Bonds, 5.25%, <br> 7/15/53<br>| 450000 | 458754 |
|  |  | **4741189** |
| **Florida – 4.0%** | **Florida – 4.0%** | **Florida – 4.0%** |
| &nbsp;&nbsp; Alachua County Health <br> Facilities Authority <br> Revenue Bonds, Shands <br> Teaching Hospital & <br> Clinics, 5.00%, 12/01/44<br>| 500000 | 498273 |
| &nbsp;&nbsp; Broward County Airport <br> System Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/26 | 450000 | 451415 |
| &nbsp;&nbsp; 5.00%, 10/01/36 | 750000 | 767730 |
| &nbsp;&nbsp; Capital Trust Authority <br> Educational Facilities <br> Revenue Bonds, Florida <br> Institute of Technology, <br> 5.00%, 7/01/45<sup>(d)</sup> <br>| 100000 | 93391 |
| &nbsp;&nbsp; Greater Orlando Aviation <br> Authority Airport <br> Facilities Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/40 | 500000 | 498256 |
| &nbsp;&nbsp; 5.00%, 10/01/49 | 500000 | 488898 |
| &nbsp;&nbsp; Hillsborough County IDA <br> Health System Revenue <br> Refunding Bonds, <br> Baycare Health System, <br> 4.13%, 11/15/51<br>| 330000 | 282961 |
| &nbsp;&nbsp; Lakeland Hospital System <br> Revenue Refunding <br> Bonds, Lakeland Regional <br> Health Systems, 5.00%, <br> 11/15/26<br>| 425000 | 436755 |
| &nbsp;&nbsp; Lakewood Ranch <br> Stewardship District <br> Utility Revenue Bonds, <br> System Acquisition <br> Project (AGM Insured), <br> 5.25%, 10/01/48<br>| 350000 | 353917 |
| &nbsp;&nbsp; Lee County IDA Healthcare <br> Facilities Revenue Bonds, <br> Shell Point/Waterside <br> Health Project, 5.00%, <br> 11/15/39<br>| 300000 | 302237 |
| &nbsp;&nbsp; Lee County Local Optional <br> Gas TRB, 5.25%, 8/01/49<br>| 355000 | 356623 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| &nbsp;&nbsp; Leon County School <br> District Sales TRB, <br> 4.00%, 9/01/26<br>| $800000 | $800777 |
| &nbsp;&nbsp; Miami Beach <br> Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic <br> Convention (AG Insured), <br> 5.00%, 2/01/41<sup>(e)</sup> <br>| 250000 | 257574 |
| &nbsp;&nbsp; Miami-Dade County <br> Aviation Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/49<br>| 500000 | 478913 |
| &nbsp;&nbsp; Miami-Dade County <br> Expressway Authority Toll <br> System Revenue Bonds, <br> Series A, 5.00%, 7/01/28<br>| 250000 | 250397 |
| &nbsp;&nbsp; Miami-Dade County <br> Florida Aviation Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, <br> 10/01/34<br>| 325000 | 350155 |
| &nbsp;&nbsp; Miami-Dade County GO <br> Unlimited Bonds, Public <br> Health Trust Program, <br> 4.00%, 7/01/42<br>| 250000 | 229639 |
| &nbsp;&nbsp; Miami-Dade County <br> Seaport Revenue <br> Refunding Bonds, Series <br> A (AMT), Senior Bonds, <br> 5.25%, 10/01/52<br>| 500000 | 495754 |
| &nbsp;&nbsp; Miami-Dade County <br> Seaport Subordinate <br> Revenue Refunding <br> Bonds, Subseries B-1 <br> (AMT), 4.00%, 10/01/46<br>| 500000 | 421246 |
| &nbsp;&nbsp; Osceola County Florida <br> Transportation Revenue <br> Refunding CABS, Series <br> A-2,<br>|  |  |
| &nbsp;&nbsp; 0.00%, 10/01/26<sup>(f)</sup> <br>| 275000 | 263579 |
| &nbsp;&nbsp; 0.00%, 10/01/27<sup>(f)</sup> <br>| 360000 | 332609 |
| &nbsp;&nbsp; Palm Beach County Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Acts Retirement - <br> Life Communities, 5.00%, <br> 11/15/32<br>| 500000 | 505431 |
| &nbsp;&nbsp; Polk County Utility System <br> Revenue Refunding <br> Bonds, 4.00%, 10/01/43<br>| 400000 | 360379 |
| &nbsp;&nbsp; Saint John County School <br> Board COPS, Series A <br> (AGM Insured), 5.25%, <br> 7/01/46<br>| 500000 | 511389 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| &nbsp;&nbsp; Sarasota County Public <br> Hospital District Revenue <br> Bonds, Sarasota <br> Memorial Hospital <br> Project, 5.00%, 7/01/52<br>| $250000 | $247133 |
| &nbsp;&nbsp; South Broward Hospital <br> District Revenue Bonds, <br> South Broward Hospital <br> District Obligated Group, <br> 4.00%, 5/01/48<br>| 500000 | 424156 |
| &nbsp;&nbsp; South Broward Hospital <br> District Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 5/01/44<br>| 500000 | 436715 |
| &nbsp;&nbsp; Tampa Health System <br> Revenue Bonds, Series A, <br> Baycare, 4.00%, <br> 11/15/46<br>| 415000 | 353162 |
| &nbsp;&nbsp; Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center, 5.00%, <br> 7/01/27<br>| 125000 | 129928 |
| &nbsp;&nbsp; Village Community <br> Development District No. <br> 14 Special Assessment <br> Revenue Bonds, 5.50%, <br> 5/01/53<br>| 235000 | 235197 |
| &nbsp;&nbsp; Village Community <br> Development District No. <br> 15 Special Assessment <br> Revenue Bonds, 4.20%, <br> 5/01/39<sup>(d)</sup> <br>| 250000 | 232343 |
| &nbsp;&nbsp; Volusia County Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Embry-Riddle <br> Aeronautical, 5.00%, <br> 10/15/44<br>| 500000 | 503499 |
| &nbsp;&nbsp; Wildwood Utility <br> Dependent District Senior <br> Lien Revenue Bonds, <br> South Sumter Utility <br> Project (BAM Insured), <br> 5.00%, 10/01/41<br>| 465000 | 476850 |
| &nbsp;&nbsp; Wildwood Utility <br> Dependent District <br> Subordinate Revenue <br> Bonds, South Sumter <br> Utility Project (BAM <br> Insured), 5.00%, <br> 10/01/36<br>| 400000 | 424441 |
|  |  | **13251722** |
| **Georgia – 3.8%** | **Georgia – 3.8%** | **Georgia – 3.8%** |
| &nbsp;&nbsp; Atlanta Airport Passenger <br> Facility Charge <br> Subordinate Revenue <br> Bonds, Series C, 5.00%, <br> 7/01/40<br>| 365000 | 383196 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| &nbsp;&nbsp; Atlanta Development <br> Authority Senior Lien <br> Revenue Bonds, Series <br> A-1, 5.00%, 7/01/30<br>| $200000 | $200439 |
| &nbsp;&nbsp; Atlanta Development <br> Authority Tax Allocation, <br> Westside Gulch Area <br> Project, Series A , 5.50%, <br> 4/01/39<sup>(d)</sup> <br>| 250000 | 249372 |
| &nbsp;&nbsp; Bartow County <br> Development Authority <br> Revenue Refunding <br> Bonds, Georgia Power <br> Company Plant Bowen <br> Project, 1.80%, <br> 9/01/29<sup>(b)(c)</sup> <br>| 250000 | 224875 |
| &nbsp;&nbsp; Burke County Development <br> Authority Pollution <br> Control Variable Revenue <br> Refunding Bonds, <br> Georgia Power Company <br> Plant Vogtle Project, <br> 3.38%, 3/12/27<sup>(a)(b)(c)</sup> <br>| 575000 | 575533 |
| &nbsp;&nbsp; City of Atlanta Airport <br> Passenger Facility Charge <br> Subordinate Lien Green <br> Revenue Bonds (AMT), <br> 5.25%, 7/01/41<br>| 500000 | 517995 |
| &nbsp;&nbsp; Fulton County <br> Development Authority <br> Transportation Corp., Toll <br> Revenue Refunding <br> Bonds, Robert W. <br> Woodruff Arts <br> Center, Inc., Project, <br> 5.00%, 3/15/32<br>| 200000 | 210802 |
| &nbsp;&nbsp; Gainesville & Hall County <br> Hospital Authority <br> Revenue Refunding <br> Bonds, Northeast Georgia <br> Health System, Inc., <br> Project, 5.00%, 2/15/37<br>| 500000 | 504816 |
| &nbsp;&nbsp; Geo L. Smith II Congress <br> Authority Convention <br> Center Hotel Revenue <br> Bonds, 4.00%, 1/01/36<br>| 500000 | 496560 |
| &nbsp;&nbsp; Geo L. Smith II Congress <br> Center Authority <br> Convention Center Hotel <br> First Tier Revenue Bonds, <br> 4.00%, 1/01/54<br>| 250000 | 200504 |
| &nbsp;&nbsp; Georgia State Housing & <br> Finance Authority <br> Revenue Bonds, Series A, <br> 4.70%, 12/01/54<br>| 265000 | 248335 |
| &nbsp;&nbsp; Georgia State Ports <br> Authority Revenue Bonds, <br> 5.00%, 7/01/47<br>| 1000000 | 1019340 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| &nbsp;&nbsp; Glynn-Brunswick Memorial <br> Hospital Authority <br> Revenue Refunding <br> Anticipation Certificates <br> Bonds, Southeast <br> Georgia Health System, <br> 5.00%, 8/01/34<br>| $530000 | $530165 |
| &nbsp;&nbsp; Griffin-Spalding County <br> Hospital Authority <br> Revenue Anticipation <br> Certificates Bonds, <br> Wellstar, 5.00%, 4/01/35<br>| 150000 | 152598 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series <br> 2024-B, 5.00%, <br> 3/01/32<sup>(a)(b)(c)</sup> <br>| 750000 | 794572 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series A, <br> 5.00%, 9/01/31<sup>(a)(b)(c)</sup> <br>| 250000 | 265034 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/01/29<sup>(a)(b)(c)</sup> <br>| 700000 | 730298 |
| &nbsp;&nbsp; 5.00%, 3/01/30<sup>(a)(b)(c)</sup> <br>| 335000 | 353574 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series C, <br> 4.00%, 11/01/27<sup>(a)(b)(c)(d)</sup> <br>| 350000 | 349546 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series D, <br> 5.00%, 12/01/30<sup>(a)(b)(c)</sup> <br>| 250000 | 263849 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series E, <br> 5.00%, 12/01/32<sup>(a)(b)(c)</sup> <br>| 500000 | 524884 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series <br> E-1, 5.00%, 6/01/31<sup>(a)(b)(c)</sup> <br>| 150000 | 158452 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Variable Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/29 | 650000 | 687781 |
| &nbsp;&nbsp; 5.00%, 12/01/35<sup>(a)(b)(c)</sup> <br>| 250000 | 260764 |
| &nbsp;&nbsp; Monroe County <br> Development Authority <br> Pollution Control Variable <br> Revenue Bonds, Georgia <br> Power Company Plant <br> Scherer Project, 3.35%, <br> 3/27/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1001564 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| &nbsp;&nbsp; Municipal Electric <br> Authority of Georgia <br> Revenue Bonds, Plant <br> Vogtle Units 3&4 Project <br> (AGM Insured), 5.00%, <br> 7/01/55<br>| $250000 | $248322 |
| &nbsp;&nbsp; Private Colleges & <br> Universities Authority <br> Revenue Refunding <br> Bonds, Series A, Emory <br> University,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 9/01/43 | 1000000 | 1052473 |
| &nbsp;&nbsp; 5.25%, 9/01/44 | 250000 | 261591 |
|  |  | **12467234** |
| **Guam – 0.1%** | **Guam – 0.1%** | **Guam – 0.1%** |
| &nbsp;&nbsp; Guam Government <br> Business Privilege Tax <br> Revenue Refunding <br> Bonds, Series F, 4.00%, <br> 1/01/42<br>| 250000 | **220529** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| &nbsp;&nbsp; Honolulu City & County <br> Wastewater System <br> Sustainable Revenue <br> Bonds, Senior Series A, <br> 5.25%, 7/01/54<br>| 600000 | **617946** |
| **Idaho – 0.5%** | **Idaho – 0.5%** | **Idaho – 0.5%** |
| &nbsp;&nbsp; Idaho Housing and Finance <br> Association SFM <br> Revenue Bonds, Series A <br> (GNMA, FNMA, FHLMC <br> Insured), 6.00%, 7/01/54<br>| 480000 | 528154 |
| &nbsp;&nbsp; Southern Idaho Regional <br> Solid Waste District <br> RANS, USDA Takeout <br> Loan, 4.00%, 3/01/28<br>| 1000000 | 1008780 |
|  |  | **1536934** |
| **Illinois – 6.7%** | **Illinois – 6.7%** | **Illinois – 6.7%** |
| &nbsp;&nbsp; Chicago Board of <br> Education GO Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/38 | 500000 | 482635 |
| &nbsp;&nbsp; 5.00%, 12/01/42 | 250000 | 232243 |
| &nbsp;&nbsp; Chicago Board of <br> Education GO Unlimited <br> Bonds, Series D, 5.00%, <br> 12/01/46<br>| 350000 | 311292 |
| &nbsp;&nbsp; Chicago Board of <br> Education GO Unlimited <br> Refunding Bonds, <br> Dedicated, Series D, <br> 5.00%, 12/01/31<br>| 750000 | 757349 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| &nbsp;&nbsp; Chicago City Colleges <br> Capital Appreciation GO <br> Unlimited Bonds (NATL <br> Insured), 0.00%, <br> 1/01/30<sup>(f)</sup> <br>| $750000 | $642035 |
| &nbsp;&nbsp; Chicago GO Unlimited <br> Bonds, Series A, Chicago <br> Works, 5.50%, 1/01/39<br>| 250000 | 257493 |
| &nbsp;&nbsp; Chicago GO Unlimited <br> Bonds, Series B, 5.00%, <br> 1/01/32<br>| 1000000 | 1054820 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 5.00%, 1/01/31<br>| 500000 | 538810 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series D, 5.00%, <br> 1/01/45<br>| 500000 | 507598 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds (AMT), <br> 5.00%, 1/01/28<br>| 680000 | 714211 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds, <br> Customer Facility (BAM <br> Insured), 5.00%, 1/01/28<br>| 220000 | 232442 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, 1/01/31<br>| 250000 | 261416 |
| &nbsp;&nbsp; Chicago Refunding GO <br> Unlimited Bonds, Series <br> B, 5.00%, 1/01/31<br>| 1000000 | 1055046 |
| &nbsp;&nbsp; Chicago Refunding GO <br> Unlimited Refunding <br> Bonds, Series A, Partially <br> Escrowed to Maturity, <br> 5.00%, 1/01/27<br>| 250000 | 255154 |
| &nbsp;&nbsp; Chicago Special <br> Assessment Refunding <br> Bonds, Lakeshore East <br> Project, 2.87%, <br> 12/01/27<sup>(d)</sup> <br>| 254000 | 247093 |
| &nbsp;&nbsp; Cook County Community <br> College District No. 508 <br> GO Unlimited Refunding <br> Bonds, City Colleges of <br> Chicago (BAM Insured), <br> 5.00%, 12/01/42<br>| 250000 | 249880 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| &nbsp;&nbsp; Du Page & Will Counties <br> Community School <br> District No. 204 Indian <br> Prairie GO Unlimited <br> Bonds, 5.00%, 1/15/45<br>| $500000 | $506455 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue Bonds, <br> Series A, The University <br> of Chicago, 5.25%, <br> 5/15/48<br>| 100000 | 100938 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue Bonds, <br> The Chicago School, <br> 5.25%, 4/01/43<br>| 250000 | 246740 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 7/15/39<br>| 250000 | 231029 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Bradley University <br> Project, 4.00%, 8/01/43<br>| 250000 | 200269 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Lutheran Communities, <br> 5.00%, 11/01/40<br>| 350000 | 227500 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, The Carle Foundation, <br> 5.00%, 2/15/45<br>| 250000 | 242246 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Variable <br> Revenue Bonds, Series <br> B-2, 5.00%, <br> 11/15/26<sup>(a)(b)(c)</sup> <br>| 1925000 | 1951123 |
| &nbsp;&nbsp; Illinois State GO Unlimited <br> Bonds, Series A, 5.00%, <br> 5/01/32<br>| 500000 | 518639 |
| &nbsp;&nbsp; Illinois State GO Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/31 | 250000 | 268423 |
| &nbsp;&nbsp; 5.50%, 5/01/47 | 100000 | 101762 |
| &nbsp;&nbsp; 5.25%, 5/01/47 | 100000 | 100230 |
| &nbsp;&nbsp; Illinois State GO Unlimited <br> Refunding Bonds, Series <br> B, 5.00%, 10/01/28<br>| 250000 | 264409 |
| &nbsp;&nbsp; Illinois State HDA MFH <br> Variable Revenue Bonds, <br> Hope Manor Village <br> Joliet (Housing & Urban <br> Development Sector 8 <br> Program), 3.15%, <br> 2/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 500792 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| &nbsp;&nbsp; Illinois State HDA Revenue <br> Refunding Bonds, Series <br> H, Social Bonds (GNMA, <br> FNMA, FHLMC Insured), <br> 5.75%, 10/01/53<br>| $210000 | $224898 |
| &nbsp;&nbsp; Illinois State Refunding GO <br> Unlimited Bonds, 5.00%, <br> 2/01/39<br>| 200000 | 207943 |
| &nbsp;&nbsp; Illinois State Sales Tax <br> Revenue Refunding <br> Bonds, Subseries D <br> (BAM, TCRS Insured), <br> 3.00%, 6/15/31<br>| 390000 | 373238 |
| &nbsp;&nbsp; Illinois State Sports <br> Facilities Authority State <br> Tax Supported Revenue <br> Refunding Bonds (AGM <br> Insured), 5.00%, 6/15/27<br>| 400000 | 400868 |
| &nbsp;&nbsp; Illinois State Toll Highway <br> Authority Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/01/40 | 400000 | 399456 |
| &nbsp;&nbsp; 5.00%, 1/01/46 | 750000 | 749380 |
| &nbsp;&nbsp; 4.00%, 1/01/46 | 250000 | 217429 |
| &nbsp;&nbsp; Illinois State Toll Highway <br> Authority Senior Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/01/40 | 500000 | 512495 |
| &nbsp;&nbsp; 5.00%, 1/01/45 | 250000 | 250015 |
| &nbsp;&nbsp; Macoupin Country <br> Community Unit School <br> District No. 7 GO <br> Unlimited Refunding <br> Bonds, Series D (AGM <br> Insured), 4.00%, <br> 12/01/26<br>| 250000 | 251055 |
| &nbsp;&nbsp; Metropolitan Pier & <br> Exposition Authority <br> Revenue Refunding <br> Bonds, McCormick Place <br> Expansion Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/42 | 500000 | 504338 |
| &nbsp;&nbsp; 4.00%, 12/15/42 | 250000 | 218716 |
| &nbsp;&nbsp; 5.00%, 6/15/50 | 500000 | 485205 |
| &nbsp;&nbsp; Naperville GO Unlimited <br> Bonds, 4.00%, 12/01/41<br>| 145000 | 138344 |
| &nbsp;&nbsp; Northern Illinois University <br> Board of Trustees <br> Auxiliary Facilities <br> System Revenue Bonds <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/26 | 250000 | 255674 |
| &nbsp;&nbsp; 5.00%, 10/01/27 | 350000 | 363684 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| &nbsp;&nbsp; Peoria County School <br> District No. 150 GO <br> Unlimited Refunding <br> Bonds, Series A (AGM <br> Insured), 4.00%, <br> 12/01/26<br>| $390000 | $396815 |
| &nbsp;&nbsp; Regional Transportation <br> Authority Revenue Bonds, <br> Series B (NATL Insured), <br> 5.50%, 6/01/27<br>| 190000 | 197438 |
| &nbsp;&nbsp; Sales Tax <br> Securitization Corp., <br> Second Lien Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 1/01/38<br>| 250000 | 236219 |
| &nbsp;&nbsp; Sangamon Logan & <br> Menard Counties <br> Community Unit School <br> District No. 15 GO <br> Unlimited Bonds, Series <br> B (BAM Insured), 4.00%, <br> 12/01/39<br>| 250000 | 228153 |
| &nbsp;&nbsp; Waukegan City Lake <br> County Water & Sewer <br> System Revenue <br> Refunding Bonds (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/30/26 | 200000 | 206669 |
| &nbsp;&nbsp; 4.00%, 12/30/38 | 500000 | 477295 |
| &nbsp;&nbsp; 4.00%, 12/30/40 | 500000 | 462949 |
| &nbsp;&nbsp; Waukegan GO Unlimited <br> Bonds, Series A (AGM <br> Insured), 5.00%, <br> 12/30/32<br>| 250000 | 250302 |
| &nbsp;&nbsp; Will County Community <br> High School District No. <br> 210 Lincoln-Way <br> Refunding GO Unlimited <br> Refunding Bonds (AGM <br> Insured), 4.00%, 1/01/34<br>| 650000 | 648571 |
|  |  | **21917221** |
| **Indiana – 2.1%** | **Indiana – 2.1%** | **Indiana – 2.1%** |
| &nbsp;&nbsp; Indiana Bond Bank <br> Revenue CABS, <br> Hamilton Co., Projects,<br>|  |  |
| &nbsp;&nbsp; 0.00%, 7/15/28<sup>(f)</sup> <br>| 900000 | 811596 |
| &nbsp;&nbsp; 0.00%, 1/15/29<sup>(f)</sup> <br>| 560000 | 495003 |
| &nbsp;&nbsp; Indiana Finance Authority <br> Educational Facilities <br> Revenue Refunding <br> Bonds, Series A, DePauw <br> University Project, 5.50%, <br> 7/01/52<br>| 255000 | 250455 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| &nbsp;&nbsp; Indiana Finance Authority <br> Midwestern Disaster <br> Relief Revenue Bonds, <br> Series A, Ohio Valley <br> Electric Corp., Project, <br> 4.25%, 11/01/30<br>| $500000 | $507526 |
| &nbsp;&nbsp; Indiana State Finance <br> Authority Health System <br> Revenue Refunding <br> Bonds, Series C, Indiana <br> University Health, 5.25%, <br> 10/01/44<br>| 150000 | 156749 |
| &nbsp;&nbsp; Indiana State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Deaconess Health <br> System, (SIFMA <br> Municipal Swap Index <br> Yield + 0.30%), 2.59%, <br> 3/01/27<sup>(a)(c)</sup> <br>| 1265000 | 1252965 |
| &nbsp;&nbsp; Indianapolis Local Public <br> Improvement Bank <br> Income TRB, Indiana <br> Public <br> Transportation Corp., <br> Project, 5.00%, 1/15/28<br>| 575000 | 609415 |
| &nbsp;&nbsp; Ips Multi-School <br> Building Corp., <br> Sustainable Revenue <br> Bonds, First Mortgage <br> (State Intercept Program), <br> 5.00%, 7/15/44<br>| 250000 | 253471 |
| &nbsp;&nbsp; Knox Middle School <br> Building Corp., Revenue <br> Bonds (State Intercept <br> Program), 5.00%, 1/15/27<br>| 440000 | 454601 |
| &nbsp;&nbsp; Tippecanoe County School <br> Building Corp., Revenue <br> Bonds, Series B (State <br> Intercept Program), <br> 5.00%, 7/15/29<br>| 195000 | 211270 |
| &nbsp;&nbsp; Valparaiso Exempt <br> Facilities Revenue <br> Refunding Bonds (AMT), <br> Pratt Paper LLC Project,<br>|  |  |
| &nbsp;&nbsp; 4.88%, 1/01/44<sup>(d)</sup> <br>| 250000 | 233602 |
| &nbsp;&nbsp; 5.00%, 1/01/54<sup>(d)</sup> <br>| 250000 | 228132 |
| &nbsp;&nbsp; Westfield Washington <br> Multi-School <br> Building Corp., Revenue <br> Bonds, Series B (BAM <br> State Intercept Program),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/15/27 | 375000 | 390965 |
| &nbsp;&nbsp; 5.00%, 1/15/28 | 455000 | 479117 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| &nbsp;&nbsp; Whiting Environmental <br> Facilities Variable <br> Revenue Bonds (AMT), <br> BP Products North <br> America, 4.40%, <br> 6/10/31<sup>(a)(b)(c)</sup> <br>| $500000 | $509160 |
|  |  | **6844027** |
| **Kentucky – 2.0%** | **Kentucky – 2.0%** | **Kentucky – 2.0%** |
| &nbsp;&nbsp; Fayette County School <br> District Finance Corp., <br> Revenue Bonds, Series A <br> (State Intercept Program), <br> 4.00%, 5/01/38<br>| 250000 | 233501 |
| &nbsp;&nbsp; Kenton County Airport <br> Board Revenue Refunding <br> Bonds, 5.00%, 1/01/32<br>| 400000 | 402499 |
| &nbsp;&nbsp; Kentucky Bond <br> Development Corp., <br> Educational Facilities <br> Revenue Refunding <br> Bonds, Transylvania <br> University Project, 5.00%, <br> 3/01/27<br>| 155000 | 159574 |
| &nbsp;&nbsp; Kentucky State Economic <br> Development Finance <br> Authority Revenue Bonds, <br> Owensboro Health, <br> 5.25%, 6/01/50<br>| 250000 | 235934 |
| &nbsp;&nbsp; Kentucky State Economic <br> Development Finance <br> Authority Revenue <br> Refunding Bonds, <br> Masonic Home <br> Independent Living,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/15/36 | 200000 | 180564 |
| &nbsp;&nbsp; 5.00%, 5/15/46 | 100000 | 77229 |
| &nbsp;&nbsp; Kentucky State Economic <br> Development Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> B, Owensboro Health, <br> 5.00%, 6/01/40<br>| 300000 | 292482 |
| &nbsp;&nbsp; Kentucky State Interlocal <br> School Transportation <br> Association Equipment <br> Lease COPS (State <br> Intercept Program), <br> 4.00%, 3/01/29<br>| 295000 | 301082 |
| &nbsp;&nbsp; Kentucky State Public <br> Energy Authority Gas <br> Supply Revenue <br> Refunding Bonds, Series <br> A-1, 5.25%, 2/01/32<sup>(a)(b)(c)</sup> <br>| 1775000 | 1902829 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Kentucky (Continued)** | **Kentucky (Continued)** | **Kentucky (Continued)** |
| &nbsp;&nbsp; Louisville & Jefferson <br> County Metro <br> Government PCR <br> Refunding Bonds (AMT), <br> Louisville Gas & Electric, <br> 1.35%, 11/01/27<br>| $1500000 | $1426832 |
| &nbsp;&nbsp; Owen County Water <br> Facilities Variable <br> Revenue Refunding <br> Bonds, American Water <br> Company Project, 3.88%, <br> 9/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 491046 |
| &nbsp;&nbsp; Rural Water Financing <br> Agency Public Project <br> Revenue Bonds, Public <br> Project Construction, <br> 3.70%, 5/01/27<br>| 1000000 | 1001560 |
|  |  | **6705132** |
| **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** |
| &nbsp;&nbsp; East Baton Rouge Parish <br> Sewerage Commission <br> Variable Revenue <br> Refunding Bonds, Series <br> A, 1.30%, 2/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 466417 |
| &nbsp;&nbsp; Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, Loyola <br> University Project, 5.00%, <br> 10/01/26<br>| 215000 | 219537 |
| &nbsp;&nbsp; Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Ochsner Clinic <br> Foundation Project, <br> 5.00%, 5/15/28<br>| 500000 | 526572 |
| &nbsp;&nbsp; Louisiana State Local <br> Government <br> Environmental Facilities <br> & Community <br> Development Authority <br> Subordinate Revenue <br> Refunding Bonds, East <br> Baton Rouge, 5.00%, <br> 2/01/27<br>| 400000 | 412613 |
| &nbsp;&nbsp; Louisiana State offshore <br> Terminal Authority <br> Deepwater Port Variable <br> Revenue Refunding <br> bonds, Series C, Loop LLC <br> Project, 4.20%, <br> 9/01/28<sup>(a)(b)(c)</sup> <br>| 300000 | 301694 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Louisiana (Continued)** | **Louisiana (Continued)** | **Louisiana (Continued)** |
| &nbsp;&nbsp; Louisiana State Public <br> Facilities Authority Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Pro USA Inc., <br> Project, 6.75%, <br> 10/01/28<sup>(a)(b)(c)(d)</sup> <br>| $200000 | $209858 |
| &nbsp;&nbsp; Saint John The Baptist <br> Parish Variable Revenue <br> Refunding Bonds, <br> Marathon Oil Corp., <br> 3.30%, 7/03/28<sup>(a)(b)(c)</sup> <br>| 100000 | 100531 |
|  |  | **2237222** |
| **Maine – 0.3%** | **Maine – 0.3%** | **Maine – 0.3%** |
| &nbsp;&nbsp; Maine Health & Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series A, 5.00%, 7/01/27<br>| 215000 | 223762 |
| &nbsp;&nbsp; Maine State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A (State <br> Intercept State Resource <br> Fund Guaranty Program), <br> Prerefunded, 5.00%, <br> 7/01/27<sup>(g)</sup> <br>| 30000 | 31296 |
| &nbsp;&nbsp; Maine State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A (State <br> Intercept State Resource <br> Fund Guaranty Program), <br> Unrefunded Balance, <br> 5.00%, 7/01/28<br>| 620000 | 644783 |
|  |  | **899841** |
| **Maryland – 2.1%** | **Maryland – 2.1%** | **Maryland – 2.1%** |
| &nbsp;&nbsp; Baltimore Convention <br> Center Hotel Revenue <br> Refunding Bonds, <br> Convention Center Hotel, <br> 5.00%, 9/01/39<br>| 500000 | 484026 |
| &nbsp;&nbsp; Baltimore County GO <br> Unlimited Bonds, 4.00%, <br> 3/01/42<br>| 1000000 | 939348 |
| &nbsp;&nbsp; Maryland State <br> Community Development <br> Administration <br> Department Housing & <br> Community Development <br> Revenue Bonds, Social <br> Bonds (GNMA, FNMA, <br> FHLMC Insured), 5.05%, <br> 3/01/47<br>| 500000 | 494429 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| &nbsp;&nbsp; Maryland State Economic <br> Development Corp., <br> Private Activity Revenue <br> Bonds (AMT), Purple Line <br> Light Rail Project, Green <br> Bonds,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 11/12/28 | $1320000 | $1334035 |
| &nbsp;&nbsp; 5.25%, 6/30/55 | 1000000 | 936591 |
| &nbsp;&nbsp; Maryland State Economic <br> Development Corp., <br> Revenue Bonds (AMT), <br> Seagirt Marine Terminal <br> Projects, 5.00%, 6/01/44<br>| 500000 | 476064 |
| &nbsp;&nbsp; Maryland State Economic <br> Development Corp., <br> Senior Lien Revenue <br> Bonds, Annapolis <br> Mobility & Resilience, <br> 5.00%, 12/31/42<br>| 145000 | 145048 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Bonds, <br> Adventist Healthcare <br> Obligated, 5.50%, <br> 1/01/31<br>| 400000 | 409706 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, <br> Broadmead Issue, 4.00%, <br> 7/01/35<br>| 285000 | 282929 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, Mercy <br> Medical Center, 4.00%, <br> 7/01/42<br>| 120000 | 105110 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Stevenson <br> University Project, 4.00%, <br> 6/01/51<br>| 500000 | 396796 |
| &nbsp;&nbsp; Montgomery County GO <br> Unlimited Refunding <br> Bonds, Series A, <br> Consolidated Public <br> Improvement Project, <br> 2.00%, 8/01/41<br>| 1000000 | 664812 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| &nbsp;&nbsp; Montgomery County <br> Housing Opportunities <br> Commission Multifamily <br> & Reconstruction <br> Development Revenue <br> Bonds, Series C (FHA 542 <br> (C) Insured), 2.85%, <br> 1/01/51<br>| $250000 | $163608 |
| &nbsp;&nbsp; Washington County <br> Economic Development <br> Revenue Refunding <br> Bonds, Homewood <br> Maryland Obligated <br> Group Project, 4.00%, <br> 5/01/42<br>| 225000 | 198464 |
|  |  | **7030966** |
| **Massachusetts – 0.5%** | **Massachusetts – 0.5%** | **Massachusetts – 0.5%** |
| &nbsp;&nbsp; Massachusetts <br> Educational Financing <br> Authority Senior Revenue <br> Bonds, Series B (AMT), <br> 5.00%, 7/01/28<br>| 280000 | 292318 |
| &nbsp;&nbsp; Massachusetts State <br> Development Finance <br> Agency Revenue Bonds, <br> UMass Boston Student <br> Housing Project, 5.00%, <br> 10/01/48<br>| 500000 | 448663 |
| &nbsp;&nbsp; Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Series <br> F, Lahey Clinic Obligated <br> Group, 5.00%, 8/15/45<br>| 250000 | 240845 |
| &nbsp;&nbsp; Massachusetts State Port <br> Authority Revenue Bonds, <br> Series B (AMT), 4.00%, <br> 7/01/46<br>| 250000 | 213892 |
| &nbsp;&nbsp; Massachusetts State Port <br> Authority Revenue Bonds, <br> Series E (AMT), 5.00%, <br> 7/01/27<br>| 365000 | 378835 |
|  |  | **1574553** |
| **Michigan – 2.0%** | **Michigan – 2.0%** | **Michigan – 2.0%** |
| &nbsp;&nbsp; Detroit GO Unlimited <br> Bonds, 5.00%, 4/01/27<br>| 50000 | 51475 |
| &nbsp;&nbsp; Detroit GO Unlimited <br> Bonds, Series A, Social <br> Bonds, 4.00%, 4/01/40<br>| 250000 | 225565 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Limited <br> Obligation Revenue <br> Refunding Bonds, <br> Lawrence Technological <br> University, 4.00%, <br> 2/01/27<br>| 95000 | 94869 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Limited <br> Obligation Revenue <br> Refunding Bonds, <br> University of Detroit <br> Mercy, 5.63%, 11/01/52<br>| $300000 | $291665 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Revenue <br> Refunding Bonds, Trinity <br> Health Credit Group,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 12/01/35 | 515000 | 507001 |
| &nbsp;&nbsp; 4.00%, 12/01/40 | 500000 | 446447 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Beaumont <br> Spectrum, (SIFMA <br> Municipal Swap Index <br> Yield + 0.75%), 3.04%, <br> 4/15/27<sup>(a)(c)</sup> <br>| 1500000 | 1494897 |
| &nbsp;&nbsp; Michigan State Hospital <br> Finance Authority <br> Revenue Refunding <br> Bonds, Ascenion Senior, <br> Prerefunded, 5.00%, <br> 11/15/26<sup>(g)</sup> <br>| 420000 | 432950 |
| &nbsp;&nbsp; Michigan State Strategic <br> Fund Limited Obligation <br> Variable Revenue Bonds <br> (AMT), Consumers <br> Energy Co., 3.35%, <br> 10/01/27<sup>(a)(b)(c)</sup> <br>| 1000000 | 986145 |
| &nbsp;&nbsp; Michigan State Strategic <br> Fund Limited Obligation <br> Variable Revenue Bonds <br> (AMT), Green Bonds, <br> 4.00%, 10/01/26<sup>(a)(b)(c)</sup> <br>| 100000 | 99391 |
| &nbsp;&nbsp; Michigan State Trunk <br> Line Fund Revenue <br> Bonds, 4.00%, 11/15/46<br>| 250000 | 221812 |
| &nbsp;&nbsp; Michigan State Trunk Line <br> Revenue Bonds, <br> Rebuilding Michigan <br> Program, 5.50%, <br> 11/15/49<br>| 1000000 | 1044837 |
| &nbsp;&nbsp; Okemos Public School <br> District GO Unlimited <br> Bonds, Series II (Q-SBLF <br> Insured), 5.00%, 5/01/49<br>| 500000 | 503172 |
| &nbsp;&nbsp; Wayne State University <br> Revenue Refunding <br> Bonds, Series A (BAM, <br> TCRS Insured), 5.00%, <br> 11/15/27<br>| 300000 | 305780 |
|  |  | **6706006** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Minnesota – 2.1%** | **Minnesota – 2.1%** | **Minnesota – 2.1%** |
| &nbsp;&nbsp; Brainerd Independent <br> School Building District <br> No. 181 GO Unlimited <br> Bonds, Series A (School <br> District Credit Program), <br> 4.00%, 2/01/39<br>| $500000 | $486824 |
| &nbsp;&nbsp; Center City Health Care <br> Facilities Revenue <br> Refunding Bonds, <br> Hazelden Betty Ford <br> Foundation, 5.00%, <br> 11/01/31<br>| 210000 | 227652 |
| &nbsp;&nbsp; Cologne Charter School <br> Lease Revenue Bonds, <br> Academy Project A, <br> 5.00%, 7/01/29<br>| 250000 | 250100 |
| &nbsp;&nbsp; Gibbon Independent <br> School District No. 2365 <br> GO Unlimited Bonds, <br> Series A (School District <br> Credit Program), 6.00%, <br> 2/01/28<br>| 200000 | 216493 |
| &nbsp;&nbsp; Minneapolis Health Care <br> System Revenue <br> Refunding Bonds, <br> Fairview Health Services, <br> Series A, 5.00%, <br> 11/15/27<br>| 585000 | 587743 |
| &nbsp;&nbsp; Rochester Health Care <br> Facilities Variable <br> Revenue Bonds, Series B, <br> Mayo Clinic, 5.00%, <br> 5/15/32<sup>(a)(b)(c)</sup> <br>| 500000 | 550251 |
| &nbsp;&nbsp; Rochester Health Care <br> Facilities Variable <br> Revenue Bonds, Series C, <br> Mayo Clinic, 1.10%, <br> 11/15/64<sup>(c)(h)</sup> <br>| 4600000 | 4600000 |
|  |  | **6919063** |
| **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** |
| &nbsp;&nbsp; Mississippi Alcoholic <br> Beverage Control <br> Revenue Bonds, ABC <br> Warehouse Construction <br> Project, 5.00%, 10/01/44<br>| 250000 | 255728 |
| &nbsp;&nbsp; Mississippi State Hospital <br> Equipment & Facilities <br> Authority Adjustable <br> Revenue Refunding <br> Bonds, North Mississippi <br> Health, 5.00%, <br> 3/01/27<sup>(a)(b)(c)</sup> <br>| 265000 | 272175 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Mississippi (Continued)** | **Mississippi (Continued)** | **Mississippi (Continued)** |
| &nbsp;&nbsp; Warren County Gulf <br> Opportunity Zone <br> Revenue Refunding <br> Bonds, International <br> Paper Company Project,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 9/01/32 | $100000 | $100363 |
| &nbsp;&nbsp; 4.20%, 5/01/34 | 250000 | 249246 |
|  |  | **877512** |
| **Missouri – 1.0%** | **Missouri – 1.0%** | **Missouri – 1.0%** |
| &nbsp;&nbsp; Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/27<br>| 225000 | 232912 |
| &nbsp;&nbsp; Kansas City IDA Economic <br> Activity TRB, Historic <br> Northeast <br> Redevelopment Plan, <br> 5.00%, 6/01/46<sup>(d)</sup> <br>| 200000 | 184034 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Health <br> Facilities Revenue Bonds, <br> Mercy Health, 3.00%, <br> 6/01/53<br>| 970000 | 641008 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Lutheran Senior Services <br> Project, Series 2025-A, <br> 5.00%, 2/01/29<br>| 875000 | 914391 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/15/27 | 215000 | 220166 |
| &nbsp;&nbsp; 5.00%, 2/15/28 | 250000 | 259792 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Bethesda Health <br> Group, Inc., 4.00%, <br> 8/01/26<br>| 200000 | 199570 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> C, 5.00%, 5/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 530407 |
| &nbsp;&nbsp; Phelps County Hospital <br> Revenue Bonds, Phelps <br> Health, 6.00%, <br> 12/01/55<sup>(e)</sup> <br>| 150000 | 155156 |
|  |  | **3337436** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Nebraska – 0.9%** | **Nebraska – 0.9%** | **Nebraska – 0.9%** |
| &nbsp;&nbsp; Central Plains Energy <br> Project Gas Supply <br> Revenue Bonds, <br> Subseries A-1, 5.00%, <br> 8/01/31<sup>(a)(b)(c)</sup> <br>| $1250000 | $1326916 |
| &nbsp;&nbsp; Douglas County Hospital <br> Authority No. 3 Nebraska <br> Health Facilities Revenue <br> Refunding Bonds, <br> Nebraska Methodist <br> Health, 5.00%, 11/01/27<br>| 500000 | 502369 |
| &nbsp;&nbsp; Lincoln MFH Variable <br> Revenue Bonds, Central <br> at South Haymarket, <br> 3.37%, 7/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 1005855 |
|  |  | **2835140** |
| **Nevada – 0.4%** | **Nevada – 0.4%** | **Nevada – 0.4%** |
| &nbsp;&nbsp; Clark County PCR <br> Refunding Bonds, <br> Southern California <br> Edison Company, 2.10%, <br> 6/01/31<br>| 250000 | 220712 |
| &nbsp;&nbsp; Clark County Stadium <br> Improvement GO Limited <br> Bonds, Series A, 5.00%, <br> 5/01/48<br>| 500000 | 496363 |
| &nbsp;&nbsp; Las Vegas Convention & <br> Visitors Authority <br> Convention Center <br> Expansion Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/43 | 250000 | 247759 |
| &nbsp;&nbsp; 4.00%, 7/01/49 | 150000 | 124914 |
| &nbsp;&nbsp; Las Vegas Special <br> Improvement District No. <br> 814 Summerlin Village 21 <br> & 24A Special <br> Assessment Bonds, <br> 4.00%, 6/01/49<br>| 90000 | 71084 |
| &nbsp;&nbsp; Las Vegas Valley Water <br> District GO Limited <br> Bonds, Series A, 4.00%, <br> 6/01/46<br>| 250000 | 218689 |
|  |  | **1379521** |
| **New Hampshire – 0.6%** | **New Hampshire – 0.6%** | **New Hampshire – 0.6%** |
| &nbsp;&nbsp; National Finance Authority <br> Affordable Housing <br> Certificates Revenue <br> Bonds, 4.75%, 6/20/41<br>| 199940 | 199457 |
| &nbsp;&nbsp; National Finance Authority <br> Municipal Certificates <br> Revenue Bonds, Series <br> 1-A, 4.13%, 1/20/34<br>| 845059 | 836233 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Hampshire (Continued)** | **New Hampshire (Continued)** | **New Hampshire (Continued)** |
| &nbsp;&nbsp; New Hampshire State <br> Health & Education <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Kendal at Hanover <br> Issue, 5.00%, 10/01/36<br>| $180000 | $180947 |
| &nbsp;&nbsp; New Hampshire State <br> Health & Education <br> Facilities Authority <br> Revenue Refunding <br> Bonds, University of New <br> Hampshire, 5.00%, <br> 7/01/40<br>| 455000 | 455203 |
| &nbsp;&nbsp; New Hampshire State <br> Health & Educational <br> Facilities Authority <br> Revenue Bonds, <br> Dartmouth Hitchcock <br> Obligated Group, 4.00%, <br> 8/01/43<br>| 250000 | 218566 |
|  |  | **1890406** |
| **New Jersey – 1.1%** | **New Jersey – 1.1%** | **New Jersey – 1.1%** |
| &nbsp;&nbsp; New Jersey State EDA <br> Energy Facility Revenue <br> Bonds, Series A (AMT), <br> UMM Energy Partners,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/37 | 190000 | 186696 |
| &nbsp;&nbsp; 5.13%, 6/15/43 | 350000 | 327553 |
| &nbsp;&nbsp; New Jersey State EDA <br> Motor Vehicle Surcharge <br> Revenue Refunding <br> Bonds, Subseries A, <br> 3.38%, 7/01/30<br>| 250000 | 244819 |
| &nbsp;&nbsp; New Jersey State EDA <br> Private Activity Revenue <br> Bonds (AMT), The <br> Goethals Project, 5.38%, <br> 1/01/43<br>| 100000 | 100049 |
| &nbsp;&nbsp; New Jersey State EDA <br> Revenue Bonds, Portal <br> North Bridge Project NJ <br> Transit, 5.25%, 11/01/41<br>| 235000 | 243941 |
| &nbsp;&nbsp; New Jersey State EDA <br> Revenue Bonds, <br> Provident Group Rowan <br> Properties LLC, 5.00%, <br> 1/01/48<br>| 125000 | 110534 |
| &nbsp;&nbsp; New Jersey State EDA <br> Revenue Refunding <br> Bonds, Cranes Mill <br> Project, 5.00%, 1/01/49<br>| 260000 | 225505 |
| &nbsp;&nbsp; New Jersey State EDA <br> Water Facilities Revenue <br> Refunding Bonds (AMT), <br> New Jersey American <br> Water Co., Inc., Project, <br> 2.20%, 12/03/29<sup>(a)(b)(c)</sup> <br>| 775000 | 700466 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |
| &nbsp;&nbsp; New Jersey State GO <br> Unlimited Bonds, 2.00%, <br> 6/01/37<br>| $1175000 | $868960 |
| &nbsp;&nbsp; New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series A, 4.00%, 6/15/42<br>| 250000 | 223736 |
| &nbsp;&nbsp; New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series AA, 5.00%, <br> 6/15/40<br>| 500000 | 512213 |
|  |  | **3744472** |
| **New York – 7.0%** | **New York – 7.0%** | **New York – 7.0%** |
| &nbsp;&nbsp; Build Resource Corp., <br> Revenue Bonds, Friends <br> of Hellenic Classical <br> Charter Schools, Inc., <br> 4.00%, 12/01/31<sup>(d)</sup> <br>| 500000 | 475028 |
| &nbsp;&nbsp; Hempstead Town Local <br> Develop Corp., Education <br> Revenue Refunding <br> Bonds, Academy Charter <br> School Project, 5.66%, <br> 2/01/44<br>| 250000 | 220591 |
| &nbsp;&nbsp; Hempstead Town Local <br> Development Corp., <br> Education Revenue <br> Bonds, Academy Charter <br> School Project, 4.60%, <br> 2/01/51<br>| 250000 | 177518 |
| &nbsp;&nbsp; Hempstead Town Local <br> Development Corp., <br> Revenue Refunding <br> Bonds, Adelphi University <br> Project, 5.00%, 6/01/27<br>| 300000 | 310812 |
| &nbsp;&nbsp; Hudson Yards <br> Infrastructure Corp., <br> Second Indenture <br> Revenue Refunding <br> Bonds, Series A (AGM <br> Insured), 4.00%, 2/15/47<br>| 250000 | 216743 |
| &nbsp;&nbsp; Liberty Development Corp., <br> Revenue Refunding <br> Bonds, Goldman Sachs <br> Headquarters, 5.25%, <br> 10/01/35<br>| 250000 | 279588 |
| &nbsp;&nbsp; Long Island Power <br> Authority Electric System <br> Variable Revenue <br> Refunding Bonds, Series <br> B, 1.50%, 9/01/26<sup>(a)(b)(c)</sup> <br>| 500000 | 490897 |
| &nbsp;&nbsp; Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Climate Bond <br> Certified, 5.00%, <br> 11/15/29<br>| 340000 | 371058 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Series D (BAM, <br> TCRS Insured), 4.00%, <br> 11/15/42<br>| $300000 | $264536 |
| &nbsp;&nbsp; New York City Housing <br> Development Corp., MFH <br> Sustainable <br> Neighborhood Revenue <br> Bonds, 3.95%, 11/01/43<br>| 275000 | 249557 |
| &nbsp;&nbsp; New York City Housing <br> Development Corp., MFH <br> Sustainable Revenue <br> Bonds, Series F-1A, <br> 5.00%, 11/01/54<br>| 250000 | 246112 |
| &nbsp;&nbsp; New York City Housing <br> Development Corp., MFH <br> Variable Sustainable <br> Revenue Bonds, 3.75%, <br> 7/02/29<sup>(a)(b)(c)</sup> <br>| 100000 | 101325 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Revenue Bonds, Second <br> General Resolution, <br> Series CC-1, 5.00%, <br> 6/15/49<br>| 250000 | 250195 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Revenue Bonds, Series <br> AA-1, 5.25%, 6/15/52<br>| 250000 | 255217 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Revenue Bonds, Series <br> BB-1, 5.25%, 6/15/54<br>| 500000 | 511461 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Adjustable Future Tax <br> Secured Subordinate <br> Revenue Bonds, 2.00%, <br> 8/01/42<sup>(c)(h)</sup> <br>| 1000000 | 1000000 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority Future <br> Tax Subordinate Revenue <br> Bonds, 4.00%, 5/01/36<br>| 1000000 | 988427 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Revenue Bonds, <br> Subseries B-1, 4.00%, <br> 8/01/42<br>| 295000 | 266016 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series D, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 5/01/45 | 1000000 | 1043316 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series D, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp; 5.50%, 5/01/52 | $250000 | $262004 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series H, Fiscal <br> 2025, 5.25%, 11/01/45<br>| 200000 | 209035 |
| &nbsp;&nbsp; New York GO Unlimited <br> Bonds, Series A-1, <br> 5.25%, 9/01/42<br>| 250000 | 261817 |
| &nbsp;&nbsp; New York GO Unlimited <br> Bonds, Series C, 5.25%, <br> 3/01/53<br>| 1000000 | 1018598 |
| &nbsp;&nbsp; New York GO Unlimited <br> Bonds, Series D, <br> Subseries D1, 5.00%, <br> 12/01/42<br>| 250000 | 252860 |
| &nbsp;&nbsp; New York Multi Modal GO <br> Unlimited Bonds, Series <br> E, Fiscal 2025, 5.00%, <br> 8/01/44<br>| 640000 | 653212 |
| &nbsp;&nbsp; New York State <br> Convention Center <br> Development Corp., <br> Revenue Refunding <br> Bonds, Hotel Unit Fee <br> Secured, 5.00%, <br> 11/15/40<br>| 600000 | 600048 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Non State <br> Supported Debt Revenue <br> Bonds, White Plains <br> Hospital Obligated Group, <br> 5.25%, 10/01/49<br>| 100000 | 99010 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Non State <br> Supported Debt Revenue <br> Refunding Bonds, Series <br> A, Barnard College, <br> 4.00%, 7/01/49<br>| 300000 | 248214 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Revenues Non <br> State Supported Debt <br> Revenue Bonds, Series A, <br> Pace University, 5.25%, <br> 5/01/29<br>| 250000 | 265332 |
| &nbsp;&nbsp; New York State Energy <br> Research & Development <br> Authority PCR Refunding <br> Bonds, New York Electric <br> & Gas, Series C, 4.00%, <br> 4/01/34<br>| 250000 | 249762 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; New York State Liberty <br> Development Corp., <br> Revenue Refunding <br> Bonds, 4 World Trade <br> Center Project, Green <br> Bonds, 1.20%, 11/15/28<br>| $500000 | $454106 |
| &nbsp;&nbsp; New York State Liberty <br> Development Corp., <br> Revenue Refunding <br> Bonds, Class 2, 3 World <br> Trade Center Project,<br>|  |  |
| &nbsp;&nbsp; 5.15%, 11/15/34<sup>(d)</sup> <br>| 500000 | 500010 |
| &nbsp;&nbsp; 5.38%, 11/15/40<sup>(d)</sup> <br>| 150000 | 147823 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds (AMT), <br> Delta Air Lines Inc., <br> Laguardia Airport <br> Terminals,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/01/27 | 635000 | 645781 |
| &nbsp;&nbsp; 5.00%, 1/01/30 | 345000 | 351981 |
| &nbsp;&nbsp; 4.00%, 10/01/30 | 1500000 | 1472443 |
| &nbsp;&nbsp; 5.00%, 10/01/35 | 500000 | 505991 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds (AMT), <br> Laguardia Airport <br> Terminal, 5.63%, 4/01/40<br>| 250000 | 256409 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds (AMT), <br> Laguardia Airport <br> Terminal B <br> Redevelopment (AGM-CR <br> Insured), 4.00%, 7/01/32<br>| 250000 | 249996 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport,<br>|  |  |
| &nbsp;&nbsp; 5.50%, 6/30/54 | 335000 | 323149 |
| &nbsp;&nbsp; 6.00%, 6/30/55 | 100000 | 102747 |
| &nbsp;&nbsp; 6.00%, 6/30/59 | 175000 | 179314 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport (AGM Insured), <br> 5.00%, 6/30/49<br>| $250000 | $238218 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport New Terminal <br> One Project, 5.50%, <br> 6/30/39<br>| 250000 | 259912 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Refunding Bonds (AMT), <br> JFK Airport (AGC <br> Insured), 5.25%, <br> 12/31/54<br>| 325000 | 318211 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facility Revenue <br> Refunding Bonds (AMT), <br> John F. Kennedy <br> International Airport <br> Project, 5.38%, 8/01/36<br>| 250000 | 254545 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facility Revenue <br> Refunding Bonds (AMT), <br> Terminal 4 John F. <br> Kennedy International <br> Airport Project, 5.00%, <br> 12/01/33<br>| 250000 | 260282 |
| &nbsp;&nbsp; New York State Urban <br> Development Corp., <br> Personal Income TRB, <br> Series A,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 3/15/38 | 500000 | 485795 |
| &nbsp;&nbsp; 5.00%, 3/15/41 | 250000 | 254109 |
| &nbsp;&nbsp; New York State Urban <br> Development Corp., <br> Revenue Refunding <br> Bonds, Series E Group 3, <br> 4.00%, 3/15/43<br>| 500000 | 447394 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; Onondaga County Trust <br> Cultural Resources <br> Revenue Refunding <br> Bonds, Syracuse <br> University Project, 4.00%, <br> 12/01/41<br>| $250000 | $233271 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 183rd <br> Revenue Bonds, 4.00%, <br> 12/15/39<br>| 440000 | 413656 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 211th <br> Revenue Refunding <br> Bonds, 5.00%, 9/01/48<br>| 830000 | 830212 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Bonds, Series 221 (AMT), <br> 4.00%, 7/15/40<br>| 500000 | 455017 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Refunding Bonds (AMT), <br> 5.50%, 8/01/52<br>| 600000 | 612264 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel <br> Authority Payroll Mobility <br> Tax Revenue Refunding <br> Bonds, Series A, MTA <br> Bridges & Tunnels, <br> 5.00%, 5/15/47<br>| 250000 | 252175 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel <br> Authority Payroll Mobility <br> Tax Senior Lien Revenue <br> Bonds, Series C, 5.00%, <br> 5/15/47<br>| 255000 | 257219 |
| &nbsp;&nbsp; Troy Capital <br> Resource Corp., Revenue <br> Bonds, Rensselaer <br> Polytechnic Institute <br> Project, 4.00%, 9/01/33<br>| 100000 | 100591 |
| &nbsp;&nbsp; Yonkers Economic <br> Development Corp., <br> Educational Revenue <br> Bonds, Charter School <br> Educational Excellence <br> Project, 5.00%, 10/15/49<br>| 100000 | 89227 |
|  |  | **22790137** |
| **North Carolina – 2.2%** | **North Carolina – 2.2%** | **North Carolina – 2.2%** |
| &nbsp;&nbsp; Charlotte-Mecklenburg <br> Hospital Authority Health <br> Care System Variable <br> Revenue Refunding <br> Bonds, Series 2021-E, <br> Atrium Health (Royal <br> Bank of Canada LOC), <br> 1.75%, 1/15/42<sup>(c)(h)</sup> <br>| 200000 | 200000 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| &nbsp;&nbsp; Columbus County <br> Industrial Facilities & <br> Pollution Control <br> Financing Authority <br> Recovery Zone Facility <br> Revenue Refunding <br> Bonds, International <br> Paper Company Project, <br> 4.20%, 5/01/34<br>| $250000 | $249246 |
| &nbsp;&nbsp; Forsyth County GO <br> Unlimited Bonds, Series <br> B, 2.00%, 3/01/37<br>| 1000000 | 775837 |
| &nbsp;&nbsp; Greater Asheville Regional <br> Airport Authority Airport <br> System Revenue Bonds <br> (AMT) (AGM Insured), <br> 5.25%, 7/01/48<br>| 250000 | 249084 |
| &nbsp;&nbsp; Greater Asheville Regional <br> Airport Authority Airport <br> System Revenue Bonds, <br> Series A (AMT) (AGM <br> Insured), 5.50%, 7/01/47<br>| 1000000 | 1017316 |
| &nbsp;&nbsp; Macon County Limited <br> Obligation Revenue <br> Bonds, 4.00%, 10/01/44<br>| 525000 | 475865 |
| &nbsp;&nbsp; North Carolina State <br> Capital Facilities Finance <br> Agency Revenue <br> Refunding Bonds, The Arc <br> of North Carolina <br> (Housing & Urban <br> Development Sector 8 <br> Program),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/28 | 300000 | 303895 |
| &nbsp;&nbsp; 5.00%, 10/01/34 | 250000 | 247804 |
| &nbsp;&nbsp; North Carolina State <br> Housing Finance Agency <br> Home Ownership <br> Revenue Bonds, Series <br> 54-A (GNMA, FNMA, <br> FHLMC Insured), 4.80%, <br> 1/01/55<br>| 200000 | 191410 |
| &nbsp;&nbsp; North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Revenue Bonds, <br> The Forest at Duke <br> Project,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 9/01/33 | 180000 | 175582 |
| &nbsp;&nbsp; 4.00%, 9/01/34 | 185000 | 178333 |
| &nbsp;&nbsp; North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Revenue Bonds, <br> United Methodist <br> Retirement House, <br> 3.75%, 10/01/28<br>| 525000 | 525203 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| &nbsp;&nbsp; North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Revenue <br> Refunding Bonds, Series <br> A, Sharon Towers, 5.00%, <br> 7/01/49<br>| $100000 | $88302 |
| &nbsp;&nbsp; North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Tax-Exempt <br> Revenue Bonds, First <br> Mortgage Twin Lakes <br> Community, 3.90%, <br> 1/01/29<br>| 680000 | 681282 |
| &nbsp;&nbsp; North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Bonds, <br> Triangle Expressway, <br> 4.00%, 1/01/55<br>| 225000 | 180698 |
| &nbsp;&nbsp; North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Bonds, <br> Triangle Expressway <br> (AGM Insured), 5.00%, <br> 1/01/49<br>| 500000 | 498521 |
| &nbsp;&nbsp; North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Refunding <br> Bonds, 5.00%, 1/01/40<br>| 550000 | 556125 |
| &nbsp;&nbsp; Union County GO <br> Unlimited Bonds, Series <br> C, 2.50%, 9/01/38<br>| 590000 | 471087 |
|  |  | **7065590** |
| **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** |
| &nbsp;&nbsp; City of Grand Forks Health <br> Care System Revenue <br> Bonds, Altru Health <br> System, Series A (AGM <br> Insured), 5.00%, <br> 12/01/29<br>| 125000 | 134165 |
| &nbsp;&nbsp; University of North Dakota <br> COPS, Infrastructure <br> Energy Improvement, <br> 5.00%, 4/01/48<br>| 500000 | 500902 |
|  |  | **635067** |
| **Ohio – 2.1%** | **Ohio – 2.1%** | **Ohio – 2.1%** |
| &nbsp;&nbsp; Akron Bath Copley Joint <br> Township Hospital <br> District Revenue <br> Refunding Bonds, Summa <br> Health Obligated Group <br> Hospital,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 11/15/26 | 350000 | 358347 |
| &nbsp;&nbsp; 5.00%, 11/15/27 | 370000 | 384372 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| &nbsp;&nbsp; Buckeye Tobacco <br> Settlement Financing <br> Authority Revenue <br> Refunding Bonds, <br> Senior-Class 2, Series <br> B-2, 5.00%, 6/01/55<br>| $900000 | $731074 |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facilities <br> Revenue Refunding <br> Bonds, Playhouse Square <br> Foundation Project, <br> 5.50%, 12/01/43<br>| 175000 | 174150 |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facility Revenue <br> Bonds, Cleveland <br> Museum of Natural <br> History Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/27 | 125000 | 130047 |
| &nbsp;&nbsp; 5.00%, 7/01/28 | 155000 | 164345 |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Financing Senior Tax <br> Allocation Increment <br> Revenue Refunding <br> Bonds, Flats East Bank <br> Project, 4.00%, <br> 12/01/55<sup>(d)</sup> <br>| 250000 | 186806 |
| &nbsp;&nbsp; Conotton Valley Union <br> Local School District <br> COPS, School Facilities <br> Project (FHLMC Insured), <br> 4.00%, 12/01/42<br>| 500000 | 444783 |
| &nbsp;&nbsp; Franklin County Convention <br> Facilities Authority Hotel <br> Project Revenue Bonds, <br> Greater Columbus <br> Convention Center,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/34 | 170000 | 168950 |
| &nbsp;&nbsp; 5.00%, 12/01/36 | 305000 | 299859 |
| &nbsp;&nbsp; Hamilton County Hospital <br> Facilities Revenue Bonds, <br> Cincinnati Children's <br> Hospital Project, 5.00%, <br> 11/15/41<br>| 250000 | 264612 |
| &nbsp;&nbsp; Marion County Health Care <br> Facilities Revenue <br> Refunding Bonds, United <br> Church Homes, Inc., <br> 5.13%, 12/01/49<br>| 100000 | 71617 |
| &nbsp;&nbsp; Miami Valley Career <br> Technology Center GO <br> Unlimited Bonds, 4.00%, <br> 12/01/37<br>| 250000 | 244517 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| &nbsp;&nbsp; Middleburg Heights <br> Hospital Revenue <br> Refunding Bonds, <br> Southwest General <br> Health Center, 4.00%, <br> 8/01/41<br>| $500000 | $437841 |
| &nbsp;&nbsp; Ohio State Air Quality <br> Development Authority <br> Variable Revenue <br> Refunding Bonds (AMT), <br> Dayton Power and Light <br> Company Project, 4.25%, <br> 6/01/27<sup>(a)(b)(c)</sup> <br>| 925000 | 936773 |
| &nbsp;&nbsp; Ohio State Air Quality <br> Development Authority <br> Variable Revenue <br> Refunding Bonds (AMT), <br> Duke Energy Corp., <br> Project, 4.25%, <br> 6/01/27<sup>(a)(b)(c)</sup> <br>| 250000 | 253582 |
| &nbsp;&nbsp; Ohio State Higher <br> Educational Facilities <br> Commission Revenue <br> Refunding Bonds, Xavier <br> University 2020 Project, <br> 5.00%, 5/01/35<br>| 880000 | 911633 |
| &nbsp;&nbsp; Ohio State Higher <br> Educational Facility <br> Commission Revenue <br> Refunding Bonds, <br> Otterbein University 2022 <br> Project, 4.00%, 12/01/46<br>| 500000 | 393972 |
| &nbsp;&nbsp; Ohio State Hospital <br> Revenue Refunding <br> Bonds, Premier Health <br> Partners Obligated Group, <br> 5.00%, 11/15/26<br>| 145000 | 147904 |
| &nbsp;&nbsp; Port of Greater Cincinnati <br> Development Authority <br> Subordinate Revenue <br> Refunding Bonds, Duke <br> Energy Convention Center <br> Project (AGM Insured), <br> 4.38%, 12/01/58<br>| 100000 | 87149 |
|  |  | **6792333** |
| **Oklahoma – 2.5%** | **Oklahoma – 2.5%** | **Oklahoma – 2.5%** |
| &nbsp;&nbsp; Carter County Public <br> Facilities Authority <br> Educational Facilities <br> Lease Revenue Bonds, <br> 5.00%, 9/01/28<br>| 1230000 | 1284715 |
| &nbsp;&nbsp; Comanche County Hospital <br> Authority Revenue <br> Refunding Bonds, 5.00%, <br> 7/01/29<br>| 570000 | 570217 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |
| &nbsp;&nbsp; Creek County Educational <br> Facilities Authority Lease <br> Revenue Bonds, Sapulpa <br> Public Schools Project <br> (BAM Insured), 4.13%, <br> 9/01/48<br>| $250000 | $221037 |
| &nbsp;&nbsp; Muskogee Industrial Trust <br> Educational Facilities <br> Lease Revenue Bonds, <br> Muskogee Public Schools <br> Project, 5.00%, 9/01/26<br>| 150000 | 152694 |
| &nbsp;&nbsp; Oklahoma City Water <br> Utilities Trust Utility <br> System Revenue Bonds, <br> 5.25%, 7/01/64<br>| 500000 | 515288 |
| &nbsp;&nbsp; Oklahoma County Finance <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Western Heights <br> Public Schools, 5.00%, <br> 9/01/31<br>| 1000000 | 1046268 |
| &nbsp;&nbsp; Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project, 2.00%, 12/01/47<br>| 8975 | 447 |
| &nbsp;&nbsp; Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project-B, 5.88%, <br> 12/01/47<br>| 43620 | 26990 |
| &nbsp;&nbsp; Oklahoma Housing Finance <br> Agency Collateralized <br> Variable Revenue Bonds, <br> Crimson Flats West, <br> 3.63%, 5/01/27<sup>(a)(b)(c)</sup> <br>| 625000 | 630552 |
| &nbsp;&nbsp; Oklahoma State Turnpike <br> Authority Second Senior <br> Revenue Bonds, Series C, <br> 5.00%, 1/01/47<br>| 1000000 | 1000521 |
| &nbsp;&nbsp; Oklahoma State Turnpike <br> Authority Senior Lien <br> Revenue Bonds, 5.50%, <br> 1/01/53<br>| 475000 | 492643 |
| &nbsp;&nbsp; Oklahoma State Water <br> Resources Board <br> Revolving Fund Revenue <br> Bonds, Drinking Water <br> Program 2019 Master <br> Trust, 4.00%, 4/01/48<br>| 300000 | 258066 |
| &nbsp;&nbsp; Texas County Development <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Guymon Public <br> Schools Project, 5.00%, <br> 10/01/29<br>| 720000 | 781824 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |
| &nbsp;&nbsp; Tulsa County Industrial <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Berryhill Public <br> Schools Project, 4.00%, <br> 9/01/26<br>| $500000 | $505516 |
| &nbsp;&nbsp; Tulsa County Industrial <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Glenpool Public <br> Schools Project, 5.00%, <br> 9/01/29<br>| 370000 | 401924 |
| &nbsp;&nbsp; Washington County <br> Educational Facilities <br> Authority Lease Revenue <br> Bonds, Dewey Public <br> Schools Project, 5.00%, <br> 9/01/29<br>| 435000 | 459597 |
|  |  | **8348299** |
| **Oregon – 1.0%** | **Oregon – 1.0%** | **Oregon – 1.0%** |
| &nbsp;&nbsp; Medford Hospital Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Asante Projects, <br> 5.00%, 8/15/45<br>| 500000 | 495002 |
| &nbsp;&nbsp; Oregon State Business <br> Development <br> Commission Variable <br> Revenue Bonds, Series <br> 232, Intel Corp., Project, <br> 3.80%, 6/15/28<sup>(a)(b)(c)</sup> <br>| 500000 | 505662 |
| &nbsp;&nbsp; Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Samaritan Health <br> Services, 5.00%, <br> 10/01/30<br>| 300000 | 318436 |
| &nbsp;&nbsp; Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Legacy Health Project, <br> 5.00%, 6/01/46<br>| 500000 | 490571 |
| &nbsp;&nbsp; Port of Morrow GO Limited <br> Refunding Bonds, Series <br> D,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 12/01/26 | 170000 | 171685 |
| &nbsp;&nbsp; 4.00%, 12/01/27 | 240000 | 244163 |
| &nbsp;&nbsp; Port of Portland Airport <br> Revenue Refunding <br> Bonds, Series Thirty B <br> (AMT), 5.00%, 7/01/27<br>| 500000 | 518763 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oregon (Continued)** | **Oregon (Continued)** | **Oregon (Continued)** |
| &nbsp;&nbsp; Port of Portland Airport <br> Sustainable Revenue <br> Bonds, Series Thirty <br> (AMT), 5.25%, 7/01/49<br>| $250000 | $251735 |
| &nbsp;&nbsp; Salem Hospital Facility <br> Authority Revenue <br> Refunding Bonds, Capital <br> Manor Project, 5.00%, <br> 5/15/27<br>| 260000 | 265660 |
|  |  | **3261677** |
| **Pennsylvania – 4.0%** | **Pennsylvania – 4.0%** | **Pennsylvania – 4.0%** |
| &nbsp;&nbsp; Allegheny County GO <br> Unlimited Bonds, Series <br> C-76, 5.00%, 11/01/41<br>| 500000 | 505057 |
| &nbsp;&nbsp; Allentown Neighborhood <br> Improvement Zone <br> Development Authority <br> Tax Revenue Refunding <br> Bonds, Forward Delivery, <br> 5.00%, 5/01/42<br>| 250000 | 251801 |
| &nbsp;&nbsp; Chester County IDA <br> Revenue Bonds, Avon <br> Grove Charter School, <br> 5.00%, 3/01/27<br>| 500000 | 506655 |
| &nbsp;&nbsp; Chester County IDA <br> Sustainable Revenue <br> Bonds, Longwood <br> Gardens, 4.00%, <br> 12/01/51<br>| 805000 | 676989 |
| &nbsp;&nbsp; Cumberland County <br> Municipal Authority <br> Revenue Bonds, Penn <br> State Health, 4.00%, <br> 11/01/44<br>| 500000 | 432605 |
| &nbsp;&nbsp; Cumberland County <br> Municipal Authority <br> Revenue Refunding <br> Bonds, Asbury <br> Pennsylvania Obligated, <br> 4.50%, 1/01/40<sup>(d)</sup> <br>| 185000 | 161223 |
| &nbsp;&nbsp; Doylestown Hospital <br> Authority Revenue <br> Refunding Bonds, <br> Doylestown Hospital, <br> Unrefunded Balance, <br> 5.00%, 7/01/41<br>| 350000 | 350460 |
| &nbsp;&nbsp; Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 2/15/39 | 250000 | 233348 |
| &nbsp;&nbsp; 4.00%, 2/15/47 | 500000 | 419526 |
| &nbsp;&nbsp; Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System <br> Obligation, 4.00%, <br> 4/01/39<br>| 340000 | 317355 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| &nbsp;&nbsp; Lancaster County Hospital <br> Authority Revenue <br> Refunding Bonds, <br> Masonic Villages Project, <br> 5.00%, 11/01/30<br>| $470000 | $503286 |
| &nbsp;&nbsp; Lancaster Municipal <br> Authority Healthcare <br> Facilities Revenue <br> Refunding Bonds, Garden <br> Spot Village Project, <br> 5.00%, 5/01/30<br>| 200000 | 212692 |
| &nbsp;&nbsp; Luzerne County IDA <br> Revenue Refunding <br> Bonds (AMT), <br> Pennsylvania-American <br> Water Co., Project, <br> 2.45%, 12/03/29<sup>(a)(b)(c)</sup> <br>| 750000 | 664118 |
| &nbsp;&nbsp; Montgomery County IDA <br> Revenue Bonds, Acts <br> Retirement-Life <br> Communities, 5.00%, <br> 11/15/45<br>| 500000 | 475804 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> Parking System Revenue <br> Refunding Bonds, Senior <br> Insured Capitol Region <br> (AGM Insured), 5.00%, <br> 1/01/40<br>| 500000 | 497715 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> Revenue Bonds (AMT), <br> Pennsylvania Bridges <br> FINCO LP-P3 Project, <br> 5.00%, 12/31/34<br>| 250000 | 250991 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> Tax-Exempt Private <br> Activity Revenue Bonds <br> (AMT), The Penndot <br> Major Bridges, 5.75%, <br> 6/30/48<br>| 575000 | 580233 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-1, 4.00%, <br> 4/15/45<br>| 500000 | 432908 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-2, 4.00%, <br> 5/15/48<br>| 250000 | 209513 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| &nbsp;&nbsp; Pennsylvania State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Trustees of the University <br> of Pennsylvania, Series <br> A, 4.00%, 2/15/43<br>| $585000 | $526337 |
| &nbsp;&nbsp; Pennsylvania State <br> Turnpike Commission <br> Revenue Refunding <br> Bonds, Series B, 5.25%, <br> 12/01/52<br>| 250000 | 253632 |
| &nbsp;&nbsp; Pennsylvania State <br> Turnpike Commission <br> Revenue Refunding <br> Bonds, Series C, 5.00%, <br> 12/01/46<br>| 250000 | 248580 |
| &nbsp;&nbsp; Pennsylvania State <br> Turnpike Commission <br> Subordinate Revenue <br> Bonds, Series A (AGM <br> Insured), 4.00%, <br> 12/01/49<br>| 350000 | 302521 |
| &nbsp;&nbsp; Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series B (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/30 | 475000 | 488156 |
| &nbsp;&nbsp; 5.00%, 7/01/33 | 400000 | 407109 |
| &nbsp;&nbsp; 5.00%, 7/01/35 | 155000 | 156978 |
| &nbsp;&nbsp; Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 4.00%, 7/01/40<br>| 250000 | 228299 |
| &nbsp;&nbsp; Philadelphia School <br> District GO Limited <br> Bonds, Series A (BAM, <br> TCRS Insured State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp; 4.00%, 9/01/39 | 500000 | 476036 |
| &nbsp;&nbsp; 4.00%, 9/01/40 | 500000 | 470646 |
| &nbsp;&nbsp; Philadelphia School <br> District GO Limited <br> Bonds, Series A (State <br> Aid Withholding), 5.00%, <br> 9/01/44<br>| 500000 | 491351 |
| &nbsp;&nbsp; Phoenixville Area School <br> District GO Limited Bonds <br> (State Aid Withholding), <br> 4.00%, 11/15/40<br>| 250000 | 235450 |
| &nbsp;&nbsp; Southcentral General <br> Authority Revenue Bonds, <br> York College of <br> Pennsylvania Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/01/27 | 300000 | 309275 |
| &nbsp;&nbsp; 5.00%, 5/01/28 | 215000 | 225294 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| &nbsp;&nbsp; Southeastern Pennsylvania <br> Transportation Authority <br> Revenue Bonds, Asset <br> Improvement Program, <br> 5.25%, 6/01/47<br>| $250000 | $254140 |
| &nbsp;&nbsp; West Cornwall Township <br> Municipal Authority <br> Healthcare Facilities <br> Revenue Refunding <br> Bonds, Lebanon Valley <br> Brethren Home Project,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 11/15/26 | 125000 | 124786 |
| &nbsp;&nbsp; 4.00%, 11/15/27 | 130000 | 129801 |
|  |  | **13010670** |
| **Puerto Rico – 1.3%** | **Puerto Rico – 1.3%** | **Puerto Rico – 1.3%** |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth Aqueduct <br> & Sewer Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 7/01/30<sup>(d)</sup> <br>| 250000 | 261410 |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth Notes,<br>|  |  |
| &nbsp;&nbsp; 2.64%, 11/01/43<sup>(b)(c)</sup> <br>| 19776 | 12286 |
| &nbsp;&nbsp; 1.77%, 11/01/51<sup>(b)(c)</sup> <br>| 402046 | 253288 |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited Bonds, Series <br> A1,<br>|  |  |
| &nbsp;&nbsp; 5.63%, 7/01/27 | 309847 | 319358 |
| &nbsp;&nbsp; 5.63%, 7/01/29 | 1058875 | 1121000 |
| &nbsp;&nbsp; 5.75%, 7/01/31 | 57185 | 62080 |
| &nbsp;&nbsp; 4.00%, 7/01/33 | 54226 | 52877 |
| &nbsp;&nbsp; 4.00%, 7/01/35 | 48742 | 46485 |
| &nbsp;&nbsp; 4.00%, 7/01/37 | 106285 | 100075 |
| &nbsp;&nbsp; 4.00%, 7/01/41 | 56878 | 49556 |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited CABS, Series <br> A, 0.00%, 7/01/33<sup>(f)</sup> <br>| 69785 | 48360 |
| &nbsp;&nbsp; Puerto Rico Sales Tax <br> Financing Corp., <br> Restructured TRB, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 7/01/53 | 1011000 | 906123 |
| &nbsp;&nbsp; 5.00%, 7/01/58 | 157000 | 143485 |
| &nbsp;&nbsp; Puerto Rico Sales Tax <br> Financing Corp., Revenue <br> CABS, Series A-1, <br> Restructured Bonds, <br> 0.00%, 7/01/33<sup>(f)</sup> <br>| 500000 | 361634 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Puerto Rico (Continued)** | **Puerto Rico (Continued)** | **Puerto Rico (Continued)** |
| &nbsp;&nbsp; Puerto Rico Sales Tax <br> Financing Corp., Sales <br> Tax Revenue CABS, <br> Series A-1,<br>|  |  |
| &nbsp;&nbsp; 0.00%, 7/01/27<sup>(f)</sup> <br>| $160000 | $149867 |
| &nbsp;&nbsp; 0.00%, 7/01/46<sup>(f)</sup> <br>| 875000 | 270635 |
|  |  | **4158519** |
| **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
| &nbsp;&nbsp; Rhode Island <br> Commerce Corp., First <br> Lien Special Facility <br> Revenue Refunding <br> Bonds, Rhode Island <br> Airport Corp., <br> International, 5.00%, <br> 7/01/31<br>| 500000 | **520379** |
| **South Carolina – 0.5%** | **South Carolina – 0.5%** | **South Carolina – 0.5%** |
| &nbsp;&nbsp; Connector 2000 <br> Association, Inc., Toll <br> Road Revenue CABS, <br> Senior Series A-1,<br>|  |  |
| &nbsp;&nbsp; 0.00%, 1/01/32<sup>(f)</sup> <br>| 354582 | 230871 |
| &nbsp;&nbsp; 0.00%, 1/01/42<sup>(f)</sup> <br>| 228148 | 72002 |
| &nbsp;&nbsp; 0.00%, 7/22/51<sup>(f)</sup> <br>| 262488 | 38100 |
| &nbsp;&nbsp; South Carolina State Jobs <br> EDA Healthcare Revenue <br> Bonds, Beaufort <br> Memorial Hospital & <br> South of Broad <br> Healthcare Project, <br> 5.00%, 11/15/31<br>| 280000 | 293813 |
| &nbsp;&nbsp; South Carolina State Jobs <br> EDA Hospital Revenue <br> Refunding Bonds, Prisma <br> Health Obligated Group, <br> 5.00%, 5/01/38<br>| 400000 | 405931 |
| &nbsp;&nbsp; South Carolina State <br> Public Service Authority <br> Revenue Bonds, Series E, <br> Santee Cooper, 5.75%, <br> 12/01/47<br>| 250000 | 263445 |
| &nbsp;&nbsp; South Carolina State <br> Public Service Authority <br> Revenue Refunding <br> Bonds, Series A, 4.00%, <br> 12/01/36<br>| 350000 | 342349 |
|  |  | **1646511** |
| **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
| &nbsp;&nbsp; South Dakota State Health <br> & Educational Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Avera Health, 4.25%, <br> 7/01/49<br>| 475000 | **422199** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Tennessee – 1.2%** | **Tennessee – 1.2%** | **Tennessee – 1.2%** |
| &nbsp;&nbsp; Knox County Health <br> Educational & Housing <br> Facility Board Student <br> Housing Revenue Bonds, <br> University of Tennessee <br> Project, Series A-1 (BAM <br> Insured), 5.50%, 7/01/54<br>| $250000 | $254446 |
| &nbsp;&nbsp; Metropolitan Government <br> Nashville & Davidson <br> County Health & <br> Educational Facilities <br> Board Revenue Bonds, <br> Vanderbilt University <br> Medical Center, 5.00%, <br> 7/01/40<br>| 400000 | 397783 |
| &nbsp;&nbsp; Metropolitan Nashville <br> Airport Authority <br> Subordinate Revenue <br> Bonds, Series B (AMT), <br> 5.00%, 7/01/39<br>| 1000000 | 1008019 |
| &nbsp;&nbsp; Shelby County Health, <br> Educational & Housing <br> Facilities Board Revenue <br> Refunding Bonds, <br> Methodist Le Bonheur <br> Healthcare, 5.00%, <br> 5/01/29<br>| 535000 | 550193 |
| &nbsp;&nbsp; Shelby County Health, <br> Educational & Housing <br> Facilities Board Revenue <br> Refunding Bonds, <br> Methodist Le Bonheur <br> Healthcare (AG Insured), <br> 5.00%, 6/01/35<br>| 250000 | 267231 |
| &nbsp;&nbsp; Tennergy Corp., Gas <br> Revenue Bonds, Series A, <br> 4.00%, 9/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 502638 |
| &nbsp;&nbsp; Tennessee State Energy <br> Acquisition Corp., <br> Variable Revenue <br> Refunding Bonds, Series <br> A, Gas Project, 5.00%, <br> 5/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 1030373 |
|  |  | **4010683** |
| **Texas – 12.2%** | **Texas – 12.2%** | **Texas – 12.2%** |
| &nbsp;&nbsp; Alvarado Independent <br> School District Variable <br> GO Unlimited Bonds (PSF, <br> Gtd), 4.00%, <br> 8/15/28<sup>(a)(b)(c)(e)</sup> <br>| 675000 | 694875 |
| &nbsp;&nbsp; Arlington Higher Education <br> Finance Corp., Revenue <br> Bonds, Riverwalk <br> Education Foundation <br> (PSF, Gtd), 5.00%, <br> 8/15/47<br>| 500000 | 503256 |
| &nbsp;&nbsp; Austin Airport System <br> Revenue Bonds, Series B <br> (AMT), 5.00%, 11/15/26<br>| 595000 | 609932 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Austin Convention <br> Enterprises, Inc., <br> Convention Center <br> Revenue Refunding <br> Bonds, First Tier, 5.00%, <br> 1/01/32<br>| $625000 | $628721 |
| &nbsp;&nbsp; Beaumont Waterworks & <br> Sewer System Revenue <br> Bonds (BAM Insured), <br> 5.00%, 9/01/44<br>| 500000 | 509004 |
| &nbsp;&nbsp; Bexar County Hospital <br> District Certificates GO <br> Limited Bonds, 4.00%, <br> 2/15/43<br>| 250000 | 220133 |
| &nbsp;&nbsp; Board of Managers Joint <br> Guadalupe County-City of <br> Seguin Hospital <br> Mortgage Revenue <br> Refunding Bonds, 5.00%, <br> 12/01/40<br>| 200000 | 187460 |
| &nbsp;&nbsp; Central Texas Regional <br> Mobility Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 1/01/49<br>| 500000 | 496479 |
| &nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Education <br> Revenue Refunding <br> Bonds, International <br> Leadership of Texas (PSF, <br> Gtd),<br>|  |  |
| &nbsp;&nbsp; 4.38%, 2/15/42 | 500000 | 475759 |
| &nbsp;&nbsp; 5.25%, 2/15/43 | 200000 | 205074 |
| &nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Education <br> Revenue Refunding <br> Bonds, International <br> Leadership of Texas, Inc. <br> (PSF, Gtd), 5.25%, <br> 2/15/44<br>| 450000 | 458859 |
| &nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Variable <br> Revenue Bonds, <br> International Leadership <br> of Texas, Inc. (PSF, Gtd), <br> 4.00%, 2/15/30<sup>(a)(b)(c)</sup> <br>| 1500000 | 1536198 |
| &nbsp;&nbsp; Clifton Higher Educational <br> Finance Corp., Revenue <br> Refunding Bonds, Idea <br> Public School (PSF, Gtd), <br> 4.00%, 8/15/44<br>| 1000000 | 883582 |
| &nbsp;&nbsp; Clifton Higher Educational <br> Finance Corp., Revenue <br> Refunding Bonds, <br> International Leadership <br> of Texas (PSF, Gtd), <br> 4.13%, 8/15/49<br>| 200000 | 170876 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Dallas Refunding GO <br> Limited Bonds, Series B <br> (AGM-CR Insured), <br> 4.00%, 2/15/43<br>| $415000 | $376579 |
| &nbsp;&nbsp; Dallas Senior Lien Special <br> Tax Variable Revenue <br> Bonds, Fair Park Venue <br> Project, 6.25%, <br> 8/15/28<sup>(a)(b)(c)(d)</sup> <br>| 250000 | 250053 |
| &nbsp;&nbsp; Denton County Permanent <br> Improvement GO Limited <br> Bonds, 4.00%, 7/15/43<br>| 285000 | 258062 |
| &nbsp;&nbsp; Denton County Special <br> Assessment Revenue <br> Bonds, Green Meadows <br> Public Improvement <br> District, 6.13%, <br> 12/31/55<sup>(d)</sup> <br>| 100000 | 100069 |
| &nbsp;&nbsp; El Paso Texas Airport <br> Revenue Bonds (AMT), <br> 5.00%, 8/15/27<br>| 375000 | 389969 |
| &nbsp;&nbsp; Fort Bend Independent <br> School District Refunding <br> GO Unlimited Bonds, <br> Series A (PSF, Gtd), <br> 5.00%, 8/15/31<br>| 500000 | 559077 |
| &nbsp;&nbsp; Fort Bend Independent <br> School District Variable <br> GO Unlimited Refunding <br> Bonds, Series B (PSF, <br> Gtd), 0.72%, <br> 8/01/26<sup>(a)(b)(c)</sup> <br>| 820000 | 796411 |
| &nbsp;&nbsp; Grand Parkway <br> Transportation Corp., <br> System Toll Revenue <br> Refunding Bonds, First <br> Tier, 4.00%, 10/01/45<br>| 265000 | 229555 |
| &nbsp;&nbsp; Greater Texoma Utility <br> Authority Contract <br> Revenue Bonds, Series A, <br> City of Sherman Project <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/29 | 350000 | 379033 |
| &nbsp;&nbsp; 4.00%, 10/01/43 | 250000 | 222121 |
| &nbsp;&nbsp; Harris County Cultural <br> Education Facilities <br> Finance Corp., Revenue <br> Refunding Bonds, <br> Memorial Hermann <br> Health System, 5.00%, <br> 7/01/29<br>| 255000 | 275505 |
| &nbsp;&nbsp; Harris County Cultural <br> Education Facilities <br> Finance Corp., Revenue <br> Refunding Bonds, Texas <br> Children's Hospital,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/31<sup>(a)(b)(c)</sup> <br>| 615000 | 672715 |
| &nbsp;&nbsp; 5.00%, 10/01/31 | 545000 | 602778 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Harris County Cultural <br> Education Facilities <br> Finance Corp., Variable <br> Revenue Refunding <br> Bonds, Memorial <br> Hermann Health, 5.00%, <br> 12/01/28<sup>(a)(b)(c)</sup> <br>| $570000 | $604833 |
| &nbsp;&nbsp; Harris County Cultural <br> Education Finance Corp., <br> Medical Facilities <br> Revenue Bonds, Baylor <br> College of Medicine, <br> 5.00%, 5/15/29<br>| 500000 | 532734 |
| &nbsp;&nbsp; Harris County Cultural <br> Educational Facilities <br> Finance Corp., Revenue <br> Refunding Bonds, Texas <br> Children's Hospital, <br> 4.00%, 10/01/38<br>| 350000 | 331301 |
| &nbsp;&nbsp; Harris County Flood <br> Control District GO <br> Limited Bonds, Series A, <br> Sustainability Bonds, <br> 4.00%, 9/15/43<br>| 250000 | 222420 |
| &nbsp;&nbsp; Harris County Health <br> Facilities <br> Development Corp., <br> Variable Revenue <br> Refunding Bonds, <br> Methodist Hospital <br> System, 1.55%, <br> 12/01/41<sup>(c)(h)</sup> <br>| 3650000 | 3650000 |
| &nbsp;&nbsp; Harris County-Houston <br> Sports Authority Second <br> Lien Revenue Refunding <br> Bonds, Series B (AGC <br> Insured), 5.00%, <br> 11/15/43<br>| 225000 | 228435 |
| &nbsp;&nbsp; Housing Options, Inc., <br> Multifamily Variable <br> Revenue Bonds, The <br> Culbreath, 3.75%, <br> 11/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 1013298 |
| &nbsp;&nbsp; Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., <br> Improvement Projects, <br> 5.00%, 7/15/27<br>| 175000 | 175696 |
| &nbsp;&nbsp; Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., Terminal, <br> 5.00%, 7/01/27<br>| 125000 | 125487 |
| &nbsp;&nbsp; Houston Airport System <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/30<sup>(e)</sup> <br>| 750000 | 809438 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Houston Airport System <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.50%, 7/01/43<sup>(e)</sup> <br>| $125000 | $131278 |
| &nbsp;&nbsp; Houston Airport System <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT) <br> (AGM Insured), 5.25%, <br> 7/01/43<br>| 400000 | 406364 |
| &nbsp;&nbsp; Houston Hotel Occupancy <br> Tax & Special Revenue <br> Refunding Bonds, <br> Convention & <br> Entertainment, 5.00%, <br> 9/01/36<br>| 510000 | 525658 |
| &nbsp;&nbsp; Katy Independent School <br> District Variable GO <br> Unlimited Bonds, Series <br> C (PSF, Gtd), 4.00%, <br> 8/15/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1011736 |
| &nbsp;&nbsp; Kilgore Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 3.00%, 2/15/41<br>| 730000 | 586854 |
| &nbsp;&nbsp; Leander Independent <br> School District GO <br> Unlimited Refunding <br> Bonds, Series A (PSF, <br> Gtd), 5.00%, 8/15/41<br>| 125000 | 131035 |
| &nbsp;&nbsp; Matagorda County <br> Navigation District No. 1 <br> Revenue Refunding <br> Bonds (AMBAC Insured), <br> 4.40%, 5/01/30<br>| 500000 | 522381 |
| &nbsp;&nbsp; Midland Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 5.00%, 2/15/50<br>| 500000 | 499439 |
| &nbsp;&nbsp; Montgomery County Toll <br> Road Authority Senior <br> Lien Revenue Bonds, <br> 5.00%, 9/15/37<br>| 500000 | 500405 |
| &nbsp;&nbsp; New Hope Cultural <br> Educational Facilities <br> Finance Corp., Retirement <br> Facilities Revenue <br> Refunding Bonds, <br> Presbyterian Village <br> North Project, 5.25%, <br> 10/01/49<br>| 100000 | 87205 |
| &nbsp;&nbsp; North Texas State <br> Municipal Water District <br> Water System Revenue <br> Improvement & <br> Refunding Bonds, 5.00%, <br> 9/01/32<br>| 250000 | 250462 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Northside Independent <br> School District Variable <br> GO Unlimited Bonds (PSF, <br> Gtd), 3.55%, <br> 6/01/28<sup>(a)(b)(c)</sup> <br>| $500000 | $506003 |
| &nbsp;&nbsp; Northside Independent <br> School District Variable <br> Refunding GO Unlimited <br> Bonds, Series B (PSF, <br> Gtd), 3.45%, <br> 8/01/27<sup>(a)(b)(c)</sup> <br>| 500000 | 503240 |
| &nbsp;&nbsp; Northwest Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 5.25%, 2/15/55<br>| 250000 | 257686 |
| &nbsp;&nbsp; Odessa Junior College <br> District Consolidated <br> Revenue Bonds (AGM <br> Insured), 4.00%, 7/01/27<br>| 435000 | 445487 |
| &nbsp;&nbsp; Pasadena Independent <br> School District GO <br> Unlimited Bonds, Series <br> A (PSF, Gtd), 4.00%, <br> 2/15/32<br>| 700000 | 700242 |
| &nbsp;&nbsp; Plano GO Limited <br> Refunding Bonds, 4.00%, <br> 9/01/43<br>| 300000 | 266557 |
| &nbsp;&nbsp; Port Arthur Certificates GO <br> Limited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 345000 | 356494 |
| &nbsp;&nbsp; Port Beaumont Navigation <br> District Dock & Wharf <br> Facility Revenue <br> Refunding Bonds (AMT), <br> Jefferson Gulf Coast <br> Energy Project, 4.00%, <br> 1/01/50<sup>(d)</sup> <br>| 375000 | 262318 |
| &nbsp;&nbsp; Prosper Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 4.00%, 2/15/54<br>| 1225000 | 1028709 |
| &nbsp;&nbsp; Round Rock Independent <br> School District Variable <br> GO Unlimited Bonds, <br> Series A (PSF, Gtd), <br> 5.00%, 8/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1089420 |
| &nbsp;&nbsp; San Antonio Airport <br> System Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT), <br> 5.00%, 7/01/30<br>| 250000 | 264152 |
| &nbsp;&nbsp; San Antonio Electric & Gas <br> Revenue Refunding <br> Bonds, Series D, 5.25%, <br> 2/01/54<br>| 500000 | 513452 |
| &nbsp;&nbsp; San Antonio Water Junior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 5/15/43<br>| 500000 | 501978 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Spring Independent School <br> District GO Unlimited <br> Refunding Bonds (PSF, <br> Gtd), 5.00%, 8/15/32<br>| $250000 | $250215 |
| &nbsp;&nbsp; Tarrant County Cultural <br> Educational Facilities <br> Finance Corp., Hospital <br> Variable Revenue <br> Refunding Bonds, Baylor <br> Scott & White Health <br> (Barclays Bank PLC LOC), <br> 0.85%, 11/15/50<sup>(c)(h)</sup> <br>| 2000000 | 2000000 |
| &nbsp;&nbsp; Texas City Industrial <br> Development Corp., <br> Revenue Bonds, Series <br> 2012, NRG Energy <br> Project, 4.13%, 12/01/45<br>| 545000 | 450064 |
| &nbsp;&nbsp; Texas State Municipal Gas <br> Acquisition & <br> Supply Corp., V Gas <br> Supply Revenue Bonds, <br> 5.00%, 1/01/34<sup>(a)(b)(c)</sup> <br>| 600000 | 631470 |
| &nbsp;&nbsp; Texas State PFA Lease <br> Revenue Refunding <br> Bonds, 4.00%, 2/01/36<br>| 250000 | 251172 |
| &nbsp;&nbsp; Texas State Private Activity <br> Bond Surface <br> Transportation Corp., <br> Senior Lien Revenue <br> Refunding Bonds, North <br> Tarrant Express, 4.00%, <br> 12/31/38<br>| 750000 | 696543 |
| &nbsp;&nbsp; Texas State Private Activity <br> Surface <br> Transportation Corp., <br> Senior Lien Revenue <br> Refunding Bonds (AMT), <br> 5.50%, 6/30/42<br>| 1000000 | 1013858 |
| &nbsp;&nbsp; Texas State Transportation <br> Commission First Tier Toll <br> Revenue CABS, 0.00%, <br> 8/01/29<sup>(f)</sup> <br>| 480000 | 418466 |
| &nbsp;&nbsp; Texas State Water <br> Development Board <br> Revenue Bonds, State <br> Water Implementation <br> Fund, 4.00%, 10/15/38<br>| 510000 | 498857 |
| &nbsp;&nbsp; University of Houston <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 2/15/47<br>| 250000 | 250913 |
| &nbsp;&nbsp; University of North Texas <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 4/15/27<br>| 1000000 | 1040958 |
| &nbsp;&nbsp; University of Texas <br> Revenue Bonds, Series B, <br> 5.00%, 8/15/42<br>| 150000 | 156451 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Upper Trinity Regional <br> Water District Revenue <br> Refunding Bonds (BAM <br> Insured), 4.25%, 8/01/49<br>| $500000 | $443288 |
| &nbsp;&nbsp; Waller Independent School <br> District GO Unlimited <br> Bonds (BAM Insured), <br> 5.00%, 2/15/44<br>| 235000 | 238526 |
|  |  | **40075113** |
| **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** |
| &nbsp;&nbsp; Black Desert Public <br> Infrastructure District <br> Special Assessment <br> Bonds, Black Desert <br> Assessment Area, 5.63%, <br> 12/01/53<sup>(d)</sup> <br>| 100000 | 97084 |
| &nbsp;&nbsp; Cache County School <br> District Building GO <br> Unlimited Refunding <br> Bonds (School Board <br> Guaranty Program), <br> 4.00%, 6/15/30<br>| 925000 | 934551 |
| &nbsp;&nbsp; Downtown Revitalization <br> Public Infrastructure <br> District First Lien Sales <br> Revenue Bonds, SEG <br> Redevelopment Project <br> (AG Insured), 5.00%, <br> 6/01/38<br>| 100000 | 103232 |
| &nbsp;&nbsp; Downtown Revitalization <br> Public Infrastructure <br> District Sales <br> Subordinate Revenue <br> Bonds Bond, 5.00%, <br> 7/15/35<sup>(d)</sup> <br>| 100000 | 100213 |
| &nbsp;&nbsp; Mida Mountain Village <br> Public Infrastructure <br> District Tax Allocation <br> Subordinate Revenue <br> Bonds, Series 2, 5.50%, <br> 6/15/39<sup>(d)</sup> <br>| 500000 | 497059 |
| &nbsp;&nbsp; Utah County Hospital <br> Revenue Bonds, Series A, <br> IHC Health Services Inc., <br> 4.00%, 5/15/45<br>| 500000 | 437785 |
| &nbsp;&nbsp; Utah Municipal Power <br> Agency Power Supply <br> System Revenue Bonds, <br> Series B, 5.00%, 7/01/38<br>| 500000 | 504139 |
|  |  | **2674063** |
| **Virginia – 1.8%** | **Virginia – 1.8%** | **Virginia – 1.8%** |
| &nbsp;&nbsp; Arlington County IDA <br> Hospital Facilities <br> Revenue Refunding <br> Bonds, Virginia Hospital <br> Center, 3.75%, 7/01/50<br>| 500000 | 390445 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Virginia (Continued)** | **Virginia (Continued)** | **Virginia (Continued)** |
| &nbsp;&nbsp; Fairfax County GO <br> Unlimited Bonds, Series <br> A (State Aid <br> Withholding), 2.00%, <br> 10/01/41<br>| $1000000 | $651375 |
| &nbsp;&nbsp; Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System, 4.00%, 5/15/48<br>| 250000 | 216108 |
| &nbsp;&nbsp; Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System Project, 3.50%, <br> 5/15/39<br>| 525000 | 481676 |
| &nbsp;&nbsp; Newport News EDA <br> Residential Care <br> Facilities Revenue <br> Refunding Bonds, <br> Lifespire of Virginia, <br> 5.00%, 12/01/38<br>| 750000 | 750175 |
| &nbsp;&nbsp; Virginia State <br> Commonwealth <br> Transportation Board <br> Capital Projects Revenue <br> Bonds, 3.00%, 5/15/37<br>| 1000000 | 874161 |
| &nbsp;&nbsp; Virginia State Small <br> Business Financing <br> Authority Senior Lien <br> Revenue Bonds (AMT), <br> Elizabeth River Crossings <br> OpCo, LLC Project,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 7/01/32 | 275000 | 276543 |
| &nbsp;&nbsp; 4.00%, 1/01/37 | 660000 | 629298 |
| &nbsp;&nbsp; Virginia State Small <br> Business Financing <br> Authority Senior Lien <br> Revenue Refunding <br> Bonds (AMT), 95 Express <br> Lanes,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/38 | 910000 | 916407 |
| &nbsp;&nbsp; 4.00%, 7/01/39 | 240000 | 217391 |
| &nbsp;&nbsp; 4.00%, 1/01/40 | 280000 | 250869 |
| &nbsp;&nbsp; 4.00%, 1/01/48 | 225000 | 181877 |
|  |  | **5836325** |
| **Washington – 2.9%** | **Washington – 2.9%** | **Washington – 2.9%** |
| &nbsp;&nbsp; Energy Northwest Electric <br> Revenue Refunding <br> Bonds, Columbia <br> Generating Station, <br> 4.00%, 7/01/42<br>| 1515000 | 1399566 |
| &nbsp;&nbsp; King County Public <br> Hospital District No. 1 GO <br> Limited Tax Refunding <br> Bonds, Valley Medical <br> Center, 5.00%, 12/01/26<br>| 550000 | 565766 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |
| &nbsp;&nbsp; King County Sewer Junior <br> Lien Variable Revenue <br> Refunding Bonds, 1.85%, <br> 1/01/42<sup>(c)(h)</sup> <br>| $1500000 | $1500000 |
| &nbsp;&nbsp; King County Sewer <br> Revenue Refunding <br> Bonds, Unrefunded <br> Balance, 5.00%, 7/01/42<br>| 120000 | 120638 |
| &nbsp;&nbsp; King County Tax Refunding <br> GO Limited Bonds, <br> 4.00%, 7/01/29<br>| 500000 | 510405 |
| &nbsp;&nbsp; Port of Seattle GO Limited <br> Bonds, Series B (AMT), <br> 5.00%, 6/01/49<br>| 325000 | 325015 |
| &nbsp;&nbsp; Port of Seattle <br> Intermediate Lien <br> Revenue Bonds (AMT), <br> 5.00%, 4/01/44<br>| 500000 | 483674 |
| &nbsp;&nbsp; Port of Seattle <br> Intermediate Lien <br> Revenue Bonds, Series C <br> (AMT), 5.00%, 5/01/28<br>| 250000 | 257656 |
| &nbsp;&nbsp; Port of Seattle <br> Intermediate Lien <br> Revenue Refunding <br> Bonds (AMT), 5.00%, <br> 8/01/47<br>| 250000 | 241650 |
| &nbsp;&nbsp; Port of Seattle <br> Intermediate Lien <br> Revenue Refunding <br> Bonds, Series B (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.25%, 7/01/43 | 315000 | 320291 |
| &nbsp;&nbsp; 5.25%, 7/01/44 | 365000 | 369186 |
| &nbsp;&nbsp; Seattle Municipal Light & <br> Power Revenue <br> Refunding Bonds, 4.00%, <br> 9/01/40<br>| 500000 | 462485 |
| &nbsp;&nbsp; Skagit County Public <br> Hospital District No. 1 <br> Revenue Improvement & <br> Refunding Bonds, Skagit <br> Regional Health,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/27 | 500000 | 510152 |
| &nbsp;&nbsp; 5.00%, 12/01/28 | 440000 | 448198 |
| &nbsp;&nbsp; Washington State Health <br> Care Facilities Authority <br> Revenue Bonds, Seattle <br> Cancer Care Alliance, <br> 4.00%, 12/01/40<sup>(d)</sup> <br>| 350000 | 317521 |
| &nbsp;&nbsp; Washington State Health <br> Care Facilities Authority <br> Revenue Bonds, Series A, <br> Providence Health & <br> Services, 4.00%, <br> 10/01/34<br>| 500000 | 498424 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |
| &nbsp;&nbsp; Washington State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Seattle University <br> Project, 4.00%, 5/01/50<br>| $250000 | $207959 |
| &nbsp;&nbsp; Washington State Housing <br> Finance Commission <br> Nonprofit Revenue <br> Bonds, Blakeley & Laurel <br> Villages Portfolio (BAM <br> Insured), 5.25%, <br> 7/01/55<sup>(d)</sup> <br>| 525000 | 515938 |
| &nbsp;&nbsp; Washington State Housing <br> Finance Commission <br> Nonprofit Revenue <br> Bonds, Radford Court & <br> Nordheim Court, 5.50%, <br> 7/01/59<br>| 400000 | 399160 |
|  |  | **9453684** |
| **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
| &nbsp;&nbsp; West Virginia State EDA <br> Solid Waste Disposal <br> Facilities Variable <br> Revenue Refunding <br> Bonds, Series 2015-A, <br> Appalachian Power <br> Company - Amos Project, <br> 3.38%, 6/15/28<sup>(a)(b)(c)</sup> <br>| 750000 | 753744 |
| &nbsp;&nbsp; West Virginia State <br> Housing Development <br> Fund Sustainable <br> Revenue Bonds, Series A, <br> 4.40%, 11/01/44<br>| 500000 | 462978 |
|  |  | **1216722** |
| **Wisconsin – 2.3%** | **Wisconsin – 2.3%** | **Wisconsin – 2.3%** |
| &nbsp;&nbsp; Milwaukee GO Unlimited <br> Bonds, Promissory Notes, <br> Series N3 (AGM Insured), <br> 5.00%, 4/01/31<br>| 500000 | 549028 |
| &nbsp;&nbsp; Milwaukee Metropolitan <br> Sewerage District GO <br> Unlimited Bonds, Green <br> Bonds, Climate Bond <br> Certified, 4.00%, <br> 10/01/43<br>| 500000 | 456417 |
| &nbsp;&nbsp; PFA Education Revenue <br> Bonds, North Carolina <br> Leadership Academy, <br> 5.00%, 6/15/49<sup>(d)</sup> <br>| 100000 | 87638 |
| &nbsp;&nbsp; PFA Educational Revenue <br> Bonds, Piedmont <br> Community Charter <br> School,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/39 | 490000 | 485121 |
| &nbsp;&nbsp; 5.00%, 6/15/49 | 150000 | 137071 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| &nbsp;&nbsp; PFA Exempt Facilities <br> Revenue Refunding <br> Bonds (AMT), National <br> Gypsum Co., 4.00%, <br> 8/01/35<br>| $370000 | $347117 |
| &nbsp;&nbsp; PFA Pollution Control <br> Variable Revenue <br> Refunding Bonds, Duke <br> Energy Progress Project, <br> 3.30%, 10/01/26<sup>(a)(b)(c)</sup> <br>| 500000 | 501071 |
| &nbsp;&nbsp; PFA Project Revenue <br> Bonds, CFP3 - Eastern <br> Michigan University <br> Housing Project (BAM <br> Insured), 5.50%, 7/01/52<br>| 250000 | 251006 |
| &nbsp;&nbsp; PFA Revenue Bonds, <br> Roseman University, <br> Unrefunded Balance, <br> 5.00%, 4/01/50<sup>(d)</sup> <br>| 250000 | 219859 |
| &nbsp;&nbsp; PFA Senior Lien Toll <br> Revenue Bonds (AMT), <br> Georgia SR 400 Express,<br>|  |  |
| &nbsp;&nbsp; 6.50%, 6/30/60 | 100000 | 105133 |
| &nbsp;&nbsp; 5.75%, 6/30/60 | 200000 | 192616 |
| &nbsp;&nbsp; 6.50%, 12/31/65 | 125000 | 130460 |
| &nbsp;&nbsp; 5.75%, 12/31/65 | 350000 | 333677 |
| &nbsp;&nbsp; PFA Solid Waste Disposal <br> Revenue Refunding <br> Bonds (AMT), Waste <br> Management, Inc., <br> Project, 2.88%, 5/01/27<br>| 495000 | 487293 |
| &nbsp;&nbsp; PFA Student Housing <br> Revenue Bonds, Senior <br> Series 2025-A, KSU Bixby <br> Real Estate Foundation, <br> 5.25%, 6/15/55<br>| 100000 | 97442 |
| &nbsp;&nbsp; PFA Student Housing <br> Revenue Bonds, <br> Subordinate Series <br> 2025-B, KSU Bixby Real <br> Estate Foundation, <br> 5.25%, 6/15/45<br>| 200000 | 195476 |
| &nbsp;&nbsp; PFA Variable Revenue <br> Refunding Bonds, <br> Providence St. Joseph, <br> Prerefunded, 4.00%, <br> 10/01/30<sup>(b)(c)(g)</sup> <br>| 145000 | 153800 |
| &nbsp;&nbsp; PFA Variable Revenue <br> Refunding Bonds, <br> Providence St. Joseph, <br> Unrefunded Balance, <br> 4.00%, 10/01/30<sup>(a)(b)(c)</sup> <br>| 225000 | 230461 |
| &nbsp;&nbsp; Slinger Redevelopment <br> Authority Revenue Bonds, <br> Series A, Police Station <br> Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 3/01/29 | 110000 | 117569 |
| &nbsp;&nbsp; 5.00%, 3/01/31 | 50000 | 54578 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| &nbsp;&nbsp; Slinger Redevelopment <br> Authority Revenue Bonds, <br> Series A, Police Station <br> Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 3/01/32 | $45000 | $49386 |
| &nbsp;&nbsp; Wisconsin Center District <br> TRB, CABS, Junior <br> Dedicated, Series D <br> (AGM Moral Obligation <br> Insured), 0.00%, <br> 12/15/45<sup>(f)</sup> <br>| 250000 | 88780 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series A, UnityPoint <br> Health, 5.00%, 12/01/28<br>| 590000 | 591426 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Three Pillars Senior <br> Living Communities,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 8/15/27 | 100000 | 99377 |
| &nbsp;&nbsp; 4.00%, 8/15/31 | 375000 | 363640 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Ascension Health Credit <br> Group, 4.00%, 11/15/39<br>| 290000 | 262381 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Benevolent Corp., Cedar <br> Community, 5.00%, <br> 6/01/41<br>| 250000 | 225411 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Froedtert Health, Inc., <br> Series A, 4.00%, 4/01/41<br>| 350000 | 320202 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> ThedaCare Inc., 4.00%, <br> 12/15/49<br>| 350000 | 292932 |
|  |  | **7426368** |
| &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $305,965,092) | &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $305,965,092) | **291429059** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Short-Term Investments – 11.0%** | **Short-Term Investments – 11.0%** | **Short-Term Investments – 11.0%** |
| **Money Market Fund – 1.0%** | **Money Market Fund – 1.0%** | **Money Market Fund – 1.0%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier),4.15%<sup>(i)</sup> <br>| 3219033 | $**3219033** |
| **Municipal – 10.0%** | **Municipal – 10.0%** | **Municipal – 10.0%** |
| &nbsp;&nbsp; Albuquerque Municipal <br> School District No. 12 GO <br> Unlimited Bonds, Series <br> A (State Aid <br> Withholding), 5.00%, <br> 8/01/25<br>| 750000 | 750000 |
| &nbsp;&nbsp; California State Pollution <br> Control Financing <br> Authority Solid Waste <br> Disposal Refunding <br> Revenue Bonds, Series <br> B-1 (AMT), Waste <br> Management Inc., <br> Project, 3.00%, 11/01/25<br>| 500000 | 499812 |
| &nbsp;&nbsp; California State Pollution <br> Control Financing <br> Authority Solid Waste <br> Disposal Variable <br> Revenue Refunding <br> Bonds (AMT), Republic <br> Services, Inc., Project, <br> 3.70%, 8/15/25<sup>(a)(b)(c)(d)</sup> <br>| 500000 | 499992 |
| &nbsp;&nbsp; Central Plains Energy <br> Project Gas Supply <br> Revenue Refunding <br> Bonds, 4.00%, <br> 8/01/25<sup>(a)(b)(c)</sup> <br>| 1000000 | 1000000 |
| &nbsp;&nbsp; Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/26<br>| 225000 | 227899 |
| &nbsp;&nbsp; Chicago Heights <br> Multifamily Variable <br> Revenue Bonds, Olympic <br> Village Apartments <br> Project (FHA Insured, <br> Housing & Urban <br> Development Sector 8 <br> Program), 2.88%, <br> 8/01/25<sup>(a)(b)(c)</sup> <br>| 500000 | 500000 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Senior Lien General <br> Revenue Bonds, Series D <br> (AMT), 5.00%, 1/01/26<br>| 140000 | 141398 |
| &nbsp;&nbsp; City of Shakopee Senior <br> Housing Revenue Bonds, <br> Benedictine Living <br> Community of <br> Shakopee LLC Project, <br> 5.85%, 11/01/25<sup>(a)(b)(c)(d)</sup> <br>| 250000 | 249390 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal (Continued)** | **Municipal (Continued)** | **Municipal (Continued)** |
| &nbsp;&nbsp; City of Valley Center GO <br> Unlimited Temporary <br> Notes, Series 1, 4.38%, <br> 12/01/25<br>| 485000 | $485269 |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facility Revenue <br> Bonds, Cleveland <br> Museum of Natural <br> History Project, 5.00%, <br> 7/01/26<br>| 125000 | 127392 |
| &nbsp;&nbsp; Colorado Educational & <br> Cultural Authority <br> Revenue Refunding <br> Bonds, Prospect Ridge <br> Academy Project (Moral <br> Obligation Insured), <br> 5.00%, 3/15/26<br>| 510000 | 515822 |
| &nbsp;&nbsp; Commonwealth Financing <br> Authority Taxable <br> Revenue Refunding <br> Bonds, Series B-1, <br> 5.00%, 6/01/26<br>| 300000 | 300535 |
| &nbsp;&nbsp; Cuyahoga Metropolitan <br> Housing Authority MFH <br> Variable Revenue Bonds, <br> Wade Park Apartments <br> (FHA Insured, Housing & <br> Urban Development <br> Sector 8 Program), <br> 4.75%, 12/01/25<sup>(a)(b)(c)</sup> <br>| 350000 | 351892 |
| &nbsp;&nbsp; Dallas-Fort Worth <br> International Airport <br> Revenue Refunding <br> Bonds, Series B, 5.00%, <br> 11/01/25<br>| 400000 | 402303 |
| &nbsp;&nbsp; Douglas County Hospital <br> Authority No. 2 Revenue <br> Bonds, Children's <br> Hospital Obligated Group, <br> 5.00%, 11/15/25<sup>(a)(b)(c)</sup> <br>| 600000 | 600910 |
| &nbsp;&nbsp; Florida State Development <br> Finance Corp., Solid <br> Waste Disposal Variable <br> Revenue Bonds, Waste <br> Pro USA, Inc. (AMT), <br> 6.13%, 7/01/26<sup>(a)(b)(c)(d)</sup> <br>| 200000 | 202229 |
| &nbsp;&nbsp; Foothill Eastern <br> Transportation Corridor <br> Agency Toll Road Junior <br> Lien Revenue Bonds, <br> Series C, 5.00%, 1/15/26<br>| 200000 | 202047 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal (Continued)** | **Municipal (Continued)** | **Municipal (Continued)** |
| &nbsp;&nbsp; Fort Wayne <br> Redevelopment Authority <br> Lease Rental Revenue <br> Refunding Bonds, Grand <br> Wayne Center Project <br> (State Intercept Program), <br> 4.00%, 2/01/26<br>| 760000 | $765267 |
| &nbsp;&nbsp; Gretna COPS, 5.00%, <br> 12/15/25<br>| 500000 | 500703 |
| &nbsp;&nbsp; Guam Government <br> Waterworks Authority <br> Water and Wastewater <br> System Revenue <br> Refunding Bonds, 5.00%, <br> 7/01/26<br>| 560000 | 569658 |
| &nbsp;&nbsp; Honolulu City & County <br> Multifamily Variable <br> Revenue Bonds, <br> Maunakea Tower <br> Apartments (Housing & <br> Urban Development <br> Sector 8 Program), <br> 5.00%, 6/01/26<sup>(a)(b)(c)</sup> <br>| 135000 | 137173 |
| &nbsp;&nbsp; Illinois State HDA MFH <br> Variable Revenue Bonds, <br> 6900 Crandon (FHA <br> Insured, Housing & Urban <br> Development Sector 8 <br> Program), 5.00%, <br> 2/01/26<sup>(a)(b)(c)</sup> <br>| 400000 | 403971 |
| &nbsp;&nbsp; Illinois State HDA MFH <br> Variable Revenue Bonds, <br> South Shore HHDC <br> (Housing & Urban <br> Development Sector 8 <br> Program), 5.00%, <br> 2/01/26<sup>(a)(b)(c)</sup> <br>| 670000 | 676652 |
| &nbsp;&nbsp; Illinois State Refunding GO <br> Limited Bonds, Series D, <br> 5.00%, 7/01/26<br>| 1500000 | 1530371 |
| &nbsp;&nbsp; Indiana State Finance <br> Authority Economic <br> Development Revenue <br> Refunding Bonds (AMT), <br> Republic Services, Inc., <br> Project, 3.95%, <br> 9/02/25<sup>(a)(b)(c)</sup> <br>| 1000000 | 1000452 |
| &nbsp;&nbsp; Iowa City Community <br> School District GO <br> Unlimited Bonds, 5.00%, <br> 6/01/26<br>| 500000 | 509287 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal (Continued)** | **Municipal (Continued)** | **Municipal (Continued)** |
| &nbsp;&nbsp; Iowa State Finance <br> Authority Solid Waste <br> Facilities Variable <br> Revenue Bonds, <br> Sustainable Gevo NW <br> RNG (AMT) (Citibank N.A. <br> LOC), 3.88%, <br> 4/01/26<sup>(a)(b)(c)</sup> <br>| 415000 | $415372 |
| &nbsp;&nbsp; Kermit Independent School <br> District GO Unlimited <br> Bonds (PSF, Gtd), 5.00%, <br> 2/15/26<br>| 325000 | 329132 |
| &nbsp;&nbsp; Klamath Falls <br> Intercommunity Hospital <br> Authority Revenue <br> Refunding Bonds, Sky <br> Lakes Medical Center <br> Project, 4.00%, 9/01/25<br>| 550000 | 550248 |
| &nbsp;&nbsp; Laurel Highlands School <br> District GO Limited <br> Refunding Bonds (BAM <br> State Aid Withholding), <br> 4.00%, 2/01/26<br>| 350000 | 352217 |
| &nbsp;&nbsp; Los Angeles TRANS, <br> 5.00%, 6/25/26<br>| 500000 | 512007 |
| &nbsp;&nbsp; Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, Loyola <br> University Project, 5.00%, <br> 10/01/25<br>| 250000 | 250674 |
| &nbsp;&nbsp; Lower Alabama Gas <br> District Gas Project <br> Revenue Bonds, 4.00%, <br> 12/01/25<sup>(a)(b)(c)</sup> <br>| 500000 | 500946 |
| &nbsp;&nbsp; Lowville GO Limited BANS, <br> 5.38%, 8/21/25<br>| 700000 | 700582 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Adventist <br> Healthcare, 4.00%, <br> 1/01/26<br>| 875000 | 876304 |
| &nbsp;&nbsp; Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Lasell <br> University, 4.00%, <br> 7/01/26<br>| 240000 | 239267 |
| &nbsp;&nbsp; Massachusetts State <br> Development Financing <br> Agency Variable Revenue <br> Bonds, Partners <br> Healthcare System, <br> (SIFMA Municipal Swap <br> Index Yield + 0.60%), <br> 2.89%, 1/29/26<sup>(a)(c)(d)</sup> <br>| 1000000 | 999378 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal (Continued)** | **Municipal (Continued)** | **Municipal (Continued)** |
| &nbsp;&nbsp; Metropolitan Nashville <br> Airport Authority <br> Revenue Bonds, Series B <br> (AMT), 5.00%, 7/01/26<br>| 600000 | $611207 |
| &nbsp;&nbsp; Metropolitan Pier & <br> Exposition Authority <br> Dedicated Capital <br> Appreciation Tax Revenue <br> Refunding Bonds, Series <br> B, McCormick Project <br> (AGM Insured), 0.00%, <br> 6/15/26<sup>(f)</sup> <br>| 250000 | 243677 |
| &nbsp;&nbsp; Milwaukee Corp., Purpose <br> GO Unlimited Bonds, <br> Series B3, 4.00%, <br> 4/01/26<br>| 1000000 | 1000808 |
| &nbsp;&nbsp; Mission Economic <br> Development Corp., Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Management, <br> 3.95%, 9/02/25<sup>(a)(b)(c)</sup> <br>| 500000 | 500025 |
| &nbsp;&nbsp; Mission Economic <br> Development Corp., Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Management Inc., <br> Project, 4.00%, <br> 7/01/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 997945 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, 5.00%, <br> 2/15/26<br>| 200000 | 201098 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Webster University <br> Project, 5.00%, 4/01/26<br>| 500000 | 494638 |
| &nbsp;&nbsp; Missouri State Health and <br> Educational Facilities <br> Authority Variable <br> Revenue Refunding <br> Bonds, Series B, BJC <br> Health System, 4.00%, <br> 5/01/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1007459 |
| &nbsp;&nbsp; Mobile IDB Pollution <br> Control Variable Revenue <br> Bonds, Alabama Power <br> Company Barry Plant, <br> 3.30%, 3/12/26<sup>(a)(b)(c)</sup> <br>| 500000 | 501114 |
| &nbsp;&nbsp; Mount Vernon GO Limited <br> BANS, 5.00%, 5/29/26<sup>(d)</sup> <br>| 1000000 | 1008853 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal (Continued)** | **Municipal (Continued)** | **Municipal (Continued)** |
| &nbsp;&nbsp; Newman-Crows Landing <br> Unified School District <br> GO Unlimited CABS, <br> Escrowed to Maturity, <br> 0.00%, 8/01/25<sup>(f)</sup> <br>| 250000 | $250000 |
| &nbsp;&nbsp; Niagara Frontier <br> Transportation Authority <br> Revenue Refunding <br> Bonds (AMT), Buffalo <br> Niagara International <br> Airport, 5.00%, 4/01/26<br>| 250000 | 252827 |
| &nbsp;&nbsp; North Carolina State <br> Capital Facilities Finance <br> Agency Educational <br> Facilities Revenue <br> Refunding Bonds, High <br> Point University, 5.00%, <br> 5/01/26<br>| 275000 | 278866 |
| &nbsp;&nbsp; Northern Illinois University <br> Board of Trustees <br> Auxiliary Facilities <br> System Revenue Bonds <br> (BAM Insured), 5.00%, <br> 10/01/25<br>| 325000 | 325991 |
| &nbsp;&nbsp; Ohio State Higher <br> Educational Facility <br> Commission Healthcare <br> Revenue Bonds, <br> Ashtabula County <br> Medical Center Obligated <br> Group, 5.00%, 1/01/26<br>| 100000 | 100496 |
| &nbsp;&nbsp; Osceola County Florida <br> Transportation Revenue <br> Refunding CABS, Series <br> A-2, 0.00%, 10/01/25<sup>(f)</sup> <br>| 125000 | 124218 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Management, Inc., <br> Project, 3.85%, <br> 11/03/25<sup>(a)(b)(c)</sup> <br>| 500000 | 500000 |
| &nbsp;&nbsp; Pennsylvania State <br> Housing Finance Agency <br> SFM Revenue Refunding <br> Bonds (AMT), Series <br> 125A, 2.38%, 10/01/25<br>| 125000 | 124793 |
| &nbsp;&nbsp; Saint John The Baptist <br> Parish Variable Revenue <br> Refunding Bonds, <br> Marathon Oil Corp., <br> Project, 2.38%, <br> 7/01/26<sup>(a)(b)(c)</sup> <br>| 125000 | 124166 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal (Continued)** | **Municipal (Continued)** | **Municipal (Continued)** |
| &nbsp;&nbsp; Sangamon Logan & <br> Menard Counties <br> Community Unit School <br> District No. 15 GO <br> Unlimited Bonds, Series <br> B (BAM Insured), 5.00%, <br> 12/01/25<br>| 300000 | $301917 |
| &nbsp;&nbsp; Seattle Housing Authority <br> Revenue Refunding <br> Bonds, Northgate Plaza <br> Project, 1.00%, 6/01/26<br>| 500000 | 488805 |
| &nbsp;&nbsp; South Dakota State Board <br> of Regents Housing & <br> Auxiliary Facilities <br> System Revenue <br> Refunding Bonds, 4.00%, <br> 4/01/26<br>| 375000 | 378450 |
| &nbsp;&nbsp; Springfield Refunding GO <br> Unlimited Bonds, 5.00%, <br> 12/01/25<br>| 450000 | 453072 |
| &nbsp;&nbsp; Sublette County Hospital <br> District Revenue Bonds, <br> Series A, Hospital <br> Construction Project, <br> 5.00%, 6/15/26<br>| 500000 | 500130 |
| &nbsp;&nbsp; Susanville Natural Gas <br> Revenue Refunding <br> Bonds, Natural Gas <br> Enterprise (AGM Insured), <br> 3.00%, 6/01/26<br>| 595000 | 596810 |
| &nbsp;&nbsp; Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center, 5.00%, <br> 7/01/26<br>| 125000 | 127164 |
| &nbsp;&nbsp; Tennessee State Energy <br> Acquisition Corp., Gas <br> Revenue Bonds, 4.00%, <br> 11/01/25<sup>(a)(b)(c)</sup> <br>| 1000000 | 1001249 |
| &nbsp;&nbsp; Virginia HDA Variable <br> Revenue Bonds, Series F, <br> 3.63%, 4/01/26<sup>(a)(b)(c)</sup> <br>| 65000 | 64994 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal (Continued)** | **Municipal (Continued)** | **Municipal (Continued)** |
| &nbsp;&nbsp; Washington State Housing <br> Finance Commission <br> Nonprofit Revenue <br> Refunding Bonds, <br> Emerald Heights Project, <br> Series A, 5.00%, 7/01/26<br>| 285000 | $288892 |
| &nbsp;&nbsp; West Cornwall Township <br> Municipal Authority <br> Healthcare Facilities <br> Revenue Refunding <br> Bonds, Lebanon Valley <br> Brethren Home Project, <br> 4.00%, 11/15/25<br>| 115000 | 114920 |
| &nbsp;&nbsp; West Virginia State <br> Economic Development <br> Authority Solid Waste <br> Disposal Facilities <br> Variable Revenue <br> Refunding Bonds (AMT), <br> Kentucky Power Company <br> - Mitchell Project, 4.70%, <br> 6/17/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1003337 |
| &nbsp;&nbsp; Whiting Environmental <br> Facilities Revenue <br> Refunding Bonds (AMT), <br> BP Products North <br> America, 5.00%, <br> 6/05/26<sup>(a)(b)(c)</sup> <br>| 150000 | 151985 |
|  |  | **32996457** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $36,277,496) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $36,277,496) | **36215490** |
| &nbsp;&nbsp; **Total Investments – 100.0%** <br>(Cost $342,242,588) | &nbsp;&nbsp; **Total Investments – 100.0%** <br>(Cost $342,242,588) | **327644549** |
| Liabilities less Other Assets – (0.0)%<sup>(j)</sup>  | Liabilities less Other Assets – (0.0)%<sup>(j)</sup>  | (81637)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$327562912** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Percentages shown are based on Net Assets.*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 or floating rate security. Rate as of July 31, 2025 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. As of July 31, 2025, these securities had a total value of $12,971,318 or 3.96% of net assets. 

<sup>(e)</sup> When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.

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

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

<sup>(h)</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. 

<sup>(i)</sup> 7-day current yield as of July 31, 2025 is disclosed.

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

&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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| AGC | Assured Guaranty Corporation |
| AGM | Assured Guaranty 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 |
| CR | Custodial Receipts |
| EDA | Economic Development Administration |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | Government Obligation |
| GTD | Guaranteed |
| HDA | Housing Development Authority |
| HFA | Housing Finance Authority |
| HHDC | Hispanic Housing Development Corporation |
| IBC | Insured Bond Certificates |
| IDA | Industrial Development Association |
| IDB | Industrial Development Board |
| 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 |
| PLC | Public Limited Company |
| PSF | Permanent School Fund |
| Q-SBLF | Qualified School Band Loan Fund |
| RANS | Revenue Anticipation Notes |
| SFM | Single Family Mortgage |
| SIFMA | Securities Industry and Financial Markets Association |
| TCRS | Transferable Custodial Receipts |
| TRANS | Tax Revenue Anticipation Bonds |
| TRB | Tax Revenue Bonds |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | |
|:---|:---|
| **Municipal Issue Type (%)**<sup>(a),(b)</sup> <br>|  |
| Revenue Bonds | 80.8 |
| General Obligation Unlimited Bonds | 11.8 |
| General Obligation Limited Bonds | 2.5 |
| Certificates of Participation | 1.7 |
| Tax Allocation Bonds | 0.6 |
| Special Tax Bonds | 0.5 |
| General Obligation Limited Notes | 0.5 |
| Special Assessment Bonds | 0.4 |
| Revenue Notes | 0.2 |
| **Total** | **99.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Sector Diversification (%)**<sup>(a)</sup> <br>|  |
| General | 17.9 |
| Medical | 16.4 |
| Development | 8.1 |
| Airport | 8.0 |
| General Obligation | 7.9 |
| Transportation | 7.4 |
| School District | 6.2 |
| All other sectors less than 5%<sup>(b)</sup> <br>| 28.1 |
| **Total** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>(a)</sup>Percentages shown are based on Net Assets. |
| <sup>(b)</sup>Includes Other. |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Municipal Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $291429059 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $291429059 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 3219033 | &nbsp;&nbsp; 32996457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36215490 |
| **Total Investments** | &nbsp;&nbsp; $3219033 | &nbsp;&nbsp; $324425516 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327644549 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar Defensive Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities – 8.5%** | **Asset-Backed Securities – 8.5%** | **Asset-Backed Securities – 8.5%** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp; Avis Budget Rental <br> Car Funding AESOP LLC, <br> Series 2024-1A, Class A, <br> 5.36%, 6/20/30<sup>(a)</sup> <br>| $125000 | **$127909** |
| **Other – 8.4%** | **Other – 8.4%** | **Other – 8.4%** |
| &nbsp;&nbsp; ABPCI Direct Lending Fund <br> ABS I Ltd., Series <br> 2020-1A, Class B, 4.94%, <br> 12/20/30<sup>(a)</sup> <br>| 551286 | 535729 |
| &nbsp;&nbsp; ABPCI Direct Lending Fund <br> ABS II LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, <br> Class A1, (3M CME <br> Term SOFR + 2.10%, <br> 2.10% Floor), 6.41%, <br> 3/01/32<sup>(a)(b)</sup> <br>| 187568 | 185330 |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, <br> 8.24%, 3/01/32<sup>(a)</sup> <br>| 782928 | 747095 |
| &nbsp;&nbsp; Avis Budget Rental <br> Car Funding AESOP LLC, <br> Series 2024-3A, Class A, <br> 5.23%, 12/20/30<sup>(a)</sup> <br>| 467000 | 476195 |
| &nbsp;&nbsp; Cerberus Loan Funding <br> XL LLC, Series 2023-1A, <br> Class A, (3M CME Term <br> SOFR + 2.40%, 2.40% <br> Floor), 6.72%, <br> 3/22/35<sup>(a)(b)</sup> <br>| 250000 | 250990 |
| &nbsp;&nbsp; Cerberus Loan Funding <br> XLI LLC, Series 2023-2A, <br> Class A1, (3M CME Term <br> SOFR + 2.55%, 2.55% <br> Floor), 6.87%, <br> 7/15/35<sup>(a)(b)</sup> <br>| 419000 | 420488 |
| &nbsp;&nbsp; Cerberus Loan Funding <br> XLIII LLC, Series 2023-4A, <br> Class A, (3M CME Term <br> SOFR + 2.43%, 2.43% <br> Floor), 6.74%, <br> 10/15/35<sup>(a)(b)</sup> <br>| 451000 | 457409 |
| &nbsp;&nbsp; Diamond Infrastructure <br> Funding LLC, Series <br> 2021-1A, Class C, 3.48%, <br> 4/15/49<sup>(a)</sup> <br>| 104000 | 98246 |
| &nbsp;&nbsp; Diamond Issuer LLC, Series <br> 2021-1A, Class C, 3.79%, <br> 11/20/51<sup>(a)</sup> <br>| 282000 | 260346 |
| Elm Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, <br> Class A2, 2.95%, <br> 8/20/29<sup>(a)</sup> <br>| 11133 | 11105 |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class B, <br> 4.48%, 8/20/29<sup>(a)</sup> <br>| 30397 | 30301 |
| &nbsp;&nbsp;&nbsp; Series 2020-4A, <br> Class A2, 2.29%, <br> 10/20/29<sup>(a)</sup> <br>| 18939 | 18888 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Elm Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-4A, Class B, <br> 3.87%, 10/20/29<sup>(a)</sup> <br>| $73265 | $73008 |
| &nbsp;&nbsp; Ford Credit Floorplan <br> Master Owner Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, <br> 5.24%, 4/15/31<sup>(a)</sup> <br>| 374000 | 383814 |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A, <br> 4.40%, 9/15/31<sup>(a)</sup> <br>| 197000 | 196633 |
| &nbsp;&nbsp; Fortress Credit <br> Opportunities IX CLO Ltd., <br> Series 2017-9A, <br> Class A1TR, (3M CME <br> Term SOFR + 1.81%, <br> 1.55% Floor), 6.13%, <br> 10/15/33<sup>(a)(b)</sup> <br>| 954000 | 956862 |
| &nbsp;&nbsp; GMF Floorplan Owner <br> Revolving Trust, Series <br> 2024-2A, Class A, 5.06%, <br> 3/15/31<sup>(a)</sup> <br>| 342000 | 348505 |
| &nbsp;&nbsp; Golub Capital Partners <br> ABS Funding Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, <br> Class A2, 3.21%, <br> 1/22/29<sup>(a)</sup> <br>| 62123 | 61716 |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class B, <br> 4.50%, 1/22/29<sup>(a)</sup> <br>| 160245 | 154754 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, <br> Class A2, 2.77%, <br> 4/20/29<sup>(a)</sup> <br>| 105328 | 104216 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br> 3.82%, 4/20/29<sup>(a)</sup> <br>| 280262 | 275031 |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, <br> 3.99%, 10/19/29<sup>(a)</sup> <br>| 736121 | 693849 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 46M Ltd., Series <br> 2019-46A, Class A1R, <br> (3M CME Term SOFR + <br> 1.81%, 1.81% Floor), <br> 6.14%, 4/20/37<sup>(a)(b)</sup> <br>| 343000 | 343749 |
| &nbsp;&nbsp; Hotwire Funding LLC, <br> Series 2023-1A, <br> Class A2, 5.69%, <br> 5/20/53<sup>(a)</sup> <br>| 115000 | 115550 |
| &nbsp;&nbsp; MMAF Equipment <br> Finance LLC, Series <br> 2024-A, Class A4, 5.10%, <br> 7/13/49<sup>(a)</sup> <br>| 132000 | 134791 |
| &nbsp;&nbsp; Monroe Capital <br> ABS Funding Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, <br> Class A2, 2.82%, <br> 4/22/31<sup>(a)</sup> <br>| 167157 | 164710 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br> 3.91%, 4/22/31<sup>(a)</sup> <br>| 101018 | 99288 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR3, <br> Class A, 3.00%, <br> 6/17/41<sup>(a)</sup> <br>| $130720 | $122578 |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR4, <br> Class A, 3.10%, <br> 7/17/41<sup>(a)</sup> <br>| 601319 | 565561 |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR5, <br> Class A, 3.00%, <br> 8/09/29<sup>(a)</sup> <br>| 105000 | 98080 |
| &nbsp;&nbsp;&nbsp; Series 2025-SFR3, <br> Class A, 3.39%, <br> 7/17/30<sup>(a)</sup> <br>| 100000 | 93526 |
| &nbsp;&nbsp; SpringCastle America <br> Funding LLC, Series <br> 2020-AA, Class A, 1.97%, <br> 9/25/37<sup>(a)</sup> <br>| 142129 | 133429 |
| &nbsp;&nbsp; Toyota Auto Loan Extended <br> Note Trust, Series <br> 2024-1A, Class A, 5.16%, <br> 11/25/36<sup>(a)</sup> <br>| 409000 | 419326 |
| VCP RRL ABS I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br> 2.15%, 10/20/31<sup>(a)</sup> <br>| 153373 | 148095 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br> 2.85%, 10/20/31<sup>(a)</sup> <br>| 141470 | 131885 |
| &nbsp;&nbsp; Verizon Master Trust, <br> Series 2024-7, Class A, <br> 4.35%, 8/20/32<sup>(a)</sup> <br>| 233000 | 231933 |
| &nbsp;&nbsp; WEPCO Environmental <br> Trust Finance I LLC, <br> Series 2021-1, Class A, <br> 1.58%, 12/15/35<br>| 70228 | 61756 |
|  |  | **9604767** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $9,839,381) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $9,839,381) | **9732676** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 1.5%** | **Common Stocks – 1.5%** | **Common Stocks – 1.5%** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| &nbsp;&nbsp; Copper Property CTL Pass <br> Through Trust<sup>(c)</sup> <br>| 25536 | **318179** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| Windstream Corp. PAC<sup>(d)\*</sup> <br>| 3665 | **62305** |
| **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** |
| PHI Group, Inc. | 44387 | **1309416** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $1,040,620) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $1,040,620) | **1689900** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| &nbsp;&nbsp; EchoStar Corp., 3.88%, <br> 11/30/30<sup>(e)</sup> <br>| $65359 | **$82744** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $60,394) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $60,394) | **82744** |
| **Corporate Bonds – 3.3%** | **Corporate Bonds – 3.3%** | **Corporate Bonds – 3.3%** |
| **Asset Management – 0.9%** | **Asset Management – 0.9%** | **Asset Management – 0.9%** |
| &nbsp;&nbsp; Blue Owl Credit <br> Income Corp., 7.95%, <br> 6/13/28<br>| 468000 | 495454 |
| &nbsp;&nbsp; HPS Corporate Lending <br> Fund, 6.75%, 1/30/29<sup>(f)</sup> <br>| 207000 | 214402 |
| &nbsp;&nbsp; Oaktree Strategic Credit <br> Fund, 8.40%, 11/14/28<br>| 313000 | 336913 |
|  |  | **1046769** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp; VT Topco, Inc., 8.50%, <br> 8/15/30<sup>(a)</sup> <br>| 100000 | **106474** |
| **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** |
| &nbsp;&nbsp; PG&E Recovery <br> Funding LLC, 4.84%, <br> 6/01/33<br>| 297648 | 298304 |
| &nbsp;&nbsp; Texas Electric Market <br> Stabilization Funding N <br> LLC, 4.27%, 8/01/34<sup>(a)</sup> <br>| 83285 | 82226 |
| &nbsp;&nbsp; Virginia Power Fuel <br> Securitization LLC, <br> 4.88%, 5/01/31<br>| 424000 | 428471 |
|  |  | **809001** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| &nbsp;&nbsp; Kansas Gas Service <br> Securitization I LLC, <br> 5.49%, 8/01/32<br>| 371850 | **383862** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| &nbsp;&nbsp; Heartland <br> Dental LLC/Heartland <br> Dental Finance Corp., <br> 10.50%, 4/30/28<sup>(a)</sup> <br>| 359000 | **378433** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| &nbsp;&nbsp; Evergreen Acqco 1 <br> L.P./TVI, Inc., 9.75%, <br> 4/26/28<sup>(a)</sup> <br>| 100000 | **104111** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| &nbsp;&nbsp; Midcap Financial Issuer <br> Trust, 6.50%, 5/01/28<sup>(a)</sup> <br>| 461000 | **457026** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| &nbsp;&nbsp; Consolidated <br> Communications, Inc., <br> 6.50%, 10/01/28<sup>(a)</sup> <br>| 180000 | 182423 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| &nbsp;&nbsp; Frontier Communications <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 5.88%, 10/15/27<sup>(a)</sup> <br>| $137000 | $137025 |
| &nbsp;&nbsp; 6.00%, 1/15/30<sup>(a)</sup> <br>| 214000 | 216544 |
|  |  | **535992** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $3,705,402) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $3,705,402) | **3821668** |
| **Mortgage-Backed Securities – 25.4%** | **Mortgage-Backed Securities – 25.4%** | **Mortgage-Backed Securities – 25.4%** |
| **Commercial Mortgage-Backed Securities – 2.5%** | **Commercial Mortgage-Backed Securities – 2.5%** | **Commercial Mortgage-Backed Securities – 2.5%** |
| &nbsp;&nbsp; Arbor Multifamily <br> Mortgage Securities <br> Trust, Series 2020-MF1, <br> Class A5, 2.76%, <br> 5/15/53<sup>(a)</sup> <br>| 540000 | 496439 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, <br> Series 2025-5C36, <br> Class A3, 5.52%, <br> 8/15/58<sup>(g)</sup> <br>| 100000 | 103201 |
| &nbsp;&nbsp; Benchmark Mortgage <br> Trust, Series 2024-V11, <br> Class A3, 5.91%, <br> 11/15/57<br>| 126000 | 131393 |
| &nbsp;&nbsp; BMO Mortgage Trust, <br> Series 2024-5C7, <br> Class A3, 5.57%, <br> 11/15/57<br>| 126000 | 129715 |
| &nbsp;&nbsp; BX Commercial Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, <br> Class E, (1M CME Term <br> SOFR + 2.11%, 2.00% <br> Floor), 6.46%, <br> 9/15/36<sup>(a)(b)</sup> <br>| 234456 | 233945 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, <br> Class F, (1M CME Term <br> SOFR + 2.51%, 2.40% <br> Floor), 6.86%, <br> 9/15/36<sup>(a)(b)</sup> <br>| 358467 | 357573 |
| &nbsp;&nbsp; BX Trust, Series <br> 2019-OC11, Class A, <br> 3.20%, 12/09/41<sup>(a)</sup> <br>| 418000 | 389515 |
| &nbsp;&nbsp; CHI Commercial Mortgage <br> Trust, Series 2025-SFT, <br> Class A, 5.48%, <br> 4/15/42<sup>(a)(h)</sup> <br>| 291000 | 294841 |
| &nbsp;&nbsp; ROCK Trust, Series <br> 2024-CNTR, Class A, <br> 5.39%, 11/13/41<sup>(a)</sup> <br>| 209000 | 212851 |
| &nbsp;&nbsp; SLG Office Trust, Series <br> 2021-OVA, Class A, <br> 2.59%, 7/15/41<sup>(a)</sup> <br>| 455000 | 397733 |
| &nbsp;&nbsp; WHARF Commercial <br> Mortgage Trust, Series <br> 2025-DC, Class A, 5.35%, <br> 7/15/40<sup>(a)(h)</sup> <br>| 100000 | 101590 |
|  |  | **2848796** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Federal Home Loan Mortgage Corporation – 11.2%** | **Federal Home Loan Mortgage Corporation – 11.2%** | **Federal Home Loan Mortgage Corporation – 11.2%** |
| &nbsp;&nbsp; Multifamily Structured <br> Pass Through <br> Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K094, Class A2, <br> 2.90%, 6/25/29<br>| $532000 | $506840 |
| &nbsp;&nbsp;&nbsp; Series K095, Class A2, <br> 2.79%, 6/25/29<br>| 725000 | 688119 |
| &nbsp;&nbsp;&nbsp; Series K096, Class A2, <br> 2.52%, 7/25/29<br>| 774000 | 726482 |
| &nbsp;&nbsp;&nbsp; Series K097, Class A2, <br> 2.51%, 7/25/29<br>| 359000 | 336412 |
| &nbsp;&nbsp;&nbsp; Series K099, Class A2, <br> 2.60%, 9/25/29<br>| 155000 | 145449 |
| &nbsp;&nbsp;&nbsp; Series K101, Class A2, <br> 2.52%, 10/25/29<br>| 404000 | 377324 |
| &nbsp;&nbsp;&nbsp; Series K102, Class A2, <br> 2.54%, 10/25/29<br>| 271000 | 253371 |
| &nbsp;&nbsp;&nbsp; Series K103, Class A2, <br> 2.65%, 11/25/29<br>| 382000 | 358081 |
| &nbsp;&nbsp;&nbsp; Series K104, Class A2, <br> 2.25%, 1/25/30<br>| 118000 | 108613 |
| &nbsp;&nbsp;&nbsp; Series K105, Class A2, <br> 1.87%, 1/25/30<br>| 100000 | 90388 |
| &nbsp;&nbsp;&nbsp; Series K106, Class A2, <br> 2.07%, 1/25/30<br>| 100000 | 91111 |
| &nbsp;&nbsp;&nbsp; Series K107, Class A2, <br> 1.64%, 1/25/30<br>| 100000 | 89609 |
| &nbsp;&nbsp;&nbsp; Series K108, Class A2, <br> 1.52%, 3/25/30<br>| 100000 | 88834 |
| &nbsp;&nbsp;&nbsp; Series K109, Class A2, <br> 1.56%, 4/25/30<br>| 151000 | 133832 |
| &nbsp;&nbsp;&nbsp; Series K111, Class A2, <br> 1.35%, 5/25/30<br>| 100000 | 87561 |
| &nbsp;&nbsp;&nbsp; Series K114, Class A2, <br> 1.37%, 6/25/30<br>| 100000 | 87218 |
| &nbsp;&nbsp;&nbsp; Series K116, Class A2, <br> 1.38%, 7/25/30<br>| 100000 | 87134 |
| &nbsp;&nbsp;&nbsp; Series K117, Class A2, <br> 1.41%, 8/25/30<br>| 493000 | 429119 |
| &nbsp;&nbsp;&nbsp; Series K120, Class A2, <br> 1.50%, 10/25/30<br>| 140000 | 121636 |
| &nbsp;&nbsp;&nbsp; Series K151, Class A3, <br> 3.51%, 4/25/30<br>| 183000 | 176652 |
| &nbsp;&nbsp;&nbsp; Series K751, Class A2, <br> 4.41%, 3/25/30<br>| 504000 | 505601 |
| &nbsp;&nbsp;&nbsp; Series K752, Class A2, <br> 4.28%, 7/25/30<br>| 136000 | 135682 |
| &nbsp;&nbsp;&nbsp; Series K754, Class A2, <br> 4.94%, 11/25/30<br>| 545000 | 558992 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **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;&nbsp; 1.50%, 11/01/35 - <br> 1/01/42<br>| $5501920 | $4638040 |
| &nbsp;&nbsp;&nbsp; 1.00%, 7/01/36 - <br> 10/01/36<br>| 153788 | 134694 |
| &nbsp;&nbsp; 2.00%, 8/01/40 - 8/01/42 | 877270 | 749031 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/40 - <br> 11/01/40<br>| 170861 | 163859 |
| &nbsp;&nbsp;&nbsp; (2.13% - 30D Average <br> SOFR, 2.13% Floor, <br> 6.66% Cap), 1.66%, <br> 9/01/51<sup>(b)</sup> <br>| 75649 | 67121 |
| &nbsp;&nbsp;&nbsp; (30D Average SOFR + <br> 2.13%, 2.13% Floor, <br> 7.56% Cap), 2.56%, <br> 3/01/52<sup>(b)</sup> <br>| 90983 | 82911 |
| &nbsp;&nbsp;&nbsp; (30D Average SOFR + <br> 2.14%, 2.14% Floor, <br> 7.55% Cap), 2.55%, <br> 5/01/52<sup>(b)</sup> <br>| 65276 | 59418 |
| &nbsp;&nbsp;&nbsp; (2.18% - 30D Average <br> SOFR, 2.18% Floor, <br> 7.16% Cap), 2.16%, <br> 7/01/52 - 5/01/53<sup>(b)</sup> <br>| 738842 | 662747 |
| &nbsp;&nbsp;&nbsp; (30D Average SOFR + <br> 2.22%, 2.22% Floor, <br> 8.32% Cap), 3.32%, <br> 11/01/52<sup>(b)</sup> <br>| 82814 | 77678 |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits, <br> Series 4162, Class P, <br> 3.00%, 2/15/33<br>| 55566 | 53937 |
|  |  | **12873496** |
| **Federal National Mortgage Association – 8.0%** | **Federal National Mortgage Association – 8.0%** | **Federal National Mortgage Association – 8.0%** |
| &nbsp;&nbsp; Interest STRIP, Series 284, <br> Class 1, 0.00%, 7/25/27<sup>(i)</sup> <br>| 18024 | 17385 |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 12/01/35 - <br> 3/01/42<br>| 5498836 | 4697617 |
| &nbsp;&nbsp; 1.00%, 4/01/36 - 3/01/37 | 2239734 | 1931556 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/01/40 - <br> 8/01/42<br>| 1357001 | 1158410 |
| &nbsp;&nbsp; 2.50%, 5/01/41 | 126829 | 111736 |
| &nbsp;&nbsp; 3.50%, 4/01/44 | 254004 | 233964 |
| &nbsp;&nbsp; 4.00%, 6/01/45 - 3/01/48 | 659854 | 632239 |
| &nbsp;&nbsp;&nbsp; (2.07% - 30D Average <br> SOFR, 2.07% Floor, <br> 6.97% Cap), 1.97%, <br> 8/01/51<sup>(b)</sup> <br>| 199591 | 180106 |
| &nbsp;&nbsp;&nbsp; (2.33% - 30D Average <br> SOFR, 2.33% Floor, <br> 6.89% Cap), 1.89%, <br> 4/01/52<sup>(b)</sup> <br>| 184268 | 164794 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits, <br> Series 2012-144, <br> Class PD, 3.50%, 4/25/42<br>| $56776 | $55918 |
|  |  | **9183725** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-150, <br> Class IO, 0.44%, <br> 11/16/52<sup>(h)(j)</sup> <br>| 543295 | 4842 |
| &nbsp;&nbsp;&nbsp; Series 2015-108, <br> Class IO, 0.34%, <br> 10/16/56<sup>(h)(j)</sup> <br>| 37119 | 182 |
| &nbsp;&nbsp;&nbsp; Series 2015-7, Class IO, <br> 0.49%, 1/16/57<sup>(h)(j)</sup> <br>| 866470 | 21839 |
| &nbsp;&nbsp;&nbsp; Series 2020-42, Class IO, <br> 0.94%, 3/16/62<sup>(h)(j)</sup> <br>| 1360997 | 89940 |
| &nbsp;&nbsp;&nbsp; Series 2020-43, Class IO, <br> 1.26%, 11/16/61<sup>(h)(j)</sup> <br>| 877298 | 66830 |
| &nbsp;&nbsp;&nbsp; Series 2020-71, Class IO, <br> 1.10%, 1/16/62<sup>(h)(j)</sup> <br>| 1173120 | 81711 |
| &nbsp;&nbsp;&nbsp; Series 2020-75, Class IO, <br> 0.87%, 2/16/62<sup>(h)(j)</sup> <br>| 2171319 | 129681 |
|  |  | **395025** |
| **Whole Loan – 3.4%** | **Whole Loan – 3.4%** | **Whole Loan – 3.4%** |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Corp. Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ4, <br> Class A8, 2.50%, <br> 9/25/51<sup>(a)(h)</sup> <br>| 63233 | 56183 |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ5, <br> Class A8, 2.50%, <br> 10/25/51<sup>(a)(h)</sup> <br>| 226405 | 201222 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ2, <br> Class A24, 3.00%, <br> 6/25/52<sup>(a)</sup> <br>| 110752 | 99977 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ4, <br> Class A22, 2.50%, <br> 9/25/52<sup>(a)(h)</sup> <br>| 194409 | 172583 |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ10, <br> Class A8, 2.50%, <br> 3/25/52<sup>(a)(h)</sup> <br>| 69643 | 61544 |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ6, <br> Class A8, 2.50%, <br> 11/25/51<sup>(a)(h)</sup> <br>| 129546 | 114805 |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ7, <br> Class A8, 2.50%, <br> 1/25/52<sup>(a)</sup> <br>| 234035 | 207088 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ3, <br> Class A22, 2.50%, <br> 8/25/52<sup>(a)(h)</sup> <br>| 74374 | 65385 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ3, <br> Class A24, 3.00%, <br> 8/25/52<sup>(a)(h)</sup> <br>| $74374 | $66881 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ5, <br> Class A22, 2.50%, <br> 10/25/52<sup>(a)(h)</sup> <br>| 576393 | 503076 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ6, <br> Class A15, 2.50%, <br> 1/25/53<sup>(a)(h)</sup> <br>| 286168 | 250536 |
| &nbsp;&nbsp; JP Morgan Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-10, Class A4, <br> 2.50%, 12/25/51<sup>(a)(h)</sup> <br>| 345212 | 305638 |
| &nbsp;&nbsp;&nbsp; Series 2021-10, <br> Class A4A, 2.00%, <br> 12/25/51<sup>(a)(h)</sup> <br>| 128595 | 111360 |
| &nbsp;&nbsp;&nbsp; Series 2021-11, Class A4, <br> 2.50%, 1/25/52<sup>(a)(h)</sup> <br>| 428055 | 379990 |
| &nbsp;&nbsp;&nbsp; Series 2021-13, Class A4, <br> 2.50%, 4/25/52<sup>(a)(h)</sup> <br>| 338820 | 301285 |
| &nbsp;&nbsp;&nbsp; Series 2021-15,Class A4, <br> 2.50%, 6/25/52<sup>(a)(h)</sup> <br>| 69014 | 60982 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A4, <br> 2.50%, 10/25/51<sup>(a)(h)</sup> <br>| 86236 | 76716 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A4, <br> 2.50%, 11/25/51<sup>(a)(h)</sup> <br>| 72991 | 64959 |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A4, <br> 2.50%, 12/25/51<sup>(a)(h)</sup> <br>| 72184 | 64169 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, <br> Class A4A, 2.50%, <br> 8/25/52<sup>(a)(h)</sup> <br>| 73571 | 64651 |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A4, <br> 3.00%, 5/25/54<sup>(a)</sup> <br>| 233929 | 210050 |
| &nbsp;&nbsp; JP Morgan Seasoned <br> Mortgage Trust, Series <br> 2025-1, Class A4, 3.70%, <br> 1/25/63<sup>(a)(h)</sup> <br>| 152374 | 141854 |
| &nbsp;&nbsp; PRET Trust, Series <br> 2024-RPL1, Class A1, <br> 3.90%, 10/25/63<sup>(a)(h)</sup> <br>| 81332 | 78010 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, <br> Series 2025-S1, Class A4, <br> 2.50%, 9/25/54<sup>(a)(h)</sup> <br>| 295503 | 259813 |
|  |  | **3918757** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $29,518,838) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $29,518,838) | **29219799** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Municipal Bonds – 0.1%** | **Municipal Bonds – 0.1%** | **Municipal Bonds – 0.1%** |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| &nbsp;&nbsp; Texas Natural Gas <br> Securitization <br> Finance Corp., Taxable <br> Customer Rate Relief <br> Revenue Bonds, 5.10%, <br> 4/01/35<br>| $88267 | **$89959** |
| &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $88,267) | &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $88,267) | **89959** |
| **Term Loans – 0.0%**<sup>(b)(k)</sup>  | **Term Loans – 0.0%**<sup>(b)(k)</sup>  | **Term Loans – 0.0%**<sup>(b)(k)</sup>  |
| **Retail - Discretionary – 0.0%**<sup>(k)</sup> | **Retail - Discretionary – 0.0%**<sup>(k)</sup> | **Retail - Discretionary – 0.0%**<sup>(k)</sup> |
| &nbsp;&nbsp; J.C. Penney Corp., Inc., <br> Term Loan<sup>(c)(d)(l)</sup> <br>| 228931 | **23** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $—) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $—) | **23** |
| **U.S. Government Obligations – 4.7%** | **U.S. Government Obligations – 4.7%** | **U.S. Government Obligations – 4.7%** |
| **U.S. Treasury Notes – 4.7%** | **U.S. Treasury Notes – 4.7%** | **U.S. Treasury Notes – 4.7%** |
| &nbsp;&nbsp; 4.38%, 12/31/29 | 2746000 | 2794162 |
| &nbsp;&nbsp; 3.88%, 6/30/30<sup>(f)</sup> <br>| 1666000 | 1660013 |
| &nbsp;&nbsp; 4.63%, 9/30/30 | 883000 | 909421 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $5,246,691) | &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $5,246,691) | **5363596** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Investment Companies – 39.1%** | **Investment Companies – 39.1%** | **Investment Companies – 39.1%** |
| &nbsp;&nbsp; Schwab Short-Term <br> U.S. Treasury ETF<sup>(m)</sup> <br>| 1687675 | 40993626 |
| &nbsp;&nbsp; Vanguard Short-Term <br> Inflation-Protected <br> Securities ETF<br>| 78982 | 3949100 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $44,961,217) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $44,961,217) | **44942726** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 18.0%** | **Short-Term Investments – 18.0%** | **Short-Term Investments – 18.0%** |
| **Money Market Funds – 16.0%** | **Money Market Funds – 16.0%** | **Money Market Funds – 16.0%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(n)(o)</sup> <br>| 768774 | 768774 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.15%<sup>(n)</sup> <br>| 17550827 | 17550827 |
|  |  | **18319601** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **U.S. Treasury Bills – 2.0%** | **U.S. Treasury Bills – 2.0%** | **U.S. Treasury Bills – 2.0%** |
| U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp; 3.92%, 8/07/25<sup>(p)</sup> <br>| 1051000 | $1050253 |
| &nbsp;&nbsp; 3.95%, 8/14/25<sup>(p)</sup> <br>| 1243000 | 1241078 |
|  |  | **2291331** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $20,610,963) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $20,610,963) | **20610932** |
| &nbsp;&nbsp; **Total Investments – 100.7%** <br>(Cost $115,071,773) | &nbsp;&nbsp; **Total Investments – 100.7%** <br>(Cost $115,071,773) | **115554023** |
| Liabilities less Other Assets – (0.7)% | Liabilities less Other Assets – (0.7)% | (749007)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$114805016** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Percentages shown are based on Net Assets.*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. As of July 31, 2025, these securities had a total value of $17,738,426 or 15.45% of net assets. 

<sup>(b)</sup> Variable or floating rate security. Rate as of July 31, 2025 is disclosed.

<sup>(c)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At July 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $318,201 or 0.28% of net assets. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| Copper Property CTL Pass Through Trust | 11/27/18-2/12/21 | $499686 |
| J.C. Penney Corp., Inc., Term Loan | 2/12/21-4/29/22 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

<sup>(f)</sup> Security either partially or fully on loan. As of July 31, 2025, the total value of securities on loan is $1,769,286.

<sup>(g)</sup> When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.

<sup>(h)</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 July 31, 2025 is disclosed. 

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

<sup>(j)</sup> Security is an Interest Only Strip.

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

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

<sup>(m)</sup> Fair value of this security exceeds 25% of the Fund's Net Assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. 

<sup>(n)</sup> 7-day current yield as of July 31, 2025 is disclosed.

<sup>(o)</sup> Security purchased with the cash proceeds from securities loaned. As of July 31, 2025, total cash collateral has a value of $768,774 and total non-cash collateral has a value of $1,036,662. 

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

\* Non-Income Producing Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1M | 1 Month |
| 3M | 3 Month |
| 30D | 30 Day |
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | |
|:---|:---|
| CME | Chicago Mercantile Exchange |
| ETF | Exchange-Traded Fund |
| IO | Interest Only |
| L.P. | Limited Partnership |
| LLC | Limited Liability Company |
| SOFR | United States Secured Overnight Financing Rate |
| STRIP | Separate Trading of Registered Interest and Principal |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Defensive Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9732676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9732676 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 1309416 | &nbsp;&nbsp; 318179 | &nbsp;&nbsp; 62305 | &nbsp;&nbsp; 1689900 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 82744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82744 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3821668 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3821668 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 29219799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29219799 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 89959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89959 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5363596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5363596 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 44942726 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44942726 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 18319601 | &nbsp;&nbsp; 2291331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20610932 |
| **Total Investments** | &nbsp;&nbsp; $64571743 | &nbsp;&nbsp; $50919952 | &nbsp;&nbsp; $62328 | &nbsp;&nbsp; $115554023 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar Multisector Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 1.5%** | **Common Stocks – 1.5%** | **Common Stocks – 1.5%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| General Electric Co. | 97 | $26295 |
| Lockheed Martin Corp. | 220 | 92615 |
|  |  | **118910** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| AbbVie, Inc. | 407 | 76931 |
| &nbsp;&nbsp; BioMarin <br> Pharmaceutical, Inc.\*<br>| 2797 | 161806 |
| Bristol-Myers Squibb Co. | 1230 | 53271 |
| Gilead Sciences, Inc. | 523 | 58728 |
| Johnson & Johnson | 348 | 57330 |
| Merck & Co., Inc. | 1543 | 120539 |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Industries Ltd. ADR <br> (Israel)\*<br>| 4499 | 69510 |
|  |  | **598115** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Altice USA, Inc., Class A\* | 16055 | 41743 |
| Comcast Corp., Class A | 2424 | 80549 |
|  |  | **122292** |
| **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> |
| Linde PLC | 53 | **24394** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp; Cemex S.A.B. de C.V. ADR <br> (Mexico)<br>| 10364 | **90167** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp; Packaging Corp. of <br> America<br>| 434 | **84087** |
| **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> |
| Emerson Electric Co. | 465 | **67662** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| Duke Energy Corp. | 719 | **87459** |
| **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Mcdermott <br> International Ltd.\*<br>| 16 | **123** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| Elevance Health, Inc. | 221 | 62561 |
| UnitedHealth Group, Inc. | 335 | 83602 |
|  |  | **146163** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Colgate-Palmolive Co. | 758 | 63558 |
| Kimberly-Clark Corp. | 766 | 95459 |
| Procter & Gamble (The) Co. | 388 | 58382 |
|  |  | **217399** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| CME Group, Inc. | 219 | $60943 |
| Morgan Stanley | 566 | 80633 |
|  |  | **141576** |
| **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> |
| Alphabet, Inc., Class A | 270 | **51813** |
| **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Royal Caribbean <br> Cruises Ltd.<br>| 80 | **25430** |
| **Machinery – 0.0%**<sup>(a)</sup> | **Machinery – 0.0%**<sup>(a)</sup> | **Machinery – 0.0%**<sup>(a)</sup> |
| Deere & Co. | 45 | **23597** |
| **Medical Equipment & Devices – 0.0%**<sup>(a)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(a)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(a)</sup> |
| Abbott Laboratories | 282 | **35586** |
| **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** |
| Battalion Oil Corp.\* | 363 | 468 |
| Exxon Mobil Corp. | 825 | 92103 |
| Williams (The) Cos., Inc. | 1170 | 70142 |
|  |  | **162713** |
| **Real Estate Investment Trusts – 0.0%**<sup>(a)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(a)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(a)</sup> |
| Simon Property Group, Inc. | 279 | **45697** |
| **Retail - Consumer Staples – 0.0%**<sup>(a)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(a)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(a)</sup> |
| Costco Wholesale Corp. | 48 | **45103** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| TJX (The) Cos., Inc. | 595 | **74095** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Broadcom, Inc. | 187 | 54922 |
| QUALCOMM, Inc. | 328 | 48137 |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 109 | 26337 |
|  |  | **129396** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Microsoft Corp. | 150 | 80025 |
| Salesforce, Inc. | 417 | 107723 |
| SAP S.E. ADR (Germany) | 137 | 39278 |
|  |  | **227026** |
| **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> |
| Mastercard, Inc., Class A | 127 | **71942** |
| **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> |
| Apple, Inc. | 302 | **62686** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Union Pacific Corp. | 176 | $39067 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| 843 | 72633 |
|  |  | **111700** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $3,152,854) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $3,152,854) | **2765131** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> <br>|  |
| **Convertible Bonds – 0.8%** | **Convertible Bonds – 0.8%** | **Convertible Bonds – 0.8%** |
| **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Alibaba Group <br> Holding Ltd., 0.50%, <br> 6/01/31<br>| $20000 | **26520** |
| **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Evergy, Inc., 4.50%, <br> 12/15/27<br>| 23000 | 27361 |
| &nbsp;&nbsp; FirstEnergy Corp., 3.88%, <br> 1/15/31<sup>(c)</sup> <br>| 26000 | 26884 |
|  |  | **54245** |
| **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Advanced Energy <br> Industries, Inc., 2.50%, <br> 9/15/28<br>| 22000 | 26999 |
| Itron, Inc., 1.38%, 7/15/30 | 22000 | 25263 |
|  |  | **52262** |
| **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Fluor Corp., 1.13%, <br> 8/15/29<br>| 20000 | 28080 |
| &nbsp;&nbsp; Granite Construction, Inc., <br> 3.75%, 5/15/28<br>| 11000 | 23061 |
|  |  | **51141** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| &nbsp;&nbsp; Post Holdings, Inc., 2.50%, <br> 8/15/27<br>| 61000 | **68851** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| &nbsp;&nbsp; DoorDash, Inc., 0.00%, <br> 5/15/30<sup>(c)(d)</sup> <br>| 39000 | 42334 |
| &nbsp;&nbsp; MakeMyTrip Ltd., 0.00%, <br> 7/01/30<sup>(c)(d)</sup> <br>| 25000 | 25699 |
| &nbsp;&nbsp; Uber Technologies, Inc., <br> 0.88%, 12/01/28<br>| 30000 | 40935 |
|  |  | **108968** |
| **IT Services – 0.0%**<sup>(a)</sup> | **IT Services – 0.0%**<sup>(a)</sup> | **IT Services – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Parsons Corp., 2.63%, <br> 3/01/29<br>| 33000 | **35871** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| &nbsp;&nbsp; Carnival Corp., 5.75%, <br> 12/01/27<br>| $19000 | $43871 |
| &nbsp;&nbsp; NCL Corp. Ltd., 0.88%, <br> 4/15/30<sup>(c)</sup> <br>| 49000 | 59719 |
|  |  | **103590** |
| **Oil & Gas Supply Chain – 0.0%**<sup>(a)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(a)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Northern Oil & Gas, Inc., <br> 3.63%, 4/15/29<br>| 40000 | **41460** |
| **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Sunac China Holdings Ltd., <br> 1.00%, 9/30/32<sup>(c)(e)</sup> <br>| 21898 | **2409** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Freshpet, Inc., 3.00%, <br> 4/01/28<br>| 19000 | **23683** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Wolfspeed, Inc., |  |  |
| &nbsp;&nbsp; 0.25%, 2/15/28<sup>(f)</sup> <br>| 15000 | 4538 |
| &nbsp;&nbsp; 1.88%, 12/01/29<sup>(f)</sup> <br>| 275000 | 83187 |
|  |  | **87725** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| &nbsp;&nbsp; CyberArk Software Ltd., <br> 0.00%, 6/15/30<sup>(c)(d)</sup> <br>| 100000 | 102700 |
| &nbsp;&nbsp; Datadog, Inc., 0.00%, <br> 12/01/29<sup>(c)(d)</sup> <br>| 94000 | 91231 |
| &nbsp;&nbsp; Guidewire Software, Inc., <br> 1.25%, 11/01/29<sup>(c)</sup> <br>| 46000 | 52739 |
| &nbsp;&nbsp; Nutanix, Inc., 0.25%, <br> 10/01/27<br>| 31000 | 43106 |
| &nbsp;&nbsp; Rubrik, Inc., 0.00%, <br> 6/15/30<sup>(c)(d)</sup> <br>| 44000 | 47146 |
| &nbsp;&nbsp; Snowflake, Inc., 0.00%, <br> 10/01/29<sup>(c)(d)</sup> <br>| 28000 | 43400 |
| &nbsp;&nbsp; Vertex, Inc., 0.75%, <br> 5/01/29<br>| 23000 | 26407 |
| &nbsp;&nbsp; Zscaler, Inc., 0.00%, <br> 7/15/28<sup>(c)(d)</sup> <br>| 27000 | 26325 |
|  |  | **433054** |
| **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Global Payments, Inc., <br> 1.50%, 3/01/31<br>| 55000 | **49775** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| &nbsp;&nbsp; InterDigital, Inc., 3.50%, <br> 6/01/27<br>| 13000 | 43654 |
| &nbsp;&nbsp; Seagate HDD Cayman, <br> 3.50%, 6/01/28<br>| 15000 | 29077 |
|  |  | **72731** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| &nbsp;&nbsp; EchoStar Corp., 3.88%, <br> 11/30/30<sup>(g)</sup> <br>| $201346 | **$254904** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $1,451,253) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $1,451,253) | **1467189** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Convertible Preferred Stocks – 0.1%** | **Convertible Preferred Stocks – 0.1%** | **Convertible Preferred Stocks – 0.1%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Boeing (The) Co., 6.00% | 904 | **63913** |
| **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Apollo Global <br> Management, Inc., 6.75%<br>| 450 | **34281** |
| **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> |
| PG&E Corp., 6.00% | 1158 | **44015** |
| &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $127,938) | &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $127,938) | **142209** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> <br>|  |
| **Corporate Bonds – 42.4%** | **Corporate Bonds – 42.4%** | **Corporate Bonds – 42.4%** |
| **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** |
| &nbsp;&nbsp; Dotdash Meredith, Inc., <br> 7.63%, 6/15/32<sup>(c)</sup> <br>| $245000 | 238814 |
| &nbsp;&nbsp; Neptune Bidco U.S., Inc., <br> 9.29%, 4/15/29<sup>(c)</sup> <br>| 195000 | 188717 |
|  |  | **427531** |
| **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |
| Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp; 6.13%, 3/15/30<sup>(c)</sup> <br>| 135000 | 137876 |
| &nbsp;&nbsp; 6.25%, 3/15/33<sup>(c)</sup> <br>| 45000 | 46101 |
| Boeing (The) Co., |  |  |
| &nbsp;&nbsp; 5.93%, 5/01/60 | 91000 | 87066 |
| &nbsp;&nbsp; 7.01%, 5/01/64 | 115000 | 126904 |
| &nbsp;&nbsp; General Dynamics Corp., <br> 4.95%, 8/15/35<br>| 31000 | 31067 |
| General Electric Co., |  |  |
| &nbsp;&nbsp; 4.30%, 7/29/30 | 87000 | 86585 |
| &nbsp;&nbsp; 4.90%, 1/29/36 | 51000 | 50828 |
| &nbsp;&nbsp; HEICO Corp., 5.25%, <br> 8/01/28<br>| 53000 | 54009 |
| &nbsp;&nbsp; Howmet Aerospace, Inc., <br> 5.95%, 2/01/37<br>| 17000 | 18019 |
| L3Harris Technologies, Inc., |  |  |
| &nbsp;&nbsp; 5.40%, 7/31/33 | 66000 | 67739 |
| &nbsp;&nbsp; 5.35%, 6/01/34 | 72000 | 73338 |
| Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 8/15/35 | 73000 | 73001 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp; 5.20%, 2/15/64 | $63000 | $57308 |
| Northrop Grumman Corp., |  |  |
| &nbsp;&nbsp; 5.25%, 7/15/35 | 30000 | 30478 |
| &nbsp;&nbsp; 5.15%, 5/01/40 | 52000 | 50547 |
| RTX Corp., |  |  |
| &nbsp;&nbsp; 4.45%, 11/16/38 | 50000 | 45875 |
| &nbsp;&nbsp; 4.80%, 12/15/43 | 7000 | 6310 |
| &nbsp;&nbsp; 3.13%, 7/01/50 | 14000 | 9218 |
| &nbsp;&nbsp; 5.38%, 2/27/53 | 28000 | 26620 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/15/28<sup>(c)</sup> <br>| 300000 | 306108 |
| &nbsp;&nbsp; 4.63%, 1/15/29 | 205000 | 200431 |
| &nbsp;&nbsp; 6.38%, 3/01/29<sup>(c)</sup> <br>| 235000 | 240511 |
| &nbsp;&nbsp; 6.38%, 5/31/33<sup>(c)</sup> <br>| 25000 | 25159 |
|  |  | **1851098** |
| **Asset Management – 0.6%** | **Asset Management – 0.6%** | **Asset Management – 0.6%** |
| &nbsp;&nbsp; Ameriprise Financial, Inc., <br> 5.70%, 12/15/28<br>| 44000 | 45792 |
| &nbsp;&nbsp; Apollo Debt Solutions <br> BDC, 5.88%, 8/30/30<sup>(c)</sup> <br>| 66000 | 66079 |
| &nbsp;&nbsp; BlackRock Funding, Inc., <br> 5.25%, 3/14/54<br>| 100000 | 95092 |
| &nbsp;&nbsp; Blackstone Holdings <br> Finance Co. LLC, 2.00%, <br> 1/30/32<sup>(c)</sup> <br>| 101000 | 85024 |
| Citadel L.P., |  |  |
| &nbsp;&nbsp; 6.00%, 1/23/30<sup>(c)</sup> <br>| 65000 | 66979 |
| &nbsp;&nbsp; 6.38%, 1/23/32<sup>(c)</sup> <br>| 67000 | 69538 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn <br> Enterprises <br> Finance Corp., 5.25%, <br> 5/15/27<br>| 25000 | 24356 |
| &nbsp;&nbsp; Nuveen LLC, 5.55%, <br> 1/15/30<sup>(c)</sup> <br>| 20000 | 20783 |
| Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/01/32<sup>(c)(h)</sup> <br>| 330000 | 333980 |
| &nbsp;&nbsp; 8.00%, 8/01/33<sup>(c)(h)</sup> <br>| 255000 | 259133 |
|  |  | **1066756** |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, <br> 4.00%, 11/13/30<br>| 200000 | 183574 |
| &nbsp;&nbsp; General Motors Co., <br> 6.25%, 10/02/43<br>| 32000 | 31703 |
| &nbsp;&nbsp; General Motors <br> Financial Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.60%), <br> 5.75%, 9/30/27<sup>(i)(j)</sup> <br>| 300000 | 292962 |
| &nbsp;&nbsp; 2.35%, 1/08/31 | 86000 | 74964 |
| &nbsp;&nbsp; 6.10%, 1/07/34 | 38000 | 39208 |
| &nbsp;&nbsp; 5.90%, 1/07/35 | 84000 | 84791 |
| &nbsp;&nbsp; 6.15%, 7/15/35 | 71000 | 72772 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Hyundai Capital America, |  |  |
| &nbsp;&nbsp; 5.68%, 6/26/28<sup>(c)</sup> <br>| $53000 | $54302 |
| &nbsp;&nbsp; 6.10%, 9/21/28<sup>(c)</sup> <br>| 86000 | 89324 |
| &nbsp;&nbsp; 5.15%, 3/27/30<sup>(c)</sup> <br>| 61000 | 61694 |
| &nbsp;&nbsp; 5.40%, 3/29/32<sup>(c)</sup> <br>| 88000 | 89165 |
| Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp; 4.80%, 5/15/30 | 83000 | 84190 |
| &nbsp;&nbsp; 5.55%, 11/20/30 | 62000 | 65025 |
| &nbsp;&nbsp; 4.60%, 10/10/31 | 66000 | 65933 |
|  |  | **1289607** |
| **Banking – 2.1%** | **Banking – 2.1%** | **Banking – 2.1%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(j)</sup> <br>| 85000 | 83002 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 2.09%, <br> 6/14/29<sup>(j)</sup> <br>| 6000 | 5617 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.44%), 3.19%, <br> 7/23/30<sup>(j)</sup> <br>| 34000 | 32347 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.35%), 6.25%, <br> 7/26/30<sup>(i)(j)</sup> <br>| 74000 | 73745 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.45%), 2.88%, <br> 10/22/30<sup>(j)</sup> <br>| 40000 | 37460 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.25%), 2.50%, <br> 2/13/31<sup>(j)</sup> <br>| 9000 | 8215 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.15%), 2.59%, <br> 4/29/31<sup>(j)</sup> <br>| 106000 | 96897 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(j)</sup> <br>| 177000 | 158713 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.30%, <br> 7/21/32<sup>(j)</sup> <br>| 91000 | 79317 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(j)</sup> <br>| 184000 | 164723 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(j)</sup> <br>| 61000 | 60055 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.87%, <br> 9/15/34<sup>(j)</sup> <br>| 70000 | 73743 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.52%, <br> 10/25/35<sup>(j)</sup> <br>| 88000 | 88085 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.51%, <br> 1/24/36<sup>(j)</sup> <br>| 46000 | 47137 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.70%), 5.74%, <br> 2/12/36<sup>(j)</sup> <br>| 118000 | 120043 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, <br> 6/19/41<sup>(j)</sup> <br>| 7000 | 4991 |
| &nbsp;&nbsp; First Citizens <br> BancShares, Inc., (5Y US <br> Treasury CMT + 1.97%), <br> 6.25%, 3/12/40<sup>(j)</sup> <br>| 144000 | 144046 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| &nbsp;&nbsp; Huntington <br> Bancshares, Inc., (5Y US <br> Treasury CMT + 1.70%), <br> 6.14%, 11/18/39<sup>(j)</sup> <br>| $124000 | $126756 |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.89%), 2.18%, <br> 6/01/28<sup>(j)</sup> <br>| 23000 | 22096 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.21%), 3.51%, <br> 1/23/29<sup>(j)</sup> <br>| 69000 | 67496 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.59%), 4.45%, <br> 12/05/29<sup>(j)</sup> <br>| 148000 | 147859 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.01%, <br> 1/23/30<sup>(j)</sup> <br>| 67000 | 68130 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.15%), 6.50%, <br> 4/01/30<sup>(i)(j)</sup> <br>| 250000 | 256675 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(j)</sup> <br>| 60000 | 61018 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.51%), 2.74%, <br> 10/15/30<sup>(j)</sup> <br>| 25000 | 23288 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 4.60%, <br> 10/22/30<sup>(j)</sup> <br>| 67000 | 67148 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(j)</sup> <br>| 29000 | 29637 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.95%, <br> 2/04/32<sup>(j)</sup> <br>| 45000 | 39040 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.81%), 6.25%, <br> 10/23/34<sup>(j)</sup> <br>| 39000 | 42322 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.77%, <br> 4/22/35<sup>(j)</sup> <br>| 56000 | 58732 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.57%, <br> 4/22/36<sup>(j)</sup> <br>| 167000 | 172458 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.64%), 5.58%, <br> 7/23/36<sup>(j)</sup> <br>| 131000 | 132697 |
| &nbsp;&nbsp; M&T Bank Corp., (5Y US <br> Treasury CMT + 1.43%), <br> 5.40%, 7/30/35<sup>(j)</sup> <br>| 133000 | 133202 |
| &nbsp;&nbsp; Morgan Stanley Private <br> Bank N.A., (SOFR + <br> 1.08%), 4.73%, 7/18/31<sup>(j)</sup> <br>| 250000 | 251127 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 2.14%), <br> 6.04%, 10/28/33<sup>(j)</sup> <br>| 66000 | 70170 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.37%, <br> 7/21/36<sup>(j)</sup> <br>| 157000 | 158627 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.30%), 6.12%, <br> 10/28/33<sup>(j)</sup> <br>| 39000 | 41414 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.36%), 5.87%, <br> 6/08/34<sup>(j)</sup> <br>| 55000 | 57505 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 6.49%, <br> 10/23/34<sup>(j)</sup> <br>| $18000 | $19680 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.50%, <br> 1/23/35<sup>(j)</sup> <br>| 53000 | 54313 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.61%, <br> 4/23/36<sup>(j)</sup> <br>| 403000 | 415071 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 3.07%, <br> 4/30/41<sup>(j)</sup> <br>| 21000 | 15837 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 4.50%), 5.01%, <br> 4/04/51<sup>(j)</sup> <br>| 48000 | 43497 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, <br> 4/25/53<sup>(j)</sup> <br>| 41000 | 34990 |
|  |  | **3888921** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp; Coca-Cola (The) Co., <br> 5.40%, 5/13/64<br>| 25000 | 24156 |
| PepsiCo, Inc., |  |  |
| &nbsp;&nbsp; 4.65%, 7/23/32 | 84000 | 83932 |
| &nbsp;&nbsp; 5.00%, 7/23/35 | 104000 | 104212 |
|  |  | **212300** |
| **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp; 3.20%, 11/21/29 | 79000 | 75312 |
| &nbsp;&nbsp; 4.88%, 3/15/30 | 64000 | 65292 |
| &nbsp;&nbsp; 5.05%, 3/15/34 | 70000 | 70884 |
| &nbsp;&nbsp; 4.05%, 11/21/39 | 66000 | 57574 |
| &nbsp;&nbsp; 4.63%, 10/01/42 | 17000 | 15265 |
| &nbsp;&nbsp; 5.35%, 3/15/44 | 41000 | 40050 |
| &nbsp;&nbsp; 5.60%, 3/15/55 | 72000 | 71491 |
| &nbsp;&nbsp; 5.50%, 3/15/64 | 65000 | 62572 |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp; 2.45%, 2/21/30 | 28000 | 25594 |
| &nbsp;&nbsp; 5.25%, 3/02/30 | 41000 | 42123 |
| &nbsp;&nbsp; 2.30%, 2/25/31 | 13000 | 11538 |
| &nbsp;&nbsp; 5.25%, 3/02/33 | 53000 | 54062 |
| &nbsp;&nbsp; 3.15%, 2/21/40 | 82000 | 62844 |
| &nbsp;&nbsp; 5.75%, 3/02/63 | 93000 | 89224 |
| Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 6/01/28<sup>(c)</sup> <br>| 465000 | 411525 |
| &nbsp;&nbsp; 11.00%, 9/30/28<sup>(c)</sup> <br>| 95000 | 97612 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co., <br> 6.40%, 11/15/63<br>| 60000 | 64285 |
| Eli Lilly & Co., |  |  |
| &nbsp;&nbsp; 4.75%, 2/12/30 | 74000 | 75391 |
| &nbsp;&nbsp; 5.55%, 3/15/37 | 46000 | 48660 |
| &nbsp;&nbsp; 5.00%, 2/09/54 | 46000 | 42463 |
| &nbsp;&nbsp; 5.05%, 8/14/54 | 56000 | 52184 |
| &nbsp;&nbsp; 5.50%, 2/12/55 | 13000 | 12939 |
| &nbsp;&nbsp; 5.20%, 8/14/64 | 73000 | 68167 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp; 4.80%, 11/15/29 | $85000 | $86358 |
| &nbsp;&nbsp; 5.10%, 6/15/35 | 77000 | 77542 |
| &nbsp;&nbsp; 4.60%, 9/01/35 | 63000 | 60928 |
| &nbsp;&nbsp; 5.60%, 11/15/64 | 27000 | 26315 |
| Johnson & Johnson, |  |  |
| &nbsp;&nbsp; 4.85%, 3/01/32 | 49000 | 50131 |
| &nbsp;&nbsp; 5.00%, 3/01/35 | 53000 | 54055 |
| &nbsp;&nbsp; 3.63%, 3/03/37 | 46000 | 40744 |
| &nbsp;&nbsp; 5.85%, 7/15/38 | 34000 | 36749 |
| &nbsp;&nbsp; 2.10%, 9/01/40 | 33000 | 22604 |
| &nbsp;&nbsp; Pfizer Investment <br> Enterprises Pte. Ltd.,<br>|  |  |
| &nbsp;&nbsp; 4.65%, 5/19/30 | 33000 | 33271 |
| &nbsp;&nbsp; 5.34%, 5/19/63 | 128000 | 117174 |
| Royalty Pharma PLC, |  |  |
| &nbsp;&nbsp; 1.75%, 9/02/27 | 89000 | 84208 |
| &nbsp;&nbsp; 5.15%, 9/02/29 | 44000 | 44809 |
|  |  | **2351939** |
| **Cable & Satellite – 2.7%** | **Cable & Satellite – 2.7%** | **Cable & Satellite – 2.7%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/01/28<sup>(c)</sup> <br>| 245000 | 240414 |
| &nbsp;&nbsp; 4.75%, 3/01/30<sup>(c)</sup> <br>| 895000 | 850423 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| &nbsp;&nbsp; 6.55%, 6/01/34 | 92000 | 97008 |
| &nbsp;&nbsp; 4.80%, 3/01/50 | 98000 | 75988 |
| &nbsp;&nbsp; 3.90%, 6/01/52 | 113000 | 74916 |
| &nbsp;&nbsp; 4.40%, 12/01/61 | 24000 | 16304 |
| Comcast Corp., |  |  |
| &nbsp;&nbsp; 5.30%, 5/15/35 | 52000 | 52630 |
| &nbsp;&nbsp; 3.20%, 7/15/36 | 55000 | 45853 |
| &nbsp;&nbsp; 3.25%, 11/01/39 | 58000 | 45159 |
| &nbsp;&nbsp; 5.65%, 6/01/54 | 54000 | 51853 |
| &nbsp;&nbsp; 6.05%, 5/15/55 | 46000 | 46572 |
| &nbsp;&nbsp; 5.50%, 5/15/64 | 52000 | 47906 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp; 7.50%, 4/01/28<sup>(c)</sup> <br>| 475000 | 383722 |
| &nbsp;&nbsp; 11.25%, 5/15/28<sup>(c)</sup> <br>| 710000 | 713696 |
| &nbsp;&nbsp; 5.75%, 1/15/30<sup>(c)</sup> <br>| 900000 | 443734 |
| &nbsp;&nbsp; 4.63%, 12/01/30<sup>(c)</sup> <br>| 200000 | 93541 |
| &nbsp;&nbsp; 3.38%, 2/15/31<sup>(c)</sup> <br>| 200000 | 130818 |
| &nbsp;&nbsp; Directv Financing LLC, <br> 8.88%, 2/01/30<sup>(c)</sup> <br>| 375000 | 365134 |
| &nbsp;&nbsp; Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 2/15/31<sup>(c)</sup> <br>| 625000 | 602735 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp; 5.25%, 12/01/26<sup>(c)</sup> <br>| $505000 | $475320 |
| &nbsp;&nbsp; 5.75%, 12/01/28<sup>(c)</sup> <br>| 190000 | 169784 |
| &nbsp;&nbsp; DISH Network Corp., <br> 11.75%, 11/15/27<sup>(c)</sup> <br>| 55000 | 57279 |
| &nbsp;&nbsp; Time Warner Cable LLC, <br> 5.88%, 11/15/40<br>| 30000 | 28379 |
|  |  | **5109168** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| &nbsp;&nbsp; Air Products and <br> Chemicals, Inc., 4.30%, <br> 6/11/28<br>| 55000 | 55036 |
| &nbsp;&nbsp; Ashland, Inc., 3.38%, <br> 9/01/31<sup>(c)</sup> <br>| 525000 | 462265 |
| Chemours (The) Co., |  |  |
| &nbsp;&nbsp; 5.75%, 11/15/28<sup>(c)</sup> <br>| 445000 | 408702 |
| &nbsp;&nbsp; 4.63%, 11/15/29<sup>(c)</sup> <br>| 175000 | 148218 |
| &nbsp;&nbsp; Dow Chemical (The) Co., <br> 4.38%, 11/15/42<br>| 59000 | 46884 |
| EIDP, Inc., 5.13%, 5/15/32 | 30000 | 30513 |
| &nbsp;&nbsp; Sherwin-Williams <br> (The) Co.,<br>|  |  |
| &nbsp;&nbsp; 4.80%, 9/01/31 | 37000 | 37242 |
| &nbsp;&nbsp; 5.15%, 8/15/35 | 64000 | 63843 |
|  |  | **1252703** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| &nbsp;&nbsp; Automatic Data <br> Processing, Inc., 4.75%, <br> 5/08/32<br>| 40000 | 40386 |
| Clean Harbors, Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 7/15/27<sup>(c)</sup> <br>| 20000 | 19836 |
| &nbsp;&nbsp; 5.13%, 7/15/29<sup>(c)</sup> <br>| 45000 | 44257 |
| &nbsp;&nbsp; 6.38%, 2/01/31<sup>(c)</sup> <br>| 105000 | 107211 |
| GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp; 4.00%, 8/01/28<sup>(c)</sup> <br>| 85000 | 82382 |
| &nbsp;&nbsp; 4.38%, 8/15/29<sup>(c)</sup> <br>| 70000 | 67767 |
| &nbsp;&nbsp; 6.75%, 1/15/31<sup>(c)</sup> <br>| 60000 | 62180 |
| &nbsp;&nbsp; Paychex, Inc., 5.10%, <br> 4/15/30<br>| 36000 | 36780 |
| Republic Services, Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 4/01/29 | 28000 | 28530 |
| &nbsp;&nbsp; 2.38%, 3/15/33 | 82000 | 69923 |
| &nbsp;&nbsp; Rollins, Inc., 5.25%, <br> 2/24/35<br>| 70000 | 69936 |
| TriNet Group, Inc., |  |  |
| &nbsp;&nbsp; 3.50%, 3/01/29<sup>(c)</sup> <br>| 285000 | 265080 |
| &nbsp;&nbsp; 7.13%, 8/15/31<sup>(c)</sup> <br>| 25000 | 25726 |
| Waste Management, Inc., |  |  |
| &nbsp;&nbsp; 4.95%, 3/15/35 | 166000 | 165830 |
| &nbsp;&nbsp; 5.35%, 10/15/54 | 41000 | 39633 |
|  |  | **1125457** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Construction Materials – 0.5%** | **Construction Materials – 0.5%** | **Construction Materials – 0.5%** |
| &nbsp;&nbsp; AmeriTex HoldCo <br> Intermediate LLC, 7.63%, <br> 8/15/33<sup>(c)(h)</sup> <br>| $400000 | $406788 |
| &nbsp;&nbsp; Amrize Finance U.S. LLC, <br> 4.95%, 4/07/30<sup>(c)</sup> <br>| 63000 | 63621 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(c)</sup> <br>| 440000 | 451262 |
| &nbsp;&nbsp; Vulcan Materials Co., <br> 4.95%, 12/01/29<br>| 95000 | 96535 |
|  |  | **1018206** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| &nbsp;&nbsp; Saks Global <br> Enterprises LLC, 11.00%, <br> 12/15/29<br>| 277140 | **102542** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| &nbsp;&nbsp; Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC, 3.25%, 9/01/28<sup>(c)</sup> <br>| 200000 | 188574 |
| &nbsp;&nbsp; Mauser Packaging <br> Solutions Holding Co., <br> 7.88%, 4/15/27<sup>(c)</sup> <br>| 55000 | 55480 |
| &nbsp;&nbsp; Packaging Corp. of <br> America, 5.70%, <br> 12/01/33<br>| 44000 | 45777 |
| &nbsp;&nbsp; Sonoco Products Co., <br> 5.00%, 9/01/34<br>| 60000 | 58336 |
|  |  | **348167** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| &nbsp;&nbsp; Honeywell <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 2/01/32 | 88000 | 88529 |
| &nbsp;&nbsp; 5.00%, 3/01/35 | 40000 | 39985 |
|  |  | **128514** |
| **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Amazon.com, Inc., 2.10%, <br> 5/12/31<br>| 54000 | **47806** |
| **Electric Utilities – 2.5%** | **Electric Utilities – 2.5%** | **Electric Utilities – 2.5%** |
| &nbsp;&nbsp; AEP Transmission Co. LLC, <br> 5.38%, 6/15/35<br>| 63000 | 64029 |
| AES (The) Corp., |  |  |
| &nbsp;&nbsp; 5.45%, 6/01/28 | 41000 | 41661 |
| &nbsp;&nbsp; 5.80%, 3/15/32 | 40000 | 40603 |
| Alabama Power Co., |  |  |
| &nbsp;&nbsp; 5.85%, 11/15/33 | 36000 | 38170 |
| &nbsp;&nbsp; 5.10%, 4/02/35 | 83000 | 83425 |
| &nbsp;&nbsp; 3.75%, 3/01/45 | 33000 | 25529 |
| &nbsp;&nbsp; 4.30%, 7/15/48 | 30000 | 24806 |
| &nbsp;&nbsp; 3.45%, 10/01/49 | 26000 | 18497 |
| Ameren Corp., |  |  |
| &nbsp;&nbsp; 1.75%, 3/15/28 | 48000 | 44843 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Ameren Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 1/15/29 | $41000 | $41678 |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc., 5.63%, <br> 3/01/33<br>| 18000 | 18667 |
| &nbsp;&nbsp; Arizona Public Service Co., <br> 5.70%, 8/15/34<br>| 41000 | 42336 |
| &nbsp;&nbsp; Black Hills Corp., 6.00%, <br> 1/15/35<br>| 35000 | 36387 |
| &nbsp;&nbsp; CenterPoint Energy <br> Houston Electric LLC, <br> 5.05%, 3/01/35<br>| 35000 | 34818 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., <br> 5.40%, 6/01/29<br>| 38000 | 39139 |
| &nbsp;&nbsp; CMS Energy Corp., (5Y US <br> Treasury CMT + 4.12%), <br> 4.75%, 6/01/50<sup>(j)</sup> <br>| 70000 | 67381 |
| &nbsp;&nbsp; Commonwealth <br> Edison Co.,<br>|  |  |
| &nbsp;&nbsp; 5.90%, 3/15/36 | 43000 | 45820 |
| &nbsp;&nbsp; 5.95%, 6/01/55 | 30000 | 31091 |
| &nbsp;&nbsp; Consolidated Edison Co. of <br> New York, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.63%, 12/01/54 | 30000 | 25239 |
| &nbsp;&nbsp; 4.00%, 11/15/57 | 24000 | 17722 |
| &nbsp;&nbsp; Consumers Energy Co., <br> 4.90%, 2/15/29<br>| 72000 | 73275 |
| DTE Electric Co., |  |  |
| &nbsp;&nbsp; 5.25%, 5/15/35 | 42000 | 42652 |
| &nbsp;&nbsp; 5.85%, 5/15/55 | 49000 | 51190 |
| DTE Energy Co., |  |  |
| &nbsp;&nbsp; 4.95%, 7/01/27 | 30000 | 30271 |
| &nbsp;&nbsp; 5.85%, 6/01/34 | 48000 | 50235 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp; 4.25%, 12/15/41 | 18000 | 15360 |
| &nbsp;&nbsp; 3.75%, 6/01/45 | 6000 | 4642 |
| &nbsp;&nbsp; Duke Energy Corp., 3.15%, <br> 8/15/27<br>| 32000 | 31239 |
| Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp; 2.40%, 12/15/31 | 35000 | 30812 |
| &nbsp;&nbsp; 5.88%, 11/15/33 | 29000 | 30731 |
| &nbsp;&nbsp; 5.95%, 11/15/52 | 29000 | 29819 |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 4/01/33 | 22000 | 22439 |
| &nbsp;&nbsp; 3.70%, 6/15/46 | 44000 | 32847 |
| &nbsp;&nbsp; 4.30%, 2/01/49 | 35000 | 28336 |
| &nbsp;&nbsp; 5.65%, 4/01/53 | 15000 | 14809 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp; 4.10%, 5/15/42 | 32000 | 26584 |
| &nbsp;&nbsp; 4.10%, 3/15/43 | 22000 | 18109 |
| Entergy Arkansas LLC, |  |  |
| &nbsp;&nbsp; 2.65%, 6/15/51 | 14000 | 8220 |
| &nbsp;&nbsp; 5.75%, 6/01/54 | 42000 | 41829 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Entergy Texas, Inc., 5.80%, <br> 9/01/53<br>| $20000 | $19692 |
| &nbsp;&nbsp; Evergy Kansas <br> Central, Inc., 5.25%, <br> 3/15/35<br>| 59000 | 59373 |
| Eversource Energy, |  |  |
| &nbsp;&nbsp; 5.45%, 3/01/28 | 44000 | 44982 |
| &nbsp;&nbsp; 5.95%, 2/01/29 | 47000 | 48967 |
| &nbsp;&nbsp; 1.65%, 8/15/30 | 62000 | 53746 |
| &nbsp;&nbsp; 5.13%, 5/15/33 | 34000 | 33982 |
| &nbsp;&nbsp; 5.50%, 1/01/34 | 32000 | 32548 |
| Exelon Corp., |  |  |
| &nbsp;&nbsp; 5.15%, 3/15/28 | 40000 | 40669 |
| &nbsp;&nbsp; 5.13%, 3/15/31 | 69000 | 70401 |
| &nbsp;&nbsp; 4.95%, 6/15/35 | 48000 | 46468 |
| &nbsp;&nbsp; FirstEnergy Corp., 3.90%, <br> 7/15/27<br>| 70000 | 69131 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania <br> Electric Co., 5.20%, <br> 4/01/28<sup>(c)</sup> <br>| 36000 | 36643 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp; 5.40%, 9/01/35 | 24000 | 24512 |
| &nbsp;&nbsp; 5.65%, 2/01/37 | 20000 | 20789 |
| &nbsp;&nbsp; Indiana Michigan <br> Power Co.,<br>|  |  |
| &nbsp;&nbsp; 3.85%, 5/15/28 | 22000 | 21702 |
| &nbsp;&nbsp; 6.05%, 3/15/37 | 12000 | 12839 |
| &nbsp;&nbsp; IPALCO Enterprises, Inc., <br> 4.25%, 5/01/30<br>| 52000 | 49835 |
| &nbsp;&nbsp; Liberty Utilities Co., <br> 5.87%, 1/31/34<sup>(c)</sup> <br>| 85000 | 86172 |
| MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp; 4.80%, 9/15/43 | 15000 | 13534 |
| &nbsp;&nbsp; 4.40%, 10/15/44 | 23000 | 19570 |
| Mississippi Power Co., |  |  |
| &nbsp;&nbsp; 4.75%, 10/15/41 | 9000 | 7768 |
| &nbsp;&nbsp; 4.25%, 3/15/42 | 26000 | 22249 |
| &nbsp;&nbsp; Monongahela Power Co., <br> 5.85%, 2/15/34<sup>(c)</sup> <br>| 56000 | 58221 |
| &nbsp;&nbsp; National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.12%, 9/16/27 | 30000 | 29901 |
| &nbsp;&nbsp; 3.40%, 2/07/28 | 22000 | 21492 |
| &nbsp;&nbsp; 4.95%, 2/07/30 | 29000 | 29558 |
| &nbsp;&nbsp; 1.65%, 6/15/31 | 37000 | 31379 |
| &nbsp;&nbsp; 2.75%, 4/15/32 | 24000 | 21405 |
| &nbsp;&nbsp; 4.02%, 11/01/32 | 41000 | 38961 |
| &nbsp;&nbsp; 4.15%, 12/15/32 | 39000 | 37426 |
| &nbsp;&nbsp; 5.80%, 1/15/33 | 7000 | 7416 |
| &nbsp;&nbsp; 5.00%, 8/15/34 | 69000 | 69011 |
| &nbsp;&nbsp; 4.40%, 11/01/48 | 71000 | 59430 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; New York State Electric & <br> Gas Corp., 5.30%, <br> 8/15/34<sup>(c)</sup> <br>| $37000 | $37456 |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.25%, 6/01/30 | 54000 | 48560 |
| &nbsp;&nbsp; 5.30%, 3/15/32 | 53000 | 54398 |
| &nbsp;&nbsp; 5.45%, 3/15/35 | 32000 | 32556 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 2.05%), 6.38%, <br> 8/15/55<sup>(j)</sup> <br>| 60000 | 61558 |
| &nbsp;&nbsp; Niagara Mohawk <br> Power Corp.,<br>|  |  |
| &nbsp;&nbsp; 1.96%, 6/27/30<sup>(c)</sup> <br>| 48000 | 42309 |
| &nbsp;&nbsp; 5.66%, 1/17/54<sup>(c)</sup> <br>| 34000 | 32583 |
| NRG Energy, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 6/15/29<sup>(c)</sup> <br>| 10000 | 9889 |
| &nbsp;&nbsp; 6.00%, 2/01/33<sup>(c)</sup> <br>| 125000 | 125339 |
| NSTAR Electric Co., |  |  |
| &nbsp;&nbsp; 5.40%, 6/01/34 | 30000 | 30727 |
| &nbsp;&nbsp; 5.20%, 3/01/35 | 71000 | 71609 |
| &nbsp;&nbsp; 5.50%, 3/15/40 | 61000 | 60993 |
| &nbsp;&nbsp; Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| &nbsp;&nbsp; 5.35%, 4/01/35<sup>(c)</sup> <br>| 36000 | 36709 |
| &nbsp;&nbsp; 5.55%, 6/15/54 | 63000 | 60924 |
| &nbsp;&nbsp; 5.80%, 4/01/55<sup>(c)</sup> <br>| 72000 | 72302 |
| &nbsp;&nbsp; Pacific Gas and <br> Electric Co.,<br>|  |  |
| &nbsp;&nbsp; 4.45%, 4/15/42 | 52000 | 41894 |
| &nbsp;&nbsp; 4.30%, 3/15/45 | 46000 | 35390 |
| &nbsp;&nbsp; 4.95%, 7/01/50 | 72000 | 59502 |
| &nbsp;&nbsp; 6.75%, 1/15/53 | 53000 | 55014 |
| PacifiCorp, 4.10%, 2/01/42 | 71000 | 56738 |
| PECO Energy Co., |  |  |
| &nbsp;&nbsp; 4.90%, 6/15/33 | 26000 | 26274 |
| &nbsp;&nbsp; 5.25%, 9/15/54 | 50000 | 47216 |
| &nbsp;&nbsp; PPL Capital Funding, Inc., <br> 5.25%, 9/01/34<br>| 30000 | 30255 |
| PSEG Power LLC, |  |  |
| &nbsp;&nbsp; 5.20%, 5/15/30<sup>(c)</sup> <br>| 59000 | 60283 |
| &nbsp;&nbsp; 5.75%, 5/15/35<sup>(c)</sup> <br>| 67000 | 69003 |
| &nbsp;&nbsp; Public Service Co. of New <br> Hampshire, 3.60%, <br> 7/01/49<br>| 37000 | 27113 |
| &nbsp;&nbsp; Public Service Co. of <br> Oklahoma, 5.20%, <br> 1/15/35<br>| 75000 | 74832 |
| &nbsp;&nbsp; Public Service Electric and <br> Gas Co.,<br>|  |  |
| &nbsp;&nbsp; 5.20%, 3/01/34 | 44000 | 44802 |
| &nbsp;&nbsp; 4.85%, 8/01/34 | 23000 | 22901 |
| &nbsp;&nbsp; 5.50%, 3/01/40 | 44000 | 44573 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Public Service Electric and <br> Gas Co.,<br>|  |  |
| &nbsp;&nbsp; 3.80%, 3/01/46 | $5000 | $3873 |
| &nbsp;&nbsp; 5.50%, 3/01/55 | 32000 | 31526 |
| &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc., 2.45%, <br> 11/15/31<br>| 55000 | 48072 |
| &nbsp;&nbsp; San Diego Gas & <br> Electric Co., 5.40%, <br> 4/15/35<br>| 62000 | 63209 |
| &nbsp;&nbsp; Southern California <br> Edison Co.,<br>|  |  |
| &nbsp;&nbsp; 4.05%, 3/15/42 | 60000 | 46677 |
| &nbsp;&nbsp; 4.00%, 4/01/47 | 33000 | 24012 |
| &nbsp;&nbsp; Southwestern Electric <br> Power Co., 5.30%, <br> 4/01/33<br>| 34000 | 34278 |
| &nbsp;&nbsp; Southwestern Public <br> Service Co.,<br>|  |  |
| &nbsp;&nbsp; 5.30%, 5/15/35 | 60000 | 60170 |
| &nbsp;&nbsp; 6.00%, 6/01/54 | 25000 | 25120 |
| &nbsp;&nbsp; Trans-Allegheny Interstate <br> Line Co., 5.00%, <br> 1/15/31<sup>(c)</sup> <br>| 88000 | 89144 |
| &nbsp;&nbsp; Tucson Electric Power Co., <br> 5.20%, 9/15/34<br>| 31000 | 31105 |
| &nbsp;&nbsp; Virginia Electric and <br> Power Co., 5.70%, <br> 8/15/53<br>| 15000 | 14843 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, <br> 5.70%, 12/30/34<sup>(c)</sup> <br>| 107000 | 108929 |
| &nbsp;&nbsp; Xcel Energy, Inc., 5.60%, <br> 4/15/35<br>| 50000 | 50927 |
|  |  | **4710599** |
| **Electric, Gas Marketing & Trading – 0.0%**<sup>(a)</sup> | **Electric, Gas Marketing & Trading – 0.0%**<sup>(a)</sup> | **Electric, Gas Marketing & Trading – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Jersey Central Power & <br> Light Co., 5.10%, 1/15/35<br>| 95000 | **94608** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp; Amphenol Corp., 4.38%, <br> 6/12/28<br>| 41000 | 41096 |
| &nbsp;&nbsp; Johnson Controls <br> International PLC, 4.95%, <br> 7/02/64<br>| 35000 | 29927 |
| &nbsp;&nbsp; Molex Electronic <br> Technologies LLC, 5.25%, <br> 4/30/32<sup>(c)</sup> <br>| 37000 | 37118 |
| &nbsp;&nbsp; Sensata Technologies B.V., <br> 4.00%, 4/15/29<sup>(c)</sup> <br>| 260000 | 247112 |
| Sensata Technologies, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 2/15/30<sup>(c)</sup> <br>| 20000 | 19138 |
| &nbsp;&nbsp; 3.75%, 2/15/31<sup>(c)</sup> <br>| 345000 | 314776 |
| &nbsp;&nbsp; 6.63%, 7/15/32<sup>(c)</sup> <br>| 230000 | 235013 |
|  |  | **924180** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Arcosa, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 4/15/29<sup>(c)</sup> <br>| $75000 | $72348 |
| &nbsp;&nbsp; 6.88%, 8/15/32<sup>(c)</sup> <br>| 90000 | 92975 |
| &nbsp;&nbsp; Brundage-Bone Concrete <br> Pumping Holdings, Inc., <br> 7.50%, 2/01/32<sup>(c)</sup> <br>| 65000 | 64702 |
|  |  | **230025** |
| **Entertainment Content – 1.0%** | **Entertainment Content – 1.0%** | **Entertainment Content – 1.0%** |
| &nbsp;&nbsp; Discovery <br> Communications LLC,<br>|  |  |
| &nbsp;&nbsp; 3.63%, 5/15/30 | 255000 | 225883 |
| &nbsp;&nbsp; 6.35%, 6/01/40 | 215000 | 162325 |
| Netflix, Inc., |  |  |
| &nbsp;&nbsp; 5.88%, 11/15/28 | 94000 | 98574 |
| &nbsp;&nbsp; 4.88%, 6/15/30<sup>(c)</sup> <br>| 37000 | 37694 |
| Paramount Global, |  |  |
| &nbsp;&nbsp; 3.70%, 6/01/28 | 65000 | 62973 |
| &nbsp;&nbsp; 5.25%, 4/01/44 | 45000 | 36351 |
| &nbsp;&nbsp; 4.95%, 5/19/50 | 66000 | 50945 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 4.00%), 6.38%, <br> 3/30/62<sup>(j)</sup> <br>| 485000 | 477724 |
| &nbsp;&nbsp; Time Warner Cable <br> Enterprises LLC, 8.38%, <br> 7/15/33<br>| 16000 | 18444 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.28%, 3/15/32 | 616000 | 517280 |
| &nbsp;&nbsp; 5.05%, 3/15/42 | 285000 | 190508 |
| &nbsp;&nbsp; 5.14%, 3/15/52 | 13000 | 8029 |
|  |  | **1886730** |
| **Food – 0.8%** | **Food – 0.8%** | **Food – 0.8%** |
| &nbsp;&nbsp; HLF Financing S.a.r.l. <br> LLC/Herbalife <br> International, Inc., 4.88%, <br> 6/01/29<sup>(c)</sup> <br>| 70000 | 58336 |
| &nbsp;&nbsp; Lamb Weston <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.88%, 5/15/28<sup>(c)</sup> <br>| 50000 | 49469 |
| &nbsp;&nbsp; 4.38%, 1/31/32<sup>(c)</sup> <br>| 355000 | 331698 |
| Mars, Inc., |  |  |
| &nbsp;&nbsp; 4.80%, 3/01/30<sup>(c)</sup> <br>| 27000 | 27268 |
| &nbsp;&nbsp; 5.00%, 3/01/32<sup>(c)</sup> <br>| 74000 | 74681 |
| &nbsp;&nbsp; 5.20%, 3/01/35<sup>(c)</sup> <br>| 130000 | 130622 |
| &nbsp;&nbsp; 2.38%, 7/16/40<sup>(c)</sup> <br>| 31000 | 21506 |
| &nbsp;&nbsp; 5.65%, 5/01/45<sup>(c)</sup> <br>| 18000 | 17877 |
| &nbsp;&nbsp; 5.70%, 5/01/55<sup>(c)</sup> <br>| 81000 | 79926 |
| &nbsp;&nbsp; 5.80%, 5/01/65<sup>(c)</sup> <br>| 75000 | 74269 |
| Post Holdings, Inc., |  |  |
| &nbsp;&nbsp; 5.50%, 12/15/29<sup>(c)</sup> <br>| 60000 | 59480 |
| &nbsp;&nbsp; 4.63%, 4/15/30<sup>(c)</sup> <br>| 70000 | 66864 |
| &nbsp;&nbsp; 4.50%, 9/15/31<sup>(c)</sup> <br>| 190000 | 175620 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Post Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.25%, 2/15/32<sup>(c)</sup> <br>| $320000 | $325977 |
| &nbsp;&nbsp; 6.38%, 3/01/33<sup>(c)</sup> <br>| 20000 | 19985 |
| &nbsp;&nbsp; Tyson Foods, Inc., 5.40%, <br> 3/15/29<br>| 22000 | 22581 |
|  |  | **1536159** |
| **Forestry, Paper & Wood Products – 0.0%**<sup>(a)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(a)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Georgia-Pacific LLC, <br> 4.95%, 6/30/32<sup>(c)</sup> <br>| 33000 | **33226** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp; American Water <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 3/01/35 | 39000 | 39413 |
| &nbsp;&nbsp; 4.15%, 6/01/49 | 11000 | 8695 |
| &nbsp;&nbsp; 5.45%, 3/01/54 | 42000 | 40472 |
| &nbsp;&nbsp; Atmos Energy Corp., <br> 5.20%, 8/15/35<br>| 67000 | 67481 |
| &nbsp;&nbsp; Essential Utilities, Inc., <br> 5.38%, 1/15/34<br>| 33000 | 33404 |
| &nbsp;&nbsp; NiSource, Inc., 5.85%, <br> 4/01/55<br>| 95000 | 93714 |
| &nbsp;&nbsp; ONE Gas, Inc., 5.10%, <br> 4/01/29<br>| 28000 | 28653 |
| &nbsp;&nbsp; South Jersey <br> Industries, Inc., 5.02%, <br> 4/15/31<br>| 62000 | 50320 |
| &nbsp;&nbsp; Southern California <br> Gas Co.,<br>|  |  |
| &nbsp;&nbsp; 5.45%, 6/15/35 | 53000 | 54023 |
| &nbsp;&nbsp; 6.00%, 6/15/55 | 45000 | 45779 |
|  |  | **461954** |
| **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** |
| Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp; 5.13%, 2/15/29 | 78000 | 79569 |
| &nbsp;&nbsp; 5.00%, 11/15/29 | 43000 | 43693 |
| &nbsp;&nbsp; 5.75%, 11/15/54 | 33000 | 32284 |
| &nbsp;&nbsp; Cencora, Inc., 4.85%, <br> 12/15/29<br>| 30000 | 30340 |
| Centene Corp., |  |  |
| &nbsp;&nbsp; 3.00%, 10/15/30 | 145000 | 126289 |
| &nbsp;&nbsp; 2.50%, 3/01/31 | 39000 | 32741 |
| Cigna Group (The), |  |  |
| &nbsp;&nbsp; 4.80%, 8/15/38 | 92000 | 85377 |
| &nbsp;&nbsp; 5.60%, 2/15/54 | 40000 | 37769 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 1/30/29 | 33000 | 33441 |
| &nbsp;&nbsp; 5.13%, 2/21/30 | 29000 | 29467 |
| &nbsp;&nbsp; 4.78%, 3/25/38 | 117000 | 106913 |
| &nbsp;&nbsp; 4.13%, 4/01/40 | 13000 | 10812 |
| &nbsp;&nbsp; 6.00%, 6/01/63 | 9000 | 8595 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| DaVita, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 6/01/30<sup>(c)</sup> <br>| $35000 | $33376 |
| &nbsp;&nbsp; 3.75%, 2/15/31<sup>(c)</sup> <br>| 180000 | 163235 |
| Elevance Health, Inc., |  |  |
| &nbsp;&nbsp; 2.88%, 9/15/29 | 45000 | 42167 |
| &nbsp;&nbsp; 5.85%, 11/01/64 | 28000 | 26812 |
| &nbsp;&nbsp; HAH Group Holding Co. <br> LLC, 9.75%, 10/01/31<sup>(c)</sup> <br>| 225000 | 218007 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp; 5.88%, 2/01/29 | 15000 | 15516 |
| &nbsp;&nbsp; 3.38%, 3/15/29 | 20000 | 19176 |
| &nbsp;&nbsp; 4.13%, 6/15/29 | 66000 | 64693 |
| &nbsp;&nbsp; 3.50%, 9/01/30 | 31000 | 29223 |
| &nbsp;&nbsp; 2.38%, 7/15/31 | 24000 | 20871 |
| &nbsp;&nbsp; 5.50%, 3/01/32 | 39000 | 40027 |
| &nbsp;&nbsp; 5.75%, 3/01/35 | 16000 | 16385 |
| &nbsp;&nbsp; 5.13%, 6/15/39 | 48000 | 45001 |
| &nbsp;&nbsp; 6.00%, 4/01/54 | 49000 | 47580 |
| &nbsp;&nbsp; 6.20%, 3/01/55 | 117000 | 116728 |
| &nbsp;&nbsp; 6.10%, 4/01/64 | 11000 | 10659 |
| &nbsp;&nbsp; Laboratory Corp. of <br> America Holdings, <br> 4.35%, 4/01/30<br>| 80000 | 79171 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 5.38%, 1/15/29<sup>(c)</sup> <br>| 215000 | 202100 |
| McKesson Corp., |  |  |
| &nbsp;&nbsp; 4.95%, 5/30/32 | 40000 | 40322 |
| &nbsp;&nbsp; 5.25%, 5/30/35 | 164000 | 165867 |
| Molina Healthcare, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 6/15/28 | 185000 | 177059 |
| &nbsp;&nbsp; 3.88%, 11/15/30<sup>(c)</sup> <br>| 265000 | 239288 |
| &nbsp;&nbsp; 3.88%, 5/15/32<sup>(c)</sup> <br>| 290000 | 253166 |
| &nbsp;&nbsp; 6.25%, 1/15/33<sup>(c)</sup> <br>| 120000 | 118393 |
| &nbsp;&nbsp; Owens & Minor, Inc., <br> 6.63%, 4/01/30<sup>(c)</sup> <br>| 60000 | 54030 |
| Quest Diagnostics, Inc., |  |  |
| &nbsp;&nbsp; 2.95%, 6/30/30 | 20000 | 18585 |
| &nbsp;&nbsp; 2.80%, 6/30/31 | 25000 | 22578 |
| &nbsp;&nbsp; Radiology Partners, Inc., <br> 8.50%, 7/15/32<sup>(c)</sup> <br>| 320000 | 323331 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp; 4.40%, 6/15/28 | 33000 | 33019 |
| &nbsp;&nbsp; 2.88%, 8/15/29 | 27000 | 25383 |
| &nbsp;&nbsp; 4.80%, 1/15/30 | 59000 | 59624 |
| &nbsp;&nbsp; 4.65%, 1/15/31 | 27000 | 27019 |
| &nbsp;&nbsp; 3.50%, 8/15/39 | 32000 | 25575 |
| &nbsp;&nbsp; 2.75%, 5/15/40 | 63000 | 45043 |
| &nbsp;&nbsp; 3.05%, 5/15/41 | 18000 | 13127 |
| &nbsp;&nbsp; 4.45%, 12/15/48 | 9000 | 7350 |
| &nbsp;&nbsp; 3.25%, 5/15/51 | 30000 | 19578 |
| &nbsp;&nbsp; 5.38%, 4/15/54 | 59000 | 54220 |
| &nbsp;&nbsp; 5.63%, 7/15/54 | 119000 | 113358 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp; 5.20%, 4/15/63 | $45000 | $39227 |
| &nbsp;&nbsp; 5.50%, 4/15/64 | 43000 | 39414 |
|  |  | **3762573** |
| **Home & Office Products – 0.3%** | **Home & Office Products – 0.3%** | **Home & Office Products – 0.3%** |
| &nbsp;&nbsp; Newell Brands, Inc., <br> 8.50%, 6/01/28<sup>(c)</sup> <br>| 245000 | 256729 |
| Whirlpool Corp., |  |  |
| &nbsp;&nbsp; 6.13%, 6/15/30 | 160000 | 159619 |
| &nbsp;&nbsp; 6.50%, 6/15/33 | 170000 | 167514 |
|  |  | **583862** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp; Taylor Morrison <br> Communities, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 1/15/28<sup>(c)</sup> <br>| 50000 | 50415 |
| &nbsp;&nbsp; 5.13%, 8/01/30<sup>(c)</sup> <br>| 260000 | 256666 |
|  |  | **307081** |
| **Household Products – 0.0%**<sup>(a)</sup> | **Household Products – 0.0%**<sup>(a)</sup> | **Household Products – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Kenvue, Inc., 5.05%, <br> 3/22/53<br>| 20000 | **18345** |
| **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** |
| Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp; 7.00%, 6/15/30<sup>(c)</sup> <br>| 90000 | 93018 |
| &nbsp;&nbsp; 7.25%, 6/15/33<sup>(c)</sup> <br>| 115000 | 119084 |
| Resideo Funding, Inc., |  |  |
| &nbsp;&nbsp; 4.00%, 9/01/29<sup>(c)</sup> <br>| 495000 | 462955 |
| &nbsp;&nbsp; 6.50%, 7/15/32<sup>(c)</sup> <br>| 185000 | 187672 |
| &nbsp;&nbsp; United Rentals North <br> America, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 7/15/30 | 30000 | 28382 |
| &nbsp;&nbsp; 3.88%, 2/15/31 | 365000 | 340567 |
| &nbsp;&nbsp; 6.13%, 3/15/34<sup>(c)</sup> <br>| 10000 | 10253 |
|  |  | **1241931** |
| **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** |
| &nbsp;&nbsp; Bank of New York Mellon <br> (The) Corp., (SOFR + <br> 1.35%), 5.32%, 6/06/36<sup>(j)</sup> <br>| 445000 | 453505 |
| &nbsp;&nbsp; Goldman Sachs Capital I, <br> 6.35%, 2/15/34<br>| 50000 | 52310 |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 4.48%, <br> 8/23/28<sup>(j)</sup> <br>| 144000 | 143991 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.77%), 6.48%, <br> 10/24/29<sup>(j)</sup> <br>| 20000 | 21144 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 5.73%, <br> 4/25/30<sup>(j)</sup> <br>| 40000 | 41532 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.33%, <br> 7/23/35<sup>(j)</sup> <br>| 49000 | 49501 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.02%, <br> 10/23/35<sup>(j)</sup> <br>| $71000 | $70029 |
| &nbsp;&nbsp; 6.25%, 2/01/41 | 8000 | 8555 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.70%), 5.73%, <br> 1/28/56<sup>(j)</sup> <br>| 131000 | 131551 |
| &nbsp;&nbsp; Intercontinental <br> Exchange, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.63%, 9/01/28 | 81000 | 79271 |
| &nbsp;&nbsp; 2.10%, 6/15/30 | 95000 | 85230 |
| &nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.13%, 4/30/31<sup>(c)</sup> <br>| 25000 | 25821 |
| &nbsp;&nbsp; 6.75%, 5/01/33<sup>(c)</sup> <br>| 165000 | 168858 |
| &nbsp;&nbsp; Lazard Group LLC, 5.63%, <br> 8/01/35<br>| 80000 | 79916 |
| LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 11/15/27<sup>(c)</sup> <br>| 43000 | 42743 |
| &nbsp;&nbsp; 5.65%, 3/15/35 | 80000 | 80269 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; 3.59%, 7/22/28<sup>(k)</sup> <br>| 22000 | 21622 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 6.30%, <br> 10/18/28<sup>(j)</sup> <br>| 58000 | 60207 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, <br> 4/20/29<sup>(j)</sup> <br>| 65000 | 66048 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.65%, <br> 10/18/30<sup>(j)</sup> <br>| 125000 | 125250 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(j)</sup> <br>| 18000 | 15757 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(j)</sup> <br>| 102000 | 103649 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 6.63%, <br> 11/01/34<sup>(j)</sup> <br>| 57000 | 62862 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.66%, <br> 4/17/36<sup>(j)</sup> <br>| 399000 | 411522 |
| State Street Corp., |  |  |
| &nbsp;&nbsp; 4.83%, 4/24/30 | 77000 | 78223 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 4.68%, <br> 10/22/32<sup>(j)</sup> <br>| 82000 | 81747 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.03%, <br> 11/01/34<sup>(j)</sup> <br>| 126000 | 116236 |
|  |  | **2677349** |
| **Insurance – 2.6%** | **Insurance – 2.6%** | **Insurance – 2.6%** |
| Alleghany Corp., |  |  |
| &nbsp;&nbsp; 4.90%, 9/15/44 | 44000 | 39780 |
| &nbsp;&nbsp; 3.25%, 8/15/51 | 115000 | 77239 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer,<br>|  |  |
| &nbsp;&nbsp; 7.00%, 1/15/31<sup>(c)</sup> <br>| 255000 | 262209 |
| &nbsp;&nbsp; 6.50%, 10/01/31<sup>(c)</sup> <br>| 615000 | 623932 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; American International <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.40%, 6/30/30 | $54000 | $51221 |
| &nbsp;&nbsp; 5.45%, 5/07/35 | 188000 | 192077 |
| &nbsp;&nbsp; AmWINS Group, Inc., <br> 6.38%, 2/15/29<sup>(c)</sup> <br>| 260000 | 264765 |
| &nbsp;&nbsp; Amynta Agency <br> Borrower, Inc./Amynta <br> Warranty Borrower, Inc., <br> 7.50%, 7/15/33<sup>(c)</sup> <br>| 265000 | 265777 |
| &nbsp;&nbsp; APH Somerset Investor 2 <br> LLC/APH2 Somerset <br> Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, <br> 7.88%, 11/01/29<sup>(c)</sup> <br>| 480000 | 494525 |
| &nbsp;&nbsp; Athene Global Funding, <br> 5.32%, 11/13/31<sup>(c)</sup> <br>| 48000 | 48284 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group Holdings <br> Finance, 7.13%, <br> 5/15/31<sup>(c)</sup> <br>| 595000 | 614317 |
| &nbsp;&nbsp; Beacon Funding Trust, <br> 6.27%, 8/15/54<sup>(c)</sup> <br>| 100000 | 98945 |
| &nbsp;&nbsp; Brown & Brown, Inc., <br> 4.90%, 6/23/30<br>| 39000 | 39157 |
| Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp; 3.90%, 4/05/32 | 109000 | 102442 |
| &nbsp;&nbsp; 6.05%, 9/15/33 | 214000 | 225072 |
| &nbsp;&nbsp; 5.75%, 1/15/34 | 34000 | 35288 |
| &nbsp;&nbsp; Corebridge Global Funding, <br> 4.85%, 6/06/30<sup>(c)</sup> <br>| 53000 | 53245 |
| &nbsp;&nbsp; Equitable Holdings, Inc., <br> 4.57%, 2/15/29<sup>(c)</sup> <br>| 108000 | 107419 |
| &nbsp;&nbsp; Hartford Insurance Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.80%, 8/19/29 | 3000 | 2814 |
| &nbsp;&nbsp; 5.95%, 10/15/36 | 118000 | 124465 |
| &nbsp;&nbsp; 6.10%, 10/01/41 | 14000 | 14505 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 2.39%), 6.71%, <br> 2/12/47<sup>(c)(k)</sup> <br>| 87000 | 80903 |
| &nbsp;&nbsp; 4.40%, 3/15/48 | 22000 | 18301 |
| &nbsp;&nbsp; 2.90%, 9/15/51 | 48000 | 30141 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., <br> 4.30%, 2/01/61<sup>(c)</sup> <br>| 245000 | 150397 |
| &nbsp;&nbsp; Marsh & McLennan Cos., <br> Inc., 5.00%, 3/15/35<br>| 198000 | 197535 |
| &nbsp;&nbsp; Panther Escrow Issuer LLC, <br> 7.13%, 6/01/31<sup>(c)</sup> <br>| 205000 | 211990 |
| &nbsp;&nbsp; Ryan Specialty LLC, 5.88%, <br> 8/01/32<sup>(c)</sup> <br>| 330000 | 330912 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; Symetra Life <br> Insurance Co., 6.55%, <br> 10/01/55<sup>(c)</sup> <br>| $86000 | $87794 |
| &nbsp;&nbsp; Travelers (The) Cos., Inc., <br> 5.70%, 7/24/55<br>| 44000 | 44300 |
|  |  | **4889751** |
| **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** |
| Alphabet, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 5/15/55 | 63000 | 61816 |
| &nbsp;&nbsp; 5.30%, 5/15/65 | 35000 | 33985 |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp; 5.40%, 8/15/54 | 49000 | 47350 |
| &nbsp;&nbsp; 5.55%, 8/15/64 | 56000 | 54330 |
| &nbsp;&nbsp; Uber Technologies, Inc., <br> 4.30%, 1/15/30<br>| 55000 | 54523 |
| &nbsp;&nbsp; Ziff Davis, Inc., 4.63%, <br> 10/15/30<sup>(c)</sup> <br>| 298000 | 277253 |
|  |  | **529257** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Accenture Capital, Inc., |  |  |
| &nbsp;&nbsp; 4.05%, 10/04/29 | 50000 | 49451 |
| &nbsp;&nbsp; 4.25%, 10/04/31 | 42000 | 41360 |
| &nbsp;&nbsp; 4.50%, 10/04/34 | 118000 | 114190 |
|  |  | **205001** |
| **Leisure Facilities & Services – 1.9%** | **Leisure Facilities & Services – 1.9%** | **Leisure Facilities & Services – 1.9%** |
| &nbsp;&nbsp; Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(c)</sup> <br>| 300000 | 308871 |
| &nbsp;&nbsp; Hilton Domestic <br> Operating Co., Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 5/01/31<sup>(c)</sup> <br>| 25000 | 23327 |
| &nbsp;&nbsp; 3.63%, 2/15/32<sup>(c)</sup> <br>| 390000 | 351634 |
| &nbsp;&nbsp; 5.75%, 9/15/33<sup>(c)</sup> <br>| 20000 | 20019 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc., 6.63%, <br> 1/15/32<sup>(c)</sup> <br>| 690000 | 697745 |
| &nbsp;&nbsp; Light & Wonder <br> International, Inc., 7.50%, <br> 9/01/31<sup>(c)</sup> <br>| 185000 | 192823 |
| &nbsp;&nbsp; Marriott Ownership <br> Resorts, Inc., 4.50%, <br> 6/15/29<sup>(c)</sup> <br>| 535000 | 511830 |
| &nbsp;&nbsp; McDonald's Corp., 4.20%, <br> 4/01/50<br>| 18000 | 14287 |
| &nbsp;&nbsp; NCL Corp. Ltd., 6.75%, <br> 2/01/32<sup>(c)</sup> <br>| 315000 | 323543 |
| &nbsp;&nbsp; Royal Caribbean <br> Cruises Ltd.,<br>|  |  |
| &nbsp;&nbsp; 5.63%, 9/30/31<sup>(c)</sup> <br>| 13000 | 13093 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| &nbsp;&nbsp; Royal Caribbean <br> Cruises Ltd.,<br>|  |  |
| &nbsp;&nbsp; 6.25%, 3/15/32 | $21000 | $21554 |
| &nbsp;&nbsp; 6.00%, 2/01/33<sup>(c)</sup> <br>| 36000 | 36594 |
| Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp; 8.63%, 6/01/27<sup>(c)</sup> <br>| 152000 | 154417 |
| &nbsp;&nbsp; 10.75%, 11/15/29<sup>(c)</sup> <br>| 144000 | 148316 |
| &nbsp;&nbsp; Starbucks Corp., 4.80%, <br> 5/15/30<br>| 40000 | 40416 |
| Travel + Leisure Co., |  |  |
| &nbsp;&nbsp; 6.00%, 4/01/27 | 10000 | 10076 |
| &nbsp;&nbsp; 4.50%, 12/01/29<sup>(c)</sup> <br>| 85000 | 81616 |
| &nbsp;&nbsp; 4.63%, 3/01/30<sup>(c)</sup> <br>| 155000 | 148544 |
| Yum! Brands, Inc., |  |  |
| &nbsp;&nbsp; 3.63%, 3/15/31 | 300000 | 276516 |
| &nbsp;&nbsp; 4.63%, 1/31/32 | 95000 | 90943 |
|  |  | **3466164** |
| **Machinery – 0.4%** | **Machinery – 0.4%** | **Machinery – 0.4%** |
| Caterpillar, Inc., |  |  |
| &nbsp;&nbsp; 5.20%, 5/15/35 | 67000 | 68303 |
| &nbsp;&nbsp; 5.50%, 5/15/55 | 24000 | 23697 |
| &nbsp;&nbsp; Esab Corp., 6.25%, <br> 4/15/29<sup>(c)</sup> <br>| 185000 | 189025 |
| &nbsp;&nbsp; GrafTech Finance, Inc., <br> 4.63%, 12/23/29<sup>(c)</sup> <br>| 130000 | 92342 |
| &nbsp;&nbsp; GrafTech Global <br> Enterprises, Inc., 9.88%, <br> 12/23/29<sup>(c)</sup> <br>| 10000 | 8800 |
| Ingersoll Rand, Inc., |  |  |
| &nbsp;&nbsp; 5.40%, 8/14/28 | 45000 | 46152 |
| &nbsp;&nbsp; 5.70%, 8/14/33 | 56000 | 58506 |
| John Deere Capital Corp., |  |  |
| &nbsp;&nbsp; 4.55%, 6/05/30 | 79000 | 79408 |
| &nbsp;&nbsp; 4.90%, 3/07/31 | 73000 | 74301 |
| &nbsp;&nbsp; 4.40%, 9/08/31 | 71000 | 70597 |
| &nbsp;&nbsp; 5.10%, 4/11/34 | 61000 | 62019 |
|  |  | **773150** |
| **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** |
| &nbsp;&nbsp; Avantor Funding, Inc., <br> 3.88%, 11/01/29<sup>(c)</sup> <br>| 175000 | 165043 |
| &nbsp;&nbsp; Becton Dickinson & Co., <br> 4.69%, 2/13/28<br>| 67000 | 67527 |
| &nbsp;&nbsp; GE HealthCare <br> Technologies, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.80%, 1/15/31 | 107000 | 107552 |
| &nbsp;&nbsp; 5.50%, 6/15/35 | 24000 | 24498 |
| &nbsp;&nbsp; Hologic, Inc., 3.25%, <br> 2/15/29<sup>(c)</sup> <br>| 195000 | 184657 |
| Solventum Corp., |  |  |
| &nbsp;&nbsp; 5.40%, 3/01/29 | 76000 | 78192 |
| &nbsp;&nbsp; 5.60%, 3/23/34 | 40000 | 41027 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| Solventum Corp., |  |  |
| &nbsp;&nbsp; 5.90%, 4/30/54 | $58000 | $57509 |
| &nbsp;&nbsp; Thermo Fisher <br> Scientific, Inc., 5.40%, <br> 8/10/43<br>| 42000 | 41560 |
| &nbsp;&nbsp; Zimmer Biomet <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.35%, 12/01/28 | 49000 | 50360 |
| &nbsp;&nbsp; 5.05%, 2/19/30 | 41000 | 41809 |
|  |  | **859734** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| &nbsp;&nbsp; Alumina Pty. Ltd., 6.38%, <br> 9/15/32<sup>(c)</sup> <br>| 280000 | **283915** |
| **Oil & Gas Supply Chain – 5.3%** | **Oil & Gas Supply Chain – 5.3%** | **Oil & Gas Supply Chain – 5.3%** |
| &nbsp;&nbsp; BP Capital Markets <br> America, Inc., 3.00%, <br> 2/24/50<br>| 34000 | 21657 |
| &nbsp;&nbsp; BP Capital Markets PLC, <br> (5Y US Treasury CMT + <br> 1.92%), 6.13%, <br> 3/18/35<sup>(i)(j)</sup> <br>| 47000 | 47137 |
| &nbsp;&nbsp; Cameron LNG LLC, 2.90%, <br> 7/15/31<sup>(c)</sup> <br>| 57000 | 51566 |
| &nbsp;&nbsp; Cheniere Energy Partners <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 4.50%, 10/01/29 | 59000 | 58360 |
| &nbsp;&nbsp; 5.55%, 10/30/35<sup>(c)</sup> <br>| 37000 | 37187 |
| &nbsp;&nbsp; Chord Energy Corp., <br> 6.75%, 3/15/33<sup>(c)</sup> <br>| 620000 | 632414 |
| Civitas Resources, Inc., |  |  |
| &nbsp;&nbsp; 8.38%, 7/01/28<sup>(c)</sup> <br>| 145000 | 149107 |
| &nbsp;&nbsp; 8.63%, 11/01/30<sup>(c)</sup> <br>| 315000 | 321374 |
| &nbsp;&nbsp; 8.75%, 7/01/31<sup>(c)</sup> <br>| 450000 | 455552 |
| &nbsp;&nbsp; Columbia Pipelines <br> Holding Co. LLC, 6.04%, <br> 8/15/28<sup>(c)</sup> <br>| 33000 | 34298 |
| &nbsp;&nbsp; Coterra Energy, Inc., <br> 5.90%, 2/15/55<br>| 74000 | 68879 |
| &nbsp;&nbsp; CQP Holdco L.P./BIP-V <br> Chinook Holdco LLC, <br> 5.50%, 6/15/31<sup>(c)</sup> <br>| 250000 | 244229 |
| &nbsp;&nbsp; Crescent Energy <br> Finance LLC, 7.63%, <br> 4/01/32<sup>(c)</sup> <br>| 190000 | 185669 |
| CVR Energy, Inc., |  |  |
| &nbsp;&nbsp; 5.75%, 2/15/28<sup>(c)</sup> <br>| 40000 | 38355 |
| &nbsp;&nbsp; 8.50%, 1/15/29<sup>(c)</sup> <br>| 275000 | 270184 |
| &nbsp;&nbsp; Diamondback Energy, Inc., <br> 5.90%, 4/18/64<br>| 51000 | 47100 |
| &nbsp;&nbsp; Eastern Gas Transmission <br> & Storage, Inc., 3.00%, <br> 11/15/29<br>| 111000 | 104650 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp; 5.70%, 4/01/35 | $40000 | $40560 |
| &nbsp;&nbsp; 5.95%, 10/01/43 | 48000 | 46307 |
| &nbsp;&nbsp; 6.00%, 6/15/48 | 71000 | 67979 |
| &nbsp;&nbsp;&nbsp; (5Y US Treasury CMT + <br> 4.02%), 8.00%, <br> 5/15/54<sup>(j)</sup> <br>| 330000 | 351544 |
| &nbsp;&nbsp; 6.05%, 9/01/54 | 81000 | 77722 |
| &nbsp;&nbsp; Enterprise Products <br> Operating LLC,<br>|  |  |
| &nbsp;&nbsp; 4.30%, 6/20/28 | 40000 | 39957 |
| &nbsp;&nbsp; 4.60%, 1/15/31 | 62000 | 61949 |
| &nbsp;&nbsp; 4.85%, 1/31/34 | 22000 | 21801 |
| &nbsp;&nbsp; 4.95%, 2/15/35 | 41000 | 40638 |
| &nbsp;&nbsp; 5.20%, 1/15/36 | 53000 | 53090 |
| &nbsp;&nbsp; 5.55%, 2/16/55 | 32000 | 30627 |
| &nbsp;&nbsp; 3.95%, 1/31/60 | 67000 | 48392 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 3.29%), 5.25%, <br> 8/16/77<sup>(j)</sup> <br>| 500000 | 494443 |
| &nbsp;&nbsp; EOG Resources, Inc., <br> 5.35%, 1/15/36<br>| 276000 | 278058 |
| &nbsp;&nbsp; Exxon Mobil Corp., 4.23%, <br> 3/19/40<br>| 87000 | 77314 |
| &nbsp;&nbsp; Hess Midstream <br> Operations L.P.,<br>|  |  |
| &nbsp;&nbsp; 5.13%, 6/15/28<sup>(c)</sup> <br>| 370000 | 368094 |
| &nbsp;&nbsp; 6.50%, 6/01/29<sup>(c)</sup> <br>| 180000 | 185418 |
| &nbsp;&nbsp; Kinder Morgan, Inc., <br> 5.30%, 12/01/34<br>| 100000 | 99820 |
| &nbsp;&nbsp; Kinetik Holdings L.P., <br> 5.88%, 6/15/30<sup>(c)</sup> <br>| 130000 | 130105 |
| Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp; 5.70%, 3/01/35 | 74000 | 75080 |
| &nbsp;&nbsp; 6.50%, 3/01/41 | 5000 | 5215 |
| &nbsp;&nbsp; 5.00%, 9/15/54 | 35000 | 28502 |
| Matador Resources Co., |  |  |
| &nbsp;&nbsp; 6.50%, 4/15/32<sup>(c)</sup> <br>| 155000 | 155457 |
| &nbsp;&nbsp; 6.25%, 4/15/33<sup>(c)</sup> <br>| 300000 | 297206 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp; 2.65%, 8/15/30 | 56000 | 50749 |
| &nbsp;&nbsp; 5.50%, 6/01/34 | 31000 | 31032 |
| &nbsp;&nbsp; Murphy Oil USA, Inc., <br> 3.75%, 2/15/31<sup>(c)</sup> <br>| 125000 | 114806 |
| Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp; 8.13%, 3/01/28<sup>(c)</sup> <br>| 130000 | 131266 |
| &nbsp;&nbsp; 8.75%, 6/15/31<sup>(c)</sup> <br>| 365000 | 374995 |
| &nbsp;&nbsp; ONEOK, Inc., 5.70%, <br> 11/01/54<br>| 107000 | 98263 |
| &nbsp;&nbsp; Sabine Pass <br> Liquefaction LLC, 4.20%, <br> 3/15/28<br>| 62000 | 61501 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; Shell International Finance <br> B.V., 2.88%, 11/26/41<br>| $29000 | $20724 |
| &nbsp;&nbsp; SM Energy Co., 6.75%, <br> 8/01/29<sup>(c)</sup> <br>| 260000 | 260205 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp; 4.90%, 9/15/30 | 42000 | 42226 |
| &nbsp;&nbsp; 5.50%, 2/15/35 | 32000 | 31981 |
| &nbsp;&nbsp; 6.25%, 7/01/52 | 106000 | 104463 |
| &nbsp;&nbsp; 6.13%, 5/15/55 | 39000 | 38102 |
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp., <br> 4.88%, 2/01/31<br>| 33000 | 32620 |
| &nbsp;&nbsp; Transcontinental Gas Pipe <br> Line Co. LLC, 3.25%, <br> 5/15/30<br>| 54000 | 50780 |
| &nbsp;&nbsp; Valero Energy Corp., <br> 5.15%, 2/15/30<br>| 99000 | 100753 |
| &nbsp;&nbsp; Venture Global Calcasieu <br> Pass LLC,<br>|  |  |
| &nbsp;&nbsp; 3.88%, 8/15/29<sup>(c)</sup> <br>| 240000 | 226543 |
| &nbsp;&nbsp; 4.13%, 8/15/31<sup>(c)</sup> <br>| 65000 | 60040 |
| &nbsp;&nbsp; 3.88%, 11/01/33<sup>(c)</sup> <br>| 45000 | 39264 |
| &nbsp;&nbsp; Venture Global LNG, Inc., <br> (5Y US Treasury CMT + <br> 5.44%), 9.00%, <br> 9/30/29<sup>(c)(i)(j)</sup> <br>| 605000 | 605154 |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| &nbsp;&nbsp; 7.50%, 5/01/33<sup>(c)</sup> <br>| 230000 | 248387 |
| &nbsp;&nbsp; 6.50%, 1/15/34<sup>(c)</sup> <br>| 450000 | 462938 |
| &nbsp;&nbsp; 7.75%, 5/01/35<sup>(c)</sup> <br>| 135000 | 148023 |
| &nbsp;&nbsp; 6.75%, 1/15/36<sup>(c)</sup> <br>| 315000 | 324042 |
| Viper Energy Partners LLC, |  |  |
| &nbsp;&nbsp; 4.90%, 8/01/30 | 92000 | 91612 |
| &nbsp;&nbsp; 5.70%, 8/01/35 | 71000 | 70567 |
| Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp; 4.90%, 3/15/29 | 35000 | 35390 |
| &nbsp;&nbsp; 4.63%, 6/30/30 | 64000 | 63747 |
| &nbsp;&nbsp; 5.30%, 9/30/35 | 64000 | 63725 |
| &nbsp;&nbsp; 5.10%, 9/15/45 | 45000 | 40561 |
|  |  | **9867455** |
| **Oil, Gas Services & Equipment – 0.3%** | **Oil, Gas Services & Equipment – 0.3%** | **Oil, Gas Services & Equipment – 0.3%** |
| &nbsp;&nbsp; Oceaneering <br> International, Inc., 6.00%, <br> 2/01/28<br>| 190000 | 191103 |
| &nbsp;&nbsp; Transocean Aquila Ltd., <br> 8.00%, 9/30/28<sup>(c)</sup> <br>| 93769 | 94955 |
| &nbsp;&nbsp; Transocean Poseidon Ltd., <br> 6.88%, 2/01/27<sup>(c)</sup> <br>| 114750 | 114668 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** |
| &nbsp;&nbsp; Transocean Titan <br> Financing Ltd., 8.38%, <br> 2/01/28<sup>(c)</sup> <br>| $56667 | $58075 |
| &nbsp;&nbsp; Transocean, Inc., 8.00%, <br> 2/01/27<sup>(c)</sup> <br>| 25000 | 24814 |
|  |  | **483615** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; EW Scripps (The) Co., <br> 9.88%, 8/15/30<sup>(c)(h)</sup> <br>| 100000 | 99375 |
| iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp; 7.75%, 8/15/30<sup>(c)</sup> <br>| 155750 | 121266 |
| &nbsp;&nbsp; 7.00%, 1/15/31<sup>(c)</sup> <br>| 48000 | 36220 |
|  |  | **256861** |
| **Real Estate Investment Trusts – 1.5%** | **Real Estate Investment Trusts – 1.5%** | **Real Estate Investment Trusts – 1.5%** |
| &nbsp;&nbsp; American Homes 4 Rent <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 4.25%, 2/15/28 | 19000 | 18845 |
| &nbsp;&nbsp; 4.95%, 6/15/30 | 53000 | 53346 |
| &nbsp;&nbsp; 3.63%, 4/15/32 | 15000 | 13837 |
| &nbsp;&nbsp; 5.50%, 2/01/34 | 127000 | 129108 |
| &nbsp;&nbsp; 5.50%, 7/15/34 | 20000 | 20268 |
| &nbsp;&nbsp; 5.25%, 3/15/35 | 20000 | 19855 |
| &nbsp;&nbsp; 3.38%, 7/15/51 | 57000 | 37421 |
| American Tower Corp., |  |  |
| &nbsp;&nbsp; 3.60%, 1/15/28 | 48000 | 47056 |
| &nbsp;&nbsp; 1.50%, 1/31/28 | 86000 | 80009 |
| &nbsp;&nbsp; 5.50%, 3/15/28 | 13000 | 13319 |
| &nbsp;&nbsp; 5.25%, 7/15/28 | 16000 | 16361 |
| &nbsp;&nbsp; 5.00%, 1/31/30 | 30000 | 30461 |
| &nbsp;&nbsp; 2.70%, 4/15/31 | 57000 | 51004 |
| &nbsp;&nbsp; Camden Property Trust, <br> 2.80%, 5/15/30<br>| 68000 | 63135 |
| &nbsp;&nbsp; Cousins Properties L.P., <br> 5.38%, 2/15/32<br>| 79000 | 79750 |
| &nbsp;&nbsp; Crown Castle, Inc., 5.60%, <br> 6/01/29<br>| 26000 | 26809 |
| &nbsp;&nbsp; CubeSmart L.P., 2.50%, <br> 2/15/32<br>| 54000 | 46687 |
| Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp; 3.90%, 4/01/29 | 34000 | 33258 |
| &nbsp;&nbsp; 4.00%, 6/15/29 | 20000 | 19615 |
| &nbsp;&nbsp; First Industrial L.P., 5.25%, <br> 1/15/31<br>| 110000 | 110756 |
| &nbsp;&nbsp; Invitation Homes <br> Operating Partnership <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 2.30%, 11/15/28 | 161000 | 150494 |
| &nbsp;&nbsp; 2.00%, 8/15/31 | 69000 | 58571 |
| &nbsp;&nbsp; 5.50%, 8/15/33 | 41000 | 41663 |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 3/15/28<sup>(c)</sup> <br>| 60000 | 59695 |
| &nbsp;&nbsp; 4.88%, 9/15/29<sup>(c)</sup> <br>| 190000 | 185776 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 7/15/30<sup>(c)</sup> <br>| $90000 | $88446 |
| &nbsp;&nbsp; 4.50%, 2/15/31<sup>(c)</sup> <br>| 345000 | 326270 |
| &nbsp;&nbsp; 6.25%, 1/15/33<sup>(c)</sup> <br>| 180000 | 183074 |
| &nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 3.50%, 3/15/31 | 145000 | 98664 |
| &nbsp;&nbsp; 8.50%, 2/15/32<sup>(c)</sup> <br>| 170000 | 176699 |
| &nbsp;&nbsp; National Health <br> Investors, Inc., 3.00%, <br> 2/01/31<br>| 52000 | 46009 |
| &nbsp;&nbsp; NNN REIT, Inc., 4.60%, <br> 2/15/31<br>| 58000 | 57410 |
| &nbsp;&nbsp; Omega Healthcare <br> Investors, Inc., 5.20%, <br> 7/01/30<br>| 51000 | 51162 |
| &nbsp;&nbsp; Phillips Edison Grocery <br> Center Operating <br> Partnership I L.P., 5.25%, <br> 8/15/32<br>| 85000 | 85493 |
| &nbsp;&nbsp; Prologis Targeted <br> U.S. Logistics Fund L.P., <br> 5.25%, 4/01/29<sup>(c)</sup> <br>| 44000 | 45071 |
| &nbsp;&nbsp; Regency Centers L.P., <br> 5.00%, 7/15/32<br>| 38000 | 38388 |
| &nbsp;&nbsp; Rexford Industrial Realty <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 2.13%, 12/01/30 | 71000 | 61661 |
| &nbsp;&nbsp; 2.15%, 9/01/31 | 108000 | 92478 |
| &nbsp;&nbsp; Welltower OP LLC, 5.13%, <br> 7/01/35<br>| 64000 | 63779 |
|  |  | **2821703** |
| **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** |
| &nbsp;&nbsp; Albertsons Cos., <br> Inc./Safeway, Inc./New <br> Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| &nbsp;&nbsp; 4.88%, 2/15/30<sup>(c)</sup> <br>| 25000 | 24368 |
| &nbsp;&nbsp; 6.25%, 3/15/33<sup>(c)</sup> <br>| 205000 | 208951 |
| &nbsp;&nbsp; Dollar General Corp., <br> 5.20%, 7/05/28<br>| 35000 | 35611 |
| Kroger (The) Co., |  |  |
| &nbsp;&nbsp; 5.00%, 9/15/34 | 18000 | 17806 |
| &nbsp;&nbsp; 5.50%, 9/15/54 | 62000 | 58505 |
| &nbsp;&nbsp; 5.65%, 9/15/64 | 72000 | 67905 |
| &nbsp;&nbsp; Target Corp., 5.00%, <br> 4/15/35<br>| 39000 | 38947 |
| Walmart, Inc., |  |  |
| &nbsp;&nbsp; 4.90%, 4/28/35 | 236000 | 237550 |
| &nbsp;&nbsp; 2.50%, 9/22/41 | 30000 | 21065 |
|  |  | **710708** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Retail - Discretionary – 0.8%** | **Retail - Discretionary – 0.8%** | **Retail - Discretionary – 0.8%** |
| &nbsp;&nbsp; Builders FirstSource, Inc., <br> 6.75%, 5/15/35<sup>(c)</sup> <br>| $550000 | $563915 |
| &nbsp;&nbsp; Evergreen Acqco 1 <br> L.P./TVI, Inc., 9.75%, <br> 4/26/28<sup>(c)</sup> <br>| 30000 | 31233 |
| Home Depot (The), Inc., |  |  |
| &nbsp;&nbsp; 2.70%, 4/15/30 | 62000 | 57683 |
| &nbsp;&nbsp; 3.30%, 4/15/40 | 65000 | 51456 |
| &nbsp;&nbsp; 3.63%, 4/15/52 | 21000 | 15231 |
| &nbsp;&nbsp; 4.95%, 9/15/52 | 20000 | 18117 |
| &nbsp;&nbsp; 5.30%, 6/25/54 | 49000 | 46680 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp; 3.75%, 4/01/32 | 16000 | 15027 |
| &nbsp;&nbsp; 5.00%, 4/15/33 | 16000 | 16118 |
| &nbsp;&nbsp; 2.80%, 9/15/41 | 30000 | 20821 |
| &nbsp;&nbsp; 4.65%, 4/15/42 | 25000 | 22083 |
| &nbsp;&nbsp; 4.25%, 4/01/52 | 26000 | 20168 |
| &nbsp;&nbsp; 4.45%, 4/01/62 | 86000 | 65961 |
| &nbsp;&nbsp; 5.80%, 9/15/62 | 30000 | 28898 |
| &nbsp;&nbsp; 5.85%, 4/01/63 | 24000 | 23181 |
| O'Reilly Automotive, Inc., |  |  |
| &nbsp;&nbsp; 4.70%, 6/15/32 | 22000 | 21849 |
| &nbsp;&nbsp; 5.00%, 8/19/34 | 59000 | 58469 |
| &nbsp;&nbsp; QXO Building <br> Products, Inc., 6.75%, <br> 4/30/32<sup>(c)</sup> <br>| 155000 | 159615 |
| &nbsp;&nbsp; Saks Global <br> Enterprises LLC, 11.00%, <br> 12/15/29<sup>(c)</sup> <br>| 310000 | 69750 |
| &nbsp;&nbsp; SGUS LLC, 11.00%, <br> 12/15/29<sup>(c)</sup> <br>| 119028 | 111129 |
|  |  | **1417384** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| &nbsp;&nbsp; Analog Devices, Inc., <br> 4.50%, 6/15/30<br>| 62000 | 62173 |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp; 5.15%, 11/15/31 | 41000 | 42014 |
| &nbsp;&nbsp; 5.20%, 4/15/32 | 22000 | 22551 |
| &nbsp;&nbsp; 4.80%, 10/15/34 | 33000 | 32381 |
| &nbsp;&nbsp; 5.20%, 7/15/35 | 79000 | 79374 |
| &nbsp;&nbsp; 3.19%, 11/15/36<sup>(c)</sup> <br>| 150000 | 123786 |
| &nbsp;&nbsp; 4.93%, 5/15/37<sup>(c)</sup> <br>| 50000 | 48318 |
| Entegris, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 4/15/28<sup>(c)</sup> <br>| 65000 | 63336 |
| &nbsp;&nbsp; 3.63%, 5/01/29<sup>(c)</sup> <br>| 25000 | 23456 |
| &nbsp;&nbsp; 5.95%, 6/15/30<sup>(c)</sup> <br>| 70000 | 70627 |
| Intel Corp., |  |  |
| &nbsp;&nbsp; 2.45%, 11/15/29 | 55000 | 50049 |
| &nbsp;&nbsp; 2.00%, 8/12/31 | 65000 | 55303 |
| &nbsp;&nbsp; 2.80%, 8/12/41 | 100000 | 65743 |
| Marvell Technology, Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 6/22/28 | 79000 | 79697 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| Marvell Technology, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 7/15/30 | $26000 | $26015 |
| &nbsp;&nbsp; 2.95%, 4/15/31 | 41000 | 37184 |
| &nbsp;&nbsp; 5.45%, 7/15/35 | 37000 | 37321 |
| Micron Technology, Inc., |  |  |
| &nbsp;&nbsp; 5.80%, 1/15/35 | 144000 | 147649 |
| &nbsp;&nbsp; 6.05%, 11/01/35 | 60000 | 62446 |
| QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 5/20/32 | 94000 | 94841 |
| &nbsp;&nbsp; 6.00%, 5/20/53 | 73000 | 76580 |
| &nbsp;&nbsp; Texas Instruments, Inc., <br> 3.88%, 3/15/39<br>| 74000 | 64519 |
|  |  | **1365363** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| &nbsp;&nbsp; Autodesk, Inc., 5.30%, <br> 6/15/35<br>| 54000 | 54711 |
| &nbsp;&nbsp; GoTo Group, Inc., 5.50%, <br> 5/01/28<sup>(c)</sup> <br>| 113361 | 95436 |
| Intuit, Inc., 5.50%, 9/15/53 | 77000 | 76240 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; 2.30%, 3/25/28 | 59000 | 55867 |
| &nbsp;&nbsp; 2.95%, 4/01/30 | 116000 | 107930 |
| &nbsp;&nbsp; 5.50%, 8/03/35 | 30000 | 30421 |
| &nbsp;&nbsp; 3.80%, 11/15/37 | 11000 | 9333 |
| &nbsp;&nbsp; 4.00%, 11/15/47 | 29000 | 21964 |
| &nbsp;&nbsp; 3.95%, 3/25/51 | 22000 | 15981 |
| &nbsp;&nbsp; 5.38%, 9/27/54 | 69000 | 62149 |
| &nbsp;&nbsp; 4.38%, 5/15/55 | 24000 | 18433 |
| &nbsp;&nbsp; 6.00%, 8/03/55 | 104000 | 101873 |
| &nbsp;&nbsp; 5.50%, 9/27/64 | 94000 | 83986 |
| &nbsp;&nbsp; 6.13%, 8/03/65 | 31000 | 30456 |
|  |  | **764780** |
| **Specialty Finance – 2.0%** | **Specialty Finance – 2.0%** | **Specialty Finance – 2.0%** |
| &nbsp;&nbsp; Ally Financial, Inc., (SOFR + <br> 1.78%), 5.55%, 7/31/33<sup>(j)</sup> <br>| 53000 | 53074 |
| &nbsp;&nbsp; American Express Co., <br> (SOFR + 0.81%), 4.35%, <br> 7/20/29<sup>(j)</sup> <br>| 66000 | 65870 |
| &nbsp;&nbsp; Aviation Capital Group LLC, <br> 4.80%, 10/24/30<sup>(c)</sup> <br>| 109000 | 107910 |
| Azorra Finance Ltd., |  |  |
| &nbsp;&nbsp; 7.75%, 4/15/30<sup>(c)</sup> <br>| 250000 | 260380 |
| &nbsp;&nbsp; 7.25%, 1/15/31<sup>(c)</sup> <br>| 395000 | 403149 |
| Block, Inc., |  |  |
| &nbsp;&nbsp; 3.50%, 6/01/31 | 140000 | 128304 |
| &nbsp;&nbsp; 6.50%, 5/15/32 | 480000 | 492570 |
| &nbsp;&nbsp; Equifax, Inc., 5.10%, <br> 6/01/28<br>| 114000 | 115818 |
| &nbsp;&nbsp; Fair Isaac Corp., 6.00%, <br> 5/15/33<sup>(c)</sup> <br>| 440000 | 442066 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; Freedom Mortgage <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 9.25%, 2/01/29<sup>(c)</sup> <br>| $280000 | $291840 |
| &nbsp;&nbsp; 9.13%, 5/15/31<sup>(c)</sup> <br>| 205000 | 213101 |
| &nbsp;&nbsp; 8.38%, 4/01/32<sup>(c)</sup> <br>| 235000 | 240352 |
| GATX Corp., |  |  |
| &nbsp;&nbsp; 5.50%, 6/15/35 | 51000 | 51659 |
| &nbsp;&nbsp; 6.05%, 6/05/54 | 42000 | 42242 |
| MSCI, Inc., |  |  |
| &nbsp;&nbsp; 3.63%, 9/01/30<sup>(c)</sup> <br>| 62000 | 58153 |
| &nbsp;&nbsp; 3.63%, 11/01/31<sup>(c)</sup> <br>| 66000 | 60713 |
| &nbsp;&nbsp; Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 5.25%, 2/01/30<sup>(c)</sup> <br>| 78000 | 79564 |
| &nbsp;&nbsp; Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.88%, 3/01/31<sup>(c)</sup> <br>| 200000 | 184484 |
| &nbsp;&nbsp; 4.00%, 10/15/33<sup>(c)</sup> <br>| 140000 | 123862 |
| &nbsp;&nbsp; Synchrony Financial, <br> 7.25%, 2/02/33<br>| 400000 | 420351 |
|  |  | **3835462** |
| **Steel – 0.4%** | **Steel – 0.4%** | **Steel – 0.4%** |
| Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp; 6.88%, 11/01/29<sup>(c)</sup> <br>| 25000 | 25012 |
| &nbsp;&nbsp; 7.38%, 5/01/33<sup>(c)</sup> <br>| 140000 | 136299 |
| Commercial Metals Co., |  |  |
| &nbsp;&nbsp; 4.13%, 1/15/30 | 295000 | 280030 |
| &nbsp;&nbsp; 3.88%, 2/15/31 | 45000 | 41441 |
| &nbsp;&nbsp; 4.38%, 3/15/32 | 190000 | 175960 |
| &nbsp;&nbsp; Nucor Corp., 5.10%, <br> 6/01/35<br>| 88000 | 88233 |
|  |  | **746975** |
| **Technology Hardware – 1.0%** | **Technology Hardware – 1.0%** | **Technology Hardware – 1.0%** |
| Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp; 4.95%, 2/26/31 | 74000 | 75795 |
| &nbsp;&nbsp; 5.30%, 2/26/54 | 30000 | 28906 |
| &nbsp;&nbsp; 5.50%, 2/24/55 | 62000 | 61395 |
| &nbsp;&nbsp; 5.35%, 2/26/64 | 55000 | 52952 |
| &nbsp;&nbsp; CommScope LLC, 9.50%, <br> 12/15/31<sup>(c)</sup> <br>| 65000 | 68449 |
| &nbsp;&nbsp; Dell <br> International LLC/EMC Corp., <br> 5.30%, 4/01/32<br>| 23000 | 23467 |
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co., 5.60%, <br> 10/15/54<br>| 77000 | 70766 |
| &nbsp;&nbsp; Imola Merger Corp., <br> 4.75%, 5/15/29<sup>(c)</sup> <br>| 305000 | 295920 |
| Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp; 4.85%, 8/15/30 | 54000 | 54366 |
| &nbsp;&nbsp; 5.55%, 8/15/35 | 82000 | 83642 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| &nbsp;&nbsp; Seagate Data Storage <br> Technology Pte. Ltd.,<br>|  |  |
| &nbsp;&nbsp; 4.09%, 6/01/29<sup>(c)</sup> <br>| $90000 | $86005 |
| &nbsp;&nbsp; 8.25%, 12/15/29<sup>(c)</sup> <br>| 95000 | 101259 |
| &nbsp;&nbsp; 5.88%, 7/15/30<sup>(c)</sup> <br>| 235000 | 237397 |
| &nbsp;&nbsp; 4.13%, 1/15/31<sup>(c)</sup> <br>| 95000 | 83844 |
| &nbsp;&nbsp; 9.63%, 12/01/32<sup>(c)</sup> <br>| 3825 | 4308 |
| &nbsp;&nbsp; Zebra Technologies Corp., <br> 6.50%, 6/01/32<sup>(c)</sup> <br>| 535000 | 548363 |
|  |  | **1876834** |
| **Telecommunications – 1.9%** | **Telecommunications – 1.9%** | **Telecommunications – 1.9%** |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp; 3.50%, 6/01/41 | 115000 | 89933 |
| &nbsp;&nbsp; 3.55%, 9/15/55 | 344000 | 230639 |
| &nbsp;&nbsp; 3.80%, 12/01/57 | 78000 | 54184 |
| &nbsp;&nbsp; 3.65%, 9/15/59 | 46000 | 30595 |
| &nbsp;&nbsp; C&W Senior Finance Ltd., <br> 9.00%, 1/15/33<sup>(c)</sup> <br>| 200000 | 206177 |
| EchoStar Corp., |  |  |
| &nbsp;&nbsp; 10.75%, 11/30/29 | 1072598 | 1130250 |
| &nbsp;&nbsp; 6.75%, 11/30/30<sup>(g)</sup> <br>| 75630 | 71659 |
| &nbsp;&nbsp; Level 3 Financing, Inc., <br> 4.25%, 7/01/28<sup>(c)</sup> <br>| 300000 | 272625 |
| &nbsp;&nbsp; Sable International <br> Finance Ltd., 7.13%, <br> 10/15/32<sup>(c)</sup> <br>| 200000 | 200008 |
| Sprint Capital Corp., |  |  |
| &nbsp;&nbsp; 6.88%, 11/15/28 | 138000 | 147535 |
| &nbsp;&nbsp; 8.75%, 3/15/32 | 138000 | 166690 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp; 2.63%, 2/15/29 | 24000 | 22547 |
| &nbsp;&nbsp; 3.38%, 4/15/29 | 60000 | 57605 |
| &nbsp;&nbsp; 2.88%, 2/15/31 | 106000 | 96289 |
| &nbsp;&nbsp; 2.55%, 2/15/31 | 23000 | 20547 |
| &nbsp;&nbsp; 3.50%, 4/15/31 | 116000 | 108744 |
| &nbsp;&nbsp; 5.13%, 5/15/32 | 50000 | 50727 |
| &nbsp;&nbsp; 5.30%, 5/15/35 | 34000 | 34261 |
| &nbsp;&nbsp; 5.65%, 1/15/53 | 38000 | 36591 |
| &nbsp;&nbsp; 5.75%, 1/15/54 | 21000 | 20517 |
| &nbsp;&nbsp; 5.25%, 6/15/55 | 24000 | 21813 |
| &nbsp;&nbsp; United States <br> Cellular Corp., 6.70%, <br> 12/15/33<br>| 84000 | 88190 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.,<br>|  |  |
| &nbsp;&nbsp; 1.75%, 1/20/31 | 26000 | 22380 |
| &nbsp;&nbsp; 2.55%, 3/21/31 | 27000 | 24182 |
| &nbsp;&nbsp; 2.36%, 3/15/32 | 116000 | 99726 |
| &nbsp;&nbsp; 4.81%, 3/15/39 | 31000 | 28925 |
| &nbsp;&nbsp; 6.55%, 9/15/43 | 65000 | 70573 |
| &nbsp;&nbsp; 3.88%, 3/01/52 | 88000 | 65351 |
|  |  | **3469263** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| &nbsp;&nbsp; Altria Group, Inc., 6.20%, <br> 11/01/28<br>| $60000 | $62903 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.38%, 4/30/30 | 68000 | 67527 |
| &nbsp;&nbsp; 4.75%, 11/01/31 | 68000 | 68064 |
| &nbsp;&nbsp; 5.25%, 2/13/34 | 74000 | 74922 |
| &nbsp;&nbsp; 4.88%, 4/30/35 | 88000 | 86195 |
|  |  | **359611** |
| **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** |
| &nbsp;&nbsp; American Airlines Pass <br> Through Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, Class AA, <br> 3.60%, 9/22/27<br>| 110134 | 107139 |
| &nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, <br> 3.58%, 1/15/28<br>| 1716 | 1666 |
| &nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, <br> 3.20%, 6/15/28<br>| 33385 | 31928 |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class AA, <br> 3.35%, 10/15/29<br>| 42238 | 40046 |
| &nbsp;&nbsp; Burlington Northern Santa <br> Fe LLC,<br>|  |  |
| &nbsp;&nbsp; 4.40%, 3/15/42 | 32000 | 27979 |
| &nbsp;&nbsp; 4.38%, 9/01/42 | 5000 | 4328 |
| &nbsp;&nbsp; 4.55%, 9/01/44 | 25000 | 21951 |
| &nbsp;&nbsp; 3.90%, 8/01/46 | 51000 | 40311 |
| &nbsp;&nbsp; 5.20%, 4/15/54 | 55000 | 51344 |
| &nbsp;&nbsp; 5.50%, 3/15/55 | 25000 | 24406 |
| CSX Corp., |  |  |
| &nbsp;&nbsp; 4.25%, 11/01/66 | 28000 | 21300 |
| &nbsp;&nbsp; 4.65%, 3/01/68 | 82000 | 66469 |
| &nbsp;&nbsp; Delta Air Lines, Inc., <br> 5.25%, 7/10/30<br>| 77000 | 77726 |
| &nbsp;&nbsp; Federal Express Corp. Pass <br> Through Trusts, Series <br> 2020-1, Class AA, 1.88%, <br> 2/20/34<br>| 31893 | 27412 |
| &nbsp;&nbsp; FedEx Corp., 4.55%, <br> 4/01/46<sup>(c)</sup> <br>| 75000 | 60736 |
| Norfolk Southern Corp., |  |  |
| &nbsp;&nbsp; 5.05%, 8/01/30 | 8000 | 8216 |
| &nbsp;&nbsp; 3.95%, 10/01/42 | 30000 | 24349 |
| &nbsp;&nbsp; 5.95%, 3/15/64 | 9000 | 9162 |
| Ryder System, Inc., |  |  |
| &nbsp;&nbsp; 5.38%, 3/15/29 | 9000 | 9231 |
| &nbsp;&nbsp; 5.50%, 6/01/29 | 52000 | 53722 |
| &nbsp;&nbsp; 4.95%, 9/01/29 | 45000 | 45588 |
| Union Pacific Corp., |  |  |
| &nbsp;&nbsp; 5.10%, 2/20/35 | 62000 | 62664 |
| &nbsp;&nbsp; 3.55%, 8/15/39 | 22000 | 18281 |
| &nbsp;&nbsp; 3.95%, 8/15/59 | 34000 | 24944 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| &nbsp;&nbsp; United Airlines Pass <br> Through Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class A, <br> 3.75%, 9/03/26<br>|  | $62797 | $62062 |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A, <br> 5.88%, 10/15/27<br>|  | 28028 | 28561 |
| &nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, <br> 2.88%, 10/07/28<br>|  | 1871 | 1759 |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, <br> 3.50%, 3/01/30<br>|  | 29932 | 28212 |
| United Parcel Service, Inc., |  |  |  |
| &nbsp;&nbsp; 5.25%, 5/14/35 |  | 41000 | 41669 |
| &nbsp;&nbsp; 5.95%, 5/14/55 |  | 36000 | 36615 |
| &nbsp;&nbsp; 6.05%, 5/14/65 |  | 25000 | 25449 |
|  |  |  | **1085225** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| Bunge Ltd. Finance Corp., |  |  |  |
| &nbsp;&nbsp; 4.20%, 9/17/29 |  | 26000 | 25637 |
| &nbsp;&nbsp; 4.65%, 9/17/34 |  | 47000 | 45366 |
| &nbsp;&nbsp; Performance Food <br> Group, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 4.25%, 8/01/29<sup>(c)</sup> <br>|  | 425000 | 408610 |
| &nbsp;&nbsp; 6.13%, 9/15/32<sup>(c)</sup> <br>|  | 55000 | 55852 |
|  |  |  | **535465** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $79,444,075) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $79,444,075) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $79,444,075) | **79293013** |
| **Foreign Government Inflation-Linked** <br> **Bonds – 0.7%** | **Foreign Government Inflation-Linked** <br> **Bonds – 0.7%** | **Foreign Government Inflation-Linked** <br> **Bonds – 0.7%** | **Foreign Government Inflation-Linked** <br> **Bonds – 0.7%** |
| **Sovereign Government – 0.7%** | **Sovereign Government – 0.7%** | **Sovereign Government – 0.7%** | **Sovereign Government – 0.7%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie B, 6.00%, <br> 5/15/35<br>| BRL | 1974000 | **1439887** |
| &nbsp;&nbsp; **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,489,169) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,489,169) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,489,169) | **1439887** |
| **Foreign Issuer Bonds – 44.9%** | **Foreign Issuer Bonds – 44.9%** | **Foreign Issuer Bonds – 44.9%** | **Foreign Issuer Bonds – 44.9%** |
| **Angola – 0.5%** | **Angola – 0.5%** | **Angola – 0.5%** | **Angola – 0.5%** |
| &nbsp;&nbsp; Angolan Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 8.25%, 5/09/28 |  | 200000 | 193761 |
| &nbsp;&nbsp; 8.00%, 11/26/29 |  | 200000 | 186441 |
| &nbsp;&nbsp; 8.75%, 4/14/32 |  | 265000 | 240867 |
| &nbsp;&nbsp; 9.38%, 5/08/48 |  | 200000 | 161896 |
| &nbsp;&nbsp; 9.13%, 11/26/49 |  | 200000 | 158203 |
|  |  |  | **941168** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Argentina – 0.4%** | **Argentina – 0.4%** | **Argentina – 0.4%** |
| &nbsp;&nbsp; Argentine Republic <br> Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (Step to 1.75% on <br> 7/09/27), 0.75%, <br> 7/09/30<sup>(l)</sup> <br>| $273035 | $211163 |
| &nbsp;&nbsp;&nbsp; (Step to 4.75% on <br> 7/09/27), 4.13%, <br> 7/09/35<sup>(l)</sup> <br>| 163772 | 108090 |
| &nbsp;&nbsp; 5.00%, 1/09/38 | 176242 | 123810 |
| &nbsp;&nbsp; Provincia de Buenos Aires, <br> 6.63%, 9/01/37<br>| 407410 | 288242 |
| &nbsp;&nbsp; Telecom Argentina S.A., <br> 9.25%, 5/28/33<sup>(c)</sup> <br>| 60000 | 61980 |
|  |  | **793285** |
| **Australia – 0.8%** | **Australia – 0.8%** | **Australia – 0.8%** |
| &nbsp;&nbsp; BHP Billiton Finance <br> USA Ltd.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/21/30 | 119000 | 121846 |
| &nbsp;&nbsp; 4.90%, 2/28/33 | 44000 | 44236 |
| &nbsp;&nbsp; 5.25%, 9/08/33 | 68000 | 69658 |
| &nbsp;&nbsp; 5.30%, 2/21/35 | 119000 | 121470 |
| &nbsp;&nbsp; Commonwealth Bank of <br> Australia, (1Y US <br> Treasury CMT + 1.32%), <br> 5.93%, 3/14/46<sup>(c)(j)</sup> <br>| 200000 | 198869 |
| Mineral Resources Ltd., |  |  |
| &nbsp;&nbsp; 8.13%, 5/01/27<sup>(c)</sup> <br>| 55000 | 55162 |
| &nbsp;&nbsp; 8.00%, 11/01/27<sup>(c)</sup> <br>| 30000 | 30497 |
| &nbsp;&nbsp; 9.25%, 10/01/28<sup>(c)</sup> <br>| 515000 | 538253 |
| &nbsp;&nbsp; Rio Tinto Finance USA Ltd., <br> 2.75%, 11/02/51<br>| 35000 | 21150 |
| Rio Tinto Finance USA PLC, |  |  |
| &nbsp;&nbsp; 5.25%, 3/14/35 | 42000 | 42618 |
| &nbsp;&nbsp; 5.75%, 3/14/55 | 64000 | 64020 |
| &nbsp;&nbsp; 5.88%, 3/14/65 | 32000 | 32178 |
| Woodside Finance Ltd., |  |  |
| &nbsp;&nbsp; 5.40%, 5/19/30 | 151000 | 153119 |
| &nbsp;&nbsp; 6.00%, 5/19/35 | 84000 | 85757 |
|  |  | **1578833** |
| **Bahrain – 0.1%** | **Bahrain – 0.1%** | **Bahrain – 0.1%** |
| &nbsp;&nbsp; Bahrain Government <br> International Bond, <br> 6.75%, 9/20/29<br>| 200000 | **205237** |
| **Belgium – 0.2%** | **Belgium – 0.2%** | **Belgium – 0.2%** |
| &nbsp;&nbsp; Anheuser-Busch Cos. <br> LLC/Anheuser-Busch <br> InBev Worldwide, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.70%, 2/01/36 | 96000 | 93087 |
| &nbsp;&nbsp; 4.90%, 2/01/46 | 222000 | 202965 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Belgium (Continued)** | **Belgium (Continued)** | **Belgium (Continued)** | **Belgium (Continued)** |
| &nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 4.38%, 4/15/38 |  | $13000 | $12061 |
| &nbsp;&nbsp; 4.95%, 1/15/42 |  | 60000 | 56233 |
|  |  |  | **364346** |
| **Brazil – 3.0%** | **Brazil – 3.0%** | **Brazil – 3.0%** | **Brazil – 3.0%** |
| &nbsp;&nbsp; Aegea Finance S.a.r.l., <br> 9.00%, 1/20/31<sup>(c)</sup> <br>|  | 200000 | 214960 |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie F,<br>|  |  |  |
| &nbsp;&nbsp; 10.00%, 1/01/29 | BRL | 13061000 | 2118951 |
| &nbsp;&nbsp; 10.00%, 1/01/31 | BRL | 7381000 | 1137178 |
| &nbsp;&nbsp; Brazilian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.13%, 1/22/32 |  | 200000 | 203356 |
| &nbsp;&nbsp; 6.00%, 10/20/33 |  | 200000 | 197507 |
| &nbsp;&nbsp; 6.13%, 3/15/34 |  | 200000 | 197770 |
| &nbsp;&nbsp; 6.63%, 3/15/35 |  | 200000 | 200893 |
| &nbsp;&nbsp; 5.00%, 1/27/45 |  | 200000 | 150610 |
| &nbsp;&nbsp; CSN Resources S.A., <br> 4.63%, 6/10/31<sup>(c)</sup> <br>|  | 200000 | 157487 |
| &nbsp;&nbsp; Nexa Resources S.A., <br> 6.60%, 4/08/37<sup>(c)</sup> <br>|  | 200000 | 202680 |
| &nbsp;&nbsp; Samarco Mineracao S.A., <br> 9.50%, 6/30/31<sup>(c)(g)</sup> <br>|  | 249590 | 247183 |
| &nbsp;&nbsp; Yinson Bergenia <br> Production B.V., 8.50%, <br> 1/31/45<sup>(c)</sup> <br>|  | 200000 | 206388 |
| &nbsp;&nbsp; Yinson Boronia Production <br> B.V., 8.95%, 7/31/42<sup>(c)</sup> <br>|  | 304138 | 327818 |
|  |  |  | **5562781** |
| **Canada – 1.6%** | **Canada – 1.6%** | **Canada – 1.6%** | **Canada – 1.6%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New <br> Red Finance, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 3.88%, 1/15/28<sup>(c)</sup> <br>|  | 390000 | 376172 |
| &nbsp;&nbsp; 4.38%, 1/15/28<sup>(c)</sup> <br>|  | 45000 | 43973 |
| &nbsp;&nbsp; 3.50%, 2/15/29<sup>(c)</sup> <br>|  | 40000 | 37849 |
| &nbsp;&nbsp; 6.13%, 6/15/29<sup>(c)</sup> <br>|  | 165000 | 168642 |
| &nbsp;&nbsp; 5.63%, 9/15/29<sup>(c)</sup> <br>|  | 10000 | 10060 |
| &nbsp;&nbsp; 4.00%, 10/15/30<sup>(c)</sup> <br>|  | 500000 | 463256 |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce, (SOFR + <br> 1.03%), 4.86%, 3/30/29<sup>(j)</sup> <br>|  | 87000 | 87698 |
| &nbsp;&nbsp; Canadian Pacific <br> Railway Co., 2.88%, <br> 11/15/29<br>|  | 62000 | 57990 |
| &nbsp;&nbsp; MEG Energy Corp., 5.88%, <br> 2/01/29<sup>(c)</sup> <br>|  | 255000 | 255033 |
| Nutrien Ltd., |  |  |  |
| &nbsp;&nbsp; 4.90%, 3/27/28 |  | 19000 | 19205 |
| &nbsp;&nbsp; 2.95%, 5/13/30 |  | 158000 | 146824 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| &nbsp;&nbsp; Open Text Corp., 3.88%, <br> 12/01/29<sup>(c)</sup> <br>|  | $5000 | $4680 |
| Open Text Holdings, Inc., |  |  |  |
| &nbsp;&nbsp; 4.13%, 2/15/30<sup>(c)</sup> <br>|  | 320000 | 299938 |
| &nbsp;&nbsp; 4.13%, 12/01/31<sup>(c)</sup> <br>|  | 45000 | 40952 |
| Parkland Corp., |  |  |  |
| &nbsp;&nbsp; 4.50%, 10/01/29<sup>(c)</sup> <br>|  | 235000 | 226411 |
| &nbsp;&nbsp; 6.63%, 8/15/32<sup>(c)</sup> <br>|  | 75000 | 76660 |
| Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 0.81%), <br> 4.72%, 3/27/28<sup>(j)</sup> <br>|  | 98000 | 98375 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.97%, <br> 8/02/30<sup>(j)</sup> <br>|  | 46000 | 46667 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.08%), <br> 4.65%, 10/18/30<sup>(j)</sup> <br>|  | 87000 | 87010 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 5.15%, <br> 2/04/31<sup>(j)</sup> <br>|  | 73000 | 74448 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.13%), <br> 4.97%, 5/02/31<sup>(j)</sup> <br>|  | 52000 | 52691 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 4.70%, <br> 8/06/31<sup>(h)(j)</sup> <br>|  | 26000 | 26024 |
| &nbsp;&nbsp; Saturn Oil & Gas, Inc., <br> 9.63%, 6/15/29<sup>(c)</sup> <br>|  | 164000 | 162388 |
| &nbsp;&nbsp; Toronto-Dominion Bank <br> (The), 5.52%, 7/17/28<br>|  | 57000 | 58737 |
|  |  |  | **2921683** |
| **Chile – 1.1%** | **Chile – 1.1%** | **Chile – 1.1%** | **Chile – 1.1%** |
| &nbsp;&nbsp; Antofagasta PLC, 6.25%, <br> 5/02/34<sup>(c)</sup> <br>|  | 200000 | 209331 |
| &nbsp;&nbsp; Bonos de la Tesoreria de la <br> Republica en pesos,<br>|  |  |  |
| &nbsp;&nbsp; 5.00%, 10/01/28<sup>(c)</sup> <br>| CLP | 225000000 | 230952 |
| &nbsp;&nbsp; 6.00%, 4/01/33<sup>(c)</sup> <br>| CLP | 140000000 | 148105 |
| &nbsp;&nbsp; 5.00%, 3/01/35 | CLP | 355000000 | 350492 |
| &nbsp;&nbsp; Corp Nacional del Cobre <br> de Chile,<br>|  |  |  |
| &nbsp;&nbsp; 5.95%, 1/08/34 |  | 300000 | 306519 |
| &nbsp;&nbsp; 6.44%, 1/26/36 |  | 200000 | 209598 |
| &nbsp;&nbsp; 3.70%, 1/30/50 |  | 200000 | 134924 |
| &nbsp;&nbsp; 6.30%, 9/08/53 |  | 200000 | 195347 |
| &nbsp;&nbsp; Latam Airlines Group S.A., <br> 7.63%, 1/07/31<sup>(c)</sup> <br>|  | 200000 | 206300 |
|  |  |  | **1991568** |
| **China – 0.9%** | **China – 0.9%** | **China – 0.9%** | **China – 0.9%** |
| &nbsp;&nbsp; China Evergrande Group, <br> 8.75%, 6/28/25<sup>(f)</sup> <br>|  | 200000 | 3000 |
| China Government Bond, |  |  |  |
| &nbsp;&nbsp; 2.11%, 8/25/34 | CNY | 6060000 | 868194 |
| &nbsp;&nbsp; 2.57%, 5/20/54 | CNY | 4650000 | 727981 |
| &nbsp;&nbsp; Fantasia Holdings <br> Group Co. Ltd., 11.88%, <br> 6/01/23<br>|  | 200000 | 5000 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **China (Continued)** | **China (Continued)** | **China (Continued)** | **China (Continued)** |
| &nbsp;&nbsp; Kaisa Group Holdings Ltd., <br> 9.38%, 6/30/24<sup>(f)</sup> <br>|  | $200000 | $8500 |
| Sunac China Holdings Ltd., |  |  |  |
| &nbsp;&nbsp; 6.25%, 9/30/26<sup>(c)(e)</sup> <br>|  | 18653 | 2472 |
| &nbsp;&nbsp; 6.50%, 9/30/27<sup>(c)(e)</sup> <br>|  | 37398 | 4955 |
| &nbsp;&nbsp; 6.75%, 9/30/28<sup>(c)(e)</sup> <br>|  | 56232 | 7310 |
| &nbsp;&nbsp; 7.00%, 9/30/29<sup>(c)(e)</sup> <br>|  | 56369 | 7328 |
| &nbsp;&nbsp; 7.25%, 9/30/30<sup>(c)(e)</sup> <br>|  | 26548 | 3563 |
| &nbsp;&nbsp; Yuzhou Group Holdings Co. <br> Ltd., 6.35%, 1/13/27<br>|  | 200000 | 13766 |
|  |  |  | **1652069** |
| **Colombia – 2.7%** | **Colombia – 2.7%** | **Colombia – 2.7%** | **Colombia – 2.7%** |
| &nbsp;&nbsp; Aris Mining Corp., 8.00%, <br> 10/31/29<sup>(c)</sup> <br>|  | 200000 | 205664 |
| &nbsp;&nbsp; Banco Davivienda S.A., (5Y <br> US Treasury CMT + <br> 4.59%), 8.13%, <br> 7/02/35<sup>(c)(j)</sup> <br>|  | 200000 | 203498 |
| &nbsp;&nbsp; Colombia Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 7.38%, 4/25/30 |  | 200000 | 209500 |
| &nbsp;&nbsp; 7.75%, 11/07/36 |  | 850000 | 847450 |
| &nbsp;&nbsp; 8.75%, 11/14/53 |  | 400000 | 406000 |
| Colombian TES, |  |  |  |
| &nbsp;&nbsp; 7.00%, 6/30/32 | COP | 1173900000 | 220993 |
| &nbsp;&nbsp; 13.25%, 2/09/33 | COP | 1994500000 | 508724 |
| &nbsp;&nbsp; 7.25%, 10/18/34 | COP | 208400000 | 37430 |
| &nbsp;&nbsp; 6.25%, 7/09/36 | COP | 5912200000 | 940059 |
| &nbsp;&nbsp; 9.25%, 5/28/42 | COP | 1969800000 | 376100 |
| Ecopetrol S.A., |  |  |  |
| &nbsp;&nbsp; 7.75%, 2/01/32 |  | 105000 | 104556 |
| &nbsp;&nbsp; 8.38%, 1/19/36 |  | 220000 | 217258 |
| &nbsp;&nbsp; 5.88%, 5/28/45 |  | 195000 | 138267 |
| &nbsp;&nbsp; EnfraGen Energia Sur <br> S.A.U./EnfraGen Chile <br> S.p.A./EnfraGen Spain <br> S.A.U., 8.50%, 6/30/32<sup>(c)</sup> <br>|  | 200000 | 203490 |
| &nbsp;&nbsp; Geopart Ltd., 8.75%, <br> 1/31/30<sup>(c)</sup> <br>|  | 200000 | 172880 |
| &nbsp;&nbsp; Termocandelaria Power <br> S.A., 7.75%, 9/17/31<sup>(c)</sup> <br>|  | 200000 | 205946 |
|  |  |  | **4997815** |
| **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** |
| &nbsp;&nbsp; Costa Rica Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.55%, 4/03/34<sup>(c)</sup> <br>|  | 200000 | 208922 |
| &nbsp;&nbsp; 7.30%, 11/13/54<sup>(c)</sup> <br>|  | 200000 | 207750 |
|  |  |  | **416672** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Czech Republic – 1.0%** | **Czech Republic – 1.0%** | **Czech Republic – 1.0%** | **Czech Republic – 1.0%** |
| &nbsp;&nbsp; Czech Republic <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.75%, 7/23/29 | CZK | 5050000 | $225523 |
| &nbsp;&nbsp; 0.95%, 5/15/30 | CZK | 10910000 | 442261 |
| &nbsp;&nbsp; 5.00%, 9/30/30 | CZK | 13930000 | 677381 |
| &nbsp;&nbsp; 1.20%, 3/13/31 | CZK | 6210000 | 248749 |
| &nbsp;&nbsp; 1.75%, 6/23/32 | CZK | 5220000 | 209044 |
|  |  |  | **1802958** |
| **Denmark – 0.1%** | **Denmark – 0.1%** | **Denmark – 0.1%** | **Denmark – 0.1%** |
| &nbsp;&nbsp; Danske Bank A/S, (1Y US <br> Treasury CMT + 1.10%), <br> 4.61%, 10/02/30<sup>(c)(j)</sup> <br>|  | $200000 | **199390** |
| **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** |
| &nbsp;&nbsp; Dominican Republic <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.50%, 1/30/30<sup>(c)</sup> <br>|  | 280000 | 266812 |
| &nbsp;&nbsp; 4.88%, 9/23/32<sup>(c)</sup> <br>|  | 200000 | 184860 |
| &nbsp;&nbsp; 6.95%, 3/15/37<sup>(c)</sup> <br>|  | 200000 | 204900 |
| &nbsp;&nbsp; 6.85%, 1/27/45 |  | 200000 | 199800 |
|  |  |  | **856372** |
| **Ecuador – 0.3%** | **Ecuador – 0.3%** | **Ecuador – 0.3%** | **Ecuador – 0.3%** |
| &nbsp;&nbsp; Ecuador Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.90%, 7/31/30 |  | 133030 | 116667 |
| &nbsp;&nbsp; 0.00%, 7/31/30<sup>(d)</sup> <br>|  | 105700 | 75681 |
| &nbsp;&nbsp; 6.90%, 7/31/35<sup>(c)</sup> <br>|  | 334752 | 249893 |
| &nbsp;&nbsp;&nbsp; (Step to 5.50% on <br> 7/31/26), 5.00%, <br> 7/31/40<sup>(l)</sup> <br>|  | 114300 | 71495 |
|  |  |  | **513736** |
| **Egypt – 0.5%** | **Egypt – 0.5%** | **Egypt – 0.5%** | **Egypt – 0.5%** |
| &nbsp;&nbsp; Egypt Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 7.05%, 1/15/32<sup>(c)</sup> <br>|  | 313000 | 287034 |
| &nbsp;&nbsp; 7.63%, 5/29/32 |  | 426000 | 400214 |
| &nbsp;&nbsp; 8.50%, 1/31/47 |  | 300000 | 243649 |
|  |  |  | **930897** |
| **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** |
| &nbsp;&nbsp; El Salvador Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 8.25%, 4/10/32 |  | 34000 | 34629 |
| &nbsp;&nbsp; 7.63%, 2/01/41 |  | 150000 | 135900 |
|  |  |  | **170529** |
| **France – 0.1%** | **France – 0.1%** | **France – 0.1%** | **France – 0.1%** |
| &nbsp;&nbsp; L'Oreal S.A., 5.00%, <br> 5/20/35<sup>(c)</sup> <br>|  | 200000 | 201731 |
| &nbsp;&nbsp; TotalEnergies Capital S.A., <br> 5.64%, 4/05/64<br>|  | 50000 | 47946 |
|  |  |  | **249677** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Gabon – 0.2%** | **Gabon – 0.2%** | **Gabon – 0.2%** | **Gabon – 0.2%** |
| &nbsp;&nbsp; Gabon Government <br> International Bond, <br> 6.63%, 2/06/31<br>|  | $575000 | **$472007** |
| **Germany – 0.5%** | **Germany – 0.5%** | **Germany – 0.5%** | **Germany – 0.5%** |
| Deutsche Bank A.G., |  |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 5.30%, <br> 5/09/31<sup>(j)</sup> <br>|  | 150000 | 152497 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.30%), 4.95%, <br> 8/04/31<sup>(j)</sup> <br>|  | 150000 | 150248 |
| &nbsp;&nbsp; Deutsche Telekom <br> International Finance <br> B.V., 4.38%, 6/21/28<sup>(c)</sup> <br>|  | 150000 | 149903 |
| &nbsp;&nbsp; ZF North America <br> Capital, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 6.88%, 4/14/28<sup>(c)</sup> <br>|  | 300000 | 299447 |
| &nbsp;&nbsp; 6.88%, 4/23/32<sup>(c)</sup> <br>|  | 225000 | 209953 |
|  |  |  | **962048** |
| **Ghana – 0.2%** | **Ghana – 0.2%** | **Ghana – 0.2%** | **Ghana – 0.2%** |
| &nbsp;&nbsp; Ghana Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/29<sup>(l)</sup> <br>|  | 80550 | 76850 |
| &nbsp;&nbsp; 0.00%, 1/03/30<sup>(d)</sup> <br>|  | 40999 | 34279 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/35<sup>(l)</sup> <br>|  | 237320 | 191435 |
|  |  |  | **302564** |
| **Guatemala – 0.2%** | **Guatemala – 0.2%** | **Guatemala – 0.2%** | **Guatemala – 0.2%** |
| &nbsp;&nbsp; Guatemala Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.05%, 8/06/31<sup>(c)</sup> <br>|  | 200000 | 203838 |
| &nbsp;&nbsp; 6.55%, 2/06/37<sup>(c)</sup> <br>|  | 200000 | 203516 |
|  |  |  | **407354** |
| **Honduras – 0.1%** | **Honduras – 0.1%** | **Honduras – 0.1%** | **Honduras – 0.1%** |
| &nbsp;&nbsp; Honduras Government <br> International Bond, <br> 8.63%, 11/27/34<sup>(c)</sup> <br>|  | 150000 | **156600** |
| **Hungary – 0.6%** | **Hungary – 0.6%** | **Hungary – 0.6%** | **Hungary – 0.6%** |
| &nbsp;&nbsp; Hungary Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.75%, 12/22/26 | HUF | 77250000 | 211094 |
| &nbsp;&nbsp; 3.25%, 10/22/31 | HUF | 59400000 | 139783 |
| &nbsp;&nbsp; 2.25%, 4/20/33 | HUF | 116230000 | 240484 |
| &nbsp;&nbsp; 7.00%, 10/24/35 | HUF | 126650000 | 357443 |
| &nbsp;&nbsp; Magyar Export-Import <br> Bank Zrt., 6.13%, <br> 12/04/27<sup>(c)</sup> <br>|  | 200000 | 204737 |
|  |  |  | **1153541** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **India – 1.9%** | **India – 1.9%** | **India – 1.9%** | **India – 1.9%** |
| India Government Bond, |  |  |  |
| &nbsp;&nbsp; 6.75%, 12/23/29 | INR | 41310000 | $484753 |
| &nbsp;&nbsp; 7.17%, 4/17/30 | INR | 3000000 | 35762 |
| &nbsp;&nbsp; 7.18%, 8/14/33 | INR | 120260000 | 1436544 |
| &nbsp;&nbsp; 7.10%, 4/08/34 | INR | 52970000 | 630182 |
| &nbsp;&nbsp; 6.79%, 10/07/34 | INR | 38030000 | 446740 |
| &nbsp;&nbsp; 7.09%, 8/05/54 | INR | 40880000 | 473363 |
|  |  |  | **3507344** |
| **Indonesia – 1.9%** | **Indonesia – 1.9%** | **Indonesia – 1.9%** | **Indonesia – 1.9%** |
| &nbsp;&nbsp; Freeport Indonesia PT, <br> 5.32%, 4/14/32<sup>(c)</sup> <br>|  | $200000 | 201418 |
| &nbsp;&nbsp; Indonesia Government <br> International Bond, <br> 5.65%, 1/11/53<br>|  | 250000 | 248572 |
| Indonesia Treasury Bond, |  |  |  |
| &nbsp;&nbsp; 9.00%, 3/15/29 | IDR | 4814000000 | 318223 |
| &nbsp;&nbsp; 6.50%, 7/15/30 | IDR | 8891000000 | 549481 |
| &nbsp;&nbsp; 7.00%, 9/15/30 | IDR | 3482000000 | 218613 |
| &nbsp;&nbsp; 6.75%, 7/15/35 | IDR | 15430000000 | 951087 |
| &nbsp;&nbsp; 7.13%, 8/15/40 | IDR | 11526000000 | 718852 |
| &nbsp;&nbsp; 7.13%, 8/15/45 | IDR | 1781000000 | 110737 |
| &nbsp;&nbsp; Perusahaan Penerbit SBSN <br> Indonesia III, 5.60%, <br> 11/15/33<sup>(c)</sup> <br>|  | 200000 | 208960 |
|  |  |  | **3525943** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| GGAM Finance Ltd., |  |  |  |
| &nbsp;&nbsp; 6.88%, 4/15/29<sup>(c)</sup> <br>|  | 50000 | 51511 |
| &nbsp;&nbsp; 5.88%, 3/15/30<sup>(c)</sup> <br>|  | 195000 | 194764 |
|  |  |  | **246275** |
| **Israel – 1.0%** | **Israel – 1.0%** | **Israel – 1.0%** | **Israel – 1.0%** |
| &nbsp;&nbsp; Energean Israel <br> Finance Ltd., 5.38%, <br> 3/30/28<sup>(c)</sup> <br>|  | 30000 | 28817 |
| &nbsp;&nbsp; Israel Government <br> International Bond, <br> 5.50%, 3/12/34<br>|  | 600000 | 605419 |
| &nbsp;&nbsp; Leviathan Bond Ltd., <br> 6.50%, 6/30/27<sup>(c)</sup> <br>|  | 20000 | 19850 |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Co. LLC, 6.15%, <br> 2/01/36<br>|  | 30000 | 30477 |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Netherlands III <br> B.V.,<br>|  |  |  |
| &nbsp;&nbsp; 3.15%, 10/01/26 |  | 77000 | 75316 |
| &nbsp;&nbsp; 7.88%, 9/15/29 |  | 200000 | 218094 |
| &nbsp;&nbsp; 4.10%, 10/01/46 |  | 917000 | 652575 |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Netherlands IV <br> B.V., 5.75%, 12/01/30<br>|  | 200000 | 202917 |
|  |  |  | **1833465** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Italy – 0.5%** | **Italy – 0.5%** | **Italy – 0.5%** |
| Fibercop S.p.A., |  |  |
| &nbsp;&nbsp; 6.38%, 11/15/33<sup>(c)</sup> <br>| $59000 | $57153 |
| &nbsp;&nbsp; 6.00%, 9/30/34<sup>(c)</sup> <br>| 9000 | 8501 |
| &nbsp;&nbsp; 7.20%, 7/18/36<sup>(c)</sup> <br>| 59000 | 58422 |
| &nbsp;&nbsp; Snam S.p.A., 5.00%, <br> 5/28/30<sup>(c)</sup> <br>| 200000 | 200831 |
| &nbsp;&nbsp; UniCredit S.p.A., (5Y US <br> Treasury CMT + 4.75%), <br> 5.46%, 6/30/35<sup>(c)(j)</sup> <br>| 600000 | 595637 |
|  |  | **920544** |
| **Ivory Coast – 0.4%** | **Ivory Coast – 0.4%** | **Ivory Coast – 0.4%** |
| &nbsp;&nbsp; Ivory Coast Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 12/31/32 | 134084 | 128238 |
| &nbsp;&nbsp; 6.13%, 6/15/33 | 244000 | 225721 |
| &nbsp;&nbsp; 8.08%, 4/01/36<sup>(c)</sup> <br>| 502000 | 494415 |
|  |  | **848374** |
| **Jamaica – 0.2%** | **Jamaica – 0.2%** | **Jamaica – 0.2%** |
| &nbsp;&nbsp; Digicel International <br> Finance Ltd./Difl U.S. <br> LLC, 8.63%, 8/01/32<sup>(c)(h)</sup> <br>| 200000 | 202013 |
| &nbsp;&nbsp; Montego Bay Airport <br> Revenue Finance Ltd., <br> 6.60%, 6/15/35<sup>(c)</sup> <br>| 200000 | 199934 |
|  |  | **401947** |
| **Japan – 0.9%** | **Japan – 0.9%** | **Japan – 0.9%** |
| Honda Motor Co. Ltd., |  |  |
| &nbsp;&nbsp; 4.69%, 7/08/30 | 99000 | 99062 |
| &nbsp;&nbsp; 5.34%, 7/08/35 | 150000 | 149986 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 1.27%), <br> 5.62%, 4/24/36<sup>(j)</sup> <br>| 200000 | 206587 |
| &nbsp;&nbsp; NTT Finance Corp., 5.17%, <br> 7/16/32<sup>(c)</sup> <br>| 200000 | 201726 |
| &nbsp;&nbsp; ORIX Corp., 5.40%, <br> 2/25/35<br>| 49000 | 49602 |
| Rakuten Group, Inc., |  |  |
| &nbsp;&nbsp; 11.25%, 2/15/27<sup>(c)</sup> <br>| 400000 | 433500 |
| &nbsp;&nbsp; 9.75%, 4/15/29<sup>(c)</sup> <br>| 245000 | 268255 |
| &nbsp;&nbsp; SoftBank Corp., 5.33%, <br> 7/09/35<sup>(c)</sup> <br>| 263000 | 259941 |
| &nbsp;&nbsp; Toyota Motor Corp., <br> 5.05%, 6/30/35<br>| 53000 | 53110 |
|  |  | **1721769** |
| **Kazakhstan – 0.4%** | **Kazakhstan – 0.4%** | **Kazakhstan – 0.4%** |
| &nbsp;&nbsp; Baiterek National <br> Managing Holding JSC, <br> 5.45%, 5/08/28<sup>(c)</sup> <br>| 200000 | 201678 |
| &nbsp;&nbsp; ForteBank JSC, 7.75%, <br> 2/04/30<sup>(c)</sup> <br>| 200000 | 203389 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Kazakhstan (Continued)** | **Kazakhstan (Continued)** | **Kazakhstan (Continued)** | **Kazakhstan (Continued)** |
| &nbsp;&nbsp; Kaspi.KZ JSC, 6.25%, <br> 3/26/30<sup>(c)</sup> <br>|  | $200000 | $203711 |
| &nbsp;&nbsp; Kazakhstan Government <br> International Bond, <br> 5.00%, 7/01/32<sup>(c)</sup> <br>|  | 200000 | 200640 |
|  |  |  | **809418** |
| **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** |
| &nbsp;&nbsp; Lebanon Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.10%, 10/04/22<sup>(f)</sup> <br>|  | 200000 | 36900 |
| &nbsp;&nbsp; 6.00%, 1/27/23<sup>(f)</sup> <br>|  | 245000 | 45202 |
| &nbsp;&nbsp; 6.65%, 4/22/24<sup>(f)</sup> <br>|  | 178000 | 33019 |
| &nbsp;&nbsp; 6.20%, 2/26/25<sup>(f)</sup> <br>|  | 139000 | 26028 |
|  |  |  | **141149** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp; Altice Financing S.A., <br> 5.00%, 1/15/28<sup>(c)</sup> <br>|  | 240000 | **192350** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| &nbsp;&nbsp; MGM China Holdings Ltd., <br> 7.13%, 6/26/31<sup>(c)</sup> <br>|  | 205000 | **213490** |
| **Malaysia – 1.8%** | **Malaysia – 1.8%** | **Malaysia – 1.8%** | **Malaysia – 1.8%** |
| &nbsp;&nbsp; Malaysia Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.73%, 6/15/28 | MYR | 1610000 | 384222 |
| &nbsp;&nbsp; 3.89%, 8/15/29 | MYR | 3048000 | 734076 |
| &nbsp;&nbsp; 4.76%, 4/07/37 | MYR | 2369000 | 618247 |
| &nbsp;&nbsp; 4.89%, 6/08/38 | MYR | 2185000 | 579621 |
| &nbsp;&nbsp; 4.05%, 4/18/39 | MYR | 1259000 | 309233 |
| &nbsp;&nbsp; 3.76%, 5/22/40 | MYR | 778000 | 184258 |
| &nbsp;&nbsp; 4.18%, 5/16/44 | MYR | 319000 | 79081 |
| &nbsp;&nbsp; Malaysia Government <br> Investment Issue, 3.47%, <br> 10/15/30<br>| MYR | 1720000 | 407370 |
|  |  |  | **3296108** |
| **Mexico – 3.0%** | **Mexico – 3.0%** | **Mexico – 3.0%** | **Mexico – 3.0%** |
| &nbsp;&nbsp; Cemex S.A.B. de C.V., (5Y <br> US Treasury CMT + <br> 3.52%), 7.20%, <br> 6/10/30<sup>(c)(i)(j)</sup> <br>|  | 450000 | 459427 |
| &nbsp;&nbsp; Comision Federal de <br> Electricidad, 6.45%, <br> 1/24/35<sup>(c)</sup> <br>|  | 200000 | 196916 |
| &nbsp;&nbsp; FIEMEX Energia - Banco <br> Actinver S.A. Institucion <br> de Banca Multiple, <br> 7.25%, 1/31/41<sup>(c)</sup> <br>|  | 198101 | 202638 |
| Mexican Bonos, |  |  |  |
| &nbsp;&nbsp; 8.50%, 3/01/29 | MXN | 5550000 | 293022 |
| &nbsp;&nbsp; 7.75%, 5/29/31 | MXN | 11708600 | 589362 |
| &nbsp;&nbsp; 7.50%, 5/26/33 | MXN | 13813800 | 665754 |
| &nbsp;&nbsp; 7.75%, 11/23/34 | MXN | 11849900 | 569508 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** |
| Mexican Bonos, |  |  |  |
| &nbsp;&nbsp; 10.00%, 11/20/36 | MXN | 1224400 | $67749 |
| &nbsp;&nbsp; 8.50%, 11/18/38 | MXN | 10499200 | 508932 |
| &nbsp;&nbsp; 7.75%, 11/13/42 | MXN | 5936800 | 258868 |
| &nbsp;&nbsp; Mexico Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.35%, 2/09/35 |  | $600000 | 609000 |
| &nbsp;&nbsp; 6.88%, 5/13/37 |  | 200000 | 206400 |
| &nbsp;&nbsp; 6.34%, 5/04/53 |  | 330000 | 301455 |
| Petroleos Mexicanos, |  |  |  |
| &nbsp;&nbsp; 6.50%, 3/13/27 |  | 75000 | 75030 |
| &nbsp;&nbsp; 8.75%, 6/02/29 |  | 32808 | 34575 |
| &nbsp;&nbsp; 5.95%, 1/28/31 |  | 143000 | 132732 |
| &nbsp;&nbsp; 6.70%, 2/16/32 |  | 150000 | 142980 |
| &nbsp;&nbsp; 6.63%, 6/15/35 |  | 114000 | 101618 |
| &nbsp;&nbsp; 6.38%, 1/23/45 |  | 34000 | 25674 |
| &nbsp;&nbsp; 6.75%, 9/21/47 |  | 126000 | 97603 |
| &nbsp;&nbsp; 7.69%, 1/23/50 |  | 57000 | 48322 |
|  |  |  | **5587565** |
| **Mongolia – 0.1%** | **Mongolia – 0.1%** | **Mongolia – 0.1%** | **Mongolia – 0.1%** |
| &nbsp;&nbsp; Mongolia Government <br> International Bond, <br> 8.65%, 1/19/28<br>|  | 200000 | **211298** |
| **Morocco – 0.3%** | **Morocco – 0.3%** | **Morocco – 0.3%** | **Morocco – 0.3%** |
| &nbsp;&nbsp; Morocco Government <br> International Bond, <br> 5.95%, 3/08/28<sup>(c)</sup> <br>|  | 200000 | 205588 |
| OCP S.A., |  |  |  |
| &nbsp;&nbsp; 6.70%, 3/01/36<sup>(c)</sup> <br>|  | 200000 | 202392 |
| &nbsp;&nbsp; 7.50%, 5/02/54<sup>(c)</sup> <br>|  | 200000 | 202104 |
|  |  |  | **610084** |
| **Mozambique – 0.1%** | **Mozambique – 0.1%** | **Mozambique – 0.1%** | **Mozambique – 0.1%** |
| &nbsp;&nbsp; Mozambique International <br> Bond, 9.00%, 9/15/31<br>|  | 200000 | **175109** |
| **Oman – 0.4%** | **Oman – 0.4%** | **Oman – 0.4%** | **Oman – 0.4%** |
| &nbsp;&nbsp; Oman Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.25%, 1/25/31<sup>(c)</sup> <br>|  | 500000 | 536518 |
| &nbsp;&nbsp; 6.50%, 3/08/47 |  | 200000 | 210005 |
|  |  |  | **746523** |
| **Pakistan – 0.2%** | **Pakistan – 0.2%** | **Pakistan – 0.2%** | **Pakistan – 0.2%** |
| &nbsp;&nbsp; Pakistan Government <br> International Bond, <br> 6.88%, 12/05/27<br>|  | 335000 | **328468** |
| **Panama – 0.4%** | **Panama – 0.4%** | **Panama – 0.4%** | **Panama – 0.4%** |
| &nbsp;&nbsp; Panama Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.16%, 1/23/30 |  | 200000 | 180130 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Panama (Continued)** | **Panama (Continued)** | **Panama (Continued)** | **Panama (Continued)** |
| &nbsp;&nbsp; Panama Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.40%, 2/14/35 |  | $200000 | $196750 |
| &nbsp;&nbsp; 7.88%, 3/01/57 |  | 325000 | 338813 |
|  |  |  | **715693** |
| **Peru – 0.3%** | **Peru – 0.3%** | **Peru – 0.3%** | **Peru – 0.3%** |
| &nbsp;&nbsp; Banco de Credito del Peru <br> S.A., (5Y US Treasury <br> CMT + 2.24%), 5.80%, <br> 3/10/35<sup>(c)(j)</sup> <br>|  | 200000 | 200250 |
| &nbsp;&nbsp; Peruvian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 5.38%, 2/08/35 |  | 210000 | 209070 |
| &nbsp;&nbsp; 6.55%, 3/14/37 |  | 79000 | 85320 |
| &nbsp;&nbsp; 6.20%, 6/30/55 |  | 90000 | 90247 |
|  |  |  | **584887** |
| **Philippines – 0.8%** | **Philippines – 0.8%** | **Philippines – 0.8%** | **Philippines – 0.8%** |
| &nbsp;&nbsp; Philippine Government <br> Bond, 6.38%, 4/28/35<br>| PHP | 40640000 | 708330 |
| &nbsp;&nbsp; Philippine Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 5.50%, 1/17/48 |  | 600000 | 591850 |
| &nbsp;&nbsp; 5.90%, 2/04/50 |  | 200000 | 205579 |
|  |  |  | **1505759** |
| **Poland – 2.1%** | **Poland – 2.1%** | **Poland – 2.1%** | **Poland – 2.1%** |
| &nbsp;&nbsp; Bank Gospodarstwa <br> Krajowego, 5.75%, <br> 7/09/34<sup>(c)</sup> <br>|  | 200000 | 207080 |
| &nbsp;&nbsp; Republic of Poland <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 1.25%, 10/25/30 | PLN | 2014000 | 449825 |
| &nbsp;&nbsp; 1.75%, 4/25/32 | PLN | 4442000 | 958009 |
| &nbsp;&nbsp; 5.00%, 10/25/34 | PLN | 4288000 | 1113982 |
| &nbsp;&nbsp; Republic of Poland <br> Government International <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.63%, 3/18/29 |  | 357000 | 360818 |
| &nbsp;&nbsp; 4.88%, 2/12/30 |  | 174000 | 177822 |
| &nbsp;&nbsp; 4.88%, 10/04/33 |  | 285000 | 284153 |
| &nbsp;&nbsp; 5.38%, 2/12/35 |  | 40000 | 40779 |
| &nbsp;&nbsp; 5.50%, 3/18/54 |  | 403000 | 376732 |
|  |  |  | **3969200** |
| **Romania – 1.7%** | **Romania – 1.7%** | **Romania – 1.7%** | **Romania – 1.7%** |
| &nbsp;&nbsp; Romania Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 5.80%, 7/26/27 | RON | 620000 | 136009 |
| &nbsp;&nbsp; 5.00%, 2/12/29 | RON | 470000 | 98233 |
| &nbsp;&nbsp; 7.35%, 4/28/31 | RON | 1605000 | 361620 |
| &nbsp;&nbsp; 6.70%, 2/25/32 | RON | 1465000 | 319497 |
| &nbsp;&nbsp; 7.20%, 10/30/33 | RON | 545000 | 122088 |
| &nbsp;&nbsp; 4.75%, 10/11/34 | RON | 780000 | 147617 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** |
| &nbsp;&nbsp; Romanian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.63%, 2/17/28<sup>(c)</sup> <br>|  | $110000 | $113917 |
| &nbsp;&nbsp; 5.88%, 1/30/29<sup>(c)</sup> <br>|  | 468000 | 475223 |
| &nbsp;&nbsp; 5.75%, 9/16/30<sup>(c)</sup> <br>|  | 260000 | 261164 |
| &nbsp;&nbsp; 7.13%, 1/17/33<sup>(c)</sup> <br>|  | 308000 | 326793 |
| &nbsp;&nbsp; 6.38%, 1/30/34<sup>(c)</sup> <br>|  | 288000 | 287111 |
| &nbsp;&nbsp; 5.75%, 3/24/35 |  | 68000 | 64433 |
| &nbsp;&nbsp; 7.50%, 2/10/37 |  | 96000 | 101870 |
| &nbsp;&nbsp; 4.00%, 2/14/51 |  | 104000 | 67520 |
| &nbsp;&nbsp; 7.63%, 1/17/53<sup>(c)</sup> <br>|  | 320000 | 333571 |
|  |  |  | **3216666** |
| **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** |
| Saudi Arabian Oil Co., |  |  |  |
| &nbsp;&nbsp; 2.25%, 11/24/30 |  | 200000 | 178769 |
| &nbsp;&nbsp; 5.25%, 7/17/34<sup>(c)</sup> <br>|  | 200000 | 202314 |
| &nbsp;&nbsp; 6.38%, 6/02/55<sup>(c)</sup> <br>|  | 200000 | 202840 |
| &nbsp;&nbsp; Saudi Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.75%, 1/16/30<sup>(c)</sup> <br>|  | 404000 | 408056 |
| &nbsp;&nbsp; 5.00%, 1/16/34 |  | 830000 | 835312 |
| &nbsp;&nbsp; 3.75%, 3/05/37<sup>(c)</sup> <br>| EUR | 200000 | 224926 |
| &nbsp;&nbsp; 5.75%, 1/16/54<sup>(c)</sup> <br>|  | 406000 | 391036 |
|  |  |  | **2443253** |
| **Senegal – 0.6%** | **Senegal – 0.6%** | **Senegal – 0.6%** | **Senegal – 0.6%** |
| &nbsp;&nbsp; Senegal Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 7.75%, 6/10/31 |  | 834000 | 681741 |
| &nbsp;&nbsp; 6.25%, 5/23/33 |  | 600000 | 443807 |
|  |  |  | **1125548** |
| **Serbia – 0.1%** | **Serbia – 0.1%** | **Serbia – 0.1%** | **Serbia – 0.1%** |
| &nbsp;&nbsp; Telecommunications co <br> Telekom Srbija AD <br> Belgrade, 7.00%, <br> 10/28/29<sup>(c)</sup> <br>|  | 200000 | **199862** |
| **South Africa – 2.2%** | **South Africa – 2.2%** | **South Africa – 2.2%** | **South Africa – 2.2%** |
| &nbsp;&nbsp; Eskom Holdings SOC Ltd., <br> 8.45%, 8/10/28<br>|  | 400000 | 422942 |
| &nbsp;&nbsp; Republic of South Africa <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 10.50%, 12/21/26 | ZAR | 6400000 | 364069 |
| &nbsp;&nbsp; 7.00%, 2/28/31 | ZAR | 5411193 | 277342 |
| &nbsp;&nbsp; 8.25%, 3/31/32 | ZAR | 5528933 | 293887 |
| &nbsp;&nbsp; 8.88%, 2/28/35 | ZAR | 18911512 | 989822 |
| &nbsp;&nbsp; 8.50%, 1/31/37 | ZAR | 12160510 | 593487 |
| &nbsp;&nbsp; 9.00%, 1/31/40 | ZAR | 10406227 | 505384 |
| &nbsp;&nbsp; 8.75%, 1/31/44 | ZAR | 7461447 | 342396 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** |
| &nbsp;&nbsp; Republic of South Africa <br> Government International <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.85%, 9/30/29 |  | $100000 | $96360 |
| &nbsp;&nbsp; 5.65%, 9/27/47 |  | 250000 | 187438 |
|  |  |  | **4073127** |
| **Spain – 0.2%** | **Spain – 0.2%** | **Spain – 0.2%** | **Spain – 0.2%** |
| &nbsp;&nbsp; Banco Santander S.A., <br> 5.44%, 7/15/31<br>|  | 200000 | 207367 |
| &nbsp;&nbsp; CaixaBank S.A., (SOFR + <br> 1.36%), 4.89%, <br> 7/03/31<sup>(c)(j)</sup> <br>|  | 220000 | 220492 |
|  |  |  | **427859** |
| **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** |
| &nbsp;&nbsp; Sri Lanka Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 3.35% on <br> 7/15/27), 3.10%, <br> 1/15/30<sup>(c)(l)</sup> <br>|  | 228618 | 205185 |
| &nbsp;&nbsp;&nbsp; (Step to 5.10% on <br> 12/15/27), 3.60%, <br> 6/15/35<sup>(c)(l)</sup> <br>|  | 80948 | 57398 |
| &nbsp;&nbsp;&nbsp; (Step to 3.85% on <br> 11/15/27), 3.60%, <br> 5/15/36<sup>(c)(l)</sup> <br>|  | 113179 | 95036 |
| &nbsp;&nbsp;&nbsp; (Step to 3.85% on <br> 8/15/27), 3.60%, <br> 2/15/38<sup>(l)</sup> <br>|  | 60000 | 50293 |
|  |  |  | **407912** |
| **Switzerland – 0.2%** | **Switzerland – 0.2%** | **Switzerland – 0.2%** | **Switzerland – 0.2%** |
| &nbsp;&nbsp; Tyco Electronics Group <br> S.A., 4.50%, 2/09/31<br>|  | 37000 | 36918 |
| UBS Group A.G., |  |  |  |
| &nbsp;&nbsp; 7.00%, 2/05/35<sup>(i)</sup> <br>|  | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.58%, <br> 5/09/36<sup>(c)(j)</sup> <br>|  | 200000 | 203700 |
|  |  |  | **440618** |
| **Thailand – 1.0%** | **Thailand – 1.0%** | **Thailand – 1.0%** | **Thailand – 1.0%** |
| &nbsp;&nbsp; Thailand Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.39%, 6/17/37 | THB | 14769000 | 535672 |
| &nbsp;&nbsp; 3.30%, 6/17/38 | THB | 4435000 | 160029 |
| &nbsp;&nbsp; 3.45%, 6/17/43 | THB | 31204000 | 1158697 |
|  |  |  | **1854398** |
| **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** |
| &nbsp;&nbsp; Port of Spain Waterfront <br> Development, 7.88%, <br> 2/19/40<sup>(c)</sup> <br>|  | 200000 | **195500** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Turkey – 0.9%** | **Turkey – 0.9%** | **Turkey – 0.9%** | **Turkey – 0.9%** |
| &nbsp;&nbsp; Akbank T.A.S., (5Y US <br> Treasury CMT + 5.27%), <br> 9.37%, 3/14/29<sup>(c)(i)(j)</sup> <br>|  | $200000 | $207324 |
| &nbsp;&nbsp; Hazine Mustesarligi Varlik <br> Kiralama AS, 8.51%, <br> 1/14/29<sup>(c)</sup> <br>|  | 200000 | 213249 |
| &nbsp;&nbsp; Istanbul Metropolitan <br> Municipality, 10.50%, <br> 12/06/28<sup>(c)</sup> <br>|  | 200000 | 216377 |
| &nbsp;&nbsp; Limak Cimento Sanayi ve <br> Ticaret AS, 9.75%, <br> 7/25/29<br>|  | 200000 | 203021 |
| &nbsp;&nbsp; Turkiye Government Bond, <br> 30.00%, 9/12/29<br>| TRY | 20200000 | 457674 |
| &nbsp;&nbsp; Turkiye Vakiflar Bankasi <br> T.A.O., (5Y US Treasury <br> CMT + 5.49%), 10.12%, <br> 4/24/29<sup>(c)(i)(j)</sup> <br>|  | 200000 | 212260 |
| &nbsp;&nbsp; Zorlu Enerji Elektrik Uretim <br> A.S., 11.00%, 4/23/30<sup>(c)</sup> <br>|  | 200000 | 193507 |
|  |  |  | **1703412** |
| **Ukraine – 0.4%** | **Ukraine – 0.4%** | **Ukraine – 0.4%** | **Ukraine – 0.4%** |
| &nbsp;&nbsp; Ukraine Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.50%, 2/01/29 |  | 17588 | 10614 |
| &nbsp;&nbsp; 41.04%, 2/01/30 |  | 123100 | 57316 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 32.73%, <br> 2/01/34<sup>(c)(l)</sup> <br>|  | 126049 | 47025 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/34<sup>(c)(l)</sup> <br>|  | 168958 | 85377 |
| &nbsp;&nbsp; 32.73%, 2/01/34 |  | 138700 | 51745 |
| &nbsp;&nbsp; 4.50%, 2/01/34 |  | 78013 | 39421 |
| &nbsp;&nbsp; 25.49%, 2/01/35 |  | 40241 | 18620 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 25.49%, <br> 2/01/35<sup>(c)(l)</sup> <br>|  | 56519 | 26152 |
| &nbsp;&nbsp; 4.50%, 2/01/35 |  | 73488 | 37406 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/35<sup>(c)(l)</sup> <br>|  | 246305 | 125371 |
| &nbsp;&nbsp; 7.75%, 2/01/36 |  | 37000 | 17183 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/36<sup>(c)(l)</sup> <br>|  | 175550 | 86546 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 7.75%, <br> 2/01/36<sup>(c)(l)</sup> <br>|  | 48764 | 22546 |
| &nbsp;&nbsp; 2.04%, 8/01/41 |  | 157000 | 116298 |
|  |  |  | **741620** |
| **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** |
| Adnoc Murban Rsc Ltd., |  |  |  |
| &nbsp;&nbsp; 4.50%, 9/11/34<sup>(c)</sup> <br>|  | 400000 | 392243 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **United Arab Emirates (Continued)** | **United Arab Emirates (Continued)** | **United Arab Emirates (Continued)** |
| Adnoc Murban Rsc Ltd., |  |  |
| &nbsp;&nbsp; 5.13%, 9/11/54<sup>(c)</sup> <br>| $225000 | $207459 |
| &nbsp;&nbsp; Galaxy Pipeline Assets <br> Bidco Ltd.,<br>|  |  |
| &nbsp;&nbsp; 2.63%, 3/31/36<sup>(c)</sup> <br>| 200000 | 171628 |
| &nbsp;&nbsp; 2.94%, 9/30/40<sup>(c)</sup> <br>| 198729 | 164459 |
| MDGH GMTN RSC Ltd., |  |  |
| &nbsp;&nbsp; 5.50%, 4/28/33 | 200000 | 209292 |
| &nbsp;&nbsp; 5.88%, 5/01/34 | 200000 | 213500 |
|  |  | **1358581** |
| **United Kingdom – 1.4%** | **United Kingdom – 1.4%** | **United Kingdom – 1.4%** |
| &nbsp;&nbsp; Ardonagh Finco Ltd., <br> 7.75%, 2/15/31<sup>(c)</sup> <br>| 940000 | 980102 |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp; 5.35%, 8/15/32 | 33000 | 33679 |
| &nbsp;&nbsp; 7.08%, 8/02/43 | 41000 | 45119 |
| &nbsp;&nbsp; 3.98%, 9/25/50 | 50000 | 35817 |
| &nbsp;&nbsp; Global Auto <br> Holdings Ltd./AAG FH <br> UK Ltd.,<br>|  |  |
| &nbsp;&nbsp; 8.38%, 1/15/29<sup>(c)</sup> <br>| 400000 | 372198 |
| &nbsp;&nbsp; 11.50%, 8/15/29<sup>(c)</sup> <br>| 200000 | 198518 |
| &nbsp;&nbsp; Imperial Brands Finance <br> PLC, 5.63%, 7/01/35<sup>(c)</sup> <br>| 200000 | 200182 |
| &nbsp;&nbsp; Lloyds Banking Group PLC, <br> (1Y US Treasury CMT + <br> 1.60%), 6.07%, 6/13/36<sup>(j)</sup> <br>| 200000 | 204644 |
| &nbsp;&nbsp; Macquarie Airfinance <br> Holdings Ltd., 8.13%, <br> 3/30/29<sup>(c)</sup> <br>| 46000 | 48015 |
| RELX Capital, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 3/27/30 | 31000 | 31373 |
| &nbsp;&nbsp; 5.25%, 3/27/35 | 102000 | 103883 |
| &nbsp;&nbsp; Reynolds American, Inc., <br> 5.85%, 8/15/45<br>| 20000 | 19379 |
| &nbsp;&nbsp; Santander UK Group <br> Holdings PLC, (SOFR <br> Index + 1.52%), 5.69%, <br> 4/15/31<sup>(j)</sup> <br>| 200000 | 206987 |
| &nbsp;&nbsp; Smith & Nephew PLC, <br> 2.03%, 10/14/30<br>| 75000 | 65615 |
|  |  | **2545511** |
| **Uruguay – 0.3%** | **Uruguay – 0.3%** | **Uruguay – 0.3%** |
| &nbsp;&nbsp; Uruguay Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 5.44%, 2/14/37 | 200000 | 203800 |
| &nbsp;&nbsp; 4.98%, 4/20/55 | 327029 | 287252 |
|  |  | **491052** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** |
| &nbsp;&nbsp; Republic of Uzbekistan <br> International Bond, <br> 3.90%, 10/19/31<br>| $200000 | $177318 |
| &nbsp;&nbsp; Uzbekneftegaz JSC, <br> 8.75%, 5/07/30<sup>(c)</sup> <br>| 200000 | 210046 |
|  |  | **387364** |
| **Venezuela – 0.2%** | **Venezuela – 0.2%** | **Venezuela – 0.2%** |
| &nbsp;&nbsp; Petroleos de Venezuela <br> S.A.,<br>|  |  |
| &nbsp;&nbsp; 9.00%, 11/17/21<sup>(f)</sup> <br>| 185101 | 26284 |
| &nbsp;&nbsp; 6.00%, 5/16/24<sup>(f)</sup> <br>| 340653 | 47010 |
| &nbsp;&nbsp; 5.38%, 4/12/27<sup>(f)</sup> <br>| 361000 | 49685 |
| &nbsp;&nbsp; Venezuela Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 7.75%, 10/13/19<sup>(f)</sup> <br>| 93400 | 14253 |
| &nbsp;&nbsp; 8.25%, 10/13/24<sup>(f)</sup> <br>| 259100 | 47312 |
| &nbsp;&nbsp; 11.75%, 10/21/26<sup>(f)</sup> <br>| 42200 | 9183 |
| &nbsp;&nbsp; 9.25%, 9/15/27<sup>(f)</sup> <br>| 201200 | 43781 |
| &nbsp;&nbsp; 9.25%, 5/07/28<sup>(f)</sup> <br>| 425300 | 82976 |
| &nbsp;&nbsp; 11.95%, 8/05/31<sup>(f)</sup> <br>| 92000 | 18639 |
|  |  | **339123** |
| **Zambia – 0.2%** | **Zambia – 0.2%** | **Zambia – 0.2%** |
| &nbsp;&nbsp; First Quantum <br> Minerals Ltd., 9.38%, <br> 3/01/29<sup>(c)</sup> <br>| 290000 | 307316 |
| &nbsp;&nbsp; Zambia Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (Step to 7.50% on <br> 6/30/31), 5.75%, <br> 6/30/33<sup>(l)</sup> <br>| 47373 | 44091 |
| &nbsp;&nbsp; 0.50%, 12/31/53 | 77000 | 56255 |
|  |  | **407662** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $82,980,958) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $82,980,958) | **84054960** |
| **Mortgage-Backed Securities – 0.5%** | **Mortgage-Backed Securities – 0.5%** | **Mortgage-Backed Securities – 0.5%** |
| **Commercial Mortgage-Backed Securities – 0.5%** | **Commercial Mortgage-Backed Securities – 0.5%** | **Commercial Mortgage-Backed Securities – 0.5%** |
| &nbsp;&nbsp; Citigroup Commercial <br> Mortgage Trust, Series <br> 2014-GC21, Class D, <br> 4.74%, 5/10/47<sup>(c)(m)</sup> <br>| 175000 | 150934 |
| &nbsp;&nbsp; COMM Mortgage Trust, <br> Series 2012-CR3, Class B, <br> 3.92%, 10/15/45<sup>(c)</sup> <br>| 95048 | 88092 |
| &nbsp;&nbsp; GS Mortgage Securities <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-GC5, <br> Class C, 5.15%, <br> 8/10/44<sup>(c)(m)</sup> <br>| 35000 | 30764 |
| &nbsp;&nbsp;&nbsp; Series 2013-GC13, <br> Class C, 3.88%, <br> 7/10/46<sup>(c)(m)</sup> <br>| 320000 | 293843 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| &nbsp;&nbsp; GS Mortgage Securities <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-GC22, <br> Class D, 4.57%, <br> 6/10/47<sup>(c)(m)</sup> <br>| $50000 | $12521 |
| &nbsp;&nbsp; JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust, Series <br> 2011-C3, Class C, 5.36%, <br> 2/15/46<sup>(c)</sup> <br>| 100000 | 93479 |
| &nbsp;&nbsp; Morgan Stanley Bank of <br> America Merrill Lynch <br> Trust, Series 2013-C11, <br> Class B, 4.08%, <br> 8/15/46<sup>(m)</sup> <br>| 110000 | 73150 |
| &nbsp;&nbsp; MSBAM Commercial <br> Mortgage Securities <br> Trust, Series 2012-CKSV, <br> Class C, 4.28%, <br> 10/15/30<sup>(c)(m)</sup> <br>| 100000 | 65530 |
| &nbsp;&nbsp; Wells Fargo Commercial <br> Mortgage Trust, Series <br> 2016-C36, Class C, <br> 4.11%, 11/15/59<sup>(m)</sup> <br>| 45000 | 38985 |
| &nbsp;&nbsp; WFRBS Commercial <br> Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-C3, Class D, <br> 5.85%, 3/15/44<sup>(c)(m)</sup> <br>| 56647 | 18412 |
| &nbsp;&nbsp;&nbsp; Series 2012-C10, Class C, <br> 4.31%, 12/15/45<sup>(m)</sup> <br>| 120000 | 100728 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $1,179,990) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $1,179,990) | **966438** |
| **Term Loans – 3.1%**<sup>(k)</sup>  | **Term Loans – 3.1%**<sup>(k)</sup>  | **Term Loans – 3.1%**<sup>(k)</sup>  |
| **Asset Management – 0.6%** | **Asset Management – 0.6%** | **Asset Management – 0.6%** |
| &nbsp;&nbsp; Altera Corp., Term Loan B, <br> 6/21/32<sup>(n)</sup> <br>| 330000 | 330412 |
| &nbsp;&nbsp; Edelman Financial Engines <br> Center LLC, The 2024-2 <br> Refinancing Term Loan, <br> (1M USD CME Term SOFR <br> + 3.00%), 7.36%, 4/07/28<br>| 209935 | 210152 |
| &nbsp;&nbsp; HighTower Holding LLC, <br> Amendment No. 10 <br> Replacement Term Loan, <br> 2/03/32<sup>(n)</sup> <br>| 112122 | 112122 |
| &nbsp;&nbsp; HighTower Holding LLC, <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.00%), 7.26%, 2/03/32<br>| 112122 | 112122 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| &nbsp;&nbsp; Osaic Holdings, Inc., Initial <br> Term Loan, 7/30/32<sup>(n)</sup> <br>| $49093 | $49093 |
| &nbsp;&nbsp; Russell Investments US <br> Institutional Holdco, Inc., <br> 2027 Term Loan, <br> 5/30/27<sup>(n)</sup> <br>| 340000 | 327845 |
|  |  | **1141746** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; Chemours Co., The Tranche <br> B-3 US$ Term Loan, (1M <br> USD CME Term SOFR + <br> 3.00%, 0.50% Floor), <br> 7.36%, 8/18/28<br>| 99233 | **99109** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| &nbsp;&nbsp; First Advantage <br> Holdings LLC, Term B-2 <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 7.57%, <br> 10/31/31<br>| 417734 | 419041 |
| &nbsp;&nbsp; First Advantage <br> Holdings LLC, Term B-3 <br> Loan, 10/31/31<sup>(n)</sup> <br>| 412909 | 414201 |
| &nbsp;&nbsp; Ryan LLC, Closing Date <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.86%, 11/14/30<br>| 163774 | 163796 |
| &nbsp;&nbsp; VT Topco, Inc., Second <br> Amendment Term Loan, <br> (1M USD CME Term SOFR <br> + 3.00%, 0.50% Floor), <br> 7.36%, 8/09/30<br>| 110543 | 110917 |
|  |  | **1107955** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| &nbsp;&nbsp; Horizon Midco 2 Ltd., Term <br> B Loan, (3M USD CME <br> Term SOFR + 4.75%), <br> 9.06%, 10/31/31<br>| 261614 | **256599** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| &nbsp;&nbsp; GrafTech Global <br> Enterprises, Inc., Delayed <br> Draw Term Loan, <br> 12/21/29<sup>(n)(o)</sup> <br>| 70299 | 71704 |
| &nbsp;&nbsp; GrafTech Global <br> Enterprises, Inc., Term <br> Loan, (1M USD CME Term <br> SOFR + 6.00%, 2.00% <br> Floor), 10.35%, 12/21/29<br>| 123022 | 125483 |
|  |  | **197187** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| &nbsp;&nbsp; Hanger, Inc., Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; 10/23/31<sup>(o)</sup> <br>| 11219 | 11245 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| &nbsp;&nbsp; Hanger, Inc., Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1M USD CME Term SOFR <br> + 3.50%), 7.86%, <br> 10/23/31<br>| $1975 | $1979 |
| &nbsp;&nbsp; Hanger, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.86%, <br> 10/23/31<br>| 104050 | 104289 |
| &nbsp;&nbsp; Inception Finco S.a.r.l. <br> Facility B-6, (3M USD <br> CME Term SOFR + <br> 3.75%), 8.05%, 4/18/31<br>| 203984 | 204877 |
| &nbsp;&nbsp; IVC Acquisition Ltd., <br> Facility B-12, (3M USD <br> CME Term SOFR + <br> 3.75%), 8.05%, 12/12/28<br>| 104796 | 105221 |
|  |  | **427611** |
| **Insurance – 0.3%** | **Insurance – 0.3%** | **Insurance – 0.3%** |
| &nbsp;&nbsp; Amynta Agency <br> Borrower, Inc., (Amynta <br> Warranty Borrower, Inc.), <br> 2025-1 Refinancing Term <br> Loan, 12/29/31<sup>(n)</sup> <br>| 277903 | 277973 |
| &nbsp;&nbsp; Asurion LLC, New B-11 <br> Term Loan, (1M USD CME <br> Term SOFR + 4.25%), <br> 8.71%, 8/19/28<br>| 151916 | 150365 |
| &nbsp;&nbsp; Truist Insurance <br> Holdings LLC, Initial Term <br> Loan, (3M USD CME Term <br> SOFR + 4.75%), 9.05%, <br> 5/06/32<br>| 135050 | 137717 |
|  |  | **566055** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| &nbsp;&nbsp; Stubhub Holdco Sub LLC, <br> Extended USD Term B <br> Loan, (1M USD CME Term <br> SOFR + 4.75%), 9.11%, <br> 3/15/30<br>| 227478 | **225063** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| &nbsp;&nbsp; Fortress Intermediate 3, <br> Inc., Tranche B Term <br> Loan, (1M USD CME Term <br> SOFR + 3.00%), 7.32%, <br> 6/27/31<br>| 304462 | **304462** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| &nbsp;&nbsp; Bausch + Lomb Corp., Third <br> Amendment Term Loan, <br> (1M USD CME Term SOFR <br> + 4.25%), 8.61%, 1/15/31<br>| 315080 | **315947** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| &nbsp;&nbsp; GoTo Group, Inc., Exchange <br> First Out Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%), 9.22%, 4/28/28<br>| $73442 | $64446 |
| &nbsp;&nbsp; Project Alpha Intermediate <br> Holding, Inc., Second <br> Amendment Refinancing <br> Term Loan, (3M USD CME <br> Term SOFR + 3.25%, <br> 0.50% Floor), 7.55%, <br> 10/26/30<br>| 105284 | 105468 |
|  |  | **169914** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp; Dechra Pharmaceuticals <br> Holdings Ltd., Facility <br> B-1, (6M USD CME Term <br> SOFR + 3.25%), 7.45%, <br> 1/27/32<br>| 209968 | 210939 |
| &nbsp;&nbsp; Mermaid Bidco, Inc., <br> Facility B, (3M USD CME <br> Term SOFR + 3.25%), <br> 7.51%, 7/03/31<br>| 179547 | 179597 |
|  |  | **390536** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| &nbsp;&nbsp; Commscope LLC, Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 5.25%, <br> 2.00% Floor), 9.61%, <br> 12/17/29<br>| 352997 | **358535** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| &nbsp;&nbsp; Crown Subsea <br> Communications <br> Holding, Inc., 2024 Term <br> Loan Retired 07/15/2025, <br> (3M USD CME Term SOFR <br> + 4.00%, 0.75% Floor), <br> 8.33%, 1/30/31<br>| 104735 | 105346 |
| &nbsp;&nbsp; Crown Subsea <br> Communications <br> Holding, Inc., 2025 Term <br> Loan, (3M USD CME Term <br> SOFR + 3.50%, 0.75% <br> Floor), 7.82%, 1/30/31<br>| 104736 | 105303 |
|  |  | **210649** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $5,748,435) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $5,748,435) | **5771368** |
| **U.S. Government Obligations – 0.4%** | **U.S. Government Obligations – 0.4%** | **U.S. Government Obligations – 0.4%** |
| **U.S. Treasury Bonds – 0.1%** | **U.S. Treasury Bonds – 0.1%** | **U.S. Treasury Bonds – 0.1%** |
| &nbsp;&nbsp; 5.00%, 5/15/45 | 72400 | 73463 |
| &nbsp;&nbsp; 4.63%, 2/15/55 | 39100 | 37457 |
|  |  | **110920** |
| **U.S. Treasury Notes – 0.3%** | **U.S. Treasury Notes – 0.3%** | **U.S. Treasury Notes – 0.3%** |
| &nbsp;&nbsp; 3.88%, 7/31/27 | 381600 | 381108 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| &nbsp;&nbsp; 3.88%, 7/15/28 | $76000 | $75976 |
| &nbsp;&nbsp; 3.88%, 6/30/30 | 35000 | 34874 |
| &nbsp;&nbsp; 3.88%, 7/31/30 | 60100 | 59884 |
| &nbsp;&nbsp; 4.00%, 7/31/32 | 18800 | 18639 |
| &nbsp;&nbsp; 4.25%, 5/15/35 | 48400 | 47977 |
|  |  | **618458** |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $729,426) | &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $729,426) | **729378** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Number** <br>**of Shares**<br>|
| **Warrants – 0.0%**<sup>(a)</sup>  | **Warrants – 0.0%**<sup>(a)</sup>  |
| **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Mcdermott <br> International Ltd.<sup>(p)\*</sup> <br>| 4298 |
| &nbsp;&nbsp; Mcdermott <br> International Ltd. (OTC <br> Exchange)<sup>(p)\*</sup> <br>| 3868 |
| &nbsp;&nbsp; **Total Warrants** <br>(Cost $6,000) | &nbsp;&nbsp; **Total Warrants** <br>(Cost $6,000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 6.0%** | **Short-Term Investments – 6.0%** | **Short-Term Investments – 6.0%** | **Short-Term Investments – 6.0%** |
| **Convertible Bonds – 0.0%**<sup>(a)</sup> | **Convertible Bonds – 0.0%**<sup>(a)</sup> | **Convertible Bonds – 0.0%**<sup>(a)</sup> | **Convertible Bonds – 0.0%**<sup>(a)</sup> |
| Sea Ltd., 2.38%, 12/01/25 |  | 26000 | 45045 |
| &nbsp;&nbsp; Spotify USA, Inc., 0.00%, <br> 3/15/26<sup>(d)</sup> <br>|  | 13000 | 16426 |
| &nbsp;&nbsp; Tyler Technologies, Inc., <br> 0.25%, 3/15/26<br>|  | 20000 | 24170 |
|  |  |  | **85641** |
| **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** |
| &nbsp;&nbsp; DISH DBS Corp., 7.75%, <br> 7/01/26<br>|  | 355000 | 315506 |
| &nbsp;&nbsp; Sempra, (5Y US Treasury <br> CMT + 4.55%), 4.88%, <br> 10/15/25<sup>(i)(j)</sup> <br>|  | 91000 | 90570 |
| &nbsp;&nbsp; Travel + Leisure Co., <br> 6.63%, 7/31/26<sup>(c)</sup> <br>|  | 145000 | 146068 |
| &nbsp;&nbsp; United Airlines Pass <br> Through Trust, Series <br> 2020-1, Class B, 4.88%, <br> 1/15/26<br>|  | 35375 | 35317 |
|  |  |  | **587461** |
| **Foreign Issuer Bonds – 1.7%** | **Foreign Issuer Bonds – 1.7%** | **Foreign Issuer Bonds – 1.7%** | **Foreign Issuer Bonds – 1.7%** |
| &nbsp;&nbsp; Agile Group Holdings Ltd., <br> 6.05%, 10/13/25<sup>(f)</sup> <br>|  | 205000 | 10652 |
| Egypt Treasury Bills, |  |  |  |
| &nbsp;&nbsp; 22.91%, 9/09/25<sup>(q)</sup> <br>| EGP | 18400000 | 367990 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** |
| Egypt Treasury Bills, |  |  |  |
| &nbsp;&nbsp; 24.24%, 9/16/25<sup>(q)</sup> <br>| EGP | 22775000 | $453017 |
| &nbsp;&nbsp; 23.18%, 10/14/25<sup>(q)</sup> <br>| EGP | 5925000 | 115392 |
| &nbsp;&nbsp; 24.98%, 10/28/25<sup>(q)</sup> <br>| EGP | 9850000 | 189890 |
| &nbsp;&nbsp; Ghana Government <br> International Bond, <br> 0.00%, 7/03/26<sup>(d)</sup> <br>|  | 14800 | 14180 |
| Nigeria OMO Bills, |  |  |  |
| &nbsp;&nbsp; 24.15%, 8/19/25<sup>(q)</sup> <br>| NGN | 975000000 | 628093 |
| &nbsp;&nbsp; 22.03%, 11/04/25<sup>(q)</sup> <br>| NGN | 1193000000 | 729179 |
| &nbsp;&nbsp; 22.26%, 12/02/25<sup>(q)</sup> <br>| NGN | 137457000 | 82559 |
| &nbsp;&nbsp; 22.26%, 12/09/25<sup>(q)</sup> <br>| NGN | 209884000 | 127005 |
| &nbsp;&nbsp; 20.75%, 3/17/26<sup>(q)</sup> <br>| NGN | 685000000 | 386039 |
| &nbsp;&nbsp; Sunac China Holdings Ltd., <br> 6.00%, 9/30/25<sup>(c)(e)</sup> <br>|  | 18607 | 2457 |
| &nbsp;&nbsp; Times China Holdings Ltd., <br> 6.20%, 3/22/26<sup>(f)</sup> <br>|  | 215000 | 7202 |
| &nbsp;&nbsp; Zhenro Properties <br> Group Ltd., 6.63%, <br> 1/07/26<sup>(f)</sup> <br>|  | 200000 | 86 |
|  |  |  | **3113741** |
| **Money Market Fund – 3.4%** | **Money Market Fund – 3.4%** | **Money Market Fund – 3.4%** | **Money Market Fund – 3.4%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier),4.15%<sup>(r)</sup> <br>|  | 6302148 | **6302148** |
| **U.S. Treasury Bills – 0.6%** | **U.S. Treasury Bills – 0.6%** | **U.S. Treasury Bills – 0.6%** | **U.S. Treasury Bills – 0.6%** |
| U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp; 4.16%, 9/25/25<sup>(q)</sup> <br>|  | 870000 | 864285 |
| &nbsp;&nbsp; 4.18%, 10/09/25<sup>(q)(s)</sup> <br>|  | 330000 | 327310 |
|  |  |  | **1191595** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $11,693,852) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $11,693,852) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $11,693,852) | **11280586** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Value** |
| **Purchased Options – 0.0%**<sup>(a)</sup>  | **Purchased Options – 0.0%**<sup>(a)</sup>  | **Purchased Options – 0.0%**<sup>(a)</sup>  |
| **Call Options - Over the Counter – 0.0%**<sup>(a)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(a)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; U.S. Dollar vs. Euro, Strike <br> Price USD 1.18, Expires <br> 11/05/25, <br> Counterparty: BNP Paribas<br>| 1<br> $1627119 <br><sup>(t)</sup><br>| **$10327** |
| &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $44,066) | &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $44,066) | **10327** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Total Investments – 100.4%** <br>(Cost $188,048,016) | **187920486** |
| Liabilities less Other Assets – (0.4)%<sup>(u)</sup>  | (810729)<br>|
| **NET ASSETS – 100.0%** | **$187109757** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Percentages shown are based on Net Assets.*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

<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. As of July 31, 2025, these securities had a total value of $67,498,536 or 36.07% of net assets. 

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

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

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

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

<sup>(h)</sup> When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.

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

<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 July 31, 2025 is disclosed. 

<sup>(k)</sup> Variable or floating rate security. Rate as of July 31, 2025 is disclosed.

<sup>(l)</sup> Step coupon bond. Rate as of July 31, 2025 is disclosed.

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

&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;

<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 July 31, 2025 is disclosed. 

<sup>(n)</sup> Position is unsettled. Contract rate was not determined at July 31, 2025 and does not take effect until settlement date.

<sup>(o)</sup> Unfunded loan commitment. As of July 31, 2025, total value of unfunded loan commitment is $82,949.

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

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

<sup>(r)</sup> 7-day current yield as of July 31, 2025 is disclosed.

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

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

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

\* Non-Income Producing Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1Y | 1 Year |
| 1M | 1 Month |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| ADR | American Depositary Receipt |
| BDC | Business Development Company |
| BRL | Brazilian Real |
| CDX | Credit Default Swap Index |
| CLP | Chilean Peso |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNY | Chinese Offshore Yuan |
| COP | Colombian Peso |
| CZK | Czech Republic Koruna |
| EGP | Egyptian Pound |
| EUR | Euro |
| GMTN | Global Medium Term Note |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JSC | Joint Stock Company |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| MSCI | Morgan Stanley Capital International |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PHP | Philippine Peso |
| PLC | Public Limited Company |
| PLN | Polish Zloty |
| REIT | Real Estate Investment Trust |
| RON | Romania New Leu |
| SOFR | United States Secured Overnight Financing Rate |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&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; <br>

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1941187 | &nbsp;&nbsp; $26383 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 351938 | &nbsp;&nbsp; 3750 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10556203 | &nbsp;&nbsp; (17361)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 216344 | &nbsp;&nbsp; 406 |
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$13178** |
| **Short Contracts** |  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1443812 | &nbsp;&nbsp; $(3391)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 799312 | &nbsp;&nbsp; (15733)<br>|
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5880063 | &nbsp;&nbsp; (65284)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 117313 | &nbsp;&nbsp; (1883)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 649031 | &nbsp;&nbsp; 797 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(85494)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$(72316)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 10/27/25 | Brazilian Reals | &nbsp;&nbsp; 6611900 | U.S. Dollars | &nbsp;&nbsp; 1109100 | JPMorgan Chase | &nbsp;&nbsp; $45527 |
| 8/11/25 | Mexican Pesos | &nbsp;&nbsp; 14785400 | U.S. Dollars | &nbsp;&nbsp; 744497 | BNP Paribas | &nbsp;&nbsp; 38294 |
| 8/29/25 | U.S. Dollars | &nbsp;&nbsp; 736228 | Philippine Pesos | &nbsp;&nbsp; 41128629 | Barclays | &nbsp;&nbsp; 30448 |
| 10/07/25 | U.S. Dollars | &nbsp;&nbsp; 776300 | Colombian Pesos | &nbsp;&nbsp; 3154106900 | Bank of America | &nbsp;&nbsp; 28423 |
| 8/14/25 | U.S. Dollars | &nbsp;&nbsp; 1000002 | Hungarian Forints | &nbsp;&nbsp; 341115400 | Bank of America | &nbsp;&nbsp; 27473 |
| 9/23/25 | Egyptian Pounds | &nbsp;&nbsp; 19182240 | U.S. Dollars | &nbsp;&nbsp; 363300 | Morgan Stanley | &nbsp;&nbsp; 19810 |
| 8/07/25 | U.S. Dollars | &nbsp;&nbsp; 642698 | Hungarian Forints | &nbsp;&nbsp; 219490300 | Morgan Stanley | &nbsp;&nbsp; 16689 |
| 9/16/25 | South Korean Won | &nbsp;&nbsp; 1297486197 | U.S. Dollars | &nbsp;&nbsp; 920073 | Barclays | &nbsp;&nbsp; 12465 |
| 9/16/25 | U.S. Dollars | &nbsp;&nbsp; 1311032 | Thai Baht | &nbsp;&nbsp; 42389689 | Bank of America | &nbsp;&nbsp; 8870 |
| 8/29/25 | U.S. Dollars | &nbsp;&nbsp; 231731 | Philippine Pesos | &nbsp;&nbsp; 13108408 | BNP Paribas | &nbsp;&nbsp; 6787 |
| 9/26/25 | U.S. Dollars | &nbsp;&nbsp; 341400 | Colombian Pesos | &nbsp;&nbsp; 1413296994 | BNP Paribas | &nbsp;&nbsp; 5868 |
| 10/14/25 | U.S. Dollars | &nbsp;&nbsp; 387465 | Singapore Dollars | &nbsp;&nbsp; 492810 | Barclays | &nbsp;&nbsp; 5671 |
| 9/26/25 | U.S. Dollars | &nbsp;&nbsp; 197954 | Colombian Pesos | &nbsp;&nbsp; 810595630 | Barclays | &nbsp;&nbsp; 5510 |
| 10/27/25 | U.S. Dollars | &nbsp;&nbsp; 777379 | Brazilian Reals | &nbsp;&nbsp; 4426787 | Barclays | &nbsp;&nbsp; 4336 |
| 10/14/25 | U.S. Dollars | &nbsp;&nbsp; 383362 | Singapore Dollars | &nbsp;&nbsp; 489994 | Bank of America | &nbsp;&nbsp; 3749 |
| 9/08/25 | Turkish Lira | &nbsp;&nbsp; 13441869 | U.S. Dollars | &nbsp;&nbsp; 317100 | Morgan Stanley | &nbsp;&nbsp; 2385 |
| 8/18/25 | U.S. Dollars | &nbsp;&nbsp; 371654 | Singapore Dollars | &nbsp;&nbsp; 480843 | Bank of America | &nbsp;&nbsp; 785 |
| 8/18/25 | Malaysian Ringgit | &nbsp;&nbsp; 1587156 | U.S. Dollars | &nbsp;&nbsp; 371656 | Barclays | &nbsp;&nbsp; 479 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $263569 |
| 8/22/25 | Indonesian Rupiahs | &nbsp;&nbsp; 2769290608 | U.S. Dollars | &nbsp;&nbsp; 168070 | Barclays | &nbsp;&nbsp; $(223)<br>|
| 9/16/25 | Thai Baht | &nbsp;&nbsp; 19125089 | U.S. Dollars | &nbsp;&nbsp; 587831 | Bank of America | &nbsp;&nbsp; (330)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 9/09/25 | Polish Zloty | &nbsp;&nbsp; 1844319 | U.S. Dollars | &nbsp;&nbsp; 492557 | Morgan Stanley | &nbsp;&nbsp; $(765)<br>|
| 8/29/25 | Philippine Pesos | &nbsp;&nbsp; 13083900 | U.S. Dollars | &nbsp;&nbsp; 229725 | BNP Paribas | &nbsp;&nbsp; (5201)<br>|
| 9/08/25 | Malaysian Ringgit | &nbsp;&nbsp; 2629168 | U.S. Dollars | &nbsp;&nbsp; 621920 | Morgan Stanley | &nbsp;&nbsp; (5251)<br>|
| 8/22/25 | Indonesian Rupiahs | &nbsp;&nbsp; 12062158784 | U.S. Dollars | &nbsp;&nbsp; 737071 | Morgan Stanley | &nbsp;&nbsp; (5983)<br>|
| 9/08/25 | Thai Baht | &nbsp;&nbsp; 49120560 | U.S. Dollars | &nbsp;&nbsp; 1515973 | Barclays | &nbsp;&nbsp; (8095)<br>|
| 9/16/25 | South Korean Won | &nbsp;&nbsp; 513904500 | U.S. Dollars | &nbsp;&nbsp; 378149 | Bank of America | &nbsp;&nbsp; (8793)<br>|
| 9/23/25 | U.S. Dollars | &nbsp;&nbsp; 374215 | Egyptian Pounds | &nbsp;&nbsp; 19182240 | Morgan Stanley | &nbsp;&nbsp; (8896)<br>|
| 10/10/25 | Chilean Pesos | &nbsp;&nbsp; 585286308 | U.S. Dollars | &nbsp;&nbsp; 615443 | JPMorgan Chase | &nbsp;&nbsp; (13651)<br>|
| 10/14/25 | Indian Rupees | &nbsp;&nbsp; 66188250 | U.S. Dollars | &nbsp;&nbsp; 767716 | Barclays | &nbsp;&nbsp; (14442)<br>|
| 9/26/25 | Colombian Pesos | &nbsp;&nbsp; 2223892624 | U.S. Dollars | &nbsp;&nbsp; 543740 | Barclays | &nbsp;&nbsp; (15764)<br>|
| 9/16/25 | Japanese Yen | &nbsp;&nbsp; 54299000 | U.S. Dollars | &nbsp;&nbsp; 379666 | Bank of America | &nbsp;&nbsp; (17617)<br>|
| 8/07/25 | Euro | &nbsp;&nbsp; 540000 | U.S. Dollars | &nbsp;&nbsp; 634618 | Morgan Stanley | &nbsp;&nbsp; (18074)<br>|
| 9/08/25 | U.S. Dollars | &nbsp;&nbsp; 294907 | Turkish Lira | &nbsp;&nbsp; 13441869 | JPMorgan Chase | &nbsp;&nbsp; (24578)<br>|
| 8/14/25 | Euro | &nbsp;&nbsp; 843600 | U.S. Dollars | &nbsp;&nbsp; 989901 | BNP Paribas | &nbsp;&nbsp; (26260)<br>|
| 9/16/25 | Japanese Yen | &nbsp;&nbsp; 135492453 | U.S. Dollars | &nbsp;&nbsp; 929719 | Barclays | &nbsp;&nbsp; (26297)<br>|
| 9/16/25 | U.S. Dollars | &nbsp;&nbsp; 1832977 | Thai Baht | &nbsp;&nbsp; 60649580 | BNP Paribas | &nbsp;&nbsp; (30110)<br>|
| 10/27/25 | U.S. Dollars | &nbsp;&nbsp; 1116056 | Brazilian Reals | &nbsp;&nbsp; 6611900 | BNP Paribas | &nbsp;&nbsp; (38571)<br>|
| 10/27/25 | U.S. Dollars | &nbsp;&nbsp; 1109100 | Mexican Pesos | &nbsp;&nbsp; 22265182 | Morgan Stanley | &nbsp;&nbsp; (59825)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(328726)<br>|
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp; **$(65157)**<br>|

---

**Credit Default Swap Contracts outstanding - Buy Protection as of July 31, 2025:** <br>**Centrally Cleared** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Markit CDX North America Investment Grade Index Series <br> 44 (Pay Quarterly)<br>| 1.00% | 6/20/2030 | USD | 1016000 | $(23198)<br>| $(17289)<br>| $(5909)<br>|
| **Total** |  |  |  |  | **$(23198)**<br>| **$(17289)**<br>| **$(5909)**<br>|

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $2765131 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2765131 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1467189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1467189 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 142209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 142209 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; $256675 | &nbsp;&nbsp; $79036338 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79293013 |
| &nbsp;&nbsp;&nbsp; Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1439887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1439887 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 84054960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84054960 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 966438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 966438 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 5771368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5771368 |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 729378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 729378 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 6302148 | &nbsp;&nbsp; 4978438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11280586 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 10327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10327 |
| **Total Investments** | &nbsp;&nbsp; $9466163 | &nbsp;&nbsp; $178454323 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187920486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Includes securities determined to have no value as of July 31, 2025. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $31336 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31336 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 263569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 263569 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $31336 | &nbsp;&nbsp; $263569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $294905 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(103652)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(103652)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (328726)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (328726)<br>|
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (5909)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5909)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(103652)<br>| &nbsp;&nbsp; $(334635)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(438287)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $(72316)<br>| &nbsp;&nbsp; $(71066)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(143382)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar Global Opportunistic Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 41.9%** | **Common Stocks – 41.9%** | **Common Stocks – 41.9%** |
| **Advertising & Marketing – 1.6%** | **Advertising & Marketing – 1.6%** | **Advertising & Marketing – 1.6%** |
| &nbsp;&nbsp; Dentsu Group, Inc. <br> (Japan)<sup>(a)</sup> <br>| 3400 | $67050 |
| Omnicom Group, Inc.<sup>(a)</sup> <br>| 72920 | 5253886 |
| WPP PLC (United Kingdom) | 3737 | 20234 |
|  |  | **5341170** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp; BAE Systems PLC (United <br> Kingdom)<br>| 4944 | 117967 |
| &nbsp;&nbsp; Rolls-Royce Holdings PLC <br> (United Kingdom)<br>| 8332 | 118256 |
|  |  | **236223** |
| **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** |
| &nbsp;&nbsp; Burberry Group PLC (United <br> Kingdom)\*<br>| 1637 | 27768 |
| &nbsp;&nbsp; Cie Financiere Richemont <br> S.A., Class A <br> (Switzerland)<sup>(b)</sup> <br>| 595 | 97149 |
| Kering S.A. (France) | 1066 | 261752 |
| &nbsp;&nbsp; LVMH Moet Hennessy <br> Louis Vuitton S.E. (France)<br>| 657 | 352686 |
| NIKE, Inc., Class B | 2496 | 186426 |
| Puma S.E. (Germany) | 6637 | 140296 |
| PVH Corp. | 808 | 59323 |
| Samsonite Group S.A.<sup>(c)</sup> <br>| 94200 | 192141 |
| &nbsp;&nbsp; Swatch Group (The) A.G. <br> (Bearer) (Switzerland)<br>| 735 | 129990 |
|  |  | **1447531** |
| **Asset Management – 0.0%**<sup>(d)</sup> | **Asset Management – 0.0%**<sup>(d)</sup> | **Asset Management – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; 3i Group PLC (United <br> Kingdom)<br>| 893 | 48795 |
| &nbsp;&nbsp; St. James's Place PLC <br> (United Kingdom)<br>| 1650 | 28398 |
|  |  | **77193** |
| **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** |
| &nbsp;&nbsp; Bayerische Motoren Werke <br> A.G. (Germany)<br>| 941 | 89538 |
| Bridgestone Corp. (Japan) | 7200 | 291242 |
| Denso Corp. (Japan) | 9600 | 130247 |
| &nbsp;&nbsp; Honda Motor Co. Ltd. <br> (Japan)<br>| 33800 | 349928 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. <br> (Japan)<sup>(a)\*</sup> <br>| 22600 | 47919 |
| &nbsp;&nbsp; Stanley Electric Co. Ltd. <br> (Japan)<br>| 8400 | 158420 |
| &nbsp;&nbsp; Sumitomo Electric <br> Industries Ltd. (Japan)<br>| 3700 | 91814 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Toyota Motor Corp. (Japan) | 35600 | $633239 |
| &nbsp;&nbsp; Volkswagen A.G. <br> (Germany)<br>| 1214 | 129466 |
|  |  | **1921813** |
| **Banking – 0.6%** | **Banking – 0.6%** | **Banking – 0.6%** |
| &nbsp;&nbsp; Barclays PLC (United <br> Kingdom)<br>| 17692 | 86479 |
| &nbsp;&nbsp; HSBC Holdings PLC (United <br> Kingdom)<br>| 29358 | 357668 |
| &nbsp;&nbsp; Lloyds Banking Group PLC <br> (United Kingdom)<br>| 108650 | 111415 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc. (Japan)<br>| 33400 | 460345 |
| &nbsp;&nbsp; Mizuho Financial <br> Group, Inc. (Japan)<br>| 5400 | 158391 |
| &nbsp;&nbsp; NatWest Group PLC <br> (United Kingdom)<br>| 9313 | 64647 |
| &nbsp;&nbsp; Resona Holdings, Inc. <br> (Japan)<br>| 8300 | 75563 |
| &nbsp;&nbsp; Standard Chartered PLC <br> (United Kingdom)<br>| 4583 | 82159 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 16400 | 413716 |
| &nbsp;&nbsp; Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 8800 | 230690 |
|  |  | **2041073** |
| **Beverages – 0.7%** | **Beverages – 0.7%** | **Beverages – 0.7%** |
| &nbsp;&nbsp; Asahi Group Holdings Ltd. <br> (Japan)<br>| 12700 | 161113 |
| &nbsp;&nbsp; Brown-Forman Corp., <br> Class B<sup>(a)</sup> <br>| 11805 | 340574 |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> Class A<br>| 1108 | 185080 |
| &nbsp;&nbsp; Diageo PLC (United <br> Kingdom)<br>| 53887 | 1306090 |
| &nbsp;&nbsp; Kirin Holdings Co. Ltd. <br> (Japan)<br>| 10800 | 142319 |
|  |  | **2135176** |
| **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** |
| &nbsp;&nbsp; Astellas Pharma, Inc. <br> (Japan)<br>| 15500 | 160714 |
| &nbsp;&nbsp; AstraZeneca PLC (United <br> Kingdom)<br>| 2715 | 396096 |
| &nbsp;&nbsp; Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 2600 | 124636 |
| &nbsp;&nbsp; Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 12100 | 296836 |
| GSK PLC | 8570 | 157637 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| &nbsp;&nbsp; Ono Pharmaceutical Co. <br> Ltd. (Japan)<br>| 6800 | $76043 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. <br> Ltd. (Japan)<br>| 7700 | 211517 |
|  |  | **1423479** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| Comcast Corp., Class A | 21233 | **705573** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Nitto Denko Corp. (Japan) | 4000 | 82776 |
| &nbsp;&nbsp; Shin-Etsu Chemical Co. <br> Ltd. (Japan)<br>| 11200 | 322301 |
| &nbsp;&nbsp; Toray Industries, Inc. <br> (Japan)<br>| 11800 | 80710 |
|  |  | **485787** |
| **Commercial Support Services – 3.5%** | **Commercial Support Services – 3.5%** | **Commercial Support Services – 3.5%** |
| &nbsp;&nbsp; Compass Group PLC <br> (United Kingdom)<br>| 2460 | 86443 |
| H&R Block, Inc. | 78131 | 4245639 |
| &nbsp;&nbsp; Recruit Holdings Co. Ltd. <br> (Japan)<br>| 4500 | 266990 |
| RELX PLC (United Kingdom) | 2930 | 152246 |
| &nbsp;&nbsp; Rentokil Initial PLC (United <br> Kingdom)<br>| 620871 | 3097183 |
| Secom Co. Ltd. (Japan) | 72615 | 2607840 |
| SGS S.A. (Switzerland)<sup>(b)</sup> <br>| 8115 | 824593 |
|  |  | **11280934** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| Hitachi Ltd. (Japan) | 13400 | 410049 |
| &nbsp;&nbsp; Sumitomo Heavy <br> Industries Ltd. (Japan)<br>| 2800 | 62010 |
|  |  | **472059** |
| **E-Commerce Discretionary – 0.9%** | **E-Commerce Discretionary – 0.9%** | **E-Commerce Discretionary – 0.9%** |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (China)<br>| 115300 | 1733510 |
| &nbsp;&nbsp; JD.com, Inc., Class A <br> (China)<br>| 53050 | 836171 |
| PDD Holdings, Inc. (China)\* | 3904 | 442909 |
| Wayfair, Inc., Class A\* | 1000 | 65640 |
|  |  | **3078230** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| &nbsp;&nbsp; Chubu Electric Power Co., <br> Inc. (Japan)<br>| 6500 | 79500 |
| &nbsp;&nbsp; National Grid PLC (United <br> Kingdom)<br>| 188150 | 2643900 |
| SSE PLC (United Kingdom) | 2837 | 69541 |
|  |  | **2792941** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| &nbsp;&nbsp; Daikin Industries Ltd. <br> (Japan)<br>| 1900 | $233616 |
| &nbsp;&nbsp; Mitsubishi Electric Corp. <br> (Japan)<br>| 12100 | 272156 |
|  |  | **505772** |
| **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** |
| NetEase, Inc. (China) | 23000 | 601272 |
| Netflix, Inc.\* | 844 | 978534 |
| Nexon Co. Ltd. (Japan) | 5100 | 93320 |
| &nbsp;&nbsp; Square Enix Holdings Co. <br> Ltd. (Japan)<br>| 1300 | 87888 |
| Walt Disney (The) Co. | 6783 | 807923 |
|  |  | **2568937** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| &nbsp;&nbsp; MEIJI Holdings Co. Ltd. <br> (Japan)<br>| 6600 | 133458 |
| &nbsp;&nbsp; Yamazaki Baking Co. Ltd. <br> (Japan)<br>| 4086 | 87287 |
|  |  | **220745** |
| **Gas & Water Utilities – 3.0%** | **Gas & Water Utilities – 3.0%** | **Gas & Water Utilities – 3.0%** |
| Osaka Gas Co. Ltd. (Japan) | 3700 | 93615 |
| &nbsp;&nbsp; Severn Trent PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 98524 | 3454975 |
| Snam S.p.A. (Italy) | 593124 | 3437314 |
| &nbsp;&nbsp; United Utilities Group PLC <br> (United Kingdom)<br>| 176106 | 2628885 |
|  |  | **9614789** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| &nbsp;&nbsp; Alfresa Holdings Corp. <br> (Japan)<br>| 5400 | 78386 |
| Henry Schein, Inc.<sup>(a)\*</sup> <br>| 11650 | 788123 |
|  |  | **866509** |
| **Home Construction – 0.0%**<sup>(d)</sup> | **Home Construction – 0.0%**<sup>(d)</sup> | **Home Construction – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; Berkeley Group Holdings <br> PLC (United Kingdom)<br>| 548 | 26354 |
| Sekisui House Ltd. (Japan) | 2861 | 60015 |
|  |  | **86369** |
| **Household Products – 1.0%** | **Household Products – 1.0%** | **Household Products – 1.0%** |
| &nbsp;&nbsp; Estee Lauder (The) Cos., <br> Inc., Class A<br>| 1403 | 130956 |
| Haleon PLC | 10390 | 48736 |
| Kao Corp. (Japan) | 5100 | 229482 |
| &nbsp;&nbsp; Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 1957 | 146669 |
| Unicharm Corp. (Japan) | 371100 | 2566954 |
| &nbsp;&nbsp; Unilever PLC (London <br> Exchange) (United <br> Kingdom)<br>| 4481 | 259990 |
|  |  | **3382787** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Industrial Support Services – 0.0%**<sup>(d)</sup> | **Industrial Support Services – 0.0%**<sup>(d)</sup> | **Industrial Support Services – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; Ashtead Group PLC (United <br> Kingdom)<br>| 630 | **$42091** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| &nbsp;&nbsp; Daiwa Securities <br> Group, Inc. (Japan)<sup>(a)</sup> <br>| 11000 | 76581 |
| &nbsp;&nbsp; Japan Exchange <br> Group, Inc. (Japan)<br>| 5600 | 54725 |
| &nbsp;&nbsp; London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 667 | 81304 |
|  |  | **212610** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| &nbsp;&nbsp; Aviva PLC (United <br> Kingdom)<br>| 5363 | 45821 |
| &nbsp;&nbsp; Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 20000 | 158244 |
| &nbsp;&nbsp; Legal & General Group PLC <br> (United Kingdom)<br>| 10687 | 36155 |
| &nbsp;&nbsp; MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 5900 | 126060 |
| Prudential PLC (Hong Kong) | 8517 | 108048 |
| &nbsp;&nbsp; Sompo Holdings, Inc. <br> (Japan)<br>| 2100 | 61923 |
| &nbsp;&nbsp; Tokio Marine Holdings, Inc. <br> (Japan)<br>| 5700 | 228872 |
|  |  | **765123** |
| **Internet Media & Services – 4.5%** | **Internet Media & Services – 4.5%** | **Internet Media & Services – 4.5%** |
| Alphabet, Inc., Class A | 27661 | 5308146 |
| &nbsp;&nbsp; Baidu, Inc., Class A <br> (China)\*<br>| 83250 | 910866 |
| Meituan, Class B (China)<sup>(c)\*</sup> <br>| 52870 | 815655 |
| &nbsp;&nbsp; Meta Platforms, Inc., <br> Class A<br>| 5226 | 4041997 |
| &nbsp;&nbsp; Tencent Holdings Ltd. <br> (China)<br>| 28700 | 2009351 |
| &nbsp;&nbsp; Tencent Music <br> Entertainment Group ADR <br> (China)<br>| 30623 | 642777 |
| Trip.com Group Ltd. (China) | 15050 | 934341 |
|  |  | **14663133** |
| **IT Services – 0.5%** | **IT Services – 0.5%** | **IT Services – 0.5%** |
| &nbsp;&nbsp; Cognizant Technology <br> Solutions Corp., Class A<br>| 21054 | **1510835** |
| **Leisure Facilities & Services – 3.0%** | **Leisure Facilities & Services – 3.0%** | **Leisure Facilities & Services – 3.0%** |
| Brightstar Lottery PLC<sup>(a)</sup> <br>| 375443 | 5571574 |
| &nbsp;&nbsp; Entain PLC (United <br> Kingdom)<br>| 2131 | 28617 |
| FDJ UNITED (France) | 127020 | 3961990 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| &nbsp;&nbsp; InterContinental Hotels <br> Group PLC (United <br> Kingdom)<br>| 267 | $30716 |
| Las Vegas Sands Corp. | 679 | 35579 |
|  |  | **9628476** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Hasbro, Inc. | 815 | 61256 |
| Mattel, Inc.\* | 7239 | 123135 |
| Shimano, Inc. (Japan) | 800 | 87517 |
|  |  | **271908** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| FANUC Corp. (Japan) | 9300 | 258884 |
| Keyence Corp. (Japan) | 500 | 180866 |
| Komatsu Ltd. (Japan) | 4300 | 138537 |
| Nabtesco Corp. (Japan) | 4138 | 76124 |
| SMC Corp. (Japan) | 600 | 208784 |
| &nbsp;&nbsp; Smiths Group PLC (United <br> Kingdom)<br>| 1296 | 40145 |
|  |  | **903340** |
| **Medical Equipment & Devices – 2.9%** | **Medical Equipment & Devices – 2.9%** | **Medical Equipment & Devices – 2.9%** |
| Baxter International, Inc. | 123561 | 2688687 |
| Becton Dickinson & Co. | 12757 | 2273935 |
| DENTSPLY SIRONA, Inc. | 268477 | 3841906 |
| &nbsp;&nbsp; FUJIFILM Holdings Corp. <br> (Japan)<br>| 5900 | 122379 |
| Hoya Corp. (Japan) | 1800 | 227093 |
| Olympus Corp. (Japan) | 15800 | 188764 |
| &nbsp;&nbsp; Smith & Nephew PLC <br> (United Kingdom)<br>| 2930 | 44779 |
|  |  | **9387543** |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| &nbsp;&nbsp; Anglo American PLC <br> (South Africa)<br>| 1649 | 46400 |
| Cameco Corp. (Canada) | 4657 | 349645 |
| Glencore PLC (Australia)\* | 23148 | 92900 |
| Rio Tinto PLC (Australia) | 2488 | 148184 |
| &nbsp;&nbsp; Sumitomo Metal <br> Mining Co. Ltd. (Japan)<sup>(a)</sup> <br>| 3200 | 70385 |
| &nbsp;&nbsp; Valterra Platinum Ltd. <br> (South Africa)<br>| 191 | 8526 |
|  |  | **716040** |
| **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** |
| BP PLC | 287981 | 1543660 |
| &nbsp;&nbsp; Canadian Natural <br> Resources Ltd. (Canada)<br>| 20643 | 653437 |
| &nbsp;&nbsp; Cenovus Energy, Inc. <br> (Canada)<br>| 17446 | 265543 |
| Chevron Corp. | 3474 | 526797 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; China Petroleum & <br> Chemical Corp., Class H <br> (China)<br>| 518250 | $304121 |
| &nbsp;&nbsp; ENEOS Holdings, Inc. <br> (Japan)<br>| 15600 | 81879 |
| Eni S.p.A. (Italy) | 32903 | 561567 |
| Equinor ASA (Norway) | 15399 | 395563 |
| Exxon Mobil Corp. | 6612 | 738164 |
| &nbsp;&nbsp; Galp Energia SGPS S.A. <br> (Portugal)<br>| 6650 | 126983 |
| Gazprom PJSC (Russia)<sup>(e)\*</sup> <br>| 100532 |  |
| Imperial Oil Ltd. (Canada) | 1610 | 134240 |
| Inpex Corp. (Japan) | 27700 | 394414 |
| LUKOIL PJSC (Russia)<sup>(e)</sup> <br>| 3271 |  |
| Neste OYJ (Finland) | 7553 | 119206 |
| &nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras ADR (Brazil)<br>| 69278 | 882602 |
| Repsol S.A. (Spain) | 27388 | 415251 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC <br> (Russia)<sup>(e)</sup> <br>| 48304 |  |
| Santos Ltd. (Australia) | 71076 | 357647 |
| Shell PLC | 88104 | 3165852 |
| &nbsp;&nbsp; Suncor Energy, Inc. <br> (Canada)<br>| 13288 | 524097 |
| TotalEnergies S.E. (France) | 30368 | 1805849 |
| &nbsp;&nbsp; Woodside Energy <br> Group Ltd. (Australia)<br>| 33483 | 566612 |
|  |  | **13563484** |
| **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; Informa PLC (United <br> Kingdom)<br>| 3132 | **35815** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| &nbsp;&nbsp; Mitsubishi Estate Co. Ltd. <br> (Japan)<br>| 15100 | 282709 |
| &nbsp;&nbsp; Mitsui Fudosan Co. Ltd. <br> (Japan)<br>| 7100 | 63462 |
| &nbsp;&nbsp; Sumitomo Realty & <br> Development Co. Ltd. <br> (Japan)<br>| 2100 | 76711 |
|  |  | **422882** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| &nbsp;&nbsp; Alibaba Health Information <br> Technology Ltd. (China)\*<br>| 632000 | 391927 |
| &nbsp;&nbsp; Seven & i Holdings Co. Ltd. <br> (Japan)<br>| 10100 | 133151 |
| &nbsp;&nbsp; Tesco PLC (United <br> Kingdom)<br>| 15527 | 87237 |
|  |  | **612315** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| &nbsp;&nbsp; Fast Retailing Co. Ltd. <br> (Japan)<br>| 600 | $183018 |
| RH\* | 148 | 30432 |
|  |  | **213450** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Tokyo Electron Ltd. (Japan) | 2200 | **349753** |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| Nice Ltd. ADR (Israel)<sup>(a)\*</sup> <br>| 16823 | **2625229** |
| **Specialty Finance – 5.4%** | **Specialty Finance – 5.4%** | **Specialty Finance – 5.4%** |
| Edenred S.E. (France) | 146018 | 4169999 |
| Experian PLC | 1385 | 72977 |
| Fiserv, Inc.\* | 30831 | 4283659 |
| Nexi SpA (Italy)<sup>(c)</sup> <br>| 902416 | 5153012 |
| ORIX Corp. (Japan) | 5400 | 121300 |
| PayPal Holdings, Inc.\* | 39966 | 2748062 |
| Visa, Inc., Class A | 2336 | 807018 |
|  |  | **17356027** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Mitsui & Co. Ltd. (Japan) | 14500 | **295171** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| &nbsp;&nbsp; Casio Computer Co. Ltd. <br> (Japan)<br>| 9400 | 74470 |
| Kyocera Corp. (Japan) | 11600 | 136931 |
| &nbsp;&nbsp; Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 19900 | 296193 |
| Nidec Corp. (Japan) | 7600 | 145816 |
| Nintendo Co. Ltd. (Japan) | 3400 | 284168 |
| &nbsp;&nbsp; Panasonic Holdings Corp. <br> (Japan)<br>| 12500 | 118241 |
| Sony Group Corp. (Japan) | 23200 | 558037 |
| TDK Corp. (Japan) | 12800 | 155942 |
|  |  | **1769798** |
| **Telecommunications – 1.6%** | **Telecommunications – 1.6%** | **Telecommunications – 1.6%** |
| &nbsp;&nbsp; BT Group PLC (United <br> Kingdom)<br>| 13201 | 36053 |
| KDDI Corp. (Japan) | 13800 | 226480 |
| NTT, Inc. (Japan) | 131600 | 132898 |
| SES S.A. (Luxembourg) | 443344 | 3048745 |
| Softbank Corp. (Japan) | 59000 | 85246 |
| &nbsp;&nbsp; SoftBank Group Corp. <br> (Japan)<br>| 5600 | 427610 |
| T-Mobile U.S., Inc. | 1096 | 261297 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 21532 | 920708 |
| &nbsp;&nbsp; Vodafone Group PLC <br> (United Kingdom)<br>| 62166 | 67400 |
|  |  | **5206437** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp; British American Tobacco <br> PLC (United Kingdom)<br>| 4917 | **$263440** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp; East Japan Railway Co. <br> (Japan)<br>| 9500 | **203625** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| ITOCHU Corp. (Japan) | 6200 | 325206 |
| Mitsubishi Corp. (Japan) | 14700 | 289934 |
|  |  | **615140** |
| **Wholesale - Discretionary – 1.0%** | **Wholesale - Discretionary – 1.0%** | **Wholesale - Discretionary – 1.0%** |
| &nbsp;&nbsp; Bunzl PLC (United <br> Kingdom)<br>| 112961 | **3352397** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $133,988,510) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $133,988,510) | **135671152** |
| **Preferred Stocks – 1.1%** | **Preferred Stocks – 1.1%** | **Preferred Stocks – 1.1%** |
| **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; Dr. Ing hc F Porsche A.G., <br> 3.35%<sup>(c)(f)</sup> <br>| 2587 | **131178** |
| **Household Products – 1.1%** | **Household Products – 1.1%** | **Household Products – 1.1%** |
| &nbsp;&nbsp; Henkel A.G. & Co. KGaA, <br> 3.02%<sup>(f)</sup> <br>| 43946 | **3386441** |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $3,643,150) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $3,643,150) | **3517619** |
| **Investment Companies – 55.0%** | **Investment Companies – 55.0%** | **Investment Companies – 55.0%** |
| &nbsp;&nbsp; Fidelity MSCI Information <br> Technology Index ETF<sup>(a)</sup> <br>| 115979 | 23861520 |
| Franklin FTSE Brazil ETF | 193866 | 3223061 |
| &nbsp;&nbsp; iShares Global Consumer <br> Staples ETF<br>| 293821 | 18734027 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| &nbsp;&nbsp; iShares MSCI South Korea <br> ETF (South Korea)<sup>(a)</sup> <br>| 67909 | $4944454 |
| &nbsp;&nbsp; Schwab Fundamental <br> Emerging Markets Equity <br> ETF<sup>(a)</sup> <br>| 561672 | 18754228 |
| Schwab U.S. REIT ETF | 434912 | 9102708 |
| &nbsp;&nbsp; SPDR Portfolio S&P 600 <br> Small Cap ETF<br>| 225188 | 9678580 |
| &nbsp;&nbsp; VanEck Morningstar Wide <br> Moat ETF<sup>(a)</sup> <br>| 77770 | 7528914 |
| Vanguard Health Care ETF | 51479 | 12431149 |
| &nbsp;&nbsp; Vanguard Total Stock <br> Market ETF<sup>(a)</sup> <br>| 225678 | 70161033 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $150,054,112) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $150,054,112) | **178419674** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments – 13.3%** | **Short-Term Investments – 13.3%** | **Short-Term Investments – 13.3%** |
| **Money Market Funds – 13.3%** | **Money Market Funds – 13.3%** | **Money Market Funds – 13.3%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(g)(h)</sup> <br>| 36567138 | 36567138 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.15%<sup>(g)</sup> <br>| 6496105 | 6496105 |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $43,063,243) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $43,063,243) | **43063243** |
| &nbsp;&nbsp; **Total Investments – 111.3%** <br>(Cost $330,749,015) | &nbsp;&nbsp; **Total Investments – 111.3%** <br>(Cost $330,749,015) | **360671688** |
| Liabilities less Other Assets – (11.3)% | Liabilities less Other Assets – (11.3)% | (36551024)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$324120664** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Percentages shown are based on Net Assets.*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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> <br>| Security either partially or fully on loan. As of July 31, 2025, the total value of securities on loan is $47,943,220. |
| <sup>(b)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(c)</sup> <br>| Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt <br> from registration, normally to qualified institutional buyers. As of July 31, 2025, these securities had a total value of $6,291,986 or 1.94% of <br> net assets.<br>|
| <sup>(d)</sup> <br>| Amount rounds to less than 0.05%. |
| <sup>(e)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3). |
| <sup>(f)</sup> <br>| Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(g)</sup> <br>| 7-day current yield as of July 31, 2025 is disclosed. |
| <sup>(h)</sup> <br>| Security purchased with the cash proceeds from securities loaned. As of July 31, 2025, total cash collateral has a value of $36,567,138 and <br> total non-cash collateral has a value of $13,325,797.<br>|
| \* | Non-Income Producing Security |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| MSCI | Morgan Stanley Capital International |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standards & Poor's |
| SPDR | Standard & Poor's Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| U.S. Dollar | 72.1 |
| Euro | 8.4 |
| British Pound | 7.7 |
| Japanese Yen | 6.1 |
| All other currencies less than 5% | 5.7 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| United States | 83.7 |
| Japan | 6.1 |
| United Kingdom | 6.0 |
| All other countries less than 5%<sup>(b)</sup> <br>| 4.2 |
| **Total** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>(a)</sup> Percentages shown are based on Net Assets. |
| <sup>(b)</sup> Includes Other. |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Opportunistic Equity Fund**  | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $56049869 | &nbsp;&nbsp; $79621283 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $135671152 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 3517619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3517619 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 178419674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178419674 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 43063243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43063243 |
| **Total Investments** | &nbsp;&nbsp; $277532786 | &nbsp;&nbsp; $83138902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $360671688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Includes securities determined to have no value as of July 31, 2025. <br>

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments**

Morningstar Alternatives Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 106.7%** | **Long Positions – 106.7%** | **Long Positions – 106.7%** |
| **Asset-Backed Securities – 1.4%** | **Asset-Backed Securities – 1.4%** | **Asset-Backed Securities – 1.4%** |
| **Other – 1.4%** | **Other – 1.4%** | **Other – 1.4%** |
| &nbsp;&nbsp; Affirm Asset Securitization <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class D, <br> 8.78%, 9/15/28<sup>(b)</sup> <br>| $200000 | $200729 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, <br> 6.89%, 2/15/29<sup>(b)</sup> <br>| 300000 | 301919 |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class B, <br> 6.34%, 5/15/29<sup>(b)</sup> <br>| 275000 | 275561 |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class C, <br> 6.57%, 5/15/29<sup>(b)</sup> <br>| 417000 | 418787 |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class B, <br> 5.19%, 4/15/30<sup>(b)</sup> <br>| 125000 | 124950 |
| &nbsp;&nbsp; Affirm Master Trust, Series <br> 2025-2A, Class C, 5.26%, <br> 7/15/33<sup>(b)</sup> <br>| 875000 | 875638 |
| &nbsp;&nbsp; Carvana Auto Receivables <br> Trust, Series 2021-N2, <br> Class B, 0.75%, 3/10/28<br>| 18244 | 17708 |
| &nbsp;&nbsp; NetCredit Combined <br> Receivables LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, <br> 8.31%, 10/21/30<sup>(b)</sup> <br>| 250000 | 255284 |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A, <br> 7.29%, 10/20/31<sup>(b)</sup> <br>| 184771 | 186364 |
| &nbsp;&nbsp; Sunbit Asset Securitization <br> Trust, Series 2025-1, <br> Class A, 5.36%, <br> 7/15/30<sup>(b)</sup> <br>| 330000 | 329742 |
|  |  | **2986682** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $2,976,403) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $2,976,403) | **2986682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 26.2%** | **Common Stocks – 26.2%** | **Common Stocks – 26.2%** |
| **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> |
| Omnicom Group, Inc. | 524 | **37754** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| AeroVironment, Inc.\* | 3 | 803 |
| Axon Enterprise, Inc.\* | 2 | 1511 |
| Curtiss-Wright Corp. | 2 | 981 |
| General Dynamics Corp. | 6 | 1870 |
| General Electric Co. | 17 | 4608 |
| HEICO Corp. | 3 | 980 |
| Howmet Aerospace, Inc. | 8 | 1438 |
| L3Harris Technologies, Inc. | 237 | 65132 |
| Loar Holdings, Inc.\* | 7 | 517 |
| Lockheed Martin Corp. | 187 | 78723 |
| Northrop Grumman Corp. | 66 | 38056 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| RTX Corp. | 22 | $3467 |
| TransDigm Group, Inc. | 1 | 1609 |
| Woodward, Inc. | 3 | 771 |
|  |  | **200466** |
| **Apparel & Textile Products – 1.4%** | **Apparel & Textile Products – 1.4%** | **Apparel & Textile Products – 1.4%** |
| Deckers Outdoor Corp.\* | 7 | 743 |
| &nbsp;&nbsp; Skechers USA, Inc., <br> Class A<sup>(d)\*</sup> <br>| 47550 | 3007538 |
|  |  | **3008281** |
| **Asset Management – 1.1%** | **Asset Management – 1.1%** | **Asset Management – 1.1%** |
| CI Financial Corp. (Canada) | 106346 | **2450655** |
| **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> |
| Gentex Corp. | 27 | 713 |
| Tesla, Inc.\* | 45 | 13872 |
|  |  | **14585** |
| **Banking – 1.1%** | **Banking – 1.1%** | **Banking – 1.1%** |
| &nbsp;&nbsp; Pacific Premier <br> Bancorp, Inc.<sup>(e)</sup> <br>| 69289 | 1501493 |
| Veritex Holdings, Inc.<sup>(e)</sup> <br>| 27759 | 880515 |
|  |  | **2382008** |
| **Beverages – 0.0%**<sup>(c)</sup> | **Beverages – 0.0%**<sup>(c)</sup> | **Beverages – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Brown-Forman Corp., <br> Class B<br>| 27 | 779 |
| Coca-Cola (The) Co. | 67 | 4549 |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> Class A<br>| 6 | 1002 |
| Keurig Dr. Pepper, Inc. | 36 | 1175 |
| &nbsp;&nbsp; Molson Coors <br> Beverage Co., Class B<br>| 8 | 390 |
| Monster Beverage Corp.\* | 22 | 1292 |
| PepsiCo, Inc. | 689 | 95027 |
|  |  | **104214** |
| **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** |
| AbbVie, Inc. | 477 | 90162 |
| Amgen, Inc. | 267 | 78792 |
| &nbsp;&nbsp; BioMarin <br> Pharmaceutical, Inc.\*<br>| 12 | 694 |
| Bristol-Myers Squibb Co. | 1926 | 83415 |
| Corcept Therapeutics, Inc.\* | 9 | 604 |
| Eli Lilly & Co. | 14 | 10361 |
| Exelixis, Inc.\* | 17 | 616 |
| Gilead Sciences, Inc. | 823 | 92415 |
| Johnson & Johnson | 613 | 100986 |
| Merck & Co., Inc. | 1148 | 89682 |
| &nbsp;&nbsp; Neurocrine <br> Biosciences, Inc.\*<br>| 6 | 769 |
| &nbsp;&nbsp; Regeneron <br> Pharmaceuticals, Inc.<br>| 3 | 1636 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| United Therapeutics Corp.\* | 3 | $824 |
| &nbsp;&nbsp; Verona Pharma PLC ADR <br> (United Kingdom)<sup>(d)(e)\*</sup> <br>| 20084 | 2110628 |
| &nbsp;&nbsp; Vertex <br> Pharmaceuticals, Inc.\*<br>| 5 | 2284 |
| Zoetis, Inc. | 10 | 1458 |
|  |  | **2665326** |
| **Cable & Satellite – 0.0%**<sup>(c)</sup> | **Cable & Satellite – 0.0%**<sup>(c)</sup> | **Cable & Satellite – 0.0%**<sup>(c)</sup> |
| Comcast Corp., Class A | 2527 | **83972** |
| **Chemicals – 0.0%**<sup>(c)</sup> | **Chemicals – 0.0%**<sup>(c)</sup> | **Chemicals – 0.0%**<sup>(c)</sup> |
| Avery Dennison Corp. | 200 | 33554 |
| DuPont de Nemours, Inc. | 13 | 935 |
| Ecolab, Inc. | 6 | 1571 |
| Linde PLC | 8 | 3682 |
| NewMarket Corp. | 1 | 687 |
| RPM International, Inc. | 7 | 822 |
| &nbsp;&nbsp; Sherwin-Williams <br> (The) Co.<br>| 5 | 1654 |
|  |  | **42905** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp; Automatic Data <br> Processing, Inc.<br>| 285 | 88208 |
| &nbsp;&nbsp; Casella Waste <br> Systems, Inc., Class A\*<br>| 5 | 544 |
| Cintas Corp. | 8 | 1780 |
| Clean Harbors, Inc.\* | 3 | 707 |
| GFL Environmental, Inc. | 16 | 806 |
| H&R Block, Inc. | 1256 | 68251 |
| Paychex, Inc. | 9 | 1299 |
| Republic Services, Inc. | 6 | 1384 |
| Rollins, Inc. | 16 | 916 |
| &nbsp;&nbsp; Thomson Reuters Corp. <br> (Canada)<br>| 9 | 1808 |
| Waste Connections, Inc. | 6 | 1120 |
| Waste Management, Inc. | 8 | 1833 |
|  |  | **168656** |
| **Construction Materials – 0.0%**<sup>(c)</sup> | **Construction Materials – 0.0%**<sup>(c)</sup> | **Construction Materials – 0.0%**<sup>(c)</sup> |
| Carlisle Cos., Inc. | 2 | 709 |
| CRH PLC | 15 | 1432 |
| Eagle Materials, Inc. | 3 | 673 |
| &nbsp;&nbsp; Simpson <br> Manufacturing Co., Inc.<br>| 4 | 718 |
| Vulcan Materials Co. | 4 | 1098 |
|  |  | **4630** |
| **Containers & Packaging – 0.0%**<sup>(c)</sup> | **Containers & Packaging – 0.0%**<sup>(c)</sup> | **Containers & Packaging – 0.0%**<sup>(c)</sup> |
| Amcor PLC | 5210 | 48713 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Containers & Packaging (Continued)** | **Containers & Packaging (Continued)** | **Containers & Packaging (Continued)** |
| AptarGroup, Inc. | 4 | $629 |
| &nbsp;&nbsp; Packaging Corp. of <br> America<br>| 86 | 16663 |
|  |  | **66005** |
| **Diversified Industrials – 0.0%**<sup>(c)</sup> | **Diversified Industrials – 0.0%**<sup>(c)</sup> | **Diversified Industrials – 0.0%**<sup>(c)</sup> |
| Dover Corp. | 5 | 906 |
| &nbsp;&nbsp; Honeywell <br> International, Inc.<br>| 11 | 2446 |
| Illinois Tool Works, Inc. | 6 | 1536 |
| ITT, Inc. | 4 | 680 |
| Parker-Hannifin Corp. | 3 | 2195 |
|  |  | **7763** |
| **E-Commerce Discretionary – 0.0%**<sup>(c)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(c)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(c)</sup> |
| Amazon.com, Inc.\* | 60 | **14047** |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| Alliant Energy Corp. | 12 | 780 |
| Ameren Corp. | 9 | 910 |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.<br>| 872 | 98658 |
| CenterPoint Energy, Inc. | 24 | 932 |
| CMS Energy Corp. | 1131 | 83468 |
| Consolidated Edison, Inc. | 908 | 93978 |
| Duke Energy Corp. | 778 | 94636 |
| Emera, Inc. (Canada) | 16 | 752 |
| Entergy Corp. | 12 | 1085 |
| Evergy, Inc. | 557 | 39436 |
| Exelon Corp. | 1978 | 88891 |
| FirstEnergy Corp. | 1215 | 51893 |
| Fortis, Inc. (Canada) | 17 | 832 |
| IDACORP, Inc. | 111 | 13912 |
| OGE Energy Corp. | 823 | 37381 |
| &nbsp;&nbsp; Pinnacle West <br> Capital Corp.<br>| 341 | 30901 |
| &nbsp;&nbsp; Portland General <br> Electric Co.<br>| 18 | 740 |
| PPL Corp. | 26 | 928 |
| &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc.<br>| 13 | 1167 |
| Sempra | 16 | 1307 |
| Southern (The) Co. | 998 | 94291 |
| TXNM Energy, Inc.<sup>(e)</sup> <br>| 27629 | 1569051 |
| WEC Energy Group, Inc. | 868 | 94681 |
| Xcel Energy, Inc. | 16 | 1175 |
|  |  | **2401785** |
| **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> |
| Allegion PLC | 5 | 830 |
| AMETEK, Inc. | 6 | 1109 |
| Amphenol Corp., Class A | 22 | 2343 |
| Badger Meter, Inc. | 3 | 566 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** |
| BWX Technologies, Inc. | 5 | $760 |
| Hubbell, Inc. | 2 | 875 |
| Lennox International, Inc. | 1 | 609 |
| Otis Worldwide Corp. | 11 | 943 |
| SPX Technologies, Inc.\* | 4 | 729 |
| Trane Technologies PLC | 4 | 1752 |
|  |  | **10516** |
| **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> |
| EMCOR Group, Inc. | 2 | 1255 |
| Quanta Services, Inc. | 3 | 1219 |
| Stantec, Inc. (Canada) | 6 | 656 |
|  |  | **3130** |
| **Entertainment Content – 0.0%**<sup>(c)</sup> | **Entertainment Content – 0.0%**<sup>(c)</sup> | **Entertainment Content – 0.0%**<sup>(c)</sup> |
| Electronic Arts, Inc. | 7 | 1068 |
| Fox Corp., Class A | 16 | 892 |
| Netflix, Inc.\* | 6 | 6956 |
| Walt Disney (The) Co. | 29 | 3454 |
|  |  | **12370** |
| **Food – 0.5%** | **Food – 0.5%** | **Food – 0.5%** |
| BellRing Brands, Inc.\* | 11 | 600 |
| General Mills, Inc. | 1746 | 85519 |
| Hershey (The) Co. | 6 | 1117 |
| Hormel Foods Corp. | 2960 | 83146 |
| Ingredion, Inc. | 52 | 6840 |
| Kraft Heinz (The) Co. | 38 | 1043 |
| &nbsp;&nbsp; McCormick & Co., Inc. <br> (Non Voting)<br>| 11 | 777 |
| &nbsp;&nbsp; Mondelez <br> International, Inc., <br> Class A<br>| 1327 | 85844 |
| Post Holdings, Inc.\* | 6 | 635 |
| The Campbell's Co. | 1744 | 55668 |
| Tyson Foods, Inc., Class A | 799 | 41788 |
| WK Kellogg Co.<sup>(e)</sup> <br>| 31294 | 721327 |
|  |  | **1084304** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| &nbsp;&nbsp; American Water <br> Works Co., Inc.<br>| 647 | 90735 |
| Atmos Energy Corp. | 6 | 936 |
| Essential Utilities, Inc. | 738 | 27159 |
| National Fuel Gas Co. | 8 | 694 |
| NiSource, Inc. | 20 | 849 |
|  |  | **120373** |
| **Health Care Facilities & Services – 1.6%** | **Health Care Facilities & Services – 1.6%** | **Health Care Facilities & Services – 1.6%** |
| Amedisys, Inc.\* | 35851 | 3534909 |
| Chemed Corp. | 1 | 412 |
| Cigna Group (The) | 286 | 76471 |
| Encompass Health Corp. | 6 | 661 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| Ensign Group (The), Inc. | 4 | $600 |
| Labcorp Holdings, Inc. | 3 | 780 |
| Quest Diagnostics, Inc. | 5 | 837 |
| UnitedHealth Group, Inc. | 122 | 30446 |
|  |  | **3645116** |
| **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Armstrong World <br> Industries, Inc.<br>| 4 | 753 |
| DR Horton, Inc. | 8 | 1143 |
| Masco Corp. | 11 | 749 |
| PulteGroup, Inc. | 8 | 903 |
|  |  | **3548** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Church & Dwight Co., Inc. | 9 | 844 |
| Clorox (The) Co. | 217 | 27247 |
| Colgate-Palmolive Co. | 692 | 58024 |
| Kimberly-Clark Corp. | 689 | 85863 |
| Procter & Gamble (The) Co. | 593 | 89229 |
|  |  | **261207** |
| **Industrial Intermediate Products – 0.3%** | **Industrial Intermediate Products – 0.3%** | **Industrial Intermediate Products – 0.3%** |
| Chart Industries, Inc.<sup>(e)\*</sup> <br>| 3592 | 714197 |
| Mueller Industries, Inc. | 8 | 683 |
| RBC Bearings, Inc.\* | 2 | 775 |
| Valmont Industries, Inc. | 2 | 728 |
|  |  | **716383** |
| **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> |
| API Group Corp.\* | 21 | 757 |
| &nbsp;&nbsp; Applied Industrial <br> Technologies, Inc.<br>| 3 | 814 |
| Fastenal Co. | 28 | 1292 |
| &nbsp;&nbsp; MSC Industrial Direct Co., <br> Inc., Class A<br>| 7 | 606 |
| W.W. Grainger, Inc. | 1 | 1040 |
| Watsco, Inc. | 2 | 902 |
|  |  | **5411** |
| **Institutional Financial Services – 0.0%**<sup>(c)</sup> | **Institutional Financial Services – 0.0%**<sup>(c)</sup> | **Institutional Financial Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Tradeweb Markets, Inc., <br> Class A<br>| 7 | **970** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| &nbsp;&nbsp; Berkshire Hathaway, Inc., <br> Class B\*<br>| 28 | 13213 |
| &nbsp;&nbsp; Old Republic <br> International Corp.<br>| 1563 | 56534 |
| ProAssurance Corp.<sup>(e)\*</sup> <br>| 66123 | 1571082 |
|  |  | **1640829** |
| **Internet Media & Services – 0.8%** | **Internet Media & Services – 0.8%** | **Internet Media & Services – 0.8%** |
| Alphabet, Inc., Class A | 77 | 14776 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| Booking Holdings, Inc. | 1 | $5504 |
| DoorDash, Inc., Class A\* | 8 | 2002 |
| GoDaddy, Inc., Class A\* | 5 | 808 |
| &nbsp;&nbsp; Just Eat Takeaway.com <br> N.V. (United Kingdom)<sup>(b)\*</sup> <br>| 72375 | 1653221 |
| &nbsp;&nbsp; Meta Platforms, Inc., <br> Class A<br>| 18 | 13922 |
| Reddit, Inc., Class A\* | 6 | 963 |
| Spotify Technology S.A.\* | 3 | 1880 |
| VeriSign, Inc. | 3 | 807 |
|  |  | **1693883** |
| **IT Services – 0.9%** | **IT Services – 0.9%** | **IT Services – 0.9%** |
| Amdocs Ltd. | 982 | 83824 |
| CGI, Inc. (Canada) | 8 | 771 |
| &nbsp;&nbsp; Cognizant Technology <br> Solutions Corp., Class A<br>| 14 | 1005 |
| ExlService Holdings, Inc.\* | 14 | 608 |
| Gartner, Inc.\* | 2 | 677 |
| Genpact Ltd. | 14 | 617 |
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| 15 | 3797 |
| Leidos Holdings, Inc. | 5 | 798 |
| &nbsp;&nbsp; WNS Holdings Ltd. (United <br> Kingdom)<sup>(e)\*</sup> <br>| 24177 | 1808198 |
|  |  | **1900295** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| &nbsp;&nbsp; Chipotle Mexican <br> Grill, Inc.\*<br>| 29 | 1243 |
| Darden Restaurants, Inc. | 380 | 76635 |
| &nbsp;&nbsp; Hilton Worldwide <br> Holdings, Inc.<br>| 5 | 1340 |
| &nbsp;&nbsp; Marriott International, Inc., <br> Class A<br>| 6 | 1583 |
| McDonald's Corp. | 12 | 3601 |
| &nbsp;&nbsp; Restaurant Brands <br> International, Inc. <br> (Canada)<br>| 15 | 1018 |
| Texas Roadhouse, Inc. | 4 | 741 |
| TKO Group Holdings, Inc. | 6 | 1008 |
| Vail Resorts, Inc. | 213 | 32005 |
| Yum! Brands, Inc. | 7 | 1009 |
|  |  | **120183** |
| **Machinery – 0.0%**<sup>(c)</sup> | **Machinery – 0.0%**<sup>(c)</sup> | **Machinery – 0.0%**<sup>(c)</sup> |
| CSW Industrials, Inc. | 2 | 519 |
| Donaldson Co., Inc. | 9 | 648 |
| Federal Signal Corp. | 6 | 759 |
| Graco, Inc. | 9 | 756 |
| IDEX Corp. | 4 | 654 |
| Ingersoll Rand, Inc. | 12 | 1016 |
| Kadant, Inc. | 2 | 666 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Machinery (Continued)** | **Machinery (Continued)** | **Machinery (Continued)** |
| &nbsp;&nbsp; Lincoln Electric <br> Holdings, Inc.<br>| 3 | $731 |
| &nbsp;&nbsp; Mueller Water <br> Products, Inc., Class A<br>| 23 | 569 |
| Nordson Corp. | 3 | 643 |
| Pentair PLC | 7 | 715 |
| Snap-on, Inc. | 2 | 642 |
| Veralto Corp. | 9 | 943 |
| Xylem, Inc. | 8 | 1157 |
|  |  | **10418** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Abbott Laboratories | 28 | 3533 |
| Agilent Technologies, Inc. | 8 | 918 |
| Alcon A.G. | 13 | 1138 |
| Becton Dickinson & Co. | 112 | 19964 |
| Bio-Techne Corp. | 13 | 711 |
| Boston Scientific Corp.\* | 25 | 2623 |
| Cooper (The) Cos., Inc.\* | 10 | 707 |
| Danaher Corp. | 13 | 2563 |
| &nbsp;&nbsp; Edwards <br> Lifesciences Corp.\*<br>| 15 | 1190 |
| Glaukos Corp.\* | 6 | 517 |
| &nbsp;&nbsp; Globus Medical, Inc., <br> Class A\*<br>| 12 | 632 |
| Hologic, Inc.\* | 11 | 735 |
| IDEXX Laboratories, Inc.\* | 2 | 1069 |
| Intuitive Surgical, Inc.\* | 6 | 2886 |
| Medtronic PLC | 1021 | 92135 |
| &nbsp;&nbsp; Merit Medical <br> Systems, Inc.\*<br>| 7 | 594 |
| Natera, Inc.\* | 5 | 668 |
| Penumbra, Inc.\* | 3 | 757 |
| QIAGEN N.V. | 15 | 740 |
| ResMed, Inc. | 4 | 1088 |
| STERIS PLC | 4 | 906 |
| Stryker Corp. | 7 | 2749 |
| &nbsp;&nbsp; Thermo Fisher <br> Scientific, Inc.<br>| 7 | 3274 |
| &nbsp;&nbsp; West Pharmaceutical <br> Services, Inc.<br>| 3 | 718 |
|  |  | **142815** |
| **Metals & Mining – 0.0%**<sup>(c)</sup> | **Metals & Mining – 0.0%**<sup>(c)</sup> | **Metals & Mining – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Franco-Nevada Corp. <br> (Canada)<br>| 6 | 956 |
| Royal Gold, Inc. | 4 | 606 |
|  |  | **1562** |
| **Oil & Gas Supply Chain – 2.2%** | **Oil & Gas Supply Chain – 2.2%** | **Oil & Gas Supply Chain – 2.2%** |
| Antero Midstream Corp. | 896 | 16442 |
| Cheniere Energy, Inc. | 5 | 1179 |
| Chevron Corp.<sup>(d)</sup> <br>| 18062 | 2738934 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| DT Midstream, Inc. | 6 | $616 |
| Enbridge, Inc. (Canada) | 43 | 1948 |
| EOG Resources, Inc. | 12 | 1440 |
| Expand Energy Corp. | 8 | 838 |
| Exxon Mobil Corp. | 869 | 97015 |
| Kinder Morgan, Inc. | 400 | 11224 |
| &nbsp;&nbsp; Pembina Pipeline Corp. <br> (Canada)<br>| 22 | 818 |
| &nbsp;&nbsp; Sitio Royalties Corp., <br> Class A<br>| 109716 | 1993540 |
| TC Energy Corp. (Canada) | 26 | 1245 |
| Williams (The) Cos., Inc. | 248 | 14868 |
|  |  | **4880107** |
| **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; New York Times (The) Co., <br> Class A<br>| 11 | 571 |
| News Corp., Class A | 26 | 762 |
|  |  | **1333** |
| **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** |
| Camden Property Trust | 64 | 6989 |
| CubeSmart | 650 | 25291 |
| &nbsp;&nbsp; InterRent Real Estate <br> Investment Trust (Canada)<br>| 144155 | 1378503 |
| &nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc.<br>| 578 | 82324 |
| NNN REIT, Inc. | 706 | 29130 |
| Public Storage | 290 | 78863 |
| Realty Income Corp. | 1556 | 87338 |
| Regency Centers Corp. | 1231 | 87893 |
| VICI Properties, Inc. | 2723 | 88770 |
| WP Carey, Inc. | 666 | 42731 |
|  |  | **1907832** |
| **Real Estate Owners & Developers – 0.4%** | **Real Estate Owners & Developers – 0.4%** | **Real Estate Owners & Developers – 0.4%** |
| McGrath RentCorp<sup>(e)</sup> <br>| 6540 | **816127** |
| **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> |
| CoStar Group, Inc.\* | 12 | **1142** |
| **Retail - Consumer Staples – 1.0%** | **Retail - Consumer Staples – 1.0%** | **Retail - Consumer Staples – 1.0%** |
| &nbsp;&nbsp; Albertsons Cos., Inc., <br> Class A<br>| 208 | 3998 |
| &nbsp;&nbsp; BJ's Wholesale Club <br> Holdings, Inc.\*<br>| 6 | 635 |
| &nbsp;&nbsp; Casey's General <br> Stores, Inc.<br>| 2 | 1040 |
| Costco Wholesale Corp. | 7 | 6577 |
| Dollar General Corp. | 371 | 38918 |
| Kroger (The) Co. | 1269 | 88957 |
| SpartanNash Co.<sup>(e)</sup> <br>| 74025 | 1964624 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Consumer Staples (Continued)** | **Retail - Consumer Staples (Continued)** | **Retail - Consumer Staples (Continued)** |
| &nbsp;&nbsp; Sprouts Farmers <br> Market, Inc.\*<br>| 5 | $758 |
| Walmart, Inc. | 113 | 11072 |
|  |  | **2116579** |
| **Retail - Discretionary – 1.0%** | **Retail - Discretionary – 1.0%** | **Retail - Discretionary – 1.0%** |
| Ferguson Enterprises, Inc. | 5 | 1117 |
| Foot Locker, Inc.<sup>(e)\*</sup> <br>| 33406 | 836486 |
| Genuine Parts Co. | 586 | 75524 |
| GMS, Inc.\* | 10522 | 1153632 |
| Home Depot (The), Inc. | 194 | 71297 |
| Lowe's Cos., Inc. | 10 | 2236 |
| Lululemon Athletica, Inc.\* | 4 | 802 |
| O'Reilly Automotive, Inc.\* | 17 | 1671 |
| Ross Stores, Inc. | 9 | 1229 |
| TJX (The) Cos., Inc. | 20 | 2490 |
| Tractor Supply Co. | 17 | 968 |
|  |  | **2147452** |
| **Semiconductors – 0.0%**<sup>(c)</sup> | **Semiconductors – 0.0%**<sup>(c)</sup> | **Semiconductors – 0.0%**<sup>(c)</sup> |
| Analog Devices, Inc. | 9 | 2021 |
| Applied Materials, Inc. | 14 | 2521 |
| NVIDIA Corp. | 86 | 15297 |
| Texas Instruments, Inc. | 15 | 2716 |
|  |  | **22555** |
| **Software – 5.9%** | **Software – 5.9%** | **Software – 5.9%** |
| Appfolio, Inc., Class A\* | 3 | 802 |
| &nbsp;&nbsp; AvidXchange <br> Holdings, Inc.<sup>(e)\*</sup> <br>| 284954 | 2809647 |
| &nbsp;&nbsp; Cadence Design <br> Systems, Inc.\*<br>| 6 | 2187 |
| Cantaloupe, Inc.\* | 111417 | 1233386 |
| &nbsp;&nbsp; Clearwater Analytics <br> Holdings, Inc., Class A\*<br>| 28 | 567 |
| Couchbase, Inc.\* | 29128 | 706645 |
| CyberArk Software Ltd.<sup>(e)\*</sup> <br>| 7369 | 3032123 |
| &nbsp;&nbsp; Descartes Systems Group <br> (The), Inc. (Canada)\*<br>| 7 | 740 |
| Doximity, Inc., Class A\* | 11 | 646 |
| &nbsp;&nbsp; E2open Parent <br> Holdings, Inc.<sup>(e)\*</sup> <br>| 216131 | 713232 |
| Fortinet, Inc.\* | 16 | 1598 |
| Guidewire Software, Inc.\* | 3 | 679 |
| &nbsp;&nbsp; Informatica, Inc., <br> Class A<sup>(e)\*</sup> <br>| 64003 | 1580874 |
| Intuit, Inc. | 5 | 3926 |
| &nbsp;&nbsp; Manhattan <br> Associates, Inc.\*<br>| 3 | 659 |
| Microsoft Corp. | 27 | 14405 |
| Olo, Inc., Class A<sup>(e)\*</sup> <br>| 139556 | 1462547 |
| &nbsp;&nbsp; Palantir Technologies, Inc., <br> Class A\*<br>| 36 | 5701 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| PTC, Inc.\* | 5 | $1074 |
| Roper Technologies, Inc. | 2 | 1101 |
| &nbsp;&nbsp; Shopify, Inc., Class A <br> (Canada)\*<br>| 23 | 2811 |
| Synopsys, Inc.\* | 2299 | 1456170 |
| Tyler Technologies, Inc.\* | 2 | 1169 |
| &nbsp;&nbsp; Veeva Systems, Inc., <br> Class A\*<br>| 4 | 1137 |
|  |  | **13033826** |
| **Specialty Finance – 1.5%** | **Specialty Finance – 1.5%** | **Specialty Finance – 1.5%** |
| &nbsp;&nbsp; Dun & Bradstreet <br> Holdings, Inc.<br>| 338313 | 3078648 |
| EZCORP, Inc., Class A\* | 13081 | 187320 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.<br>| 2 | 806 |
| Fair Isaac Corp.\* | 1 | 1437 |
| Fiserv, Inc.\* | 11 | 1528 |
| &nbsp;&nbsp; Jack Henry & <br> Associates, Inc.<br>| 4 | 679 |
| Mastercard, Inc., Class A | 14 | 7931 |
| Moody's Corp. | 4 | 2063 |
| MSCI, Inc. | 2 | 1123 |
| S&P Global, Inc. | 5 | 2755 |
| Verisk Analytics, Inc. | 4 | 1115 |
| Visa, Inc., Class A | 29 | 10019 |
|  |  | **3295424** |
| **Steel – 0.0%**<sup>(c)</sup> | **Steel – 0.0%**<sup>(c)</sup> | **Steel – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Carpenter <br> Technology Corp.<br>| 3 | 748 |
| Reliance, Inc. | 2 | 580 |
|  |  | **1328** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Apple, Inc. | 68 | 14115 |
| Arista Networks, Inc.\* | 23 | 2834 |
| Cisco Systems, Inc. | 1362 | 92725 |
| Garmin Ltd. | 5 | 1094 |
| Motorola Solutions, Inc. | 4 | 1756 |
| &nbsp;&nbsp; Spirent Communications <br> PLC (United Kingdom)<br>| 374386 | 962632 |
| &nbsp;&nbsp; Teledyne <br> Technologies, Inc.\*<br>| 2 | 1102 |
|  |  | **1076258** |
| **Telecommunications – 0.0%**<sup>(c)</sup> | **Telecommunications – 0.0%**<sup>(c)</sup> | **Telecommunications – 0.0%**<sup>(c)</sup> |
| AT&T, Inc. | 3272 | 89686 |
| &nbsp;&nbsp; GCI Liberty Escrow, Inc., <br> Class A<sup>(f)\*</sup> <br>| 31520 |  |
| TELUS Corp. (Canada) | 54 | 869 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| T-Mobile U.S., Inc. | 18 | $4291 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 72 | 3079 |
|  |  | **97925** |
| **Tobacco & Cannabis – 0.0%**<sup>(c)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(c)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(c)</sup> |
| Altria Group, Inc. | 32 | 1982 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.<br>| 24 | 3937 |
|  |  | **5919** |
| **Transportation & Logistics – 1.5%** | **Transportation & Logistics – 1.5%** | **Transportation & Logistics – 1.5%** |
| &nbsp;&nbsp; Andlauer Healthcare <br> Group, Inc. (Canada)<br>| 45258 | 1731145 |
| &nbsp;&nbsp; Canadian National <br> Railway Co. (Canada)<br>| 14 | 1308 |
| &nbsp;&nbsp; Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 20 | 1471 |
| CSX Corp. | 43 | 1528 |
| &nbsp;&nbsp; Expeditors International of <br> Washington, Inc.<br>| 7 | 814 |
| Kirby Corp.\* | 5 | 477 |
| Norfolk Southern Corp.<sup>(e)</sup> <br>| 5918 | 1645204 |
| &nbsp;&nbsp; Old Dominion Freight <br> Line, Inc.<br>| 6 | 895 |
| Union Pacific Corp. | 10 | 2220 |
|  |  | **3385062** |
| **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Allison Transmission <br> Holdings, Inc.<br>| 7 | 631 |
| Cummins, Inc. | 4 | 1470 |
| &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp.<br>| 5 | 960 |
|  |  | **3061** |
| **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Performance Food <br> Group Co.\*<br>| 8 | 803 |
| Sysco Corp. | 369 | 29373 |
| US Foods Holding Corp.\* | 10 | 833 |
|  |  | **31009** |
| **Wholesale - Discretionary – 0.0%**<sup>(c)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(c)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(c)</sup> |
| Copart, Inc.\* | 24 | 1088 |
| LKQ Corp. | 973 | 28674 |
|  |  | **29762** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $57,122,923) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $57,122,923) | **57879066** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Convertible Bonds – 22.6%** | **Convertible Bonds – 22.6%** | **Convertible Bonds – 22.6%** |
| **Asset Management – 1.1%** | **Asset Management – 1.1%** | **Asset Management – 1.1%** |
| &nbsp;&nbsp; Capital Southwest Corp., <br> 5.13%, 11/15/29<sup>(e)</sup> <br>| $483000 | $483906 |
| &nbsp;&nbsp; IREN Ltd., 3.50%, <br> 12/15/29<sup>(b)(e)</sup> <br>| 106000 | 149725 |
| MARA Holdings, Inc., |  |  |
| &nbsp;&nbsp; 0.00%, 3/01/30<sup>(b)(g)</sup> <br>| 63000 | 56962 |
| &nbsp;&nbsp; 0.00%, 6/01/31<sup>(b)(g)</sup> <br>| 481000 | 420436 |
| &nbsp;&nbsp; WisdomTree, Inc., 5.75%, <br> 8/15/28<sup>(e)</sup> <br>| 856000 | 1312355 |
|  |  | **2423384** |
| **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** |
| &nbsp;&nbsp; indie Semiconductor, Inc., <br> 4.50%, 11/15/27<sup>(b)(e)</sup> <br>| 484000 | 458344 |
| &nbsp;&nbsp; Lucid Group, Inc., 1.25%, <br> 12/15/26<sup>(b)(e)</sup> <br>| 316000 | 290720 |
| &nbsp;&nbsp; Rivian Automotive, Inc., <br> 3.63%, 10/15/30<sup>(e)</sup> <br>| 246000 | 212421 |
|  |  | **961485** |
| **Biotechnology & Pharmaceuticals – 2.1%** | **Biotechnology & Pharmaceuticals – 2.1%** | **Biotechnology & Pharmaceuticals – 2.1%** |
| &nbsp;&nbsp; Ascendis Pharma A/S, <br> 2.25%, 4/01/28<sup>(e)</sup> <br>| 484000 | 608630 |
| &nbsp;&nbsp; Bridgebio Pharma, Inc., <br> 2.25%, 2/01/29<sup>(e)</sup> <br>| 899000 | 859894 |
| &nbsp;&nbsp; Celcuity, Inc., 2.75%, <br> 8/01/31<br>| 72000 | 79505 |
| &nbsp;&nbsp; Collegium <br> Pharmaceutical, Inc., <br> 2.88%, 2/15/29<sup>(e)</sup> <br>| 594000 | 641074 |
| &nbsp;&nbsp; Ionis Pharmaceuticals, Inc., <br> 1.75%, 6/15/28<sup>(e)</sup> <br>| 228000 | 249727 |
| &nbsp;&nbsp; Jazz Investments I Ltd., <br> 3.13%, 9/15/30<sup>(b)(e)</sup> <br>| 906000 | 998865 |
| &nbsp;&nbsp; Mirum <br> Pharmaceuticals, Inc., <br> 4.00%, 5/01/29<sup>(e)</sup> <br>| 548000 | 982838 |
| &nbsp;&nbsp; Pacira BioSciences, Inc., <br> 2.13%, 5/15/29<sup>(e)</sup> <br>| 348000 | 327533 |
|  |  | **4748066** |
| **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** |
| &nbsp;&nbsp; Liberty Broadband Corp., <br> 3.13%, 3/31/53<sup>(b)</sup> <br>| 842000 | 835180 |
| &nbsp;&nbsp; Sirius XM Holdings, Inc., <br> 3.75%, 3/15/28<sup>(e)</sup> <br>| 863000 | 872924 |
|  |  | **1708104** |
| **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** |
| &nbsp;&nbsp; Alarm.com Holdings, Inc., <br> 2.25%, 6/01/29<br>| 581000 | 559794 |
| &nbsp;&nbsp; CSG Systems <br> International, Inc., 3.88%, <br> 9/15/28<sup>(e)</sup> <br>| 799000 | 882609 |
|  |  | **1442403** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **E-Commerce Discretionary – 0.4%** | **E-Commerce Discretionary – 0.4%** | **E-Commerce Discretionary – 0.4%** |
| &nbsp;&nbsp; Wayfair, Inc., 3.50%, <br> 11/15/28<sup>(e)</sup> <br>| $572000 | **$922272** |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
| &nbsp;&nbsp; CenterPoint Energy, Inc., <br> 4.25%, 8/15/26<sup>(e)</sup> <br>| 623000 | 692776 |
| &nbsp;&nbsp; PG&E Corp., 4.25%, <br> 12/01/27<sup>(e)</sup> <br>| 979000 | 975084 |
|  |  | **1667860** |
| **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** |
| &nbsp;&nbsp; Bloom Energy Corp., <br> 3.00%, 6/01/29<sup>(e)</sup> <br>| 309000 | 610677 |
| &nbsp;&nbsp; OSI Systems, Inc., 2.25%, <br> 8/01/29<sup>(b)(e)</sup> <br>| 524000 | 699035 |
|  |  | **1309712** |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| &nbsp;&nbsp; Tetra Tech, Inc., 2.25%, <br> 8/15/28<sup>(e)</sup> <br>| 568000 | **645191** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| &nbsp;&nbsp; Sphere Entertainment Co., <br> 3.50%, 12/01/28<sup>(e)</sup> <br>| 704000 | **1004960** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| &nbsp;&nbsp; Teladoc Health, Inc., <br> 1.25%, 6/01/27<sup>(e)</sup> <br>| 507000 | **467048** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| &nbsp;&nbsp; Oddity Finance LLC, 0.00%, <br> 6/15/30<sup>(b)(e)(g)</sup> <br>| 250000 | 263281 |
| &nbsp;&nbsp; Spectrum Brands, Inc., <br> 3.38%, 6/01/29<sup>(e)</sup> <br>| 737000 | 665880 |
|  |  | **929161** |
| **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** |
| &nbsp;&nbsp; MakeMyTrip Ltd., 0.00%, <br> 7/01/30<sup>(b)(g)</sup> <br>| 82000 | 84291 |
| &nbsp;&nbsp; Snap, Inc., 0.50%, <br> 5/01/30<sup>(e)</sup> <br>| 544000 | 476272 |
| Ziff Davis, Inc., |  |  |
| &nbsp;&nbsp; 1.75%, 11/01/26 | 417000 | 396671 |
| &nbsp;&nbsp; 3.63%, 3/01/28<sup>(b)</sup> <br>| 224000 | 210000 |
|  |  | **1167234** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp; Parsons Corp., 2.63%, <br> 3/01/29<sup>(e)</sup> <br>| 692000 | **752204** |
| **Leisure Facilities & Services – 2.1%** | **Leisure Facilities & Services – 2.1%** | **Leisure Facilities & Services – 2.1%** |
| &nbsp;&nbsp; Carnival Corp., 5.75%, <br> 12/01/27<sup>(e)</sup> <br>| 173000 | 399457 |
| &nbsp;&nbsp; Cheesecake Factory <br> (The), Inc., 2.00%, <br> 3/15/30<sup>(b)(e)</sup> <br>| 834000 | 918354 |
| &nbsp;&nbsp; DraftKings Holdings, Inc., <br> 0.00%, 3/15/28<sup>(e)(g)</sup> <br>| 769000 | 697160 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| &nbsp;&nbsp; Live Nation <br> Entertainment, Inc., <br> 3.13%, 1/15/29<sup>(e)</sup> <br>| $722000 | $1084660 |
| &nbsp;&nbsp; Marriott Vacations <br> Worldwide Corp., 3.25%, <br> 12/15/27<sup>(e)</sup> <br>| 857000 | 806865 |
| &nbsp;&nbsp; NCL Corp. Ltd., 2.50%, <br> 2/15/27<sup>(e)</sup> <br>| 671000 | 711931 |
|  |  | **4618427** |
| **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** |
| &nbsp;&nbsp; CONMED Corp., 2.25%, <br> 6/15/27<sup>(e)</sup> <br>| 905000 | 858211 |
| &nbsp;&nbsp; Dexcom, Inc., 0.38%, <br> 5/15/28<sup>(e)</sup> <br>| 327000 | 303129 |
| &nbsp;&nbsp; Enovis Corp., 3.88%, <br> 10/15/28<sup>(e)</sup> <br>| 950000 | 903450 |
| Exact Sciences Corp., |  |  |
| &nbsp;&nbsp; 0.38%, 3/15/27<sup>(e)</sup> <br>| 102000 | 95880 |
| &nbsp;&nbsp; 2.00%, 3/01/30<sup>(b)(e)</sup> <br>| 737000 | 707889 |
| &nbsp;&nbsp; Haemonetics Corp., 2.50%, <br> 6/01/29<sup>(e)</sup> <br>| 454000 | 451957 |
| &nbsp;&nbsp; Integer Holdings Corp., <br> 1.88%, 3/15/30<sup>(b)(e)</sup> <br>| 581000 | 568218 |
| &nbsp;&nbsp; LeMaitre Vascular, Inc., <br> 2.50%, 2/01/30<sup>(b)(e)</sup> <br>| 434000 | 428575 |
| &nbsp;&nbsp; Omnicell, Inc., 1.00%, <br> 12/01/29<sup>(b)(e)</sup> <br>| 775000 | 706723 |
|  |  | **5024032** |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| &nbsp;&nbsp; Centrus Energy Corp., <br> 2.25%, 11/01/30<sup>(b)(e)</sup> <br>| 383000 | 915179 |
| &nbsp;&nbsp; Century Aluminum Co., <br> 2.75%, 5/01/28<sup>(e)</sup> <br>| 393000 | 517306 |
| &nbsp;&nbsp; Equinox Gold Corp., 4.75%, <br> 10/15/28<sup>(e)</sup> <br>| 703000 | 890350 |
| &nbsp;&nbsp; Fortuna Mining Corp., <br> 3.75%, 6/30/29<br>| 434000 | 554869 |
| &nbsp;&nbsp; Peabody Energy Corp., <br> 3.25%, 3/01/28<br>| 159000 | 179320 |
|  |  | **3057024** |
| **Real Estate Investment Trusts – 0.4%** | **Real Estate Investment Trusts – 0.4%** | **Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp; Pebblebrook Hotel Trust, <br> 1.75%, 12/15/26<sup>(e)</sup> <br>| 926000 | **872716** |
| **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** |
| Array Technologies, Inc., |  |  |
| &nbsp;&nbsp; 1.00%, 12/01/28<sup>(e)</sup> <br>| 244000 | 197030 |
| &nbsp;&nbsp; 2.88%, 7/01/31<sup>(b)</sup> <br>| 41000 | 42989 |
|  |  | **240019** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Hims & Hers Health, Inc., <br> 0.00%, 5/15/30<sup>(b)(e)(g)</sup> <br>| 192000 | **237120** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| &nbsp;&nbsp; GameStop Corp., 0.00%, <br> 6/15/32<sup>(b)(e)(g)</sup> <br>| $408000 | **$414732** |
| **Semiconductors – 0.9%** | **Semiconductors – 0.9%** | **Semiconductors – 0.9%** |
| &nbsp;&nbsp; MKS, Inc., 1.25%, <br> 6/01/30<sup>(e)</sup> <br>| 598000 | 580406 |
| &nbsp;&nbsp; ON Semiconductor Corp., <br> 0.50%, 3/01/29<sup>(e)</sup> <br>| 743000 | 710847 |
| &nbsp;&nbsp; Vishay <br> Intertechnology, Inc., <br> 2.25%, 9/15/30<sup>(e)</sup> <br>| 657000 | 597541 |
|  |  | **1888794** |
| **Software – 2.5%** | **Software – 2.5%** | **Software – 2.5%** |
| &nbsp;&nbsp; Bentley Systems, Inc., <br> 0.38%, 7/01/27<sup>(e)</sup> <br>| 657000 | 631377 |
| &nbsp;&nbsp; BILL Holdings, Inc., 0.00%, <br> 4/01/30<sup>(b)(e)(g)</sup> <br>| 369000 | 310698 |
| &nbsp;&nbsp; Cloudflare, Inc., 0.00%, <br> 6/15/30<sup>(b)(g)</sup> <br>| 24000 | 26784 |
| &nbsp;&nbsp; Evolent Health, Inc., <br> 3.50%, 12/01/29<sup>(e)</sup> <br>| 739000 | 608936 |
| &nbsp;&nbsp; Five9, Inc., 1.00%, <br> 3/15/29<sup>(e)</sup> <br>| 409000 | 358299 |
| &nbsp;&nbsp; Jamf Holding Corp., <br> 0.13%, 9/01/26<br>| 79000 | 75050 |
| &nbsp;&nbsp; MicroStrategy, Inc., 0.00%, <br> 12/01/29<sup>(b)(e)(g)</sup> <br>| 413000 | 394962 |
| &nbsp;&nbsp; Pagaya Technologies Ltd., <br> 6.13%, 10/01/29<sup>(b)(e)</sup> <br>| 318000 | 760656 |
| &nbsp;&nbsp; Progress Software Corp., <br> 3.50%, 3/01/30<sup>(e)</sup> <br>| 702000 | 725517 |
| &nbsp;&nbsp; PROS Holdings, Inc., <br> 2.25%, 9/15/27<sup>(e)</sup> <br>| 506000 | 476652 |
| &nbsp;&nbsp; Rapid7, Inc., 1.25%, <br> 3/15/29<sup>(e)</sup> <br>| 606000 | 535246 |
| &nbsp;&nbsp; Rubrik, Inc., 0.00%, <br> 6/15/30<sup>(b)(g)</sup> <br>| 41000 | 43932 |
| &nbsp;&nbsp; Tempus AI, Inc., 0.75%, <br> 7/15/30<sup>(b)(e)</sup> <br>| 179000 | 178194 |
| &nbsp;&nbsp; Unity Software, Inc., <br> 0.00%, 3/15/30<sup>(b)(e)(g)</sup> <br>| 317000 | 384489 |
| &nbsp;&nbsp; Zscaler, Inc., 0.00%, <br> 7/15/28<sup>(b)(g)</sup> <br>| 114000 | 111150 |
|  |  | **5621942** |
| **Specialty Finance – 1.9%** | **Specialty Finance – 1.9%** | **Specialty Finance – 1.9%** |
| &nbsp;&nbsp; Affirm Holdings, Inc., <br> 0.00%, 11/15/26<sup>(g)</sup> <br>| 325000 | 305012 |
| &nbsp;&nbsp; Blackstone Mortgage <br> Trust, Inc., 5.50%, <br> 3/15/27<sup>(e)</sup> <br>| 833000 | 815507 |
| &nbsp;&nbsp; Block, Inc., 0.25%, <br> 11/01/27<sup>(e)</sup> <br>| 400000 | 359200 |
| &nbsp;&nbsp; EZCORP, Inc., 3.75%, <br> 12/15/29<sup>(b)(e)</sup> <br>| 248000 | 364650 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; PennyMac Corp., 8.50%, <br> 6/01/29<br>| $298000 | $300682 |
| &nbsp;&nbsp; Qifu Technology, Inc., <br> 0.50%, 4/01/30<sup>(b)(e)</sup> <br>| 221000 | 194370 |
| &nbsp;&nbsp; Redwood Trust, Inc., <br> 7.75%, 6/15/27<sup>(e)</sup> <br>| 1428000 | 1424333 |
| &nbsp;&nbsp; Upstart Holdings, Inc., <br> 0.25%, 8/15/26<br>| 386000 | 366700 |
|  |  | **4130454** |
| **Technology Hardware – 1.1%** | **Technology Hardware – 1.1%** | **Technology Hardware – 1.1%** |
| &nbsp;&nbsp; Applied <br> Optoelectronics, Inc., <br> 2.75%, 1/15/30<sup>(e)</sup> <br>| 367000 | 343463 |
| &nbsp;&nbsp; Lumentum Holdings, Inc., <br> 0.50%, 6/15/28<sup>(e)</sup> <br>| 252000 | 276570 |
| &nbsp;&nbsp; Super Micro <br> Computer, Inc., 0.00%, <br> 6/15/30<sup>(b)(e)(g)</sup> <br>| 487000 | 618734 |
| &nbsp;&nbsp; Western Digital Corp., <br> 3.00%, 11/15/28<sup>(e)</sup> <br>| 568000 | 1217224 |
|  |  | **2455991** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| &nbsp;&nbsp; AST SpaceMobile, Inc., <br> 2.38%, 10/15/32<sup>(b)</sup> <br>| 193000 | 202276 |
| &nbsp;&nbsp; BlackSky Technology, Inc., <br> 8.25%, 8/01/33<sup>(b)</sup> <br>| 148000 | 158212 |
|  |  | **360488** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| &nbsp;&nbsp; Greenbrier (The) Cos., Inc., <br> 2.88%, 4/15/28<sup>(e)</sup> <br>| 690000 | **733815** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $45,244,803) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $45,244,803) | **49804638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Convertible Preferred Stocks – 3.2%** | **Convertible Preferred Stocks – 3.2%** | **Convertible Preferred Stocks – 3.2%** |
| **Asset Management – 1.2%** | **Asset Management – 1.2%** | **Asset Management – 1.2%** |
| &nbsp;&nbsp; AMG Capital Trust II, <br> 5.15%<sup>(e)</sup> <br>| 14751 | 870309 |
| &nbsp;&nbsp; Apollo Global <br> Management, Inc., 6.75%<br>| 11036 | 840723 |
| &nbsp;&nbsp; Ares Management Corp., <br> 6.75%<br>| 15778 | 893035 |
|  |  | **2604067** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| Albemarle Corp., 7.25% | 25957 | 881500 |
| &nbsp;&nbsp; Lyondellbasell Advanced <br> Polymers, Inc., 6.00%<br>| 669 | 592734 |
|  |  | **1474234** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| &nbsp;&nbsp; BrightSpring Health <br> Services, Inc., 6.75%<br>| 8198 | **$593289** |
| **Industrial Intermediate Products – 0.3%** | **Industrial Intermediate Products – 0.3%** | **Industrial Intermediate Products – 0.3%** |
| &nbsp;&nbsp; Chart Industries, Inc., <br> 6.75%<br>| 8900 | **637151** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp; Shift4 Payments, Inc., <br> 6.00%<br>| 4839 | **570760** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co., 7.63%<br>| 10710 | 642600 |
| &nbsp;&nbsp; NCR Voyix Corp., (100% <br> Cash), 5.50%<sup>(h)</sup> <br>| 571 | 594525 |
|  |  | **1237125** |
| &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $6,543,022) | &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $6,543,022) | **7116626** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 17.0%** | **Corporate Bonds – 17.0%** | **Corporate Bonds – 17.0%** |
| **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Interpublic (The) Group of <br> Cos., Inc, 2.40%, 3/01/31<br>| $5000 | **4430** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp; General Dynamics Corp., <br> 3.75%, 5/15/28<br>| 70000 | 69382 |
| &nbsp;&nbsp; Hexcel Corp., 4.20%, <br> 2/15/27<br>| 60000 | 59495 |
| &nbsp;&nbsp; Lockheed Martin Corp., <br> 4.75%, 2/15/34<br>| 130000 | 128812 |
| &nbsp;&nbsp; Moog, Inc., 4.25%, <br> 12/15/27<sup>(b)</sup> <br>| 2000 | 1954 |
| RTX Corp., |  |  |
| &nbsp;&nbsp; 5.75%, 1/15/29 | 15000 | 15642 |
| &nbsp;&nbsp; 6.00%, 3/15/31 | 30000 | 32095 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/15/28<sup>(b)</sup> <br>| 30000 | 30611 |
| &nbsp;&nbsp; 6.38%, 3/01/29<sup>(b)</sup> <br>| 51000 | 52196 |
| &nbsp;&nbsp; 6.88%, 12/15/30<sup>(b)</sup> <br>| 49000 | 50782 |
| &nbsp;&nbsp; 6.38%, 5/31/33<sup>(b)</sup> <br>| 27000 | 27172 |
|  |  | **468141** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| &nbsp;&nbsp; Ralph Lauren Corp., 5.00%, <br> 6/15/32<br>| 200000 | 202577 |
| &nbsp;&nbsp; Tapestry, Inc., 5.10%, <br> 3/11/30<br>| 80000 | 81103 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Apparel & Textile Products (Continued)** | **Apparel & Textile Products (Continued)** | **Apparel & Textile Products (Continued)** |
| &nbsp;&nbsp; Under Armour, Inc., 7.25%, <br> 7/15/30<sup>(b)</sup> <br>| $12000 | $12243 |
| &nbsp;&nbsp; Wolverine World <br> Wide, Inc., 4.00%, <br> 8/15/29<sup>(b)</sup> <br>| 35000 | 31543 |
|  |  | **327466** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| Ameriprise Financial, Inc., |  |  |
| &nbsp;&nbsp; 5.70%, 12/15/28 | 100000 | 104072 |
| &nbsp;&nbsp; 5.15%, 5/15/33 | 85000 | 86756 |
| &nbsp;&nbsp; Blue Owl Finance LLC, <br> 6.25%, 4/18/34<br>| 70000 | 72108 |
| &nbsp;&nbsp; Charles Schwab <br> (The) Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.88%, 8/24/26 | 75000 | 76017 |
| &nbsp;&nbsp; 3.20%, 1/25/28 | 2000 | 1951 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.21%), 5.64%, <br> 5/19/29<sup>(i)</sup> <br>| 30000 | 31008 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 6.20%, <br> 11/17/29<sup>(i)</sup> <br>| 38000 | 40102 |
| &nbsp;&nbsp; 2.30%, 5/13/31 | 4000 | 3544 |
| &nbsp;&nbsp; 1.95%, 12/01/31 | 34000 | 28977 |
| &nbsp;&nbsp; 2.90%, 3/03/32 | 2000 | 1797 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.01%), 6.14%, <br> 8/24/34<sup>(i)</sup> <br>| 40000 | 43166 |
| FS KKR Capital Corp., |  |  |
| &nbsp;&nbsp; 2.63%, 1/15/27 | 235000 | 225829 |
| &nbsp;&nbsp; 3.25%, 7/15/27 | 10000 | 9605 |
| &nbsp;&nbsp; 3.13%, 10/12/28 | 20000 | 18440 |
| &nbsp;&nbsp; 6.13%, 1/15/30 | 40000 | 40138 |
| &nbsp;&nbsp; Golub Capital BDC, Inc., <br> 2.50%, 8/24/26<br>| 10000 | 9739 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn <br> Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 9.75%, 1/15/29 | 33000 | 33330 |
| &nbsp;&nbsp; 10.00%, 11/15/29<sup>(b)</sup> <br>| 9000 | 9112 |
| &nbsp;&nbsp; 9.00%, 6/15/30 | 28000 | 27195 |
| Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/01/32<sup>(b)(j)</sup> <br>| 5000 | 5060 |
| &nbsp;&nbsp; 8.00%, 8/01/33<sup>(b)(j)</sup> <br>| 5000 | 5081 |
|  |  | **873027** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp; Garrett Motion <br> Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 5/31/32<sup>(b)</sup> <br>| 72000 | 74719 |
| &nbsp;&nbsp; General Motors <br> Financial Co., Inc., 2.35%, <br> 2/26/27<br>| 170000 | 164225 |
| &nbsp;&nbsp; Nissan Motor <br> Acceptance Co. LLC, <br> 6.95%, 9/15/26<sup>(b)</sup> <br>| 9000 | 9135 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Phinia, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 4/15/29<sup>(b)</sup> <br>| $18000 | $18524 |
| &nbsp;&nbsp; 6.63%, 10/15/32<sup>(b)</sup> <br>| 40000 | 40748 |
|  |  | **307351** |
| **Banking – 2.0%** | **Banking – 2.0%** | **Banking – 2.0%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, <br> 2/04/28<sup>(i)</sup> <br>| 25000 | 24291 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 4.95%, <br> 7/22/28<sup>(i)</sup> <br>| 85000 | 85755 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 6.20%, <br> 11/10/28<sup>(i)</sup> <br>| 125000 | 129727 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(i)</sup> <br>| 55000 | 53707 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.25%), 2.50%, <br> 2/13/31<sup>(i)</sup> <br>| 275000 | 251018 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(i)</sup> <br>| 50000 | 44834 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.57%, <br> 10/20/32<sup>(i)</sup> <br>| 30000 | 26439 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(i)</sup> <br>| 50000 | 44762 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.29%, <br> 4/25/34<sup>(i)</sup> <br>| 80000 | 81498 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; 4.45%, 9/29/27 | 100000 | 99719 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.64%, <br> 5/07/28<sup>(i)</sup> <br>| 80000 | 80081 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.17%, <br> 2/13/30<sup>(i)</sup> <br>| 50000 | 50910 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.11%), 2.57%, <br> 6/03/31<sup>(i)</sup> <br>| 375000 | 340054 |
| &nbsp;&nbsp; Fifth Third Bancorp, (SOFR <br> + 2.34%), 6.34%, <br> 7/27/29<sup>(i)</sup> <br>| 30000 | 31530 |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.05%, <br> 11/19/26<sup>(i)</sup> <br>| 180000 | 178027 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 0.70%), 1.04%, <br> 2/04/27<sup>(i)</sup> <br>| 205000 | 201378 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.47%, <br> 9/22/27<sup>(i)</sup> <br>| 95000 | 91755 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 4.85%, <br> 7/25/28<sup>(i)</sup> <br>| 160000 | 161288 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 4.92%, <br> 1/24/29<sup>(i)</sup> <br>| 300000 | 303263 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.11%), 1.76%, <br> 11/19/31<sup>(i)</sup> <br>| 100000 | 86625 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.96%, <br> 1/25/33<sup>(i)</sup> <br>| 45000 | 40431 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 4.91%, <br> 7/25/33<sup>(i)</sup> <br>| $75000 | $75452 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.35%, <br> 6/01/34<sup>(i)</sup> <br>| 134000 | 137458 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.29%, <br> 7/22/35<sup>(i)</sup> <br>| 57000 | 57752 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.95%, <br> 10/22/35<sup>(i)</sup> <br>| 35000 | 34613 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.64%), 5.58%, <br> 7/23/36<sup>(i)</sup> <br>| 60000 | 60777 |
| &nbsp;&nbsp; M&T Bank Corp., (SOFR + <br> 2.80%), 7.41%, <br> 10/30/29<sup>(i)</sup> <br>| 270000 | 292237 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.73%), <br> 6.62%, 10/20/27<sup>(i)</sup> <br>| 180000 | 184254 |
| &nbsp;&nbsp; 2.55%, 1/22/30 | 180000 | 166381 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.60%), 5.40%, <br> 7/23/35<sup>(i)</sup> <br>| 23000 | 23368 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.37%, <br> 7/21/36<sup>(i)</sup> <br>| 40000 | 40415 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.89%, <br> 6/07/29<sup>(i)</sup> <br>| 36000 | 33512 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.71%, <br> 1/24/35<sup>(i)</sup> <br>| 65000 | 67257 |
| &nbsp;&nbsp; U.S. Bancorp, (SOFR + <br> 1.41%), 5.42%, 2/12/36<sup>(i)</sup> <br>| 155000 | 157772 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.57%), 3.58%, <br> 5/22/28<sup>(i)</sup> <br>| 1000 | 983 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.98%), 4.81%, <br> 7/25/28<sup>(i)</sup> <br>| 176000 | 176965 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.43%), 2.88%, <br> 10/30/30<sup>(i)</sup> <br>| 165000 | 154134 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(i)</sup> <br>| 104000 | 106477 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.26%), 2.57%, <br> 2/11/31<sup>(i)</sup> <br>| 180000 | 165035 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 3.35%, <br> 3/02/33<sup>(i)</sup> <br>| 1000 | 915 |
|  |  | **4342849** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp; Coca-Cola (The) Co., <br> 5.00%, 5/13/34<br>| 90000 | 92158 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> 4.35%, 5/09/27<br>| $65000 | $64786 |
| &nbsp;&nbsp; Primo Water <br> Holdings, Inc./Triton <br> Water Holdings, Inc., <br> 4.38%, 4/30/29<sup>(b)</sup> <br>| 24000 | 23151 |
|  |  | **180095** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| &nbsp;&nbsp; AbbVie, Inc., 5.05%, <br> 3/15/34<br>| 105000 | 106326 |
| &nbsp;&nbsp; Amgen, Inc., 5.25%, <br> 3/02/30<br>| 108000 | 110957 |
| &nbsp;&nbsp; Amneal <br> Pharmaceuticals LLC, <br> 6.88%, 8/01/32<sup>(b)(j)</sup> <br>| 10000 | 10150 |
| &nbsp;&nbsp; Eli Lilly & Co., 4.70%, <br> 2/27/33<br>| 8000 | 8038 |
| &nbsp;&nbsp; Jazz Securities DAC, <br> 4.38%, 1/15/29<sup>(b)</sup> <br>| 41000 | 39662 |
| &nbsp;&nbsp; Merck & Co., Inc., 4.50%, <br> 5/17/33<br>| 60000 | 59522 |
| &nbsp;&nbsp; Novartis Capital Corp., <br> 2.20%, 8/14/30<br>| 10000 | 9063 |
| &nbsp;&nbsp; Pfizer Investment <br> Enterprises Pte. Ltd., <br> 4.45%, 5/19/28<br>| 30000 | 30117 |
| &nbsp;&nbsp; Regeneron <br> Pharmaceuticals, Inc., <br> 1.75%, 9/15/30<br>| 20000 | 17366 |
| Zoetis, Inc., |  |  |
| &nbsp;&nbsp; 3.00%, 9/12/27 | 140000 | 136190 |
| &nbsp;&nbsp; 2.00%, 5/15/30 | 20000 | 17913 |
|  |  | **545304** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 6.38%, 9/01/29<sup>(b)</sup> <br>| 12000 | 12111 |
| &nbsp;&nbsp; 7.38%, 3/01/31<sup>(b)</sup> <br>| 183000 | 188133 |
| &nbsp;&nbsp; 4.50%, 6/01/33<sup>(b)</sup> <br>| 75000 | 66580 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp; 5.50%, 4/15/27<sup>(b)</sup> <br>| 30000 | 29038 |
| &nbsp;&nbsp; 11.25%, 5/15/28<sup>(b)</sup> <br>| 35000 | 35182 |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp; 5.25%, 12/01/26<sup>(b)</sup> <br>| 27000 | 25413 |
| &nbsp;&nbsp; 7.38%, 7/01/28 | 10000 | 7675 |
| &nbsp;&nbsp; 5.13%, 6/01/29 | 15000 | 11137 |
| &nbsp;&nbsp; DISH Network Corp., <br> 11.75%, 11/15/27<sup>(b)</sup> <br>| 43000 | 44782 |
| &nbsp;&nbsp; Sirius XM Radio LLC, <br> 4.13%, 7/01/30<sup>(b)</sup> <br>| 73000 | 66593 |
|  |  | **486644** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; CVR Partners L.P./CVR <br> Nitrogen Finance Corp., <br> 6.13%, 6/15/28<sup>(b)</sup> <br>| $67000 | $66507 |
| &nbsp;&nbsp; Ecolab, Inc., 2.13%, <br> 2/01/32<br>| 20000 | 17240 |
| &nbsp;&nbsp; LSB Industries, Inc., <br> 6.25%, 10/15/28<sup>(b)</sup> <br>| 37000 | 36372 |
| &nbsp;&nbsp; LYB International Finance II <br> B.V., 3.50%, 3/02/27<br>| 30000 | 29463 |
| &nbsp;&nbsp; Rain Carbon, Inc., 12.25%, <br> 9/01/29<sup>(b)</sup> <br>| 36000 | 38760 |
| &nbsp;&nbsp; Sherwin-Williams <br> (The) Co., 4.80%, 9/01/31<br>| 60000 | 60392 |
| &nbsp;&nbsp; SK Invictus Intermediate II <br> S.a.r.l., 5.00%, <br> 10/30/29<sup>(b)</sup> <br>| 70000 | 68049 |
|  |  | **316783** |
| **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** |
| &nbsp;&nbsp; Automatic Data <br> Processing, Inc., 4.75%, <br> 5/08/32<br>| 40000 | 40386 |
| &nbsp;&nbsp; Cintas Corp. No. 2, 4.00%, <br> 5/01/32<br>| 60000 | 57955 |
| Deluxe Corp., |  |  |
| &nbsp;&nbsp; 8.00%, 6/01/29<sup>(b)</sup> <br>| 48000 | 46053 |
| &nbsp;&nbsp; 8.13%, 9/15/29<sup>(b)</sup> <br>| 44000 | 45297 |
| GEO Group (The), Inc., |  |  |
| &nbsp;&nbsp; 8.63%, 4/15/29 | 59000 | 62642 |
| &nbsp;&nbsp; 10.25%, 4/15/31 | 51000 | 56071 |
| &nbsp;&nbsp; Republic Services, Inc., <br> 5.20%, 11/15/34<br>| 85000 | 86638 |
| Waste Connections, Inc., |  |  |
| &nbsp;&nbsp; 2.60%, 2/01/30 | 5000 | 4629 |
| &nbsp;&nbsp; 3.20%, 6/01/32 | 55000 | 50142 |
| &nbsp;&nbsp; Waste Management, Inc., <br> 4.95%, 7/03/31<br>| 125000 | 127847 |
| Williams Scotsman, Inc., |  |  |
| &nbsp;&nbsp; 6.63%, 6/15/29<sup>(b)</sup> <br>| 6000 | 6149 |
| &nbsp;&nbsp; 6.63%, 4/15/30<sup>(b)</sup> <br>| 5000 | 5155 |
| &nbsp;&nbsp; 7.38%, 10/01/31<sup>(b)</sup> <br>| 19000 | 19834 |
|  |  | **608798** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp; CRH America Finance, Inc., <br> 5.50%, 1/09/35<br>| 200000 | 204434 |
| &nbsp;&nbsp; Eagle Materials, Inc., <br> 2.50%, 7/01/31<br>| 88000 | 77742 |
| &nbsp;&nbsp; Martin Marietta <br> Materials, Inc., 5.15%, <br> 12/01/34<br>| 25000 | 25077 |
|  |  | **307253** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Consumer Services – 0.0%**<sup>(c)</sup> | **Consumer Services – 0.0%**<sup>(c)</sup> | **Consumer Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Upbound Group, Inc., <br> 6.38%, 2/15/29<sup>(b)</sup> <br>| $40000 | **$39006** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| &nbsp;&nbsp; Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC, 4.00%, 9/01/29<sup>(b)</sup> <br>| 125000 | 113856 |
| &nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings <br> USA, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.13%, 8/15/26<sup>(b)</sup> <br>| 82000 | 80975 |
| &nbsp;&nbsp; 5.25%, 8/15/27<sup>(b)</sup> <br>| 57000 | 27360 |
| &nbsp;&nbsp; Packaging Corp. of <br> America, 5.70%, <br> 12/01/33<br>| 165000 | 171664 |
|  |  | **393855** |
| **Diversified Industrials – 0.0%**<sup>(c)</sup> | **Diversified Industrials – 0.0%**<sup>(c)</sup> | **Diversified Industrials – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Honeywell <br> International, Inc., 4.50%, <br> 1/15/34<br>| 80000 | **77932** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| Wayfair LLC, |  |  |
| &nbsp;&nbsp; 7.25%, 10/31/29<sup>(b)</sup> <br>| 73000 | 74277 |
| &nbsp;&nbsp; 7.75%, 9/15/30<sup>(b)</sup> <br>| 44000 | 45095 |
|  |  | **119372** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| &nbsp;&nbsp; AEP Texas, Inc., 3.95%, <br> 6/01/28<br>| 50000 | 49230 |
| &nbsp;&nbsp; AES (The) Corp., 5.45%, <br> 6/01/28<br>| 30000 | 30484 |
| &nbsp;&nbsp; Appalachian Power Co., <br> 4.50%, 8/01/32<br>| 50000 | 48846 |
| &nbsp;&nbsp; Arizona Public Service Co., <br> 2.20%, 12/15/31<br>| 10000 | 8544 |
| &nbsp;&nbsp; Black Hills Corp., 3.15%, <br> 1/15/27<br>| 20000 | 19581 |
| &nbsp;&nbsp; CenterPoint Energy <br> Houston Electric LLC, <br> 4.45%, 10/01/32<br>| 30000 | 29318 |
| &nbsp;&nbsp; Commonwealth <br> Edison Co., 5.30%, <br> 6/01/34<br>| 50000 | 51206 |
| &nbsp;&nbsp; Consolidated Edison Co. of <br> New York, Inc., 5.38%, <br> 5/15/34<br>| 50000 | 51337 |
| &nbsp;&nbsp; Dominion Energy, Inc., <br> 3.38%, 4/01/30<br>| 50000 | 47480 |
| &nbsp;&nbsp; DTE Electric Co., 5.20%, <br> 4/01/33<br>| 50000 | 51351 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, <br> 4.95%, 1/15/33<br>| 20000 | 20256 |
| &nbsp;&nbsp; Duke Energy Corp., 2.65%, <br> 9/01/26<br>| 100000 | 97967 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Duke Energy Ohio, Inc., <br> 5.30%, 6/15/35<br>| $40000 | $40509 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp; 3.40%, 4/01/32 | 20000 | 18552 |
| &nbsp;&nbsp; 5.25%, 3/15/33 | 10000 | 10259 |
| &nbsp;&nbsp; Entergy Louisiana LLC, <br> 1.60%, 12/15/30<br>| 90000 | 77660 |
| &nbsp;&nbsp; Evergy Kansas <br> Central, Inc., 5.90%, <br> 11/15/33<br>| 10000 | 10597 |
| &nbsp;&nbsp; Eversource Energy, 5.13%, <br> 5/15/33<br>| 50000 | 49974 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp; 2.45%, 2/03/32 | 30000 | 26450 |
| &nbsp;&nbsp; 4.80%, 5/15/33 | 15000 | 14976 |
| Georgia Power Co., |  |  |
| &nbsp;&nbsp; 4.65%, 5/16/28 | 30000 | 30256 |
| &nbsp;&nbsp; 4.70%, 5/15/32 | 20000 | 20019 |
| &nbsp;&nbsp; Interstate Power and <br> Light Co., 5.70%, <br> 10/15/33<br>| 14000 | 14502 |
| &nbsp;&nbsp; ITC Holdings Corp., 3.35%, <br> 11/15/27<br>| 10000 | 9719 |
| &nbsp;&nbsp; National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.95%, 2/07/30 | 30000 | 30577 |
| &nbsp;&nbsp; 2.40%, 3/15/30 | 50000 | 45778 |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.30%, 3/15/32 | 25000 | 25660 |
| &nbsp;&nbsp; 5.25%, 3/15/34 | 50000 | 50451 |
| &nbsp;&nbsp; Ohio Power Co., 5.65%, <br> 6/01/34<br>| 5000 | 5138 |
| &nbsp;&nbsp; Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| &nbsp;&nbsp; 4.30%, 5/15/28 | 25000 | 24957 |
| &nbsp;&nbsp; 5.65%, 11/15/33 | 10000 | 10509 |
| &nbsp;&nbsp; Pacific Gas and <br> Electric Co.,<br>|  |  |
| &nbsp;&nbsp; 2.50%, 2/01/31 | 80000 | 69844 |
| &nbsp;&nbsp; 6.40%, 6/15/33 | 29000 | 30598 |
| PacifiCorp, |  |  |
| &nbsp;&nbsp; 2.70%, 9/15/30 | 20000 | 18222 |
| &nbsp;&nbsp; 5.30%, 2/15/31 | 10000 | 10262 |
| &nbsp;&nbsp; PECO Energy Co., 4.90%, <br> 6/15/33<br>| 40000 | 40421 |
| PG&E Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 7/01/28 | 7000 | 6830 |
| &nbsp;&nbsp; 5.25%, 7/01/30 | 98000 | 94002 |
| PPL Electric Utilities Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 5/15/33 | 10000 | 10112 |
| &nbsp;&nbsp; 4.85%, 2/15/34 | 25000 | 24856 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Public Service Co. of <br> Colorado,<br>|  |  |
| &nbsp;&nbsp; 4.10%, 6/01/32 | $25000 | $23891 |
| &nbsp;&nbsp; 5.35%, 5/15/34 | 30000 | 30422 |
| &nbsp;&nbsp; Public Service Co. of <br> Oklahoma, 5.20%, <br> 1/15/35<br>| 20000 | 19955 |
| &nbsp;&nbsp; Public Service Electric and <br> Gas Co.,<br>|  |  |
| &nbsp;&nbsp; 4.65%, 3/15/33 | 10000 | 9906 |
| &nbsp;&nbsp; 5.20%, 8/01/33 | 20000 | 20539 |
| &nbsp;&nbsp; 4.85%, 8/01/34 | 10000 | 9957 |
| &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc., 1.60%, <br> 8/15/30<br>| 10000 | 8619 |
| &nbsp;&nbsp; San Diego Gas & <br> Electric Co., 4.95%, <br> 8/15/28<br>| 45000 | 45819 |
| Sempra, 5.50%, 8/01/33 | 10000 | 10222 |
| &nbsp;&nbsp; Southern (The) Co., 5.20%, <br> 6/15/33<br>| 50000 | 50852 |
| &nbsp;&nbsp; Southwestern Electric <br> Power Co., 5.30%, <br> 4/01/33<br>| 10000 | 10082 |
| &nbsp;&nbsp; System Energy <br> Resources, Inc., 5.30%, <br> 12/15/34<br>| 120000 | 118044 |
| &nbsp;&nbsp; Talen Energy Supply LLC, <br> 8.63%, 6/01/30<sup>(b)</sup> <br>| 20000 | 21253 |
| &nbsp;&nbsp; Tampa Electric Co., 5.15%, <br> 3/01/35<br>| 90000 | 90071 |
| &nbsp;&nbsp; Union Electric Co., 2.95%, <br> 3/15/30<br>| 70000 | 65614 |
| &nbsp;&nbsp; Virginia Electric and <br> Power Co.,<br>|  |  |
| &nbsp;&nbsp; 2.30%, 11/15/31 | 45000 | 39246 |
| &nbsp;&nbsp; 5.15%, 3/15/35 | 20000 | 20070 |
| &nbsp;&nbsp; WEC Energy Group, Inc., <br> 5.60%, 9/12/26<br>| 7000 | 7073 |
| &nbsp;&nbsp; Wisconsin Electric <br> Power Co., 1.70%, <br> 6/15/28<br>| 10000 | 9336 |
| &nbsp;&nbsp; Wisconsin Power and <br> Light Co., 1.95%, 9/16/31<br>| 5000 | 4280 |
| &nbsp;&nbsp; Xcel Energy, Inc., 4.60%, <br> 6/01/32<br>| 10000 | 9762 |
|  |  | **1952303** |
| **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Keysight <br> Technologies, Inc., <br> 4.95%, 10/15/34<br>| 25000 | 24572 |
| &nbsp;&nbsp; WESCO Distribution, Inc., <br> 6.38%, 3/15/33<sup>(b)</sup> <br>| 13000 | 13309 |
|  |  | **37881** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp; Dycom Industries, Inc., <br> 4.50%, 4/15/29<sup>(b)</sup> <br>| $16000 | $15509 |
| Quanta Services, Inc., |  |  |
| &nbsp;&nbsp; 2.90%, 10/01/30 | 110000 | 101115 |
| &nbsp;&nbsp; 2.35%, 1/15/32 | 30000 | 25886 |
| &nbsp;&nbsp; Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(b)</sup> <br>| 22000 | 24737 |
|  |  | **167247** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| &nbsp;&nbsp; Discovery <br> Communications LLC,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 9/20/37 | 65000 | 47022 |
| &nbsp;&nbsp; 6.35%, 6/01/40 | 9000 | 6795 |
| TEGNA, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 3/15/28 | 103000 | 99984 |
| &nbsp;&nbsp; 5.00%, 9/15/29 | 88000 | 84589 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.28%, 3/15/32 | 30000 | 25192 |
| &nbsp;&nbsp; 5.05%, 3/15/42 | 135000 | 90241 |
|  |  | **353823** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| &nbsp;&nbsp; Hershey (The) Co., 4.50%, <br> 5/04/33<br>| 52000 | 51473 |
| &nbsp;&nbsp; Mondelez <br> International, Inc., 2.63%, <br> 3/17/27<br>| 40000 | 38879 |
| Post Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.38%, 3/01/33<sup>(b)</sup> <br>| 34000 | 33974 |
| &nbsp;&nbsp; 6.25%, 10/15/34<sup>(b)</sup> <br>| 12000 | 12015 |
|  |  | **136341** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| &nbsp;&nbsp; American Water <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.45%, 6/01/32 | 30000 | 29477 |
| &nbsp;&nbsp; 5.15%, 3/01/34 | 5000 | 5068 |
| &nbsp;&nbsp; AmeriGas Partners <br> L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 5/20/27 | 41000 | 40765 |
| &nbsp;&nbsp; 9.38%, 6/01/28<sup>(b)</sup> <br>| 39000 | 40169 |
| &nbsp;&nbsp; Atmos Energy Corp., <br> 5.90%, 11/15/33<br>| 10000 | 10695 |
| &nbsp;&nbsp; Essential Utilities, Inc., <br> 5.38%, 1/15/34<br>| 25000 | 25306 |
| &nbsp;&nbsp; National Fuel Gas Co., <br> 5.95%, 3/15/35<br>| 45000 | 46085 |
| &nbsp;&nbsp; ONE Gas, Inc., 4.25%, <br> 9/01/32<br>| 25000 | 24143 |
| &nbsp;&nbsp; Southern California <br> Gas Co., 5.20%, 6/01/33<br>| 30000 | 30417 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** |
| &nbsp;&nbsp; Southern Co. Gas <br> Capital Corp., 5.75%, <br> 9/15/33<br>| $10000 | $10451 |
| &nbsp;&nbsp; Southwest Gas Corp., <br> 4.05%, 3/15/32<br>| 25000 | 23626 |
|  |  | **286202** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp; 4.70%, 11/15/26 | 70000 | 70109 |
| &nbsp;&nbsp; 5.35%, 11/15/34 | 50000 | 50590 |
| &nbsp;&nbsp; Cencora, Inc., 2.70%, <br> 3/15/31<br>| 90000 | 81208 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc., 4.25%, <br> 5/01/28<sup>(b)</sup> <br>| 28000 | 27142 |
| DaVita, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 6/01/30<sup>(b)</sup> <br>| 59000 | 56263 |
| &nbsp;&nbsp; 6.88%, 9/01/32<sup>(b)</sup> <br>| 38000 | 39069 |
| &nbsp;&nbsp; 6.75%, 7/15/33<sup>(b)</sup> <br>| 15000 | 15469 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp; 3.50%, 9/01/30 | 50000 | 47134 |
| &nbsp;&nbsp; 5.45%, 4/01/31 | 111000 | 114088 |
| &nbsp;&nbsp; 3.63%, 3/15/32 | 91000 | 83752 |
| &nbsp;&nbsp; 5.60%, 4/01/34 | 179000 | 182420 |
| &nbsp;&nbsp; IQVIA, Inc., 6.25%, <br> 2/01/29<br>| 25000 | 26124 |
| &nbsp;&nbsp; MPH Acquisition <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 12/31/30<sup>(b)</sup> <br>| 22000 | 18128 |
| &nbsp;&nbsp; 11.50%, 12/31/30<sup>(b)(h)</sup> <br>| 450 | 444 |
| &nbsp;&nbsp;&nbsp; (100% Cash), 6.75%, <br> 3/31/31<sup>(b)(h)</sup> <br>| 12045 | 9184 |
| Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp; 4.63%, 6/15/28 | 19000 | 18677 |
| &nbsp;&nbsp; 6.13%, 10/01/28 | 27000 | 27002 |
| &nbsp;&nbsp; 4.38%, 1/15/30 | 23000 | 22113 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp; 2.00%, 5/15/30 | 125000 | 111295 |
| &nbsp;&nbsp; 4.50%, 4/15/33 | 21000 | 20347 |
| &nbsp;&nbsp; Universal Health <br> Services, Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.65%, 10/15/30 | 112000 | 99102 |
| &nbsp;&nbsp; 2.65%, 1/15/32 | 98000 | 83008 |
|  |  | **1202668** |
| **Home & Office Products – 0.0%**<sup>(c)</sup> | **Home & Office Products – 0.0%**<sup>(c)</sup> | **Home & Office Products – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Somnigroup <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 4/15/29<sup>(b)</sup> <br>| 29000 | 27541 |
| &nbsp;&nbsp; 3.88%, 10/15/31<sup>(b)</sup> <br>| 19000 | 17153 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Home & Office Products (Continued)** | **Home & Office Products (Continued)** | **Home & Office Products (Continued)** |
| &nbsp;&nbsp; Steelcase, Inc., 5.13%, <br> 1/18/29<br>| $22000 | $21670 |
| &nbsp;&nbsp; Whirlpool Corp., 6.13%, <br> 6/15/30<br>| 15000 | 14964 |
|  |  | **81328** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp; Forestar Group, Inc., <br> 6.50%, 3/15/33<sup>(b)</sup> <br>| 16000 | 16062 |
| &nbsp;&nbsp; Lennar Corp., 5.00%, <br> 6/15/27<br>| 35000 | 35155 |
| &nbsp;&nbsp; Masco Corp., 3.50%, <br> 11/15/27<br>| 45000 | 43975 |
| NVR, Inc., 3.00%, 5/15/30 | 135000 | 125969 |
| Toll Brothers Finance Corp., |  |  |
| &nbsp;&nbsp; 4.35%, 2/15/28 | 60000 | 59668 |
| &nbsp;&nbsp; 3.80%, 11/01/29 | 50000 | 48567 |
|  |  | **329396** |
| **Industrial Intermediate Products – 0.0%**<sup>(c)</sup> | **Industrial Intermediate Products – 0.0%**<sup>(c)</sup> | **Industrial Intermediate Products – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Enpro, Inc., 6.13%, <br> 6/01/33<sup>(b)</sup> <br>| 5000 | **5044** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| &nbsp;&nbsp; Alta Equipment <br> Group, Inc., 9.00%, <br> 6/01/29<sup>(b)</sup> <br>| 42000 | 39830 |
| &nbsp;&nbsp; WW Grainger, Inc., 4.45%, <br> 9/15/34<br>| 185000 | 179875 |
|  |  | **219705** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| &nbsp;&nbsp; Bank of New York Mellon <br> (The) Corp., (SOFR + <br> 1.17%), 4.54%, 2/01/29<sup>(i)</sup> <br>| 50000 | 50219 |
| Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp; 3.38%, 10/01/28<sup>(b)</sup> <br>| 90000 | 84679 |
| &nbsp;&nbsp; 3.63%, 10/01/31<sup>(b)</sup> <br>| 10000 | 8950 |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 1.09%, <br> 12/09/26<sup>(i)</sup> <br>| 450000 | 444172 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.43%, <br> 3/09/27<sup>(i)</sup> <br>| 160000 | 156880 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.42%), 3.81%, <br> 4/23/29<sup>(i)</sup> <br>| 50000 | 49077 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, <br> 7/21/32<sup>(i)</sup> <br>| 205000 | 179080 |
| &nbsp;&nbsp; Intercontinental <br> Exchange, Inc., 1.85%, <br> 9/15/32<br>| 125000 | 103661 |
| &nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc., 6.75%, <br> 5/01/33<sup>(b)</sup> <br>| 18000 | 18421 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| &nbsp;&nbsp; LPL Holdings, Inc., 5.65%, <br> 3/15/35<br>| $80000 | $80269 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 0.99%, <br> 12/10/26<sup>(i)</sup> <br>| 170000 | 167737 |
| &nbsp;&nbsp; 3.95%, 4/23/27 | 12000 | 11900 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 2.70%, <br> 1/22/31<sup>(i)</sup> <br>| 37000 | 34098 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 1.79%, <br> 2/13/32<sup>(i)</sup> <br>| 414000 | 354141 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(i)</sup> <br>| 53000 | 45927 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(i)</sup> <br>| 223000 | 195212 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(i)</sup> <br>| 110000 | 111778 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.32%, <br> 7/19/35<sup>(i)</sup> <br>| 70000 | 70881 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.59%, <br> 1/18/36<sup>(i)</sup> <br>| 35000 | 35923 |
| &nbsp;&nbsp; Stonex Escrow Issuer LLC, <br> 6.88%, 7/15/32<sup>(b)</sup> <br>| 15000 | 15269 |
| &nbsp;&nbsp; StoneX Group, Inc., 7.88%, <br> 3/01/31<sup>(b)</sup> <br>| 59000 | 61982 |
| &nbsp;&nbsp; VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 71000 | 73872 |
|  |  | **2354128** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| &nbsp;&nbsp; Acrisure LLC/Acrisure <br> Finance, Inc., 6.75%, <br> 7/01/32<sup>(b)</sup> <br>| 10000 | 10125 |
| &nbsp;&nbsp; Allstate (The) Corp., <br> 5.05%, 6/24/29<br>| 65000 | 66277 |
| &nbsp;&nbsp; American International <br> Group, Inc., 4.85%, <br> 5/07/30<br>| 60000 | 60790 |
| Aon Corp., 2.80%, 5/15/30 | 20000 | 18545 |
| Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp; 2.40%, 11/09/31 | 20000 | 17430 |
| &nbsp;&nbsp; 5.50%, 3/02/33 | 30000 | 30800 |
| &nbsp;&nbsp; 6.50%, 2/15/34 | 125000 | 136377 |
| &nbsp;&nbsp; Assurant, Inc., 4.90%, <br> 3/27/28<br>| 65000 | 65365 |
| &nbsp;&nbsp; Assured Guaranty <br> U.S. Holdings, Inc., <br> 6.13%, 9/15/28<br>| 58000 | 60626 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group Holdings <br> Finance, 7.13%, <br> 5/15/31<sup>(b)</sup> <br>| 45000 | 46461 |
| Brown & Brown, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 3/15/29 | 90000 | 89564 |
| &nbsp;&nbsp; 4.20%, 3/17/32 | 100000 | 94993 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Brown & Brown, Inc., |  |  |
| &nbsp;&nbsp; 5.65%, 6/11/34 | $40000 | $40725 |
| &nbsp;&nbsp; Enstar Group Ltd., 3.10%, <br> 9/01/31<br>| 73000 | 64182 |
| &nbsp;&nbsp; Marsh & McLennan Cos., <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.38%, 12/15/31 | 410000 | 358253 |
| &nbsp;&nbsp; 5.75%, 11/01/32 | 50000 | 53033 |
| &nbsp;&nbsp; Principal Financial <br> Group, Inc., 5.38%, <br> 3/15/33<br>| 18000 | 18446 |
| &nbsp;&nbsp; Progressive (The) Corp., <br> 3.20%, 3/26/30<br>| 32000 | 30445 |
| &nbsp;&nbsp; Unum Group, 4.00%, <br> 6/15/29<br>| 135000 | 132160 |
| &nbsp;&nbsp; Willis North America, Inc., <br> 5.35%, 5/15/33<br>| 140000 | 142830 |
|  |  | **1537427** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| &nbsp;&nbsp; Alphabet, Inc., 4.50%, <br> 5/15/35<br>| 25000 | 24532 |
| &nbsp;&nbsp; GrubHub Holdings, Inc., <br> 5.50%, 7/01/27<sup>(b)</sup> <br>| 56000 | 54812 |
| &nbsp;&nbsp; Match Group Holdings <br> II LLC, 4.13%, 8/01/30<sup>(b)</sup> <br>| 18000 | 16787 |
| &nbsp;&nbsp; Meta Platforms, Inc., <br> 4.80%, 5/15/30<br>| 40000 | 40983 |
| &nbsp;&nbsp; Snap, Inc., 6.88%, <br> 3/01/33<sup>(b)</sup> <br>| 23000 | 23583 |
| &nbsp;&nbsp; Uber Technologies, Inc., <br> 4.80%, 9/15/34<br>| 50000 | 49111 |
| VeriSign, Inc., |  |  |
| &nbsp;&nbsp; 2.70%, 6/15/31 | 150000 | 133574 |
| &nbsp;&nbsp; 5.25%, 6/01/32 | 30000 | 30325 |
|  |  | **373707** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| &nbsp;&nbsp; Accenture Capital, Inc., <br> 4.50%, 10/04/34<br>| 10000 | 9677 |
| &nbsp;&nbsp; ASGN, Inc., 4.63%, <br> 5/15/28<sup>(b)</sup> <br>| 18000 | 17524 |
| &nbsp;&nbsp; CACI International, Inc., <br> 6.38%, 6/15/33<sup>(b)</sup> <br>| 36000 | 36812 |
| &nbsp;&nbsp; International Business <br> Machines Corp.,<br>|  |  |
| &nbsp;&nbsp; 2.20%, 2/09/27 | 100000 | 96836 |
| &nbsp;&nbsp; 4.15%, 7/27/27 | 285000 | 284580 |
| &nbsp;&nbsp; Leidos, Inc., 2.30%, <br> 2/15/31<br>| 60000 | 52538 |
|  |  | **497967** |
| **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** |
| Darden Restaurants, Inc., |  |  |
| &nbsp;&nbsp; 4.55%, 10/15/29 | 40000 | 39795 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Darden Restaurants, Inc., |  |  |
| &nbsp;&nbsp; 6.30%, 10/10/33 | $30000 | $31978 |
| &nbsp;&nbsp; Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(b)</sup> <br>| 44000 | 45301 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/01/29<sup>(b)</sup> <br>| 21000 | 20099 |
| &nbsp;&nbsp; 4.88%, 7/01/31<sup>(b)</sup> <br>| 42000 | 38617 |
| &nbsp;&nbsp; 6.63%, 1/15/32<sup>(b)</sup> <br>| 5000 | 5056 |
| Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp; 5.75%, 1/30/27 | 30000 | 30494 |
| &nbsp;&nbsp; 5.38%, 12/15/31 | 90000 | 91235 |
| &nbsp;&nbsp; Las Vegas Sands Corp., <br> 6.00%, 8/15/29<br>| 25000 | 25698 |
| &nbsp;&nbsp; Life Time, Inc., 6.00%, <br> 11/15/31<sup>(b)</sup> <br>| 19000 | 19140 |
| &nbsp;&nbsp; Live Nation <br> Entertainment, Inc., <br> 3.75%, 1/15/28<sup>(b)</sup> <br>| 16000 | 15551 |
| Marriott International, Inc., |  |  |
| &nbsp;&nbsp; 5.00%, 10/15/27 | 35000 | 35440 |
| &nbsp;&nbsp; 5.55%, 10/15/28 | 30000 | 30964 |
| &nbsp;&nbsp; 2.85%, 4/15/31 | 100000 | 90651 |
| &nbsp;&nbsp; 5.10%, 4/15/32 | 30000 | 30352 |
| &nbsp;&nbsp; 5.30%, 5/15/34 | 35000 | 35295 |
| &nbsp;&nbsp; McDonald's Corp., 4.60%, <br> 9/09/32<br>| 284000 | 283581 |
| &nbsp;&nbsp; Premier Entertainment <br> Sub LLC/Premier <br> Entertainment <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.63%, 9/01/29<sup>(b)</sup> <br>| 102000 | 61200 |
| &nbsp;&nbsp; 5.88%, 9/01/31<sup>(b)</sup> <br>| 48000 | 29520 |
| &nbsp;&nbsp; Resorts World Las <br> Vegas LLC/RWLV <br> Capital, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.63%, 4/16/29<sup>(b)</sup> <br>| 17000 | 15121 |
| &nbsp;&nbsp; 8.45%, 7/27/30<sup>(b)</sup> <br>| 52000 | 51770 |
| Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp; 8.63%, 6/01/27<sup>(b)</sup> <br>| 8000 | 8127 |
| &nbsp;&nbsp; 11.25%, 12/15/27<sup>(b)</sup> <br>| 45000 | 47324 |
| &nbsp;&nbsp; 10.75%, 11/15/29<sup>(b)</sup> <br>| 39000 | 40169 |
| &nbsp;&nbsp; 11.13%, 7/15/30<sup>(b)</sup> <br>| 53000 | 55875 |
|  |  | **1178353** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; Eaton Corp., 4.15%, <br> 3/15/33<br>| 20000 | 19396 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Machinery (Continued)** | **Machinery (Continued)** | **Machinery (Continued)** |
| &nbsp;&nbsp; IDEX Corp., 2.63%, <br> 6/15/31<br>| $50000 | $44570 |
| &nbsp;&nbsp; Pentair Finance S.a.r.l., <br> 4.50%, 7/01/29<br>| 60000 | 59764 |
|  |  | **123730** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp; Bausch + Lomb Corp., <br> 8.38%, 10/01/28<sup>(b)</sup> <br>| 54000 | 56300 |
| &nbsp;&nbsp; Edwards <br> Lifesciences Corp., <br> 4.30%, 6/15/28<br>| 70000 | 69836 |
| &nbsp;&nbsp; Zimmer Biomet <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.70%, 2/19/27 | 150000 | 150550 |
| &nbsp;&nbsp; 5.35%, 12/01/28 | 30000 | 30833 |
|  |  | **307519** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| &nbsp;&nbsp; Compass Minerals <br> International, Inc., 8.00%, <br> 7/01/30<sup>(b)</sup> <br>| 36000 | 37297 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc., <br> 4.13%, 3/01/28<br>| 35000 | 34514 |
| Novelis Corp., |  |  |
| &nbsp;&nbsp; 4.75%, 1/30/30<sup>(b)</sup> <br>| 21000 | 20116 |
| &nbsp;&nbsp; 6.88%, 1/30/30<sup>(b)</sup> <br>| 58000 | 59766 |
| &nbsp;&nbsp; SunCoke Energy, Inc., <br> 4.88%, 6/30/29<sup>(b)</sup> <br>| 46000 | 42065 |
|  |  | **193758** |
| **Oil & Gas Supply Chain – 1.8%** | **Oil & Gas Supply Chain – 1.8%** | **Oil & Gas Supply Chain – 1.8%** |
| &nbsp;&nbsp; California Resources Corp., <br> 8.25%, 6/15/29<sup>(b)</sup> <br>| 87000 | 89369 |
| &nbsp;&nbsp; Cheniere Corpus Christi <br> Holdings LLC, 5.13%, <br> 6/30/27<br>| 41000 | 41284 |
| &nbsp;&nbsp; Cheniere Energy Partners <br> L.P., 5.55%, 10/30/35<sup>(b)</sup> <br>| 30000 | 30151 |
| &nbsp;&nbsp; Cheniere Energy, Inc., <br> 5.65%, 4/15/34<br>| 30000 | 30516 |
| &nbsp;&nbsp; Chevron USA, Inc., 4.98%, <br> 4/15/35<br>| 190000 | 191623 |
| &nbsp;&nbsp; Chord Energy Corp., <br> 6.75%, 3/15/33<sup>(b)</sup> <br>| 37000 | 37741 |
| &nbsp;&nbsp; CNX Midstream Partners <br> L.P., 4.75%, 4/15/30<sup>(b)</sup> <br>| 5000 | 4723 |
| CNX Resources Corp., |  |  |
| &nbsp;&nbsp; 6.00%, 1/15/29<sup>(b)</sup> <br>| 2000 | 1999 |
| &nbsp;&nbsp; 7.38%, 1/15/31<sup>(b)</sup> <br>| 15000 | 15460 |
| &nbsp;&nbsp; 7.25%, 3/01/32<sup>(b)</sup> <br>| 22000 | 22682 |
| Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 3/01/29<sup>(b)</sup> <br>| 79000 | 78107 |
| &nbsp;&nbsp; 6.75%, 3/01/29<sup>(b)</sup> <br>| 24000 | 23575 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; ConocoPhillips Co., 5.05%, <br> 9/15/33<br>| $20000 | $20309 |
| &nbsp;&nbsp; CVR Energy, Inc., 8.50%, <br> 1/15/29<sup>(b)</sup> <br>| 29000 | 28492 |
| &nbsp;&nbsp; DCP Midstream Operating <br> L.P., 3.25%, 2/15/32<br>| 5000 | 4457 |
| &nbsp;&nbsp; Delek Logistics Partners <br> L.P./Delek Logistics <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 8.63%, 3/15/29<sup>(b)</sup> <br>| 104000 | 108234 |
| &nbsp;&nbsp; 7.38%, 6/30/33<sup>(b)</sup> <br>| 10000 | 9885 |
| &nbsp;&nbsp; Diamondback Energy, Inc., <br> 5.40%, 4/18/34<br>| 105000 | 105249 |
| &nbsp;&nbsp; Encino Acquisition <br> Partners Holdings LLC, <br> 8.50%, 5/01/28<sup>(b)</sup> <br>| 995000 | 1016144 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp; 5.20%, 4/01/30 | 30000 | 30572 |
| &nbsp;&nbsp; 5.75%, 2/15/33 | 10000 | 10355 |
| &nbsp;&nbsp; 6.55%, 12/01/33 | 65000 | 70134 |
| &nbsp;&nbsp; Genesis Energy <br> L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 8.25%, 1/15/29 | 20000 | 20860 |
| &nbsp;&nbsp; 8.88%, 4/15/30 | 13000 | 13762 |
| &nbsp;&nbsp; 7.88%, 5/15/32 | 41000 | 42402 |
| &nbsp;&nbsp; 8.00%, 5/15/33 | 17000 | 17625 |
| &nbsp;&nbsp; Global Partners L.P./GLP <br> Finance Corp., 8.25%, <br> 1/15/32<sup>(b)</sup> <br>| 39000 | 40892 |
| &nbsp;&nbsp; Gulfport Energy <br> Operating Corp., 6.75%, <br> 9/01/29<sup>(b)</sup> <br>| 58000 | 58943 |
| &nbsp;&nbsp; Hess Corp., 4.30%, <br> 4/01/27<br>| 50000 | 49980 |
| Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp; 1.75%, 11/15/26 | 60000 | 57952 |
| &nbsp;&nbsp; 5.00%, 2/01/29 | 120000 | 121549 |
| &nbsp;&nbsp; Magnolia Oil & Gas <br> Operating LLC/Magnolia <br> Oil & Gas Finance Corp., <br> 6.88%, 12/01/32<sup>(b)</sup> <br>| 42000 | 42437 |
| &nbsp;&nbsp; Matador Resources Co., <br> 6.88%, 4/15/28<sup>(b)</sup> <br>| 13000 | 13213 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp; 4.13%, 3/01/27 | 180000 | 178682 |
| &nbsp;&nbsp; 4.25%, 12/01/27 | 90000 | 89362 |
| &nbsp;&nbsp; 2.65%, 8/15/30 | 120000 | 108747 |
| Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp; 8.13%, 3/01/28<sup>(b)</sup> <br>| 22000 | 22214 |
| &nbsp;&nbsp; 8.75%, 6/15/31<sup>(b)</sup> <br>| 30000 | 30822 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P., 5.95%, <br> 6/15/35<br>| 60000 | 61576 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 3.55%, 12/15/29 | $42000 | $40085 |
| &nbsp;&nbsp; 5.70%, 9/15/34 | 20000 | 20286 |
| &nbsp;&nbsp; Sitio Royalties Operating <br> Partnership L.P./Sitio <br> Finance Corp., 7.88%, <br> 11/01/28<sup>(b)</sup> <br>| 28000 | 29213 |
| &nbsp;&nbsp; Summit Midstream <br> Holdings LLC, 8.63%, <br> 10/31/29<sup>(b)</sup> <br>| 75000 | 76389 |
| &nbsp;&nbsp; Sunoco L.P., 7.00%, <br> 5/01/29<sup>(b)</sup> <br>| 28000 | 28982 |
| Talos Production, Inc., |  |  |
| &nbsp;&nbsp; 9.00%, 2/01/29<sup>(b)</sup> <br>| 56000 | 57394 |
| &nbsp;&nbsp; 9.38%, 2/01/31<sup>(b)</sup> <br>| 43000 | 43848 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp; 5.20%, 7/01/27 | 160000 | 161859 |
| &nbsp;&nbsp; 5.50%, 2/15/35 | 40000 | 39977 |
| &nbsp;&nbsp; 5.55%, 8/15/35 | 75000 | 75155 |
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/15/28 | 46000 | 45940 |
| &nbsp;&nbsp; 4.88%, 2/01/31 | 20000 | 19770 |
| Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp; 9.50%, 2/01/29<sup>(b)</sup> <br>| 9000 | 9815 |
| &nbsp;&nbsp; 8.38%, 6/01/31<sup>(b)</sup> <br>| 67000 | 69302 |
| &nbsp;&nbsp; 9.88%, 2/01/32<sup>(b)</sup> <br>| 64000 | 69052 |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC, <br> 6.75%, 1/15/36<sup>(b)</sup> <br>| 25000 | 25718 |
| &nbsp;&nbsp; Western Midstream <br> Operating L.P., 6.15%, <br> 4/01/33<br>| 30000 | 31291 |
| &nbsp;&nbsp; Williams (The) Cos., Inc., <br> 2.60%, 3/15/31<br>| 125000 | 111694 |
|  |  | **3897849** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| &nbsp;&nbsp; Bristow Group, Inc., <br> 6.88%, 3/01/28<sup>(b)</sup> <br>| 6000 | 6014 |
| &nbsp;&nbsp; Diamond Foreign <br> Asset Co./Diamond <br> Finance LLC, 8.50%, <br> 10/01/30<sup>(b)</sup> <br>| 49000 | 51070 |
| &nbsp;&nbsp; Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(b)</sup> <br>| 78000 | 79557 |
| &nbsp;&nbsp; Tidewater, Inc., 9.13%, <br> 7/15/30<sup>(b)</sup> <br>| 5000 | 5244 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** |
| &nbsp;&nbsp; USA Compression Partners <br> L.P./USA Compression <br> Finance Corp., 7.13%, <br> 3/15/29<sup>(b)</sup> <br>| $35000 | $35779 |
| &nbsp;&nbsp; Weatherford <br> International Ltd., 8.63%, <br> 4/30/30<sup>(b)</sup> <br>| 28000 | 28765 |
|  |  | **206429** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Nexstar Media, Inc., |  |  |
| &nbsp;&nbsp; 5.63%, 7/15/27<sup>(b)</sup> <br>| 13000 | 12975 |
| &nbsp;&nbsp; 4.75%, 11/01/28<sup>(b)</sup> <br>| 76000 | 73867 |
| &nbsp;&nbsp; Sinclair Television <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.50%, 3/01/30<sup>(b)</sup> <br>| 31000 | 25604 |
| &nbsp;&nbsp; 4.38%, 12/31/32<sup>(b)</sup> <br>| 18000 | 13351 |
| &nbsp;&nbsp; 9.75%, 2/15/33<sup>(b)</sup> <br>| 24000 | 26100 |
|  |  | **151897** |
| **Real Estate Investment Trusts – 0.6%** | **Real Estate Investment Trusts – 0.6%** | **Real Estate Investment Trusts – 0.6%** |
| American Tower Corp., |  |  |
| &nbsp;&nbsp; 5.80%, 11/15/28 | 55000 | 57096 |
| &nbsp;&nbsp; 5.40%, 1/31/35 | 10000 | 10172 |
| Crown Castle, Inc., |  |  |
| &nbsp;&nbsp; 3.65%, 9/01/27 | 80000 | 78526 |
| &nbsp;&nbsp; 3.80%, 2/15/28 | 17000 | 16663 |
| &nbsp;&nbsp; 2.10%, 4/01/31 | 80000 | 68843 |
| &nbsp;&nbsp; Diversified Healthcare <br> Trust, 4.38%, 3/01/31<br>| 21000 | 17550 |
| &nbsp;&nbsp; ERP Operating L.P., 4.65%, <br> 9/15/34<br>| 40000 | 38738 |
| &nbsp;&nbsp; Host Hotels & Resorts L.P., <br> 5.50%, 4/15/35<br>| 20000 | 19735 |
| &nbsp;&nbsp; Iron Mountain, Inc., 5.25%, <br> 3/15/28<sup>(b)</sup> <br>| 17000 | 16913 |
| &nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/15/27 | 22000 | 20183 |
| &nbsp;&nbsp; 4.63%, 8/01/29 | 55000 | 41807 |
| &nbsp;&nbsp; 8.50%, 2/15/32<sup>(b)</sup> <br>| 5000 | 5197 |
| &nbsp;&nbsp; Omega Healthcare <br> Investors, Inc., 5.20%, <br> 7/01/30<br>| 100000 | 100318 |
| Prologis L.P., |  |  |
| &nbsp;&nbsp; 4.88%, 6/15/28 | 20000 | 20311 |
| &nbsp;&nbsp; 4.75%, 6/15/33 | 40000 | 39744 |
| &nbsp;&nbsp; Realty Income Corp., <br> 4.75%, 2/15/29<br>| 90000 | 90877 |
| &nbsp;&nbsp; RLJ Lodging Trust L.P., <br> 4.00%, 9/15/29<sup>(b)</sup> <br>| 34000 | 31731 |
| Simon Property Group L.P., |  |  |
| &nbsp;&nbsp; 1.38%, 1/15/27 | 10000 | 9574 |
| &nbsp;&nbsp; 5.50%, 3/08/33 | 40000 | 41661 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Simon Property Group L.P., |  |  |
| &nbsp;&nbsp; 4.75%, 9/26/34 | $50000 | $48684 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti <br> Group Finance 2019, <br> Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp; 10.50%, 2/15/28<sup>(b)</sup> <br>| 23000 | 24308 |
| &nbsp;&nbsp; 6.50%, 2/15/29<sup>(b)</sup> <br>| 39000 | 37940 |
| &nbsp;&nbsp; Ventas Realty L.P., 5.10%, <br> 7/15/32<br>| 80000 | 80852 |
| &nbsp;&nbsp; VICI Properties L.P., 5.63%, <br> 4/01/35<br>| 40000 | 40256 |
| &nbsp;&nbsp; VICI Properties L.P./VICI <br> Note Co., Inc., 4.13%, <br> 8/15/30<sup>(b)</sup> <br>| 50000 | 47772 |
| Welltower OP LLC, |  |  |
| &nbsp;&nbsp; 4.50%, 7/01/30 | 70000 | 69819 |
| &nbsp;&nbsp; 3.85%, 6/15/32 | 70000 | 66456 |
| &nbsp;&nbsp; 5.13%, 7/01/35 | 80000 | 79723 |
|  |  | **1221449** |
| **Real Estate Owners & Developers – 0.0%**<sup>(c)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(c)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Howard Hughes <br> (The) Corp., 4.38%, <br> 2/01/31<sup>(b)</sup> <br>| 32000 | **29451** |
| **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, <br> 4/15/30<sup>(b)</sup> <br>| 50000 | 47884 |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Realogy, <br> 9.75%, 4/15/30<br>| 23000 | 23952 |
|  |  | **71836** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Kroger (The) Co., 5.00%, <br> 9/15/34<br>| 50000 | 49460 |
| &nbsp;&nbsp; Walgreens Boots <br> Alliance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 8.13%, 8/15/29 | 58000 | 62259 |
| &nbsp;&nbsp; 4.10%, 4/15/50 | 65000 | 55655 |
|  |  | **167374** |
| **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** |
| Advance Auto Parts, Inc., |  |  |
| &nbsp;&nbsp; 7.00%, 8/01/30<sup>(b)</sup> <br>| 15000 | 15076 |
| &nbsp;&nbsp; 7.38%, 8/01/33<sup>(b)</sup> <br>| 15000 | 15080 |
| AutoZone, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 2/01/28 | 40000 | 40129 |
| &nbsp;&nbsp; 5.40%, 7/15/34 | 20000 | 20430 |
| &nbsp;&nbsp; Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 8.25%, 1/15/30<sup>(b)</sup> <br>| 26000 | 26755 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| &nbsp;&nbsp; Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 8.00%, 2/15/31<sup>(b)</sup> <br>| $32000 | $32676 |
| &nbsp;&nbsp; 8.38%, 6/15/32<sup>(b)</sup> <br>| 42000 | 43328 |
| Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp; 6.88%, 11/01/35 | 66000 | 67913 |
| &nbsp;&nbsp; 6.75%, 7/01/36 | 60000 | 60723 |
| &nbsp;&nbsp; Builders FirstSource, Inc., <br> 6.75%, 5/15/35<sup>(b)</sup> <br>| 45000 | 46138 |
| Carvana Co., |  |  |
| &nbsp;&nbsp; 9.00%, 12/01/28<sup>(b)(h)</sup> <br>| 29803 | 30487 |
| &nbsp;&nbsp; 9.00%, 6/01/30<sup>(b)(h)</sup> <br>| 53640 | 56106 |
| &nbsp;&nbsp; 9.00%, 6/01/31<sup>(b)(h)</sup> <br>| 35310 | 41990 |
| &nbsp;&nbsp; Gap (The), Inc., 3.88%, <br> 10/01/31<sup>(b)</sup> <br>| 38000 | 33769 |
| &nbsp;&nbsp; Hertz (The) Corp., 12.63%, <br> 7/15/29<sup>(b)</sup> <br>| 36000 | 37610 |
| &nbsp;&nbsp; Kohl's Corp., 5.13%, <br> 5/01/31<br>| 29000 | 20890 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp; 3.35%, 4/01/27 | 25000 | 24575 |
| &nbsp;&nbsp; 3.10%, 5/03/27 | 45000 | 43979 |
| &nbsp;&nbsp; 2.63%, 4/01/31 | 10000 | 8985 |
| &nbsp;&nbsp; Macy's Retail <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 6.13%, 3/15/32<sup>(b)</sup> <br>| 27000 | 25852 |
| &nbsp;&nbsp; 7.38%, 8/01/33<sup>(b)</sup> <br>| 15000 | 15057 |
| &nbsp;&nbsp; Patrick Industries, Inc., <br> 6.38%, 11/01/32<sup>(b)</sup> <br>| 32000 | 32021 |
| &nbsp;&nbsp; QXO Building <br> Products, Inc., 6.75%, <br> 4/30/32<sup>(b)</sup> <br>| 66000 | 67965 |
|  |  | **807534** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Analog Devices, Inc., |  |  |
| &nbsp;&nbsp; 1.70%, 10/01/28 | 40000 | 36942 |
| &nbsp;&nbsp; 2.10%, 10/01/31 | 30000 | 26154 |
| &nbsp;&nbsp; Broadcom Corp./Broadcom <br> Cayman Finance Ltd., <br> 3.88%, 1/15/27<br>| 160000 | 158626 |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp; 4.00%, 4/15/29<sup>(b)</sup> <br>| 5000 | 4924 |
| &nbsp;&nbsp; 5.05%, 4/15/30 | 26000 | 26565 |
| Intel Corp., 3.75%, 3/25/27 | 50000 | 49328 |
| Texas Instruments, Inc., |  |  |
| &nbsp;&nbsp; 1.90%, 9/15/31 | 54000 | 46761 |
| &nbsp;&nbsp; 4.90%, 3/14/33 | 25000 | 25410 |
| &nbsp;&nbsp; 4.85%, 2/08/34 | 60000 | 60609 |
|  |  | **435319** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| &nbsp;&nbsp; Autodesk, Inc., 5.30%, <br> 6/15/35<br>| $50000 | $50658 |
| CoreWeave, Inc., |  |  |
| &nbsp;&nbsp; 9.25%, 6/01/30<sup>(b)</sup> <br>| 86000 | 86434 |
| &nbsp;&nbsp; 9.00%, 2/01/31<sup>(b)</sup> <br>| 38000 | 37838 |
| &nbsp;&nbsp; Fortinet, Inc., 2.20%, <br> 3/15/31<br>| 10000 | 8793 |
| Intuit, Inc., 5.20%, 9/15/33 | 100000 | 103104 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; 5.25%, 2/03/32 | 60000 | 61267 |
| &nbsp;&nbsp; 5.50%, 8/03/35 | 95000 | 96333 |
| &nbsp;&nbsp; Pagaya U.S. Holdings Co. <br> LLC, 8.88%, 8/01/30<sup>(b)</sup> <br>| 45000 | 44706 |
| &nbsp;&nbsp; Roper Technologies, Inc., <br> 4.50%, 10/15/29<br>| 60000 | 59823 |
|  |  | **548956** |
| **Specialty Finance – 1.9%** | **Specialty Finance – 1.9%** | **Specialty Finance – 1.9%** |
| &nbsp;&nbsp; Ally Financial, Inc., (5Y US <br> Treasury CMT + 2.45%), <br> 6.65%, 1/17/40<sup>(i)</sup> <br>| 28000 | 27794 |
| American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 4.92%, <br> 7/20/33<sup>(i)</sup> <br>| 55000 | 55177 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.32%), <br> 5.44%, 1/30/36<sup>(i)</sup> <br>| 90000 | 91774 |
| &nbsp;&nbsp; Apollo Commercial Real <br> Estate Finance, Inc., <br> 4.63%, 6/15/29<sup>(b)</sup> <br>| 29000 | 27545 |
| &nbsp;&nbsp; Blackstone Mortgage <br> Trust, Inc., 7.75%, <br> 12/01/29<sup>(b)</sup> <br>| 33000 | 34884 |
| &nbsp;&nbsp; Boost Newco <br> Borrower LLC, 7.50%, <br> 1/15/31<sup>(b)</sup> <br>| 1120000 | 1184188 |
| &nbsp;&nbsp; Bread Financial <br> Holdings, Inc., 9.75%, <br> 3/15/29<sup>(b)</sup> <br>| 87000 | 93331 |
| &nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc., 2.60%, <br> 5/01/31<br>| 10000 | 8862 |
| &nbsp;&nbsp; Burford Capital Global <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp; 6.25%, 4/15/28<sup>(b)</sup> <br>| 14000 | 13962 |
| &nbsp;&nbsp; 6.88%, 4/15/30<sup>(b)</sup> <br>| 28000 | 27933 |
| &nbsp;&nbsp; 9.25%, 7/01/31<sup>(b)</sup> <br>| 83000 | 87770 |
| &nbsp;&nbsp; Capital One <br> Financial Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.44%), 7.15%, <br> 10/29/27<sup>(i)</sup> <br>| 110000 | 113298 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.64%), 6.31%, <br> 6/08/29<sup>(i)</sup> <br>| 78000 | 81486 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.46%, <br> 7/26/30<sup>(i)</sup> <br>| 80000 | 82192 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Credit Acceptance Corp., |  |  |
| &nbsp;&nbsp; 9.25%, 12/15/28<sup>(b)</sup> <br>| $61000 | $64513 |
| &nbsp;&nbsp; 6.63%, 3/15/30<sup>(b)</sup> <br>| 25000 | 25317 |
| Enova International, Inc., |  |  |
| &nbsp;&nbsp; 11.25%, 12/15/28<sup>(b)</sup> <br>| 44000 | 46834 |
| &nbsp;&nbsp; 9.13%, 8/01/29<sup>(b)</sup> <br>| 17000 | 17799 |
| &nbsp;&nbsp; Equifax, Inc., 4.80%, <br> 9/15/29<br>| 65000 | 65421 |
| &nbsp;&nbsp; EZCORP, Inc., 7.38%, <br> 4/01/32<sup>(b)</sup> <br>| 15000 | 15622 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.90%, 3/01/27 | 150000 | 146467 |
| &nbsp;&nbsp; 3.45%, 3/01/32 | 72000 | 65643 |
| &nbsp;&nbsp; Fair Isaac Corp., 6.00%, <br> 5/15/33<sup>(b)</sup> <br>| 15000 | 15070 |
| FirstCash, Inc., |  |  |
| &nbsp;&nbsp; 5.63%, 1/01/30<sup>(b)</sup> <br>| 11000 | 10886 |
| &nbsp;&nbsp; 6.88%, 3/01/32<sup>(b)</sup> <br>| 30000 | 30753 |
| Fiserv, Inc., |  |  |
| &nbsp;&nbsp; 5.38%, 8/21/28 | 30000 | 30716 |
| &nbsp;&nbsp; 5.60%, 3/02/33 | 150000 | 154180 |
| &nbsp;&nbsp; 5.45%, 3/15/34 | 30000 | 30453 |
| &nbsp;&nbsp; FTAI Aviation <br> Investors LLC, 7.88%, <br> 12/01/30<sup>(b)</sup> <br>| 10000 | 10603 |
| Mastercard, Inc., |  |  |
| &nbsp;&nbsp; 1.90%, 3/15/31 | 22000 | 19304 |
| &nbsp;&nbsp; 4.95%, 3/15/32 | 90000 | 92146 |
| &nbsp;&nbsp; 4.55%, 1/15/35 | 50000 | 48844 |
| &nbsp;&nbsp; MGIC Investment Corp., <br> 5.25%, 8/15/28<br>| 7000 | 6984 |
| &nbsp;&nbsp; Nationstar Mortgage <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.50%, 8/15/28<sup>(b)</sup> <br>| 504000 | 503321 |
| &nbsp;&nbsp; 6.50%, 8/01/29<sup>(b)</sup> <br>| 32000 | 32730 |
| &nbsp;&nbsp; 5.13%, 12/15/30<sup>(b)</sup> <br>| 23000 | 22956 |
| &nbsp;&nbsp; 5.75%, 11/15/31<sup>(b)</sup> <br>| 30000 | 30333 |
| OneMain Finance Corp., |  |  |
| &nbsp;&nbsp; 7.88%, 3/15/30 | 60000 | 63160 |
| &nbsp;&nbsp; 7.50%, 5/15/31 | 65000 | 67741 |
| &nbsp;&nbsp; 7.13%, 11/15/31 | 12000 | 12388 |
| &nbsp;&nbsp; PennyMac Financial <br> Services, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.13%, 11/15/30<sup>(b)</sup> <br>| 31000 | 31955 |
| &nbsp;&nbsp; 5.75%, 9/15/31<sup>(b)</sup> <br>| 49000 | 47945 |
| &nbsp;&nbsp; 6.88%, 5/15/32<sup>(b)</sup> <br>| 15000 | 15283 |
| &nbsp;&nbsp; 6.88%, 2/15/33<sup>(b)</sup> <br>| 18000 | 18346 |
| Rithm Capital Corp., |  |  |
| &nbsp;&nbsp; 8.00%, 4/01/29<sup>(b)</sup> <br>| 64000 | 65377 |
| &nbsp;&nbsp; 8.00%, 7/15/30<sup>(b)</sup> <br>| 15000 | 15270 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Rocket Cos, Inc., |  |  |
| &nbsp;&nbsp; 6.13%, 8/01/30<sup>(b)</sup> <br>| $15000 | $15209 |
| &nbsp;&nbsp; 6.38%, 8/01/33<sup>(b)</sup> <br>| 15000 | 15300 |
| S&P Global, Inc., |  |  |
| &nbsp;&nbsp; 1.25%, 8/15/30 | 110000 | 94658 |
| &nbsp;&nbsp; 2.90%, 3/01/32 | 90000 | 81334 |
| &nbsp;&nbsp; SLM Corp., 6.50%, <br> 1/31/30<br>| 27000 | 28046 |
| &nbsp;&nbsp; Starwood Property <br> Trust, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.25%, 4/01/29<sup>(b)</sup> <br>| 40000 | 41834 |
| &nbsp;&nbsp; 6.00%, 4/15/30<sup>(b)</sup> <br>| 10000 | 10098 |
| &nbsp;&nbsp; 6.50%, 10/15/30<sup>(b)</sup> <br>| 20000 | 20586 |
| &nbsp;&nbsp; Synchrony Financial, <br> 7.25%, 2/02/33<br>| 69000 | 72511 |
| &nbsp;&nbsp; United Wholesale <br> Mortgage LLC, 5.50%, <br> 4/15/29<sup>(b)</sup> <br>| 59000 | 57710 |
| &nbsp;&nbsp; UWM Holdings LLC, <br> 6.63%, 2/01/30<sup>(b)</sup> <br>| 50000 | 50022 |
|  |  | **4241864** |
| **Steel – 0.0%**<sup>(c)</sup> | **Steel – 0.0%**<sup>(c)</sup> | **Steel – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Reliance, Inc., 2.15%, <br> 8/15/30<br>| 40000 | **35416** |
| **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** |
| &nbsp;&nbsp; Apple, Inc., 3.35%, <br> 8/08/32<br>| 25000 | 23489 |
| &nbsp;&nbsp; CDW LLC/CDW <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.10%, 3/01/30 | 10000 | 10072 |
| &nbsp;&nbsp; 3.57%, 12/01/31 | 230000 | 211768 |
| Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp; 4.95%, 2/24/32 | 60000 | 61179 |
| &nbsp;&nbsp; 5.05%, 2/26/34 | 45000 | 45814 |
| CommScope LLC, |  |  |
| &nbsp;&nbsp; 8.25%, 3/01/27<sup>(b)</sup> <br>| 81000 | 81187 |
| &nbsp;&nbsp; 7.13%, 7/01/28<sup>(b)</sup> <br>| 50000 | 49484 |
| &nbsp;&nbsp; 9.50%, 12/15/31<sup>(b)</sup> <br>| 22000 | 23167 |
| &nbsp;&nbsp; Diebold Nixdorf, Inc., <br> 7.75%, 3/31/30<sup>(b)</sup> <br>| 8000 | 8488 |
| Jabil, Inc., |  |  |
| &nbsp;&nbsp; 4.25%, 5/15/27 | 70000 | 69572 |
| &nbsp;&nbsp; 5.45%, 2/01/29 | 30000 | 30607 |
| Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp; 4.60%, 5/23/29 | 180000 | 180483 |
| &nbsp;&nbsp; 2.75%, 5/24/31 | 40000 | 35916 |
| &nbsp;&nbsp; 5.60%, 6/01/32 | 50000 | 51856 |
| &nbsp;&nbsp; 5.40%, 4/15/34 | 70000 | 71399 |
| &nbsp;&nbsp; 5.55%, 8/15/35 | 60000 | 61201 |
| &nbsp;&nbsp; NCR Atleos Corp., 9.50%, <br> 4/01/29<sup>(b)</sup> <br>| 72000 | 78002 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| &nbsp;&nbsp; NetApp, Inc., 5.70%, <br> 3/17/35<br>| $44000 | $45021 |
| &nbsp;&nbsp; Teledyne FLIR LLC, 2.50%, <br> 8/01/30<br>| 40000 | 36151 |
| &nbsp;&nbsp; Teledyne <br> Technologies, Inc., <br> 2.75%, 4/01/31<br>| 30000 | 27044 |
| Viasat, Inc., |  |  |
| &nbsp;&nbsp; 6.50%, 7/15/28<sup>(b)</sup> <br>| 19000 | 17909 |
| &nbsp;&nbsp; 7.50%, 5/30/31<sup>(b)</sup> <br>| 61000 | 53113 |
| &nbsp;&nbsp; Western Digital Corp., <br> 3.10%, 2/01/32<br>| 20000 | 17780 |
|  |  | **1290702** |
| **Telecommunications – 1.1%** | **Telecommunications – 1.1%** | **Telecommunications – 1.1%** |
| AT&T, Inc., 4.35%, 3/01/29 | 2000 | 1994 |
| &nbsp;&nbsp; Cogent Communications <br> Group LLC/Cogent <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.00%, 6/15/27<sup>(b)</sup> <br>| 37000 | 37036 |
| &nbsp;&nbsp; 6.50%, 7/01/32<sup>(b)</sup> <br>| 50000 | 48999 |
| &nbsp;&nbsp; EchoStar Corp., 10.75%, <br> 11/30/29<br>| 30000 | 31613 |
| &nbsp;&nbsp; Frontier Communications <br> Holdings LLC, 8.75%, <br> 5/15/30<sup>(b)</sup> <br>| 1318000 | 1379383 |
| &nbsp;&nbsp; GCI LLC, 4.75%, <br> 10/15/28<sup>(b)</sup> <br>| 57000 | 55017 |
| &nbsp;&nbsp; Hughes Satellite <br> Systems Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 8/01/26 | 45000 | 41475 |
| &nbsp;&nbsp; 6.63%, 8/01/26 | 72000 | 54466 |
| Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp; 4.25%, 7/01/28<sup>(b)</sup> <br>| 27000 | 24536 |
| &nbsp;&nbsp; 4.50%, 4/01/30 | 60000 | 54000 |
| &nbsp;&nbsp; 3.88%, 10/15/30 | 30000 | 25725 |
| &nbsp;&nbsp; 10.75%, 12/15/30<sup>(b)</sup> <br>| 23000 | 25904 |
| &nbsp;&nbsp; 6.88%, 6/30/33<sup>(b)</sup> <br>| 45000 | 45601 |
| Lumen Technologies, Inc., |  |  |
| &nbsp;&nbsp; 4.13%, 4/15/30<sup>(b)</sup> <br>| 267 | 260 |
| &nbsp;&nbsp; 10.00%, 10/15/32<sup>(b)</sup> <br>| 32000 | 32360 |
| &nbsp;&nbsp; Sprint Capital Corp., <br> 8.75%, 3/15/32<br>| 30000 | 36237 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp; 2.88%, 2/15/31 | 99000 | 89930 |
| &nbsp;&nbsp; 5.15%, 4/15/34 | 45000 | 45274 |
| &nbsp;&nbsp; 4.70%, 1/15/35 | 110000 | 106430 |
| &nbsp;&nbsp; 5.30%, 5/15/35 | 90000 | 90691 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc., <br> 5.25%, 4/02/35<br>| 95000 | 95383 |
|  |  | **2322314** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Tobacco & Cannabis – 0.5%** | **Tobacco & Cannabis – 0.5%** | **Tobacco & Cannabis – 0.5%** |
| Altria Group, Inc., |  |  |
| &nbsp;&nbsp; 6.20%, 11/01/28 | $110000 | $115322 |
| &nbsp;&nbsp; 3.40%, 5/06/30 | 30000 | 28385 |
| &nbsp;&nbsp; 2.45%, 2/04/32 | 190000 | 163617 |
| &nbsp;&nbsp; 6.88%, 11/01/33 | 110000 | 122358 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.38%, 8/15/29 | 15000 | 14406 |
| &nbsp;&nbsp; 5.63%, 11/17/29 | 204000 | 212880 |
| &nbsp;&nbsp; 2.10%, 5/01/30 | 60000 | 53802 |
| &nbsp;&nbsp; 5.75%, 11/17/32 | 25000 | 26240 |
| &nbsp;&nbsp; 5.38%, 2/15/33 | 50000 | 51312 |
| &nbsp;&nbsp; 5.63%, 9/07/33 | 90000 | 93606 |
| &nbsp;&nbsp; 4.90%, 11/01/34 | 100000 | 98682 |
| &nbsp;&nbsp; Turning Point Brands, Inc., <br> 7.63%, 3/15/32<sup>(b)</sup> <br>| 13000 | 13618 |
|  |  | **994228** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| American Airlines, Inc., |  |  |
| &nbsp;&nbsp; 7.25%, 2/15/28<sup>(b)</sup> <br>| 76000 | 77551 |
| &nbsp;&nbsp; 8.50%, 5/15/29<sup>(b)</sup> <br>| 20000 | 20902 |
| &nbsp;&nbsp; Clue Opco LLC, 9.50%, <br> 10/15/31<sup>(b)</sup> <br>| 32000 | 33932 |
| &nbsp;&nbsp; JetBlue <br> Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 9/20/31<sup>(b)</sup> <br>| 76000 | 73481 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> 4.45%, 4/01/30<br>| 15000 | 15098 |
|  |  | **220964** |
| **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp., <br> 5.61%, 3/11/34<br>| 60000 | **62034** |
| **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; United Natural Foods, Inc., <br> 6.75%, 10/15/28<sup>(b)</sup> <br>| 24000 | **23899** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $37,105,369) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $37,105,369) | **37466348** |
| **Foreign Issuer Bonds – 2.4%** | **Foreign Issuer Bonds – 2.4%** | **Foreign Issuer Bonds – 2.4%** |
| **Australia – 0.2%** | **Australia – 0.2%** | **Australia – 0.2%** |
| &nbsp;&nbsp; BHP Billiton Finance <br> USA Ltd., 4.75%, 2/28/28<br>| 270000 | 272950 |
| &nbsp;&nbsp; Fortescue Treasury Pty. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp; 4.38%, 4/01/31<sup>(b)</sup> <br>| 21000 | 19675 |
| &nbsp;&nbsp; 6.13%, 4/15/32<sup>(b)</sup> <br>| 42000 | 42827 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** |
| &nbsp;&nbsp; Rio Tinto Finance USA Ltd., <br> 7.13%, 7/15/28<br>| $8000 | $8618 |
| &nbsp;&nbsp; Rio Tinto Finance USA PLC, <br> 5.25%, 3/14/35<br>| 70000 | 71030 |
|  |  | **415100** |
| **Austria – 0.0%**<sup>(c)</sup> | **Austria – 0.0%**<sup>(c)</sup> | **Austria – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; ams-OSRAM A.G., <br> 12.25%, 3/30/29<sup>(b)</sup> <br>| 17000 | **18258** |
| **Bermuda – 0.0%**<sup>(c)</sup> | **Bermuda – 0.0%**<sup>(c)</sup> | **Bermuda – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; RenaissanceRe <br> Holdings Ltd., 5.75%, <br> 6/05/33<br>| 81000 | **83419** |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| &nbsp;&nbsp; Karoon USA Finance, Inc., <br> 10.50%, 5/14/29<sup>(b)</sup> <br>| 18000 | 18537 |
| Klabin Austria GmbH, |  |  |
| &nbsp;&nbsp; 3.20%, 1/12/31<sup>(b)</sup> <br>| 37000 | 32794 |
| &nbsp;&nbsp; 7.00%, 4/03/49<sup>(b)</sup> <br>| 44000 | 44636 |
|  |  | **95967** |
| **Canada – 0.5%** | **Canada – 0.5%** | **Canada – 0.5%** |
| &nbsp;&nbsp; Algoma Steel, Inc., 9.13%, <br> 4/15/29<sup>(b)</sup> <br>| 29000 | 26299 |
| &nbsp;&nbsp; Bank of Montreal, 5.72%, <br> 9/25/28<br>| 50000 | 51914 |
| &nbsp;&nbsp; Brookfield Residential <br> Properties, Inc./Brookfield <br> Residential U.S. LLC,<br>|  |  |
| &nbsp;&nbsp; 6.25%, 9/15/27<sup>(b)</sup> <br>| 3000 | 2994 |
| &nbsp;&nbsp; 4.88%, 2/15/30<sup>(b)</sup> <br>| 40000 | 36373 |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce, (SOFR + <br> 1.34%), 4.63%, 9/11/30<sup>(i)</sup> <br>| 25000 | 24999 |
| &nbsp;&nbsp; Canadian National <br> Railway Co., 3.85%, <br> 8/05/32<br>| 60000 | 56835 |
| CGI, Inc., 4.95%, 3/14/30<sup>(b)</sup> <br>| 100000 | 101207 |
| &nbsp;&nbsp; Champion Iron Canda, Inc., <br> 7.88%, 7/15/32<sup>(b)</sup> <br>| 45000 | 45961 |
| &nbsp;&nbsp; Enbridge, Inc., 5.63%, <br> 4/05/34<br>| 35000 | 35816 |
| &nbsp;&nbsp; Fairfax Financial <br> Holdings Ltd.,<br>|  |  |
| &nbsp;&nbsp; 3.38%, 3/03/31 | 25000 | 23103 |
| &nbsp;&nbsp; 5.63%, 8/16/32 | 70000 | 71573 |
| &nbsp;&nbsp; 6.00%, 12/07/33 | 181000 | 188367 |
| goeasy Ltd., |  |  |
| &nbsp;&nbsp; 9.25%, 12/01/28<sup>(b)</sup> <br>| 14000 | 14819 |
| &nbsp;&nbsp; 7.63%, 7/01/29<sup>(b)</sup> <br>| 65000 | 66934 |
| &nbsp;&nbsp; 6.88%, 5/15/30<sup>(b)</sup> <br>| 20000 | 20039 |
| &nbsp;&nbsp; 7.38%, 10/01/30<sup>(b)</sup> <br>| 12000 | 12235 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| &nbsp;&nbsp; Greenfire Resources Ltd., <br> 12.00%, 10/01/28<sup>(b)</sup> <br>| $20000 | $20988 |
| &nbsp;&nbsp; MEG Energy Corp., 5.88%, <br> 2/01/29<sup>(b)</sup> <br>| 19000 | 19002 |
| &nbsp;&nbsp; New Flyer Holdings, Inc., <br> 9.25%, 7/01/30<sup>(b)</sup> <br>| 35000 | 37248 |
| &nbsp;&nbsp; New Gold, Inc., 6.88%, <br> 4/01/32<sup>(b)</sup> <br>| 5000 | 5131 |
| &nbsp;&nbsp; Parkland Corp., 6.63%, <br> 8/15/32<sup>(b)</sup> <br>| 18000 | 18398 |
| &nbsp;&nbsp; RB Global Holdings, Inc., <br> 6.75%, 3/15/28<sup>(b)</sup> <br>| 20000 | 20473 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; 5.20%, 8/01/28 | 40000 | 41000 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.83%), 4.97%, <br> 1/24/29<sup>(i)</sup> <br>| 80000 | 80924 |
| &nbsp;&nbsp; Strathcona Resources Ltd., <br> 6.88%, 8/01/26<sup>(b)</sup> <br>| 43000 | 43054 |
| &nbsp;&nbsp; Taseko Mines Ltd., 8.25%, <br> 5/01/30<sup>(b)</sup> <br>| 46000 | 48030 |
| &nbsp;&nbsp; Toronto-Dominion Bank <br> (The), 4.69%, 9/15/27<br>| 40000 | 40242 |
| &nbsp;&nbsp; Vermilion Energy, Inc., <br> 7.25%, 2/15/33<sup>(b)</sup> <br>| 7000 | 6618 |
|  |  | **1160576** |
| **Colombia – 0.0%**<sup>(c)</sup> | **Colombia – 0.0%**<sup>(c)</sup> | **Colombia – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Aris Mining Corp., 8.00%, <br> 10/31/29<sup>(b)</sup> <br>| 31000 | **31878** |
| **Congo – 0.0%**<sup>(c)</sup> | **Congo – 0.0%**<sup>(c)</sup> | **Congo – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Ivanhoe Mines Ltd., <br> 7.88%, 1/23/30<sup>(b)</sup> <br>| 50000 | **50242** |
| **Finland – 0.0%**<sup>(c)</sup> | **Finland – 0.0%**<sup>(c)</sup> | **Finland – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Amer Sports Co., 6.75%, <br> 2/16/31<sup>(b)</sup> <br>| 46000 | **47836** |
| **France – 0.0%**<sup>(c)</sup> | **France – 0.0%**<sup>(c)</sup> | **France – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Vallourec SACA, 7.50%, <br> 4/15/32<sup>(b)</sup> <br>| 25000 | 26467 |
| &nbsp;&nbsp; Viridien, 10.00%, <br> 10/15/30<sup>(b)</sup> <br>| 45000 | 44311 |
|  |  | **70778** |
| **Germany – 0.0%**<sup>(c)</sup> | **Germany – 0.0%**<sup>(c)</sup> | **Germany – 0.0%**<sup>(c)</sup> |
| IHO Verwaltungs GmbH, |  |  |
| &nbsp;&nbsp;&nbsp; (100% Cash), 7.75%, <br> 11/15/30<sup>(b)(h)</sup> <br>| 35000 | 35925 |
| &nbsp;&nbsp;&nbsp; (100% Cash), 8.00%, <br> 11/15/32<sup>(b)(h)</sup> <br>| 42000 | 43179 |
|  |  | **79104** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| &nbsp;&nbsp; Millicom International <br> Cellular S.A.,<br>|  |  |
| &nbsp;&nbsp; 4.50%, 4/27/31<sup>(b)</sup> <br>| $55000 | $50677 |
| &nbsp;&nbsp; 7.38%, 4/02/32<sup>(b)</sup> <br>| 80000 | 82182 |
|  |  | **132859** |
| **India – 0.0%**<sup>(c)</sup> | **India – 0.0%**<sup>(c)</sup> | **India – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Biocon Biologics Global <br> PLC, 6.67%, 10/09/29<sup>(b)</sup> <br>| 74000 | **69675** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| &nbsp;&nbsp; AerCap Ireland Capital <br> DAC/AerCap Global <br> Aviation Trust, 4.95%, <br> 9/10/34<br>| 300000 | **292585** |
| **Israel – 0.0%**<sup>(c)</sup> | **Israel – 0.0%**<sup>(c)</sup> | **Israel – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Energean PLC, 6.50%, <br> 4/30/27<sup>(b)</sup> <br>| 14000 | **13755** |
| **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** |
| Honda Motor Co. Ltd., |  |  |
| &nbsp;&nbsp; 2.53%, 3/10/27 | 70000 | 67942 |
| &nbsp;&nbsp; 4.69%, 7/08/30 | 110000 | 110069 |
| &nbsp;&nbsp; 5.34%, 7/08/35 | 120000 | 119988 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 0.83%), <br> 2.34%, 1/19/28<sup>(i)</sup> <br>| 275000 | 266382 |
| &nbsp;&nbsp; Mizuho Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 0.92%), <br> 4.71%, 7/08/31<sup>(i)</sup> <br>| 200000 | 199573 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd., <br> 8.13%, 7/17/35<sup>(b)</sup> <br>| 10000 | 10498 |
| Rakuten Group, Inc., |  |  |
| &nbsp;&nbsp; 11.25%, 2/15/27<sup>(b)</sup> <br>| 79000 | 85616 |
| &nbsp;&nbsp; 9.75%, 4/15/29<sup>(b)</sup> <br>| 114000 | 124821 |
|  |  | **984889** |
| **Jersey, C.I. – 0.0%**<sup>(c)</sup> | **Jersey, C.I. – 0.0%**<sup>(c)</sup> | **Jersey, C.I. – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Aston Martin Capital <br> Holdings Ltd., 10.00%, <br> 3/31/29<sup>(b)</sup> <br>| 72000 | **68671** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Stillwater Mining Co., |  |  |
| &nbsp;&nbsp; 4.00%, 11/16/26<sup>(b)</sup> <br>| 42000 | 41073 |
| &nbsp;&nbsp; 4.50%, 11/16/29<sup>(b)</sup> <br>| 54000 | 49345 |
|  |  | **90418** |
| **Spain – 0.0%**<sup>(c)</sup> | **Spain – 0.0%**<sup>(c)</sup> | **Spain – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria S.A., (5Y US <br> Treasury CMT + 3.25%), <br> 7.75%, 1/14/32<sup>(i)(k)</sup> <br>| 61000 | **63213** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| &nbsp;&nbsp; Eldorado Gold Corp., <br> 6.25%, 9/01/29<sup>(b)</sup> <br>| $49000 | $48964 |
| Sisecam UK PLC, |  |  |
| &nbsp;&nbsp; 8.25%, 5/02/29<sup>(b)</sup> <br>| 25000 | 25622 |
| &nbsp;&nbsp; 8.63%, 5/02/32<sup>(b)</sup> <br>| 65000 | 66861 |
|  |  | **141447** |
| **United Kingdom – 0.6%** | **United Kingdom – 0.6%** | **United Kingdom – 0.6%** |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp; 6.34%, 8/02/30 | 96000 | 102916 |
| &nbsp;&nbsp; 5.63%, 8/15/35 | 70000 | 71103 |
| &nbsp;&nbsp; BAT International Finance <br> PLC, 4.45%, 3/16/28<br>| 20000 | 19935 |
| &nbsp;&nbsp; Belron UK Finance PLC, <br> 5.75%, 10/15/29<sup>(b)</sup> <br>| 23000 | 23216 |
| &nbsp;&nbsp; Connect Finco <br> S.a.r.l./Connect U.S. Finco <br> LLC, 9.00%, 9/15/29<sup>(b)</sup> <br>| 35000 | 35343 |
| &nbsp;&nbsp; Diageo Capital PLC, <br> 5.50%, 1/24/33<br>| 260000 | 271075 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.97%), 6.16%, <br> 3/09/29<sup>(i)</sup> <br>| 200000 | 207436 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.29%, <br> 11/19/30<sup>(i)</sup> <br>| 400000 | 408391 |
| &nbsp;&nbsp; Ithaca Energy North Sea <br> PLC, 8.13%, 10/15/29<sup>(b)</sup> <br>| 81000 | 83504 |
| &nbsp;&nbsp; Jaguar Land Rover <br> Automotive PLC, 4.50%, <br> 10/01/27<sup>(b)</sup> <br>| 16000 | 15702 |
| &nbsp;&nbsp; Zegona Finance PLC, <br> 8.63%, 7/15/29<sup>(b)</sup> <br>| 80000 | 85160 |
|  |  | **1323781** |
| **Zambia – 0.1%** | **Zambia – 0.1%** | **Zambia – 0.1%** |
| &nbsp;&nbsp; First Quantum <br> Minerals Ltd.,<br>|  |  |
| &nbsp;&nbsp; 9.38%, 3/01/29<sup>(b)</sup> <br>| 57000 | 60404 |
| &nbsp;&nbsp; 8.63%, 6/01/31<sup>(b)</sup> <br>| 21000 | 21866 |
| &nbsp;&nbsp; 8.00%, 3/01/33<sup>(b)</sup> <br>| 29000 | 29882 |
|  |  | **112152** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $5,280,271) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $5,280,271) | **5346603** |
| **Mortgage-Backed Securities – 14.0%** | **Mortgage-Backed Securities – 14.0%** | **Mortgage-Backed Securities – 14.0%** |
| **Federal National Mortgage Association – 0.0%**<sup>(c)</sup> | **Federal National Mortgage Association – 0.0%**<sup>(c)</sup> | **Federal National Mortgage Association – 0.0%**<sup>(c)</sup> |
| Pool, |  |  |
| &nbsp;&nbsp; 4.50%, 1/01/49 | 6837 | 6598 |
| &nbsp;&nbsp; 2.50%, 11/01/50 | 62094 | 51472 |
|  |  | **58070** |
| **Government National Mortgage Association – 1.3%** | **Government National Mortgage Association – 1.3%** | **Government National Mortgage Association – 1.3%** |
| Pool, |  |  |
| &nbsp;&nbsp; 2.00%, 8/01/53<sup>(j)</sup> <br>| 925000 | 746554 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.00%, 8/01/53<sup>(j)</sup> <br>| $425000 | $371289 |
| &nbsp;&nbsp; 3.50%, 8/01/53<sup>(j)</sup> <br>| 250000 | 224600 |
| &nbsp;&nbsp; 4.50%, 8/01/53<sup>(j)</sup> <br>| 225000 | 213498 |
| &nbsp;&nbsp; 5.00%, 8/01/53<sup>(j)</sup> <br>| 250000 | 243962 |
| &nbsp;&nbsp; 5.50%, 8/01/53<sup>(j)</sup> <br>| 375000 | 373988 |
| &nbsp;&nbsp; 6.00%, 8/01/53<sup>(j)</sup> <br>| 125000 | 126675 |
| &nbsp;&nbsp; 2.50%, 8/01/55<sup>(j)</sup> <br>| 300000 | 252237 |
| &nbsp;&nbsp; 4.00%, 8/01/55<sup>(j)</sup> <br>| 150000 | 138116 |
| &nbsp;&nbsp; 6.50%, 8/01/55<sup>(j)</sup> <br>| 75000 | 76980 |
|  |  | **2767899** |
| **Government National Mortgage Association II –** <br> **0.0%**<sup>(c)</sup> | **Government National Mortgage Association II –** <br> **0.0%**<sup>(c)</sup> | **Government National Mortgage Association II –** <br> **0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Pool, <br>2.50%, 12/20/46 - <br> 1/20/51<br>| 141584 | **117848** |
| **Uniform Mortgage-Backed Securities – 3.3%** | **Uniform Mortgage-Backed Securities – 3.3%** | **Uniform Mortgage-Backed Securities – 3.3%** |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 8/01/38 - <br> 8/01/53<sup>(j)</sup> <br>| 1825000 | 1477558 |
| &nbsp;&nbsp;&nbsp; 2.50%, 8/01/40 - <br> 8/01/53<sup>(j)</sup> <br>| 2015000 | 1699830 |
| &nbsp;&nbsp;&nbsp; 3.00%, 8/01/40 - <br> 8/01/52<sup>(j)</sup> <br>| 775000 | 674534 |
| &nbsp;&nbsp;&nbsp; 3.50%, 8/01/40 - <br> 8/01/53<sup>(j)</sup> <br>| 625000 | 559886 |
| &nbsp;&nbsp;&nbsp; 4.00%, 8/01/40 - <br> 8/01/52<sup>(j)</sup> <br>| 700000 | 649171 |
| &nbsp;&nbsp; 4.50%, 8/01/53<sup>(j)</sup> <br>| 325000 | 308260 |
| &nbsp;&nbsp; 5.00%, 8/01/53<sup>(j)</sup> <br>| 450000 | 437939 |
| &nbsp;&nbsp; 5.50%, 8/01/53<sup>(j)</sup> <br>| 525000 | 522220 |
| &nbsp;&nbsp; 6.00%, 8/01/53<sup>(j)</sup> <br>| 575000 | 582948 |
| &nbsp;&nbsp; 6.50%, 8/01/53<sup>(j)</sup> <br>| 325000 | 335209 |
|  |  | **7247555** |
| **Whole Loan – 9.4%** | **Whole Loan – 9.4%** | **Whole Loan – 9.4%** |
| &nbsp;&nbsp; FHLMC STACR REMIC <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA1, <br> Class B1, (30D Average <br> SOFR + 2.65%), 7.00%, <br> 1/25/51<sup>(b)(l)</sup> <br>| 700000 | 733689 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA2, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 8/25/33<sup>(b)(l)</sup> <br>| 700000 | 776566 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA3, <br> Class B1, (30D Average <br> SOFR + 3.50%), 7.85%, <br> 10/25/33<sup>(b)(l)</sup> <br>| 250000 | 281170 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; FHLMC STACR REMIC <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA5, <br> Class B1, (30D Average <br> SOFR + 3.05%), 7.40%, <br> 1/25/34<sup>(b)(l)</sup> <br>| $784414 | $838626 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA5, <br> Class B2, (30D Average <br> SOFR + 5.50%), 9.85%, <br> 1/25/34<sup>(b)(l)</sup> <br>| 250000 | 295672 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA6, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 10/25/41<sup>(b)(l)</sup> <br>| 530000 | 543973 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA1, <br> Class B1, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 8/25/33<sup>(b)(l)</sup> <br>| 629000 | 690357 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA2, <br> Class B1, (30D Average <br> SOFR + 3.15%), 7.50%, <br> 12/25/33<sup>(b)(l)</sup> <br>| 400000 | 440876 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA2, <br> Class B2, (30D Average <br> SOFR + 5.45%), 9.80%, <br> 12/25/33<sup>(b)(l)</sup> <br>| 200000 | 233702 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA3, <br> Class B1, (30D Average <br> SOFR + 3.35%), 7.70%, <br> 9/25/41<sup>(b)(l)</sup> <br>| 800000 | 817116 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA3, <br> Class M2, (30D Average <br> SOFR + 2.10%), 6.45%, <br> 9/25/41<sup>(b)(l)</sup> <br>| 355000 | 358106 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA4, <br> Class B1, (30D Average <br> SOFR + 3.75%), 8.10%, <br> 12/25/41<sup>(b)(l)</sup> <br>| 750000 | 772231 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA1, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 1/25/42<sup>(b)(l)</sup> <br>| 250000 | 257193 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA1, <br> Class M2, (30D Average <br> SOFR + 2.50%), 6.85%, <br> 1/25/42<sup>(b)(l)</sup> <br>| 250000 | 254587 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA2, <br> Class M2, (30D Average <br> SOFR + 3.75%), 8.10%, <br> 2/25/42<sup>(b)(l)</sup> <br>| 300000 | 311507 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3. <br> Class M2, (30D Average <br> SOFR + 4.35%), 8.70%, <br> 4/25/42<sup>(b)(l)</sup> <br>| 521000 | 548084 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, <br> Class M2, (30D Average <br> SOFR + 5.25%), 9.60%, <br> 5/25/42<sup>(b)(l)</sup> <br>| 550000 | 587471 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; FHLMC STACR REMIC <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA7, <br> Class M2, (30D Average <br> SOFR + 7.00%), 11.35%, <br> 3/25/52<sup>(b)(l)</sup> <br>| $500000 | $559337 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA1, <br> Class M2, (30D Average <br> SOFR + 5.25%), 9.60%, <br> 3/25/42<sup>(b)(l)</sup> <br>| 788000 | 836666 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA2, <br> Class M2, (30D Average <br> SOFR + 6.00%), 10.35%, <br> 7/25/42<sup>(b)(l)</sup> <br>| 485000 | 526533 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA7, <br> Class B1, (30D Average <br> SOFR + 3.65%), 8.00%, <br> 11/25/41<sup>(b)(l)</sup> <br>| 710000 | 731645 |
| &nbsp;&nbsp; FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.36%), 7.71%, <br> 1/25/40<sup>(b)(l)</sup> <br>| 100870 | 103329 |
| &nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class <br> 1M2, (30D Average <br> SOFR + 3.76%), 8.11%, <br> 2/25/40<sup>(b)(l)</sup> <br>| 625000 | 648631 |
| &nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class <br> 2M2, (30D Average <br> SOFR + 3.76%), 8.11%, <br> 2/25/40<sup>(b)(l)</sup> <br>| 745000 | 773895 |
| &nbsp;&nbsp;&nbsp; Series 2021-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.10%), 7.45%, <br> 10/25/41<sup>(b)(l)</sup> <br>| 855200 | 874099 |
| &nbsp;&nbsp;&nbsp; Series 2021-R02, Class <br> 2B1, (30D Average SOFR <br> + 3.30%), 7.65%, <br> 11/25/41<sup>(b)(l)</sup> <br>| 750000 | 768013 |
| &nbsp;&nbsp;&nbsp; Series 2021-R02, Class <br> 2M2, (30D Average <br> SOFR + 2.00%), 6.35%, <br> 11/25/41<sup>(b)(l)</sup> <br>| 267561 | 269646 |
| &nbsp;&nbsp;&nbsp; Series 2021-R03, Class <br> 1B1, (30D Average SOFR <br> + 2.75%), 7.10%, <br> 12/25/41<sup>(b)(l)</sup> <br>| 750000 | 764484 |
| &nbsp;&nbsp;&nbsp; Series 2022-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.15%), 7.50%, <br> 12/25/41<sup>(b)(l)</sup> <br>| 802000 | 822528 |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class <br> 2B1, (30D Average SOFR <br> + 4.50%), 8.85%, <br> 1/25/42<sup>(b)(l)</sup> <br>| 786000 | 819598 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 1/25/42<sup>(b)(l)</sup> <br>| $701348 | $718363 |
| &nbsp;&nbsp;&nbsp; Series 2022-R03, Class <br> 1B1, (30D Average SOFR <br> + 6.25%), 10.60%, <br> 3/25/42<sup>(b)(l)</sup> <br>| 635000 | 684942 |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class <br> 1B1, (30D Average SOFR <br> + 5.25%), 9.60%, <br> 3/25/42<sup>(b)(l)</sup> <br>| 250000 | 265994 |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 4/25/42<sup>(b)(l)</sup> <br>| 540000 | 553667 |
| &nbsp;&nbsp;&nbsp; Series 2022-R06, Class <br> 1B1, (30D Average SOFR <br> + 6.35%), 10.70%, <br> 5/25/42<sup>(b)(l)</sup> <br>| 290000 | 315257 |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class <br> 1B1, (30D Average SOFR <br> + 5.60%), 9.95%, <br> 7/25/42<sup>(b)(l)</sup> <br>| 235000 | 253361 |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class <br> 1B1, (30D Average SOFR <br> + 2.50%), 6.85%, <br> 2/25/44<sup>(b)(l)</sup> <br>| 345000 | 353090 |
| &nbsp;&nbsp;&nbsp; Series 2024-R06, Class <br> 1B1, (30D Average SOFR <br> + 2.05%), 6.40%, <br> 9/25/44<sup>(b)(l)</sup> <br>| 250000 | 251327 |
|  |  | **20635331** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $30,620,130) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $30,620,130) | **30826703** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Preferred Stocks – 1.4%** | **Preferred Stocks – 1.4%** | **Preferred Stocks – 1.4%** |
| **Specialty Finance – 1.4%** | **Specialty Finance – 1.4%** | **Specialty Finance – 1.4%** |
| &nbsp;&nbsp; AGNC Investment Corp., <br> (3M CME Term SOFR + <br> 4.96%), 9.28%<sup>(l)</sup> <br>| 23314 | 594041 |
| &nbsp;&nbsp; AGNC Investment Corp. <br> (NASDAQ Exchange), (3M <br> CME Term SOFR + <br> 5.25%), 9.57%<sup>(l)</sup> <br>| 3228 | 82927 |
| &nbsp;&nbsp; MFA Financial, Inc., (3M <br> CME Term SOFR + <br> 5.61%), 9.90%<sup>(l)</sup> <br>| 31438 | 771174 |
| &nbsp;&nbsp; New York Mortgage <br> Trust, Inc., (3M USD <br> LIBOR + 6.43%), 11.28%<sup>(l)</sup> <br>| 2103 | 52070 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; New York Mortgage <br> Trust, Inc. (NASDAQ <br> Exchange), (SOFR + <br> 6.13%), 6.88%<sup>(l)</sup> <br>| 21682 | $472668 |
| &nbsp;&nbsp; Redwood Trust, Inc., (5Y <br> US Treasury CMT + <br> 6.28%), 10.00%<sup>(l)</sup> <br>| 7133 | 180108 |
| &nbsp;&nbsp; Rithm Capital Corp., (3M <br> CME Term SOFR + <br> 5.90%), 10.16%<sup>(l)</sup> <br>| 5335 | 137376 |
| &nbsp;&nbsp; Rithm Capital Corp. (New <br> York Exchange), (3M CME <br> Term SOFR + 5.23%), <br> 9.56%<sup>(l)</sup> <br>| 28302 | 715758 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $2,641,817) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $2,641,817) | **3006122** |
| **Rights – 0.1%** | **Rights – 0.1%** | **Rights – 0.1%** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp; Albireo Pharma, Inc. <br> CVR<sup>(f)(m)\*</sup> <br>| 21904 | 59259 |
| &nbsp;&nbsp; CinCor Pharma, Inc. <br> CVR<sup>(f)(m)\*</sup> <br>| 24888 | 96063 |
| &nbsp;&nbsp; Concert <br> Pharmaceuticals, Inc. <br> CVR<sup>(f)(m)\*</sup> <br>| 97290 | 45259 |
|  |  | **200581** |
| **Forestry, Paper & Wood Products – 0.0%**<sup>(c)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(c)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Resolute Forest <br> Products, Inc. CVR<sup>(f)(m)\*</sup> <br>| 44100 | **69969** |
| **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> |
| ABIOMED, Inc. CVR<sup>(f)(m)\*</sup> <br>| 8954 | **14327** |
| &nbsp;&nbsp; **Total Rights** <br>(Cost $—) | &nbsp;&nbsp; **Total Rights** <br>(Cost $—) | **284877** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 18.4%** | **Short-Term Investments – 18.4%** | **Short-Term Investments – 18.4%** |
| **Convertible Bonds – 3.8%** | **Convertible Bonds – 3.8%** | **Convertible Bonds – 3.8%** |
| &nbsp;&nbsp; Arbor Realty Trust, Inc., <br> 7.50%, 8/01/25<br>| $970000 | 970000 |
| &nbsp;&nbsp; Dayforce, Inc., 0.25%, <br> 3/15/26<sup>(e)</sup> <br>| 331000 | 320243 |
| &nbsp;&nbsp; Duke Energy Corp., 4.13%, <br> 4/15/26<sup>(e)</sup> <br>| 673000 | 720783 |
| &nbsp;&nbsp; Enphase Energy, Inc., <br> 0.00%, 3/01/26<sup>(g)</sup> <br>| 252000 | 242878 |
| &nbsp;&nbsp; fuboTV, Inc., 3.25%, <br> 2/15/26<br>| 695000 | 682142 |
| &nbsp;&nbsp; Haemonetics Corp., 0.00%, <br> 3/01/26<sup>(g)</sup> <br>| 390000 | 377715 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Convertible Bonds (Continued)** | **Convertible Bonds (Continued)** | **Convertible Bonds (Continued)** |
| &nbsp;&nbsp; Mesa Laboratories, Inc., <br> 1.38%, 8/15/25<br>| $622000 | $617273 |
| &nbsp;&nbsp; Mitek Systems, Inc., <br> 0.75%, 2/01/26<br>| 141000 | 136911 |
| &nbsp;&nbsp; NextEra Energy Partners <br> L.P., 0.00%, <br> 11/15/25<sup>(b)(e)(g)</sup> <br>| 664000 | 649923 |
| &nbsp;&nbsp; Peloton Interactive, Inc., <br> 0.00%, 2/15/26<sup>(g)</sup> <br>| 126000 | 121438 |
| &nbsp;&nbsp; PennyMac Corp., 5.50%, <br> 3/15/26<sup>(e)</sup> <br>| 741000 | 728773 |
| &nbsp;&nbsp; SolarEdge <br> Technologies, Inc., <br> 0.00%, 9/15/25<sup>(e)(g)</sup> <br>| 817000 | 801886 |
| &nbsp;&nbsp; Summit Hotel <br> Properties, Inc., 1.50%, <br> 2/15/26<sup>(e)</sup> <br>| 513000 | 497097 |
| &nbsp;&nbsp; Two Harbors <br> Investment Corp., 6.25%, <br> 1/15/26<sup>(e)</sup> <br>| 1549000 | 1539706 |
|  |  | **8406768** |
| **Corporate Bonds – 0.7%** | **Corporate Bonds – 0.7%** | **Corporate Bonds – 0.7%** |
| &nbsp;&nbsp; Ares Capital Corp., 2.15%, <br> 7/15/26<br>| 48000 | 46857 |
| AT&T, Inc., 1.70%, 3/25/26 | 373000 | 366231 |
| &nbsp;&nbsp; AutoZone, Inc., 5.05%, <br> 7/15/26<br>| 120000 | 120638 |
| &nbsp;&nbsp; Brookfield Property <br> REIT, Inc./BPR <br> Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco <br> LL, 5.75%, 5/15/26<sup>(b)</sup> <br>| 17000 | 16956 |
| &nbsp;&nbsp; Charles Schwab <br> (The) Corp., 1.15%, <br> 5/13/26<br>| 50000 | 48729 |
| &nbsp;&nbsp; Equinix, Inc., 1.45%, <br> 5/15/26<br>| 70000 | 68218 |
| Jabil, Inc., 1.70%, 4/15/26 | 65000 | 63715 |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc., 5.75%, <br> 9/01/25<br>| 30000 | 30019 |
| &nbsp;&nbsp; NiSource, Inc., 0.95%, <br> 8/15/25<br>| 100000 | 99869 |
| ONEOK, Inc., |  |  |
| &nbsp;&nbsp; 2.20%, 9/15/25 | 80000 | 79747 |
| &nbsp;&nbsp; 5.85%, 1/15/26 | 77000 | 77392 |
| &nbsp;&nbsp; Oracle Corp., 1.65%, <br> 3/25/26<br>| 180000 | 176471 |
| &nbsp;&nbsp; Ovintiv, Inc., 5.38%, <br> 1/01/26<br>| 10000 | 10009 |
| &nbsp;&nbsp; PPG Industries, Inc., <br> 1.20%, 3/15/26<br>| 165000 | 161585 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| &nbsp;&nbsp; PPL Capital Funding, Inc., <br> 3.10%, 5/15/26<br>| $20000 | $19760 |
| &nbsp;&nbsp; Reliance, Inc., 1.30%, <br> 8/15/25<br>| 40000 | 39946 |
|  |  | **1426142** |
| **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** |
| &nbsp;&nbsp; Bank of Nova Scotia (The), <br> 1.35%, 6/24/26<br>| 44000 | 42830 |
| &nbsp;&nbsp; Lloyds Banking Group PLC, <br> 4.58%, 12/10/25<br>| 200000 | 199886 |
|  |  | **242716** |
| **Money Market Fund – 4.0%** | **Money Market Fund – 4.0%** | **Money Market Fund – 4.0%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.15%<sup>(n)</sup> <br>| 8893896 | **8893896** |
| **U.S. Treasury Bills – 9.8%** | **U.S. Treasury Bills – 9.8%** | **U.S. Treasury Bills – 9.8%** |
| U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp; 4.20%, 9/02/25<sup>(o)</sup> <br>| 9673000 | 9636234 |
| &nbsp;&nbsp; 4.20%, 9/04/25<sup>(o)</sup> <br>| 9700000 | 9660818 |
| &nbsp;&nbsp; 4.17%, 9/11/25<sup>(o)</sup> <br>| 400000 | 398047 |
| &nbsp;&nbsp; 4.19%, 9/16/25<sup>(o)</sup> <br>| 1500000 | 1491822 |
| &nbsp;&nbsp; 4.20%, 11/12/25<sup>(o)</sup> <br>| 400000 | 395154 |
|  |  | **21582075** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $40,527,790) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $40,527,790) | **40551597** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **Purchased Options – 0.0%**<sup>(c)</sup>  | **Purchased Options – 0.0%**<sup>(c)</sup>  | **Purchased Options – 0.0%**<sup>(c)</sup>  | **Purchased Options – 0.0%**<sup>(c)</sup>  |
| **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> |
| Chevron Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp; Strike Price USD 170.00, <br> Expires 9/19/25<br>| 93 | 1410252 | 3999 |
| &nbsp;&nbsp;&nbsp; Strike Price USD 165.00, <br> Expires 9/19/25<br>| 93 | 1410252 | 7905 |
| &nbsp;&nbsp; Skechers USA, Inc., Strike <br> Price USD 65.00, Expires <br> 8/15/25<br>| 131 | 828575 | 1310 |
|  |  |  | **13214** |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Skechers USA, Inc., Strike <br> Price USD 55.00, Expires <br> 8/15/25<br>| 262 | 1657150 | $2620 |
| &nbsp;&nbsp; Verona Pharma PLC, Strike <br> Price USD 100.00, Expires <br> 12/19/25<br>| 10 | 105090 | 360 |
|  |  |  | **2980** |
| &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $97,520) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $97,520) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $97,520) | **16194** |
| &nbsp;&nbsp; **Total Long Positions – 106.7%** <br>(Cost $228,160,048) | &nbsp;&nbsp; **Total Long Positions – 106.7%** <br>(Cost $228,160,048) | &nbsp;&nbsp; **Total Long Positions – 106.7%** <br>(Cost $228,160,048) | **235285456** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short Positions – (16.4)%**<sup>(p)</sup> | **Short Positions – (16.4)%**<sup>(p)</sup> | **Short Positions – (16.4)%**<sup>(p)</sup> |
| **Common Stocks – (16.4)%** | **Common Stocks – (16.4)%** | **Common Stocks – (16.4)%** |
| **Asset Management – (1.4)%** | **Asset Management – (1.4)%** | **Asset Management – (1.4)%** |
| &nbsp;&nbsp; Affiliated Managers <br> Group, Inc.<br>| (2346)<br>| (492355)<br>|
| &nbsp;&nbsp; Apollo Global <br> Management, Inc.<br>| (5017)<br>| (729070)<br>|
| &nbsp;&nbsp; Ares Management Corp., <br> Class A<br>| (3916)<br>| (726535)<br>|
| IREN Ltd. (Australia) | (6523)<br>| (105086)<br>|
| MARA Holdings, Inc. | (9369)<br>| (150654)<br>|
| WisdomTree, Inc. | (71781)<br>| (952534)<br>|
|  |  | **(3156234)**<br>|
| **Automotive – (0.1)%** | **Automotive – (0.1)%** | **Automotive – (0.1)%** |
| &nbsp;&nbsp; indie Semiconductor, Inc., <br> Class A (China)<br>| (22385)<br>| (87526)<br>|
| &nbsp;&nbsp; Rivian Automotive, Inc., <br> Class A<br>| (7921)<br>| (101943)<br>|
|  |  | **(189469)**<br>|
| **Banking – (1.1)%** | **Banking – (1.1)%** | **Banking – (1.1)%** |
| &nbsp;&nbsp; Columbia Banking <br> System, Inc.<br>| (63400)<br>| (1508920)<br>|
| &nbsp;&nbsp; Huntington <br> Bancshares, Inc.<br>| (54130)<br>| (889356)<br>|
|  |  | **(2398276)**<br>|
| **Biotechnology & Pharmaceuticals – (1.0)%** | **Biotechnology & Pharmaceuticals – (1.0)%** | **Biotechnology & Pharmaceuticals – (1.0)%** |
| &nbsp;&nbsp; Ascendis Pharma A/S ADR <br> (Denmark)<br>| (1839)<br>| (319066)<br>|
| Bridgebio Pharma, Inc. | (3432)<br>| (162231)<br>|
| Celcuity, Inc. | (800)<br>| (31332)<br>|
| &nbsp;&nbsp; Collegium <br> Pharmaceutical, Inc.<br>| (10527)<br>| (314336)<br>|
| Ionis Pharmaceuticals, Inc. | (2169)<br>| (93224)<br>|
| Jazz Pharmaceuticals PLC | (3491)<br>| (400173)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| &nbsp;&nbsp; Mirum <br> Pharmaceuticals, Inc.<br>| (14676)<br>| $(758456)<br>|
| Pacira BioSciences, Inc. | (4489)<br>| (94673)<br>|
|  |  | **(2173491)**<br>|
| **Cable & Satellite – (0.1)%** | **Cable & Satellite – (0.1)%** | **Cable & Satellite – (0.1)%** |
| Sirius XM Holdings, Inc. | (11253)<br>| **(237663)**<br>|
| **Chemicals – (0.3)%** | **Chemicals – (0.3)%** | **Chemicals – (0.3)%** |
| Albemarle Corp. | (10037)<br>| **(681010)**<br>|
| **Commercial Support Services – (0.3)%** | **Commercial Support Services – (0.3)%** | **Commercial Support Services – (0.3)%** |
| Alarm.com Holdings, Inc. | (2860)<br>| (156242)<br>|
| &nbsp;&nbsp; CSG Systems <br> International, Inc.<br>| (6523)<br>| (407426)<br>|
|  |  | **(563668)**<br>|
| **E-Commerce Discretionary – (0.3)%** | **E-Commerce Discretionary – (0.3)%** | **E-Commerce Discretionary – (0.3)%** |
| Wayfair, Inc., Class A | (9631)<br>| **(632179)**<br>|
| **Electric Utilities – (0.4)%** | **Electric Utilities – (0.4)%** | **Electric Utilities – (0.4)%** |
| CenterPoint Energy, Inc. | (10687)<br>| (414869)<br>|
| Duke Energy Corp. | (3190)<br>| (388032)<br>|
| PG&E Corp. | (9041)<br>| (126755)<br>|
|  |  | **(929656)**<br>|
| **Electrical Equipment – (0.4)%** | **Electrical Equipment – (0.4)%** | **Electrical Equipment – (0.4)%** |
| &nbsp;&nbsp; Bloom Energy Corp., <br> Class A<br>| (10124)<br>| (378536)<br>|
| OSI Systems, Inc. | (2098)<br>| (463679)<br>|
|  |  | **(842215)**<br>|
| **Engineering & Construction – (0.1)%** | **Engineering & Construction – (0.1)%** | **Engineering & Construction – (0.1)%** |
| Tetra Tech, Inc. | (8575)<br>| **(315045)**<br>|
| **Entertainment Content – (0.3)%** | **Entertainment Content – (0.3)%** | **Entertainment Content – (0.3)%** |
| Sphere Entertainment Co. | (15387)<br>| **(662410)**<br>|
| **Health Care Facilities & Services – (0.2)%** | **Health Care Facilities & Services – (0.2)%** | **Health Care Facilities & Services – (0.2)%** |
| &nbsp;&nbsp; BrightSpring Health <br> Services, Inc.<br>| (25731)<br>| **(531345)**<br>|
| **Household Products – (0.1)%** | **Household Products – (0.1)%** | **Household Products – (0.1)%** |
| &nbsp;&nbsp; Oddity Tech Ltd., Class A <br> (Israel)<br>| (1766)<br>| (123744)<br>|
| &nbsp;&nbsp; Spectrum Brands <br> Holdings, Inc.<br>| (1557)<br>| (83315)<br>|
|  |  | **(207059)**<br>|
| **Industrial Intermediate Products – (0.2)%** | **Industrial Intermediate Products – (0.2)%** | **Industrial Intermediate Products – (0.2)%** |
| Chart Industries, Inc.<sup>(e)</sup> <br>| (2759)<br>| **(548572)**<br>|
| **Internet Media & Services – (0.1)%** | **Internet Media & Services – (0.1)%** | **Internet Media & Services – (0.1)%** |
| MakeMyTrip Ltd. (India) | (377)<br>| (35283)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| Snap, Inc., Class A | (11029)<br>| $(104004)<br>|
| Ziff Davis, Inc. | (116)<br>| (3610)<br>|
|  |  | **(142897)**<br>|
| **IT Services – (0.1)%** | **IT Services – (0.1)%** | **IT Services – (0.1)%** |
| Parsons Corp. | (3586)<br>| **(266081)**<br>|
| **Leisure Facilities & Services – (0.9)%** | **Leisure Facilities & Services – (0.9)%** | **Leisure Facilities & Services – (0.9)%** |
| Carnival Corp. | (11716)<br>| (348785)<br>|
| &nbsp;&nbsp; Cheesecake Factory <br> (The), Inc.<br>| (7600)<br>| (485716)<br>|
| DraftKings, Inc., Class A | (2102)<br>| (94674)<br>|
| &nbsp;&nbsp; Live Nation <br> Entertainment, Inc.<br>| (5320)<br>| (785764)<br>|
| &nbsp;&nbsp; Marriott Vacations <br> Worldwide Corp.<br>| (391)<br>| (29118)<br>|
| &nbsp;&nbsp; Norwegian Cruise Line <br> Holdings Ltd.<br>| (7615)<br>| (194640)<br>|
|  |  | **(1938697)**<br>|
| **Medical Equipment & Devices – (0.6)%** | **Medical Equipment & Devices – (0.6)%** | **Medical Equipment & Devices – (0.6)%** |
| CONMED Corp. | (329)<br>| (16828)<br>|
| Dexcom, Inc. | (568)<br>| (45878)<br>|
| Enovis Corp. | (4412)<br>| (118242)<br>|
| Exact Sciences Corp. | (5334)<br>| (250431)<br>|
| Haemonetics Corp. | (1932)<br>| (143045)<br>|
| Integer Holdings Corp. | (2134)<br>| (231560)<br>|
| LeMaitre Vascular, Inc. | (2111)<br>| (171498)<br>|
| Omnicell, Inc. | (6414)<br>| (198898)<br>|
| Tempus AI, Inc. | (1107)<br>| (62645)<br>|
|  |  | **(1239025)**<br>|
| **Metals & Mining – (0.9)%** | **Metals & Mining – (0.9)%** | **Metals & Mining – (0.9)%** |
| &nbsp;&nbsp; Centrus Energy Corp., <br> Class A<br>| (3520)<br>| (758208)<br>|
| Century Aluminum Co. | (13333)<br>| (282393)<br>|
| &nbsp;&nbsp; Equinox Gold Corp. <br> (Canada)<br>| (79736)<br>| (486389)<br>|
| &nbsp;&nbsp; Fortuna Mining Corp. <br> (Canada)<br>| (48511)<br>| (312896)<br>|
| Peabody Energy Corp. | (5104)<br>| (82430)<br>|
|  |  | **(1922316)**<br>|
| **Oil & Gas Supply Chain – (2.1)%** | **Oil & Gas Supply Chain – (2.1)%** | **Oil & Gas Supply Chain – (2.1)%** |
| Chevron Corp.<sup>(d)</sup> <br>| (17551)<br>| (2661434)<br>|
| Viper Energy, Inc. | (53267)<br>| (2006035)<br>|
|  |  | **(4667469)**<br>|
| **Real Estate Investment Trusts – (0.0)%**<sup>(c)</sup> | **Real Estate Investment Trusts – (0.0)%**<sup>(c)</sup> | **Real Estate Investment Trusts – (0.0)%**<sup>(c)</sup> |
| Pebblebrook Hotel Trust | (1919)<br>| **(19248)**<br>|
| **Renewable Energy – (0.0)%**<sup>(c)</sup> | **Renewable Energy – (0.0)%**<sup>(c)</sup> | **Renewable Energy – (0.0)%**<sup>(c)</sup> |
| Array Technologies, Inc. | (5821)<br>| **(37836)**<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Consumer Staples – (0.1)%** | **Retail - Consumer Staples – (0.1)%** | **Retail - Consumer Staples – (0.1)%** |
| Hims & Hers Health, Inc. | (1992)<br>| **$(131831)**<br>|
| **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** |
| GameStop Corp., Class A | (9466)<br>| **(212512)**<br>|
| **Semiconductors – (0.2)%** | **Semiconductors – (0.2)%** | **Semiconductors – (0.2)%** |
| MKS, Inc. | (2194)<br>| (208825)<br>|
| ON Semiconductor Corp. | (3164)<br>| (178323)<br>|
| Vishay Intertechnology, Inc. | (9643)<br>| (158049)<br>|
|  |  | **(545197)**<br>|
| **Software – (2.7)%** | **Software – (2.7)%** | **Software – (2.7)%** |
| &nbsp;&nbsp; Bentley Systems, Inc., <br> Class B<br>| (2218)<br>| (128600)<br>|
| BILL Holdings, Inc. | (1246)<br>| (53391)<br>|
| Cloudflare, Inc., Class A | (64)<br>| (13292)<br>|
| &nbsp;&nbsp; Evolent Health, Inc., <br> Class A<br>| (4382)<br>| (44039)<br>|
| Five9, Inc. | (1437)<br>| (37118)<br>|
| &nbsp;&nbsp; MicroStrategy, Inc., <br> Class A<br>| (384)<br>| (154314)<br>|
| &nbsp;&nbsp; Pagaya Technologies Ltd., <br> Class A<br>| (20503)<br>| (616115)<br>|
| Palo Alto Networks, Inc. | (16211)<br>| (2814230)<br>|
| Progress Software Corp. | (5177)<br>| (248910)<br>|
| PROS Holdings, Inc. | (1558)<br>| (24445)<br>|
| Rapid7, Inc. | (2492)<br>| (52631)<br>|
| Rubrik, Inc., Class A | (213)<br>| (20224)<br>|
| Synopsys, Inc. | (2298)<br>| (1455714)<br>|
| Unity Software, Inc. | (5262)<br>| (175540)<br>|
| Zscaler, Inc. | (130)<br>| (37123)<br>|
|  |  | **(5875686)**<br>|
| **Specialty Finance – (0.4)%** | **Specialty Finance – (0.4)%** | **Specialty Finance – (0.4)%** |
| Block, Inc. | (64)<br>| (4945)<br>|
| EZCORP, Inc., Class A | (31819)<br>| (455648)<br>|
| &nbsp;&nbsp; Qifu Technology, Inc. ADR <br> (China)<br>| (1924)<br>| (66051)<br>|
| &nbsp;&nbsp; Shift4 Payments, Inc., <br> Class A<br>| (4248)<br>| (437544)<br>|
|  |  | **(964188)**<br>|
| **Technology Hardware – (1.1)%** | **Technology Hardware – (1.1)%** | **Technology Hardware – (1.1)%** |
| &nbsp;&nbsp; Applied <br> Optoelectronics, Inc.<br>| (5595)<br>| (127958)<br>|
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co.<br>| (24306)<br>| (502891)<br>|
| Lumentum Holdings, Inc. | (1063)<br>| (117015)<br>|
| NCR Voyix Corp. | (17610)<br>| (239848)<br>|
| Sandisk Corp. | (1)<br>| (43)<br>|
| Super Micro Computer, Inc. | (5568)<br>| (328345)<br>|
| Western Digital Corp. | (13283)<br>| (1045239)<br>|
|  |  | **(2361339)**<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Telecommunications – (0.1)%** | **Telecommunications – (0.1)%** | **Telecommunications – (0.1)%** |
| AST SpaceMobile, Inc. | (1817)<br>| $(96610)<br>|
| BlackSky Technology, Inc. | (2000)<br>| (38480)<br>|
|  |  | **(135090)**<br>|
| **Transportation & Logistics – (0.6)%** | **Transportation & Logistics – (0.6)%** | **Transportation & Logistics – (0.6)%** |
| Union Pacific Corp. | (5913)<br>| **(1312509)**<br>|
| **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** |
| Greenbrier (The) Cos., Inc. | (6489)<br>| **(295249)**<br>|
| &nbsp;&nbsp; **Total Common Stocks** <br>(Proceeds $32,859,592) | &nbsp;&nbsp; **Total Common Stocks** <br>(Proceeds $32,859,592) | **(36135462)**<br>|
| **Rights – 0.0%**<sup>(c)</sup>  | **Rights – 0.0%**<sup>(c)</sup>  | **Rights – 0.0%**<sup>(c)</sup>  |
| **Biotechnology & Pharmaceuticals — 0.0%**<sup>(c)</sup> | **Biotechnology & Pharmaceuticals — 0.0%**<sup>(c)</sup> | **Biotechnology & Pharmaceuticals — 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Ligand <br> Pharmaceuticals, Inc. <br> CVR (Switzerland <br> Exchange)<sup>(f)</sup> <br>| (52)<br>|  |
| &nbsp;&nbsp; Ligand <br> Pharmaceuticals, Inc. <br> CVR<sup>(f)</sup> <br>| (52)<br>|  |
| &nbsp;&nbsp; **Total Rights** <br>(Proceeds $—) | &nbsp;&nbsp; **Total Rights** <br>(Proceeds $—) | **—** |
| &nbsp;&nbsp; **Total Short Positions – (16.4)%** <br>(Proceeds $32,859,592) | &nbsp;&nbsp; **Total Short Positions – (16.4)%** <br>(Proceeds $32,859,592) | **(36135462)**<br>|
| &nbsp;&nbsp; **Total Written Options – (0.0)%**<sup>(c)</sup> <br>(Premiums Received $35,552) | &nbsp;&nbsp; **Total Written Options – (0.0)%**<sup>(c)</sup> <br>(Premiums Received $35,552) | (76275)<br>|
| Other Assets less Liabilities – 9.7%<sup>(q)</sup>  | Other Assets less Liabilities – 9.7%<sup>(q)</sup>  | 21500675 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$220574394** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |
| &nbsp;&nbsp; All securities are United States companies, unless noted otherwise in <br> parentheses. | &nbsp;&nbsp; All securities are United States companies, unless noted otherwise in <br> parentheses. | &nbsp;&nbsp; All securities are United States companies, unless noted otherwise in <br> parentheses. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. As of July 31, 2025, these securities had a total value of $52,650,985 or 23.87% of net assets. 

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

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

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

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

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

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

<sup>(i)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of July 31, 2025 is disclosed. 

<sup>(j)</sup> When-Issued Security. Coupon rate was not yet in effect at July 31, 2025.

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

<sup>(l)</sup> Variable or floating rate security. Rate as of July 31, 2025 is disclosed.

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

&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;

<sup>(m)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At July 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $284,877 or 0.13% of net assets. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| ABIOMED, Inc. CVR | 12/23/22 | $— |
| Albireo Pharma, Inc. CVR | 3/03/23 |  |
| CinCor Pharma, Inc. CVR | 2/27/23 |  |
| Concert Pharmaceuticals, Inc. CVR | 3/07/23 |  |
| Resolute Forest Products, Inc. CVR | 3/01/23 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(n)</sup> 7-day current yield as of July 31, 2025 is disclosed.

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

<sup>(p)</sup> Securities sold short are not owned by the Fund.

<sup>(q)</sup> Includes appreciation/(depreciation) on forward foreign currency exchange, futures, swaps and written option contracts.

\* Non-Income Producing Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Abbreviations:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1Y | 1 Year |
| 3M | 3 Month |
| 5Y | 5 Year |
| 30D | 30 Day |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| BDC | Business Development Company |
| CAD | Canadian Dollar |
| CDX | Credit Default Swap Index |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CVR | Contingent Value Rights |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| MSCI | Morgan Stanley Capital International |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| 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 |

---

&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; <br>

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 9/15/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 1462502 | &nbsp;&nbsp; $3431 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4296969 | &nbsp;&nbsp; 21587 |
| Long Gilt | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9/26/2025 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 1095400 | &nbsp;&nbsp; 15887 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 31047656 | &nbsp;&nbsp; (43365)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4759563 | &nbsp;&nbsp; 11195 |
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$8735** |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; 9/10/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1776164 | &nbsp;&nbsp; $18613 |
| 10-Year Canadian Government Bond | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 9/18/2025 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 347921 | &nbsp;&nbsp; 2212 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (117)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12994312 | &nbsp;&nbsp; (70685)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1712813 | &nbsp;&nbsp; (42953)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 586563 | &nbsp;&nbsp; (2755)<br>|
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(95568)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$(86833)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 9/15/25 | U.S. Dollars | &nbsp;&nbsp; 5798461 | Canadian Dollars | &nbsp;&nbsp; 7888100 | Northern Trust | &nbsp;&nbsp; $92337 |
| 9/15/25 | U.S. Dollars | &nbsp;&nbsp; 996294 | British Pounds | &nbsp;&nbsp; 732300 | Northern Trust | &nbsp;&nbsp; 28729 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 1120208 | Swedish Kronor | &nbsp;&nbsp; 10700000 | Goldman Sachs | &nbsp;&nbsp; 23632 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 596052 | Philippine Pesos | &nbsp;&nbsp; 33400000 | Goldman Sachs | &nbsp;&nbsp; 23191 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 1135747 | Euro | &nbsp;&nbsp; 971700 | Morgan Stanley | &nbsp;&nbsp; 23153 |
| 9/15/25 | U.S. Dollars | &nbsp;&nbsp; 1286207 | Euro | &nbsp;&nbsp; 1103590 | Northern Trust | &nbsp;&nbsp; 22777 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 727094 | British Pounds | &nbsp;&nbsp; 534000 | Citibank | &nbsp;&nbsp; 21521 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 779756 | New Zealand Dollars | &nbsp;&nbsp; 1290000 | Goldman Sachs | &nbsp;&nbsp; 18459 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 700983 | Australian Dollars | &nbsp;&nbsp; 1072000 | Bank of America | &nbsp;&nbsp; 11413 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 476425 | South Korean Won | &nbsp;&nbsp; 649300000 | JPMorgan Chase | &nbsp;&nbsp; 9721 |
| 9/15/25 | U.S. Dollars | &nbsp;&nbsp; 426581 | Euro | &nbsp;&nbsp; 365620 | BNY Mellon | &nbsp;&nbsp; 8006 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 282666 | Philippine Pesos | &nbsp;&nbsp; 16019000 | Bank of America | &nbsp;&nbsp; 7915 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 317841 | Euro | &nbsp;&nbsp; 271000 | Goldman Sachs | &nbsp;&nbsp; 7546 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 414677 | Euro | &nbsp;&nbsp; 356000 | Barclays | &nbsp;&nbsp; 7058 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 173336 | Japanese Yen | &nbsp;&nbsp; 25000000 | Morgan Stanley | &nbsp;&nbsp; 6624 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 469101 | Australian Dollars | &nbsp;&nbsp; 720000 | Deutsche Bank | &nbsp;&nbsp; 5958 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 137702 | Japanese Yen | &nbsp;&nbsp; 19790000 | JPMorgan Chase | &nbsp;&nbsp; 5733 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 210399 | British Pounds | &nbsp;&nbsp; 155000 | Morgan Stanley | &nbsp;&nbsp; $5598 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 845228 | Polish Zloty | &nbsp;&nbsp; 3150000 | Deutsche Bank | &nbsp;&nbsp; 5374 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 170536 | New Zealand Dollars | &nbsp;&nbsp; 280000 | Deutsche Bank | &nbsp;&nbsp; 5293 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 236865 | Singapore Dollars | &nbsp;&nbsp; 300000 | Goldman Sachs | &nbsp;&nbsp; 4921 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 178242 | Swiss Francs | &nbsp;&nbsp; 140000 | Deutsche Bank | &nbsp;&nbsp; 4807 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 253170 | South African Rand | &nbsp;&nbsp; 4544000 | Barclays | &nbsp;&nbsp; 4583 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 177999 | Swiss Francs | &nbsp;&nbsp; 140000 | JPMorgan Chase | &nbsp;&nbsp; 4564 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 95265 | Swedish Kronor | &nbsp;&nbsp; 900000 | Morgan Stanley | &nbsp;&nbsp; 3030 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 127176 | British Pounds | &nbsp;&nbsp; 94000 | Bank of America | &nbsp;&nbsp; 2974 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 104063 | Philippine Pesos | &nbsp;&nbsp; 5900000 | Barclays | &nbsp;&nbsp; 2869 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 165312 | Taiwan Dollars | &nbsp;&nbsp; 4839000 | Barclays | &nbsp;&nbsp; 2833 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 125480 | Japanese Yen | &nbsp;&nbsp; 18400000 | Bank of America | &nbsp;&nbsp; 2779 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 134817 | British Pounds | &nbsp;&nbsp; 100000 | Barclays | &nbsp;&nbsp; 2688 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 276993 | Euro | &nbsp;&nbsp; 240000 | Citibank | &nbsp;&nbsp; 2194 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 182186 | Australian Dollars | &nbsp;&nbsp; 280000 | Goldman Sachs | &nbsp;&nbsp; 2075 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 78943 | Australian Dollars | &nbsp;&nbsp; 120000 | Barclays | &nbsp;&nbsp; 1752 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 63654 | Swiss Francs | &nbsp;&nbsp; 50000 | Morgan Stanley | &nbsp;&nbsp; 1713 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 143190 | Australian Dollars | &nbsp;&nbsp; 220000 | JPMorgan Chase | &nbsp;&nbsp; 1674 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 120043 | Indonesian Rupiahs | &nbsp;&nbsp; 1956459000 | Goldman Sachs | &nbsp;&nbsp; 1651 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 80451 | Canadian Dollars | &nbsp;&nbsp; 109000 | Barclays | &nbsp;&nbsp; 1595 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 54631 | New Zealand Dollars | &nbsp;&nbsp; 90000 | Morgan Stanley | &nbsp;&nbsp; 1518 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 76484 | Japanese Yen | &nbsp;&nbsp; 11261000 | Citibank | &nbsp;&nbsp; 1390 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 131205 | Mexican Pesos | &nbsp;&nbsp; 2462261 | Barclays | &nbsp;&nbsp; 1384 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 60470 | Chilean Pesos | &nbsp;&nbsp; 57544738 | Citibank | &nbsp;&nbsp; 1301 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 95333 | Canadian Dollars | &nbsp;&nbsp; 130000 | Morgan Stanley | &nbsp;&nbsp; 1285 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 81829 | Taiwan Dollars | &nbsp;&nbsp; 2400000 | Bank of America | &nbsp;&nbsp; 1245 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 94541 | Polish Zloty | &nbsp;&nbsp; 350000 | Bank of America | &nbsp;&nbsp; 1224 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 27889 | Japanese Yen | &nbsp;&nbsp; 4000000 | Goldman Sachs | &nbsp;&nbsp; 1215 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 139774 | Mexican Pesos | &nbsp;&nbsp; 2628060 | JPMorgan Chase | &nbsp;&nbsp; 1213 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 109722 | Canadian Dollars | &nbsp;&nbsp; 150000 | Goldman Sachs | &nbsp;&nbsp; 1204 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 31888 | Swedish Kronor | &nbsp;&nbsp; 300000 | Bank of America | &nbsp;&nbsp; 1143 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 51054 | Colombian Pesos | &nbsp;&nbsp; 210000000 | Bank of America | &nbsp;&nbsp; 1140 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 67540 | Japanese Yen | &nbsp;&nbsp; 9960000 | Barclays | &nbsp;&nbsp; 1122 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 31861 | Swedish Kronor | &nbsp;&nbsp; 300000 | Societe Generale | &nbsp;&nbsp; 1116 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 81008 | Polish Zloty | &nbsp;&nbsp; 300000 | Goldman Sachs | &nbsp;&nbsp; 1022 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 109692 | South Korean Won | &nbsp;&nbsp; 151202000 | Citibank | &nbsp;&nbsp; 1012 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 178521 | South African Rand | &nbsp;&nbsp; 3245000 | Citibank | &nbsp;&nbsp; 998 |
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 4320000 | U.S. Dollars | &nbsp;&nbsp; 199853 | Goldman Sachs | &nbsp;&nbsp; 992 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 54485 | South African Rand | &nbsp;&nbsp; 978000 | Bank of America | &nbsp;&nbsp; 982 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 78166 | Australian Dollars | &nbsp;&nbsp; 120000 | Morgan Stanley | &nbsp;&nbsp; 975 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 39765 | Brazilian Reals | &nbsp;&nbsp; 220000 | Bank of America | &nbsp;&nbsp; 968 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 78625 | Indonesian Rupiahs | &nbsp;&nbsp; 1284071000 | Deutsche Bank | &nbsp;&nbsp; 921 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 74040 | Mexican Pesos | &nbsp;&nbsp; 1387739 | Royal Bank Of Canada | &nbsp;&nbsp; $872 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 110486 | Indonesian Rupiahs | &nbsp;&nbsp; 1812240750 | Morgan Stanley | &nbsp;&nbsp; 820 |
| 9/17/25 | Mexican Pesos | &nbsp;&nbsp; 1600000 | U.S. Dollars | &nbsp;&nbsp; 83542 | Deutsche Bank | &nbsp;&nbsp; 816 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 61174 | Indonesian Rupiahs | &nbsp;&nbsp; 997442000 | Barclays | &nbsp;&nbsp; 815 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 17430 | Colombian Pesos | &nbsp;&nbsp; 70000000 | Barclays | &nbsp;&nbsp; 793 |
| 9/17/25 | Euro | &nbsp;&nbsp; 188528 | Polish Zloty | &nbsp;&nbsp; 807000 | Citibank | &nbsp;&nbsp; 702 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 39316 | Singapore Dollars | &nbsp;&nbsp; 50000 | Bank of America | &nbsp;&nbsp; 659 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 37095 | South Korean Won | &nbsp;&nbsp; 50696401 | Deutsche Bank | &nbsp;&nbsp; 656 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 58297 | South African Rand | &nbsp;&nbsp; 1055000 | Goldman Sachs | &nbsp;&nbsp; 582 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 31441 | Singapore Dollars | &nbsp;&nbsp; 40000 | Barclays | &nbsp;&nbsp; 515 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 26910 | British Pounds | &nbsp;&nbsp; 20000 | Societe Generale | &nbsp;&nbsp; 484 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 57379 | Hungarian Forints | &nbsp;&nbsp; 20000000 | Morgan Stanley | &nbsp;&nbsp; 460 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 87175 | Swiss Francs | &nbsp;&nbsp; 70000 | Goldman Sachs | &nbsp;&nbsp; 458 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 34768 | Euro | &nbsp;&nbsp; 30000 | Deutsche Bank | &nbsp;&nbsp; 418 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 48345 | Singapore Dollars | &nbsp;&nbsp; 62000 | Morgan Stanley | &nbsp;&nbsp; 410 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 13595 | British Pounds | &nbsp;&nbsp; 10000 | JPMorgan Chase | &nbsp;&nbsp; 382 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 39111 | Indian Rupees | &nbsp;&nbsp; 3400000 | Goldman Sachs | &nbsp;&nbsp; 363 |
| 9/17/25 | Mexican Pesos | &nbsp;&nbsp; 500000 | U.S. Dollars | &nbsp;&nbsp; 26032 | Bank of America | &nbsp;&nbsp; 330 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 60090 | Indonesian Rupiahs | &nbsp;&nbsp; 987701000 | JPMorgan Chase | &nbsp;&nbsp; 321 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 33367 | Indian Rupees | &nbsp;&nbsp; 2900000 | Citibank | &nbsp;&nbsp; 318 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 37292 | Hungarian Forints | &nbsp;&nbsp; 13000000 | Bank of America | &nbsp;&nbsp; 295 |
| 9/17/25 | Euro | &nbsp;&nbsp; 40997 | Polish Zloty | &nbsp;&nbsp; 175000 | Deutsche Bank | &nbsp;&nbsp; 283 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 40613 | Mexican Pesos | &nbsp;&nbsp; 765000 | Societe Generale | &nbsp;&nbsp; 279 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 86585 | Chilean Pesos | &nbsp;&nbsp; 83974000 | Goldman Sachs | &nbsp;&nbsp; 242 |
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1463000 | Euro | &nbsp;&nbsp; 59195 | Morgan Stanley | &nbsp;&nbsp; 239 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 14683 | Canadian Dollars | &nbsp;&nbsp; 20000 | Citibank | &nbsp;&nbsp; 213 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 13537 | Polish Zloty | &nbsp;&nbsp; 50000 | Barclays | &nbsp;&nbsp; 206 |
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 53904000 | Euro | &nbsp;&nbsp; 133820 | Goldman Sachs | &nbsp;&nbsp; 185 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 8402 | Chilean Pesos | &nbsp;&nbsp; 7992262 | Bank of America | &nbsp;&nbsp; 184 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 56477 | Hong Kong Dollars | &nbsp;&nbsp; 440000 | Morgan Stanley | &nbsp;&nbsp; 178 |
| 9/17/25 | Swedish Kronor | &nbsp;&nbsp; 453000 | Euro | &nbsp;&nbsp; 40399 | Barclays | &nbsp;&nbsp; 169 |
| 9/17/25 | Euro | &nbsp;&nbsp; 51504 | Swedish Kronor | &nbsp;&nbsp; 574000 | Barclays | &nbsp;&nbsp; 146 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 24869 | Mexican Pesos | &nbsp;&nbsp; 468940 | Bank of America | &nbsp;&nbsp; 145 |
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1457000 | Euro | &nbsp;&nbsp; 59037 | Barclays | &nbsp;&nbsp; 141 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 105441 | Hungarian Forints | &nbsp;&nbsp; 37000000 | Barclays | &nbsp;&nbsp; 140 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 14229 | Brazilian Reals | &nbsp;&nbsp; 80000 | Barclays | &nbsp;&nbsp; 121 |
| 9/17/25 | Euro | &nbsp;&nbsp; 56301 | Swedish Kronor | &nbsp;&nbsp; 628000 | Morgan Stanley | &nbsp;&nbsp; 105 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 3697 | South Korean Won | &nbsp;&nbsp; 5000000 | Barclays | &nbsp;&nbsp; 103 |
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 400000 | U.S. Dollars | &nbsp;&nbsp; 18501 | Barclays | &nbsp;&nbsp; 95 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 21975 | South African Rand | &nbsp;&nbsp; 400000 | Morgan Stanley | &nbsp;&nbsp; $93 |
| 9/17/25 | Euro | &nbsp;&nbsp; 54687 | Hungarian Forints | &nbsp;&nbsp; 21970000 | Morgan Stanley | &nbsp;&nbsp; 90 |
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1083000 | Euro | &nbsp;&nbsp; 43896 | Citibank | &nbsp;&nbsp; 90 |
| 9/17/25 | Colombian Pesos | &nbsp;&nbsp; 110000000 | U.S. Dollars | &nbsp;&nbsp; 26056 | Goldman Sachs | &nbsp;&nbsp; 89 |
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 25548000 | Euro | &nbsp;&nbsp; 63439 | JPMorgan Chase | &nbsp;&nbsp; 70 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 13387 | Polish Zloty | &nbsp;&nbsp; 50000 | Royal Bank Of Canada | &nbsp;&nbsp; 56 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 3147 | South Korean Won | &nbsp;&nbsp; 4303599 | Bank of America | &nbsp;&nbsp; 54 |
| 9/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 340000000 | U.S. Dollars | &nbsp;&nbsp; 20527 | Bank of America | &nbsp;&nbsp; 48 |
| 9/17/25 | Euro | &nbsp;&nbsp; 68561 | Hungarian Forints | &nbsp;&nbsp; 27568000 | JPMorgan Chase | &nbsp;&nbsp; 45 |
| 9/17/25 | Brazilian Reals | &nbsp;&nbsp; 60000 | U.S. Dollars | &nbsp;&nbsp; 10538 | Goldman Sachs | &nbsp;&nbsp; 43 |
| 9/17/25 | Swiss Francs | &nbsp;&nbsp; 10000 | U.S. Dollars | &nbsp;&nbsp; 12353 | Barclays | &nbsp;&nbsp; 35 |
| 9/17/25 | Euro | &nbsp;&nbsp; 51383 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1265000 | Goldman Sachs | &nbsp;&nbsp; 21 |
| 9/17/25 | Euro | &nbsp;&nbsp; 209011 | Swedish Kronor | &nbsp;&nbsp; 2335000 | JPMorgan Chase | &nbsp;&nbsp; 17 |
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 62781 | Brazilian Reals | &nbsp;&nbsp; 356000 | Citibank | &nbsp;&nbsp; —<br> \*<br>|
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $429504 |
| 9/17/25 | Brazilian Reals | &nbsp;&nbsp; 20000 | U.S. Dollars | &nbsp;&nbsp; 3536 | Societe Generale | &nbsp;&nbsp; $(9)<br>|
| 9/17/25 | Swedish Kronor | &nbsp;&nbsp; 1290000 | Euro | &nbsp;&nbsp; 115538 | Barclays | &nbsp;&nbsp; (86)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 50781 | Norwegian Kroner | &nbsp;&nbsp; 602000 | Morgan Stanley | &nbsp;&nbsp; (103)<br>|
| 9/17/25 | Mexican Pesos | &nbsp;&nbsp; 1450000 | U.S. Dollars | &nbsp;&nbsp; 76564 | Bank of America | &nbsp;&nbsp; (114)<br>|
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 20879000 | Euro | &nbsp;&nbsp; 52002 | Goldman Sachs | &nbsp;&nbsp; (121)<br>|
| 9/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 5615 | Morgan Stanley | &nbsp;&nbsp; (145)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 61788 | Swiss Francs | &nbsp;&nbsp; 50000 | Goldman Sachs | &nbsp;&nbsp; (153)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 69959 | Hungarian Forints | &nbsp;&nbsp; 28200000 | Societe Generale | &nbsp;&nbsp; (153)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 62416 | Hungarian Forints | &nbsp;&nbsp; 22000000 | Goldman Sachs | &nbsp;&nbsp; (195)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 56176 | Norwegian Kroner | &nbsp;&nbsp; 667000 | Goldman Sachs | &nbsp;&nbsp; (215)<br>|
| 9/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 100485000 | U.S. Dollars | &nbsp;&nbsp; 72456 | Barclays | &nbsp;&nbsp; (229)<br>|
| 9/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 9923 | Morgan Stanley | &nbsp;&nbsp; (247)<br>|
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 27380000 | Euro | &nbsp;&nbsp; 68289 | Citibank | &nbsp;&nbsp; (268)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 264403 | Hungarian Forints | &nbsp;&nbsp; 93000000 | Morgan Stanley | &nbsp;&nbsp; (271)<br>|
| 9/17/25 | Thai Baht | &nbsp;&nbsp; 2646000 | U.S. Dollars | &nbsp;&nbsp; 81586 | Goldman Sachs | &nbsp;&nbsp; (297)<br>|
| 9/17/25 | Brazilian Reals | &nbsp;&nbsp; 310000 | U.S. Dollars | &nbsp;&nbsp; 54978 | Deutsche Bank | &nbsp;&nbsp; (309)<br>|
| 9/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 9994 | Citibank | &nbsp;&nbsp; (319)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 9/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 20000 | U.S. Dollars | &nbsp;&nbsp; 15787 | Societe Generale | &nbsp;&nbsp; $(324)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 20762 | Mexican Pesos | &nbsp;&nbsp; 400000 | Societe Generale | &nbsp;&nbsp; (327)<br>|
| 9/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1300000000 | U.S. Dollars | &nbsp;&nbsp; 79001 | Barclays | &nbsp;&nbsp; (333)<br>|
| 9/17/25 | Taiwan Dollars | &nbsp;&nbsp; 300000 | U.S. Dollars | &nbsp;&nbsp; 10413 | Citibank | &nbsp;&nbsp; (339)<br>|
| 9/17/25 | Swiss Francs | &nbsp;&nbsp; 60000 | U.S. Dollars | &nbsp;&nbsp; 74670 | Morgan Stanley | &nbsp;&nbsp; (341)<br>|
| 9/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 30000 | U.S. Dollars | &nbsp;&nbsp; 23540 | Bank of America | &nbsp;&nbsp; (346)<br>|
| 9/17/25 | Thai Baht | &nbsp;&nbsp; 1696000 | U.S. Dollars | &nbsp;&nbsp; 52501 | Bank of America | &nbsp;&nbsp; (398)<br>|
| 9/17/25 | Indian Rupees | &nbsp;&nbsp; 4873000 | U.S. Dollars | &nbsp;&nbsp; 55949 | Deutsche Bank | &nbsp;&nbsp; (414)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 167115 | Brazilian Reals | &nbsp;&nbsp; 950000 | Goldman Sachs | &nbsp;&nbsp; (418)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 92177 | Swedish Kronor | &nbsp;&nbsp; 1034000 | Bank of America | &nbsp;&nbsp; (426)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 70701 | Hungarian Forints | &nbsp;&nbsp; 25000000 | Royal Bank Of Canada | &nbsp;&nbsp; (448)<br>|
| 9/17/25 | Indian Rupees | &nbsp;&nbsp; 2000000 | U.S. Dollars | &nbsp;&nbsp; 23243 | JPMorgan Chase | &nbsp;&nbsp; (450)<br>|
| 9/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 550000000 | U.S. Dollars | &nbsp;&nbsp; 33759 | JPMorgan Chase | &nbsp;&nbsp; (478)<br>|
| 9/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 500000000 | U.S. Dollars | &nbsp;&nbsp; 30760 | Citibank | &nbsp;&nbsp; (503)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 82805 | Swiss Francs | &nbsp;&nbsp; 77000 | Morgan Stanley | &nbsp;&nbsp; (578)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 55905 | Norwegian Kroner | &nbsp;&nbsp; 668000 | Bank of America | &nbsp;&nbsp; (622)<br>|
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 9000000 | U.S. Dollars | &nbsp;&nbsp; 26352 | Bank of America | &nbsp;&nbsp; (738)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 70563 | Colombian Pesos | &nbsp;&nbsp; 300000000 | JPMorgan Chase | &nbsp;&nbsp; (741)<br>|
| 9/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 167907000 | U.S. Dollars | &nbsp;&nbsp; 121446 | JPMorgan Chase | &nbsp;&nbsp; (758)<br>|
| 9/17/25 | Chilean Pesos | &nbsp;&nbsp; 17000000 | U.S. Dollars | &nbsp;&nbsp; 18318 | Barclays | &nbsp;&nbsp; (838)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 158501 | Hungarian Forints | &nbsp;&nbsp; 56000000 | Barclays | &nbsp;&nbsp; (872)<br>|
| 9/17/25 | Swedish Kronor | &nbsp;&nbsp; 500000 | U.S. Dollars | &nbsp;&nbsp; 52140 | Morgan Stanley | &nbsp;&nbsp; (899)<br>|
| 9/17/25 | Chilean Pesos | &nbsp;&nbsp; 130310000 | U.S. Dollars | &nbsp;&nbsp; 134952 | Bank of America | &nbsp;&nbsp; (966)<br>|
| 9/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 900000 | U.S. Dollars | &nbsp;&nbsp; 50215 | Bank of America | &nbsp;&nbsp; (980)<br>|
| 9/17/25 | Canadian Dollars | &nbsp;&nbsp; 60000 | U.S. Dollars | &nbsp;&nbsp; 44415 | Barclays | &nbsp;&nbsp; (1008)<br>|
| 9/17/25 | Thai Baht | &nbsp;&nbsp; 7702000 | U.S. Dollars | &nbsp;&nbsp; 237667 | JPMorgan Chase | &nbsp;&nbsp; (1050)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 46370 | Mexican Pesos | &nbsp;&nbsp; 900000 | Bank of America | &nbsp;&nbsp; (1082)<br>|
| 9/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 239988000 | U.S. Dollars | &nbsp;&nbsp; 173633 | Bank of America | &nbsp;&nbsp; (1134)<br>|
| 9/17/25 | Canadian Dollars | &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 73499 | Bank of America | &nbsp;&nbsp; (1154)<br>|
| 9/17/25 | Swiss Francs | &nbsp;&nbsp; 200000 | U.S. Dollars | &nbsp;&nbsp; 249001 | Deutsche Bank | &nbsp;&nbsp; (1236)<br>|
| 9/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1610000000 | U.S. Dollars | &nbsp;&nbsp; 98809 | Bank of America | &nbsp;&nbsp; (1382)<br>|
| 9/17/25 | Colombian Pesos | &nbsp;&nbsp; 507434000 | U.S. Dollars | &nbsp;&nbsp; 121999 | Bank of America | &nbsp;&nbsp; (1391)<br>|
| 9/17/25 | Colombian Pesos | &nbsp;&nbsp; 330000000 | U.S. Dollars | &nbsp;&nbsp; 79877 | Citibank | &nbsp;&nbsp; (1442)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 9/17/25 | Swedish Kronor | &nbsp;&nbsp; 500000 | U.S. Dollars | &nbsp;&nbsp; 52702 | Deutsche Bank | &nbsp;&nbsp; $(1460)<br>|
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 85983000 | Euro | &nbsp;&nbsp; 215136 | Deutsche Bank | &nbsp;&nbsp; (1626)<br>|
| 9/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1000000 | U.S. Dollars | &nbsp;&nbsp; 56354 | Barclays | &nbsp;&nbsp; (1647)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 124889 | Mexican Pesos | &nbsp;&nbsp; 2400000 | Goldman Sachs | &nbsp;&nbsp; (1649)<br>|
| 9/17/25 | Brazilian Reals | &nbsp;&nbsp; 760000 | U.S. Dollars | &nbsp;&nbsp; 135746 | Goldman Sachs | &nbsp;&nbsp; (1719)<br>|
| 9/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 214977000 | U.S. Dollars | &nbsp;&nbsp; 156272 | Citibank | &nbsp;&nbsp; (1750)<br>|
| 9/17/25 | Taiwan Dollars | &nbsp;&nbsp; 6053000 | U.S. Dollars | &nbsp;&nbsp; 205039 | Bank of America | &nbsp;&nbsp; (1797)<br>|
| 9/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 160000 | U.S. Dollars | &nbsp;&nbsp; 125698 | Goldman Sachs | &nbsp;&nbsp; (1994)<br>|
| 9/17/25 | Philippine Pesos | &nbsp;&nbsp; 6421000 | U.S. Dollars | &nbsp;&nbsp; 112253 | Barclays | &nbsp;&nbsp; (2123)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 50000 | U.S. Dollars | &nbsp;&nbsp; 59392 | Deutsche Bank | &nbsp;&nbsp; (2142)<br>|
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1600000 | U.S. Dollars | &nbsp;&nbsp; 76528 | Morgan Stanley | &nbsp;&nbsp; (2142)<br>|
| 9/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1200000 | U.S. Dollars | &nbsp;&nbsp; 67835 | Citibank | &nbsp;&nbsp; (2187)<br>|
| 9/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1500000 | U.S. Dollars | &nbsp;&nbsp; 71951 | Barclays | &nbsp;&nbsp; (2213)<br>|
| 9/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 181000 | U.S. Dollars | &nbsp;&nbsp; 109189 | Barclays | &nbsp;&nbsp; (2372)<br>|
| 9/17/25 | British Pounds | &nbsp;&nbsp; 70000 | U.S. Dollars | &nbsp;&nbsp; 94891 | Goldman Sachs | &nbsp;&nbsp; (2400)<br>|
| 9/17/25 | Indian Rupees | &nbsp;&nbsp; 9300000 | U.S. Dollars | &nbsp;&nbsp; 108389 | Goldman Sachs | &nbsp;&nbsp; (2402)<br>|
| 9/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 1000000 | U.S. Dollars | &nbsp;&nbsp; 99197 | JPMorgan Chase | &nbsp;&nbsp; (2441)<br>|
| 9/17/25 | Taiwan Dollars | &nbsp;&nbsp; 1752000 | U.S. Dollars | &nbsp;&nbsp; 61269 | Barclays | &nbsp;&nbsp; (2443)<br>|
| 9/17/25 | U.S. Dollars | &nbsp;&nbsp; 381532 | Swiss Francs | &nbsp;&nbsp; 310000 | Royal Bank Of Canada | &nbsp;&nbsp; (2503)<br>|
| 9/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 1200000 | U.S. Dollars | &nbsp;&nbsp; 118623 | Barclays | &nbsp;&nbsp; (2516)<br>|
| 9/17/25 | Taiwan Dollars | &nbsp;&nbsp; 1800000 | U.S. Dollars | &nbsp;&nbsp; 62990 | Goldman Sachs | &nbsp;&nbsp; (2551)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 111000 | U.S. Dollars | &nbsp;&nbsp; 129681 | JPMorgan Chase | &nbsp;&nbsp; (2586)<br>|
| 9/17/25 | British Pounds | &nbsp;&nbsp; 70000 | U.S. Dollars | &nbsp;&nbsp; 95113 | Bank of America | &nbsp;&nbsp; (2623)<br>|
| 9/17/25 | Polish Zloty | &nbsp;&nbsp; 300000 | U.S. Dollars | &nbsp;&nbsp; 82610 | Societe Generale | &nbsp;&nbsp; (2624)<br>|
| 9/17/25 | British Pounds | &nbsp;&nbsp; 80000 | U.S. Dollars | &nbsp;&nbsp; 108521 | Barclays | &nbsp;&nbsp; (2818)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 364298 | Swiss Francs | &nbsp;&nbsp; 339000 | Barclays | &nbsp;&nbsp; (2842)<br>|
| 9/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 30000000 | U.S. Dollars | &nbsp;&nbsp; 88272 | Morgan Stanley | &nbsp;&nbsp; (2894)<br>|
| 9/17/25 | Colombian Pesos | &nbsp;&nbsp; 385584000 | U.S. Dollars | &nbsp;&nbsp; 94774 | Barclays | &nbsp;&nbsp; (3128)<br>|
| 9/17/25 | Indian Rupees | &nbsp;&nbsp; 11700000 | U.S. Dollars | &nbsp;&nbsp; 136520 | Citibank | &nbsp;&nbsp; (3183)<br>|
| 9/17/25 | Taiwan Dollars | &nbsp;&nbsp; 2100000 | U.S. Dollars | &nbsp;&nbsp; 74097 | JPMorgan Chase | &nbsp;&nbsp; (3586)<br>|
| 9/17/25 | Japanese Yen | &nbsp;&nbsp; 11000000 | U.S. Dollars | &nbsp;&nbsp; 77139 | Goldman Sachs | &nbsp;&nbsp; (3785)<br>|
| 9/17/25 | Swedish Kronor | &nbsp;&nbsp; 1500000 | U.S. Dollars | &nbsp;&nbsp; 157824 | JPMorgan Chase | &nbsp;&nbsp; (4098)<br>|
| 9/17/25 | Canadian Dollars | &nbsp;&nbsp; 445000 | U.S. Dollars | &nbsp;&nbsp; 326229 | Morgan Stanley | &nbsp;&nbsp; (4292)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at July 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 131000 | U.S. Dollars | &nbsp;&nbsp; 154335 | Citibank | &nbsp;&nbsp; $(4340)<br>|
| 9/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 190000 | U.S. Dollars | &nbsp;&nbsp; 116529 | Bank of America | &nbsp;&nbsp; (4400)<br>|
| 9/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 322000 | U.S. Dollars | &nbsp;&nbsp; 194430 | Morgan Stanley | &nbsp;&nbsp; (4401)<br>|
| 9/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 279707000 | U.S. Dollars | &nbsp;&nbsp; 205624 | Deutsche Bank | &nbsp;&nbsp; (4576)<br>|
| 9/17/25 | Swedish Kronor | &nbsp;&nbsp; 1200000 | U.S. Dollars | &nbsp;&nbsp; 127656 | Goldman Sachs | &nbsp;&nbsp; (4675)<br>|
| 9/17/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 423000 | U.S. Dollars | &nbsp;&nbsp; 277294 | Bank of America | &nbsp;&nbsp; (5197)<br>|
| 9/17/25 | Chilean Pesos | &nbsp;&nbsp; 126000000 | U.S. Dollars | &nbsp;&nbsp; 134777 | JPMorgan Chase | &nbsp;&nbsp; (5222)<br>|
| 9/17/25 | Swedish Kronor | &nbsp;&nbsp; 2500000 | U.S. Dollars | &nbsp;&nbsp; 262133 | Citibank | &nbsp;&nbsp; (5923)<br>|
| 9/17/25 | Japanese Yen | &nbsp;&nbsp; 21000000 | U.S. Dollars | &nbsp;&nbsp; 146082 | JPMorgan Chase | &nbsp;&nbsp; (6044)<br>|
| 9/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 8260000000 | U.S. Dollars | &nbsp;&nbsp; 505941 | Goldman Sachs | &nbsp;&nbsp; (6096)<br>|
| 9/17/25 | British Pounds | &nbsp;&nbsp; 223000 | U.S. Dollars | &nbsp;&nbsp; 301606 | Morgan Stanley | &nbsp;&nbsp; (6956)<br>|
| 9/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 449000 | U.S. Dollars | &nbsp;&nbsp; 272135 | JPMorgan Chase | &nbsp;&nbsp; (7157)<br>|
| 9/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 1110000 | U.S. Dollars | &nbsp;&nbsp; 868178 | Morgan Stanley | &nbsp;&nbsp; (9985)<br>|
| 9/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 460000000 | U.S. Dollars | &nbsp;&nbsp; 341251 | Goldman Sachs | &nbsp;&nbsp; (10612)<br>|
| 9/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 1065000 | U.S. Dollars | &nbsp;&nbsp; 639245 | Deutsche Bank | &nbsp;&nbsp; (10731)<br>|
| 9/17/25 | British Pounds | &nbsp;&nbsp; 510000 | U.S. Dollars | &nbsp;&nbsp; 687668 | Citibank | &nbsp;&nbsp; (13807)<br>|
| 9/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 16200000 | U.S. Dollars | &nbsp;&nbsp; 906033 | Goldman Sachs | &nbsp;&nbsp; (19787)<br>|
| 9/17/25 | Euro | &nbsp;&nbsp; 1854000 | U.S. Dollars | &nbsp;&nbsp; 2143624 | Barclays | &nbsp;&nbsp; (20799)<br>|
| 9/17/25 | Canadian Dollars | &nbsp;&nbsp; 2070000 | U.S. Dollars | &nbsp;&nbsp; 1520019 | Societe Generale | &nbsp;&nbsp; (22473)<br>|
| 9/17/25 | Japanese Yen | &nbsp;&nbsp; 89000000 | U.S. Dollars | &nbsp;&nbsp; 619421 | Barclays | &nbsp;&nbsp; (25926)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(309293)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$120211** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Amount rounds to less than one.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at July 31, 2025:** <br>**Exchange Traded** |
| **Description** | &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Amount** | &nbsp;&nbsp; **Notional** <br>**Amount** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| Bloom Energy Corp. | 30 | USD | &nbsp;&nbsp; 112170 | 26.00 | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; $(42300)<br>|
| Super Micro Computer, Inc. | 18 | USD | &nbsp;&nbsp; 106146 | 49.00 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (22680)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at July 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at July 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at July 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at July 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at July 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at July 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at July 31, 2025:**<br> **Exchange Traded (continued)** |
| **Description** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp; **Notional**<br> **Amount** | &nbsp;&nbsp; **Notional**<br> **Amount** | **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| Unity Software, Inc. | 18 | USD | &nbsp;&nbsp; 60048 | 30.00 | &nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp; (11295)<br>|
| **Total Written Call Options Contracts (Premiums Received $35,552)** | **Total Written Call Options Contracts (Premiums Received $35,552)** | **Total Written Call Options Contracts (Premiums Received $35,552)** | **Total Written Call Options Contracts (Premiums Received $35,552)** | **Total Written Call Options Contracts (Premiums Received $35,552)** | **Total Written Call Options Contracts (Premiums Received $35,552)** | &nbsp;&nbsp; **$(76275)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at July 31, 2025:** <br>**Over the Counter** |
| **Reference Company** | **The Fund Pays** <br>**Financing Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Contracts** | **Pay** <br>**Frequency**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| ADT, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 42947 | Monthly | $358243 | $(4230)<br>|
| Aflac, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 133 | Monthly | 13190 | (193)<br>|
| Alcoa Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 13465 | Monthly | 402409 | (8408)<br>|
| Alcon A.G. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1859 | Monthly | 162568 | 732 |
| &nbsp;&nbsp; Alexandria Real Estate <br> Equities, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4113 | Monthly | 314023 | (17855)<br>|
| &nbsp;&nbsp; Alexandria Real Estate <br> Equities, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 955 | Monthly | 72851 | (989)<br>|
| &nbsp;&nbsp; Allison Transmission <br> Holdings, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2409 | Monthly | 216826 | 3830 |
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1612 | Monthly | 327339 | 8493 |
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1831 | Monthly | 371486 | 19146 |
| Ally Financial, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5162 | Monthly | 195180 | (5312)<br>|
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6212 | Monthly | 384400 | 15158 |
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3685 | Monthly | 228061 | 7496 |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3328 | Monthly | 376161 | 9548 |
| &nbsp;&nbsp; American International <br> Group, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5229 | Monthly | 405522 | (19163)<br>|
| &nbsp;&nbsp; American International <br> Group, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4396 | Monthly | 340286 | (24600)<br>|
| American Tower Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1859 | Monthly | 386261 | (24020)<br>|
| &nbsp;&nbsp; American Water Works Co., <br> Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 896 | Monthly | 125464 | (615)<br>|
| Aptiv PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4477 | Monthly | 306923 | (2374)<br>|
| Aramark Services, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8055 | Monthly | 342364 | (7096)<br>|
| Assurant, Inc. | U.S. Fed Funds | 1/23/2026 | Barclays | 92 | Monthly | 17232 | —<br> \*<br>|
| AutoZone, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 97 | Monthly | 365164 | (886)<br>|
| Avis Budget Group, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 668 | Monthly | 113710 | (11661)<br>|
| Baker Hughes Co., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5488 | Monthly | 246385 | 26262 |
| Ball Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2955 | Monthly | 169094 | (3391)<br>|
| Barrick Gold Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 19929 | Monthly | 420464 | (12792)<br>|
| Barrick Gold Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 17270 | Monthly | 364057 | 869 |
| Bath & Body Works, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 12885 | Monthly | 372720 | (53902)<br>|
| Bath & Body Works, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 11597 | Monthly | 334773 | (53842)<br>|
| Becton Dickinson & Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1526 | Monthly | 271272 | 4786 |
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6016 | Monthly | 391035 | (18464)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5247 | Monthly | $340363 | $(37352)<br>|
| &nbsp;&nbsp; Bio-rad Laboratories, <br> Class A<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 7 | Monthly | 1689 | (66)<br>|
| Block, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1680 | Monthly | 129579 | (3790)<br>|
| Booking Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 76 | Monthly | 417867 | (21074)<br>|
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 10207 | Monthly | 374622 | 15132 |
| Boyd Gaming Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 18 | Monthly | 1525 | 57 |
| Bristol-Myers Squibb Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 16102 | Monthly | 695281 | (62157)<br>|
| &nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1659 | Monthly | 410211 | 5250 |
| Builders FirstSource, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2806 | Monthly | 355738 | (1297)<br>|
| Caesars Entertainment, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 976 | Monthly | 25907 | (2509)<br>|
| Camden Property Trust | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3235 | Monthly | 352316 | (14355)<br>|
| Campbell Soup | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 11283 | Monthly | 359542 | 12138 |
| &nbsp;&nbsp; Canadian National <br> Railway Co.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2346 | Monthly | 219205 | (2750)<br>|
| &nbsp;&nbsp; Canadian Pacific <br> Railway Ltd.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 704 | Monthly | 51777 | (635)<br>|
| Cardinal Health, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2323 | Monthly | 359519 | (22499)<br>|
| Carnival Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 15907 | Monthly | 472281 | 13524 |
| Centene Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4234 | Monthly | 109995 | (7136)<br>|
| CF Industries Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4313 | Monthly | 399216 | (19662)<br>|
| &nbsp;&nbsp; Charter <br> Communications, Inc., <br> Class A<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1423 | Monthly | 382860 | (142492)<br>|
| Cheniere Energy, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1643 | Monthly | 386827 | 528 |
| Chord Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2974 | Monthly | 327640 | 13518 |
| Chubb Ltd. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1322 | Monthly | 351017 | (13432)<br>|
| Church & Dwight Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1015 | Monthly | 94901 | (4610)<br>|
| Cigna Group (The) | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1186 | Monthly | 316243 | (48865)<br>|
| Cisco Systems, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1767 | Monthly | 120034 | (970)<br>|
| Clorox (The) Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3347 | Monthly | 419465 | 3868 |
| Coca-Cola (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3572 | Monthly | 398749 | (20497)<br>|
| Colgate-Palmolive Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4575 | Monthly | 383254 | (21614)<br>|
| ConocoPhillips | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 168 | Monthly | 16011 | 59 |
| Consolidated Edison, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1922 | Monthly | 198462 | 6473 |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> Class A<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 884 | Monthly | 147522 | (2321)<br>|
| Corteva, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4789 | Monthly | 345075 | (8114)<br>|
| CRH PLC | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4418 | Monthly | 420540 | 2377 |
| Crocs, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4088 | Monthly | 407259 | (27337)<br>|
| Crown Castle, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3784 | Monthly | 397371 | (4444)<br>|
| Crown Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1365 | Monthly | 135295 | (10392)<br>|
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5723 | Monthly | 355048 | 5299 |
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4768 | Monthly | 295547 | (8138)<br>|
| Danaher Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 237 | Monthly | 46555 | (345)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Darden Restaurants, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1697 | Monthly | $341877 | $(13238)<br>|
| DaVita, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5283 | Monthly | 739430 | (20266)<br>|
| Deere & Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 685 | Monthly | 358477 | 10410 |
| Deere & Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 364 | Monthly | 190575 | 7588 |
| Delta Air Lines, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5961 | Monthly | 316688 | (12707)<br>|
| Dollar General Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2792 | Monthly | 292745 | (6105)<br>|
| Dominion Energy, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6194 | Monthly | 361674 | (736)<br>|
| DuPont de Nemours, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5567 | Monthly | 399120 | (15455)<br>|
| Eagle Materials, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1485 | Monthly | 332724 | 9499 |
| Eastman Chemical Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4077 | Monthly | 295210 | (29988)<br>|
| Eastman Chemical Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2231 | Monthly | 161686 | (10822)<br>|
| eBay, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1670 | Monthly | 152999 | 23169 |
| Electronic Arts, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1334 | Monthly | 203211 | (6254)<br>|
| EQT Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6529 | Monthly | 350202 | (24320)<br>|
| EQT Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 6639 | Monthly | 356651 | (1469)<br>|
| Equinix, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 195 | Monthly | 152951 | (3156)<br>|
| Essex Property Trust, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 30 | Monthly | 7790 | (623)<br>|
| Eversource Energy | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6031 | Monthly | 397571 | 8210 |
| Exelon Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 9468 | Monthly | 424724 | 18074 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 152 | Monthly | 61241 | (432)<br>|
| Fair Isaac Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 269 | Monthly | 385715 | (20153)<br>|
| &nbsp;&nbsp; Federal Realty Investment <br> Trust<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4396 | Monthly | 404364 | (4420)<br>|
| FedEx Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1751 | Monthly | 390958 | (13518)<br>|
| Fiserv, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2425 | Monthly | 336524 | (65977)<br>|
| Fiserv, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2495 | Monthly | 345978 | (56130)<br>|
| &nbsp;&nbsp; Fortune Brands Home & <br> Security, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 463 | Monthly | 25206 | 866 |
| Fox Corp., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 7208 | Monthly | 400819 | 3730 |
| Gap (The), Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 20028 | Monthly | 389327 | (25653)<br>|
| Gap (The), Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 17771 | Monthly | 344783 | (53486)<br>|
| Gartner, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1139 | Monthly | 385314 | (20763)<br>|
| Gen Digital, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 11134 | Monthly | 327340 | (6012)<br>|
| General Motors Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5118 | Monthly | 272756 | 3459 |
| Gilead Sciences, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1133 | Monthly | 126893 | 3328 |
| Global Payments, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 53 | Monthly | 4168 | (289)<br>|
| &nbsp;&nbsp; Goodyear Tire & Rubber <br> (The) Co.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2652 | Monthly | 27224 | (2230)<br>|
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5349 | Monthly | 290384 | (9334)<br>|
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 6204 | Monthly | 336483 | (4055)<br>|
| Halliburton Co. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 24381 | Monthly | 544881 | 23371 |
| Hasbro, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 284 | Monthly | 21345 | (239)<br>|
| &nbsp;&nbsp; Honeywell <br> International, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1601 | Monthly | 354920 | (29000)<br>|
| Host Hotels & Resorts, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 22763 | Monthly | 357457 | (17450)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Host Hotels & Resorts, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 14573 | Monthly | $228638 | $(9339)<br>|
| HP, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1622 | Monthly | 40221 | (1015)<br>|
| HP, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 9097 | Monthly | 225185 | 2126 |
| &nbsp;&nbsp; International Flavors & <br> Fragrances, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 280 | Monthly | 19886 | (1056)<br>|
| Invitation Homes, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2100 | Monthly | 64361 | (1228)<br>|
| &nbsp;&nbsp; JB Hunt Transport <br> Services, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2814 | Monthly | 404952 | (21272)<br>|
| &nbsp;&nbsp; Johnson Controls <br> International PLC<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3264 | Monthly | 341767 | (2585)<br>|
| &nbsp;&nbsp; Johnson Controls <br> International PLC<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2967 | Monthly | 310944 | (3898)<br>|
| Keysight Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1312 | Monthly | 214832 | (2003)<br>|
| Kimberly-Clark Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3169 | Monthly | 394422 | (9868)<br>|
| Kinder Morgan, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 12894 | Monthly | 361168 | 2412 |
| Kinder Morgan, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 741 | Monthly | 20756 | 73 |
| Kinross Gold Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 13803 | Monthly | 220449 | 7501 |
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5039 | Monthly | 352866 | (13016)<br>|
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1406 | Monthly | 80209 | (3916)<br>|
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2982 | Monthly | 170081 | (7910)<br>|
| Las Vegas Sands Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3683 | Monthly | 192793 | 14002 |
| Lincoln National Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 9818 | Monthly | 373165 | 29731 |
| Linde PLC | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 364 | Monthly | 167061 | (4001)<br>|
| Lithia Motors, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1231 | Monthly | 353350 | (72083)<br>|
| Lowe's Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 172 | Monthly | 38259 | 1077 |
| Manulife Financial Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 9833 | Monthly | 304055 | 1198 |
| &nbsp;&nbsp; Marsh & McLennan Cos., <br> Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1068 | Monthly | 212320 | (12921)<br>|
| Match Group, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 8003 | Monthly | 273544 | 13927 |
| Mattel, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 23457 | Monthly | 398280 | (52184)<br>|
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 815 | Monthly | 244312 | 488 |
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 401 | Monthly | 120004 | 3045 |
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 438 | Monthly | 131183 | (51)<br>|
| McKesson Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 67 | Monthly | 46098 | (2417)<br>|
| MGM Resorts International | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 14651 | Monthly | 533202 | (19611)<br>|
| Micron Technology, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 276 | Monthly | 30123 | (1546)<br>|
| &nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2476 | Monthly | 352179 | (14550)<br>|
| Mohawk Industries, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2577 | Monthly | 294767 | (1845)<br>|
| Motorola Solutions, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 869 | Monthly | 381105 | 15021 |
| Motorola Solutions, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 996 | Monthly | 436456 | 29361 |
| MSCI, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 759 | Monthly | 425265 | (2150)<br>|
| Murphy Oil USA, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 995 | Monthly | 360231 | (73021)<br>|
| Netflix, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 294 | Monthly | 340514 | (9157)<br>|
| New Gold, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6066 | Monthly | 25389 | (2151)<br>|
| Newmont Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5671 | Monthly | 351817 | 1916 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Newmont Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 6567 | Monthly | $407100 | $30482 |
| &nbsp;&nbsp; Norwegian Cruise Line <br> Holdings Ltd.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6656 | Monthly | 169919 | 12837 |
| NRG Energy, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4830 | Monthly | 806202 | 95971 |
| Omnicom Group, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4933 | Monthly | 354683 | (3787)<br>|
| O'Reilly Automotive, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1545 | Monthly | 151756 | 4440 |
| Otis Worldwide Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4574 | Monthly | 391492 | (66806)<br>|
| Ovintiv, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3658 | Monthly | 150492 | 6915 |
| Owens Corning | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 995 | Monthly | 138334 | (5642)<br>|
| Packaging Corp. of America | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1799 | Monthly | 347546 | (17237)<br>|
| Pan American Silver Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4904 | Monthly | 132165 | (12964)<br>|
| PayPal Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4571 | Monthly | 313593 | (23717)<br>|
| Phillips 66 | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 306 | Monthly | 37741 | (1509)<br>|
| Pilgrim's Pride Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 8533 | Monthly | 403298 | 12828 |
| Post Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2563 | Monthly | 270750 | (1195)<br>|
| Procter & Gamble (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2651 | Monthly | 397771 | (20894)<br>|
| Prudential Financial, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 382 | Monthly | 39527 | (285)<br>|
| Quest Diagnostics, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2076 | Monthly | 346568 | (10922)<br>|
| Ralph Lauren Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 45 | Monthly | 13419 | 547 |
| Regal Rexnord Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2701 | Monthly | 412523 | 9453 |
| &nbsp;&nbsp; Reinsurance Group of <br> America, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1621 | Monthly | 311373 | (329)<br>|
| &nbsp;&nbsp; Rexford Industrial <br> Reality, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 336 | Monthly | 12261 | (295)<br>|
| Rocket Co., Inc., Class A | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 20928 | Monthly | 308594 | 27299 |
| Rockwell Automation, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 96 | Monthly | 33674 | 1212 |
| Ross Stores, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1535 | Monthly | 209030 | 7085 |
| Ryder System, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 221 | Monthly | 39272 | (150)<br>|
| &nbsp;&nbsp; Ryman Hospitality <br> Properties, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4167 | Monthly | 395697 | (19878)<br>|
| S&P Global, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 340 | Monthly | 186879 | 7906 |
| Schlumberger N.V. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 11048 | Monthly | 372305 | (31389)<br>|
| Scotts Miracle-Gro (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1673 | Monthly | 104628 | (10307)<br>|
| Sempra | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4541 | Monthly | 370273 | 33604 |
| &nbsp;&nbsp; Service Corp., (U.S.) <br> International<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4936 | Monthly | 375543 | (30295)<br>|
| Simon Property Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2115 | Monthly | 346018 | 116 |
| Smurfit WestRock PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 9035 | Monthly | 400199 | (9990)<br>|
| Southern Copper Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4471 | Monthly | 420266 | (14749)<br>|
| &nbsp;&nbsp; SS&C Technologies <br> Holdings, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4074 | Monthly | 347240 | 8161 |
| Stanley Black & Decker, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5923 | Monthly | 400257 | (30938)<br>|
| Sun Communities, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 3383 | Monthly | 418829 | (1409)<br>|
| Targa Resources Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 110 | Monthly | 18225 | 347 |
| Targa Resources Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1048 | Monthly | 173813 | (8958)<br>|
| TC Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 654 | Monthly | 31356 | 267 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Tenet Healthcare Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2728 | Monthly | $438785 | $(26188)<br>|
| TJX (The) Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2924 | Monthly | 363413 | 7445 |
| T-Mobile U.S., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2359 | Monthly | 560868 | 4215 |
| TransDigm Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 96 | Monthly | 154372 | 70 |
| Transocean Ltd. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1768 | Monthly | 5313 | 146 |
| Twilio, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3296 | Monthly | 424749 | (7027)<br>|
| Tyson Foods, Inc., Class A | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5788 | Monthly | 302143 | (4113)<br>|
| Uber Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4647 | Monthly | 407369 | (18109)<br>|
| UDR, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2377 | Monthly | 93324 | (3869)<br>|
| Union Pacific Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1639 | Monthly | 363431 | (12294)<br>|
| &nbsp;&nbsp; United Airlines <br> Holdings, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3986 | Monthly | 351354 | 7043 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3848 | Monthly | 331192 | (52467)<br>|
| &nbsp;&nbsp; Universal Health <br> Services, Inc., Class B<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2248 | Monthly | 373824 | 8552 |
| Vail Resorts, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2622 | Monthly | 393190 | (26356)<br>|
| Valero Energy Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 716 | Monthly | 98019 | (8428)<br>|
| VeriSign, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1516 | Monthly | 406857 | (18570)<br>|
| Verisk Analytics, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1469 | Monthly | 409023 | (26432)<br>|
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5744 | Monthly | 244829 | (2508)<br>|
| Vistra Operations Co. LLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1811 | Monthly | 377081 | 33913 |
| Walmart, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1454 | Monthly | 142285 | 2796 |
| Walt Disney (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3070 | Monthly | 365294 | (6361)<br>|
| WEC Energy Group, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 3379 | Monthly | 367913 | 13828 |
| Weyerhaeuser Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 18523 | Monthly | 463573 | (20097)<br>|
| Willis Towers Watson PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 200 | Monthly | 63047 | 2169 |
| Workday, Inc., Class A | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1812 | Monthly | 415200 | (18067)<br>|
| WP Carey, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 338 | Monthly | 21664 | 127 |
| &nbsp;&nbsp; Wynn Resorts <br> Finance LLC/Wynn Resorts <br> Capital Corp.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3973 | Monthly | 431961 | (6896)<br>|
| Yum! Brands, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2526 | Monthly | 363745 | (11442)<br>|
| Yum! Brands, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2827 | Monthly | 406334 | (19214)<br>|
| &nbsp;&nbsp; Zebra Technologies Corp., <br> Class A<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1307 | Monthly | 442311 | 24659 |
| Zoetis, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2671 | Monthly | 388640 | (19302)<br>|
| **Total (Notional Payable $63,212,626)** | **Total (Notional Payable $63,212,626)** | **Total (Notional Payable $63,212,626)** |  | **$949489** |  | **$61756079** | **$(1456547)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount rounds to less than one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at July 31, 2025:** <br>**Over the Counter** |
| **Reference Company** | **The Fund Receives** <br>**Financing Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Contracts** | **Pay** <br>**Frequency**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Advanced Auto Parts, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7251 | Monthly | $(384583)<br>| $54167 |
| &nbsp;&nbsp; Advanced Micro <br> Devices, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2101 | Monthly | (369034)<br>| (75347)<br>|
| AES (The) Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 15672 | Monthly | (205754)<br>| (6455)<br>|
| AGCO Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3715 | Monthly | (437532)<br>| (40584)<br>|
| &nbsp;&nbsp; Air Products and <br> Chemicals, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 862 | Monthly | (247800)<br>| 1588 |
| Albemarle Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3255 | Monthly | (219843)<br>| 8040 |
| &nbsp;&nbsp; Albertsons Cos., Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 13712 | Monthly | (263207)<br>| 15223 |
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 9272 | Monthly | (350315)<br>| 11664 |
| Amazon.com, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1948 | Monthly | (455600)<br>| (12489)<br>|
| Amazon.com, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1332 | Monthly | (311442)<br>| (8679)<br>|
| Amcor PLC | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2157 | Monthly | (20149)<br>| 753 |
| &nbsp;&nbsp; American Airlines <br> Group, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 30499 | Monthly | (350097)<br>| 28831 |
| American Express Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1481 | Monthly | (441258)<br>| 28997 |
| American Express Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 738 | Monthly | (220491)<br>| 8768 |
| AmerisourceBergen Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 89 | Monthly | (25421)<br>| 653 |
| Amgen, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1186 | Monthly | (349652)<br>| 12897 |
| Amgen, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 114 | Monthly | (33625)<br>| 977 |
| Amphenol Corp., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4111 | Monthly | (436014)<br>| (35562)<br>|
| Apache Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4359 | Monthly | (83887)<br>| 3391 |
| Apache Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1401 | Monthly | (27012)<br>| (328)<br>|
| &nbsp;&nbsp; Apollo Global <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2827 | Monthly | (409772)<br>| 171 |
| Archer-Daniels-Midland Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5259 | Monthly | (284666)<br>| 6762 |
| Arrow Electronics, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2749 | Monthly | (318284)<br>| 40097 |
| Arthur J Gallagher & Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 538 | Monthly | (154384)<br>| 13692 |
| Arthur J Gallagher & Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 797 | Monthly | (228353)<br>| 19843 |
| AT&T, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 12960 | Monthly | (354903)<br>| 460 |
| AutoNation, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 926 | Monthly | (177900)<br>| 17337 |
| AutoNation, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 639 | Monthly | (122868)<br>| 8331 |
| Baxter International, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 6394 | Monthly | (138862)<br>| 42039 |
| BCE, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3004 | Monthly | (70015)<br>| 3222 |
| BCE, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 14669 | Monthly | (341613)<br>| 11323 |
| Boeing (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2727 | Monthly | (602333)<br>| 24877 |
| &nbsp;&nbsp; Booz Allen Hamilton <br> Holding Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3724 | Monthly | (399310)<br>| 17368 |
| Boston Scientific Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3291 | Monthly | (344948)<br>| (67)<br>|
| Boyd Gaming Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 655 | Monthly | (55608)<br>| 669 |
| Broadcom, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1405 | Monthly | (410690)<br>| (28811)<br>|
| Broadcom, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 160 | Monthly | (46875)<br>| (1924)<br>|
| &nbsp;&nbsp; Brookfield Asset <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1958 | Monthly | (130652)<br>| (7690)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| &nbsp;&nbsp; Brown-Forman Corp., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5589 | Monthly | $(160876)<br>| $(2599)<br>|
| &nbsp;&nbsp; Brown-Forman Corp., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 8452 | Monthly | (243436)<br>| (11090)<br>|
| Bunge Ltd. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2892 | Monthly | (230463)<br>| (11596)<br>|
| &nbsp;&nbsp; Canadian Natural <br> Resources Ltd.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11253 | Monthly | (356394)<br>| (5300)<br>|
| &nbsp;&nbsp; Capital One <br> Financial Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2083 | Monthly | (447424)<br>| 5462 |
| &nbsp;&nbsp; Capital One <br> Financial Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1594 | Monthly | (341824)<br>| 4871 |
| Carlisle Cos., Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 53 | Monthly | (18761)<br>| 2379 |
| Caterpillar, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1811 | Monthly | (792005)<br>| (57369)<br>|
| CBRE Group, Inc., Class A | U.S. Fed Funds | 1/23/2026 | Barclays | 166 | Monthly | (25853)<br>|  |
| CDW Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2374 | Monthly | (413251)<br>| 4027 |
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1411 | Monthly | (73591)<br>| 9291 |
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2852 | Monthly | (148484)<br>| 15535 |
| Cenovus Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6350 | Monthly | (96626)<br>| (5758)<br>|
| CenterPoint Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 11054 | Monthly | (428422)<br>| (30036)<br>|
| &nbsp;&nbsp; Charter <br> Communications, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1245 | Monthly | (335083)<br>| 76926 |
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 38134 | Monthly | (400769)<br>| 30908 |
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 26700 | Monthly | (280086)<br>| (37917)<br>|
| Coca-Cola (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5922 | Monthly | (401329)<br>| 9421 |
| Comcast Corp., Class A | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2714 | Monthly | (90097)<br>| 5625 |
| Comcast Corp., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5991 | Monthly | (198944)<br>| 11109 |
| Conagra Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 18205 | Monthly | (332073)<br>| 20576 |
| ConocoPhillips | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 692 | Monthly | (65916)<br>| (1573)<br>|
| Coterra Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 126 | Monthly | (3070)<br>| (101)<br>|
| Coterra Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5827 | Monthly | (141870)<br>| 1707 |
| CSX Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11337 | Monthly | (402638)<br>| (1771)<br>|
| Cummins, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1208 | Monthly | (443684)<br>| (12126)<br>|
| &nbsp;&nbsp; Dell Technologies, Inc., <br> Class C<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2857 | Monthly | (378765)<br>| (23555)<br>|
| &nbsp;&nbsp; Dell Technologies, Inc., <br> Class C<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3290 | Monthly | (435505)<br>| (26262)<br>|
| Devon Energy Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11823 | Monthly | (392400)<br>| (4487)<br>|
| Devon Energy Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 10400 | Monthly | (345131)<br>| (3594)<br>|
| Diamondback Energy, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 145 | Monthly | (21524)<br>| (1736)<br>|
| &nbsp;&nbsp; Dick's Sporting <br> Goods, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1704 | Monthly | (359509)<br>| (5639)<br>|
| Digital Realty Trust, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 332 | Monthly | (58433)<br>| (1728)<br>|
| Digital Realty Trust, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1768 | Monthly | (311419)<br>| (8861)<br>|
| Dollar Tree, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3337 | Monthly | (377297)<br>| (28948)<br>|
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3979 | Monthly | (92551)<br>| 12554 |
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 18478 | Monthly | (429693)<br>| 85849 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| DR Horton, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5241 | Monthly | $(746866)<br>| $(58355)<br>|
| Ecolab, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 238 | Monthly | (62239)<br>| 2152 |
| Edison International | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5869 | Monthly | (305132)<br>| (7339)<br>|
| Edison International | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2508 | Monthly | (130497)<br>| (4043)<br>|
| Emerson Electric Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2200 | Monthly | (319920)<br>| (127)<br>|
| Enbridge, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2948 | Monthly | (133182)<br>| (2880)<br>|
| Equity Residential | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3151 | Monthly | (198607)<br>| 11313 |
| Equity Residential | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1876 | Monthly | (118347)<br>| 5713 |
| &nbsp;&nbsp; Estee Lauder (The) Cos., <br> Inc., Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4688 | Monthly | (436875)<br>| (33238)<br>|
| Expedia Group, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 207 | Monthly | (37300)<br>| 778 |
| Exxon Mobil Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 317 | Monthly | (35335)<br>| 140 |
| &nbsp;&nbsp; Fidelity National <br> Information <br> Services, Inc.<br>| U.S. Fed Funds | 1/23/2026 | Barclays | 376 | Monthly | (21218)<br>| (1)<br>|
| FirstEnergy Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1469 | Monthly | (62638)<br>| (3246)<br>|
| FMC Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2385 | Monthly | (93014)<br>| 10399 |
| FMC Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3939 | Monthly | (153343)<br>| 17216 |
| FMC Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3066 | Monthly | (119476)<br>| 7365 |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 38270 | Monthly | (422507)<br>| 24487 |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 31447 | Monthly | (347485)<br>| 16357 |
| Freeport-McMoRan, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6939 | Monthly | (278541)<br>| 25114 |
| FTAI Aviation Ltd. | U.S. Fed Funds + (0.25)% | 1/23/2026 | Barclays | 1588 | Monthly | (218342)<br>| (42201)<br>|
| General Electric Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 392 | Monthly | (105869)<br>| (2213)<br>|
| General Mills, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6097 | Monthly | (298017)<br>| 12625 |
| General Motors Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5292 | Monthly | (282045)<br>| (14527)<br>|
| Genuine Parts Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1224 | Monthly | (157598)<br>| 5574 |
| &nbsp;&nbsp; Graphic Packaging <br> Holding Co.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3034 | Monthly | (67724)<br>| (1067)<br>|
| &nbsp;&nbsp; Hartford Insurance Group <br> (The), Inc.<br>| U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 792 | Monthly | (98407)<br>| (1504)<br>|
| HCA Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 996 | Monthly | (350419)<br>| 24503 |
| HEICO Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 115 | Monthly | (37518)<br>| (931)<br>|
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 19891 | Monthly | (411168)<br>| (5192)<br>|
| HF Sinclair Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7377 | Monthly | (322486)<br>| 8594 |
| &nbsp;&nbsp; Hilton Worldwide <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1338 | Monthly | (357758)<br>| 7462 |
| Home Depot (The), Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 727 | Monthly | (266642)<br>| 923 |
| Howmet Aerospace, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1895 | Monthly | (339795)<br>| 281 |
| &nbsp;&nbsp; Huntington Ingalls <br> Industries, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1626 | Monthly | (453043)<br>| (40104)<br>|
| &nbsp;&nbsp; Hyatt Hotels Corp., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2207 | Monthly | (309622)<br>| 13328 |
| Intel Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 119 | Monthly | (2354)<br>| 412 |
| Intel Corp. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 9178 | Monthly | (181358)<br>| 29002 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 296 | Monthly | $(74855)<br>| $8605 |
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1006 | Monthly | (253923)<br>| 38240 |
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.50)% | 8/18/2026 | Goldman Sachs | 1554 | Monthly | (392646)<br>| 44739 |
| International Paper Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 6253 | Monthly | (291457)<br>| 24945 |
| International Paper Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 443 | Monthly | (20600)<br>| 1962 |
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3213 | Monthly | (312521)<br>| 6530 |
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 435 | Monthly | (42278)<br>| 30 |
| JM Smucker (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 470 | Monthly | (50379)<br>| (134)<br>|
| KB Home | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2001 | Monthly | (110058)<br>| (2735)<br>|
| KKR & Co., Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2925 | Monthly | (428353)<br>| (4315)<br>|
| KLA Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 53 | Monthly | (46312)<br>| 3248 |
| Kohl's Corp. | U.S. Fed Funds + (3.50)% | 1/23/2026 | Barclays | 7219 | Monthly | (78249)<br>| 25271 |
| Kohl's Corp. | U.S. Fed Funds + (2.58)% | 2/9/2026 | JPMorgan Chase | 5996 | Monthly | (64929)<br>| (10485)<br>|
| Kraft Heinz (The) Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 23158 | Monthly | (635452)<br>| 28056 |
| Lennar Corp., Class A | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6892 | Monthly | (772386)<br>| 44523 |
| LKQ Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 10897 | Monthly | (320423)<br>| 88105 |
| &nbsp;&nbsp; LyondellBasell Industries <br> N.V., Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6878 | Monthly | (398052)<br>| 48433 |
| Macy's, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 18215 | Monthly | (228831)<br>| 8146 |
| Marathon Petroleum Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1185 | Monthly | (201051)<br>| 5027 |
| &nbsp;&nbsp; Marriott <br> International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1341 | Monthly | (353456)<br>| 12610 |
| &nbsp;&nbsp; Marriott <br> International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1552 | Monthly | (408721)<br>| 17924 |
| Matador Resources Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 500 | Monthly | (24916)<br>| 542 |
| McKesson Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 601 | Monthly | (416421)<br>| 9970 |
| Medtronic PLC | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4585 | Monthly | (413038)<br>| (3964)<br>|
| Metlife, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 89 | Monthly | (6372)<br>| 543 |
| Microchip Technology, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5408 | Monthly | (365149)<br>| 41857 |
| Molina Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1376 | Monthly | (217207)<br>| 4420 |
| &nbsp;&nbsp; Mondelez <br> International, Inc., <br> Class A<br>| U.S. Fed Funds | 8/18/2026 | Goldman Sachs | 11523 | Monthly | (744035)<br>| 25010 |
| Mosaic (The) Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4314 | Monthly | (155117)<br>| (245)<br>|
| Mosaic (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4422 | Monthly | (158759)<br>| 6225 |
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2662 | Monthly | (65982)<br>| 1367 |
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7503 | Monthly | (185000)<br>| 9253 |
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2062 | Monthly | (51069)<br>| 378 |
| Nasdaq, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4539 | Monthly | (436075)<br>| (32421)<br>|
| Newell Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3362 | Monthly | (18295)<br>| 936 |
| NextEra Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 4808 | Monthly | (341031)<br>| 18127 |
| NIKE, Inc., Class B | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5128 | Monthly | (382864)<br>| 11038 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Northrop Grumman Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 328 | Monthly | $(189073)<br>| $(1794)<br>|
| Nucor Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 966 | Monthly | (138153)<br>| 473 |
| Nutrien Ltd. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 24 | Monthly | (1422)<br>| 18 |
| nVent Electric PLC | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5498 | Monthly | (429267)<br>| (21315)<br>|
| NXP Semiconductors N.V. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 549 | Monthly | (116947)<br>| 4415 |
| &nbsp;&nbsp; Occidental <br> Petroleum Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1588 | Monthly | (69730)<br>| 469 |
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1545 | Monthly | (391733)<br>| (23853)<br>|
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1736 | Monthly | (439505)<br>| (32413)<br>|
| Patterson-UTI Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 7883 | Monthly | (46507)<br>| 239 |
| &nbsp;&nbsp; Performance Food <br> Group Co.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1446 | Monthly | (145100)<br>| (1778)<br>|
| &nbsp;&nbsp; Performance Food <br> Group Co.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2505 | Monthly | (251094)<br>| (8508)<br>|
| Pfizer, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 8963 | Monthly | (208539)<br>| 16791 |
| PG&E Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 26888 | Monthly | (376629)<br>| (9338)<br>|
| &nbsp;&nbsp; Philip Morris <br> International, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 966 | Monthly | (158034)<br>| 13644 |
| Prologis, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 187 | Monthly | (19932)<br>| 379 |
| Prudential Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 311 | Monthly | (32128)<br>| 1329 |
| Prudential Financial, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 3225 | Monthly | (333467)<br>| (1357)<br>|
| PulteGroup, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3040 | Monthly | (343042)<br>| 17372 |
| PulteGroup, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 303 | Monthly | (34130)<br>| (1140)<br>|
| Qorvo, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2399 | Monthly | (200090)<br>| 10542 |
| Quanta Services, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1024 | Monthly | (415355)<br>| (10946)<br>|
| &nbsp;&nbsp; Raytheon <br> Technologies Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 134 | Monthly | (21110)<br>| (197)<br>|
| &nbsp;&nbsp; Raytheon <br> Technologies Corp.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2234 | Monthly | (351601)<br>| (10643)<br>|
| &nbsp;&nbsp; Roger <br> Communications, Inc., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5084 | Monthly | (169665)<br>| 4268 |
| &nbsp;&nbsp; Royal Caribbean <br> Cruises Ltd.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1157 | Monthly | (367131)<br>| 27961 |
| &nbsp;&nbsp; Royalty Pharma PLC, <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 11871 | Monthly | (436098)<br>| (2688)<br>|
| &nbsp;&nbsp; Seagate Technology <br> Holdings PLC<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2842 | Monthly | (445485)<br>| (21885)<br>|
| Sealed Air Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 170 | Monthly | (4354)<br>| 917 |
| Sempra | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5321 | Monthly | (432632)<br>| (37175)<br>|
| &nbsp;&nbsp; Sherwin-Williams <br> (The) Co.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 374 | Monthly | (123528)<br>| 3276 |
| Sirius XM Holdings, Inc. | U.S. Fed Funds + (0.25)% | 1/23/2026 | Barclays | 3102 | Monthly | (65447)<br>| 8722 |
| Sirius XM Holdings, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7291 | Monthly | (153531)<br>| 24661 |
| Sirius XM Holdings, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4543 | Monthly | (95766)<br>| 12169 |
| &nbsp;&nbsp; Somnigroup <br> International, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5456 | Monthly | (394526)<br>| 13637 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3017 | Monthly | $(284778)<br>| $4402 |
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1068 | Monthly | (100656)<br>| (3190)<br>|
| Southwest Airlines Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11239 | Monthly | (347331)<br>| 52312 |
| Southwest Airlines Co. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 2330 | Monthly | (71410)<br>| 15103 |
| Steel Dynamics, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 105 | Monthly | (13370)<br>| 160 |
| Stellantis N.V. | U.S. Fed Funds + (0.75)% | 1/23/2026 | Barclays | 13542 | Monthly | (120288)<br>| 5246 |
| Stellantis N.V. | U.S. Fed Funds + (0.96)% | 2/9/2026 | JPMorgan Chase | 8180 | Monthly | (72550)<br>| 10150 |
| Stellantis N.V. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5151 | Monthly | (45707)<br>| 3176 |
| Synchrony Financial | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1224 | Monthly | (85050)<br>| 1819 |
| Synnex Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1861 | Monthly | (268039)<br>| (5471)<br>|
| Synnex Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1152 | Monthly | (166054)<br>| (3645)<br>|
| &nbsp;&nbsp; Take-Two Interactive <br> Software, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 898 | Monthly | (199421)<br>| 14034 |
| Tapestry, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 187 | Monthly | (20185)<br>| 229 |
| Target Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2698 | Monthly | (269688)<br>| 5721 |
| Target Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 171 | Monthly | (17054)<br>| 274 |
| &nbsp;&nbsp; Teck Resources Ltd., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5185 | Monthly | (168107)<br>| 13439 |
| Tenet Healthcare Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 737 | Monthly | (118053)<br>| (1792)<br>|
| Tesla, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 859 | Monthly | (264632)<br>| 13333 |
| Texas Instruments, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 813 | Monthly | (146927)<br>| 24480 |
| &nbsp;&nbsp; Thermo Fisher <br> Scientific, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 614 | Monthly | (287109)<br>| 7079 |
| Toll Brothers, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5350 | Monthly | (632597)<br>| 44660 |
| TopBuild Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 741 | Monthly | (274307)<br>| 4454 |
| Tractor Supply Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1470 | Monthly | (83638)<br>| 2254 |
| Transocean Ltd. | U.S. Fed Funds + (0.25)% | 1/23/2026 | Barclays | 7075 | Monthly | (20640)<br>| (193)<br>|
| Transocean Ltd. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 59697 | Monthly | (173909)<br>| (2778)<br>|
| Trimble, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1358 | Monthly | (113879)<br>| 331 |
| U.S. Foods Holding Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3916 | Monthly | (326224)<br>| 1263 |
| &nbsp;&nbsp; United Rentals North <br> America, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 259 | Monthly | (228323)<br>| (20006)<br>|
| UnitedHealth Group, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 281 | Monthly | (70182)<br>| 1065 |
| UnitedHealth Group, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1197 | Monthly | (298196)<br>| 44080 |
| Viatris, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 47725 | Monthly | (415988)<br>| 25946 |
| Walmart, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 770 | Monthly | (75442)<br>| (76)<br>|
| &nbsp;&nbsp; Warner Bros. <br> Discovery, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4235 | Monthly | (55724)<br>| (1305)<br>|
| &nbsp;&nbsp; Warner Bros. <br> Discovery, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 28204 | Monthly | (370856)<br>| (31562)<br>|
| Welltower, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 244 | Monthly | (40275)<br>| 113 |
| Western Union (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 24688 | Monthly | (198444)<br>| 2926 |
| Westlake Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 240 | Monthly | (19000)<br>| 499 |
| Whirlpool Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2062 | Monthly | (171060)<br>| 25643 |
| Williams (The) Cos., Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4030 | Monthly | (241384)<br>| (10223)<br>|
| Xcel Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1008 | Monthly | (73959)<br>| (315)<br>|

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at July 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Xylem, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3376 | Monthly | $(487475)<br>| $(49709)<br>|
| **Total (Notional Payable $53,324,666)** | **Total (Notional Payable $53,324,666)** | **Total (Notional Payable $53,324,666)** |  | **$1129881** |  | **$(52487559)**<br>| **$837107** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of July 31, 2025:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Markit CDX North America High Yield Index <br> Series 44 (Pay Quarterly)<br>| 3.22% | 5.00% | 6/20/2030 | USD | 387500 | $30301 | $29569 | $732 |
| **Total** |  |  |  |  |  | **$30301** | **$29569** | **$732** |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2986682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2986682 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 55263213 | &nbsp;&nbsp; 2615853 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 57879066 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 49804638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49804638 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 5929367 | &nbsp;&nbsp; 1187259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7116626 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 37466348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37466348 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 5346603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5346603 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 30826703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30826703 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 3006122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3006122 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284877 | &nbsp;&nbsp; 284877 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 8893896 | &nbsp;&nbsp; 31657701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40551597 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; 16194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16194 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $73108792 | &nbsp;&nbsp; $161891787 | &nbsp;&nbsp; $284877 | &nbsp;&nbsp; $235285456 |

---

------

**Morningstar Funds Trust** July 31, 2025 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $(36135462)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36135462)<br>|
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $(36135462)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36135462)<br>|
| **Net Investments** | &nbsp;&nbsp; $36973330 | &nbsp;&nbsp; $161891787 | &nbsp;&nbsp; $284877 | &nbsp;&nbsp; $199149994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Includes securities determined to have no value as of July 31, 2025. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $72925 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72925 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 429504 | &nbsp;&nbsp; — | &nbsp;&nbsp; 429504 |
| &nbsp;&nbsp;&nbsp; Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2696208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2696208 |
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 732 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $72925 | &nbsp;&nbsp; $3126444 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3199369 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(159758)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(159758)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (309293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (309293)<br>|
| &nbsp;&nbsp;&nbsp; Written Options  | &nbsp;&nbsp; (40723)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (40723)<br>|
| &nbsp;&nbsp;&nbsp; Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3315649)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3315649)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(200481)<br>| &nbsp;&nbsp; $(3624942)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3825423)<br>|
| **Total Derivative Financial Instruments** | &nbsp;&nbsp; $(127556)<br>| &nbsp;&nbsp; $(498498)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(626054)<br>|

---

------

## 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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000057728

- **c. LEI of Series:** 254900MOGVG6VVUKZU31

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $957113790.10

**Total Liabilities:** $3450795.27

**Net Assets:** $953662994.83

**Cash Not Reported:** $192048.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186139 | 4.22%                | 3.33%                | -0.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4040107.56              | $29018504.62                               |
| Month 2  | $6979967.44              | $22607476.44                               |
| Month 3  | $9751239.51              | $-16392630.26                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    211202 | NS      | $211201.93    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3788883 | NS      | $3788883.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1012158 | NS      | $1012158.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    999503 | NS      | $999503.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    173566 | NS      | $173565.81    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     85728 | NS      | $85728.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   9011112 | NS      | $9011112.25   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1491300 | NS      | $1491299.85   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                                         | Severn Trent PLC ORD GBP0.9789                                               | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      5874 | NS      | $205985.58    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| MakeMyTrip Ltd.                                          | MakeMyTrip Ltd. USD0.0005                                                    | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      4804 | NS      | $449606.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Alcon AG                                                 | Alcon AG CHF0.04                                                             | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     50480 | NS      | $4419524.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Glencore PLC                                             | Glencore PLC ORD USD0.01                                                     | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1997989 | NS      | $8018581.46   | 0.84%             |  |  |  | No            |                  2 | On Loan: —       |
| BHP Group Ltd.                                           | BHP Group Ltd. SPON ADS EACH REP 2 ORD SHS                                   | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     77933 | NS      | $3948865.11   | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Ishares Inc                                              | Ishares Inc MSCI SOUTH KOREA ETF                                             | CUSIP: 464286772<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    133055 | NS      | $9687734.55   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Nice Limited                                             | Nice Limited ADR-EACH REPR 1 ORD ILS1                                        | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      8403 | NS      | $1311288.15   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Telkom Indonesia(Persero) Tbk PT                         | Telkom Indonesia(Persero) Tbk PT ADR EA REP 100 SER'B'IDR250                 | CUSIP: 715684106<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |     64343 | NS      | $1132436.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Trust                                            | iShares Trust CORE MSCI TOTAL                                                | CUSIP: 46432F834<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    156396 | NS      | $11989317.36  | 1.26%             |  |  |  | No            |                  1 | On Loan: —       |
| ZTO Express (Cayman) Inc.                                | ZTO Express (Cayman) Inc. SPON ADS EA REP 1 SHS CL A                         | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |    132441 | NS      | $2607763.29   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| America Movil S.A.B. de C.V.                             | America Movil S.A.B. de C.V. SPON ADS RP CL B                                | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     62295 | NS      | $1125670.65   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Dentsu Group Inc                                         | Dentsu Group Inc NPV                                                         | CUSIP: J1207N108<br>LEI: 5299007PBBE83ZLJZG91 | Long             | EC               | CORP              | JP        |     18894 | NS      | $372601.06    | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Xinyi Glass Holdings Ltd.                                | Xinyi Glass Holdings Ltd. HKD0.1                                             | CUSIP: G9828G108<br>LEI: 52990082YXVVZFK1QJ17 | Long             | EC               | CORP              | KY        |     65374 | NS      | $67386.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| REA Group Ltd.                                           | REA Group Ltd. ORD NPV                                                       | CUSIP: Q8051B108<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |       404 | NS      | $61541.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| CSPC Pharmaceutical Group Ltd.                           | CSPC Pharmaceutical Group Ltd. NPV                                           | CUSIP: Y1837N109<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | HK        |     62000 | NS      | $77921.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Daiwa Securities Group Inc.                              | Daiwa Securities Group Inc. NPV                                              | CUSIP: J11718111<br>LEI: 353800WRC7Y23PWFJG38 | Long             | EC               | CORP              | JP        |     65900 | NS      | $458786.37    | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Nissan Motor Co Ltd.                                     | Nissan Motor Co Ltd. NPV                                                     | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |    124476 | NS      | $263926.58    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Sumitomo Metal Mining Co Ltd.                            | Sumitomo Metal Mining Co Ltd. NPV                                            | CUSIP: J77712180<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |     20300 | NS      | $446504.54    | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Worldline SA                                             | Worldline SA EUR0.68                                                         | CUSIP: F9867T103<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |    236610 | NS      | $861963.93    | 0.09%             |  |  |  | Yes           |                  2 | On Loan: —       |
| Vista Energy S.A.B. de C.V.                              | Vista Energy S.A.B. de C.V. SPON ADS EA REP 1 ORD SHS                        | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |      2027 | NS      | $90606.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Arcos Dorados Holdings Inc                               | Arcos Dorados Holdings Inc COM NPV CL 'A'                                    | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |     74333 | NS      | $494314.45    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       114 | NS      | $114.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                    | Tencent Holdings Ltd. HKD0.00002                                             | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     11800 | NS      | $826144.43    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Motiva Infraestrutura De Mobilidade SA                   | Motiva Infraestrutura De Mobilidade SA COM NPV                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    323560 | NS      | $710155.71    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc.                                     | Quanta Computer Inc. TWD10                                                   | CUSIP: Y7174J106<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     92000 | NS      | $856902.89    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp.                                                 | KT Corp. KRW5000                                                             | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | NUSS              | KR        |     22694 | NS      | $900495.83    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                               | KT&G Corp. KRW5000                                                           | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      7115 | NS      | $666845.40    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc.                                              | JD.com Inc. USD0.00002 A CLASS                                               | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    139000 | NS      | $2190910.19   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                                       | Suncor Energy Inc. COM NPV 'NEW'                                             | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     41235 | NS      | $1626366.01   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd.                                        | Lenovo Group Ltd. NPV                                                        | CUSIP: Y5257Y107<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |    568000 | NS      | $728318.01    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Novatek Microelectronics Corp.                           | Novatek Microelectronics Corp. TWD10                                         | CUSIP: Y64153102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     60000 | NS      | $948220.85    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| UTD Tractors                                             | UTD Tractors IDR250                                                          | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    358300 | NS      | $525023.79    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Coway Co Ltd.                                            | Coway Co Ltd. KRW500                                                         | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     13068 | NS      | $1019248.10   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Associated British Foods PLC                             | Associated British Foods PLC ORD 5 15/22P                                    | CUSIP: G05600138<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |        27 | NS      | $781.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bellway PLC                                              | Bellway PLC GBP0.125                                                         | CUSIP: G09744155<br>LEI: 213800CY4L3HST4FGZ98 | Long             | EC               | CORP              | GB        |        42 | NS      | $1374.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IG Group Holdings PLC                                    | IG Group Holdings PLC ORD GBP0.00005                                         | CUSIP: G4753Q106<br>LEI: 2138003A5Q1M7ANOUD76 | Long             | EC               | CORP              | GB        |     30057 | NS      | $447573.24    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                | Bunzl PLC ORD GBP0.32142857                                                  | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |      3138 | NS      | $93127.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1140716 | NS      | $1140715.51   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                             | Infosys Ltd. INR5                                                            | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     62817 | NS      | $1068325.47   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bossard Holding AG                                       | Bossard Holding AG CHF5 (REGD) A                                             | CUSIP: H09904105<br>LEI: 5067001959OEPG6X8016 | Long             | EC               | CORP              | CH        |       738 | NS      | $156408.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nien Made Enterprise Co Ltd.                             | Nien Made Enterprise Co Ltd. TWD10                                           | CUSIP: Y6349P112<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     14400 | NS      | $205555.86    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Conch Cement Co Ltd.                               | Anhui Conch Cement Co Ltd. 'H'CNY1                                           | CUSIP: Y01373102<br>LEI: 300300JVKW56SSAEQZ33 | Long             | EC               | CORP              | CN        |    321000 | NS      | $929336.99    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd.                                    | Weichai Power Co Ltd. 'H'CNY1                                                | CUSIP: Y9531A109<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |    579000 | NS      | $1227402.69   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                             | Unilever PLC ORD GBP0.031111                                                 | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      2865 | NS      | $166228.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                             | Experian PLC ORD USD0.10                                                     | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      5448 | NS      | $287059.25    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                     | CEMEX S.A.B. de C.V. SPON ADR REP 10 ORD SHS                                 | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |     83255 | NS      | $724318.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.                  | Kimberly-Clark de Mexico S.A.B. de C.V. COM SER'A'NPV                        | CUSIP: P60694117<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    401107 | NS      | $750972.66    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Robam Appliances Co Ltd.                        | Hangzhou Robam Appliances Co Ltd. 'A'CNY1                                    | CUSIP: Y3041Z100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     31800 | NS      | $83991.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Opple Lighting Co Ltd                                    | Opple Lighting Co Ltd A CNY1                                                 | CUSIP: Y6440S106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     66010 | NS      | $169071.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                           | Tata Consultancy Services Ltd. INR1                                          | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     18309 | NS      | $631412.38    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanlam Ltd                                               | Sanlam Ltd ZAR0.01                                                           | CUSIP: S7302C137<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |    217285 | NS      | $1045377.47   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Square- Enix Holdings Co Ltd.                            | Square- Enix Holdings Co Ltd. NPV                                            | CUSIP: J7659R109<br>LEI: 529900KCRNRDF8DIA489 | Long             | EC               | CORP              | JP        |      6500 | NS      | $439440.07    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Dunelm Group PLC                                         | Dunelm Group PLC ORD GBP0.01                                                 | CUSIP: G2935W108<br>LEI: 213800WCOWEI3T5DUV19 | Long             | EC               | CORP              | GB        |     18506 | NS      | $296862.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                             | 3i Group PLC ORD GBP0.738636                                                 | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |      6063 | NS      | $331295.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                    | Tencent Holdings Ltd. HKD0.00002                                             | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     67200 | NS      | $4704822.49   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     30525 | NS      | $30525.01     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mony Group PLC                                           | Mony Group PLC ORD GBP0.0002                                                 | CUSIP: G6258H101<br>LEI: 54930016B7VO33FBE722 | Long             | EC               | CORP              | GB        |     65190 | NS      | $172478.89    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                              | Reckitt Benckiser Group PLC ORD GBP0.10                                      | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      1902 | NS      | $142546.91    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Plus500 Ltd.                                             | Plus500 Ltd. ORD ILS0.01 (DI)                                                | CUSIP: M7S2CK109<br>LEI: 549300X8NGW9C5OJZU13 | Long             | EC               | CORP              | IL        |     10817 | NS      | $480076.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Daqin Railway Co Ltd.                                    | Daqin Railway Co Ltd. 'A'CNY1                                                | CUSIP: Y1997H108<br>LEI: 30030098LARO7YWJL882 | Long             | EC               | CORP              | CN        |     68400 | NS      | $61974.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                                 | Relx PLC ORD GBP0.1444                                                       | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |      3836 | NS      | $199322.76    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                      | Imperial Brands PLC GBP0.10                                                  | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |        83 | NS      | $3235.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                | Nestle SA CHF0.10 (REGD)                                                     | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      7140 | NS      | $623872.35    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Luk Fook Holdings (International) Limited                | Luk Fook Holdings (International) Limited HKD0.10                            | CUSIP: G5695X125<br>LEI: 529900U7PECBLERIIX44 | Long             | EC               | CORP              | BM        |     26158 | NS      | $68255.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Yihai International Holding Ltd.                         | Yihai International Holding Ltd. USD0.00001                                  | CUSIP: G98419107<br>LEI: 3003004D79NRTSL70K40 | Long             | EC               | CORP              | KY        |     78975 | NS      | $135978.48    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Bobcat Inc                                        | Doosan Bobcat Inc KRW500                                                     | CUSIP: Y2103B100<br>LEI: 9884007K6X0Q0112FX44 | Long             | EC               | CORP              | KR        |      4241 | NS      | $168126.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuliangye Yibin Co Ltd.                                  | Wuliangye Yibin Co Ltd. 'A'CNY1                                              | CUSIP: Y9718N106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      3300 | NS      | $55367.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bodycote Plc                                             | Bodycote Plc ORD GBP0.1727272                                                | CUSIP: G1214R111<br>LEI: 213800V93QFW53NB7Y29 | Long             | EC               | CORP              | GB        |     18213 | NS      | $153097.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     64333 | NS      | $64333.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                       | Cameco Corporation COM NPV                                                   | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     13401 | NS      | $1006138.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| China Medical System Holdings Limited                    | China Medical System Holdings Limited USD0.005                               | CUSIP: G21108124<br>LEI: 529900Z57DVJXUBLHX66 | Long             | EC               | CORP              | KY        |     98180 | NS      | $166700.31    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast AS                                             | Coloplast AS SER'B'DKK1                                                      | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |      1863 | NS      | $170151.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Westport Holdings Berhad                                 | Westport Holdings Berhad NPV                                                 | CUSIP: Y95440106<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     63618 | NS      | $83378.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                            | Assa Abloy AB SER'B'NPV                                                      | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |      2319 | NS      | $76736.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited                       | Canadian Natural Resources Limited COM NPV                                   | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     68574 | NS      | $2170652.17   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                   | Petroleo Brasileiro SA SPON ADS EACH REP 2 ORD SHS                           | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    229230 | NS      | $2920390.20   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd.                                                 | UPL Ltd. INR2                                                                | CUSIP: Y9305P100<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               | CORP              | IN        |    133423 | NS      | $1067430.61   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp.                            | China Construction Bank Corp. 'H'CNY1                                        | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | NUSS              | CN        |   2278000 | NS      | $2329946.53   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                                         | Nintendo Co Ltd. NPV                                                         | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     23300 | NS      | $1947389.50   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX Corp.                                               | ORIX Corp. NPV                                                               | CUSIP: J61933123<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |     30200 | NS      | $678383.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp.                                            | Chevron Corp. COM USD0.75                                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10825 | NS      | $1641503.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                                        | PDD Holdings Inc. SPON ADS EACH REP 4 ORD SHS                                | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     10167 | NS      | $1153446.15   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuwait Telecommunications Company                        | Kuwait Telecommunications Company KWD0.1                                     | CUSIP: M6S17J102<br>LEI: N/A                  | Long             | EC               | CORP              | KW        |     69601 | NS      | $130722.13    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| 3SBio Inc                                                | 3SBio Inc USD0.00001 REG'S'/144A                                             | CUSIP: G8875G102<br>LEI: 529900P0TQC1E9Y7FN31 | Long             | EC               | CORP              | KY        |    180788 | NS      | $730866.95    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                        | Tencent Music Entertainment Group SPON ADS EA REP 2 ORD SHS                  | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     50774 | NS      | $1065746.26   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                             | NetEase Inc. USD0.0001                                                       | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     44100 | NS      | $1152873.44   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                   | BP PLC ORD USD0.25                                                           | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    764766 | NS      | $4099362.97   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                                        | Imperial Oil Ltd. COM NPV                                                    | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      4943 | NS      | $412142.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ATOSS Software SE                                        | ATOSS Software SE NPV                                                        | CUSIP: D0426N101<br>LEI: 529900Q9G9280ADNOA39 | Long             | EC               | CORP              | DE        |       701 | NS      | $94026.45     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart De Mexico                                       | Wal-Mart De Mexico COM NPV                                                   | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     64400 | NS      | $189803.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Koito Manufacturing Co., Ltd.                            | Koito Manufacturing Co., Ltd. NPV                                            | CUSIP: J34899104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11100 | NS      | $141933.88    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                               | Geberit AG CHF0.10 (REGD)                                                    | CUSIP: H2942E124<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |       590 | NS      | $451998.31    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production Public Co Ltd.              | PTT Exploration & Production Public Co Ltd. THB1(ALIEN)                      | CUSIP: Y7145P165<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |    153400 | NS      | $591562.95    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd.                             | China Merchants Bank Co Ltd. 'H'CNY1                                         | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    224613 | NS      | $1457546.80   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu King's Luck Brewery JSC Ltd.                     | Jiangsu King's Luck Brewery JSC Ltd. 'A'CNY1                                 | CUSIP: Y444JU106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      9500 | NS      | $51737.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zeon Corp.                                               | Zeon Corp. NPV                                                               | CUSIP: J9886P104<br>LEI: 529900UEFURDYZ4F4U10 | Long             | EC               | CORP              | JP        |      5200 | NS      | $55190.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sundrug Co Ltd                                           | Sundrug Co Ltd NPV                                                           | CUSIP: J78089109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6900 | NS      | $204509.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Xtb SA                                                   | Xtb SA PLN0.05                                                               | CUSIP: X98169117<br>LEI: 259400AVUPSABLEXNT19 | Long             | EC               | CORP              | PL        |      4733 | NS      | $94587.53     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GSK plc                                                  | GSK plc ORD GBP0.3125                                                        | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     14682 | NS      | $270060.72    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chow Tai Seng Jewellery Company Ltd                      | Chow Tai Seng Jewellery Company Ltd A CNY1                                   | CUSIP: Y16024104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     30600 | NS      | $54925.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin           | Compagnie Generale des Etablissements Michelin EUR0.50 (POST SUBDIVISION)    | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |      9190 | NS      | $326948.14    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd.                                    | Hyundai Mobis Co Ltd. KRW5000                                                | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      3687 | NS      | $778030.02    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nedbank Group Ltd                                        | Nedbank Group Ltd ZAR1                                                       | CUSIP: S5518R104<br>LEI: 3789009E42FA3CB31065 | Long             | EC               | CORP              | ZA        |     85197 | NS      | $1162556.41   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                               | Alibaba Group Holding Ltd. USD0.000003125                                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    316200 | NS      | $4753997.03   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Health Information Technology Ltd.               | Alibaba Health Information Technology Ltd. HKD0.01                           | CUSIP: G0171K101<br>LEI: 529900GE9653COPX1I86 | Long             | EC               | CORP              | BM        |   1294000 | NS      | $802458.53    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan LLC                                              | Meituan LLC USD0.00001 B CLASS                                               | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |    137990 | NS      | $2128847.41   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Baidu Inc.                                               | Baidu Inc. USD0.000000625 A CLASS                                            | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |    201300 | NS      | $2202491.22   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                         | TotalEnergies SE EUR2.5                                                      | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     99938 | NS      | $5942864.14   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Lukoil PJSC                                              | Lukoil PJSC RUB0.025(RUB)                                                    | CUSIP: X6983S100<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |     13736 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Indus Towers Ltd.                                        | Indus Towers Ltd. INR10                                                      | CUSIP: Y0R86J109<br>LEI: 335800L6DI4VHODGDK41 | Long             | EC               | CORP              | IN        |    372720 | NS      | $1537119.95   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.          | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1                     | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    186500 | NS      | $1280390.44   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT                         | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                                 | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |   4585333 | NS      | $805161.27    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Moncler S.p.A.                                           | Moncler S.p.A. NPV                                                           | CUSIP: T6730E110<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |      3542 | NS      | $188904.18    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheng De Lolo Co Ltd .                                   | Cheng De Lolo Co Ltd . 'A'CNY1                                               | CUSIP: Y3120K107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     98500 | NS      | $119333.62    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Changchun High-Tech Industry (Group ) Co Ltd.            | Changchun High-Tech Industry (Group ) Co Ltd. 'A'CNY1                        | CUSIP: Y1293Q109<br>LEI: 300300X04OTKZG18WD66 | Long             | EC               | CORP              | CN        |      8000 | NS      | $116713.79    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CCL Industries Inc                                       | CCL Industries Inc CLASS'B'NON VTG COM NPV                                   | CUSIP: 124900309<br>LEI: 549300TD3EMSRRC0YH75 | Long             | EC               | CORP              | CA        |      1104 | NS      | $61709.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                                | Vale S.A. COM NPV                                                            | CUSIP: P9661Q155<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     11600 | NS      | $110395.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                                      | Trip.com Group Ltd. USD0.00125                                               | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     33800 | NS      | $2098387.12   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia                                       | Sberbank of Russia RUB3(USD)                                                 | CUSIP: X76317100<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    405212 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kasikornbank Public Co Ltd.                              | Kasikornbank Public Co Ltd. THBH10(ALIEN)                                    | CUSIP: Y4591R118<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    155700 | NS      | $769763.45    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Company                        | Canadian National Railway Company COM NPV                                    | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      3384 | NS      | $316234.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                                   | Grupo Mexico SAB de CV SER'B'COM NPV                                         | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |     11400 | NS      | $71119.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Publishing & Media Co., Ltd.                    | Shandong Publishing & Media Co., Ltd. A CNY1                                 | CUSIP: Y768M9101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    107391 | NS      | $134001.75    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                | Epiroc AB SER'A'NPV                                                          | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     11923 | NS      | $242670.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                                       | Cenovus Energy Inc COM NPV                                                   | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     57979 | NS      | $882489.25    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                                                | Repsol SA EUR1                                                               | CUSIP: E8471S130<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |     81756 | NS      | $1239565.75   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Gruma S.A.B.de C.V.                                      | Gruma S.A.B.de C.V. SER'B' NPV                                               | CUSIP: P4948K121<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | EC               | CORP              | MX        |      3300 | NS      | $56846.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DKSH Holding AG                                          | DKSH Holding AG CHF0.10 (REGD)                                               | CUSIP: H2012M121<br>LEI: 549300HUUUNHO6FJUS42 | Long             | EC               | CORP              | CH        |      2080 | NS      | $143832.64    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Neste Oyj                                                | Neste Oyj NPV                                                                | CUSIP: X5688A109<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |     27725 | NS      | $437573.82    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom Public Joint Stock Company                       | Gazprom Public Joint Stock Company RUB5(RUB)                                 | CUSIP: X3123F106<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    421794 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vesuvius PLC                                             | Vesuvius PLC ORD GBP0.10                                                     | CUSIP: G9339E105<br>LEI: 213800ORZ521W585SY02 | Long             | EC               | CORP              | GB        |     11063 | NS      | $52071.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Wolwo Bio-Pharmaceutical Co Ltd.                | Zhejiang Wolwo Bio-Pharmaceutical Co Ltd. 'A'CNY1                            | CUSIP: Y9897U103<br>LEI: 3003000DMXTOIP2M8505 | Long             | EC               | CORP              | CN        |     19800 | NS      | $69611.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kobayashi Pharmaceutical Co Ltd                          | Kobayashi Pharmaceutical Co Ltd NPV                                          | CUSIP: J3430E103<br>LEI: 529900WBSL04KD6TKP95 | Long             | EC               | CORP              | JP        |      5800 | NS      | $203971.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aica Kogyo Co Ltd.                                       | Aica Kogyo Co Ltd. NPV                                                       | CUSIP: J00252106<br>LEI: 353800I589BKZAOJD116 | Long             | EC               | CORP              | JP        |      9100 | NS      | $224067.61    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.             | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                           | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    112945 | NS      | $4348302.03   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Tingyi (Cayman Islands) Holding Corp.                    | Tingyi (Cayman Islands) Holding Corp. ORD USD0.005                           | CUSIP: G8878S103<br>LEI: 5299009MPI9B60VN4P25 | Long             | EC               | CORP              | KY        |    620000 | NS      | $916523.77    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                          | Kerry Group PLC 'A'ORD EUR0.125                                              | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |      2101 | NS      | $194069.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                         | Pernod Ricard SA EUR1.55                                                     | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |      2159 | NS      | $221877.94    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bidvest Group Ltd.                                       | Bidvest Group Ltd. ZAR0.05                                                   | CUSIP: S1201R162<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |     66290 | NS      | $862353.24    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale S.A.                                                | Vale S.A. SPONS ADS REPR 1 COM NPV                                           | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    101925 | NS      | $971345.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal S.A.                                             | L'Oreal S.A. EUR0.20                                                         | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       883 | NS      | $390713.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                       | Publicis Groupe SA EUR0.40                                                   | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |      3271 | NS      | $298909.75    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank PLC                                             | OTP Bank PLC HUF100                                                          | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |     20198 | NS      | $1638985.80   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Opap SA                                                  | Opap SA EUR0.30 (CR)                                                         | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |     25571 | NS      | $573710.81    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsberg A/S                                            | Carlsberg A/S SER'B'DKK20                                                    | CUSIP: K36628137<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |      1082 | NS      | $134890.02    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Forbo Holdings AG                                        | Forbo Holdings AG CHF0.10 (REGD)                                             | CUSIP: H26865214<br>LEI: 506700HR073894C16243 | Long             | EC               | CORP              | CH        |        46 | NS      | $43631.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kunlun Energy Co Ltd.                                    | Kunlun Energy Co Ltd. ORD HKD0.01                                            | CUSIP: G5320C108<br>LEI: 5299007GRIKP15GM4927 | Long             | EC               | CORP              | BM        |     84699 | NS      | $81594.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fu Shou Yuan International Group Ltd.                    | Fu Shou Yuan International Group Ltd. USD0.01                                | CUSIP: G37109108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    156421 | NS      | $71886.40     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bravida Holding AB                                       | Bravida Holding AB NPV                                                       | CUSIP: W2R16Z106<br>LEI: 549300H88IJGPNNL3T61 | Long             | EC               | CORP              | SE        |     17112 | NS      | $160578.17    | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Societe BIC SA                                           | Societe BIC SA EUR3.82                                                       | CUSIP: F10080103<br>LEI: 969500UR00DF63I0VH67 | Long             | EC               | CORP              | FR        |      3007 | NS      | $182835.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                               | KT&G Corp. KRW5000                                                           | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      3014 | NS      | $282483.77    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UTD Tractors                                             | UTD Tractors IDR250                                                          | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    116417 | NS      | $170588.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                            | Beiersdorf AG NPV                                                            | CUSIP: D08792109<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |      1598 | NS      | $198571.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortum Oyj                                               | Fortum Oyj EUR3.40                                                           | CUSIP: X2978Z118<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |     10949 | NS      | $200867.55    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Viscofan SA                                              | Viscofan SA EUR0.70                                                          | CUSIP: E97579192<br>LEI: 95980020140005684765 | Long             | EC               | CORP              | ES        |      1557 | NS      | $106541.94    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                                | Sanofi SA EUR2                                                               | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |       485 | NS      | $43538.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elisa OYJ                                                | Elisa OYJ NPV                                                                | CUSIP: X1949T102<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |      6489 | NS      | $333876.85    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropole Television-(M6)                                | Metropole Television-(M6) EUR0.40                                            | CUSIP: F62379114<br>LEI: 96950018NOMJX5XRH047 | Long             | EC               | CORP              | FR        |     13097 | NS      | $191314.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                               | Legrand SA EUR4                                                              | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |      3663 | NS      | $541050.27    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                | Orion Oyj SER'B'NPV                                                          | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |      2456 | NS      | $196624.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                      | Hong Kong Exchanges & Clearing Ltd. NPV                                      | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      9600 | NS      | $519540.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Material Co Ltd.                                   | Japan Material Co Ltd. NPV                                                   | CUSIP: J2789V104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4796 | NS      | $43712.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| USS Co Ltd.                                              | USS Co Ltd. NPV                                                              | CUSIP: J9446Z105<br>LEI: 5299000RRQD6UZXG4W72 | Long             | EC               | CORP              | JP        |     41200 | NS      | $447798.38    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| S-1 Corporation                                          | S-1 Corporation KRW500                                                       | CUSIP: Y75435100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     13050 | NS      | $695467.57    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Celcomdigi Berhad                                        | Celcomdigi Berhad NPV                                                        | CUSIP: Y2070F100<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    137200 | NS      | $123528.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                             | Infosys Ltd. INR5                                                            | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      8474 | NS      | $144116.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Novatek Microelectronics Corp.                           | Novatek Microelectronics Corp. TWD10                                         | CUSIP: Y64153102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5000 | NS      | $79018.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp.                                             | Otsuka Corp. NPV                                                             | CUSIP: J6243L115<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |     12300 | NS      | $233050.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nakanishi Inc                                            | Nakanishi Inc NPV                                                            | CUSIP: J4800J102<br>LEI: 353800EXA7IQ42YKF224 | Long             | EC               | CORP              | JP        |      7900 | NS      | $101691.52    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wipro Ltd.                                               | Wipro Ltd. INR2                                                              | CUSIP: Y96659142<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |     66106 | NS      | $185953.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LG H&H Co Ltd.                                           | LG H&H Co Ltd. KRW5000                                                       | CUSIP: Y5275R100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       305 | NS      | $69136.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Largan Precision Co Ltd.                                 | Largan Precision Co Ltd. TWD10                                               | CUSIP: Y52144105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6000 | NS      | $470598.88    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Chunghwa Telecom Co Ltd.                                 | Chunghwa Telecom Co Ltd. TWD10                                               | CUSIP: Y1613J108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     68000 | NS      | $293847.14    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd.                                  | Singapore Exchange Ltd. NPV                                                  | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     17300 | NS      | $212125.73    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Coway Co Ltd.                                            | Coway Co Ltd. KRW500                                                         | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5065 | NS      | $395048.33    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Alsok Co Ltd.                                            | Alsok Co Ltd. NPV                                                            | CUSIP: J7607Z104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8200 | NS      | $57117.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Powertech Technology Inc.                                | Powertech Technology Inc. TWD10                                              | CUSIP: Y7083Y103<br>LEI: 254900O6KNZXH2RI9Q14 | Long             | EC               | CORP              | TW        |     12000 | NS      | $50123.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.Com Inc.                                          | Kakaku.Com Inc. NPV                                                          | CUSIP: J29258100<br>LEI: 353800KA15Y0DCPWYY65 | Long             | EC               | CORP              | JP        |     11526 | NS      | $195901.49    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Conch Cement Co Ltd.                               | Anhui Conch Cement Co Ltd. 'H'CNY1                                           | CUSIP: Y01373102<br>LEI: 300300JVKW56SSAEQZ33 | Long             | EC               | CORP              | CN        |     26500 | NS      | $76720.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| C. Uyemura & Co Ltd.                                     | C. Uyemura & Co Ltd. NPV                                                     | CUSIP: J0845U102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       765 | NS      | $48997.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                                 | M3, Inc. NPV                                                                 | CUSIP: J4697J108<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |     12400 | NS      | $152505.13    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bursa Malaysia Bhd                                       | Bursa Malaysia Bhd MYR0.50                                                   | CUSIP: Y1028U102<br>LEI: 254900CXCSGW8M52ZU27 | Long             | EC               | CORP              | MY        |    106500 | NS      | $187847.20    | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bukit Asam Tbk                                           | Bukit Asam Tbk IDR100 SER'B'                                                 | CUSIP: Y8520P101<br>LEI: 529900XX13TXG5L4CN33 | Long             | EC               | CORP              | ID        |    839498 | NS      | $123256.20    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp.                                        | Nitto Denko Corp. NPV                                                        | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |      7200 | NS      | $148996.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Truworths International Ltd.                             | Truworths International Ltd. ZAR0.00015                                      | CUSIP: S8793H130<br>LEI: 37890099AFD770037522 | Long             | EC               | CORP              | ZA        |     43193 | NS      | $167709.65    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiger Brands Ltd                                         | Tiger Brands Ltd ORD ZAR0.10                                                 | CUSIP: S84594142<br>LEI: 529900C57HAFZAHHBC90 | Long             | EC               | CORP              | ZA        |      9816 | NS      | $163543.87    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brother Industries Ltd                                   | Brother Industries Ltd NPV                                                   | CUSIP: 114813108<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |     17439 | NS      | $296739.35    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd.                                            | Brambles Ltd. NPV                                                            | CUSIP: Q6634U106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      3855 | NS      | $58979.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Haitian International Holdings Limited                   | Haitian International Holdings Limited HKD0.10                               | CUSIP: G4232C108<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | KY        |     36000 | NS      | $97587.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd.                                   | Daikin Industries Ltd. NPV                                                   | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |       400 | NS      | $49182.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Toto Ltd                                                 | Toto Ltd NPV                                                                 | CUSIP: J90268103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2000 | NS      | $50912.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiamen Faratronic Co Ltd.                                | Xiamen Faratronic Co Ltd. 'A'CNY1                                            | CUSIP: Y9721Z104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     11000 | NS      | $167482.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rosneft Oil Company                                      | Rosneft Oil Company RUB0.01(RUB)                                             | CUSIP: X7394C106<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |    210931 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Galp Energia SGPS SA                                     | Galp Energia SGPS SA EUR1                                                    | CUSIP: X3078L108<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |     21531 | NS      | $411139.82    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiseki Co Ltd                                           | Daiseki Co Ltd NPV                                                           | CUSIP: J10773109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2549 | NS      | $59342.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Db Hitek Co Ltd                                          | Db Hitek Co Ltd KRW5000                                                      | CUSIP: Y3R69A103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     16712 | NS      | $545070.98    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangdong South New Media Co Ltd                         | Guangdong South New Media Co Ltd A CNY1                                      | CUSIP: Y2936Y103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     65800 | NS      | $373935.87    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VZ Holdings                                              | VZ Holdings CHF0.05 (REGD)                                                   | CUSIP: H9239A111<br>LEI: 529900JMJUZCFUVQ0Q82 | Long             | EC               | CORP              | CH        |      1193 | NS      | $252497.56    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT Ltd.                                               | ASMPT Ltd. HKD0.10                                                           | CUSIP: G0535Q133<br>LEI: 529900PYFA1HFYKPT360 | Long             | EC               | CORP              | KY        |     78100 | NS      | $660704.18    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Ltd.                                 | Standard Bank Group Ltd. ZAR0.1                                              | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     90321 | NS      | $1162203.27   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                            | Schroders PLC ORD GBP0.20                                                    | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |    127669 | NS      | $656238.14    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangzhou Shiyuan Electronic Technology Co Ltd.          | Guangzhou Shiyuan Electronic Technology Co Ltd. A CNY1                       | CUSIP: Y29355107<br>LEI: 300300XCN9JKXKDKGF57 | Long             | EC               | CORP              | CN        |     12300 | NS      | $59620.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Seria Co Ltd.                                            | Seria Co Ltd. NPV                                                            | CUSIP: J7113X106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7400 | NS      | $136282.67    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hirose Electric Co Ltd.                                  | Hirose Electric Co Ltd. NPV                                                  | CUSIP: J19782101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       400 | NS      | $50226.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chengdu Fusen Noble-House Industria                      | Chengdu Fusen Noble-House Industria A CNY1                                   | CUSIP: Y1308N109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    122450 | NS      | $202597.93    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                           | Atlas Copco AB SER'A'NPV                                                     | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     23452 | NS      | $357136.13    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                        | Exxon Mobil Corp. COM NPV                                                    | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     21594 | NS      | $2410754.16   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| China Petroleum & Chemical Corp.                         | China Petroleum & Chemical Corp. CNY1'H'SHS                                  | CUSIP: Y15010104<br>LEI: 529900A2OB24EZ5B3J19 | Long             | EC               | CORP              | CN        |   1603092 | NS      | $940730.88    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                        | Canadian Pacific Kansas City Ltd. COM                                        | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1030 | NS      | $75748.41     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujian Expressway Development Co., Ltd.                  | Fujian Expressway Development Co., Ltd. CLS'A'CNY1                           | CUSIP: Y26524101<br>LEI: 300300WS4FZ00N0HUK19 | Long             | EC               | CORP              | CN        |    302300 | NS      | $145644.51    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Want Want China Holdings Ltd.                            | Want Want China Holdings Ltd. USD0.02                                        | CUSIP: G9431R103<br>LEI: 5299005HZCEKX4O1J230 | Long             | EC               | CORP              | KY        |   1242000 | NS      | $897685.54    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodacom Group Limited                                    | Vodacom Group Limited ZAR0.01                                                | CUSIP: S9453B108<br>LEI: 37890012A8DC24B8D663 | Long             | EC               | CORP              | ZA        |    149186 | NS      | $1139026.36   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd.                                             | Hitachi Ltd. NPV                                                             | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |      2400 | NS      | $73441.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd.                                    | Hyundai Mobis Co Ltd. KRW5000                                                | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |       836 | NS      | $176412.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                                | Legal & General Group PLC ORD GBP0.025                                       | CUSIP: G54404127<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     60889 | NS      | $205991.53    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                   | Standard Chartered PLC ORD USD0.50                                           | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     21408 | NS      | $383780.77    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AS One Corporation                                       | AS One Corporation NPV                                                       | CUSIP: J0332U102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8542 | NS      | $134235.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruichi Steel Tube Ltd.                                 | Maruichi Steel Tube Ltd. NPV                                                 | CUSIP: J40046104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6400 | NS      | $154722.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BB Seguridade Participacoes SA                           | BB Seguridade Participacoes SA COM NPV                                       | CUSIP: P1R1WJ103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    243900 | NS      | $1465695.46   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                               | Astra International Tbk PT IDR50                                             | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |   2667000 | NS      | $824424.54    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                | Bunzl PLC ORD GBP0.32142857                                                  | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |      8339 | NS      | $247480.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                          | London Stock Exchange Group PLC ORD GBP0.06918604                            | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      4569 | NS      | $556938.76    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                                | Mitsubishi Electric Corp. NPV                                                | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |      4600 | NS      | $103464.33    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NGK Insulators Ltd                                       | NGK Insulators Ltd NPV                                                       | CUSIP: J49076110<br>LEI: 353800701BNCL25VYY16 | Long             | EC               | CORP              | JP        |      3900 | NS      | $49374.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tangshan Port Group Co., Ltd.                            | Tangshan Port Group Co., Ltd. 'A'CNY1                                        | CUSIP: Y8488K102<br>LEI: 300300R1OCOESINHQW02 | Long             | EC               | CORP              | CN        |    130200 | NS      | $73087.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Autek China Inc.                                         | Autek China Inc. A CNY1                                                      | CUSIP: Y0483P103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     87900 | NS      | $217671.95    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                          | BAE Systems PLC ORD GBP0.025                                                 | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     30329 | NS      | $723669.48    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                             | British American Tobacco PLC ORD GBP0.25                                     | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     25532 | NS      | $1367937.20   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle (Malaysia)                                        | Nestle (Malaysia) NPV                                                        | CUSIP: Y6269X103<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |      7100 | NS      | $146430.64    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                                   | SKF AB SER'B'NPV                                                             | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |     17012 | NS      | $396251.32    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                        | HSBC Holdings PLC ORD USD0.50                                                | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    168156 | NS      | $2048640.27   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Nifco Inc                                                | Nifco Inc NPV                                                                | CUSIP: 654101104<br>LEI: 353800JMDOH68J9I5140 | Long             | EC               | CORP              | JP        |      8097 | NS      | $197566.86    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Shinyaku Co                                       | Nippon Shinyaku Co NPV                                                       | CUSIP: J55784102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5173 | NS      | $111380.08    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| President Chain Store Corp.                              | President Chain Store Corp. TWD10                                            | CUSIP: Y7082T105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     16000 | NS      | $137111.79    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide S.A.(L')                                     | Air Liquide S.A.(L') EUR5.50                                                 | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      1230 | NS      | $241986.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                             | Secom Co Ltd NPV                                                             | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |     19500 | NS      | $700308.34    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsumura & Co                                             | Tsumura & Co NPV                                                             | CUSIP: J93407120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9200 | NS      | $226944.22    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UTD Plant Berhad                                         | UTD Plant Berhad ORD MYR1                                                    | CUSIP: Y92490104<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     44475 | NS      | $225651.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Robina Corp.                                   | Universal Robina Corp. PHP1                                                  | CUSIP: Y9297P100<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |    109309 | NS      | $165557.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                   | BP PLC ORD USD0.25                                                           | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    234453 | NS      | $1256734.67   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                       | Smith & Nephew PLC ORD USD0.20                                               | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     19990 | NS      | $305506.44    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp.                                              | Inpex Corp. NPV                                                              | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |     42100 | NS      | $599451.78    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Ltd.                                              | Santos Ltd. NPV                                                              | CUSIP: Q82869118<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |    198559 | NS      | $999127.04    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev S.A.                                               | Ambev S.A. COM NPV                                                           | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     96400 | NS      | $215884.49    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Renhe Pharmacy Co Ltd.                                   | Renhe Pharmacy Co Ltd. 'A'CNY1                                               | CUSIP: Y4444S107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    128000 | NS      | $104257.49    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                    | Emaar Properties PJSC AED1                                                   | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     42137 | NS      | $174502.14    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                              | Berkeley Group Holdings PLC ORD GBP0.05611047                                | CUSIP: G1191G153<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |      2075 | NS      | $99790.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                | Shell PLC ORD EUR0.07                                                        | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    241952 | NS      | $8694092.73   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                                  | Eni SpA NPV                                                                  | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     97615 | NS      | $1666029.74   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                              | Equinor ASA NOK2.50                                                          | CUSIP: R2R90P103<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     44676 | NS      | $1147618.40   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                               | Woodside Energy Group Ltd. NPV                                               | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |    101111 | NS      | $1711039.96   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                        | Ashtead Group PLC ORD GBP0.10                                                | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |      5130 | NS      | $342742.34    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                     | Rentokil Initial PLC ORD GBP0.01                                             | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |     60529 | NS      | $301945.79    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                             | Unilever PLC ORD GBP0.031111                                                 | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     27305 | NS      | $1584249.08   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                               | Diageo PLC ORD GBP0.28 101/108                                               | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     33779 | NS      | $818720.68    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                             | Experian PLC ORD USD0.10                                                     | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      8541 | NS      | $450031.76    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                                 | Relx PLC ORD GBP0.1444                                                       | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     18199 | NS      | $945639.97    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                           | Prudential PLC GBP0.05                                                       | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     38799 | NS      | $492211.41    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                            | Rio Tinto PLC ORD GBP0.10                                                    | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     16680 | NS      | $993451.58    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Corp                                            | SoftBank Corp NPV                                                            | CUSIP: J75963132<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |    307000 | NS      | $443565.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                             | Glencore PLC ORD USD0.01                                                     | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    133426 | NS      | $535482.05    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    320089 | NS      | $320088.73    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                               | Haleon PLC ORD GBP0.01                                                       | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     72623 | NS      | $340650.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                      | Mitsubishi UFJ Financial Group Inc. NPV                                      | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    183600 | NS      | $2530516.31   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc.                               | Tokio Marine Holdings Inc. NPV                                               | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     33600 | NS      | $1349138.24   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                     | Sumitomo Mitsui Financial Group Inc. NPV                                     | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |    100200 | NS      | $2527706.45   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                              | Mizuho Financial Group Inc. NPV                                              | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     30000 | NS      | $879949.84    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                                 | Japan Exchange Group Inc NPV                                                 | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |     42700 | NS      | $417280.76    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd.                               | Seven & i Holdings Co Ltd. NPV                                               | CUSIP: J7165H108<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |     51900 | NS      | $684207.78    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                                   | Daiichi Sankyo Co Ltd. NPV                                                   | CUSIP: J11257102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     69300 | NS      | $1700062.73   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp.                                              | Inpex Corp. NPV                                                              | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |     78000 | NS      | $1110623.24   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.                            | Chugai Pharmaceutical Co Ltd. NPV                                            | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     19700 | NS      | $944357.90    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd.                                   | Daikin Industries Ltd. NPV                                                   | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     10300 | NS      | $1266445.15   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| E. Sun Financial Holding Co Ltd.                         | E. Sun Financial Holding Co Ltd. TWD10                                       | CUSIP: Y23469102<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |    295934 | NS      | $316499.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| King Yuan Electronics Co. Ltd                            | King Yuan Electronics Co. Ltd TWD10                                          | CUSIP: Y4801V107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    166000 | NS      | $649337.79    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| East Japan Railway Co.                                   | East Japan Railway Co. NPV                                                   | CUSIP: J1257M109<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |     63200 | NS      | $1354640.34   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd.                                   | Fast Retailing Co Ltd. NPV                                                   | CUSIP: J1346E100<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |      3400 | NS      | $1037101.07   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon M&A Center Holdings Inc.                           | Nihon M&A Center Holdings Inc. NPV                                           | CUSIP: J50883107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48400 | NS      | $241962.30    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysmex Corp.                                             | Sysmex Corp. NPV                                                             | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |      3800 | NS      | $61734.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp.                                  | FUJIFILM Holdings Corp. NPV                                                  | CUSIP: J14208102<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |     38100 | NS      | $790278.97    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                              | Fanuc Corp. NPV                                                              | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     58500 | NS      | $1628462.27   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                       | Smith & Nephew PLC ORD USD0.20                                               | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    186328 | NS      | $2847644.01   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                        | Ashtead Group PLC ORD GBP0.10                                                | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     88800 | NS      | $5932849.81   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                     | Rentokil Initial PLC ORD GBP0.01                                             | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    555400 | NS      | $2770584.25   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                               | Diageo PLC ORD GBP0.28 101/108                                               | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    158100 | NS      | $3831958.86   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.             | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                           | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      9000 | NS      | $346493.59    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Parkway Life Real Estate Investment Trust                | Parkway Life Real Estate Investment Trust NPV (REAL ESTATE INVESTMENT TRUST) | CUSIP: Y67202104<br>LEI: 549300I4DKVD2OF5LW91 | Long             | EC               | CORP              | SG        |     55300 | NS      | $171301.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Toagosei Co Ltd                                          | Toagosei Co Ltd NPV                                                          | CUSIP: J8381L105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18300 | NS      | $179388.14    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Tire Corp.                                          | Toyo Tire Corp. NPV                                                          | CUSIP: J92805175<br>LEI: 529900Y41RD7VQM9RF75 | Long             | EC               | CORP              | JP        |      7788 | NS      | $164958.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                         | Smiths Group PLC ORD GBP0.375                                                | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     36676 | NS      | $1136082.45   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                              | Reckitt Benckiser Group PLC ORD GBP0.10                                      | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     72700 | NS      | $5448559.80   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA Corp.                                               | HOYA Corp. NPV                                                               | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     11600 | NS      | $1463488.44   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                             | ITOCHU Corp. NPV                                                             | CUSIP: J2501P104<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |     37800 | NS      | $1982708.93   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                           | Prudential PLC GBP0.05                                                       | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    353964 | NS      | $4490453.93   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                            | Rio Tinto PLC ORD GBP0.10                                                    | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     67596 | NS      | $4025980.41   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                 | Lloyds Banking Group PLC ORD GBP0.1                                          | CUSIP: G5533W248<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |   1497900 | NS      | $1536019.29   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                     | Ryanair Holdings PLC ADS EACH REPR 5 ORD EUR0.01                             | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     51582 | NS      | $3212011.14   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kao Corp.                                                | Kao Corp. NPV                                                                | CUSIP: J30642169<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     29200 | NS      | $1313897.18   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                                            | Keyence Corp. NPV                                                            | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      3300 | NS      | $1193713.81   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                 | Adyen NV EUR0.01                                                             | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      2142 | NS      | $3673856.14   | 0.39%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT                         | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                                 | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |  16279900 | NS      | $2858668.05   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                             | Komatsu Ltd. NPV                                                             | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |     27500 | NS      | $885992.28    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KYOCERA Corp.                                            | KYOCERA Corp. NPV                                                            | CUSIP: J37479110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74000 | NS      | $873523.66    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    186149 | NS      | $186148.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Human Soft Holding                                       | Human Soft Holding KWD0.1                                                    | CUSIP: M5299Z107<br>LEI: N/A                  | Long             | EC               | CORP              | KW        |     45981 | NS      | $360303.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp.                                 | Panasonic Holdings Corp. NPV                                                 | CUSIP: J6354Y104<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |     83600 | NS      | $790799.18    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                                         | Mitsubishi Corp. NPV                                                         | CUSIP: J43830116<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |     81100 | NS      | $1599567.23   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd.                                         | Mitsui & Co Ltd. NPV                                                         | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |     85100 | NS      | $1732350.35   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd.                                   | Mitsui Fudosan Co Ltd. NPV                                                   | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     52600 | NS      | $470154.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                         | Smiths Group PLC ORD GBP0.375                                                | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |      7444 | NS      | $230586.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                             | 3i Group PLC ORD GBP0.738636                                                 | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |      4930 | NS      | $269385.93    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Yanghe Distillery Co Ltd.                        | Jiangsu Yanghe Distillery Co Ltd. 'A'CNY1                                    | CUSIP: Y444AE101<br>LEI: 655600IQ7FXTTBKI8H68 | Long             | EC               | CORP              | CN        |     36400 | NS      | $340111.90    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS Gas Berhad                                      | PETRONAS Gas Berhad NPV                                                      | CUSIP: Y6885J116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     54600 | NS      | $230177.73    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Corp Ltd.                                        | Venture Corp Ltd. NPV                                                        | CUSIP: Y9361F111<br>LEI: 254900B1NLZC3J1MAE72 | Long             | EC               | CORP              | SG        |      6700 | NS      | $66458.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Manila Electric Co.                                      | Manila Electric Co. PHP10                                                    | CUSIP: Y5764J148<br>LEI: 254900RDFLCM12O8SK69 | Long             | EC               | CORP              | PH        |     20977 | NS      | $193111.03    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                              | Reckitt Benckiser Group PLC ORD GBP0.10                                      | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     12308 | NS      | $922432.93    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| St James's Place PLC                                     | St James's Place PLC ORD GBP0.15                                             | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |      8429 | NS      | $145070.61    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc.                                     | Astellas Pharma Inc. NPV                                                     | CUSIP: J03393105<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |     11900 | NS      | $123386.62    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kepco Plant Servic                                       | Kepco Plant Servic KRW200                                                    | CUSIP: Y7076A104<br>LEI: 254900O9ZDU5LOHVC289 | Long             | EC               | CORP              | KR        |      2392 | NS      | $89510.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                    | Tencent Holdings Ltd. HKD0.00002                                             | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     68800 | NS      | $4816842.08   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd.                                           | Credicorp Ltd. COM USD5                                                      | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     16119 | NS      | $3820203.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Denso Corp.                                              | Denso Corp. NPV                                                              | CUSIP: J12075107<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     63800 | NS      | $865601.82    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp.                                              | Nidec Corp. NPV                                                              | CUSIP: J52968104<br>LEI: 353800IF171MZTNL6Y31 | Long             | EC               | CORP              | JP        |     47100 | NS      | $903674.03    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                                | SMC Corp. NPV                                                                | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |       900 | NS      | $313176.20    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Chemical Co Ltd.                                 | Sekisui Chemical Co Ltd. NPV                                                 | CUSIP: J70703137<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |     14600 | NS      | $253238.88    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Stanley Electric Co Ltd                                  | Stanley Electric Co Ltd NPV                                                  | CUSIP: J76637115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2400 | NS      | $45262.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp                                               | Orion Corp KRW500                                                            | CUSIP: Y6S90M128<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1162 | NS      | $92779.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sse PLC                                                  | Sse PLC GBP0.50                                                              | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     17102 | NS      | $419208.45    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                 | Lloyds Banking Group PLC ORD GBP0.1                                          | CUSIP: G5533W248<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |    608659 | NS      | $624148.46    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                              | Pandora A/S DKK1                                                             | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |       706 | NS      | $116557.55    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zenkoku Hosho Co Ltd                                     | Zenkoku Hosho Co Ltd NPV                                                     | CUSIP: J98829104<br>LEI: 353800VOQEKTSCSL9O03 | Long             | EC               | CORP              | JP        |     11500 | NS      | $245354.33    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd.                                           | Axis Bank Ltd. INR2                                                          | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    217993 | NS      | $2647323.83   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                     | Ryanair Holdings PLC ADS EACH REPR 5 ORD EUR0.01                             | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     42027 | NS      | $2617021.29   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                            | Koninklijke Ahold Delhaize NV EUR0.01                                        | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     60900 | NS      | $2405334.28   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp.                                        | Nitto Denko Corp. NPV                                                        | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |     21900 | NS      | $453196.67    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp.                                            | Olympus Corp. NPV                                                            | CUSIP: J61240107<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    114100 | NS      | $1363158.85   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                          | AstraZeneca PLC ORD USD0.25                                                  | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     16871 | NS      | $2461338.67   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                              | Informa PLC ORD GBP0.001                                                     | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |     20200 | NS      | $230987.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                                                  | IMI PLC ORD GBP0.28571428                                                    | CUSIP: G47152114<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |      6459 | NS      | $188699.30    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mr Price Group Ltd.                                      | Mr Price Group Ltd. ZAR0.00025                                               | CUSIP: S5256M135<br>LEI: 378900D3417C35C5D733 | Long             | EC               | CORP              | ZA        |     22431 | NS      | $259564.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ONO Pharmaceutical Co Ltd                                | ONO Pharmaceutical Co Ltd NPV                                                | CUSIP: J61546115<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |     35500 | NS      | $396988.52    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                                         | Osaka Gas Co Ltd NPV                                                         | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |     19800 | NS      | $500966.65    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                       | Vodafone Group PLC ORD USD0.2095238                                          | CUSIP: G93882192<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    304553 | NS      | $330195.66    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                        | Compass Group PLC ORD GBP0.1105                                              | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     15975 | NS      | $561353.18    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                                | SMC Corp. NPV                                                                | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      3700 | NS      | $1287502.16   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                                     | Softbank Group Corp. NPV                                                     | CUSIP: J7596P109<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |     25200 | NS      | $1924245.71   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                | Prosus NV EUR0.05 (N SHARES)                                                 | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     59991 | NS      | $3427034.37   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   6779153 | NS      | $6779152.54   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirin Holdings Co Ltd                                    | Kirin Holdings Co Ltd NPV                                                    | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |     65300 | NS      | $860502.06    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd                                        | Sekisui House Ltd NPV                                                        | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |     18869 | NS      | $395811.72    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                                | Tesco PLC ORD GBP0.0633333                                                   | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |     88372 | NS      | $496511.20    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     62960 | NS      | $62960.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd.                               | Shin-Etsu Chemical Co Ltd. NPV                                               | CUSIP: J72810120<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     71700 | NS      | $2063305.04   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc.                                             | Shimano Inc. NPV                                                             | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |      5400 | NS      | $590738.22    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                         | Sony Group Corp. NPV                                                         | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    142900 | NS      | $3437218.99   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| TDK Corp.                                                | TDK Corp. NPV                                                                | CUSIP: J82141136<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     79400 | NS      | $967325.50    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DormaKaba Holding AG                                     | DormaKaba Holding AG CHF0.10 'B'(REGD)                                       | CUSIP: H1956E103<br>LEI: 529900QMU5ZH99KMQK13 | Long             | EC               | CORP              | CH        |       163 | NS      | $157347.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                              | Novartis AG CHF0.49 (REGD)                                                   | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      2429 | NS      | $276631.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EMS-Chemie Holding AG                                    | EMS-Chemie Holding AG CHF0.01 (REGD)                                         | CUSIP: H22206199<br>LEI: 529900G1XFTGSE0DIX60 | Long             | EC               | CORP              | CH        |       612 | NS      | $481516.47    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Jumbo SA                                                 | Jumbo SA EUR0.88                                                             | CUSIP: X4114P111<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |      1749 | NS      | $59160.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meiji Holdings Co Ltd.                                   | Meiji Holdings Co Ltd. NPV                                                   | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |     42900 | NS      | $867480.17    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc.                                      | Sompo Holdings Inc. NPV                                                      | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |     16900 | NS      | $498331.22    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc.                              | Dai-ichi Life Holdings Inc. NPV                                              | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |    110800 | NS      | $876669.82    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc.                                     | Resona Holdings Inc. NPV                                                     | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |     54600 | NS      | $497078.73    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                                 | Asahi Group Holdings Ltd NPV                                                 | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     93400 | NS      | $1184879.89   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfresa Holdings Corp.                                   | Alfresa Holdings Corp. NPV                                                   | CUSIP: J0109X107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30300 | NS      | $439834.93    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nabtesco Corp.                                           | Nabtesco Corp. NPV                                                           | CUSIP: J4707Q100<br>LEI: 529900DVHQXYRTGW7739 | Long             | EC               | CORP              | JP        |     30466 | NS      | $560467.13    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp.                                        | Bridgestone Corp. NPV                                                        | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |     43700 | NS      | $1767673.71   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Casio Computer Co Ltd                                    | Casio Computer Co Ltd NPV                                                    | CUSIP: J05250139<br>LEI: 353800JRMIABSXKHV344 | Long             | EC               | CORP              | JP        |     53100 | NS      | $420677.06    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Co Inc.                             | Chubu Electric Power Co Inc. NPV                                             | CUSIP: J06510101<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |     39181 | NS      | $479212.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                                | KDDI Corp NPV                                                                | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     92400 | NS      | $1516433.36   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                                             | Hitachi Ltd. NPV                                                             | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     79300 | NS      | $2426631.77   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                                      | Honda Motor Co Ltd. NPV                                                      | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    186000 | NS      | $1925640.33   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                                 | Mitsubishi Estate Co Ltd NPV                                                 | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     82100 | NS      | $1537111.15   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                                | Mitsubishi Electric Corp. NPV                                                | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     66900 | NS      | $1504731.19   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.                             | Murata Manufacturing Co Ltd. NPV                                             | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |    126800 | NS      | $1887301.98   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc.                                                 | NTT Inc. NPV                                                                 | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |    961200 | NS      | $970678.97    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                             | Secom Co Ltd NPV                                                             | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |     25500 | NS      | $915787.83    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Stanley Electric Co Ltd                                  | Stanley Electric Co Ltd NPV                                                  | CUSIP: J76637115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47100 | NS      | $888282.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd.                        | Sumitomo Electric Industries Ltd. NPV                                        | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |     20400 | NS      | $506219.87    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Heavy Industries Ltd                            | Sumitomo Heavy Industries Ltd NPV                                            | CUSIP: J77497170<br>LEI: 353800VSTEIRMBC3S374 | Long             | EC               | CORP              | JP        |     24564 | NS      | $544007.69    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co Ltd.                    | Sumitomo Realty & Development Co Ltd. NPV                                    | CUSIP: J77841112<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |     13600 | NS      | $496796.72    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamazaki Baking Co Ltd.                                  | Yamazaki Baking Co Ltd. COM NPV                                              | CUSIP: 984632109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21900 | NS      | $467835.27    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Huber & Suhner AG                                        | Huber & Suhner AG CHF0.25 (REGD)                                             | CUSIP: H44229187<br>LEI: 5067007PRZ9OSX7A6787 | Long             | EC               | CORP              | CH        |       803 | NS      | $107221.36    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                        | Sonova Holding AG CHF0.05 (REGD)                                             | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |       428 | NS      | $116505.02    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                        | Bureau Veritas SA EUR0.12                                                    | CUSIP: F96888114<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |      7395 | NS      | $227737.35    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shougang Fushan Resources Gp Ltd                         | Shougang Fushan Resources Gp Ltd NPV                                         | CUSIP: Y7760F104<br>LEI: 529900OPUNJYLOX4OL37 | Long             | EC               | CORP              | HK        |    467826 | NS      | $171757.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Indo Tambangraya Megah Tbk                               | Indo Tambangraya Megah Tbk IDR500                                            | CUSIP: Y71244100<br>LEI: 52990056ZNHB217ZKL92 | Long             | EC               | CORP              | ID        |    138830 | NS      | $193710.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Telecom Company                                    | Saudi Telecom Company SAR10                                                  | CUSIP: M8T596104<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |     17503 | NS      | $195923.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Zetrix AI Berhad                                         | Zetrix AI Berhad NPV                                                         | CUSIP: Y6147P116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    548164 | NS      | $112429.08    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Want Want China Holdings Ltd.                            | Want Want China Holdings Ltd. USD0.02                                        | CUSIP: G9431R103<br>LEI: 5299005HZCEKX4O1J230 | Long             | EC               | CORP              | KY        |    111000 | NS      | $80227.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dongyue Group Ltd.                                       | Dongyue Group Ltd. HKD0.1                                                    | CUSIP: G2816P107<br>LEI: 529900EJNEZTJBHCHW95 | Long             | EC               | CORP              | KY        |     66865 | NS      | $88378.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                              | Brenntag SE NPV                                                              | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |      1071 | NS      | $66443.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd.                                  | Kweichow Moutai Co Ltd. 'A'CNY1                                              | CUSIP: Y5070V116<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       700 | NS      | $137757.99    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                         | Spirax Group PLC ORD GBP0.269230769                                          | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |       620 | NS      | $51812.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                    | Auto Trader Group PLC ORD GBP0.01                                            | CUSIP: G06708104<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     34262 | NS      | $378245.51    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rotork PLC                                               | Rotork PLC ORD GBP0.005                                                      | CUSIP: G76717134<br>LEI: 213800AH5RZIHGWRJ718 | Long             | EC               | CORP              | GB        |     53483 | NS      | $229399.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Akzo Nobel N.V.                                          | Akzo Nobel N.V. EUR0.50(POST REV SPLIT)                                      | CUSIP: N01803308<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     71930 | NS      | $4517309.03   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                               | Hexagon AB SER'B'NPV                                                         | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    128900 | NS      | $1416363.50   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexpol AB                                                | Hexpol AB SER'B'NPV                                                          | CUSIP: W4580B159<br>LEI: 549300MN30TBRLYN3465 | Long             | EC               | CORP              | SE        |      5662 | NS      | $48755.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Youngone Corp.                                           | Youngone Corp. KRW500                                                        | CUSIP: Y9857Q100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3165 | NS      | $137570.93    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland N.V.                                       | ASR Nederland N.V. EUR0.16                                                   | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |     48300 | NS      | $3208277.00   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| BIM Birlesik Magaz                                       | BIM Birlesik Magaz TRY1                                                      | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     56125 | NS      | $733452.29    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Sds Co Ltd                                       | Samsung Sds Co Ltd KRW500                                                    | CUSIP: Y7T72C103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1574 | NS      | $180330.10    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    726956 | NS      | $726956.33    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       939 | NS      | $939.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hengan International Group Co Ltd.                       | Hengan International Group Co Ltd. HKD0.10                                   | CUSIP: G4402L151<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    243500 | NS      | $727432.98    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                            | MediaTek Inc. TWD10                                                          | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     34000 | NS      | $1539675.51   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.                            | Takeda Pharmaceutical Co Ltd. NPV                                            | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     47100 | NS      | $1293827.15   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                                      | Tokyo Electron Ltd. NPV                                                      | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     12200 | NS      | $1939541.92   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                                  | GSK plc ORD GBP0.3125                                                        | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     51821 | NS      | $953195.51    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Entain PLC                                               | Entain PLC ORD EUR0.01                                                       | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |     10914 | NS      | $146561.13    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Toray Industries Inc.                                    | Toray Industries Inc. NPV                                                    | CUSIP: J89494116<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |     71500 | NS      | $489049.92    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                       | Toyota Motor Corp. NPV                                                       | CUSIP: J92676113<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    224900 | NS      | $4000433.24   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                          | Shinhan Financial Group Co Ltd. KRW5000                                      | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     32789 | NS      | $1596624.73   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd.                           | Jardine Matheson Holdings Ltd. USD0.25(SINGAPORE REG)                        | CUSIP: G50736100<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | BM        |      9600 | NS      | $521293.38    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc.                                     | Astellas Pharma Inc. NPV                                                     | CUSIP: J03393105<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |     86400 | NS      | $895849.05    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.                         | Sumitomo Mitsui Trust Group Inc. NPV                                         | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     54400 | NS      | $1426083.20   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Kalbe Farma Tbk PT                                       | Kalbe Farma Tbk PT IDR10                                                     | CUSIP: Y71287208<br>LEI: 529900PRQI8S32HOE387 | Long             | EC               | CORP              | ID        |   1290800 | NS      | $111641.69    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                                  | WPP PLC ORD GBP0.10                                                          | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |     28068 | NS      | $151971.10    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | Samsung Electronics Co Ltd. KRW100                                           | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     68249 | NS      | $3478240.27   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.             | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                           | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    219000 | NS      | $8431343.97   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc.                      | MS&AD Insurance Group Holdings Inc. NPV                                      | CUSIP: J4687C105<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |     36800 | NS      | $786271.78    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexon Co Ltd.                                            | Nexon Co Ltd. NPV                                                            | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |     29300 | NS      | $536132.73    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd.                                 | Recruit Holdings Co Ltd. NPV                                                 | CUSIP: J6433A101<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     32000 | NS      | $1898597.31   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Eneos Holdings Inc                                       | Eneos Holdings Inc NPV                                                       | CUSIP: J29699105<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |     98400 | NS      | $516465.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                       | Bharti Airtel Ltd. INR5                                                      | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     54515 | NS      | $1186745.27   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CNH Industrial N.V.                                      | CNH Industrial N.V. COM EUR0.01                                              | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |    561966 | NS      | $7283079.36   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                | Hikma Pharmaceuticals PLC ORD GBP0.10                                        | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |      2228 | NS      | $57587.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                  | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O                     | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    329800 | NS      | $2937169.26   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.             | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     48883 | NS      | $11811110.46  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Qinetiq Group PLC                                        | Qinetiq Group PLC ORD GBP0.01                                                | CUSIP: G7303P106<br>LEI: 213800S8OBDOZMCMUW34 | Long             | EC               | CORP              | GB        |      6776 | NS      | $44424.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashmore Group                                            | Ashmore Group ORD GBP0.0001                                                  | CUSIP: G0609C101<br>LEI: 549300U3L59WB4YI2X12 | Long             | EC               | CORP              | GB        |     95421 | NS      | $220279.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                                             | BT Group PLC ORD GBP0.05                                                     | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |     52872 | NS      | $144395.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                             | Barclays PLC ORD GBP0.25                                                     | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     98016 | NS      | $479104.30    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                                   | Eurofins Scientific SE EUR0.01                                               | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     58935 | NS      | $4513445.81   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                            | Schroders PLC ORD GBP0.20                                                    | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |    843524 | NS      | $4335842.08   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                         | Roche Holding AG GENUSSCHEINE NPV                                            | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |     17149 | NS      | $5351740.36   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                        | Sonova Holding AG CHF0.05 (REGD)                                             | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      8346 | NS      | $2271847.84   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                                 | Itau Unibanco Holding SA ADR EACH REPR 1 PRF NPV                             | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    168632 | NS      | $1057322.64   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Mixc Lifestyle Services Ltd.             | China Resources Mixc Lifestyle Services Ltd. USD0.00001                      | CUSIP: G2122G106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    129600 | NS      | $601844.94    | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Brenntag SE                                              | Brenntag SE NPV                                                              | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |     93598 | NS      | $5806743.35   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                               | Edenred SA EUR2                                                              | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |    156700 | NS      | $4475056.75   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   9828922 | NS      | $9828922.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Co Ltd.                                            | Titan Co Ltd. INR1                                                           | CUSIP: Y88425148<br>LEI: 549300RO9VJWPK37FE54 | Long             | EC               | CORP              | IN        |     12005 | NS      | $456987.38    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC                                       | Intertek Group PLC ORD GBP0.01                                               | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |      5691 | NS      | $370028.95    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                                 | Next PLC ORD GBP0.10                                                         | CUSIP: G6500M106<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |      2082 | NS      | $337952.41    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                                  | WPP PLC ORD GBP0.10                                                          | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |    271253 | NS      | $1468669.54   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Sany Heavy Industry Co Ltd.                              | Sany Heavy Industry Co Ltd. 'A'CNY1                                          | CUSIP: Y75268105<br>LEI: 3003001FS86S7NYOHV89 | Long             | EC               | CORP              | CN        |    200900 | NS      | $554725.94    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                        | ASML Holding N.V. NY REGISTRY SHS                                            | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      4650 | NS      | $3230401.50   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                                | Flutter Entertainment PLC ORD EUR0.09 (DI)                                   | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |      9024 | NS      | $2727594.24   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp.                                             | Xiaomi Corp. USD0.0000025 B CLASS                                            | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    106600 | NS      | $717199.66    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PDD Holdings Inc.                                        | PDD Holdings Inc. SPON ADS EACH REP 4 ORD SHS                                | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      5841 | NS      | $662661.45    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Weixing New Building Materials Co Ltd.          | Zhejiang Weixing New Building Materials Co Ltd. 'A'CNY1                      | CUSIP: Y9893V105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     61000 | NS      | $90171.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Development PJSC                                   | Emaar Development PJSC AED1                                                  | CUSIP: M4100K102<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    135784 | NS      | $554126.44    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| OmniVision Integrated Circuits Group Inc.                | OmniVision Integrated Circuits Group Inc. A CNY1                             | CUSIP: Y9584K103<br>LEI: 8368000MFHXX01GPND38 | Long             | EC               | CORP              | CN        |     39300 | NS      | $657487.80    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc.                                  | KB Financial Group Inc. KRW5000                                              | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      9790 | NS      | $777798.18    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Manulife Financial Corporation                           | Manulife Financial Corporation COM NPV                                       | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |    174183 | NS      | $5389163.69   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Company                        | Canadian National Railway Company COM NPV                                    | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     23199 | NS      | $2167946.55   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                  | KB Financial Group Inc. KRW5000                                              | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     70300 | NS      | $5585210.61   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                                 | Kotak Mahindra Bank Ltd. INR5                                                | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |     55239 | NS      | $1244553.79   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd.                           | CTBC Financial Holding Co Ltd. TWD10                                         | CUSIP: Y15093100<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |    613000 | NS      | $842321.56    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Cummins India Ltd.                                       | Cummins India Ltd. INR2                                                      | CUSIP: Y4807D150<br>LEI: 3358002PR6NKJRU4YS77 | Long             | EC               | CORP              | IN        |     16038 | NS      | $647745.28    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd.                                     | Larsen & Toubro Ltd. INR2                                                    | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     17020 | NS      | $703873.77    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co. Ltd.                           | Techtronic Industries Co. Ltd. NPV                                           | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     32500 | NS      | $388623.73    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                                | Capitec Bank Holdings Ltd ZAR0.01                                            | CUSIP: S15445109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      3471 | NS      | $672848.06    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                 | Reliance Industries Ltd. INR10(100%DEMAT)                                    | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     73676 | NS      | $1163528.04   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp.                            | China Construction Bank Corp. 'H'CNY1                                        | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | NUSS              | CN        |    999000 | NS      | $1021780.76   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd.               | Shenzhou International Group Holdings Ltd. HKD0.10                           | CUSIP: G8087W101<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | KY        |     52200 | NS      | $375670.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co Ltd.                                   | Elite Material Co Ltd. TWD10                                                 | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     16000 | NS      | $586506.21    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Voltas Ltd.                                              | Voltas Ltd. INR1                                                             | CUSIP: Y93817149<br>LEI: 335800VVTQSSZ7NV7F51 | Long             | EC               | CORP              | IN        |     29633 | NS      | $447260.61    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Land Ltd.                                | China Resources Land Ltd. ORD HKD0.10                                        | CUSIP: G2108Y105<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | CORP              | HK        |    147000 | NS      | $539044.19    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                                   | Delta Electronics Inc. TWD10                                                 | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     26000 | NS      | $489790.86    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.                       | Hon Hai Precision Industry Co Ltd. TWD10                                     | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    101000 | NS      | $593928.97    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd.                                    | Hyundai Mobis Co Ltd. KRW5000                                                | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      4642 | NS      | $979553.93    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V                  | Fomento Economico Mexicano S A B de C V SPON ADR RP 10 UTS(1B&2D-B&          | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     51144 | NS      | $4626486.24   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                             | NetEase Inc. SPON ADS EACH REP 25 ORD SH                                     | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     26767 | NS      | $3487740.10   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                 | AIA Group Ltd, Hong Kong NPV                                                 | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     74200 | NS      | $691853.58    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                         | Pernod Ricard SA EUR1.55                                                     | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     55900 | NS      | $5744778.56   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                           | Continental AG NPV                                                           | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     81807 | NS      | $6987192.29   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                      | LVMH Moet Hennessy Louis Vuitton SE EUR0.30                                  | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      7890 | NS      | $4235447.66   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                       | Publicis Groupe SA EUR0.40                                                   | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     36178 | NS      | $3306009.48   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                                   | Localiza Rent a Car SA COM NPV 144A/REG                                      | CUSIP: P6330Z111<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     70283 | NS      | $433028.28    | 0.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grupo Aeroportuario Del Pacifico S.A.B. de C.V.          | Grupo Aeroportuario Del Pacifico S.A.B. de C.V. ADS EA REP 10 SER 'B' NPV    | CUSIP: 400506101<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |      2402 | NS      | $551955.58    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental S.A.B. de C.V.                          | Arca Continental S.A.B. de C.V. COM NPV                                      | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |     45839 | NS      | $477901.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Country Garden Services Holdings Co Ltd.                 | Country Garden Services Holdings Co Ltd. USD0.0001                           | CUSIP: G2453A108<br>LEI: 549300P2JRKENZSEBB42 | Long             | EC               | CORP              | HK        |    591000 | NS      | $488654.05    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi National Oil Co.                               | Abu Dhabi National Oil Co. AED0.08                                           | CUSIP: M0153H103<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     52427 | NS      | $52954.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yealink Network Technology Corp Ltd.                     | Yealink Network Technology Corp Ltd. A CNY1                                  | CUSIP: Y9750S104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     45100 | NS      | $209147.96    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CGI Inc                                                  | CGI Inc COM NPV SUB VTG SHS CL A                                             | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      1320 | NS      | $127255.77    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                   | SAP SE ORD NPV                                                               | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1194 | NS      | $341431.26    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd.                                   | Valterra Platinum Ltd. ZAR0.10                                               | CUSIP: S9122P108<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |      1226 | NS      | $54726.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                               | Alibaba Group Holding Ltd. USD0.000003125                                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    401100 | NS      | $6030449.75   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes                                        | Dassault Systemes EUR0.10                                                    | CUSIP: F24571451<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     34700 | NS      | $1139938.76   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express (Cayman) Inc.                                | ZTO Express (Cayman) Inc. USD0.0001 A CLASS                                  | CUSIP: G9897K105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |     39460 | NS      | $769257.77    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kanzhun Limited                                          | Kanzhun Limited SPONSORED ADS                                                | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | KY        |     31681 | NS      | $600671.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC                                        | NatWest Group PLC ORD GBP1.0769                                              | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     52184 | NS      | $362239.61    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Comsys Holdings Corp.                                    | Comsys Holdings Corp. NPV                                                    | CUSIP: J5890P106<br>LEI: 529900BXEDA1UA6QX260 | Long             | EC               | CORP              | JP        |      7139 | NS      | $163660.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes                                        | Dassault Systemes EUR0.10                                                    | CUSIP: F24571451<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     70577 | NS      | $2318543.46   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Financiere Richemont Sa                        | Compagnie Financiere Richemont Sa CHF1 (REGD)                                | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     18024 | NS      | $2942892.53   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                                 | Daimler Truck Holding AG NPV                                                 | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |    118039 | NS      | $5742043.22   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                                  | Siemens Healthineers AG NPV                                                  | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |      1000 | NS      | $53862.66     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Rightmove PLC                                            | Rightmove PLC ORD GBP0.001                                                   | CUSIP: G7565D106<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |    105036 | NS      | $1133495.72   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                           | HDFC Bank Ltd. SPON ADS EACH REP 3 ORD SHS                                   | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    127729 | NS      | $9805755.33   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                   | SAP SE SPON ADR EA REP 1 ORD NPV                                             | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     12407 | NS      | $3557086.90   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AVI Ltd                                                  | AVI Ltd ZAR0.05                                                              | CUSIP: S0808A101<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     41553 | NS      | $214194.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc                                 | Japan Exchange Group Inc NPV                                                 | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |     23700 | NS      | $231605.48    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc.                                         | KE Holdings Inc. USD0.00002 A                                                | CUSIP: G5223Y108<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |     79584 | NS      | $486737.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                               | Allianz SE NPV(REGD)(VINKULIERT)                                             | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      7309 | NS      | $2888356.69   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                                 | Bayer AG NPV (REGD)                                                          | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |    203233 | NS      | $6320904.20   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                                      | Amadeus IT Group SA EUR0.01                                                  | CUSIP: E04648114<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |     11700 | NS      | $939438.10    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                   | Mercedes-Benz Group AG ORD NPV(REGD)                                         | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |     63690 | NS      | $3606146.01   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Thyssenkrupp AG                                          | Thyssenkrupp AG NPV                                                          | CUSIP: D8398Q119<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |    189749 | NS      | $2196375.39   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhuzhou Hongda Electronics Corp Ltd                      | Zhuzhou Hongda Electronics Corp Ltd A CNY1                                   | CUSIP: Y989F0100<br>LEI: 655600S019WKDSQC0K85 | Long             | EC               | CORP              | CN        |     28600 | NS      | $140163.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Givaudan SA                                              | Givaudan SA CHF10                                                            | CUSIP: H3238Q102<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |        33 | NS      | $137951.55    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                                 | Kone Oyj SER'B'NPV                                                           | CUSIP: X4551T105<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |      8395 | NS      | $515524.26    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LEM Holdings AG                                          | LEM Holdings AG CHF0.50(REGD)                                                | CUSIP: H48909149<br>LEI: 5067008AF2B2C5O7TJ43 | Long             | EC               | CORP              | CH        |       124 | NS      | $100795.24    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pilot Corp (New)                                         | Pilot Corp (New) NPV                                                         | CUSIP: J6378K106<br>LEI: 549300J1B7UZP39UZG84 | Long             | EC               | CORP              | JP        |      5000 | NS      | $145570.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                           | Tata Consultancy Services Ltd. INR1                                          | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     12499 | NS      | $431046.12    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                                | Partners Group Holding AG CHF0.01 (REGD)                                     | CUSIP: H6120A101<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |       201 | NS      | $270203.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| G-bits Network Technology (Xiamen) Co Ltd.               | G-bits Network Technology (Xiamen) Co Ltd. A CNY1                            | CUSIP: Y2688G102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      7180 | NS      | $337470.24    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                           | Fortescue Ltd. NPV                                                           | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |     19404 | NS      | $219541.95    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| China Shenhua Energy Co Ltd.                             | China Shenhua Energy Co Ltd. 'H'CNY1                                         | CUSIP: Y1504C113<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |     34500 | NS      | $149528.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantech Co Ltd.                                        | Advantech Co Ltd. TWD10                                                      | CUSIP: Y0017P108<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |     18000 | NS      | $200229.22    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Workman Co Ltd.                                          | Workman Co Ltd. NPV                                                          | CUSIP: J9516H100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1969 | NS      | $84279.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| King Slide Works                                         | King Slide Works TWD10                                                       | CUSIP: Y4771C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5000 | NS      | $440248.13    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmed Energy Limited Partnership                        | Newmed Energy Limited Partnership ILS1                                       | CUSIP: M27612122<br>LEI: 254900EDPHTRQ6GMIQ78 | Long             | EP               | CORP              | IL        |     82971 | NS      | $373723.47    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                            | Assa Abloy AB SER'B'NPV                                                      | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |    102417 | NS      | $3389004.27   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd.                                 | Haier Smart Home Co Ltd. 'A'CNY1                                             | CUSIP: Y7166P102<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |    899700 | NS      | $3091005.11   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Eclat Textile Co Ltd.                                    | Eclat Textile Co Ltd. TWD10                                                  | CUSIP: Y2237Y109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      7508 | NS      | $100429.55    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mixi Inc                                                 | Mixi Inc NPV                                                                 | CUSIP: J45993110<br>LEI: 529900IL3THMH0SFYQ49 | Long             | EC               | CORP              | JP        |      4550 | NS      | $104125.56    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kumba Iron Ore Ltd                                       | Kumba Iron Ore Ltd ZAR0.01                                                   | CUSIP: S4341C103<br>LEI: 3789006C753402643048 | Long             | EC               | CORP              | ZA        |     42885 | NS      | $709137.16    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxaro Resources Ltd.                                    | Exxaro Resources Ltd. ZAR0.01                                                | CUSIP: S26949107<br>LEI: 378900BC3D9BFF4E4A37 | Long             | EC               | CORP              | ZA        |     12511 | NS      | $109394.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                              | Bayerische Motoren Werke AG EUR1                                             | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     59255 | NS      | $5638202.96   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                                | Fresenius Medical Care AG NPV                                                | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |    107900 | NS      | $5472845.01   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                            | SK Hynix Inc. KRW5000                                                        | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      9900 | NS      | $1918778.09   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                            | SK Hynix Inc. KRW5000                                                        | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     10152 | NS      | $1967619.71   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd.                                           | Axis Bank Ltd. INR2                                                          | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |     52631 | NS      | $639154.93    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                 | AIA Group Ltd, Hong Kong NPV                                                 | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    804000 | NS      | $7496634.43   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                    | Schneider Electric SE EUR4.00                                                | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     15000 | NS      | $3881901.70   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                                | Safran SA EUR0.20                                                            | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      9258 | NS      | $3052839.09   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab As                                                | Genmab As DKK1                                                               | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |     10067 | NS      | $2167399.39   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | Samsung Electronics Co Ltd. GDR EACH REP 25 COM STK KRW100(REG S)            | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      6270 | NS      | $7846091.62   | 0.82%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Allianz SE                                               | Allianz SE NPV(REGD)(VINKULIERT)                                             | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     17498 | NS      | $6914826.29   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                                 | Accor SA EUR3                                                                | CUSIP: F00189120<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |     77819 | NS      | $3944172.05   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| BIM Birlesik Magaz                                       | BIM Birlesik Magaz TRY1                                                      | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     36039 | NS      | $470964.58    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                        | ASML Holding N.V. EUR0.09                                                    | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      8997 | NS      | $6235584.32   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| OBIC Co Ltd.                                             | OBIC Co Ltd. NPV                                                             | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     73468 | NS      | $2615650.75   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Weg SA                                                   | Weg SA COM NPV                                                               | CUSIP: P9832B129<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     86191 | NS      | $569522.02    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                               | Bank Polska Kasa Opieki SA PLN1.00                                           | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |     11248 | NS      | $610804.67    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co Ltd.                    | China Pacific Insurance Group Co Ltd. 'H'CNY1                                | CUSIP: Y1505Z103<br>LEI: 529900BA5ILEL308WX03 | Long             | EC               | CORP              | CN        |    186400 | NS      | $750711.04    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                        | Tencent Music Entertainment Group SPON ADS EA REP 2 ORD SHS                  | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     37199 | NS      | $780807.01    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Daito Trust Construction Co Ltd.                         | Daito Trust Construction Co Ltd. NPV                                         | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |      2300 | NS      | $235468.76    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ansell Ltd.                                              | Ansell Ltd. NPV                                                              | CUSIP: Q04020105<br>LEI: 549300NEGJ5G23VCJM45 | Long             | EC               | CORP              | AU        |      3389 | NS      | $64881.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd.                                       | Bajaj Finance Ltd. INR1(POST SUBD)                                           | CUSIP: Y0547D153<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     62726 | NS      | $627722.22    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Jollibee Foods Corp.                                     | Jollibee Foods Corp. PHP1                                                    | CUSIP: Y4466S100<br>LEI: 2138009XN3KTAAKUPR35 | Long             | EC               | CORP              | PH        |     73490 | NS      | $272974.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                            | MediaTek Inc. TWD10                                                          | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     11000 | NS      | $498130.31    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                                 | Asahi Group Holdings Ltd NPV                                                 | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    119800 | NS      | $1519792.40   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                              | NAVER Corp. KRW100                                                           | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      1615 | NS      | $271796.66    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                            | Bank Mandiri (Persero) Tbk PT IDR125                                         | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |  17421900 | NS      | $4742779.83   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Ltd.                                             | Fujitsu Ltd. NPV                                                             | CUSIP: J15708159<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     79700 | NS      | $1736178.18   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                             | Komatsu Ltd. NPV                                                             | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |     91000 | NS      | $2931829.01   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                                 | Volvo AB SER'B'NPV                                                           | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     94100 | NS      | $2702533.49   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                                 | Mitsubishi Estate Co Ltd NPV                                                 | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     92200 | NS      | $1726207.65   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Inaba Denkisangyo                                        | Inaba Denkisangyo NPV                                                        | CUSIP: J23683105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9500 | NS      | $249132.58    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kamigumi Co Ltd                                          | Kamigumi Co Ltd NPV                                                          | CUSIP: J29438165<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6500 | NS      | $182672.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV AS                                                   | DSV AS DKK1                                                                  | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |     18410 | NS      | $4125405.09   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                                   | SKF AB SER'B'NPV                                                             | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |    145100 | NS      | $3379735.84   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                               | Sandvik AB NPV                                                               | CUSIP: W74857165<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |    115300 | NS      | $2813282.02   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                | Danone SA EUR0.25                                                            | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     21400 | NS      | $1751310.19   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide S.A.(L')                                     | Air Liquide S.A.(L') EUR5.50                                                 | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     16914 | NS      | $3327602.74   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                                | SMC Corp. NPV                                                                | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      6100 | NS      | $2122638.70   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | Samsung Electronics Co Ltd. N/VTG PFD KRW100                                 | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |    124150 | PA      | $5111809.67   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                  | Fresenius SE & Co. KGaA NPV                                                  | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     92300 | NS      | $4405543.30   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CRRC Corporation Limited                                 | CRRC Corporation Limited 'A'CNY1                                             | CUSIP: Y1R16T100<br>LEI: 30030099HATQH2XC0B72 | Long             | EC               | CORP              | CN        |    690500 | NS      | $705217.53    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                  | Contemporary Amperex Technology Co Ltd. 'A' CNY1                             | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     20500 | NS      | $748668.43    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinden Corp                                              | Kinden Corp NPV                                                              | CUSIP: J33093105<br>LEI: 35380008T6JUN5TU9T34 | Long             | EC               | CORP              | JP        |      7573 | NS      | $238448.87    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Secom Co                                          | Taiwan Secom Co TWD10                                                        | CUSIP: Y8461H100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     94000 | NS      | $355879.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc.                                             | NetEase Inc. USD0.0001                                                       | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     33605 | NS      | $878510.48    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Auto Inc.                                             | Li Auto Inc. USD0.0001 CLASS A                                               | CUSIP: G5479M105<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | KY        |     32400 | NS      | $424171.52    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Exor Nv                                                  | Exor Nv EUR0.01                                                              | CUSIP: N3140A107<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |     30623 | NS      | $2951337.83   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tower Corporation Limited                          | China Tower Corporation Limited CNY1 H (POST COMP)                           | CUSIP: Y15076121<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               | NUSS              | CN        |    395000 | NS      | $552729.72    | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Novartis AG                                              | Novartis AG CHF0.49 (REGD)                                                   | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     21800 | NS      | $2482738.34   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                         | Roche Holding AG GENUSSCHEINE NPV                                            | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |     11605 | NS      | $3621607.50   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | BNP Paribas SA EUR2                                                          | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     85698 | NS      | $7813797.09   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Adidas AG                                                | Adidas AG NPV (REGD)                                                         | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     26732 | NS      | $5109262.25   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group PLC                        | InterContinental Hotels Group PLC ORD GBP0.208521303                         | CUSIP: G4804L163<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |      1962 | NS      | $225708.90    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                | Shell PLC ORD EUR0.07                                                        | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     68353 | NS      | $2456137.25   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                               | Alibaba Group Holding Ltd. USD0.000003125                                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     96860 | NS      | $1456268.67   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nu Holdings Ltd.                                         | Nu Holdings Ltd. ORD SHS CL A                                                | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     59389 | NS      | $725733.58    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviva PLC                                                | Aviva PLC ORD GBP0.328947368                                                 | CUSIP: G0683Q158<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |     25934 | NS      | $221580.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                                 | Rolls-Royce Holdings PLC ORD GBP0.20                                         | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |     47673 | NS      | $676622.06    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                        | National Grid PLC ORD GBP0.12431289                                          | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     34563 | NS      | $485682.25    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                              | Berkeley Group Holdings PLC ORD GBP0.05611047                                | CUSIP: G1191G153<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |      4387 | NS      | $210978.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd.                                      | Midea Group Co Ltd. A CNY1                                                   | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     94600 | NS      | $918758.53    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd.                           | ASE Technology Holding Co Ltd. TWD10                                         | CUSIP: Y0249T100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    309000 | NS      | $1498461.40   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| United Integration Services Co Ltd                       | United Integration Services Co Ltd TWD10                                     | CUSIP: Y9210Q102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     12998 | NS      | $341252.31    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Leeno Industrial                                         | Leeno Industrial KRW100                                                      | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5292 | NS      | $179731.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                       | Anglo American PLC ORD USD0.623855311355311                                  | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     10558 | NS      | $297082.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Steel Mfg Co Ltd                                   | Tokyo Steel Mfg Co Ltd NPV                                                   | CUSIP: J88204110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23807 | NS      | $247708.12    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Kouzi Distillery Co Ltd.                           | Anhui Kouzi Distillery Co Ltd. CNY1 A                                        | CUSIP: Y013BD105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     18800 | NS      | $86613.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                                  | DBS Group Holdings Ltd. NPV                                                  | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    295687 | NS      | $10853047.25  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co. Ltd.                           | Techtronic Industries Co. Ltd. NPV                                           | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    202000 | NS      | $2415445.95   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Netwealth Group Ltd.                                     | Netwealth Group Ltd. NPV                                                     | CUSIP: Q6625S102<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      9251 | NS      | $220769.95    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SABIC Agri-Nutrients Co                                  | SABIC Agri-Nutrients Co SAR10                                                | CUSIP: M8T36M107<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      4469 | NS      | $141754.72    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Natural Gas Co., Ltd.                                | ENN Natural Gas Co., Ltd. 'A'CNY1                                            | CUSIP: Y3119Q107<br>LEI: 300300KVDMGNQNP52Z98 | Long             | EC               | CORP              | CN        |    287476 | NS      | $734549.98    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Vibra Energia SA                                         | Vibra Energia SA COM NPV                                                     | CUSIP: P9785J111<br>LEI: 549300U7VLJ3SYVNY689 | Long             | EC               | CORP              | BR        |    290400 | NS      | $1103090.07   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fusheng Precision Co Ltd                                 | Fusheng Precision Co Ltd TWD10                                               | CUSIP: Y2676J100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     14257 | NS      | $133450.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                                  | Croda International PLC ORD GBP0.10609756                                    | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |      2587 | NS      | $89038.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| China Medical System Holdings Limited                    | China Medical System Holdings Limited USD0.005                               | CUSIP: G21108124<br>LEI: 529900Z57DVJXUBLHX66 | Long             | EC               | CORP              | KY        |    654000 | NS      | $1110429.87   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D Or Sao Luiz SA                                    | Rede D Or Sao Luiz SA COM NPV                                                | CUSIP: P79942101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    116100 | NS      | $671360.73    | 0.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5711997 | NS      | $5711996.62   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4673033 | NS      | $4673033.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.          | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1                     | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    327500 | NS      | $2248406.81   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.                            | Chugai Pharmaceutical Co Ltd. NPV                                            | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |    135000 | NS      | $6471488.11   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd.                                           | Credicorp Ltd. COM USD5                                                      | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      3038 | NS      | $720006.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                  | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O                     | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    161820 | NS      | $1441154.42   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile Telesystems Pjsc                                  | Mobile Telesystems Pjsc SPONSORED ADR                                        | CUSIP: 607409109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |    138416 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Petroleo Brasileiro SA                                   | Petroleo Brasileiro SA SPON ADS EACH REP 2 ORD SHS                           | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     81481 | NS      | $1038067.94   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                                   | Grupo Mexico SAB de CV SER'B'COM NPV                                         | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    150127 | NS      | $936572.84    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                                     | Schlumberger Limited COM USD0.01                                             | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     31636 | NS      | $1069296.80   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA                                       | Banco do Brasil SA COM NPV                                                   | CUSIP: P11427112<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |    364700 | NS      | $1288276.02   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Healthcare Group Holdings Ltd                       | Life Healthcare Group Holdings Ltd ZAR0.000001                               | CUSIP: S4682C100<br>LEI: 529900NEEWARTDD80135 | Long             | EC               | CORP              | ZA        |    705914 | NS      | $518887.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                  | KB Financial Group Inc. KRW5000                                              | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     19245 | NS      | $1528981.20   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinopharm Group Co Ltd.                                  | Sinopharm Group Co Ltd. 'H'SHS CNY1                                          | CUSIP: Y8008N107<br>LEI: 529900N54X78YH9JYK92 | Long             | EC               | NUSS              | CN        |    515523 | NS      | $1239125.87   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis (Novozymes) B                                  | Novonesis (Novozymes) B SER'B'DKK2                                           | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     36014 | NS      | $2330018.35   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal S.A.                                             | L'Oreal S.A. EUR0.20                                                         | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     13110 | NS      | $5800960.01   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Ternium SA                                               | Ternium SA ADS EACH REPR 10 ORD                                              | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |     19703 | NS      | $641923.74    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario Del Pacifico S.A.B. de C.V.          | Grupo Aeroportuario Del Pacifico S.A.B. de C.V. ADS EA REP 10 SER 'B' NPV    | CUSIP: 400506101<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |      4993 | NS      | $1147341.47   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie Brasil Energia SA                                  | Engie Brasil Energia SA COM NPV                                              | CUSIP: P37625103<br>LEI: 52990057Q0EK2Q9YBC07 | Long             | EC               | CORP              | BR        |     90000 | NS      | $644355.35    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                               | National Bank of Greece SA EUR1.00 (POST CONS)                               | CUSIP: X56533189<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     94166 | NS      | $1313480.43   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| DaShenLin Pharmaceutical Group Co Ltd.                   | DaShenLin Pharmaceutical Group Co Ltd. A CNY1                                | CUSIP: Y19984106<br>LEI: 300300TO4U1GUOTTHK82 | Long             | EC               | CORP              | CN        |    316839 | NS      | $759474.54    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                | Epiroc AB SER'A'NPV                                                          | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    171085 | NS      | $3482122.17   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                       | Banco Bilbao Vizcaya Argentaria SA EUR0.49                                   | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    288819 | NS      | $4817001.18   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial International Bank (Egypt) SAE                | Commercial International Bank (Egypt) SAE GDR EACH REPR 1 ORD EGP10 REG'S'   | CUSIP: 201712205<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |    389401 | NS      | $744343.26    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Huayu Automotive Systems Co Ltd.                         | Huayu Automotive Systems Co Ltd. 'A'CNY1                                     | CUSIP: Y3750U102<br>LEI: 3003001J2BNVV78BOT83 | Long             | EC               | CORP              | CN        |    262400 | NS      | $638166.04    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| S.F. Holding Co Ltd.                                     | S.F. Holding Co Ltd. 'A'CNY1                                                 | CUSIP: Y5349E101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    436100 | NS      | $2776898.20   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                             | Unilever PLC ORD GBP0.031111                                                 | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     14541 | NS      | $849988.84    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                            | Bank Mandiri (Persero) Tbk PT IDR125                                         | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   3148800 | NS      | $857200.71    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzano S A                                               | Suzano S A COM NPV                                                           | CUSIP: P8T20U187<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |     70200 | NS      | $652411.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysmex Corp.                                             | Sysmex Corp. NPV                                                             | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |    248000 | NS      | $4028971.93   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc.                                             | NetEase Inc. USD0.0001                                                       | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     41400 | NS      | $1082289.35   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                              | Novartis AG CHF0.49 (REGD)                                                   | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     23495 | NS      | $2675776.94   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar National Bank QPSC                                 | Qatar National Bank QPSC QAR1                                                | CUSIP: M81802106<br>LEI: 549300FFSRVBS0SQXY75 | Long             | EC               | CORP              | QA        |    148870 | NS      | $765880.95    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Globalwafers Co Ltd.                                     | Globalwafers Co Ltd. TWD10                                                   | CUSIP: Y2722U109<br>LEI: 529900V6RTNF3U5EGX67 | Long             | EC               | CORP              | TW        |     65000 | NS      | $737816.06    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                              | MOL Hungarian Oil & Gas PLC HUF125(POST SUBDIVISION)                         | CUSIP: X5S32S129<br>LEI: 213800R83KX5FQFGXS67 | Long             | EC               | CORP              | HU        |    103662 | NS      | $900669.77    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc.           | International Container Terminal Services Inc. PHP1                          | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |      5560 | NS      | $42691.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc.           | International Container Terminal Services Inc. PHP1                          | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |     97280 | NS      | $746956.11    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp.                                             | Wiwynn Corp. TWD10                                                           | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     13000 | NS      | $1186465.72   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd.         | Shenzhen Mindray Bio-Medical Electronics Co Ltd. A CNY1                      | CUSIP: Y774E3101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     65700 | NS      | $2102171.56   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc.                                         | BDO Unibank Inc. PHP10                                                       | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |    236375 | NS      | $577021.19    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast AS                                             | Coloplast AS SER'B'DKK1                                                      | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     19993 | NS      | $1826001.53   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                                | Kia Corp. KRW5000                                                            | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     14476 | NS      | $1059220.36   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CMOC Group Limited                                       | CMOC Group Limited 'H'CNY0.2                                                 | CUSIP: Y1503Z105<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |    483000 | NS      | $548269.62    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                               | Alibaba Group Holding Ltd. USD0.000003125                                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     89800 | NS      | $1350123.13   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Prio SA                                                  | Prio SA COM NPV                                                              | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    109600 | NS      | $823631.90    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeronimo Martins - S.G.P.S., S.A.                        | Jeronimo Martins - S.G.P.S., S.A. EUR1                                       | CUSIP: X40338109<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     45159 | NS      | $1100871.52   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Yageo Corp.                                              | Yageo Corp. TWD10                                                            | CUSIP: Y9723R100<br>LEI: 5493001P0TOZH7GGNQ21 | Long             | EC               | CORP              | TW        |     54936 | NS      | $965315.67    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CP All Public Co Ltd.                                    | CP All Public Co Ltd. THB1(ALIEN)                                            | CUSIP: Y1772K169<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |    390100 | NS      | $564021.57    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Symrise AG                                               | Symrise AG NPV (BR)                                                          | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     27381 | NS      | $2482014.08   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                                          | Daifuku Co Ltd. NPV                                                          | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |    109200 | NS      | $2764530.66   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                    | Tencent Holdings Ltd. HKD0.00002                                             | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     69300 | NS      | $4851848.20   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                                   | Grupo Mexico SAB de CV SER'B'COM NPV                                         | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    122438 | NS      | $763833.99    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                                   | Delta Electronics Inc. TWD10                                                 | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    349000 | NS      | $6574500.33   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCO Corp.                                              | DISCO Corp. NPV                                                              | CUSIP: J12327102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11600 | NS      | $3428109.82   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                                            | Keyence Corp. NPV                                                            | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      6800 | NS      | $2459773.91   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                             | Komatsu Ltd. NPV                                                             | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |    121900 | NS      | $3927362.15   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd.                                       | Shionogi & Co Ltd. NPV                                                       | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |    173200 | NS      | $2896652.13   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                         | Sony Group Corp. NPV                                                         | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    245400 | NS      | $5902683.97   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                | Nestle SA SPON ADR REPR 1 COM CHF0.10                                        | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     54361 | NS      | $4728319.78   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Stock Commercial Bank For Foreign Trade Of Vietnam | Joint Stock Commercial Bank For Foreign Trade Of Vietnam VND10000            | CUSIP: Y444A7106<br>LEI: 2549004TS5QUBFGAWE51 | Long             | EC               | CORP              | VN        |    268428 | NS      | $615877.78    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                         | Mercadolibre Inc COM USD0.001                                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      2313 | NS      | $5490807.57   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Unicharm Corp.                                           | Unicharm Corp. NPV                                                           | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |    385200 | NS      | $2664485.43   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                  | Contemporary Amperex Technology Co Ltd. 'A' CNY1                             | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    149500 | NS      | $5459801.50   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                               | Haleon PLC ORD GBP0.01                                                       | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |   1205338 | NS      | $5653847.37   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                                | Linde PLC COM EUR0.001                                                       | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      9145 | NS      | $4209077.70   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                   | Intesa Sanpaolo S.p.A. NPV                                                   | CUSIP: T55067101<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    489139 | NS      | $2947193.32   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                             | Capgemini SE EUR8                                                            | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     32280 | NS      | $4805733.18   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                                | Airbus SE EUR1                                                               | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     23900 | NS      | $4805218.71   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB (publ)                  | Skandinaviska Enskilda Banken AB (publ) SER'A'NPV                            | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    291305 | NS      | $5095663.93   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd.                       | Fuyao Glass Industry Group Co Ltd. 'A'CNY1                                   | CUSIP: Y26783103<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |     49600 | NS      | $375426.56    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering S.A.                                              | Kering S.A. EUR4                                                             | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |     32165 | NS      | $7897971.93   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank (the)                                | Saudi National Bank (the) SAR10                                              | CUSIP: M7S2CL107<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    104983 | NS      | $1047635.10   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart De Mexico                                       | Wal-Mart De Mexico COM NPV                                                   | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    186945 | NS      | $550974.93    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Life Insurance Co Ltd.                              | HDFC Life Insurance Co Ltd. INR10                                            | CUSIP: Y3R1AP109<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |     92288 | NS      | $792956.23    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| H World Group Ltd.                                       | H World Group Ltd. SPON ADS EACH REP 1 ORD SHS                               | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | KY        |     15486 | NS      | $483472.92    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc.                            | Alimentation Couche-Tard Inc. COM                                            | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     68777 | NS      | $3573862.59   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Divis Laboratories Ltd.                                  | Divis Laboratories Ltd. INR2                                                 | CUSIP: Y2076F112<br>LEI: 335800C1DHFG1C9T1M03 | Long             | EC               | CORP              | IN        |      4456 | NS      | $333685.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                         | Mercadolibre Inc COM USD0.001                                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       274 | NS      | $650445.86    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Beer Holdings Co Ltd.                    | China Resources Beer Holdings Co Ltd. NPV                                    | CUSIP: Y15037107<br>LEI: 254900OH02Y7OS7RNG48 | Long             | EC               | CORP              | HK        |    112000 | NS      | $372387.82    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                         | Raia Drogasil SA COM NPV                                                     | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    246845 | NS      | $595120.59    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                          | ICICI Bank Ltd. INR2                                                         | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    107183 | NS      | $1804887.66   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                                 | Sea Ltd. ADS EACH REP ONE CL A SHS                                           | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      3416 | NS      | $535116.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                                | Shell PLC ORD EUR0.07                                                        | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    234153 | NS      | $8413850.25   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank PLC                                             | OTP Bank PLC HUF100                                                          | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      9358 | NS      | $759363.76    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                            | Alfa Laval AB NPV                                                            | CUSIP: W04008152<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |    111364 | NS      | $4838502.75   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Grid Corporation of India Ltd.                     | Power Grid Corporation of India Ltd. INR10                                   | CUSIP: Y7028N105<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | NUSS              | IN        |    218244 | NS      | $721463.95    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AL Rajhi Bank                                            | AL Rajhi Bank SAR10                                                          | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     42086 | NS      | $1061159.29   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd.                                            | Lotes Co Ltd. TWD10                                                          | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     10000 | NS      | $467599.21    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                                 | Bank Central Asia Tbk PT IDR12.50                                            | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   2727200 | NS      | $1366860.65   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Astral Ltd                                               | Astral Ltd INR1                                                              | CUSIP: Y0433Q169<br>LEI: 3358007M1SKFTVDRMC40 | Long             | EC               | CORP              | IN        |     14829 | NS      | $236517.51    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd.                  | Jiangsu Hengrui Pharmaceuticals Co Ltd. 'A'CNY1                              | CUSIP: Y4446S105<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |     52600 | NS      | $458592.39    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                           | Atlas Copco AB SER'A'NPV                                                     | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    155821 | NS      | $2372902.49   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Clicks Group Ltd.                                        | Clicks Group Ltd. ZAR0.01                                                    | CUSIP: S17249111<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     30573 | NS      | $640973.55    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtac International Group                               | Airtac International Group TWD10                                             | CUSIP: G01408106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      7000 | NS      | $199090.67    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc.                                  | Yum China Holdings Inc. COM USD0.01                                          | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      9998 | NS      | $466706.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Morningstar Funds Trust

**Signature:** D. Scott Schilling

**Name of Signer:** D. Scott Schilling

**Title:** Chief Compliance Officer