# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0001145549-25-046162
**Filing Date:** 2025-7
**Character Count:** 1355759
**Document Hash:** 609491b0ee423ba86a0688e41f79e4b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046162.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001145549-25-046162

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 251110830

**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 U.S. Equity Fund (Series ID: S000057727)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186138 | Institutional | MSTQX           |

### Morningstar International Equity Fund (Series ID: S000057728)

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

### Morningstar Global Income Fund (Series ID: S000057729)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186140 | Institutional | MSTGX           |

### Morningstar Total Return Bond Fund (Series ID: S000057730)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186141 | Institutional | MSTRX           |

### Morningstar Municipal Bond Fund (Series ID: S000057731)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186142 | Institutional | MSTPX           |

### Morningstar Defensive Bond Fund (Series ID: S000057732)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186143 | Institutional | MSTBX           |

### Morningstar Multisector Bond Fund (Series ID: S000057733)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186144 | Institutional | MSTMX           |

### Morningstar Global Opportunistic Equity Fund (Series ID: S000057734)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186145 | Institutional | MSTSX           |

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23235

#### Morningstar Funds Trust
(Exact name of registrant as specified in charter)

------

Morningstar Funds Turst

22 W. Washington Street

Chicago, IL 60602

(Address of principal executive offices)(Zip Code)

D. Scott Schilling

Morningstar Funds Trust

22 W. Washington Street

Chicago, IL 60602

With a copy to:

Eric S. Purple

Stradley Ronon Stevens & Young, LLP

2000 K Street N.W. Suite 700

Washington, District of Columbia, 20006

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(312) 696-6000

#### Date of fiscal year end:

#### April 30

#### Date of reporting period:

#### April 30, 2025
 **Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

(b) Not Applicable.

Morningstar U.S. Equity Fund

Institutional/MSTQX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar U.S. Equity Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar U.S. Equity Fund | $88 | 0.84% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar U.S. Equity Fund (Institutional/MSTQX) returned 8.58% for the 12 months ended April 30, 2025. The Fund underperformed its benchmark, the Morningstar U.S. Market Index, which returned 11.51%.

TOP PERFORMANCE CONTRIBUTORS

The position in Midstream Energy stocks delivered strong returns in this period.

The dedicated US Bank stock investment, which was held for part of this period, produced strong returns, contributing to performance.

An overweight to the Utilities sector, which returned more than the broad market, was additive to relative performance.

TOP PERFORMANCE DETRACTORS

An overweight to small and mid cap stocks detracted from performance.

An underweight to the Information Technology sector and unfavorable stock selection within the sector dragged on relative performance.

Poor stock selection in Consumer sector detracted from relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933410.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar U.S. Equity Fund | 8.58% | 14.64% | 10.18% |
| Morningstar U.S. Market Index | 11.51% | 15.18% | 12.93% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1604294273 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;492 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$10737966 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 89.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Master Limited Partnerships | 0.3% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933398.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar International Equity Fund

Institutional/MSTFX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar International Equity Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar International Equity Fund | $104 | 0.99% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar International Equity Fund (Institutional/MSTFX) returned 9.31% for the 12 months ended April 30, 2025. The Fund underperformed its benchmark, the Morningstar Global Markets ex U.S. Index, which returned 11.03%.

TOP PERFORMANCE CONTRIBUTORS

A dedicated position in Chinese internet companies posted strong returns, contributing to performance in the period.

Favorable stock selection in the Health Care sector contributed to relative performance.

An underweight to India, and favorable stock selection within the country, added to relative performance.

TOP PERFORMANCE DETRACTORS

A dedicated position in Global Energy stocks lost value in the period, trailing the positive returns of the Fund's index.

An underweight to the Financial Services sector, and unfavorable stock selection within that sector, detracted from relative performance.

Unfavorable stock selection within the Industrials sector was a drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933355.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar International Equity Fund | 9.31% | 10.04% | 5.95% |
| Morningstar Global Markets ex U.S. Index | 11.03% | 10.13% | 6.75% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$881880749 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;638 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$6279053 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 94.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 2.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933367.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_2933372.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar Global Income Fund

Institutional/MSTGX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar Global Income Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar Global Income Fund | $76 | 0.73% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar Global Income Fund (Institutional/MSTGX) returned 9.58% for the 12 months ended April 30, 2025. The Fund underperformed its benchmark, the Morningstar Global Income Blended Index, which returned 10.03%.

TOP PERFORMANCE CONTRIBUTORS

International Dividend Equity: An overweight position to International equities were a tailwind.

U.S. Dividend Equity: The Fund's exposure to U.S. dividend equities contributed to relative results.

Intermediate-Term Treasury: An overweight position added to portfolio relative performance.

TOP PERFORMANCE DETRACTORS

Short-term Treasury: The Fund's position to U.S. Short-term Treasury hurt benchmark relative results.

Long-term Treasury: The Fund's allocation to U.S. Long-term Treasury detracted from portfolio returns.

REITs: An overweight position in U.S. REITs detracted from portfolio returns.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933427.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar Global Income Fund | 9.58% | 7.25% | 5.66% |
| Morningstar Global Income Blended Index | 10.03% | 7.99% | 6.76% |
| Morningstar Global Markets NR Index<sup>\*</sup> | 11.03% | 12.75% | 9.91% |

---

\*Effective July 24, 2024, the Fund changed its broad-based securities market benchmark from the Morningstar Global Income Blended Index to the Morningstar Global Markets NR Index in connection with new regulatory requirements.

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$139826755 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;520 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$576509 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 43.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 16.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loans | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Master Limited Partnerships | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 0.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933439.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_2933444.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar Total Return Bond Fund

Institutional/MSTRX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar Total Return Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar Total Return Bond Fund | $55 | 0.53% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar Total Return Bond Fund (Institutional/MSTRX) returned 7.53% for the 12 months ended April 30, 2025. The Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 8.02%.

TOP PERFORMANCE CONTRIBUTORS

Mortgage-Backed Securities: An overweight position to U.S. mortgage-backed securities was a tailwind.

Long-term Treasury: Dedicated long-term treasuries outperformed the benchmark.

TOP PERFORMANCE DETRACTORS

Short-term Treasury: An overweight position to U.S. Short-term Treasury hurt benchmark relative results.

Investment-grade Corporate: An underweight position in U.S. corporate bonds detracted from portfolio returns.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933482.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar Total Return Bond Fund | 7.53% | (0.64)% | 1.77% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.95% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$877400976 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$2465519 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;361% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 60.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 1.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933470.jpg)

#### Material Fund Changes
Effective November 12, 2024, Western Asset Management LLC was terminated as a subadviser for the Fund. In addition, effective May 20, 2025, Guggenheim Partners Investment Management, LLC began serving as a subadviser to the Fund.

The above is a summary of material changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 31, 2025 at https://connect.rightprospectus.com/Morningstar, or upon request at 877-626-3224.

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar Municipal Bond Fund

Institutional/MSTPX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar Municipal Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar Municipal Bond Fund | $59 | 0.58% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar Municipal Bond Fund (Institutional/MSTPX) returned 2.06% for the 12 months ended April 30, 2025. The Fund narrowly underperformed its benchmark, the Morningstar Municipal Bond Blended Index, which returned 2.21%.

TOP PERFORMANCE CONTRIBUTORS

Short Duration Municipal Bonds: The Fund's short-term municipal strategy outperformed the benchmark as shorter duration municipal bonds outperformed during the period.

Security Selection: Both subadvisers outperformed their targets due to security selection.

TOP PERFORMANCE DETRACTORS

High Yield Municipal Bonds: The Fund did not take full advantage of a rally in high-yield municipal bonds due to conservatism on the part of its subadvisers.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933499.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar Municipal Bond Fund | 2.06% | 1.69% | 2.05% |
| Morningstar Municipal Bond Blended Index | 2.21% | 1.25% | 1.73% |
| Bloomberg Municipal Bond Index<sup>\*</sup> | 1.66% | 1.17% | 2.14% |

---

\*Effective July 24, 2024, the Fund changed its broad-based securities market benchmark from the Morningstar Municipal Bond Blended Index to the Bloomberg Municipal Bond Index in connection with new regulatory requirements.

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$305432569 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;706 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$1136087 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 87.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 12.4% |

---

Municipal Issue Type Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933511.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar Defensive Bond Fund

Institutional/MSTBX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar Defensive Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar Defensive Bond Fund | $50 | 0.48% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar Defensive Bond Fund (Institutional/MSTBX) returned 7.41% for the 12 months ended April 30, 2025. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate 1-3 Year Index, which returned 6.76%.

TOP PERFORMANCE CONTRIBUTORS

Mortgage-Backed Securities: An overweight position to U.S. mortgage-backed securities was a tailwind.

Asset-Backed Securities: The Fund's overweight to ABS contributed to the positive relative results.

Commercial Mortgage-Backed Securities: An overweight position added to portfolio relative performance.

TOP PERFORMANCE DETRACTORS

Short-term Treasury: The Fund's position to U.S. Short-term Treasury hurt benchmark relative results.

Investment-grade Corporate: An underweight position in U.S. corporate bonds detracted from portfolio returns.

Cash: The Fund's allocation to cash detracted from portfolio returns.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933554.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar Defensive Bond Fund | 7.41% | 2.68% | 2.87% |
| Bloomberg U.S. Aggregate 1-3 Year Index | 6.76% | 1.54% | 2.34% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.95% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$112661253 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$183410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 40.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 25.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 16.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 1.4% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933542.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar Multisector Bond Fund

Institutional/MSTMX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar Multisector Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar Multisector Bond Fund | $82 | 0.79% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar Multisector Bond Fund (Institutional/MSTMX) returned 8.84% for the 12 months ended April 30, 2025. The Fund's return slightly underperformed its benchmark, the Bloomberg Multisector Bond Blended Index, which returned 8.99%.

TOP PERFORMANCE CONTRIBUTORS

U.S. High Yield: The Fund's exposure to high yield bonds contributed to performance.

Local Currency Emerging Market Debt: The Fund's exposure to Local Currency Emerging Market bonds boosted relative results.

Non-U.S. Dollar: The Fund's exposure to non-U.S. currencies, specifically in emerging markets, benefitted performance.

TOP PERFORMANCE DETRACTORS

USD Emerging Market Debt: The Fund's position in hard currency Emerging Market Debt hurt benchmark relative results.

Investment-grade Corporate Bonds: The Fund's overweight to U.S. Corporate Bonds detracted from portfolio returns.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933571.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar Multisector Bond Fund | 8.84% | 3.21% | 2.58% |
| Bloomberg Multisector Bond Blended Index | 8.99% | 4.20% | 3.57% |
| Bloomberg U.S. Aggregate Bond Index<sup>\*</sup> | 8.02% | (0.67)% | 1.95% |

---

\*Effective July 24, 2024, the Fund changed its broad-based securities market benchmark from the Morningstar Multisector Bond Blended Index to the Bloomberg U.S. Aggregate Bond Index in connection with new regulatory requirements.

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$175390353 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$713553 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;177% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 45.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 41.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loans | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 4.3% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933583.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_2933588.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar Global Opportunistic Equity Fund

Institutional/MSTSX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar Global Opportunistic Equity Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Morningstar Global Opportunistic Equity Fund | $76 | 0.72% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar Global Opportunistic Equity Fund (Institutional/MSTSX) returned 10.22% for the 12 months ended April 30, 2025. The Fund underperformed its benchmark, the Morningstar Global Markets NR Index, which returned 11.03%.

TOP PERFORMANCE CONTRIBUTORS

Chinese Equities: An overweight position to Chinese internet companies was a tailwind.

U.S. Banks: A position in U.S. Bank stocks outperformed.

Utilities: Being overweight U.S. Utility companies boosted relative returns.

TOP PERFORMANCE DETRACTORS

U.S. Health Care: An overweight position to U.S. Health Care companies dragged down relative returns.

U.S. Small Caps: The Fund's position in U.S. Small Cap companies trailed the benchmark.

Cash: Owning cash in the Fund was a headwind given the robust returns in equity markets.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933626.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar Global Opportunistic Equity Fund | 10.22% | 10.94% | 7.91% |
| Morningstar Global Markets NR Index | 11.03% | 12.75% | 9.91% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$297393802 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1468556 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 52.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 44.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 7.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933614.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_2933609.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

Morningstar Alternatives Fund

Institutional/MSTVX

![TSR - Fund Logo](images_7305.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Morningstar Alternatives Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment<sup>1</sup> |
| Morningstar Alternatives Fund | $143 | 1.38% |

---

 *<sup>1</sup>* *Reflects Fee Waivers and/or Expense Assumptions, without which expenses would have been higher.* 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Morningstar Alternatives Fund (Institutional/MSTVX) returned 7.55% for the 12 months ended April 30, 2025. The Fund outperformed its benchmark, the Morningstar U.S. Cash T-Bill TR USD Index, which returned 4.97%.

TOP PERFORMANCE CONTRIBUTORS

Convertible Arbitrage: The Fund's convertible arbitrage manager generated solid returns from income, volatility monetization, and price appreciation.

Systematic Multi-Strategy: The Fund's systematic multi-strategy manager also generated strong returns, with various sub-strategies contributing to performance.

Merger Arbitrage: The Fund's merger arbitrage strategy delivered good returns in a challenging M&A environment.

TOP PERFORMANCE DETRACTORS

Long-Short Equity Exposure: Exposure to a long-short equity strategy weighed on benchmark-relative performance.

Cash Exposure: The Fund holds a modest allocation to cash which can weigh on absolute performance during up markets.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since its inception on November 2, 2018. Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2933643.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Morningstar Alternatives Fund | 7.55% | 4.66% | 4.08% |
| Morningstar U.S. Cash T-Bill TR USD Index | 4.97% | 2.69% | 2.54% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.95% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit https://connect.rightprospectus.com/Morningstar for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics as of April 30, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$208943292 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$1539253 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;213% |

---

#### Graphical Representation of Holdings as of April 30, 2025
The tables below show the investment makeup of the Fund, representing a percentage of the total net assets of the Fund.

Asset Type Allocation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts for Difference - Long | 26.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 21.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | 19.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 18.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 14.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks Sold Short | (9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts for Difference - Short | (24.8)% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2933655.jpg)

#### Changes in and Disagreements with Accountants
Effective February 13, 2025, Ernst & Young ("EY") resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm of the Trust for the fiscal year ending April 30, 2025.

There were no disagreements with EY during the Fund's fiscal years ended April 30, 2023 and April 30, 2024, or for the interim period from May 1, 2024 through February 13, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Morningstar. You can also request this information by contacting us at 877-626-3224.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-626-3224 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7304.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Morningstar.

Morningstar Funds

------

&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; **Item 2. Code of Ethics.**

(a) As of April 30, 2025, the registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) The registrant has not amended its Code of Ethics during the period covered by this report.

(d) The registrant has not granted any waivers, including any implicit waivers, from any provisions of its Code of Ethics during the period covered by this report.

------

&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; **Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR), serving on its audit committee. Barry P. Benjamin and Theresa Hamacher are the "audit committee financial experts" and are "independent" (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the registrant's Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the registrant's Audit Committee or Board of Trustees.

------

&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; **Item 4. Principal Accountant Fees and Services.**

&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; *Item 4(a): Audit Fees*

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's independent registered public accounting firm, Cohen & Company, Ltd. ("Cohen & Co"), effective February 14, 2025, and the registrant's former independent registered public accounting firm, and Ernst & Young LLP ("E&Y"), prior to February 14, 2025, for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements are $340,000 in 2025 and $466,400 in 2024. The fees paid in 2025 and 2024 relate to services provided by Cohen & Company, Ltd. and Ernst & Young, respectively.

&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; *Item 4(b): Audit-Related Fees*

The aggregate fees billed in each of the last two fiscal years for assurance and related services by Cohen & Co and E&Y that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are NONE in 2025 and NONE in 2024.

&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; *Item 4(c): Tax Fees*

The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen & Co and E&Y for RIC tax compliance and diversification review, tax advice and tax return review are $50,500 in 2025 and $176,074 in 2024. The fees paid in 2025 and 2024 relate to services provided by Cohen & Company, Ltd. and Ernst & Young, respectively.

The aggregate fees billed in each of the last two fiscal years for products and services provided by Cohen & Co and E&Y, other than the services reported in paragraphs (a) through (c) of this Item are NONE in 2025 and NONE in 2024.

&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; *Item 4(e)(1): Pre-Approval Policies and Procedures*

Pursuant to the registrant's Audit Committee Charter and Audit Committee Pre-Approval Policies and Procedures, each adopted on March 9, 2018 and amended most recently on June 21, 2023, the Audit Committee shall, to the extent required by applicable regulations, pre-approve (i) all audit, audit-related and permitted non-audit services rendered by the independent auditors, Cohen and Co and E&Y, to a series of the registrant ("Fund") and (ii) all non-audit services rendered by the independent auditors to a Fund's investment adviser and to certain of the investment adviser's affiliates, as applicable. The Audit Committee has implemented policies and procedures by which such services may be pre-approved other than by the full Committee (for example, by any Committee member who is not an "interested person" of the Trust, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")).

&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; *Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of rule 2-01 of Regulation S-X*

No percentage of Cohen & Co's or EY's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&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; *Item 4(f): Work Performed by Persons Other than the Principal Accountant*

The percentage of hours expended on the principal accountants' engagement to audit the registrant's financial statements for the fiscal year ended April 30, 2025 that were attributed to work performed by persons other than the principal accountant's full time, permanent employees was not greater than 50%.

&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; *Item 4(g): Aggregate Non-Audit Fees*

The aggregate non-audit fees and services billed by Cohen & Co and E&Y for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years was $50,500 in 2025 and $176,074 in 2024. The fees paid in 2025 and 2024 relate to services provided by Cohen & Company, Ltd. and Ernst & Young, respectively.

&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; *Item 4(h): Non-Audit Services and Independent Accountant's Independence*

The registrant's Audit Committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining Cohen & Co's and E&Y's independence in performing audit services.

&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; *Item 4(i):*

Not applicable.

&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; *Item 4(j):*

Not applicable.

------

&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; **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

------

&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; **Item 6. Investments.**

(a) The registrant has elected to include the schedule of investments in securities of unaffiliated issuers in the financial statements filed under Item 7 of this report on Form N-CSR.

(b) Not applicable.

------

&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; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

------

April 30, 2025

**ANNUAL FINANCIAL STATEMENTS AND**

**ADDITIONAL INFORMATION**

**Morningstar Funds Trust**

---

| |
|:---|
| Morningstar U.S. Equity Fund |
| Morningstar International Equity Fund |
| Morningstar Global Income Fund |
| Morningstar Total Return Bond Fund |
| Morningstar Municipal Bond Fund |
| Morningstar Defensive Bond Fund |
| Morningstar Multisector Bond Fund |
| Morningstar Global Opportunistic Equity Fund |
| Morningstar Alternatives Fund |

---

------

**Morningstar Funds Trust** April 30, 2025

------

**Introduction**

Morningstar Investment Management LLC launched an open end management investment company consisting of nine separate portfolios (each a "Fund") that span the investment opportunity set<sup>1</sup>. Most of these Funds are designed to provide exposure to a broad asset class, such as U.S. equities, while our active management of each Fund's asset allocation, allocation to active managers (known as "subadvisers"), and exposures to Exchange-Traded Funds ("ETFs"), or individual equity securities allows us to adjust sub-asset class allocations based on our valuation views and those of the subadvisers.

**Concept and Structure**

We created the Morningstar Funds Trust using an open architecture, multimanager approach, selecting subadvisers we believed fit best with our investment philosophy and the investment objectives of each Morningstar Fund<sup>2</sup>. We have recommended subadvisers we believed were independent, skilled investors in their respective asset classes to manage the Funds and we continuously monitor such subadvisers to confirm that they continue to meet our standards.

Consistent with our investment approach, our asset allocation process for the Morningstar Funds is based on fundamentals and driven by valuations. We look for asset classes and sub-asset classes around the globe that, in our view, offer fundamental value relative to price. Allocations within each Fund are in line with what we believe to reflect the best risk-adjusted opportunities.

**How to Read This Report**

Unless stated otherwise, this report outlines the structure and performance of the assets comprised by the Morningstar Funds Trust from May 1, 2024, through April 30, 2025. Included are fund holdings, positioning and results of operations that may aid understanding of returns for the year.

<sup>1</sup>All references to "we" or "our" in this report refer to Morningstar Investment Management LLC.

<sup>2</sup> Morningstar Funds Trust is an open end management investment company registered under the Investment Company Act of 1940 (as amended). Use of the term "Morningstar Funds" hereafter refers to Morningstar Funds Trust, or its individual series, as applicable.

------

**Morningstar Funds Trust** April 30, 2025

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_SOI-MorningstarHeading_1) | 1 |
| [Statements of Assets and Liabilities](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_FIN-MorningstarHeading_1) | 217 |
| [Statements of Operations](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_FIN-MorningstarHeading_5) | 221 |
| [Statements of Changes in Net Assets](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_FIN-MorningstarHeading_8) | 224 |
| [Financial Highlights](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_FIN-MorningstarHeading_13) | 229 |
| [Notes to Financial Statements](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_NTF-MorningstarHeading_1) | 238 |
| [Report of Independent Registered Public Accounting Firm](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_ROIA-MorningstarHeading_1) | 270 |
| [Tax Information (unaudited)](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_TAX-MorningstarHeading_1) | 271 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_CIAD-MorningstarHeading_1)<br> [Companies (unaudited)](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_CIAD-MorningstarHeading_1) | 273 |
| [Proxy Disclosures for Open-End Management Investment Companies (unaudited)](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_PD-MorningstarHeading_1) | 274 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_RPD-MorningstarHeading_1)<br> [Companies (unaudited)](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_RPD-MorningstarHeading_1) | 275 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract (unaudited)](#xx_8d852cf1-ab75-4051-8abf-6b26ed5ea8ea_BAIA-MorningstarHeading_1) | 276 |

---

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 89.5%** | **Common Stocks – 89.5%** | **Common Stocks – 89.5%** |
| **Advertising & Marketing – 0.0%**<sup>(a)</sup> | **Advertising & Marketing – 0.0%**<sup>(a)</sup> | **Advertising & Marketing – 0.0%**<sup>(a)</sup> |
| Interpublic Group of Cos. <br> (The), Inc.<br>| 4395 | $110402 |
| Omnicom Group, Inc. | 1999 | 152244 |
| Trade Desk (The), Inc., <br> Class A\*<br>| 2089 | 112033 |
|  |  | **374679** |
| **Aerospace & Defense – 3.1%** | **Aerospace & Defense – 3.1%** | **Aerospace & Defense – 3.1%** |
| AAR Corp.\* | 27191 | 1453631 |
| Airbus S.E. ADR (France) | 49933 | 2150614 |
| Boeing (The) Co.\* | 43249 | 7924947 |
| General Dynamics Corp. | 28787 | 7833518 |
| Huntington Ingalls <br> Industries, Inc.<br>| 16539 | 3809593 |
| Kratos Defense & Security <br> Solutions, Inc.<sup>(b)\*</sup> <br>| 24600 | 831111 |
| L3Harris Technologies, Inc. | 11878 | 2613398 |
| Loar Holdings, Inc.<sup>(b)\*</sup> <br>| 9451 | 893876 |
| Lockheed Martin Corp. | 2214 | 1057739 |
| Moog, Inc., Class A | 9045 | 1512776 |
| Northrop Grumman Corp. | 11378 | 5535397 |
| RTX Corp. | 108091 | 13633518 |
| TransDigm Group, Inc. | 433 | 611859 |
|  |  | **49861977** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| NIKE, Inc., Class B | 8074 | 455374 |
| Ralph Lauren Corp. | 710 | 159714 |
| Skechers USA, Inc., <br> Class A\*<br>| 1697 | 81490 |
| Tapestry, Inc. | 1976 | 139604 |
|  |  | **836182** |
| **Asset Management – 1.3%** | **Asset Management – 1.3%** | **Asset Management – 1.3%** |
| Ameriprise Financial, Inc. | 357 | 168154 |
| Apollo Global <br> Management, Inc.<br>| 1832 | 250031 |
| Ares Capital Corp. | 19073 | 394048 |
| Blackrock, Inc. | 5860 | 5357564 |
| Cohen & Steers, Inc. | 27026 | 2062624 |
| Franklin Resources, Inc. | 3298 | 61871 |
| Hamilton Lane, Inc., <br> Class A<sup>(b)</sup> <br>| 18596 | 2872896 |
| Invesco Ltd. | 3500 | 48755 |
| KKR & Co., Inc. | 51775 | 5916329 |
| LPL Financial Holdings, Inc. | 8631 | 2760108 |
| Raymond James <br> Financial, Inc.<br>| 1682 | 230501 |
| Stifel Financial Corp. | 9296 | 796574 |
| T. Rowe Price Group, Inc. | 521 | 46135 |
|  |  | **20965590** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| Autoliv, Inc. (Sweden) | 1077 | $100409 |
| BorgWarner, Inc. | 3344 | 94903 |
| General Motors Co. | 8451 | 382323 |
| Gentex Corp.<sup>(b)</sup> <br>| 6321 | 137671 |
| Lear Corp. | 12844 | 1101373 |
| Tesla, Inc.\* | 28110 | 7931518 |
| XPEL, Inc.<sup>(b)\*</sup> <br>| 35635 | 1020586 |
|  |  | **10768783** |
| **Banking – 2.9%** | **Banking – 2.9%** | **Banking – 2.9%** |
| Atlantic Union <br> Bankshares Corp.<br>| 55119 | 1526796 |
| Bank of NT Butterfield & <br> Son (The) Ltd. (Bermuda)<br>| 20057 | 805890 |
| Bank OZK | 51392 | 2189299 |
| Banner Corp. | 25596 | 1564939 |
| Citigroup, Inc. | 74829 | 5116807 |
| City Holding Co.<sup>(b)</sup> <br>| 13491 | 1563202 |
| Coastal Financial Corp.\* | 9146 | 751344 |
| First Bancorp | 38801 | 1569889 |
| JP Morgan Chase & Co. | 60471 | 14792416 |
| National Bank <br> Holdings Corp., Class A<br>| 31741 | 1147755 |
| Pinnacle Financial <br> Partners, Inc.<br>| 23564 | 2362055 |
| PNC Financial Services <br> Group (The), Inc.<br>| 33781 | 5428269 |
| Renasant Corp. | 47423 | 1520856 |
| Seacoast Banking Corp. of <br> Florida<br>| 64401 | 1526948 |
| Simmons First <br> National Corp., Class A<br>| 80090 | 1494479 |
| Webster Financial Corp. | 31236 | 1477463 |
| Wells Fargo & Co. | 33698 | 2392895 |
|  |  | **47231302** |
| **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** |
| Brown-Forman Corp., <br> Class B<sup>(b)</sup> <br>| 3286 | 114484 |
| Diageo PLC (United <br> Kingdom)<br>| 86297 | 2423254 |
| Monster Beverage Corp.\* | 110842 | 6663821 |
| PepsiCo, Inc. | 40815 | 5533698 |
|  |  | **14735257** |
| **Biotechnology & Pharmaceuticals – 2.7%** | **Biotechnology & Pharmaceuticals – 2.7%** | **Biotechnology & Pharmaceuticals – 2.7%** |
| AbbVie, Inc. | 27816 | 5426902 |
| Amgen, Inc. | 2748 | 799448 |
| Biogen, Inc.\* | 498 | 60298 |
| Bristol-Myers Squibb Co. | 6874 | 345075 |
| Certara, Inc.\* | 164690 | 2282603 |
| Eli Lilly & Co. | 5692 | 5116823 |
| Gilead Sciences, Inc. | 9717 | 1035249 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Johnson & Johnson | 49350 | $7713899 |
| Merck & Co., Inc. | 42415 | 3613758 |
| Novo Nordisk A/S ADR <br> (Denmark)<br>| 50464 | 3353333 |
| Pfizer, Inc. | 230914 | 5636611 |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 907 | 543075 |
| Royalty Pharma PLC, <br> Class A<br>| 8587 | 281825 |
| United Therapeutics Corp.\* | 503 | 152454 |
| Vertex <br> Pharmaceuticals, Inc.\*<br>| 1183 | 602739 |
| Zoetis, Inc. | 43981 | 6878628 |
|  |  | **43842720** |
| **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** |
| Charter <br> Communications, Inc., <br> Class A<sup>(b)\*</sup> <br>| 513 | 201024 |
| Comcast Corp., Class A | 189054 | 6465647 |
| Sirius XM Holdings, Inc.<sup>(b)</sup> <br>| 2810 | 60190 |
|  |  | **6726861** |
| **Chemicals – 1.5%** | **Chemicals – 1.5%** | **Chemicals – 1.5%** |
| Ashland Global <br> Holdings, Inc.<br>| 45488 | 2474092 |
| Avery Dennison Corp. | 1287 | 220219 |
| Axalta Coating <br> Systems Ltd.\*<br>| 3137 | 101952 |
| Balchem Corp. | 10801 | 1690896 |
| CF Industries Holdings, Inc. | 1107 | 86756 |
| Corteva, Inc. | 28669 | 1777191 |
| DuPont de Nemours, Inc. | 26989 | 1781004 |
| Eastman Chemical Co. | 1089 | 83853 |
| Hawkins, Inc. | 11473 | 1397182 |
| Innospec, Inc. | 9147 | 818474 |
| LyondellBasell Industries <br> N.V., Class A<br>| 1194 | 69503 |
| PPG Industries, Inc. | 666 | 72501 |
| Sensient <br> Technologies Corp.<br>| 10566 | 992676 |
| Sherwin-Williams <br> (The) Co.<br>| 29355 | 10359967 |
| Stepan Co. | 25963 | 1312689 |
| Westlake Corp. | 596 | 55088 |
|  |  | **23294043** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| Automatic Data <br> Processing, Inc.<br>| 5846 | 1757308 |
| Casella Waste <br> Systems, Inc., Class A\*<br>| 41931 | 4924796 |
| Cintas Corp. | 3205 | 678434 |
| Insperity, Inc. | 14071 | 914756 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| Paychex, Inc. | 1368 | $201260 |
| Robert Half, Inc. | 1479 | 65520 |
| Verra Mobility Corp.\* | 66664 | 1453275 |
|  |  | **9995349** |
| **Construction Materials – 0.5%** | **Construction Materials – 0.5%** | **Construction Materials – 0.5%** |
| CRH PLC | 30615 | 2921283 |
| Martin Marietta <br> Materials, Inc.<br>| 4248 | 2225867 |
| Owens Corning | 824 | 119818 |
| Trex Co., Inc.\* | 59007 | 3411785 |
|  |  | **8678753** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Amcor PLC | 16784 | 154410 |
| Crown Holdings, Inc. | 1058 | 101917 |
| Graphic Packaging <br> Holding Co.<br>| 6156 | 155808 |
| International Paper Co. | 3297 | 150607 |
| Packaging Corp. of <br> America<br>| 1028 | 190807 |
| Sealed Air Corp. | 2446 | 67412 |
| Smurfit WestRock PLC | 2930 | 123119 |
|  |  | **944080** |
| **Diversified Industrials – 1.0%** | **Diversified Industrials – 1.0%** | **Diversified Industrials – 1.0%** |
| 3M Co. | 2097 | 291294 |
| Emerson Electric Co. | 4110 | 432002 |
| Honeywell <br> International, Inc.<br>| 31692 | 6671166 |
| Illinois Tool Works, Inc. | 16123 | 3868069 |
| Parker-Hannifin Corp. | 6946 | 4202747 |
|  |  | **15465278** |
| **E-Commerce Discretionary – 2.7%** | **E-Commerce Discretionary – 2.7%** | **E-Commerce Discretionary – 2.7%** |
| Amazon.com, Inc.\* | 236083 | 43538427 |
| eBay, Inc. | 2054 | 140000 |
|  |  | **43678427** |
| **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** |
| Ameren Corp. | 2223 | 220610 |
| American Electric <br> Power Co., Inc.<br>| 19353 | 2096704 |
| Avista Corp. | 26759 | 1109696 |
| CMS Energy Corp. | 3357 | 247243 |
| Consolidated Edison, Inc. | 2573 | 290106 |
| Dominion Energy, Inc. | 110034 | 5983649 |
| Duke Energy Corp. | 64253 | 7840151 |
| Evergy, Inc. | 3326 | 229827 |
| Eversource Energy | 2321 | 138053 |
| Exelon Corp. | 61428 | 2880973 |
| Northwestern Energy <br> Group, Inc.<br>| 19492 | 1135019 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| NRG Energy, Inc. | 2095 | $229570 |
| OGE Energy Corp. | 8714 | 395441 |
| PG&E Corp. | 283663 | 4686113 |
| Pinnacle West <br> Capital Corp.<br>| 3903 | 371488 |
| Sempra | 13111 | 973754 |
| Southern (The) Co. | 76305 | 7011666 |
| TXNM Energy, Inc. | 26704 | 1420653 |
| Xcel Energy, Inc. | 52997 | 3746888 |
|  |  | **41007604** |
| **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** |
| A.O. Smith Corp. | 1294 | 87811 |
| AAON, Inc. | 17212 | 1570939 |
| Allegion PLC | 954 | 132797 |
| Amphenol Corp., Class A | 5705 | 439000 |
| Camtek Ltd. (Israel)<sup>(b)</sup> <br>| 21124 | 1380242 |
| Eaton Corp. PLC | 45128 | 13284329 |
| Hayward Holdings, Inc.\* | 28643 | 381811 |
| Hubbell, Inc. | 370 | 134377 |
| Johnson Controls <br> International PLC<br>| 23501 | 1971734 |
| Lennox International, Inc. | 263 | 143795 |
| Modine <br> Manufacturing Co.\*<br>| 22194 | 1811918 |
| Novanta, Inc.<sup>(b)\*</sup> <br>| 20945 | 2489523 |
| Otis Worldwide Corp. | 11909 | 1146479 |
| Rockwell Automation, Inc. | 368 | 91146 |
| Sensata Technologies <br> Holding PLC<br>| 1997 | 42736 |
| TE Connectivity PLC <br> (Switzerland)<br>| 1099 | 160872 |
| Trane Technologies PLC | 4672 | 1790824 |
|  |  | **27060333** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Everus Construction <br> Group, Inc.\*<br>| 41141 | **1655514** |
| **Entertainment Content – 2.1%** | **Entertainment Content – 2.1%** | **Entertainment Content – 2.1%** |
| Electronic Arts, Inc. | 11388 | 1652285 |
| Netflix, Inc.\* | 22775 | 25774923 |
| Walt Disney (The) Co. | 61724 | 5613798 |
|  |  | **33041006** |
| **Food – 1.5%** | **Food – 1.5%** | **Food – 1.5%** |
| BellRing Brands, Inc.\* | 38008 | 2931937 |
| Conagra Brands, Inc. | 8020 | 198174 |
| General Mills, Inc. | 3138 | 178050 |
| Hershey (The) Co.<sup>(b)</sup> <br>| 865 | 144619 |
| Hormel Foods Corp. | 7699 | 230200 |
| Ingredion, Inc. | 1817 | 241334 |
| J&J Snack Foods Corp. | 10878 | 1409680 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Kraft Heinz (The) Co. | 9736 | $283318 |
| Lamb Weston <br> Holdings, Inc.<br>| 1768 | 93368 |
| Lancaster Colony Corp. | 8261 | 1344726 |
| Mondelez <br> International, Inc., <br> Class A<br>| 83506 | 5689264 |
| Nestle S.A.<sup>(c)</sup> <br>| 49046 | 5220328 |
| Post Holdings, Inc.<sup>(b)\*</sup> <br>| 55459 | 6276295 |
| The Campbell's Co. | 3967 | 144637 |
|  |  | **24385930** |
| **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** |
| Boise Cascade Co. | 15026 | 1401625 |
| UFP Industries, Inc. | 15046 | 1487297 |
|  |  | **2888922** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| American Water <br> Works Co., Inc.<br>| 1200 | 176412 |
| UGI Corp. | 58464 | 1917035 |
|  |  | **2093447** |
| **Health Care Facilities & Services – 3.6%** | **Health Care Facilities & Services – 3.6%** | **Health Care Facilities & Services – 3.6%** |
| Cencora, Inc. | 1298 | 379886 |
| Charles River Laboratories <br> International, Inc.\*<br>| 303 | 35942 |
| Cigna Group (The) | 36756 | 12498510 |
| CVS Health Corp. | 3547 | 236620 |
| DaVita, Inc.\* | 1088 | 154006 |
| Elevance Health, Inc. | 11113 | 4673906 |
| Encompass Health Corp. | 2116 | 247551 |
| Ensign Group (The), Inc. | 19351 | 2496085 |
| HCA Healthcare, Inc. | 2011 | 693956 |
| HealthEquity, Inc.\* | 61208 | 5246750 |
| Henry Schein, Inc.\* | 2249 | 146117 |
| Humana, Inc. | 11155 | 2925287 |
| ICON PLC\* | 13868 | 2100170 |
| Labcorp Holdings, Inc. | 10469 | 2523134 |
| McKesson Corp. | 17240 | 12288500 |
| Medpace Holdings, Inc.\* | 8387 | 2586467 |
| Quest Diagnostics, Inc. | 1945 | 346638 |
| Tenet Healthcare Corp.\* | 633 | 90487 |
| UnitedHealth Group, Inc. | 19531 | 8035835 |
| Universal Health <br> Services, Inc., Class B<br>| 830 | 146968 |
|  |  | **57852815** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| Arhaus, Inc.\* | 143755 | 1129914 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Somnigroup <br> International, Inc.<sup>(b)</sup> <br>| 1775 | $108382 |
| Whirlpool Corp. | 579 | 44166 |
|  |  | **1282462** |
| **Home Construction – 0.4%** | **Home Construction – 0.4%** | **Home Construction – 0.4%** |
| Century Communities, Inc. | 24326 | 1326740 |
| DR Horton, Inc. | 903 | 114085 |
| Fortune Brands <br> Innovations, Inc.<br>| 30363 | 1634137 |
| Lennar Corp., Class A | 907 | 98509 |
| Masco Corp. | 1608 | 97461 |
| Mohawk Industries, Inc.\* | 461 | 49027 |
| NVR, Inc.\* | 350 | 2494012 |
| PulteGroup, Inc. | 1217 | 124840 |
| Toll Brothers, Inc. | 1517 | 153020 |
|  |  | **6091831** |
| **Household Products – 0.8%** | **Household Products – 0.8%** | **Household Products – 0.8%** |
| Central Garden & Pet Co., <br> Class A\*<br>| 23172 | 685196 |
| Church & Dwight Co., Inc. | 2960 | 294046 |
| Clorox (The) Co. | 936 | 133193 |
| Colgate-Palmolive Co. | 14600 | 1345974 |
| Interparfums, Inc. | 7367 | 804476 |
| Kenvue, Inc. | 169199 | 3993097 |
| Kimberly-Clark Corp. | 20559 | 2709265 |
| Prestige Consumer <br> Healthcare, Inc.\*<br>| 17145 | 1392688 |
| Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 33696 | 2174960 |
|  |  | **13532895** |
| **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** |
| AZZ, Inc. | 13201 | 1145319 |
| Enpro, Inc. | 10666 | 1593500 |
| RBC Bearings, Inc.\* | 9038 | 2969616 |
|  |  | **5708435** |
| **Industrial Support Services – 1.2%** | **Industrial Support Services – 1.2%** | **Industrial Support Services – 1.2%** |
| Fastenal Co. | 2859 | 231493 |
| SiteOne Landscape <br> Supply, Inc.\*<br>| 20055 | 2302515 |
| United Rentals, Inc. | 169 | 106715 |
| W.W. Grainger, Inc. | 10109 | 10354750 |
| Watsco, Inc. | 230 | 105763 |
| WESCO International, Inc. | 40527 | 6604280 |
|  |  | **19705516** |
| **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** |
| CME Group, Inc. | 7475 | 2071173 |
| Intercontinental <br> Exchange, Inc.<br>| 10528 | 1768388 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Moelis & Co., Class A | 33186 | $1778106 |
| Morgan Stanley | 57910 | 6683972 |
| Nasdaq, Inc. | 81776 | 6232149 |
| Piper Sandler Cos. | 6563 | 1582470 |
| SEI Investments Co. | 3571 | 279574 |
|  |  | **20395832** |
| **Insurance – 4.4%** | **Insurance – 4.4%** | **Insurance – 4.4%** |
| American International <br> Group, Inc.<br>| 83267 | 6787926 |
| AMERISAFE, Inc. | 15587 | 724640 |
| Aon PLC, Class A | 22440 | 7961487 |
| Arthur J Gallagher & Co. | 4297 | 1378005 |
| Baldwin Insurance Group <br> (The), Inc.<sup>(b)\*</sup> <br>| 34918 | 1453287 |
| Chubb Ltd. | 22176 | 6344110 |
| Goosehead Insurance, Inc., <br> Class A<sup>(b)</sup> <br>| 18555 | 1803731 |
| Hartford Insurance Group <br> (The), Inc.<br>| 22307 | 2736400 |
| Marsh & McLennan Cos., <br> Inc.<br>| 68579 | 15462507 |
| Progressive (The) Corp. | 58038 | 16351626 |
| Travelers (The) Cos., Inc. | 25467 | 6726599 |
| Willis Towers Watson PLC | 8177 | 2516881 |
|  |  | **70247199** |
| **Internet Media & Services – 7.7%** | **Internet Media & Services – 7.7%** | **Internet Media & Services – 7.7%** |
| Airbnb, Inc., Class A\* | 42616 | 5195743 |
| Alphabet, Inc., Class A | 370295 | 58802846 |
| Booking Holdings, Inc. | 100 | 509928 |
| GoDaddy, Inc., Class A\* | 8833 | 1663519 |
| Meta Platforms, Inc., <br> Class A<br>| 86816 | 47661984 |
| Uber Technologies, Inc.\* | 85215 | 6903267 |
| VeriSign, Inc.\* | 12289 | 3466972 |
|  |  | **124204259** |
| **IT Services – 1.0%** | **IT Services – 1.0%** | **IT Services – 1.0%** |
| Accenture PLC, Class A <br> (Ireland)<br>| 37603 | 11248938 |
| Amdocs Ltd. | 2839 | 251479 |
| CDW Corp. | 4655 | 747407 |
| Cognizant Technology <br> Solutions Corp., Class A<br>| 1334 | 98142 |
| Globant S.A.<sup>(b)\*</sup> <br>| 19574 | 2301315 |
| ICF International, Inc. | 24192 | 2055352 |
|  |  | **16702633** |
| **Leisure Facilities & Services – 1.1%** | **Leisure Facilities & Services – 1.1%** | **Leisure Facilities & Services – 1.1%** |
| Cheesecake Factory <br> (The), Inc.<sup>(b)</sup> <br>| 22325 | 1124510 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Chipotle Mexican <br> Grill, Inc.\*<br>| 6913 | $349245 |
| Domino's Pizza, Inc. | 287 | 140736 |
| Marriott International, Inc., <br> Class A<br>| 18395 | 4388679 |
| Papa John's <br> International, Inc.<br>| 23088 | 797229 |
| Red Rock Resorts, Inc., <br> Class A<br>| 140289 | 5990340 |
| Starbucks Corp. | 30762 | 2462498 |
| TKO Group Holdings, Inc. | 729 | 118762 |
| Wingstop, Inc. | 6701 | 1768327 |
|  |  | **17140326** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Brunswick Corp. | 939 | 43241 |
| Hasbro, Inc. | 895 | 55401 |
| Polaris, Inc. | 950 | 32262 |
| YETI Holdings, Inc.\* | 65788 | 1878247 |
|  |  | **2009151** |
| **Machinery – 0.9%** | **Machinery – 0.9%** | **Machinery – 0.9%** |
| Alamo Group, Inc. | 8141 | 1359384 |
| CSW Industrials, Inc. | 10277 | 3211357 |
| Graco, Inc. | 1559 | 127230 |
| Helios Technologies, Inc. | 31742 | 865287 |
| IDEX Corp. | 863 | 150136 |
| Kadant, Inc.<sup>(b)</sup> <br>| 10406 | 3069770 |
| Middleby (The) Corp.\* | 643 | 85744 |
| Regal Rexnord Corp. | 38189 | 4041924 |
| Snap-on, Inc. | 680 | 213391 |
| Stanley Black & <br> Decker, Inc.<br>| 730 | 43814 |
| Thermon Group <br> Holdings, Inc.\*<br>| 28786 | 755057 |
| Xylem, Inc. | 1153 | 139017 |
|  |  | **14062111** |
| **Medical Equipment & Devices – 3.0%** | **Medical Equipment & Devices – 3.0%** | **Medical Equipment & Devices – 3.0%** |
| Abbott Laboratories | 41361 | 5407951 |
| Baxter International, Inc. | 1559 | 48594 |
| Becton Dickinson & Co. | 5325 | 1102754 |
| Boston Scientific Corp.\* | 36519 | 3756710 |
| CONMED Corp.<sup>(b)</sup> <br>| 27397 | 1345467 |
| Enovis Corp.\* | 41151 | 1423413 |
| Envista Holdings Corp.\* | 43955 | 706796 |
| Hologic, Inc.\* | 4177 | 243101 |
| Illumina, Inc.\* | 22360 | 1735136 |
| Inspire Medical <br> Systems, Inc.\*<br>| 13128 | 2079213 |
| Intuitive Surgical, Inc.\* | 17960 | 9263768 |
| Medtronic PLC | 16388 | 1389047 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| Merit Medical <br> Systems, Inc.\*<br>| 16375 | $1546619 |
| Solventum Corp.\* | 17354 | 1147446 |
| Stryker Corp. | 21823 | 8160056 |
| Teleflex, Inc. | 17839 | 2444835 |
| Thermo Fisher <br> Scientific, Inc.<br>| 14363 | 6161727 |
| Waters Corp.\* | 335 | 116490 |
|  |  | **48079123** |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| Constellium S.E.\* | 8666 | 87613 |
| Freeport-McMoRan, Inc. | 95462 | 3439496 |
|  |  | **3527109** |
| **Oil & Gas Supply Chain – 2.8%** | **Oil & Gas Supply Chain – 2.8%** | **Oil & Gas Supply Chain – 2.8%** |
| Antero Midstream Corp. | 20562 | 340301 |
| Cheniere Energy, Inc. | 7074 | 1634872 |
| Chevron Corp. | 33582 | 4569167 |
| Civitas Resources, Inc. | 27812 | 757877 |
| ConocoPhillips | 74917 | 6676603 |
| Coterra Energy, Inc. | 82749 | 2032316 |
| Diamondback Energy, Inc. | 7734 | 1020965 |
| DT Midstream, Inc. | 3731 | 362653 |
| Enbridge, Inc. (Canada) | 41557 | 1943406 |
| EOG Resources, Inc. | 28290 | 3121236 |
| Exxon Mobil Corp. | 65468 | 6915385 |
| Gulfport Energy Corp.\* | 4859 | 838178 |
| Infinity Natural <br> Resources, Inc., <br> Class A<sup>(b)\*</sup> <br>| 39240 | 602334 |
| Kinder Morgan, Inc. | 84623 | 2225585 |
| Northern Oil & Gas, Inc.<sup>(b)</sup> <br>| 64561 | 1568832 |
| ONEOK, Inc. | 21188 | 1740806 |
| Pembina Pipeline Corp. <br> (Canada)<br>| 13297 | 508307 |
| Sitio Royalties Corp., <br> Class A<br>| 44516 | 754991 |
| SM Energy Co. | 65495 | 1492631 |
| South Bow Corp. (Canada) | 7643 | 188774 |
| Targa Resources Corp. | 3087 | 527568 |
| TC Energy Corp. (Canada) | 33516 | 1693304 |
| Texas Pacific Land Corp.<sup>(b)</sup> <br>| 120 | 154665 |
| Vital Energy, Inc.<sup>(b)\*</sup> <br>| 48247 | 684143 |
| Williams (The) Cos., Inc. | 40898 | 2395396 |
|  |  | **44750295** |
| **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. | 12729 | **423239** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Liberty Media Corp.-Liberty <br> Formula One, Class C\*<br>| 25922 | $2298504 |
| Nexstar Media Group, Inc. | 519 | 77673 |
|  |  | **2376177** |
| **Real Estate Investment Trusts – 2.5%** | **Real Estate Investment Trusts – 2.5%** | **Real Estate Investment Trusts – 2.5%** |
| American Tower Corp. | 2728 | 614918 |
| Brixmor Property <br> Group, Inc.<br>| 6764 | 168491 |
| BXP, Inc. | 1268 | 80810 |
| COPT Defense Properties | 55612 | 1452029 |
| CubeSmart | 89443 | 3637647 |
| Equinix, Inc. | 6978 | 6006314 |
| Extra Space Storage, Inc. | 13143 | 1925712 |
| Federal Realty Investment <br> Trust<br>| 1914 | 179954 |
| Four Corners Property <br> Trust, Inc.<sup>(b)</sup> <br>| 51868 | 1449711 |
| Kimco Realty Corp. | 6157 | 123017 |
| Mid-America Apartment <br> Communities, Inc.<br>| 20723 | 3308427 |
| Millrose Properties, Inc. | 453 | 11343 |
| National Storage Affiliates <br> Trust<br>| 57211 | 2128249 |
| Plymouth Industrial <br> REIT, Inc.<sup>(b)</sup> <br>| 102710 | 1527298 |
| PotlatchDeltic Corp. | 32672 | 1254278 |
| Prologis, Inc. | 56255 | 5749261 |
| Public Storage | 3940 | 1183694 |
| Ryman Hospitality <br> Properties, Inc.<br>| 23012 | 2023905 |
| SBA <br> Communications Corp.<br>| 9452 | 2300617 |
| Simon Property Group, Inc. | 3757 | 591277 |
| Sunstone Hotel <br> Investors, Inc.<br>| 94544 | 788497 |
| Urban Edge Properties | 79055 | 1428524 |
| Ventas, Inc. | 24246 | 1699160 |
|  |  | **39633133** |
| **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.\* | 396 | **90054** |
| **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** |
| Costco Wholesale Corp. | 1209 | 1202350 |
| Five Below, Inc.\* | 15700 | 1191473 |
| Kroger (The) Co.<sup>(b)</sup> <br>| 4550 | 328555 |
| Ollie's Bargain Outlet <br> Holdings, Inc.\*<br>| 22706 | 2409334 |
| Target Corp. | 59068 | 5711876 |
|  |  | **10843588** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary – 1.6%** | **Retail - Discretionary – 1.6%** | **Retail - Discretionary – 1.6%** |
| Academy Sports & <br> Outdoors, Inc.<sup>(b)</sup> <br>| 39967 | $1505957 |
| AutoNation, Inc.\* | 458 | 79761 |
| AutoZone, Inc.\* | 302 | 1136305 |
| Best Buy Co., Inc. | 1114 | 74293 |
| Boot Barn Holdings, Inc.\* | 7216 | 752917 |
| Builders FirstSource, Inc.\* | 476 | 56944 |
| CarMax, Inc.\* | 17195 | 1112001 |
| Dick's Sporting Goods, Inc. | 415 | 77912 |
| Ferguson Enterprises, Inc. | 11145 | 1890861 |
| Floor & Decor <br> Holdings, Inc., Class A\*<br>| 27231 | 1945383 |
| Freshpet, Inc.<sup>(b)\*</sup> <br>| 22688 | 1668475 |
| GMS, Inc.\* | 20778 | 1522196 |
| Lithia Motors, Inc. | 216 | 63236 |
| Lowe's Cos., Inc. | 30011 | 6709259 |
| Lululemon Athletica, Inc.\* | 531 | 143779 |
| O'Reilly Automotive, Inc.\* | 897 | 1269434 |
| Sonic Automotive, Inc. <br> Class A<br>| 13075 | 793914 |
| TJX (The) Cos., Inc. | 8945 | 1151043 |
| Tractor Suppy Co. | 3646 | 184560 |
| Ulta Beauty, Inc.\* | 446 | 176455 |
| Valvoline, Inc.\* | 73730 | 2525990 |
| Williams-Sonoma, Inc. | 946 | 146129 |
|  |  | **24986804** |
| **Semiconductors – 7.6%** | **Semiconductors – 7.6%** | **Semiconductors – 7.6%** |
| Analog Devices, Inc. | 32870 | 6407020 |
| Applied Materials, Inc. | 1314 | 198033 |
| ASML Holding N.V. <br> (Netherlands)<sup>(c)</sup> <br>| 10291 | 6875211 |
| Broadcom, Inc. | 83141 | 16002148 |
| Intel Corp. | 6461 | 129866 |
| KLA Corp. | 6149 | 4320841 |
| Lam Research Corp. | 2327 | 166776 |
| Microchip Technology, Inc. | 3051 | 140590 |
| Nova Ltd. (Israel)\* | 13768 | 2701419 |
| NVIDIA Corp. | 642091 | 69936552 |
| NXP Semiconductors N.V. <br> (Netherlands)<br>| 23882 | 4401691 |
| QUALCOMM, Inc. | 1898 | 281777 |
| Rambus, Inc.\* | 22341 | 1090017 |
| Skyworks Solutions, Inc. | 627 | 40304 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 23276 | 3879877 |
| Teradyne, Inc. | 687 | 50982 |
| Texas Instruments, Inc. | 30674 | 4909374 |
| Veeco Instruments, Inc.<sup>(b)\*</sup> <br>| 57325 | 1071978 |
|  |  | **122604456** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software – 9.6%** | **Software – 9.6%** | **Software – 9.6%** |
| ACV Auctions, Inc., <br> Class A\*<br>| 57948 | $851256 |
| Adobe, Inc.\* | 399 | 149617 |
| Akamai Technologies, Inc.\* | 1336 | 107655 |
| Autodesk, Inc.\* | 2245 | 615691 |
| BlackLine, Inc.\* | 25046 | 1182923 |
| Cadence Design <br> Systems, Inc.\*<br>| 840 | 250102 |
| CCC Intelligent Solutions <br> Holdings, Inc.\*<br>| 295866 | 2739719 |
| Check Point Software <br> Technologies Ltd. (Israel)\*<br>| 3733 | 819617 |
| Clearwater Analytics <br> Holdings, Inc., Class A\*<br>| 77347 | 1758871 |
| Global-e Online Ltd. <br> (Israel)\*<br>| 35253 | 1265935 |
| Guidewire Software, Inc.\* | 16573 | 3393653 |
| Intuit, Inc. | 15387 | 9654881 |
| Microsoft Corp. | 200457 | 79232634 |
| nCino, Inc.<sup>(b)\*</sup> <br>| 49456 | 1147379 |
| Palo Alto Networks, Inc.\* | 59384 | 11100651 |
| Paylocity Holding Corp.\* | 14577 | 2800242 |
| Procore Technologies, Inc.\* | 58258 | 3733755 |
| Q2 Holdings, Inc.\* | 22070 | 1749048 |
| Roper Technologies, Inc. | 1914 | 1071993 |
| Salesforce, Inc. | 40754 | 10951007 |
| ServiceNow, Inc.\* | 1900 | 1814519 |
| SS&C Technologies <br> Holdings, Inc.<br>| 45873 | 3467999 |
| Synopsys, Inc.\* | 14612 | 6707054 |
| Workday, Inc., Class A\* | 32803 | 8036735 |
|  |  | **154602936** |
| **Specialty Finance – 3.7%** | **Specialty Finance – 3.7%** | **Specialty Finance – 3.7%** |
| American Express Co. | 28594 | 7617728 |
| Corpay, Inc.\* | 359 | 116808 |
| Equifax, Inc. | 14525 | 3778388 |
| FactSet Research <br> Systems, Inc.<br>| 395 | 170727 |
| Fidelity National <br> Information Services, Inc.<br>| 26098 | 2058610 |
| Jack Henry & <br> Associates, Inc.<br>| 2050 | 355532 |
| Mr. Cooper Group, Inc.\* | 31504 | 3749291 |
| PayPal Holdings, Inc.\* | 112919 | 7434587 |
| S&P Global, Inc. | 12885 | 6443144 |
| Shift4 Payments, Inc., <br> Class A<sup>(b)\*</sup> <br>| 49099 | 4016298 |
| Synchrony Financial | 1812 | 94133 |
| TransUnion | 18553 | 1539157 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Verisk Analytics, Inc. | 665 | $197126 |
| Visa, Inc., Class A<sup>(b)</sup> <br>| 61978 | 21413399 |
|  |  | **58984928** |
| **Steel – 0.0%**<sup>(a)</sup> | **Steel – 0.0%**<sup>(a)</sup> | **Steel – 0.0%**<sup>(a)</sup> |
| Nucor Corp. | 399 | **47629** |
| **Technology Hardware – 5.4%** | **Technology Hardware – 5.4%** | **Technology Hardware – 5.4%** |
| Apple, Inc. | 355851 | 75618338 |
| Arista Networks, Inc.\* | 1985 | 163306 |
| Arrow Electronics, Inc.\* | 1029 | 114589 |
| Ciena Corp.\* | 29153 | 1957915 |
| Cisco Systems, Inc. | 18413 | 1062983 |
| F5, Inc.\* | 817 | 216293 |
| Fabrinet (Thailand)\* | 14591 | 2992030 |
| Hewlett Packard <br> Enterprise Co.<br>| 7904 | 128203 |
| HP, Inc. | 3956 | 101155 |
| Juniper Networks, Inc. | 5351 | 194348 |
| Motorola Solutions, Inc. | 2813 | 1238817 |
| NetApp, Inc. | 1633 | 146562 |
| Seagate Technology <br> Holdings PLC<br>| 931 | 84749 |
| TD SYNNEX Corp. | 1601 | 177391 |
| Teledyne <br> Technologies, Inc.\*<br>| 3114 | 1451217 |
| Viavi Solutions, Inc.\* | 66379 | 702290 |
|  |  | **86350186** |
| **Telecommunications – 0.6%** | **Telecommunications – 0.6%** | **Telecommunications – 0.6%** |
| AT&T, Inc. | 37132 | 1028556 |
| T-Mobile U.S., Inc. | 6827 | 1685928 |
| Verizon <br> Communications, Inc.<br>| 150654 | 6637815 |
|  |  | **9352299** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Altria Group, Inc. | 21310 | **1260487** |
| **Transportation & Logistics – 1.3%** | **Transportation & Logistics – 1.3%** | **Transportation & Logistics – 1.3%** |
| Alaska Air Group, Inc.\* | 18126 | 802438 |
| ArcBest Corp. | 18828 | 1101815 |
| C.H. Robinson <br> Worldwide, Inc.<br>| 1029 | 91808 |
| Canadian National <br> Railway Co. (Canada)<br>| 15237 | 1475246 |
| CSX Corp. | 19089 | 535828 |
| Expeditors International of <br> Washington, Inc.<br>| 910 | 100018 |
| FedEx Corp. | 1225 | 257654 |
| JB Hunt Transport <br> Services, Inc.<br>| 509 | 66465 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| Knight-Swift <br> Transportation <br> Holdings, Inc.<br>| 1287 | $50412 |
| Landstar System, Inc. | 780 | 104637 |
| Norfolk Southern Corp. | 2176 | 487533 |
| Saia, Inc.\* | 7746 | 1890024 |
| Union Pacific Corp. | 58922 | 12707119 |
| United Parcel Service, Inc., <br> Class B<br>| 4471 | 426086 |
|  |  | **20097083** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| Blue Bird Corp.<sup>(b)\*</sup> <br>| 41673 | 1453137 |
| Cummins, Inc. | 777 | 228314 |
| PACCAR, Inc. | 43574 | 3930811 |
|  |  | **5612262** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Sysco Corp. | 32504 | **2320786** |
| **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** |
| Pool Corp. | 7967 | **2335446** |
| **Total Common Stocks** <br>(Cost $1,184,430,867) | **Total Common Stocks** <br>(Cost $1,184,430,867) | **1436745522** |
| **Master Limited Partnerships – 0.3%** | **Master Limited Partnerships – 0.3%** | **Master Limited Partnerships – 0.3%** |
| **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** |
| Energy Transfer L.P. | 62947 | 1041143 |
| Enterprise Products <br> Partners L.P.<br>| 35406 | 1058640 |
| MPLX L.P. | 14610 | 744087 |
| Plains All American <br> Pipeline L.P.<br>| 49306 | 860883 |
| Western Midstream <br> Partners L.P.<br>| 13301 | 500118 |
| **Total Master Limited Partnerships** <br>(Cost $3,331,874) | **Total Master Limited Partnerships** <br>(Cost $3,331,874) | **4204871** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Investment Companies – 8.6%** | **Investment Companies – 8.6%** | **Investment Companies – 8.6%** |
| Schwab U.S. REIT ETF | 759452 | $15971275 |
| Vanguard Consumer <br> Staples ETF<sup>(b)</sup> <br>| 261144 | 57676264 |
| Vanguard Health Care <br> ETF<sup>(b)</sup> <br>| 250665 | 64142667 |
| **Total Investment Companies** <br>(Cost $128,078,215) | **Total Investment Companies** <br>(Cost $128,078,215) | **137790206** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(d)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 2.5%** | **Short-Term Investments – 2.5%** | **Short-Term Investments – 2.5%** |
| **Money Market Funds – 2.2%** | **Money Market Funds – 2.2%** | **Money Market Funds – 2.2%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(e)</sup> <br>| 22561548 | 22561548 |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(e)(f)</sup> <br>| 12324890 | 12324890 |
|  |  | **34886438** |
| **U.S. Government Agencies – 0.3%**<sup>(g)</sup> | **U.S. Government Agencies – 0.3%**<sup>(g)</sup> | **U.S. Government Agencies – 0.3%**<sup>(g)</sup> |
| Federal Home Loan Bank <br> Discount Notes, 0.00%, <br> 5/1/25<sup>(h)</sup> <br>| $4860000 | **4859429** |
| **Total Short-Term Investments** <br>(Cost $39,746,438) | **Total Short-Term Investments** <br>(Cost $39,746,438) | **39745867** |
| **Total Investments – 100.9%** <br>(Cost $1,355,587,394) | **Total Investments – 100.9%** <br>(Cost $1,355,587,394) | **1618486466** |
| Liabilities less Other Assets – (0.9)% | Liabilities less Other Assets – (0.9)% | (14192193)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1604294273** |

---

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

---

| | |
|:---|:---|
| 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. (See Note 6.) |
| <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 April 30, 2025 is disclosed. |
| <sup>(f)</sup> <br>| Security purchased with the cash proceeds from securities loaned. (See Note 6.) |
| <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 |

---

**Abbreviations:**<br>

ADR American Depositary Receipt

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| L.P. | Limited Partnership |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of April 30, 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:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1426926980 | &nbsp;&nbsp; $9818542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1436745522 |
| Master Limited Partnerships | &nbsp;&nbsp; 4204871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4204871 |
| Investment Companies | &nbsp;&nbsp; 137790206 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 137790206 |
| Short-Term Investments | &nbsp;&nbsp; 34886438 | &nbsp;&nbsp; 4859429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39745867 |
| **Total Investments** | &nbsp;&nbsp; $1603808495 | &nbsp;&nbsp; $14677971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1618486466 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 94.6%** | **Common Stocks – 94.6%** | **Common Stocks – 94.6%** |
| **Advertising & Marketing – 0.8%** | **Advertising & Marketing – 0.8%** | **Advertising & Marketing – 0.8%** |
| Dentsu Group, Inc. <br> (Japan)<sup>(a)</sup> <br>| 18894 | $396134 |
| DKSH Holding A.G. <br> (Switzerland)<br>| 1731 | 127521 |
| Publicis Groupe S.A. <br> (France)<br>| 28323 | 2881780 |
| WPP PLC (United Kingdom) | 525368 | 4072944 |
|  |  | **7478379** |
| **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** |
| Airbus S.E. (France) | 25300 | 4293171 |
| BAE Systems PLC (United <br> Kingdom)<br>| 41340 | 958371 |
| QinetiQ Group PLC (United <br> Kingdom)<br>| 7000 | 36845 |
| Rolls-Royce Holdings PLC <br> (United Kingdom)<br>| 74653 | 755673 |
|  |  | **6044060** |
| **Apparel & Textile Products – 2.0%** | **Apparel & Textile Products – 2.0%** | **Apparel & Textile Products – 2.0%** |
| adidas A.G. (Germany) | 15447 | 3554226 |
| Burberry Group PLC (United <br> Kingdom)<br>| 32594 | 317426 |
| Chow Tai Seng <br> Jewellery Co. Ltd., <br> Class A (China)<br>| 28200 | 50514 |
| Cie Financiere Richemont <br> S.A., Class A <br> (Switzerland)<sup>(b)</sup> <br>| 10124 | 1788964 |
| Eclat Textile Co. Ltd. <br> (Taiwan)<br>| 6508 | 84828 |
| Kering S.A. (France) | 34265 | 6971303 |
| LVMH Moet Hennessy <br> Louis Vuitton S.E. (France)<br>| 4070 | 2254492 |
| Shenzhou International <br> Group Holdings Ltd. <br> (China)<br>| 38800 | 268950 |
| Swatch Group (The) A.G. <br> (Bearer) (Switzerland)<sup>(a)</sup> <br>| 11813 | 2050054 |
| Titan Co. Ltd. (India) | 14714 | 587854 |
| Youngone Corp. (South <br> Korea)<br>| 2810 | 93700 |
|  |  | **18022311** |
| **Asset Management – 1.1%** | **Asset Management – 1.1%** | **Asset Management – 1.1%** |
| 3i Group PLC (United <br> Kingdom)<br>| 13270 | 752290 |
| Ashmore Group PLC <br> (United Kingdom)<br>| 83119 | 160288 |
| Azimut Holding S.p.A. <br> (Italy)<br>| 8087 | 224731 |
| EXOR N.V. (Netherlands) | 31023 | 2929029 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| HDFC Asset <br> Management Co. Ltd. <br> (India)<sup>(c)</sup> <br>| 1976 | $102402 |
| Netwealth Group Ltd. <br> (Australia)<br>| 8309 | 149288 |
| Partners Group Holding <br> A.G. (Switzerland)<br>| 158 | 207023 |
| Sanlam Ltd. (South Africa) | 191189 | 870493 |
| Schroders PLC (United <br> Kingdom)<br>| 877224 | 3865206 |
| St. James's Place PLC <br> (United Kingdom)<br>| 13310 | 167777 |
| VZ Holding A.G. <br> (Switzerland)<br>| 981 | 202426 |
| XTB S.A. (Poland)<sup>(c)</sup> <br>| 3810 | 82776 |
|  |  | **9713729** |
| **Automotive – 3.5%** | **Automotive – 3.5%** | **Automotive – 3.5%** |
| Bayerische Motoren Werke <br> A.G. (Germany)<br>| 62555 | 5305758 |
| Bridgestone Corp. (Japan) | 43700 | 1827324 |
| BYD Co. Ltd., Class H <br> (China)<br>| 22000 | 1044918 |
| Cie Generale des <br> Etablissements Michelin <br> S.C.A. (France)<br>| 7184 | 262688 |
| Continental A.G. (Germany) | 85007 | 6645393 |
| Denso Corp. (Japan) | 63800 | 823782 |
| Fuyao Glass Industry <br> Group Co. Ltd., Class A <br> (China)<br>| 49400 | 394896 |
| Honda Motor Co. Ltd. <br> (Japan)<br>| 186000 | 1892502 |
| Huayu Automotive <br> Systems Co. Ltd., Class A <br> (China)<br>| 230900 | 566308 |
| Hyundai Mobis Co. Ltd. <br> (South Korea)<br>| 7486 | 1405187 |
| Kia Corp. (South Korea) | 9050 | 575157 |
| Koito Manufacturing Co. <br> Ltd. (Japan)<br>| 9100 | 110224 |
| Mercedes-Benz Group A.G. <br> (Germany)<br>| 66990 | 4005251 |
| NGK Insulators Ltd. <br> (Japan)<br>| 3200 | 39488 |
| Nifco, Inc. (Japan) | 6597 | 163578 |
| Nissan Motor Co. Ltd. <br> (Japan)<sup>(a)\*</sup> <br>| 124476 | 296331 |
| Stanley Electric Co. Ltd. <br> (Japan)<br>| 49300 | 923829 |
| Sumitomo Electric <br> Industries Ltd. (Japan)<br>| 26900 | 432375 |
| Toyo Tire Corp. (Japan) | 6788 | 126914 |
| Toyota Motor Corp. (Japan) | 214600 | 4098735 |
|  |  | **30940638** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking – 11.4%** | **Banking – 11.4%** | **Banking – 11.4%** |
| Al Rajhi Bank (Saudi <br> Arabia)<br>| 51179 | $1329526 |
| Axis Bank Ltd. (India) | 231125 | 3242016 |
| Banco Bilbao Vizcaya <br> Argentaria S.A. (Spain)<br>| 291453 | 3999914 |
| Banco do Brasil S.A. <br> (Brazil)<br>| 250600 | 1273500 |
| Bank Central Asia Tbk PT <br> (Indonesia)<br>| 2582900 | 1373304 |
| Bank for Foreign Trade of <br> Vietnam JSC (Vietnam)\*<br>| 296828 | 656275 |
| Bank Mandiri Persero Tbk <br> PT (Indonesia)<br>| 17326100 | 5116528 |
| Bank Rakyat Indonesia <br> Persero Tbk PT <br> (Indonesia)<br>| 1107000 | 256392 |
| Barclays PLC (United <br> Kingdom)<br>| 135191 | 538553 |
| BDO Unibank, Inc. <br> (Philippines)<br>| 286884 | 823374 |
| BNP Paribas S.A. (France) | 88498 | 7498390 |
| Capitec Bank Holdings Ltd. <br> (South Africa)<br>| 2976 | 552364 |
| China Construction <br> Bank Corp., Class H <br> (China)<br>| 2297000 | 1886820 |
| China Merchants Bank Co. <br> Ltd., Class H (China)<br>| 197613 | 1077909 |
| Commercial International <br> Bank - Egypt (CIB) GDR <br> (Egypt)<sup>(b)</sup> <br>| 346137 | 540387 |
| Credicorp Ltd. (Peru) | 18987 | 3838982 |
| DBS Group Holdings Ltd. <br> (Singapore)<br>| 294987 | 9583902 |
| Grupo Financiero Banorte <br> S.A.B. de C.V., Class O <br> (Mexico)<br>| 479120 | 4108209 |
| HDFC Bank Ltd. ADR (India) | 127382 | 9259398 |
| HSBC Holdings PLC (United <br> Kingdom)<br>| 237164 | 2643756 |
| ICICI Bank Ltd. (India) | 114654 | 1927252 |
| Intesa Sanpaolo S.p.A. <br> (Italy)<br>| 617839 | 3298203 |
| Kasikornbank PCL <br> (Thailand)<sup>(b)</sup> <br>| 137000 | 656680 |
| KB Financial Group, Inc. <br> (South Korea)<br>| 102372 | 6469783 |
| Kotak Mahindra Bank Ltd. <br> (India)<br>| 83489 | 2182054 |
| Lloyds Banking Group PLC <br> (United Kingdom)<br>| 4399474 | 4322388 |
| Mitsubishi UFJ Financial <br> Group, Inc. (Japan)<br>| 169700 | 2138072 |
| Mizuho Financial <br> Group, Inc. (Japan)<br>| 30000 | 750079 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| National Bank of Greece <br> S.A. (Greece)<br>| 90229 | $957643 |
| NatWest Group PLC <br> (United Kingdom)<br>| 88300 | 567971 |
| Nedbank Group Ltd. (South <br> Africa)<br>| 74965 | 1021430 |
| NU Holdings Ltd., Class A <br> (Brazil)\*<br>| 54839 | 681649 |
| OTP Bank Nyrt. (Hungary) | 33901 | 2504201 |
| Qatar National Bank QPSC <br> (Qatar)<br>| 163646 | 750564 |
| Resona Holdings, Inc. <br> (Japan)<br>| 54600 | 437990 |
| Saudi National Bank (The) <br> (Saudi Arabia)<br>| 128032 | 1219892 |
| Sberbank of Russia PJSC <br> (Russia)<sup>(d)</sup> <br>| 405212 |  |
| SCB X PCL (Thailand)<sup>(b)</sup> <br>| 113300 | 404123 |
| Shinhan Financial <br> Group Co. Ltd. (South <br> Korea)<br>| 28851 | 1042675 |
| Skandinaviska Enskilda <br> Banken AB, Class A <br> (Sweden)<br>| 288750 | 4581792 |
| Standard Bank Group Ltd. <br> (South Africa)<br>| 79473 | 992472 |
| Standard Chartered PLC <br> (United Kingdom)<br>| 34038 | 490258 |
| Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 93600 | 2233035 |
| Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 49900 | 1234463 |
|  |  | **100464168** |
| **Beverages – 2.5%** | **Beverages – 2.5%** | **Beverages – 2.5%** |
| Ambev S.A. (Brazil) | 77400 | 199257 |
| Anhui Kouzi Distillery Co. <br> Ltd., Class A (China)<br>| 15100 | 73982 |
| Arca Continental S.A.B. de <br> C.V. (Mexico)<br>| 44154 | 465012 |
| Asahi Group Holdings Ltd. <br> (Japan)<br>| 164400 | 2272386 |
| Carlsberg A.S., Class B <br> (Denmark)<br>| 896 | 122083 |
| Carlsberg Brewery <br> Malaysia Bhd. (Malaysia)<br>| 11114 | 48629 |
| China Resources Beer <br> Holdings Co. Ltd. (China)<br>| 128000 | 449946 |
| Davide Campari-Milano <br> N.V. (Italy)<br>| 5140 | 34491 |
| Diageo PLC (United <br> Kingdom)<br>| 162120 | 4552394 |
| Eastroc Beverage <br> Group Co. Ltd., Class A <br> (China)<br>| 11900 | 468145 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| Fomento Economico <br> Mexicano S.A.B. de C.V. <br> ADR (Mexico)<br>| 51956 | $5471486 |
| Heineken Malaysia Bhd. <br> (Malaysia)<br>| 18300 | 111793 |
| Jiangsu King's Luck <br> Brewery JSC Ltd., <br> Class A (China)<br>| 7700 | 50201 |
| Jiangsu Yanghe <br> Distillery Co. Ltd., Class A <br> (China)<br>| 10500 | 99104 |
| Kirin Holdings Co. Ltd. <br> (Japan)<br>| 65300 | 987772 |
| Kweichow Moutai Co. Ltd., <br> Class A (China)<br>| 2900 | 617324 |
| Pernod Ricard S.A. (France) | 39720 | 4305468 |
| Tingyi Cayman Islands <br> Holding Corp. (China)<br>| 716000 | 1293333 |
| Wuliangye Yibin Co. Ltd., <br> Class A (China)<br>| 2600 | 46041 |
|  |  | **21668847** |
| **Biotechnology & Pharmaceuticals – 5.3%** | **Biotechnology & Pharmaceuticals – 5.3%** | **Biotechnology & Pharmaceuticals – 5.3%** |
| 3SBio, Inc. (China)<sup>(c)\*</sup> <br>| 143788 | 221703 |
| Aspen Pharmacare <br> Holdings Ltd. (South <br> Africa)<br>| 16988 | 111552 |
| Astellas Pharma, Inc. <br> (Japan)<br>| 96100 | 962360 |
| AstraZeneca PLC (United <br> Kingdom)<br>| 21716 | 3111180 |
| Bayer A.G. (Germany)<sup>(b)</sup> <br>| 261333 | 6848801 |
| Changchun High-Tech <br> Industry Group Co. Ltd., <br> Class A (China)<br>| 6800 | 82273 |
| China Medical System <br> Holdings Ltd. (China)<br>| 751180 | 801765 |
| Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 190400 | 10968860 |
| CSPC Pharmaceutical <br> Group Ltd. (China)<br>| 62000 | 48834 |
| Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 63500 | 1624370 |
| Divi's Laboratories Ltd. <br> (India)<br>| 4403 | 317825 |
| Genmab A/S (Denmark)\* | 9771 | 2071831 |
| GSK PLC | 73726 | 1458498 |
| Hikma Pharmaceuticals <br> PLC (Jordan)<br>| 1846 | 48918 |
| Kalbe Farma Tbk PT <br> (Indonesia)<br>| 1178700 | 97154 |
| Kobayashi <br> Pharmaceutical Co. Ltd. <br> (Japan)<sup>(a)</sup> <br>| 3500 | 133525 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Nippon Shinyaku Co. Ltd. <br> (Japan)<br>| 4273 | $110177 |
| Novartis A.G.<sup>(b)</sup> <br>| 22660 | 2584539 |
| Ono Pharmaceutical Co. <br> Ltd. (Japan)<br>| 35500 | 408638 |
| Orion OYJ, Class B <br> (Finland)<br>| 2177 | 136305 |
| Renhe Pharmacy Co. Ltd., <br> Class A (China)<br>| 108900 | 80614 |
| Roche Holding A.G. <br> (Genusschein)<br>| 30510 | 9976359 |
| Sanofi S.A. | 365 | 39928 |
| Shionogi & Co. Ltd. (Japan) | 173600 | 2916569 |
| Takeda Pharmaceutical Co. <br> Ltd. (Japan)<br>| 42700 | 1291616 |
| Tsumura & Co. (Japan) | 7100 | 213504 |
| Zhejiang Wolwo <br> Bio-Pharmaceutical Co. <br> Ltd., Class A (China)<br>| 17000 | 45968 |
|  |  | **46713666** |
| **Chemicals – 3.2%** | **Chemicals – 3.2%** | **Chemicals – 3.2%** |
| Abou Kir Fertilizers & <br> Chemical Industries <br> (Egypt)<br>| 152102 | 161498 |
| Aica Kogyo Co. Ltd. <br> (Japan)<br>| 7600 | 176201 |
| Air Liquide S.A. (France) | 18032 | 3705183 |
| Akzo Nobel N.V. <br> (Netherlands)<br>| 65130 | 4111951 |
| Anhui Guangxin <br> Agrochemical Co. Ltd., <br> Class A (China)<br>| 36800 | 54657 |
| Asian Paints Ltd. (India) | 10225 | 293658 |
| Brenntag S.E. (Germany) | 76824 | 5130602 |
| C Uyemura & Co. Ltd. <br> (Japan)<br>| 565 | 36565 |
| Castrol India Ltd. (India) | 78343 | 183268 |
| Croda International PLC <br> (United Kingdom)<br>| 2069 | 81671 |
| Dongyue Group Ltd. (China) | 54865 | 64748 |
| EMS-Chemie Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 254 | 187275 |
| Givaudan S.A. <br> (Switzerland)<sup>(b)</sup> <br>| 29 | 139906 |
| Linde PLC | 9055 | 4103998 |
| Nitto Denko Corp. (Japan) | 27900 | 490393 |
| Novonesis Novozymes B <br> (Denmark)<br>| 38409 | 2494947 |
| SABIC Agri-Nutrients Co. <br> (Saudi Arabia)<br>| 3791 | 99865 |
| Shin-Etsu Chemical Co. <br> Ltd. (Japan)<br>| 61700 | 1877623 |
| Symrise A.G. (Germany) | 27667 | 3190875 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| Toagosei Co. Ltd. (Japan) | 15700 | $147712 |
| Toray Industries, Inc. <br> (Japan)<br>| 71500 | 456636 |
| UPL Ltd. (India) | 117398 | 931048 |
| Victrex PLC (United <br> Kingdom)<br>| 13632 | 151315 |
| Zeon Corp. (Japan) | 4500 | 44128 |
|  |  | **28315723** |
| **Commercial Support Services – 1.6%** | **Commercial Support Services – 1.6%** | **Commercial Support Services – 1.6%** |
| Aeon Delight Co. Ltd. <br> (Japan)<br>| 5400 | 203069 |
| Bidvest Group Ltd. (South <br> Africa)<br>| 58328 | 739446 |
| Brambles Ltd. (Australia) | 30156 | 396300 |
| Bureau Veritas S.A. <br> (France)<br>| 6126 | 194458 |
| Compass Group PLC <br> (United Kingdom)<br>| 20851 | 702988 |
| Daiseki Co. Ltd. (Japan) | 2049 | 52220 |
| Eurofins Scientific S.E. <br> (Luxembourg)<br>| 75435 | 4760429 |
| Intertek Group PLC (United <br> Kingdom)<br>| 4595 | 282201 |
| Recruit Holdings Co. Ltd. <br> (Japan)<br>| 32000 | 1773289 |
| RELX PLC (United Kingdom) | 26657 | 1454810 |
| Rentokil Initial PLC (United <br> Kingdom)<br>| 382789 | 1753668 |
| S-1 Corp. (South Korea) | 2688 | 119806 |
| Secom Co. Ltd. (Japan) | 31300 | 1150914 |
| SGS S.A. (Switzerland)<sup>(a)(b)</sup> <br>| 1172 | 114459 |
| Sohgo Security <br> Services Co. Ltd. (Japan)<br>| 6700 | 52955 |
| Taiwan Secom Co. Ltd. <br> (Taiwan)<br>| 49000 | 175839 |
|  |  | **13926851** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Anhui Conch Cement Co. <br> Ltd., Class H (China)<br>| 303000 | 853569 |
| Astral Ltd. (India) | 13571 | 215985 |
| Cemex S.A.B. de C.V. ADR <br> (Mexico)<br>| 132963 | 820382 |
| Guangdong Tapai <br> Group Co. Ltd., Class A <br> (China)<br>| 44300 | 45123 |
| Holcim A.G.\* | 6615 | 739213 |
| Xinyi Glass Holdings Ltd. <br> (China)<sup>(a)</sup> <br>| 54632 | 51151 |
| Zhejiang Weixing New <br> Building Materials Co. <br> Ltd., Class A (China)<br>| 48300 | 78364 |
|  |  | **2803787** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Consumer Services – 0.0%**<sup>(e)</sup> | **Consumer Services – 0.0%**<sup>(e)</sup> | **Consumer Services – 0.0%**<sup>(e)</sup> |
| Fu Shou Yuan International <br> Group Ltd. (China)<sup>(a)</sup> <br>| 130421 | $59112 |
| New Oriental Education & <br> Technology Group, Inc. <br> ADR (China)<br>| 3670 | 179279 |
|  |  | **238391** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| CCL Industries, Inc., <br> Class B (Canada)<br>| 950 | 49643 |
| Klabin S.A. (Brazil) | 101453 | 331077 |
| Mondi PLC (Austria) | 6382 | 96873 |
| Viscofan S.A. (Spain) | 1241 | 89528 |
|  |  | **567121** |
| **Diversified Industrials – 1.0%** | **Diversified Industrials – 1.0%** | **Diversified Industrials – 1.0%** |
| Alfa Laval AB (Sweden) | 113970 | 4727002 |
| Hitachi Ltd. (Japan) | 86600 | 2140363 |
| Siemens A.G. (Germany)<sup>(b)</sup> <br>| 8237 | 1896663 |
| Sumitomo Heavy <br> Industries Ltd. (Japan)<br>| 18164 | 378208 |
|  |  | **9142236** |
| **E-Commerce Discretionary – 2.4%** | **E-Commerce Discretionary – 2.4%** | **E-Commerce Discretionary – 2.4%** |
| Alibaba Group Holding Ltd. <br> (China)<br>| 533000 | 7957707 |
| Alibaba Group Holding Ltd. <br> ADR (China)<sup>(a)</sup> <br>| 23237 | 2775195 |
| JD.com, Inc., Class A <br> (China)<br>| 116400 | 1895158 |
| MercadoLibre, Inc. (Brazil)\* | 2602 | 6064872 |
| PDD Holdings, Inc. (China)\* | 19828 | 2093242 |
| Pilot Corp. (Japan) | 4300 | 120018 |
|  |  | **20906192** |
| **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** |
| Chubu Electric Power Co., <br> Inc. (Japan)<br>| 39181 | 508778 |
| Engie Brasil Energia S.A. <br> (Brazil)<br>| 79200 | 580552 |
| Fortum OYJ (Finland) | 9782 | 164011 |
| JSW Energy Ltd. (India) | 42419 | 240705 |
| Manila Electric Co. <br> (Philippines)<br>| 16297 | 166311 |
| Metlen Energy & Metals <br> S.A. (Greece)<br>| 11091 | 524907 |
| National Grid PLC (United <br> Kingdom)<br>| 49272 | 711197 |
| Power Grid Corp. of <br> India Ltd. (India)<br>| 252776 | 918067 |
| SSE PLC (United Kingdom) | 21222 | 478473 |
|  |  | **4293001** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** |
| Assa Abloy AB, Class B <br> (Sweden)<br>| 104586 | $3174602 |
| Daikin Industries Ltd. <br> (Japan)<br>| 11100 | 1264549 |
| dormakaba Holding A.G. <br> (Switzerland)<br>| 136 | 114724 |
| Guangzhou Shiyuan <br> Electronic Technology Co. <br> Ltd., Class A (China)<br>| 10000 | 46256 |
| Halma PLC (United <br> Kingdom)<br>| 7974 | 294333 |
| Hirose Electric Co. Ltd. <br> (Japan)<br>| 300 | 33934 |
| Huber + Suhner A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 689 | 60627 |
| Kone OYJ, Class B <br> (Finland)<br>| 3954 | 244878 |
| Legrand S.A. (France) | 3053 | 335524 |
| LEM Holding S.A. <br> (Switzerland)<sup>(b)</sup> <br>| 105 | 87620 |
| Mitsubishi Electric Corp. <br> (Japan)<br>| 70600 | 1365786 |
| Opple Lighting Co. Ltd., <br> Class A (China)<br>| 52310 | 121493 |
| Schneider Electric S.E. | 27990 | 6539746 |
| Voltas Ltd. (India) | 30668 | 449496 |
| Zhuzhou Hongda <br> Electronics Corp. Ltd., <br> Class A (China)<br>| 23300 | 108001 |
|  |  | **14241569** |
| **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** |
| Bravida Holding AB <br> (Sweden)<sup>(c)</sup> <br>| 14601 | 139130 |
| COMSYS Holdings Corp. <br> (Japan)<br>| 5839 | 129416 |
| Indus Towers Ltd. (India)\* | 336551 | 1621884 |
| Kinden Corp. (Japan) | 6373 | 164960 |
| Larsen & Toubro Ltd. (India) | 25088 | 993049 |
| Spirax Group PLC (United <br> Kingdom)<br>| 439 | 34600 |
| United Integrated <br> Services Co. Ltd. (Taiwan)<br>| 10998 | 151745 |
|  |  | **3234784** |
| **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** |
| G-bits Network Technology <br> Xiamen Co. Ltd., Class A <br> (China)<br>| 6780 | 222709 |
| GungHo Online <br> Entertainment, Inc. <br> (Japan)<br>| 8000 | 169284 |
| MIXI, Inc. (Japan) | 3650 | 81102 |
| NetEase, Inc. (China) | 108300 | 2328055 |
| NetEase, Inc. ADR (China) | 40199 | 4303705 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Entertainment Content (Continued)** | **Entertainment Content (Continued)** | **Entertainment Content (Continued)** |
| Nexon Co. Ltd. (Japan) | 29300 | $459708 |
| Square Enix Holdings Co. <br> Ltd. (Japan)<br>| 10100 | 584012 |
|  |  | **8148575** |
| **Food – 1.3%** | **Food – 1.3%** | **Food – 1.3%** |
| AVI Ltd. (South Africa) | 34424 | 167297 |
| Cheng De Lolo Co. Ltd., <br> Class A (China)<br>| 79300 | 102221 |
| Cranswick PLC (United <br> Kingdom)<br>| 1695 | 117312 |
| Danone S.A. (France) | 20100 | 1729533 |
| Foshan Haitian Flavouring <br> & Food Co. Ltd., Class A <br> (China)<br>| 8400 | 48458 |
| Gruma S.A.B. de C.V., <br> Class B (Mexico)<br>| 19278 | 367315 |
| Kerry Group PLC, Class A <br> (Ireland)<br>| 1754 | 185682 |
| MEIJI Holdings Co. Ltd. <br> (Japan)<br>| 36800 | 904796 |
| Nestle Malaysia Bhd. <br> (Malaysia)<br>| 5800 | 116886 |
| Nestle S.A.<sup>(b)</sup> <br>| 3021 | 321547 |
| Nestle S.A. ADR | 54065 | 5762788 |
| Orion Corp. (South Korea) | 957 | 82952 |
| Otoki Corp. (South Korea) | 346 | 97452 |
| Tiger Brands Ltd. (South <br> Africa)<br>| 8343 | 130070 |
| United Plantations Bhd. <br> (Malaysia)<br>| 35475 | 188330 |
| Universal Robina Corp. <br> (Philippines)<br>| 85349 | 126435 |
| Want Want China <br> Holdings Ltd. (China)<br>| 1108000 | 725091 |
| Yamazaki Baking Co. Ltd. <br> (Japan)<br>| 21900 | 524254 |
| Yihai International <br> Holding Ltd. (China)<br>| 67975 | 117175 |
|  |  | **11815594** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| ENN Natural Gas Co. Ltd., <br> Class A (China)<br>| 237876 | 646755 |
| Kunlun Energy Co. Ltd. <br> (China)<br>| 64699 | 61670 |
| Osaka Gas Co. Ltd. (Japan) | 19800 | 502090 |
| Severn Trent PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 8118 | 301967 |
|  |  | **1512482** |
| **Health Care Facilities & Services – 1.5%** | **Health Care Facilities & Services – 1.5%** | **Health Care Facilities & Services – 1.5%** |
| Alfresa Holdings Corp. <br> (Japan)<br>| 30300 | 457413 |
| As One Corp. (Japan) | 7442 | 117946 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| Fresenius Medical Care <br> A.G. (Germany)<br>| 111700 | $5682802 |
| Fresenius S.E. & Co. KGaA <br> (Germany)\*<br>| 97600 | 4635701 |
| Life Healthcare Group <br> Holdings Ltd. (South <br> Africa)<br>| 589602 | 463726 |
| Rede D'Or Sao Luiz S.A. <br> (Brazil)<sup>(c)\*</sup> <br>| 97000 | 547288 |
| Sinopharm Group Co. Ltd., <br> Class H (China)<br>| 453523 | 1068840 |
|  |  | **12973716** |
| **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** |
| Coway Co. Ltd. (South <br> Korea)<br>| 15746 | 969489 |
| Gree Electric <br> Appliances, Inc. of <br> Zhuhai, Class A (China)<br>| 78600 | 492782 |
| Haier Smart Home Co. Ltd., <br> Class A (China)<br>| 898300 | 3067877 |
| Hangzhou Robam <br> Appliances Co. Ltd., <br> Class A (China)<br>| 24800 | 66766 |
| Man Wah Holdings Ltd. <br> (Hong Kong)<sup>(a)</sup> <br>| 168412 | 89501 |
| Midea Group Co. Ltd., <br> Class A (China)<br>| 83200 | 842818 |
| Midea Group Co. Ltd., <br> Class H (China)\*<br>| 62100 | 586163 |
| Nien Made Enterprise Co. <br> Ltd. (Taiwan)<br>| 12400 | 151848 |
| Oppein Home Group, Inc., <br> Class A (China)<br>| 17300 | 157452 |
| Paramount Bed <br> Holdings Co. Ltd. (Japan)<br>| 9500 | 153030 |
| Societe BIC S.A. (France) | 2405 | 155607 |
|  |  | **6733333** |
| **Home Construction – 0.3%** | **Home Construction – 0.3%** | **Home Construction – 0.3%** |
| Barratt Redrow PLC <br> (United Kingdom)<br>| 33650 | 209781 |
| Bellway PLC (United <br> Kingdom)<br>| 5881 | 211138 |
| Berkeley Group Holdings <br> PLC (United Kingdom)<br>| 6083 | 339087 |
| Geberit A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 521 | 360907 |
| Persimmon PLC (United <br> Kingdom)<br>| 12384 | 214317 |
| Sekisui Chemical Co. Ltd. <br> (Japan)<br>| 12100 | 211435 |
| Sekisui House Ltd. (Japan) | 18869 | 433802 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Home Construction (Continued)** | **Home Construction (Continued)** | **Home Construction (Continued)** |
| Taylor Wimpey PLC (United <br> Kingdom)<br>| 143159 | $224947 |
| TOTO Ltd. (Japan) | 1700 | 44826 |
|  |  | **2250240** |
| **Household Products – 3.4%** | **Household Products – 3.4%** | **Household Products – 3.4%** |
| Beiersdorf A.G. (Germany) | 1294 | 182322 |
| Haleon PLC | 1623307 | 8168268 |
| Hengan International <br> Group Co. Ltd. (China)<br>| 220000 | 593135 |
| Henkel A.G. & Co. KGaA <br> (Germany)<br>| 13169 | 929470 |
| Hindustan Unilever Ltd. <br> (India)<br>| 22054 | 612284 |
| Kao Corp. (Japan) | 29200 | 1250389 |
| Kimberly-Clark de Mexico <br> S.A.B. de C.V., Series A <br> (Mexico)<br>| 353007 | 621032 |
| LG H&H Co. Ltd. (South <br> Korea)<br>| 265 | 62789 |
| L'Oreal S.A. (France) | 13791 | 6093767 |
| Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 77036 | 4972406 |
| Shanghai Flyco Electrical <br> Appliance Co. Ltd., <br> Class A (China)<br>| 9500 | 46216 |
| Unicharm Corp. (Japan) | 374000 | 3472643 |
| Unilever PLC (United <br> Kingdom)<br>| 14355 | 915420 |
| Unilever PLC (London <br> Exchange) (United <br> Kingdom)<br>| 36728 | 2338468 |
|  |  | **30258609** |
| **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** |
| Bodycote PLC (United <br> Kingdom)<br>| 15380 | 97565 |
| Hexpol AB (Sweden) | 4685 | 40738 |
| King Slide Works Co. Ltd. <br> (Taiwan)<br>| 5000 | 273480 |
| SKF AB, Class B (Sweden) | 168360 | 3300090 |
|  |  | **3711873** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Ashtead Group PLC (United <br> Kingdom)<br>| 89430 | 4787404 |
| Bossard Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 624 | 136076 |
| KEPCO Plant Service & <br> Engineering Co. Ltd. <br> (South Korea)<br>| 2039 | 62989 |
|  |  | **4986469** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** |
| Bursa Malaysia Bhd. <br> (Malaysia)<br>| 87400 | $149703 |
| Daiwa Securities <br> Group, Inc. (Japan)<sup>(a)</sup> <br>| 65900 | 433353 |
| Hong Kong Exchanges & <br> Clearing Ltd. (Hong Kong)<br>| 8200 | 358255 |
| IG Group Holdings PLC <br> (United Kingdom)<br>| 24315 | 346561 |
| Japan Exchange <br> Group, Inc. (Japan)<br>| 62100 | 690910 |
| London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 6347 | 988301 |
| Nihon M&A Center <br> Holdings, Inc. (Japan)<br>| 39800 | 162334 |
| Singapore Exchange Ltd. <br> (Singapore)<br>| 14700 | 161713 |
|  |  | **3291130** |
| **Insurance – 4.8%** | **Insurance – 4.8%** | **Insurance – 4.8%** |
| AIA Group Ltd. (Hong <br> Kong)<br>| 792600 | 5938885 |
| Allianz S.E. (Germany)<sup>(b)</sup> <br>| 32625 | 13492941 |
| ASR Nederland N.V. <br> (Netherlands)<br>| 10872 | 686010 |
| Aviva PLC (United <br> Kingdom)<br>| 43422 | 325335 |
| BB Seguridade <br> Participacoes S.A. (Brazil)<br>| 214600 | 1608985 |
| Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 110800 | 800026 |
| HDFC Life Insurance Co. <br> Ltd. (India)<sup>(c)</sup> <br>| 125967 | 1107487 |
| Legal & General Group PLC <br> (United Kingdom)<br>| 94894 | 298829 |
| Manulife Financial Corp. <br> (Canada)<br>| 243211 | 7453696 |
| MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 36800 | 836457 |
| Ping An Insurance <br> Group Co. of China Ltd., <br> Class H (China)<br>| 479500 | 2869825 |
| Prudential PLC (Hong <br> Kong)<sup>(a)</sup> <br>| 520485 | 5534202 |
| Sompo Holdings, Inc. <br> (Japan)<br>| 16900 | 553832 |
| Tokio Marine Holdings, Inc. <br> (Japan)<br>| 31300 | 1254578 |
|  |  | **42761088** |
| **Internet Media & Services – 3.1%** | **Internet Media & Services – 3.1%** | **Internet Media & Services – 3.1%** |
| Auto Trader Group PLC <br> (United Kingdom)<sup>(c)</sup> <br>| 23748 | 266805 |
| Baidu, Inc., Class A <br> (China)\*<br>| 146850 | 1619318 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| Eternal Ltd. (India)\* | 76465 | $209284 |
| Kakaku.com, Inc. (Japan) | 9326 | 164939 |
| Kanzhun Ltd.ADR (China)\* | 29121 | 445551 |
| M3, Inc. (Japan) | 11400 | 142872 |
| Meituan, Class B (China)<sup>(c)\*</sup> <br>| 140590 | 2327810 |
| MONY Group PLC (United <br> Kingdom)<br>| 52651 | 142498 |
| My EG Services Bhd. <br> (Malaysia)<br>| 450964 | 94027 |
| NAVER Corp. (South Korea) | 14315 | 2014201 |
| Prosus N.V. (China)\* | 61591 | 2887670 |
| REA Group Ltd. <br> (Australia)<sup>(a)</sup> <br>| 316 | 50206 |
| Rightmove PLC (United <br> Kingdom)<br>| 29136 | 287752 |
| Tencent Holdings Ltd. <br> (China)<br>| 222600 | 13634462 |
| Tencent Music <br> Entertainment Group ADR <br> (China)<br>| 117805 | 1580943 |
| Trip.com Group Ltd. (China) | 26300 | 1584333 |
| Trip.com Group Ltd. ADR <br> (China)<br>| 5800 | 342142 |
|  |  | **27794813** |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| Capgemini S.E. (France) | 27080 | 4323386 |
| CGI, Inc. (Canada) | 1103 | 116957 |
| DTS Corp. (Japan) | 3400 | 96702 |
| Fujitsu Ltd. (Japan) | 106700 | 2370390 |
| Globant S.A.\* | 3779 | 444297 |
| HCL Technologies Ltd. <br> (India)<br>| 2922 | 54197 |
| Infosys Ltd. (India) | 81251 | 1436350 |
| Otsuka Corp. (Japan) | 10500 | 232880 |
| Samsung SDS Co. Ltd. <br> (South Korea)<br>| 1330 | 119855 |
| Tata Consultancy <br> Services Ltd. (India)<br>| 25219 | 1029437 |
| TechnoPro Holdings, Inc. <br> (Japan)<br>| 2000 | 44599 |
| Wipro Ltd. (India) | 53860 | 153829 |
|  |  | **10422879** |
| **Leisure Facilities & Services – 1.3%** | **Leisure Facilities & Services – 1.3%** | **Leisure Facilities & Services – 1.3%** |
| Accor S.A. (France) | 73419 | 3617528 |
| Amadeus IT Group S.A. <br> (Spain)<br>| 23200 | 1826141 |
| Arcos Dorados <br> Holdings, Inc., Class A <br> (Brazil)<br>| 39882 | 305097 |
| Entain PLC (United <br> Kingdom)<br>| 19159 | 163789 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Flutter Entertainment PLC <br> (United Kingdom)\*<br>| 11129 | $2681978 |
| InterContinental Hotels <br> Group PLC (United <br> Kingdom)<br>| 2673 | 285236 |
| Jollibee Foods Corp. <br> (Philippines)<br>| 111680 | 458735 |
| OPAP S.A. (Greece) | 22475 | 499377 |
| Yum China Holdings, Inc. <br> (China)<br>| 47795 | 2070001 |
|  |  | **11907882** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| BRP, Inc. | 1407 | 47662 |
| Fusheng Precision Co. Ltd. <br> (Taiwan)<br>| 10257 | 114414 |
| Shimano, Inc. (Japan) | 4300 | 605807 |
|  |  | **767883** |
| **Machinery – 4.7%** | **Machinery – 4.7%** | **Machinery – 4.7%** |
| Airtac International Group <br> (China)<br>| 17000 | 466926 |
| Atlas Copco AB, Class A <br> (Sweden)<br>| 299383 | 4634059 |
| CNH Industrial N.V. | 523166 | 6053031 |
| Daifuku Co. Ltd. (Japan) | 111300 | 2944382 |
| Doosan Bobcat, Inc. (South <br> Korea)<br>| 3590 | 123426 |
| Epiroc AB, Class A <br> (Sweden)<br>| 180603 | 3907296 |
| FANUC Corp. (Japan) | 50900 | 1291825 |
| Haitian International <br> Holdings Ltd. (China)<br>| 30000 | 69494 |
| IMI PLC (United Kingdom) | 5509 | 130744 |
| Keyence Corp. (Japan) | 9800 | 4097298 |
| Komatsu Ltd. (Japan) | 252200 | 7293516 |
| Nabtesco Corp. (Japan) | 30766 | 461769 |
| Rational A.G. (Germany) | 191 | 163884 |
| Rotork PLC (United <br> Kingdom)<br>| 45368 | 184728 |
| Sandvik AB (Sweden) | 107400 | 2217212 |
| Sany Heavy Industry Co. <br> Ltd., Class A (China)<br>| 227500 | 592197 |
| SMC Corp. (Japan) | 3800 | 1229835 |
| Smiths Group PLC (United <br> Kingdom)<br>| 82021 | 2043930 |
| Techtronic Industries Co. <br> Ltd. (Hong Kong)<br>| 235000 | 2365037 |
| Vesuvius PLC (United <br> Kingdom)<br>| 8904 | 40607 |
| WEG S.A. (Brazil) | 100562 | 797918 |
|  |  | **41109114** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Medical Equipment & Devices – 2.7%** | **Medical Equipment & Devices – 2.7%** | **Medical Equipment & Devices – 2.7%** |
| Alcon A.G.<sup>(a)</sup> <br>| 50558 | $4934966 |
| Ansell Ltd. (Australia) | 2819 | 54687 |
| Coloplast A/S, Class B <br> (Denmark)<br>| 21979 | 2487212 |
| FUJIFILM Holdings Corp. <br> (Japan)<br>| 38100 | 780379 |
| Hoya Corp. (Japan) | 11600 | 1364928 |
| Nakanishi, Inc. (Japan) | 6400 | 83555 |
| Olympus Corp. (Japan) | 99500 | 1303748 |
| Ovctek China, Inc., Class A <br> (China)<br>| 75500 | 152878 |
| Shenzhen Mindray <br> Bio-Medical <br> Electronics Co. Ltd., <br> Class A (China)<br>| 65700 | 1985343 |
| Siemens Healthineers A.G. <br> (Germany)<sup>(c)</sup> <br>| 772 | 41617 |
| SKAN Group A.G. <br> (Switzerland)<br>| 1270 | 104075 |
| Smith & Nephew PLC <br> (United Kingdom)<br>| 215645 | 3034681 |
| Sonova Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 8847 | 2719691 |
| Sysmex Corp. (Japan) | 250800 | 4655642 |
|  |  | **23703402** |
| **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** |
| Alamtri Resources <br> Indonesia Tbk PT <br> (Indonesia)<br>| 490235 | 56157 |
| Anglo American PLC <br> (South Africa)<br>| 16157 | 441060 |
| Anglogold Ashanti PLC <br> (United Kingdom)<br>| 6133 | 258567 |
| BHP Group Ltd. ADR <br> (Australia)<sup>(a)</sup> <br>| 78916 | 3752456 |
| Bukit Asam Tbk PT <br> (Indonesia)<br>| 703398 | 116974 |
| Cameco Corp. (Canada) | 15013 | 677687 |
| China Shenhua Energy Co. <br> Ltd., Class H (China)<br>| 29500 | 110865 |
| Exxaro Resources Ltd. <br> (South Africa)<br>| 11058 | 90530 |
| Fortescue Ltd. (Australia) | 15555 | 160647 |
| Glencore PLC (Australia)<sup>(a)\*</sup> <br>| 2146183 | 7036768 |
| Grupo Mexico S.A.B. de <br> C.V., Series B (Mexico)<br>| 229796 | 1192424 |
| Iluka Resources Ltd. <br> (Australia)<br>| 26702 | 70744 |
| Indo Tambangraya Megah <br> Tbk PT (Indonesia)<br>| 89430 | 118550 |
| Kumba Iron Ore Ltd. (South <br> Africa)<br>| 15465 | 268957 |
| Rio Tinto PLC (Australia) | 88569 | 5277775 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Metals & Mining (Continued)** | **Metals & Mining (Continued)** | **Metals & Mining (Continued)** |
| Shougang Fushan <br> Resources Group Ltd. <br> (China)<br>| 379826 | $120366 |
| Sumitomo Metal <br> Mining Co. Ltd. (Japan)<sup>(a)</sup> <br>| 20300 | 450397 |
| United Tractors Tbk PT <br> (Indonesia)<br>| 398417 | 544484 |
| Vale S.A. (Brazil) | 9500 | 88536 |
| Vale S.A. ADR (Brazil) | 89683 | 834949 |
|  |  | **21668893** |
| **Oil & Gas Supply Chain – 6.0%** | **Oil & Gas Supply Chain – 6.0%** | **Oil & Gas Supply Chain – 6.0%** |
| Abu Dhabi National Oil Co. <br> for Distribution PJSC <br> (United Arab Emirates)<br>| 45725 | 41960 |
| BP PLC | 1053369 | 4863818 |
| Canadian Natural <br> Resources Ltd. (Canada)<br>| 65322 | 1874466 |
| Cenovus Energy, Inc. <br> (Canada)<br>| 57979 | 682576 |
| Chevron Corp. | 9954 | 1354341 |
| China Petroleum & <br> Chemical Corp., Class H <br> (China)<br>| 1375092 | 701945 |
| ENEOS Holdings, Inc. <br> (Japan)<br>| 70800 | 340848 |
| Eni S.p.A. (Italy) | 106030 | 1518513 |
| Equinor ASA (Norway) | 44676 | 1011270 |
| Exxon Mobil Corp. | 20689 | 2185379 |
| Galp Energia SGPS S.A. <br> (Portugal)<br>| 21154 | 327756 |
| Gazprom PJSC (Russia)<sup>(d)\*</sup> <br>| 421794 |  |
| Imperial Oil Ltd. (Canada) | 6096 | 411190 |
| Inpex Corp. (Japan) | 117300 | 1467364 |
| LUKOIL PJSC (Russia)<sup>(d)</sup> <br>| 13736 |  |
| MOL Hungarian Oil & Gas <br> PLC (Hungary)<br>| 91212 | 772356 |
| Neste OYJ (Finland) | 36391 | 377496 |
| Parex Resources, Inc. <br> (Canada)<br>| 19998 | 161017 |
| Petroleo Brasileiro S.A. <br> ADR (Brazil)<br>| 276639 | 3123254 |
| Petronas Gas Bhd. <br> (Malaysia)<br>| 45800 | 185747 |
| PRIO S.A. (Brazil)\* | 96400 | 572609 |
| PTT Exploration & <br> Production PCL <br> (Thailand)<sup>(b)</sup> <br>| 135000 | 401888 |
| Reliance Industries Ltd. <br> (India)<br>| 89676 | 1489009 |
| Repsol S.A. (Spain) | 88822 | 1085731 |
| Rosneft Oil Co. PJSC <br> (Russia)<sup>(d)</sup> <br>| 210931 |  |
| Santos Ltd. (Australia) | 227550 | 874785 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Shell PLC | 561536 | $18121746 |
| Suncor Energy, Inc. <br> (Canada)<br>| 39670 | 1401083 |
| TotalEnergies S.E. (France) | 92003 | 5240048 |
| Vibra Energia S.A. (Brazil) | 228200 | 753141 |
| Woodside Energy <br> Group Ltd. (Australia)<br>| 99055 | 1291196 |
|  |  | **52632532** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Schlumberger N.V. | 14344 | **476938** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Central China Land <br> Media Co. Ltd., Class A <br> (China)<br>| 57800 | 98609 |
| Chinese Universe <br> Publishing and Media <br> Group Co. Ltd., Class A <br> (China)<br>| 53400 | 77103 |
| Informa PLC (United <br> Kingdom)<br>| 25717 | 251228 |
| Shandong Publishing & <br> Media Co. Ltd., Class A <br> (China)<br>| 89491 | 120863 |
|  |  | **547803** |
| **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> |
| BWP Trust (Australia) | 86858 | 199150 |
| IGB Real Estate Investment <br> Trust (Malaysia)<br>| 84435 | 45789 |
| Parkway Life Real Estate <br> Investment Trust <br> (Singapore)<br>| 45900 | 148691 |
|  |  | **393630** |
| **Real Estate Owners & Developers – 0.5%** | **Real Estate Owners & Developers – 0.5%** | **Real Estate Owners & Developers – 0.5%** |
| China Resources Land Ltd. <br> (China)<br>| 67000 | 225429 |
| Emaar Development PJSC <br> (United Arab Emirates)<br>| 108102 | 393948 |
| Emaar Properties PJSC <br> (United Arab Emirates)<br>| 34101 | 121851 |
| Mitsubishi Estate Co. Ltd. <br> (Japan)<br>| 161800 | 2842175 |
| Mitsui Fudosan Co. Ltd. <br> (Japan)<br>| 52600 | 521300 |
| Pakuwon Jati Tbk PT <br> (Indonesia)<br>| 1239601 | 28493 |
| Sumitomo Realty & <br> Development Co. Ltd. <br> (Japan)<br>| 13600 | 506550 |
|  |  | **4639746** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** |
| China Resources Mixc <br> Lifestyle Services Ltd. <br> (China)<sup>(c)</sup> <br>| 101200 | $484817 |
| Country Garden Services <br> Holdings Co. Ltd. (China)<br>| 459000 | 409786 |
| Daito Trust <br> Construction Co. Ltd. <br> (Japan)<br>| 1800 | 200407 |
| KE Holdings, Inc. ADR <br> (China)<br>| 32709 | 663993 |
|  |  | **1759003** |
| **Retail - Consumer Staples – 1.7%** | **Retail - Consumer Staples – 1.7%** | **Retail - Consumer Staples – 1.7%** |
| Alibaba Health Information <br> Technology Ltd. (China)\*<br>| 1058000 | 684439 |
| Alimentation <br> Couche-Tard, Inc. <br> (Canada)<br>| 70079 | 3657975 |
| Avenue Supermarts Ltd. <br> (India)<sup>(c)\*</sup> <br>| 7252 | 359617 |
| BIM Birlesik Magazalar <br> A.S. (Turkey)<br>| 36252 | 425898 |
| Clicks Group Ltd. (South <br> Africa)<br>| 19226 | 408897 |
| DaShenLin Pharmaceutical <br> Group Co. Ltd., Class A <br> (China)<br>| 278800 | 725418 |
| Izumi Co. Ltd. (Japan) | 6000 | 138138 |
| Jeronimo Martins SGPS <br> S.A. (Portugal)<br>| 47712 | 1154743 |
| Koninklijke Ahold Delhaize <br> N.V. (Netherlands)<br>| 64300 | 2640098 |
| President Chain <br> Store Corp. (Taiwan)<br>| 13000 | 106308 |
| Raia Drogasil S.A. (Brazil) | 225512 | 785993 |
| Seria Co. Ltd. (Japan) | 5900 | 119783 |
| Seven & i Holdings Co. Ltd. <br> (Japan)<br>| 51900 | 764000 |
| Sumber Alfaria Trijaya Tbk <br> PT (Indonesia)<br>| 1948500 | 252242 |
| Sundrug Co. Ltd. (Japan) | 5600 | 186605 |
| Tesco PLC (United <br> Kingdom)<br>| 148395 | 734407 |
| Wal-Mart de Mexico <br> S.A.B. de C.V. (Mexico)<br>| 191881 | 607918 |
| Yifeng Pharmacy Chain Co. <br> Ltd., Class A (China)<br>| 246287 | 959559 |
|  |  | **14712038** |
| **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** |
| Associated British Foods <br> PLC (United Kingdom)<br>| 2855 | 78698 |
| Astra International Tbk PT <br> (Indonesia)<br>| 2346700 | 678257 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Chengdu Fusen <br> Noble-House <br> Industrial Co. Ltd., <br> Class A (China)<br>| 74050 | $133855 |
| Dunelm Group PLC (United <br> Kingdom)<br>| 15481 | 227342 |
| Fast Retailing Co. Ltd. <br> (Japan)<br>| 3100 | 1019729 |
| Jardine Matheson <br> Holdings Ltd. (Hong Kong)<br>| 19800 | 879815 |
| JUMBO S.A. (Greece) | 1537 | 48405 |
| Localiza Rent a Car S.A. <br> (Brazil)\*<br>| 56898 | 431511 |
| Luk Fook Holdings <br> International Ltd. (Hong <br> Kong)<br>| 23158 | 50533 |
| Moncler S.p.A. (Italy) | 2872 | 177262 |
| Mr Price Group Ltd. (South <br> Africa)<br>| 18461 | 235948 |
| Next PLC (United Kingdom) | 1734 | 286069 |
| Pandora A/S (Denmark) | 592 | 88127 |
| Truworths <br> International Ltd. (South <br> Africa)<br>| 36221 | 144680 |
| USS Co. Ltd. (Japan) | 20900 | 208326 |
| Workman Co. Ltd. (Japan) | 1969 | 62045 |
| Zhongsheng Group <br> Holdings Ltd. (China)<br>| 20000 | 30094 |
|  |  | **4780696** |
| **Semiconductors – 4.3%** | **Semiconductors – 4.3%** | **Semiconductors – 4.3%** |
| ASE Technology <br> Holding Co. Ltd. (Taiwan)<br>| 272000 | 1159046 |
| ASML Holding N.V. <br> (Netherlands)<br>| 8926 | 5975440 |
| ASMPT Ltd. (Hong Kong) | 68600 | 461505 |
| ASPEED Technology, Inc. <br> (Taiwan)<br>| 426 | 40077 |
| Chipbond Technology Corp. <br> (Taiwan)<br>| 20628 | 41015 |
| DB HiTek Co. Ltd. (South <br> Korea)<br>| 8334 | 225294 |
| Disco Corp. (Japan) | 11700 | 2263711 |
| eMemory Technology, Inc. <br> (Taiwan)<br>| 4182 | 336741 |
| Globalwafers Co. Ltd. <br> (Taiwan)<br>| 51000 | 492204 |
| Greatek Electronics, Inc. <br> (Taiwan)<br>| 93000 | 159917 |
| Japan Material Co. Ltd. <br> (Japan)<br>| 3296 | 27631 |
| LEENO Industrial, Inc. <br> (South Korea)<br>| 4825 | 122538 |
| M31 Technology Corp. <br> (Taiwan)<br>| 2425 | 39076 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| MediaTek, Inc. (Taiwan) | 62000 | $2634572 |
| Novatek <br> Microelectronics Corp. <br> (Taiwan)<br>| 57000 | 927005 |
| Powertech Technology, Inc. <br> (Taiwan)<br>| 9000 | 30582 |
| SK Hynix, Inc. (South <br> Korea)<br>| 22307 | 2783314 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> (Taiwan)<br>| 368945 | 10453892 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 48541 | 8091299 |
| Tokyo Electron Ltd. (Japan) | 14300 | 2129247 |
|  |  | **38394106** |
| **Software – 1.1%** | **Software – 1.1%** | **Software – 1.1%** |
| Atoss Software S.E. <br> (Germany)<br>| 629 | 94555 |
| Dassault Systemes S.E. <br> (France)<br>| 71299 | 2672011 |
| Open Text Corp. (Canada) | 121348 | 3285004 |
| SAP S.E. (Germany) | 1014 | 296685 |
| SAP S.E. ADR (Germany) | 12614 | 3685685 |
|  |  | **10033940** |
| **Specialty Finance – 1.4%** | **Specialty Finance – 1.4%** | **Specialty Finance – 1.4%** |
| Adyen N.V. <br> (Netherlands)<sup>(c)\*</sup> <br>| 2176 | 3521232 |
| Chailease Holding Co. Ltd. <br> (Taiwan)<br>| 98306 | 353714 |
| Edenred S.E. (France) | 148300 | 4625027 |
| Experian PLC | 15964 | 794226 |
| ORIX Corp. (Japan) | 30200 | 605813 |
| Plus500 Ltd. (Israel) | 8965 | 367496 |
| Worldline S.A. (France)<sup>(c)\*</sup> <br>| 270100 | 1496498 |
| Zenkoku Hosho Co. Ltd. <br> (Japan)<br>| 9400 | 203943 |
|  |  | **11967949** |
| **Steel – 0.5%** | **Steel – 0.5%** | **Steel – 0.5%** |
| Maruichi Steel Tube Ltd. <br> (Japan)<br>| 5400 | 127569 |
| Mitsui & Co. Ltd. (Japan) | 93100 | 1882587 |
| Ternium S.A. ADR <br> (Mexico)<sup>(a)</sup> <br>| 17336 | 500317 |
| thyssenkrupp A.G. <br> (Germany)<br>| 167700 | 1923227 |
| Tokyo Steel <br> Manufacturing Co. Ltd. <br> (Japan)<br>| 19407 | 219431 |
|  |  | **4653131** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware – 4.2%** | **Technology Hardware – 4.2%** | **Technology Hardware – 4.2%** |
| Advantech Co. Ltd. <br> (Taiwan)<br>| 15000 | $157142 |
| Brother Industries Ltd. <br> (Japan)<br>| 9739 | 171149 |
| Casio Computer Co. Ltd. <br> (Japan)<br>| 53100 | 415273 |
| Delta Electronics, Inc. <br> (Taiwan)<br>| 371000 | 3887414 |
| Hana Microelectronics PCL <br> (Thailand)<sup>(b)</sup> <br>| 138200 | 79846 |
| Hon Hai Precision <br> Industry Co. Ltd. (Taiwan)<br>| 56000 | 249497 |
| Inaba Denki Sangyo Co. <br> Ltd. (Japan)<br>| 7700 | 202843 |
| Kyocera Corp. (Japan) | 74000 | 877028 |
| Largan Precision Co. Ltd. <br> (Taiwan)<br>| 2000 | 142583 |
| Lenovo Group Ltd. (China) | 450000 | 520460 |
| Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 102300 | 1457423 |
| Nidec Corp. (Japan) | 47100 | 837030 |
| Nintendo Co. Ltd. (Japan) | 26000 | 2158520 |
| Panasonic Holdings Corp. <br> (Japan)<br>| 74300 | 851921 |
| Samsung Electronics Co. <br> Ltd. (South Korea)<br>| 77989 | 3042939 |
| Samsung Electronics Co. <br> Ltd. GDR (South Korea)<sup>(b)</sup> <br>| 6221 | 6057630 |
| Simplo Technology Co. Ltd. <br> (Taiwan)<br>| 4232 | 46323 |
| Sony Group Corp. (Japan) | 465000 | 12268001 |
| Sunny Optical Technology <br> Group Co. Ltd. (China)<br>| 25300 | 212881 |
| TDK Corp. (Japan) | 79400 | 847313 |
| Venture Corp. Ltd. <br> (Singapore)<br>| 5700 | 50599 |
| Wiwynn Corp. (Taiwan) | 12000 | 722176 |
| Xiamen Faratronic Co. Ltd., <br> Class A (China)<br>| 8900 | 127451 |
| Xiaomi Corp., Class B <br> (China)<sup>(c)\*</sup> <br>| 168600 | 1079412 |
| Yageo Corp. (Taiwan) | 48936 | 701653 |
| Yealink Network <br> Technology Corp. Ltd., <br> Class A (China)<br>| 31000 | 141666 |
|  |  | **37306173** |
| **Telecommunications – 1.5%** | **Telecommunications – 1.5%** | **Telecommunications – 1.5%** |
| America Movil S.A.B. de <br> C.V. ADR (Mexico)<br>| 54813 | 944976 |
| Bharti Airtel Ltd. (India) | 55440 | 1222909 |
| BT Group PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 86833 | 201536 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| CELCOMDIGI Bhd. <br> (Malaysia)<br>| 112100 | $99329 |
| Chunghwa Telecom Co. <br> Ltd. (Taiwan)<br>| 37000 | 149587 |
| Elisa OYJ (Finland) | 4426 | 236118 |
| KDDI Corp. (Japan) | 102800 | 1821989 |
| KT Corp. (South Korea) | 20476 | 748250 |
| Kuwait <br> Telecommunications Co. <br> (Kuwait)<br>| 56872 | 100570 |
| Mobile TeleSystems PJSC <br> (Russia)<sup>(d)\*</sup> <br>| 138416 |  |
| Nippon Telegraph & <br> Telephone Corp. (Japan)<br>| 961200 | 1004720 |
| Saudi Telecom Co. (Saudi <br> Arabia)<br>| 14011 | 177880 |
| Softbank Corp. (Japan) | 307000 | 464566 |
| SoftBank Group Corp. <br> (Japan)<br>| 29300 | 1481691 |
| Telkom Indonesia Persero <br> Tbk PT (Indonesia)<br>| 16662533 | 2626327 |
| Telkom Indonesia Persero <br> Tbk PT ADR (Indonesia)<sup>(a)</sup> <br>| 52131 | 814808 |
| United Internet A.G. <br> (Germany)<sup>(b)</sup> <br>| 1973 | 44741 |
| Vodacom Group Ltd. (South <br> Africa)<br>| 131268 | 971283 |
| Vodafone Group PLC <br> (United Kingdom)<br>| 451585 | 443773 |
|  |  | **13555053** |
| **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** |
| British American Tobacco <br> PLC (United Kingdom)<br>| 37181 | 1619543 |
| Hanjaya Mandala <br> Sampoerna Tbk PT <br> (Indonesia)<br>| 2068801 | 74776 |
| Imperial Brands PLC <br> (United Kingdom)<br>| 6112 | 250794 |
| Japan Tobacco, Inc. <br> (Japan)<br>| 5600 | 172525 |
| KT&G Corp. (South Korea) | 8853 | 714563 |
|  |  | **2832201** |
| **Transportation & Logistics – 2.1%** | **Transportation & Logistics – 2.1%** | **Transportation & Logistics – 2.1%** |
| BW LPG Ltd. <br> (Singapore)<sup>(a)(c)</sup> <br>| 5649 | 56747 |
| Canadian National <br> Railway Co. (Canada)<br>| 24869 | 2407817 |
| Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 865 | 62826 |
| CCR S.A. (Brazil) | 284660 | 676144 |
| Daqin Railway Co. Ltd., <br> Class A (China)<br>| 55500 | 49491 |
| DSV A/S (Denmark) | 20910 | 4432081 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| East Japan Railway Co. <br> (Japan)<br>| 63200 | $1369978 |
| Fujian Expressway <br> Development Co. Ltd., <br> Class A (China)<br>| 248500 | 124115 |
| GMexico Transportes <br> S.A.B. de C.V. (Mexico)<sup>(c)</sup> <br>| 66870 | 115323 |
| Grupo Aeroportuario del <br> Pacifico S.A.B. de C.V. <br> ADR (Mexico)\*<br>| 7329 | 1506183 |
| Hyundai Glovis Co. Ltd. <br> (South Korea)<br>| 758 | 60778 |
| International Container <br> Terminal Services, Inc. <br> (Philippines)<br>| 85590 | 523484 |
| Kamigumi Co. Ltd. (Japan) | 5400 | 132190 |
| Ryanair Holdings PLC ADR <br> (Italy)<br>| 66927 | 3203126 |
| TangShan Port Group Co. <br> Ltd., Class A (China)<br>| 102500 | 56580 |
| Westports Holdings Bhd. <br> (Malaysia)<br>| 50818 | 50066 |
| ZTO Express Cayman, Inc. <br> ADR (China)<sup>(a)</sup> <br>| 178774 | 3307319 |
|  |  | **18134248** |
| **Transportation Equipment – 1.0%** | **Transportation Equipment – 1.0%** | **Transportation Equipment – 1.0%** |
| CRRC Corp. Ltd., Class A <br> (China)<br>| 759100 | 732690 |
| Daimler Truck Holding A.G. <br> (Germany)<br>| 116939 | 4698200 |
| Volvo AB, Class B <br> (Sweden)<br>| 87700 | 2383995 |
| Weichai Power Co. Ltd., <br> Class H (China)<br>| 536000 | 1045683 |
|  |  | **8860568** |
| **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** |
| Bid Corp. Ltd. (South <br> Africa)<br>| 18838 | 473450 |
| ITOCHU Corp. (Japan) | 40500 | 2071289 |
| Mitsubishi Corp. (Japan) | 81100 | 1539812 |
|  |  | **4084551** |
| **Wholesale - Discretionary – 0.0%**<sup>(e)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(e)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(e)</sup> |
| Bunzl PLC (United <br> Kingdom)<br>| 10683 | 335708 |
| Trusco Nakayama Corp. <br> (Japan)<br>| 2486 | 37089 |
|  |  | **372797** |
| **Total Common Stocks** <br>(Cost $767,476,207) | **Total Common Stocks** <br>(Cost $767,476,207) | **834670531** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **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> |
| Newmed Energy L.P. <br> (Israel)<br>| 74753 | **$278508** |
| **Total Master Limited Partnership** <br>(Cost $201,646) | **Total Master Limited Partnership** <br>(Cost $201,646) | **278508** |
| **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| Itau Unibanco Holding S.A. <br> ADR, 3.94% (Brazil)<sup>(f)</sup> <br>| 121781 | **768438** |
| **Chemicals – 0.0%**<sup>(e)</sup> | **Chemicals – 0.0%**<sup>(e)</sup> | **Chemicals – 0.0%**<sup>(e)</sup> |
| Sociedad Quimica y <br> Minera de Chile S.A. <br> ADR, 2.59% (Chile)<sup>(a)(f)</sup> <br>| 7394 | **252875** |
| **Containers & Packaging – 0.0%**<sup>(e)</sup> | **Containers & Packaging – 0.0%**<sup>(e)</sup> | **Containers & Packaging – 0.0%**<sup>(e)</sup> |
| Klabin S.A., 0.72% <br> (Brazil)<sup>(f)</sup> <br>| 3 | **2** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Samsung Electronics Co. <br> Ltd., 3.10% (South <br> Korea)<sup>(f)</sup> <br>| 118850 | **3923316** |
| **Total Preferred Stocks** <br>(Cost $6,497,011) | **Total Preferred Stocks** <br>(Cost $6,497,011) | **4944631** |
| **Investment Companies – 1.6%** | **Investment Companies – 1.6%** | **Investment Companies – 1.6%** |
| iShares MSCI South Korea <br> ETF (South Korea)<sup>(a)</sup> <br>| 244996 | 13766325 |
| **Total Investment Companies** <br>(Cost $13,702,139) | **Total Investment Companies** <br>(Cost $13,702,139) | **13766325** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short-Term Investments – 4.8%** | **Short-Term Investments – 4.8%** | **Short-Term Investments – 4.8%** |
| **Money Market Funds – 4.8%** | **Money Market Funds – 4.8%** | **Money Market Funds – 4.8%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(g)</sup> <br>| 21879131 | $21879131 |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(g)(h)</sup> <br>| 20729519 | 20729519 |
| **Total Short-Term Investments** <br>(Cost $42,608,650) | **Total Short-Term Investments** <br>(Cost $42,608,650) | **42608650** |
| **Total Investments – 101.6%** <br>(Cost $830,485,653) | **Total Investments – 101.6%** <br>(Cost $830,485,653) | **896268645** |
| Liabilities less Other Assets – (1.6)% | Liabilities less Other Assets – (1.6)% | (14387896)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$881880749** |

---

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

---

| | |
|:---|:---|
| 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. (See Note 6.) |
| <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 April 30, 2025, these securities had a total value of $11,950,664 or 1.36% <br> of net assets.<br>|
| <sup>(d)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3) (See Note 3 regarding investments in Russian securities). |
| <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 April 30, 2025 is disclosed. |
| <sup>(h)</sup> <br>| Security purchased with the cash proceeds from securities loaned. (See Note 6.) |
| \* | Non-income producing security |

---

**Abbreviations:**<br>

ADR American Depositary Receipt <br> ETF Exchange-Traded Fund <br> GDR Global Depositary Receipt

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | |
|:---|:---|
| 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 |

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| Euro | 21.7 |
| Japanese Yen | 16.1 |
| British Pound | 12.7 |
| U.S. Dollar | 12.3 |
| Hong Kong Dollar | 6.3 |
| All other currencies less than 5% | 30.9 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| Japan | 16.1 |
| United States | 13.8 |
| China | 9.9 |
| Germany | 8.2 |
| United Kingdom | 7.2 |
| France | 7.1 |
| South Korea | 5.1 |
| All other countries less than 5%<sup>(b)</sup> <br>| 32.6 |
| **Total** | **100.0** |

---

---

| |
|:---|
| <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 April 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $141650400 | &nbsp;&nbsp; $693020131 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $834670531 |
| Master Limited Partnerships | &nbsp;&nbsp; — | &nbsp;&nbsp; 278508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278508 |
| Preferred Stocks | &nbsp;&nbsp; 1021315 | &nbsp;&nbsp; 3923316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4944631 |
| Investment Companies | &nbsp;&nbsp; 13766325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13766325 |
| Short-Term Investments | &nbsp;&nbsp; 42608650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42608650 |
| **Total Investments** | &nbsp;&nbsp; $199046690 | &nbsp;&nbsp; $697221955 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $896268645 |

---

\*Includes securities determined to have no value as of April 30, 2025. <br>

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **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%** |
| Ameriquest Mortgage <br> Securities, Inc. <br> Asset-Backed <br> Pass-Through <br> Certificates, Series <br> 2005-R3, Class M4, (1M <br> CME Term SOFR + 1.04%, <br> 0.93% Floor), 5.37%, <br> 5/25/35<sup>(b)</sup> <br>| $14430 | $14381 |
| AMMC CLO 23 Ltd., Series <br> 2020-23A, Class D1R2, <br> (3M CME Term SOFR + <br> 3.70%, 3.70% Floor), <br> 7.98%, 4/17/35<sup>(b)(c)</sup> <br>| 150000 | 148156 |
| AMMC CLO Ltd., Series <br> 2021-24A, Class DR, (3M <br> CME Term SOFR + 2.95%, <br> 2.95% Floor), 7.22%, <br> 1/20/35<sup>(b)(c)</sup> <br>| 150000 | 145361 |
| Apex Credit CLO Ltd., <br> Series 2022-1A, Class D, <br> (3M CME Term SOFR + <br> 4.40%, 4.40% Floor), <br> 8.67%, 4/22/33<sup>(b)(c)</sup> <br>| 130000 | 129475 |
| Bain Capital Credit <br> CLO Ltd., Series 2022-2A, <br> Class D1, (3M CME Term <br> SOFR + 3.65%, 3.65% <br> Floor), 7.92%, <br> 4/22/35<sup>(b)(c)</sup> <br>| 250000 | 246829 |
| Blueberry Park CLO Ltd., <br> Series 2024-1A, <br> Class D1, (3M CME Term <br> SOFR + 2.90%, 2.90% <br> Floor), 7.17%, <br> 10/20/37<sup>(b)(c)</sup> <br>| 110000 | 109516 |
| BlueMountain CLO <br> XXIX Ltd., Series <br> 2020-29A, Class ER, (3M <br> CME Term SOFR + 7.12%, <br> 6.86% Floor), 11.40%, <br> 7/25/34<sup>(b)(c)</sup> <br>| 250000 | 241488 |
| BlueMountain CLO <br> XXX Ltd., Series <br> 2020-30A, Class CR, (3M <br> CME Term SOFR + 2.15%, <br> 2.15% Floor), 6.41%, <br> 4/15/35<sup>(b)(c)</sup> <br>| 250000 | 248006 |
| CIFC Funding Ltd., Series <br> 2017-3A, Class D1R, (3M <br> CME Term SOFR + 3.70%, <br> 3.70% Floor), 7.97%, <br> 4/20/37<sup>(b)(c)</sup> <br>| 210000 | 205426 |
| Cook Park CLO Ltd., Series <br> 2018-1A, Class D, (3M <br> CME Term SOFR + <br> 2.86%), 7.14%, <br> 4/17/30<sup>(b)(c)</sup> <br>| 250000 | 247866 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Goldentree Loan <br> Management U.S. CLO 1 <br> Ltd., Series 2017-1A, <br> Class ER3, (3M CME Term <br> SOFR + 4.50%), 8.77%, <br> 4/20/34<sup>(b)(c)</sup> <br>| $150000 | $139536 |
| GoodLeap Sustainable <br> Home Solutions Trust, <br> Series 2021-3CS, Class C, <br> 3.50%, 5/20/48<sup>(c)</sup> <br>| 441959 | 276160 |
| Mountain View CLO <br> XVI Ltd., Series 2022-1A, <br> Class DR, (3M CME Term <br> SOFR + 4.19%, 4.19% <br> Floor), 8.45%, <br> 4/15/34<sup>(b)(c)</sup> <br>| 140000 | 140125 |
| Nassau Ltd., Series <br> 2021-IA, Class DR, (3M <br> CME Term SOFR + <br> 3.60%), 7.86%, <br> 8/26/34<sup>(b)(c)</sup> <br>| 150000 | 146488 |
| National Collegiate <br> Student Loan Trust, <br> Series 2007-2, Class A4, <br> (1M CME Term SOFR + <br> 0.40%), 4.73%, 1/25/33<sup>(b)</sup> <br>| 217291 | 210756 |
| Oaktree CLO Ltd., Series <br> 2022-1A, Class E, (3M <br> CME Term SOFR + 7.76%, <br> 7.76% Floor), 12.08%, <br> 5/15/33<sup>(b)(c)</sup> <br>| 487000 | 480882 |
| Palmer Square CLO Ltd., <br> Series 2022-3A, <br> Class D1R, (3M CME <br> Term SOFR + 2.95%, <br> 2.95% Floor), 7.22%, <br> 7/20/37<sup>(b)(c)</sup> <br>| 150000 | 149343 |
| Palmer Square <br> Loan Funding Ltd., Series <br> 2022-3A, Class CR, (3M <br> CME Term SOFR + 3.00%, <br> 3.00% Floor), 7.26%, <br> 4/15/31<sup>(b)(c)</sup> <br>| 160000 | 160296 |
| Pioneer Aircraft <br> Finance Ltd., Series <br> 2019-1, Class A, 3.97%, <br> 6/15/44<sup>(c)</sup> <br>| 134735 | 130778 |
| RAD CLO Ltd., Series <br> 2023-21A, Class D1R, <br> (3M CME Term SOFR + <br> 2.60%), 6.88%, <br> 1/25/37<sup>(b)(c)</sup> <br>| 160000 | 153942 |
| SMB Private Education <br> Loan Trust,<br>|  |  |
| Series 2021-A, Class D1, <br> 3.86%, 1/15/53<sup>(c)</sup> <br>| 135505 | 119479 |
| Series 2024-D, Class D, <br> 7.51%, 7/05/53<sup>(c)</sup> <br>| 100000 | 101822 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Stonepeak ABS, Series <br> 2021-1A, Class A, 2.68%, <br> 2/28/33<sup>(c)</sup> <br>| $158448 | $151380 |
| Symphony CLO XXV Ltd., <br> Series 2021-25A, <br> Class D, (3M CME Term <br> SOFR + 3.86%, 3.60% <br> Floor), 8.13%, <br> 4/19/34<sup>(b)(c)</sup> <br>| 250000 | 238980 |
| Trinitas CLO XXVII Ltd., <br> Series 2024-27A, <br> Class D1, (3M CME Term <br> SOFR + 4.30%, 4.30% <br> Floor), 8.57%, <br> 4/18/37<sup>(b)(c)</sup> <br>| 160000 | 161085 |
| Valley Stream Park <br> CLO Ltd., Series 2022-1A, <br> Class DRR, (3M CME <br> Term SOFR + 2.70%, <br> 2.70% Floor), 6.97%, <br> 1/20/37<sup>(b)(c)</sup> <br>| 120000 | 117612 |
|  |  | **4615168** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| 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 | 110176 |
| MF1 LLC, Series 2022-FL9, <br> Class A, (1M CME Term <br> SOFR + 2.15%, 2.15% <br> Floor), 6.47%, <br> 6/19/37<sup>(b)(c)</sup> <br>| 229972 | 230023 |
|  |  | **340199** |
| **Total Asset-Backed Securities** <br>(Cost $5,061,045) | **Total Asset-Backed Securities** <br>(Cost $5,061,045) | **4955367** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 43.5%** | **Common Stocks – 43.5%** | **Common Stocks – 43.5%** |
| **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** |
| BAE Systems PLC (United <br> Kingdom)<br>| 107450 | 2490974 |
| Huntington Ingalls <br> Industries, Inc.<br>| 1204 | 277330 |
|  |  | **2768304** |
| **Asset Management – 0.8%** | **Asset Management – 0.8%** | **Asset Management – 0.8%** |
| Blackrock, Inc. | 274 | 250507 |
| Blackstone, Inc. | 806 | 106159 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Macquarie Korea <br> Infrastructure Fund <br> (South Korea)<br>| 66573 | $536577 |
| T. Rowe Price Group, Inc. | 2375 | 210306 |
|  |  | **1103549** |
| **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> |
| Hyundai Motor Co. (South <br> Korea)<br>| 1 | **134** |
| **Banking – 3.4%** | **Banking – 3.4%** | **Banking – 3.4%** |
| JP Morgan Chase & Co. | 6598 | 1614003 |
| PNC Financial Services <br> Group (The), Inc.<br>| 1242 | 199577 |
| Truist Financial Corp. | 3862 | 148069 |
| U.S. Bancorp | 6996 | 282218 |
| UniCredit S.p.A. (Italy) | 43972 | 2558329 |
|  |  | **4802196** |
| **Beverages – 2.0%** | **Beverages – 2.0%** | **Beverages – 2.0%** |
| Coca-Cola (The) Co. | 8460 | 613773 |
| Coca-Cola Europacific <br> Partners PLC (United <br> Kingdom)<br>| 20239 | 1836487 |
| PepsiCo, Inc. | 2840 | 385047 |
|  |  | **2835307** |
| **Biotechnology & Pharmaceuticals – 4.8%** | **Biotechnology & Pharmaceuticals – 4.8%** | **Biotechnology & Pharmaceuticals – 4.8%** |
| AbbVie, Inc. | 1777 | 346693 |
| Amgen, Inc. | 1096 | 318848 |
| Bristol-Myers Squibb Co. | 4317 | 216713 |
| Gilead Sciences, Inc. | 3174 | 338158 |
| Johnson & Johnson | 16260 | 2541601 |
| Novartis A.G. ADR | 22414 | 2543765 |
| Pfizer, Inc. | 16368 | 399543 |
|  |  | **6705321** |
| **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** |
| Comcast Corp., Class A | 17156 | **586736** |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |
| Air Products and <br> Chemicals, Inc.<br>| 1514 | 410430 |
| International Flavors & <br> Fragrances, Inc.<br>| 2253 | 176771 |
|  |  | **587201** |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| Cie de Saint-Gobain S.A. <br> (France)<br>| 9906 | **1076961** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Amcor PLC<sup>(e)</sup> <br>| 34929 | **321347** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Diversified Industrials – 1.9%** | **Diversified Industrials – 1.9%** | **Diversified Industrials – 1.9%** |
| Emerson Electric Co. | 2100 | $220731 |
| Honeywell <br> International, Inc.<br>| 1031 | 217026 |
| Siemens A.G. (Germany)<sup>(f)</sup> <br>| 9792 | 2254719 |
|  |  | **2692476** |
| **Electric Utilities – 3.1%** | **Electric Utilities – 3.1%** | **Electric Utilities – 3.1%** |
| American Electric <br> Power Co., Inc.<br>| 2845 | 308227 |
| Dominion Energy, Inc. | 3963 | 215508 |
| Edison International | 1345 | 71971 |
| Enel S.p.A. (Italy) | 194916 | 1689722 |
| National Grid PLC (United <br> Kingdom)<br>| 140250 | 2024383 |
|  |  | **4309811** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| Johnson Controls <br> International PLC<br>| 6667 | **559361** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| Mondelez <br> International, Inc., <br> Class A<br>| 5369 | **365790** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| NiSource, Inc. | 4730 | **184990** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| CVS Health Corp. | 2554 | **170377** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| Midea Group Co. Ltd., <br> Class H (China)\*<br>| 16211 | **153016** |
| **Household Products – 0.7%** | **Household Products – 0.7%** | **Household Products – 0.7%** |
| Kenvue, Inc. | 10788 | 254597 |
| Kimberly-Clark Corp. | 1878 | 247483 |
| Procter & Gamble (The) Co. | 2852 | 463649 |
|  |  | **965729** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| CME Group, Inc. | 1921 | 532271 |
| Morgan Stanley | 7061 | 814980 |
| Northern Trust Corp. | 2249 | 211361 |
|  |  | **1558612** |
| **Insurance – 3.2%** | **Insurance – 3.2%** | **Insurance – 3.2%** |
| MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 20532 | 466688 |
| NN Group N.V. <br> (Netherlands)<br>| 26264 | 1610519 |
| Zurich Insurance Group <br> A.G. (Switzerland)<br>| 3381 | 2398045 |
|  |  | **4475252** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| International Business <br> Machines Corp.<br>| 1061 | **$256571** |
| **Leisure Facilities & Services – 2.5%** | **Leisure Facilities & Services – 2.5%** | **Leisure Facilities & Services – 2.5%** |
| McDonald's Corp. | 976 | 311978 |
| OPAP S.A. (Greece) | 133366 | 2963288 |
| Starbucks Corp. | 2097 | 167865 |
|  |  | **3443131** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Hasbro, Inc. | 3021 | **187000** |
| **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** |
| Baxter International, Inc. | 7665 | 238918 |
| Medtronic PLC | 4662 | 395151 |
|  |  | **634069** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| Rio Tinto Ltd. (Australia)<sup>(e)</sup> <br>| 4974 | **372141** |
| **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** |
| Chevron Corp. | 15683 | 2133829 |
| Enbridge, Inc. (Canada) | 29441 | 1376803 |
| Exxon Mobil Corp. | 3704 | 391254 |
| Gazprom PJSC (Russia)<sup>(g)\*</sup> <br>| 33780 |  |
| Kinder Morgan, Inc. | 10460 | 275098 |
| LUKOIL PJSC (Russia)<sup>(g)</sup> <br>| 1232 |  |
| ONEOK, Inc. | 1981 | 162759 |
| Petroleo Brasileiro S.A. <br> (Brazil)<br>| 273136 | 1542997 |
| Rosneft Oil Co. PJSC <br> (Russia)<sup>(g)</sup> <br>| 17410 |  |
|  |  | **5882740** |
| **Real Estate Investment Trusts – 3.7%** | **Real Estate Investment Trusts – 3.7%** | **Real Estate Investment Trusts – 3.7%** |
| Crown Castle, Inc. | 3685 | 389725 |
| Federal Realty Investment <br> Trust<br>| 3501 | 329164 |
| Prologis Property Mexico <br> S.A. de C.V. (Mexico)<br>| 438051 | 1554472 |
| Realty Income Corp. | 3124 | 180755 |
| Simon Property Group, Inc. | 1030 | 162101 |
| Ventas, Inc. | 2697 | 189006 |
| VICI Properties, Inc. | 75358 | 2412963 |
|  |  | **5218186** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| MediaTek, Inc. (Taiwan) | 15175 | 644833 |
| Texas Instruments, Inc. | 2300 | 368115 |
|  |  | **1012948** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Western Union (The) Co. | 13088 | **129702** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| Cisco Systems, Inc. | 3729 | $215275 |
| NetApp, Inc. | 949 | 85173 |
|  |  | **300448** |
| **Telecommunications – 2.1%** | **Telecommunications – 2.1%** | **Telecommunications – 2.1%** |
| Softbank Corp. (Japan) | 1543869 | 2336253 |
| Verizon <br> Communications, Inc.<br>| 11547 | 508761 |
|  |  | **2845014** |
| **Tobacco & Cannabis – 2.2%** | **Tobacco & Cannabis – 2.2%** | **Tobacco & Cannabis – 2.2%** |
| British American Tobacco <br> PLC ADR (United <br> Kingdom)<sup>(e)</sup> <br>| 58768 | 2559346 |
| Philip Morris <br> International, Inc.<br>| 3027 | 518707 |
|  |  | **3078053** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| Spirit Aviation <br> Holdings, Inc.<sup>(e)\*</sup> <br>| 8659 | 72302 |
| United Parcel Service, Inc., <br> Class B<br>| 2109 | 200988 |
|  |  | **273290** |
| **Transportation Equipment – 0.6%** | **Transportation Equipment – 0.6%** | **Transportation Equipment – 0.6%** |
| Volvo AB, Class B <br> (Sweden)<br>| 31109 | **845652** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Sysco Corp. | 2214 | **158080** |
| **Total Common Stocks** <br>(Cost $54,861,165) | **Total Common Stocks** <br>(Cost $54,861,165) | **60859495** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Convertible Bonds – 0.0%**<sup>(d)</sup>  | **Convertible Bonds – 0.0%**<sup>(d)</sup>  | **Convertible Bonds – 0.0%**<sup>(d)</sup>  |
| **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> |
| Gannett Co., Inc., 6.00%, <br> 12/01/27<sup>(c)</sup> <br>| $10000 | **10063** |
| **Total Convertible Bonds** <br>(Cost $9,190) | **Total Convertible Bonds** <br>(Cost $9,190) | **10063** |
| **Corporate Bonds – 7.5%** | **Corporate Bonds – 7.5%** | **Corporate Bonds – 7.5%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30<sup>(c)</sup> <br>| 50000 | 50870 |
| 6.25%, 3/15/33<sup>(c)</sup> <br>| 20000 | 20384 |
| TransDigm, Inc., 6.63%, <br> 3/01/32<sup>(c)</sup> <br>| 50000 | 51218 |
|  |  | **122472** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| Adient Global <br> Holdings Ltd., 7.50%, <br> 2/15/33<sup>(c)(e)</sup> <br>| $50000 | $47379 |
| PM General Purchaser LLC, <br> 9.50%, 10/01/28<sup>(c)</sup> <br>| 250000 | 241357 |
|  |  | **288736** |
| **Beverages – 0.0%**<sup>(d)</sup> | **Beverages – 0.0%**<sup>(d)</sup> | **Beverages – 0.0%**<sup>(d)</sup> |
| Primo Water <br> Holdings, Inc./Triton <br> Water Holdings, Inc., <br> 6.25%, 4/01/29<sup>(c)(e)</sup> <br>| 40000 | **39779** |
| **Biotechnology & Pharmaceuticals – 0.0%**<sup>(d)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(d)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(d)</sup> |
| Bausch Health Cos., Inc., <br> 6.25%, 2/15/29<sup>(c)(e)</sup> <br>| 10000 | **6550** |
| **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp., <br> 4.25%, 2/01/31<sup>(c)</sup> <br>| 140000 | 126493 |
| CSC Holdings LLC, |  |  |
| 5.50%, 4/15/27<sup>(c)</sup> <br>| 250000 | 232295 |
| 11.75%, 1/31/29<sup>(c)</sup> <br>| 540000 | 510526 |
| Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 2/15/31<sup>(c)</sup> <br>| 50000 | 47350 |
| DISH DBS Corp., 5.25%, <br> 12/01/26<sup>(c)(e)</sup> <br>| 80000 | 72799 |
| DISH Network Corp., <br> 11.75%, 11/15/27<sup>(c)</sup> <br>| 160000 | 168152 |
|  |  | **1157615** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| CoreCivic, Inc., |  |  |
| 4.75%, 10/15/27 | 200000 | 194830 |
| 8.25%, 4/15/29 | 40000 | 42164 |
| GEO Group (The), Inc., <br> 10.25%, 4/15/31<br>| 70000 | 76485 |
| RR Donnelley & Sons Co., <br> 9.50%, 8/01/29<sup>(c)</sup> <br>| 130000 | 123781 |
| TKC Holdings, Inc., |  |  |
| 6.88%, 5/15/28<sup>(c)</sup> <br>| 90000 | 90006 |
| 10.50%, 5/15/29<sup>(c)(e)</sup> <br>| 80000 | 80039 |
|  |  | **607305** |
| **Communications – 0.0%**<sup>(d)</sup> | **Communications – 0.0%**<sup>(d)</sup> | **Communications – 0.0%**<sup>(d)</sup> |
| iHeartCommunications, Inc., <br> 9.13%, 5/01/29<sup>(c)</sup> <br>| 28500 | **22007** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Advanced Drainage <br> Systems, Inc., 6.38%, <br> 6/15/30<sup>(c)(e)</sup> <br>| $50000 | $50772 |
| Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(c)</sup> <br>| 90000 | 90507 |
|  |  | **141279** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| Saks Global <br> Enterprises LLC, 11.00%, <br> 12/15/29<sup>(c)</sup> <br>| 110000 | **66719** |
| **Consumer Non-Cyclical – 0.2%** | **Consumer Non-Cyclical – 0.2%** | **Consumer Non-Cyclical – 0.2%** |
| 1261229 B.C. Ltd., 10.00%, <br> 4/15/32<sup>(c)</sup> <br>| 200000 | 195835 |
| Claritev Corp., 6.75%, <br> 3/31/31<sup>(c)(h)</sup> <br>| 100534 | 67358 |
|  |  | **263193** |
| **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> |
| WW International, Inc., <br> 4.50%, 4/15/29<sup>(c)</sup> <br>| 120000 | **28046** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings <br> USA, Inc., 5.25%, <br> 8/15/27<sup>(c)(e)</sup> <br>| 400000 | **184000** |
| **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> |
| Vortex Opco LLC, 8.00%, <br> 4/30/30<sup>(c)</sup> <br>| 107217 | **16855** |
| **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** |
| Lightning Power LLC, <br> 7.25%, 8/15/32<sup>(c)</sup> <br>| 200000 | 207206 |
| NRG Energy, Inc., 6.25%, <br> 11/01/34<sup>(c)</sup> <br>| 70000 | 69892 |
| Vistra Operations Co. LLC, <br> 6.88%, 4/15/32<sup>(c)(e)</sup> <br>| 120000 | 124294 |
|  |  | **401392** |
| **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> |
| Alpha Generation LLC, <br> 6.75%, 10/15/32<sup>(c)(e)</sup> <br>| 40000 | **40764** |
| **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** |
| Railworks Holdings <br> L.P./Railworks Rally, Inc., <br> 8.25%, 11/15/28<sup>(c)</sup> <br>| 90000 | 90142 |
| Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(c)(e)</sup> <br>| 150000 | 161815 |
|  |  | **251957** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| AMC Networks, Inc., |  |  |
| 10.25%, 1/15/29<sup>(c)(e)</sup> <br>| $40000 | $41097 |
| 4.25%, 2/15/29 | 40000 | 29451 |
|  |  | **70548** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| Akumin, Inc., (100% Cash), <br> 9.00%, 8/01/27<sup>(c)(e)(h)</sup> <br>| 250000 | 217751 |
| CHS/Community Health <br> Systems, Inc.,<br>|  |  |
| 6.88%, 4/15/29<sup>(c)</sup> <br>| 180000 | 131132 |
| 5.25%, 5/15/30<sup>(c)</sup> <br>| 110000 | 93847 |
| 10.88%, 1/15/32<sup>(c)</sup> <br>| 80000 | 82601 |
| LifePoint Health, Inc., <br> 9.88%, 8/15/30<sup>(c)</sup> <br>| 120000 | 127647 |
| MPH Acquisition <br> Holdings LLC,<br>|  |  |
| 11.50%, 12/31/30<sup>(c)(e)(h)</sup> <br>| 17821 | 16395 |
| 5.75%, 12/31/30<sup>(c)</sup> <br>| 11644 | 9024 |
| U.S. Renal Care, Inc., <br> 10.63%, 6/28/28<sup>(c)</sup> <br>| 52500 | 44100 |
|  |  | **722497** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| EquipmentShare.com, Inc., |  |  |
| 8.63%, 5/15/32<sup>(c)(e)</sup> <br>| 90000 | 91884 |
| 8.00%, 3/15/33<sup>(c)</sup> <br>| 10000 | 9870 |
|  |  | **101754** |
| **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** |
| Jane Street Group/JSG <br> Finance, Inc., 7.13%, <br> 4/30/31<sup>(c)</sup> <br>| 200000 | 206265 |
| State Street Corp., (5Y US <br> Treasury CMT + 2.61%), <br> 6.70%, 3/15/29<sup>(i)(j)</sup> <br>| 80000 | 80282 |
| VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(c)</sup> <br>| 20000 | 20529 |
|  |  | **307076** |
| **Insurance – 0.0%**<sup>(d)</sup> | **Insurance – 0.0%**<sup>(d)</sup> | **Insurance – 0.0%**<sup>(d)</sup> |
| 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>| 20000 | **19520** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Snap, Inc., 6.88%, <br> 3/01/33<sup>(c)</sup> <br>| 50000 | 49937 |
| Ziff Davis, Inc., 4.63%, <br> 10/15/30<sup>(c)</sup> <br>| 50000 | 44178 |
|  |  | **94115** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** |
| AMC Entertainment <br> Holdings, Inc., 7.50%, <br> 2/15/29<sup>(c)(e)</sup> <br>| $110000 | $75876 |
| Caesars <br> Entertainment, Inc., <br> 6.50%, 2/15/32<sup>(c)</sup> <br>| 20000 | 20105 |
| Carnival Corp., 6.13%, <br> 2/15/33<sup>(c)(e)</sup> <br>| 120000 | 118985 |
| Full House Resorts, Inc., <br> 8.25%, 2/15/28<sup>(c)</sup> <br>| 190000 | 177817 |
| Hilton Domestic <br> Operating Co., Inc., <br> 3.63%, 2/15/32<sup>(c)</sup> <br>| 10000 | 8846 |
| NCL Corp. Ltd., 6.75%, <br> 2/01/32<sup>(c)</sup> <br>| 220000 | 214817 |
| Viking Cruises Ltd., |  |  |
| 7.00%, 2/15/29<sup>(c)</sup> <br>| 130000 | 130467 |
| 9.13%, 7/15/31<sup>(c)</sup> <br>| 90000 | 96227 |
| Wynn Resorts <br> Finance LLC/Wynn <br> Resorts Capital Corp., <br> 7.13%, 2/15/31<sup>(c)(e)</sup> <br>| 50000 | 51578 |
|  |  | **894718** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| Titan International, Inc., <br> 7.00%, 4/30/28<br>| 120000 | **117483** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Medline Borrower L.P., <br> 5.25%, 10/01/29<sup>(c)</sup> <br>| 30000 | 28489 |
| Medline Borrower <br> L.P./Medline <br> Co-Issuer, Inc., 6.25%, <br> 4/01/29<sup>(c)</sup> <br>| 80000 | 80612 |
| Sotera Health <br> Holdings LLC, 7.38%, <br> 6/01/31<sup>(c)</sup> <br>| 70000 | 71795 |
|  |  | **180896** |
| **Oil & Gas Supply Chain – 1.2%** | **Oil & Gas Supply Chain – 1.2%** | **Oil & Gas Supply Chain – 1.2%** |
| Blue Racer <br> Midstream LLC/Blue <br> Racer Finance Corp., <br> 7.25%, 7/15/32<sup>(c)</sup> <br>| 50000 | 51269 |
| Chord Energy Corp., <br> 6.75%, 3/15/33<sup>(c)</sup> <br>| 60000 | 58403 |
| Crescent Energy <br> Finance LLC, 7.63%, <br> 4/01/32<sup>(c)</sup> <br>| 50000 | 45430 |
| Howard Midstream Energy <br> Partners LLC, 7.38%, <br> 7/15/32<sup>(c)</sup> <br>| 50000 | 51179 |
| New Generation Gas <br> Gathering LLC, 10.34%, <br> 9/30/29<sup>(k)(l)</sup> <br>| 118919 | 117155 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Northern Oil & Gas, Inc., <br> 8.13%, 3/01/28<sup>(c)</sup> <br>| $170000 | $167832 |
| Occidental <br> Petroleum Corp., 4.40%, <br> 8/15/49<br>| 60000 | 39959 |
| Permian Resources <br> Operating LLC,<br>|  |  |
| 7.00%, 1/15/32<sup>(c)</sup> <br>| 150000 | 151004 |
| 6.25%, 2/01/33<sup>(c)</sup> <br>| 90000 | 88011 |
| Range Resources Corp., <br> 8.25%, 1/15/29<br>| 110000 | 112650 |
| Rockies Express <br> Pipeline LLC,<br>|  |  |
| 6.75%, 3/15/33<sup>(c)(e)</sup> <br>| 40000 | 40641 |
| 7.50%, 7/15/38<sup>(c)</sup> <br>| 40000 | 39249 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy <br> Finance Corp., 6.00%, <br> 12/31/30<sup>(c)</sup> <br>| 50000 | 46557 |
| Venture Global Calcasieu <br> Pass LLC,<br>|  |  |
| 6.25%, 1/15/30<sup>(c)</sup> <br>| 90000 | 90025 |
| 4.13%, 8/15/31<sup>(c)</sup> <br>| 30000 | 26951 |
| 3.88%, 11/01/33<sup>(c)(e)</sup> <br>| 150000 | 126517 |
| Venture Global LNG, Inc., |  |  |
| 9.50%, 2/01/29<sup>(c)</sup> <br>| 60000 | 62174 |
| (5Y US Treasury CMT + <br> 5.44%), 9.00%, <br> 9/30/29<sup>(c)(i)(j)</sup> <br>| 140000 | 120335 |
| 9.88%, 2/01/32<sup>(c)</sup> <br>| 140000 | 142151 |
| Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| 7.50%, 5/01/33<sup>(c)</sup> <br>| 30000 | 30777 |
| 7.75%, 5/01/35<sup>(c)(e)</sup> <br>| 20000 | 20538 |
|  |  | **1628807** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(c)(e)</sup> <br>| 70000 | **66694** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Clear Channel Outdoor <br> Holdings, Inc., 5.13%, <br> 8/15/27<sup>(c)</sup> <br>| 20000 | 19446 |
| Gray Media, Inc., 7.00%, <br> 5/15/27<sup>(c)</sup> <br>| 80000 | 77828 |
|  |  | **97274** |
| **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** |
| MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27<sup>(e)</sup> <br>| 180000 | 159032 |
| 8.50%, 2/15/32<sup>(c)</sup> <br>| 70000 | 71119 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Service Properties Trust, <br> 5.50%, 12/15/27<br>| $40000 | $38105 |
| Uniti Group L.P./Uniti <br> Group Finance 2019, <br> Inc./CSL Capital LLC, <br> 10.50%, 2/15/28<sup>(c)</sup> <br>| 20000 | 21235 |
|  |  | **289491** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| Five Point Operating Co. <br> L.P./Five Point <br> Capital Corp., 10.50%, <br> 1/15/28<sup>(c)</sup> <br>| 65562 | **66651** |
| **Renewable Energy – 0.0%**<sup>(d)</sup> | **Renewable Energy – 0.0%**<sup>(d)</sup> | **Renewable Energy – 0.0%**<sup>(d)</sup> |
| Sunnova Energy Corp., <br> 5.88%, 9/01/26<sup>(c)</sup> <br>| 50000 | **15000** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| Foot Locker, Inc., 4.00%, <br> 10/01/29<sup>(c)(e)</sup> <br>| 140000 | 113460 |
| Michaels (The) Cos., Inc., <br> 5.25%, 5/01/28<sup>(c)</sup> <br>| 60000 | 31265 |
| PetSmart, Inc./PetSmart <br> Finance Corp., 7.75%, <br> 2/15/29<sup>(c)</sup> <br>| 250000 | 232844 |
|  |  | **377569** |
| **Semiconductors – 0.0%**<sup>(d)</sup> | **Semiconductors – 0.0%**<sup>(d)</sup> | **Semiconductors – 0.0%**<sup>(d)</sup> |
| Intel Corp., 5.70%, 2/10/53 | 30000 | **26721** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Citrix Systems, Inc., <br> 4.50%, 12/01/27<br>| 30000 | 27294 |
| Cloud Software <br> Group, Inc., 8.25%, <br> 6/30/32<sup>(c)</sup> <br>| 40000 | 41725 |
| Gen Digital, Inc., 6.25%, <br> 4/01/33<sup>(c)</sup> <br>| 80000 | 79784 |
| Rackspace Finance LLC, <br> 3.50%, 5/15/28<sup>(c)</sup> <br>| 23400 | 8330 |
|  |  | **157133** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| FirstCash, Inc., 5.63%, <br> 1/01/30<sup>(c)</sup> <br>| 50000 | 49160 |
| Mcclatchy Media Co. LLC, <br> 11.00%, 12/01/31<sup>(c)(e)(h)</sup> <br>| 107462 | 114178 |
| Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 3.63%, 3/01/29<sup>(c)(e)</sup> <br>| 160000 | 148802 |
| Starwood Property <br> Trust, Inc., 7.25%, <br> 4/01/29<sup>(c)</sup> <br>| 50000 | 51851 |
|  |  | **363991** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| CommScope LLC, 9.50%, <br> 12/15/31<sup>(c)(e)</sup> <br>|  | $70000 | $71608 |
| CommScope <br> Technologies LLC, 5.00%, <br> 3/15/27<sup>(c)(e)</sup> <br>|  | 60000 | 52213 |
| Viasat, Inc., 5.63%, <br> 4/15/27<sup>(c)</sup> <br>|  | 50000 | 48983 |
|  |  |  | **172804** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| EchoStar Corp., |  |  |  |
| 10.75%, 11/30/29 |  | 324800 | 343487 |
| 6.75%, 11/30/30<sup>(h)</sup> <br>|  | 147776 | 137738 |
|  |  |  | **481225** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| American Airlines, Inc., <br> 8.50%, 5/15/29<sup>(c)</sup> <br>|  | 120000 | 122303 |
| Carriage Purchaser, Inc., <br> 7.88%, 10/15/29<sup>(c)</sup> <br>|  | 200000 | 164208 |
| JetBlue <br> Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 9/20/31<br>|  | 40000 | 36845 |
| Spirit Loyalty <br> Cayman Ltd./Spirit IP <br> Cayman Ltd., 11.00%, <br> 3/06/30<sup>(c)(h)</sup> <br>|  | 220721 | 174232 |
|  |  |  | **497588** |
| **Transportation Equipment – 0.0%**<sup>(d)</sup> | **Transportation Equipment – 0.0%**<sup>(d)</sup> | **Transportation Equipment – 0.0%**<sup>(d)</sup> | **Transportation Equipment – 0.0%**<sup>(d)</sup> |
| JB Poindexter & Co., Inc., <br> 8.75%, 12/15/31<sup>(c)</sup> <br>|  | 50000 | **50269** |
| **Total Corporate Bonds** <br>(Cost $10,777,917) | **Total Corporate Bonds** <br>(Cost $10,777,917) | **Total Corporate Bonds** <br>(Cost $10,777,917) | **10438493** |
| **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(d)</sup>  | **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(d)</sup>  | **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(d)</sup>  | **Foreign Government Inflation-Linked** <br> **Bonds – 0.0%**<sup>(d)</sup>  |
| **Sovereign Government – 0.0%**<sup>(d)</sup> | **Sovereign Government – 0.0%**<sup>(d)</sup> | **Sovereign Government – 0.0%**<sup>(d)</sup> | **Sovereign Government – 0.0%**<sup>(d)</sup> |
| Uruguay Government <br> International Bond, <br> 3.40%, 5/16/45<br>| UYU | 60000 | **1489** |
| **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,625) | **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,625) | **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $1,625) | **1489** |
| **Foreign Issuer Bonds – 5.3%** | **Foreign Issuer Bonds – 5.3%** | **Foreign Issuer Bonds – 5.3%** | **Foreign Issuer Bonds – 5.3%** |
| **Angola – 0.1%** | **Angola – 0.1%** | **Angola – 0.1%** | **Angola – 0.1%** |
| Angolan Government <br> International Bond, <br> 8.75%, 4/14/32<sup>(c)</sup> <br>|  | 210000 | **164724** |
| **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** |
| Provincia de Buenos Aires, <br> 6.63%, 9/01/37<sup>(c)</sup> <br>|  | 188180 | **126081** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** |
| Brazil Notas do Tesouro <br> Nacional Serie F, 10.00%, <br> 1/01/31<br>| BRL | 1998000 | $301143 |
| Suzano Austria GmbH, <br> 3.13%, 1/15/32<br>|  | $120000 | 102313 |
|  |  |  | **403456** |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| Bombardier, Inc., |  |  |  |
| 7.25%, 7/01/31<sup>(c)(e)</sup> <br>|  | 64000 | 65527 |
| 7.00%, 6/01/32<sup>(c)(e)</sup> <br>|  | 80000 | 80938 |
| Capstone Copper Corp., <br> 6.75%, 3/31/33<sup>(c)</sup> <br>|  | 30000 | 29477 |
| Empire Communities Corp., <br> 9.75%, 5/01/29<sup>(c)</sup> <br>|  | 50000 | 48785 |
| Hudbay Minerals, Inc., <br> 6.13%, 4/01/29<sup>(c)</sup> <br>|  | 50000 | 49777 |
| TransAlta Corp., |  |  |  |
| 7.75%, 11/15/29 |  | 90000 | 93736 |
| 6.50%, 3/15/40 |  | 30000 | 27656 |
| Vermilion Energy, Inc., <br> 7.25%, 2/15/33<sup>(c)</sup> <br>|  | 100000 | 83894 |
| Wrangler Holdco Corp., <br> 6.63%, 4/01/32<sup>(c)</sup> <br>|  | 140000 | 143714 |
|  |  |  | **623504** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Latam Airlines Group S.A., <br> 7.88%, 4/15/30<sup>(c)(e)</sup> <br>|  | 100000 | **97875** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| Prosus N.V., 3.06%, <br> 7/13/31<sup>(c)</sup> <br>|  | 270000 | **233085** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Ecopetrol S.A., 8.38%, <br> 1/19/36<br>|  | 200000 | **187218** |
| **France – 0.5%** | **France – 0.5%** | **France – 0.5%** | **France – 0.5%** |
| Altice France S.A., 5.50%, <br> 10/15/29<sup>(c)(e)</sup> <br>|  | 840000 | **687633** |
| **Germany – 0.3%** | **Germany – 0.3%** | **Germany – 0.3%** | **Germany – 0.3%** |
| TK Elevator U.S. Newco, <br> Inc., 5.25%, 7/15/27<sup>(c)</sup> <br>|  | 200000 | 196940 |
| ZF North America <br> Capital, Inc., 6.88%, <br> 4/23/32<sup>(c)</sup> <br>|  | 300000 | 263304 |
|  |  |  | **460244** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| AerCap Ireland Capital <br> DAC/AerCap Global <br> Aviation Trust, (5Y US <br> Treasury CMT + 2.72%), <br> 6.95%, 3/10/55<sup>(j)</sup> <br>|  | 150000 | **150624** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| Teva Pharmaceutical <br> Finance Netherlands III <br> B.V., 4.75%, 5/09/27<br>|  | $340000 | **$333548** |
| **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** |
| Intesa Sanpaolo S.p.A., <br> 7.80%, 11/28/53<sup>(c)</sup> <br>|  | 400000 | **451017** |
| **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** |
| Ivory Coast Government <br> International Bond, <br> 7.63%, 1/30/33<sup>(c)</sup> <br>|  | 300000 | **283125** |
| **Jamaica – 0.1%** | **Jamaica – 0.1%** | **Jamaica – 0.1%** | **Jamaica – 0.1%** |
| Jamaica Government <br> International Bond, <br> 9.63%, 11/03/30<br>| JMD | 10000000 | **65512** |
| **Jordan – 0.2%** | **Jordan – 0.2%** | **Jordan – 0.2%** | **Jordan – 0.2%** |
| Jordan Government <br> International Bond, <br> 7.75%, 1/15/28<sup>(c)</sup> <br>|  | 230000 | **232875** |
| **Kenya – 0.2%** | **Kenya – 0.2%** | **Kenya – 0.2%** | **Kenya – 0.2%** |
| Republic of Kenya <br> Government International <br> Bond, 9.75%, 2/16/31<sup>(c)</sup> <br>|  | 280000 | **266812** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| MEGlobal Canada ULC, <br> 5.88%, 5/18/30<sup>(c)</sup> <br>|  | 210000 | **217854** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| Banco Mercantil del Norte <br> S.A., (10Y US Treasury <br> CMT + 5.47%), 7.50%, <br> 6/27/29<sup>(c)(j)</sup> <br>|  | 250000 | 244325 |
| Mexico Government <br> International Bond, <br> 4.75%, 3/08/44<br>|  | 150000 | 113335 |
|  |  |  | **357660** |
| **Morocco – 0.1%** | **Morocco – 0.1%** | **Morocco – 0.1%** | **Morocco – 0.1%** |
| OCP S.A., 6.75%, <br> 5/02/34<sup>(c)</sup> <br>|  | 200000 | **201900** |
| **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** |
| Petroleos del Peru S.A., <br> 5.63%, 6/19/47<sup>(c)</sup> <br>|  | 250000 | **153277** |
| **Romania – 0.0%**<sup>(d)</sup> | **Romania – 0.0%**<sup>(d)</sup> | **Romania – 0.0%**<sup>(d)</sup> | **Romania – 0.0%**<sup>(d)</sup> |
| Romanian Government <br> International Bond, <br> 7.50%, 2/10/37<sup>(c)</sup> <br>|  | 60000 | **59706** |
| **Supranational – 0.3%** | **Supranational – 0.3%** | **Supranational – 0.3%** | **Supranational – 0.3%** |
| Inter-American <br> Development Bank, <br> 7.35%, 10/06/30<br>| INR | 34000000 | **416952** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Switzerland – 0.0%**<sup>(d)</sup> | **Switzerland – 0.0%**<sup>(d)</sup> | **Switzerland – 0.0%**<sup>(d)</sup> |
| VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc., 7.88%, <br> 5/01/27<sup>(c)</sup> <br>| $40000 | **$38845** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| Turk Telekomunikasyon <br> A.S., 7.38%, 5/20/29<sup>(c)</sup> <br>| 200000 | **200150** |
| **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** |
| DP World Ltd., 5.63%, <br> 9/25/48<sup>(c)</sup> <br>| 290000 | **267783** |
| **United Kingdom – 0.2%** | **United Kingdom – 0.2%** | **United Kingdom – 0.2%** |
| Global Auto <br> Holdings Ltd./AAG FH <br> UK Ltd., 8.75%, 1/15/32<sup>(c)</sup> <br>| 230000 | 184239 |
| Marks & Spencer PLC, <br> 7.13%, 12/01/37<sup>(c)(e)</sup> <br>| 100000 | 106072 |
|  |  | **290311** |
| **Zambia – 0.4%** | **Zambia – 0.4%** | **Zambia – 0.4%** |
| First Quantum <br> Minerals Ltd.,<br>|  |  |
| 8.63%, 6/01/31<sup>(c)</sup> <br>| 260000 | 263524 |
| 8.00%, 3/01/33<sup>(c)</sup> <br>| 230000 | 227557 |
|  |  | **491081** |
| **Total Foreign Issuer Bonds** <br>(Cost $7,750,292) | **Total Foreign Issuer Bonds** <br>(Cost $7,750,292) | **7462852** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Master Limited Partnerships – 3.5%** | **Master Limited Partnerships – 3.5%** | **Master Limited Partnerships – 3.5%** |
| **Oil & Gas Supply Chain – 3.5%** | **Oil & Gas Supply Chain – 3.5%** | **Oil & Gas Supply Chain – 3.5%** |
| Energy Transfer L.P. | 138419 | 2289450 |
| Enterprise Products <br> Partners L.P.<br>| 85952 | 2569965 |
| **Total Master Limited Partnerships** <br>(Cost $4,051,072) | **Total Master Limited Partnerships** <br>(Cost $4,051,072) | **4859415** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Mortgage-Backed Securities – 8.3%** | **Mortgage-Backed Securities – 8.3%** | **Mortgage-Backed Securities – 8.3%** |
| **Commercial Mortgage-Backed Securities – 4.1%** | **Commercial Mortgage-Backed Securities – 4.1%** | **Commercial Mortgage-Backed Securities – 4.1%** |
| BANK, |  |  |
| Series 2022-BNK44, <br> Class D, 4.00%, <br> 11/15/32<sup>(c)</sup> <br>| $190000 | 138592 |
| Series 2024-BNK48, <br> Class A5, 5.05%, <br> 10/15/57<br>| 190000 | 189120 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| Bank of America Merrill <br> Lynch Commercial <br> Mortgage Trust, Series <br> 2017-BNK3, Class D, <br> 3.25%, 2/15/50<sup>(c)</sup> <br>| $110000 | $100273 |
| BFLD Commercial <br> Mortgage Trust, Series <br> 2024-UNIV, Class D, (1M <br> CME Term SOFR + 2.69%, <br> 2.69% Floor), 7.01%, <br> 11/15/29<sup>(b)(c)</sup> <br>| 250000 | 248281 |
| BHMS, Series 2018-ATLS, <br> Class A, (1M CME Term <br> SOFR + 1.55%, 1.50% <br> Floor), 5.87%, <br> 7/15/35<sup>(b)(c)</sup> <br>| 190000 | 189879 |
| BOCA Commercial <br> Mortgage Trust, Series <br> 2024-BOCA, Class E, (1M <br> CME Term SOFR + 4.44%, <br> 4.44% Floor), 8.76%, <br> 8/15/41<sup>(b)(c)</sup> <br>| 130000 | 127104 |
| BX Commercial Mortgage <br> Trust,<br>|  |  |
| Series 2019-IMC, Class E, <br> (1M CME Term SOFR + <br> 2.20%, 2.15% Floor), <br> 6.52%, 4/15/34<sup>(b)(c)</sup> <br>| 300000 | 292875 |
| Series 2021-ACNT, <br> Class A, (1M CME Term <br> SOFR + 0.96%, 0.85% <br> Floor), 5.29%, <br> 11/15/38<sup>(b)(c)</sup> <br>| 168888 | 168255 |
| Series 2021-VOLT, <br> Class D, (1M CME Term <br> SOFR + 1.76%, 1.65% <br> Floor), 6.09%, <br> 9/15/36<sup>(b)(c)</sup> <br>| 270000 | 265950 |
| Series 2024-BI02, <br> Class D, 7.97%, <br> 8/13/41<sup>(c)(m)</sup> <br>| 100000 | 97205 |
| BX Trust, |  |  |
| Series 2021-ARIA, <br> Class A, (1M CME Term <br> SOFR + 1.01%, 0.90% <br> Floor), 5.34%, <br> 10/15/36<sup>(b)(c)</sup> <br>| 270000 | 267975 |
| Series 2021-SDMF, <br> Class F, (1M CME Term <br> SOFR + 2.05%, 1.94% <br> Floor), 6.37%, <br> 9/15/34<sup>(b)(c)</sup> <br>| 197803 | 193927 |
| BXHPP Trust, Series <br> 2021-FILM, Class C, (1M <br> CME Term SOFR + 1.21%, <br> 1.10% Floor), 5.54%, <br> 8/15/36<sup>(b)(c)</sup> <br>| 270000 | 243600 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Citigroup Commercial <br> Mortgage Trust, Series <br> 2017-P8, Class A3, <br> 3.20%, 9/15/50<br>| $250000 | $243701 |
| Extended Stay America <br> Trust,<br>|  |  |
| Series 2021-ESH, <br> Class C, (1M CME Term <br> SOFR + 1.81%, 1.70% <br> Floor), 6.14%, <br> 7/15/38<sup>(b)(c)</sup> <br>| 223465 | 222627 |
| Series 2021-ESH, Class E, <br> (1M CME Term SOFR + <br> 2.96%, 2.85% Floor), <br> 7.29%, 7/15/38<sup>(b)(c)</sup> <br>| 223465 | 222348 |
| GS Mortgage Securities <br> Trust,<br>|  |  |
| Series 2015-GC30, <br> Class C, 4.16%, <br> 5/10/50<sup>(m)</sup> <br>| 180000 | 161928 |
| Series 2015-GC32, <br> Class D, 3.35%, 7/10/48<br>| 220000 | 205813 |
| Series 2017-GS6, <br> Class A2, 3.16%, <br> 5/10/50<br>| 184774 | 179725 |
| HIH Trust, Series 2024-61P, <br> Class F, (1M CME Term <br> SOFR + 5.44%, 5.44% <br> Floor), 9.76%, <br> 10/15/41<sup>(b)(c)</sup> <br>| 200000 | 197371 |
| 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 | 189525 |
| KIND Trust, Series <br> 2021-KIND, Class E, (1M <br> CME Term SOFR + 3.36%, <br> 3.25% Floor), 7.69%, <br> 8/15/38<sup>(b)(c)</sup> <br>| 158697 | 154483 |
| KREF Ltd., Series 2022-FL3, <br> Class D, (1M CME Term <br> SOFR + 2.80%, 2.80% <br> Floor), 7.12%, <br> 2/17/39<sup>(b)(c)</sup> <br>| 150000 | 146261 |
| MF1 LLC, |  |  |
| Series 2025-FL17, <br> Class A, (1M CME Term <br> SOFR + 1.32%), 5.64%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 120000 | 118662 |
| Series 2025-FL17, <br> Class D, (1M CME Term <br> SOFR + 2.74%), 7.06%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 100000 | 97939 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| MF1 Ltd., Series 2020-FL4, <br> Class A, (1M CME Term <br> SOFR + 1.81%, 1.70% <br> Floor), 6.14%, <br> 11/15/35<sup>(b)(c)</sup> <br>| $48637 | $48644 |
| MHC Commercial <br> Mortgage Trust, Series <br> 2021-MHC, Class F, (1M <br> CME Term SOFR + 2.72%, <br> 2.60% Floor), 7.04%, <br> 4/15/38<sup>(b)(c)</sup> <br>| 160000 | 158800 |
| Morgan Stanley Capital I <br> Trust, Series 2021-230P, <br> Class B, (1M CME Term <br> SOFR + 1.56%, 1.45% <br> Floor), 5.89%, <br> 12/15/38<sup>(b)(c)</sup> <br>| 110000 | 102528 |
| MSWF Commercial <br> Mortgage Trust, Series <br> 2023-2, Class C, 7.25%, <br> 12/15/56<sup>(m)</sup> <br>| 90000 | 92073 |
| MTN Commercial <br> Mortgage Trust, Series <br> 2022-LPFL, Class F, (1M <br> CME Term SOFR + 5.29%, <br> 5.29% Floor), 9.62%, <br> 3/15/39<sup>(b)(c)</sup> <br>| 200000 | 196238 |
| RIDE, Series 2025-SHRE, <br> Class D, 6.97%, <br> 2/14/35<sup>(c)(m)</sup> <br>| 200000 | 202039 |
| SMRT, Series 2022-MINI, <br> Class F, (1M CME Term <br> SOFR + 3.35%, 3.35% <br> Floor), 7.67%, <br> 1/15/39<sup>(b)(c)</sup> <br>| 210000 | 197894 |
| Wells Fargo Commercial <br> Mortgage Trust, Series <br> 2014-LC18, Class B, <br> 3.96%, 12/15/47<br>| 6903 | 6827 |
|  |  | **5668462** |
| **Whole Loan – 4.2%** | **Whole Loan – 4.2%** | **Whole Loan – 4.2%** |
| Angel Oak Mortgage Trust, <br> Series 2022-3, Class A3, <br> 4.13%, 1/25/67<sup>(c)(m)</sup> <br>| 131350 | 120134 |
| BRAVO Residential <br> Funding Trust,<br>|  |  |
| Series 2022-NQM1, <br> Class A1, 3.63%, <br> 9/25/61<sup>(c)(m)</sup> <br>| 154199 | 149574 |
| Series 2022-NQM2, <br> Class A1, 4.27%, <br> 11/25/61<sup>(c)(m)</sup> <br>| 112738 | 112732 |
| Series 2022-NQM2, <br> Class A3, 5.24%, <br> 11/25/61<sup>(c)</sup> <br>| 140923 | 140441 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| BRAVO Residential <br> Funding Trust,<br>|  |  |
| Series 2024-NQM2, <br> Class A3, (Step to <br> 7.59% on 3/25/28), <br> 6.59%, 2/25/64<sup>(c)(n)</sup> <br>| $145277 | $146394 |
| 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>(c)(n)</sup> <br>| 160000 | 161209 |
| 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>(c)(n)</sup> <br>| 195458 | 195319 |
| COLT Mortgage Loan Trust, |  |  |
| Series 2022-3, Class A1, <br> 3.90%, 2/25/67<sup>(c)(m)</sup> <br>| 186077 | 179497 |
| Series 2024-1, Class M1, <br> 6.59%, 2/25/69<sup>(c)</sup> <br>| 160000 | 160613 |
| CSMC Trust, Series <br> 2020-RPL4, Class A1, <br> 2.00%, 1/25/60<sup>(c)</sup> <br>| 167175 | 150096 |
| FHLMC Seasoned Credit <br> Risk Transfer Trust, Series <br> 2022-1, Class M, 4.50%, <br> 11/25/61<sup>(c)</sup> <br>| 130000 | 109999 |
| FHLMC STACR REMIC <br> Trust,<br>|  |  |
| Series 2020-DNA6, <br> Class B1, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 12/25/50<sup>(b)(c)</sup> <br>| 260000 | 274084 |
| Series 2021-DNA1, <br> Class B2, (30D Average <br> SOFR + 4.75%), 9.10%, <br> 1/25/51<sup>(b)(c)</sup> <br>| 240000 | 258181 |
| Series 2021-DNA2, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 8/25/33<sup>(b)(c)</sup> <br>| 270000 | 296415 |
| Series 2022-DNA2, <br> Class M2, (30D Average <br> SOFR + 3.75%), 8.10%, <br> 2/25/42<sup>(b)(c)</sup> <br>| 225000 | 233342 |
| FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| Series 2017-C06, Class <br> 1B1, (30D Average SOFR <br> + 4.26%), 8.62%, <br> 2/25/30<sup>(b)</sup> <br>| 330000 | 348617 |
| Series 2022-R08, Class <br> 1M2, (30D Average <br> SOFR + 3.60%), 7.95%, <br> 7/25/42<sup>(b)(c)</sup> <br>| 200000 | 207626 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| Series 2024-R01, Class <br> 1B1, (30D Average SOFR <br> + 2.70%), 7.05%, <br> 1/25/44<sup>(b)(c)</sup> <br>| $200000 | $202500 |
| GS Mortgage-Backed <br> Securities Trust, Series <br> 2022-NQM1, Class A4, <br> 4.00%, 5/25/62<sup>(c)</sup> <br>| 178320 | 162782 |
| 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>(c)(n)</sup> <br>| 160000 | 161610 |
| Mill City Mortgage Loan <br> Trust, Series 2018-2, <br> Class M3, 3.75%, <br> 5/25/58<sup>(c)(m)</sup> <br>| 209684 | 190459 |
| New Residential Mortgage <br> Loan Trust, Series <br> 2022-NQM2, Class A1, <br> 3.08%, 3/27/62<sup>(c)(m)</sup> <br>| 191462 | 179863 |
| 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>(c)(n)</sup> <br>| 160000 | 161635 |
| OBX Trust, |  |  |
| Series 2022-NQM6, <br> Class A1, (Step to <br> 4.69% on 6/25/25), <br> 4.70%, 7/25/62<sup>(c)(n)</sup> <br>| 197754 | 198247 |
| Series 2024-NQM3, <br> Class M1, 6.85%, <br> 12/25/63<sup>(c)</sup> <br>| 200000 | 201936 |
| 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>(c)(n)</sup> <br>| 160000 | 160230 |
| SG Residential Mortgage <br> Trust, Series 2022-1, <br> Class A1, 3.17%, <br> 3/27/62<sup>(c)(m)</sup> <br>| 207327 | 191083 |
| Towd Point Mortgage <br> Trust,<br>|  |  |
| Series 2015-5, Class B3, <br> 4.01%, 5/25/55<sup>(c)(m)</sup> <br>| 220000 | 208322 |
| Series 2019-HY2, <br> Class B1, (1M CME <br> Term SOFR + 2.36%, <br> 2.25% Floor), 6.69%, <br> 5/25/58<sup>(b)(c)</sup> <br>| 190000 | 192785 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Verus Securitization Trust, |  |  |
| Series 2023-8, Class A3, <br> (Step to 7.97% on <br> 1/25/28), 6.97%, <br> 12/25/68<sup>(c)(n)</sup> <br>| $68195 | $69051 |
| Series 2024-1, Class A3, <br> (Step to 7.12% on <br> 2/25/28), 6.12%, <br> 1/25/69<sup>(c)(n)</sup> <br>| 138438 | 138699 |
| Series 2024-3, Class A3, <br> (Step to 7.85% on <br> 5/25/28), 6.85%, <br> 4/25/69<sup>(c)(n)</sup> <br>| 110629 | 111952 |
| Series 2024-4, Class A3, <br> (Step to 7.67% on <br> 6/25/28), 6.67%, <br> 6/25/69<sup>(c)(n)</sup> <br>| 155374 | 156886 |
|  |  | **5932313** |
| **Total Mortgage-Backed Securities** <br>(Cost $11,574,479) | **Total Mortgage-Backed Securities** <br>(Cost $11,574,479) | **11600775** |
| **Term Loans – 6.1%**<sup>(b)</sup>  | **Term Loans – 6.1%**<sup>(b)</sup>  | **Term Loans – 6.1%**<sup>(b)</sup>  |
| **Advertising & Marketing – 0.0%**<sup>(d)</sup> | **Advertising & Marketing – 0.0%**<sup>(d)</sup> | **Advertising & Marketing – 0.0%**<sup>(d)</sup> |
| Neptune BidCo US, Inc., <br> Term A Loan, (3M USD <br> CME Term SOFR + 4.75%, <br> 0.50% Floor), 9.08%, <br> 10/11/28<br>| 46735 | **40843** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| ABG Intermediate Holdings <br> 2 LLC, 2025 Delayed <br> Draw Term Loan, (1M <br> USD CME Term SOFR + <br> 2.25%), 6.57%, 2/13/32<br>| 94212 | **91974** |
| **Asset Management – 0.0%**<sup>(d)</sup> | **Asset Management – 0.0%**<sup>(d)</sup> | **Asset Management – 0.0%**<sup>(d)</sup> |
| Focus Financial <br> Partners LLC, Tranche B <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 2.75%), 7.07%, 9/15/31<br>| 9975 | **9844** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| First Brands Group LLC, <br> 2021 Term Loan, (3M <br> USD CME Term SOFR + <br> 5.00%, 1.00% Floor), <br> 9.54%, 3/30/27<br>| 9897 | 9171 |
| First Brands Group LLC, <br> 2022-II Incremental Term <br> Loan, (3M USD CME Term <br> SOFR + 5.00%, 1.00% <br> Floor), 9.54%, 3/30/27<br>| 137201 | 126911 |
|  |  | **136082** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Celsius, Inc., Initial Term <br> Loan, (3M USD CME Term <br> SOFR + 3.25%), 7.55%, <br> 4/01/32<br>| $90000 | $89399 |
| 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>| 167679 | 166170 |
|  |  | **255569** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Virgin Media Bristol LLC, <br> Facility Y, (6M USD CME <br> Term SOFR + 3.18%), <br> 7.37%, 3/31/31<br>| 100000 | **97011** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| A-AP Buyer, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 7.07%, 9/09/31<br>| 59850 | 59626 |
| Natgasoline LLC, 2025 <br> Term Loan, (3M USD CME <br> Term SOFR + 5.50%), <br> 9.80%, 3/29/30<br>| 40000 | 38950 |
|  |  | **98576** |
| **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** |
| LTR Intermediate <br> Holdings, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 4.50%, 1.00% <br> Floor), 8.94%, 5/05/28<br>| 148457 | 140169 |
| Prime Security Services <br> Borrower LLC, 2024-1 <br> Refinancing Term B-1 <br> Loan, (1M USD CME Term <br> SOFR + 2.00%), 6.32%, <br> 10/13/30<br>| 89327 | 88870 |
| Ryan LLC, Closing Date <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.82%, 11/14/30<br>| 148151 | 147632 |
| WIN Waste Innovations <br> Holdings, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 2.75%, 0.50% <br> Floor), 7.19%, 3/24/28<br>| 49490 | 48775 |
|  |  | **425446** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Communications – 0.0%**<sup>(d)</sup> | **Communications – 0.0%**<sup>(d)</sup> | **Communications – 0.0%**<sup>(d)</sup> |
| Diamond Sports Net LLC, <br> Term Loan, (3M USD PIK <br> Interest + 15.00%), <br> 15.00%, 1/02/28<br>| $47106 | $41748 |
| 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), 7.94%, 1/31/29<br>| 19850 | 19006 |
|  |  | **60754** |
| **Consumer Cyclical – 0.5%** | **Consumer Cyclical – 0.5%** | **Consumer Cyclical – 0.5%** |
| Allwyn Entertainment <br> Financing LLC, Facility <br> B-2, (3M USD CME Term <br> SOFR + 2.00%), 6.23%, <br> 6/02/31<br>| 109177 | 107357 |
| 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 | 69417 |
| Clarios Global L.P., <br> Amendment No. 6 Dollar <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 7.07%, 1/28/32<br>| 30000 | 29338 |
| 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>| 178650 | 156431 |
| 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>| 94212 | 92622 |
| Harbor Freight Tools <br> USA, Inc., Replacement <br> Term Loan, (1M USD CME <br> Term SOFR + 2.50%), <br> 6.82%, 6/11/31<br>| 93975 | 87204 |
| Spencer Spirit IH LLC, <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 4.75%), 9.07%, 7/15/31<br>| 199000 | 194523 |
|  |  | **736892** |
| **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** |
| 1261229 B.C. Ltd., Term <br> Loan B, (1M USD CME <br> Term SOFR + 6.25%), <br> 10.57%, 10/08/30<br>| 40000 | 37667 |
| CB Buyer, Inc., Delayed <br> Draw Term Loan, <br> 7/01/31<sup>(o)</sup> <br>| 10320 | 10242 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Consumer Non-Cyclical (Continued)** | **Consumer Non-Cyclical (Continued)** | **Consumer Non-Cyclical (Continued)** |
| CB Buyer, Inc., Initial Term <br> Loan, (3M USD CME Term <br> SOFR + 5.25%, 0.75% <br> Floor), 9.55%, 7/01/31<br>| $49446 | $49075 |
| Global Medical <br> Response, Inc., 2024 <br> Extended Term Loan, (1M <br> USD CME Term SOFR + <br> 4.75%, 1.00% Floor), <br> 9.07%, 10/31/28<br>| 102197 | 101913 |
|  |  | **198897** |
| **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> |
| Adtalem Global <br> Education, Inc., 2024 <br> Second Repricing Term <br> Loan, (1M USD CME Term <br> SOFR + 2.75%, 0.75% <br> Floor), 7.07%, 8/12/28<br>| 14838 | 14838 |
| WW International, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 8.04%, 4/13/28<br>| 20000 | 4650 |
|  |  | **19488** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Clydesdale Acquisition <br> Holdings, Inc., 2025 <br> Incremental Closing Date <br> Term B Loan, 4/01/32<sup>(p)</sup> <br>| 95126 | 94282 |
| Clydesdale Acquisition <br> Holdings, Inc., 2025 <br> Incremental Delayed <br> Draw Term B Loan, <br> 4/01/32<sup>(o)(p)</sup> <br>| 1663 | 1649 |
|  |  | **95931** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Alpha Generation LLC, <br> Initial Term B Loan, (1M <br> USD CME Term SOFR + <br> 2.75%), 7.07%, 9/30/31<br>| 79600 | **79543** |
| **Energy – 0.0%**<sup>(d)</sup> | **Energy – 0.0%**<sup>(d)</sup> | **Energy – 0.0%**<sup>(d)</sup> |
| NGP XI Midstream <br> Holdings LLC, Initial Term <br> Loan, (3M USD CME Term <br> SOFR + 3.50%), 7.80%, <br> 7/25/31<br>| 49875 | **49127** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Allen Media LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 5.50%), <br> 9.95%, 2/10/27<sup>(l)</sup> <br>| $326647 | $160057 |
| EOC Borrower LLC, Term B <br> Loan, (1M USD CME Term <br> SOFR + 3.00%), 7.32%, <br> 3/24/32<br>| 100000 | 98583 |
|  |  | **258640** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| EyeCare Partners LLC, <br> Tranche B Term Loan, (6M <br> USD CME Term SOFR + <br> 1.00%), 5.23%, 11/30/28<br>| 31406 | 24196 |
| LifePoint Health, Inc., <br> 2024-1 Refinancing Term <br> Loan, (3M USD CME Term <br> SOFR + 3.75%), 8.01%, <br> 5/17/31<br>| 94211 | 92239 |
| 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>| 39800 | 38780 |
| MPH Acquisition <br> Holdings LLC, Exchange <br> First Out Term Loan, (3M <br> USD CME Term SOFR + <br> 3.75%, 0.50% Floor), <br> 8.03%, 12/31/30<br>| 14840 | 11872 |
| MPH Acquisition <br> Holdings LLC, Second Out <br> Term Loan, (3M USD CME <br> Term SOFR + 4.60%, <br> 0.50% Floor), 9.14%, <br> 12/31/30<br>| 123021 | 97186 |
| Sonrava Health <br> Holdings LLC, Second-Out <br> Term Loan, (3M USD CME <br> Term SOFR + 1.00%, <br> 0.75% Floor), 5.56%, <br> 8/18/28<sup>(l)</sup> <br>| 361254 | 128245 |
| TEAM Services Group LLC, <br> Incremental Term Loan, <br> (3M USD CME Term SOFR <br> + 5.25%), 9.53%, <br> 12/20/27<br>| 29925 | 28934 |
| TEAM Services Group LLC, <br> Term Loan, (3M USD CME <br> Term SOFR + 5.00%, <br> 1.00% Floor), 9.54%, <br> 12/20/27<br>| 39690 | 38162 |
|  |  | **459614** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Opal Bidco SAS Facility <br> B-2, 4/23/32<sup>(p)</sup> <br>| 170000 | **168407** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Industrial Support Services – 0.2%** | **Industrial Support Services – 0.2%** | **Industrial Support Services – 0.2%** |
| Accession Risk <br> Management Group, Inc., <br> 2022 Delayed Draw <br> Tranche 2 Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.06%, 11/01/29<br>| $9276 | $9241 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.05%, 11/01/29<br>| 7350 | 7322 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.03%, 11/01/29<br>| 4270 | 4254 |
| Accession Risk <br> Management Group, Inc., <br> 2023 Delayed Draw <br> Tranche 2 Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.06%, 11/01/29<br>| 51582 | 51324 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.05%, 11/01/29<br>| 16429 | 16347 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.03%, 11/01/29<br>| 40779 | 40575 |
| Accession Risk <br> Management Group, Inc., <br> Initial Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.06%, 11/01/29<br>| 1054 | 1050 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.05%, 11/01/29<br>| 1610 | 1604 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.03%, 11/01/29<br>| 27474 | 27371 |
| Accession Risk <br> Management Group, Inc., <br> Tranche B Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.06%, 11/01/29<br>| 1300 | 1295 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.05%, 11/01/29<br>| 5732 | 5711 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.03%, 11/01/29<br>| 13617 | 13566 |
| Accession Risk <br> Management Group, Inc., <br> Tranche C Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.06%, 11/01/29<br>| 1431 | 1426 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Industrial Support Services (Continued)** | **Industrial Support Services (Continued)** | **Industrial Support Services (Continued)** |
| Accession Risk <br> Management Group, Inc., <br> Tranche C Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.05%, 11/01/29<br>| $15395 | $15337 |
| (3M USD CME Term SOFR <br> + 4.75%, 0.75% Floor), <br> 9.03%, 11/01/29<br>| 4979 | 4960 |
| 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> 7.57%, 12/11/30<br>| 99750 | 98566 |
|  |  | **299949** |
| **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** | **Institutional Financial Services – 0.2%** |
| Jane Street Group LLC, <br> Seventh Amendment <br> Extended Term Loan, (3M <br> USD CME Term SOFR + <br> 2.00%), 6.31%, 12/15/31<br>| 94212 | 92844 |
| VFH Parent LLC, Term B-2 <br> Loan, (1M USD CME Term <br> SOFR + 2.50%), 6.82%, <br> 6/21/31<br>| 120000 | 119400 |
|  |  | **212244** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| Acrisure LLC, 2024 <br> Repricing Term B-6 Loan, <br> (1M USD CME Term SOFR <br> + 3.00%), 7.32%, <br> 11/06/30<br>| 178580 | 176237 |
| AmWINS Group, Inc., <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 2.25%, 0.75% Floor), <br> 6.57%, 1/30/32<br>| 94212 | 93667 |
| AssuredPartners, Inc., <br> 2024 Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.82%, 2/14/31<br>| 207900 | 207846 |
| Asurion LLC, New B-9 Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 7.69%, <br> 7/31/27<br>| 181552 | 177316 |
| Sedgwick Claims <br> Management <br> Services, Inc. (Lightning <br> Cayman Merger <br> Sub, Ltd.), 2024 Term <br> Loan, (3M USD CME Term <br> SOFR + 3.00%), 7.31%, <br> 7/31/31<br>| 93376 | 92852 |
|  |  | **747918** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| Getty Images, Inc., Dollar <br> Fixed Rate B-1 Loan, (3M <br> USD FIXED + 11.25%), <br> 11.25%, 2/21/30<br>| $30000 | $29550 |
| 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> 8.57%, 5/03/28<br>| 100215 | 94703 |
| MH Sub I LLC, 2024 <br> December New Term <br> Loan, (1M USD CME Term <br> SOFR + 4.25%, 0.50% <br> Floor), 8.57%, 12/31/31<br>| 67824 | 59286 |
| X Corp., Tranche B-1 Loan, <br> (3M USD CME Term SOFR <br> + 6.50%, 0.50% Floor), <br> 10.95%, 10/26/29<br>| 149617 | 144792 |
|  |  | **328331** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Evertec Group LLC, Term <br> Loan B, (1M USD CME <br> Term SOFR + 2.75%, <br> 0.50% Floor), 7.07%, <br> 10/30/30<br>| 72000 | 72000 |
| Nielsen Consumer, Inc., <br> Eleventh Amendment <br> Dollar Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.82%, <br> 3/06/28<br>| 89725 | 89388 |
| UST Global, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 3.00%, <br> 0.50% Floor), 7.33%, <br> 11/20/28<br>| 76873 | 76585 |
|  |  | **237973** |
| **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** |
| Alterra Mountain Co., <br> Series B-6 Term Loan, <br> (1M USD CME Term SOFR <br> + 2.75%), 7.07%, 8/17/28<br>| 218527 | 218254 |
| Caesars <br> Entertainment, Inc., 2023 <br> Incremental Term B Loan, <br> (3M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 6.56%, 2/06/30<br>| 65600 | 64583 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Caesars <br> Entertainment, Inc., Term <br> B-1 Loan, (3M USD CME <br> Term SOFR + 2.25%, <br> 0.50% Floor), 6.56%, <br> 2/06/31<br>| $148500 | $145933 |
| UFC Holdings LLC, <br> Incremental Term B-4 <br> Loan , (3M USD CME <br> Term SOFR + 2.25%), <br> 6.58%, 11/21/31<br>| 94212 | 94074 |
|  |  | **522844** |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| Alliance Laundry <br> Systems LLC, Initial Term <br> B Loan, (3M USD CME <br> Term SOFR + 2.75%), <br> 7.07%, 8/19/31<br>| 94212 | 93376 |
| Dynamo Midco B.V., <br> Facility B, (3M USD CME <br> Term SOFR + 3.50%), <br> 7.80%, 9/30/31<br>| 139300 | 138603 |
| Madison IAQ LLC, 2025 <br> Incremental Term Loan, <br> 5/06/32<sup>(p)</sup> <br>| 60000 | 59363 |
|  |  | **291342** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| 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>| 94212 | 93515 |
| 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>| 199000 | 198130 |
|  |  | **291645** |
| **Metals & Mining – 0.0%**<sup>(d)</sup> | **Metals & Mining – 0.0%**<sup>(d)</sup> | **Metals & Mining – 0.0%**<sup>(d)</sup> |
| GEO Group (The), Inc., The <br> Term Loan, (1M USD CME <br> Term SOFR + 5.25%, <br> 0.75% Floor), 9.57%, <br> 4/13/29<br>| 57035 | **57694** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> |
| Gray Television, Inc., Term <br> F Loan, (1M USD CME <br> Term SOFR + 5.25%), <br> 9.57%, 6/04/29<br>| $49625 | $47833 |
| Learfield <br> Communications LLC, <br> 2024 Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 4.50%), 8.82%, <br> 6/30/28<br>| 8053 | 8021 |
|  |  | **55854** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| Peer Holding III B.V., <br> Facility B-4B, (3M USD <br> CME Term SOFR + <br> 2.50%), 6.80%, 10/28/30<br>| 94211 | 93662 |
| Peer Holding III B.V., <br> Facility B-5B, (3M USD <br> CME Term SOFR + <br> 2.50%), 6.80%, 7/01/31<br>| 89775 | 89298 |
| 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>| 207366 | 206460 |
|  |  | **389420** |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| Cloudera, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.75%, 0.50% <br> Floor), 8.17%, 10/08/28<br>| 89280 | 87662 |
| Cotiviti, Inc., Amendment 2 <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 7.08%, 3/26/32<br>| 80000 | 78100 |
| Cotiviti, Inc., Initial Fixed <br> Rate Term Loan, (3M USD <br> FIXED + 7.63%), 7.63%, <br> 5/01/31<br>| 90000 | 88819 |
| Cotiviti, Inc., Initial <br> Floating Rate Term Loan, <br> (1M USD CME Term SOFR <br> + 2.75%), 7.07%, 5/01/31<br>| 108828 | 106380 |
| Dayforce, Inc., First <br> Amendment Refinancing <br> Term Loan, 3/01/31<sup>(p)</sup> <br>| 28494 | 28459 |
| DCert Buyer, Inc., First <br> Amendment Refinancing <br> Loan, (1M USD CME Term <br> SOFR + 7.00%), 11.32%, <br> 2/19/29<br>| 94212 | 77254 |
| DCert Buyer, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 4.00%), <br> 8.32%, 10/16/26<br>| 169778 | 163883 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Modena Buyer LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 4.50%), <br> 8.78%, 7/01/31<br>| $93975 | $88890 |
| MRI Software LLC, Closing <br> Date Term Loan, (3M USD <br> CME Term SOFR + 4.75%, <br> 1.00% Floor), 9.05%, <br> 2/10/27<br>| 81408 | 80594 |
| MRI Software LLC, Second <br> Amendment Term Loan, <br> (3M USD CME Term SOFR <br> + 4.75%, 1.00% Floor), <br> 9.05%, 2/10/27<br>| 25126 | 24875 |
| Red Planet Borrower LLC, <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.92%, 10/02/28<br>| 59691 | 58273 |
| Starlight Parent LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 4.00%), <br> 8.26%, 4/16/32<br>| 117765 | 113496 |
|  |  | **996685** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| Blackhawk Network <br> Holdings, Inc., Additional <br> Term B-2 Loan, (1M USD <br> CME Term SOFR + 4.00%, <br> 1.00% Floor), 8.32%, <br> 3/12/29<br>| 99251 | 99050 |
| 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>| 99750 | 99501 |
| KREF Holdings X LLC, <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.25%), 7.57%, 3/05/32<br>| 100000 | 98938 |
| Starwood Property <br> Mortgage LLC, 2024 <br> Repricing Term Loan, <br> 11/18/27<sup>(p)</sup> <br>| 47106 | 46988 |
|  |  | **344477** |
| **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
| X Corp., Tranche B-3 Term <br> Loan, (6M USD FIXED + <br> 9.50%), 9.50%, 10/26/29<br>| 90000 | **87731** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Global Tel Link Corp., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 7.50%, <br> 3.00% Floor), 11.82%, <br> 8/06/29<br>| 89550 | **83655** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| QualityTech L.P., Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.82%, <br> 11/04/31<br>| $140000 | **$138950** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Brown Group Holding LLC, <br> Incremental Term B-2 <br> Facility,<br>|  |  |
| (3M USD CME Term SOFR <br> + 2.50%, 0.50% Floor), <br> 6.81%, 7/01/31<br>| 6711 | 6636 |
| (3M USD CME Term SOFR <br> + 2.50%, 0.50% Floor), <br> 6.78%, 7/01/31<br>| 14142 | 13984 |
| (3M USD CME Term SOFR <br> + 2.50%, 0.50% Floor), <br> 6.82%, 7/01/31<br>| 8698 | 8601 |
| United AirLines, Inc., <br> Class B Term Loan, (3M <br> USD CME Term SOFR + <br> 2.00%), 6.28%, 2/22/31<br>| 149545 | 148938 |
|  |  | **178159** |
| **Total Term Loans** <br>(Cost $9,120,817) | **Total Term Loans** <br>(Cost $9,120,817) | **8547509** |

---

---

| | | |
|:---|:---|:---|
|  | **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, <br> 3/12/30<sup>(l)\*</sup> <br>| 6153 | **86142** |
| **Total Warrants** <br>(Cost $74,903) | **Total Warrants** <br>(Cost $74,903) | **86142** |
| **Investment Companies – 16.4%** | **Investment Companies – 16.4%** | **Investment Companies – 16.4%** |
| Schwab Short-Term <br> U.S. Treasury ETF<br>| 171063 | 4184201 |
| Schwab U.S. REIT ETF | 73125 | 1537819 |
| Vanguard <br> Intermediate-Term <br> Treasury ETF<br>| 68548 | 4110823 |
| Vanguard Long-Term <br> Treasury ETF<sup>(e)</sup> <br>| 177746 | 10103083 |
| Vanguard Total World <br> Stock ETF<br>| 25051 | 2920946 |
| **Total Investment Companies** <br>(Cost $22,652,309) | **Total Investment Companies** <br>(Cost $22,652,309) | **22856872** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **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%** |
| Edison International, (5Y <br> US Treasury CMT + <br> 4.70%), 5.38%, <br> 3/09/26<sup>(i)(j)</sup> <br>|  | 110000 | $103102 |
| Plains All American <br> Pipeline L.P., (3M CME <br> Term SOFR + 4.37%), <br> 8.69%, 5/30/25<sup>(b)(i)</sup> <br>|  | 130000 | 128222 |
| U.S. Airways Pass Through <br> Trust, Series 2013-1, <br> Class A, 3.95%, 11/15/25<br>|  | 19036 | 18947 |
| United Airlines Pass <br> Through Trust, Series <br> 2020-1, Class B, 4.88%, <br> 1/15/26<sup>(e)</sup> <br>|  | 19942 | 19869 |
|  |  |  | **270140** |
| **Foreign Issuer Bonds – 0.0%**<sup>(d)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(d)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(d)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(d)</sup> |
| Brazil Letras do Tesouro <br> Nacional,0.00%, <br> 1/01/26<sup>(q)</sup> <br>| BRL | 114000 | **18311** |
| **Money Market Funds – 5.9%** | **Money Market Funds – 5.9%** | **Money Market Funds – 5.9%** | **Money Market Funds – 5.9%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(r)(s)</sup> <br>|  | 3141013 | 3141013 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(r)</sup> <br>|  | 5140016 | 5140016 |
|  |  |  | **8281029** |
| **Total Short-Term Investments** <br>(Cost $8,560,042) | **Total Short-Term Investments** <br>(Cost $8,560,042) | **Total Short-Term Investments** <br>(Cost $8,560,042) | **8569480** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>| **Value** |
| **Purchased Options – 0.0%**<sup>(d)</sup>  | **Purchased Options – 0.0%**<sup>(d)</sup>  | **Purchased Options – 0.0%**<sup>(d)</sup>  | **Purchased Options – 0.0%**<sup>(d)</sup>  |
| **Put Swaptions - Over the Counter – 0.0%**<sup>(d)</sup> | **Put Swaptions - Over the Counter – 0.0%**<sup>(d)</sup> | **Put Swaptions - Over the Counter – 0.0%**<sup>(d)</sup> | **Put Swaptions - Over the Counter – 0.0%**<sup>(d)</sup> |
| Markit CDX North America <br> High Yield Index Series 44 <br> (Pay Quarterly): Credit <br> Default Swap Maturing <br> 6/20/2030, Strike Price USD <br> 104.50, Expires 6/18/25, <br> Counterparty: BNP Paribas<br>| 1 | $200000 | $937 |
| Markit CDX North America <br> High Yield Index Series 44 <br> (Pay Quarterly): Credit <br> Default Swap Maturing <br> 6/20/2030, Strike Price USD <br> 102.50, Expires 6/18/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 200000 | 2977 |
| **Total Purchased Options**<br> (Premiums Paid $3,920) | **Total Purchased Options**<br> (Premiums Paid $3,920) | **Total Purchased Options**<br> (Premiums Paid $3,920) | **3914** |

---

---

| | |
|:---|:---|
| **Total Investments – 100.3%** <br>(Cost $134,498,776) | **140251866** |
| **Total Written Options** — **(0.0)**%<sup>(d)</sup> <br>(Premiums Received $3,920) | (1510)<br>|
| Liabilities less Other Assets – (0.3)%<sup>(t)</sup>  | (423601)<br>|
| **NET ASSETS – 100.0%** | **$139826755** |

---

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

---

| | |
|:---|:---|
| 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>| Variable or floating rate security. Rate as of April 30, 2025 is disclosed. |
| <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 April 30, 2025, these securities had a total value of $29,442,891 or 21.06% <br> of net assets.<br>|
| <sup>(d)</sup> <br>| Amount rounds to less than 0.05%. |
| <sup>(e)</sup> <br>| Security either partially or fully on loan. (See Note 6.) |
| <sup>(f)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(g)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3) (See Note 3 regarding investments in Russian securities). |
| <sup>(h)</sup> <br>| Distributions from this security are made via payments in-kind (PIK) unless otherwise noted in the description. |
| <sup>(i)</sup> <br>| Perpetual bond. Maturity date represents next call date. |
| <sup>(j)</sup> <br>| Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of April 30, 2025 is <br> disclosed.<br>|
| <sup>(k)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3). |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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>(l)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At April 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $491,599 or 0.35% of net assets. 

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| Allen Media LLC, Initial Term Loan, 9.95%, 2/10/27 | 2/23/2022 | $326431 |
| New Generation Gas Gathering LLC, 10.34%, 9/30/29 | 9/19/24-1/21/25 | 117281 |
| Sonrava Health Holdings LLC, Second-Out Term Loan, 5.56%, 8/18/28 | 6/28/24-3/17/25 | 352570 |
| Spirit Airlines LLC, 3/12/30 | 3/13/2025 | 74903 |

---

<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 April 30, 2025 is disclosed. 

<sup>(n)</sup> Step coupon bond. Rate as of April 30, 2025 is disclosed.

<sup>(o)</sup> Unfunded loan commitment. As of April 30, 2025, total value of unfunded loan commitment is $11,891.

<sup>(p)</sup> Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement date.

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

<sup>(r)</sup> 7-day current yield as of April 30, 2025 is disclosed.

<sup>(s)</sup> Security purchased with the cash proceeds from securities loaned. (See Note 6.)

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

\* Non-income producing security

**Abbreviations:**<br>

---

| | |
|:---|:---|
| 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 |
| CAD | Canadian Dollar |
| CDX | Credit Default Swap Index |
| CHF | Swiss Franc |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CR | Custody Receipt |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| INR | Indian Rupee |
| JMD | Jamaican Dollar |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| L.P. | Limited Partnership |
| LLC | Limited Liability Company |
| MTN | Medium Term Note |
| MXN | Mexican Peso |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | |
|:---|:---|
| PIK | Payment In Kind |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| RUB | Russian Ruble |
| SEK | Swedish Kronor |
| SOFR | United States Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |
| TIIE | Tasa de Interés Interbancaria de Equilibrio |
| TWD | Taiwan Dollar |
| ULC | Unlimited Liability Corporation |
| USD | United States Dollar |
| UYU | Uruguay Peso |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 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; 16 | &nbsp;&nbsp; 6/06/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2388592 | &nbsp;&nbsp; $8004 |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6/16/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 515517 | &nbsp;&nbsp; 13214 |
| U.S. Treasury Long Bond | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2565750 | &nbsp;&nbsp; 16320 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 726188 | &nbsp;&nbsp; 2870 |
| Long Gilt | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6/26/2025 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 1246341 | &nbsp;&nbsp; 5080 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4371117 | &nbsp;&nbsp; 45914 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5678156 | &nbsp;&nbsp; 98343 |
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$189745** |
| **Short Contracts** |  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2917687 | &nbsp;&nbsp; $**(47219**)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$142526** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 7/16/25 | Australian Dollars | &nbsp;&nbsp; 1041801 | U.S. Dollars | &nbsp;&nbsp; 630632 | Citibank | &nbsp;&nbsp; $37311 |
| 7/16/25 | Japanese Yen | &nbsp;&nbsp; 93432202 | U.S. Dollars | &nbsp;&nbsp; 648788 | Goldman Sachs | &nbsp;&nbsp; 10504 |
| 7/16/25 | Canadian Dollars | &nbsp;&nbsp; 194822 | U.S. Dollars | &nbsp;&nbsp; 137638 | Goldman Sachs | &nbsp;&nbsp; 4241 |
| 7/16/25 | Euro | &nbsp;&nbsp; 51484 | U.S. Dollars | &nbsp;&nbsp; 56634 | Citibank | &nbsp;&nbsp; 1979 |
| 7/16/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 720000 | U.S. Dollars | &nbsp;&nbsp; 98033 | JPMorgan Chase | &nbsp;&nbsp; 1613 |
| 7/16/25 | Euro | &nbsp;&nbsp; 40000 | U.S. Dollars | &nbsp;&nbsp; 43990 | Morgan Stanley | &nbsp;&nbsp; 1549 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 7/16/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 570000 | U.S. Dollars | &nbsp;&nbsp; 77578 | BNP Paribas | &nbsp;&nbsp; $1310 |
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 74639 | Swiss Francs | &nbsp;&nbsp; 60000 | Morgan Stanley | &nbsp;&nbsp; 1238 |
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 63392 | Euro | &nbsp;&nbsp; 55000 | Citibank | &nbsp;&nbsp; 776 |
| 7/16/25 | Indian Rupees | &nbsp;&nbsp; 2535964 | U.S. Dollars | &nbsp;&nbsp; 29072 | Citibank | &nbsp;&nbsp; 732 |
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 59700 | Euro | &nbsp;&nbsp; 52000 | Goldman Sachs | &nbsp;&nbsp; 500 |
| 7/16/25 | Swiss Francs | &nbsp;&nbsp; 50000 | U.S. Dollars | &nbsp;&nbsp; 60949 | Goldman Sachs | &nbsp;&nbsp; 217 |
| 7/16/25 | Swiss Francs | &nbsp;&nbsp; 20000 | U.S. Dollars | &nbsp;&nbsp; 24381 | JPMorgan Chase | &nbsp;&nbsp; 86 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $62056 |
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 122204 | Swiss Francs | &nbsp;&nbsp; 100000 | Morgan Stanley | &nbsp;&nbsp; $(130)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 46890 | Canadian Dollars | &nbsp;&nbsp; 64822 | Goldman Sachs | &nbsp;&nbsp; (317)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 11921 | Mexican Pesos | &nbsp;&nbsp; 249355 | Goldman Sachs | &nbsp;&nbsp; (662)<br>|
| 5/05/25 | Brazilian Reals | &nbsp;&nbsp; 1060728 | U.S. Dollars | &nbsp;&nbsp; 187381 | Goldman Sachs | &nbsp;&nbsp; (719)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 93545 | Canadian Dollars | &nbsp;&nbsp; 130000 | Citibank | &nbsp;&nbsp; (1128)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 39127 | Australian Dollars | &nbsp;&nbsp; 65039 | Goldman Sachs | &nbsp;&nbsp; (2572)<br>|
| 5/05/25 | U.S. Dollars | &nbsp;&nbsp; 184055 | Brazilian Reals | &nbsp;&nbsp; 1060728 | Goldman Sachs | &nbsp;&nbsp; (2607)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 273934 | Australian Dollars | &nbsp;&nbsp; 431857 | Citibank | &nbsp;&nbsp; (2949)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 556395 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 4075208 | Goldman Sachs | &nbsp;&nbsp; (7603)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 563081 | Indian Rupees | &nbsp;&nbsp; 48806445 | Citibank | &nbsp;&nbsp; (10520)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 431420 | British Pounds | &nbsp;&nbsp; 337642 | Goldman Sachs | &nbsp;&nbsp; (18691)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(47898)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$14158** |

---

**Written Call Credit Default Swaption Contracts outstanding at April 30, 2025:**

**Over the Counter** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | &nbsp;&nbsp; **Exercise** <br>**Price** | **Expiration** <br>**Date**<br>| **Value** |
| Markit CDX North America High <br> Yield Index Series 44 (Pay <br> Quarterly): Credit Default Swap <br> Maturing 6/20/2030<br>| BNP Paribas | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200000 | 99.50 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; $(879)<br>|
| Markit CDX North America High <br> Yield Index Series 44 (Pay <br> Quarterly): Credit Default Swap <br> Maturing 6/20/2030<br>| Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200000 | 98.00 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; (631)<br>|
| **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $3,920)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $3,920)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $3,920)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $3,920)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $3,920)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $3,920)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $3,920)** | &nbsp;&nbsp; **$(1510)**<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 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>|
| 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.90% (Monthly) | 11/16/2029 | MXN | 20240000 | $49828 | $— | $49828 |
| 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.89% (Monthly) | 11/10/2034 | MXN | 3550000 | 9164 |  | 9164 |
| **Total** |  |  |  |  | **$58992** | **$—** | **$58992** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 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>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 11.03% (At Maturity) | JPMorgan Chase | 1/02/2026 | BRL | 4988414 | $(25897)<br>| $— | $(25897)<br>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 10.26% (At Maturity) | JPMorgan Chase | 1/02/2029 | BRL | 3493323 | (81517)<br>|  | (81517)<br>|
| **Total** |  |  |  |  |  | **$(107414)**<br>| **$—** | **$(107414)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 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>|
| 1-Day USD SOFR <br> +0.05% (At Maturity)<br>| Western Asset Management <br>Emerging Markets Frontier Custom Basket<br>| 7/03/2025 | JPMorgan Chase | USD | 424000 | $(43291)<br>| $— | $(43291)<br>|
| **Total** |  |  |  |  |  | **$(43291)**<br>| **$—** | **$(43291)**<br>|

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4955367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4955367 |
| Common Stocks | &nbsp;&nbsp; 36437261 | &nbsp;&nbsp; 24422234 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 60859495 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 10063 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10063 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10321338 | &nbsp;&nbsp; $117155 | &nbsp;&nbsp; $10438493 |
| Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1489 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1489 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 7462852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7462852 |
| Master Limited Partnerships | &nbsp;&nbsp; 4859415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4859415 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 11600775 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11600775 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 8547509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8547509 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 |
| Investment Companies | &nbsp;&nbsp; 22856872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22856872 |
| Short-Term Investments | &nbsp;&nbsp; 8281029 | &nbsp;&nbsp; 288451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8569480 |
| Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 3914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3914 |
| **Total Investments** | &nbsp;&nbsp; $72434577 | &nbsp;&nbsp; $67700134 | &nbsp;&nbsp; $117155 | &nbsp;&nbsp; $140251866 |

---

\*Includes securities determined to have no value as of April 30, 2025. <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $189745 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $189745 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 62056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62056 |
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 58992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58992 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $189745 | &nbsp;&nbsp; $121048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $310793 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(47219)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(47219)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (47898)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (47898)<br>|
| Written Options  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1510)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1510)<br>|
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (150705)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (150705)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(47219)<br>| &nbsp;&nbsp; $(200113)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(247332)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $142526 | &nbsp;&nbsp; $(79065)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $63461 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 110.6%** | **Long Positions – 110.6%** | **Long Positions – 110.6%** |
| **Asset-Backed Securities – 1.7%** | **Asset-Backed Securities – 1.7%** | **Asset-Backed Securities – 1.7%** |
| **Other – 1.6%** | **Other – 1.6%** | **Other – 1.6%** |
| Affirm Master Trust, Series <br> 2025-1A, Class A, 4.99%, <br> 2/15/33<sup>(b)</sup> <br>| $304000 | $305540 |
| Benefit Street Partners <br> CLO XXXVII Ltd., Series <br> 2024-37A, Class A, (3M <br> CME Term SOFR + 1.35%, <br> 1.35% Floor), 5.70%, <br> 1/25/38<sup>(b)(c)</sup> <br>| 470000 | 470000 |
| BlueMountain Fuji U.S. <br> CLO II Ltd., Series <br> 2017-2A, Class A1AR, <br> (3M CME Term SOFR + <br> 1.26%), 5.53%, <br> 10/20/30<sup>(b)(c)</sup> <br>| 196869 | 196869 |
| Carbone CLO Ltd., Series <br> 2017-1A, Class A1, (3M <br> CME Term SOFR + <br> 1.40%), 5.67%, <br> 1/20/31<sup>(b)(c)</sup> <br>| 95370 | 95341 |
| 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), 5.51%, <br> 4/17/31<sup>(b)(c)</sup> <br>| 57617 | 57617 |
| Series 2014-3RA, <br> Class A1A, (3M CME <br> Term SOFR + 1.31%), <br> 5.59%, 7/27/31<sup>(b)(c)</sup> <br>| 42821 | 42821 |
| Carva CLO VIII-C Ltd., <br> Series 2022-2A, <br> Class A1R, (3M CME <br> Term SOFR + 1.42%, <br> 1.42% Floor), 5.69%, <br> 10/22/37<sup>(b)(c)</sup> <br>| 250000 | 250117 |
| CIFC Funding Ltd., |  |  |
| Series 2017-4A, <br> Class A1R, (3M CME <br> Term SOFR + 1.21%, <br> 0.95% Floor), 5.49%, <br> 10/24/30<sup>(b)(c)</sup> <br>| 77004 | 77004 |
| Series 2025-2A, Class A, <br> (3M CME Term SOFR + <br> 1.13%), 5.41%, <br> 4/15/38<sup>(b)(c)</sup> <br>| 250000 | 248375 |
| Citigroup Mortgage Loan <br> Trust, Inc., Series <br> 2007-WFH4, Class M3A, <br> (1M CME Term SOFR + <br> 3.86%, 3.75% Floor), <br> 8.19%, 7/25/37<sup>(c)</sup> <br>| 500000 | 477402 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| CWABS Asset-Backed <br> Certificates Trust, Series <br> 2006-14, Class M1, (1M <br> CME Term SOFR + 0.55%, <br> 0.44% Floor), 4.88%, <br> 2/25/37<sup>(c)</sup> <br>| $109890 | $94364 |
| Dewolf Park CLO Ltd., <br> Series 2017-1A, <br> Class AR, (3M CME Term <br> SOFR + 1.18%, 0.90% <br> Floor), 5.44%, <br> 10/15/30<sup>(b)(c)</sup> <br>| 95021 | 94853 |
| Dryden 40 Senior <br> Loan Fund, Series <br> 2015-40A, Class AR2, <br> (3M CME Term SOFR + <br> 1.15%, 1.15% Floor), <br> 5.47%, 8/15/31<sup>(b)(c)</sup> <br>| 170520 | 170106 |
| Dryden XXVI Senior <br> Loan Fund, Series <br> 2013-26A, Class AR, (3M <br> CME Term SOFR + <br> 1.16%), 5.42%, <br> 4/15/29<sup>(b)(c)</sup> <br>| 75515 | 75477 |
| Elmwood CLO 36 Ltd., <br> Series 2024-12RA, <br> Class AR, (3M CME Term <br> SOFR + 1.34%, 1.34% <br> Floor), 5.61%, <br> 10/20/37<sup>(b)(c)</sup> <br>| 500000 | 499626 |
| Enterprise Fleet <br> Financing LLC, Series <br> 2024-4, Class A4, 4.70%, <br> 6/20/31<sup>(b)</sup> <br>| 50000 | 50456 |
| FIGRE Trust, |  |  |
| Series 2024-SL1, <br> Class A1, 5.75%, <br> 7/25/53<sup>(b)</sup> <br>| 401071 | 404254 |
| Series 2025-HE1, <br> Class A, 5.83%, <br> 1/25/55<sup>(b)</sup> <br>| 846240 | 853966 |
| First Franklin Mortgage <br> Loan Trust,<br>|  |  |
| Series 2003-FF4, <br> Class M1, (1M CME <br> Term SOFR + 1.91%, <br> 1.80% Floor), 6.24%, <br> 10/25/33<sup>(c)</sup> <br>| 190733 | 186208 |
| Series 2006-FF13, <br> Class A1, (1M CME <br> Term SOFR + 0.35%, <br> 0.24% Floor), 4.68%, <br> 10/25/36<sup>(c)</sup> <br>| 25558 | 16300 |
| Series 2006-FF13, <br> Class A2C, (1M CME <br> Term SOFR + 0.43%, <br> 0.32% Floor), 4.76%, <br> 10/25/36<sup>(c)</sup> <br>| 14912 | 9631 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| FNA 8 LLC, Series 2025-1, <br> Class A, 5.62%, <br> 3/15/45<sup>(b)</sup> <br>| $104534 | $105206 |
| GoldenTree Loan <br> Management U.S. CLO 23 <br> Ltd.,<br>|  |  |
| Series 2024-23A, <br> Class A, (3M CME Term <br> SOFR + 1.27%, 1.27% <br> Floor), 5.55%, <br> 1/20/39<sup>(b)(c)</sup> <br>| 380000 | 376435 |
| Series 2024-23A, Class B, <br> (3M CME Term SOFR + <br> 1.60%, 1.60% Floor), <br> 5.88%, 1/20/39<sup>(b)(c)</sup> <br>| 610000 | 604022 |
| Golub Capital Partners CLO <br> 43B Ltd., Series <br> 2019-43A, Class A1R, <br> (3M CME Term SOFR + <br> 1.34%, 1.34% Floor), <br> 5.61%, 10/20/37<sup>(b)(c)</sup> <br>| 420000 | 419762 |
| GoodLeap Home <br> Improvement Solutions <br> Trust,<br>|  |  |
| Series 2024-1A, Class A, <br> 5.35%, 10/20/46<sup>(b)</sup> <br>| 127498 | 128416 |
| Series 2025-1A, Class A, <br> 5.38%, 2/20/49<sup>(b)</sup> <br>| 275069 | 277294 |
| Series 2025-1A, Class B, <br> 6.27%, 2/20/49<sup>(b)</sup> <br>| 53745 | 53963 |
| GSAA Home Equity Trust, <br> Series 2006-4, Class 1A1, <br> 4.14%, 3/25/36<sup>(d)</sup> <br>| 41152 | 27115 |
| 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)(c)</sup> <br>| 175111 | 174850 |
| LCM 36 Ltd., Series 36A, <br> Class A1R, (3M CME <br> Term SOFR + 1.07%), <br> 5.33%, 1/15/34<sup>(b)(c)</sup> <br>| 250000 | 248158 |
| Long Beach Mortgage <br> Loan Trust, Series 2006-6, <br> Class 2A3, (1M CME <br> Term SOFR + 0.41%, <br> 0.30% Floor), 4.74%, <br> 7/25/36<sup>(c)</sup> <br>| 704727 | 274974 |
| Mariner Finance Issuance <br> Trust, Series 2024-BA, <br> Class A, 4.91%, <br> 11/20/38<sup>(b)</sup> <br>| 134000 | 135375 |
| MFA Trust, Series <br> 2024-NPL1, Class A1, <br> (Step to 0.36% on <br> 5/25/25), 6.33%, <br> 9/25/54<sup>(e)</sup> <br>| 99048 | 99252 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| MidOcean Credit CLO <br> XI Ltd., Series 2022-11A, <br> Class A1R2, (3M CME <br> Term SOFR + 1.21%, <br> 1.21% Floor), 5.48%, <br> 1/18/36<sup>(b)(c)</sup> <br>| $370000 | $366904 |
| Nelnet Student Loan Trust, <br> Series 2025-AA, <br> Class A1B, (30D Average <br> SOFR + 1.10%), 5.45%, <br> 3/15/57<sup>(b)(c)</sup> <br>| 105000 | 103993 |
| 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)(c)</sup> <br>| 250000 | 246453 |
| OCP Aegis CLO Ltd., Series <br> 2024-39A, Class A1, (3M <br> CME Term SOFR + 1.22%, <br> 1.22% Floor), 5.48%, <br> 1/16/37<sup>(b)(c)</sup> <br>| 250000 | 247897 |
| OCP CLO Ltd., Series <br> 2020-8RA, Class AR, (3M <br> CME Term SOFR + 1.25%, <br> 1.25% Floor), 5.53%, <br> 10/17/36<sup>(b)(c)</sup> <br>| 250000 | 249500 |
| Option One Mortgage Loan <br> Trust, Series 2007-FXD1, <br> Class 3A4, (Step to <br> 3.94% on 6/25/25), <br> 5.86%, 1/25/37<sup>(e)</sup> <br>| 29211 | 28502 |
| Regatta IX Funding Ltd., <br> Series 2017-1A, <br> Class B1R, (3M CME <br> Term SOFR + 2.00%, <br> 2.00% Floor), 6.28%, <br> 4/17/37<sup>(b)(c)</sup> <br>| 360000 | 358776 |
| Regatta XVIII Funding Ltd., <br> Series 2021-1A, <br> Class A1R, (3M CME <br> Term SOFR + 1.16%), <br> 5.42%, 4/15/38<sup>(b)(c)</sup> <br>| 250000 | 248750 |
| Republic Finance Issuance <br> Trust,<br>|  |  |
| Series 2024-B, Class A, <br> 5.42%, 11/20/37<sup>(b)</sup> <br>| 212000 | 214556 |
| Series 2024-B, Class B, <br> 5.86%, 11/20/37<sup>(b)</sup> <br>| 100000 | 101142 |
| RR Ltd., Series 2022-24A, <br> Class A1A2, (3M CME <br> Term SOFR + 1.31%, <br> 1.31% Floor), 5.57%, <br> 1/15/37<sup>(b)(c)</sup> <br>| 500000 | 499579 |
| 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)(c)</sup> <br>| 250000 | 248569 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Silver Point CLO Ltd., <br> Series 2024-7A, <br> Class A1, (3M CME Term <br> SOFR + 1.36%, 1.36% <br> Floor), 5.64%, <br> 1/15/38<sup>(b)(c)</sup> <br>| $250000 | $249928 |
| 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)(c)</sup> <br>| 105506 | 105835 |
| SoFi Consumer Loan <br> Program Trust, Series <br> 2025-1, Class A, 4.80%, <br> 2/27/34<sup>(b)</sup> <br>| 541074 | 541641 |
| Sycamore Tree CLO Ltd., <br> Series 2021-1A, <br> Class AR, (3M CME Term <br> SOFR + 1.39%, 1.39% <br> Floor), 5.66%, <br> 1/20/38<sup>(b)(c)</sup> <br>| 250000 | 250222 |
| TCI-Symphony CLO Ltd., <br> Series 2016-1A, <br> Class AR2, (3M CME <br> Term SOFR + 1.28%, <br> 1.02% Floor), 5.52%, <br> 10/13/32<sup>(b)(c)</sup> <br>| 147927 | 147632 |
| TICP CLO XII Ltd., Series <br> 2018-12A, Class AR, (3M <br> CME Term SOFR + 1.43%, <br> 1.17% Floor), 5.69%, <br> 7/15/34<sup>(b)(c)</sup> <br>| 250000 | 250000 |
| Towd Point Mortgage <br> Trust, Series 2025-CRM1, <br> Class A1, (Step to 6.80% <br> on 2/25/29), 5.80%, <br> 1/25/65<sup>(b)(e)</sup> <br>| 873542 | 880898 |
| Trimaran CAVU Ltd., Series <br> 2024-1A, Class A, (3M <br> CME Term SOFR + 1.38%, <br> 1.38% Floor), 5.64%, <br> 1/25/38<sup>(b)(c)</sup> <br>| 250000 | 250000 |
| Trinitas CLO XXXI Ltd., <br> Series 2024-31A, <br> Class A1, (3M CME Term <br> SOFR + 1.35%, 1.35% <br> Floor), 5.62%, <br> 1/22/38<sup>(b)(c)</sup> <br>| 250000 | 248857 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Warwick Capital CLO Ltd., <br> Series 2024-5A, <br> Class A1, (3M CME Term <br> SOFR + 1.36%, 1.36% <br> Floor), 5.68%, <br> 1/20/38<sup>(b)(c)</sup> <br>|  | $321000 | $320858 |
| Whitebox CLO II Ltd., <br> Series 2020-2A, <br> Class A1R2, (3M CME <br> Term SOFR + 1.38%, <br> 1.38% Floor), 5.66%, <br> 10/24/37<sup>(b)(c)</sup> <br>|  | 500000 | 500655 |
|  |  |  | **14262296** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Dowson PLC, |  |  |  |
| Series 2024-1, Class E, <br> (SONIO/N Index + <br> 3.95%), 8.42%, <br> 8/20/31<sup>(c)</sup> <br>| GBP | 116000 | 153702 |
| Series 2024-1, Class F, <br> (SONIO/N Index + <br> 6.95%), 11.42%, <br> 8/20/31<sup>(c)</sup> <br>|  | 170000 | 225249 |
|  |  |  | **378951** |
| **Total Asset-Backed Securities** <br>(Cost $14,839,978) | **Total Asset-Backed Securities** <br>(Cost $14,839,978) | **Total Asset-Backed Securities** <br>(Cost $14,839,978) | **14641247** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 0.2%** | **Common Stocks – 0.2%** | **Common Stocks – 0.2%** |
| **Aerospace & Defense – 0.0%**<sup>(f)</sup> | **Aerospace & Defense – 0.0%**<sup>(f)</sup> | **Aerospace & Defense – 0.0%**<sup>(f)</sup> |
| Boeing (The) Co.\* | 209 | 38297 |
| Howmet Aerospace, Inc. | 252 | 34922 |
| Lockheed Martin Corp. | 64 | 30576 |
| TransDigm Group, Inc. | 23 | 32501 |
|  |  | **136296** |
| **Asset Management – 0.0%**<sup>(f)</sup> | **Asset Management – 0.0%**<sup>(f)</sup> | **Asset Management – 0.0%**<sup>(f)</sup> |
| WM Cayman <br>Holdings Ltd. II<sup>(g)\*</sup> <br>| 405 | **11340** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| Bank of America Corp. | 776 | 30947 |
| Citigroup, Inc. | 460 | 31455 |
| JP Morgan Chase & Co. | 1219 | 298192 |
| Wells Fargo & Co. | 463 | 32877 |
|  |  | **393471** |
| **Biotechnology & Pharmaceuticals – 0.0%**<sup>(f)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(f)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(f)</sup> |
| AbbVie, Inc. | 143 | 27900 |
| Eli Lilly & Co. | 37 | 33261 |
|  |  | **61161** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **E-Commerce Discretionary – 0.0%**<sup>(f)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(f)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(f)</sup> |
| Amazon.com, Inc.\* | 159 | $29323 |
| MercadoLibre, Inc.\* | 16 | 37293 |
|  |  | **66616** |
| **Electric Utilities – 0.0%**<sup>(f)</sup> | **Electric Utilities – 0.0%**<sup>(f)</sup> | **Electric Utilities – 0.0%**<sup>(f)</sup> |
| Vistra Corp. | 572 | **74148** |
| **Electrical Equipment – 0.0%**<sup>(f)</sup> | **Electrical Equipment – 0.0%**<sup>(f)</sup> | **Electrical Equipment – 0.0%**<sup>(f)</sup> |
| GE Vernova, Inc. | 127 | 47094 |
| Trane Technologies PLC | 91 | 34881 |
| Vertiv Holdings Co., <br> Class A<br>| 396 | 33811 |
|  |  | **115786** |
| **Entertainment Content – 0.0%**<sup>(f)</sup> | **Entertainment Content – 0.0%**<sup>(f)</sup> | **Entertainment Content – 0.0%**<sup>(f)</sup> |
| Netflix, Inc.\* | 36 | 40742 |
| Take-Two Interactive <br> Software, Inc.\*<br>| 154 | 35931 |
|  |  | **76673** |
| **Health Care Facilities & Services – 0.0%**<sup>(f)</sup> | **Health Care Facilities & Services – 0.0%**<sup>(f)</sup> | **Health Care Facilities & Services – 0.0%**<sup>(f)</sup> |
| McKesson Corp. | 47 | **33501** |
| **Insurance – 0.0%**<sup>(f)</sup> | **Insurance – 0.0%**<sup>(f)</sup> | **Insurance – 0.0%**<sup>(f)</sup> |
| Marsh & McLennan Cos., <br> Inc.<sup>(h)</sup> <br>| 131 | 29537 |
| Progressive (The) Corp. | 111 | 31273 |
|  |  | **60810** |
| **Internet Media & Services – 0.0%**<sup>(f)</sup> | **Internet Media & Services – 0.0%**<sup>(f)</sup> | **Internet Media & Services – 0.0%**<sup>(f)</sup> |
| Alphabet, Inc., Class C | 184 | 29604 |
| Meta Platforms, Inc., <br> Class A<br>| 52 | 28548 |
|  |  | **58152** |
| **Leisure Facilities & Services – 0.0%**<sup>(f)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(f)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(f)</sup> |
| Live Nation <br> Entertainment, Inc.\*<br>| 252 | **33378** |
| **Machinery – 0.0%**<sup>(f)</sup> | **Machinery – 0.0%**<sup>(f)</sup> | **Machinery – 0.0%**<sup>(f)</sup> |
| Ingersoll Rand, Inc. | 370 | **27909** |
| **Medical Equipment & Devices – 0.0%**<sup>(f)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(f)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(f)</sup> |
| Boston Scientific Corp.\* | 329 | 33844 |
| Intuitive Surgical, Inc.\* | 65 | 33527 |
| Masimo Corp.\* | 186 | 29939 |
| Stryker Corp. | 84 | 31409 |
| Thermo Fisher <br> Scientific, Inc.<br>| 59 | 25311 |
|  |  | **154030** |
| **Oil & Gas Supply Chain – 0.0%**<sup>(f)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(f)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(f)</sup> |
| Kinder Morgan, Inc. | 1507 | **39634** |
| **Real Estate Investment Trusts – 0.0%**<sup>(f)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(f)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(f)</sup> |
| Invitation Homes, Inc. | 2564 | **87663** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Consumer Staples – 0.0%**<sup>(f)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(f)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(f)</sup> |
| Costco Wholesale Corp. | 32 | $31824 |
| Walmart, Inc. | 352 | 34232 |
|  |  | **66056** |
| **Retail - Discretionary – 0.0%**<sup>(f)</sup> | **Retail - Discretionary – 0.0%**<sup>(f)</sup> | **Retail - Discretionary – 0.0%**<sup>(f)</sup> |
| Home Depot (The), Inc. | 82 | **29560** |
| **Semiconductors – 0.0%**<sup>(f)</sup> | **Semiconductors – 0.0%**<sup>(f)</sup> | **Semiconductors – 0.0%**<sup>(f)</sup> |
| Lam Research Corp. | 419 | 30030 |
| Micron Technology, Inc. | 355 | 27317 |
| NVIDIA Corp. | 289 | 31478 |
|  |  | **88825** |
| **Software – 0.0%**<sup>(f)</sup> | **Software – 0.0%**<sup>(f)</sup> | **Software – 0.0%**<sup>(f)</sup> |
| ANSYS, Inc.\* | 97 | 31222 |
| Autodesk, Inc.\* | 125 | 34281 |
| Intuit, Inc. | 53 | 33256 |
| Microsoft Corp. | 82 | 32411 |
| Samsara, Inc., Class A\* | 907 | 35972 |
| ServiceNow, Inc.\* | 40 | 38200 |
| Snowflake, Inc., Class A\* | 209 | 33334 |
|  |  | **238676** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Blackstone Mortgage <br> Trust, Inc., Class A<sup>(h)</sup> <br>| 9994 | 190386 |
| Capital One Financial Corp. | 188 | 33889 |
| Mastercard, Inc., Class A | 57 | 31239 |
| S&P Global, Inc. | 64 | 32003 |
|  |  | **287517** |
| **Telecommunications – 0.0%**<sup>(f)</sup> | **Telecommunications – 0.0%**<sup>(f)</sup> | **Telecommunications – 0.0%**<sup>(f)</sup> |
| T-Mobile U.S., Inc. | 116 | **28646** |
| **Transportation & Logistics – 0.0%**<sup>(f)</sup> | **Transportation & Logistics – 0.0%**<sup>(f)</sup> | **Transportation & Logistics – 0.0%**<sup>(f)</sup> |
| Union Pacific Corp. | 125 | **26958** |
| **Total Common Stocks** <br>(Cost $2,125,875) | **Total Common Stocks** <br>(Cost $2,125,875) | **2196806** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Convertible Bonds – 0.0%**<sup>(f)</sup>  | **Convertible Bonds – 0.0%**<sup>(f)</sup>  | **Convertible Bonds – 0.0%**<sup>(f)</sup>  |
| **Communications – 0.0%**<sup>(f)</sup> | **Communications – 0.0%**<sup>(f)</sup> | **Communications – 0.0%**<sup>(f)</sup> |
| WOM Chile Holdco S.p.A., <br> 5.00%, 4/01/32<sup>(b)(i)</sup> <br>| $213385 | **212852** |
| **Total Convertible Bonds** <br>(Cost $185,835) | **Total Convertible Bonds** <br>(Cost $185,835) | **212852** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Convertible Preferred Stocks – 0.0%**<sup>(f)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(f)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(f)</sup>  |
| **Aerospace & Defense – 0.0%**<sup>(f)</sup> | **Aerospace & Defense – 0.0%**<sup>(f)</sup> | **Aerospace & Defense – 0.0%**<sup>(f)</sup> |
| Boeing (The) Co., 6.00% | 800 | **$49104** |
| **Total Convertible Preferred Stocks** <br>(Cost $40,000) | **Total Convertible Preferred Stocks** <br>(Cost $40,000) | **49104** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 9.9%** | **Corporate Bonds – 9.9%** | **Corporate Bonds – 9.9%** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| General Dynamics Corp., <br> 4.95%, 8/15/35<sup>(j)</sup> <br>| $60000 | 60199 |
| L3Harris Technologies, Inc., <br> 5.25%, 6/01/31<br>| 119000 | 121817 |
| Northrop Grumman Corp., |  |  |
| 4.03%, 10/15/47 | 206000 | 161429 |
| 4.95%, 3/15/53 | 70000 | 61790 |
| 5.20%, 6/01/54 | 242000 | 222865 |
| RTX Corp., |  |  |
| 6.70%, 8/01/28 | 630000 | 672313 |
| 7.00%, 11/01/28 | 154000 | 162519 |
|  |  | **1462932** |
| **Asset Management – 0.0%**<sup>(f)</sup> | **Asset Management – 0.0%**<sup>(f)</sup> | **Asset Management – 0.0%**<sup>(f)</sup> |
| Blue Owl Credit <br> Income Corp., 4.70%, <br> 2/08/27<sup>(h)</sup> <br>| 105000 | **103558** |
| **Automotive – 0.0%**<sup>(f)</sup> | **Automotive – 0.0%**<sup>(f)</sup> | **Automotive – 0.0%**<sup>(f)</sup> |
| General Motors <br> Financial Co., Inc., 6.10%, <br> 1/07/34<br>| 207000 | **208010** |
| **Banking – 1.6%** | **Banking – 1.6%** | **Banking – 1.6%** |
| Associated Banc-Corp, <br> (SOFR + 3.03%), 6.46%, <br> 8/29/30<sup>(k)</sup> <br>| 23000 | 23125 |
| Bank of America Corp., |  |  |
| (SOFR + 0.96%), 1.73%, <br> 7/22/27<sup>(k)</sup> <br>| 102000 | 98613 |
| (3M CME Term SOFR + <br> 1.77%), 3.71%, <br> 4/24/28<sup>(k)</sup> <br>| 390000 | 384398 |
| (3M CME Term SOFR + <br> 1.33%), 3.97%, <br> 3/05/29<sup>(k)</sup> <br>| 75000 | 73945 |
| (SOFR + 1.63%), 5.20%, <br> 4/25/29<sup>(k)</sup> <br>| 145000 | 148112 |
| (SOFR + 1.57%), 5.82%, <br> 9/15/29<sup>(k)</sup> <br>| 709000 | 738485 |
| (3M CME Term SOFR + <br> 1.44%), 3.19%, <br> 7/23/30<sup>(k)</sup> <br>| 105000 | 99060 |
| (SOFR + 1.00%), 5.16%, <br> 1/24/31<sup>(k)</sup> <br>| 542000 | 552100 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| (SOFR + 1.53%), 1.90%, <br> 7/23/31<sup>(k)</sup> <br>| $1020000 | $884552 |
| (SOFR + 1.37%), 1.92%, <br> 10/24/31<sup>(k)</sup> <br>| 60000 | 51753 |
| (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(k)</sup> <br>| 569000 | 500234 |
| (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(k)</sup> <br>| 253000 | 245116 |
| 4.88%, 4/01/44 | 22000 | 20011 |
| (SOFR + 1.88%), 2.83%, <br> 10/24/51<sup>(k)</sup> <br>| 40000 | 24397 |
| (SOFR + 1.56%), 2.97%, <br> 7/21/52<sup>(k)</sup> <br>| 30000 | 18885 |
| Citigroup, Inc., |  |  |
| (3M CME Term SOFR + <br> 1.65%), 3.67%, <br> 7/24/28<sup>(k)</sup> <br>| 8000 | 7852 |
| (3M CME Term SOFR + <br> 1.41%), 3.52%, <br> 10/27/28<sup>(k)</sup> <br>| 197000 | 192153 |
| (SOFR + 0.87%), 4.79%, <br> 3/04/29<sup>(k)</sup> <br>| 224000 | 225105 |
| (SOFR + 1.15%), 2.67%, <br> 1/29/31<sup>(k)</sup> <br>| 283000 | 257044 |
| (SOFR + 2.11%), 2.57%, <br> 6/03/31<sup>(k)</sup> <br>| 143000 | 128035 |
| (SOFR + 1.18%), 2.52%, <br> 11/03/32<sup>(k)</sup> <br>| 7000 | 6033 |
| (SOFR + 1.35%), 3.06%, <br> 1/25/33<sup>(k)</sup> <br>| 207000 | 181849 |
| (SOFR + 1.94%), 3.79%, <br> 3/17/33<sup>(k)</sup> <br>| 447000 | 410870 |
| (SOFR + 1.45%), 5.45%, <br> 6/11/35<sup>(k)</sup> <br>| 437000 | 438513 |
| (SOFR + 1.75%), 5.61%, <br> 3/04/56<sup>(k)</sup> <br>| 105000 | 100335 |
| JP Morgan Chase & Co., |  |  |
| (SOFR + 0.93%), 5.57%, <br> 4/22/28<sup>(k)</sup> <br>| 103000 | 105334 |
| (SOFR + 0.93%), 4.98%, <br> 7/22/28<sup>(k)</sup> <br>| 858000 | 868004 |
| (SOFR + 0.86%), 4.51%, <br> 10/22/28<sup>(k)</sup> <br>| 1002000 | 1004832 |
| (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(k)</sup> <br>| 2091000 | 2121234 |
| (SOFR + 1.04%), 4.60%, <br> 10/22/30<sup>(k)</sup> <br>| 3000 | 2998 |
| (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(k)</sup> <br>| 530000 | 541250 |
| (SOFR + 1.44%), 5.10%, <br> 4/22/31<sup>(h)(k)</sup> <br>| 573000 | 583379 |
| (3M CME Term SOFR + <br> 1.11%), 1.76%, <br> 11/19/31<sup>(k)</sup> <br>| 232000 | 198747 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| (SOFR + 1.07%), 1.95%, <br> 2/04/32<sup>(k)</sup> <br>| $519000 | $445597 |
| (SOFR + 1.26%), 2.96%, <br> 1/25/33<sup>(k)</sup> <br>| 78000 | 69141 |
| (SOFR + 1.80%), 4.59%, <br> 4/26/33<sup>(k)</sup> <br>| 33000 | 32247 |
| (SOFR + 2.08%), 4.91%, <br> 7/25/33<sup>(k)</sup> <br>| 329000 | 327301 |
| (SOFR + 2.44%), 3.11%, <br> 4/22/51<sup>(k)</sup> <br>| 126000 | 83223 |
| KeyBank N.A., 5.00%, <br> 1/26/33<br>| 350000 | 337044 |
| Morgan Stanley Bank N.A., <br> (SOFR + 1.08%), 4.95%, <br> 1/14/28<sup>(k)</sup> <br>| 540000 | 544364 |
| Wells Fargo & Co., |  |  |
| (SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(k)</sup> <br>| 762000 | 778906 |
| (SOFR + 1.50%), 5.20%, <br> 1/23/30<sup>(k)</sup> <br>| 19000 | 19381 |
| (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(k)</sup> <br>| 408000 | 416461 |
| (SOFR + 1.50%), 3.35%, <br> 3/02/33<sup>(k)</sup> <br>| 49000 | 43996 |
| (SOFR + 2.10%), 4.90%, <br> 7/25/33<sup>(k)</sup> <br>| 33000 | 32421 |
| (SOFR + 2.13%), 4.61%, <br> 4/25/53<sup>(k)</sup> <br>| 213000 | 176357 |
|  |  | **14542792** |
| **Biotechnology & Pharmaceuticals – 0.0%**<sup>(f)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(f)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(f)</sup> |
| Amgen, Inc., |  |  |
| 4.40%, 2/22/62 | 270000 | 205374 |
| 5.75%, 3/02/63 | 81000 | 77030 |
| Pfizer, Inc., 2.70%, 5/28/50 | 111000 | 67409 |
|  |  | **349813** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| 4.80%, 3/01/50 | 130000 | 96834 |
| 3.70%, 4/01/51 | 51000 | 31426 |
| 3.90%, 6/01/52 | 541000 | 342655 |
| 3.85%, 4/01/61<sup>(h)</sup> <br>| 93000 | 55042 |
| 3.95%, 6/30/62 | 472000 | 281859 |
| Comcast Corp., 2.99%, <br> 11/01/63<br>| 234000 | 131416 |
|  |  | **939232** |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| AEP Texas, Inc., |  |  |
| 5.40%, 6/01/33 | 20000 | 19994 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| AEP Texas, Inc., |  |  |
| 3.45%, 5/15/51 | $206000 | $135585 |
| AEP Transmission Co. LLC, <br> 3.15%, 9/15/49<br>| 226000 | 148731 |
| Alabama Power Co., <br> 3.75%, 3/01/45<br>| 49000 | 37665 |
| Appalachian Power Co., <br> 4.50%, 3/01/49<br>| 31000 | 24591 |
| Baltimore Gas and <br> Electric Co., 3.75%, <br> 8/15/47<br>| 40000 | 29771 |
| Consumers Energy Co., <br> 5.05%, 5/15/35<br>| 70000 | 70198 |
| Dominion Energy, Inc., |  |  |
| 5.45%, 3/15/35 | 120000 | 119416 |
| 4.60%, 3/15/49 | 52000 | 41558 |
| (5Y US Treasury CMT + <br> 2.51%), 7.00%, <br> 6/01/54<sup>(k)</sup> <br>| 180000 | 186886 |
| (5Y US Treasury CMT + <br> 2.21%), 6.63%, <br> 5/15/55<sup>(k)</sup> <br>| 72000 | 70790 |
| Duke Energy Carolinas LLC, |  |  |
| 3.75%, 6/01/45 | 372000 | 282573 |
| 3.70%, 12/01/47 | 100000 | 73552 |
| 5.35%, 1/15/53 | 31000 | 29121 |
| Duke Energy Corp., |  |  |
| 3.95%, 8/15/47 | 88000 | 64436 |
| 5.80%, 6/15/54 | 280000 | 268323 |
| Duke Energy Florida LLC, <br> 3.00%, 12/15/51<br>| 263000 | 164867 |
| Duke Energy Progress LLC, |  |  |
| 5.05%, 3/15/35<sup>(h)</sup> <br>| 125000 | 124610 |
| 2.50%, 8/15/50 | 444000 | 253695 |
| 5.55%, 3/15/55 | 104000 | 100463 |
| Edison International, |  |  |
| (5Y US Treasury CMT + <br> 3.90%), 5.00%, <br> 12/15/26<sup>(k)(l)</sup> <br>| 37000 | 32732 |
| 5.75%, 6/15/27 | 125000 | 125793 |
| 6.95%, 11/15/29 | 293000 | 305237 |
| 6.25%, 3/15/30<sup>(h)</sup> <br>| 60000 | 60806 |
| FirstEnergy Corp., |  |  |
| 3.90%, 7/15/27 | 380000 | 375608 |
| 2.65%, 3/01/30 | 24000 | 21764 |
| 4.85%, 7/15/47 | 226000 | 188142 |
| 3.40%, 3/01/50 | 599000 | 394339 |
| FirstEnergy <br> Transmission LLC,<br>|  |  |
| 5.00%, 1/15/35 | 350000 | 344998 |
| 5.45%, 7/15/44<sup>(b)</sup> <br>| 155000 | 147848 |
| 4.55%, 4/01/49<sup>(b)</sup> <br>| 500000 | 418328 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Florida Power & Light Co., |  |  |
| 3.99%, 3/01/49 | $257000 | $200869 |
| 2.88%, 12/04/51 | 47000 | 29546 |
| 5.80%, 3/15/65 | 125000 | 125819 |
| Georgia Power Co., |  |  |
| 4.70%, 5/15/32 | 142000 | 141080 |
| 4.95%, 5/17/33 | 218000 | 217446 |
| 3.70%, 1/30/50 | 27000 | 19831 |
| 5.13%, 5/15/52 | 108000 | 98970 |
| MidAmerican Energy Co., <br> 3.15%, 4/15/50<br>| 76000 | 50531 |
| NRG Energy, Inc., |  |  |
| 4.45%, 6/15/29<sup>(b)</sup> <br>| 202000 | 196701 |
| 3.63%, 2/15/31<sup>(b)</sup> <br>| 213000 | 191439 |
| 7.00%, 3/15/33<sup>(b)</sup> <br>| 873000 | 940593 |
| 6.25%, 11/01/34<sup>(b)</sup> <br>| 70000 | 69892 |
| Ohio Power Co., 4.00%, <br> 6/01/49<br>| 190000 | 141191 |
| Pacific Gas and <br> Electric Co.,<br>|  |  |
| 6.95%, 3/15/34 | 207000 | 221988 |
| 5.80%, 5/15/34 | 77000 | 76858 |
| 5.70%, 3/01/35 | 128000 | 126230 |
| 4.50%, 7/01/40 | 71000 | 58866 |
| 3.75%, 8/15/42 | 27000 | 19295 |
| 4.95%, 7/01/50 | 194000 | 156272 |
| 3.50%, 8/01/50 | 695000 | 444467 |
| 5.25%, 3/01/52 | 152000 | 126444 |
| 6.75%, 1/15/53 | 158000 | 159055 |
| 5.90%, 10/01/54 | 205000 | 187617 |
| 6.15%, 3/01/55 | 63000 | 59042 |
| PECO Energy Co., |  |  |
| 3.05%, 3/15/51 | 125000 | 80035 |
| 2.85%, 9/15/51 | 84000 | 51511 |
| PG&E Corp., |  |  |
| 5.25%, 7/01/30 | 759000 | 731282 |
| (5Y US Treasury CMT + <br> 3.88%), 7.38%, <br> 3/15/55<sup>(h)(k)</sup> <br>| 746000 | 724209 |
| Southern (The) Co., |  |  |
| 5.70%, 10/15/32 | 93000 | 96643 |
| 5.20%, 6/15/33 | 20000 | 20125 |
| 4.85%, 3/15/35 | 186000 | 180247 |
| 4.25%, 7/01/36 | 42000 | 38049 |
| Southern California <br> Edison Co.,<br>|  |  |
| 5.25%, 3/15/30 | 384000 | 387632 |
| 5.55%, 1/15/36 | 76000 | 73988 |
| 5.63%, 2/01/36 | 66000 | 64744 |
| 5.55%, 1/15/37 | 83000 | 80013 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Virginia Electric and <br> Power Co., 2.45%, <br> 12/15/50<br>| $158000 | $86964 |
| Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/26<sup>(b)</sup> <br>| 135000 | 135583 |
| 6.88%, 4/15/32<sup>(b)(h)</sup> <br>| 35000 | 36252 |
| 6.95%, 10/15/33<sup>(b)</sup> <br>| 110000 | 118117 |
| 6.00%, 4/15/34<sup>(b)</sup> <br>| 572000 | 577065 |
| 5.70%, 12/30/34<sup>(b)</sup> <br>| 707000 | 703682 |
|  |  | **12908603** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| AppLovin Corp., |  |  |
| 5.13%, 12/01/29 | 341000 | 343800 |
| 5.38%, 12/01/31 | 592000 | 597417 |
| 5.95%, 12/01/54 | 500000 | 477468 |
| Paramount Global, |  |  |
| 3.70%, 10/04/26 | 84000 | 82109 |
| 2.90%, 1/15/27<sup>(h)</sup> <br>| 212000 | 205952 |
| 3.38%, 2/15/28<sup>(h)</sup> <br>| 57000 | 55134 |
| 4.38%, 3/15/43 | 30000 | 21610 |
| 5.85%, 9/01/43 | 71000 | 60186 |
| 5.25%, 4/01/44 | 25000 | 19086 |
| 4.90%, 8/15/44 | 21000 | 15808 |
| 4.60%, 1/15/45 | 57000 | 41356 |
| (5Y US Treasury CMT + <br> 4.00%), 6.38%, <br> 3/30/62<sup>(k)</sup> <br>| 33000 | 31744 |
| Warnermedia <br> Holdings, Inc.,<br>|  |  |
| 3.76%, 3/15/27 | 2155000 | 2097132 |
| 5.14%, 3/15/52 | 54000 | 36918 |
|  |  | **4085720** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| CVS Health Corp., |  |  |
| 4.78%, 3/25/38 | 9000 | 8117 |
| 5.13%, 7/20/45 | 118000 | 102328 |
| Elevance Health, Inc., |  |  |
| 3.13%, 5/15/50 | 29000 | 18608 |
| 3.60%, 3/15/51 | 73000 | 51022 |
| 4.55%, 5/15/52 | 124000 | 100521 |
| HCA, Inc., |  |  |
| 5.45%, 4/01/31 | 306000 | 311858 |
| 3.50%, 7/15/51 | 283000 | 182906 |
| 6.20%, 3/01/55 | 280000 | 274338 |
| 6.10%, 4/01/64 | 342000 | 326736 |
| UnitedHealth Group, Inc., <br> 5.63%, 7/15/54<br>| 86000 | 82703 |
|  |  | **1459137** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Home Construction – 0.0%**<sup>(f)</sup> | **Home Construction – 0.0%**<sup>(f)</sup> | **Home Construction – 0.0%**<sup>(f)</sup> |
| DR Horton, Inc., |  |  |
| 5.00%, 10/15/34 | $137000 | $132986 |
| 5.50%, 10/15/35 | 32000 | 32033 |
|  |  | **165019** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| (SOFR + 0.82%), 1.54%, <br> 9/10/27<sup>(k)</sup> <br>| 47000 | 45130 |
| (SOFR + 0.91%), 1.95%, <br> 10/21/27<sup>(k)</sup> <br>| 265000 | 255259 |
| (SOFR + 1.11%), 2.64%, <br> 2/24/28<sup>(k)</sup> <br>| 299000 | 289151 |
| (SOFR + 1.32%), 4.94%, <br> 4/23/28<sup>(k)</sup> <br>| 794000 | 801235 |
| (SOFR + 1.27%), 5.73%, <br> 4/25/30<sup>(k)</sup> <br>| 50000 | 51827 |
| (SOFR + 1.21%), 5.05%, <br> 7/23/30<sup>(k)</sup> <br>| 363000 | 367324 |
| (SOFR + 1.14%), 4.69%, <br> 10/23/30<sup>(k)</sup> <br>| 120000 | 119707 |
| (SOFR + 1.58%), 5.22%, <br> 4/23/31<sup>(k)</sup> <br>| 180000 | 183321 |
| (SOFR + 1.09%), 1.99%, <br> 1/27/32<sup>(k)</sup> <br>| 778000 | 663110 |
| (SOFR + 1.26%), 2.65%, <br> 10/21/32<sup>(k)</sup> <br>| 273000 | 236900 |
| (SOFR + 1.55%), 5.33%, <br> 7/23/35<sup>(k)</sup> <br>| 923000 | 917307 |
| Morgan Stanley, |  |  |
| (SOFR + 2.24%), 6.30%, <br> 10/18/28<sup>(k)</sup> <br>| 543000 | 565443 |
| (SOFR + 1.59%), 5.16%, <br> 4/20/29<sup>(k)</sup> <br>| 638000 | 649533 |
| (SOFR + 1.83%), 6.41%, <br> 11/01/29<sup>(k)</sup> <br>| 114000 | 120683 |
| (SOFR + 1.26%), 5.66%, <br> 4/18/30<sup>(k)</sup> <br>| 252000 | 260650 |
| (SOFR + 1.22%), 5.04%, <br> 7/19/30<sup>(k)</sup> <br>| 815000 | 825051 |
| (SOFR + 1.10%), 4.65%, <br> 10/18/30<sup>(k)</sup> <br>| 85000 | 84729 |
| (SOFR + 1.11%), 5.23%, <br> 1/15/31<sup>(k)</sup> <br>| 230000 | 234505 |
| (SOFR + 1.51%), 5.19%, <br> 4/17/31<sup>(k)</sup> <br>| 631000 | 642439 |
| (SOFR + 1.03%), 1.79%, <br> 2/13/32<sup>(h)(k)</sup> <br>| 388000 | 327246 |
| (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(k)</sup> <br>| 41000 | 34960 |
| (SOFR + 1.29%), 2.94%, <br> 1/21/33<sup>(k)</sup> <br>| 127000 | 111554 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Morgan Stanley, |  |  |
| (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(k)</sup> <br>| $103000 | $103000 |
| (SOFR + 1.42%), 5.59%, <br> 1/18/36<sup>(h)(k)</sup> <br>| 640000 | 649233 |
|  |  | **8539297** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Alphabet, Inc., 5.30%, <br> 5/15/65<br>| 85000 | 83978 |
| Expedia Group, Inc., <br> 5.40%, 2/15/35<br>| 114000 | 112220 |
| Meta Platforms, Inc., |  |  |
| 4.65%, 8/15/62 | 211000 | 176340 |
| 5.75%, 5/15/63 | 294000 | 293931 |
| 5.55%, 8/15/64 | 27000 | 25972 |
| VeriSign, Inc., 5.25%, <br> 6/01/32<br>| 70000 | 70572 |
|  |  | **763013** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Gartner, Inc., |  |  |
| 4.50%, 7/01/28<sup>(b)(h)</sup> <br>| 583000 | 574653 |
| 3.63%, 6/15/29<sup>(b)</sup> <br>| 595000 | 558029 |
|  |  | **1132682** |
| **Machinery – 0.0%**<sup>(f)</sup> | **Machinery – 0.0%**<sup>(f)</sup> | **Machinery – 0.0%**<sup>(f)</sup> |
| Caterpillar, Inc., 3.25%, <br> 4/09/50<sup>(h)</sup> <br>| 73000 | **50465** |
| **Oil & Gas Supply Chain – 2.5%** | **Oil & Gas Supply Chain – 2.5%** | **Oil & Gas Supply Chain – 2.5%** |
| Antero Resources Corp., |  |  |
| 7.63%, 2/01/29<sup>(b)</sup> <br>| 202000 | 206397 |
| 5.38%, 3/01/30<sup>(b)</sup> <br>| 862000 | 834116 |
| Cameron LNG LLC, |  |  |
| 3.30%, 1/15/35<sup>(b)</sup> <br>| 47000 | 39473 |
| 3.40%, 1/15/38<sup>(b)</sup> <br>| 479000 | 400309 |
| Cheniere Corpus Christi <br> Holdings LLC,<br>|  |  |
| 5.13%, 6/30/27 | 103000 | 104145 |
| 2.74%, 12/31/39 | 544000 | 429599 |
| Cheniere Energy Partners <br> L.P.,<br>|  |  |
| 4.00%, 3/01/31 | 320000 | 299115 |
| 3.25%, 1/31/32 | 385000 | 338011 |
| 5.95%, 6/30/33<sup>(h)</sup> <br>| 215000 | 219469 |
| 5.75%, 8/15/34 | 234000 | 234652 |
| Cheniere Energy, Inc., <br> 5.65%, 4/15/34<br>| 704000 | 701158 |
| CNX Resources Corp., <br> 7.25%, 3/01/32<sup>(b)</sup> <br>| 145000 | 144918 |
| Devon Energy Corp., <br> 5.25%, 10/15/27<br>| 153000 | 153645 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Diamondback Energy, Inc., |  |  |
| 3.25%, 12/01/26 | $1525000 | $1498893 |
| 3.50%, 12/01/29 | 1126000 | 1069201 |
| 3.13%, 3/24/31 | 1031000 | 932039 |
| 4.40%, 3/24/51 | 282000 | 209724 |
| 4.25%, 3/15/52 | 75000 | 54936 |
| 5.90%, 4/18/64 | 22000 | 19508 |
| Energy Transfer L.P., |  |  |
| 4.95%, 5/15/28<sup>(h)</sup> <br>| 108000 | 108915 |
| 4.95%, 6/15/28 | 56000 | 56507 |
| 7.38%, 2/01/31<sup>(b)</sup> <br>| 279000 | 292009 |
| 5.15%, 2/01/43 | 23000 | 19635 |
| 5.95%, 5/15/54 | 20000 | 18182 |
| 6.05%, 9/01/54 | 341000 | 311471 |
| EQM Midstream Partners <br> L.P., 6.50%, 7/01/27<sup>(b)</sup> <br>| 215000 | 218607 |
| EQT Corp., |  |  |
| 3.13%, 5/15/26<sup>(b)</sup> <br>| 268000 | 262802 |
| 7.50%, 6/01/27<sup>(b)</sup> <br>| 192000 | 194928 |
| 6.50%, 7/01/27<sup>(b)</sup> <br>| 175000 | 177936 |
| 3.90%, 10/01/27 | 204000 | 200117 |
| 5.70%, 4/01/28<sup>(h)</sup> <br>| 390000 | 400414 |
| 5.50%, 7/15/28<sup>(b)</sup> <br>| 31000 | 31863 |
| 5.00%, 1/15/29 | 643000 | 643200 |
| 4.50%, 1/15/29<sup>(b)</sup> <br>| 660000 | 640197 |
| 6.38%, 4/01/29<sup>(b)</sup> <br>| 298000 | 304922 |
| 7.00%, 2/01/30 | 317000 | 338066 |
| 7.50%, 6/01/30<sup>(b)(h)</sup> <br>| 580000 | 623659 |
| 4.75%, 1/15/31<sup>(b)(h)</sup> <br>| 858000 | 828618 |
| 3.63%, 5/15/31<sup>(b)(h)</sup> <br>| 1088000 | 996363 |
| 5.75%, 2/01/34<sup>(h)</sup> <br>| 697000 | 696819 |
| Expand Energy Corp., |  |  |
| 5.88%, 2/01/29<sup>(b)</sup> <br>| 83000 | 82685 |
| 5.38%, 2/01/29 | 377000 | 375295 |
| 6.75%, 4/15/29<sup>(b)</sup> <br>| 317000 | 319303 |
| 5.38%, 3/15/30 | 201000 | 199544 |
| 4.75%, 2/01/32 | 480000 | 450347 |
| 5.70%, 1/15/35 | 902000 | 889834 |
| Kinder Morgan, Inc., <br> 5.85%, 6/01/35<sup>(j)</sup> <br>| 40000 | 40499 |
| NGPL PipeCo LLC, 3.25%, <br> 7/15/31<sup>(b)</sup> <br>| 446000 | 393953 |
| Sabine Pass <br> Liquefaction LLC,<br>|  |  |
| 5.88%, 6/30/26 | 156000 | 157354 |
| 5.00%, 3/15/27 | 369000 | 371580 |
| 4.50%, 5/15/30 | 387000 | 381678 |
| 5.90%, 9/15/37 | 327000 | 331845 |
| Targa Resources Corp., |  |  |
| 6.15%, 3/01/29 | 58000 | 60464 |
| 4.20%, 2/01/33 | 262000 | 239260 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Targa Resources Corp., |  |  |
| 5.50%, 2/15/35 | $112000 | $109394 |
| 4.95%, 4/15/52 | 225000 | 181190 |
| Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.,<br>|  |  |
| 5.00%, 1/15/28 | 59000 | 58972 |
| 4.88%, 2/01/31 | 580000 | 564087 |
| Viper Energy, Inc., |  |  |
| 5.38%, 11/01/27<sup>(b)</sup> <br>| 816000 | 811726 |
| 7.38%, 11/01/31<sup>(b)(h)</sup> <br>| 536000 | 556438 |
|  |  | **21829986** |
| **Oil, Gas & Consumable Fuels – 0.0%**<sup>(f)</sup> | **Oil, Gas & Consumable Fuels – 0.0%**<sup>(f)</sup> | **Oil, Gas & Consumable Fuels – 0.0%**<sup>(f)</sup> |
| APA Corp., 4.75%, <br> 4/15/43<sup>(b)</sup> <br>| 42000 | **31735** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| American Tower Corp., |  |  |
| 3.80%, 8/15/29 | 175000 | 169174 |
| 2.10%, 6/15/30 | 30000 | 26428 |
| 2.70%, 4/15/31 | 174000 | 154709 |
| 5.65%, 3/15/33 | 51000 | 52692 |
| 5.45%, 2/15/34 | 429000 | 435776 |
| Crown Castle, Inc., |  |  |
| 5.60%, 6/01/29 | 143000 | 146912 |
| 2.50%, 7/15/31 | 122000 | 105126 |
| Equinix, Inc., |  |  |
| 2.50%, 5/15/31 | 445000 | 389642 |
| 3.90%, 4/15/32<sup>(h)</sup> <br>| 129000 | 120742 |
| 3.40%, 2/15/52 | 135000 | 88377 |
| GLP Capital L.P./GLP <br> Financing II, Inc.,<br>|  |  |
| 5.75%, 6/01/28 | 600000 | 609479 |
| 5.30%, 1/15/29 | 49000 | 48952 |
| 4.00%, 1/15/30<sup>(h)</sup> <br>| 256000 | 241314 |
| 3.25%, 1/15/32 | 535000 | 460971 |
| 6.25%, 9/15/54 | 301000 | 283863 |
| VICI Properties L.P., |  |  |
| 4.75%, 4/01/28 | 164000 | 163995 |
| 4.95%, 2/15/30 | 201000 | 199582 |
| 5.13%, 5/15/32 | 589000 | 576431 |
| VICI Properties L.P./VICI <br> Note Co., Inc.,<br>|  |  |
| 4.25%, 12/01/26<sup>(b)</sup> <br>| 21000 | 20782 |
| 3.75%, 2/15/27<sup>(b)</sup> <br>| 647000 | 635133 |
| 4.50%, 1/15/28<sup>(b)</sup> <br>| 20000 | 19682 |
| 3.88%, 2/15/29<sup>(b)</sup> <br>| 198000 | 189607 |
| 4.63%, 12/01/29<sup>(b)(h)</sup> <br>| 745000 | 723586 |
|  |  | **5862955** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Semiconductors – 0.3%** | **Semiconductors – 0.3%** | **Semiconductors – 0.3%** |
| Broadcom, Inc., |  |  |
| 5.15%, 11/15/31 | $296000 | $301735 |
| 4.55%, 2/15/32 | 198000 | 194054 |
| 5.20%, 4/15/32 | 61000 | 61980 |
| 2.60%, 2/15/33<sup>(b)</sup> <br>| 144000 | 121429 |
| 3.42%, 4/15/33<sup>(b)</sup> <br>| 550000 | 490492 |
| 3.47%, 4/15/34<sup>(b)</sup> <br>| 628000 | 551752 |
| 4.80%, 10/15/34 | 187000 | 182040 |
| 3.14%, 11/15/35<sup>(b)</sup> <br>| 122000 | 101084 |
| 3.19%, 11/15/36<sup>(b)</sup> <br>| 45000 | 36723 |
| Foundry JV Holdco LLC, |  |  |
| 5.90%, 1/25/33<sup>(b)</sup> <br>| 200000 | 203977 |
| 6.10%, 1/25/36<sup>(b)</sup> <br>| 207000 | 210902 |
| Texas Instruments, Inc., <br> 4.10%, 8/16/52<br>| 91000 | 70930 |
|  |  | **2527098** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| Oracle Corp., |  |  |
| 6.00%, 8/03/55 | 630000 | 612807 |
| 6.13%, 8/03/65 | 1311000 | 1278915 |
|  |  | **1891722** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| Flourishing Trade & <br> Investment Ltd., 11.04%, <br> 4/01/30<br>| 414000 | 414000 |
| Global Payments, Inc., <br> 5.95%, 8/15/52<br>| 21000 | 19220 |
| Synchrony Financial, |  |  |
| 3.95%, 12/01/27<sup>(h)</sup> <br>| 37000 | 36018 |
| 5.15%, 3/19/29 | 209000 | 206657 |
| (SOFR Index + 2.13%), <br> 5.94%, 8/02/30<sup>(h)(k)</sup> <br>| 673000 | 681595 |
| (SOFR + 1.68%), 5.45%, <br> 3/06/31<sup>(k)</sup> <br>| 772000 | 769870 |
| 2.88%, 10/28/31 | 314000 | 266048 |
| 7.25%, 2/02/33<sup>(h)</sup> <br>| 739000 | 753584 |
|  |  | **3146992** |
| **Technology Hardware – 0.0%**<sup>(f)</sup> | **Technology Hardware – 0.0%**<sup>(f)</sup> | **Technology Hardware – 0.0%**<sup>(f)</sup> |
| Juniper Networks, Inc., <br> 5.95%, 3/15/41<br>| 19000 | **18726** |
| **Telecommunications – 0.4%** | **Telecommunications – 0.4%** | **Telecommunications – 0.4%** |
| 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 | 420857 |
| AT&T, Inc., |  |  |
| 4.30%, 2/15/30<sup>(b)</sup> <br>| 105000 | 104170 |
| 5.45%, 3/01/47 | 94000 | 87129 |
| 4.50%, 3/09/48 | 85000 | 69325 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| AT&T, Inc., |  |  |
| 3.50%, 9/15/53 | $311000 | $208161 |
| 3.55%, 9/15/55 | 63000 | 42190 |
| 3.80%, 12/01/57 | 28000 | 19274 |
| 3.65%, 9/15/59 | 697000 | 461016 |
| Frontier Communications <br> Holdings LLC,<br>|  |  |
| 5.00%, 5/01/28<sup>(b)</sup> <br>| 148000 | 146472 |
| 5.88%, 11/01/29<sup>(h)</sup> <br>| 148500 | 148574 |
| T-Mobile USA, Inc., |  |  |
| 3.88%, 4/15/30 | 479000 | 462191 |
| 2.70%, 3/15/32 | 385000 | 334585 |
| 5.13%, 5/15/32 | 35000 | 35387 |
| 5.20%, 1/15/33 | 76000 | 76425 |
| 5.88%, 11/15/55 | 5000 | 4927 |
| 3.60%, 11/15/60 | 54000 | 35324 |
| 5.80%, 9/15/62 | 358000 | 345034 |
| Verizon <br> Communications, Inc.,<br>|  |  |
| 4.02%, 12/03/29 | 75000 | 73642 |
| 1.50%, 9/18/30 | 245000 | 209711 |
| 4.40%, 11/01/34 | 299000 | 282100 |
|  |  | **3566494** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Altria Group, Inc., |  |  |
| 5.63%, 2/06/35 | 60000 | 60704 |
| 3.40%, 2/04/41 | 519000 | 373471 |
| 6.20%, 2/14/59 | 158000 | 152652 |
|  |  | **586827** |
| **Transportation & Logistics – 0.0%**<sup>(f)</sup> | **Transportation & Logistics – 0.0%**<sup>(f)</sup> | **Transportation & Logistics – 0.0%**<sup>(f)</sup> |
| AS Mileage Plan IP Ltd., <br> 5.31%, 10/20/31<sup>(b)</sup> <br>| 12000 | 11495 |
| Delta Air Lines Pass <br> Through Trust, Series <br> 2015-1, Class AA, 3.63%, <br> 7/30/27<br>| 43928 | 42848 |
| Mileage Plus <br> Holdings LLC/Mileage <br> Plus Intellectual Property <br> Assets Ltd., 6.50%, <br> 6/20/27<sup>(b)(h)</sup> <br>| 95520 | 95819 |
| Union Pacific Corp., |  |  |
| 2.97%, 9/16/62 | 75000 | 42871 |
| 3.85%, 2/14/72 | 161000 | 110314 |
|  |  | **303347** |
| **Total Corporate Bonds** <br>(Cost $86,981,718) | **Total Corporate Bonds** <br>(Cost $86,981,718) | **86476155** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **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> |
| Republic of Poland <br> Government Bond, <br> 2.00%, 8/25/36<br>| PLN | 66000 | **$15855** |
| **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $16,196) | **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $16,196) | **Total Foreign Government Inflation-Linked** <br> **Bonds** <br>(Cost $16,196) | **15855** |
| **Foreign Issuer Bonds – 2.8%** | **Foreign Issuer Bonds – 2.8%** | **Foreign Issuer Bonds – 2.8%** | **Foreign Issuer Bonds – 2.8%** |
| **Argentina – 0.0%**<sup>(f)</sup> | **Argentina – 0.0%**<sup>(f)</sup> | **Argentina – 0.0%**<sup>(f)</sup> | **Argentina – 0.0%**<sup>(f)</sup> |
| Argentine Republic <br> Government International <br> Bond,<br>|  |  |  |
| 1.00%, 7/09/29<sup>(h)</sup> <br>|  | $4680 | 3763 |
| (Step to 1.75% on <br> 7/09/27), 0.75%, <br> 7/09/30<sup>(e)(h)</sup> <br>|  | 12320 | 9425 |
| (Step to 4.75% on <br> 7/09/27), 4.13%, <br> 7/09/35<sup>(e)</sup> <br>|  | 9150 | 6102 |
| (Step to 4.88% on <br> 7/09/29), 3.50%, <br> 7/09/41<sup>(e)(h)</sup> <br>|  | 9100 | 5492 |
| Vista Energy Argentina <br> S.A.U., 7.63%, <br> 12/10/35<sup>(b)</sup> <br>|  | 32000 | 30576 |
| YPF S.A., 9.50%, 1/17/31<sup>(b)</sup> <br>|  | 26000 | 26822 |
|  |  |  | **82180** |
| **Australia – 0.1%** | **Australia – 0.1%** | **Australia – 0.1%** | **Australia – 0.1%** |
| Glencore Funding LLC, |  |  |  |
| 5.19%, 4/01/30<sup>(b)</sup> <br>|  | 395000 | 399936 |
| 6.38%, 10/06/30<sup>(b)</sup> <br>|  | 325000 | 346188 |
| 2.85%, 4/27/31<sup>(b)</sup> <br>|  | 23000 | 20451 |
|  |  |  | **766575** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| Kingdom of Belgium <br> Government Bond, <br> 3.30%, 6/22/54<sup>(b)</sup> <br>| EUR | 835520 | **867842** |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| Brazil Notas do Tesouro <br> Nacional Serie F,<br>|  |  |  |
| 10.00%, 1/01/29 | BRL | 2600000 | 413625 |
| 10.00%, 1/01/35 | BRL | 4886000 | 688316 |
| Samarco Mineracao S.A., |  |  |  |
| 9.50%, 6/30/31<sup>(i)</sup> <br>|  | 57978 | 54567 |
| 9.50%, 6/30/31<sup>(b)(h)(i)</sup> <br>|  | 16992 | 15992 |
| Vale Overseas Ltd., 6.40%, <br> 6/28/54<sup>(h)</sup> <br>|  | 2000 | 1932 |
|  |  |  | **1174432** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Canada – 0.0%**<sup>(f)</sup> | **Canada – 0.0%**<sup>(f)</sup> | **Canada – 0.0%**<sup>(f)</sup> | **Canada – 0.0%**<sup>(f)</sup> |
| South Bow USA <br> Infrastructure <br> Holdings LLC, 4.91%, <br> 9/01/27<sup>(b)</sup> <br>|  | $120000 | **$120621** |
| **Chile – 0.0%**<sup>(f)</sup> | **Chile – 0.0%**<sup>(f)</sup> | **Chile – 0.0%**<sup>(f)</sup> | **Chile – 0.0%**<sup>(f)</sup> |
| Banco de Credito e <br> Inversiones S.A., (5Y US <br> Treasury CMT + 4.94%), <br> 8.75%, 5/08/29<sup>(b)(k)(l)</sup> <br>|  | 18000 | 18620 |
| WOM Mobile S.A., <br> 11.00%, 4/01/31<sup>(b)(i)</sup> <br>|  | 41563 | 41979 |
|  |  |  | **60599** |
| **Colombia – 0.0%**<sup>(f)</sup> | **Colombia – 0.0%**<sup>(f)</sup> | **Colombia – 0.0%**<sup>(f)</sup> | **Colombia – 0.0%**<sup>(f)</sup> |
| Colombian TES, |  |  |  |
| 5.75%, 11/03/27 | COP | 250300000 | 54297 |
| 6.00%, 4/28/28 | COP | 355900000 | 75698 |
| 7.75%, 9/18/30 | COP | 548000000 | 112933 |
| Ecopetrol S.A., 8.88%, <br> 1/13/33<br>|  | 17000 | 17016 |
| Gran Tierra Energy, Inc., <br> 9.50%, 10/15/29<sup>(b)(h)</sup> <br>|  | 19000 | 14774 |
|  |  |  | **274718** |
| **Czech Republic – 0.0%**<sup>(f)</sup> | **Czech Republic – 0.0%**<sup>(f)</sup> | **Czech Republic – 0.0%**<sup>(f)</sup> | **Czech Republic – 0.0%**<sup>(f)</sup> |
| Czech Republic <br> Government Bond,<br>|  |  |  |
| 2.75%, 7/23/29 | CZK | 2150000 | 95485 |
| 0.95%, 5/15/30 | CZK | 2660000 | 106953 |
| 5.00%, 9/30/30 | CZK | 840000 | 40865 |
| 4.20%, 12/04/36 | CZK | 1030000 | 47286 |
|  |  |  | **290589** |
| **Dominican Republic – 0.0%**<sup>(f)</sup> | **Dominican Republic – 0.0%**<sup>(f)</sup> | **Dominican Republic – 0.0%**<sup>(f)</sup> | **Dominican Republic – 0.0%**<sup>(f)</sup> |
| Dominican Republic <br> International Bond, <br> 4.88%, 9/23/32<sup>(b)</sup> <br>|  | 70000 | **62773** |
| **Ecuador – 0.0%**<sup>(f)</sup> | **Ecuador – 0.0%**<sup>(f)</sup> | **Ecuador – 0.0%**<sup>(f)</sup> | **Ecuador – 0.0%**<sup>(f)</sup> |
| Ecuador Government <br> International Bond,<br>|  |  |  |
| (Step to 6.90% on <br> 7/31/25), 5.50%, <br> 7/31/35<sup>(e)</sup> <br>|  | 13789 | 8264 |
| (Step to 5.50% on <br> 7/31/26), 5.00%, <br> 7/31/40<sup>(e)</sup> <br>|  | 18926 | 9868 |
|  |  |  | **18132** |
| **Egypt – 0.0%**<sup>(f)</sup> | **Egypt – 0.0%**<sup>(f)</sup> | **Egypt – 0.0%**<sup>(f)</sup> | **Egypt – 0.0%**<sup>(f)</sup> |
| Egypt Government Bond, |  |  |  |
| 24.46%, 10/01/27 | EGP | 463000 | 9320 |
| 21.38%, 2/04/28 | EGP | 800000 | 15325 |
|  |  |  | **24645** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |
| Bundesrepublik <br> Deutschland <br> Bundesanleihe, 2.50%, <br> 8/15/54<br>| EUR | 670000 | **$706332** |
| **Ghana – 0.0%**<sup>(f)</sup> | **Ghana – 0.0%**<sup>(f)</sup> | **Ghana – 0.0%**<sup>(f)</sup> | **Ghana – 0.0%**<sup>(f)</sup> |
| Ghana Government <br> International Bond, (Step <br> to 6.00% on 7/03/28), <br> 5.00%, 7/03/35<sup>(b)(e)</sup> <br>|  | $22464 | **15276** |
| **Hong Kong – 0.0%**<sup>(f)</sup> | **Hong Kong – 0.0%**<sup>(f)</sup> | **Hong Kong – 0.0%**<sup>(f)</sup> | **Hong Kong – 0.0%**<sup>(f)</sup> |
| Melco Resorts <br> Finance Ltd., 5.75%, <br> 7/21/28<br>|  | 200000 | **188628** |
| **Hungary – 0.0%**<sup>(f)</sup> | **Hungary – 0.0%**<sup>(f)</sup> | **Hungary – 0.0%**<sup>(f)</sup> | **Hungary – 0.0%**<sup>(f)</sup> |
| Hungary Government <br> International Bond,<br>|  |  |  |
| 4.00%, 7/25/29 | EUR | 30000 | 34885 |
| 5.38%, 9/12/33 | EUR | 6000 | 7125 |
|  |  |  | **42010** |
| **India – 0.3%** | **India – 0.3%** | **India – 0.3%** | **India – 0.3%** |
| Continuum Green Energy <br> India Pvt./Co-Issuers, <br> 7.50%, 6/26/33<sup>(h)</sup> <br>|  | 390900 | 391895 |
| Diamond II Ltd., 7.95%, <br> 7/28/26<br>|  | 450000 | 448849 |
| Greenko Power II Ltd., <br> 4.30%, 12/13/28<br>|  | 250500 | 229374 |
| Greenko Wind Projects <br> Mauritius Ltd., 7.25%, <br> 9/27/28<sup>(h)</sup> <br>|  | 200000 | 193633 |
| India Clean Energy <br> Holdings, 4.50%, 4/18/27<br>|  | 400000 | 374122 |
| India Green Power <br> Holdings, 4.00%, 2/22/27<br>|  | 216650 | 206223 |
| IRB Infrastructure <br> Developers Ltd., 7.11%, <br> 3/11/32<br>|  | 400000 | 391511 |
| JSW Hydro Energy Ltd., <br> 4.13%, 5/18/31<br>|  | 147500 | 131057 |
| ReNew Pvt. Ltd., 5.88%, <br> 3/05/27<br>|  | 400000 | 390560 |
|  |  |  | **2757224** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| Indonesia Government <br> International Bond,<br>|  |  |  |
| 2.85%, 2/14/30 |  | 400000 | 368728 |
| 3.05%, 3/12/51 |  | 222000 | 143956 |
| Indonesia Treasury Bond, <br> 6.75%, 7/15/35<br>| IDR | 696000000 | 41626 |
| Medco Laurel Tree Pte. <br> Ltd., 6.95%, 11/12/28<br>|  | 200000 | 195999 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** |
| Medco Maple Tree Pte. <br> Ltd., 8.96%, 4/27/29<sup>(b)</sup> <br>|  | $13000 | $13333 |
| Minejesa Capital B.V., <br> 5.63%, 8/10/37<br>|  | 200000 | 186242 |
|  |  |  | **949884** |
| **Israel – 0.0%**<sup>(f)</sup> | **Israel – 0.0%**<sup>(f)</sup> | **Israel – 0.0%**<sup>(f)</sup> | **Israel – 0.0%**<sup>(f)</sup> |
| Israel Government <br> International Bond, <br> 5.75%, 3/12/54<br>|  | 204000 | **183600** |
| **Japan – 0.3%** | **Japan – 0.3%** | **Japan – 0.3%** | **Japan – 0.3%** |
| Japan Government Thirty <br> Year Bond,<br>|  |  |  |
| 2.30%, 12/20/54 | JPY | 161900000 | 1053876 |
| 2.40%, 3/20/55 | JPY | 50050000 | 333010 |
| Rakuten Group, Inc., <br> 9.75%, 4/15/29<sup>(h)</sup> <br>|  | 400000 | 421924 |
| SoftBank Group Corp., <br> 7.00%, 7/08/31<sup>(h)</sup> <br>|  | 450000 | 458450 |
|  |  |  | **2267260** |
| **Lebanon – 0.0%**<sup>(f)</sup> | **Lebanon – 0.0%**<sup>(f)</sup> | **Lebanon – 0.0%**<sup>(f)</sup> | **Lebanon – 0.0%**<sup>(f)</sup> |
| Lebanon Government <br> International Bond,<br>|  |  |  |
| 6.85%, 3/23/27<sup>(m)</sup> <br>|  | 17000 | 2910 |
| 6.65%, 11/03/28<sup>(m)</sup> <br>|  | 42000 | 7268 |
|  |  |  | **10178** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| MGM China Holdings Ltd., <br> 7.13%, 6/26/31<br>|  | 500000 | 502116 |
| Studio City Co. Ltd., <br> 7.00%, 2/15/27<br>|  | 200000 | 199139 |
| Wynn Macau Ltd., 5.63%, <br> 8/26/28<sup>(h)</sup> <br>|  | 200000 | 190901 |
|  |  |  | **892156** |
| **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** |
| Grupo Posadas S.A.B. de <br> C.V., (Step to 8.00% on <br> 12/30/25), 7.00%, <br> 12/30/27<sup>(e)</sup> <br>|  | 26100 | 23741 |
| Mexican Bonos, |  |  |  |
| 8.50%, 3/01/29 | MXN | 640000 | 32437 |
| 8.50%, 5/31/29 | MXN | 800000 | 40575 |
| 7.75%, 11/13/42 | MXN | 299800 | 12584 |
| 8.00%, 11/07/47 | MXN | 574000 | 24287 |
| Mexico Government <br> International Bond,<br>|  |  |  |
| 2.66%, 5/24/31 |  | 568000 | 482464 |
| 3.50%, 2/12/34 |  | 451000 | 368453 |
| 6.35%, 2/09/35 |  | 1262000 | 1252873 |
| 6.88%, 5/13/37 |  | 693000 | 699709 |
| 4.50%, 1/31/50 |  | 420000 | 292013 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** |
| Petroleos Mexicanos, |  |  |  |
| 6.50%, 3/13/27 |  | $438000 | $427953 |
| 7.69%, 1/23/50 |  | 42000 | 30643 |
|  |  |  | **3687732** |
| **Netherlands – 0.0%**<sup>(f)</sup> | **Netherlands – 0.0%**<sup>(f)</sup> | **Netherlands – 0.0%**<sup>(f)</sup> | **Netherlands – 0.0%**<sup>(f)</sup> |
| NXP B.V./NXP Funding <br> LLC/NXP USA, Inc.,<br>|  |  |  |
| 2.50%, 5/11/31 |  | 85000 | 73221 |
| 2.65%, 2/15/32 |  | 98000 | 82632 |
|  |  |  | **155853** |
| **Panama – 0.1%** | **Panama – 0.1%** | **Panama – 0.1%** | **Panama – 0.1%** |
| Panama Government <br> International Bond,<br>|  |  |  |
| 3.88%, 3/17/28 |  | 400000 | 382032 |
| 4.50%, 4/01/56 |  | 247000 | 150629 |
|  |  |  | **532661** |
| **Peru – 0.0%**<sup>(f)</sup> | **Peru – 0.0%**<sup>(f)</sup> | **Peru – 0.0%**<sup>(f)</sup> | **Peru – 0.0%**<sup>(f)</sup> |
| Peruvian Government <br> International Bond,<br>|  |  |  |
| 7.30%, 8/12/33 | PEN | 159000 | 46450 |
| 3.55%, 3/10/51 |  | 180000 | 121277 |
| Volcan Cia Minera S.A.A., <br> 8.75%, 1/24/30<sup>(b)</sup> <br>|  | 4000 | 3758 |
|  |  |  | **171485** |
| **Philippines – 0.1%** | **Philippines – 0.1%** | **Philippines – 0.1%** | **Philippines – 0.1%** |
| Philippine Government <br> International Bond,<br>|  |  |  |
| 3.00%, 2/01/28<sup>(h)</sup> <br>|  | 400000 | 386494 |
| 3.20%, 7/06/46 |  | 267000 | 186614 |
|  |  |  | **573108** |
| **Poland – 0.1%** | **Poland – 0.1%** | **Poland – 0.1%** | **Poland – 0.1%** |
| Republic of Poland <br> Government Bond,<br>|  |  |  |
| 5.75%, 4/25/29 | PLN | 688000 | 190954 |
| 4.75%, 7/25/29 | PLN | 345000 | 92240 |
| 2.75%, 10/25/29 | PLN | 360000 | 88863 |
| 5.00%, 1/25/30 | PLN | 301000 | 81219 |
|  |  |  | **453276** |
| **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> |
| Romanian Government <br> International Bond,<br>|  |  |  |
| 6.63%, 9/27/29 | EUR | 18000 | 21846 |
| 5.88%, 7/11/32<sup>(b)(h)</sup> <br>| EUR | 9000 | 10018 |
| 6.25%, 9/10/34<sup>(b)</sup> <br>| EUR | 6000 | 6677 |
|  |  |  | **38541** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Saudi Arabia – 0.0%**<sup>(f)</sup> | **Saudi Arabia – 0.0%**<sup>(f)</sup> | **Saudi Arabia – 0.0%**<sup>(f)</sup> | **Saudi Arabia – 0.0%**<sup>(f)</sup> |
| Saudi Government <br> International Bond, <br> 3.45%, 2/02/61<br>|  | $200000 | **$122808** |
| **Singapore – 0.1%** | **Singapore – 0.1%** | **Singapore – 0.1%** | **Singapore – 0.1%** |
| Continuum Energy Pte. <br> Ltd., 12.85%, 9/11/27<sup>(g)</sup> <br>|  | 214164 | 209624 |
| Puma International <br> Financing S.A., 7.75%, <br> 4/25/29<br>|  | 200000 | 198500 |
|  |  |  | **408124** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Anglo American Capital <br> PLC, 4.75%, 3/16/52<sup>(b)</sup> <br>|  | 217000 | 177274 |
| Republic of South Africa <br> Government Bond,<br>|  |  |  |
| 8.00%, 1/31/30 | ZAR | 5034000 | 262763 |
| 7.00%, 2/28/31 | ZAR | 2496400 | 120832 |
|  |  |  | **560869** |
| **Sri Lanka – 0.0%**<sup>(f)</sup> | **Sri Lanka – 0.0%**<sup>(f)</sup> | **Sri Lanka – 0.0%**<sup>(f)</sup> | **Sri Lanka – 0.0%**<sup>(f)</sup> |
| Sri Lanka Government <br> International Bond, <br> 4.00%, 4/15/28<br>|  | 16790 | **15486** |
| **Supranational – 0.4%** | **Supranational – 0.4%** | **Supranational – 0.4%** | **Supranational – 0.4%** |
| European Union, |  |  |  |
| 2.50%, 10/04/52 | EUR | 262000 | 236539 |
| 3.00%, 3/04/53 | EUR | 2801389 | 2796898 |
|  |  |  | **3033437** |
| **Thailand – 0.0%**<sup>(f)</sup> | **Thailand – 0.0%**<sup>(f)</sup> | **Thailand – 0.0%**<sup>(f)</sup> | **Thailand – 0.0%**<sup>(f)</sup> |
| Bangkok Bank PCL, 5.30%, <br> 9/21/28<sup>(b)</sup> <br>|  | 18000 | **18373** |
| **Turkey – 0.0%**<sup>(f)</sup> | **Turkey – 0.0%**<sup>(f)</sup> | **Turkey – 0.0%**<sup>(f)</sup> | **Turkey – 0.0%**<sup>(f)</sup> |
| Turkiye Government Bond, |  |  |  |
| 30.00%, 9/12/29 | TRY | 430000 | 9574 |
| 26.20%, 10/05/33 | TRY | 973000 | 21050 |
|  |  |  | **30624** |
| **Ukraine – 0.0%**<sup>(f)</sup> | **Ukraine – 0.0%**<sup>(f)</sup> | **Ukraine – 0.0%**<sup>(f)</sup> | **Ukraine – 0.0%**<sup>(f)</sup> |
| Ukraine Government <br> International Bond,<br>|  |  |  |
| (Step to 4.50% on <br> 8/01/25), 1.75%, <br> 2/01/29<sup>(b)(e)</sup> <br>|  | 20988 | 13097 |
| (Step to 4.50% on <br> 8/01/25), 1.75%, <br> 2/01/36<sup>(e)</sup> <br>|  | 17440 | 8409 |
| 2.26%, 8/01/41<sup>(c)(n)</sup> <br>|  | 14000 | 9993 |
|  |  |  | **31499** |
| **United Arab Emirates – 0.0%**<sup>(f)</sup> | **United Arab Emirates – 0.0%**<sup>(f)</sup> | **United Arab Emirates – 0.0%**<sup>(f)</sup> | **United Arab Emirates – 0.0%**<sup>(f)</sup> |
| MDGH GMTN RSC Ltd., <br> 4.38%, 11/22/33<sup>(b)</sup> <br>|  | 19000 | **18138** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom – 0.3%** | **United Kingdom – 0.3%** | **United Kingdom – 0.3%** | **United Kingdom – 0.3%** |
| BAT Capital Corp., |  |  |  |
| 7.08%, 8/02/43 |  | $106000 | $113677 |
| 4.54%, 8/15/47 |  | 46000 | 36200 |
| 4.76%, 9/06/49 |  | 407000 | 325872 |
| 5.28%, 4/02/50 |  | 243000 | 208435 |
| 5.65%, 3/16/52 |  | 244000 | 219683 |
| 7.08%, 8/02/53 |  | 623000 | 676963 |
| Reynolds American, Inc., <br> 8.13%, 5/01/40<br>|  | 205000 | 231001 |
| United Kingdom Gilt, <br> 4.38%, 7/31/54<br>| GBP | 972718 | 1135574 |
|  |  |  | **2947405** |
| **Uruguay – 0.0%**<sup>(f)</sup> | **Uruguay – 0.0%**<sup>(f)</sup> | **Uruguay – 0.0%**<sup>(f)</sup> | **Uruguay – 0.0%**<sup>(f)</sup> |
| Oriental Republic of <br> Uruguay, 5.25%, 9/10/60<br>|  | 5000 | 4509 |
| Uruguay Government <br> International Bond, <br> 5.10%, 6/18/50<br>|  | 267641 | 245226 |
|  |  |  | **249735** |
| **Venezuela – 0.0%**<sup>(f)</sup> | **Venezuela – 0.0%**<sup>(f)</sup> | **Venezuela – 0.0%**<sup>(f)</sup> | **Venezuela – 0.0%**<sup>(f)</sup> |
| Petroleos de Venezuela <br> S.A.,<br>|  |  |  |
| 6.00%, 11/15/26<sup>(m)</sup> <br>|  | 23100 | 2680 |
| 9.75%, 5/17/35<sup>(m)</sup> <br>|  | 25900 | 3302 |
| Venezuela Government <br> International Bond, <br> 11.95%, 8/05/31<sup>(m)</sup> <br>|  | 19300 | 3136 |
|  |  |  | **9118** |
| **Vietnam – 0.0%**<sup>(f)</sup> | **Vietnam – 0.0%**<sup>(f)</sup> | **Vietnam – 0.0%**<sup>(f)</sup> | **Vietnam – 0.0%**<sup>(f)</sup> |
| Mong Duong Finance <br> Holdings B.V., 5.13%, <br> 5/07/29<br>|  | 190612 | **183005** |
| **Total Foreign Issuer Bonds** <br>(Cost $25,859,818) | **Total Foreign Issuer Bonds** <br>(Cost $25,859,818) | **Total Foreign Issuer Bonds** <br>(Cost $25,859,818) | **24996931** |
| **Mortgage-Backed Securities – 21.0%** | **Mortgage-Backed Securities – 21.0%** | **Mortgage-Backed Securities – 21.0%** | **Mortgage-Backed Securities – 21.0%** |
| **Commercial Mortgage-Backed Securities – 1.2%** | **Commercial Mortgage-Backed Securities – 1.2%** | **Commercial Mortgage-Backed Securities – 1.2%** | **Commercial Mortgage-Backed Securities – 1.2%** |
| 245 Park Avenue Trust, <br> Series 2017-245P, <br> Class E, 3.78%, <br> 6/05/37<sup>(b)(d)</sup> <br>|  | 740000 | 682423 |
| Atrium Hotel Portfolio <br> Trust,<br>|  |  |  |
| Series 2024-ATRM, <br> Class A, 5.59%, <br> 11/10/29<sup>(b)(d)</sup> <br>|  | 150000 | 150734 |
| Series 2024-ATRM, <br> Class E, 9.52%, <br> 11/10/29<sup>(b)(d)</sup> <br>|  | 30000 | 30130 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| BAHA Trust, |  |  |
| Series 2024-MAR, <br> Class A, 6.17%, <br> 12/10/29<sup>(b)(d)</sup> <br>| $590000 | $609079 |
| Series 2024-MAR, <br> Class B, 7.07%, <br> 12/10/29<sup>(b)(d)</sup> <br>| 106000 | 108344 |
| Series 2024-MAR, <br> Class C, 7.77%, <br> 12/10/29<sup>(b)(d)</sup> <br>| 260000 | 266457 |
| BANK5, Series <br> 2024-5YR11, Class A3, <br> 5.89%, 11/15/57<br>| 39000 | 40844 |
| Bayview Commercial Asset <br> Trust,<br>|  |  |
| Series 2006-1A, <br> Class A1, (1M CME <br> Term SOFR + 0.52%), <br> 4.85%, 4/25/36<sup>(b)(c)</sup> <br>| 181918 | 167303 |
| Series 2007-4A, <br> Class A1, (1M CME <br> Term SOFR + 0.79%, <br> 0.68% Floor), 5.12%, <br> 9/25/37<sup>(b)(c)</sup> <br>| 183274 | 169428 |
| Benchmark Mortgage <br> Trust, Series 2019-B9, <br> Class XA, 1.18%, <br> 3/15/52<sup>(d)(o)</sup> <br>| 1633207 | 51534 |
| BFLD Commercial <br> Mortgage Trust,<br>|  |  |
| Series 2024-UNIV, <br> Class A, (1M CME Term <br> SOFR + 1.49%, 1.49% <br> Floor), 5.81%, <br> 11/15/29<sup>(b)(c)</sup> <br>| 80000 | 79975 |
| Series 2024-UNIV, <br> Class E, (1M CME Term <br> SOFR + 3.64%, 3.64% <br> Floor), 7.96%, <br> 11/15/29<sup>(b)(c)</sup> <br>| 50000 | 49547 |
| BHMS, Series 2018-ATLS, <br> Class A, (1M CME Term <br> SOFR + 1.55%, 1.50% <br> Floor), 5.87%, <br> 7/15/35<sup>(b)(c)</sup> <br>| 190000 | 189879 |
| BPR Commercial Mortgage <br> Trust, Series 2024-PARK, <br> Class A, 5.39%, <br> 11/05/39<sup>(b)(d)</sup> <br>| 110000 | 111028 |
| BPR Trust, Series <br> 2024-PMDW, Class A, <br> 5.36%, 11/05/29<sup>(b)</sup> <br>| 70000 | 70822 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| BX Commercial Mortgage <br> Trust,<br>|  |  |
| Series 2024-KING, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.86%, <br> 5/15/34<sup>(b)(c)</sup> <br>| $197401 | $197278 |
| Series 2024-MDHS <br> Class A, (1M CME Term <br> SOFR + 1.64%, 1.64% <br> Floor), 5.96%, <br> 5/15/41<sup>(b)(c)</sup> <br>| 148179 | 148086 |
| Series 2024-PURE, <br> Class A, (CORRA Index + <br> 1.90%, 1.90% Floor), <br> 4.67%, 11/15/29<sup>(b)(c)</sup> <br>CAD | 26000 | 18978 |
| BX Trust, Series <br> 2025-VLT6, Class A, (1M <br> CME Term SOFR + 1.44%, <br> 1.44% Floor), 5.77%, <br> 3/15/30<sup>(b)(c)</sup> <br>| 512000 | 506880 |
| BXP Trust, Series <br> 2017-GM, Class D, <br> 3.54%, 6/13/39<sup>(b)(d)</sup> <br>| 370000 | 348457 |
| CAMB Commercial <br> Mortgage Trust, Series <br> 2019-LIFE, Class D, (1M <br> CME Term SOFR + 2.05%, <br> 1.75% Floor), 6.37%, <br> 12/15/37<sup>(b)(c)</sup> <br>| 100000 | 99438 |
| CFK Trust, Series <br> 2019-FAX, Class D, <br> 4.79%, 1/15/39<sup>(b)(d)</sup> <br>| 100000 | 92422 |
| COMM Mortgage Trust, <br> Series 2024-CBM, <br> Class A2, 5.87%, <br> 12/10/41<sup>(b)</sup> <br>| 110000 | 112194 |
| CSTL Commercial <br> Mortgage Trust, Series <br> 2024-GATE, Class A, <br> 4.92%, 11/10/29<sup>(b)(d)</sup> <br>| 160000 | 159175 |
| DBGS Mortgage Trust, <br> Series 2019-1735, <br> Class X, 0.43%, <br> 4/10/37<sup>(d)(o)</sup> <br>| 13945000 | 132288 |
| EQT Trust, Series <br> 2024-EXTR, Class A, <br> 5.33%, 7/05/41<sup>(b)</sup> <br>| 404000 | 412628 |
| Fontainbleau Miami Beach <br> Mortgage Trust, Series <br> 2024-FBLU, Class G, (1M <br> CME Term SOFR + 5.65%, <br> 5.65% Floor), 9.97%, <br> 12/15/29<sup>(b)(c)</sup> <br>| 100000 | 99209 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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)** |
| GS Mortgage <br> Securities Corp. Trust, <br> Series 2023-SHIP, <br> Class E, 7.68%, <br> 9/10/38<sup>(b)(d)</sup> <br>|  | $32000 | $32222 |
| HONO Mortgage Trust, <br> Series 2021-LULU, <br> Class A, (1M CME Term <br> SOFR + 1.26%, 1.15% <br> Floor), 5.59%, <br> 10/15/36<sup>(b)(c)</sup> <br>|  | 580300 | 573046 |
| INV Mortgage Trust, Series <br> 2024-IND, Class A, (1M <br> CME Term SOFR + 1.74%, <br> 1.74% Floor), 6.06%, <br> 11/15/41<sup>(b)(c)</sup> <br>|  | 510000 | 508725 |
| JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust,<br>|  |  |  |
| Series 2024-IGLG, <br> Class A, 5.35%, <br> 11/09/39<sup>(b)(d)</sup> <br>|  | 510000 | 515814 |
| Series 2024-IGLG, <br> Class D, 6.70%, <br> 11/09/39<sup>(b)(d)</sup> <br>|  | 140000 | 138584 |
| Series 2024-IGLG, <br> Class E, 7.50%, <br> 11/09/39<sup>(b)(d)</sup> <br>|  | 435000 | 430640 |
| Series 2024-IGLG, <br> Class F, 8.49%, <br> 11/09/39<sup>(b)(d)</sup> <br>|  | 372000 | 368314 |
| JW Commercial Mortgage <br> Trust, Series 2024-MRCO, <br> Class A, (1M CME Term <br> SOFR + 1.62%, 1.62% <br> Floor), 5.94%, <br> 6/15/39<sup>(b)(c)</sup> <br>|  | 100000 | 99438 |
| KSL Commercial Mortgage <br> Trust, Series 2024-HT2, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.86%, <br> 12/15/39<sup>(b)(c)</sup> <br>|  | 100000 | 99063 |
| Last Mile Logistics Pan <br> Euro Finance DAC, Series <br> 1X, Class E, (3M Euribor + <br> 2.70%, 2.70% Floor), <br> 5.26%, 8/17/33<sup>(c)</sup> <br>| EUR | 191462 | 214386 |
| Last Mile Securities PE <br> DAC, Series 2021-1X, <br> Class D, (3M Euribor + <br> 2.35%, 2.35% Floor), <br> 4.91%, 8/17/31<sup>(c)</sup> <br>|  | 194960 | 220165 |
| MCR Mortgage Trust, <br> Series 2024-HF1, Class A, <br> (1M CME Term SOFR + <br> 1.79%, 1.79% Floor), <br> 6.11%, 12/15/41<sup>(b)(c)</sup> <br>|  | 328000 | 327590 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| Morgan Stanley Capital I <br> Trust, Series 2019-L2, <br> Class XA, 1.16%, <br> 3/15/52<sup>(d)(o)</sup> <br>|  | $2325466 | $73699 |
| MSWF Commercial <br> Mortgage Trust, Series <br> 2023-2, Class XA, 1.14%, <br> 12/15/56<sup>(d)(o)</sup> <br>|  | 998809 | 60194 |
| ORL Trust, Series <br> 2024-GLKS, Class A, (1M <br> CME Term SOFR + 1.49%, <br> 1.49% Floor), 5.81%, <br> 12/15/39<sup>(b)(c)</sup> <br>|  | 100000 | 99375 |
| PFP Ltd., Series 2022-9, <br> Class A, (1M CME Term <br> SOFR + 2.27%, 2.27% <br> Floor), 6.60%, <br> 8/19/35<sup>(b)(c)</sup> <br>|  | 85854 | 85645 |
| ROCK Trust, Series <br> 2024-CNTR, Class E, <br> 8.82%, 11/13/41<sup>(b)</sup> <br>|  | 100000 | 104541 |
| SELF Commerical <br> Mortgage Trust,<br>|  |  |  |
| Series 2024-STRG, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.86%, <br> 11/15/34<sup>(b)(c)</sup> <br>|  | 210000 | 210408 |
| Series 2024-STRG, <br> Class E, (1M CME Term <br> SOFR + 4.19%, 4.19% <br> Floor), 8.51%, <br> 11/15/34<sup>(b)(c)</sup> <br>|  | 100000 | 99065 |
| Series 2024-STRG, <br> Class F, (1M CME Term <br> SOFR + 5.19%, 5.19% <br> Floor), 9.51%, <br> 11/15/34<sup>(b)(c)</sup> <br>|  | 100000 | 98892 |
| Taurus UK DAC, Series <br> 2025-UK2X, Class D, <br> (SONIO/N Index + <br> 3.20%), 7.67%, 2/18/35<sup>(c)</sup> <br>| GBP | 159000 | 210386 |
| THE Trust, Series <br> 2023-MIC, Class A, <br> 8.73%, 12/05/38<sup>(b)(d)</sup> <br>|  | 30000 | 32616 |
| TTAN, Series 2021-MHC, <br> Class F, (1M CME Term <br> SOFR + 3.01%, 2.90% <br> Floor), 7.34%, <br> 3/15/38<sup>(b)(c)</sup> <br>|  | 70752 | 70221 |
| UK Logistics DAC, Series <br> 2025-1X, Class D, <br> (SONIO/N Index + <br> 4.00%), 8.46%, 5/17/35<sup>(c)</sup> <br>| GBP | 158000 | 211129 |
| VEGAS, |  |  |  |
| Series 2024-GCS, <br> Class C, 6.42%, <br> 7/10/36<sup>(b)(d)</sup> <br>|  | 140000 | 137067 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| VEGAS, |  |  |
| Series 2024-GCS, <br> Class D, 6.42%, <br> 7/10/36<sup>(b)(d)</sup> <br>| $330000 | $308747 |
| VEGAS Trust, Series <br> 2024-TI, Class A, 5.52%, <br> 11/10/39<sup>(b)</sup> <br>| 260000 | 263519 |
| Velocity Commercial <br> Capital Loan Trust,<br>|  |  |
| Series 2024-1, Class A, <br> 6.55%, 1/25/54<sup>(b)</sup> <br>| 67523 | 68022 |
| Series 2024-6, Class M3, <br> 6.92%, 12/25/54<sup>(b)(d)</sup> <br>| 99181 | 98362 |
|  |  | **10864435** |
| **Federal Home Loan Mortgage Corporation – 3.0%** | **Federal Home Loan Mortgage Corporation – 3.0%** | **Federal Home Loan Mortgage Corporation – 3.0%** |
| Multiclass Certificates, <br> Series 2024-P015, <br> Class A1, 4.45%, <br> 11/25/32<sup>(d)</sup> <br>| 46833 | 45825 |
| Pool, |  |  |
| 3.50%, 1/01/34 - 2/01/48 | 285825 | 271760 |
| 2.00%, 9/01/35 - 2/01/52 | 6844072 | 5605288 |
| 1.50%, 4/01/36 - 6/01/51 | 964364 | 780897 |
| 3.00%, 9/01/37 - 8/01/52 | 4538597 | 4024235 |
| 4.50%, 1/01/49 - 8/01/52 | 1054879 | 1030661 |
| 4.00%, 6/01/49 - 6/01/52 | 622765 | 587355 |
| 2.50%, 7/01/50 - 4/01/52 | 5148299 | 4355146 |
| 5.00%, 6/01/52 - <br> 11/01/53<br>| 2590922 | 2548608 |
| 6.00%, 11/01/52 - <br> 9/01/54<br>| 1506951 | 1541636 |
| 5.50%, 1/01/53 - 8/01/53 | 849882 | 856058 |
| 6.50%, 11/01/53 | 77707 | 80606 |
| Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| Series 5112, Class KI, <br> 3.50%, 6/25/51<sup>(o)</sup> <br>| 351598 | 65585 |
| 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>(c)</sup> <br>| 1611659 | 1609324 |
| 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>(c)</sup> <br>| 2954929 | 2951074 |
|  |  | **26354058** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **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, |  |  |
| 3.00%, 10/01/32 - <br> 12/01/32<br>| $391910 | $381518 |
| 4.50%, 4/01/47 - 4/01/49 | 441008 | 430786 |
| 5.00%, 11/01/48 | 23136 | 23145 |
| 3.50%, 4/01/49 | 1795615 | 1664343 |
|  |  | **2499792** |
| **Federal National Mortgage Association – 4.4%** | **Federal National Mortgage Association – 4.4%** | **Federal National Mortgage Association – 4.4%** |
| Pool, |  |  |
| 3.00%, 9/01/28 - 6/01/52 | 1670852 | 1517683 |
| 2.50%, 12/01/33 - <br> 2/01/52<br>| 9318554 | 7967082 |
| 3.50%, 1/01/34 - 1/01/51 | 2369715 | 2175484 |
| 2.00%, 9/01/35 - 3/01/52 | 12251566 | 10066092 |
| 1.50%, 3/01/36 - 3/01/51 | 3772506 | 3092643 |
| 4.50%, 11/01/43 - <br> 7/01/52<br>| 1950496 | 1903842 |
| 4.00%, 7/01/44 - 5/01/52 | 2914837 | 2752098 |
| 5.00%, 8/01/48 - 4/01/53 | 947531 | 936729 |
| 6.00%, 11/01/52 - <br> 9/01/54<br>| 2752301 | 2811622 |
| 5.50%, 1/01/53 - 6/01/53 | 2947928 | 2953617 |
| 6.50%, 8/01/53 - 7/01/54 | 2024035 | 2093223 |
| Real Estate Mortgage <br> Investment Conduits, <br> Series 2020-32, Class PI, <br> 4.00%, 5/25/50<sup>(o)</sup> <br>| 71420 | 15376 |
|  |  | **38285491** |
| **Government National Mortgage Association – 1.8%** | **Government National Mortgage Association – 1.8%** | **Government National Mortgage Association – 1.8%** |
| Pool, |  |  |
| 2.00%, 5/01/55<sup>(j)</sup> <br>| 2416000 | 1970527 |
| 2.50%, 5/01/55<sup>(j)</sup> <br>| 1753000 | 1493746 |
| 3.00%, 5/01/55<sup>(j)</sup> <br>| 1323000 | 1171123 |
| 4.00%, 5/01/55<sup>(j)</sup> <br>| 726000 | 675648 |
| 4.50%, 5/01/55<sup>(j)</sup> <br>| 1699000 | 1626127 |
| 5.00%, 5/01/55<sup>(j)</sup> <br>| 2246000 | 2202985 |
| 5.50%, 5/01/55<sup>(j)</sup> <br>| 2402000 | 2400715 |
| 6.00%, 5/01/55<sup>(j)</sup> <br>| 1585000 | 1603017 |
| 6.50%, 5/01/55<sup>(j)</sup> <br>| 842000 | 860712 |
| 3.50%, 6/01/55<sup>(j)</sup> <br>| 1491000 | 1353730 |
| Series 2020-146, <br> Class DI, 2.50%, <br> 10/20/50<sup>(o)</sup> <br>| 61388 | 8816 |
| Series 2020-185, <br> Class MI, 2.50%, <br> 12/20/50<sup>(o)</sup> <br>| 64438 | 9149 |
| Series 2021-58, Class IY, <br> 3.00%, 2/20/51<sup>(o)</sup> <br>| 637107 | 106491 |
| Series 2021-67, Class QI, <br> 3.00%, 4/20/51<sup>(o)</sup> <br>| 64731 | 11140 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** |
| Pool, |  |  |
| Series 2021-76, Class JI, <br> 3.00%, 8/20/50<sup>(o)</sup> <br>| $66479 | $11418 |
| Series 2021-78, Class IP, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 601946 | 101122 |
| Series 2021-83, Class PI, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 216482 | 36924 |
| Series 2021-96, Class MI, <br> 3.00%, 6/20/51<sup>(o)</sup> <br>| 116241 | 20025 |
| Series 2021-97, Class LI, <br> 3.00%, 8/20/50<sup>(o)</sup> <br>| 771759 | 128625 |
| Series 2022-78, Class IO, <br> 3.00%, 8/20/51<sup>(o)</sup> <br>| 69590 | 11845 |
| Series 2022-85, Class IK, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 355865 | 61304 |
|  |  | **15865189** |
| **Government National Mortgage Association II – 0.8%** | **Government National Mortgage Association II – 0.8%** | **Government National Mortgage Association II – 0.8%** |
| Pool, |  |  |
| 3.50%, 4/20/45 - 2/20/48 | 370267 | 340467 |
| 4.00%, 3/20/47 - <br> 12/20/52<br>| 924401 | 865164 |
| 4.50%, 4/20/47 - 8/20/50 | 133592 | 129752 |
| 3.00%, 4/20/50 - 1/20/52 | 1758219 | 1558523 |
| 2.00%, 8/20/50 - 2/20/51 | 1837967 | 1499763 |
| 2.50%, 4/20/51 - 1/20/53 | 2516051 | 2144999 |
| 3.50%, 6/20/52<sup>(j)</sup> <br>| 466344 | 424596 |
|  |  | **6963264** |
| **Other – 0.0%**<sup>(f)</sup> | **Other – 0.0%**<sup>(f)</sup> | **Other – 0.0%**<sup>(f)</sup> |
| FS Rialto Issuer LLC, Series <br> 2024-FL9, Class A, (1M <br> CME Term SOFR + 1.63%, <br> 1.63% Floor), 5.95%, <br> 10/19/39<sup>(b)(c)</sup> <br>| 100000 | **99807** |
| **Uniform Mortgage-Backed Securities – 8.5%** | **Uniform Mortgage-Backed Securities – 8.5%** | **Uniform Mortgage-Backed Securities – 8.5%** |
| Pool, |  |  |
| 2.50%, 5/01/39 - <br> 5/01/53<sup>(j)</sup> <br>| 259600 | 234261 |
| 1.50%, 5/01/40<sup>(j)</sup> <br>| 125000 | 110306 |
| 2.00%, 5/01/40 - <br> 5/01/53<sup>(j)</sup> <br>| 2956000 | 2379490 |
| 3.50%, 5/01/40 - <br> 5/01/53<sup>(j)</sup> <br>| 1123000 | 1014601 |
| 4.00%, 5/01/40 - <br> 5/01/53<sup>(j)</sup> <br>| 1132000 | 1062194 |
| 4.50%, 5/01/40 - <br> 5/01/53<sup>(j)</sup> <br>| 3089000 | 2974249 |
| 3.00%, 5/01/53<sup>(j)</sup> <br>| 2053700 | 1782000 |
| 5.00%, 5/01/53<sup>(j)</sup> <br>| 4108000 | 4020977 |
| 5.50%, 5/01/53<sup>(j)</sup> <br>| 30660000 | 30593812 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Uniform Mortgage-Backed Securities (Continued)** | **Uniform Mortgage-Backed Securities (Continued)** | **Uniform Mortgage-Backed Securities (Continued)** | **Uniform Mortgage-Backed Securities (Continued)** |
| Pool, |  |  |  |
| 6.00%, 5/01/54<sup>(j)</sup> <br>|  | $29149000 | $29569071 |
| 6.50%, 6/01/55<sup>(j)</sup> <br>|  | 995000 | 1023727 |
|  |  |  | **74764688** |
| **Whole Loan – 1.0%** | **Whole Loan – 1.0%** | **Whole Loan – 1.0%** | **Whole Loan – 1.0%** |
| A&D Mortgage Trust, <br> Series 2024-NQM5, <br> Class M1, 6.52%, <br> 11/25/69<sup>(b)</sup> <br>|  | 201500 | 203329 |
| 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)(e)</sup> <br>|  | 169151 | 169363 |
| Angel Oak Mortgage Trust, |  |  |  |
| Series 2023-7, Class A1, <br> (Step to 4.80% on <br> 3/25/28), 4.80%, <br> 11/25/67<sup>(b)(e)</sup> <br>|  | 106133 | 104831 |
| Series 2024-10, Class A1, <br> (Step to 6.35% on <br> 11/25/28), 5.35%, <br> 10/25/69<sup>(b)(e)</sup> <br>|  | 46664 | 46558 |
| Series 2024-11, Class A1, <br> (Step to 6.70% on <br> 11/25/28), 5.70%, <br> 8/25/69<sup>(b)(e)</sup> <br>|  | 383429 | 384874 |
| Series 2025-1, Class A1, <br> (Step to 6.69% on <br> 2/25/29), 5.69%, <br> 1/25/70<sup>(b)(e)</sup> <br>|  | 192287 | 193007 |
| Braccan Mortgage Funding <br> PLC, Series 2024-1, <br> Class X, (SONIO/N Index <br> + 4.34%), 8.82%, <br> 1/15/67<sup>(c)</sup> <br>| GBP | 128259 | 171170 |
| BRAVO Residential <br> Funding Trust, Series <br> 2023-NQM6, Class B1, <br> 8.00%, 9/25/63<sup>(b)(d)</sup> <br>|  | 100000 | 100277 |
| 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)(e)</sup> <br>|  | 100000 | 101337 |
| CHL Mortgage <br> Pass-Through Trust,<br>|  |  |  |
| Series 2006-17, Class A6, <br> 6.00%, 12/25/36<br>|  | 5088 | 2240 |
| Series 2007-9, Class A1, <br> 5.75%, 7/25/37<br>|  | 25342 | 11836 |
| Series 2007-9, Class A11, <br> 5.75%, 7/25/37<br>|  | 13848 | 6468 |
| CIM Trust, Series 2025-I1, <br> Class M1, 6.44%, <br> 10/25/69<sup>(b)</sup> <br>|  | 900000 | 910436 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| COLT Mortgage Loan Trust, <br> Series 2024-6, Class A1, <br> (Step to 6.39% on <br> 11/25/28), 5.39%, <br> 11/25/69<sup>(b)(e)</sup> <br>| $93304 | $93474 |
| Cross Mortgage Trust, |  |  |
| Series 2023-H2, <br> Class A1A, (Step to <br> 8.14% on 11/25/27), <br> 7.14%, 11/25/68<sup>(b)(e)</sup> <br>| 68528 | 69469 |
| Series 2024-H7, <br> Class A1, 5.59%, <br> 11/25/69<sup>(b)(d)</sup> <br>| 503298 | 504435 |
| Series 2025-H1, <br> Class M1, 6.48%, <br> 2/25/70<sup>(b)</sup> <br>| 771848 | 774770 |
| CSMC Trust, |  |  |
| Series 2022-NQM3, <br> Class A1B, 4.27%, <br> 3/25/67<sup>(b)(d)</sup> <br>| 111000 | 107747 |
| Series 2022-NQM6, <br> Class PT, 8.62%, <br> 12/25/67<sup>(b)(d)</sup> <br>| 106809 | 108750 |
| 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)(e)</sup> <br>| 147629 | 148054 |
| EFMT, |  |  |
| Series 2024-NQM1, <br> Class A1A, (Step to <br> 6.71% on 11/25/28), <br> 5.71%, 11/25/69<sup>(b)(e)</sup> <br>| 365490 | 367409 |
| Series 2025-INV1, <br> Class A1, (Step to <br> 6.63% on 3/25/29), <br> 5.63%, 3/25/70<sup>(b)(e)</sup> <br>| 165295 | 165749 |
| Series 2025-NQM1, <br> Class M1, 6.59%, <br> 1/25/70<sup>(b)</sup> <br>| 762245 | 773548 |
| GS Mortgage-Backed <br> Securities Trust, Series <br> 2022-NQM1, Class A4, <br> 4.00%, 5/25/62<sup>(b)</sup> <br>| 68585 | 62608 |
| GSR Mortgage Loan Trust, <br> Series 2007-1F, Class <br> 2A4, 5.50%, 1/25/37<br>| 48692 | 88954 |
| Homes Trust, |  |  |
| Series 2024-NQM2, <br> Class A1, (Step to <br> 6.72% on 12/25/28), <br> 5.72%, 10/25/69<sup>(b)(e)</sup> <br>| 100717 | 100995 |
| Series 2025-AFC1, <br> Class M1, 6.39%, <br> 1/25/60<sup>(b)(d)</sup> <br>| 514286 | 515101 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Impac Secured Assets <br> Trust, Series 2006-3, <br> Class A1, (1M CME Term <br> SOFR + 0.45%, 0.34% <br> Floor), 4.78%, 11/25/36<sup>(c)</sup> <br>|  | $88899 | $79595 |
| JP Morgan Mortgage <br> Trust,<br>|  |  |  |
| Series 2024-VIS2, <br> Class B1, 7.73%, <br> 11/25/64<sup>(b)(d)</sup> <br>|  | 25000 | 25029 |
| Series 2025-VIS1, <br> Class M1, 6.41%, <br> 8/25/55<sup>(b)(d)</sup> <br>|  | 150000 | 150197 |
| Jupiter Mortgage No. 1 <br> PLC, Series 1X, Class DR, <br> (SONIO/N Index + <br> 3.00%), 7.48%, 7/20/55<sup>(c)</sup> <br>| GBP | 100000 | 134134 |
| MASTR Asset <br> Securitization Trust,<br>|  |  |  |
| Series 2007-1, Class 1A4, <br> 6.50%, 11/25/37<br>|  | 562796 | 93894 |
| Series 2007-2, Class A2, <br> 6.25%, 1/25/38<br>|  | 300127 | 155880 |
| Morgan Stanley <br> Residential Mortgage <br> Loan Trust, Series <br> 2025-NQM1, Class M1, <br> 6.50%, 11/25/69<sup>(b)</sup> <br>|  | 182800 | 183563 |
| New Residential Mortgage <br> Loan Trust,<br>|  |  |  |
| Series 2024-NQM1, <br> Class A1, (Step to <br> 5.64% on 6/25/25), <br> 5.35%, 1/25/65<sup>(b)(e)</sup> <br>|  | 147684 | 148515 |
| Series 2024-NQM1, <br> Class M1, 6.47%, <br> 1/25/65<sup>(b)</sup> <br>|  | 501164 | 505038 |
| Series 2024-NQM3, <br> Class B1, 7.17%, <br> 11/25/64<sup>(b)(d)</sup> <br>|  | 100000 | 97917 |
| OBX Trust, Series <br> 2025-NQM3, Class A1, <br> (Step to 6.65% on <br> 3/25/29), 5.65%, <br> 12/01/64<sup>(b)(e)</sup> <br>|  | 110249 | 110727 |
| PRKCM Trust, Series <br> 2023-AFC1, Class B1, <br> 7.45%, 2/25/58<sup>(b)(d)</sup> <br>|  | 226000 | 226592 |
| PRPM Trust, |  |  |  |
| Series 2024-NQM1, <br> Class B1, 7.50%, <br> 12/25/68<sup>(b)(d)</sup> <br>|  | 100000 | 99649 |
| Series 2025-NQM1, <br> Class A1, (Step to <br> 6.80% on 3/25/29), <br> 5.80%, 11/25/69<sup>(b)(e)</sup> <br>|  | 101484 | 102339 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| RFMSI Trust, Series <br> 006-SA4, Class 2A1, <br> 5.66%, 11/25/36<sup>(d)</sup> <br>| $19217 | $15461 |
| Verus Securitization Trust, <br> Series 2023-2, Class B1, <br> 7.50%, 3/25/68<sup>(b)(d)</sup> <br>| 100000 | 99674 |
| Vista Point Securitization <br> Trust, Series 2020-2, <br> Class B2, 5.16%, <br> 4/25/65<sup>(b)(d)</sup> <br>| 142800 | 135301 |
| Voyager OPTONE <br> Delaware Trust, Series <br> 2009-1, Class SAA7, <br> 2.35%, 2/25/38<sup>(d)(o)</sup> <br>| 161287 | 34825 |
| WaMu Mortgage <br> Pass-Through <br> Certificates, Series <br> 2006-AR13, Class 1A, <br> (12MTA + 0.88%, 0.88% <br> Floor), 5.45%, 10/25/46<sup>(c)</sup> <br>| 238086 | 198788 |
|  |  | **8883907** |
| **Total Mortgage-Backed Securities** <br>(Cost $189,890,907) | **Total Mortgage-Backed Securities** <br>(Cost $189,890,907) | **184580631** |
| **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| Bay Area Toll Authority Toll <br> Bridge Subordinate <br> Revenue Bonds, Series <br> S1, Build America Bonds, <br> 7.04%, 4/01/50<br>| 160000 | 185149 |
| California State Taxable <br> GO Unlimited Refunding <br> Bonds, Prerefunded, <br> 4.60%, 4/01/28<sup>(p)</sup> <br>| 415000 | 421601 |
| California State Various <br> Purpose Taxable GO <br> Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| 7.50%, 4/01/34 | 65000 | 75521 |
| 7.55%, 4/01/39 | 40000 | 48301 |
| Los Angeles Community <br> College District GO <br> Unlimited Bonds, Build <br> America Bonds, 6.60%, <br> 8/01/42<br>| 45000 | 49102 |
| University of California <br> Taxable General Revenue <br> Bonds, Series AD, 4.86%, <br> 5/15/12<sup>(q)</sup> <br>| 25000 | 20694 |
|  |  | **800368** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Georgia – 0.0%**<sup>(f)</sup> | **Georgia – 0.0%**<sup>(f)</sup> | **Georgia – 0.0%**<sup>(f)</sup> |
| Municipal Electric <br> Authority of Georgia <br> Taxable Revenue Bonds, <br> Build America Bonds, <br> 6.64%, 4/01/57<br>| $38000 | **$41329** |
| **Illinois – 0.0%**<sup>(f)</sup> | **Illinois – 0.0%**<sup>(f)</sup> | **Illinois – 0.0%**<sup>(f)</sup> |
| Illinois State Taxable GO <br> Unlimited Pension Bonds, <br> 5.10%, 6/01/33<br>| 282353 | **282258** |
| **Louisiana – 0.0%**<sup>(f)</sup> | **Louisiana – 0.0%**<sup>(f)</sup> | **Louisiana – 0.0%**<sup>(f)</sup> |
| Louisiana State Local <br> Government <br> Environmental Facilities <br> & Community <br> Development Authority <br> Taxable Revenue Bonds, <br> Louisiana Utilities <br> Restoration Corp. Project, <br> 4.15%, 2/01/33<br>| 70000 | **69054** |
| **New Jersey – 0.0%**<sup>(f)</sup> | **New Jersey – 0.0%**<sup>(f)</sup> | **New Jersey – 0.0%**<sup>(f)</sup> |
| New Jersey State Turnpike <br> Authority Taxable <br> Revenue Bonds, Build <br> America Bonds, 7.41%, <br> 1/01/40<br>| 106000 | **127878** |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| Metropolitan <br> Transportation Authority <br> Revenue Bonds, Build <br> America Bonds, 6.67%, <br> 11/15/39<br>| 70000 | 75571 |
| 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 | 30646 |
| 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 | 98656 |
| New York State Dormitory <br> Authority Personal <br> Income TRB, Build <br> America Bonds, 5.39%, <br> 3/15/40<br>| 30000 | 30235 |
| Port Authority of New York <br> & New Jersey <br> Consolidated 164th <br> Taxable Revenue Bonds, <br> 5.65%, 11/01/40<br>| 65000 | 68120 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| Port Authority of New York <br> & New Jersey <br> Consolidated 168th <br> Revenue Bonds, 4.93%, <br> 10/01/51<br>| $85000 | $78633 |
| Port Authority of New York <br> & New Jersey <br> Consolidated Taxable <br> Revenue Bonds, Series <br> 181, 4.96%, 8/01/46<br>| 60000 | 56736 |
|  |  | **438597** |
| **Ohio – 0.0%**<sup>(f)</sup> | **Ohio – 0.0%**<sup>(f)</sup> | **Ohio – 0.0%**<sup>(f)</sup> |
| American Municipal <br> Power-Ohio, Inc., Taxable <br> Revenue Bonds, Series B, <br> Combined Hydroelectric <br> Projects, 8.08%, 2/15/50<br>| 75000 | **93951** |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| Port Beaumont Navigation <br> District Dock & Wharf <br> Facility Taxable Revenue <br> Bonds, Jefferson Gulf <br> Coast Energy Project, <br> 10.00%, 7/01/26<sup>(b)</sup> <br>| 190000 | 195167 |
| San Antonio Electric & Gas <br> Junior Lien Revenue <br> Bonds, Build America <br> Bonds, 5.81%, 2/01/41<br>| 75000 | 76026 |
| Texas State Taxable GO <br> Unlimited Bonds, Build <br> America Bonds, 5.52%, <br> 4/01/39<br>| 155000 | 158680 |
|  |  | **429873** |
| **Total Municipal Bonds** <br>(Cost $2,543,016) | **Total Municipal Bonds** <br>(Cost $2,543,016) | **2283308** |
| **Term Loans – 0.0%**<sup>(c)(f)</sup>  | **Term Loans – 0.0%**<sup>(c)(f)</sup>  | **Term Loans – 0.0%**<sup>(c)(f)</sup>  |
| **Software – 0.0%**<sup>(f)</sup> | **Software – 0.0%**<sup>(f)</sup> | **Software – 0.0%**<sup>(f)</sup> |
| 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>| 22794 | **22718** |
| **Total Term Loans** <br>(Cost $22,736) | **Total Term Loans** <br>(Cost $22,736) | **22718** |
| **U.S. Government Obligations – 8.6%** | **U.S. Government Obligations – 8.6%** | **U.S. Government Obligations – 8.6%** |
| **U.S. Treasury Bonds – 2.7%** | **U.S. Treasury Bonds – 2.7%** | **U.S. Treasury Bonds – 2.7%** |
| 4.25%, 5/15/39 | 64000 | 62740 |
| 4.38%, 11/15/39 | 64000 | 63253 |
| 4.63%, 2/15/40 | 458000 | 464512 |
| 1.13%, 5/15/40 | 1373000 | 859198 |
| 3.88%, 8/15/40 | 458000 | 424545 |
| 1.13%, 8/15/40 | 1373000 | 850402 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **U.S. Treasury Bonds (Continued)** | **U.S. Treasury Bonds (Continued)** | **U.S. Treasury Bonds (Continued)** |
| 4.25%, 11/15/40 | $1312700 | $1268909 |
| 1.38%, 11/15/40 | 1373000 | 881884 |
| 1.88%, 2/15/41 | 1863700 | 1291850 |
| 4.38%, 5/15/41 | 714500 | 698424 |
| 3.75%, 8/15/41 | 1029000 | 929436 |
| 3.00%, 5/15/42 | 539000 | 434063 |
| 3.13%, 2/15/43 | 245000 | 198747 |
| 3.88%, 2/15/43 | 652500 | 590563 |
| 3.63%, 8/15/43 | 1402000 | 1217768 |
| 3.75%, 11/15/43 | 1402000 | 1237648 |
| 4.13%, 8/15/44 | 325700 | 301883 |
| 4.63%, 11/15/44 | 388000 | 384120 |
| 2.50%, 2/15/45 | 3498000 | 2486723 |
| 2.75%, 11/15/47 | 4138000 | 2973056 |
| 3.00%, 2/15/48 | 1433000 | 1075646 |
| 3.13%, 5/15/48 | 389000 | 298238 |
| 2.88%, 5/15/49 | 389000 | 281949 |
| 2.25%, 8/15/49 | 1430000 | 905704 |
| 1.38%, 8/15/50 | 389000 | 193999 |
| 1.63%, 11/15/50 | 251800 | 134231 |
| 2.38%, 5/15/51 | 391300 | 250860 |
| 2.00%, 8/15/51 | 389000 | 226942 |
| 1.88%, 11/15/51 | 1164000 | 655114 |
| 2.25%, 2/15/52 | 1486200 | 918890 |
| 3.00%, 8/15/52 | 26000 | 19008 |
| 3.63%, 2/15/53 | 41000 | 33934 |
| 3.63%, 5/15/53 | 35500 | 29380 |
| 4.63%, 2/15/55 | 792000 | 783709 |
|  |  | **23427328** |
| **U.S. Treasury Notes – 5.9%** | **U.S. Treasury Notes – 5.9%** | **U.S. Treasury Notes – 5.9%** |
| 1.63%, 10/15/29 | 3929000 | 4049511 |
| 0.63%, 7/31/26 | 2762700 | 2656509 |
| 4.63%, 10/15/26 | 53000 | 53667 |
| 2.00%, 11/15/26 | 1925000 | 1875897 |
| 4.38%, 12/15/26 | 2711900 | 2740820 |
| 4.25%, 12/31/26 | 156000 | 157414 |
| 4.00%, 1/15/27 | 1332700 | 1339988 |
| 4.13%, 2/15/27 | 364000 | 366901 |
| 1.88%, 2/28/27 | 4000 | 3876 |
| 4.25%, 3/15/27 | 1332700 | 1347433 |
| 0.50%, 4/30/27 | 769000 | 723341 |
| 2.38%, 5/15/27 | 761000 | 742659 |
| 0.50%, 5/31/27 | 688000 | 645430 |
| 4.38%, 7/15/27 | 24000 | 24388 |
| 2.25%, 8/15/27 | 1670000 | 1621270 |
| 3.13%, 8/31/27 | 6000 | 5937 |
| 3.38%, 9/15/27 | 100000 | 99539 |
| 0.38%, 9/30/27 | 970000 | 898387 |
| 4.13%, 10/31/27 | 1523000 | 1542335 |
| 0.63%, 11/30/27 | 12000 | 11130 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| 3.88%, 11/30/27 | $2049500 | $2063510 |
| 4.00%, 2/29/28 | 14000 | 14151 |
| 3.88%, 3/15/28 | 94000 | 94771 |
| 1.25%, 3/31/28 | 1453500 | 1359988 |
| 3.75%, 4/15/28<sup>(h)</sup> <br>| 644000 | 646968 |
| 3.50%, 4/30/28 | 61000 | 60833 |
| 1.25%, 5/31/28 | 2376000 | 2214321 |
| 1.13%, 8/31/28 | 1938000 | 1787654 |
| 4.38%, 8/31/28 | 1698700 | 1738580 |
| 1.25%, 9/30/28 | 1900700 | 1757108 |
| 1.38%, 12/31/28 | 4000 | 3692 |
| 3.75%, 12/31/28 | 2221000 | 2228982 |
| 2.38%, 3/31/29 | 1558200 | 1486072 |
| 3.25%, 6/30/29 | 1253600 | 1233327 |
| 4.25%, 6/30/29 | 2000 | 2044 |
| 3.13%, 8/31/29 | 425300 | 415847 |
| 1.50%, 2/15/30 | 1075000 | 971531 |
| 4.00%, 2/28/30 | 304000 | 307942 |
| 3.75%, 5/31/30 | 1046000 | 1046409 |
| 4.00%, 7/31/30 | 175000 | 177003 |
| 4.88%, 10/31/30 | 844300 | 889252 |
| 3.75%, 12/31/30 | 13000 | 12957 |
| 4.25%, 6/30/31 | 1775700 | 1812671 |
| 3.63%, 9/30/31 | 1666000 | 1640750 |
| 4.13%, 11/30/31 | 13000 | 13162 |
| 4.50%, 12/31/31 | 1225300 | 1267180 |
| 4.13%, 2/29/32 | 29000 | 29344 |
| 4.13%, 3/31/32 | 80000 | 80950 |
| 4.00%, 4/30/32 | 148000 | 148647 |
| 2.88%, 5/15/32 | 43600 | 40740 |
| 4.13%, 11/15/32 | 427000 | 431203 |
| 4.00%, 2/15/34 | 1475000 | 1463707 |
| 4.38%, 5/15/34 | 572000 | 582948 |
| 3.88%, 8/15/34 | 16000 | 15673 |
| 4.63%, 2/15/35 | 2905000 | 3013937 |
|  |  | **51960286** |
| **Total U.S. Government Obligations** <br>(Cost $79,653,457) | **Total U.S. Government Obligations** <br>(Cost $79,653,457) | **75387614** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Investment Companies – 60.6%** | **Investment Companies – 60.6%** | **Investment Companies – 60.6%** |
| BlackRock Allocation <br> Target Shares - BATS, <br> Series A<br>| 6455775 | 61329858 |
| BondBloxx Bloomberg Ten <br> Year Target Duration US <br> Treasury ETF<br>| 572996 | 26615664 |
| iShares U.S. Treasury Bond <br> ETF<sup>(r)</sup> <br>| 12034348 | 277752752 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| Vanguard <br> Intermediate-Term <br> Corporate Bond ETF<sup>(h)</sup> <br>| 744278 | $60867055 |
| Vanguard <br> Mortgage-Backed <br> Securities ETF<sup>(h)</sup> <br>| 2276865 | 105464387 |
| **Total Investment Companies** <br>(Cost $530,668,399) | **Total Investment Companies** <br>(Cost $530,668,399) | **532029716** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 5.4%** | **Short-Term Investments – 5.4%** | **Short-Term Investments – 5.4%** |
| **Corporate Bonds – 0.0%**<sup>(f)</sup> | **Corporate Bonds – 0.0%**<sup>(f)</sup> | **Corporate Bonds – 0.0%**<sup>(f)</sup> |
| Discovery <br> Communications LLC, <br> 4.90%, 3/11/26<br>| $29000 | 28976 |
| Sprint LLC, 7.63%, 3/01/26 | 298000 | 301903 |
|  |  | **330879** |
| **Money Market Funds – 5.0%** | **Money Market Funds – 5.0%** | **Money Market Funds – 5.0%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(s)(t)</sup> <br>| 9721608 | 9721608 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(s)</sup> <br>| 33860907 | 33860907 |
|  |  | **43582515** |
| **Mortgage-Backed Securities – 0.1%** | **Mortgage-Backed Securities – 0.1%** | **Mortgage-Backed Securities – 0.1%** |
| Petroleos Mexicanos, <br> 7.50%, 3/20/26<br>| 422000 | 413560 |
| **U.S. Government Obligations – 0.3%** | **U.S. Government Obligations – 0.3%** | **U.S. Government Obligations – 0.3%** |
| U.S. Treasury Notes, |  |  |
| 3.13%, 8/15/25<sup>(h)</sup> <br>| 213000 | 212258 |
| 4.63%, 3/15/26 | 2508000 | 2522205 |
|  |  | **2734463** |
| **Total Short-Term Investments** <br>(Cost $47,055,365) | **Total Short-Term Investments** <br>(Cost $47,055,365) | **47061417** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 - 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> |
| 2Y-10Y SOFR CAP, Strike Price <br> USD 0.40, Expires 8/19/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 92240000 | 158330 |
| Canadian Dollar vs. <br> U.S. Dollar, Strike Price CAD <br> 1.41, Expires 5/14/25, <br> Counterparty: Barclays<br>| 1 | 95000 | 40 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Call Options - Over the Counter (Continued)** | **Call Options - Over the Counter (Continued)** | **Call Options - Over the Counter (Continued)** | **Call Options - Over the Counter (Continued)** |
| Canadian Dollar vs. <br> U.S. Dollar, Strike Price CAD <br> 1.48, Expires 5/16/25, <br> Counterparty: HSBC<br>| 1 | $3000 | $1 |
| Canadian Dollar vs. <br> U.S. Dollar, Strike Price CAD <br> 1.53, Expires 7/18/25, <br> Counterparty: UBS<br>| 1 | 5000 | 21 |
| Chinese Yuan vs. U.S. Dollar, <br> Strike Price CNH 7.35, <br> Expires 7/02/25, <br> Counterparty: HSBC<br>| 1 | 104000 | 252 |
| Chinese Yuan vs. U.S. Dollar, <br> Strike Price CNH 7.50, <br> Expires 9/29/25, <br> Counterparty: HSBC<br>| 1 | 7000 | 798 |
| Mexican Peso vs. U.S. Dollar, <br> Strike Price MXN 21.20, <br> Expires 5/12/25, <br> Counterparty: BNP Paribas<br>| 1 | 57000 | 7 |
| Mexican Peso vs. U.S. Dollar, <br> Strike Price MXN 22.00, <br> Expires 5/29/25, <br> Counterparty: Barclays<br>| 1 | 41000 | 13 |
| Norwegian Kroner vs. Euro, <br> Strike Price NOK 11.80, <br> Expires 5/08/25, <br> Counterparty: Barclays<br>| 1 | 29000 <br><sup>(u)</sup><br>| 191 |
| Polish Zloty vs. U.S. Dollar, <br> Strike Price PLN 3.80, Expires <br> 5/23/25, Counterparty: Bank <br> of America<br>| 1 | 57000 | 584 |
| Swiss Franc vs. U.S. Dollar, <br> Strike Price CHF 0.85, Expires <br> 6/20/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 5000 | 921 |
| Taiwan New Dollar vs. <br> U.S. Dollar, Strike Price TWD <br> 34.60, Expires 8/29/25, <br> Counterparty: Standard <br> Chartered Bank<br>| 1 | 8000 | 172 |
| U.S. Dollar vs. Australian <br> Dollar, Strike Price USD 0.67, <br> Expires 6/16/25, <br> Counterparty: UBS<br>| 1 | 9800 <br><sup>(v)</sup><br>| 1095 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.08, Expires <br> 5/05/25, Counterparty: BNP <br> Paribas<br>| 1 | 96000 <br><sup>(u)</sup><br>| 5091 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.12, Expires <br> 6/05/25, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 46000 <br><sup>(u)</sup><br>| 1001 |
|  |  |  | **168517** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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 – 0.1%** | **Call Swaptions - Over the Counter – 0.1%** | **Call Swaptions - Over the Counter – 0.1%** | **Call Swaptions - Over the Counter – 0.1%** |
| Pay 1-Day USD SOFR <br> (Annually); Receive 3.66% <br> (Annually): Interest Rate <br> Swap Maturing 4/07/2037, <br> Strike Price USD 3.66, <br> Expires 4/05/27, <br> Counterparty: Bank of <br> America<br>| 1 | $1344500 | $51596 |
| Pay 1-Day USD SOFR <br> (Annually); Receive 3.67% <br> (Annually): Interest Rate <br> Swap Maturing 4/07/2037, <br> Strike Price USD 3.67, <br> Expires 4/05/27, <br> Counterparty: Bank of <br> America<br>| 1 | 1344500 | 51853 |
| Pay 1-Day USD SOFR <br> (Annually); Receive 3.93% <br> (Annually): Interest Rate <br> Swap Maturing 3/31/2037, <br> Strike Price USD 3.93, <br> Expires 3/29/27, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 1257000 | 62286 |
| Pay 1-Day USD SOFR <br> (Annually); Receive 4.00% <br> (Annually): Interest Rate <br> Swap Maturing 3/31/2037, <br> Strike Price USD 4.00, <br> Expires 3/29/27, <br> Counterparty: BNP Paribas<br>| 1 | 428800 | 22623 |
| Pay 1-Day USD SOFR <br> (Annually); Receive 4.01% <br> (Annually): Interest Rate <br> Swap Maturing 4/16/2037, <br> Strike Price USD 4.01, <br> Expires 4/14/27, <br> Counterparty: Deutsche Bank<br>| 1 | 169133 | 8994 |
| Pay 1-Day USD SOFR <br> (Annually); Receive 4.05% <br> (Annually): Interest Rate <br> Swap Maturing 4/14/2037, <br> Strike Price USD 4.05, <br> Expires 4/12/27, <br> Counterparty: Citibank<br>| 1 | 337050 | 18517 |
| Pay 1-Day USD SOFR <br> (Annually); Receive 4.34% <br> (Annually): Interest Rate <br> Swap Maturing 1/15/2037, <br> Strike Price USD 4.34, <br> Expires 1/13/27, <br> Counterparty: Deutsche Bank<br>| 1 | 745360 | 52176 |
| Pay 1-Day USD SOFR <br> (Annually); Receive 4.35% <br> (Annually): Interest Rate <br> Swap Maturing 1/15/2037, <br> Strike Price USD 4.35, <br> Expires 1/13/27, <br> Counterparty: Deutsche Bank<br>| 1 | 745360 | 52592 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Pay 1-Day USD SOFR (At <br> Maturity); Receive 3.74% (At <br> Maturity): Interest Rate <br> Swap Maturing 5/20/2026, <br> Strike Price USD 3.74, <br> Expires 5/16/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | $43628000 | $54701 |
| Pay 1-Day USD SOFR (At <br> Maturity); Receive 3.74% (At <br> Maturity): Interest Rate <br> Swap Maturing 5/20/2026, <br> Strike Price USD 3.74, <br> Expires 5/16/25, <br> Counterparty: Citibank<br>| 2 | 31414000 | 39387 |
|  |  |  | **414725** |
| **Put Options - Over the Counter – 0.0%**<sup>(f)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(f)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(f)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(f)</sup> |
| Canadian Dollar vs. <br> U.S. Dollar, Strike Price CAD <br> 1.34, Expires 7/24/25, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 8000 | 1389 |
| Chinese Yuan vs. U.S. Dollar, <br> Strike Price CNH 7.05, <br> Expires 6/23/25, <br> Counterparty: Deutsche Bank<br>| 1 | 7000 | 562 |
| Czech Koruna vs. Euro, Strike <br> Price CZK 24.50, Expires <br> 6/06/25, Counterparty: Bank <br> of America<br>| 1 | 9000 <br><sup>(u)</sup><br>| 513 |
| Japanese Yen vs. U.S. Dollar, <br> Strike Price JPY 140.00, <br> Expires 5/15/25, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 67000 | 289 |
| Japanese Yen vs. U.S. Dollar, <br> Strike Price JPY 144.00, <br> Expires 8/07/25, <br> Counterparty: UBS<br>| 1 | 102000 | 943 |
| Japanese Yen vs. U.S. Dollar, <br> Strike Price JPY 147.00, <br> Expires 5/19/25, <br> Counterparty: UBS<br>| 1 | 61000 | 447 |
| Japanese Yen vs. U.S. Dollar, <br> Strike Price JPY 150.00, <br> Expires 6/05/25, <br> Counterparty: UBS<br>| 1 | 61000 | 1021 |
| Mexican Peso vs. U.S. Dollar, <br> Strike Price MXN 19.90, <br> Expires 6/17/25, <br> Counterparty: UBS<br>| 1 | 62000 | 174 |
| Norwegian Kroner vs. Euro, <br> Strike Price NOK 11.55, <br> Expires 5/08/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 57000 <br><sup>(u)</sup><br>| 37 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** |
| Singapore Dollar vs. <br> U.S. Dollar, Strike Price SGD <br> 1.33, Expires 5/09/25, <br> Counterparty: Bank of <br> America<br>| 1 | $57000 | $874 |
| South Korean Won vs. <br> U.S. Dollar, Strike Price KRW <br> 1,390.00, Expires 5/30/25, <br> Counterparty: Bank of <br> America<br>| 1 | 57000 | 97 |
| Turkish Lira vs. U.S. Dollar, <br> Strike Price TRY 40.00, <br> Expires 5/29/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 15500 | 287 |
| U.S. Dollar vs. Australian <br> Dollar, Strike Price USD 0.59, <br> Expires 6/02/25, <br> Counterparty: UBS<br>| 1 | 9000 <br><sup>(v)</sup><br>| 88 |
| U.S. Dollar vs. Australian <br> Dollar, Strike Price USD 0.62, <br> Expires 6/13/25, <br> Counterparty: Bank of <br> America<br>| 1 | 60000 <br><sup>(v)</sup><br>| 198 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.01, Expires <br> 5/08/25, <br> Counterparty: JPMorgan <br> Chase<br>| 1 | 58500 <br><sup>(u)</sup><br>|  |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.02, Expires <br> 7/15/25, <br> Counterparty: Barclays<br>| 1 | 143000 <br><sup>(u)</sup><br>| 30 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.04, Expires <br> 5/08/25, Counterparty: UBS<br>| 1 | 117000 <br><sup>(u)</sup><br>|  |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.06, Expires <br> 7/15/25, Counterparty: UBS<br>| 1 | 95000 <br><sup>(u)</sup><br>| 78 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.09, Expires <br> 7/14/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 7000 <br><sup>(u)</sup><br>| 1038 |
|  |  |  | **8065** |
| **Put Swaptions - Over the Counter – 0.0%**<sup>(f)</sup> | **Put Swaptions - Over the Counter – 0.0%**<sup>(f)</sup> | **Put Swaptions - Over the Counter – 0.0%**<sup>(f)</sup> | **Put Swaptions - Over the Counter – 0.0%**<sup>(f)</sup> |
| Pay 3.66% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 4/07/2037, Strike Price USD <br> 3.66, Expires 4/05/27, <br> Counterparty: Bank of <br> America<br>| 1 | 1344500 | 65541 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Pay 3.67% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 4/07/2037, Strike Price USD <br> 3.67, Expires 4/05/27, <br> Counterparty: Bank of <br> America<br>| 1 | $1344500 | $65270 |
| Pay 3.93% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 3/31/2037, Strike Price USD <br> 3.93, Expires 3/29/27, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 1257000 | 48426 |
| Pay 4.00% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 3/31/2037, Strike Price USD <br> 4.00, Expires 3/29/27, <br> Counterparty: BNP Paribas<br>| 1 | 428800 | 15540 |
| Pay 4.01% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 4/16/2037, Strike Price USD <br> 4.01, Expires 4/14/27, <br> Counterparty: Deutsche Bank<br>| 1 | 169133 | 6187 |
| Pay 4.05% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 4/14/2037, Strike Price USD <br> 4.05, Expires 4/12/27, <br> Counterparty: Citibank<br>| 1 | 337050 | 11911 |
| Pay 4.34% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 1/15/2037, Strike Price USD <br> 4.34, Expires 1/13/27, <br> Counterparty: Deutsche Bank<br>| 1 | 745360 | 18005 |
| Pay 4.35% (Annually); Receive <br> 1-Day USD SOFR (Annually): <br> Interest Rate Swap Maturing <br> 1/15/2037, Strike Price USD <br> 4.35, Expires 1/13/27, <br> Counterparty: Deutsche Bank<br>| 1 | 745360 | 17832 |
|  |  |  | **248712** |
| **Total Purchased Options** <br>(Premiums Paid 784,068) | **Total Purchased Options** <br>(Premiums Paid 784,068) | **Total Purchased Options** <br>(Premiums Paid 784,068) | **840019** |

---

---

| | |
|:---|:---|
| **Total Long Positions** – **110.6%** <br>(Cost $980,667,368) | **970794373** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Short Positions – (1.3)%**<sup>(w)</sup>  | **Short Positions – (1.3)%**<sup>(w)</sup>  | **Short Positions – (1.3)%**<sup>(w)</sup>  |
| **Mortgage-Backed Securities – (1.3)%** | **Mortgage-Backed Securities – (1.3)%** | **Mortgage-Backed Securities – (1.3)%** |
| **Uniform Mortgage-Backed Securities – (1.3)%** | **Uniform Mortgage-Backed Securities – (1.3)%** | **Uniform Mortgage-Backed Securities – (1.3)%** |
| Pool, |  |  |
| 3.00%, 5/01/39<sup>(j)</sup> <br>| $(42000)<br>| $(39872)<br>|
| 6.50%, 5/01/53<sup>(j)</sup> <br>| (13000)<br>| (13387)<br>|
| 4.50%, 6/01/53<sup>(j)</sup> <br>| (12385000)<br>| (11839290)<br>|
|  |  | **(11892549)**<br>|
| **Total Mortgage-Backed Securities** <br>(Proceeds $11,911,198) | **Total Mortgage-Backed Securities** <br>(Proceeds $11,911,198) | **(11892549)**<br>|
| **Total Short Positions – (1.3)%** <br>(Proceeds $11,911,198) | **Total Short Positions – (1.3)%** <br>(Proceeds $11,911,198) | **(11892549)**<br>|
| **Total Written Options** – **(0.0)%**<sup>(f)</sup> <br>(Premiums Received $63,443) | **Total Written Options** – **(0.0)%**<sup>(f)</sup> <br>(Premiums Received $63,443) | (56952)<br>|
| Liabilities less Other Assets – (9.3)%<sup>(x)</sup>  | Liabilities less Other Assets – (9.3)%<sup>(x)</sup>  | (81443896)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$877400976** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |

---

&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>(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 April 30, 2025, these securities had a total value of $50,484,465 or 5.75% of net assets. 

<sup>(c)</sup> Variable or floating rate security. Rate as of April 30, 2025 is disclosed.

<sup>(d)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of April 30, 2025 is disclosed. 

<sup>(e)</sup> Step coupon bond. Rate as of April 30, 2025 is disclosed.

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

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

<sup>(h)</sup> Security either partially or fully on loan. (See Note 6.)

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

<sup>(j)</sup> When-issued security. Coupon rate was not yet in effect at April 30, 2025.

<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 April 30, 2025 is disclosed. 

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

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

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

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

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

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

<sup>(r)</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>(s)</sup> 7-day current yield as of April 30, 2025 is disclosed.

<sup>(t)</sup> Security purchased with the cash proceeds from securities loaned. (See Note 6.)

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

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

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

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

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

\* Non-income producing security

**Abbreviations:**<br>

---

| | |
|:---|:---|
| 1M | 1 Month |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| 10Y | 10 Year |
| 12MTA | 12 Month Treasury Average |
| 30D | 30 Day |
| AUD | Australian Dollar |
| BATS | Better Alternative Trading System |
| BRL | Brazilian Real |
| BZDIO | Brazil Interbank Rate |
| CAD | Canadian Dollar |
| CDX | Credit Default Swap Index |
| CHF | Swiss Franc |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNH | Chinese Yuan Renminbi |
| CNRR | China Fixing Repo Rate |
| COOVI | Columbian Overnight Index Average |
| COP | Colombian Peso |
| CORRA | Canadian Overnight Repo Rate Average |
| CZK | Czech Republic Koruna |
| EGP | Egyptian Pound |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| GBP | British Pound |
| GMTN | Global Medium Term Note |
| GO | Government Obligation |
| IDR | Indonesian Rupiah |
| IO | Interest Only |
| JIBAR | Johannesburg Interbank Average Rate |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| KSDA | Korea Securities Dealers Association |
| L.P. | Limited Partnership |
| LLC | Limited Liability Company |
| MIBOR | Mumbai Interbank Offered Rate |
| MXN | Mexican Peso |
| NOK | Norwegian Kroner |
| PCL | Public Company Limited |
| PEN | Peruvian Nuevo Sole |
| PLC | Public Limited Company |
| PLN | Polish Zloty |
| S&P | Standards & Poor's |
| SGD | Singapore Dollar |
| SOFR | United States Secured Overnight Financing Rate |
| TIIE | Tasa de Interés Interbancaria de Equilibrio |
| TONAR | Tokyo Overnight Average Rate |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | |
|:---|:---|
| TRB | Tax Revenue Bonds |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| WIBOR | Warsaw Interbank Offered Rate |
| ZAR | South African Rand |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 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; 1 | &nbsp;&nbsp; 6/06/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 135523 | &nbsp;&nbsp; $(11)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5723156 | &nbsp;&nbsp; 52150 |
| U.S. Treasury Long Bond | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5714625 | &nbsp;&nbsp; 3541 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7261875 | &nbsp;&nbsp; 75629 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 25185961 | &nbsp;&nbsp; 106525 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 38764336 | &nbsp;&nbsp; 281622 |
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$519456** |
| **Short Contracts** |  |  |  |  |  |
| 30-Year Euro-Buxl | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 6/06/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 843520 | &nbsp;&nbsp; $(26482)<br>|
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (134)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15374406 | &nbsp;&nbsp; (194360)<br>|
| 10-Year Canadian Government Bond | &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp; 6/19/2025 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 2511592 | &nbsp;&nbsp; 16347 |
| E-Mini S&P 500 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 838050 | &nbsp;&nbsp; (56092)<br>|
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(260587)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$258869** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | British Pounds | &nbsp;&nbsp; 634000 | U.S. Dollars | &nbsp;&nbsp; 820034 | HSBC | &nbsp;&nbsp; $25060 |
| 6/18/25 | Brazilian Reals | &nbsp;&nbsp; 3510658 | U.S. Dollars | &nbsp;&nbsp; 591000 | UBS | &nbsp;&nbsp; 20151 |
| 6/18/25 | Euro | &nbsp;&nbsp; 250000 | U.S. Dollars | &nbsp;&nbsp; 277335 | State Street | &nbsp;&nbsp; 6774 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 316921 | Japanese Yen | &nbsp;&nbsp; 44169000 | RBS | &nbsp;&nbsp; 6263 |
| 5/28/25 | Mexican Pesos | &nbsp;&nbsp; 3880918 | U.S. Dollars | &nbsp;&nbsp; 193208 | UBS | &nbsp;&nbsp; 3913 |
| 5/05/25 | Brazilian Reals | &nbsp;&nbsp; 862717 | U.S. Dollars | &nbsp;&nbsp; 149000 | Goldman Sachs | &nbsp;&nbsp; 2817 |
| 6/23/25 | Egyptian Pounds | &nbsp;&nbsp; 1758400 | U.S. Dollars | &nbsp;&nbsp; 31803 | Citibank | &nbsp;&nbsp; 1884 |
| 5/14/25 | South African Rand | &nbsp;&nbsp; 452304 | U.S. Dollars | &nbsp;&nbsp; 22838 | UBS | &nbsp;&nbsp; 1451 |
| 5/05/25 | Brazilian Reals | &nbsp;&nbsp; 394665 | U.S. Dollars | &nbsp;&nbsp; 68000 | Citibank | &nbsp;&nbsp; 1451 |
| 5/28/25 | Indian Rupees | &nbsp;&nbsp; 3655516 | U.S. Dollars | &nbsp;&nbsp; 42000 | BNP Paribas | &nbsp;&nbsp; 1116 |
| 5/28/25 | British Pounds | &nbsp;&nbsp; 111000 | U.S. Dollars | &nbsp;&nbsp; 146848 | RBS | &nbsp;&nbsp; 1096 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 5/14/25 | U.S. Dollars | &nbsp;&nbsp; 45790 | South African Rand | &nbsp;&nbsp; 833164 | UBS | &nbsp;&nbsp; $1050 |
| 5/28/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1027972000 | U.S. Dollars | &nbsp;&nbsp; 61000 | Barclays | &nbsp;&nbsp; 1028 |
| 5/28/25 | Colombian Pesos | &nbsp;&nbsp; 161970785 | British Pounds | &nbsp;&nbsp; 28000 | BNP Paribas | &nbsp;&nbsp; 847 |
| 5/28/25 | Malaysian Ringgit | &nbsp;&nbsp; 180285 | U.S. Dollars | &nbsp;&nbsp; 41000 | Barclays | &nbsp;&nbsp; 826 |
| 5/27/25 | Turkish Lira | &nbsp;&nbsp; 881942 | U.S. Dollars | &nbsp;&nbsp; 21414 | State Street | &nbsp;&nbsp; 754 |
| 5/14/25 | U.S. Dollars | &nbsp;&nbsp; 37646 | South African Rand | &nbsp;&nbsp; 689667 | Nomura | &nbsp;&nbsp; 612 |
| 5/27/25 | Egyptian Pounds | &nbsp;&nbsp; 1112769 | U.S. Dollars | &nbsp;&nbsp; 21000 | Barclays | &nbsp;&nbsp; 570 |
| 5/28/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 960891 | U.S. Dollars | &nbsp;&nbsp; 132000 | Bank of America | &nbsp;&nbsp; 497 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 52238 | Japanese Yen | &nbsp;&nbsp; 7357000 | Bank of America | &nbsp;&nbsp; 493 |
| 5/23/25 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 108199 | U.S. Dollars | &nbsp;&nbsp; 29000 | Deutsche Bank | &nbsp;&nbsp; 484 |
| 5/07/25 | Turkish Lira | &nbsp;&nbsp; 5054877 | U.S. Dollars | &nbsp;&nbsp; 129733 | Barclays | &nbsp;&nbsp; 476 |
| 5/28/25 | Canadian Dollars | &nbsp;&nbsp; 94225 | U.S. Dollars | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 450 |
| 5/28/25 | South African Rand | &nbsp;&nbsp; 641979 | U.S. Dollars | &nbsp;&nbsp; 34000 | Barclays | &nbsp;&nbsp; 435 |
| 5/28/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 487432000 | U.S. Dollars | &nbsp;&nbsp; 29000 | Citibank | &nbsp;&nbsp; 412 |
| 5/14/25 | U.S. Dollars | &nbsp;&nbsp; 92247 | Euro | &nbsp;&nbsp; 81022 | Bank of America | &nbsp;&nbsp; 381 |
| 5/05/25 | Turkish Lira | &nbsp;&nbsp; 780000 | U.S. Dollars | &nbsp;&nbsp; 19813 | Barclays | &nbsp;&nbsp; 328 |
| 5/28/25 | Norwegian Kroner | &nbsp;&nbsp; 200936 | U.S. Dollars | &nbsp;&nbsp; 19000 | JPMorgan Chase | &nbsp;&nbsp; 315 |
| 5/28/25 | Australian Dollars | &nbsp;&nbsp; 72500 | U.S. Dollars | &nbsp;&nbsp; 46205 | Barclays | &nbsp;&nbsp; 249 |
| 6/02/25 | Turkish Lira | &nbsp;&nbsp; 384641 | U.S. Dollars | &nbsp;&nbsp; 9353 | Barclays | &nbsp;&nbsp; 246 |
| 7/22/25 | U.S. Dollars | &nbsp;&nbsp; 187488 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 4116470 | HSBC | &nbsp;&nbsp; 209 |
| 6/03/25 | Brazilian Reals | &nbsp;&nbsp; 696772 | U.S. Dollars | &nbsp;&nbsp; 121500 | Goldman Sachs | &nbsp;&nbsp; 201 |
| 5/27/25 | Turkish Lira | &nbsp;&nbsp; 661800 | U.S. Dollars | &nbsp;&nbsp; 16458 | Barclays | &nbsp;&nbsp; 177 |
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 32134 | Euro | &nbsp;&nbsp; 28195 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 138 |
| 5/07/25 | U.S. Dollars | &nbsp;&nbsp; 146001 | Turkish Lira | &nbsp;&nbsp; 5662664 | HSBC | &nbsp;&nbsp; 136 |
| 7/22/25 | U.S. Dollars | &nbsp;&nbsp; 106432 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 2337425 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 90 |
| 5/28/25 | Mexican Pesos | &nbsp;&nbsp; 572605 | U.S. Dollars | &nbsp;&nbsp; 29000 | Barclays | &nbsp;&nbsp; 84 |
| 5/07/25 | Turkish Lira | &nbsp;&nbsp; 424053 | U.S. Dollars | &nbsp;&nbsp; 10841 | UBS | &nbsp;&nbsp; 83 |
| 5/07/25 | U.S. Dollars | &nbsp;&nbsp; 62585 | Turkish Lira | &nbsp;&nbsp; 2427232 | UBS | &nbsp;&nbsp; 61 |
| 10/24/25 | U.S. Dollars | &nbsp;&nbsp; 19000 | Turkish Lira | &nbsp;&nbsp; 892383 | Barclays | &nbsp;&nbsp; 38 |
| 5/28/25 | Norwegian Kroner | &nbsp;&nbsp; 197973 | U.S. Dollars | &nbsp;&nbsp; 19000 | Goldman Sachs | &nbsp;&nbsp; 30 |
| 6/06/25 | U.S. Dollars | &nbsp;&nbsp; 41639 | Mexican Pesos | &nbsp;&nbsp; 820486 | HSBC | &nbsp;&nbsp; 17 |
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 17053 | Euro | &nbsp;&nbsp; 14973 | Morgan Stanley | &nbsp;&nbsp; 6 |
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 7234 | Euro | &nbsp;&nbsp; 6351 | HSBC | &nbsp;&nbsp; 4 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $83703 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 5/07/25 | U.S. Dollars | &nbsp;&nbsp; 15700 | Turkish Lira | &nbsp;&nbsp; 609684 | Barclays | &nbsp;&nbsp; $(5)<br>|
| 7/11/25 | U.S. Dollars | &nbsp;&nbsp; 81385 | Polish Zloty | &nbsp;&nbsp; 308215 | RBS | &nbsp;&nbsp; (6)<br>|
| 5/13/25 | Turkish Lira | &nbsp;&nbsp; 1171418 | U.S. Dollars | &nbsp;&nbsp; 29964 | UBS | &nbsp;&nbsp; (9)<br>|
| 5/28/25 | Chilean Pesos | &nbsp;&nbsp; 17981600 | U.S. Dollars | &nbsp;&nbsp; 19000 | Barclays | &nbsp;&nbsp; (14)<br>|
| 5/28/25 | Australian Dollars | &nbsp;&nbsp; 45000 | U.S. Dollars | &nbsp;&nbsp; 28851 | Goldman Sachs | &nbsp;&nbsp; (18)<br>|
| 9/03/25 | U.S. Dollars | &nbsp;&nbsp; 17482 | Turkish Lira | &nbsp;&nbsp; 780000 | Barclays | &nbsp;&nbsp; (46)<br>|
| 5/28/25 | Polish Zloty | &nbsp;&nbsp; 75470 | U.S. Dollars | &nbsp;&nbsp; 20000 | Barclays | &nbsp;&nbsp; (51)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 4000 | Indian Rupees | &nbsp;&nbsp; 343608 | Bank of America | &nbsp;&nbsp; (53)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 27932 | British Pounds | &nbsp;&nbsp; 21000 | Goldman Sachs | &nbsp;&nbsp; (58)<br>|
| 8/04/25 | U.S. Dollars | &nbsp;&nbsp; 47327 | Peruvian Nuevo Soles | &nbsp;&nbsp; 174250 | Citibank | &nbsp;&nbsp; (60)<br>|
| 5/28/25 | Japanese Yen | &nbsp;&nbsp; 4124201 | U.S. Dollars | &nbsp;&nbsp; 29000 | Barclays | &nbsp;&nbsp; (61)<br>|
| 6/03/25 | Brazilian Reals | &nbsp;&nbsp; 108303 | U.S. Dollars | &nbsp;&nbsp; 19000 | Barclays | &nbsp;&nbsp; (83)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 2640 | Japanese Yen | &nbsp;&nbsp; 388000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (89)<br>|
| 5/07/25 | Turkish Lira | &nbsp;&nbsp; 1072667 | U.S. Dollars | &nbsp;&nbsp; 27728 | Barclays | &nbsp;&nbsp; (97)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 42022 | Indonesian Rupiahs | &nbsp;&nbsp; 698110524 | Bank of America | &nbsp;&nbsp; (102)<br>|
| 5/28/25 | Thai Baht | &nbsp;&nbsp; 296595 | U.S. Dollars | &nbsp;&nbsp; 9000 | Citibank | &nbsp;&nbsp; (102)<br>|
| 5/28/25 | Thai Baht | &nbsp;&nbsp; 1595760 | U.S. Dollars | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; (127)<br>|
| 5/05/25 | Brazilian Reals | &nbsp;&nbsp; 118608 | U.S. Dollars | &nbsp;&nbsp; 21000 | HSBC | &nbsp;&nbsp; (128)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 29000 | Peruvian Nuevo Soles | &nbsp;&nbsp; 106937 | Citibank | &nbsp;&nbsp; (141)<br>|
| 5/28/25 | Polish Zloty | &nbsp;&nbsp; 139428 | U.S. Dollars | &nbsp;&nbsp; 37000 | UBS | &nbsp;&nbsp; (144)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 29295 | Australian Dollars | &nbsp;&nbsp; 46000 | Citibank | &nbsp;&nbsp; (179)<br>|
| 5/28/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 2240893 | U.S. Dollars | &nbsp;&nbsp; 102000 | Citibank | &nbsp;&nbsp; (201)<br>|
| 6/18/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1715949628 | U.S. Dollars | &nbsp;&nbsp; 103698 | HSBC | &nbsp;&nbsp; (226)<br>|
| 12/22/25 | Egyptian Pounds | &nbsp;&nbsp; 1685300 | U.S. Dollars | &nbsp;&nbsp; 30052 | Citibank | &nbsp;&nbsp; (247)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 48000 | Singapore Dollars | &nbsp;&nbsp; 62936 | Barclays | &nbsp;&nbsp; (265)<br>|
| 5/05/25 | U.S. Dollars | &nbsp;&nbsp; 121500 | Brazilian Reals | &nbsp;&nbsp; 691942 | Goldman Sachs | &nbsp;&nbsp; (265)<br>|
| 9/04/25 | Nigerian Naira | &nbsp;&nbsp; 13170300 | U.S. Dollars | &nbsp;&nbsp; 7982 | Morgan Stanley | &nbsp;&nbsp; (303)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 19000 | Chilean Pesos | &nbsp;&nbsp; 18281800 | Citibank | &nbsp;&nbsp; (303)<br>|
| 6/06/25 | U.S. Dollars | &nbsp;&nbsp; 5016 | Mexican Pesos | &nbsp;&nbsp; 106528 | State Street | &nbsp;&nbsp; (388)<br>|
| 7/31/25 | U.S. Dollars | &nbsp;&nbsp; 20000 | Turkish Lira | &nbsp;&nbsp; 877800 | Barclays | &nbsp;&nbsp; (441)<br>|
| 5/28/25 | Euro | &nbsp;&nbsp; 32000 | U.S. Dollars | &nbsp;&nbsp; 36783 | Barclays | &nbsp;&nbsp; (468)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 76835 | British Pounds | &nbsp;&nbsp; 58000 | Barclays | &nbsp;&nbsp; (469)<br>|
| 5/16/25 | U.S. Dollars | &nbsp;&nbsp; 57000 | Taiwan Dollars | &nbsp;&nbsp; 1835400 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; (506)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 68000 | Canadian Dollars | &nbsp;&nbsp; 94339 | State Street | &nbsp;&nbsp; (532)<br>|
| 5/14/25 | U.S. Dollars | &nbsp;&nbsp; 310641 | South African Rand | &nbsp;&nbsp; 5795486 | UBS | &nbsp;&nbsp; (571)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 47320 | South African Rand | &nbsp;&nbsp; 892916 | State Street | &nbsp;&nbsp; (574)<br>|
| 5/05/25 | U.S. Dollars | &nbsp;&nbsp; 31000 | Brazilian Reals | &nbsp;&nbsp; 179955 | Citibank | &nbsp;&nbsp; (668)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 33767 | Japanese Yen | &nbsp;&nbsp; 4904000 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; $(725)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 29144 | Chilean Pesos | &nbsp;&nbsp; 28337930 | Goldman Sachs | &nbsp;&nbsp; (777)<br>|
| 6/06/25 | U.S. Dollars | &nbsp;&nbsp; 31192 | Mexican Pesos | &nbsp;&nbsp; 632591 | Morgan Stanley | &nbsp;&nbsp; (898)<br>|
| 5/28/25 | Euro | &nbsp;&nbsp; 179100 | U.S. Dollars | &nbsp;&nbsp; 204279 | BNP Paribas | &nbsp;&nbsp; (1031)<br>|
| 9/04/25 | Nigerian Naira | &nbsp;&nbsp; 25441348 | U.S. Dollars | &nbsp;&nbsp; 16021 | Citibank | &nbsp;&nbsp; (1186)<br>|
| 5/28/25 | U.S. Dollars | &nbsp;&nbsp; 71500 | Colombian Pesos | &nbsp;&nbsp; 310488750 | Morgan Stanley | &nbsp;&nbsp; (1663)<br>|
| 5/14/25 | U.S. Dollars | &nbsp;&nbsp; 20697 | Euro | &nbsp;&nbsp; 19813 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; (1768)<br>|
| 5/05/25 | U.S. Dollars | &nbsp;&nbsp; 85500 | Brazilian Reals | &nbsp;&nbsp; 502496 | Barclays | &nbsp;&nbsp; (2928)<br>|
| 5/16/25 | U.S. Dollars | &nbsp;&nbsp; 234861 | Colombian Pesos | &nbsp;&nbsp; 1025725894 | Citibank | &nbsp;&nbsp; (7286)<br>|
| 7/11/25 | U.S. Dollars | &nbsp;&nbsp; 367679 | Polish Zloty | &nbsp;&nbsp; 1429387 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (9785)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 397996 | Japanese Yen | &nbsp;&nbsp; 58530000 | State Street | &nbsp;&nbsp; (13670)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 843030 | British Pounds | &nbsp;&nbsp; 644000 | BNY Mellon | &nbsp;&nbsp; (15393)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 537594 | British Pounds | &nbsp;&nbsp; 417000 | State Street | &nbsp;&nbsp; (18249)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 635700 | Japanese Yen | &nbsp;&nbsp; 93076000 | BNY Mellon | &nbsp;&nbsp; (18942)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 1078005 | Brazilian Reals | &nbsp;&nbsp; 6403566 | UBS | &nbsp;&nbsp; (36757)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 1747166 | British Pounds | &nbsp;&nbsp; 1351100 | RBS | &nbsp;&nbsp; (53788)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 4884888 | Euro | &nbsp;&nbsp; 4470817 | State Street | &nbsp;&nbsp; (195912)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(388758)<br>|
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp; **$(305055)**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Put Option Contracts outstanding at April 30, 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** |
| 2-Year U.S. Treasury Note Future | 1 | USD | &nbsp;&nbsp; 208148 | 103.25 | &nbsp;&nbsp; 5/23/2025 | &nbsp;&nbsp; $(31)<br>|
| **Total Written Put Options Contracts (Premiums Received $545)** | **Total Written Put Options Contracts (Premiums Received $545)** | **Total Written Put Options Contracts (Premiums Received $545)** | **Total Written Put Options Contracts (Premiums Received $545)** | **Total Written Put Options Contracts (Premiums Received $545)** | **Total Written Put Options Contracts (Premiums Received $545)** | &nbsp;&nbsp; **$(31)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at April 30, 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** |
| 2Y-10Y SOFR CAP | Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 92240000 | &nbsp;&nbsp; USD | 0.80 | &nbsp;&nbsp; 8/19/2025 | &nbsp;&nbsp; $(39091)<br>|
| Chilean Peso vs. <br> U.S. Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; CLP | 950.00 | &nbsp;&nbsp; 5/23/2025 | &nbsp;&nbsp; (534)<br>|
| Japanese Yen vs. <br> U.S. Dollar<br>| Morgan Stanley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 67000 | &nbsp;&nbsp; JPY | 148.00 | &nbsp;&nbsp; 6/16/2025 | &nbsp;&nbsp; (217)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** |
| **Description** | **Counterparty** | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Expiration**<br> **Date**<br>| **Value** |
| Mexican Peso vs. <br> U.S. Dollar<br>| Citibank | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 41000 | &nbsp;&nbsp; MXN | 22.00 | &nbsp;&nbsp; 5/29/2025 | &nbsp;&nbsp; $(13)<br>|
| Norwegian Kroner vs. <br> Euro<br>| Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; NOK | 12.00 | &nbsp;&nbsp; 5/08/2025 | &nbsp;&nbsp; (87)<br>|
| Norwegian Kroner vs. <br> U.S. Dollar<br>| Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; NOK | 10.80 | &nbsp;&nbsp; 5/13/2025 | &nbsp;&nbsp; (23)<br>|
| Polish Zloty vs. <br> U.S. Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; PLN | 4.00 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp; (115)<br>|
| Turkish Lira vs. <br> U.S. Dollar<br>| Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; TRY | 48.00 | &nbsp;&nbsp; 5/29/2025 | &nbsp;&nbsp; (7)<br>|
| U.S. Dollar vs. Australian <br> Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 81000 | &nbsp;&nbsp; USD | 0.64 | &nbsp;&nbsp; 5/28/2025 | &nbsp;&nbsp; (779)<br>|
| U.S. Dollar vs. Euro | BNP Paribas | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; USD | 1.10 | &nbsp;&nbsp; 5/05/2025 | &nbsp;&nbsp; (6346)<br>|
| U.S. Dollar vs. Euro | JPMorgan Chase | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; USD | 1.15 | &nbsp;&nbsp; 5/14/2025 | &nbsp;&nbsp; (112)<br>|
| U.S. Dollar vs. Euro | BNP Paribas | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 46000 | &nbsp;&nbsp; USD | 1.12 | &nbsp;&nbsp; 6/05/2025 | &nbsp;&nbsp; (1001)<br>|
| **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | **Total Written OTC Call Options Contracts (Premiums Received $16,734)** | &nbsp;&nbsp; **$(48325)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at April 30, 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. U.S. Dollar | Morgan Stanley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; BRL | 5.75 | &nbsp;&nbsp; 5/29/2025 | &nbsp;&nbsp; $(1173)<br>|
| Chilean Peso vs. U.S. Dollar | Citibank | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; CLP | 930.00 | &nbsp;&nbsp; 5/29/2025 | &nbsp;&nbsp; (489)<br>|
| Mexican Peso vs. U.S. Dollar | BNP Paribas | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; MXN | 20.00 | &nbsp;&nbsp; 5/12/2025 | &nbsp;&nbsp; (1211)<br>|
| Mexican Peso vs. U.S. Dollar | UBS | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; MXN | 20.10 | &nbsp;&nbsp; 5/28/2025 | &nbsp;&nbsp; (853)<br>|
| Norwegian Kroner vs. <br> U.S. Dollar<br>| Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; NOK | 10.50 | &nbsp;&nbsp; 5/13/2025 | &nbsp;&nbsp; (291)<br>|
| Polish Zloty vs. U.S. Dollar | Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; PLN | 3.60 | &nbsp;&nbsp; 5/23/2025 | &nbsp;&nbsp; (51)<br>|
| Turkish Lira vs. U.S. Dollar | Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; TRY | 39.50 | &nbsp;&nbsp; 5/16/2025 | &nbsp;&nbsp; (420)<br>|
| U.S. Dollar vs. Australian <br> Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; USD | 0.60 | &nbsp;&nbsp; 6/13/2025 | &nbsp;&nbsp; (58)<br>|
| U.S. Dollar vs. Euro | UBS | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 117000 | &nbsp;&nbsp; USD | 1.01 | &nbsp;&nbsp; 5/08/2025 | &nbsp;&nbsp; — |
| U.S. Dollar vs. Euro | UBS | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 143000 | &nbsp;&nbsp; USD | 1.02 | &nbsp;&nbsp; 7/15/2025 | &nbsp;&nbsp; (30)<br>|
| **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | **Total Written OTC Put Options Contracts (Premiums Received $4,391)** | &nbsp;&nbsp; **$(4576)**<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at April 30, 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**<br>| **Value** |
| Interest Rate Swap <br> Maturing 5/20/2026<br>| 2.94% (At Maturity) | 1-Day USD SOFR (At Maturity) | Citibank | 5/16/2025 | 2.94<br> %<br>| 31414000 | $(289)<br>|
| Interest Rate Swap <br> Maturing 5/20/2026<br>| 2.94% (At Maturity) | 1-Day USD SOFR (At Maturity) | Goldman Sachs | 5/16/2025 | 2.94 | 43628000 | (401)<br>|
| Interest Rate Swap <br> Maturing 6/30/2030<br>| 3.70% (Annually) | 6M CZK PRIBOR (Semi-Annually) | Morgan Stanley | 6/26/2025 | 3.70 | 1617000 | (1572)<br>|
| Interest Rate Swap <br> Maturing 7/30/2030<br>| 3.30% (Annually) | 1-Day USD SOFR (Annually) | Goldman Sachs | 7/28/2025 | 3.30 | 170000 | (1758)<br>|
| **Total Written OTC Call Swaptions Contracts (Premiums Received $41,773)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $41,773)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $41,773)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $41,773)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $41,773)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $41,773)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $41,773)** | **$(4020)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 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>|
| 5.14% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 12/20/2025 | PLN | 456000 | $301 | $— | $301 |
| 9.31% (Monthly) | 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 1/09/2026 | MXN | 765000 | (372)<br>|  | (372)<br>|
| 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.47% (Monthly) | 2/25/2026 | MXN | 4569000 | 1150 |  | 1150 |
| 8.14% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 5/07/2026 | ZAR | 2807000 | (1427)<br>|  | (1427)<br>|
| 1-Day USD SOFR (At Maturity) | 3.78% (At Maturity) | 5/16/2026 | USD | 29386000 | 26538 |  | 26538 |
| 1-Day USD SOFR (At Maturity) | 3.80% (At Maturity) | 5/16/2026 | USD | 7578000 | 8106 |  | 8106 |
| 1-Day USD SOFR (At Maturity) | 3.90% (At Maturity) | 5/16/2026 | USD | 5815000 | 11922 |  | 11922 |
| 3.79% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 7578000 | (7639)<br>|  | (7639)<br>|
| 3.81% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 5815000 | (7019)<br>| 3770 | (10789)<br>|
| 7.97% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 6/06/2026 | ZAR | 1979000 | (867)<br>|  | (867)<br>|
| 5.16% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 9/19/2026 | PLN | 574594 | (1352)<br>|  | (1352)<br>|
| 1.00% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 538261739 | (11016)<br>|  | (11016)<br>|
| 1.02% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 1220293188 | (26743)<br>|  | (26743)<br>|
| 1.03% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 1317226437 | (29599)<br>|  | (29599)<br>|
| 5.13% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/19/2027 | PLN | 334125 | (1387)<br>|  | (1387)<br>|
| 5.14% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/19/2027 | PLN | 556875 | (2348)<br>|  | (2348)<br>|
| 6M HUF BUBOR (Semi-Annually) | 6.50% (Annually) | 3/19/2027 | HUF | 31995000 | 864 |  | 864 |
| 0.68% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 482733887 | 922 |  | 922 |
| 0.69% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 488377358 | 865 |  | 865 |
| 6M HUF BUBOR (Semi-Annually) | 5.76% (Annually) | 9/17/2027 | HUF | 27683000 | 133 |  | 133 |
| 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.08% (Monthly) | 3/07/2028 | MXN | 2444000 | 1724 |  | 1724 |
| 7-Day CNY CNRR (Quarterly) | 1.58% (Quarterly) | 3/19/2028 | CNY | 897000 | 591 |  | 591 |
| 3M KRW KSDA (Quarterly) | 2.29% (Quarterly) | 9/17/2028 | KRW | 142700000 | 381 |  | 381 |
| 8.97% (Monthly) | 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 12/14/2029 | MXN | 813000 | (2132)<br>|  | (2132)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 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>|
| 1-Day INR MIBOR <br> (Semi-Annually)<br>| 6.00% (Semi-Annually) | 3/19/2030 | INR | 10468500 | $2039 | $— | $2039 |
| 6M HUF BUBOR (Semi-Annually) | 6.55% (Annually) | 3/19/2030 | HUF | 4557500 | 356 |  | 356 |
| 6M PLN WIBOR (Semi-Annually) | 4.88% (Annually) | 3/19/2030 | PLN | 187032 | 1881 |  | 1881 |
| 6M PLN WIBOR (Semi-Annually) | 4.91% (Annually) | 3/19/2030 | PLN | 139000 | 1434 |  | 1434 |
| 7.94% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 3/19/2030 | ZAR | 2438000 | (2575)<br>|  | (2575)<br>|
| 9.45% (Monthly) | 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 1/03/2035 | MXN | 1716000 | (7830)<br>|  | (7830)<br>|
| 6.07% (Semi-Annually) | 1-Day INR MIBOR <br> (Semi-Annually)<br>| 3/19/2035 | INR | 1211000 | (341)<br>|  | (341)<br>|
| 2.49% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2/19/2054 | EUR | 793980 | (8907)<br>|  | (8907)<br>|
| 2.51% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2/20/2054 | EUR | 1547980 | (24404)<br>|  | (24404)<br>|
| 2.51% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 3/01/2054 | EUR | 395000 | (6655)<br>|  | (6655)<br>|
| 2.46% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 3/22/2054 | EUR | 166000 | (808)<br>|  | (808)<br>|
| 2.54% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 4/22/2054 | EUR | 402000 | (10063)<br>| (806)<br>| (9257)<br>|
| 2.44% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 6/19/2054 | EUR | 158000 | (2149)<br>|  | (2149)<br>|
| 2.41% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 6/20/2054 | EUR | 158000 | (885)<br>|  | (885)<br>|
| 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2.44% (Annually) | 6/24/2054 | EUR | 108000 | 1550 |  | 1550 |
| 2.26% (Semi-Annually) | 6M EUR EURIBOR <br> (Semi-Annually)<br>| 10/22/2054 | EUR | 270000 | 7485 |  | 7485 |
| 6M EUR EURIBOR <br> (Semi-Annually)<br>| 2.18% (Annually) | 11/07/2054 | EUR | 155000 | (9706)<br>|  | (9706)<br>|
| **Total** |  |  |  |  | **$(97982)**<br>| **$2964** | **$(100946)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at April 30, 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>|
| 9.73% (At Maturity) | 1-Day COP COOVI (At <br> Maturity)<br>| Morgan Stanley | 5/10/2025 | COP | 298119010 | $290 | $— | $290 |
| 9.81% (At Maturity) | 1-Day COP COOVI (At <br> Maturity)<br>| JPMorgan Chase | 5/10/2025 | COP | 445640990 | 348 |  | 348 |
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 10.81% (At Maturity) | BNP Paribas | 7/01/2025 | BRL | 867000 | (2056)<br>|  | (2056)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at April 30, 2025:**<br> **Over the Counter (continued)** |
| **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>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 10.98% (At Maturity) | BNP Paribas | 7/01/2025 | BRL | 544000 | $(1132)<br>| $— | $(1132)<br>|
| 8.62% (At Maturity) | 1-Day COP COOVI (At <br> Maturity)<br>| JPMorgan Chase | 11/05/2025 | COP | 781128000 | 1087 |  | 1087 |
| 10.97% (At Maturity) | 1-Day BRL BZDIO (At <br> Maturity)<br>| Barclays | 1/04/2027 | BRL | 937000 | 8774 |  | 8774 |
| 11.57% (At Maturity) | 1-Day BRL BZDIO (At <br> Maturity)<br>| BNP Paribas | 1/04/2027 | BRL | 415000 | 2790 |  | 2790 |
| 15.41% (At Maturity) | 1-Day BRL BZDIO (At <br> Maturity)<br>| Citibank | 1/04/2027 | BRL | 485900 | (2741)<br>|  | (2741)<br>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 9.79% (At Maturity) | BNP Paribas | 1/04/2027 | BRL | 837000 | (13121)<br>|  | (13121)<br>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 13.09% (At Maturity) | Bank of America | 1/04/2027 | BRL | 807373 | (1482)<br>|  | (1482)<br>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 14.55% (At Maturity) | Bank of America | 1/04/2027 | BRL | 354000 | 687 |  | 687 |
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 14.11% (At Maturity) | Goldman Sachs | 1/04/2027 | BRL | 339000 | 206 |  | 206 |
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 10.32% (At Maturity) | Bank of America | 1/04/2027 | BRL | 11480 | (143)<br>|  | (143)<br>|
| 1-Day COP COOVI <br> (Quarterly)<br>| 7.77% (Quarterly) | Goldman Sachs | 9/17/2027 | COP | 361100000 | (308)<br>|  | (308)<br>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 13.02% (At Maturity) | Barclays | 1/02/2029 | BRL | 387000 | (985)<br>|  | (985)<br>|
| 1-Day BRL BZDIO (At <br> Maturity)<br>| 13.15% (At Maturity) | Goldman Sachs | 1/02/2029 | BRL | 287500 | (453)<br>|  | (453)<br>|
| 8.73% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Morgan Stanley | 1/14/2030 | COP | 129643889 | (524)<br>|  | (524)<br>|
| 8.78% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Morgan Stanley | 1/14/2030 | COP | 44637233 | (199)<br>|  | (199)<br>|
| 8.64% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Morgan Stanley | 4/04/2030 | COP | 217400000 | (673)<br>|  | (673)<br>|
| 8.34% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Morgan Stanley | 9/17/2030 | COP | 271733795 | (60)<br>|  | (60)<br>|
| **Total** |  |  |  |  |  | **$(9695)**<br>| **$—** | **$(9695)**<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

**Credit Default Swap Contracts outstanding - Buy Protection as of April 30, 2025:**

**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>|
| Markit iTraxx Europe Crossover Index Series 43 (Pay <br> Quarterly)<br>| 5.00% | 6/20/2030 | EUR | 147000 | $(11708)<br>| $(9597)<br>| $(2111)<br>|
| **Total** |  |  |  |  | **$(11708)**<br>| **$(9597)**<br>| **$(2111)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of April 30, 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>|
| Markit CDX North America High Yield <br> Index Series 44 (Pay Quarterly)<br>| 4.16% | 5.00% | 6/20/2030 | USD | 14824232 | $599823 | $725417 | $(125594)<br>|
| **Total** |  |  |  |  |  | **$599823** | **$725417** | **$(125594)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at April 30, 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>|
| American Electric Power, 3.20%, <br> Due: 11/13/2027 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Bank of America | USD | 703000 | $(20195)<br>| $(18144)<br>| $(2051)<br>|
| American Express Co., 4.05%, <br> Due: 5/03/2029 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 360000 | (9420)<br>| (9482)<br>| 62 |
| Dominion Energy, Inc., 4.25%, <br> Due: 6/01/2028 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 346000 | (9335)<br>| (8649)<br>| (686)<br>|
| Federal Republic of Brazil, 4.25%, <br> Due: 1/07/2025 (Pay Quarterly)<br>| 1.00% | 6/20/2030 | Morgan Stanley | USD | 226000 | 8003 | 9574 | (1571)<br>|
| Republic of Turkiye, 11.88%, <br> Due: 1/15/2030 (Pay Quarterly)<br>| 1.00% | 6/20/2030 | Goldman Sachs | USD | 98000 | 10853 | 7588 | 3265 |
| Republic of Turkiye, 11.88%, <br> Due: 1/15/2030 (Pay Quarterly)<br>| 1.00% | 6/20/2030 | Bank of America | USD | 18145 | 2010 | 1883 | 127 |
| United Mexican States, 4.15%, <br> Due: 3/28/2027 (Pay Quarterly)<br>| 1.00% | 6/20/2030 | BNP Paribas | USD | 59000 | 1013 | 1463 | (450)<br>|
| United Mexican States, 4.15%, <br> Due: 3/28/2027 (Pay Quarterly)<br>| 1.00% | 6/20/2030 | Barclays | USD | 55000 | 944 | 871 | 73 |
| United Mexican States, 4.15%, <br> Due: 3/28/2027 (Pay Quarterly)<br>| 1.00% | 6/20/2030 | Citibank | USD | 46000 | 790 | 1124 | (334)<br>|
| **Total** |  |  |  |  |  | **$(15337)**<br>| **$(13772)**<br>| **$(1565)**<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at April 30, 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>|
| PacifiCorp, 3.30%, <br> Due: 3/15/2051 (Pay <br> Quarterly)<br>| 0.31% | 0.13% | 09/29/2027 | JPMorgan Chase | USD | 142500 | $(576)<br>| $(50)<br>| $(526)<br>|
| **Total** |  |  |  |  |  |  | **$(576)**<br>| **$(50)**<br>| **$(526)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at April 30, 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>|
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 652500 | $3312 | $78 | $3234 |
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 317500 | 1671 | 47 | 1624 |
| 2.83% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 1313000 | (2796)<br>|  | (2796)<br>|
| 2.83% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 907000 | (1851)<br>|  | (1851)<br>|
| 2.84% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 657000 | (1457)<br>|  | (1457)<br>|
| 2.84% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 657000 | (1441)<br>|  | (1441)<br>|
| 2.87% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2028 | USD | 1313000 | (5178)<br>|  | (5178)<br>|
| 2.53% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 187500 | 726 | (35)<br>| 761 |
| 2.54% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 522500 | 1897 | (79)<br>| 1976 |
| 2.64% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 525000 | (1865)<br>|  | (1865)<br>|
| 2.65% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 700856 | (1260)<br>|  | (1260)<br>|
| 2.67% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 687000 | (1955)<br>|  | (1955)<br>|
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 1051000 | (3912)<br>|  | (3912)<br>|
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 525000 | (1890)<br>|  | (1890)<br>|
| 2.72% (At Maturity) | 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 4/15/2029 | USD | 1051000 | (5758)<br>|  | (5758)<br>|
| 3.01% (At Maturity) | 1-Day UK Retail Price Index <br>(At Maturity) <br>| 4/15/2055 | GBP | 253440 | (1616)<br>| (3)<br>| (1613)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at April 30, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at April 30, 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>|
| 1-Day U.S. Consumer Price Index <br> (At Maturity)<br>| 2.33% (At Maturity) | 4/28/2055 | USD | 352300 | $1914 | $— | $1914 |
| **Total** |  |  |  |  | **$(21459)**<br>| **$8** | **$(21467)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of April 30, 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>| 05/06/2025 | Goldman Sachs | USD | 1840383 | $(50660)<br>| $— | $(50660)<br>|
| **Total** |  |  |  |  |  | **$(50660)**<br>| **$—** | **$(50660)**<br>|

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of April 30, 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:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14641247 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14641247 |
| Common Stocks | &nbsp;&nbsp; 2185466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11340 | &nbsp;&nbsp; 2196806 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 212852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212852 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 49104 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49104 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 86476155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86476155 |
| Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 15855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15855 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 24787307 | &nbsp;&nbsp; 209624 | &nbsp;&nbsp; 24996931 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 184580631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184580631 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2283308 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2283308 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 22718 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22718 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 75387614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75387614 |
| Investment Companies | &nbsp;&nbsp; 532029716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 532029716 |
| Short-Term Investments | &nbsp;&nbsp; 43582515 | &nbsp;&nbsp; 3478902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47061417 |
| Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 840019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 840019 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $577846801 | &nbsp;&nbsp; $392726608 | &nbsp;&nbsp; $220964 | &nbsp;&nbsp; $970794373 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Liabilities:** |  |  |  |  |
| Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11892549)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11892549)<br>|
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11892549)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11892549)<br>|
| **Net Investments** | &nbsp;&nbsp; $577846801 | &nbsp;&nbsp; $380834059 | &nbsp;&nbsp; $220964 | &nbsp;&nbsp; $958901824 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $535814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $535814 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 83703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83703 |
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 95460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95460 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $535814 | &nbsp;&nbsp; $179163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $714977 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(276945)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(276945)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (388758)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (388758)<br>|
| Written Options  | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; (56921)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (56952)<br>|
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (408024)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (408024)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(276976)<br>| &nbsp;&nbsp; $(853703)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1130679)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $258838 | &nbsp;&nbsp; $(674540)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(415702)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Municipal Bonds – 87.4%** | **Municipal Bonds – 87.4%** | **Municipal Bonds – 87.4%** |
| **Alabama – 2.0%** | **Alabama – 2.0%** | **Alabama – 2.0%** |
| Birmingham Jefferson <br> Civic Center Authority <br> Special Tax Bonds, Series <br> A, 5.00%, 7/01/48<br>| $250000 | $251038 |
| 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 | 1336225 |
| 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 | 1076682 |
| 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 | 490446 |
| Black Belt Energy Gas <br> District Project Variable <br> Revenue Bonds, Series <br> B-2, (SIFMA Municipal <br> Swap Index Yield + <br> 0.65%), 3.43%, <br> 10/01/27<sup>(a)(c)</sup> <br>| 250000 | 242375 |
| 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 | 365951 |
| Southeast Energy <br> Authority Commodity <br> Supply Revenue Bonds, <br> Series B, Project No. 6, <br> 5.00%, 6/01/30<br>| 475000 | 495211 |
| 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 | 154071 |
| Southeast Energy <br> Authority Cooperative <br> District Energy Supply <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 6/01/30 | 175000 | 182647 |
| 5.00%, 6/01/31 | 325000 | 341170 |
| 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 | 253478 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Alabama (Continued)** | **Alabama (Continued)** | **Alabama (Continued)** |
| University of South <br> Alabama University <br> Revenue Bonds (BAM <br> Insured), 5.00%, 4/01/27<br>| $375000 | $386762 |
| University of West <br> Alabama University <br> Revenue Refunding <br> Bonds (AGM Insured), <br> 5.00%, 1/01/27<br>| 505000 | 515705 |
|  |  | **6091761** |
| **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** |
| Alaska State Municipal <br> Bond Bank Authority <br> Revenue Bonds, Series 2 <br> (AMT), 5.00%, 12/01/29<br>| 590000 | **618959** |
| **Arizona – 0.8%** | **Arizona – 0.8%** | **Arizona – 0.8%** |
| Arizona State IDA <br> Education Revenue <br> Bonds, Series B, Jerome <br> Facilities Project, Social <br> Bonds, 4.00%, 7/01/51<br>| 175000 | 146168 |
| 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 | 1007109 |
| 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 |
| Maricopa County IDA <br> Revenue Bonds, Series A, <br> Banner Health, 4.00%, <br> 1/01/41<br>| 250000 | 228209 |
| 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 | 240007 |
| Yuma Arizona IDA Hospital <br> Revenue Refunding <br> Bonds, Yuma Regional <br> Medical Center (AGC <br> Insured), 4.00%, 8/01/49<br>| 350000 | 328813 |
|  |  | **2447521** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| Springdale Sales & Use <br> Revenue Bonds, Series B <br> (BAM Insured),<br>|  |  |
| 5.00%, 8/01/28 | 125000 | 132101 |
| 5.00%, 8/01/29 | 120000 | 128366 |
| Springdale Water & Sewer <br> Revenue Bonds, 5.00%, <br> 9/01/30<br>| 150000 | 163295 |
|  |  | **423762** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California – 5.5%** | **California – 5.5%** | **California – 5.5%** |
| 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 | $160474 |
| 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 | 494326 |
| 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 | 466642 |
| California Housing Finance <br> Agency Municipal <br> Certificates Revenue <br> Bonds, Series 2, Class A, <br> 4.00%, 3/20/33<br>| 216646 | 213784 |
| California PFA Revenue <br> Refunding Bonds, Henry <br> Mayo Newhall Hospital, <br> 5.00%, 10/15/47<br>| 580000 | 556072 |
| California State GO <br> Unlimited Refunding <br> Bonds, 4.00%, 8/01/38<br>| 300000 | 295010 |
| California State Health <br> Facilities Financing <br> Authority Revenue Bonds, <br> Episcopal Communities & <br> Services, 5.00%, <br> 11/15/30<br>| 200000 | 212154 |
| 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 | 882052 |
| 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 | 111107 |
| 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 | 291286 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| 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 | $445046 |
| 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 | 317854 |
| 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 | 228354 |
| 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 | 474033 |
| 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 | 90852 |
| 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 | 379605 |
| 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 | 503095 |
| 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 | 459885 |
| 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 | 249162 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| 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 | $201166 |
| California Tobacco <br> Securitization Agency <br> Tobacco Settlement <br> Senior Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 6/01/40<br>| 300000 | 281126 |
| 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 | 252606 |
| 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 | 686406 |
| 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 | 260028 |
| 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 | 139407 |
| 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 | 239799 |
| Lodi Unified School District <br> GO Unlimited Bonds, <br> 3.00%, 8/01/46<br>| 400000 | 309889 |
| Los Angeles Department of <br> Airports Airport <br> Subordinate Revenue <br> Bonds (AMT), Los <br> Angeles International <br> Airport, 5.00%, 5/15/34<br>| 510000 | 513724 |
| Los Angeles Department of <br> Airports Senior Revenue <br> Bonds (AMT), Private <br> Activity, 5.00%, 5/15/47<br>| 250000 | 250782 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| Los Angeles Department of <br> Airports Subordinate <br> Revenue Bonds, Series A <br> (AMT), Private Activity, <br> 4.00%, 5/15/41<br>| $1000000 | $937651 |
| Los Angeles Department of <br> Water & Power <br> Waterworks Revenue <br> Refunding Bonds, Series <br> B, 5.00%, 7/01/30<br>| 500000 | 516015 |
| 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 | 520628 |
| Pittsburg Public Financing <br> Authority Water Revenue <br> Bonds, Series A (AGM <br> Insured), 4.13%, 8/01/47<br>| 250000 | 240532 |
| 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 | 377836 |
| Rocklin Community <br> Facilities District No. 10 <br> Special Tax Bonds, <br> 5.00%, 9/01/34<br>| 150000 | 150684 |
| Sacramento Railyards <br> Community Facilities <br> District No. 2018 Special <br> Tax Bonds, 5.25%, <br> 9/01/47<sup>(d)</sup> <br>| 550000 | 555884 |
| 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 | 189035 |
| 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 | 485026 |
| 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 | 549085 |
| 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>| 750000 | 779917 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| Susanville Natural Gas <br> Revenue Refunding <br> Bonds, Natural Gas <br> Enterprise (AGM Insured), <br> 3.00%, 6/01/26<br>| $595000 | $594434 |
| 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 | 103291 |
| Washington Township <br> Health Care District 2020 <br> Election GO Unlimited <br> Bonds, Series B, 5.50%, <br> 8/01/53<br>| 750000 | 801789 |
|  |  | **16767533** |
| **Colorado – 4.0%** | **Colorado – 4.0%** | **Colorado – 4.0%** |
| Aurora Crossroads <br> Metropolitan District No. <br> 2 Senior Lien GO Limited <br> Bonds, Series A, 5.00%, <br> 12/01/40<br>| 500000 | 484318 |
| 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 | 329092 |
| 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 | 100012 |
| Colorado Educational & <br> Cultural Authority <br> Revenue Refunding <br> Bonds, Prospect Ridge <br> Academy Project (Moral <br> Obligation Insured),<br>|  |  |
| 5.00%, 3/15/29 | 590000 | 615876 |
| 5.00%, 3/15/30 | 310000 | 325393 |
| 5.00%, 3/15/35 | 590000 | 608761 |
| Colorado High <br> Performance <br> Transportation Enterprise <br> Revenue Bonds, C-470 <br> Express Lane, 5.00%, <br> 12/31/56<br>| 1000000 | 972487 |
| 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 | 229871 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| Colorado Springs School <br> District No. 11 COPS <br> (BAM Insured), 5.00%, <br> 12/15/43<br>| $400000 | $417497 |
| Colorado State COPS, |  |  |
| 6.00%, 12/15/40 | 1000000 | 1144191 |
| 6.00%, 12/15/41 | 500000 | 566807 |
| Colorado State COPS, <br> Series A,<br>|  |  |
| 4.00%, 12/15/36 | 200000 | 198618 |
| 4.00%, 12/15/40 | 375000 | 359287 |
| 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 | 457202 |
| Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, <br> Intermountain Health, <br> 5.00%, 5/15/54<br>| 350000 | 356864 |
| Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, Sanford <br> Health, 4.00%, 11/01/39<br>| 200000 | 192416 |
| Colorado State Health <br> Facilities Authority <br> Variable Revenue Bonds, <br> Series E, Intermountain <br> Health, 1.60%, <br> 5/15/64<sup>(a)(c)(e)</sup> <br>| 1000000 | 1000000 |
| Denver City & County <br> Airport Revenue <br> Refunding Bonds, Series <br> D (AMT), 5.75%, <br> 11/15/41<br>| 325000 | 353933 |
| Denver City & County <br> Airport System <br> Subordinate Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.25%, <br> 12/01/43<br>| 500000 | 506922 |
| Denver Convention Center <br> Hotel Authority Senior <br> Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 12/01/36 | 500000 | 499997 |
| 5.00%, 12/01/40 | 250000 | 248606 |
| Denver Health & Hospital <br> Authority Healthcare <br> Revenue Bonds, Series A, <br> 4.00%, 12/01/27<br>| 180000 | 179942 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| 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 | $874612 |
| Park Creek Metropolitan <br> District Revenue <br> Refunding Bonds, Series <br> A (NATL, IBC Insured), <br> 5.00%, 12/01/45<br>| 500000 | 501110 |
| Public Authority for <br> Colorado State Energy <br> Natural Gas Purchase <br> Revenue Bonds, 6.50%, <br> 11/15/38<br>| 250000 | 291837 |
| Trails at Crowfoot <br> Metropolitan District No. <br> 3 GO Limited Refunding <br> Bonds, Series A (AGC <br> Insured),<br>|  |  |
| 5.00%, 12/01/27 | 100000 | 103254 |
| 5.00%, 12/01/28 | 115000 | 120209 |
| 5.00%, 12/01/29 | 130000 | 137147 |
| 5.00%, 12/01/31 | 150000 | 161375 |
|  |  | **12337636** |
| **Connecticut – 0.5%** | **Connecticut – 0.5%** | **Connecticut – 0.5%** |
| 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 | 413863 |
| 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 | 227071 |
| 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 | 220653 |
| Connecticut State Health <br> & Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> University of Hartford,<br>|  |  |
| 4.00%, 7/01/39 | 120000 | 98583 |
| 4.00%, 7/01/49 | 100000 | 74293 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Connecticut (Continued)** | **Connecticut (Continued)** | **Connecticut (Continued)** |
| Hamden Revenue <br> Refunding Bonds, <br> Whitney Center Project, <br> 5.00%, 1/01/40<br>| $125000 | $118267 |
| West Haven City GO <br> Unlimited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 255000 | 262978 |
|  |  | **1415708** |
| **Delaware – 0.6%** | **Delaware – 0.6%** | **Delaware – 0.6%** |
| Bridgeville Special Tax <br> Obligation Bonds, <br> Heritage Shores Special <br> Development, 5.25%, <br> 7/01/44<sup>(d)</sup> <br>| 100000 | 100154 |
| Delaware State <br> Transportation Authority <br> System Senior Revenue <br> Bonds, 3.00%, 7/01/43<br>| 1500000 | 1228962 |
| Kent County Student <br> Housing & Dining <br> Facilities Revenue Bonds, <br> CHF-Dover LLC-Delaware <br> State University Project,<br>|  |  |
| 5.00%, 7/01/32 | 250000 | 252373 |
| 5.00%, 7/01/48 | 100000 | 95039 |
| University of Delaware <br> Variable Revenue Bonds, <br> 1.60%, 11/01/35<sup>(a)(c)(e)</sup> <br>| 300000 | 300000 |
|  |  | **1976528** |
| **District of Columbia – 1.6%** | **District of Columbia – 1.6%** | **District of Columbia – 1.6%** |
| District of Columbia <br> Hospital Revenue <br> Refunding Bonds, <br> Children's Hospital, <br> 5.00%, 7/15/44<br>| 300000 | 300014 |
| District of Columbia <br> Income Tax Secured <br> Revenue Bonds, Series A, <br> 5.25%, 5/01/48<br>| 500000 | 525426 |
| District of Columbia <br> Revenue Bonds, Ingleside <br> Rock Creek Project, <br> 5.00%, 7/01/52<br>| 400000 | 352644 |
| District of Columbia <br> Revenue Bonds, KIPP DC <br> Project, 4.00%, 7/01/39<br>| 100000 | 93098 |
| Metropolitan Washington <br> Airports Authority Airport <br> System Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.25%, <br> 10/01/48<br>| 1000000 | 1018050 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **District of Columbia (Continued)** | **District of Columbia (Continued)** | **District of Columbia (Continued)** |
| 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 | $245068 |
| 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 | 346698 |
| Metropolitan Washington <br> Airports Authority System <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/01/46 | 500000 | 502188 |
| 4.00%, 10/01/51 | 500000 | 431912 |
| Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Series A, Green <br> Bonds, 5.50%, 7/15/51<br>| 525000 | 558865 |
| Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Sustainability <br> Financed, 5.25%, 7/15/53<br>| 450000 | 469801 |
|  |  | **4843764** |
| **Florida – 5.0%** | **Florida – 5.0%** | **Florida – 5.0%** |
| Alachua County Health <br> Facilities Authority <br> Revenue Bonds, Shands <br> Teaching Hospital & <br> Clinics, 5.00%, 12/01/44<br>| 500000 | 492993 |
| Broward County Airport <br> System Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/36<br>| 750000 | 765562 |
| 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 | 93453 |
| 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 | 202666 |
| Greater Orlando Aviation <br> Authority Airport <br> Facilities Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 10/01/40 | 500000 | 500117 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| Greater Orlando Aviation <br> Authority Airport <br> Facilities Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 10/01/49 | $500000 | $500022 |
| Hillsborough County IDA <br> Health System Revenue <br> Refunding Bonds, <br> Baycare Health System, <br> 4.13%, 11/15/51<br>| 330000 | 300480 |
| Hillsborough County IDA <br> Health System Variable <br> Revenue Refunding <br> Bonds, Baycare Health <br> System, 1.50%, <br> 11/15/54<sup>(a)(c)(e)</sup> <br>| 2800000 | 2800000 |
| Lakeland Hospital System <br> Revenue Refunding <br> Bonds, Lakeland Regional <br> Health Systems, 5.00%, <br> 11/15/26<br>| 425000 | 435795 |
| Lakewood Ranch <br> Stewardship District <br> Utility Revenue Bonds, <br> System Acquisition <br> Project (AGM Insured), <br> 5.25%, 10/01/48<br>| 350000 | 363099 |
| Lee County IDA Healthcare <br> Facilities Revenue Bonds, <br> Shell Point/Waterside <br> Health Project, 5.00%, <br> 11/15/39<br>| 300000 | 304761 |
| Lee County Local Optional <br> Gas TRB, 5.25%, 8/01/49<br>| 355000 | 364778 |
| Leon County School <br> District Sales TRB, <br> 4.00%, 9/01/26<br>| 800000 | 800476 |
| Miami-Dade County <br> Aviation Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/49<br>| 500000 | 497342 |
| Miami-Dade County <br> Expressway Authority Toll <br> System Revenue Bonds, <br> Series A, 5.00%, 7/01/28<br>| 250000 | 250604 |
| Miami-Dade County <br> Florida Aviation Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, <br> 10/01/34<br>| 325000 | 346246 |
| Miami-Dade County GO <br> Unlimited Bonds, Public <br> Health Trust Program, <br> 4.00%, 7/01/42<br>| 250000 | 237781 |
| Miami-Dade County <br> Seaport Revenue <br> Refunding Bonds, Series <br> A (AMT), Senior Bonds, <br> 5.25%, 10/01/52<br>| 500000 | 504894 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| Miami-Dade County <br> Seaport Subordinate <br> Revenue Refunding <br> Bonds, Subseries B-1 <br> (AMT), 4.00%, 10/01/46<br>| $500000 | $439157 |
| Osceola County Florida <br> Transportation Revenue <br> Refunding CABS, Series <br> A-2,<br>|  |  |
| 0.00%, 10/01/26<sup>(f)</sup> <br>| 275000 | 260346 |
| 0.00%, 10/01/27<sup>(f)</sup> <br>| 360000 | 328085 |
| Polk County Utility System <br> Revenue Refunding <br> Bonds, 4.00%, 10/01/43<br>| 400000 | 385404 |
| Saint John County School <br> Board COPS, Series A <br> (AGM Insured), 5.25%, <br> 7/01/46<br>| 500000 | 530719 |
| Sarasota County Public <br> Hospital District Revenue <br> Bonds, Sarasota <br> Memorial Hospital <br> Project, 5.00%, 7/01/52<br>| 250000 | 252559 |
| South Broward Hospital <br> District Revenue Bonds, <br> South Broward Hospital <br> District Obligated Group, <br> 4.00%, 5/01/48<br>| 500000 | 442310 |
| South Broward Hospital <br> District Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 5/01/44<br>| 500000 | 449775 |
| Tampa Health System <br> Revenue Bonds, Series A, <br> Baycare, 4.00%, <br> 11/15/46<br>| 415000 | 361443 |
| Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center,<br>|  |  |
| 5.00%, 7/01/26 | 125000 | 127063 |
| 5.00%, 7/01/27 | 125000 | 129149 |
| Village Community <br> Development District No. <br> 14 Special Assessment <br> Revenue Bonds, 5.50%, <br> 5/01/53<br>| 235000 | 238301 |
| Village Community <br> Development District No. <br> 15 Special Assessment <br> Revenue Bonds, 4.20%, <br> 5/01/39<sup>(d)</sup> <br>| 250000 | 236342 |
| Volusia County Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Embry-Riddle <br> Aeronautical, 5.00%, <br> 10/15/44<br>| 500000 | 505739 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| 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 | $484073 |
| 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 | 425386 |
|  |  | **15356920** |
| **Georgia – 3.6%** | **Georgia – 3.6%** | **Georgia – 3.6%** |
| Atlanta Airport Passenger <br> Facility Charge <br> Subordinate Revenue <br> Bonds, Series C, 5.00%, <br> 7/01/40<br>| 365000 | 387008 |
| Atlanta Airport Revenue <br> Bonds, Series A, 5.00%, <br> 7/01/47<br>| 890000 | 915681 |
| Atlanta Development <br> Authority Senior Lien <br> Revenue Bonds, Series <br> A-1, 5.00%, 7/01/30<br>| 200000 | 200318 |
| 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 | 250706 |
| 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 | 218917 |
| 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 | 570541 |
| City of Atlanta Airport <br> Passenger Facility Charge <br> Subordinate Lien Green <br> Revenue Bonds (AMT), <br> 5.25%, 7/01/41<br>| 500000 | 530559 |
| 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 | 209485 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| 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 | $505758 |
| Geo L. Smith II Congress <br> Authority Convention <br> Center Hotel Revenue <br> Bonds, 4.00%, 1/01/36<br>| 500000 | 493836 |
| 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 | 208307 |
| Georgia State Housing & <br> Finance Authority <br> Revenue Bonds, Series A, <br> 4.70%, 12/01/54<br>| 265000 | 262170 |
| Georgia State Ports <br> Authority Revenue Bonds, <br> 5.00%, 7/01/47<br>| 1000000 | 1031833 |
| 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 | 530399 |
| Griffin-Spalding County <br> Hospital Authority <br> Revenue Anticipation <br> Certificates Bonds, <br> Wellstar, 5.00%, 4/01/35<br>| 150000 | 152725 |
| 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 | 787237 |
| 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 | 262892 |
| Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 6/01/29<sup>(a)(b)(c)</sup> <br>| 700000 | 723510 |
| 5.00%, 3/01/30<sup>(a)(b)(c)</sup> <br>| 335000 | 349161 |
| 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 | 347149 |
| 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 | 259256 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| 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 | $518913 |
| 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 | 157288 |
| 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 | 983921 |
| 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 | 255619 |
|  |  | **11113189** |
| **Guam – 0.1%** | **Guam – 0.1%** | **Guam – 0.1%** |
| Guam Government <br> Business Privilege Tax <br> Revenue Refunding <br> Bonds, Series F, 4.00%, <br> 1/01/42<br>| 250000 | **226692** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| 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 | 137265 |
| Honolulu City & County <br> Wastewater System <br> Sustainable Revenue <br> Bonds, Senior Series A, <br> 5.25%, 7/01/54<br>| 600000 | 630802 |
|  |  | **768067** |
| **Idaho – 0.2%** | **Idaho – 0.2%** | **Idaho – 0.2%** |
| Idaho Housing and Finance <br> Association SFM <br> Revenue Bonds, Series A <br> (GNMA, FNMA, FHLMC <br> Insured), 6.00%, 7/01/54<br>| 490000 | **533082** |
| **Illinois – 6.3%** | **Illinois – 6.3%** | **Illinois – 6.3%** |
| Chicago Board of <br> Education GO Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/01/38 | 500000 | 500206 |
| 5.00%, 12/01/42 | 250000 | 232112 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Chicago Board of <br> Education GO Unlimited <br> Bonds, Series D, 5.00%, <br> 12/01/46<br>| $350000 | $324897 |
| Chicago Board of <br> Education GO Unlimited <br> Refunding Bonds, <br> Dedicated, Series D, <br> 5.00%, 12/01/31<br>| 750000 | 752103 |
| Chicago City Colleges <br> Capital Appreciation GO <br> Unlimited Bonds (NATL <br> Insured), 0.00%, <br> 1/01/30<sup>(f)</sup> <br>| 750000 | 622229 |
| Chicago GO Unlimited <br> Bonds, Series A, Chicago <br> Works, 5.50%, 1/01/39<br>| 250000 | 261062 |
| Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 5.00%, 1/01/31<br>| 500000 | 529114 |
| Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series D, 5.00%, <br> 1/01/45<br>| 500000 | 519903 |
| Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds (AMT), <br> 5.00%, 1/01/28<br>| 680000 | 703836 |
| 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 | 230740 |
| Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, 1/01/31<br>| 250000 | 258817 |
| Chicago Refunding GO <br> Unlimited Bonds, Series <br> B, 5.00%, 1/01/31<br>| 1000000 | 1046925 |
| Chicago Refunding GO <br> Unlimited Refunding <br> Bonds, Series A, Partially <br> Escrowed to Maturity, <br> 5.00%, 1/01/27<br>| 250000 | 254575 |
| Chicago Special <br> Assessment Refunding <br> Bonds, Lakeshore East <br> Project, 2.87%, <br> 12/01/27<sup>(d)</sup> <br>| 254000 | 243303 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| 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 | $253404 |
| Illinois State Finance <br> Authority Revenue Bonds, <br> Series A, The University <br> of Chicago, 5.25%, <br> 5/15/48<br>| 100000 | 103742 |
| Illinois State Finance <br> Authority Revenue Bonds, <br> The Chicago School, <br> 5.25%, 4/01/43<br>| 250000 | 253364 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 7/15/39<br>| 250000 | 238534 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Bradley University <br> Project, 4.00%, 8/01/43<br>| 250000 | 210193 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Lutheran Communities, <br> 5.00%, 11/01/40<br>| 350000 | 234500 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, The Carle Foundation, <br> 5.00%, 2/15/45<br>| 250000 | 249930 |
| 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 | 1950456 |
| Illinois State GO Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 10/01/31 | 250000 | 264441 |
| 5.50%, 5/01/47 | 100000 | 103001 |
| 5.25%, 5/01/47 | 100000 | 101817 |
| Illinois State GO Unlimited <br> Refunding Bonds, Series <br> B, 5.00%, 10/01/28<br>| 250000 | 260865 |
| Illinois State HDA Revenue <br> Refunding Bonds, Series <br> H, Social Bonds (GNMA, <br> FNMA, FHLMC Insured), <br> 5.75%, 10/01/53<br>| 220000 | 233134 |
| Illinois State Refunding GO <br> Unlimited Bonds, 5.00%, <br> 2/01/39<br>| 200000 | 209358 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Illinois State Sales Tax <br> Revenue Refunding <br> Bonds, Subseries D <br> (BAM, TCRS Insured), <br> 3.00%, 6/15/31<br>| $390000 | $362295 |
| Illinois State Sports <br> Facilities Authority State <br> Tax Supported Revenue <br> Refunding Bonds (AGM <br> Insured), 5.00%, 6/15/27<br>| 400000 | 400720 |
| Illinois State Toll Highway <br> Authority Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 1/01/46 | 750000 | 771818 |
| 4.00%, 1/01/46 | 250000 | 230775 |
| Illinois State Toll Highway <br> Authority Senior Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/01/40 | 500000 | 520159 |
| 5.00%, 1/01/45 | 250000 | 255389 |
| 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 | 251137 |
| 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 | 239976 |
| Metropolitan Pier & <br> Exposition Authority <br> Revenue Refunding <br> Bonds, McCormick Place <br> Expansion, 4.00%, <br> 12/15/42<br>| 250000 | 221357 |
| Metropolitan Pier & <br> Exposition Authority <br> Revenue Refunding <br> Bonds, McCormick Place <br> Expansion Project,<br>|  |  |
| 5.00%, 6/15/42 | 500000 | 506961 |
| 5.00%, 6/15/50 | 500000 | 495734 |
| Naperville GO Unlimited <br> Bonds, 4.00%, 12/01/41<br>| 145000 | 142378 |
| Northern Illinois University <br> Board of Trustees <br> Auxiliary Facilities <br> System Revenue Bonds <br> (BAM Insured), 5.00%, <br> 10/01/27<br>| 350000 | 360804 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Northern University Board <br> of Trustees Revenue <br> Bonds, Auxiliary Facilities <br> System (BAM Insured), <br> 5.00%, 10/01/26<br>| $250000 | $254640 |
| 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 | 395053 |
| Regional Transportation <br> Authority Revenue Bonds, <br> Series B (NATL Insured), <br> 5.50%, 6/01/27<br>| 275000 | 282365 |
| Sales Tax <br> Securitization Corp., <br> Second Lien Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 1/01/38<br>| 250000 | 247444 |
| 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 | 231905 |
| Waukegan City Lake <br> County Water & Sewer <br> System Revenue <br> Refunding Bonds (AGM <br> Insured),<br>|  |  |
| 5.00%, 12/30/26 | 200000 | 206161 |
| 4.00%, 12/30/38 | 500000 | 486533 |
| 4.00%, 12/30/40 | 500000 | 474348 |
| Waukegan GO Unlimited <br> Bonds, Series A (AGM <br> Insured), 5.00%, <br> 12/30/32<br>| 250000 | 250200 |
| 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 | 639689 |
|  |  | **19374402** |
| **Indiana – 1.9%** | **Indiana – 1.9%** | **Indiana – 1.9%** |
| Indiana Bond Bank <br> Revenue CABS, <br> Hamilton Co., Projects,<br>|  |  |
| 0.00%, 7/15/28<sup>(f)</sup> <br>| 900000 | 790978 |
| 0.00%, 1/15/29<sup>(f)</sup> <br>| 560000 | 481189 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| 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 | $256862 |
| Indiana State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Deaconess Health <br> System, (SIFMA <br> Municipal Swap Index <br> Yield + 0.30%), 3.08%, <br> 3/01/27<sup>(a)(c)</sup> <br>| 1265000 | 1251923 |
| 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 | 257087 |
| Knox Middle School <br> Building Corp., Revenue <br> Bonds (State Intercept <br> Program), 5.00%, 1/15/27<br>| 440000 | 453287 |
| Tippecanoe County School <br> Building Corp., Revenue <br> Bonds, Series B (State <br> Intercept Program), <br> 5.00%, 7/15/29<br>| 195000 | 208018 |
| Valparaiso Exempt <br> Facilities Revenue <br> Refunding Bonds (AMT), <br> Pratt Paper LLC, 5.00%, <br> 1/01/54<sup>(d)</sup> <br>| 250000 | 238728 |
| Valparaiso Exempt <br> Facilities Revenue <br> Refunding Bonds (AMT), <br> Pratt Paper LLC Project, <br> 4.88%, 1/01/44<sup>(d)</sup> <br>| 250000 | 241467 |
| Westfield Washington <br> Multi-School <br> Building Corp. Revenue <br> Bonds, Series B (BAM <br> State Intercept Program),<br>|  |  |
| 5.00%, 7/15/27 | 375000 | 388625 |
| 5.00%, 1/15/28 | 455000 | 474980 |
| 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 | 151343 |
| 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 | 501226 |
|  |  | **5695713** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Iowa – 0.2%** | **Iowa – 0.2%** | **Iowa – 0.2%** |
| Iowa City Community <br> School District GO <br> Unlimited Bonds, 5.00%, <br> 6/01/26<br>| $500000 | **$509557** |
| **Kentucky – 2.2%** | **Kentucky – 2.2%** | **Kentucky – 2.2%** |
| Fayette County School <br> District Finance Corp., <br> Revenue Bonds, Series A <br> (State Intercept Program), <br> 4.00%, 5/01/38<br>| 250000 | 234134 |
| Kenton County Airport <br> Board Revenue Refunding <br> Bonds, 5.00%, 1/01/32<br>| 400000 | 402053 |
| 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 | 158849 |
| Kentucky State Economic <br> Development Finance <br> Authority Revenue Bonds, <br> Owensboro Health, <br> 5.25%, 6/01/50<br>| 250000 | 245057 |
| Kentucky State Economic <br> Development Finance <br> Authority Revenue <br> Refunding Bonds, <br> Masonic Home <br> Independent Living,<br>|  |  |
| 5.00%, 5/15/36 | 200000 | 177184 |
| 5.00%, 5/15/46 | 100000 | 78075 |
| 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 | 297843 |
| Kentucky State Interlocal <br> School Transportation <br> Association Equipment <br> Lease COPS (State <br> Intercept Program), <br> 4.00%, 3/01/29<br>| 295000 | 297832 |
| 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 | 1885905 |
| Louisville & Jefferson <br> County Metro <br> Government PCR <br> Refunding Bonds (AMT), <br> Louisville Gas & Electric, <br> 1.35%, 11/01/27<br>| 1500000 | 1392377 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Kentucky (Continued)** | **Kentucky (Continued)** | **Kentucky (Continued)** |
| 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 | $492950 |
| Rural Water Financing <br> Agency Public Project <br> Revenue Bonds, Public <br> Project Construction, <br> 3.70%, 5/01/27<br>| 1000000 | 1000827 |
|  |  | **6663086** |
| **Louisiana – 0.8%** | **Louisiana – 0.8%** | **Louisiana – 0.8%** |
| 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 | 456712 |
| Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, Loyola <br> University Project, 5.00%, <br> 10/01/26<br>| 215000 | 219021 |
| Louisiana State Gas & <br> Fuels Second Lien Tax <br> Variable Revenue <br> Refunding Bonds, Series <br> A-1 (TD Bank LOC), <br> 1.60%, 5/01/43<sup>(a)(c)(e)</sup> <br>| 100000 | 100000 |
| 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 | 411158 |
| 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 | 298909 |
| Louisiana State Public <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Ochsner Clinic <br> Foundation Project, <br> 5.00%, 5/15/26<br>| 400000 | 400482 |
| 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 | 212268 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Louisiana (Continued)** | **Louisiana (Continued)** | **Louisiana (Continued)** |
| 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 | $98329 |
| 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 | 122894 |
|  |  | **2319773** |
| **Maine – 0.3%** | **Maine – 0.3%** | **Maine – 0.3%** |
| Maine Health & Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series A, 5.00%, 7/01/27<br>| 215000 | 222456 |
| 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 | 31122 |
| 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 | 640318 |
|  |  | **893896** |
| **Maryland – 2.4%** | **Maryland – 2.4%** | **Maryland – 2.4%** |
| Baltimore Convention <br> Center Hotel Revenue <br> Refunding Bonds, <br> Convention Center Hotel, <br> 5.00%, 9/01/39<br>| 500000 | 489135 |
| Baltimore County GO <br> Unlimited Bonds, 4.00%, <br> 3/01/42<br>| 1000000 | 975472 |
| 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 | 500096 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| Maryland State Economic <br> Development Corp., <br> Private Activity Revenue <br> Bonds (AMT), Purple Line <br> Light Rail Project, Green <br> Bonds,<br>|  |  |
| 5.00%, 11/12/28 | $1320000 | $1329475 |
| 5.25%, 6/30/55 | 1000000 | 988402 |
| Maryland State Economic <br> Development Corp., <br> Revenue Bonds (AMT), <br> Seagirt Marine Terminal <br> Projects, 5.00%, 6/01/44<br>| 500000 | 497591 |
| Maryland State Economic <br> Development Corp., <br> Senior Lien Revenue <br> Bonds, Annapolis <br> Mobility & Resilience, <br> 5.00%, 12/31/42<br>| 145000 | 147136 |
| 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 | 408816 |
| 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 | 281943 |
| 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 | 108350 |
| 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 | 410309 |
| Montgomery County GO <br> Unlimited Refunding <br> Bonds, Series A, <br> Consolidated Public <br> Improvement Project, <br> 2.00%, 8/01/41<br>| 1000000 | 678614 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| 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 | $170334 |
| 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 | 203703 |
|  |  | **7189376** |
| **Massachusetts – 0.6%** | **Massachusetts – 0.6%** | **Massachusetts – 0.6%** |
| Massachusetts <br> Educational Financing <br> Authority Senior Revenue <br> Bonds, Series B (AMT), <br> 5.00%, 7/01/28<br>| 280000 | 288717 |
| Massachusetts State <br> Development Finance <br> Agency Revenue Bonds, <br> UMass Boston Student <br> Housing Project, 5.00%, <br> 10/01/48<br>| 500000 | 465910 |
| Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Lasell <br> University, 4.00%, <br> 7/01/26<br>| 240000 | 237461 |
| 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 | 246365 |
| Massachusetts State Port <br> Authority Revenue Bonds, <br> Series B (AMT), 4.00%, <br> 7/01/46<br>| 250000 | 216981 |
| Massachusetts State Port <br> Authority Revenue Bonds, <br> Series E (AMT), 5.00%, <br> 7/01/27<br>| 365000 | 376490 |
|  |  | **1831924** |
| **Michigan – 2.2%** | **Michigan – 2.2%** | **Michigan – 2.2%** |
| Detroit GO Unlimited <br> Bonds, 5.00%, 4/01/27<br>| 50000 | 51295 |
| Detroit GO Unlimited <br> Bonds, Series A, Social <br> Bonds, 4.00%, 4/01/40<br>| 250000 | 228781 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |
| 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 | $94039 |
| 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 | 301014 |
| Michigan State Finance <br> Authority Revenue <br> Refunding Bonds, Trinity <br> Health Credit Group,<br>|  |  |
| 4.00%, 12/01/35 | 515000 | 504261 |
| 4.00%, 12/01/40 | 500000 | 462598 |
| Michigan State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Beaumont <br> Spectrum, (SIFMA <br> Municipal Swap Index <br> Yield + 0.75%), 3.53%, <br> 4/15/27<sup>(a)(c)</sup> <br>| 1500000 | 1494043 |
| 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 | 430374 |
| 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 | 984723 |
| 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 | 99439 |
| Michigan State Trunk <br> Line Fund Revenue <br> Bonds, 4.00%, 11/15/46<br>| 250000 | 229711 |
| Michigan State Trunk Line <br> Revenue Bonds, <br> Rebuilding Michigan <br> Program, 5.50%, <br> 11/15/49<br>| 1000000 | 1068680 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |
| Okemos Public School <br> District GO Unlimited <br> Bonds, Series II (Q-SBLF <br> Insured), 5.00%, 5/01/49<br>| $500000 | $518384 |
| Wayne State University <br> Revenue Refunding <br> Bonds, Series A (BAM, <br> TCRS Insured), 5.00%, <br> 11/15/27<br>| 300000 | 305943 |
|  |  | **6773285** |
| **Minnesota – 1.1%** | **Minnesota – 1.1%** | **Minnesota – 1.1%** |
| 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 | 492555 |
| Center City Health Care <br> Facilities Revenue <br> Refunding Bonds, <br> Hazelden Betty Ford <br> Foundation, 5.00%, <br> 11/01/31<br>| 210000 | 225292 |
| 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 | 215113 |
| Minneapolis Health Care <br> System Revenue <br> Refunding Bonds, <br> Fairview Health Services, <br> Series A, 5.00%, <br> 11/15/27<br>| 585000 | 588510 |
| Saint Paul Housing & <br> Redevelopment Authority <br> Health Care Facilities <br> Revenue Refunding <br> Bonds, HealthPartners <br> Obligated Group,<br>|  |  |
| 5.00%, 7/01/28 | 230000 | 230488 |
| 5.00%, 7/01/31 | 1635000 | 1636258 |
|  |  | **3388216** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Mississippi – 0.2%** | **Mississippi – 0.2%** | **Mississippi – 0.2%** |
| Mississippi Alcoholic <br> Beverage Control <br> Revenue Bonds, ABC <br> Warehouse Construction <br> Project, 5.00%, 10/01/44<br>| $250000 | $259645 |
| 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 | 271456 |
|  |  | **531101** |
| **Missouri – 1.0%** | **Missouri – 1.0%** | **Missouri – 1.0%** |
| Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/27<br>| 225000 | 232042 |
| Kansas City IDA Economic <br> Activity TRB, Historic <br> Northeast <br> Redevelopment Plan, <br> 5.00%, 6/01/46<sup>(d)</sup> <br>| 200000 | 187411 |
| Missouri State Health & <br> Educational Facilities <br> Authority Health <br> Facilities Revenue Bonds, <br> Mercy Health, 3.00%, <br> 6/01/53<br>| 970000 | 676746 |
| 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 | 901283 |
| Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 215000 | 219054 |
| 5.00%, 2/15/28 | 250000 | 257065 |
| 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 | 198451 |
| 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 | 521395 |
|  |  | **3193447** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Nebraska – 0.7%** | **Nebraska – 0.7%** | **Nebraska – 0.7%** |
| Douglas County <br> Educational Facilities <br> Variable Revenue <br> Refunding Bonds, <br> Creighton University <br> Project, (SIFMA <br> Municipal Swap Index <br> Yield + 0.53%), 3.31%, <br> 9/01/26<sup>(a)(c)</sup> <br>| $730000 | $729823 |
| 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 | 503219 |
| Lincoln MFH Variable <br> Revenue Bonds, Central <br> at South Haymarket, <br> 3.37%, 7/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 994558 |
|  |  | **2227600** |
| **Nevada – 0.5%** | **Nevada – 0.5%** | **Nevada – 0.5%** |
| Clark County PCR <br> Refunding Bonds, <br> Southern California <br> Edison Company, 2.10%, <br> 6/01/31<br>| 250000 | 214624 |
| Clark County Stadium <br> Improvement GO Limited <br> Bonds, Series A, 5.00%, <br> 5/01/48<br>| 500000 | 503255 |
| Las Vegas Convention & <br> Visitors Authority <br> Convention Center <br> Expansion Revenue <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/01/43 | 250000 | 252391 |
| 4.00%, 7/01/49 | 150000 | 129099 |
| 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 | 71526 |
| Las Vegas Valley Water <br> District GO Limited <br> Bonds, Series A, 4.00%, <br> 6/01/46<br>| 250000 | 231188 |
|  |  | **1402083** |
| **New Hampshire – 0.4%** | **New Hampshire – 0.4%** | **New Hampshire – 0.4%** |
| National Finance Authority <br> Municipal Certificates <br> Revenue Bonds, Series <br> 1-A, 4.13%, 1/20/34<br>| 849243 | 841360 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Hampshire (Continued)** | **New Hampshire (Continued)** | **New Hampshire (Continued)** |
| 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 | $181291 |
| 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 | 224223 |
|  |  | **1246874** |
| **New Jersey – 1.2%** | **New Jersey – 1.2%** | **New Jersey – 1.2%** |
| New Jersey State EDA <br> Energy Facility Revenue <br> Bonds, Series A (AMT), <br> UMM Energy Partners,<br>|  |  |
| 5.00%, 6/15/37 | 190000 | 186889 |
| 5.13%, 6/15/43 | 350000 | 335368 |
| New Jersey State EDA <br> Motor Vehicle Surcharge <br> Revenue Refunding <br> Bonds, Subseries A, <br> 3.38%, 7/01/30<br>| 250000 | 237246 |
| New Jersey State EDA <br> Private Activity Revenue <br> Bonds (AMT), The <br> Goethals Project, 5.38%, <br> 1/01/43<br>| 100000 | 100024 |
| New Jersey State EDA <br> Revenue Bonds, Portal <br> North Bridge Project NJ <br> Transit, 5.25%, 11/01/41<br>| 235000 | 247863 |
| New Jersey State EDA <br> Revenue Bonds, <br> Provident Group Rowan <br> Properties LLC, 5.00%, <br> 1/01/48<br>| 125000 | 114598 |
| New Jersey State EDA <br> Revenue Refunding <br> Bonds, Cranes Mill <br> Project, 5.00%, 1/01/49<br>| 260000 | 235318 |
| 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 | 674132 |
| New Jersey State GO <br> Unlimited Bonds, 2.00%, <br> 6/01/37<br>| 1175000 | 868920 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |
| New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series A, 4.00%, 6/15/42<br>| $250000 | $231150 |
| New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series AA, 5.00%, <br> 6/15/40<br>| 500000 | 518467 |
|  |  | **3749975** |
| **New York – 6.4%** | **New York – 6.4%** | **New York – 6.4%** |
| 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 | 467875 |
| 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 | 228345 |
| Hempstead Town Local <br> Development Corp., <br> Education Revenue <br> Bonds, Academy Charter <br> School Project, 4.60%, <br> 2/01/51<br>| 250000 | 185310 |
| Hempstead Town Local <br> Development Corp., <br> Revenue Refunding <br> Bonds, Adelphi University <br> Project, 5.00%, 6/01/27<br>| 300000 | 309050 |
| 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 | 227614 |
| Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Climate Bond <br> Certified, 5.00%, <br> 11/15/29<br>| 340000 | 362095 |
| Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Series D (BAM, <br> TCRS Insured), 4.00%, <br> 11/15/42<br>| 300000 | 273102 |
| New York City Housing <br> Development Corp., MFH <br> Sustainable Revenue <br> Bonds, Series F-1A, <br> 5.00%, 11/01/54<br>| 500000 | 493298 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| 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 | $254205 |
| 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 | 261181 |
| 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 | 524424 |
| New York City Transitional <br> Finance Authority Future <br> Tax Subordinate Revenue <br> Bonds, 4.00%, 5/01/36<br>| 1000000 | 993992 |
| New York City Transitional <br> Finance Authority <br> Revenue Bonds, <br> Subseries B-1, 4.00%, <br> 8/01/42<br>| 295000 | 279949 |
| New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series D, Fiscal <br> 2025,<br>|  |  |
| 5.25%, 5/01/45 | 1000000 | 1066450 |
| 5.50%, 5/01/52 | 250000 | 267592 |
| New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series H, Fiscal <br> 2025, 5.25%, 11/01/45<br>| 200000 | 213849 |
| New York GO Unlimited <br> Bonds, Series A-1, <br> 5.25%, 9/01/42<br>| 250000 | 266791 |
| New York GO Unlimited <br> Bonds, Series C, 5.25%, <br> 3/01/53<br>| 1000000 | 1048223 |
| New York GO Unlimited <br> Bonds, Series D, <br> Subseries D1, 5.00%, <br> 12/01/42<br>| 250000 | 256027 |
| 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 | 600895 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| 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 | $100986 |
| 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 | 246728 |
| 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 | 264905 |
| 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 | 251150 |
| 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 | 443328 |
| New York State Liberty <br> Development Corp., <br> Revenue Refunding <br> Bonds, Class 2, 3 World <br> Trade Center Project,<br>|  |  |
| 5.15%, 11/15/34<sup>(d)</sup> <br>| 500000 | 500098 |
| 5.38%, 11/15/40<sup>(d)</sup> <br>| 150000 | 150004 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds (AMT), <br> Delta Air Lines Inc., <br> 4.00%, 10/01/30<br>| 1500000 | 1473203 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds (AMT), <br> Delta Air Lines, Inc., <br> Laguardia Airport <br> Terminal C&D <br> Redevelopment Project, <br> 5.00%, 10/01/35<br>| 500000 | 506815 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds (AMT), <br> John F. Kennedy <br> International Airport <br> (AGM Insured), <br> Sustainable Bonds, <br> 5.00%, 6/30/49<br>| $250000 | $250812 |
| 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 | 258799 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds (AMT), <br> Laguardia Airport <br> Terminal B <br> Redevelopment (AGM <br> Insured), 4.00%, 7/01/32<br>| 250000 | 249794 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Revenue Bonds, Delta Air <br> Lines, Inc. (AMT),<br>|  |  |
| 5.00%, 1/01/27 | 635000 | 642981 |
| 5.00%, 1/01/30 | 345000 | 350295 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Refunding Bonds (AMT), <br> JFK Airport,<br>|  |  |
| 5.25%, 12/31/54 | 325000 | 329977 |
| 5.50%, 12/31/60 | 335000 | 340062 |
| 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 | 256555 |
| 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 | 259004 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| New York State Urban <br> Development Corp., <br> Personal Income TRB, <br> Series A,<br>|  |  |
| 4.00%, 3/15/38 | $500000 | $485507 |
| 5.00%, 3/15/41 | 250000 | 260653 |
| New York State Urban <br> Development Corp., <br> Revenue Refunding <br> Bonds, Series E Group 3, <br> 4.00%, 3/15/43<br>| 500000 | 461436 |
| Onondaga County Trust <br> Cultural Resources <br> Revenue Refunding <br> Bonds, Syracuse <br> University Project, 4.00%, <br> 12/01/41<br>| 250000 | 241063 |
| Port Authority of New York <br> & New Jersey <br> Consolidated 183rd <br> Revenue Bonds, 4.00%, <br> 12/15/39<br>| 440000 | 415623 |
| Port Authority of New York <br> & New Jersey <br> Consolidated 211th <br> Revenue Refunding <br> Bonds, 5.00%, 9/01/48<br>| 830000 | 838236 |
| Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Bonds, Series 221 (AMT), <br> 4.00%, 7/15/40<br>| 500000 | 471380 |
| Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Refunding Bonds (AMT), <br> 5.50%, 8/01/52<br>| 600000 | 621391 |
| 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 | 257708 |
| Troy Capital <br> Resource Corp., Revenue <br> Bonds, Rensselaer <br> Polytechnic Institute <br> Project, 4.00%, 9/01/33<br>| 100000 | 100146 |
| Yonkers Economic <br> Development Corp., <br> Educational Revenue <br> Bonds, Charter School <br> Educational Excellence <br> Project, 5.00%, 10/15/49<br>| 100000 | 93732 |
|  |  | **19702638** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina – 3.5%** | **North Carolina – 3.5%** | **North Carolina – 3.5%** |
| Charlotte-Mecklenburg <br> Hospital Authority Health <br> Care System Variable <br> Revenue Bonds, Series G, <br> Atrium Health, 1.50%, <br> 1/15/48<sup>(a)(c)(e)</sup> <br>| $4000000 | $4000000 |
| 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> 1.50%, 1/15/42<sup>(a)(c)(e)</sup> <br>| 400000 | 400000 |
| Forsyth County GO <br> Unlimited Bonds, Series <br> B, 2.00%, 3/01/37<br>| 1000000 | 763125 |
| Greater Asheville Regional <br> Airport Authority Airport <br> System Revenue Bonds <br> (AMT) (AGM Insured), <br> 5.25%, 7/01/48<br>| 250000 | 256737 |
| 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 | 1043614 |
| Macon County Limited <br> Obligation Revenue <br> Bonds, 4.00%, 10/01/44<br>| 525000 | 490424 |
| 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 | 278917 |
| 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>|  |  |
| 5.00%, 10/01/28 | 300000 | 301034 |
| 5.00%, 10/01/34 | 250000 | 247161 |
| 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 | 199752 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Revenue Bonds, <br> The Forest At Duke <br> Project,<br>|  |  |
| 4.00%, 9/01/33 | $180000 | $172780 |
| 4.00%, 9/01/34 | 185000 | 176021 |
| 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 | 520911 |
| 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 | 92486 |
| North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Bonds, <br> Triangle Expressway, <br> 4.00%, 1/01/55<br>| 225000 | 189859 |
| 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 | 502904 |
| North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Refunding <br> Bonds, 5.00%, 1/01/40<br>| 550000 | 561004 |
| Union County GO <br> Unlimited Bonds, Series <br> C, 2.50%, 9/01/38<br>| 590000 | 468550 |
|  |  | **10665279** |
| **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** |
| 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 | 131900 |
| University of North Dakota <br> COPS, Infrastructure <br> Energy Improvement, <br> 5.00%, 4/01/48<br>| 500000 | 502497 |
|  |  | **634397** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio – 3.2%** | **Ohio – 3.2%** | **Ohio – 3.2%** |
| Akron Bath Copley Joint <br> Township Hospital <br> District Revenue <br> Refunding Bonds, Summa <br> Health Obligated Group <br> Hospital,<br>|  |  |
| 5.00%, 11/15/26 | $350000 | $357304 |
| 5.00%, 11/15/27 | 370000 | 381888 |
| 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 | 785314 |
| 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 | 175936 |
| Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facility Revenue <br> Bonds, Cleveland <br> Museum of Natural <br> History Project,<br>|  |  |
| 5.00%, 7/01/26 | 125000 | 127352 |
| 5.00%, 7/01/27 | 125000 | 129279 |
| 5.00%, 7/01/28 | 155000 | 162512 |
| 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 | 187800 |
| Conotton Valley Union <br> Local School District <br> COPS, School Facilities <br> Project (FHLMC Insured), <br> 4.00%, 12/01/42<br>| 500000 | 458815 |
| Franklin County Convention <br> Facilities Authority Hotel <br> Project Revenue Bonds, <br> Greater Columbus <br> Convention Center,<br>|  |  |
| 5.00%, 12/01/34 | 170000 | 170002 |
| 5.00%, 12/01/36 | 305000 | 301358 |
| Hamilton County Hospital <br> Facilities Revenue Bonds, <br> Cincinnati Children's <br> Hospital Project, 5.00%, <br> 11/15/41<br>| 250000 | 272614 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| Marion County Health Care <br> Facilities Revenue <br> Refunding Bonds, United <br> Church Homes, Inc., <br> 5.13%, 12/01/49<br>| $100000 | $74597 |
| Miami Valley Career <br> Technology Center GO <br> Unlimited Bonds, 4.00%, <br> 12/01/37<br>| 250000 | 243931 |
| Middleburg Heights <br> Hospital Revenue <br> Refunding Bonds, <br> Southwest General <br> Health Center, 4.00%, <br> 8/01/41<br>| 500000 | 457152 |
| 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 | 929157 |
| 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 | 251272 |
| 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 | 908124 |
| 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 | 407251 |
| Ohio State Hospital Higher <br> Educational Facilities <br> Commission Variable <br> Revenue Refunding <br> Bonds, Cleveland Clinic <br> Health System Obligated <br> Group, 1.45%, <br> 1/01/43<sup>(a)(c)(e)</sup> <br>| 2700000 | 2700000 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| Ohio State Hospital <br> Revenue Refunding <br> Bonds, Premier Health <br> Partners Obligated Group, <br> 5.00%, 11/15/26<br>| $145000 | $147373 |
| 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 | 93751 |
|  |  | **9722782** |
| **Oklahoma – 2.1%** | **Oklahoma – 2.1%** | **Oklahoma – 2.1%** |
| Carter County Public <br> Facilities Authority <br> Educational Facilities <br> Lease Revenue Bonds, <br> 5.00%, 9/01/28<br>| 1230000 | 1267717 |
| Comanche County Hospital <br> Authority Revenue <br> Refunding Bonds, 5.00%, <br> 7/01/29<br>| 570000 | 569969 |
| 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 | 232581 |
| Muskogee Industrial Trust <br> Educational Facilities <br> Lease Revenue Bonds, <br> Muskogee Public Schools <br> Project, 5.00%, 9/01/26<br>| 150000 | 152349 |
| Oklahoma City Water <br> Utilities Trust Utility <br> System Revenue Bonds, <br> 5.25%, 7/01/64<br>| 500000 | 528344 |
| Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project, 2.00%, 12/01/47<br>| 8975 | 464 |
| Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project-B, 5.88%, <br> 12/01/47<br>| 43620 | 31806 |
| Oklahoma State Turnpike <br> Authority Second Senior <br> Revenue Bonds, Series C, <br> 5.00%, 1/01/47<br>| 1000000 | 1010414 |
| Oklahoma State Turnpike <br> Authority Senior Lien <br> Revenue Bonds, 5.50%, <br> 1/01/53<br>| 475000 | 501834 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |
| 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 | $278530 |
| 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 | 769452 |
| 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 | 502945 |
| Washington County <br> Educational Facilities <br> Authority Lease Revenue <br> Bonds, Dewey Public <br> Schools Project, 5.00%, <br> 9/01/29<br>| 435000 | 451734 |
|  |  | **6298139** |
| **Oregon – 1.1%** | **Oregon – 1.1%** | **Oregon – 1.1%** |
| Medford Hospital Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Asante Projects, <br> 5.00%, 8/15/45<br>| 500000 | 502442 |
| 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 | 501493 |
| Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Samaritan Health <br> Services, 5.00%, <br> 10/01/30<br>| 300000 | 313626 |
| Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Legacy Health Project, <br> 5.00%, 6/01/46<br>| 500000 | 492813 |
| Port of Morrow GO Limited <br> Refunding Bonds, Series <br> D,<br>|  |  |
| 4.00%, 12/01/26 | 170000 | 171387 |
| 4.00%, 12/01/27 | 240000 | 243204 |
| Port of Portland Airport <br> Revenue Refunding <br> Bonds, Series Thirty B <br> (AMT), 5.00%, 7/01/27<br>| 500000 | 515541 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oregon (Continued)** | **Oregon (Continued)** | **Oregon (Continued)** |
| Port of Portland Airport <br> Sustainable Revenue <br> Bonds, Series Thirty <br> (AMT), 5.25%, 7/01/49<br>| $250000 | $256052 |
| Salem Hospital Facility <br> Authority Revenue <br> Refunding Bonds, Capital <br> Manor Project, 5.00%, <br> 5/15/27<br>| 260000 | 262866 |
|  |  | **3259424** |
| **Pennsylvania – 4.0%** | **Pennsylvania – 4.0%** | **Pennsylvania – 4.0%** |
| Allegheny County GO <br> Unlimited Bonds, Series <br> C-76, 5.00%, 11/01/41<br>| 500000 | 504359 |
| Allentown Neighborhood <br> Improvement Zone <br> Development Authority <br> Tax Revenue Refunding <br> Bonds, Forward Delivery, <br> 5.00%, 5/01/42<br>| 250000 | 251744 |
| Chester County IDA <br> Revenue Bonds, Avon <br> Grove Charter School, <br> 5.00%, 3/01/27<br>| 500000 | 506171 |
| Chester County IDA <br> Sustainable Revenue <br> Bonds, Longwood <br> Gardens, 4.00%, <br> 12/01/51<br>| 805000 | 716687 |
| Commonwealth Financing <br> Authority Taxable <br> Revenue Refunding <br> Bonds, Series B-1, <br> 5.00%, 6/01/26<br>| 300000 | 300435 |
| Cumberland County <br> Municipal Authority <br> Revenue Bonds, Penn <br> State Health, 4.00%, <br> 11/01/44<br>| 500000 | 436250 |
| 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 | 164464 |
| Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System,<br>|  |  |
| 4.00%, 2/15/39 | 250000 | 237310 |
| 4.00%, 2/15/47 | 500000 | 457151 |
| Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System <br> Obligation, 4.00%, <br> 4/01/39<br>| 340000 | 325818 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| Lancaster County Hospital <br> Authority Revenue <br> Refunding Bonds, <br> Masonic Villages Project, <br> 5.00%, 11/01/30<br>| $470000 | $490641 |
| Lancaster Municipal <br> Authority Healthcare <br> Facilities Revenue <br> Refunding Bonds, Garden <br> Spot Village Project, <br> 5.00%, 5/01/30<br>| 200000 | 209364 |
| 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 | 665225 |
| Montgomery County IDA <br> Revenue Bonds, Acts <br> Retirement-Life <br> Communities, 5.00%, <br> 11/15/45<br>| 500000 | 496674 |
| 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 | 514431 |
| 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 | 591275 |
| Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-1, 4.00%, <br> 4/15/45<br>| 500000 | 441048 |
| Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-2, 4.00%, <br> 5/15/48<br>| 250000 | 215530 |
| 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 | 543623 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| Pennsylvania State <br> Turnpike Commission <br> Revenue Refunding <br> Bonds, Series B, 5.25%, <br> 12/01/52<br>| $250000 | $261596 |
| Pennsylvania State <br> Turnpike Commission <br> Subordinate Revenue <br> Bonds, Series A (AGM <br> Insured), 4.00%, <br> 12/01/49<br>| 350000 | 307394 |
| Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series B (AMT),<br>|  |  |
| 5.00%, 7/01/30 | 475000 | 484315 |
| 5.00%, 7/01/33 | 400000 | 405218 |
| 5.00%, 7/01/35 | 155000 | 156387 |
| Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 4.00%, 7/01/40<br>| 250000 | 234981 |
| Philadelphia School <br> District GO Limited <br> Bonds, Series A (BAM, <br> TCRS Insured State Aid <br> Withholding),<br>|  |  |
| 4.00%, 9/01/39 | 500000 | 479395 |
| 4.00%, 9/01/40 | 500000 | 480556 |
| Phoenixville Area School <br> District GO Limited Bonds <br> (State Aid Withholding), <br> 4.00%, 11/15/40<br>| 250000 | 245229 |
| Southcentral General <br> Authority Revenue Bonds, <br> York College of <br> Pennsylvania Project,<br>|  |  |
| 5.00%, 5/01/27 | 300000 | 307527 |
| 5.00%, 5/01/28 | 215000 | 222830 |
| Southeastern Pennsylvania <br> Transportation Authority <br> Revenue Bonds, Asset <br> Improvement Program, <br> 5.25%, 6/01/47<br>| 250000 | 261459 |
| West Cornwall Township <br> Municipal Authority <br> Healthcare Facilities <br> Revenue Refunding <br> Bonds, Lebanon Valley <br> Brethren Home Project,<br>|  |  |
| 4.00%, 11/15/26 | 125000 | 123463 |
| 4.00%, 11/15/27 | 130000 | 127556 |
|  |  | **12166106** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** |
| 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 | $255570 |
| Puerto Rico <br> Commonwealth Notes,<br>|  |  |
| 2.82%, 11/01/43<sup>(b)(c)</sup> <br>| 19776 | 11816 |
| 1.87%, 11/01/51<sup>(b)(c)</sup> <br>| 402046 | 246253 |
| Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited Bonds, Series <br> A1,<br>|  |  |
| 5.63%, 7/01/27 | 309847 | 315921 |
| 5.63%, 7/01/29 | 1058875 | 1100629 |
| 5.75%, 7/01/31 | 57185 | 60627 |
| 4.00%, 7/01/33 | 54226 | 51773 |
| 4.00%, 7/01/35 | 48742 | 45366 |
| 4.00%, 7/01/37 | 106285 | 97431 |
| 4.00%, 7/01/41 | 56878 | 48420 |
| Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited CABS, Series <br> A, 0.00%, 7/01/33<sup>(f)</sup> <br>| 69785 | 46764 |
| Puerto Rico Sales Tax <br> Financing Corp., <br> Restructured TRB, Series <br> A-1,<br>|  |  |
| 4.75%, 7/01/53 | 1011000 | 938121 |
| 5.00%, 7/01/58 | 157000 | 149901 |
| 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 | 351032 |
| Puerto Rico Sales Tax <br> Financing Corp., Sales <br> Tax Revenue CABS, <br> Series A-1,<br>|  |  |
| 0.00%, 7/01/27<sup>(f)</sup> <br>| 225000 | 205691 |
| 0.00%, 7/01/46<sup>(f)</sup> <br>| 875000 | 280715 |
|  |  | **4206030** |
| **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
| 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 | **519629** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **South Carolina – 0.5%** | **South Carolina – 0.5%** | **South Carolina – 0.5%** |
| Connector 2000 <br> Association, Inc., Toll <br> Road Revenue CABS, <br> Senior Series A-1,<br>|  |  |
| 0.00%, 1/01/32<sup>(f)</sup> <br>| $354582 | $212082 |
| 0.00%, 1/01/42<sup>(f)</sup> <br>| 228148 | 64972 |
| 0.00%, 7/22/51<sup>(f)</sup> <br>| 262488 | 33384 |
| 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 | 289414 |
| South Carolina State Jobs <br> EDA Hospital Revenue <br> Refunding Bonds, Prisma <br> Health Obligated Group, <br> 5.00%, 5/01/38<br>| 400000 | 403476 |
| South Carolina State <br> Public Service Authority <br> Revenue Bonds, Series E, <br> Santee Cooper, 5.75%, <br> 12/01/47<br>| 250000 | 269509 |
| South Carolina State <br> Public Service Authority <br> Revenue Refunding <br> Bonds, Series A, 4.00%, <br> 12/01/36<br>| 350000 | 341715 |
|  |  | **1614552** |
| **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
| 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 | **448221** |
| **Tennessee – 0.9%** | **Tennessee – 0.9%** | **Tennessee – 0.9%** |
| 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 | 262088 |
| 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 | 400507 |
| Metropolitan Nashville <br> Airport Authority <br> Revenue Bonds, Series B <br> (AMT), 5.00%, 7/01/26<br>| 600000 | 610937 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Tennessee (Continued)** | **Tennessee (Continued)** | **Tennessee (Continued)** |
| Metropolitan Nashville <br> Airport Authority <br> Subordinate Revenue <br> Bonds, Series B (AMT), <br> 5.00%, 7/01/39<br>| $1000000 | $1017042 |
| Tennergy Corp., Gas <br> Revenue Bonds, Series A, <br> 4.00%, 9/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 498955 |
|  |  | **2789529** |
| **Texas – 9.3%** | **Texas – 9.3%** | **Texas – 9.3%** |
| Arlington Higher Education <br> Finance Corp., Revenue <br> Bonds, Riverwalk <br> Education Foundation <br> (PSF, Gtd), 5.00%, <br> 8/15/47<br>| 500000 | 516909 |
| Austin Airport System <br> Revenue Bonds, Series B <br> (AMT), 5.00%, 11/15/26<br>| 595000 | 609123 |
| Austin Convention <br> Enterprises, Inc., <br> Convention Center <br> Revenue Refunding <br> Bonds, First Tier, 5.00%, <br> 1/01/32<br>| 625000 | 621467 |
| Beaumont Waterworks & <br> Sewer System Revenue <br> Bonds (BAM Insured), <br> 5.00%, 9/01/44<br>| 500000 | 517127 |
| Bexar County Hospital <br> District Certificates GO <br> Limited Bonds, 4.00%, <br> 2/15/43<br>| 250000 | 230185 |
| 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 | 190654 |
| Central Texas Regional <br> Mobility Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 1/01/49<br>| 500000 | 503751 |
| Clifton Higher Educational <br> Finance Corp. Revenue <br> Refunding Bonds, Idea <br> Public School (PSF, Gtd), <br> 4.00%, 8/15/44<br>| 1000000 | 923131 |
| 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 | 182558 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Dallas Refunding GO <br> Limited Bonds, Series B <br> (AGM Insured), 4.00%, <br> 2/15/43<br>| $415000 | $390646 |
| 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 | 250109 |
| Denton County Permanent <br> Improvement GO Limited <br> Bonds, 4.00%, 7/15/43<br>| 285000 | 269873 |
| 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 | 93847 |
| El Paso Texas Airport <br> Revenue Bonds (AMT), <br> 5.00%, 8/15/27<br>| 375000 | 386428 |
| Fort Bend Independent <br> School District Refunding <br> GO Unlimited Bonds, <br> Series A (PSF, Gtd), <br> 5.00%, 8/15/31<br>| 500000 | 550821 |
| 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 | 786061 |
| Grand Parkway <br> Transportation Corp., <br> System Toll Revenue <br> Refunding Bonds, Grand <br> Parkway System - First, <br> 4.00%, 10/01/45<br>| 265000 | 241134 |
| Greater Texoma Utility <br> Authority Contract <br> Revenue Bonds, Series A, <br> City of Sherman Project <br> (BAM Insured),<br>|  |  |
| 5.00%, 10/01/29 | 350000 | 374469 |
| 4.00%, 10/01/43 | 250000 | 233611 |
| 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 | 271566 |
| Harris County Cultural <br> Education Facilities <br> Finance Corp. Revenue <br> Refunding Bonds, Texas <br> Children's Hospital, <br> 5.00%, 10/01/31<sup>(a)(b)(c)</sup> <br>| 615000 | 671722 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| 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 | $600939 |
| 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 | 336956 |
| Harris County Flood <br> Control District GO <br> Limited Bonds, <br> Sustainability Bond, <br> Series A, 4.00%, 9/15/43<br>| 250000 | 233677 |
| Harris County Toll Road <br> First Lien Revenue Bonds, <br> Series A, 4.00%, 8/15/54<br>| 1225000 | 1073641 |
| 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 | 232550 |
| 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 | 1003242 |
| Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., <br> Improvement Projects, <br> 5.00%, 7/15/27<br>| 175000 | 175777 |
| Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., Terminal, <br> 5.00%, 7/01/27<br>| 125000 | 125549 |
| 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 | 416863 |
| Houston Hotel Occupancy <br> Tax & Special Revenue <br> Refunding Bonds, <br> Convention & <br> Entertainment, 5.00%, <br> 9/01/36<br>| 510000 | 526068 |
| 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 | 1008450 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Kilgore Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 3.00%, 2/15/41<br>| $730000 | $600226 |
| Mansfield Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 4.00%, 2/15/54<br>| 125000 | 111649 |
| Matagorda County <br> Navigation District No. 1 <br> Revenue Refunding <br> Bonds (AMBAC Insured), <br> 4.40%, 5/01/30<br>| 500000 | 504021 |
| Midland Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 5.00%, 2/15/50<br>| 500000 | 502454 |
| Montgomery County Toll <br> Road Authority Senior <br> Lien Revenue Bonds, <br> 5.00%, 9/15/37<br>| 500000 | 501371 |
| 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 | 89336 |
| North Texas State <br> Municipal Water District <br> Water System Revenue <br> Improvement & <br> Refunding Bonds, 5.00%, <br> 9/01/32<br>| 250000 | 251117 |
| 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 | 497880 |
| Odessa Junior College <br> District Consolidated <br> Revenue Bonds (AGM <br> Insured), 4.00%, 7/01/27<br>| 435000 | 441981 |
| Pasadena Independent <br> School District GO <br> Unlimited Bonds, Series <br> A (PSF, Gtd), 4.00%, <br> 2/15/32<br>| 700000 | 700026 |
| Plano GO Limited <br> Refunding Bonds, 4.00%, <br> 9/01/43<br>| 300000 | 275820 |
| Port Arthur Certificates GO <br> Limited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 345000 | 356083 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| 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 | $297134 |
| 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 | 1071576 |
| San Antonio Airport <br> System Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT), <br> 5.00%, 7/01/30<br>| 250000 | 260538 |
| San Antonio Electric & Gas <br> Revenue Refunding <br> Bonds, Series D, 5.25%, <br> 2/01/54<br>| 500000 | 525324 |
| San Antonio Water Junior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 5/15/43<br>| 500000 | 506909 |
| Spring Independent School <br> District GO Unlimited <br> Refunding Bonds (PSF, <br> Gtd), 5.00%, 8/15/32<br>| 250000 | 250964 |
| Texas City Industrial <br> Development Corp., <br> Revenue Bonds, Series <br> 2012, NRG Energy <br> Project, 4.13%, 12/01/45<br>| 545000 | 464260 |
| 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 | 623721 |
| Texas State PFA Lease <br> Revenue Refunding <br> Bonds, 4.00%, 2/01/36<br>| 250000 | 246913 |
| 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 | 713225 |
| 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 | 1029163 |
| Texas State Transportation <br> Commission First Tier Toll <br> Revenue CABS, 0.00%, <br> 8/01/29<sup>(f)</sup> <br>| 480000 | 405549 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Texas State Water <br> Development Board <br> Revenue Bonds, State <br> Water Implementation <br> Fund, 4.00%, 10/15/38<br>| $510000 | $501367 |
| University of Houston <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 2/15/47<br>| 250000 | 257915 |
| University of North Texas <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 4/15/27<sup>(h)</sup> <br>| 1000000 | 1033660 |
| Upper Trinity Regional <br> Water District Revenue <br> Refunding Bonds (BAM <br> Insured), 4.25%, 8/01/49<br>| 500000 | 468393 |
| Waller Independent School <br> District GO Unlimited <br> Bonds (BAM Insured), <br> 5.00%, 2/15/44<br>| 235000 | 243464 |
|  |  | **28280943** |
| **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** |
| 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 | 97158 |
| 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 | 931341 |
| 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 | 492772 |
| Utah County Hospital <br> Revenue Bonds, Series A, <br> IHC Health Services Inc., <br> 4.00%, 5/15/45<br>| 500000 | 442941 |
| Utah Municipal Power <br> Agency Power Supply <br> System Revenue Bonds, <br> Series B, 5.00%, 7/01/38<br>| 500000 | 504272 |
|  |  | **2468484** |
| **Virginia – 1.9%** | **Virginia – 1.9%** | **Virginia – 1.9%** |
| Arlington County IDA <br> Hospital Facilities <br> Revenue Refunding <br> Bonds, Virginia Hospital <br> Center, 3.75%, 7/01/50<br>| 500000 | 411965 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Virginia (Continued)** | **Virginia (Continued)** | **Virginia (Continued)** |
| Fairfax County GO <br> Unlimited Bonds, Series <br> A (State Aid <br> Withholding), 2.00%, <br> 10/01/41<br>| $1000000 | $667750 |
| Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System, 4.00%, 5/15/48<br>| 250000 | 228882 |
| Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System Project, 3.50%, <br> 5/15/39<br>| 525000 | 486578 |
| Newport News EDA <br> Residential Care <br> Facilities Revenue <br> Refunding Bonds, <br> Lifespire of Virginia, <br> 5.00%, 12/01/38<br>| 750000 | 750174 |
| Virginia State <br> Commonwealth <br> Transportation Board <br> Capital Projects Revenue <br> Bonds, 3.00%, 5/15/37<br>| 1000000 | 870697 |
| Virginia State Small <br> Business Financing <br> Authority Senior Lien <br> Revenue Bonds (AMT), <br> Elizabeth River Crossings <br> OpCo, LLC Project,<br>|  |  |
| 4.00%, 7/01/32 | 275000 | 267732 |
| 4.00%, 1/01/37 | 660000 | 617818 |
| Virginia State Small <br> Business Financing <br> Authority Senior Lien <br> Revenue Refunding <br> Bonds (AMT), 95 Express <br> Lanes,<br>|  |  |
| 5.00%, 7/01/38 | 910000 | 920883 |
| 4.00%, 7/01/39 | 240000 | 219882 |
| 4.00%, 1/01/40 | 280000 | 253804 |
| 4.00%, 1/01/48 | 225000 | 187843 |
|  |  | **5884008** |
| **Washington – 2.6%** | **Washington – 2.6%** | **Washington – 2.6%** |
| Energy Northwest Electric <br> Revenue Refunding <br> Bonds, Columbia <br> Generating Station, <br> 4.00%, 7/01/42<br>| 1515000 | 1431705 |
| 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 | 564427 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |
| King County Sewer <br> Revenue Refunding <br> Bonds, Unrefunded <br> Balance, 5.00%, 7/01/42<br>| $120000 | $121177 |
| Port of Seattle Airport <br> Intermediate Lien <br> Revenue Bonds (AMT), <br> 5.00%, 4/01/44<br>| 500000 | 500798 |
| Port of Seattle <br> Intermediate Lien <br> Revenue Bonds, Series C <br> (AMT), 5.00%, 5/01/28<br>| 250000 | 255807 |
| Port of Seattle <br> Intermediate Lien <br> Revenue Refunding <br> Bonds (AMT), 5.00%, <br> 8/01/47<br>| 250000 | 251523 |
| Port of Seattle <br> Intermediate Lien <br> Revenue Refunding <br> Bonds, Series B (AMT),<br>|  |  |
| 5.25%, 7/01/43 | 315000 | 329615 |
| 5.25%, 7/01/44 | 365000 | 378694 |
| Port of Seattle Washington <br> Limited Tax Obligation <br> Bonds, Series B (AMT), <br> 5.00%, 6/01/49<br>| 325000 | 330019 |
| Seattle Housing Authority <br> Revenue Refunding <br> Bonds, Northgate Plaza <br> Project, 1.00%, 6/01/26<br>| 500000 | 481976 |
| Seattle Municipal Light & <br> Power Revenue <br> Refunding Bonds, 4.00%, <br> 9/01/40<br>| 500000 | 471885 |
| Skagit County Public <br> Hospital District No. 1 <br> Revenue Improvement & <br> Refunding Bonds, Skagit <br> Regional Health,<br>|  |  |
| 5.00%, 12/01/27 | 500000 | 507858 |
| 5.00%, 12/01/28 | 440000 | 446044 |
| 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 | 327886 |
| 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 | 489530 |
| Washington State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Seattle University <br> Project, 4.00%, 5/01/50<br>| 250000 | 213696 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |
| Washington State Housing <br> Finance Commission <br> Nonprofit Revenue <br> Bonds, Radford Court & <br> Nordheim Court, 5.50%, <br> 7/01/59<br>| $400000 | $407924 |
| 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 | 287310 |
|  |  | **7797874** |
| **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
| 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 | 740317 |
| West Virginia State <br> Housing Development <br> Fund Sustainable <br> Revenue Bonds, Series A, <br> 4.40%, 11/01/44<br>| 500000 | 488244 |
|  |  | **1228561** |
| **Wisconsin – 2.2%** | **Wisconsin – 2.2%** | **Wisconsin – 2.2%** |
| Milwaukee GO Unlimited <br> Bonds, Promissory Notes, <br> Series N3 (AGM Insured), <br> 5.00%, 4/01/31<br>| 500000 | 540227 |
| Milwaukee Metropolitan <br> Sewerage District GO <br> Unlimited Bonds, Green <br> Bonds, Climate Bond <br> Certified, 4.00%, <br> 10/01/43<br>| 500000 | 467672 |
| PFA Education Revenue <br> Bonds, North Carolina <br> Leadership Academy, <br> 5.00%, 6/15/49<sup>(d)</sup> <br>| 100000 | 91984 |
| PFA Educational Revenue <br> Bonds, Piedmont <br> Community Charter <br> School,<br>|  |  |
| 5.00%, 6/15/39 | 490000 | 490204 |
| 5.00%, 6/15/49 | 150000 | 142261 |
| PFA Exempt Facilities <br> Revenue Refunding <br> Bonds (AMT), National <br> Gypsum Co., 4.00%, <br> 8/01/35<br>| 370000 | 347527 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| 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 | $493775 |
| PFA Project Revenue <br> Bonds, CFP3 - Eastern <br> Michigan University <br> Housing Project (BAM <br> Insured), 5.50%, 7/01/52<br>| 250000 | 254608 |
| PFA Revenue Bonds, <br> Roseman University, <br> Unrefunded Balance, <br> 5.00%, 4/01/50<sup>(d)</sup> <br>| 250000 | 229913 |
| 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 | 100719 |
| 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 | 201147 |
| PFA Variable Revenue <br> Refunding Bonds, <br> Providence St. Joseph, <br> Prerefunded, 4.00%, <br> 10/01/30<sup>(a)(b)(c)(g)</sup> <br>| 145000 | 150714 |
| 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 | 225546 |
| Public Financial Authority <br> Solid Waste Disposal <br> Revenue Refunding <br> Bonds (AMT), Waste <br> Management, Inc., <br> Project, 2.88%, 5/01/27<br>| 495000 | 481354 |
| Slinger Redevelopment <br> Authority Revenue Bonds, <br> Series A, Police Station <br> Project,<br>|  |  |
| 5.00%, 3/01/29<sup>(h)</sup> <br>| 110000 | 114948 |
| 5.00%, 3/01/31<sup>(h)</sup> <br>| 50000 | 53234 |
| 5.00%, 3/01/32<sup>(h)</sup> <br>| 45000 | 48093 |
| 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 | 89824 |
| Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series A, Unitypoint <br> Health, 5.00%, 12/01/28<br>| 590000 | 591214 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Three Pillars Senior <br> Living Communities,<br>|  |  |
| 4.00%, 8/15/27 | $100000 | $98277 |
| 4.00%, 8/15/31 | 375000 | 358019 |
| 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 | 271387 |
| 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 | 230794 |
| 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 | 326950 |
| Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Thedacare Inc., 4.00%, <br> 12/15/49<br>| 350000 | 302586 |
|  |  | **6702977** |
| **Wyoming – 0.2%** | **Wyoming – 0.2%** | **Wyoming – 0.2%** |
| Sublette County Hospital <br> District Revenue Bonds, <br> Series A, Hospital <br> Construction Project, <br> 5.00%, 6/15/26<br>| 500000 | **499708** |
| **Total Municipal Bonds** <br>(Cost $279,799,642) | **Total Municipal Bonds** <br>(Cost $279,799,642) | **266800711** |

---

---

| | |
|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>|
| **Short-Term Investments – 12.4%** | **Short-Term Investments – 12.4%** |
| **Money Market Fund – 3.3%** | **Money Market Fund – 3.3%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier),4.17%<sup>(i)</sup> <br>| 10079757 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds – 9.1%** | **Municipal Bonds – 9.1%** | **Municipal Bonds – 9.1%** |
| California State Municipal <br> Finance Authority <br> Revenue Refunding <br> Bonds, Series A, <br> Eisenhower Medical <br> Center, 5.00%, 7/01/25<br>| 650000 | $649887 |
| California State Municipal <br> Finance Authority Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Management, Inc., <br> Project, 3.75%, <br> 6/02/25<sup>(a)(b)(c)</sup> <br>| 500000 | 499837 |
| 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. Project, <br> 3.00%, 11/01/25<br>| 500000 | 497246 |
| California State Pollution <br> Control Financing <br> Authority Solid Waste <br> Disposal Revenue <br> Refunding Bonds, Series <br> A1 (AMT), Waste <br> Management, Inc., <br> 3.38%, 7/01/25<br>| 1500000 | 1498005 |
| 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 | 1000059 |
| Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/26<br>| 225000 | 228177 |
| 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 | 497998 |
| Chicago O'Hare <br> International Airport <br> Senior Lien General <br> Revenue Bonds, Series D <br> (AMT), 5.00%, 1/01/26<br>| 140000 | 141381 |
| 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 | 249340 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| City of Valley Center GO <br> Unlimited Temporary <br> Notes, Series 1, 4.38%, <br> 12/01/25<br>| 485000 | $485035 |
| Clayton Town NANS, <br> Series B, 2.00%, 6/01/25<br>| 225000 | 224428 |
| Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facility Revenue <br> Bonds, Cleveland <br> Museum of Natural <br> History Project, 5.00%, <br> 7/01/25<br>| 125000 | 125250 |
| 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 | 515947 |
| Connecticut State Health <br> & Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> University of Hartford, <br> 5.00%, 7/01/25<br>| 260000 | 259850 |
| 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 | 352102 |
| Dallas-Fort Worth <br> International Airport <br> Revenue Refunding <br> Bonds, Series B, 5.00%, <br> 11/01/25<br>| 400000 | 403336 |
| 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 | 601827 |
| Foothill Eastern <br> Transportation Corridor <br> Agency Toll Road Junior <br> Lien Revenue Bonds, <br> Series C, 5.00%, 1/15/26<br>| 200000 | 202366 |
| 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 | 764142 |
| Gretna COPS, 5.00%, <br> 12/15/25<br>| 500000 | 500476 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Illinois State GO Unlimited <br> Bonds, 5.50%, 5/01/25<br>| 45000 | $45000 |
| 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 | 404290 |
| Illinois State HDA MFH <br> Variable Revenue Bonds, <br> Marshall Field Garden <br> (FNMA LOC), (SIFMA <br> Municipal Swap Index <br> Yield + 1.00%), 3.78%, <br> 5/15/25<sup>(a)(c)</sup> <br>| 500000 | 500171 |
| 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 | 677185 |
| Illinois State Sports <br> Facilities Authority State <br> Tax Supported Revenue <br> CABS (AMBAC Insured), <br> 0.00%, 6/15/25<sup>(f)</sup> <br>| 95000 | 94509 |
| Indiana Bond Bank <br> Revenue CABS, <br> Hamilton Co., Projects, <br> 0.00%, 7/15/25<sup>(f)</sup> <br>| 450000 | 446175 |
| 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>| 1000000 | 997025 |
| Kentucky State Public <br> Energy Authority Gas <br> Supply Revenue Bonds, <br> Series A-1, 4.00%, <br> 6/01/25<sup>(a)(b)(c)</sup> <br>| 500000 | 500176 |
| Kermit Independent School <br> District GO Unlimited <br> Bonds (PSF, Gtd), 5.00%, <br> 2/15/26<br>| 325000 | 329690 |
| 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 | 549617 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Laurel Highlands School <br> District GO Limited <br> Refunding Bonds (BAM <br> State Aid Withholding), <br> 4.00%, 2/01/26<br>| 350000 | $351885 |
| Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, Loyola <br> University Project, 5.00%, <br> 10/01/25<br>| 250000 | 251005 |
| Lower Alabama Gas <br> District Gas Project <br> Revenue Bonds, 4.00%, <br> 12/01/25<sup>(a)(b)(c)</sup> <br>| 500000 | 500215 |
| Lowville GO Limited BANS, <br> 5.38%, 8/21/25<br>| 700000 | 700411 |
| 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 | 873249 |
| Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Lasell <br> University, 4.00%, <br> 7/01/25<br>| 235000 | 234447 |
| 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> 3.38%, 1/29/26<sup>(a)(c)(d)</sup> <br>| 1000000 | 999975 |
| Milwaukee Corp., Purpose <br> GO Unlimited Bonds, <br> Series B3, 4.00%, <br> 4/01/26<br>| 1000000 | 1000430 |
| Mission Economic <br> Development Corp., Solid <br> Waste Disposal Variable <br> Revenue Refunding <br> Bonds (AMT), Republic <br> Services, 4.10%, <br> 5/01/25<sup>(a)(b)(c)</sup> <br>| 1000000 | 1000000 |
| Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, 5.00%, <br> 2/15/26<br>| 200000 | 200774 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Webster University <br> Project, 5.00%, 4/01/26<br>| 500000 | $490821 |
| Mobile IDB PCR Bonds, <br> Alabama Power Company <br> Barry Plant Project, <br> 1.00%, 6/26/25<sup>(a)(b)(c)</sup> <br>| 1000000 | 995092 |
| 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 | 499481 |
| New York State Housing <br> Finance Agency <br> Affordable Housing <br> Sustainability Revenue <br> Bonds, Series L-2 <br> (SonyMA Insured), <br> 0.75%, 11/01/25<br>| 260000 | 260000 |
| Newman-Crows Landing <br> Unified School District <br> GO Unlimited CABS, <br> 0.00%, 8/01/25<sup>(f)</sup> <br>| 250000 | 247889 |
| Niagara Frontier <br> Transportation Authority <br> Revenue Refunding <br> Bonds (AMT), Buffalo <br> Niagara International <br> Airport, 5.00%, 4/01/26<br>| 250000 | 252794 |
| North Carolina State <br> Capital Facilities Finance <br> Agency Educational <br> Facilities Revenue <br> Refunding Bonds, High <br> Point University, 5.00%, <br> 5/01/25<br>| 240000 | 240000 |
| Northern University Board <br> of Trustees Revenue <br> Bonds, Auxiliary Facilities <br> System (BAM Insured), <br> 5.00%, 10/01/25<br>| 325000 | 326521 |
| 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 | 100415 |
| Osceola County Florida <br> Transportation Revenue <br> Refunding CABS, Series <br> A-2, 0.00%, 10/01/25<sup>(f)</sup> <br>| 125000 | 122858 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Pennsylvania State <br> Housing Finance Agency <br> SFM Revenue Refunding <br> Bonds (AMT), Series <br> 125A, 2.38%, 10/01/25<br>| 125000 | $123972 |
| Port of Portland Airport <br> Revenue Refunding <br> Bonds, Portland <br> International Airport <br> (AMT), 5.00%, 7/01/25<br>| 750000 | 751599 |
| Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited Bonds, Series <br> A1, 5.38%, 7/01/25<br>| 80086 | 80218 |
| Saint James Parish <br> Variable Revenue Bonds, <br> Nustar Logistics, 5.85%, <br> 6/01/25<sup>(a)(b)(c)(d)</sup> <br>| 525000 | 525384 |
| 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 | 302311 |
| 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 | 377326 |
| Springfield Refunding GO <br> Unlimited Bonds, 5.00%, <br> 12/01/25<br>| 450000 | 454065 |
| Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center, 5.00%, <br> 7/01/25<br>| 150000 | 150249 |
| Virginia HDA Variable <br> Revenue Bonds, Series F, <br> 3.63%, 4/01/26<sup>(a)(b)(c)</sup> <br>| 200000 | 199602 |
| 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 | 114346 |
| West Virginia State EDA <br> Solid Waste Disposal <br> Facilities Variable <br> Revenue Bonds, <br> Appalachian Power <br> Company-Amos Project, <br> 3.75%, 6/01/25<sup>(a)(b)(c)</sup> <br>| 500000 | 499872 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, Rogers <br> Memorial Hospital, Inc., <br> 5.00%, 7/01/25<br>| 385000 | $385209 |
|  |  | **27852942** |
| **Total Short-Term Investments** <br>(Cost $38,096,260) | **Total Short-Term Investments** <br>(Cost $38,096,260) | **37932699** |
| **Total Investments – 99.8%** <br>(Cost $317,895,902) | **Total Investments – 99.8%** <br>(Cost $317,895,902) | **304733410** |
| Other Assets less Liabilities – 0.2% | Other Assets less Liabilities – 0.2% | 699159 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$305432569** |

---

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

<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 April 30, 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 April 30, 2025, these securities had a total value of $11,557,989 or 3.78% of net assets. 

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

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

<sup>(h)</sup> When-issued security. Coupon rate was not yet in effect at April 30, 2025.

<sup>(i)</sup> 7-day current yield as of April 30, 2025 is disclosed.

**Abbreviations:**<br>

---

| | |
|:---|:---|
| 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 |
| 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 |
| HHDC | Hispanic Housing Development Corporation |
| IBC | Insured Bond Certificates |
| IDA | Industrial Development Association |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | |
|:---|:---|
| 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 |
| PSF | Permanent School Fund |
| Q-SBLF | Qualified School Band Loan Fund |
| SFM | Single Family Mortgage |
| SIFMA | Securities Industry and Financial Markets Association |
| SonyMA | State of New York Mortgage Agency |
| TCRS | Transferable Custodial Receipts |
| TRB | Tax Revenue Bonds |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Municipal Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $266800711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $266800711 |
| Short-Term Investments | &nbsp;&nbsp; 10079757 | &nbsp;&nbsp; 27852942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37932699 |
| **Total Investments** | &nbsp;&nbsp; $10079757 | &nbsp;&nbsp; $294653653 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $304733410 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities – 9.2%** | **Asset-Backed Securities – 9.2%** | **Asset-Backed Securities – 9.2%** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| 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 | **$127684** |
| **Other – 9.1%** | **Other – 9.1%** | **Other – 9.1%** |
| ABPCI Direct Lending Fund <br> ABS I Ltd., Series <br> 2020-1A, Class B, 4.94%, <br> 12/20/30<sup>(a)</sup> <br>| 570069 | 551578 |
| ABPCI Direct Lending Fund <br> ABS II LLC,<br>|  |  |
| Series 2022-2A, <br> Class A1, (3M CME <br> Term SOFR + 2.10%, <br> 2.10% Floor), 6.38%, <br> 3/01/32<sup>(a)(b)</sup> <br>| 195725 | 192253 |
| Series 2022-2A, Class C, <br> 8.24%, 3/01/32<sup>(a)</sup> <br>| 816976 | 780192 |
| 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 | 474996 |
| Cerberus Loan Funding <br> XL LLC, Series 2023-1A, <br> Class A, (3M CME Term <br> SOFR + 2.40%, 2.40% <br> Floor), 6.66%, <br> 3/22/35<sup>(a)(b)</sup> <br>| 250000 | 250286 |
| Cerberus Loan Funding <br> XLI LLC, Series 2023-2A, <br> Class A1, (3M CME Term <br> SOFR + 2.55%, 2.55% <br> Floor), 6.81%, <br> 7/15/35<sup>(a)(b)</sup> <br>| 419000 | 429616 |
| Cerberus Loan Funding <br> XLIII LLC, Series 2023-4A, <br> Class A, (3M CME Term <br> SOFR + 2.43%, 2.43% <br> Floor), 6.68%, <br> 10/15/35<sup>(a)(b)</sup> <br>| 451000 | 451333 |
| Cologix Data Centers <br> U.S. Issuer LLC, Series <br> 2021-1A, Class A2, <br> 3.30%, 12/26/51<sup>(a)</sup> <br>| 412000 | 392312 |
| Diamond Infrastructure <br> Funding LLC, Series <br> 2021-1A, Class C, 3.48%, <br> 4/15/49<sup>(a)</sup> <br>| 104000 | 97819 |
| Diamond Issuer LLC, Series <br> 2021-1A, Class C, 3.79%, <br> 11/20/51<sup>(a)</sup> <br>| 282000 | 259493 |
| Elm Trust, |  |  |
| Series 2020-3A, <br> Class A2, 2.95%, <br> 8/20/29<sup>(a)</sup> <br>| 21594 | 21372 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Elm Trust, |  |  |
| Series 2020-3A, Class B, <br> 4.48%, 8/20/29<sup>(a)</sup> <br>| $57831 | $56995 |
| Series 2020-4A, <br> Class A2, 2.29%, <br> 10/20/29<sup>(a)</sup> <br>| 27621 | 27331 |
| Series 2020-4A, Class B, <br> 3.87%, 10/20/29<sup>(a)</sup> <br>| 98369 | 96788 |
| Ford Credit Floorplan <br> Master Owner Trust,<br>|  |  |
| Series 2024-2, Class A, <br> 5.24%, 4/15/31<sup>(a)</sup> <br>| 374000 | 385544 |
| Series 2024-4, Class A, <br> 4.40%, 9/15/31<sup>(a)</sup> <br>| 197000 | 196645 |
| 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), 6.11%, <br> 10/15/33<sup>(a)(b)</sup> <br>| 954000 | 955846 |
| GMF Floorplan Owner <br> Revolving Trust, Series <br> 2024-2A, Class A, 5.06%, <br> 3/15/31<sup>(a)</sup> <br>| 342000 | 350595 |
| Golub Capital Partners <br> ABS Funding Ltd.,<br>|  |  |
| Series 2020-1A, <br> Class A2, 3.21%, <br> 1/22/29<sup>(a)</sup> <br>| 62123 | 61602 |
| Series 2020-1A, Class B, <br> 4.50%, 1/22/29<sup>(a)</sup> <br>| 160245 | 155341 |
| Series 2021-1A, <br> Class A2, 2.77%, <br> 4/20/29<sup>(a)</sup> <br>| 110477 | 109353 |
| Series 2021-1A, Class B, <br> 3.82%, 4/20/29<sup>(a)</sup> <br>| 293963 | 289280 |
| Series 2021-2A, Class B, <br> 3.99%, 10/19/29<sup>(a)</sup> <br>| 743214 | 714011 |
| 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> 6.08%, 4/20/37<sup>(a)(b)</sup> <br>| 343000 | 342367 |
| Hotwire Funding LLC, <br> Series 2023-1A, <br> Class A2, 5.69%, <br> 5/20/53<sup>(a)</sup> <br>| 115000 | 115524 |
| MMAF Equipment <br> Finance LLC, Series <br> 2024-A, Class A4, 5.10%, <br> 7/13/49<sup>(a)</sup> <br>| 132000 | 135003 |
| Monroe Capital <br> ABS Funding Ltd.,<br>|  |  |
| Series 2021-1A, <br> Class A2, 2.82%, <br> 4/22/31<sup>(a)</sup> <br>| 218604 | 214914 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Monroe Capital <br> ABS Funding Ltd.,<br>|  |  |
| Series 2021-1A, Class B, <br> 3.91%, 4/22/31<sup>(a)</sup> <br>| $132109 | $129539 |
| Progress Residential Trust, |  |  |
| Series 2021-SFR11, <br> Class A, 2.28%, <br> 1/17/39<sup>(a)</sup> <br>| 120439 | 113773 |
| Series 2024-SFR3, <br> Class A, 3.00%, <br> 6/17/41<sup>(a)</sup> <br>| 130861 | 122102 |
| Series 2024-SFR4, <br> Class A, 3.10%, <br> 7/17/41<sup>(a)</sup> <br>| 602000 | 564579 |
| Series 2024-SFR5, <br> Class A, 3.00%, <br> 8/09/29<sup>(a)</sup> <br>| 105000 | 98218 |
| SpringCastle America <br> Funding LLC, Series <br> 2020-AA, Class A, 1.97%, <br> 9/25/37<sup>(a)</sup> <br>| 154523 | 144605 |
| Toyota Auto Loan Extended <br> Note Trust, Series <br> 2024-1A, Class A, 5.16%, <br> 11/25/36<sup>(a)</sup> <br>| 409000 | 421076 |
| VCP RRL ABS I Ltd., |  |  |
| Series 2021-1A, Class A, <br> 2.15%, 10/20/31<sup>(a)</sup> <br>| 158808 | 152091 |
| Series 2021-1A, Class B, <br> 2.85%, 10/20/31<sup>(a)</sup> <br>| 146483 | 136020 |
| Verizon Master Trust, <br> Series 2024-7, Class A, <br> 4.35%, 8/20/32<sup>(a)</sup> <br>| 233000 | 231547 |
| WEPCO Environmental <br> Trust Finance I LLC, <br> Series 2021-1, Class A, <br> 1.58%, 12/15/35<br>| 74074 | 65816 |
|  |  | **10287755** |
| **Total Asset-Backed Securities** <br>(Cost $10,531,733) | **Total Asset-Backed Securities** <br>(Cost $10,531,733) | **10415439** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 1.3%** | **Common Stocks – 1.3%** | **Common Stocks – 1.3%** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| Copper Property CTL Pass <br> Through Trust<sup>(c)</sup> <br>| 25536 | **301581** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| Windstream Corp. PAC<sup>(d)\*</sup> <br>| 3665 | **59098** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics – 0.9%** | **Transportation & Logistics – 0.9%** | **Transportation & Logistics – 0.9%** |
| PHI Group, Inc. | 44387 | **$1064844** |
| **Total Common Stocks** <br>(Cost $1,040,621) | **Total Common Stocks** <br>(Cost $1,040,621) | **1425523** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **Corporate Bonds – 4.3%** | **Corporate Bonds – 4.3%** | **Corporate Bonds – 4.3%** |
| **Asset Management – 0.9%** | **Asset Management – 0.9%** | **Asset Management – 0.9%** |
| Blue Owl Credit <br> Income Corp., 7.95%, <br> 6/13/28<br>| $468000 | 493685 |
| HPS Corporate Lending <br> Fund, 6.75%, 1/30/29<br>| 207000 | 213131 |
| Oaktree Strategic Credit <br> Fund, 8.40%, 11/14/28<br>| 313000 | 337108 |
|  |  | **1043924** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| VT Topco, Inc., 8.50%, <br> 8/15/30<sup>(a)</sup> <br>| 100000 | **104638** |
| **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** |
| Consumers 2023 <br> Securitization <br> Funding LLC, 5.21%, <br> 9/01/30<br>| 197000 | 201891 |
| DTE Electric Securitization <br> Funding II LLC, 5.97%, <br> 3/01/32<br>| 227270 | 240497 |
| PG&E Recovery <br> Funding LLC,<br>|  |  |
| 5.05%, 7/15/32 | 280249 | 285963 |
| 4.84%, 6/01/33<sup>(e)</sup> <br>| 324000 | 323927 |
| Texas Electric Market <br> Stabilization Funding N <br> LLC, 4.27%, 8/01/34<sup>(a)</sup> <br>| 83285 | 82981 |
| Virginia Power Fuel <br> Securitization LLC, <br> 4.88%, 5/01/31<br>| 424000 | 433118 |
|  |  | **1568377** |
| **Gas & Water Utilities – 0.4%** | **Gas & Water Utilities – 0.4%** | **Gas & Water Utilities – 0.4%** |
| Kansas Gas Service <br> Securitization I LLC, <br> 5.49%, 8/01/32<br>| 371850 | **384077** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| Heartland <br> Dental LLC/Heartland <br> Dental Finance Corp., <br> 10.50%, 4/30/28<sup>(a)</sup> <br>| 359000 | **378275** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** |
| SBA Tower Trust, |  |  |
| 1.63%, 11/15/26<sup>(a)</sup> <br>| $117000 | $111378 |
| 2.33%, 1/15/28<sup>(a)</sup> <br>| 151000 | 141187 |
|  |  | **252565** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Evergreen Acqco 1 <br> L.P./TVI, Inc., 9.75%, <br> 4/26/28<sup>(a)</sup> <br>| 100000 | **103245** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| Midcap Financial Issuer <br> Trust, 6.50%, 5/01/28<sup>(a)</sup> <br>| 461000 | **440084** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| Consolidated <br> Communications, Inc., <br> 6.50%, 10/01/28<sup>(a)</sup> <br>| 180000 | 176704 |
| Frontier Communications <br> Holdings LLC,<br>|  |  |
| 5.88%, 10/15/27<sup>(a)</sup> <br>| 137000 | 136845 |
| 6.00%, 1/15/30<sup>(a)(e)</sup> <br>| 214000 | 214759 |
|  |  | **528308** |
| **Total Corporate Bonds** <br>(Cost $4,676,024) | **Total Corporate Bonds** <br>(Cost $4,676,024) | **4803493** |
| **Mortgage-Backed Securities – 25.1%** | **Mortgage-Backed Securities – 25.1%** | **Mortgage-Backed Securities – 25.1%** |
| **Commercial Mortgage-Backed Securities – 2.3%** | **Commercial Mortgage-Backed Securities – 2.3%** | **Commercial Mortgage-Backed Securities – 2.3%** |
| Arbor Multifamily <br> Mortgage Securities <br> Trust, Series 2020-MF1, <br> Class A5, 2.76%, <br> 5/15/53<sup>(a)</sup> <br>| 540000 | 495779 |
| Benchmark Mortgage <br> Trust, Series 2024-V11, <br> Class A3, 5.91%, <br> 11/15/57<br>| 126000 | 132004 |
| BMO Mortgage Trust, <br> Series 2024-5C7, <br> Class A3, 5.57%, <br> 11/15/57<br>| 126000 | 130131 |
| BX Commercial Mortgage <br> Trust,<br>|  |  |
| Series 2021-VOLT, <br> Class E, (1M CME Term <br> SOFR + 2.11%, 2.00% <br> Floor), 6.44%, <br> 9/15/36<sup>(a)(b)</sup> <br>| 242000 | 238067 |
| Series 2021-VOLT, <br> Class F, (1M CME Term <br> SOFR + 2.51%, 2.40% <br> Floor), 6.84%, <br> 9/15/36<sup>(a)(b)</sup> <br>| 370000 | 362311 |
| BX Trust, Series <br> 2019-OC11, Class A, <br> 3.20%, 12/09/41<sup>(a)</sup> <br>| 418000 | 387808 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| CHI Commercial Mortgage <br> Trust, Series 2025-SFT, <br> Class A, 5.67%, <br> 4/15/42<sup>(a)(f)</sup> <br>| $291000 | $294250 |
| ROCK Trust, Series <br> 2024-CNTR, Class A, <br> 5.39%, 11/13/41<sup>(a)</sup> <br>| 209000 | 212882 |
| SLG Office Trust, Series <br> 2021-OVA, Class A, <br> 2.59%, 7/15/41<sup>(a)</sup> <br>| 455000 | 397283 |
|  |  | **2650515** |
| **Federal Home Loan Mortgage Corporation – 11.6%** | **Federal Home Loan Mortgage Corporation – 11.6%** | **Federal Home Loan Mortgage Corporation – 11.6%** |
| Multifamily Structured <br> Pass Through <br> Certificates,<br>|  |  |
| Series K094, Class A2, <br> 2.90%, 6/25/29<br>| 532000 | 508274 |
| Series K095, Class A2, <br> 2.79%, 6/25/29<br>| 725000 | 689799 |
| Series K096, Class A2, <br> 2.52%, 7/25/29<br>| 774000 | 727900 |
| Series K097, Class A2, <br> 2.51%, 7/25/29<br>| 359000 | 337061 |
| Series K099, Class A2, <br> 2.60%, 9/25/29<br>| 155000 | 145814 |
| Series K101, Class A2, <br> 2.52%, 10/25/29<br>| 404000 | 378210 |
| Series K102, Class A2, <br> 2.54%, 10/25/29<br>| 271000 | 253973 |
| Series K103, Class A2, <br> 2.65%, 11/25/29<br>| 382000 | 359166 |
| Series K104, Class A2, <br> 2.25%, 1/25/30<br>| 118000 | 108843 |
| Series K105, Class A2, <br> 1.87%, 1/25/30<br>| 100000 | 90458 |
| Series K106, Class A2, <br> 2.07%, 1/25/30<br>| 100000 | 91224 |
| Series K107, Class A2, <br> 1.64%, 1/25/30<br>| 100000 | 89628 |
| Series K108, Class A2, <br> 1.52%, 3/25/30<br>| 100000 | 88823 |
| Series K109, Class A2, <br> 1.56%, 4/25/30<br>| 151000 | 133823 |
| Series K111, Class A2, <br> 1.35%, 5/25/30<br>| 100000 | 87507 |
| Series K114, Class A2, <br> 1.37%, 6/25/30<br>| 100000 | 87143 |
| Series K116, Class A2, <br> 1.38%, 7/25/30<br>| 100000 | 87051 |
| Series K117, Class A2, <br> 1.41%, 8/25/30<br>| 493000 | 428653 |
| Series K120, Class A2, <br> 1.50%, 10/25/30<br>| 140000 | 121600 |
| Series K151, Class A3, <br> 3.51%, 4/25/30<br>| 183000 | 177637 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Multifamily Structured <br> Pass Through <br> Certificates,<br>|  |  |
| Series K751, Class A2, <br> 4.41%, 3/25/30<br>| $504000 | $508983 |
| Series K752, Class A2, <br> 4.28%, 7/25/30<br>| 136000 | 136528 |
| Series K754, Class A2, <br> 4.94%, 11/25/30<br>| 545000 | 562888 |
| Pool, |  |  |
| 1.50%, 11/01/35 - <br> 1/01/42<br>| 5650114 | 4795965 |
| 1.00%, 7/01/36 - <br> 10/01/36<br>| 158438 | 138718 |
| 2.00%, 8/01/40 - 8/01/42 | 898525 | 773171 |
| 4.00%, 10/01/40 - <br> 11/01/40<br>| 175725 | 169829 |
| (2.13% - 30D Average <br> SOFR, 2.13% Floor, <br> 6.66% Cap), 1.66%, <br> 9/01/51<sup>(b)</sup> <br>| 76236 | 67973 |
| (30D Average SOFR + <br> 2.13%, 2.13% Floor, <br> 7.56% Cap), 2.56%, <br> 3/01/52<sup>(b)</sup> <br>| 100744 | 92261 |
| (30D Average SOFR + <br> 2.14%, 2.14% Floor, <br> 7.54% Cap), 2.54%, <br> 5/01/52<sup>(b)</sup> <br>| 67693 | 61862 |
| (2.18% - 30D Average <br> SOFR, 2.18% Floor, <br> 7.16% Cap), 2.16%, <br> 7/01/52<sup>(b)</sup> <br>| 663498 | 598473 |
| (30D Average SOFR + <br> 2.22%, 2.22% Floor, <br> 8.31% Cap), 3.31%, <br> 11/01/52<sup>(b)</sup> <br>| 86643 | 81588 |
| (2.18% - 30D Average <br> SOFR, 2.18% Floor, <br> 7.16% Cap), 2.16%, <br> 5/01/53<sup>(b)</sup> <br>| 98524 | 88883 |
| Real Estate Mortgage <br> Investment Conduits, <br> Series 4162, Class P, <br> 3.00%, 2/15/33<br>| 61883 | 60463 |
|  |  | **13130172** |
| **Federal National Mortgage Association – 8.2%** | **Federal National Mortgage Association – 8.2%** | **Federal National Mortgage Association – 8.2%** |
| Interest STRIP, Series 284, <br> Class 1, 0.00%, <br> 7/25/27<sup>(g)</sup> <br>| 21354 | 20545 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** |
| Pool, |  |  |
| 1.50%, 12/01/35 - <br> 3/01/42<br>| $5347388 | $4599337 |
| 1.00%, 4/01/36 - 3/01/37 | 2306457 | 1985322 |
| 2.00%, 11/01/40 - <br> 8/01/42<br>| 1391402 | 1195822 |
| 2.50%, 5/01/41 | 130133 | 114924 |
| 3.50%, 4/01/44 | 261808 | 243524 |
| 4.00%, 6/01/45 - 3/01/48 | 679503 | 656235 |
| (2.07% - 30D Average <br> SOFR, 2.07% Floor, <br> 6.97% Cap), 1.97%, <br> 8/01/51<sup>(b)</sup> <br>| 204519 | 185428 |
| (2.33% - 30D Average <br> SOFR, 2.33% Floor, <br> 6.89% Cap), 1.89%, <br> 4/01/52<sup>(b)</sup> <br>| 186333 | 167502 |
| Real Estate Mortgage <br> Investment Conduits, <br> Series 2012-144, <br> Class PD, 3.50%, 4/25/42<br>| 60912 | 60228 |
|  |  | **9228867** |
| **Government National Mortgage Association – 0.4%** | **Government National Mortgage Association – 0.4%** | **Government National Mortgage Association – 0.4%** |
| Pool, |  |  |
| Series 2012-150, <br> Class IO, 0.44%, <br> 11/16/52<sup>(f)(h)</sup> <br>| 553873 | 5003 |
| Series 2015-108, <br> Class IO, 0.34%, <br> 10/16/56<sup>(f)(h)</sup> <br>| 37621 | 232 |
| Series 2015-7, Class IO, <br> 0.49%, 1/16/57<sup>(f)(h)</sup> <br>| 871490 | 22216 |
| Series 2020-42, Class IO, <br> 0.94%, 3/16/62<sup>(f)(h)</sup> <br>| 1368070 | 92417 |
| Series 2020-43, Class IO, <br> 1.27%, 11/16/61<sup>(f)(h)</sup> <br>| 882309 | 69379 |
| Series 2020-71, Class IO, <br> 1.10%, 1/16/62<sup>(f)(h)</sup> <br>| 1179719 | 87695 |
| Series 2020-75, Class IO, <br> 0.87%, 2/16/62<sup>(f)(h)</sup> <br>| 2182294 | 137342 |
|  |  | **414284** |
| **Whole Loan – 2.6%** | **Whole Loan – 2.6%** | **Whole Loan – 2.6%** |
| GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| Series 2021-PJ10, <br> Class A8, 2.50%, <br> 3/25/52<sup>(a)(f)</sup> <br>| 72003 | 63742 |
| Series 2021-PJ4, <br> Class A8, 2.50%, <br> 9/25/51<sup>(a)(f)</sup> <br>| 64923 | 57907 |
| Series 2021-PJ5, <br> Class A8, 2.50%, <br> 10/25/51<sup>(a)(f)</sup> <br>| 231375 | 206158 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| Series 2021-PJ6, <br> Class A8, 2.50%, <br> 11/25/51<sup>(a)(f)</sup> <br>| $133188 | $118378 |
| Series 2021-PJ7, <br> Class A8, 2.50%, <br> 1/25/52<sup>(a)</sup> <br>| 239558 | 214121 |
| Series 2022-PJ2, <br> Class A24, 3.00%, <br> 6/25/52<sup>(a)</sup> <br>| 116484 | 105472 |
| Series 2022-PJ3, <br> Class A24, 3.00%, <br> 8/25/52<sup>(a)(f)</sup> <br>| 76382 | 69246 |
| Series 2022-PJ5, <br> Class A22, 2.50%, <br> 10/25/52<sup>(a)(f)</sup> <br>| 587491 | 521844 |
| JP Morgan Mortgage <br> Trust,<br>|  |  |
| Series 2021-10, Class A4, <br> 2.50%, 12/25/51<sup>(a)(f)</sup> <br>| 352764 | 313596 |
| Series 2021-10, <br> Class A4A, 2.00%, <br> 12/25/51<sup>(a)(f)</sup> <br>| 131408 | 114224 |
| Series 2021-11, Class A4, <br> 2.50%, 1/25/52<sup>(a)(f)</sup> <br>| 443017 | 395883 |
| Series 2021-13, Class A4, <br> 2.50%, 4/25/52<sup>(a)(f)</sup> <br>| 110434 | 99147 |
| Series 2021-15,Class A4, <br> 2.50%, 6/25/52<sup>(a)(f)</sup> <br>| 70610 | 62772 |
| Series 2021-6, Class A4, <br> 2.50%, 10/25/51<sup>(a)(f)</sup> <br>| 88930 | 79441 |
| Series 2021-7, Class A4, <br> 2.50%, 11/25/51<sup>(a)(f)</sup> <br>| 75513 | 67340 |
| Series 2021-8, Class A4, <br> 2.50%, 12/25/51<sup>(a)(f)</sup> <br>| 74348 | 66338 |
| Series 2022-3, <br> Class A4A, 2.50%, <br> 8/25/52<sup>(a)(f)</sup> <br>| 74723 | 66082 |
| Series 2024-3, Class A4, <br> 3.00%, 5/25/54<sup>(a)</sup> <br>| 239574 | 216395 |
| PRET Trust, Series <br> 2024-RPL1, Class A1, <br> 3.90%, 10/25/63<sup>(a)(f)</sup> <br>| 84700 | 81249 |
|  |  | **2919335** |
| **Total Mortgage-Backed Securities** <br>(Cost $28,436,053) | **Total Mortgage-Backed Securities** <br>(Cost $28,436,053) | **28343173** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Municipal Bonds – 0.1%** | **Municipal Bonds – 0.1%** | **Municipal Bonds – 0.1%** |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| Texas Natural Gas <br> Securitization <br> Finance Corp., Taxable <br> Customer Rate Relief <br> Revenue Bonds, 5.10%, <br> 4/01/35<br>| $88267 | **$90104** |
| **Total Municipal Bonds** <br>(Cost $88,267) | **Total Municipal Bonds** <br>(Cost $88,267) | **90104** |
| **Term Loans – 0.0%**<sup>(b)(i)</sup>  | **Term Loans – 0.0%**<sup>(b)(i)</sup>  | **Term Loans – 0.0%**<sup>(b)(i)</sup>  |
| **Retail - Discretionary – 0.0%**<sup>(i)</sup> | **Retail - Discretionary – 0.0%**<sup>(i)</sup> | **Retail - Discretionary – 0.0%**<sup>(i)</sup> |
| J.C. Penney Corp., Inc., <br> Term Loan<sup>(c)(d)(j)</sup> <br>| 228931 | **23** |
| **Total Term Loans** <br>(Cost $—) | **Total Term Loans** <br>(Cost $—) | **23** |
| **U.S. Government Obligations – 4.8%** | **U.S. Government Obligations – 4.8%** | **U.S. Government Obligations – 4.8%** |
| **U.S. Treasury Notes – 4.8%** | **U.S. Treasury Notes – 4.8%** | **U.S. Treasury Notes – 4.8%** |
| 4.38%, 12/31/29 | 4185000 | 4304011 |
| 4.25%, 1/31/30 | 193000 | 197501 |
| 4.63%, 9/30/30 | 883000 | 919182 |
| **Total U.S. Government Obligations** <br>(Cost $5,215,464) | **Total U.S. Government Obligations** <br>(Cost $5,215,464) | **5420694** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Investment Companies – 40.0%** | **Investment Companies – 40.0%** | **Investment Companies – 40.0%** |
| iShares 0-5 Year High Yield <br> Corporate Bond ETF<br>| 58578 | 2479021 |
| Schwab Short-Term <br> U.S. Treasury ETF<sup>(k)</sup> <br>| 1668926 | 40821930 |
| Vanguard Short-Term <br> Inflation-Protected <br> Securities ETF<sup>(e)</sup> <br>| 35418 | 1778338 |
| **Total Investment Companies** <br>(Cost $44,854,351) | **Total Investment Companies** <br>(Cost $44,854,351) | **45079289** |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 16.4%** | **Short-Term Investments – 16.4%** | **Short-Term Investments – 16.4%** |
| **Money Market Funds – 15.4%** | **Money Market Funds – 15.4%** | **Money Market Funds – 15.4%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(l)(m)</sup> <br>| 331507 | 331507 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(l)</sup> <br>| 16987605 | 16987605 |
|  |  | **17319112** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **U.S. Treasury Bills – 1.0%** | **U.S. Treasury Bills – 1.0%** | **U.S. Treasury Bills – 1.0%** |
| U.S. Treasury Bill,3.67%, <br> 5/08/25<sup>(n)</sup> <br>| 1147000 | $**1146062** |
| **Total Short-Term Investments** <br>(Cost $18,465,178) | **Total Short-Term Investments** <br>(Cost $18,465,178) | **18465174** |
| **Total Investments – 101.2%** <br>(Cost $113,307,691) | **Total Investments – 101.2%** <br>(Cost $113,307,691) | **114042912** |
| Liabilities less Other Assets – (1.2)% | Liabilities less Other Assets – (1.2)% | (1381659)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$112661253** |

---

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

<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 April 30, 2025, these securities had a total value of $17,547,434 or 15.58% of net assets. 

<sup>(b)</sup> Variable or floating rate security. Rate as of April 30, 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 April 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $301,603 or 0.27% of net assets. 

---

| | | |
|:---|:---|:---|
| **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 |  |

---

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

<sup>(e)</sup> Security either partially or fully on loan. (See Note 6.)

<sup>(f)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of April 30, 2025 is disclosed. 

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

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

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

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

<sup>(k)</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>(l)</sup> 7-day current yield as of April 30, 2025 is disclosed.

<sup>(m)</sup> Security purchased with the cash proceeds from securities loaned. (See Note 6.)

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

\* Non-income producing security

**Abbreviations:**<br>

---

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

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

STRIP Separate Trading of Registered Interest and Principal

**Valuation Hierarchy**

The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Defensive Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10415439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10415439 |
| Common Stocks | &nbsp;&nbsp; 1064844 | &nbsp;&nbsp; 301581 | &nbsp;&nbsp; 59098 | &nbsp;&nbsp; 1425523 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4803493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4803493 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 28343173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28343173 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 90104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90104 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5420694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5420694 |
| Investment Companies | &nbsp;&nbsp; 45079289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45079289 |
| Short-Term Investments | &nbsp;&nbsp; 17319112 | &nbsp;&nbsp; 1146062 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18465174 |
| **Total Investments** | &nbsp;&nbsp; $63463245 | &nbsp;&nbsp; $50520546 | &nbsp;&nbsp; $59121 | &nbsp;&nbsp; $114042912 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **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%** |
| Lockheed Martin Corp. | 231 | $110360 |
| Northrop Grumman Corp. | 50 | 24325 |
|  |  | **134685** |
| **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> |
| Blackrock, Inc. | 19 | **17371** |
| **Banking – 0.0%**<sup>(a)</sup> | **Banking – 0.0%**<sup>(a)</sup> | **Banking – 0.0%**<sup>(a)</sup> |
| JP Morgan Chase & Co. | 97 | **23728** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| AbbVie, Inc. | 318 | 62042 |
| BioMarin <br> Pharmaceutical, Inc.\*<br>| 2307 | 146933 |
| Bristol-Myers Squibb Co. | 971 | 48744 |
| Merck & Co., Inc. | 1360 | 115872 |
|  |  | **373591** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Altice USA, Inc., Class A\* | 16055 | 39816 |
| Comcast Corp., Class A | 2244 | 76745 |
|  |  | **116561** |
| **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> |
| Linde PLC | 53 | **24021** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Cemex S.A.B. de C.V. ADR <br> (Mexico)<br>| 21218 | **130915** |
| **Containers & Packaging – 0.0%**<sup>(a)</sup> | **Containers & Packaging – 0.0%**<sup>(a)</sup> | **Containers & Packaging – 0.0%**<sup>(a)</sup> |
| Packaging Corp. of <br> America<br>| 290 | **53827** |
| **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> |
| Emerson Electric Co. | 765 | **80409** |
| **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> |
| Duke Energy Corp. | 539 | **65769** |
| **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| Mcdermott <br> International Ltd.\*<br>| 15 | **260** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| Paramount Global, Class B | 12753 | **149720** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| Elevance Health, Inc. | 164 | 68975 |
| UnitedHealth Group, Inc. | 194 | 79819 |
|  |  | **148794** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Colgate-Palmolive Co. | 693 | 63887 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Household Products (Continued)** | **Household Products (Continued)** | **Household Products (Continued)** |
| Kimberly-Clark Corp. | 356 | $46914 |
| Procter & Gamble (The) Co. | 356 | 57875 |
|  |  | **168676** |
| **Industrial Support Services – 0.0%**<sup>(a)</sup> | **Industrial Support Services – 0.0%**<sup>(a)</sup> | **Industrial Support Services – 0.0%**<sup>(a)</sup> |
| Fastenal Co. | 78 | **6316** |
| **Institutional Financial Services – 0.0%**<sup>(a)</sup> | **Institutional Financial Services – 0.0%**<sup>(a)</sup> | **Institutional Financial Services – 0.0%**<sup>(a)</sup> |
| Morgan Stanley | 614 | **70868** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Alphabet, Inc., Class A | 594 | **94327** |
| **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> |
| Royal Caribbean <br> Cruises Ltd.<br>| 137 | **29443** |
| **Machinery – 0.0%**<sup>(a)</sup> | **Machinery – 0.0%**<sup>(a)</sup> | **Machinery – 0.0%**<sup>(a)</sup> |
| Deere & Co. | 36 | **16688** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Abbott Laboratories | 273 | 35695 |
| Thermo Fisher <br> Scientific, Inc.<br>| 131 | 56199 |
|  |  | **91894** |
| **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. | 609 | 64329 |
| Williams (The) Cos., Inc. | 866 | 50722 |
|  |  | **115519** |
| **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. | 29 | 28840 |
| Walmart, Inc. | 243 | 23632 |
|  |  | **52472** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| Home Depot (The), Inc. | 66 | **23792** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Broadcom, Inc. | 437 | 84109 |
| Microchip Technology, Inc. | 430 | 19815 |
| QUALCOMM, Inc. | 593 | 88037 |
|  |  | **191961** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Microsoft Corp. | 238 | 94072 |
| Salesforce, Inc. | 353 | 94855 |
|  |  | **188927** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Mastercard, Inc., Class A | 157 | **86045** |
| **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> |
| Apple, Inc. | 312 | **66300** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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. | 108 | $23291 |
| United Parcel Service, Inc., <br> Class B<br>| 795 | 75764 |
|  |  | **99055** |
| **Total Common Stocks** <br>(Cost $3,036,181) | **Total Common Stocks** <br>(Cost $3,036,181) | **2621934** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> <br>|  |
| **Convertible Bonds – 0.9%** | **Convertible Bonds – 0.9%** | **Convertible Bonds – 0.9%** |
| **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> |
| Evergy, Inc., 4.50%, <br> 12/15/27<br>| $38000 | 44984 |
| Pinnacle West <br> Capital Corp., 4.75%, <br> 6/15/27<sup>(c)</sup> <br>| 16000 | 18077 |
|  |  | **63061** |
| **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> |
| Itron, Inc., 1.38%, <br> 7/15/30<sup>(c)</sup> <br>| 31000 | **33793** |
| **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| Fluor Corp., 1.13%, <br> 8/15/29<br>| 45000 | **47340** |
| **Food – 0.0%**<sup>(a)</sup> | **Food – 0.0%**<sup>(a)</sup> | **Food – 0.0%**<sup>(a)</sup> |
| Post Holdings, Inc., 2.50%, <br> 8/15/27<br>| 39000 | **45925** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| Coinbase Global, Inc., <br> 0.25%, 4/01/30<br>| 66000 | **65571** |
| **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> |
| Uber Technologies, Inc., <br> 0.88%, 12/01/28<br>| 35000 | **45868** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Parsons Corp., 2.63%, <br> 3/01/29<br>| 69000 | **72726** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| Carnival Corp., 5.75%, <br> 12/01/27<br>| 53000 | 84747 |
| NCL Corp. Ltd., |  |  |
| 1.13%, 2/15/27 | 63000 | 59518 |
| 0.88%, 4/15/30<sup>(c)</sup> <br>| 17000 | 16065 |
|  |  | **160330** |
| **Medical Equipment & Devices – 0.0%**<sup>(a)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(a)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(a)</sup> |
| Merit Medical <br> Systems, Inc., 3.00%, <br> 2/01/29<sup>(c)</sup> <br>| 11000 | **14003** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **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> |
| Northern Oil & Gas, Inc., <br> 3.63%, 4/15/29<br>| $59000 | **$56516** |
| **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> |
| Sunac China Holdings Ltd., <br> 1.00%, 9/30/32<sup>(c)</sup> <br>| 21898 | **2327** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| Freshpet, Inc., 3.00%, <br> 4/01/28<br>| 25000 | **32838** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Wolfspeed, Inc., |  |  |
| 0.25%, 2/15/28 | 15000 | 4815 |
| 1.88%, 12/01/29 | 275000 | 77137 |
|  |  | **81952** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| Datadog, Inc., 0.00%, <br> 12/01/29<sup>(c)(d)</sup> <br>| 142000 | 127656 |
| Guidewire Software, Inc., <br> 1.25%, 11/01/29<sup>(c)</sup> <br>| 55000 | 60473 |
| Nutanix, Inc., 0.25%, <br> 10/01/27<br>| 47000 | 62392 |
| Snowflake, Inc., 0.00%, <br> 10/01/29<sup>(c)(d)</sup> <br>| 74000 | 91797 |
| Vertex, Inc., 0.75%, <br> 5/01/29<sup>(c)</sup> <br>| 29000 | 37755 |
|  |  | **380073** |
| **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> |
| Global Payments, Inc., <br> 1.50%, 3/01/31<br>| 60000 | **53160** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| InterDigital, Inc., 3.50%, <br> 6/01/27<br>| 19000 | 49614 |
| Seagate HDD Cayman, <br> 3.50%, 6/01/28<br>| 46000 | 58190 |
|  |  | **107804** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| EchoStar Corp., 3.88%, <br> 11/30/30<sup>(e)</sup> <br>| 250996 | **270599** |
| **Total Convertible Bonds** <br>(Cost $1,657,231) | **Total Convertible Bonds** <br>(Cost $1,657,231) | **1533886** |

---

---

| | | |
|:---|:---|:---|
|  | **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% | 2532 | **155414** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> |
| Apollo Global <br> Management, Inc., 6.75%<br>| 350 | **$25242** |
| **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% | 1008 | **43838** |
| **Total Convertible Preferred Stocks** <br>(Cost $197,171) | **Total Convertible Preferred Stocks** <br>(Cost $197,171) | **224494** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> <br>|  |
| **Corporate Bonds – 41.6%** | **Corporate Bonds – 41.6%** | **Corporate Bonds – 41.6%** |
| **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** |
| Neptune Bidco U.S., Inc., <br> 9.29%, 4/15/29<sup>(c)</sup> <br>| $495000 | **440550** |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30<sup>(c)</sup> <br>| 110000 | 111914 |
| 6.25%, 3/15/33<sup>(c)</sup> <br>| 45000 | 45865 |
| Boeing (The) Co., |  |  |
| 5.71%, 5/01/40 | 47000 | 45626 |
| 5.93%, 5/01/60 | 21000 | 19369 |
| 7.01%, 5/01/64 | 115000 | 122940 |
| General Dynamics Corp., <br> 4.95%, 8/15/35<sup>(f)</sup> <br>| 31000 | 31103 |
| HEICO Corp., 5.25%, <br> 8/01/28<br>| 53000 | 54132 |
| L3Harris Technologies, Inc., |  |  |
| 5.40%, 7/31/33 | 66000 | 67042 |
| 5.35%, 6/01/34 | 72000 | 72626 |
| Lockheed Martin Corp., <br> 5.20%, 2/15/64<br>| 63000 | 57177 |
| Northrop Grumman Corp., <br> 5.15%, 5/01/40<br>| 52000 | 50040 |
| RTX Corp., |  |  |
| 4.45%, 11/16/38 | 50000 | 45346 |
| 4.80%, 12/15/43 | 7000 | 6206 |
| 5.38%, 2/27/53 | 38000 | 35694 |
| TransDigm, Inc., |  |  |
| 6.75%, 8/15/28<sup>(c)</sup> <br>| 300000 | 306028 |
| 4.63%, 1/15/29 | 115000 | 110611 |
| 6.38%, 3/01/29<sup>(c)</sup> <br>| 235000 | 239397 |
|  |  | **1421116** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/28 | 44000 | 46078 |
| 5.20%, 4/15/35 | 52000 | 52064 |
| BlackRock Funding, Inc., <br> 5.25%, 3/14/54<br>| 100000 | 94612 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Blackstone Holdings <br> Finance Co. LLC, 2.00%, <br> 1/30/32<sup>(c)</sup> <br>| $101000 | $83230 |
| Citadel L.P., |  |  |
| 6.00%, 1/23/30<sup>(c)</sup> <br>| 35000 | 35617 |
| 6.38%, 1/23/32<sup>(c)</sup> <br>| 67000 | 68929 |
| Nuveen LLC, 5.55%, <br> 1/15/30<sup>(c)</sup> <br>| 20000 | 20731 |
| TPG Operating Group II L.P., <br> 5.88%, 3/05/34<br>| 54000 | 54483 |
|  |  | **455744** |
| **Automotive – 0.8%** | **Automotive – 0.8%** | **Automotive – 0.8%** |
| American Honda <br> Finance Corp.,<br>|  |  |
| 4.40%, 9/05/29 | 27000 | 26870 |
| 5.20%, 3/05/35 | 44000 | 43897 |
| Ford Motor Credit Co. LLC, <br> 4.00%, 11/13/30<br>| 200000 | 178007 |
| General Motors Co., <br> 6.25%, 10/02/43<br>| 69000 | 65082 |
| General Motors <br> Financial Co., Inc.,<br>|  |  |
| (3M USD LIBOR + 3.60%), <br> 5.75%, 9/30/27<sup>(g)(h)</sup> <br>| 275000 | 255956 |
| 2.35%, 1/08/31 | 86000 | 73048 |
| 5.63%, 4/04/32 | 76000 | 75416 |
| 6.10%, 1/07/34 | 38000 | 38185 |
| 5.90%, 1/07/35 | 32000 | 31757 |
| Hyundai Capital America, |  |  |
| 5.68%, 6/26/28<sup>(c)</sup> <br>| 53000 | 54018 |
| 6.10%, 9/21/28<sup>(c)</sup> <br>| 86000 | 88883 |
| 5.15%, 3/27/30<sup>(c)</sup> <br>| 61000 | 60927 |
| 5.40%, 3/29/32<sup>(c)</sup> <br>| 88000 | 87193 |
| Toyota Motor Credit Corp., |  |  |
| 5.55%, 11/20/30 | 119000 | 125024 |
| 4.60%, 10/10/31 | 66000 | 65758 |
| 5.35%, 1/09/35 | 53000 | 54292 |
|  |  | **1324313** |
| **Banking – 2.0%** | **Banking – 2.0%** | **Banking – 2.0%** |
| Bank of America Corp., |  |  |
| (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(h)</sup> <br>| 85000 | 82672 |
| (SOFR + 1.06%), 2.09%, <br> 6/14/29<sup>(h)</sup> <br>| 6000 | 5588 |
| (3M CME Term SOFR + <br> 1.44%), 3.19%, <br> 7/23/30<sup>(h)</sup> <br>| 34000 | 32076 |
| (3M CME Term SOFR + <br> 1.45%), 2.88%, <br> 10/22/30<sup>(h)</sup> <br>| 40000 | 37115 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| (3M CME Term SOFR + <br> 1.25%), 2.50%, <br> 2/13/31<sup>(h)</sup> <br>| $9000 | $8147 |
| (SOFR + 2.15%), 2.59%, <br> 4/29/31<sup>(h)</sup> <br>| 106000 | 95776 |
| (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(h)</sup> <br>| 177000 | 156552 |
| (SOFR + 1.22%), 2.30%, <br> 7/21/32<sup>(h)</sup> <br>| 91000 | 78198 |
| (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(h)</sup> <br>| 184000 | 161763 |
| (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(h)</sup> <br>| 61000 | 59099 |
| (SOFR + 1.91%), 5.29%, <br> 4/25/34<sup>(h)</sup> <br>| 44000 | 44120 |
| (SOFR + 1.84%), 5.87%, <br> 9/15/34<sup>(h)</sup> <br>| 70000 | 72934 |
| (SOFR + 1.74%), 5.52%, <br> 10/25/35<sup>(h)</sup> <br>| 104000 | 102007 |
| (SOFR + 1.70%), 5.74%, <br> 2/12/36<sup>(h)</sup> <br>| 119000 | 118744 |
| (SOFR + 1.93%), 2.68%, <br> 6/19/41<sup>(h)</sup> <br>| 7000 | 4961 |
| First Citizens <br> BancShares, Inc., (5Y US <br> Treasury CMT + 1.97%), <br> 6.25%, 3/12/40<sup>(h)</sup> <br>| 74000 | 70550 |
| First Horizon Corp., (SOFR <br> + 1.77%), 5.51%, <br> 3/07/31<sup>(h)</sup> <br>| 191000 | 192086 |
| Huntington <br> Bancshares, Inc., (5Y US <br> Treasury CMT + 1.70%), <br> 6.14%, 11/18/39<sup>(h)</sup> <br>| 151000 | 149315 |
| JP Morgan Chase & Co., |  |  |
| (SOFR + 1.89%), 2.18%, <br> 6/01/28<sup>(h)</sup> <br>| 23000 | 22009 |
| (3M CME Term SOFR + <br> 1.21%), 3.51%, <br> 1/23/29<sup>(h)</sup> <br>| 69000 | 67323 |
| (3M CME Term SOFR + <br> 1.59%), 4.45%, <br> 12/05/29<sup>(h)</sup> <br>| 165000 | 164794 |
| (SOFR + 1.31%), 5.01%, <br> 1/23/30<sup>(h)</sup> <br>| 67000 | 68118 |
| (5Y US Treasury CMT + <br> 2.15%), 6.50%, <br> 4/01/30<sup>(g)(h)</sup> <br>| 235000 | 234825 |
| (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(h)</sup> <br>| 60000 | 60867 |
| (3M CME Term SOFR + <br> 1.51%), 2.74%, <br> 10/15/30<sup>(h)</sup> <br>| 25000 | 23129 |
| (SOFR + 1.04%), 4.60%, <br> 10/22/30<sup>(h)</sup> <br>| 67000 | 66955 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(h)</sup> <br>| $29000 | $29616 |
| (SOFR + 1.07%), 1.95%, <br> 2/04/32<sup>(h)</sup> <br>| 45000 | 38635 |
| (SOFR + 1.81%), 6.25%, <br> 10/23/34<sup>(h)</sup> <br>| 39000 | 41887 |
| (SOFR + 1.49%), 5.77%, <br> 4/22/35<sup>(h)</sup> <br>| 67000 | 69445 |
| (SOFR + 1.68%), 5.57%, <br> 4/22/36<sup>(h)</sup> <br>| 226000 | 231159 |
| (SOFR + 1.55%), 5.53%, <br> 11/29/45<sup>(h)</sup> <br>| 5000 | 4924 |
| KeyCorp, |  |  |
| (SOFR Index + 2.06%), <br> 4.79%, 6/01/33<sup>(h)</sup> <br>| 45000 | 42766 |
| (SOFR Index + 2.42%), <br> 6.40%, 3/06/35<sup>(h)</sup> <br>| 137000 | 143511 |
| PNC Financial Services <br> Group (The), Inc., (SOFR <br> Index + 2.14%), 6.04%, <br> 10/28/33<sup>(h)</sup> <br>| 73000 | 76276 |
| Regions Financial Corp., <br> (SOFR + 2.06%), 5.50%, <br> 9/06/35<sup>(h)</sup> <br>| 80000 | 78341 |
| Truist Financial Corp., |  |  |
| (SOFR + 2.30%), 6.12%, <br> 10/28/33<sup>(h)</sup> <br>| 39000 | 40780 |
| (SOFR + 2.36%), 5.87%, <br> 6/08/34<sup>(h)</sup> <br>| 78000 | 79914 |
| Wells Fargo & Co., |  |  |
| (SOFR + 2.02%), 5.39%, <br> 4/24/34<sup>(h)</sup> <br>| 22000 | 22090 |
| (SOFR + 2.06%), 6.49%, <br> 10/23/34<sup>(h)</sup> <br>| 18000 | 19358 |
| (SOFR + 1.78%), 5.50%, <br> 1/23/35<sup>(h)</sup> <br>| 53000 | 53408 |
| (SOFR + 1.74%), 5.61%, <br> 4/23/36<sup>(h)</sup> <br>| 295000 | 299553 |
| (SOFR + 2.53%), 3.07%, <br> 4/30/41<sup>(h)</sup> <br>| 21000 | 15447 |
| (3M CME Term SOFR + <br> 4.50%), 5.01%, <br> 4/04/51<sup>(h)</sup> <br>| 48000 | 42225 |
| (SOFR + 2.13%), 4.61%, <br> 4/25/53<sup>(h)</sup> <br>| 41000 | 33947 |
|  |  | **3543005** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Coca-Cola (The) Co., |  |  |
| 5.20%, 1/14/55 | 38000 | 36332 |
| 5.40%, 5/13/64 | 25000 | 24246 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| Constellation Brands, Inc., <br> 4.80%, 5/01/30<br>| $60000 | $60105 |
| Keurig Dr. Pepper, Inc., <br> 4.60%, 5/15/30<br>| 58000 | 57997 |
|  |  | **178680** |
| **Biotechnology & Pharmaceuticals – 1.4%** | **Biotechnology & Pharmaceuticals – 1.4%** | **Biotechnology & Pharmaceuticals – 1.4%** |
| AbbVie, Inc., |  |  |
| 3.20%, 11/21/29 | 79000 | 75301 |
| 4.88%, 3/15/30 | 64000 | 65409 |
| 5.05%, 3/15/34 | 70000 | 70589 |
| 4.05%, 11/21/39 | 66000 | 57176 |
| 4.63%, 10/01/42 | 17000 | 15101 |
| 5.35%, 3/15/44 | 41000 | 39655 |
| 5.60%, 3/15/55 | 42000 | 41688 |
| 5.50%, 3/15/64 | 65000 | 62462 |
| Amgen, Inc., |  |  |
| 2.45%, 2/21/30 | 28000 | 25466 |
| 5.25%, 3/02/30 | 41000 | 42167 |
| 2.30%, 2/25/31 | 13000 | 11437 |
| 5.25%, 3/02/33 | 53000 | 53559 |
| 3.15%, 2/21/40 | 82000 | 62067 |
| 5.65%, 3/02/53 | 43000 | 41272 |
| 5.75%, 3/02/63 | 53000 | 50403 |
| Bausch Health Cos., Inc., |  |  |
| 4.88%, 6/01/28<sup>(c)</sup> <br>| 440000 | 357346 |
| 11.00%, 9/30/28<sup>(c)</sup> <br>| 95000 | 89338 |
| Bristol-Myers Squibb Co., |  |  |
| 5.55%, 2/22/54 | 48000 | 46243 |
| 6.40%, 11/15/63 | 60000 | 63983 |
| Eli Lilly & Co., |  |  |
| 4.75%, 2/12/30 | 74000 | 75868 |
| 4.60%, 8/14/34 | 49000 | 48294 |
| 5.55%, 3/15/37 | 46000 | 48510 |
| 5.00%, 2/09/54 | 46000 | 42726 |
| 5.05%, 8/14/54 | 56000 | 52198 |
| 5.50%, 2/12/55 | 13000 | 13034 |
| 5.20%, 8/14/64 | 73000 | 68486 |
| Gilead Sciences, Inc., |  |  |
| 4.80%, 11/15/29 | 85000 | 86492 |
| 5.10%, 6/15/35 | 77000 | 77277 |
| Johnson & Johnson, |  |  |
| 4.85%, 3/01/32 | 49000 | 50206 |
| 5.00%, 3/01/35 | 53000 | 54069 |
| 3.63%, 3/03/37 | 46000 | 40861 |
| 5.85%, 7/15/38 | 34000 | 37142 |
| 2.10%, 9/01/40 | 33000 | 22555 |
| Pfizer Investment <br> Enterprises Pte. Ltd.,<br>|  |  |
| 4.65%, 5/19/30 | 33000 | 33416 |
| 5.30%, 5/19/53 | 69000 | 63895 |
| 5.34%, 5/19/63 | 128000 | 116157 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Royalty Pharma PLC, |  |  |
| 1.75%, 9/02/27 | $89000 | $83462 |
| 5.15%, 9/02/29 | 44000 | 44458 |
| Utah Acquisition Sub, Inc., <br> 5.25%, 6/15/46<br>| 18000 | 13667 |
| Viatris, Inc., 3.85%, <br> 6/22/40<br>| 47000 | 32961 |
|  |  | **2376396** |
| **Cable & Satellite – 3.3%** | **Cable & Satellite – 3.3%** | **Cable & Satellite – 3.3%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| 5.00%, 2/01/28<sup>(c)</sup> <br>| 445000 | 434166 |
| 5.38%, 6/01/29<sup>(c)</sup> <br>| 210000 | 205420 |
| 6.38%, 9/01/29<sup>(c)</sup> <br>| 145000 | 146299 |
| 4.75%, 3/01/30<sup>(c)</sup> <br>| 780000 | 736347 |
| 4.25%, 2/01/31<sup>(c)</sup> <br>| 25000 | 22588 |
| Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| 3.90%, 6/01/52 | 42000 | 26602 |
| 4.40%, 12/01/61 | 57000 | 37013 |
| Comcast Corp., |  |  |
| 5.30%, 6/01/34 | 40000 | 40646 |
| 5.65%, 6/15/35 | 52000 | 54021 |
| 6.50%, 11/15/35 | 11000 | 12184 |
| 3.20%, 7/15/36 | 55000 | 45554 |
| 3.25%, 11/01/39 | 58000 | 44886 |
| 5.65%, 6/01/54 | 54000 | 52137 |
| 2.94%, 11/01/56 | 40000 | 23220 |
| 5.50%, 5/15/64 | 52000 | 47826 |
| CSC Holdings LLC, |  |  |
| 7.50%, 4/01/28<sup>(c)</sup> <br>| 475000 | 347890 |
| 11.25%, 5/15/28<sup>(c)</sup> <br>| 510000 | 498533 |
| 5.75%, 1/15/30<sup>(c)</sup> <br>| 900000 | 451385 |
| 4.63%, 12/01/30<sup>(c)</sup> <br>| 200000 | 92506 |
| 3.38%, 2/15/31<sup>(c)</sup> <br>| 200000 | 133522 |
| Directv Financing LLC, <br> 8.88%, 2/01/30<sup>(c)</sup> <br>| 375000 | 357818 |
| Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 2/15/31<sup>(c)</sup> <br>| 565000 | 535052 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/01/26 | 355000 | 308567 |
| 5.25%, 12/01/26<sup>(c)</sup> <br>| 445000 | 404946 |
| 5.75%, 12/01/28<sup>(c)</sup> <br>| 190000 | 159570 |
| DISH Network Corp., <br> 11.75%, 11/15/27<sup>(c)</sup> <br>| 55000 | 57802 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| Time Warner Cable LLC, |  |  |
| 7.30%, 7/01/38 | $300000 | $313119 |
| 5.88%, 11/15/40 | 185000 | 168581 |
|  |  | **5758200** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| Ashland, Inc., 3.38%, <br> 9/01/31<sup>(c)</sup> <br>| 525000 | 455522 |
| Celanese U.S. Holdings <br> LLC, 6.75%, 4/15/33<br>| 165000 | 154883 |
| Chemours (The) Co., |  |  |
| 5.75%, 11/15/28<sup>(c)</sup> <br>| 445000 | 403090 |
| 4.63%, 11/15/29<sup>(c)</sup> <br>| 130000 | 108859 |
| Dow Chemical (The) Co., <br> 4.38%, 11/15/42<br>| 59000 | 46470 |
| Eastman Chemical Co., <br> 5.00%, 8/01/29<br>| 45000 | 45341 |
| Sherwin-Williams <br> (The) Co., 4.80%, 9/01/31<br>| 37000 | 37042 |
|  |  | **1251207** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| Clean Harbors, Inc., |  |  |
| 4.88%, 7/15/27<sup>(c)</sup> <br>| 20000 | 19697 |
| 5.13%, 7/15/29<sup>(c)</sup> <br>| 45000 | 44184 |
| 6.38%, 2/01/31<sup>(c)</sup> <br>| 105000 | 106953 |
| GFL Environmental, Inc., |  |  |
| 4.00%, 8/01/28<sup>(c)</sup> <br>| 85000 | 80968 |
| 4.38%, 8/15/29<sup>(c)</sup> <br>| 70000 | 66812 |
| 6.75%, 1/15/31<sup>(c)</sup> <br>| 60000 | 62370 |
| Paychex, Inc., 5.10%, <br> 4/15/30<br>| 36000 | 36539 |
| Republic Services, Inc., |  |  |
| 2.90%, 7/01/26 | 35000 | 34497 |
| 4.88%, 4/01/29 | 28000 | 28498 |
| 2.38%, 3/15/33 | 82000 | 68679 |
| Rollins, Inc., 5.25%, <br> 2/24/35<sup>(c)</sup> <br>| 70000 | 69834 |
| TriNet Group, Inc., 3.50%, <br> 3/01/29<sup>(c)</sup> <br>| 245000 | 223473 |
| Waste Management, Inc., |  |  |
| 4.95%, 3/15/35 | 166000 | 165280 |
| 5.35%, 10/15/54 | 41000 | 39343 |
|  |  | **1047127** |
| **Communications – 0.1%** | **Communications – 0.1%** | **Communications – 0.1%** |
| iHeartCommunications, Inc., |  |  |
| 7.75%, 8/15/30<sup>(c)</sup> <br>| 155750 | 111029 |
| 7.00%, 1/15/31<sup>(c)</sup> <br>| 48000 | 32400 |
|  |  | **143429** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(c)</sup> <br>| $420000 | $422367 |
| Vulcan Materials Co., <br> 4.95%, 12/01/29<br>| 95000 | 95983 |
|  |  | **518350** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| Saks Global <br> Enterprises LLC, 11.00%, <br> 12/15/29<sup>(c)</sup> <br>| 310000 | **188027** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Mauser Packaging <br> Solutions Holding Co., <br> 7.88%, 4/15/27<sup>(c)</sup> <br>| 30000 | 30079 |
| Packaging Corp. of <br> America, 5.70%, <br> 12/01/33<br>| 44000 | 45321 |
| Sonoco Products Co., <br> 5.00%, 9/01/34<br>| 60000 | 57383 |
|  |  | **132783** |
| **Diversified Industrials – 0.2%** | **Diversified Industrials – 0.2%** | **Diversified Industrials – 0.2%** |
| GrafTech Finance, Inc., <br> 4.63%, 12/23/29<sup>(c)</sup> <br>| 130000 | 76278 |
| GrafTech Global <br> Enterprises, Inc., 9.88%, <br> 12/23/29<sup>(c)</sup> <br>| 95000 | 71250 |
| Honeywell <br> International, Inc.,<br>|  |  |
| 4.75%, 2/01/32 | 88000 | 88024 |
| 5.00%, 3/01/35 | 40000 | 39836 |
| 5.25%, 3/01/54 | 47000 | 44067 |
|  |  | **319455** |
| **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(a)</sup> |
| Amazon.com, Inc., 2.10%, <br> 5/12/31<br>| 54000 | **47774** |
| **Electric – 0.1%** | **Electric – 0.1%** | **Electric – 0.1%** |
| Trans-Allegheny Interstate <br> Line Co., 5.00%, <br> 1/15/31<sup>(c)</sup> <br>| 88000 | **89518** |
| **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** |
| AES (The) Corp., |  |  |
| 5.45%, 6/01/28 | 41000 | 41629 |
| 5.80%, 3/15/32 | 73000 | 72793 |
| Alabama Power Co., |  |  |
| 5.85%, 11/15/33 | 36000 | 38257 |
| 5.10%, 4/02/35 | 83000 | 83331 |
| 3.75%, 3/01/45 | 33000 | 25366 |
| 4.30%, 7/15/48 | 30000 | 24576 |
| 3.45%, 10/01/49 | 26000 | 18176 |
| Ameren Corp., 5.00%, <br> 1/15/29<br>| 77000 | 78118 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| American Electric <br> Power Co., Inc., 5.63%, <br> 3/01/33<br>| $18000 | $18445 |
| Arizona Public Service Co., <br> 5.70%, 8/15/34<br>| 41000 | 41612 |
| Black Hills Corp., 6.00%, <br> 1/15/35<br>| 35000 | 36148 |
| CenterPoint Energy <br> Houston Electric LLC, <br> 5.05%, 3/01/35<br>| 35000 | 34736 |
| CenterPoint Energy, Inc., <br> 5.40%, 6/01/29<br>| 40000 | 41196 |
| CMS Energy Corp., (5Y US <br> Treasury CMT + 4.12%), <br> 4.75%, 6/01/50<sup>(h)</sup> <br>| 70000 | 65558 |
| Commonwealth <br> Edison Co., 5.90%, <br> 3/15/36<br>| 43000 | 45211 |
| Consolidated Edison Co. of <br> New York, Inc.,<br>|  |  |
| 4.63%, 12/01/54 | 30000 | 24732 |
| 4.00%, 11/15/57 | 24000 | 17117 |
| Consumers Energy Co., |  |  |
| 4.90%, 2/15/29 | 72000 | 73405 |
| 5.05%, 5/15/35 | 37000 | 37105 |
| DTE Energy Co., |  |  |
| 4.95%, 7/01/27 | 30000 | 30309 |
| 5.85%, 6/01/34 | 48000 | 49473 |
| Duke Energy Carolinas LLC, |  |  |
| 4.25%, 12/15/41 | 18000 | 15243 |
| 3.75%, 6/01/45 | 6000 | 4558 |
| Duke Energy Corp., 3.15%, <br> 8/15/27<br>| 32000 | 31162 |
| Duke Energy Florida LLC, |  |  |
| 2.40%, 12/15/31 | 35000 | 30664 |
| 5.88%, 11/15/33 | 29000 | 30682 |
| 5.95%, 11/15/52 | 29000 | 29339 |
| Duke Energy Ohio, Inc., |  |  |
| 5.25%, 4/01/33 | 22000 | 22350 |
| 3.70%, 6/15/46 | 44000 | 32344 |
| 4.30%, 2/01/49 | 35000 | 27664 |
| 5.65%, 4/01/53 | 15000 | 14422 |
| Duke Energy Progress LLC, |  |  |
| 4.10%, 5/15/42 | 32000 | 26363 |
| 4.10%, 3/15/43 | 22000 | 17913 |
| 4.20%, 8/15/45 | 45000 | 36651 |
| Entergy Arkansas LLC, |  |  |
| 2.65%, 6/15/51 | 14000 | 8148 |
| 5.75%, 6/01/54 | 42000 | 41250 |
| Entergy Texas, Inc., 5.80%, <br> 9/01/53<br>| 20000 | 19621 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Evergy Kansas <br> Central, Inc., 5.25%, <br> 3/15/35<br>| $59000 | $59446 |
| Eversource Energy, |  |  |
| 5.45%, 3/01/28 | 44000 | 45081 |
| 5.95%, 2/01/29 | 47000 | 49006 |
| 1.65%, 8/15/30 | 62000 | 52969 |
| 5.13%, 5/15/33 | 34000 | 33511 |
| 5.50%, 1/01/34 | 32000 | 32004 |
| 5.95%, 7/15/34 | 56000 | 58001 |
| Exelon Corp., |  |  |
| 5.15%, 3/15/28 | 40000 | 40848 |
| 4.95%, 6/15/35 | 48000 | 45893 |
| FirstEnergy Corp., 3.90%, <br> 7/15/27<br>| 70000 | 69191 |
| FirstEnergy Pennsylvania <br> Electric Co., 5.20%, <br> 4/01/28<sup>(c)</sup> <br>| 36000 | 36699 |
| Florida Power & Light Co., |  |  |
| 5.40%, 9/01/35 | 24000 | 24505 |
| 5.65%, 2/01/37 | 20000 | 20728 |
| 5.80%, 3/15/65 | 80000 | 80524 |
| Indiana Michigan <br> Power Co.,<br>|  |  |
| 3.85%, 5/15/28 | 22000 | 21627 |
| 6.05%, 3/15/37 | 12000 | 12654 |
| IPALCO Enterprises, Inc., <br> 4.25%, 5/01/30<br>| 52000 | 49586 |
| Liberty Utilities Co., <br> 5.87%, 1/31/34<sup>(c)</sup> <br>| 85000 | 86371 |
| MidAmerican Energy Co., |  |  |
| 4.80%, 9/15/43 | 15000 | 13568 |
| 4.40%, 10/15/44 | 23000 | 19424 |
| Mississippi Power Co., |  |  |
| 4.75%, 10/15/41 | 11000 | 9373 |
| 4.25%, 3/15/42 | 26000 | 21658 |
| Monongahela Power Co., <br> 5.85%, 2/15/34<sup>(c)</sup> <br>| 56000 | 57599 |
| National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| 4.12%, 9/16/27 | 30000 | 30017 |
| 3.40%, 2/07/28 | 22000 | 21524 |
| 4.95%, 2/07/30 | 29000 | 29556 |
| 5.00%, 2/07/31 | 36000 | 36840 |
| 2.75%, 4/15/32 | 24000 | 20852 |
| 4.02%, 11/01/32 | 41000 | 38591 |
| 4.15%, 12/15/32 | 39000 | 36899 |
| 5.80%, 1/15/33 | 7000 | 7336 |
| 5.00%, 8/15/34 | 69000 | 68676 |
| 4.40%, 11/01/48 | 71000 | 58274 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| New York State Electric & <br> Gas Corp., 5.30%, <br> 8/15/34<sup>(c)</sup> <br>| $37000 | $37046 |
| NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| 2.25%, 6/01/30 | 54000 | 48077 |
| 5.30%, 3/15/32 | 53000 | 54079 |
| 5.45%, 3/15/35 | 49000 | 49352 |
| (5Y US Treasury CMT + <br> 2.46%), 6.75%, <br> 6/15/54<sup>(h)</sup> <br>| 33000 | 33336 |
| (5Y US Treasury CMT + <br> 2.05%), 6.38%, <br> 8/15/55<sup>(h)</sup> <br>| 60000 | 60126 |
| Niagara Mohawk <br> Power Corp.,<br>|  |  |
| 1.96%, 6/27/30<sup>(c)</sup> <br>| 48000 | 41922 |
| 5.66%, 1/17/54<sup>(c)</sup> <br>| 67000 | 63241 |
| Northern States <br> Power Co., 5.65%, <br> 6/15/54<br>| 30000 | 29693 |
| NRG Energy, Inc., |  |  |
| 5.25%, 6/15/29<sup>(c)</sup> <br>| 10000 | 9881 |
| 3.88%, 2/15/32<sup>(c)</sup> <br>| 119000 | 106438 |
| 6.00%, 2/01/33<sup>(c)</sup> <br>| 125000 | 123688 |
| NSTAR Electric Co., |  |  |
| 5.40%, 6/01/34 | 30000 | 30594 |
| 5.20%, 3/01/35 | 71000 | 70990 |
| 5.50%, 3/15/40 | 61000 | 61104 |
| Oklahoma Gas and <br> Electric Co., 5.80%, <br> 4/01/55<br>| 51000 | 50178 |
| Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| 4.50%, 3/20/27<sup>(c)</sup> <br>| 132000 | 132864 |
| 5.35%, 4/01/35<sup>(c)</sup> <br>| 36000 | 36451 |
| 5.55%, 6/15/54 | 63000 | 60096 |
| 5.80%, 4/01/55<sup>(c)</sup> <br>| 72000 | 71112 |
| Pacific Gas and <br> Electric Co.,<br>|  |  |
| 4.45%, 4/15/42 | 52000 | 40984 |
| 4.30%, 3/15/45 | 46000 | 34817 |
| PacifiCorp, 4.10%, 2/01/42 | 71000 | 55974 |
| PECO Energy Co., |  |  |
| 4.90%, 6/15/33 | 26000 | 26107 |
| 5.25%, 9/15/54 | 50000 | 46845 |
| PPL Capital Funding, Inc., <br> 5.25%, 9/01/34<br>| 32000 | 31997 |
| PPL Electric Utilities Corp., <br> 4.85%, 2/15/34<br>| 55000 | 54538 |
| Public Service Co. of <br> Oklahoma, 5.20%, <br> 1/15/35<br>| 75000 | 73778 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Public Service Electric and <br> Gas Co.,<br>|  |  |
| 5.20%, 3/01/34 | $44000 | $44933 |
| 4.85%, 8/01/34 | 23000 | 22825 |
| 5.50%, 3/01/40 | 44000 | 44669 |
| 3.80%, 3/01/46 | 5000 | 3830 |
| 5.50%, 3/01/55 | 32000 | 31104 |
| Public Service Enterprise <br> Group, Inc.,<br>|  |  |
| 2.45%, 11/15/31 | 55000 | 47818 |
| 5.40%, 3/15/35 | 19000 | 19083 |
| San Diego Gas & <br> Electric Co., 5.40%, <br> 4/15/35<br>| 62000 | 62574 |
| Southern California <br> Edison Co.,<br>|  |  |
| 4.05%, 3/15/42 | 60000 | 45717 |
| 4.00%, 4/01/47 | 33000 | 23654 |
| Southwestern Electric <br> Power Co., 5.30%, <br> 4/01/33<br>| 34000 | 33847 |
| Southwestern Public <br> Service Co.,<br>|  |  |
| 5.30%, 5/15/35 | 60000 | 59730 |
| 6.00%, 6/01/54 | 25000 | 25039 |
| Tucson Electric Power Co., <br> 5.20%, 9/15/34<br>| 31000 | 30974 |
| Virginia Electric and <br> Power Co., 5.70%, <br> 8/15/53<br>| 15000 | 14620 |
| Vistra Operations Co. LLC, <br> 5.70%, 12/30/34<sup>(c)</sup> <br>| 107000 | 106498 |
| Xcel Energy, Inc., 5.60%, <br> 4/15/35<br>| 50000 | 50487 |
|  |  | **4777208** |
| **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** |
| Jersey Central Power & <br> Light Co., 5.10%, <br> 1/15/35<sup>(c)</sup> <br>| 95000 | **93630** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| Amphenol Corp., 5.38%, <br> 11/15/54<br>| 49000 | 47593 |
| Carrier Global Corp., <br> 2.72%, 2/15/30<br>| 16000 | 14773 |
| Sensata Technologies B.V., <br> 4.00%, 4/15/29<sup>(c)</sup> <br>| 260000 | 239177 |
| Sensata Technologies, Inc., |  |  |
| 4.38%, 2/15/30<sup>(c)</sup> <br>| 20000 | 18442 |
| 3.75%, 2/15/31<sup>(c)</sup> <br>| 250000 | 218531 |
| 6.63%, 7/15/32<sup>(c)</sup> <br>| 230000 | 227866 |
|  |  | **766382** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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., |  |  |
| 4.38%, 4/15/29<sup>(c)</sup> <br>| $75000 | $70501 |
| 6.88%, 8/15/32<sup>(c)</sup> <br>| 90000 | 91709 |
|  |  | **162210** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| AppLovin Corp., 5.95%, <br> 12/01/54<br>| 41000 | 39152 |
| Netflix, Inc., |  |  |
| 5.88%, 11/15/28 | 94000 | 99151 |
| 4.88%, 6/15/30<sup>(c)</sup> <br>| 37000 | 37780 |
| 5.40%, 8/15/54 | 50000 | 48513 |
| Paramount Global, |  |  |
| 3.70%, 6/01/28 | 65000 | 63193 |
| 5.25%, 4/01/44 | 45000 | 34355 |
| 4.95%, 5/19/50 | 32000 | 23597 |
| (5Y US Treasury CMT + <br> 4.00%), 6.38%, <br> 3/30/62<sup>(h)(i)</sup> <br>| 415000 | 399199 |
| Time Warner Cable <br> Enterprises LLC, 8.38%, <br> 7/15/33<br>| 16000 | 18212 |
| Warnermedia <br> Holdings, Inc.,<br>|  |  |
| 3.76%, 3/15/27 | 27000 | 26275 |
| 5.14%, 3/15/52 | 133000 | 90927 |
| 5.39%, 3/15/62 | 53000 | 36054 |
|  |  | **916408** |
| **Food – 0.9%** | **Food – 0.9%** | **Food – 0.9%** |
| Cargill, Inc., 5.13%, <br> 2/11/35<sup>(c)</sup> <br>| 20000 | 20042 |
| Hershey (The) Co., 5.10%, <br> 2/24/35<br>| 6000 | 6054 |
| HLF Financing S.a.r.l. <br> LLC/Herbalife <br> International, Inc., 4.88%, <br> 6/01/29<sup>(c)</sup> <br>| 70000 | 53461 |
| Lamb Weston <br> Holdings, Inc.,<br>|  |  |
| 4.88%, 5/15/28<sup>(c)</sup> <br>| 50000 | 49289 |
| 4.38%, 1/31/32<sup>(c)</sup> <br>| 335000 | 306899 |
| Mars, Inc., |  |  |
| 4.80%, 3/01/30<sup>(c)</sup> <br>| 73000 | 73891 |
| 5.00%, 3/01/32<sup>(c)</sup> <br>| 48000 | 48385 |
| 5.20%, 3/01/35<sup>(c)</sup> <br>| 81000 | 81318 |
| 2.38%, 7/16/40<sup>(c)</sup> <br>| 66000 | 45870 |
| 5.65%, 5/01/45<sup>(c)</sup> <br>| 69000 | 68523 |
| 5.70%, 5/01/55<sup>(c)</sup> <br>| 96000 | 94624 |
| 5.80%, 5/01/65<sup>(c)</sup> <br>| 83000 | 81761 |
| McCormick & Co., Inc., <br> 4.70%, 10/15/34<br>| 51000 | 48845 |
| Post Holdings, Inc., |  |  |
| 5.50%, 12/15/29<sup>(c)</sup> <br>| 60000 | 58890 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Post Holdings, Inc., |  |  |
| 4.63%, 4/15/30<sup>(c)</sup> <br>| $45000 | $42417 |
| 4.50%, 9/15/31<sup>(c)</sup> <br>| 105000 | 95554 |
| 6.25%, 2/15/32<sup>(c)</sup> <br>| 320000 | 322480 |
| 6.38%, 3/01/33<sup>(c)</sup> <br>| 20000 | 19775 |
| The Campbell's Company, <br> 5.25%, 10/13/54<br>| 58000 | 52040 |
| Tyson Foods, Inc., 5.40%, <br> 3/15/29<br>| 43000 | 44250 |
|  |  | **1614368** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| American Water <br> Capital Corp.,<br>|  |  |
| 5.25%, 3/01/35 | 95000 | 95573 |
| 5.45%, 3/01/54 | 97000 | 92360 |
| Essential Utilities, Inc., <br> 5.38%, 1/15/34<br>| 33000 | 33119 |
| National Fuel Gas Co., <br> 5.50%, 3/15/30<br>| 78000 | 79878 |
| NiSource, Inc., 5.85%, <br> 4/01/55<br>| 41000 | 40170 |
| Northwest Natural <br> Holding Co., (5Y US <br> Treasury CMT + 2.70%), <br> 7.00%, 9/15/55<sup>(h)</sup> <br>| 22000 | 21395 |
| ONE Gas, Inc., 5.10%, <br> 4/01/29<br>| 28000 | 28717 |
| South Jersey <br> Industries, Inc., 5.02%, <br> 4/15/31<br>| 62000 | 50672 |
|  |  | **441884** |
| **Health Care Facilities & Services – 2.1%** | **Health Care Facilities & Services – 2.1%** | **Health Care Facilities & Services – 2.1%** |
| Cardinal Health, Inc., |  |  |
| 5.13%, 2/15/29 | 78000 | 79683 |
| 5.00%, 11/15/29 | 43000 | 43716 |
| 5.35%, 11/15/34 | 30000 | 30112 |
| 5.75%, 11/15/54 | 67000 | 64164 |
| Cencora, Inc., 4.85%, <br> 12/15/29<br>| 30000 | 30343 |
| Centene Corp., |  |  |
| 2.45%, 7/15/28 | 69000 | 63435 |
| 3.00%, 10/15/30 | 22000 | 19321 |
| Cigna Group (The), |  |  |
| 4.80%, 8/15/38 | 92000 | 85450 |
| 5.60%, 2/15/54 | 151000 | 142276 |
| CVS Health Corp., |  |  |
| 5.00%, 1/30/29 | 33000 | 33362 |
| 5.13%, 2/21/30 | 29000 | 29356 |
| 4.78%, 3/25/38 | 117000 | 105519 |
| 4.13%, 4/01/40 | 13000 | 10578 |
| 6.00%, 6/01/44 | 30000 | 29058 |
| 6.00%, 6/01/63 | 9000 | 8364 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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., |  |  |
| 4.63%, 6/01/30<sup>(c)</sup> <br>| $35000 | $32552 |
| 3.75%, 2/15/31<sup>(c)</sup> <br>| 180000 | 158250 |
| Elevance Health, Inc., |  |  |
| 2.88%, 9/15/29 | 45000 | 42109 |
| 5.70%, 2/15/55 | 34000 | 32549 |
| 5.85%, 11/01/64 | 54000 | 51888 |
| HAH Group Holding Co. <br> LLC, 9.75%, 10/01/31<sup>(c)</sup> <br>| 325000 | 311835 |
| HCA, Inc., |  |  |
| 5.88%, 2/01/29 | 15000 | 15491 |
| 3.38%, 3/15/29 | 20000 | 19054 |
| 4.13%, 6/15/29 | 66000 | 64204 |
| 3.50%, 9/01/30 | 31000 | 28968 |
| 2.38%, 7/15/31 | 24000 | 20520 |
| 5.50%, 3/01/32 | 39000 | 39484 |
| 5.13%, 6/15/39 | 48000 | 44267 |
| 6.00%, 4/01/54 | 49000 | 46590 |
| 6.20%, 3/01/55 | 75000 | 73483 |
| 6.10%, 4/01/64 | 33000 | 31527 |
| Horizon Mutual <br> Holdings, Inc., 6.20%, <br> 11/15/34<sup>(c)</sup> <br>| 79000 | 77251 |
| Humana, Inc., 5.75%, <br> 12/01/28<br>| 51000 | 52898 |
| Laboratory Corp. of <br> America Holdings, <br> 4.35%, 4/01/30<br>| 80000 | 78645 |
| LifePoint Health, Inc., <br> 5.38%, 1/15/29<sup>(c)</sup> <br>| 215000 | 193544 |
| Molina Healthcare, Inc., |  |  |
| 4.38%, 6/15/28 | 185000 | 177825 |
| 3.88%, 11/15/30<sup>(c)</sup> <br>| 215000 | 193814 |
| 3.88%, 5/15/32<sup>(c)</sup> <br>| 290000 | 255553 |
| 6.25%, 1/15/33<sup>(c)</sup> <br>| 120000 | 119097 |
| Owens & Minor, Inc., <br> 10.00%, 4/15/30<sup>(c)</sup> <br>| 175000 | 180620 |
| Quest Diagnostics, Inc., |  |  |
| 2.95%, 6/30/30 | 20000 | 18512 |
| 2.80%, 6/30/31 | 25000 | 22462 |
| Radiology Partners, Inc., <br> 7.78%, 1/31/29<sup>(c)(e)</sup> <br>| 284429 | 278300 |
| UnitedHealth Group, Inc., |  |  |
| 3.50%, 8/15/39 | 32000 | 25648 |
| 2.75%, 5/15/40 | 63000 | 44867 |
| 3.05%, 5/15/41 | 18000 | 13058 |
| 4.45%, 12/15/48 | 9000 | 7403 |
| 3.25%, 5/15/51 | 30000 | 19775 |
| 4.75%, 5/15/52 | 16000 | 13485 |
| 5.38%, 4/15/54 | 38000 | 35251 |
| 5.63%, 7/15/54 | 34000 | 32696 |
| 5.20%, 4/15/63 | 45000 | 39680 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| UnitedHealth Group, Inc., |  |  |
| 5.50%, 4/15/64 | $43000 | $39803 |
| Universal Health <br> Services, Inc., 5.05%, <br> 10/15/34<br>| 67000 | 62577 |
|  |  | **3770272** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| Camelot Return Merger <br> Sub, Inc., 8.75%, <br> 8/01/28<sup>(c)</sup> <br>| 150000 | 130082 |
| Taylor Morrison <br> Communities, Inc.,<br>|  |  |
| 5.75%, 1/15/28<sup>(c)</sup> <br>| 50000 | 50023 |
| 5.13%, 8/01/30<sup>(c)</sup> <br>| 220000 | 213155 |
|  |  | **393260** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Colgate-Palmolive Co., <br> 4.20%, 5/01/30<br>| 132000 | 132556 |
| Kenvue, Inc., |  |  |
| 5.10%, 3/22/43 | 16000 | 15278 |
| 5.05%, 3/22/53 | 20000 | 18566 |
| 5.20%, 3/22/63 | 17000 | 15747 |
|  |  | **182147** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Resideo Funding, Inc., |  |  |
| 4.00%, 9/01/29<sup>(c)</sup> <br>| 415000 | 381995 |
| 6.50%, 7/15/32<sup>(c)</sup> <br>| 185000 | 183518 |
| United Rentals North <br> America, Inc.,<br>|  |  |
| 4.00%, 7/15/30 | 30000 | 27945 |
| 3.88%, 2/15/31 | 365000 | 333322 |
| 6.13%, 3/15/34<sup>(c)</sup> <br>| 10000 | 10108 |
| WW Grainger, Inc., |  |  |
| 4.45%, 9/15/34 | 69000 | 66932 |
| 3.75%, 5/15/46 | 66000 | 50861 |
|  |  | **1054681** |
| **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** |
| Goldman Sachs Capital I, <br> 6.35%, 2/15/34<br>| 50000 | 51117 |
| Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| (SOFR + 1.73%), 4.48%, <br> 8/23/28<sup>(h)</sup> <br>| 144000 | 144079 |
| (SOFR + 1.77%), 6.48%, <br> 10/24/29<sup>(h)</sup> <br>| 20000 | 21218 |
| (SOFR + 1.27%), 5.73%, <br> 4/25/30<sup>(h)</sup> <br>| 40000 | 41462 |
| (SOFR + 1.55%), 5.33%, <br> 7/23/35<sup>(h)</sup> <br>| 49000 | 48698 |
| (SOFR + 1.42%), 5.02%, <br> 10/23/35<sup>(h)</sup> <br>| 88000 | 85269 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| (SOFR + 1.38%), 5.54%, <br> 1/28/36<sup>(h)</sup> <br>| $170000 | $171677 |
| 6.25%, 2/01/41 | 8000 | 8349 |
| (SOFR + 1.58%), 5.56%, <br> 11/19/45<sup>(h)</sup> <br>| 54000 | 51934 |
| (SOFR + 1.70%), 5.73%, <br> 1/28/56<sup>(h)</sup> <br>| 118000 | 114923 |
| Intercontinental <br> Exchange, Inc.,<br>|  |  |
| 3.63%, 9/01/28 | 81000 | 79363 |
| 2.10%, 6/15/30 | 95000 | 84845 |
| Jane Street Group/JSG <br> Finance, Inc., 6.75%, <br> 5/01/33<sup>(c)</sup> <br>| 145000 | 145683 |
| LPL Holdings, Inc., |  |  |
| 4.63%, 11/15/27<sup>(c)</sup> <br>| 43000 | 42801 |
| 5.65%, 3/15/35 | 80000 | 79107 |
| Morgan Stanley, |  |  |
| 3.59%, 7/22/28<sup>(j)</sup> <br>| 22000 | 21533 |
| (SOFR + 2.24%), 6.30%, <br> 10/18/28<sup>(h)</sup> <br>| 58000 | 60397 |
| (SOFR + 1.59%), 5.16%, <br> 4/20/29<sup>(h)</sup> <br>| 65000 | 66175 |
| (SOFR + 1.10%), 4.65%, <br> 10/18/30<sup>(h)</sup> <br>| 125000 | 124601 |
| (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(h)</sup> <br>| 18000 | 15541 |
| (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(h)</sup> <br>| 102000 | 102000 |
| (SOFR + 1.88%), 5.42%, <br> 7/21/34<sup>(h)</sup> <br>| 20000 | 20210 |
| (SOFR + 2.05%), 6.63%, <br> 11/01/34<sup>(h)</sup> <br>| 57000 | 62039 |
| (SOFR + 1.42%), 5.59%, <br> 1/18/36<sup>(h)</sup> <br>| 158000 | 160279 |
| (SOFR + 1.76%), 5.66%, <br> 4/17/36<sup>(h)</sup> <br>| 416000 | 424765 |
| State Street Corp., |  |  |
| 4.83%, 4/24/30 | 77000 | 78105 |
| (SOFR + 1.05%), 4.68%, <br> 10/22/32<sup>(h)</sup> <br>| 110000 | 109547 |
| (SOFR + 1.49%), 3.03%, <br> 11/01/34<sup>(h)</sup> <br>| 130000 | 118840 |
|  |  | **2534557** |
| **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
| Alleghany Corp., |  |  |
| 4.90%, 9/15/44 | 44000 | 39457 |
| 3.25%, 8/15/51 | 49000 | 32398 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer,<br>|  |  |
| 6.75%, 10/15/27<sup>(c)</sup> <br>| 70000 | 69497 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer,<br>|  |  |
| 7.00%, 1/15/31<sup>(c)</sup> <br>| $255000 | $258799 |
| 6.50%, 10/01/31<sup>(c)</sup> <br>| 565000 | 563842 |
| American International <br> Group, Inc.,<br>|  |  |
| 4.20%, 4/01/28 | 67000 | 66573 |
| 3.40%, 6/30/30 | 54000 | 50741 |
| AmWINS Group, Inc., <br> 6.38%, 2/15/29<sup>(c)</sup> <br>| 260000 | 263099 |
| Aon North America, Inc., <br> 5.75%, 3/01/54<br>| 60000 | 58019 |
| 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>| 410000 | 400156 |
| Athene Global Funding, <br> 5.32%, 11/13/31<sup>(c)</sup> <br>| 136000 | 135719 |
| Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group Holdings <br> Finance, 7.13%, <br> 5/15/31<sup>(c)</sup> <br>| 495000 | 503659 |
| Berkshire Hathaway <br> Finance Corp., 2.85%, <br> 10/15/50<br>| 115000 | 73066 |
| Corebridge Financial, Inc., |  |  |
| 3.90%, 4/05/32 | 37000 | 34066 |
| 6.05%, 9/15/33 | 109000 | 113396 |
| 5.75%, 1/15/34 | 57000 | 58096 |
| Equitable Holdings, Inc., <br> 4.57%, 2/15/29<sup>(c)</sup> <br>| 108000 | 107028 |
| Hartford Insurance Group <br> (The), Inc.,<br>|  |  |
| 5.95%, 10/15/36 | 40000 | 41710 |
| 6.10%, 10/01/41 | 48000 | 48950 |
| (3M CME Term SOFR + <br> 2.39%), 6.71%, <br> 2/12/47<sup>(c)(j)</sup> <br>| 87000 | 79408 |
| 4.40%, 3/15/48 | 22000 | 18173 |
| 2.90%, 9/15/51 | 60000 | 37006 |
| Liberty Mutual Group, Inc., <br> 4.30%, 2/01/61<sup>(c)</sup> <br>| 235000 | 146401 |
| Marsh & McLennan Cos., <br> Inc., 5.00%, 3/15/35<br>| 369000 | 366399 |
| Panther Escrow Issuer LLC, <br> 7.13%, 6/01/31<sup>(c)</sup> <br>| 205000 | 210021 |
| Ryan Specialty LLC, 5.88%, <br> 8/01/32<sup>(c)</sup> <br>| 330000 | 325945 |
|  |  | **4101624** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** |
| Alphabet, Inc., |  |  |
| 4.50%, 5/15/35 | $38000 | $37497 |
| 5.25%, 5/15/55 | 63000 | 62182 |
| 5.30%, 5/15/65 | 35000 | 34579 |
| Arches Buyer, Inc., 4.25%, <br> 6/01/28<sup>(c)</sup> <br>| 90000 | 84639 |
| Expedia Group, Inc., <br> 5.40%, 2/15/35<br>| 22000 | 21656 |
| Meta Platforms, Inc., |  |  |
| 5.60%, 5/15/53 | 41000 | 40679 |
| 5.40%, 8/15/54 | 84000 | 80825 |
| 5.75%, 5/15/63 | 39000 | 38991 |
| 5.55%, 8/15/64 | 56000 | 53869 |
| Uber Technologies, Inc., |  |  |
| 4.30%, 1/15/30 | 55000 | 54316 |
| 5.35%, 9/15/54 | 89000 | 81513 |
| Ziff Davis, Inc., 4.63%, <br> 10/15/30<sup>(c)</sup> <br>| 253000 | 223542 |
|  |  | **814288** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Accenture Capital, Inc., |  |  |
| 4.05%, 10/04/29 | 50000 | 49678 |
| 4.25%, 10/04/31 | 42000 | 41551 |
| 4.50%, 10/04/34 | 82000 | 79034 |
| Booz Allen Hamilton, Inc., <br> 4.00%, 7/01/29<sup>(c)</sup> <br>| 97000 | 92374 |
| International Business <br> Machines Corp., 5.00%, <br> 2/10/32<br>| 100000 | 101022 |
|  |  | **363659** |
| **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** |
| Carnival Corp., 6.00%, <br> 5/01/29<sup>(c)</sup> <br>| 45000 | 44735 |
| Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(c)</sup> <br>| 300000 | 299799 |
| Hilton Domestic <br> Operating Co., Inc., <br> 3.63%, 2/15/32<sup>(c)</sup> <br>| 390000 | 344988 |
| Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc., 6.63%, <br> 1/15/32<sup>(c)</sup> <br>| 610000 | 597695 |
| Light & Wonder <br> International, Inc., 7.50%, <br> 9/01/31<sup>(c)</sup> <br>| 95000 | 97610 |
| Marriott Ownership <br> Resorts, Inc., 4.50%, <br> 6/15/29<sup>(c)</sup> <br>| 470000 | 428754 |
| McDonald's Corp., 4.20%, <br> 4/01/50<br>| 18000 | 14248 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| NCL Corp. Ltd., 6.75%, <br> 2/01/32<sup>(c)</sup> <br>| $315000 | $307578 |
| Sabre GLBL, Inc., |  |  |
| 8.63%, 6/01/27<sup>(c)</sup> <br>| 45000 | 43088 |
| 10.75%, 11/15/29<sup>(c)</sup> <br>| 144000 | 137160 |
| Travel + Leisure Co., |  |  |
| 6.63%, 7/31/26<sup>(c)</sup> <br>| 145000 | 146015 |
| 6.00%, 4/01/27 | 10000 | 10056 |
| 4.50%, 12/01/29<sup>(c)</sup> <br>| 85000 | 79667 |
| 4.63%, 3/01/30<sup>(c)</sup> <br>| 140000 | 130372 |
| Yum! Brands, Inc., |  |  |
| 3.63%, 3/15/31 | 280000 | 252540 |
| 4.63%, 1/31/32 | 95000 | 89425 |
|  |  | **3023730** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| CNH Industrial Capital LLC, <br> 4.55%, 4/10/28<br>| 62000 | 61887 |
| Esab Corp., 6.25%, <br> 4/15/29<sup>(c)</sup> <br>| 160000 | 162341 |
| Ingersoll Rand, Inc., |  |  |
| 5.40%, 8/14/28 | 45000 | 46268 |
| 5.18%, 6/15/29 | 30000 | 30591 |
| John Deere Capital Corp., |  |  |
| 4.90%, 3/07/31 | 73000 | 74779 |
| 4.40%, 9/08/31 | 71000 | 70872 |
| 5.10%, 4/11/34 | 61000 | 61822 |
|  |  | **508560** |
| **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** |
| Avantor Funding, Inc., <br> 3.88%, 11/01/29<sup>(c)</sup> <br>| 345000 | 318501 |
| Becton Dickinson & Co., <br> 4.69%, 2/13/28<br>| 67000 | 67471 |
| GE HealthCare <br> Technologies, Inc., <br> 4.80%, 8/14/29<br>| 101000 | 101728 |
| Hologic, Inc., 3.25%, <br> 2/15/29<sup>(c)</sup> <br>| 195000 | 182099 |
| Insulet Corp., 6.50%, <br> 4/01/33<sup>(c)</sup> <br>| 115000 | 117323 |
| Solventum Corp., |  |  |
| 5.40%, 3/01/29 | 76000 | 77512 |
| 5.60%, 3/23/34 | 40000 | 40443 |
| 5.90%, 4/30/54 | 58000 | 56004 |
| Stryker Corp., 5.20%, <br> 2/10/35<br>| 28000 | 28219 |
| Thermo Fisher <br> Scientific, Inc., 5.40%, <br> 8/10/43<br>| 42000 | 41168 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Zimmer Biomet <br> Holdings, Inc.,<br>|  |  |
| 5.35%, 12/01/28 | $49000 | $50262 |
| 5.05%, 2/19/30 | 41000 | 41660 |
|  |  | **1122390** |
| **Oil & Gas Supply Chain – 5.3%** | **Oil & Gas Supply Chain – 5.3%** | **Oil & Gas Supply Chain – 5.3%** |
| BP Capital Markets <br> America, Inc.,<br>|  |  |
| 5.23%, 11/17/34 | 49000 | 48960 |
| 3.00%, 2/24/50 | 34000 | 21258 |
| BP Capital Markets PLC, <br> (5Y US Treasury CMT + <br> 1.92%), 6.13%, <br> 3/18/35<sup>(g)(h)</sup> <br>| 47000 | 45367 |
| Cameron LNG LLC, 2.90%, <br> 7/15/31<sup>(c)</sup> <br>| 57000 | 50811 |
| Cheniere Energy Partners <br> L.P., 4.50%, 10/01/29<br>| 59000 | 57638 |
| Chord Energy Corp., <br> 6.75%, 3/15/33<sup>(c)</sup> <br>| 565000 | 549964 |
| Civitas Resources, Inc., |  |  |
| 8.38%, 7/01/28<sup>(c)</sup> <br>| 195000 | 191576 |
| 8.38%, 7/01/28 | 15000 | 14737 |
| 8.63%, 11/01/30<sup>(c)</sup> <br>| 260000 | 250587 |
| 8.75%, 7/01/31<sup>(c)</sup> <br>| 450000 | 427738 |
| Columbia Pipelines <br> Holding Co. LLC, 6.04%, <br> 8/15/28<sup>(c)</sup> <br>| 33000 | 34027 |
| CQP Holdco L.P./BIP-V <br> Chinook Holdco LLC, <br> 5.50%, 6/15/31<sup>(c)</sup> <br>| 250000 | 239908 |
| Crescent Energy <br> Finance LLC,<br>|  |  |
| 9.25%, 2/15/28<sup>(c)</sup> <br>| 20000 | 20213 |
| 7.63%, 4/01/32<sup>(c)</sup> <br>| 175000 | 159006 |
| CVR Energy, Inc., |  |  |
| 5.75%, 2/15/28<sup>(c)</sup> <br>| 40000 | 36505 |
| 8.50%, 1/15/29<sup>(c)</sup> <br>| 240000 | 220535 |
| Delek Logistics Partners <br> L.P./Delek Logistics <br> Finance Corp., 8.63%, <br> 3/15/29<sup>(c)</sup> <br>| 170000 | 174516 |
| Eastern Energy Gas <br> Holdings LLC, 5.65%, <br> 10/15/54<br>| 104000 | 97850 |
| Energy Transfer L.P., |  |  |
| 5.70%, 4/01/35 | 40000 | 39593 |
| 5.95%, 10/01/43 | 55000 | 51042 |
| 6.00%, 6/15/48 | 71000 | 65381 |
| (5Y US Treasury CMT + <br> 4.02%), 8.00%, <br> 5/15/54<sup>(h)</sup> <br>| 330000 | 342520 |
| 6.05%, 9/01/54 | 81000 | 73986 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Enterprise Products <br> Operating LLC,<br>|  |  |
| 4.85%, 1/31/34 | $22000 | $21612 |
| 4.95%, 2/15/35 | 41000 | 40210 |
| 5.55%, 2/16/55 | 32000 | 29904 |
| 3.95%, 1/31/60 | 67000 | 47198 |
| (3M CME Term SOFR + <br> 3.29%), 5.25%, <br> 8/16/77<sup>(h)</sup> <br>| 475000 | 459488 |
| EQT Corp., |  |  |
| 7.50%, 6/01/30<sup>(c)</sup> <br>| 35000 | 37635 |
| 4.75%, 1/15/31<sup>(c)</sup> <br>| 145000 | 140034 |
| Exxon Mobil Corp., 4.23%, <br> 3/19/40<br>| 87000 | 76977 |
| Hess Corp., 4.30%, <br> 4/01/27<br>| 75000 | 74820 |
| Hess Midstream <br> Operations L.P.,<br>|  |  |
| 5.13%, 6/15/28<sup>(c)</sup> <br>| 370000 | 362225 |
| 6.50%, 6/01/29<sup>(c)</sup> <br>| 180000 | 182802 |
| 4.25%, 2/15/30<sup>(c)</sup> <br>| 295000 | 276915 |
| Kinder Morgan, Inc., |  |  |
| 5.30%, 12/01/34 | 100000 | 97424 |
| 5.95%, 8/01/54 | 58000 | 54828 |
| Kinetik Holdings L.P., <br> 5.88%, 6/15/30<sup>(c)</sup> <br>| 130000 | 127017 |
| Marathon Petroleum Corp., |  |  |
| 5.70%, 3/01/35 | 74000 | 72361 |
| 6.50%, 3/01/41 | 5000 | 5020 |
| 5.00%, 9/15/54 | 35000 | 27263 |
| Matador Resources Co., |  |  |
| 6.50%, 4/15/32<sup>(c)</sup> <br>| 155000 | 149299 |
| 6.25%, 4/15/33<sup>(c)</sup> <br>| 300000 | 283169 |
| MPLX L.P., |  |  |
| 2.65%, 8/15/30 | 56000 | 50070 |
| 5.50%, 6/01/34 | 31000 | 30489 |
| Murphy Oil USA, Inc., <br> 3.75%, 2/15/31<sup>(c)</sup> <br>| 100000 | 90130 |
| New Fortress Energy, Inc., <br> 6.50%, 9/30/26<sup>(c)</sup> <br>| 60000 | 49149 |
| Northern Oil & Gas, Inc., |  |  |
| 8.13%, 3/01/28<sup>(c)</sup> <br>| 130000 | 128342 |
| 8.75%, 6/15/31<sup>(c)</sup> <br>| 310000 | 297826 |
| Occidental <br> Petroleum Corp.,<br>|  |  |
| 6.63%, 9/01/30 | 44000 | 45509 |
| 6.13%, 1/01/31 | 61000 | 61584 |
| 6.20%, 3/15/40 | 64000 | 58819 |
| ONEOK, Inc., 5.80%, <br> 11/01/30<br>| 53000 | 54877 |
| Ovintiv, Inc., |  |  |
| 5.65%, 5/15/28 | 20000 | 20369 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Ovintiv, Inc., |  |  |
| 7.10%, 7/15/53 | $62000 | $60317 |
| Sabine Pass <br> Liquefaction LLC, 4.20%, <br> 3/15/28<br>| 62000 | 61561 |
| Shell International Finance <br> B.V., 2.88%, 11/26/41<br>| 29000 | 20481 |
| Sitio Royalties Operating <br> Partnership L.P./Sitio <br> Finance Corp., 7.88%, <br> 11/01/28<sup>(c)</sup> <br>| 325000 | 333997 |
| SM Energy Co., |  |  |
| 6.75%, 8/01/29<sup>(c)</sup> <br>| 235000 | 219403 |
| 7.00%, 8/01/32<sup>(c)</sup> <br>| 105000 | 96797 |
| Sunoco L.P., 6.25%, <br> 7/01/33<sup>(c)</sup> <br>| 35000 | 34953 |
| Targa Resources Corp., |  |  |
| 5.50%, 2/15/35 | 32000 | 31255 |
| 6.25%, 7/01/52 | 106000 | 101941 |
| Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp., <br> 4.88%, 2/01/31<br>| 33000 | 32095 |
| Transcontinental Gas Pipe <br> Line Co. LLC, 3.25%, <br> 5/15/30<br>| 54000 | 50481 |
| Valero Energy Corp., <br> 5.15%, 2/15/30<br>| 99000 | 100048 |
| Venture Global Calcasieu <br> Pass LLC,<br>|  |  |
| 3.88%, 8/15/29<sup>(c)</sup> <br>| 200000 | 183165 |
| 4.13%, 8/15/31<sup>(c)</sup> <br>| 175000 | 157212 |
| 3.88%, 11/01/33<sup>(c)</sup> <br>| 125000 | 105431 |
| Venture Global LNG, Inc., <br> (5Y US Treasury CMT + <br> 5.44%), 9.00%, <br> 9/30/29<sup>(c)(g)(h)</sup> <br>| 555000 | 477042 |
| Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| 7.50%, 5/01/33<sup>(c)</sup> <br>| 150000 | 153886 |
| 7.75%, 5/01/35<sup>(c)</sup> <br>| 135000 | 138631 |
| Western Midstream <br> Operating L.P.,<br>|  |  |
| 6.15%, 4/01/33 | 93000 | 93936 |
| 5.45%, 11/15/34 | 27000 | 25650 |
| Williams (The) Cos., Inc., |  |  |
| 4.90%, 3/15/29 | 35000 | 35361 |
| 5.10%, 9/15/45 | 45000 | 39399 |
|  |  | **9220125** |
| **Oil, Gas & Consumable Fuels – 0.0%**<sup>(a)</sup> | **Oil, Gas & Consumable Fuels – 0.0%**<sup>(a)</sup> | **Oil, Gas & Consumable Fuels – 0.0%**<sup>(a)</sup> |
| APA Corp., 6.10%, <br> 2/15/35<sup>(c)</sup> <br>| 4000 | **3742** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** |
| Oceaneering <br> International, Inc., 6.00%, <br> 2/01/28<br>| $140000 | $133102 |
| Transocean Aquila Ltd., <br> 8.00%, 9/30/28<sup>(c)</sup> <br>| 93769 | 92442 |
| Transocean Poseidon Ltd., <br> 6.88%, 2/01/27<sup>(c)</sup> <br>| 133875 | 132867 |
| Transocean Titan <br> Financing Ltd., 8.38%, <br> 2/01/28<sup>(c)</sup> <br>| 63334 | 62741 |
|  |  | **421152** |
| **Real Estate Investment Trusts – 1.6%** | **Real Estate Investment Trusts – 1.6%** | **Real Estate Investment Trusts – 1.6%** |
| American Homes 4 Rent <br> L.P.,<br>|  |  |
| 4.25%, 2/15/28 | 19000 | 18848 |
| 3.63%, 4/15/32 | 15000 | 13628 |
| 5.50%, 2/01/34 | 127000 | 126561 |
| 5.25%, 3/15/35 | 40000 | 38972 |
| 3.38%, 7/15/51 | 57000 | 36482 |
| American Tower Corp., |  |  |
| 3.65%, 3/15/27 | 35000 | 34469 |
| 3.60%, 1/15/28 | 48000 | 46943 |
| 1.50%, 1/31/28 | 86000 | 79415 |
| 5.25%, 7/15/28 | 27000 | 27597 |
| 5.00%, 1/31/30 | 30000 | 30476 |
| 2.70%, 4/15/31 | 57000 | 50680 |
| Camden Property Trust, <br> 2.80%, 5/15/30<br>| 68000 | 62567 |
| Cousins Properties L.P., |  |  |
| 5.38%, 2/15/32 | 79000 | 78293 |
| 5.88%, 10/01/34 | 84000 | 84054 |
| Crown Castle, Inc., |  |  |
| 4.80%, 9/01/28 | 98000 | 98296 |
| 5.60%, 6/01/29 | 36000 | 36985 |
| 2.10%, 4/01/31 | 42000 | 35695 |
| 2.50%, 7/15/31 | 28000 | 24127 |
| CubeSmart L.P., 2.50%, <br> 2/15/32<br>| 54000 | 45335 |
| Essex Portfolio L.P., 5.38%, <br> 4/01/35<br>| 49000 | 48778 |
| Extra Space Storage L.P., |  |  |
| 3.90%, 4/01/29 | 34000 | 32992 |
| 4.00%, 6/15/29 | 20000 | 19439 |
| 2.40%, 10/15/31 | 75000 | 64033 |
| Invitation Homes <br> Operating Partnership <br> L.P.,<br>|  |  |
| 2.30%, 11/15/28 | 54000 | 50101 |
| 2.00%, 8/15/31 | 61000 | 51130 |
| 5.50%, 8/15/33 | 41000 | 41006 |
| Iron Mountain, Inc., |  |  |
| 5.25%, 3/15/28<sup>(c)</sup> <br>| 60000 | 59076 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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., |  |  |
| 4.88%, 9/15/29<sup>(c)</sup> <br>| $190000 | $182985 |
| 5.25%, 7/15/30<sup>(c)</sup> <br>| 90000 | 87216 |
| 4.50%, 2/15/31<sup>(c)</sup> <br>| 275000 | 254766 |
| 6.25%, 1/15/33<sup>(c)</sup> <br>| 400000 | 399268 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| 3.50%, 3/15/31 | 145000 | 96108 |
| 8.50%, 2/15/32<sup>(c)</sup> <br>| 150000 | 152398 |
| Phillips Edison Grocery <br> Center Operating <br> Partnership I L.P., 5.75%, <br> 7/15/34<br>| 41000 | 41475 |
| Prologis Targeted <br> U.S. Logistics Fund L.P., <br> 5.25%, 4/01/29<sup>(c)</sup> <br>| 44000 | 45212 |
| Realty Income Corp., <br> 5.13%, 4/15/35<br>| 38000 | 37660 |
| Regency Centers L.P., <br> 5.10%, 1/15/35<br>| 42000 | 41445 |
| Rexford Industrial Realty <br> L.P., 2.15%, 9/01/31<br>| 108000 | 90160 |
|  |  | **2764671** |
| **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** |
| Albertsons Cos., <br> Inc./Safeway, Inc./New <br> Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| 4.88%, 2/15/30<sup>(c)</sup> <br>| 25000 | 24151 |
| 6.25%, 3/15/33<sup>(c)</sup> <br>| 205000 | 207982 |
| Dollar General Corp., <br> 5.20%, 7/05/28<br>| 35000 | 35563 |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34 | 30000 | 29404 |
| 5.50%, 9/15/54 | 100000 | 93541 |
| 5.65%, 9/15/64 | 85000 | 78947 |
| Target Corp., 5.00%, <br> 4/15/35<br>| 39000 | 38583 |
| Walmart, Inc., |  |  |
| 4.35%, 4/28/30 | 79000 | 79927 |
| 4.90%, 4/28/35 | 236000 | 239056 |
| 2.50%, 9/22/41 | 30000 | 21055 |
|  |  | **848209** |
| **Retail - Discretionary – 0.8%** | **Retail - Discretionary – 0.8%** | **Retail - Discretionary – 0.8%** |
| American Builders & <br> Contractors Supply Co., <br> Inc., 4.00%, 1/15/28<sup>(c)</sup> <br>| 140000 | 135110 |
| Beacon Roofing <br> Supply, Inc., 6.75%, <br> 4/30/32<sup>(c)</sup> <br>| 595000 | 596539 |
| Builders FirstSource, Inc., |  |  |
| 5.00%, 3/01/30<sup>(c)</sup> <br>| 20000 | 19189 |
| 6.38%, 6/15/32<sup>(c)</sup> <br>| 20000 | 20113 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Builders FirstSource, Inc., |  |  |
| 6.38%, 3/01/34<sup>(c)</sup> <br>| $60000 | $59552 |
| Evergreen Acqco 1 <br> L.P./TVI, Inc., 9.75%, <br> 4/26/28<sup>(c)</sup> <br>| 30000 | 30974 |
| Home Depot (The), Inc., |  |  |
| 2.70%, 4/15/30 | 178000 | 165152 |
| 3.30%, 4/15/40 | 65000 | 51333 |
| 3.63%, 4/15/52 | 21000 | 15188 |
| 4.95%, 9/15/52 | 20000 | 18013 |
| 5.30%, 6/25/54 | 30000 | 28478 |
| Lowe's Cos., Inc., |  |  |
| 3.75%, 4/01/32 | 16000 | 14902 |
| 5.00%, 4/15/33 | 16000 | 15947 |
| 4.65%, 4/15/42 | 25000 | 21428 |
| 4.25%, 4/01/52 | 26000 | 19825 |
| 4.45%, 4/01/62 | 56000 | 42442 |
| 5.85%, 4/01/63 | 24000 | 22766 |
| O'Reilly Automotive, Inc., |  |  |
| 4.70%, 6/15/32 | 22000 | 21566 |
| 5.00%, 8/19/34 | 59000 | 57659 |
|  |  | **1356176** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| Analog Devices, Inc., <br> 5.30%, 4/01/54<br>| 44000 | 41328 |
| Broadcom, Inc., |  |  |
| 5.15%, 11/15/31 | 41000 | 41794 |
| 5.20%, 4/15/32 | 22000 | 22353 |
| 4.80%, 10/15/34 | 33000 | 32125 |
| 3.19%, 11/15/36<sup>(c)</sup> <br>| 150000 | 122409 |
| 4.93%, 5/15/37<sup>(c)</sup> <br>| 50000 | 47887 |
| Entegris, Inc., |  |  |
| 4.38%, 4/15/28<sup>(c)</sup> <br>| 65000 | 62816 |
| 4.75%, 4/15/29<sup>(c)</sup> <br>| 25000 | 24328 |
| 3.63%, 5/01/29<sup>(c)</sup> <br>| 25000 | 23018 |
| 5.95%, 6/15/30<sup>(c)</sup> <br>| 70000 | 69854 |
| Intel Corp., |  |  |
| 2.45%, 11/15/29 | 55000 | 49532 |
| 2.00%, 8/12/31 | 65000 | 54369 |
| 2.80%, 8/12/41 | 100000 | 64708 |
| Marvell Technology, Inc., |  |  |
| 4.88%, 6/22/28 | 79000 | 79438 |
| 2.95%, 4/15/31 | 41000 | 36817 |
| Micron Technology, Inc., <br> 5.80%, 1/15/35<br>| 204000 | 202753 |
| QUALCOMM, Inc., 6.00%, <br> 5/20/53<br>| 73000 | 75218 |
| Texas Instruments, Inc., <br> 3.88%, 3/15/39<br>| 74000 | 64851 |
|  |  | **1115598** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| Cloud Software <br> Group, Inc., 6.50%, <br> 3/31/29<sup>(c)</sup> <br>| $20000 | $20007 |
| GoTo Group, Inc., 5.50%, <br> 5/01/28<sup>(c)</sup> <br>| 113361 | 98624 |
| Intuit, Inc., |  |  |
| 5.20%, 9/15/33 | 70000 | 71960 |
| 5.50%, 9/15/53 | 77000 | 75267 |
| Oracle Corp., |  |  |
| 2.30%, 3/25/28 | 59000 | 55801 |
| 6.15%, 11/09/29 | 39000 | 41445 |
| 2.95%, 4/01/30 | 78000 | 72103 |
| 5.50%, 8/03/35 | 24000 | 24099 |
| 3.80%, 11/15/37 | 11000 | 9185 |
| 4.00%, 11/15/47 | 29000 | 21506 |
| 3.95%, 3/25/51 | 22000 | 15885 |
| 5.38%, 9/27/54 | 69000 | 61156 |
| 4.38%, 5/15/55 | 24000 | 18215 |
| 6.00%, 8/03/55 | 74000 | 71981 |
| 5.50%, 9/27/64 | 94000 | 83409 |
| 6.13%, 8/03/65 | 31000 | 30241 |
|  |  | **770884** |
| **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** |
| Azorra Finance Ltd., <br> 7.75%, 4/15/30<sup>(c)</sup> <br>| 215000 | 213340 |
| Block, Inc., |  |  |
| 3.50%, 6/01/31 | 105000 | 93719 |
| 6.50%, 5/15/32<sup>(c)</sup> <br>| 480000 | 489734 |
| Equifax, Inc., 5.10%, <br> 6/01/28<br>| 114000 | 115849 |
| Fidelity National <br> Information <br> Services, Inc., 1.65%, <br> 3/01/28<br>| 54000 | 49939 |
| Fiserv, Inc., |  |  |
| 5.45%, 3/02/28 | 32000 | 32763 |
| 3.50%, 7/01/29 | 101000 | 96261 |
| 2.65%, 6/01/30 | 15000 | 13549 |
| Freedom Mortgage <br> Holdings LLC,<br>|  |  |
| 9.25%, 2/01/29<sup>(c)</sup> <br>| 255000 | 259766 |
| 9.13%, 5/15/31<sup>(c)</sup> <br>| 205000 | 207271 |
| 8.38%, 4/01/32<sup>(c)</sup> <br>| 55000 | 53792 |
| GATX Corp., |  |  |
| 5.50%, 6/15/35 | 99000 | 98138 |
| 6.05%, 6/05/54 | 50000 | 48441 |
| Global Payments, Inc., <br> 4.45%, 6/01/28<br>| 138000 | 136774 |
| MSCI, Inc., 3.63%, <br> 9/01/30<sup>(c)</sup> <br>| 62000 | 57283 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Penske Truck Leasing Co. <br> L.P./PTL Finance Corp.,<br>|  |  |
| 4.20%, 4/01/27<sup>(c)</sup> <br>| $83000 | $82328 |
| 5.25%, 2/01/30<sup>(c)</sup> <br>| 78000 | 79285 |
| Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.,<br>|  |  |
| 3.88%, 3/01/31<sup>(c)</sup> <br>| 200000 | 180783 |
| 4.00%, 10/15/33<sup>(c)</sup> <br>| 140000 | 121103 |
| Starwood Property <br> Trust, Inc., 6.50%, <br> 10/15/30<sup>(c)</sup> <br>| 90000 | 90808 |
| Synchrony Financial, <br> 7.25%, 2/02/33<br>| 380000 | 387499 |
|  |  | **2908425** |
| **Steel – 0.5%** | **Steel – 0.5%** | **Steel – 0.5%** |
| Cleveland-Cliffs, Inc., <br> 7.38%, 5/01/33<sup>(c)</sup> <br>| 305000 | 286720 |
| Commercial Metals Co., |  |  |
| 4.13%, 1/15/30 | 295000 | 277346 |
| 3.88%, 2/15/31 | 45000 | 40345 |
| 4.38%, 3/15/32 | 160000 | 145431 |
| Nucor Corp., 5.10%, <br> 6/01/35<br>| 88000 | 86342 |
|  |  | **836184** |
| **Technology – 0.0%**<sup>(a)</sup> | **Technology – 0.0%**<sup>(a)</sup> | **Technology – 0.0%**<sup>(a)</sup> |
| Molex Electronic <br> Technologies LLC, 5.25%, <br> 4/30/32<sup>(c)</sup> <br>| 37000 | **37504** |
| **Technology Hardware – 1.0%** | **Technology Hardware – 1.0%** | **Technology Hardware – 1.0%** |
| Avnet, Inc., 6.25%, <br> 3/15/28<br>| 45000 | 46578 |
| Cisco Systems, Inc., |  |  |
| 4.95%, 2/26/31 | 74000 | 76136 |
| 5.10%, 2/24/35 | 42000 | 42549 |
| 5.30%, 2/26/54 | 30000 | 28629 |
| 5.50%, 2/24/55 | 62000 | 61066 |
| 5.35%, 2/26/64 | 55000 | 52133 |
| CommScope LLC, 9.50%, <br> 12/15/31<sup>(c)</sup> <br>| 65000 | 66493 |
| Dell <br> International LLC/EMC Corp., <br> 5.30%, 4/01/32<br>| 23000 | 23053 |
| Flex Ltd., 4.88%, 5/12/30 | 46000 | 45285 |
| Hewlett Packard <br> Enterprise Co., 5.60%, <br> 10/15/54<br>| 113000 | 104208 |
| Imola Merger Corp., <br> 4.75%, 5/15/29<sup>(c)</sup> <br>| 160000 | 152780 |
| NCR Voyix Corp., |  |  |
| 5.00%, 10/01/28<sup>(c)</sup> <br>| 205000 | 198696 |
| 5.13%, 4/15/29<sup>(c)</sup> <br>| 89000 | 85576 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| NetApp, Inc., 5.70%, <br> 3/17/35<br>| $17000 | $17077 |
| Seagate HDD Cayman, |  |  |
| 4.88%, 6/01/27 | 25000 | 24741 |
| 4.09%, 6/01/29 | 90000 | 85429 |
| 8.25%, 12/15/29 | 95000 | 101858 |
| 4.13%, 1/15/31 | 95000 | 86763 |
| 9.63%, 12/01/32 | 3825 | 4317 |
| Western Digital Corp., <br> 3.10%, 2/01/32<br>| 25000 | 21345 |
| Zebra Technologies Corp., <br> 6.50%, 6/01/32<sup>(c)</sup> <br>| 480000 | 482233 |
|  |  | **1806945** |
| **Telecommunications – 1.7%** | **Telecommunications – 1.7%** | **Telecommunications – 1.7%** |
| AT&T, Inc., |  |  |
| 3.50%, 6/01/41 | 115000 | 88299 |
| 3.55%, 9/15/55 | 297000 | 198894 |
| 3.80%, 12/01/57 | 78000 | 53692 |
| 3.65%, 9/15/59 | 66000 | 43654 |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29 | 997598 | 1054993 |
| 6.75%, 11/30/30<sup>(e)</sup> <br>| 72922 | 67969 |
| Level 3 Financing, Inc., <br> 4.25%, 7/01/28<sup>(c)</sup> <br>| 300000 | 258019 |
| Sprint Capital Corp., |  |  |
| 6.88%, 11/15/28 | 138000 | 147602 |
| 8.75%, 3/15/32 | 138000 | 165639 |
| T-Mobile USA, Inc., |  |  |
| 2.63%, 2/15/29 | 24000 | 22315 |
| 3.38%, 4/15/29 | 60000 | 57129 |
| 2.88%, 2/15/31 | 106000 | 95416 |
| 2.55%, 2/15/31 | 23000 | 20409 |
| 3.50%, 4/15/31 | 116000 | 107766 |
| 5.13%, 5/15/32 | 50000 | 50553 |
| 5.30%, 5/15/35 | 56000 | 56224 |
| 5.65%, 1/15/53 | 38000 | 36274 |
| 5.75%, 1/15/54 | 21000 | 20272 |
| 5.25%, 6/15/55 | 24000 | 21474 |
| United States <br> Cellular Corp., 6.70%, <br> 12/15/33<br>| 84000 | 90931 |
| Verizon <br> Communications, Inc.,<br>|  |  |
| 1.75%, 1/20/31 | 26000 | 22257 |
| 2.55%, 3/21/31 | 27000 | 24041 |
| 2.36%, 3/15/32 | 116000 | 99013 |
| 5.25%, 4/02/35 | 62000 | 62318 |
| 4.81%, 3/15/39 | 31000 | 28911 |
| 6.55%, 9/15/43 | 65000 | 70304 |
| 3.88%, 3/01/52 | 88000 | 64679 |
|  |  | **3029047** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Altria Group, Inc., |  |  |
| 6.20%, 11/01/28 | $60000 | $63332 |
| 2.45%, 2/04/32 | 12000 | 10174 |
| Philip Morris <br> International, Inc.,<br>|  |  |
| 4.38%, 4/30/30 | 68000 | 67586 |
| 4.75%, 11/01/31 | 68000 | 68243 |
| 5.25%, 2/13/34 | 74000 | 74750 |
| 4.88%, 4/30/35 | 68000 | 66679 |
|  |  | **350764** |
| **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** |
| American Airlines Pass <br> Through Trust,<br>|  |  |
| Series 2015-2, Class AA, <br> 3.60%, 9/22/27<br>| 110134 | 106707 |
| Series 2016-1, Class AA, <br> 3.58%, 1/15/28<br>| 1787 | 1721 |
| Series 2016-2, Class AA, <br> 3.20%, 6/15/28<br>| 34622 | 32890 |
| Series 2017-2, Class AA, <br> 3.35%, 10/15/29<br>| 42238 | 39574 |
| Burlington Northern Santa <br> Fe LLC,<br>|  |  |
| 4.40%, 3/15/42 | 32000 | 27820 |
| 4.38%, 9/01/42 | 5000 | 4304 |
| 4.55%, 9/01/44 | 25000 | 21918 |
| 3.90%, 8/01/46 | 51000 | 40017 |
| 5.20%, 4/15/54 | 55000 | 51466 |
| 5.50%, 3/15/55 | 25000 | 24550 |
| CSX Corp., |  |  |
| 4.25%, 11/01/66 | 28000 | 21295 |
| 4.65%, 3/01/68 | 82000 | 66709 |
| Federal Express Corp. Pass <br> Through Trusts, Series <br> 2020-1, Class AA, 1.88%, <br> 2/20/34<br>| 31894 | 27138 |
| FedEx Corp., |  |  |
| 4.75%, 11/15/45 | 30000 | 24385 |
| 4.75%, 11/15/45<sup>(c)</sup> <br>| 6000 | 4877 |
| 4.55%, 4/01/46<sup>(c)</sup> <br>| 135000 | 106687 |
| 5.25%, 5/15/50<sup>(c)</sup> <br>| 42000 | 36057 |
| Norfolk Southern Corp., |  |  |
| 5.05%, 8/01/30 | 8000 | 8233 |
| 3.95%, 10/01/42 | 30000 | 24226 |
| 5.95%, 3/15/64 | 9000 | 9116 |
| Ryder System, Inc., |  |  |
| 5.38%, 3/15/29 | 9000 | 9235 |
| 5.50%, 6/01/29 | 52000 | 53370 |
| 4.95%, 9/01/29 | 45000 | 45357 |
| Union Pacific Corp., |  |  |
| 3.38%, 2/01/35 | 13000 | 11507 |
| 5.10%, 2/20/35 | 62000 | 62410 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| Union Pacific Corp., |  |  |
| 3.55%, 8/15/39 | $22000 | $18166 |
| 4.05%, 11/15/45 | 16000 | 12934 |
| 3.35%, 8/15/46 | 7000 | 5015 |
| 3.95%, 8/15/59 | 34000 | 24711 |
| 3.84%, 3/20/60 | 9000 | 6396 |
| 3.55%, 5/20/61 | 19000 | 12560 |
| 5.15%, 1/20/63 | 16000 | 14246 |
| 4.10%, 9/15/67 | 8000 | 5818 |
| 3.75%, 2/05/70 | 36000 | 23928 |
| 3.80%, 4/06/71 | 8000 | 5412 |
| United Airlines Pass <br> Through Trust,<br>|  |  |
| Series 2020-1, Class A, <br> 5.88%, 10/15/27<br>| 30210 | 30753 |
| Series 2016-2, Class AA, <br> 2.88%, 10/07/28<br>| 1871 | 1765 |
| Series 2018-1, Class AA, <br> 3.50%, 3/01/30<br>| 29933 | 28205 |
|  |  | **1051478** |
| **Transportation Equipment – 0.0%**<sup>(a)</sup> | **Transportation Equipment – 0.0%**<sup>(a)</sup> | **Transportation Equipment – 0.0%**<sup>(a)</sup> |
| Allison Transmission, Inc., <br> 3.75%, 1/30/31<sup>(c)</sup> <br>| 5000 | **4492** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| Bunge Ltd. Finance Corp., <br> 4.65%, 9/17/34<br>| 55000 | 53347 |
| Performance Food <br> Group, Inc.,<br>|  |  |
| 4.25%, 8/01/29<sup>(c)</sup> <br>| 425000 | 402243 |
| 6.13%, 9/15/32<sup>(c)</sup> <br>| 55000 | 55016 |
| Sysco Corp., 5.40%, <br> 3/23/35<br>| 38000 | 38031 |
|  |  | **548637** |
| **Total Corporate Bonds** <br>(Cost $74,191,156) | **Total Corporate Bonds** <br>(Cost $74,191,156) | **72950965** |
| **Foreign Issuer Bonds – 45.2%** | **Foreign Issuer Bonds – 45.2%** | **Foreign Issuer Bonds – 45.2%** |
| **Angola – 0.3%** | **Angola – 0.3%** | **Angola – 0.3%** |
| Angolan Government <br> International Bond,<br>|  |  |
| 8.25%, 5/09/28 | 200000 | 169620 |
| 8.00%, 11/26/29 | 200000 | 159392 |
| 8.75%, 4/14/32 | 265000 | 207866 |
|  |  | **536878** |
| **Argentina – 0.4%** | **Argentina – 0.4%** | **Argentina – 0.4%** |
| Argentine Republic <br> Government International <br> Bond,<br>|  |  |
| (Step to 1.75% on <br> 7/09/27), 0.75%, <br> 7/09/30<sup>(k)</sup> <br>| 300339 | 229759 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Argentina (Continued)** | **Argentina (Continued)** | **Argentina (Continued)** |
| Argentine Republic <br> Government International <br> Bond,<br>|  |  |
| (Step to 4.75% on <br> 7/09/27), 4.13%, <br> 7/09/35<sup>(k)</sup> <br>| $163772 | $109217 |
| 5.00%, 1/09/38 | 176242 | 122706 |
| Provincia de Buenos <br> Aires/Government Bonds, <br> 6.63%, 9/01/37<br>| 407409 | 272965 |
|  |  | **734647** |
| **Australia – 0.9%** | **Australia – 0.9%** | **Australia – 0.9%** |
| Alumina Pty. Ltd., 6.38%, <br> 9/15/32<sup>(c)</sup> <br>| 280000 | 272665 |
| BHP Billiton Finance <br> USA Ltd.,<br>|  |  |
| 5.00%, 2/21/30 | 119000 | 121435 |
| 4.90%, 2/28/33 | 44000 | 43616 |
| 5.25%, 9/08/33 | 68000 | 68766 |
| 5.30%, 2/21/35 | 119000 | 119624 |
| Commonwealth Bank of <br> Australia, (1Y US <br> Treasury CMT + 1.32%), <br> 5.93%, 3/14/46<sup>(c)(h)</sup> <br>| 200000 | 193420 |
| Mineral Resources Ltd., |  |  |
| 8.13%, 5/01/27<sup>(c)</sup> <br>| 55000 | 53487 |
| 8.00%, 11/01/27<sup>(c)</sup> <br>| 30000 | 28492 |
| 9.25%, 10/01/28<sup>(c)</sup> <br>| 465000 | 439757 |
| Rio Tinto Finance USA Ltd., <br> 2.75%, 11/02/51<br>| 35000 | 20710 |
| Rio Tinto Finance USA PLC, |  |  |
| 5.25%, 3/14/35 | 42000 | 42158 |
| 5.75%, 3/14/55 | 64000 | 63157 |
| 5.88%, 3/14/65 | 32000 | 31604 |
|  |  | **1498891** |
| **Bahrain – 0.1%** | **Bahrain – 0.1%** | **Bahrain – 0.1%** |
| Bahrain Government <br> International Bond, <br> 6.75%, 9/20/29<br>| 200000 | **202971** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch <br> InBev Worldwide, Inc.,<br>|  |  |
| 4.70%, 2/01/36 | 66000 | 63805 |
| 4.90%, 2/01/46 | 192000 | 175046 |
| Anheuser-Busch InBev <br> Worldwide, Inc., 4.38%, <br> 4/15/38<br>| 13000 | 11881 |
|  |  | **250732** |
| **Brazil – 3.4%** | **Brazil – 3.4%** | **Brazil – 3.4%** |
| Aegea Finance S.a.r.l., <br> 9.00%, 1/20/31<sup>(c)</sup> <br>| 200000 | 208626 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** |
| Brazil Notas do Tesouro <br> Nacional Serie B, 6.00%, <br> 5/15/35<br>| BRL | 509000 | $364483 |
| Brazil Notas do Tesouro <br> Nacional Serie F,<br>|  |  |  |
| 10.00%, 1/01/29 | BRL | 17638000 | 2805968 |
| 10.00%, 1/01/31 | BRL | 2574000 | 387959 |
| Brazilian Government <br> International Bond,<br>|  |  |  |
| 6.13%, 1/22/32 |  | $200000 | 203156 |
| 6.00%, 10/20/33 |  | 200000 | 196989 |
| 6.13%, 3/15/34 |  | 200000 | 195711 |
| 6.63%, 3/15/35 |  | 200000 | 199333 |
| 5.00%, 1/27/45 |  | 200000 | 151957 |
| 7.13%, 5/13/54 |  | 400000 | 378908 |
| CSN Resources S.A., <br> 4.63%, 6/10/31<sup>(c)</sup> <br>|  | 200000 | 151508 |
| Nexa Resources S.A., <br> 6.60%, 4/08/37<sup>(c)</sup> <br>|  | 200000 | 197397 |
| Samarco Mineracao S.A., <br> 9.50%, 6/30/31<sup>(c)(e)</sup> <br>|  | 244062 | 229705 |
| Yinson Boronia Production <br> B.V., 8.95%, 7/31/42<sup>(c)</sup> <br>|  | 307266 | 314947 |
|  |  |  | **5986647** |
| **Canada – 1.9%** | **Canada – 1.9%** | **Canada – 1.9%** | **Canada – 1.9%** |
| 1011778 B.C. ULC/New <br> Red Finance, Inc.,<br>|  |  |  |
| 3.88%, 1/15/28<sup>(c)</sup> <br>|  | 390000 | 374477 |
| 4.38%, 1/15/28<sup>(c)</sup> <br>|  | 20000 | 19362 |
| 3.50%, 2/15/29<sup>(c)</sup> <br>|  | 40000 | 37391 |
| 6.13%, 6/15/29<sup>(c)</sup> <br>|  | 165000 | 167609 |
| 5.63%, 9/15/29<sup>(c)</sup> <br>|  | 10000 | 9967 |
| 4.00%, 10/15/30<sup>(c)</sup> <br>|  | 430000 | 391314 |
| Bank of Montreal, 5.51%, <br> 6/04/31<br>|  | 52000 | 54111 |
| Bank of Nova Scotia (The), |  |  |  |
| 4.85%, 2/01/30 |  | 44000 | 44507 |
| (SOFR + 1.07%), 5.13%, <br> 2/14/31<sup>(h)</sup> <br>|  | 58000 | 58903 |
| Baytex Energy Corp., <br> 7.38%, 3/15/32<sup>(c)</sup> <br>|  | 10000 | 8622 |
| Bombardier, Inc., |  |  |  |
| 8.75%, 11/15/30<sup>(c)</sup> <br>|  | 230000 | 246447 |
| 7.25%, 7/01/31<sup>(c)</sup> <br>|  | 45000 | 46073 |
| Brookfield Asset <br> Management Ltd., <br> 5.80%, 4/24/35<br>|  | 69000 | 70105 |
| Canadian Imperial Bank of <br> Commerce, (SOFR + <br> 1.03%), 4.86%, 3/30/29<sup>(h)</sup> <br>|  | 87000 | 87785 |
| Canadian Pacific <br> Railway Co., 2.88%, <br> 11/15/29<br>|  | 62000 | 58034 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Capstone Copper Corp., <br> 6.75%, 3/31/33<sup>(c)</sup> <br>|  | $55000 | $54041 |
| MEG Energy Corp., 5.88%, <br> 2/01/29<sup>(c)</sup> <br>|  | 335000 | 323201 |
| Nutrien Ltd., |  |  |  |
| 4.90%, 3/27/28 |  | 19000 | 19278 |
| 2.95%, 5/13/30 |  | 158000 | 145851 |
| Open Text Corp., 3.88%, <br> 12/01/29<sup>(c)</sup> <br>|  | 5000 | 4607 |
| Open Text Holdings, Inc., |  |  |  |
| 4.13%, 2/15/30<sup>(c)</sup> <br>|  | 305000 | 281843 |
| 4.13%, 12/01/31<sup>(c)</sup> <br>|  | 20000 | 17886 |
| Parkland Corp., |  |  |  |
| 4.50%, 10/01/29<sup>(c)</sup> <br>|  | 235000 | 221551 |
| 6.63%, 8/15/32<sup>(c)</sup> <br>|  | 75000 | 74655 |
| Royal Bank of Canada, |  |  |  |
| (SOFR Index + 0.81%), <br> 4.72%, 3/27/28<sup>(h)</sup> <br>|  | 98000 | 98601 |
| (SOFR + 1.10%), 4.97%, <br> 8/02/30<sup>(h)</sup> <br>|  | 46000 | 46589 |
| (SOFR Index + 1.08%), <br> 4.65%, 10/18/30<sup>(h)</sup> <br>|  | 87000 | 86838 |
| (SOFR Index + 1.13%), <br> 4.97%, 5/02/31<sup>(h)</sup> <br>|  | 69000 | 69786 |
| Saturn Oil & Gas, Inc., <br> 9.63%, 6/15/29<sup>(c)</sup> <br>|  | 165000 | 149518 |
| Toronto-Dominion Bank <br> (The), 5.52%, 7/17/28<br>|  | 57000 | 59091 |
| TransCanada <br> PipeLines Ltd., (5Y US <br> Treasury CMT + 2.61%), <br> 7.00%, 6/01/65<sup>(h)</sup> <br>|  | 31000 | 30400 |
|  |  |  | **3358443** |
| **Chile – 1.4%** | **Chile – 1.4%** | **Chile – 1.4%** | **Chile – 1.4%** |
| AES Andes S.A., |  |  |  |
| 6.30%, 3/15/29<sup>(c)</sup> <br>|  | 200000 | 203175 |
| 6.25%, 3/14/32<sup>(c)</sup> <br>|  | 200000 | 199961 |
| Antofagasta PLC, 6.25%, <br> 5/02/34<sup>(c)</sup> <br>|  | 200000 | 203024 |
| Bonos de la Tesoreria de la <br> Republica en pesos,<br>|  |  |  |
| 5.00%, 10/01/28<sup>(c)</sup> <br>| CLP | 225000000 | 235800 |
| 6.00%, 4/01/33<sup>(c)</sup> <br>| CLP | 120000000 | 129680 |
| 5.00%, 3/01/35 | CLP | 355000000 | 357617 |
| Chile Electricity Lux Mpc II <br> S.a.r.l., 5.67%, <br> 10/20/35<sup>(c)</sup> <br>|  | 200000 | 200328 |
| Corp Nacional del Cobre <br> de Chile,<br>|  |  |  |
| 5.95%, 1/08/34 |  | 300000 | 304482 |
| 6.44%, 1/26/36 |  | 200000 | 207228 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Chile (Continued)** | **Chile (Continued)** | **Chile (Continued)** | **Chile (Continued)** |
| Corp Nacional del Cobre <br> de Chile,<br>|  |  |  |
| 3.70%, 1/30/50 |  | $200000 | $135328 |
| 6.30%, 9/08/53 |  | 200000 | 197493 |
|  |  |  | **2374116** |
| **China – 0.9%** | **China – 0.9%** | **China – 0.9%** | **China – 0.9%** |
| China Government Bond, |  |  |  |
| 2.11%, 8/25/34 | CNY | 6060000 | 864778 |
| 2.57%, 5/20/54 | CNY | 4650000 | 733767 |
| Fantasia Holdings <br> Group Co. Ltd., 11.88%, <br> 6/01/23<sup>(l)</sup> <br>|  | 200000 | 5350 |
| Kaisa Group Holdings Ltd., <br> 9.38%, 6/30/24<sup>(i)(l)</sup> <br>|  | 200000 | 8500 |
| Sunac China Holdings Ltd., |  |  |  |
| 6.25%, 9/30/26<sup>(c)</sup> <br>|  | 18653 | 2472 |
| 6.50%, 9/30/27<sup>(c)</sup> <br>|  | 37398 | 4955 |
| 6.75%, 9/30/28<sup>(c)</sup> <br>|  | 56232 | 6607 |
| 7.00%, 9/30/29<sup>(c)</sup> <br>|  | 56369 | 6623 |
| 7.25%, 9/30/30<sup>(c)</sup> <br>|  | 26548 | 3120 |
| Yuzhou Group Holdings Co. <br> Ltd., 6.35%, 1/13/27<sup>(i)</sup> <br>|  | 200000 | 14200 |
|  |  |  | **1650372** |
| **Colombia – 2.2%** | **Colombia – 2.2%** | **Colombia – 2.2%** | **Colombia – 2.2%** |
| Aris Mining Corp., 8.00%, <br> 10/31/29<sup>(c)</sup> <br>|  | 200000 | 201495 |
| Colombia Government <br> International Bond,<br>|  |  |  |
| 7.38%, 4/25/30 |  | 200000 | 202830 |
| 7.75%, 11/07/36 |  | 410000 | 390549 |
| 8.75%, 11/14/53 |  | 400000 | 382317 |
| Colombian TES, |  |  |  |
| 6.00%, 4/28/28 | COP | 226800000 | 48239 |
| 7.75%, 9/18/30 | COP | 882100000 | 181785 |
| 7.00%, 6/30/32 | COP | 1173900000 | 216236 |
| 13.25%, 2/09/33 | COP | 1994500000 | 504507 |
| 7.25%, 10/18/34 | COP | 208400000 | 36273 |
| 6.25%, 7/09/36 | COP | 2593900000 | 393656 |
| 9.25%, 5/28/42 | COP | 937900000 | 169636 |
| Ecopetrol S.A., |  |  |  |
| 7.75%, 2/01/32 |  | 105000 | 100112 |
| 8.38%, 1/19/36 |  | 545000 | 510168 |
| 5.88%, 5/28/45 |  | 195000 | 130675 |
| Geopart Ltd., 8.75%, <br> 1/31/30<sup>(c)</sup> <br>|  | 200000 | 172896 |
| Termocandelaria Power <br> S.A., 7.75%, 9/17/31<sup>(c)</sup> <br>|  | 200000 | 199038 |
|  |  |  | **3840412** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** |
| Costa Rica Government <br> International Bond,<br>|  |  |  |
| 6.55%, 4/03/34<sup>(c)</sup> <br>|  | $200000 | $204400 |
| 7.30%, 11/13/54<sup>(c)</sup> <br>|  | 200000 | 203489 |
|  |  |  | **407889** |
| **Czech Republic – 1.2%** | **Czech Republic – 1.2%** | **Czech Republic – 1.2%** | **Czech Republic – 1.2%** |
| Czech Republic <br> Government Bond,<br>|  |  |  |
| 2.75%, 7/23/29 | CZK | 5050000 | 224277 |
| 0.95%, 5/15/30 | CZK | 10910000 | 438670 |
| 5.00%, 9/30/30 | CZK | 13930000 | 677674 |
| 1.20%, 3/13/31 | CZK | 14330000 | 570446 |
| 1.75%, 6/23/32 | CZK | 5220000 | 207973 |
|  |  |  | **2119040** |
| **Denmark – 0.1%** | **Denmark – 0.1%** | **Denmark – 0.1%** | **Denmark – 0.1%** |
| Danske Bank A/S, (1Y US <br> Treasury CMT + 1.10%), <br> 4.61%, 10/02/30<sup>(c)(h)</sup> <br>|  | 200000 | **198051** |
| **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** |
| Dominican Republic <br> International Bond,<br>|  |  |  |
| 4.50%, 1/30/30<sup>(c)</sup> <br>|  | 280000 | 260232 |
| 4.88%, 9/23/32<sup>(c)</sup> <br>|  | 200000 | 179350 |
| 6.95%, 3/15/37<sup>(c)</sup> <br>|  | 200000 | 198560 |
| 6.85%, 1/27/45 |  | 200000 | 191940 |
|  |  |  | **830082** |
| **Ecuador – 0.4%** | **Ecuador – 0.4%** | **Ecuador – 0.4%** | **Ecuador – 0.4%** |
| Ecuador Government <br> International Bond,<br>|  |  |  |
| 6.90%, 7/31/30 |  | 133030 | 99320 |
| 0.00%, 7/31/30<sup>(d)</sup> <br>|  | 148000 | 89866 |
| (Step to 6.90% on <br> 7/31/25), 5.50%, <br> 7/31/35<sup>(c)(k)</sup> <br>|  | 581952 | 348769 |
| (Step to 5.50% on <br> 7/31/26), 5.00%, <br> 7/31/40<sup>(k)</sup> <br>|  | 175000 | 91242 |
|  |  |  | **629197** |
| **Egypt – 0.9%** | **Egypt – 0.9%** | **Egypt – 0.9%** | **Egypt – 0.9%** |
| Egypt Government <br> International Bond,<br>|  |  |  |
| 5.88%, 2/16/31 |  | 200000 | 162500 |
| 7.05%, 1/15/32<sup>(c)</sup> <br>|  | 535000 | 446725 |
| 7.63%, 5/29/32 |  | 660000 | 561779 |
| 8.50%, 1/31/47 |  | 300000 | 217656 |
| 7.50%, 2/16/61 |  | 200000 | 129881 |
|  |  |  | **1518541** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** |
| El Salvador Government <br> International Bond,<br>|  |  |
| 8.25%, 4/10/32 | $34000 | $33514 |
| 7.63%, 2/01/41 | 150000 | 133605 |
|  |  | **167119** |
| **France – 0.2%** | **France – 0.2%** | **France – 0.2%** |
| BNP Paribas S.A., (SOFR + <br> 1.68%), 5.09%, <br> 5/09/31<sup>(f)(h)</sup> <br>| 200000 | 199677 |
| TotalEnergies Capital S.A., |  |  |
| 5.28%, 9/10/54 | 145000 | 133609 |
| 5.64%, 4/05/64 | 50000 | 47049 |
|  |  | **380335** |
| **Gabon – 0.3%** | **Gabon – 0.3%** | **Gabon – 0.3%** |
| Gabon Government <br> International Bond, <br> 6.63%, 2/06/31<br>| 775000 | **551295** |
| **Germany – 0.4%** | **Germany – 0.4%** | **Germany – 0.4%** |
| Deutsche Telekom <br> International Finance <br> B.V., 4.38%, 6/21/28<sup>(c)</sup> <br>| 150000 | 150335 |
| ZF North America <br> Capital, Inc.,<br>|  |  |
| 6.88%, 4/14/28<sup>(c)</sup> <br>| 300000 | 286448 |
| 6.88%, 4/23/32<sup>(c)</sup> <br>| 225000 | 197478 |
|  |  | **634261** |
| **Ghana – 0.2%** | **Ghana – 0.2%** | **Ghana – 0.2%** |
| Ghana Government <br> International Bond,<br>|  |  |
| 0.00%, 7/03/26<sup>(d)</sup> <br>| 22200 | 20957 |
| (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/29<sup>(k)</sup> <br>| 80550 | 68771 |
| 0.00%, 1/03/30<sup>(d)</sup> <br>| 45552 | 34631 |
| (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/35<sup>(k)</sup> <br>| 237320 | 161490 |
|  |  | **285849** |
| **Guatemala – 0.3%** | **Guatemala – 0.3%** | **Guatemala – 0.3%** |
| Guatemala Government <br> Bond,<br>|  |  |
| 6.05%, 8/06/31<sup>(c)</sup> <br>| 200000 | 198832 |
| 3.70%, 10/07/33<sup>(c)</sup> <br>| 200000 | 165652 |
| 6.55%, 2/06/37<sup>(c)</sup> <br>| 200000 | 198614 |
|  |  | **563098** |
| **Honduras – 0.1%** | **Honduras – 0.1%** | **Honduras – 0.1%** |
| Honduras Government <br> International Bond, <br> 8.63%, 11/27/34<sup>(c)</sup> <br>| 150000 | **148725** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Hungary – 0.7%** | **Hungary – 0.7%** | **Hungary – 0.7%** | **Hungary – 0.7%** |
| Hungary Government <br> Bond,<br>|  |  |  |
| 2.75%, 12/22/26 | HUF | 77250000 | $205302 |
| 3.00%, 10/27/27 | HUF | 62670000 | 163470 |
| 3.25%, 10/22/31 | HUF | 59400000 | 139217 |
| 2.25%, 4/20/33 | HUF | 116230000 | 240931 |
| Magyar Export-Import <br> Bank Zrt., 6.13%, <br> 12/04/27<sup>(c)</sup> <br>|  | $200000 | 203574 |
| MVM Energetika Zrt., <br> 6.50%, 3/13/31<br>|  | 200000 | 204511 |
|  |  |  | **1157005** |
| **India – 2.1%** | **India – 2.1%** | **India – 2.1%** | **India – 2.1%** |
| India Government Bond, |  |  |  |
| 6.75%, 12/23/29 | INR | 82360000 | 1002070 |
| 7.17%, 4/17/30 | INR | 3000000 | 37087 |
| 7.18%, 8/14/33 | INR | 120260000 | 1498832 |
| 7.10%, 4/08/34 | INR | 52970000 | 657919 |
| 6.79%, 10/07/34 | INR | 38030000 | 465807 |
|  |  |  | **3661715** |
| **Indonesia – 2.5%** | **Indonesia – 2.5%** | **Indonesia – 2.5%** | **Indonesia – 2.5%** |
| Freeport Indonesia PT, <br> 5.32%, 4/14/32<sup>(c)</sup> <br>|  | 200000 | 197441 |
| Indonesia Government <br> International Bond,<br>|  |  |  |
| 4.70%, 2/10/34 |  | 200000 | 194260 |
| 5.65%, 1/11/53 |  | 250000 | 245357 |
| Indonesia Treasury Bond, |  |  |  |
| 9.00%, 3/15/29 | IDR | 4814000000 | 315519 |
| 6.88%, 4/15/29 | IDR | 39540000000 | 2408397 |
| 6.50%, 7/15/30 | IDR | 8743000000 | 525015 |
| 7.00%, 9/15/30 | IDR | 3482000000 | 213695 |
| Perusahaan Penerbit SBSN <br> Indonesia III, 5.60%, <br> 11/15/33<sup>(c)</sup> <br>|  | 200000 | 206122 |
|  |  |  | **4305806** |
| **Ireland – 0.3%** | **Ireland – 0.3%** | **Ireland – 0.3%** | **Ireland – 0.3%** |
| GGAM Finance Ltd., |  |  |  |
| 6.88%, 4/15/29<sup>(c)</sup> <br>|  | 50000 | 51060 |
| 5.88%, 3/15/30<sup>(c)</sup> <br>|  | 405000 | 402177 |
|  |  |  | **453237** |
| **Israel – 1.0%** | **Israel – 1.0%** | **Israel – 1.0%** | **Israel – 1.0%** |
| Israel Government <br> International Bond, <br> 5.50%, 3/12/34<br>|  | 600000 | 594741 |
| Leviathan Bond Ltd., <br> 6.50%, 6/30/27<sup>(c)</sup> <br>|  | 20000 | 19662 |
| Teva Pharmaceutical <br> Finance Co. LLC, 6.15%, <br> 2/01/36<br>|  | 30000 | 29345 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Israel (Continued)** | **Israel (Continued)** | **Israel (Continued)** |
| Teva Pharmaceutical <br> Finance Netherlands III <br> B.V.,<br>|  |  |
| 3.15%, 10/01/26 | $195000 | $188416 |
| 7.88%, 9/15/29 | 200000 | 214373 |
| 4.10%, 10/01/46 | 917000 | 648159 |
|  |  | **1694696** |
| **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** |
| Fibercop S.p.A., |  |  |
| 6.38%, 11/15/33<sup>(c)</sup> <br>| 59000 | 56301 |
| 6.00%, 9/30/34<sup>(c)</sup> <br>| 9000 | 8311 |
| 7.20%, 7/18/36<sup>(c)</sup> <br>| 59000 | 56662 |
| UniCredit S.p.A., (5Y US <br> Treasury CMT + 4.75%), <br> 5.46%, 6/30/35<sup>(c)(h)</sup> <br>| 400000 | 389306 |
|  |  | **510580** |
| **Ivory Coast – 0.3%** | **Ivory Coast – 0.3%** | **Ivory Coast – 0.3%** |
| Ivory Coast Government <br> International Bond,<br>|  |  |
| 5.75%, 12/31/32 | 143084 | 131465 |
| 6.13%, 6/15/33 | 244000 | 210333 |
| 8.08%, 4/01/36<sup>(c)</sup> <br>| 200000 | 184869 |
|  |  | **526667** |
| **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** |
| Mitsubishi UFJ Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 1.27%), <br> 5.62%, 4/24/36<sup>(h)</sup> <br>| 201000 | 205338 |
| ORIX Corp., 5.40%, <br> 2/25/35<br>| 49000 | 49085 |
| Rakuten Group, Inc., <br> 11.25%, 2/15/27<sup>(c)</sup> <br>| 400000 | 427487 |
| SoftBank Group Corp., <br> 4.63%, 7/06/28<br>| 205000 | 195281 |
|  |  | **877191** |
| **Jordan – 0.1%** | **Jordan – 0.1%** | **Jordan – 0.1%** |
| Jordan Government <br> International Bond, <br> 7.38%, 10/10/47<br>| 200000 | **167825** |
| **Kazakhstan – 0.3%** | **Kazakhstan – 0.3%** | **Kazakhstan – 0.3%** |
| Baiterek National <br> Managing Holding JSC, <br> 5.45%, 5/08/28<sup>(c)</sup> <br>| 200000 | 199127 |
| ForteBank JSC, 7.75%, <br> 2/04/30<sup>(c)</sup> <br>| 200000 | 195281 |
| Kaspi.KZ JSC, 6.25%, <br> 3/26/30<sup>(c)</sup> <br>| 200000 | 195530 |
|  |  | **589938** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** |
| Lebanon Government <br> International Bond,<br>|  |  |  |
| 6.10%, 10/04/22<sup>(l)</sup> <br>|  | $200000 | $34000 |
| 6.00%, 1/27/23<sup>(l)</sup> <br>|  | 245000 | 41877 |
| 6.65%, 4/22/24<sup>(l)</sup> <br>|  | 178000 | 30416 |
| 6.20%, 2/26/25<sup>(l)</sup> <br>|  | 139000 | 24038 |
|  |  |  | **130331** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| Altice Financing S.A., <br> 5.00%, 1/15/28<sup>(c)</sup> <br>|  | 240000 | **184315** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| MGM China Holdings Ltd., <br> 7.13%, 6/26/31<sup>(c)</sup> <br>|  | 205000 | **205868** |
| **Malaysia – 1.8%** | **Malaysia – 1.8%** | **Malaysia – 1.8%** | **Malaysia – 1.8%** |
| Malaysia Government <br> Bond,<br>|  |  |  |
| 3.73%, 6/15/28 | MYR | 1610000 | 378255 |
| 3.89%, 8/15/29 | MYR | 3048000 | 721437 |
| 4.76%, 4/07/37 | MYR | 2369000 | 600644 |
| 4.89%, 6/08/38 | MYR | 2185000 | 563918 |
| 4.05%, 4/18/39 | MYR | 1259000 | 299510 |
| 3.76%, 5/22/40 | MYR | 778000 | 179482 |
| 4.18%, 5/16/44 | MYR | 319000 | 76672 |
| Malaysia Government <br> Investment Issue, 3.47%, <br> 10/15/30<br>| MYR | 1720000 | 399071 |
|  |  |  | **3218989** |
| **Mexico – 3.0%** | **Mexico – 3.0%** | **Mexico – 3.0%** | **Mexico – 3.0%** |
| Comision Federal de <br> Electricidad, 6.45%, <br> 1/24/35<sup>(c)</sup> <br>|  | 200000 | 191763 |
| FIEMEX Energia - Banco <br> Actinver S.A. Institucion <br> de Banca Multiple, <br> 7.25%, 1/31/41<sup>(c)</sup> <br>|  | 198850 | 197259 |
| Mexican Bonos, |  |  |  |
| 8.50%, 3/01/29 | MXN | 5550000 | 281291 |
| 7.75%, 5/29/31 | MXN | 11708600 | 565021 |
| 7.50%, 5/26/33 | MXN | 13813800 | 637187 |
| 7.75%, 11/23/34 | MXN | 11849900 | 546650 |
| 10.00%, 11/20/36 | MXN | 1224400 | 65489 |
| 8.50%, 11/18/38 | MXN | 10499200 | 488336 |
| 7.75%, 11/13/42 | MXN | 5936800 | 249191 |
| Mexico Government <br> International Bond,<br>|  |  |  |
| 6.35%, 2/09/35 |  | 600000 | 595661 |
| 6.88%, 5/13/37 |  | 200000 | 201936 |
| 6.34%, 5/04/53 |  | 330000 | 289518 |
| Orbia Advance Corp. S.A.B. <br> de C.V., 6.80%, 5/13/30<sup>(f)</sup> <br>|  | 200000 | 199866 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** |
| Petroleos Mexicanos, |  |  |
| 6.50%, 3/13/27 | $87000 | $85004 |
| 8.75%, 6/02/29 | 32808 | 32265 |
| 5.95%, 1/28/31 | 165000 | 136515 |
| 6.70%, 2/16/32 | 173000 | 148289 |
| 6.63%, 6/15/35 | 132000 | 101866 |
| 6.38%, 1/23/45 | 44000 | 29042 |
| 6.75%, 9/21/47 | 146000 | 98057 |
| 7.69%, 1/23/50 | 67000 | 48883 |
|  |  | **5189089** |
| **Mongolia – 0.1%** | **Mongolia – 0.1%** | **Mongolia – 0.1%** |
| Mongolia Government <br> International Bond, <br> 8.65%, 1/19/28<br>| 200000 | **206679** |
| **Morocco – 0.3%** | **Morocco – 0.3%** | **Morocco – 0.3%** |
| Morocco Government <br> International Bond, <br> 5.95%, 3/08/28<sup>(c)</sup> <br>| 200000 | 203270 |
| OCP S.A., |  |  |
| 6.70%, 3/01/36<sup>(c)</sup> <br>| 200000 | 197916 |
| 7.50%, 5/02/54<sup>(c)</sup> <br>| 200000 | 196500 |
|  |  | **597686** |
| **Netherlands – 0.0%**<sup>(a)</sup> | **Netherlands – 0.0%**<sup>(a)</sup> | **Netherlands – 0.0%**<sup>(a)</sup> |
| NXP B.V./NXP Funding <br> LLC/NXP USA, Inc., <br> 4.30%, 6/18/29<br>| 60000 | **58666** |
| **Oman – 0.5%** | **Oman – 0.5%** | **Oman – 0.5%** |
| Mazoon Assets Co. SAOC, <br> 5.50%, 2/14/29<sup>(c)</sup> <br>| 200000 | 201446 |
| Oman Government <br> International Bond,<br>|  |  |
| 6.25%, 1/25/31<sup>(c)</sup> <br>| 500000 | 523255 |
| 6.50%, 3/08/47 | 200000 | 198431 |
|  |  | **923132** |
| **Pakistan – 0.3%** | **Pakistan – 0.3%** | **Pakistan – 0.3%** |
| Pakistan Government <br> International Bond,<br>|  |  |
| 6.88%, 12/05/27 | 335000 | 294130 |
| 7.38%, 4/08/31 | 200000 | 157637 |
|  |  | **451767** |
| **Panama – 0.6%** | **Panama – 0.6%** | **Panama – 0.6%** |
| C&W Senior Finance Ltd., <br> 9.00%, 1/15/33<sup>(c)</sup> <br>| 200000 | 200580 |
| Panama Government <br> International Bond,<br>|  |  |
| 3.16%, 1/23/30 | 200000 | 174967 |
| 6.40%, 2/14/35 | 200000 | 188596 |
| 7.88%, 3/01/57 | 325000 | 314127 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Panama (Continued)** | **Panama (Continued)** | **Panama (Continued)** | **Panama (Continued)** |
| Sable International <br> Finance Ltd., 7.13%, <br> 10/15/32<sup>(c)</sup> <br>|  | $200000 | $196520 |
|  |  |  | **1074790** |
| **Peru – 0.8%** | **Peru – 0.8%** | **Peru – 0.8%** | **Peru – 0.8%** |
| Banco de Credito del Peru <br> S.A., (5Y US Treasury <br> CMT + 2.24%), 5.80%, <br> 3/10/35<sup>(c)(h)</sup> <br>|  | 200000 | 195720 |
| Niagara Energy S.A.C., <br> 5.75%, 10/03/34<sup>(c)</sup> <br>|  | 200000 | 197675 |
| Peru Government Bond, |  |  |  |
| 6.15%, 8/12/32 | PEN | 154000 | 42870 |
| 7.30%, 8/12/33<sup>(c)</sup> <br>| PEN | 670000 | 195734 |
| 5.40%, 8/12/34 | PEN | 222000 | 55853 |
| Peruvian Government <br> International Bond,<br>|  |  |  |
| 6.95%, 8/12/31 | PEN | 419000 | 124116 |
| 5.38%, 2/08/35 |  | 210000 | 206758 |
| 6.55%, 3/14/37 |  | 79000 | 83641 |
| 6.90%, 8/12/37 | PEN | 1134000 | 305548 |
|  |  |  | **1407915** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| Philippine Government <br> International Bond,<br>|  |  |  |
| 5.50%, 1/17/48 |  | 600000 | 582633 |
| 5.90%, 2/04/50 |  | 200000 | 203509 |
|  |  |  | **786142** |
| **Poland – 1.6%** | **Poland – 1.6%** | **Poland – 1.6%** | **Poland – 1.6%** |
| Bank Gospodarstwa <br> Krajowego, 5.75%, <br> 7/09/34<sup>(c)</sup> <br>|  | 200000 | 204414 |
| Republic of Poland <br> Government Bond,<br>|  |  |  |
| 2.50%, 7/25/26 | PLN | 429000 | 111267 |
| 2.50%, 7/25/27 | PLN | 981000 | 249968 |
| 2.75%, 10/25/29 | PLN | 1005000 | 248076 |
| 1.25%, 10/25/30 | PLN | 2014000 | 448755 |
| 1.75%, 4/25/32 | PLN | 4442000 | 965325 |
| 5.00%, 10/25/34 | PLN | 480000 | 125756 |
| Republic of Poland <br> Government International <br> Bond,<br>|  |  |  |
| 4.63%, 3/18/29 |  | 140000 | 141534 |
| 4.88%, 10/04/33 |  | 196000 | 194381 |
| 5.50%, 3/18/54 |  | 158000 | 146857 |
|  |  |  | **2836333** |
| **Romania – 1.5%** | **Romania – 1.5%** | **Romania – 1.5%** | **Romania – 1.5%** |
| Romania Government <br> Bond,<br>|  |  |  |
| 5.80%, 7/26/27 | RON | 620000 | 137974 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** |
| Romania Government <br> Bond,<br>|  |  |  |
| 5.00%, 2/12/29 | RON | 470000 | $99028 |
| 7.35%, 4/28/31 | RON | 1605000 | 363734 |
| 6.70%, 2/25/32 | RON | 2280000 | 500484 |
| 7.20%, 10/30/33 | RON | 545000 | 121707 |
| 4.75%, 10/11/34 | RON | 780000 | 145325 |
| Romanian Government <br> International Bond,<br>|  |  |  |
| 6.63%, 2/17/28<sup>(c)</sup> <br>|  | $110000 | 112538 |
| 5.88%, 1/30/29<sup>(c)</sup> <br>|  | 218000 | 215969 |
| 7.13%, 1/17/33<sup>(c)</sup> <br>|  | 308000 | 310983 |
| 6.38%, 1/30/34<sup>(c)</sup> <br>|  | 288000 | 272805 |
| 7.63%, 1/17/53<sup>(c)</sup> <br>|  | 320000 | 308702 |
|  |  |  | **2589249** |
| **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** |
| Saudi Arabian Oil Co., |  |  |  |
| 2.25%, 11/24/30 |  | 200000 | 175740 |
| 5.25%, 7/17/34<sup>(c)</sup> <br>|  | 200000 | 201512 |
| Saudi Government <br> International Bond,<br>|  |  |  |
| 4.75%, 1/16/30<sup>(c)</sup> <br>|  | 404000 | 405424 |
| 5.00%, 1/16/34 |  | 830000 | 826573 |
| 3.75%, 3/05/37<sup>(c)</sup> <br>| EUR | 200000 | 222356 |
| 5.75%, 1/16/54<sup>(c)</sup> <br>|  | 406000 | 383723 |
|  |  |  | **2215328** |
| **Senegal – 0.6%** | **Senegal – 0.6%** | **Senegal – 0.6%** | **Senegal – 0.6%** |
| Senegal Government <br> International Bond,<br>|  |  |  |
| 7.75%, 6/10/31 |  | 834000 | 656076 |
| 6.25%, 5/23/33 |  | 600000 | 417744 |
|  |  |  | **1073820** |
| **Serbia – 0.1%** | **Serbia – 0.1%** | **Serbia – 0.1%** | **Serbia – 0.1%** |
| Telecommunications co <br> Telekom Srbija AD <br> Belgrade, 7.00%, <br> 10/28/29<sup>(c)</sup> <br>|  | 200000 | **198267** |
| **South Africa – 2.1%** | **South Africa – 2.1%** | **South Africa – 2.1%** | **South Africa – 2.1%** |
| Eskom Holdings SOC Ltd., <br> 8.45%, 8/10/28<br>|  | 400000 | 408000 |
| Republic of South Africa <br> Government Bond,<br>|  |  |  |
| 10.50%, 12/21/26 | ZAR | 6400000 | 357340 |
| 7.00%, 2/28/31 | ZAR | 5411193 | 261916 |
| 8.25%, 3/31/32 | ZAR | 5528933 | 276461 |
| 8.88%, 2/28/35 | ZAR | 8439822 | 408154 |
| 8.50%, 1/31/37 | ZAR | 12160510 | 543521 |
| 9.00%, 1/31/40 | ZAR | 10406227 | 459595 |
| 8.75%, 1/31/44 | ZAR | 7461447 | 311476 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup> | **Value** |
| **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** |
| Republic of South Africa <br> Government International <br> Bond,<br>|  |  |  |
| 4.85%, 9/30/29 |  | $300000 | $282720 |
| 5.65%, 9/27/47 |  | 450000 | 323280 |
|  |  |  | **3632463** |
| **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** |
| Banco Santander S.A., <br> 5.44%, 7/15/31<br>|  | 200000 | **206505** |
| **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** |
| Sri Lanka Government <br> International Bond,<br>|  |  |  |
| (Step to 3.35% on <br> 7/15/27), 3.10%, <br> 1/15/30<sup>(c)(k)</sup> <br>|  | 404118 | 325315 |
| (Step to 5.10% on <br> 12/15/27), 3.60%, <br> 6/15/35<sup>(c)(k)</sup> <br>|  | 80948 | 52206 |
| (Step to 3.85% on <br> 11/15/27), 3.60%, <br> 5/15/36<sup>(c)(k)</sup> <br>|  | 56179 | 39044 |
|  |  |  | **416565** |
| **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** |
| Holcim Finance U.S. LLC, <br> 5.40%, 4/07/35<sup>(c)</sup> <br>|  | 71000 | 70964 |
| Tyco Electronics Group <br> S.A.,<br>|  |  |  |
| 4.50%, 2/09/31<sup>(f)</sup> <br>|  | 37000 | 36899 |
| 5.00%, 5/09/35<sup>(f)</sup> <br>|  | 53000 | 52421 |
|  |  |  | **160284** |
| **Thailand – 0.9%** | **Thailand – 0.9%** | **Thailand – 0.9%** | **Thailand – 0.9%** |
| Thailand Government <br> Bond,<br>|  |  |  |
| 3.30%, 6/17/38 | THB | 4435000 | 151291 |
| 3.45%, 6/17/43 | THB | 31204000 | 1070267 |
| 4.00%, 6/17/55 | THB | 10218000 | 394956 |
|  |  |  | **1616514** |
| **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** |
| Port of Spain Waterfront <br> Development, 7.88%, <br> 2/19/40<sup>(c)</sup> <br>|  | 200000 | **188000** |
| **Turkey – 0.9%** | **Turkey – 0.9%** | **Turkey – 0.9%** | **Turkey – 0.9%** |
| Akbank T.A.S., (5Y US <br> Treasury CMT + 5.27%), <br> 9.37%, 3/14/29<sup>(c)(g)(h)</sup> <br>|  | 200000 | 199661 |
| Hazine Mustesarligi Varlik <br> Kiralama AS, 8.51%, <br> 1/14/29<sup>(c)</sup> <br>|  | 200000 | 211746 |
| Istanbul Metropolitan <br> Municipality, 10.50%, <br> 12/06/28<sup>(c)</sup> <br>|  | 200000 | 212548 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Turkey (Continued)** | **Turkey (Continued)** | **Turkey (Continued)** |
| Limak Cimento Sanayi ve <br> Ticaret AS, 9.75%, <br> 7/25/29<br>| $200000 | $196030 |
| Turkiye Vakiflar Bankasi <br> T.A.O.,<br>|  |  |
| (5Y US Treasury CMT + <br> 5.49%), 10.12%, <br> 4/24/29<sup>(c)(g)(h)</sup> <br>| 200000 | 203580 |
| (5Y US Treasury CMT + <br> 4.67%), 8.99%, <br> 10/05/34<sup>(c)(h)</sup> <br>| 200000 | 202295 |
| Yapi ve Kredi Bankasi A.S., <br> (5Y US Treasury CMT + <br> 5.50%), 9.74%, <br> 4/04/29<sup>(c)(g)(h)</sup> <br>| 200000 | 201884 |
| Zorlu Enerji Elektrik Uretim <br> A.S., 11.00%, 4/23/30<sup>(c)</sup> <br>| 200000 | 183170 |
|  |  | **1610914** |
| **Ukraine – 0.3%** | **Ukraine – 0.3%** | **Ukraine – 0.3%** |
| Ukraine Government <br> International Bond,<br>|  |  |
| (Step to 3.00% on <br> 2/01/27), 22.58%, <br> 2/01/34<sup>(c)(k)</sup> <br>| 126049 | 48498 |
| (Step to 4.50% on <br> 8/01/25), 1.75%, <br> 2/01/34<sup>(c)(k)</sup> <br>| 168958 | 84217 |
| (Step to 3.00% on <br> 2/01/27), 22.97%, <br> 2/01/35<sup>(c)(k)</sup> <br>| 56519 | 28434 |
| (Step to 4.50% on <br> 8/01/25), 1.75%, <br> 2/01/35<sup>(c)(k)</sup> <br>| 246305 | 121143 |
| (Step to 3.00% on <br> 2/01/27), 31.27%, <br> 2/01/36<sup>(c)(k)</sup> <br>| 48764 | 24403 |
| (Step to 4.50% on <br> 8/01/25), 1.75%, <br> 2/01/36<sup>(c)(k)</sup> <br>| 161636 | 77938 |
| 2.26%, 8/01/41<sup>(j)(m)</sup> <br>| 221000 | 157747 |
|  |  | **542380** |
| **United Arab Emirates – 0.8%** | **United Arab Emirates – 0.8%** | **United Arab Emirates – 0.8%** |
| Adnoc Murban Rsc Ltd., |  |  |
| 4.50%, 9/11/34<sup>(c)</sup> <br>| 400000 | 386839 |
| 5.13%, 9/11/54<sup>(c)</sup> <br>| 225000 | 202332 |
| Galaxy Pipeline Assets <br> Bidco Ltd.,<br>|  |  |
| 2.63%, 3/31/36<sup>(c)</sup> <br>| 200000 | 168500 |
| 2.94%, 9/30/40<sup>(c)</sup> <br>| 198729 | 161451 |
| MDGH GMTN RSC Ltd., |  |  |
| 5.50%, 4/28/33 | 200000 | 206626 |
| 5.88%, 5/01/34 | 200000 | 211200 |
|  |  | **1336948** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **United Kingdom – 1.1%** | **United Kingdom – 1.1%** | **United Kingdom – 1.1%** |
| Ardonagh Finco Ltd., <br> 7.75%, 2/15/31<sup>(c)</sup> <br>| $940000 | $956736 |
| BAT Capital Corp., |  |  |
| 5.35%, 8/15/32 | 33000 | 33185 |
| 7.08%, 8/02/43 | 41000 | 43969 |
| 3.98%, 9/25/50 | 50000 | 34697 |
| Global Auto <br> Holdings Ltd./AAG FH <br> UK Ltd.,<br>|  |  |
| 8.38%, 1/15/29<sup>(c)</sup> <br>| 400000 | 352983 |
| 11.50%, 8/15/29<sup>(c)</sup> <br>| 200000 | 192000 |
| Lloyds Banking Group PLC, <br> (1Y US Treasury CMT + <br> 1.20%), 5.59%, <br> 11/26/35<sup>(h)</sup> <br>| 200000 | 200248 |
| RELX Capital, Inc., |  |  |
| 4.75%, 3/27/30 | 31000 | 31340 |
| 5.25%, 3/27/35 | 102000 | 102984 |
| Reynolds American, Inc., <br> 5.85%, 8/15/45<br>| 20000 | 18737 |
|  |  | **1966879** |
| **Uruguay – 0.3%** | **Uruguay – 0.3%** | **Uruguay – 0.3%** |
| Uruguay Government <br> International Bond,<br>|  |  |
| 5.44%, 2/14/37 | 200000 | 203550 |
| 4.98%, 4/20/55 | 327029 | 287377 |
|  |  | **490927** |
| **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** |
| Republic of Uzbekistan <br> International Bond, <br> 3.90%, 10/19/31<br>| 200000 | 169439 |
| Uzbekneftegaz JSC, <br> 8.75%, 5/07/30<br>| 200000 | 200000 |
|  |  | **369439** |
| **Venezuela – 0.1%** | **Venezuela – 0.1%** | **Venezuela – 0.1%** |
| Petroleos de Venezuela <br> S.A.,<br>|  |  |
| 9.00%, 11/17/21<sup>(l)</sup> <br>| 185101 | 23600 |
| 6.00%, 5/16/24<sup>(l)</sup> <br>| 90653 | 10516 |
| 5.38%, 4/12/27<sup>(l)</sup> <br>| 82800 | 9605 |
| Venezuela Government <br> International Bond,<br>|  |  |
| 7.75%, 10/13/19<sup>(l)</sup> <br>| 93400 | 12843 |
| 8.25%, 10/13/24<sup>(l)</sup> <br>| 259100 | 36921 |
| 11.75%, 10/21/26<sup>(l)</sup> <br>| 42200 | 7596 |
| 9.25%, 9/15/27<sup>(l)</sup> <br>| 201200 | 34707 |
| 9.25%, 5/07/28<sup>(l)</sup> <br>| 425300 | 68048 |
| 11.95%, 8/05/31<sup>(l)</sup> <br>| 92000 | 14950 |
|  |  | **218786** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Zambia – 0.2%** | **Zambia – 0.2%** | **Zambia – 0.2%** |
| First Quantum <br> Minerals Ltd., 9.38%, <br> 3/01/29<sup>(c)</sup> <br>| $290000 | $304196 |
| Zambia Government <br> International Bond,<br>|  |  |
| (Step to 7.50% on <br> 6/30/31), 5.75%, <br> 6/30/33<sup>(k)</sup> <br>| 53560 | 46506 |
| 0.50%, 12/31/53 | 77000 | 43863 |
|  |  | **394565** |
| **Total Foreign Issuer Bonds** <br>(Cost $80,050,008) | **Total Foreign Issuer Bonds** <br>(Cost $80,050,008) | **79311786** |
| **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%** |
| Citigroup Commercial <br> Mortgage Trust, Series <br> 2014-GC21, Class D, <br> 4.92%, 5/10/47<sup>(c)(n)</sup> <br>| 175000 | 156730 |
| Commercial Mortgage <br> Trust, Series 2012-CR3, <br> Class B, 3.92%, <br> 10/15/45<sup>(c)</sup> <br>| 95164 | 89330 |
| GS Mortgage Securities <br> Trust,<br>|  |  |
| Series 2011-GC5, <br> Class C, 5.30%, <br> 8/10/44<sup>(c)(n)</sup> <br>| 35000 | 30380 |
| Series 2013-GC13, <br> Class C, 4.01%, <br> 7/10/46<sup>(c)(n)</sup> <br>| 320000 | 286272 |
| Series 2014-GC22, <br> Class D, 4.73%, <br> 6/10/47<sup>(c)(n)</sup> <br>| 50000 | 16337 |
| 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 | 92661 |
| Morgan Stanley Bank of <br> America Merrill Lynch <br> Trust, Series 2013-C11, <br> Class B, 4.21%, <br> 8/15/46<sup>(n)</sup> <br>| 110000 | 73997 |
| MSBAM Commercial <br> Mortgage Securities <br> Trust, Series 2012-CKSV, <br> Class C, 4.42%, <br> 10/15/30<sup>(c)(n)</sup> <br>| 100000 | 66910 |
| Wells Fargo Commercial <br> Mortgage Trust, Series <br> 2016-C36, Class C, <br> 4.25%, 11/15/59<sup>(n)</sup> <br>| 45000 | 37891 |
| WFRBS Commercial <br> Mortgage Trust,<br>|  |  |
| Series 2011-C3, Class D, <br> 6.05%, 3/15/44<sup>(c)(n)</sup> <br>| 56647 | 22682 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** | **Commercial Mortgage-Backed Securities** <br> **(Continued)** |
| WFRBS Commercial <br> Mortgage Trust,<br>|  |  |
| Series 2012-C10, Class C, <br> 4.46%, 12/15/45<sup>(n)</sup> <br>| $120000 | $96240 |
| **Total Mortgage-Backed Securities** <br>(Cost $1,180,016) | **Total Mortgage-Backed Securities** <br>(Cost $1,180,016) | **969430** |
| **Term Loans – 2.4%**<sup>(j)</sup>  | **Term Loans – 2.4%**<sup>(j)</sup>  | **Term Loans – 2.4%**<sup>(j)</sup>  |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| Edelman Financial Engines <br> Center LLC, The 2024-2 <br> Refinancing Term Loan, <br> (1M USD CME Term SOFR <br> + 3.00%), 7.32%, 4/07/28<br>| 210463 | 209505 |
| HighTower Holding LLC, <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.00%), 7.29%, 2/03/32<br>| 112122 | 110160 |
|  |  | **319665** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| Chemours Co., The Tranche <br> B-3 US$ Term Loan, (1M <br> USD CME Term SOFR + <br> 3.00%, 0.50% Floor), <br> 7.32%, 8/18/28<br>| 99485 | **96749** |
| **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** |
| 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>| 420629 | 417078 |
| Fortress Intermediate 3, <br> Inc., Initial Term Loan, <br> (1M USD CME Term SOFR <br> + 3.75%), 8.07%, 6/27/31<br>| 304462 | 297612 |
| Ryan LLC, Closing Date <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.82%, 11/14/30<br>| 164189 | 163614 |
| VT Topco, Inc., Second <br> Amendment Term Loan, <br> (3M USD CME Term SOFR <br> + 3.00%, 0.50% Floor), <br> 7.30%, 8/09/30<br>| 55821 | 55636 |
|  |  | **933940** |
| **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** |
| Grant Thornton <br> Advisors LLC, 2025 <br> Incremental DDTL Loan, <br> 6/02/31<sup>(o)</sup> <br>| 5651 | 5600 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Consumer Cyclical (Continued)** | **Consumer Cyclical (Continued)** | **Consumer Cyclical (Continued)** |
| Grant Thornton <br> Advisors LLC, 2025 <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 2.75%), 7.07%, 6/02/31<br>| $180798 | $179188 |
| Horizon Midco 2 Ltd., Term <br> B Loan, (3M USD CME <br> Term SOFR + 4.75%), <br> 9.03%, 10/31/31<br>| 262307 | 233891 |
|  |  | **418679** |
| **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** |
| IVC Acquisition Ltd., <br> Facility B-12, 12/12/28<sup>(o)</sup> <br>| 105061 | **104098** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| GrafTech Global <br> Enterprises, Inc., Delayed <br> Draw Term Loan, <br> 12/21/29<br>| 70299 | 69455 |
| GrafTech Global <br> Enterprises, Inc., Term <br> Loan, (3M USD CME Term <br> SOFR + 6.00%, 2.00% <br> Floor), 10.30%, 12/21/29<br>| 123022 | 121546 |
|  |  | **191001** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| Hanger, Inc., Delayed Draw <br> Term Loan,<br>|  |  |
| (1M USD CME Term SOFR <br> + 3.50%), 7.82%, <br> 10/23/31<br>| 1800 | 1794 |
| 10/23/31<sup>(o)</sup> <br>| 11399 | 11362 |
| Hanger, Inc., Initial Term <br> Loan,<br>|  |  |
| (1M USD CME Term SOFR <br> + 3.50%), 7.82%, <br> 10/23/31<br>| 95000 | 94695 |
| 10/23/31<sup>(o)</sup> <br>| 9311 | 9281 |
| 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>| 204499 | 200665 |
|  |  | **317797** |
| **Insurance – 0.3%** | **Insurance – 0.3%** | **Insurance – 0.3%** |
| Amynta Agency <br> Borrower, Inc., (Amynta <br> Warranty Borrower, Inc.), <br> 2024-1 Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 3.00%), 7.32%, <br> 12/29/31<br>| 278602 | 275757 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Asurion LLC, New B-11 <br> Term Loan, (1M USD CME <br> Term SOFR + 4.25%), <br> 8.67%, 8/19/28<br>| $152304 | $147358 |
| Truist Insurance <br> Holdings LLC, Initial Term <br> Loan, (3M USD CME Term <br> SOFR + 4.75%), 9.05%, <br> 5/06/32<br>| 38304 | 38151 |
|  |  | **461266** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Stubhub Holdco Sub LLC, <br> Extended USD Term B <br> Loan, (1M USD CME Term <br> SOFR + 4.75%), 9.07%, <br> 3/15/30<br>| 228062 | **224214** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| Bausch + Lomb Corp., <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.25%, 0.50% Floor), <br> 7.67%, 5/10/27<br>| 305080 | **301145** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| GoTo Group, Inc., Exchange <br> First Out Term Loan, (1M <br> USD CME Term SOFR + <br> 4.75%), 9.18%, 4/28/28<br>| 73628 | 66486 |
| Project Alpha Intermediate <br> Holding, Inc., Second <br> Amendment Refinancing <br> Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 3.25%, 0.50% Floor), <br> 7.55%, 10/26/30<br>| 5550 | 5523 |
| 10/26/30<sup>(o)</sup> <br>| 100000 | 99514 |
|  |  | **171523** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Dechra Pharmaceuticals <br> Holdings Ltd., Facility <br> B-1, (6M USD CME Term <br> SOFR + 3.25%), 7.51%, <br> 1/27/32<br>| 210494 | **208850** |
| **Technology – 0.0%**<sup>(a)</sup> | **Technology – 0.0%**<sup>(a)</sup> | **Technology – 0.0%**<sup>(a)</sup> |
| Kaseya, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 7.57%, <br> 3/20/32<br>| 55000 | **54568** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup> | **Value** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| Commscope LLC, Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 5.25%, <br> 2.00% Floor), 9.57%, <br> 12/17/29<br>| $352997 | **$346046** |
| **Total Term Loans** <br>(Cost $4,213,220) | **Total Term Loans** <br>(Cost $4,213,220) | **4149541** |
| **U.S. Government Obligations – 1.3%** | **U.S. Government Obligations – 1.3%** | **U.S. Government Obligations – 1.3%** |
| **U.S. Treasury Bonds – 0.4%** | **U.S. Treasury Bonds – 0.4%** | **U.S. Treasury Bonds – 0.4%** |
| 4.75%, 2/15/45 | 235800 | 237421 |
| 4.50%, 11/15/54 | 381900 | 369667 |
| 4.63%, 2/15/55 | 49000 | 48487 |
|  |  | **655575** |
| **U.S. Treasury Notes – 0.9%** | **U.S. Treasury Notes – 0.9%** | **U.S. Treasury Notes – 0.9%** |
| 3.75%, 4/30/27 | 558000 | 559635 |
| 3.75%, 4/15/28 | 488500 | 490752 |
| 4.00%, 3/31/30<sup>(f)</sup> <br>| 17000 | 17211 |
| 3.88%, 4/30/30<sup>(f)</sup> <br>| 187800 | 189135 |
| 4.00%, 4/30/32 | 24000 | 24105 |
| 4.63%, 2/15/35<sup>(f)</sup> <br>| 286900 | 297659 |
|  |  | **1578497** |
| **Total U.S. Government Obligations** <br>(Cost $2,228,725) | **Total U.S. Government Obligations** <br>(Cost $2,228,725) | **2234072** |

---

---

| | |
|:---|:---|
|  | **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> |
| Mcdermott <br> International Ltd.<sup>(p)\*</sup> <br>| 4298 |
| Mcdermott <br> International Ltd. (OTC <br> Exchange)<sup>(p)\*</sup> <br>| 3868 |
| **Total Warrants** <br>(Cost $6,000) | **Total Warrants** <br>(Cost $6,000) |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 5.1%** | **Short-Term Investments – 5.1%** | **Short-Term Investments – 5.1%** |
| **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** |
| Palo Alto Networks, Inc., <br> 0.38%, 6/01/25<br>| 7000 | 26137 |
| Sea Ltd., 2.38%, 12/01/25 | 53000 | 80242 |
| Spotify USA, Inc., 0.00%, <br> 3/15/26<sup>(d)</sup> <br>| 14000 | 18026 |
| Tyler Technologies, Inc., <br> 0.25%, 3/15/26<br>| 14000 | 16471 |
|  |  | **140876** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(b)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** |
| FedEx Corp., 3.25%, <br> 4/01/26<br>|  | 155000 | $153030 |
| Sempra, (5Y US Treasury <br> CMT + 4.55%), 4.88%, <br> 10/15/25<sup>(g)(h)</sup> <br>|  | 91000 | 89788 |
| T-Mobile USA, Inc., |  |  |  |
| 2.25%, 2/15/26 |  | 86000 | 84293 |
| 2.63%, 4/15/26 |  | 26000 | 25518 |
| U.S. Airways Pass Through <br> Trust, Series 2013-1, <br> Class A, 3.95%, 11/15/25<br>|  | 48224 | 48000 |
| United Airlines Pass <br> Through Trust, Series <br> 2020-1, Class B, 4.88%, <br> 1/15/26<br>|  | 50521 | 50334 |
|  |  |  | **450963** |
| **Foreign Issuer Bonds – 2.2%** | **Foreign Issuer Bonds – 2.2%** | **Foreign Issuer Bonds – 2.2%** | **Foreign Issuer Bonds – 2.2%** |
| Agile Group Holdings Ltd., <br> 6.05%, 10/13/25<sup>(l)</sup> <br>|  | 205000 | 12710 |
| China Evergrande Group, <br> 8.75%, 6/28/25<sup>(l)</sup> <br>|  | 200000 | 2628 |
| Egypt Treasury Bills, |  |  |  |
| 27.14%, 5/20/25<sup>(q)</sup> <br>| EGP | 13300000 | 258613 |
| 26.92%, 6/03/25<sup>(q)</sup> <br>| EGP | 6850000 | 131772 |
| 25.23%, 6/10/25<sup>(q)</sup> <br>| EGP | 43300000 | 828567 |
| 22.98%, 6/17/25<sup>(q)</sup> <br>| EGP | 34075000 | 648649 |
| 26.61%, 6/24/25<sup>(q)</sup> <br>| EGP | 13000000 | 246194 |
| 22.91%, 9/09/25<sup>(q)</sup> <br>| EGP | 18400000 | 330633 |
| Hungary Government <br> Bond, 5.50%, 6/24/25<br>| HUF | 67630000 | 190124 |
| Nigeria OMO Bills, |  |  |  |
| 21.37%, 6/17/25<sup>(q)</sup> <br>| NGN | 685000000 | 412909 |
| 22.03%, 11/04/25<sup>(q)</sup> <br>| NGN | 1193000000 | 656132 |
| 22.26%, 12/02/25<sup>(q)</sup> <br>| NGN | 137457000 | 74192 |
| 22.26%, 12/09/25<sup>(q)</sup> <br>| NGN | 209884000 | 114827 |
| Sunac China Holdings Ltd., <br> 6.00%, 9/30/25<sup>(c)</sup> <br>|  | 18607 | 2186 |
| Times China Holdings Ltd., <br> 6.20%, 3/22/26<sup>(i)(l)</sup> <br>|  | 215000 | 7525 |
| Zhenro Properties <br> Group Ltd., 6.63%, <br> 1/07/26<sup>(l)</sup> <br>|  | 200000 | 1001 |
|  |  |  | **3918662** |
| **Money Market Fund – 1.9%** | **Money Market Fund – 1.9%** | **Money Market Fund – 1.9%** | **Money Market Fund – 1.9%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier),4.17%<sup>(r)</sup> <br>|  | 3378911 | **3378911** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(b)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **U.S. Treasury Bills – 0.6%** | **U.S. Treasury Bills – 0.6%** | **U.S. Treasury Bills – 0.6%** |
| U.S. Treasury Bills, |  |  |
| 4.13%, 6/05/25<sup>(q)(s)</sup> <br>| 475000 | $473047 |
| 4.06%, 7/24/25<sup>(q)</sup> <br>| 610000 | 604065 |
|  |  | **1077112** |
| **Total Short-Term Investments** <br>(Cost $9,587,124) | **Total Short-Term Investments** <br>(Cost $9,587,124) | **8966524** |
| **Total Investments – 98.6%** <br>(Cost $176,346,832) | **Total Investments – 98.6%** <br>(Cost $176,346,832) | **172962632** |
| Other Assets less Liabilities – 1.4%<sup>(t)</sup>  | Other Assets less Liabilities – 1.4%<sup>(t)</sup>  | 2427721 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$175390353** |

---

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

<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 April 30, 2025, these securities had a total value of $60,752,121 or 34.64% of net assets. 

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

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

<sup>(f)</sup> When-issued security. Coupon rate was not yet in effect at April 30, 2025.

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

<sup>(h)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of April 30, 2025 is disclosed. 

<sup>(i)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At April 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $429,424 or 0.24% of net assets. 

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| Kaisa Group Holdings Ltd., 9.38%, 6/30/24 | 12/07/2021 | $70000 |
| Paramount Global, 6.38%, 3/30/62 | 11/19/24-4/24/25 | 401262 |
| Times China Holdings Ltd., 6.20%, 3/22/26 | 10/06/2021 | 193682 |
| Yuzhou Group Holdings Co. Ltd., 6.35%, 1/13/27 | 10/05/2021 | 134120 |

---

<sup>(j)</sup> Variable or floating rate security. Rate as of April 30, 2025 is disclosed.

<sup>(k)</sup> Step coupon bond. Rate as of April 30, 2025 is disclosed.

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

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

<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 April 30, 2025 is disclosed. 

<sup>(o)</sup> Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement date.

<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 April 30, 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 contracts.

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

\* Non-income producing security

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

**Abbreviations:**<br>

---

| | |
|:---|:---|
| 1Y | 1 Year |
| 1M | 1 Month |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNY | Chinese Offshore Yuan |
| COP | Colombian Peso |
| CZK | Czech Republic Koruna |
| DDTL | Delayed Draw Term Loan |
| 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 |
| PEN | Peruvian Nuevo Sole |
| PLC | Public Limited Company |
| PLN | Polish Zloty |
| RON | Romania New Leu |
| SOFR | United States Secured Overnight Financing Rate |
| THB | Thai Baht |
| USD | United States Dollar |
| ZAR | South African Rand |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 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 U.S. Treasury Note | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 112219 | &nbsp;&nbsp; $2047 |
| U.S. Treasury Long Bond | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1049625 | &nbsp;&nbsp; (8461)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7077046 | &nbsp;&nbsp; 57671 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1965516 | &nbsp;&nbsp; 27094 |
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$78351** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 583125 | &nbsp;&nbsp; $3378 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6195656 | &nbsp;&nbsp; (111075)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 121031 | &nbsp;&nbsp; 2345 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(105352)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$(27001)**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 5/02/25 | Turkish Lira | &nbsp;&nbsp; 80837729 | U.S. Dollars | &nbsp;&nbsp; 2042859 | JPMorgan Chase | &nbsp;&nbsp; $57109 |
| 5/02/25 | Turkish Lira | &nbsp;&nbsp; 64340097 | U.S. Dollars | &nbsp;&nbsp; 1624514 | BNP Paribas | &nbsp;&nbsp; 46885 |
| 5/07/25 | Mexican Pesos | &nbsp;&nbsp; 15076565 | U.S. Dollars | &nbsp;&nbsp; 730100 | JPMorgan Chase | &nbsp;&nbsp; 37944 |
| 6/16/25 | Euro | &nbsp;&nbsp; 843593 | U.S. Dollars | &nbsp;&nbsp; 925000 | BNP Paribas | &nbsp;&nbsp; 33560 |
| 6/12/25 | Thai Baht | &nbsp;&nbsp; 64176302 | U.S. Dollars | &nbsp;&nbsp; 1911147 | Morgan Stanley | &nbsp;&nbsp; 16345 |
| 6/10/25 | Polish Zloty | &nbsp;&nbsp; 2327411 | U.S. Dollars | &nbsp;&nbsp; 598912 | BNP Paribas | &nbsp;&nbsp; 16109 |
| 7/07/25 | Euro | &nbsp;&nbsp; 540018 | U.S. Dollars | &nbsp;&nbsp; 600500 | Bank of America | &nbsp;&nbsp; 13955 |
| 5/07/25 | Mexican Pesos | &nbsp;&nbsp; 4589278 | U.S. Dollars | &nbsp;&nbsp; 220000 | Barclays | &nbsp;&nbsp; 13791 |
| 5/06/25 | U.S. Dollars | &nbsp;&nbsp; 391795 | Chilean Pesos | &nbsp;&nbsp; 359667480 | Morgan Stanley | &nbsp;&nbsp; 11972 |
| 6/24/25 | Malaysian Ringgit | &nbsp;&nbsp; 1837995 | U.S. Dollars | &nbsp;&nbsp; 416401 | Goldman Sachs | &nbsp;&nbsp; 10560 |
| 5/06/25 | Chilean Pesos | &nbsp;&nbsp; 359667480 | U.S. Dollars | &nbsp;&nbsp; 369800 | Bank of America | &nbsp;&nbsp; 10023 |
| 7/08/25 | Czech Republic Koruna | &nbsp;&nbsp; 4224171 | U.S. Dollars | &nbsp;&nbsp; 183800 | Barclays | &nbsp;&nbsp; 8309 |
| 6/26/25 | U.S. Dollars | &nbsp;&nbsp; 341738 | Colombian Pesos | &nbsp;&nbsp; 1429946054 | Bank of America | &nbsp;&nbsp; 6156 |
| 6/17/25 | Malaysian Ringgit | &nbsp;&nbsp; 791173 | U.S. Dollars | &nbsp;&nbsp; 179067 | Barclays | &nbsp;&nbsp; 4658 |
| 10/27/25 | Brazilian Reals | &nbsp;&nbsp; 6611900 | U.S. Dollars | &nbsp;&nbsp; 1109100 | JPMorgan Chase | &nbsp;&nbsp; 4464 |
| 10/27/25 | U.S. Dollars | &nbsp;&nbsp; 301700 | Brazilian Reals | &nbsp;&nbsp; 1774300 | BNP Paribas | &nbsp;&nbsp; 2876 |
| 6/24/25 | U.S. Dollars | &nbsp;&nbsp; 185400 | Colombian Pesos | &nbsp;&nbsp; 778231332 | Barclays | &nbsp;&nbsp; 2712 |
| 5/02/25 | U.S. Dollars | &nbsp;&nbsp; 3773058 | Turkish Lira | &nbsp;&nbsp; 145177825 | BNP Paribas | &nbsp;&nbsp; 1691 |
| 5/05/25 | U.S. Dollars | &nbsp;&nbsp; 313428 | Brazilian Reals | &nbsp;&nbsp; 1774253 | BNP Paribas | &nbsp;&nbsp; 1203 |
| 6/25/25 | U.S. Dollars | &nbsp;&nbsp; 184800 | Colombian Pesos | &nbsp;&nbsp; 782812800 | JPMorgan Chase | &nbsp;&nbsp; 1062 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $301384 |
| 10/27/25 | U.S. Dollars | &nbsp;&nbsp; 1109100 | Mexican Pesos | &nbsp;&nbsp; 22265183 | Morgan Stanley | &nbsp;&nbsp; $(149)<br>|
| 7/08/25 | Czech Republic Koruna | &nbsp;&nbsp; 3794489 | U.S. Dollars | &nbsp;&nbsp; 173160 | BNP Paribas | &nbsp;&nbsp; (592)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 5/05/25 | Brazilian Reals | &nbsp;&nbsp; 1774253 | U.S. Dollars | &nbsp;&nbsp; 313428 | Morgan Stanley | &nbsp;&nbsp; $(1203)<br>|
| 5/05/25 | Brazilian Reals | &nbsp;&nbsp; 1774253 | U.S. Dollars | &nbsp;&nbsp; 314863 | BNP Paribas | &nbsp;&nbsp; (2638)<br>|
| 6/10/25 | U.S. Dollars | &nbsp;&nbsp; 124400 | Polish Zloty | &nbsp;&nbsp; 483092 | BNP Paribas | &nbsp;&nbsp; (3258)<br>|
| 5/27/25 | Turkish Lira | &nbsp;&nbsp; 15820919 | U.S. Dollars | &nbsp;&nbsp; 401730 | BNP Paribas | &nbsp;&nbsp; (4066)<br>|
| 6/12/25 | U.S. Dollars | &nbsp;&nbsp; 176507 | Thai Baht | &nbsp;&nbsp; 6013596 | Bank of America | &nbsp;&nbsp; (4107)<br>|
| 5/06/25 | U.S. Dollars | &nbsp;&nbsp; 369800 | Peruvian Nuevo Soles | &nbsp;&nbsp; 1371218 | JPMorgan Chase | &nbsp;&nbsp; (4188)<br>|
| 5/06/25 | Peruvian Nuevo Soles | &nbsp;&nbsp; 1371219 | U.S. Dollars | &nbsp;&nbsp; 378267 | Bank of America | &nbsp;&nbsp; (4279)<br>|
| 9/08/25 | U.S. Dollars | &nbsp;&nbsp; 294907 | Turkish Lira | &nbsp;&nbsp; 13441869 | JPMorgan Chase | &nbsp;&nbsp; (5539)<br>|
| 7/23/25 | U.S. Dollars | &nbsp;&nbsp; 1603146 | Chinese Offshore Yuan | &nbsp;&nbsp; 11632907 | Bank of America | &nbsp;&nbsp; (7673)<br>|
| 7/16/25 | Turkish Lira | &nbsp;&nbsp; 19593517 | U.S. Dollars | &nbsp;&nbsp; 475900 | BNP Paribas | &nbsp;&nbsp; (11360)<br>|
| 7/07/25 | U.S. Dollars | &nbsp;&nbsp; 600500 | Hungarian Forints | &nbsp;&nbsp; 219490316 | Bank of America | &nbsp;&nbsp; (12099)<br>|
| 5/05/25 | U.S. Dollars | &nbsp;&nbsp; 296545 | Brazilian Reals | &nbsp;&nbsp; 1774253 | Barclays | &nbsp;&nbsp; (15680)<br>|
| 9/08/25 | Turkish Lira | &nbsp;&nbsp; 13441869 | U.S. Dollars | &nbsp;&nbsp; 317100 | Morgan Stanley | &nbsp;&nbsp; (16654)<br>|
| 6/02/25 | Turkish Lira | &nbsp;&nbsp; 145177825 | U.S. Dollars | &nbsp;&nbsp; 3640595 | BNP Paribas | &nbsp;&nbsp; (17339)<br>|
| 7/16/25 | Turkish Lira | &nbsp;&nbsp; 72087190 | U.S. Dollars | &nbsp;&nbsp; 1734100 | Barclays | &nbsp;&nbsp; (24996)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 1105566 | Turkish Lira | &nbsp;&nbsp; 47746645 | JPMorgan Chase | &nbsp;&nbsp; (26452)<br>|
| 7/16/25 | U.S. Dollars | &nbsp;&nbsp; 1014526 | Turkish Lira | &nbsp;&nbsp; 43934061 | BNP Paribas | &nbsp;&nbsp; (27100)<br>|
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 925000 | Hungarian Forints | &nbsp;&nbsp; 341115395 | BNP Paribas | &nbsp;&nbsp; (28136)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(217508)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$83876** |

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2621934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2621934 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1533886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1533886 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 224494 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 224494 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 72950965 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72950965 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 79311786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79311786 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 969430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 969430 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 4149541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4149541 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234072 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234072 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Short-Term Investments | &nbsp;&nbsp; $3378911 | &nbsp;&nbsp; $5587613 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8966524 |
| **Total Investments** | &nbsp;&nbsp; $6225339 | &nbsp;&nbsp; $166737293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $172962632 |

---

\*Includes securities determined to have no value as of April 30, 2025. <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $92535 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92535 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 301384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 301384 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $92535 | &nbsp;&nbsp; $301384 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $393919 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(119536)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(119536)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (217508)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (217508)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(119536)<br>| &nbsp;&nbsp; $(217508)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(337044)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $(27001)<br>| &nbsp;&nbsp; $83876 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56875 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 44.1%** | **Common Stocks – 44.1%** | **Common Stocks – 44.1%** |
| **Advertising & Marketing – 1.7%** | **Advertising & Marketing – 1.7%** | **Advertising & Marketing – 1.7%** |
| Dentsu Group, Inc. <br> (Japan)<sup>(a)</sup> <br>| 1900 | $39836 |
| Omnicom Group, Inc. | 64725 | 4929456 |
| WPP PLC (United Kingdom) | 3737 | 28971 |
|  |  | **4998263** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| BAE Systems PLC (United <br> Kingdom)<br>| 4944 | 114615 |
| Rolls-Royce Holdings PLC <br> (United Kingdom)<br>| 8332 | 84340 |
|  |  | **198955** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| 3i Group PLC (United <br> Kingdom)<br>| 893 | 50625 |
| Charles Schwab <br> (The) Corp.<br>| 2055 | 167277 |
| St. James's Place PLC <br> (United Kingdom)<br>| 1650 | 20799 |
|  |  | **238701** |
| **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** |
| Bridgestone Corp. (Japan) | 6500 | 271799 |
| Denso Corp. (Japan) | 9600 | 123955 |
| Honda Motor Co. Ltd. <br> (Japan)<br>| 33800 | 343906 |
| Nissan Motor Co. Ltd. <br> (Japan)<sup>(a)\*</sup> <br>| 22600 | 53802 |
| Stanley Electric Co. Ltd. <br> (Japan)<br>| 8400 | 157407 |
| Sumitomo Electric <br> Industries Ltd. (Japan)<br>| 3700 | 59472 |
| Toyota Motor Corp. (Japan) | 35600 | 679939 |
|  |  | **1690280** |
| **Banking – 2.9%** | **Banking – 2.9%** | **Banking – 2.9%** |
| Bank of America Corp. | 21339 | 850999 |
| Barclays PLC (United <br> Kingdom)<br>| 17692 | 70479 |
| Citigroup, Inc. | 7616 | 520782 |
| Citizens Financial <br> Group, Inc.<br>| 8983 | 331383 |
| Comerica, Inc. | 2412 | 129645 |
| Fifth Third Bancorp | 11479 | 412555 |
| HSBC Holdings PLC (United <br> Kingdom)<br>| 29358 | 327265 |
| Huntington <br> Bancshares, Inc.<br>| 30312 | 440433 |
| JP Morgan Chase & Co. | 3270 | 799907 |
| KeyCorp | 22757 | 337714 |
| Lloyds Banking Group PLC <br> (United Kingdom)<br>| 108650 | 106746 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| M&T Bank Corp. | 2446 | $415233 |
| Mitsubishi UFJ Financial <br> Group, Inc. (Japan)<br>| 27500 | 346476 |
| Mizuho Financial <br> Group, Inc. (Japan)<br>| 5400 | 135014 |
| NatWest Group PLC <br> (United Kingdom)<br>| 9313 | 59904 |
| PNC Financial Services <br> Group (The), Inc.<br>| 2549 | 409599 |
| Regions Financial Corp. | 13844 | 282556 |
| Resona Holdings, Inc. <br> (Japan)<br>| 8300 | 66581 |
| Standard Chartered PLC <br> (United Kingdom)<br>| 4583 | 66010 |
| Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 15300 | 365015 |
| Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 7500 | 185541 |
| Truist Financial Corp. | 12255 | 469857 |
| U.S. Bancorp | 13282 | 535796 |
| Wells Fargo & Co. | 13468 | 956363 |
| Zions Bancorp N.A. | 2866 | 128884 |
|  |  | **8750737** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Asahi Group Holdings Ltd. <br> (Japan)<br>| 12700 | 175543 |
| Diageo PLC (United <br> Kingdom)<br>| 5586 | 156857 |
| Kirin Holdings Co. Ltd. <br> (Japan)<br>| 10800 | 163368 |
|  |  | **495768** |
| **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** |
| Astellas Pharma, Inc. <br> (Japan)<br>| 11400 | 114161 |
| AstraZeneca PLC (United <br> Kingdom)<br>| 2715 | 388969 |
| Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 2600 | 149785 |
| Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 10000 | 255806 |
| GSK PLC | 8570 | 169538 |
| Ono Pharmaceutical Co. <br> Ltd. (Japan)<br>| 3300 | 37986 |
| Takeda Pharmaceutical Co. <br> Ltd. (Japan)<br>| 6500 | 196616 |
|  |  | **1312861** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| Comcast Corp., Class A | 16729 | **572132** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Nitto Denko Corp. (Japan) | 4000 | 70307 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| Shin-Etsu Chemical Co. <br> Ltd. (Japan)<br>| 10300 | $313445 |
| Toray Industries, Inc. <br> (Japan)<br>| 11800 | 75361 |
|  |  | **459113** |
| **Commercial Support Services – 4.5%** | **Commercial Support Services – 4.5%** | **Commercial Support Services – 4.5%** |
| Compass Group PLC <br> (United Kingdom)<br>| 2460 | 82939 |
| H&R Block, Inc. | 65355 | 3945482 |
| Recruit Holdings Co. Ltd. <br> (Japan)<br>| 4500 | 249369 |
| RELX PLC (United Kingdom) | 2930 | 159905 |
| Rentokil Initial PLC (United <br> Kingdom)<br>| 1025519 | 4698200 |
| Secom Co. Ltd. (Japan) | 92515 | 3401816 |
| SGS S.A. (Switzerland)<sup>(b)</sup> <br>| 7550 | 737342 |
|  |  | **13275053** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| Hitachi Ltd. (Japan) | 13400 | 331188 |
| Sumitomo Heavy <br> Industries Ltd. (Japan)<br>| 2800 | 58301 |
|  |  | **389489** |
| **E-Commerce Discretionary – 0.9%** | **E-Commerce Discretionary – 0.9%** | **E-Commerce Discretionary – 0.9%** |
| Alibaba Group Holding Ltd. <br> (China)<br>| 103200 | 1540779 |
| JD.com, Inc., Class A <br> (China)<br>| 40850 | 665096 |
| PDD Holdings, Inc. (China)\* | 3447 | 363900 |
|  |  | **2569775** |
| **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** |
| Chubu Electric Power Co., <br> Inc. (Japan)<br>| 6500 | 84405 |
| National Grid PLC (United <br> Kingdom)<br>| 221837 | 3202018 |
| SSE PLC (United Kingdom) | 2837 | 63963 |
| Terna - Rete Elettrica <br> Nazionale (Italy)<br>| 79591 | 791438 |
|  |  | **4141824** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Daikin Industries Ltd. <br> (Japan)<br>| 1500 | 170885 |
| Mitsubishi Electric Corp. <br> (Japan)<br>| 12100 | 234079 |
|  |  | **404964** |
| **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** |
| Ferrovial S.E. | 69598 | **3395163** |
| **Entertainment Content – 0.7%** | **Entertainment Content – 0.7%** | **Entertainment Content – 0.7%** |
| Electronic Arts, Inc. | 705 | 102288 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Entertainment Content (Continued)** | **Entertainment Content (Continued)** | **Entertainment Content (Continued)** |
| NetEase, Inc. (China) | 23000 | $494416 |
| Netflix, Inc.\* | 688 | 778623 |
| Nexon Co. Ltd. (Japan) | 3200 | 50207 |
| Square Enix Holdings Co. <br> Ltd. (Japan)<br>| 1300 | 75170 |
| Walt Disney (The) Co. | 6371 | 579443 |
|  |  | **2080147** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| MEIJI Holdings Co. Ltd. <br> (Japan)<br>| 6600 | 162273 |
| Yamazaki Baking Co. Ltd. <br> (Japan)<br>| 4086 | 97813 |
|  |  | **260086** |
| **Gas & Water Utilities – 3.5%** | **Gas & Water Utilities – 3.5%** | **Gas & Water Utilities – 3.5%** |
| Osaka Gas Co. Ltd. (Japan) | 3700 | 93825 |
| Severn Trent PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 96381 | 3585109 |
| Snam S.p.A. (Italy) | 556320 | 3192989 |
| United Utilities Group PLC <br> (United Kingdom)<br>| 235463 | 3540035 |
|  |  | **10411958** |
| **Health Care Facilities & Services – 1.9%** | **Health Care Facilities & Services – 1.9%** | **Health Care Facilities & Services – 1.9%** |
| Alfresa Holdings Corp. <br> (Japan)<br>| 5400 | 81519 |
| Fresenius Medical Care <br> A.G. (Germany)<br>| 46713 | 2376551 |
| Henry Schein, Inc.\* | 48410 | 3145198 |
|  |  | **5603268** |
| **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** |
| Scotts Miracle-Gro <br> (The) Co.<br>| 14839 | **747589** |
| **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> |
| Berkeley Group Holdings <br> PLC (United Kingdom)<br>| 548 | 30548 |
| Sekisui House Ltd. (Japan) | 2861 | 65775 |
|  |  | **96323** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| Haleon PLC | 10390 | 52281 |
| Kao Corp. (Japan) | 4400 | 188415 |
| Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 1957 | 126317 |
| Unilever PLC (London <br> Exchange) (United <br> Kingdom)<br>| 4481 | 285305 |
|  |  | **652318** |
| **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> |
| Ashtead Group PLC (United <br> Kingdom)<br>| 630 | **33725** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| Bank of New York Mellon <br> (The) Corp.<br>| 4963 | $399075 |
| Daiwa Securities <br> Group, Inc. (Japan)<br>| 8500 | 55896 |
| Goldman Sachs Group <br> (The), Inc.<br>| 1426 | 780806 |
| Japan Exchange <br> Group, Inc. (Japan)<br>| 5600 | 62304 |
| London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 667 | 103860 |
| Morgan Stanley | 6708 | 774237 |
| Northern Trust Corp. | 3805 | 357594 |
| State Street Corp. | 4123 | 363236 |
|  |  | **2897008** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| Aviva PLC (United <br> Kingdom)<br>| 5363 | 40182 |
| Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 20000 | 144409 |
| Legal & General Group PLC <br> (United Kingdom)<br>| 10687 | 33654 |
| MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 5900 | 134106 |
| Prudential PLC (Hong <br> Kong)<sup>(a)</sup> <br>| 8517 | 90559 |
| Sompo Holdings, Inc. <br> (Japan)<br>| 2100 | 68819 |
| Tokio Marine Holdings, Inc. <br> (Japan)<br>| 5700 | 228470 |
|  |  | **740199** |
| **Internet Media & Services – 3.7%** | **Internet Media & Services – 3.7%** | **Internet Media & Services – 3.7%** |
| Alphabet, Inc., Class A | 25180 | 3998584 |
| Baidu, Inc., Class A <br> (China)\*<br>| 75000 | 827026 |
| Meituan, Class B <br> (China)<sup>(d)\*</sup> <br>| 39370 | 651866 |
| Meta Platforms, Inc., <br> Class A<br>| 5028 | 2760372 |
| Tencent Holdings Ltd. <br> (China)<br>| 26800 | 1641526 |
| Tencent Music <br> Entertainment Group ADR <br> (China)<br>| 30623 | 410961 |
| Trip.com Group Ltd. (China) | 14000 | 843371 |
|  |  | **11133706** |
| **IT Services – 0.7%** | **IT Services – 0.7%** | **IT Services – 0.7%** |
| Cognizant Technology <br> Solutions Corp., Class A<br>| 30277 | **2227479** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services – 2.3%** | **Leisure Facilities & Services – 2.3%** | **Leisure Facilities & Services – 2.3%** |
| Entain PLC (United <br> Kingdom)<br>| 2131 | $18218 |
| FDJ UNITED (France)<sup>(d)</sup> <br>| 57251 | 2040662 |
| InterContinental Hotels <br> Group PLC (United <br> Kingdom)<br>| 267 | 28492 |
| International Game <br> Technology PLC<br>| 293322 | 4810481 |
|  |  | **6897853** |
| **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> |
| Shimano, Inc. (Japan)<sup>(a)</sup> <br>| 800 | **112708** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| FANUC Corp. (Japan) | 7800 | 197961 |
| Keyence Corp. (Japan) | 500 | 209046 |
| Komatsu Ltd. (Japan) | 4300 | 124354 |
| Nabtesco Corp. (Japan) | 3038 | 45598 |
| SMC Corp. (Japan) | 500 | 161820 |
| Smiths Group PLC (United <br> Kingdom)<br>| 1296 | 32296 |
|  |  | **771075** |
| **Medical Equipment & Devices – 2.7%** | **Medical Equipment & Devices – 2.7%** | **Medical Equipment & Devices – 2.7%** |
| Baxter International, Inc. | 110497 | 3444191 |
| DENTSPLY SIRONA, Inc. | 291941 | 4057980 |
| FUJIFILM Holdings Corp. <br> (Japan)<br>| 5900 | 120846 |
| Hoya Corp. (Japan) | 1600 | 188266 |
| Olympus Corp. (Japan) | 13900 | 182132 |
| Smith & Nephew PLC <br> (United Kingdom)<br>| 2930 | 41233 |
|  |  | **8034648** |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| Anglo American PLC <br> (South Africa)<br>| 1873 | 51130 |
| Cameco Corp. (Canada) | 4228 | 190852 |
| Glencore PLC (Australia)\* | 23148 | 75896 |
| Rio Tinto PLC (Australia) | 2488 | 148259 |
| Sumitomo Metal <br> Mining Co. Ltd. (Japan)<br>| 2000 | 44374 |
|  |  | **510511** |
| **Oil & Gas Supply Chain – 3.7%** | **Oil & Gas Supply Chain – 3.7%** | **Oil & Gas Supply Chain – 3.7%** |
| BP PLC | 275734 | 1273172 |
| Canadian Natural <br> Resources Ltd. (Canada)<br>| 20108 | 577015 |
| Cenovus Energy, Inc. <br> (Canada)<br>| 17446 | 205388 |
| Chevron Corp. | 3111 | 423283 |
| China Petroleum & <br> Chemical Corp., Class H <br> (China)<br>| 428250 | 218609 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| ENEOS Holdings, Inc. <br> (Japan)<br>| 12100 | $58252 |
| Eni S.p.A. (Italy) | 30464 | 436291 |
| Equinor ASA (Norway) | 12882 | 291592 |
| Exxon Mobil Corp. | 5776 | 610119 |
| Galp Energia SGPS S.A. <br> (Portugal)<br>| 6650 | 103034 |
| Gazprom PJSC (Russia)<sup>(e)\*</sup> <br>| 100532 |  |
| Imperial Oil Ltd. (Canada) | 1610 | 108599 |
| Inpex Corp. (Japan) | 24100 | 301479 |
| LUKOIL PJSC (Russia)<sup>(e)</sup> <br>| 3271 |  |
| Neste OYJ (Finland) | 7553 | 78350 |
| Petroleo Brasileiro S.A. <br> ADR (Brazil)<br>| 60127 | 678834 |
| Repsol S.A. (Spain) | 27388 | 334782 |
| Rosneft Oil Co. PJSC <br> (Russia)<sup>(e)</sup> <br>| 48304 |  |
| Santos Ltd. (Australia) | 71076 | 273242 |
| Shell PLC | 82370 | 2658224 |
| Suncor Energy, Inc. <br> (Canada)<br>| 11870 | 419230 |
| TotalEnergies S.E. (France) | 27441 | 1562907 |
| Woodside Energy <br> Group Ltd. (Australia)<br>| 32082 | 418193 |
|  |  | **11030595** |
| **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> |
| Informa PLC (United <br> Kingdom)<br>| 3132 | **30596** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| Mitsubishi Estate Co. Ltd. <br> (Japan)<br>| 15100 | 265246 |
| Mitsui Fudosan Co. Ltd. <br> (Japan)<br>| 7100 | 70366 |
| Sumitomo Realty & <br> Development Co. Ltd. <br> (Japan)<br>| 2100 | 78217 |
|  |  | **413829** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| Alibaba Health Information <br> Technology Ltd. (China)\*<br>| 574000 | 371331 |
| Seven & i Holdings Co. Ltd. <br> (Japan)<br>| 10100 | 148678 |
| Tesco PLC (United <br> Kingdom)<br>| 15527 | 76843 |
|  |  | **596852** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Fast Retailing Co. Ltd. <br> (Japan)<br>| 600 | **197367** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Tokyo Electron Ltd. (Japan) | 2000 | **297797** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| Nice Ltd. ADR (Israel)<sup>(a)\*</sup> <br>| 10622 | **$1655492** |
| **Specialty Finance – 4.5%** | **Specialty Finance – 4.5%** | **Specialty Finance – 4.5%** |
| Capital One Financial Corp. | 2670 | 481294 |
| Edenred S.E. (France) | 72877 | 2272813 |
| Experian PLC | 1385 | 68905 |
| Fiserv, Inc.\* | 12106 | 2234404 |
| Nexi SpA (Italy)<sup>(d)\*</sup> <br>| 880254 | 5141618 |
| ORIX Corp. (Japan) | 4400 | 88264 |
| Visa, Inc., Class A | 8545 | 2952298 |
|  |  | **13239596** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Mitsui & Co. Ltd. (Japan) | 13100 | **264897** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Casio Computer Co. Ltd. <br> (Japan)<br>| 6300 | 49270 |
| Kyocera Corp. (Japan) | 11600 | 137480 |
| Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 16500 | 235068 |
| Nidec Corp. (Japan) | 6400 | 113736 |
| Nintendo Co. Ltd. (Japan) | 3400 | 282268 |
| Panasonic Holdings Corp. <br> (Japan)<br>| 10500 | 120393 |
| Sony Group Corp. (Japan) | 21300 | 561954 |
| TDK Corp. (Japan) | 10000 | 106714 |
|  |  | **1606883** |
| **Telecommunications – 1.4%** | **Telecommunications – 1.4%** | **Telecommunications – 1.4%** |
| BT Group PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 13201 | 30639 |
| KDDI Corp. (Japan) | 13800 | 244586 |
| Nippon Telegraph & <br> Telephone Corp. (Japan)<br>| 131600 | 137558 |
| SES S.A. (Luxembourg) | 443344 | 2350609 |
| Softbank Corp. (Japan) | 59000 | 89282 |
| SoftBank Group Corp. <br> (Japan)<br>| 4700 | 237677 |
| T-Mobile U.S., Inc. | 692 | 170889 |
| Verizon <br> Communications, Inc.<br>| 16992 | 748668 |
| Vodafone Group PLC <br> (United Kingdom)<br>| 62166 | 61091 |
|  |  | **4070999** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| British American Tobacco <br> PLC (United Kingdom)<br>| 4917 | **214176** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| East Japan Railway Co. <br> (Japan)<br>| 9500 | **205930** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| ITOCHU Corp. (Japan) | 6200 | $317086 |
| Mitsubishi Corp. (Japan) | 14700 | 279103 |
|  |  | **596189** |
| **Wholesale - Discretionary – 0.2%** | **Wholesale - Discretionary – 0.2%** | **Wholesale - Discretionary – 0.2%** |
| Bunzl PLC (United <br> Kingdom)<br>| 17724 | **556968** |
| **Total Common Stocks** <br>(Cost $126,425,885) | **Total Common Stocks** <br>(Cost $126,425,885) | **131081845** |
| **Investment Companies – 52.8%** | **Investment Companies – 52.8%** | **Investment Companies – 52.8%** |
| Fidelity MSCI Information <br> Technology Index ETF<sup>(a)</sup> <br>| 116849 | 19094295 |
| iShares Global Consumer <br> Staples ETF<br>| 220816 | 14598146 |
| iShares MSCI South Korea <br> ETF (South Korea)<sup>(a)</sup> <br>| 181780 | 10214218 |
| Materials Select Sector <br> SPDR<sup>®</sup> Fund ETF<br>| 50763 | 4258508 |
| Schwab Fundamental <br> Emerging Markets Large <br> Company Index ETF<sup>(a)</sup> <br>| 492685 | 14829818 |
| Schwab U.S. REIT ETF | 284131 | 5975275 |
| SPDR Portfolio S&P 600 <br> Small Cap ETF<br>| 242438 | 9479326 |
| VanEck Morningstar Wide <br> Moat ETF<br>| 69511 | 5982812 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| Vanguard Health Care <br> ETF<sup>(a)</sup> <br>| 33534 | $8581015 |
| Vanguard Total Stock <br> Market ETF (Australia)<br>| 234785 | 64054044 |
| **Total Investment Companies** <br>(Cost $144,799,573) | **Total Investment Companies** <br>(Cost $144,799,573) | **157067457** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments – 7.1%** | **Short-Term Investments – 7.1%** | **Short-Term Investments – 7.1%** |
| **Money Market Funds – 7.1%** | **Money Market Funds – 7.1%** | **Money Market Funds – 7.1%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.37%<sup>(f)(g)</sup> <br>| 13015195 | 13015195 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(f)</sup> <br>| 7988286 | 7988286 |
| **Total Short-Term Investments** <br>(Cost $21,003,481) | **Total Short-Term Investments** <br>(Cost $21,003,481) | **21003481** |
| **Total Investments – 104.0%** <br>(Cost $292,228,939) | **Total Investments – 104.0%** <br>(Cost $292,228,939) | **309152783** |
| Liabilities less Other Assets – (4.0)% | Liabilities less Other Assets – (4.0)% | (11758981)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$297393802** |

---

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

---

| | |
|:---|:---|
| 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. (See Note 6.) |
| <sup>(b)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <sup>(c)</sup> <br>| Amount rounds to less than 0.05%. |
| <sup>(d)</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 April 30, 2025, these securities had a total value of $7,834,146 or 2.63% of <br> net assets.<br>|
| <sup>(e)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3) (See Note 3 regarding investments in Russian securities). |
| <sup>(f)</sup> <br>| 7-day current yield as of April 30, 2025 is disclosed. |
| <sup>(g)</sup> <br>| Security purchased with the cash proceeds from securities loaned. (See Note 6.) |
| \* | Non-income producing security |

---

**Abbreviations:**<br>

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| MSCI | Morgan Stanley Capital International |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | |
|:---|:---|
| NOK | Norwegian Kroner |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| RUB | Russian Ruble |
| S&P | Standards & Poor's |
| SPDR | Standard & Poor's Depositary Receipt |

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| U.S. Dollar | 72.2 |
| Euro | 8.1 |
| British Pound | 7.8 |
| Japanese Yen | 5.6 |
| All other currencies less than 5% | 6.3 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| United States | 55.5 |
| Australia | 21.9 |
| United Kingdom | 6.3 |
| Japan | 5.6 |
| All other countries less than 5%<sup>(b)</sup> <br>| 10.7 |
| **Total** | **100.0** |

---

---

| |
|:---|
| <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 April 30, 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:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $58194455 | &nbsp;&nbsp; $72887390 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $131081845 |
| Investment Companies | &nbsp;&nbsp; 157067457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 157067457 |
| Short-Term Investments | &nbsp;&nbsp; 21003481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21003481 |
| **Total Investments** | &nbsp;&nbsp; $236265393 | &nbsp;&nbsp; $72887390 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309152783 |

---

\*Includes securities determined to have no value as of April 30, 2025. <br>

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments**

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 100.3%** | **Long Positions – 100.3%** | **Long Positions – 100.3%** |
| **Asset-Backed Securities – 0.7%** | **Asset-Backed Securities – 0.7%** | **Asset-Backed Securities – 0.7%** |
| **Other – 0.7%** | **Other – 0.7%** | **Other – 0.7%** |
| Affirm Asset Securitization <br> Trust,<br>|  |  |
| Series 2023-B, Class D, <br> 8.78%, 9/15/28<sup>(b)</sup> <br>| $200000 | $202008 |
| Series 2023-X1, Class B, <br> 7.77%, 11/15/28<sup>(b)</sup> <br>| 59982 | 60083 |
| Series 2024-A, Class 1D, <br> 6.89%, 2/15/29<sup>(b)</sup> <br>| 300000 | 301829 |
| Series 2024-X1, Class B, <br> 6.34%, 5/15/29<sup>(b)</sup> <br>| 275000 | 275762 |
| Series 2024-X1, Class C, <br> 6.57%, 5/15/29<sup>(b)</sup> <br>| 417000 | 419053 |
| Carvana Auto Receivables <br> Trust, Series 2021-N2, <br> Class B, 0.75%, 3/10/28<br>| 21192 | 20518 |
| JP Morgan Chase Bank <br> N.A. - CACLN, Series <br> 2021-3, Class B, 0.76%, <br> 2/26/29<sup>(b)</sup> <br>| 2197 | 2191 |
| NetCredit Combined <br> Receivables LLC, Series <br> 2024-A, Class B, 8.31%, <br> 10/21/30<sup>(b)</sup> <br>| 250000 | 257577 |
|  |  | **1539021** |
| **Total Asset-Backed Securities** <br>(Cost $1,527,314) | **Total Asset-Backed Securities** <br>(Cost $1,527,314) | **1539021** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 21.7%** | **Common Stocks – 21.7%** | **Common Stocks – 21.7%** |
| **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** |
| Interpublic Group of Cos. <br> (The), Inc.<sup>(c)</sup> <br>| 17360 | 436083 |
| Omnicom Group, Inc. | 1042 | 79359 |
|  |  | **515442** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Axon Enterprise, Inc.\* | 3 | 1840 |
| Curtiss-Wright Corp. | 3 | 1035 |
| General Dynamics Corp. | 8 | 2177 |
| General Electric Co. | 25 | 5038 |
| HEICO Corp. | 5 | 1254 |
| Howmet Aerospace, Inc. | 13 | 1802 |
| L3Harris Technologies, Inc. | 211 | 46424 |
| Lockheed Martin Corp. | 178 | 85039 |
| Northrop Grumman Corp. | 4 | 1946 |
| RTX Corp. | 31 | 3910 |
| Triumph Group, Inc.\* | 40251 | 1022375 |
| Woodward, Inc. | 5 | 938 |
|  |  | **1173778** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Apparel & Textile Products – 0.0%**<sup>(d)</sup> | **Apparel & Textile Products – 0.0%**<sup>(d)</sup> | **Apparel & Textile Products – 0.0%**<sup>(d)</sup> |
| Deckers Outdoor Corp.\* | 9 | **$997** |
| **Asset Management – 0.9%** | **Asset Management – 0.9%** | **Asset Management – 0.9%** |
| CI Financial Corp. (Canada) | 84336 | **1911722** |
| **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> |
| Gentex Corp. | 34 | 740 |
| Tesla, Inc.\* | 61 | 17212 |
|  |  | **17952** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Brown-Forman Corp., <br> Class B<br>| 29 | 1010 |
| Coca-Cola (The) Co. | 99 | 7182 |
| Constellation Brands, Inc., <br> Class A<br>| 7 | 1313 |
| Keurig Dr. Pepper, Inc. | 48 | 1660 |
| Monster Beverage Corp.\* | 31 | 1864 |
| PepsiCo, Inc. | 648 | 87856 |
|  |  | **100885** |
| **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** |
| AbbVie, Inc. | 441 | 86039 |
| BioMarin <br> Pharmaceutical, Inc.\*<br>| 13 | 828 |
| Corcept Therapeutics, Inc.\* | 16 | 1150 |
| Eli Lilly & Co. | 20 | 17979 |
| Exelixis, Inc.\* | 24 | 940 |
| Gilead Sciences, Inc. | 827 | 88109 |
| Johnson & Johnson | 585 | 91441 |
| Merck & Co., Inc. | 1049 | 89375 |
| Neurocrine <br> Biosciences, Inc.\*<br>| 8 | 862 |
| QXO, Inc. | 1964 | 10664 |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 3 | 1796 |
| SpringWorks <br> Therapeutics, Inc.<sup>(c)\*</sup> <br>| 35493 | 1643326 |
| United Therapeutics Corp.\* | 3 | 909 |
| Vertex <br> Pharmaceuticals, Inc.\*<br>| 6 | 3057 |
| Zoetis, Inc. | 13 | 2033 |
|  |  | **2038508** |
| **Cable & Satellite – 0.0%**<sup>(d)</sup> | **Cable & Satellite – 0.0%**<sup>(d)</sup> | **Cable & Satellite – 0.0%**<sup>(d)</sup> |
| Comcast Corp., Class A | 2421 | **82798** |
| **Chemicals – 0.0%**<sup>(d)</sup> | **Chemicals – 0.0%**<sup>(d)</sup> | **Chemicals – 0.0%**<sup>(d)</sup> |
| Air Products and <br> Chemicals, Inc.<br>| 7 | 1898 |
| Avery Dennison Corp. | 182 | 31142 |
| DuPont de Nemours, Inc. | 18 | 1188 |
| Ecolab, Inc. | 9 | 2263 |
| Linde PLC | 11 | 4985 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| RPM International, Inc. | 9 | $961 |
| Sherwin-Williams <br> (The) Co.<br>| 7 | 2470 |
|  |  | **44907** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| Automatic Data <br> Processing, Inc.<br>| 292 | 87775 |
| Cintas Corp. | 12 | 2540 |
| Clean Harbors, Inc.\* | 4 | 856 |
| GFL Environmental, Inc. | 22 | 1098 |
| H&R Block, Inc. | 661 | 39904 |
| ManpowerGroup, Inc. | 60 | 2584 |
| Paychex, Inc. | 12 | 1765 |
| Republic Services, Inc. | 9 | 2257 |
| Rollins, Inc. | 22 | 1257 |
| Thomson Reuters Corp. <br> (Canada)<br>| 13 | 2418 |
| Waste Connections, Inc. | 9 | 1779 |
| Waste Management, Inc. | 11 | 2567 |
|  |  | **146800** |
| **Construction Materials – 0.0%**<sup>(d)</sup> | **Construction Materials – 0.0%**<sup>(d)</sup> | **Construction Materials – 0.0%**<sup>(d)</sup> |
| Carlisle Cos., Inc. | 3 | 1138 |
| CRH PLC | 21 | 2004 |
| Eagle Materials, Inc. | 4 | 906 |
| Simpson <br> Manufacturing Co., Inc.<br>| 5 | 768 |
| Vulcan Materials Co. | 6 | 1574 |
|  |  | **6390** |
| **Containers & Packaging – 0.0%**<sup>(d)</sup> | **Containers & Packaging – 0.0%**<sup>(d)</sup> | **Containers & Packaging – 0.0%**<sup>(d)</sup> |
| Amcor PLC | 4991 | 45917 |
| AptarGroup, Inc. | 6 | 900 |
| International Paper Co. | 23 | 1050 |
| Packaging Corp. of <br> America<br>| 234 | 43433 |
| Sonoco Products Co. | 89 | 3649 |
|  |  | **94949** |
| **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> |
| Dover Corp. | 7 | 1195 |
| Emerson Electric Co. | 18 | 1892 |
| Honeywell <br> International, Inc.<br>| 17 | 3579 |
| Illinois Tool Works, Inc. | 9 | 2159 |
| ITT, Inc. | 7 | 959 |
| Parker-Hannifin Corp. | 4 | 2420 |
|  |  | **12204** |
| **E-Commerce Discretionary – 0.0%**<sup>(d)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(d)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(d)</sup> |
| Amazon.com, Inc.\* | 92 | **16967** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| Alliant Energy Corp. | 73 | $4456 |
| Ameren Corp. | 12 | 1191 |
| American Electric <br> Power Co., Inc.<br>| 786 | 85155 |
| CenterPoint Energy, Inc. | 31 | 1202 |
| CMS Energy Corp. | 1084 | 79837 |
| Consolidated Edison, Inc. | 756 | 85239 |
| Dominion Energy, Inc. | 222 | 12072 |
| Duke Energy Corp. | 707 | 86268 |
| Entergy Corp. | 17 | 1414 |
| Evergy, Inc. | 544 | 37590 |
| Exelon Corp. | 1450 | 68005 |
| FirstEnergy Corp. | 714 | 30616 |
| Fortis, Inc. (Canada) | 25 | 1238 |
| IDACORP, Inc. | 106 | 12518 |
| Innergex Renewable <br> Energy, Inc. (Canada)<br>| 133216 | 1312254 |
| OGE Energy Corp. | 1051 | 47694 |
| Pinnacle West <br> Capital Corp.<br>| 328 | 31219 |
| Portland General <br> Electric Co.<br>| 18 | 758 |
| PPL Corp. | 34 | 1241 |
| Public Service Enterprise <br> Group, Inc.<br>| 18 | 1439 |
| Sempra | 23 | 1708 |
| Southern (The) Co. | 938 | 86193 |
| WEC Energy Group, Inc. | 775 | 84878 |
| Xcel Energy, Inc. | 381 | 26937 |
|  |  | **2101122** |
| **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> |
| AAON, Inc. | 10 | 913 |
| Acuity, Inc. | 3 | 731 |
| Allegion PLC | 7 | 974 |
| AMETEK, Inc. | 9 | 1526 |
| Amphenol Corp., Class A | 34 | 2616 |
| Badger Meter, Inc. | 4 | 883 |
| BWX Technologies, Inc. | 8 | 873 |
| Cognex Corp. | 25 | 683 |
| Fortive Corp. | 16 | 1115 |
| Hubbell, Inc. | 3 | 1090 |
| Lennox International, Inc. | 2 | 1093 |
| Otis Worldwide Corp. | 15 | 1444 |
| SPX Technologies, Inc.\* | 6 | 805 |
| Trane Technologies PLC | 7 | 2683 |
|  |  | **17429** |
| **Engineering & Construction – 0.0%**<sup>(d)</sup> | **Engineering & Construction – 0.0%**<sup>(d)</sup> | **Engineering & Construction – 0.0%**<sup>(d)</sup> |
| EMCOR Group, Inc. | 3 | 1202 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** |
| Quanta Services, Inc. | 5 | $1464 |
| Stantec, Inc. (Canada) | 10 | 878 |
|  |  | **3544** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| Electronic Arts, Inc. | 10 | 1451 |
| Fox Corp., Class A | 21 | 1046 |
| Netflix, Inc.\* | 9 | 10185 |
| Paramount Global, <br> Class B<sup>(e)</sup> <br>| 53309 | 625848 |
| Walt Disney (The) Co. | 43 | 3911 |
|  |  | **642441** |
| **Food – 1.7%** | **Food – 1.7%** | **Food – 1.7%** |
| BellRing Brands, Inc.\* | 11 | 849 |
| Conagra Brands, Inc. | 3357 | 82951 |
| Flowers Foods, Inc. | 627 | 11029 |
| General Mills, Inc. | 1485 | 84259 |
| Hershey (The) Co. | 8 | 1338 |
| Hormel Foods Corp. | 2468 | 73793 |
| Ingredion, Inc. | 6 | 797 |
| Kellanova | 37305 | 3087735 |
| Kraft Heinz (The) Co. | 2084 | 60644 |
| McCormick & Co., Inc. <br> (Non Voting)<br>| 14 | 1073 |
| Mondelez <br> International, Inc., <br> Class A<br>| 1287 | 87683 |
| Pilgrim's Pride Corp. | 20 | 1092 |
| Post Holdings, Inc.\* | 7 | 792 |
| The Campbell's Co. | 1628 | 59357 |
| Tyson Foods, Inc., Class A | 509 | 31171 |
|  |  | **3584563** |
| **Gas & Water Utilities – 0.0%**<sup>(d)</sup> | **Gas & Water Utilities – 0.0%**<sup>(d)</sup> | **Gas & Water Utilities – 0.0%**<sup>(d)</sup> |
| American Water <br> Works Co., Inc.<br>| 398 | 58510 |
| Atmos Energy Corp. | 8 | 1285 |
| Essential Utilities, Inc. | 328 | 13490 |
| National Fuel Gas Co. | 10 | 768 |
| NiSource, Inc. | 26 | 1017 |
|  |  | **75070** |
| **Health Care Facilities & Services – 1.7%** | **Health Care Facilities & Services – 1.7%** | **Health Care Facilities & Services – 1.7%** |
| Amedisys, Inc.<sup>(c)\*</sup> <br>| 35851 | 3402260 |
| Chemed Corp. | 1 | 581 |
| Cigna Group (The) | 245 | 83310 |
| Encompass Health Corp. | 8 | 936 |
| Ensign Group (The), Inc. | 6 | 774 |
| Labcorp Holdings, Inc. | 5 | 1205 |
| Quest Diagnostics, Inc. | 6 | 1069 |
|  |  | **3490135** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Home Construction – 0.0%**<sup>(d)</sup> | **Home Construction – 0.0%**<sup>(d)</sup> | **Home Construction – 0.0%**<sup>(d)</sup> |
| Armstrong World <br> Industries, Inc.<br>| 6 | $870 |
| DR Horton, Inc. | 12 | 1516 |
| Masco Corp. | 14 | 849 |
| PulteGroup, Inc. | 11 | 1128 |
|  |  | **4363** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Church & Dwight Co., Inc. | 11 | 1093 |
| Clorox (The) Co. | 396 | 56351 |
| Colgate-Palmolive Co. | 272 | 25075 |
| Kimberly-Clark Corp. | 596 | 78541 |
| Procter & Gamble (The) Co. | 562 | 91364 |
|  |  | **252424** |
| **Industrial Intermediate Products – 0.0%**<sup>(d)</sup> | **Industrial Intermediate Products – 0.0%**<sup>(d)</sup> | **Industrial Intermediate Products – 0.0%**<sup>(d)</sup> |
| Mueller Industries, Inc. | 11 | 809 |
| RBC Bearings, Inc.\* | 3 | 986 |
|  |  | **1795** |
| **Industrial Support Services – 1.4%** | **Industrial Support Services – 1.4%** | **Industrial Support Services – 1.4%** |
| Applied Industrial <br> Technologies, Inc.<br>| 4 | 973 |
| Fastenal Co. | 21 | 1700 |
| H&E Equipment <br> Services, Inc.<sup>(e)</sup> <br>| 33302 | 2990852 |
| MSC Industrial Direct Co., <br> Inc., Class A<br>| 10 | 765 |
| W.W. Grainger, Inc. | 2 | 2049 |
| Watsco, Inc. | 2 | 920 |
|  |  | **2997259** |
| **Institutional Financial Services – 0.0%**<sup>(d)</sup> | **Institutional Financial Services – 0.0%**<sup>(d)</sup> | **Institutional Financial Services – 0.0%**<sup>(d)</sup> |
| Tradeweb Markets, Inc., <br> Class A<br>| 9 | **1245** |
| **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** |
| Berkshire Hathaway, Inc., <br> Class B\*<br>| 34 | 18131 |
| Enstar Group Ltd.\* | 8672 | 2900004 |
| Old Republic <br> International Corp.<br>| 1802 | 67755 |
| ProAssurance Corp.<sup>(c)\*</sup> <br>| 59916 | 1390650 |
|  |  | **4376540** |
| **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** |
| Alphabet, Inc., Class A | 115 | 18262 |
| Booking Holdings, Inc. | 1 | 5099 |
| GoDaddy, Inc., Class A\* | 6 | 1130 |
| Just Eat Takeaway.com <br> N.V. (Netherlands)<sup>(b)\*</sup> <br>| 40724 | 891249 |
| Meta Platforms, Inc., <br> Class A<br>| 30 | 16470 |
| Reddit, Inc., Class A\* | 9 | 1049 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Spotify Technology S.A.\* | 5 | $3070 |
| VeriSign, Inc.\* | 4 | 1129 |
|  |  | **937458** |
| **IT Services – 0.0%**<sup>(d)</sup> | **IT Services – 0.0%**<sup>(d)</sup> | **IT Services – 0.0%**<sup>(d)</sup> |
| Amdocs Ltd. | 964 | 85391 |
| CGI, Inc. (Canada) | 11 | 1167 |
| Cognizant Technology <br> Solutions Corp., Class A<br>| 19 | 1398 |
| ExlService Holdings, Inc.\* | 18 | 873 |
| Gartner, Inc.\* | 3 | 1263 |
| Genpact Ltd. | 17 | 854 |
| International Business <br> Machines Corp.<br>| 22 | 5320 |
| Leidos Holdings, Inc. | 8 | 1177 |
|  |  | **97443** |
| **Leisure Facilities & Services – 2.8%** | **Leisure Facilities & Services – 2.8%** | **Leisure Facilities & Services – 2.8%** |
| Chipotle Mexican <br> Grill, Inc.\*<br>| 39 | 1970 |
| Darden Restaurants, Inc. | 394 | 79052 |
| Everi Holdings, Inc.<sup>(c)\*</sup> <br>| 243844 | 3426008 |
| Hilton Worldwide <br> Holdings, Inc.<br>| 8 | 1804 |
| Marriott International, Inc., <br> Class A<br>| 8 | 1909 |
| McDonald's Corp. | 17 | 5434 |
| Playa Hotels & Resorts <br> N.V.\*<br>| 163983 | 2200652 |
| Restaurant Brands <br> International, Inc. <br> (Canada)<br>| 20 | 1288 |
| Starbucks Corp. | 30 | 2402 |
| Texas Roadhouse, Inc. | 5 | 830 |
| TKO Group Holdings, Inc. | 8 | 1303 |
| Vail Resorts, Inc. | 357 | 49694 |
| Yum! Brands, Inc. | 10 | 1504 |
|  |  | **5773850** |
| **Machinery – 0.0%**<sup>(d)</sup> | **Machinery – 0.0%**<sup>(d)</sup> | **Machinery – 0.0%**<sup>(d)</sup> |
| CSW Industrials, Inc. | 3 | 938 |
| Donaldson Co., Inc. | 12 | 789 |
| Federal Signal Corp. | 10 | 814 |
| Graco, Inc. | 11 | 898 |
| IDEX Corp. | 5 | 870 |
| Ingersoll Rand, Inc. | 17 | 1282 |
| Kadant, Inc. | 2 | 590 |
| Lincoln Electric <br> Holdings, Inc.<br>| 5 | 881 |
| Mueller Water <br> Products, Inc., Class A<br>| 29 | 761 |
| Nordson Corp. | 4 | 758 |
| Pentair PLC | 11 | 998 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Machinery (Continued)** | **Machinery (Continued)** | **Machinery (Continued)** |
| Snap-on, Inc. | 3 | $941 |
| Veralto Corp. | 12 | 1151 |
| Xylem, Inc. | 10 | 1206 |
|  |  | **12877** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Abbott Laboratories | 41 | 5361 |
| Agilent Technologies, Inc. | 12 | 1291 |
| Alcon A.G. | 17 | 1659 |
| Becton Dickinson & Co. | 9 | 1864 |
| Bio-Techne Corp. | 15 | 755 |
| Boston Scientific Corp.\* | 37 | 3806 |
| Cooper (The) Cos., Inc.\* | 12 | 980 |
| Danaher Corp. | 18 | 3588 |
| Edwards <br> Lifesciences Corp.\*<br>| 21 | 1585 |
| Glaukos Corp.\* | 7 | 660 |
| Hologic, Inc.\* | 15 | 873 |
| IDEXX Laboratories, Inc.\* | 3 | 1298 |
| Intuitive Surgical, Inc.\* | 9 | 4642 |
| Medtronic PLC | 975 | 82641 |
| Merit Medical <br> Systems, Inc.\*<br>| 8 | 756 |
| Natera, Inc.\* | 7 | 1057 |
| Penumbra, Inc.\* | 3 | 879 |
| QIAGEN N.V.\* | 1951 | 83405 |
| ResMed, Inc. | 6 | 1420 |
| STERIS PLC | 5 | 1124 |
| Stryker Corp. | 10 | 3739 |
| Thermo Fisher <br> Scientific, Inc.<br>| 9 | 3861 |
| West Pharmaceutical <br> Services, Inc.<br>| 4 | 845 |
| Zimmer Biomet <br> Holdings, Inc.<br>| 10 | 1030 |
|  |  | **209119** |
| **Metals & Mining – 0.0%**<sup>(d)</sup> | **Metals & Mining – 0.0%**<sup>(d)</sup> | **Metals & Mining – 0.0%**<sup>(d)</sup> |
| Franco-Nevada Corp. <br> (Canada)<br>| 8 | 1374 |
| Royal Gold, Inc. | 6 | 1097 |
|  |  | **2471** |
| **Oil & Gas Supply Chain – 1.1%** | **Oil & Gas Supply Chain – 1.1%** | **Oil & Gas Supply Chain – 1.1%** |
| Antero Midstream Corp. | 366 | 6057 |
| Canadian Natural <br> Resources Ltd. (Canada)<br>| 64 | 1836 |
| Cheniere Energy, Inc. | 8 | 1849 |
| Chevron Corp.<sup>(e)</sup> <br>| 439 | 59730 |
| DT Midstream, Inc. | 9 | 875 |
| Enbridge, Inc. (Canada) | 59 | 2755 |
| EOG Resources, Inc. | 17 | 1876 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Expand Energy Corp. | 11 | $1143 |
| Exxon Mobil Corp. | 851 | 89891 |
| Hess Corp.<sup>(c)</sup> <br>| 17123 | 2209723 |
| Kinder Morgan, Inc. | 189 | 4971 |
| Murphy USA, Inc. | 2 | 997 |
| Pembina Pipeline Corp. <br> (Canada)<br>| 28 | 1070 |
| TC Energy Corp. (Canada) | 35 | 1764 |
| Williams (The) Cos., Inc. | 36 | 2108 |
|  |  | **2386645** |
| **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> |
| New York Times (The) Co., <br> Class A<br>| 17 | 885 |
| News Corp., Class A | 37 | 1003 |
| Nexstar Media Group, Inc. | 10 | 1497 |
|  |  | **3385** |
| **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** | **Real Estate Investment Trusts – 0.2%** |
| Camden Property Trust | 185 | 21053 |
| CubeSmart | 621 | 25256 |
| Mid-America Apartment <br> Communities, Inc.<br>| 515 | 82220 |
| NNN REIT, Inc. | 675 | 27749 |
| Public Storage | 282 | 84721 |
| Regency Centers Corp. | 1149 | 82935 |
| STAG Industrial, Inc. | 71 | 2345 |
| UDR, Inc. | 140 | 5863 |
| VICI Properties, Inc. | 2547 | 81555 |
|  |  | **413697** |
| **Real Estate Owners & Developers – 0.3%** | **Real Estate Owners & Developers – 0.3%** | **Real Estate Owners & Developers – 0.3%** |
| McGrath RentCorp | 6540 | **697622** |
| **Retail - Consumer Staples – 0.0%**<sup>(d)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(d)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(d)</sup> |
| BJ's Wholesale Club <br> Holdings, Inc.\*<br>| 9 | 1058 |
| Casey's General <br> Stores, Inc.<br>| 2 | 925 |
| Costco Wholesale Corp. | 10 | 9945 |
| Dollar General Corp. | 127 | 11899 |
| Kroger (The) Co. | 196 | 14153 |
| Sprouts Farmers <br> Market, Inc.\*<br>| 6 | 1026 |
| Walmart, Inc. | 177 | 17213 |
|  |  | **56219** |
| **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** | **Retail - Discretionary – 0.5%** |
| AutoZone, Inc.\* | 1 | 3763 |
| Ferguson Enterprises, Inc. | 8 | 1357 |
| Genuine Parts Co. | 559 | 65711 |
| Home Depot (The), Inc. | 253 | 91204 |
| Lowe's Cos., Inc. | 252 | 56337 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Lululemon Athletica, Inc.\* | 5 | $1354 |
| Nordstrom, Inc. | 33179 | 800941 |
| O'Reilly Automotive, Inc.\* | 2 | 2830 |
| TJX (The) Cos., Inc. | 29 | 3732 |
| Tractor Suppy Co. | 23 | 1164 |
|  |  | **1028393** |
| **Semiconductors – 0.0%**<sup>(d)</sup> | **Semiconductors – 0.0%**<sup>(d)</sup> | **Semiconductors – 0.0%**<sup>(d)</sup> |
| Analog Devices, Inc. | 13 | 2534 |
| Applied Materials, Inc. | 21 | 3165 |
| NVIDIA Corp. | 157 | 17101 |
| Teradyne, Inc. | 11 | 816 |
| Texas Instruments, Inc. | 22 | 3521 |
|  |  | **27137** |
| **Software – 1.1%** | **Software – 1.1%** | **Software – 1.1%** |
| ANSYS, Inc.<sup>(c)\*</sup> <br>| 6760 | 2175909 |
| Appfolio, Inc., Class A\* | 5 | 1033 |
| Cadence Design <br> Systems, Inc.\*<br>| 8 | 2382 |
| Clearwater Analytics <br> Holdings, Inc., Class A\*<br>| 30 | 682 |
| CyberArk Software Ltd.\* | 3 | 1056 |
| Descartes Systems Group <br> (The), Inc. (Canada)\*<br>| 8 | 843 |
| Doximity, Inc., Class A\* | 15 | 853 |
| Guidewire Software, Inc.\* | 5 | 1024 |
| Manhattan <br> Associates, Inc.\*<br>| 5 | 887 |
| Microsoft Corp. | 47 | 18577 |
| Roper Technologies, Inc. | 3 | 1680 |
| Shopify, Inc., Class A <br> (Canada)\*<br>| 32 | 3040 |
| Synopsys, Inc.\* | 4 | 1836 |
| Tyler Technologies, Inc.\* | 2 | 1087 |
| Veeva Systems, Inc., <br> Class A\*<br>| 6 | 1402 |
|  |  | **2212291** |
| **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** |
| Dun & Bradstreet <br> Holdings, Inc.<sup>(c)</sup> <br>| 272750 | 2446568 |
| FactSet Research <br> Systems, Inc.<br>| 2 | 864 |
| Fair Isaac Corp.\* | 1 | 1990 |
| Fiserv, Inc.\* | 15 | 2769 |
| Jack Henry & <br> Associates, Inc.<br>| 5 | 867 |
| Mastercard, Inc., Class A | 20 | 10961 |
| Moody's Corp. | 5 | 2266 |
| S&P Global, Inc. | 8 | 4000 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Verisk Analytics, Inc. | 5 | $1482 |
| Visa, Inc., Class A | 44 | 15202 |
|  |  | **2486969** |
| **Steel – 0.2%** | **Steel – 0.2%** | **Steel – 0.2%** |
| Reliance, Inc. | 3 | 865 |
| United States Steel Corp.<sup>(e)</sup> <br>| 8703 | 380408 |
|  |  | **381273** |
| **Technology Hardware – 1.8%** | **Technology Hardware – 1.8%** | **Technology Hardware – 1.8%** |
| Apple, Inc. | 82 | 17425 |
| Arista Networks, Inc.\* | 33 | 2715 |
| Cisco Systems, Inc. | 1540 | 88904 |
| Garmin Ltd. | 7 | 1308 |
| Juniper Networks, Inc.<sup>(c)(e)</sup> <br>| 74404 | 2702354 |
| Motorola Solutions, Inc. | 5 | 2202 |
| Spirent Communications <br> PLC (United Kingdom)\*<br>| 374386 | 921051 |
| Teledyne <br> Technologies, Inc.\*<br>| 2 | 932 |
|  |  | **3736891** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| AT&T, Inc. | 3237 | 89665 |
| GCI Liberty Escrow, Inc., <br> Class A<sup>(f)\*</sup> <br>| 31520 |  |
| TELUS Corp. (Canada) | 77 | 1184 |
| T-Mobile U.S., Inc. | 29 | 7162 |
| Verizon <br> Communications, Inc.<br>| 105 | 4626 |
|  |  | **102637** |
| **Tobacco & Cannabis – 0.0%**<sup>(d)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(d)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(d)</sup> |
| Altria Group, Inc. | 47 | 2780 |
| Philip Morris <br> International, Inc.<br>| 36 | 6169 |
|  |  | **8949** |
| **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** |
| Andlauer Healthcare <br> Group, Inc. (Canada)<br>| 21512 | 834827 |
| C.H. Robinson <br> Worldwide, Inc.<br>| 11 | 982 |
| Canadian National <br> Railway Co. (Canada)<br>| 20 | 1936 |
| Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 29 | 2102 |
| CSX Corp. | 62 | 1740 |
| Expeditors International of <br> Washington, Inc.<br>| 9 | 989 |
| JB Hunt Transport <br> Services, Inc.<br>| 7 | 914 |
| Kirby Corp.\* | 8 | 771 |
| Norfolk Southern Corp. | 8 | 1792 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| Old Dominion Freight <br> Line, Inc.<br>| 9 | $1380 |
| Union Pacific Corp. | 214 | 46151 |
| United Parcel Service, Inc., <br> Class B<br>| 838 | 79861 |
|  |  | **973445** |
| **Transportation Equipment – 0.0%**<sup>(d)</sup> | **Transportation Equipment – 0.0%**<sup>(d)</sup> | **Transportation Equipment – 0.0%**<sup>(d)</sup> |
| Allison Transmission <br> Holdings, Inc.<br>| 9 | 830 |
| Cummins, Inc. | 5 | 1470 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 7 | 1293 |
|  |  | **3593** |
| **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> |
| Sysco Corp. | 20 | 1428 |
| US Foods Holding Corp.\* | 15 | 985 |
|  |  | **2413** |
| **Wholesale - Discretionary – 0.0%**<sup>(d)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(d)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(d)</sup> |
| Copart, Inc.\* | 33 | 2014 |
| LKQ Corp. | 746 | 28505 |
|  |  | **30519** |
| **Total Common Stocks** <br>(Cost $45,202,948) | **Total Common Stocks** <br>(Cost $45,202,948) | **45297525** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Convertible Bonds – 19.5%** | **Convertible Bonds – 19.5%** | **Convertible Bonds – 19.5%** |
| **Asset Management – 0.8%** | **Asset Management – 0.8%** | **Asset Management – 0.8%** |
| Capital Southwest Corp., <br> 5.13%, 11/15/29<br>| $483000 | 449846 |
| MARA Holdings, Inc., <br> 0.00%, 3/01/30<sup>(b)(g)</sup> <br>| 330000 | 259776 |
| WisdomTree, Inc., 5.75%, <br> 8/15/28<sup>(c)</sup> <br>| 856000 | 959576 |
|  |  | **1669198** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| indie Semiconductor, Inc., <br> 4.50%, 11/15/27<sup>(b)(c)</sup> <br>| 484000 | **396275** |
| **Biotechnology & Pharmaceuticals – 2.0%** | **Biotechnology & Pharmaceuticals – 2.0%** | **Biotechnology & Pharmaceuticals – 2.0%** |
| Ascendis Pharma A/S, <br> 2.25%, 4/01/28<sup>(c)</sup> <br>| 484000 | 601568 |
| Bridgebio Pharma, Inc., <br> 2.25%, 2/01/29<sup>(c)</sup> <br>| 771000 | 700454 |
| Collegium <br> Pharmaceutical, Inc., <br> 2.88%, 2/15/29<sup>(c)</sup> <br>| 594000 | 603207 |
| Ionis Pharmaceuticals, Inc., <br> 1.75%, 6/15/28<br>| 228000 | 222073 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Jazz Investments I Ltd., <br> 3.13%, 9/15/30<sup>(b)</sup> <br>| $664000 | $721081 |
| Mirum <br> Pharmaceuticals, Inc., <br> 4.00%, 5/01/29<br>| 548000 | 867484 |
| Pacira BioSciences, Inc., <br> 2.13%, 5/15/29<sup>(b)(c)</sup> <br>| 348000 | 352286 |
|  |  | **4068153** |
| **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** |
| Liberty Broadband Corp., <br> 3.13%, 3/31/53<sup>(b)</sup> <br>| 783000 | 791250 |
| Sirius XM Holdings, Inc., <br> 3.75%, 3/15/28<sup>(c)</sup> <br>| 863000 | 884143 |
|  |  | **1675393** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| Alarm.com Holdings, Inc., <br> 2.25%, 6/01/29<sup>(b)(c)</sup> <br>| 581000 | 555436 |
| CSG Systems <br> International, Inc., 3.88%, <br> 9/15/28<br>| 712000 | 772876 |
|  |  | **1328312** |
| **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** |
| CenterPoint Energy, Inc., <br> 4.25%, 8/15/26<sup>(c)</sup> <br>| 449000 | 506472 |
| PG&E Corp., 4.25%, <br> 12/01/27<br>| 760000 | 789564 |
|  |  | **1296036** |
| **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** |
| OSI Systems, Inc., 2.25%, <br> 8/01/29<sup>(b)(c)</sup> <br>| 524000 | **665482** |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| Tetra Tech, Inc., 2.25%, <br> 8/15/28<br>| 500000 | **530750** |
| **Entertainment Content – 0.4%** | **Entertainment Content – 0.4%** | **Entertainment Content – 0.4%** |
| Sphere Entertainment Co., <br> 3.50%, 12/01/28<br>| 704000 | **771584** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| Teladoc Health, Inc., <br> 1.25%, 6/01/27<br>| 507000 | **462029** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Spectrum Brands, Inc., <br> 3.38%, 6/01/29<sup>(b)(c)</sup> <br>| 619000 | **573829** |
| **Internet Media & Services – 0.6%** | **Internet Media & Services – 0.6%** | **Internet Media & Services – 0.6%** |
| Snap, Inc., 0.13%, <br> 3/01/28<sup>(c)</sup> <br>| 833000 | 705967 |
| Ziff Davis, Inc., |  |  |
| 1.75%, 11/01/26 | 417000 | 390414 |
| 3.63%, 3/01/28<sup>(b)</sup> <br>| 224000 | 206637 |
|  |  | **1303018** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| Parsons Corp., 2.63%, <br> 3/01/29<br>| $692000 | **$729368** |
| **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** | **Leisure Facilities & Services – 1.7%** |
| Carnival Corp., 5.75%, <br> 12/01/27<br>| 173000 | 276627 |
| Cheesecake Factory <br> (The), Inc., 2.00%, <br> 3/15/30<sup>(b)</sup> <br>| 489000 | 479129 |
| DraftKings Holdings, Inc., <br> 0.00%, 3/15/28<sup>(c)(g)</sup> <br>| 469000 | 411473 |
| Live Nation <br> Entertainment, Inc., <br> 3.13%, 1/15/29<sup>(c)</sup> <br>| 722000 | 1015493 |
| Marriott Vacations <br> Worldwide Corp., 3.25%, <br> 12/15/27<sup>(c)</sup> <br>| 857000 | 782441 |
| NCL Corp. Ltd., 2.50%, <br> 2/15/27<br>| 671000 | 647515 |
|  |  | **3612678** |
| **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** |
| CONMED Corp., 2.25%, <br> 6/15/27<sup>(c)</sup> <br>| 905000 | 835767 |
| Dexcom, Inc., 0.38%, <br> 5/15/28<sup>(c)</sup> <br>| 327000 | 295437 |
| Enovis Corp., 3.88%, <br> 10/15/28<sup>(c)</sup> <br>| 950000 | 941925 |
| Exact Sciences Corp., <br> 0.38%, 3/15/27<sup>(c)</sup> <br>| 611000 | 568841 |
| Haemonetics Corp., 2.50%, <br> 6/01/29<sup>(b)</sup> <br>| 430000 | 408715 |
| Integer Holdings Corp., <br> 1.88%, 3/15/30<sup>(b)</sup> <br>| 581000 | 613536 |
| LeMaitre Vascular, Inc., <br> 2.50%, 2/01/30<sup>(b)</sup> <br>| 434000 | 446524 |
| Omnicell, Inc., 1.00%, <br> 12/01/29<sup>(b)</sup> <br>| 648000 | 579054 |
|  |  | **4689799** |
| **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** |
| Centrus Energy Corp., <br> 2.25%, 11/01/30<sup>(b)(c)</sup> <br>| 383000 | 377829 |
| Century Aluminum Co., <br> 2.75%, 5/01/28<sup>(c)</sup> <br>| 393000 | 443697 |
| Equinox Gold Corp., 4.75%, <br> 10/15/28<br>| 703000 | 916009 |
| First Majestic Silver Corp., <br> 0.38%, 1/15/27<sup>(c)</sup> <br>| 294000 | 273861 |
| Fortuna Mining Corp., <br> 3.75%, 6/30/29<sup>(b)(c)</sup> <br>| 434000 | 531867 |
|  |  | **2543263** |
| **Real Estate Investment Trusts – 0.4%** | **Real Estate Investment Trusts – 0.4%** | **Real Estate Investment Trusts – 0.4%** |
| Pebblebrook Hotel Trust, <br> 1.75%, 12/15/26<sup>(c)</sup> <br>| 926000 | **860069** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| MKS Instruments, Inc., <br> 1.25%, 6/01/30<sup>(b)</sup> <br>| $598000 | $514239 |
| ON Semiconductor Corp., <br> 0.50%, 3/01/29<br>| 743000 | 641209 |
| Vishay <br> Intertechnology, Inc., <br> 2.25%, 9/15/30<br>| 403000 | 334490 |
|  |  | **1489938** |
| **Software – 2.3%** | **Software – 2.3%** | **Software – 2.3%** |
| Bentley Systems, Inc., <br> 0.38%, 7/01/27<sup>(c)</sup> <br>| 433000 | 395285 |
| BILL Holdings, Inc., 0.00%, <br> 4/01/30<sup>(b)(g)</sup> <br>| 369000 | 312912 |
| Evolent Health, Inc., <br> 3.50%, 12/01/29<br>| 576000 | 465984 |
| Five9, Inc., 1.00%, 3/15/29 | 409000 | 346110 |
| Jamf Holding Corp., <br> 0.13%, 9/01/26<sup>(c)</sup> <br>| 432000 | 402840 |
| MicroStrategy, Inc., 0.00%, <br> 12/01/29<sup>(b)(c)(g)</sup> <br>| 413000 | 375582 |
| Pagaya Technologies Ltd., <br> 6.13%, 10/01/29<sup>(b)(c)</sup> <br>| 318000 | 349991 |
| Progress Software Corp., <br> 3.50%, 3/01/30<br>| 702000 | 796127 |
| PROS Holdings, Inc., <br> 2.25%, 9/15/27<br>| 506000 | 465824 |
| Rapid7, Inc., 1.25%, <br> 3/15/29<sup>(c)</sup> <br>| 606000 | 515440 |
| Veradigm, Inc., 0.88%, <br> 1/01/27<sup>(c)</sup> <br>| 299000 | 322352 |
|  |  | **4748447** |
| **Specialty Finance – 2.2%** | **Specialty Finance – 2.2%** | **Specialty Finance – 2.2%** |
| Affirm Holdings, Inc., <br> 0.00%, 11/15/26<sup>(g)</sup> <br>| 325000 | 300231 |
| Blackstone Mortgage <br> Trust, Inc., 5.50%, <br> 3/15/27<br>| 833000 | 807177 |
| Block, Inc., 0.25%, <br> 11/01/27<sup>(c)</sup> <br>| 645000 | 571470 |
| EZCORP, Inc., 3.75%, <br> 12/15/29<sup>(b)(c)</sup> <br>| 248000 | 403744 |
| PennyMac Mortgage <br> Investment Trust, 8.50%, <br> 6/01/29<sup>(b)</sup> <br>| 298000 | 294126 |
| Qifu Technology, Inc., <br> 0.50%, 4/01/30<sup>(b)</sup> <br>| 221000 | 211828 |
| Redwood Trust, Inc., <br> 7.75%, 6/15/27<sup>(c)</sup> <br>| 1728000 | 1708992 |
| Upstart Holdings, Inc., <br> 0.25%, 8/15/26<br>| 386000 | 355506 |
|  |  | **4653074** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Applied <br> Optoelectronics, Inc., <br> 2.75%, 1/15/30<sup>(c)</sup> <br>| $355000 | $257439 |
| Lumentum Holdings, Inc., <br> 0.50%, 6/15/28<sup>(c)</sup> <br>| 252000 | 232142 |
| Western Digital Corp., <br> 3.00%, 11/15/28<sup>(c)</sup> <br>| 424000 | 575368 |
|  |  | **1064949** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| AST SpaceMobile, Inc., <br> 4.25%, 3/01/32<sup>(b)(c)</sup> <br>| 246000 | **288312** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| Air Transport Services <br> Group, Inc., 3.88%, <br> 8/15/29<sup>(c)</sup> <br>| 537000 | **533778** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| Greenbrier (The) Cos., Inc., <br> 2.88%, 4/15/28<sup>(c)</sup> <br>| 690000 | **710286** |
| **Total Convertible Bonds** <br>(Cost $39,724,389) | **Total Convertible Bonds** <br>(Cost $39,724,389) | **40664020** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Convertible Preferred Stocks – 2.5%** | **Convertible Preferred Stocks – 2.5%** | **Convertible Preferred Stocks – 2.5%** |
| **Asset Management – 1.0%** | **Asset Management – 1.0%** | **Asset Management – 1.0%** |
| AMG Capital Trust II, <br> 5.15%<sup>(c)</sup> <br>| 14751 | 767052 |
| Apollo Global <br> Management, Inc., 6.75%<br>| 11036 | 795916 |
| Ares Management Corp., <br> 6.50%<br>| 11744 | 579801 |
|  |  | **2142769** |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** |
| Albemarle Corp., 7.25% | 11513 | 352643 |
| Lyondellbasell Advanced <br> Polymers, Inc., 6.00%<br>| 669 | 581361 |
|  |  | **934004** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| BrightSpring Health <br> Services, Inc., 6.75%<br>| 8198 | **514015** |
| **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** |
| Chart Industries, Inc., <br> 6.50%<br>| 8900 | **470988** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Hewlett Packard <br> Enterprise Co., 7.63%<br>| 10710 | $537642 |
| NCR Voyix Corp., (100% <br> Cash), 5.50%<sup>(h)</sup> <br>| 556 | 537541 |
|  |  | **1075183** |
| **Total Convertible Preferred Stocks** <br>(Cost $5,385,084) | **Total Convertible Preferred Stocks** <br>(Cost $5,385,084) | **5136959** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 18.9%** | **Corporate Bonds – 18.9%** | **Corporate Bonds – 18.9%** |
| **Advertising & Marketing – 0.0%**<sup>(d)</sup> | **Advertising & Marketing – 0.0%**<sup>(d)</sup> | **Advertising & Marketing – 0.0%**<sup>(d)</sup> |
| Advantage Sales & <br> Marketing, Inc., 6.50%, <br> 11/15/28<sup>(b)</sup> <br>| $28000 | 22543 |
| Interpublic (The) Group of <br> Cos., Inc, 2.40%, 3/01/31<br>| 5000 | 4379 |
|  |  | **26922** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| General Dynamics Corp., <br> 3.75%, 5/15/28<br>| 70000 | 69345 |
| Hexcel Corp., 4.20%, <br> 2/15/27<br>| 60000 | 59120 |
| Lockheed Martin Corp., <br> 4.75%, 2/15/34<br>| 130000 | 128337 |
| RTX Corp., |  |  |
| 5.75%, 1/15/29 | 15000 | 15679 |
| 6.00%, 3/15/31 | 30000 | 32052 |
| TransDigm, Inc., |  |  |
| 6.38%, 3/01/29<sup>(b)</sup> <br>| 34000 | 34636 |
| 6.88%, 12/15/30<sup>(b)</sup> <br>| 33000 | 34002 |
|  |  | **373171** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| Tapestry, Inc., 5.10%, <br> 3/11/30<br>| 80000 | 80315 |
| VF Corp., 6.45%, 11/01/37 | 32000 | 26720 |
| William Carter (The) Co., <br> 5.63%, 3/15/27<sup>(b)</sup> <br>| 10000 | 9736 |
| Wolverine World <br> Wide, Inc., 4.00%, <br> 8/15/29<sup>(b)</sup> <br>| 28000 | 23294 |
|  |  | **140065** |
| **Asset Management – 0.5%** | **Asset Management – 0.5%** | **Asset Management – 0.5%** |
| Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/28 | 100000 | 104722 |
| 5.15%, 5/15/33 | 85000 | 86033 |
| Ares Capital Corp., |  |  |
| 2.15%, 7/15/26 | 48000 | 46290 |
| 2.88%, 6/15/27 | 60000 | 57268 |
| 2.88%, 6/15/28 | 100000 | 92840 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Blue Owl Finance LLC, <br> 6.25%, 4/18/34<br>| $70000 | $70625 |
| Charles Schwab <br> (The) Corp.,<br>|  |  |
| 1.15%, 5/13/26 | 50000 | 48407 |
| 5.88%, 8/24/26 | 75000 | 76457 |
| 3.20%, 1/25/28 | 2000 | 1950 |
| (SOFR + 2.21%), 5.64%, <br> 5/19/29<sup>(i)</sup> <br>| 30000 | 31112 |
| (SOFR + 1.88%), 6.20%, <br> 11/17/29<sup>(i)</sup> <br>| 38000 | 40336 |
| 2.30%, 5/13/31 | 4000 | 3522 |
| 1.95%, 12/01/31 | 34000 | 28558 |
| 2.90%, 3/03/32 | 2000 | 1763 |
| (SOFR + 2.01%), 6.14%, <br> 8/24/34<sup>(i)</sup> <br>| 40000 | 42502 |
| FS KKR Capital Corp., |  |  |
| 2.63%, 1/15/27 | 235000 | 222530 |
| 3.25%, 7/15/27 | 10000 | 9495 |
| 3.13%, 10/12/28 | 20000 | 18054 |
| 6.13%, 1/15/30 | 40000 | 39313 |
| Golub Capital BDC, Inc., <br> 2.50%, 8/24/26<br>| 10000 | 9621 |
|  |  | **1031398** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| American Honda <br> Finance Corp., 4.90%, <br> 3/13/29<br>| 65000 | 65955 |
| Garrett Motion <br> Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 5/31/32<sup>(b)</sup> <br>| 74000 | 73851 |
| General Motors <br> Financial Co., Inc., 2.35%, <br> 2/26/27<br>| 170000 | 162314 |
| Phinia, Inc., 6.63%, <br> 10/15/32<sup>(b)</sup> <br>| 40000 | 39249 |
| Toyota Motor Credit Corp., <br> 5.35%, 1/09/35<br>| 110000 | 112682 |
|  |  | **454051** |
| **Banking – 2.1%** | **Banking – 2.1%** | **Banking – 2.1%** |
| Bank of America Corp., |  |  |
| (SOFR + 1.15%), 1.32%, <br> 6/19/26<sup>(i)</sup> <br>| 210000 | 209016 |
| (SOFR + 1.05%), 2.55%, <br> 2/04/28<sup>(i)</sup> <br>| 25000 | 24188 |
| (SOFR + 2.04%), 4.95%, <br> 7/22/28<sup>(i)</sup> <br>| 85000 | 85911 |
| (SOFR + 1.99%), 6.20%, <br> 11/10/28<sup>(i)</sup> <br>| 125000 | 130118 |
| (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(i)</sup> <br>| 55000 | 53494 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| (3M CME Term SOFR + <br> 1.25%), 2.50%, <br> 2/13/31<sup>(i)</sup> <br>| $275000 | $248927 |
| (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(i)</sup> <br>| 50000 | 44224 |
| (SOFR + 1.21%), 2.57%, <br> 10/20/32<sup>(i)</sup> <br>| 30000 | 26071 |
| (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(i)</sup> <br>| 50000 | 43957 |
| (SOFR + 1.91%), 5.29%, <br> 4/25/34<sup>(i)</sup> <br>| 80000 | 80217 |
| Citigroup, Inc., |  |  |
| 4.45%, 9/29/27 | 100000 | 99700 |
| (SOFR + 1.36%), 5.17%, <br> 2/13/30<sup>(i)</sup> <br>| 50000 | 50735 |
| (SOFR + 2.11%), 2.57%, <br> 6/03/31<sup>(i)</sup> <br>| 375000 | 335757 |
| Fifth Third Bancorp, (SOFR <br> + 2.34%), 6.34%, <br> 7/27/29<sup>(i)</sup> <br>| 30000 | 31459 |
| JP Morgan Chase & Co., |  |  |
| (SOFR + 0.80%), 1.05%, <br> 11/19/26<sup>(i)</sup> <br>| 180000 | 176486 |
| (3M CME Term SOFR + <br> 0.70%), 1.04%, <br> 2/04/27<sup>(i)</sup> <br>| 205000 | 199717 |
| (SOFR + 0.77%), 1.47%, <br> 9/22/27<sup>(i)</sup> <br>| 95000 | 91185 |
| (SOFR + 1.99%), 4.85%, <br> 7/25/28<sup>(i)</sup> <br>| 160000 | 161725 |
| (3M CME Term SOFR + <br> 1.11%), 1.76%, <br> 11/19/31<sup>(i)</sup> <br>| 100000 | 85667 |
| (SOFR + 1.26%), 2.96%, <br> 1/25/33<sup>(i)</sup> <br>| 45000 | 39889 |
| (SOFR + 2.08%), 4.91%, <br> 7/25/33<sup>(i)</sup> <br>| 75000 | 74613 |
| (SOFR + 1.85%), 5.35%, <br> 6/01/34<sup>(i)</sup> <br>| 134000 | 136078 |
| (SOFR + 1.46%), 5.29%, <br> 7/22/35<sup>(i)</sup> <br>| 57000 | 57092 |
| (SOFR + 1.34%), 4.95%, <br> 10/22/35<sup>(i)</sup> <br>| 35000 | 34184 |
| M&T Bank Corp., (SOFR + <br> 2.80%), 7.41%, <br> 10/30/29<sup>(i)</sup> <br>| 270000 | 290450 |
| PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| (SOFR Index + 1.73%), <br> 6.62%, 10/20/27<sup>(i)</sup> <br>| 180000 | 185387 |
| 2.55%, 1/22/30 | 180000 | 164387 |
| Truist Financial Corp., |  |  |
| (SOFR + 0.86%), 1.89%, <br> 6/07/29<sup>(i)</sup> <br>| 36000 | 33224 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Truist Financial Corp., |  |  |
| (SOFR + 1.92%), 5.71%, <br> 1/24/35<sup>(i)</sup> <br>| $65000 | $66122 |
| U.S. Bancorp, (SOFR + <br> 1.41%), 5.42%, 2/12/36<sup>(i)</sup> <br>| 155000 | 155499 |
| Wells Fargo & Co., |  |  |
| (3M CME Term SOFR + <br> 1.57%), 3.58%, <br> 5/22/28<sup>(i)</sup> <br>| 1000 | 982 |
| (SOFR + 1.98%), 4.81%, <br> 7/25/28<sup>(i)</sup> <br>| 176000 | 177104 |
| (3M CME Term SOFR + <br> 1.43%), 2.88%, <br> 10/30/30<sup>(i)</sup> <br>| 165000 | 152885 |
| (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(i)</sup> <br>| 104000 | 106157 |
| (3M CME Term SOFR + <br> 1.26%), 2.57%, <br> 2/11/31<sup>(i)</sup> <br>| 180000 | 163115 |
| (3M CME Term SOFR + <br> 4.03%), 4.48%, <br> 4/04/31<sup>(i)</sup> <br>| 65000 | 64101 |
| (SOFR + 1.50%), 3.35%, <br> 3/02/33<sup>(i)</sup> <br>| 1000 | 898 |
| (SOFR + 1.99%), 5.56%, <br> 7/25/34<sup>(i)</sup> <br>| 170000 | 172320 |
| (SOFR + 1.78%), 5.50%, <br> 1/23/35<sup>(i)</sup> <br>| 100000 | 100769 |
| (SOFR + 1.38%), 5.21%, <br> 12/03/35<sup>(i)</sup> <br>| 75000 | 74028 |
|  |  | **4427838** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Coca-Cola (The) Co., <br> 5.00%, 5/13/34<br>| 90000 | 92192 |
| Constellation Brands, Inc., <br> 4.35%, 5/09/27<br>| 65000 | 64915 |
|  |  | **157107** |
| **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** |
| AbbVie, Inc., 5.05%, <br> 3/15/34<br>| 105000 | 105884 |
| Amgen, Inc., 5.25%, <br> 3/02/30<br>| 108000 | 111073 |
| Eli Lilly & Co., |  |  |
| 4.55%, 2/12/28 | 300000 | 305076 |
| 4.70%, 2/27/33 | 8000 | 8041 |
| Merck & Co., Inc., 4.50%, <br> 5/17/33<br>| 60000 | 59448 |
| Novartis Capital Corp., <br> 2.20%, 8/14/30<br>| 10000 | 9050 |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer <br> B.V.,<br>|  |  |
| 5.13%, 4/30/31<sup>(b)</sup> <br>| 75000 | 62951 |
| 7.88%, 5/15/34<sup>(b)</sup> <br>| 50000 | 46051 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Pfizer Investment <br> Enterprises Pte. Ltd., <br> 4.45%, 5/19/28<br>| $30000 | $30233 |
| Regeneron <br> Pharmaceuticals, Inc., <br> 1.75%, 9/15/30<br>| 20000 | 17099 |
| Zoetis, Inc., |  |  |
| 3.00%, 9/12/27 | 140000 | 136208 |
| 2.00%, 5/15/30 | 20000 | 17761 |
|  |  | **908875** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| 4.25%, 2/01/31<sup>(b)</sup> <br>| 29000 | 26202 |
| 7.38%, 3/01/31<sup>(b)</sup> <br>| 90000 | 92696 |
| 4.75%, 2/01/32<sup>(b)</sup> <br>| 135000 | 122170 |
| 4.50%, 5/01/32 | 50000 | 44424 |
| 4.50%, 6/01/33<sup>(b)</sup> <br>| 81000 | 70475 |
| 4.25%, 1/15/34<sup>(b)</sup> <br>| 115000 | 96875 |
| CSC Holdings LLC, |  |  |
| 5.50%, 4/15/27<sup>(b)</sup> <br>| 30000 | 27875 |
| 7.50%, 4/01/28<sup>(b)</sup> <br>| 25000 | 18310 |
| 11.25%, 5/15/28<sup>(b)</sup> <br>| 35000 | 34213 |
| 11.75%, 1/31/29<sup>(b)</sup> <br>| 25000 | 23635 |
| Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc.,<br>|  |  |
| 5.88%, 8/15/27<sup>(b)</sup> <br>| 25000 | 24162 |
| 10.00%, 2/15/31<sup>(b)</sup> <br>| 151000 | 142996 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/01/26 | 70000 | 60844 |
| 5.25%, 12/01/26<sup>(b)</sup> <br>| 44000 | 40040 |
| 7.38%, 7/01/28 | 22000 | 14866 |
| 5.13%, 6/01/29 | 56000 | 35062 |
| DISH Network Corp., <br> 11.75%, 11/15/27<sup>(b)</sup> <br>| 49000 | 51497 |
| GCI LLC, 4.75%, <br> 10/15/28<sup>(b)</sup> <br>| 57000 | 53924 |
|  |  | **980266** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| CVR Partners L.P./CVR <br> Nitrogen Finance Corp., <br> 6.13%, 6/15/28<sup>(b)</sup> <br>| 67000 | 64754 |
| Ecolab, Inc., 2.13%, <br> 2/01/32<br>| 20000 | 17056 |
| LSB Industries, Inc., <br> 6.25%, 10/15/28<sup>(b)</sup> <br>| 52000 | 48666 |
| LYB International Finance II <br> B.V., 3.50%, 3/02/27<br>| 30000 | 29454 |
| Rain Carbon, Inc., 12.25%, <br> 9/01/29<sup>(b)</sup> <br>| 108000 | 109801 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| Sherwin-Williams <br> (The) Co., 4.80%, 9/01/31<br>| $60000 | $60068 |
| SK Invictus Intermediate II <br> S.a.r.l., 5.00%, <br> 10/30/29<sup>(b)</sup> <br>| 70000 | 65714 |
|  |  | **395513** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Cintas Corp. No. 2, 4.00%, <br> 5/01/32<br>| 60000 | 57412 |
| Deluxe Corp., |  |  |
| 8.00%, 6/01/29<sup>(b)</sup> <br>| 61000 | 56007 |
| 8.13%, 9/15/29<sup>(b)</sup> <br>| 145000 | 145195 |
| GEO Group (The), Inc., |  |  |
| 8.63%, 4/15/29 | 62000 | 65177 |
| 10.25%, 4/15/31 | 170000 | 185749 |
| Republic Services, Inc., <br> 5.20%, 11/15/34<br>| 85000 | 86485 |
| Waste Connections, Inc., |  |  |
| 2.60%, 2/01/30 | 5000 | 4595 |
| 3.20%, 6/01/32 | 55000 | 49474 |
| Waste Management, Inc., <br> 4.95%, 7/03/31<br>| 125000 | 127962 |
|  |  | **778056** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| CRH America Finance, Inc., <br> 5.50%, 1/09/35<br>| 200000 | 203037 |
| Eagle Materials, Inc., <br> 2.50%, 7/01/31<br>| 88000 | 76807 |
| Martin Marietta <br> Materials, Inc., 5.15%, <br> 12/01/34<br>| 25000 | 24864 |
|  |  | **304708** |
| **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> |
| Upbound Group, Inc., <br> 6.38%, 2/15/29<sup>(b)</sup> <br>| 48000 | **45285** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC, 4.00%, 9/01/29<sup>(b)</sup> <br>| 136000 | 118376 |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings <br> USA, Inc.,<br>|  |  |
| 4.13%, 8/15/26<sup>(b)</sup> <br>| 82000 | 72344 |
| 5.25%, 8/15/27<sup>(b)</sup> <br>| 57000 | 26220 |
| Graham Packaging Co., <br> Inc., 7.13%, 8/15/28<sup>(b)</sup> <br>| 32000 | 31292 |
| Packaging Corp. of <br> America, 5.70%, <br> 12/01/33<br>| 165000 | 169954 |
|  |  | **418186** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| Emerson Electric Co., <br> 5.00%, 3/15/35<br>| $60000 | $60878 |
| Honeywell <br> International, Inc., 4.50%, <br> 1/15/34<br>| 80000 | 77303 |
|  |  | **138181** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| Wayfair LLC, |  |  |
| 7.25%, 10/31/29<sup>(b)</sup> <br>| 75000 | 68505 |
| 7.75%, 9/15/30<sup>(b)</sup> <br>| 38000 | 34668 |
|  |  | **103173** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| AEP Texas, Inc., 3.95%, <br> 6/01/28<br>| 50000 | 49096 |
| AES (The) Corp., 5.45%, <br> 6/01/28<br>| 30000 | 30460 |
| Appalachian Power Co., <br> 4.50%, 8/01/32<br>| 50000 | 47948 |
| Arizona Public Service Co., <br> 2.20%, 12/15/31<br>| 10000 | 8459 |
| Black Hills Corp., 3.15%, <br> 1/15/27<br>| 20000 | 19469 |
| CenterPoint Energy <br> Houston Electric LLC, <br> 4.45%, 10/01/32<br>| 30000 | 29041 |
| CenterPoint Energy, Inc., <br> 5.25%, 8/10/26<br>| 22000 | 22190 |
| Commonwealth <br> Edison Co., 5.30%, <br> 6/01/34<br>| 50000 | 51041 |
| Consolidated Edison Co. of <br> New York, Inc., 5.38%, <br> 5/15/34<br>| 50000 | 51172 |
| Dominion Energy, Inc., <br> 3.38%, 4/01/30<br>| 50000 | 46942 |
| DTE Electric Co., 5.20%, <br> 4/01/33<br>| 50000 | 50714 |
| Duke Energy Carolinas LLC, <br> 4.95%, 1/15/33<br>| 20000 | 20116 |
| Duke Energy Corp., |  |  |
| 2.65%, 9/01/26 | 100000 | 97683 |
| 3.40%, 6/15/29 | 50000 | 47775 |
| 5.75%, 9/15/33 | 26000 | 27077 |
| Duke Energy Progress LLC, |  |  |
| 3.40%, 4/01/32 | 20000 | 18262 |
| 5.25%, 3/15/33 | 10000 | 10197 |
| 5.05%, 3/15/35 | 10000 | 9969 |
| Entergy Louisiana LLC, <br> 1.60%, 12/15/30<br>| 90000 | 77028 |
| Evergy Kansas <br> Central, Inc., 5.90%, <br> 11/15/33<br>| 10000 | 10532 |
| Eversource Energy, 5.13%, <br> 5/15/33<br>| 50000 | 49281 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Florida Power & Light Co., |  |  |
| 2.45%, 2/03/32 | $30000 | $26178 |
| 4.80%, 5/15/33 | 15000 | 14928 |
| Georgia Power Co., |  |  |
| 4.65%, 5/16/28 | 30000 | 30351 |
| 4.70%, 5/15/32 | 20000 | 19871 |
| Interstate Power and <br> Light Co., 5.70%, <br> 10/15/33<br>| 14000 | 14417 |
| ITC Holdings Corp., 3.35%, <br> 11/15/27<br>| 10000 | 9717 |
| National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| 4.95%, 2/07/30 | 30000 | 30575 |
| 2.40%, 3/15/30 | 50000 | 45448 |
| NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| 5.30%, 3/15/32 | 25000 | 25509 |
| 5.25%, 3/15/34 | 50000 | 49834 |
| NRG Energy, Inc., 7.00%, <br> 3/15/33<sup>(b)</sup> <br>| 110000 | 118517 |
| Ohio Power Co., 5.65%, <br> 6/01/34<br>| 5000 | 5068 |
| Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| 4.30%, 5/15/28 | 25000 | 25109 |
| 5.65%, 11/15/33 | 10000 | 10390 |
| Pacific Gas and <br> Electric Co.,<br>|  |  |
| 2.50%, 2/01/31 | 80000 | 69043 |
| 6.40%, 6/15/33 | 29000 | 29985 |
| PacifiCorp, |  |  |
| 2.70%, 9/15/30 | 20000 | 17991 |
| 5.30%, 2/15/31 | 10000 | 10270 |
| PECO Energy Co., 4.90%, <br> 6/15/33<br>| 40000 | 40165 |
| PG&E Corp., 5.25%, <br> 7/01/30<br>| 105000 | 101166 |
| PPL Capital Funding, Inc., <br> 3.10%, 5/15/26<br>| 20000 | 19719 |
| PPL Electric Utilities Corp., |  |  |
| 5.00%, 5/15/33 | 10000 | 10029 |
| 4.85%, 2/15/34 | 25000 | 24790 |
| Public Service Co. of <br> Colorado,<br>|  |  |
| 4.10%, 6/01/32 | 25000 | 23760 |
| 5.35%, 5/15/34 | 30000 | 30174 |
| Public Service Co. of <br> Oklahoma, 5.20%, <br> 1/15/35<br>| 20000 | 19674 |
| Public Service Electric and <br> Gas Co.,<br>|  |  |
| 4.65%, 3/15/33 | 10000 | 9901 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Public Service Electric and <br> Gas Co.,<br>|  |  |
| 5.20%, 8/01/33 | $20000 | $20384 |
| 4.85%, 8/01/34 | 10000 | 9924 |
| Public Service Enterprise <br> Group, Inc., 1.60%, <br> 8/15/30<br>| 10000 | 8545 |
| San Diego Gas & <br> Electric Co., 4.95%, <br> 8/15/28<br>| 45000 | 45883 |
| Sempra, 5.50%, 8/01/33 | 10000 | 10065 |
| Southern (The) Co., 5.20%, <br> 6/15/33<br>| 50000 | 50313 |
| Southwestern Electric <br> Power Co., 5.30%, <br> 4/01/33<br>| 10000 | 9955 |
| Tampa Electric Co., 5.15%, <br> 3/01/35<br>| 90000 | 89644 |
| Union Electric Co., 2.95%, <br> 3/15/30<br>| 70000 | 65571 |
| Virginia Electric and <br> Power Co.,<br>|  |  |
| 2.30%, 11/15/31 | 45000 | 39116 |
| 5.15%, 3/15/35 | 20000 | 19755 |
| WEC Energy Group, Inc., <br> 5.60%, 9/12/26<br>| 7000 | 7095 |
| Wisconsin Electric <br> Power Co., 1.70%, <br> 6/15/28<br>| 10000 | 9278 |
| Wisconsin Power and <br> Light Co., 1.95%, 9/16/31<br>| 5000 | 4295 |
| Xcel Energy, Inc., 4.60%, <br> 6/01/32<br>| 10000 | 9632 |
|  |  | **2006486** |
| **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> |
| Keysight <br> Technologies, Inc., <br> 4.95%, 10/15/34<br>| 25000 | **24305** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Brundage-Bone Concrete <br> Pumping Holdings, Inc., <br> 7.50%, 2/01/32<sup>(b)</sup> <br>| 19000 | 18541 |
| Quanta Services, Inc., |  |  |
| 2.90%, 10/01/30 | 110000 | 99573 |
| 2.35%, 1/15/32 | 30000 | 25243 |
| Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(b)</sup> <br>| 32000 | 34521 |
|  |  | **177878** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| TEGNA, Inc., |  |  |
| 4.63%, 3/15/28 | 105000 | 100325 |
| 5.00%, 9/15/29 | 144000 | 134132 |
|  |  | **234457** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Hershey (The) Co., 4.50%, <br> 5/04/33<br>| $52000 | $51203 |
| Mondelez <br> International, Inc., 2.63%, <br> 3/17/27<br>| 40000 | 38772 |
| Post Holdings, Inc., |  |  |
| 6.38%, 3/01/33<sup>(b)</sup> <br>| 37000 | 36584 |
| 6.25%, 10/15/34<sup>(b)</sup> <br>| 12000 | 11900 |
| TreeHouse Foods, Inc., <br> 4.00%, 9/01/28<br>| 58000 | 52037 |
|  |  | **190496** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| American Water <br> Capital Corp.,<br>|  |  |
| 4.45%, 6/01/32 | 30000 | 29218 |
| 5.15%, 3/01/34 | 5000 | 5033 |
| AmeriGas Partners <br> L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| 5.75%, 5/20/27 | 41000 | 39185 |
| 9.38%, 6/01/28<sup>(b)</sup> <br>| 41000 | 40747 |
| Atmos Energy Corp., <br> 5.90%, 11/15/33<br>| 10000 | 10633 |
| Essential Utilities, Inc., <br> 5.38%, 1/15/34<br>| 25000 | 25090 |
| National Fuel Gas Co., <br> 5.95%, 3/15/35<br>| 45000 | 45113 |
| ONE Gas, Inc., 4.25%, <br> 9/01/32<br>| 25000 | 23735 |
| Piedmont Natural Gas Co., <br> Inc., 5.40%, 6/15/33<br>| 10000 | 10128 |
| Southern California <br> Gas Co., 5.20%, 6/01/33<br>| 30000 | 29931 |
| Southern Co. Gas <br> Capital Corp., 5.75%, <br> 9/15/33<br>| 10000 | 10315 |
| Southwest Gas Corp., <br> 4.05%, 3/15/32<br>| 25000 | 23415 |
|  |  | **292543** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| AHP Health Partners, Inc., <br> 5.75%, 7/15/29<sup>(b)</sup> <br>| 13000 | 11973 |
| Cardinal Health, Inc., |  |  |
| 4.70%, 11/15/26 | 70000 | 70343 |
| 5.35%, 11/15/34 | 50000 | 50187 |
| Cencora, Inc., 2.70%, <br> 3/15/31<br>| 90000 | 80528 |
| DaVita, Inc., |  |  |
| 4.63%, 6/01/30<sup>(b)</sup> <br>| 57000 | 53013 |
| 6.88%, 9/01/32<sup>(b)</sup> <br>| 21000 | 21203 |
| HCA, Inc., |  |  |
| 3.50%, 9/01/30 | 50000 | 46722 |
| 5.45%, 4/01/31 | 111000 | 113125 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| HCA, Inc., |  |  |
| 3.63%, 3/15/32 | $91000 | $82541 |
| 5.60%, 4/01/34 | 179000 | 179919 |
| IQVIA, Inc., 6.25%, <br> 2/01/29<br>| 25000 | 25977 |
| Tenet Healthcare Corp., <br> 6.13%, 10/01/28<br>| 27000 | 26935 |
| UnitedHealth Group, Inc., |  |  |
| 2.00%, 5/15/30 | 125000 | 111111 |
| 4.50%, 4/15/33 | 21000 | 20318 |
| Universal Health <br> Services, Inc.,<br>|  |  |
| 2.65%, 10/15/30 | 112000 | 98213 |
| 2.65%, 1/15/32 | 98000 | 80971 |
|  |  | **1073079** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Lennar Corp., 5.00%, <br> 6/15/27<br>| 35000 | 35197 |
| Masco Corp., 3.50%, <br> 11/15/27<br>| 45000 | 43971 |
| NVR, Inc., 3.00%, 5/15/30 | 135000 | 124271 |
| Toll Brothers Finance Corp., |  |  |
| 4.35%, 2/15/28 | 60000 | 59445 |
| 3.80%, 11/01/29 | 50000 | 47892 |
|  |  | **310776** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| WESCO Distribution, Inc., <br> 6.38%, 3/15/33<sup>(b)</sup> <br>| 15000 | 15174 |
| WW Grainger, Inc., 4.45%, <br> 9/15/34<br>| 185000 | 179456 |
|  |  | **194630** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| Bank of New York Mellon <br> (The) Corp., (SOFR + <br> 1.17%), 4.54%, 2/01/29<sup>(i)</sup> <br>| 50000 | 50343 |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/01/28<sup>(b)</sup> <br>| 93000 | 85596 |
| 3.63%, 10/01/31<sup>(b)</sup> <br>| 10000 | 8678 |
| Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| (SOFR + 0.79%), 1.09%, <br> 12/09/26<sup>(i)</sup> <br>| 450000 | 440437 |
| (SOFR + 0.80%), 1.43%, <br> 3/09/27<sup>(i)</sup> <br>| 160000 | 155718 |
| (3M CME Term SOFR + <br> 1.42%), 3.81%, <br> 4/23/29<sup>(i)</sup> <br>| 50000 | 49048 |
| (SOFR + 1.25%), 2.38%, <br> 7/21/32<sup>(i)</sup> <br>| 205000 | 176583 |
| Intercontinental <br> Exchange, Inc., 1.85%, <br> 9/15/32<br>| 20000 | 16382 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Jane Street Group/JSG <br> Finance, Inc., 6.75%, <br> 5/01/33<sup>(b)</sup> <br>| $20000 | $20094 |
| Jefferies Financial <br> Group, Inc., 5.88%, <br> 7/21/28<br>| 25000 | 25656 |
| LPL Holdings, Inc., 5.65%, <br> 3/15/35<br>| 80000 | 79107 |
| Morgan Stanley, |  |  |
| (SOFR + 0.72%), 0.99%, <br> 12/10/26<sup>(i)</sup> <br>| 170000 | 166177 |
| 3.95%, 4/23/27 | 12000 | 11904 |
| (SOFR + 1.14%), 2.70%, <br> 1/22/31<sup>(i)</sup> <br>| 37000 | 33796 |
| (SOFR + 1.03%), 1.79%, <br> 2/13/32<sup>(i)</sup> <br>| 414000 | 349174 |
| (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(i)</sup> <br>| 53000 | 45192 |
| (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(i)</sup> <br>| 223000 | 192536 |
| (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(i)</sup> <br>| 110000 | 110000 |
| (SOFR + 1.56%), 5.32%, <br> 7/19/35<sup>(i)</sup> <br>| 70000 | 69684 |
| (SOFR + 1.42%), 5.59%, <br> 1/18/36<sup>(i)</sup> <br>| 35000 | 35505 |
| StoneX Group, Inc., 7.88%, <br> 3/01/31<sup>(b)</sup> <br>| 61000 | 63503 |
| VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 78000 | 80063 |
|  |  | **2265176** |
| **Insurance – 0.8%** | **Insurance – 0.8%** | **Insurance – 0.8%** |
| Allstate (The) Corp., <br> 5.05%, 6/24/29<br>| 65000 | 66379 |
| Aon Corp., 2.80%, 5/15/30 | 20000 | 18357 |
| Arthur J Gallagher & Co., |  |  |
| 2.40%, 11/09/31 | 20000 | 17357 |
| 5.50%, 3/02/33 | 30000 | 30530 |
| 6.50%, 2/15/34 | 125000 | 135569 |
| Assurant, Inc., 4.90%, <br> 3/27/28<br>| 65000 | 65316 |
| Assured Guaranty <br> U.S. Holdings, Inc., <br> 6.13%, 9/15/28<br>| 58000 | 60516 |
| AssuredPartners, Inc., <br> 5.63%, 1/15/29<sup>(b)</sup> <br>| 259000 | 258105 |
| Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group Holdings <br> Finance, 7.13%, <br> 5/15/31<sup>(b)</sup> <br>| 48000 | 48840 |
| Brown & Brown, Inc., |  |  |
| 4.50%, 3/15/29 | 90000 | 89673 |
| 4.20%, 3/17/32 | 100000 | 93133 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Brown & Brown, Inc., |  |  |
| 5.65%, 6/11/34 | $40000 | $40451 |
| Enstar Group Ltd., 3.10%, <br> 9/01/31<br>| 197000 | 171438 |
| Marsh & McLennan Cos., <br> Inc.,<br>|  |  |
| 2.38%, 12/15/31 | 410000 | 354608 |
| 5.75%, 11/01/32 | 50000 | 52980 |
| Principal Financial <br> Group, Inc., 5.38%, <br> 3/15/33<br>| 18000 | 18332 |
| Progressive (The) Corp., <br> 3.20%, 3/26/30<br>| 32000 | 30407 |
| Unum Group, 4.00%, <br> 6/15/29<br>| 135000 | 132128 |
|  |  | **1684119** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| Alphabet, Inc., 4.50%, <br> 5/15/35<br>| 25000 | 24669 |
| GrubHub Holdings, Inc., <br> 5.50%, 7/01/27<sup>(b)</sup> <br>| 59000 | 53306 |
| Meta Platforms, Inc., <br> 4.80%, 5/15/30<br>| 40000 | 41229 |
| Snap, Inc., 6.88%, <br> 3/01/33<sup>(b)</sup> <br>| 33000 | 32958 |
| Uber Technologies, Inc., <br> 4.80%, 9/15/34<br>| 50000 | 48440 |
| VeriSign, Inc., |  |  |
| 2.70%, 6/15/31 | 150000 | 132528 |
| 5.25%, 6/01/32 | 30000 | 30245 |
|  |  | **363375** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Accenture Capital, Inc., <br> 4.50%, 10/04/34<br>| 10000 | 9638 |
| International Business <br> Machines Corp.,<br>|  |  |
| 2.20%, 2/09/27 | 100000 | 96495 |
| 4.15%, 7/27/27 | 285000 | 284656 |
| Leidos, Inc., 2.30%, <br> 2/15/31<br>| 60000 | 51862 |
|  |  | **442651** |
| **Leisure Facilities & Services – 0.8%** | **Leisure Facilities & Services – 0.8%** | **Leisure Facilities & Services – 0.8%** |
| Darden Restaurants, Inc., |  |  |
| 4.55%, 10/15/29 | 40000 | 39736 |
| 6.30%, 10/10/33 | 30000 | 31856 |
| Everi Holdings, Inc., <br> 5.00%, 7/15/29<sup>(b)</sup> <br>| 640000 | 642056 |
| Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(b)</sup> <br>| 64000 | 63957 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc.,<br>|  |  |
| 5.00%, 6/01/29<sup>(b)</sup> <br>| $21000 | $19416 |
| 4.88%, 7/01/31<sup>(b)</sup> <br>| 59000 | 51342 |
| Hyatt Hotels Corp., |  |  |
| 5.75%, 1/30/27 | 30000 | 30512 |
| 5.38%, 12/15/31 | 90000 | 89460 |
| Las Vegas Sands Corp., <br> 6.00%, 8/15/29<br>| 25000 | 25278 |
| Marriott International, Inc., |  |  |
| 5.00%, 10/15/27 | 35000 | 35493 |
| 5.55%, 10/15/28 | 30000 | 30995 |
| 2.85%, 4/15/31 | 100000 | 89405 |
| 5.10%, 4/15/32 | 30000 | 29968 |
| 5.30%, 5/15/34 | 35000 | 34493 |
| McDonald's Corp., 4.60%, <br> 9/09/32<br>| 284000 | 283115 |
| Premier Entertainment <br> Sub LLC/Premier <br> Entertainment <br> Finance Corp.,<br>|  |  |
| 5.63%, 9/01/29<sup>(b)</sup> <br>| 102000 | 59670 |
| 5.88%, 9/01/31<sup>(b)</sup> <br>| 48000 | 24960 |
| Resorts World Las <br> Vegas LLC/RWLV <br> Capital, Inc.,<br>|  |  |
| 4.63%, 4/16/29<sup>(b)</sup> <br>| 17000 | 14625 |
| 8.45%, 7/27/30<sup>(b)</sup> <br>| 52000 | 50549 |
| Sabre GLBL, Inc., |  |  |
| 8.63%, 6/01/27<sup>(b)</sup> <br>| 30000 | 28725 |
| 11.25%, 12/15/27<sup>(b)</sup> <br>| 45000 | 45225 |
|  |  | **1720836** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| Eaton Corp., 4.15%, <br> 3/15/33<br>| 20000 | 19209 |
| IDEX Corp., 2.63%, <br> 6/15/31<br>| 50000 | 43512 |
| Pentair Finance S.a.r.l., <br> 4.50%, 7/01/29<br>| 60000 | 59198 |
|  |  | **121919** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| Bausch + Lomb Corp., <br> 8.38%, 10/01/28<sup>(b)</sup> <br>| 101000 | 104919 |
| Edwards <br> Lifesciences Corp., <br> 4.30%, 6/15/28<br>| 70000 | 69485 |
| Zimmer Biomet <br> Holdings, Inc.,<br>|  |  |
| 4.70%, 2/19/27 | 150000 | 150596 |
| 5.35%, 12/01/28 | 30000 | 30773 |
|  |  | **355773** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| Freeport-McMoRan, Inc., <br> 4.13%, 3/01/28<br>| $35000 | $34457 |
| Novelis Corp., 6.88%, <br> 1/30/30<sup>(b)</sup> <br>| 58000 | 58836 |
| SunCoke Energy, Inc., <br> 4.88%, 6/30/29<sup>(b)</sup> <br>| 50000 | 45933 |
|  |  | **139226** |
| **Oil & Gas Supply Chain – 1.9%** | **Oil & Gas Supply Chain – 1.9%** | **Oil & Gas Supply Chain – 1.9%** |
| California Resources Corp., <br> 8.25%, 6/15/29<sup>(b)</sup> <br>| 219000 | 208796 |
| Calumet Specialty <br> Products Partners <br> L.P./Calumet <br> Finance Corp., 9.75%, <br> 7/15/28<sup>(b)</sup> <br>| 32000 | 28533 |
| Cheniere Corpus Christi <br> Holdings LLC, 5.13%, <br> 6/30/27<br>| 41000 | 41456 |
| Cheniere Energy, Inc., <br> 5.65%, 4/15/34<br>| 30000 | 29879 |
| Chevron USA, Inc., 4.98%, <br> 4/15/35<br>| 190000 | 190239 |
| Chord Energy Corp., <br> 6.75%, 3/15/33<sup>(b)</sup> <br>| 30000 | 29202 |
| CNX Midstream Partners <br> L.P., 4.75%, 4/15/30<sup>(b)</sup> <br>| 5000 | 4602 |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/01/29<sup>(b)</sup> <br>| 81000 | 77208 |
| 6.75%, 3/01/29<sup>(b)</sup> <br>| 26000 | 24637 |
| ConocoPhillips Co., |  |  |
| 5.05%, 9/15/33 | 20000 | 20015 |
| 5.00%, 1/15/35 | 115000 | 113190 |
| CVR Energy, Inc., 8.50%, <br> 1/15/29<sup>(b)</sup> <br>| 31000 | 28486 |
| DCP Midstream Operating <br> L.P., 3.25%, 2/15/32<br>| 5000 | 4296 |
| Delek Logistics Partners <br> L.P./Delek Logistics <br> Finance Corp., 8.63%, <br> 3/15/29<sup>(b)</sup> <br>| 104000 | 106763 |
| Diamondback Energy, Inc., <br> 5.40%, 4/18/34<br>| 105000 | 102648 |
| Energy Transfer L.P., |  |  |
| 5.20%, 4/01/30 | 30000 | 30292 |
| 5.75%, 2/15/33 | 10000 | 10140 |
| 6.55%, 12/01/33 | 65000 | 68426 |
| FTAI Infra Escrow <br> Holdings LLC, 10.50%, <br> 6/01/27<sup>(b)</sup> <br>| 9000 | 9305 |
| Genesis Energy <br> L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 8.25%, 1/15/29 | 22000 | 22359 |
| 8.88%, 4/15/30 | 5000 | 5102 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Genesis Energy <br> L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 7.88%, 5/15/32 | $41000 | $39894 |
| 8.00%, 5/15/33 | 17000 | 16489 |
| Global Partners L.P./GLP <br> Finance Corp., 8.25%, <br> 1/15/32<sup>(b)</sup> <br>| 39000 | 39703 |
| Gulfport Energy <br> Operating Corp., 6.75%, <br> 9/01/29<sup>(b)</sup> <br>| 58000 | 57158 |
| Hess Corp., 4.30%, <br> 4/01/27<br>| 50000 | 49880 |
| Kinder Morgan, Inc., |  |  |
| 1.75%, 11/15/26 | 60000 | 57680 |
| 5.00%, 2/01/29 | 120000 | 121231 |
| Magnolia Oil & Gas <br> Operating LLC/Magnolia <br> Oil & Gas Finance Corp., <br> 6.88%, 12/01/32<sup>(b)</sup> <br>| 42000 | 40666 |
| MPLX L.P., |  |  |
| 4.13%, 3/01/27 | 180000 | 178713 |
| 4.25%, 12/01/27 | 90000 | 89467 |
| 2.65%, 8/15/30 | 120000 | 107293 |
| 5.00%, 3/01/33 | 210000 | 202874 |
| NFE Financing LLC, <br> 12.00%, 11/15/29<sup>(b)</sup> <br>| 153654 | 105765 |
| Northern Oil & Gas, Inc., |  |  |
| 8.13%, 3/01/28<sup>(b)</sup> <br>| 39000 | 38503 |
| 8.75%, 6/15/31<sup>(b)</sup> <br>| 38000 | 36508 |
| ONEOK, Inc., |  |  |
| 4.00%, 7/13/27 | 255000 | 251962 |
| 6.05%, 9/01/33 | 110000 | 112853 |
| PBF Holding Co. LLC/PBF <br> Finance Corp.,<br>|  |  |
| 6.00%, 2/15/28 | 47000 | 41468 |
| 7.88%, 9/15/30<sup>(b)</sup> <br>| 21000 | 17276 |
| Plains All American <br> Pipeline L.P., 5.95%, <br> 6/15/35<br>| 60000 | 60040 |
| Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| 3.55%, 12/15/29 | 42000 | 39734 |
| 5.70%, 9/15/34 | 20000 | 19780 |
| Sitio Royalties Operating <br> Partnership L.P./Sitio <br> Finance Corp., 7.88%, <br> 11/01/28<sup>(b)</sup> <br>| 33000 | 33914 |
| Summit Midstream <br> Holdings LLC, 8.63%, <br> 10/31/29<sup>(b)</sup> <br>| 61000 | 60093 |
| Talos Production, Inc., |  |  |
| 9.00%, 2/01/29<sup>(b)</sup> <br>| 68000 | 65187 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| Talos Production, Inc., |  |  |
| 9.38%, 2/01/31<sup>(b)</sup> <br>| $62000 | $58294 |
| Targa Resources Corp., |  |  |
| 5.20%, 7/01/27 | 160000 | 162096 |
| 6.15%, 3/01/29 | 130000 | 135522 |
| 5.50%, 2/15/35 | 40000 | 39069 |
| 5.55%, 8/15/35 | 75000 | 73483 |
| Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.,<br>|  |  |
| 6.50%, 7/15/27 | 17000 | 17070 |
| 5.00%, 1/15/28 | 46000 | 45978 |
| 4.88%, 2/01/31 | 20000 | 19451 |
| Venture Global LNG, Inc., |  |  |
| 9.50%, 2/01/29<sup>(b)</sup> <br>| 59000 | 61138 |
| 8.38%, 6/01/31<sup>(b)</sup> <br>| 69000 | 66538 |
| 9.88%, 2/01/32<sup>(b)</sup> <br>| 67000 | 68029 |
| Western Midstream <br> Operating L.P., 6.15%, <br> 4/01/33<br>| 30000 | 30302 |
| Williams (The) Cos., Inc., <br> 2.60%, 3/15/31<br>| 125000 | 110509 |
|  |  | **3927184** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Bristow Group, Inc., <br> 6.88%, 3/01/28<sup>(b)</sup> <br>| 6000 | 5821 |
| Diamond Foreign <br> Asset Co./Diamond <br> Finance LLC, 8.50%, <br> 10/01/30<sup>(b)</sup> <br>| 60000 | 57361 |
| Helix Energy Solutions <br> Group, Inc., 9.75%, <br> 3/01/29<sup>(b)</sup> <br>| 19000 | 19232 |
| Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(b)</sup> <br>| 93000 | 88607 |
| USA Compression Partners <br> L.P./USA Compression <br> Finance Corp., 7.13%, <br> 3/15/29<sup>(b)</sup> <br>| 41000 | 41397 |
| Valaris Ltd., 8.38%, <br> 4/30/30<sup>(b)</sup> <br>| 65000 | 60904 |
| Weatherford <br> International Ltd., 8.63%, <br> 4/30/30<sup>(b)</sup> <br>| 28000 | 27754 |
|  |  | **301076** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Gray Media, Inc., |  |  |
| 4.75%, 10/15/30<sup>(b)</sup> <br>| 16000 | 9480 |
| 5.38%, 11/15/31<sup>(b)</sup> <br>| 28000 | 16706 |
| Nexstar Media, Inc., |  |  |
| 5.63%, 7/15/27<sup>(b)</sup> <br>| 13000 | 12879 |
| 4.75%, 11/01/28<sup>(b)</sup> <br>| 78000 | 73450 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Publishing & Broadcasting (Continued)** | **Publishing & Broadcasting (Continued)** | **Publishing & Broadcasting (Continued)** |
| Sinclair Television <br> Group, Inc.,<br>|  |  |
| 5.50%, 3/01/30<sup>(b)</sup> <br>| $59000 | $42480 |
| 4.38%, 12/31/32<sup>(b)</sup> <br>| 65000 | 39328 |
| 9.75%, 2/15/33<sup>(b)</sup> <br>| 24000 | 24780 |
|  |  | **219103** |
| **Real Estate Investment Trusts – 0.5%** | **Real Estate Investment Trusts – 0.5%** | **Real Estate Investment Trusts – 0.5%** |
| American Tower Corp., |  |  |
| 5.80%, 11/15/28 | 55000 | 57277 |
| 5.40%, 1/31/35 | 10000 | 10114 |
| 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>| 22000 | 21795 |
| Crown Castle, Inc., |  |  |
| 3.65%, 9/01/27 | 80000 | 78236 |
| 3.80%, 2/15/28 | 17000 | 16608 |
| 2.10%, 4/01/31 | 80000 | 67991 |
| Equinix, Inc., 1.45%, <br> 5/15/26<br>| 70000 | 67716 |
| ERP Operating L.P., 4.65%, <br> 9/15/34<br>| 40000 | 38422 |
| Host Hotels & Resorts L.P., <br> 5.50%, 4/15/35<br>| 20000 | 19311 |
| Iron Mountain, Inc., 5.25%, <br> 3/15/28<sup>(b)</sup> <br>| 17000 | 16738 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27 | 48000 | 42409 |
| 4.63%, 8/01/29 | 57000 | 43416 |
| 8.50%, 2/15/32<sup>(b)</sup> <br>| 10000 | 10160 |
| Prologis L.P., |  |  |
| 4.88%, 6/15/28 | 20000 | 20374 |
| 4.75%, 6/15/33 | 40000 | 39345 |
| Realty Income Corp., <br> 4.75%, 2/15/29<br>| 90000 | 90888 |
| RLJ Lodging Trust L.P., <br> 4.00%, 9/15/29<sup>(b)</sup> <br>| 34000 | 30729 |
| Simon Property Group L.P., |  |  |
| 1.38%, 1/15/27 | 10000 | 9519 |
| 5.50%, 3/08/33 | 40000 | 41051 |
| 4.75%, 9/26/34 | 50000 | 47805 |
| Uniti Group L.P./Uniti <br> Group Finance 2019, <br> Inc./CSL Capital LLC,<br>|  |  |
| 10.50%, 2/15/28<sup>(b)</sup> <br>| 29000 | 30792 |
| 6.50%, 2/15/29<sup>(b)</sup> <br>| 108000 | 98802 |
| VICI Properties L.P., 5.63%, <br> 4/01/35<br>| 40000 | 39583 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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)** |
| VICI Properties L.P./VICI <br> Note Co., Inc., 4.13%, <br> 8/15/30<sup>(b)</sup> <br>| $50000 | $47167 |
| Welltower OP LLC, 3.85%, <br> 6/15/32<br>| 70000 | 65658 |
|  |  | **1051906** |
| **Real Estate Owners & Developers – 0.0%**<sup>(d)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(d)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(d)</sup> |
| Howard Hughes <br> (The) Corp., 4.38%, <br> 2/01/31<sup>(b)</sup> <br>| 19000 | **16848** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Kroger (The) Co., 5.00%, <br> 9/15/34<br>| 50000 | 49006 |
| Walgreens Boots <br> Alliance, Inc.,<br>|  |  |
| 8.13%, 8/15/29 | 62000 | 64508 |
| 4.10%, 4/15/50 | 67000 | 58514 |
|  |  | **172028** |
| **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** |
| AutoZone, Inc., |  |  |
| 5.05%, 7/15/26 | 120000 | 120774 |
| 4.50%, 2/01/28 | 40000 | 40274 |
| 5.40%, 7/15/34 | 20000 | 20210 |
| Bath & Body Works, Inc., |  |  |
| 6.88%, 11/01/35 | 66000 | 66014 |
| 6.75%, 7/01/36 | 60000 | 59031 |
| BlueLinx Holdings, Inc., <br> 6.00%, 11/15/29<sup>(b)</sup> <br>| 31000 | 29476 |
| Carvana Co., |  |  |
| 9.00%, 12/01/28<sup>(b)(h)</sup> <br>| 36803 | 37835 |
| (100% Cash), 9.00%, <br> 6/01/30<sup>(b)(h)</sup> <br>| 59640 | 63149 |
| 9.00%, 6/01/31<sup>(b)(h)</sup> <br>| 35310 | 39743 |
| Foot Locker, Inc., 4.00%, <br> 10/01/29<sup>(b)</sup> <br>| 47000 | 38090 |
| Gap (The), Inc., 3.88%, <br> 10/01/31<sup>(b)</sup> <br>| 34000 | 29129 |
| Hertz (The) Corp., 12.63%, <br> 7/15/29<sup>(b)</sup> <br>| 10000 | 9726 |
| Kohl's Corp., 5.13%, <br> 5/01/31<br>| 69000 | 43211 |
| Lowe's Cos., Inc., |  |  |
| 3.35%, 4/01/27 | 25000 | 24558 |
| 3.10%, 5/03/27 | 45000 | 43966 |
| 2.63%, 4/01/31 | 10000 | 8925 |
| Macy's Retail <br> Holdings LLC, 6.13%, <br> 3/15/32<sup>(b)</sup> <br>| 27000 | 24311 |
| Nordstrom, Inc., |  |  |
| 4.38%, 4/01/30 | 17000 | 15057 |
| 5.00%, 1/15/44 | 73000 | 51136 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Patrick Industries, Inc., <br> 6.38%, 11/01/32<sup>(b)</sup> <br>| $25000 | $24271 |
|  |  | **788886** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Analog Devices, Inc., |  |  |
| 1.70%, 10/01/28 | 40000 | 36828 |
| 2.10%, 10/01/31 | 30000 | 25935 |
| Broadcom Corp./Broadcom <br> Cayman Finance Ltd., <br> 3.88%, 1/15/27<br>| 160000 | 158834 |
| Broadcom, Inc., |  |  |
| 4.00%, 4/15/29<sup>(b)</sup> <br>| 5000 | 4896 |
| 5.05%, 4/15/30 | 26000 | 26470 |
| 3.42%, 4/15/33<sup>(b)</sup> <br>| 29000 | 25862 |
| Intel Corp., 3.75%, 3/25/27 | 50000 | 49254 |
| Texas Instruments, Inc., |  |  |
| 1.90%, 9/15/31 | 54000 | 46760 |
| 4.90%, 3/14/33 | 25000 | 25321 |
| 4.85%, 2/08/34 | 60000 | 60417 |
|  |  | **460577** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| Cloud Software <br> Group, Inc., 9.00%, <br> 9/30/29<sup>(b)</sup> <br>| 44000 | 44327 |
| Fortinet, Inc., 2.20%, <br> 3/15/31<br>| 10000 | 8724 |
| Intuit, Inc., 5.20%, 9/15/33 | 100000 | 102800 |
| Oracle Corp., |  |  |
| 4.65%, 5/06/30 | 25000 | 25059 |
| 2.88%, 3/25/31 | 220000 | 197941 |
| 5.25%, 2/03/32 | 60000 | 60830 |
| 4.90%, 2/06/33 | 100000 | 98306 |
| 4.70%, 9/27/34 | 80000 | 76132 |
| 5.50%, 8/03/35 | 95000 | 95391 |
| Rackspace Finance LLC, <br> 3.50%, 5/15/28<sup>(b)</sup> <br>| 60438 | 21514 |
| Roper Technologies, Inc., <br> 4.50%, 10/15/29<br>| 60000 | 59741 |
|  |  | **790765** |
| **Sovereign Government – 0.1%** | **Sovereign Government – 0.1%** | **Sovereign Government – 0.1%** |
| JP Morgan Chase & Co., <br> (SOFR + 0.80%), 4.92%, <br> 1/24/29<sup>(i)</sup> <br>| 300000 | **304246** |
| **Specialty Finance – 2.0%** | **Specialty Finance – 2.0%** | **Specialty Finance – 2.0%** |
| Ally Financial, Inc., (5Y US <br> Treasury CMT + 2.45%), <br> 6.65%, 1/17/40<sup>(i)</sup> <br>| 28000 | 26664 |
| American Express Co., |  |  |
| (SOFR + 1.84%), 5.04%, <br> 5/01/34<sup>(i)</sup> <br>| 180000 | 179558 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| American Express Co., |  |  |
| (SOFR Index + 1.32%), <br> 5.44%, 1/30/36<sup>(i)</sup> <br>| $90000 | $90841 |
| Apollo Commercial Real <br> Estate Finance, Inc., <br> 4.63%, 6/15/29<sup>(b)</sup> <br>| 40000 | 36943 |
| Blackstone Mortgage <br> Trust, Inc., 7.75%, <br> 12/01/29<sup>(b)</sup> <br>| 41000 | 42583 |
| Boost Newco <br> Borrower LLC, 7.50%, <br> 1/15/31<sup>(b)</sup> <br>| 747000 | 788276 |
| Bread Financial <br> Holdings, Inc., 9.75%, <br> 3/15/29<sup>(b)</sup> <br>| 97000 | 102046 |
| Broadridge Financial <br> Solutions, Inc., 2.60%, <br> 5/01/31<br>| 10000 | 8779 |
| Burford Capital Global <br> Finance LLC,<br>|  |  |
| 6.25%, 4/15/28<sup>(b)</sup> <br>| 14000 | 13881 |
| 6.88%, 4/15/30<sup>(b)</sup> <br>| 32000 | 31936 |
| 9.25%, 7/01/31<sup>(b)</sup> <br>| 83000 | 87444 |
| Capital One <br> Financial Corp.,<br>|  |  |
| (SOFR + 2.44%), 7.15%, <br> 10/29/27<sup>(i)</sup> <br>| 110000 | 113823 |
| (SOFR + 2.64%), 6.31%, <br> 6/08/29<sup>(i)</sup> <br>| 78000 | 81276 |
| (SOFR + 2.60%), 5.25%, <br> 7/26/30<sup>(i)</sup> <br>| 7000 | 7069 |
| (SOFR + 1.56%), 5.46%, <br> 7/26/30<sup>(i)</sup> <br>| 80000 | 81298 |
| (SOFR + 2.37%), 5.27%, <br> 5/10/33<sup>(i)</sup> <br>| 88000 | 86490 |
| CPI CG, Inc., 10.00%, <br> 7/15/29<sup>(b)</sup> <br>| 53000 | 56833 |
| Credit Acceptance Corp., |  |  |
| 9.25%, 12/15/28<sup>(b)</sup> <br>| 61000 | 64465 |
| 6.63%, 3/15/30<sup>(b)</sup> <br>| 25000 | 24530 |
| Enova International, Inc., |  |  |
| 11.25%, 12/15/28<sup>(b)</sup> <br>| 67000 | 71615 |
| 9.13%, 8/01/29<sup>(b)</sup> <br>| 46000 | 47053 |
| Equifax, Inc., 4.80%, <br> 9/15/29<br>| 65000 | 65249 |
| EZCORP, Inc., 7.38%, <br> 4/01/32<sup>(b)</sup> <br>| 15000 | 15703 |
| FactSet Research <br> Systems, Inc.,<br>|  |  |
| 2.90%, 3/01/27 | 150000 | 144952 |
| 3.45%, 3/01/32 | 72000 | 64329 |
| FirstCash, Inc., 6.88%, <br> 3/01/32<sup>(b)</sup> <br>| 10000 | 10231 |
| Fiserv, Inc., |  |  |
| 5.38%, 8/21/28 | 30000 | 30785 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Fiserv, Inc., |  |  |
| 5.60%, 3/02/33 | $150000 | $152771 |
| 5.45%, 3/15/34 | 30000 | 30109 |
| Freedom Mortgage Corp., |  |  |
| 12.00%, 10/01/28<sup>(b)</sup> <br>| 10000 | 10721 |
| 12.25%, 10/01/30<sup>(b)</sup> <br>| 13000 | 14304 |
| Freedom Mortgage <br> Holdings LLC, 8.38%, <br> 4/01/32<sup>(b)</sup> <br>| 5000 | 4890 |
| Mastercard, Inc., |  |  |
| 1.90%, 3/15/31 | 22000 | 19363 |
| 4.95%, 3/15/32 | 90000 | 91943 |
| 4.55%, 1/15/35 | 50000 | 48840 |
| MGIC Investment Corp., <br> 5.25%, 8/15/28<br>| 7000 | 6985 |
| Nationstar Mortgage <br> Holdings, Inc.,<br>|  |  |
| 5.50%, 8/15/28<sup>(b)</sup> <br>| 504000 | 500949 |
| 6.50%, 8/01/29<sup>(b)</sup> <br>| 32000 | 32525 |
| 5.13%, 12/15/30<sup>(b)</sup> <br>| 23000 | 22971 |
| 5.75%, 11/15/31<sup>(b)</sup> <br>| 32000 | 32119 |
| OneMain Finance Corp., |  |  |
| 7.88%, 3/15/30 | 60000 | 61982 |
| 7.50%, 5/15/31 | 65000 | 65918 |
| PennyMac Financial <br> Services, Inc.,<br>|  |  |
| 7.13%, 11/15/30<sup>(b)</sup> <br>| 15000 | 15254 |
| 5.75%, 9/15/31<sup>(b)</sup> <br>| 49000 | 46673 |
| 6.88%, 2/15/33<sup>(b)</sup> <br>| 20000 | 19972 |
| Rithm Capital Corp., <br> 8.00%, 4/01/29<sup>(b)</sup> <br>| 99000 | 98839 |
| S&P Global, Inc., |  |  |
| 2.45%, 3/01/27 | 150000 | 145733 |
| 1.25%, 8/15/30 | 110000 | 93903 |
| 2.90%, 3/01/32 | 90000 | 80620 |
| SLM Corp., 6.50%, <br> 1/31/30<br>| 25000 | 25807 |
| Starwood Property <br> Trust, Inc.,<br>|  |  |
| 7.25%, 4/01/29<sup>(b)</sup> <br>| 38000 | 39407 |
| 6.50%, 10/15/30<sup>(b)</sup> <br>| 20000 | 20180 |
| Synchrony Financial, <br> 7.25%, 2/02/33<br>| 69000 | 70362 |
| United Wholesale <br> Mortgage LLC, 5.50%, <br> 4/15/29<sup>(b)</sup> <br>| 59000 | 57130 |
| UWM Holdings LLC, <br> 6.63%, 2/01/30<sup>(b)</sup> <br>| 54000 | 53399 |
| Walker & Dunlop, Inc., <br> 6.63%, 4/01/33<sup>(b)</sup> <br>| 15000 | 15257 |
|  |  | **4253578** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Cleveland-Cliffs, Inc., |  |  |
| 7.00%, 3/15/32<sup>(b)</sup> <br>| $83000 | $77977 |
| 7.38%, 5/01/33<sup>(b)</sup> <br>| 42000 | 39483 |
| Nucor Corp., 3.13%, <br> 4/01/32<br>| 50000 | 44858 |
| Reliance, Inc., 2.15%, <br> 8/15/30<br>| 40000 | 35151 |
|  |  | **197469** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Apple, Inc., 3.35%, <br> 8/08/32<br>| 25000 | 23589 |
| CDW LLC/CDW <br> Finance Corp.,<br>|  |  |
| 5.10%, 3/01/30 | 10000 | 9981 |
| 3.57%, 12/01/31 | 230000 | 207050 |
| Cisco Systems, Inc., |  |  |
| 4.95%, 2/24/32 | 60000 | 61215 |
| 5.05%, 2/26/34 | 45000 | 45547 |
| CommScope LLC, 8.25%, <br> 3/01/27<sup>(b)</sup> <br>| 83000 | 75603 |
| Diebold Nixdorf, Inc., <br> 7.75%, 3/31/30<sup>(b)</sup> <br>| 11000 | 11452 |
| Jabil, Inc., |  |  |
| 4.25%, 5/15/27 | 70000 | 69709 |
| 5.45%, 2/01/29 | 30000 | 30485 |
| Motorola Solutions, Inc., |  |  |
| 4.60%, 5/23/29 | 180000 | 180043 |
| 2.75%, 5/24/31 | 40000 | 35528 |
| 5.60%, 6/01/32 | 50000 | 51712 |
| 5.40%, 4/15/34 | 70000 | 70728 |
| NCR Atleos Corp., 9.50%, <br> 4/01/29<sup>(b)</sup> <br>| 76000 | 81766 |
| NetApp, Inc., 5.70%, <br> 3/17/35<br>| 65000 | 65296 |
| Teledyne FLIR LLC, 2.50%, <br> 8/01/30<br>| 40000 | 35638 |
| Teledyne <br> Technologies, Inc., <br> 2.75%, 4/01/31<br>| 30000 | 26727 |
| Viasat, Inc., 7.50%, <br> 5/30/31<sup>(b)</sup> <br>| 33000 | 25115 |
| Western Digital Corp., <br> 3.10%, 2/01/32<br>| 20000 | 17075 |
|  |  | **1124259** |
| **Telecommunications – 1.1%** | **Telecommunications – 1.1%** | **Telecommunications – 1.1%** |
| AT&T, Inc., 4.35%, 3/01/29 | 2000 | 1997 |
| Cogent Communications <br> Group LLC, 7.00%, <br> 6/15/27<sup>(b)</sup> <br>| 37000 | 37181 |
| Consolidated <br> Communications, Inc., <br> 6.50%, 10/01/28<sup>(b)</sup> <br>| 44000 | 43194 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| EchoStar Corp., 6.75%, <br> 11/30/30<sup>(h)</sup> <br>| $66000 | $61517 |
| Frontier Communications <br> Holdings LLC, 8.75%, <br> 5/15/30<sup>(b)</sup> <br>| 1318000 | 1379728 |
| Hughes Satellite <br> Systems Corp.,<br>|  |  |
| 5.25%, 8/01/26 | 50000 | 46610 |
| 6.63%, 8/01/26 | 114000 | 92577 |
| Level 3 Financing, Inc., |  |  |
| 4.25%, 7/01/28<sup>(b)</sup> <br>| 104000 | 89447 |
| 10.50%, 4/15/29<sup>(b)</sup> <br>| 69000 | 76399 |
| 10.75%, 12/15/30<sup>(b)</sup> <br>| 23000 | 25463 |
| Lumen Technologies, Inc., |  |  |
| 4.13%, 4/15/30<sup>(b)</sup> <br>| 267 | 250 |
| 10.00%, 10/15/32<sup>(b)</sup> <br>| 32000 | 31920 |
| Sprint Capital Corp., <br> 8.75%, 3/15/32<br>| 30000 | 36009 |
| T-Mobile USA, Inc., |  |  |
| 2.88%, 2/15/31 | 99000 | 89115 |
| 5.15%, 4/15/34 | 45000 | 45028 |
| 4.70%, 1/15/35 | 110000 | 105513 |
| 5.30%, 5/15/35 | 90000 | 90361 |
| Verizon <br> Communications, Inc., <br> 5.25%, 4/02/35<br>| 95000 | 95488 |
|  |  | **2347797** |
| **Tobacco & Cannabis – 0.5%** | **Tobacco & Cannabis – 0.5%** | **Tobacco & Cannabis – 0.5%** |
| Altria Group, Inc., |  |  |
| 6.20%, 11/01/28 | 110000 | 116109 |
| 3.40%, 5/06/30 | 30000 | 28212 |
| 2.45%, 2/04/32 | 190000 | 161091 |
| 6.88%, 11/01/33 | 110000 | 121005 |
| Philip Morris <br> International, Inc.,<br>|  |  |
| 3.38%, 8/15/29 | 15000 | 14398 |
| 5.63%, 11/17/29 | 204000 | 213805 |
| 2.10%, 5/01/30 | 60000 | 53570 |
| 5.75%, 11/17/32 | 25000 | 26227 |
| 5.38%, 2/15/33 | 50000 | 51201 |
| 5.63%, 9/07/33 | 90000 | 93367 |
| 4.90%, 11/01/34 | 100000 | 98545 |
| Turning Point Brands, Inc., <br> 7.63%, 3/15/32<sup>(b)</sup> <br>| 20000 | 20783 |
|  |  | **998313** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Allegiant Travel Co., <br> 7.25%, 8/15/27<sup>(b)</sup> <br>| 35000 | 32327 |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28<sup>(b)</sup> <br>| 78000 | 77047 |
| 8.50%, 5/15/29<sup>(b)</sup> <br>| 20000 | 20384 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| JetBlue <br> Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 9/20/31<sup>(b)</sup> <br>| $97000 | $89349 |
| United Parcel Service, Inc., <br> 4.45%, 4/01/30<br>| 15000 | 15105 |
|  |  | **234212** |
| **Transportation Equipment – 0.0%**<sup>(d)</sup> | **Transportation Equipment – 0.0%**<sup>(d)</sup> | **Transportation Equipment – 0.0%**<sup>(d)</sup> |
| Westinghouse Air Brake <br> Technologies Corp., <br> 5.61%, 3/11/34<br>| 60000 | **61632** |
| **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> |
| United Natural Foods, Inc., <br> 6.75%, 10/15/28<sup>(b)</sup> <br>| 24000 | **23564** |
| **Total Corporate Bonds** <br>(Cost $39,683,661) | **Total Corporate Bonds** <br>(Cost $39,683,661) | **39553963** |
| **Foreign Issuer Bonds – 2.4%** | **Foreign Issuer Bonds – 2.4%** | **Foreign Issuer Bonds – 2.4%** |
| **Australia – 0.2%** | **Australia – 0.2%** | **Australia – 0.2%** |
| BHP Billiton Finance <br> USA Ltd., 4.75%, 2/28/28<br>| 270000 | 274597 |
| Rio Tinto Finance USA Ltd., <br> 7.13%, 7/15/28<br>| 8000 | 8658 |
| Rio Tinto Finance USA PLC, <br> 5.25%, 3/14/35<br>| 70000 | 70264 |
|  |  | **353519** |
| **Austria – 0.0%**<sup>(d)</sup> | **Austria – 0.0%**<sup>(d)</sup> | **Austria – 0.0%**<sup>(d)</sup> |
| ams-OSRAM A.G., <br> 12.25%, 3/30/29<sup>(b)</sup> <br>| 15000 | **15199** |
| **Bermuda – 0.0%**<sup>(d)</sup> | **Bermuda – 0.0%**<sup>(d)</sup> | **Bermuda – 0.0%**<sup>(d)</sup> |
| RenaissanceRe <br> Holdings Ltd., 5.75%, <br> 6/05/33<br>| 81000 | **82667** |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| Azul Secured Finance LLP, <br> 10.88%, 8/28/30<br>| 16250 | 3087 |
| Karoon USA Finance, Inc., <br> 10.50%, 5/14/29<sup>(b)</sup> <br>| 47000 | 46288 |
| Klabin Austria GmbH, <br> 7.00%, 4/03/49<sup>(b)</sup> <br>| 44000 | 43303 |
|  |  | **92678** |
| **Canada – 0.6%** | **Canada – 0.6%** | **Canada – 0.6%** |
| Algoma Steel, Inc., 9.13%, <br> 4/15/29<sup>(b)</sup> <br>| 43000 | 36246 |
| Bank of Montreal, 5.72%, <br> 9/25/28<br>| 50000 | 52040 |
| Bank of Nova Scotia (The), <br> 1.35%, 6/24/26<br>| 44000 | 42555 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Brookfield Residential <br> Properties, Inc./Brookfield <br> Residential U.S. LLC,<br>|  |  |
| 6.25%, 9/15/27<sup>(b)</sup> <br>| $3000 | $2941 |
| 4.88%, 2/15/30<sup>(b)</sup> <br>| 55000 | 47880 |
| Canadian Imperial Bank of <br> Commerce, (SOFR + <br> 1.34%), 4.63%, 9/11/30<sup>(i)</sup> <br>| 25000 | 24920 |
| Canadian National <br> Railway Co., 3.85%, <br> 8/05/32<br>| 60000 | 56208 |
| Canadian Natural <br> Resources Ltd., 5.40%, <br> 12/15/34<sup>(b)</sup> <br>| 25000 | 24255 |
| CGI, Inc., 4.95%, 3/14/30<sup>(b)</sup> <br>| 100000 | 100505 |
| Enbridge, Inc., 5.63%, <br> 4/05/34<br>| 35000 | 35407 |
| Enerflex Ltd., 9.00%, <br> 10/15/27<sup>(b)</sup> <br>| 15000 | 15342 |
| Fairfax Financial <br> Holdings Ltd.,<br>|  |  |
| 3.38%, 3/03/31 | 25000 | 22760 |
| 5.63%, 8/16/32 | 70000 | 71138 |
| 6.00%, 12/07/33 | 181000 | 188062 |
| goeasy Ltd., |  |  |
| 9.25%, 12/01/28<sup>(b)</sup> <br>| 17000 | 17798 |
| 7.63%, 7/01/29<sup>(b)</sup> <br>| 71000 | 71567 |
| 6.88%, 5/15/30<sup>(b)</sup> <br>| 20000 | 19506 |
| 7.38%, 10/01/30<sup>(b)</sup> <br>| 15000 | 14741 |
| Greenfire Resources Ltd., <br> 12.00%, 10/01/28<sup>(b)</sup> <br>| 8000 | 8411 |
| New Gold, Inc., 6.88%, <br> 4/01/32<sup>(b)</sup> <br>| 5000 | 5114 |
| Royal Bank of Canada, |  |  |
| 5.20%, 8/01/28 | 40000 | 41069 |
| (SOFR + 0.83%), 4.97%, <br> 1/24/29<sup>(i)</sup> <br>| 80000 | 81132 |
| Strathcona Resources Ltd., <br> 6.88%, 8/01/26<sup>(b)</sup> <br>| 43000 | 42154 |
| Taseko Mines Ltd., 8.25%, <br> 5/01/30<sup>(b)</sup> <br>| 58000 | 58563 |
| Toronto-Dominion Bank <br> (The), 4.69%, 9/15/27<br>| 40000 | 40361 |
| Vermilion Energy, Inc., <br> 7.25%, 2/15/33<sup>(b)</sup> <br>| 100000 | 83894 |
|  |  | **1204569** |
| **Colombia – 0.0%**<sup>(d)</sup> | **Colombia – 0.0%**<sup>(d)</sup> | **Colombia – 0.0%**<sup>(d)</sup> |
| Aris Mining Corp., 8.00%, <br> 10/31/29<sup>(b)</sup> <br>| 35000 | **35262** |
| **Congo – 0.1%** | **Congo – 0.1%** | **Congo – 0.1%** |
| Ivanhoe Mines Ltd., <br> 7.88%, 1/23/30<sup>(b)</sup> <br>| 105000 | **102420** |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Finland – 0.0%**<sup>(d)</sup> | **Finland – 0.0%**<sup>(d)</sup> | **Finland – 0.0%**<sup>(d)</sup> |
| Amer Sports Co., 6.75%, <br> 2/16/31<sup>(b)</sup> <br>| $32000 | **$32366** |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |
| IHO Verwaltungs GmbH, |  |  |
| 6.38%, 5/15/29<sup>(b)(h)</sup> <br>| 200000 | 193689 |
| 7.75%, 11/15/30<sup>(b)(h)</sup> <br>| 50000 | 48813 |
| 8.00%, 11/15/32<sup>(b)(h)</sup> <br>| 42000 | 40220 |
|  |  | **282722** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| Millicom International <br> Cellular S.A.,<br>|  |  |
| 4.50%, 4/27/31<sup>(b)</sup> <br>| 33000 | 29391 |
| 7.38%, 4/02/32<sup>(b)</sup> <br>| 80000 | 80958 |
|  |  | **110349** |
| **India – 0.0%**<sup>(d)</sup> | **India – 0.0%**<sup>(d)</sup> | **India – 0.0%**<sup>(d)</sup> |
| Biocon Biologics Global <br> PLC, 6.67%, 10/09/29<sup>(b)</sup> <br>| 77000 | **69418** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| AerCap Ireland Capital <br> DAC/AerCap Global <br> Aviation Trust, 4.95%, <br> 9/10/34<br>| 300000 | **287506** |
| **Israel – 0.0%**<sup>(d)</sup> | **Israel – 0.0%**<sup>(d)</sup> | **Israel – 0.0%**<sup>(d)</sup> |
| Energean PLC, 6.50%, <br> 4/30/27<sup>(b)</sup> <br>| 25000 | **24500** |
| **Ivory Coast – 0.0%**<sup>(d)</sup> | **Ivory Coast – 0.0%**<sup>(d)</sup> | **Ivory Coast – 0.0%**<sup>(d)</sup> |
| Endeavour Mining PLC, <br> 5.00%, 10/14/26<sup>(b)</sup> <br>| 53000 | **51921** |
| **Japan – 0.3%** | **Japan – 0.3%** | **Japan – 0.3%** |
| Honda Motor Co. Ltd., <br> 2.53%, 3/10/27<br>| 70000 | 67841 |
| Mitsubishi UFJ Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 0.83%), <br> 2.34%, 1/19/28<sup>(i)</sup> <br>| 275000 | 265146 |
| Rakuten Group, Inc., |  |  |
| 11.25%, 2/15/27<sup>(b)</sup> <br>| 90000 | 96184 |
| 9.75%, 4/15/29<sup>(b)</sup> <br>| 114000 | 120248 |
|  |  | **549419** |
| **Jersey, C.I. – 0.0%**<sup>(d)</sup> | **Jersey, C.I. – 0.0%**<sup>(d)</sup> | **Jersey, C.I. – 0.0%**<sup>(d)</sup> |
| Aston Martin Capital <br> Holdings Ltd., 10.00%, <br> 3/31/29<sup>(b)</sup> <br>| 75000 | **64439** |
| **Netherlands – 0.0%**<sup>(d)</sup> | **Netherlands – 0.0%**<sup>(d)</sup> | **Netherlands – 0.0%**<sup>(d)</sup> |
| OCI N.V., 6.70%, 3/16/33<sup>(b)</sup> <br>| 50000 | **54573** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Stillwater Mining Co., |  |  |
| 4.00%, 11/16/26<sup>(b)</sup> <br>| $53000 | $50724 |
| 4.50%, 11/16/29<sup>(b)</sup> <br>| 64000 | 53743 |
|  |  | **104467** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| Eldorado Gold Corp., <br> 6.25%, 9/01/29<sup>(b)</sup> <br>| 49000 | 48300 |
| Sisecam UK PLC, |  |  |
| 8.25%, 5/02/29<sup>(b)</sup> <br>| 35000 | 35044 |
| 8.63%, 5/02/32<sup>(b)</sup> <br>| 25000 | 24724 |
|  |  | **108068** |
| **United Kingdom – 0.6%** | **United Kingdom – 0.6%** | **United Kingdom – 0.6%** |
| BAT Capital Corp., |  |  |
| 6.34%, 8/02/30 | 96000 | 102609 |
| 5.63%, 8/15/35 | 70000 | 70280 |
| BAT International Finance <br> PLC, 4.45%, 3/16/28<br>| 20000 | 20023 |
| Connect Finco <br> S.a.r.l./Connect U.S. Finco <br> LLC, 9.00%, 9/15/29<sup>(b)</sup> <br>| 25000 | 23387 |
| Diageo Capital PLC, <br> 5.50%, 1/24/33<br>| 260000 | 267527 |
| HSBC Holdings PLC, |  |  |
| (SOFR + 1.97%), 6.16%, <br> 3/09/29<sup>(i)</sup> <br>| 200000 | 207431 |
| (SOFR + 1.29%), 5.29%, <br> 11/19/30<sup>(i)</sup> <br>| 400000 | 406063 |
| Ithaca Energy North Sea <br> PLC, 8.13%, 10/15/29<sup>(b)</sup> <br>| 83000 | 83079 |
| Zegona Finance PLC, <br> 8.63%, 7/15/29<sup>(b)</sup> <br>| 80000 | 85074 |
|  |  | **1265473** |
| **Zambia – 0.0%**<sup>(d)</sup> | **Zambia – 0.0%**<sup>(d)</sup> | **Zambia – 0.0%**<sup>(d)</sup> |
| First Quantum <br> Minerals Ltd., 9.38%, <br> 3/01/29<sup>(b)</sup> <br>| 65000 | **68182** |
| **Total Foreign Issuer Bonds** <br>(Cost $4,992,429) | **Total Foreign Issuer Bonds** <br>(Cost $4,992,429) | **4959717** |
| **Mortgage-Backed Securities – 14.3%** | **Mortgage-Backed Securities – 14.3%** | **Mortgage-Backed Securities – 14.3%** |
| **Federal National Mortgage Association – 0.0%**<sup>(d)</sup> | **Federal National Mortgage Association – 0.0%**<sup>(d)</sup> | **Federal National Mortgage Association – 0.0%**<sup>(d)</sup> |
| Pool, |  |  |
| 4.50%, 1/01/49 | 7142 | 6946 |
| 2.50%, 11/01/50 | 63910 | 53703 |
|  |  | **60649** |
| **Government National Mortgage Association – 1.2%** | **Government National Mortgage Association – 1.2%** | **Government National Mortgage Association – 1.2%** |
| Pool, |  |  |
| 3.50%, 5/01/53<sup>(j)</sup> <br>| 250000 | 227081 |
| 2.00%, 5/01/55<sup>(j)</sup> <br>| 925000 | 754444 |
| 2.50%, 5/01/55<sup>(j)</sup> <br>| 300000 | 255633 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives 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, |  |  |
| 3.00%, 5/01/55<sup>(j)</sup> <br>| $425000 | $376211 |
| 4.00%, 5/01/55<sup>(j)</sup> <br>| 25000 | 23266 |
| 4.50%, 5/01/55<sup>(j)</sup> <br>| 150000 | 143566 |
| 5.00%, 5/01/55<sup>(j)</sup> <br>| 250000 | 245212 |
| 5.50%, 5/01/55<sup>(j)</sup> <br>| 225000 | 224880 |
| 6.00%, 5/01/55<sup>(j)</sup> <br>| 125000 | 126421 |
| 6.50%, 5/01/55<sup>(j)</sup> <br>| 75000 | 76667 |
|  |  | **2453381** |
| **Government National Mortgage Association II –** <br> **0.0%**<sup>(d)</sup> | **Government National Mortgage Association II –** <br> **0.0%**<sup>(d)</sup> | **Government National Mortgage Association II –** <br> **0.0%**<sup>(d)</sup> |
| Pool, <br>2.50%, 12/20/46 - <br> 1/20/51<br>| 143969 | **121460** |
| **Uniform Mortgage-Backed Securities – 3.3%** | **Uniform Mortgage-Backed Securities – 3.3%** | **Uniform Mortgage-Backed Securities – 3.3%** |
| Pool, |  |  |
| 2.50%, 5/01/39 - <br> 5/01/53<sup>(j)</sup> <br>| 1815000 | 1562379 |
| 3.00%, 5/01/39 - <br> 5/01/53<sup>(j)</sup> <br>| 775000 | 682673 |
| 2.00%, 5/01/40 - <br> 5/01/53<sup>(j)</sup> <br>| 1775000 | 1447847 |
| 3.50%, 5/01/40 - <br> 5/01/53<sup>(j)</sup> <br>| 625000 | 565517 |
| 4.00%, 5/01/40 - <br> 5/01/53<sup>(j)</sup> <br>| 675000 | 632354 |
| 4.50%, 5/01/53<sup>(j)</sup> <br>| 325000 | 310781 |
| 5.00%, 5/01/53<sup>(j)</sup> <br>| 375000 | 367056 |
| 5.50%, 5/01/53<sup>(j)</sup> <br>| 525000 | 523867 |
| 6.50%, 5/01/53<sup>(j)</sup> <br>| 300000 | 308931 |
| 6.00%, 5/01/54<sup>(j)</sup> <br>| 475000 | 481845 |
|  |  | **6883250** |
| **Whole Loan – 9.8%** | **Whole Loan – 9.8%** | **Whole Loan – 9.8%** |
| FHLMC STACR REMIC <br> Trust,<br>|  |  |
| Series 2021-DNA1, <br> Class B1, (30D Average <br> SOFR + 2.65%), 7.00%, <br> 1/25/51<sup>(b)(k)</sup> <br>| 700000 | 726250 |
| Series 2021-DNA2, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 8/25/33<sup>(b)(k)</sup> <br>| 700000 | 768482 |
| Series 2021-DNA3, <br> Class B1, (30D Average <br> SOFR + 3.50%), 7.85%, <br> 10/25/33<sup>(b)(k)</sup> <br>| 250000 | 275235 |
| Series 2021-DNA5, <br> Class B1, (30D Average <br> SOFR + 3.05%), 7.40%, <br> 1/25/34<sup>(b)(k)</sup> <br>| 784414 | 833597 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| FHLMC STACR REMIC <br> Trust,<br>|  |  |
| Series 2021-DNA5, <br> Class B2, (30D Average <br> SOFR + 5.50%), 9.85%, <br> 1/25/34<sup>(b)(k)</sup> <br>| $250000 | $285544 |
| Series 2021-DNA6, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 10/25/41<sup>(b)(k)</sup> <br>| 530000 | 543103 |
| Series 2021-HQA1, <br> Class B1, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 8/25/33<sup>(b)(k)</sup> <br>| 629000 | 671245 |
| Series 2021-HQA2, <br> Class B1, (30D Average <br> SOFR + 3.15%), 7.50%, <br> 12/25/33<sup>(b)(k)</sup> <br>| 400000 | 431500 |
| Series 2021-HQA2, <br> Class B2, (30D Average <br> SOFR + 5.45%), 9.80%, <br> 12/25/33<sup>(b)(k)</sup> <br>| 200000 | 226410 |
| Series 2021-HQA3, <br> Class B1, (30D Average <br> SOFR + 3.35%), 7.70%, <br> 9/25/41<sup>(b)(k)</sup> <br>| 800000 | 813752 |
| Series 2021-HQA3, <br> Class M2, (30D Average <br> SOFR + 2.10%), 6.45%, <br> 9/25/41<sup>(b)(k)</sup> <br>| 355000 | 355887 |
| Series 2021-HQA4, <br> Class B1, (30D Average <br> SOFR + 3.75%), 8.10%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 750000 | 766410 |
| Series 2022-DNA1, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.75%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 250000 | 255295 |
| Series 2022-DNA1, <br> Class M2, (30D Average <br> SOFR + 2.50%), 6.85%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 250000 | 253438 |
| Series 2022-DNA2, <br> Class M2, (30D Average <br> SOFR + 3.75%), 8.10%, <br> 2/25/42<sup>(b)(k)</sup> <br>| 300000 | 311122 |
| Series 2022-DNA3, <br> Class M2, (30D Average <br> SOFR + 4.35%), 8.70%, <br> 4/25/42<sup>(b)(k)</sup> <br>| 521000 | 547526 |
| Series 2022-DNA4, <br> Class M2, (30D Average <br> SOFR + 5.25%), 9.60%, <br> 5/25/42<sup>(b)(k)</sup> <br>| 550000 | 587125 |
| Series 2022-DNA7, <br> Class M2, (30D Average <br> SOFR + 7.00%), 11.35%, <br> 3/25/52<sup>(b)(k)</sup> <br>| 500000 | 558595 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| FHLMC STACR REMIC <br> Trust,<br>|  |  |
| Series 2022-HQA1, <br> Class M2, (30D Average <br> SOFR + 5.25%), 9.60%, <br> 3/25/42<sup>(b)(k)</sup> <br>| $788000 | $834971 |
| Series 2022-HQA2, <br> Class M2, (30D Average <br> SOFR + 6.00%), 10.35%, <br> 7/25/42<sup>(b)(k)</sup> <br>| 485000 | 525012 |
| Series 2021-DNA7, <br> Class B1, (30D Average <br> SOFR + 3.65%), 8.00%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 710000 | 729525 |
| FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| Series 2020-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.36%), 7.72%, <br> 1/25/40<sup>(b)(k)</sup> <br>| 100870 | 102743 |
| Series 2020-SBT1, Class <br> 1M2, (30D Average <br> SOFR + 3.76%), 8.12%, <br> 2/25/40<sup>(b)(k)</sup> <br>| 625000 | 648677 |
| Series 2020-SBT1, Class <br> 2M2, (30D Average <br> SOFR + 3.76%), 8.12%, <br> 2/25/40<sup>(b)(k)</sup> <br>| 745000 | 772937 |
| Series 2021-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.10%), 7.45%, <br> 10/25/41<sup>(b)(k)</sup> <br>| 855200 | 868832 |
| Series 2021-R02, Class <br> 2B1, (30D Average SOFR <br> + 3.30%), 7.65%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 750000 | 763125 |
| Series 2021-R02, Class <br> 2M1, (30D Average <br> SOFR + 0.90%), 5.25%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 34148 | 34127 |
| Series 2021-R02, Class <br> 2M2, (30D Average <br> SOFR + 2.00%), 6.35%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 275000 | 275173 |
| Series 2021-R03, Class <br> 1B1, (30D Average SOFR <br> + 2.75%), 7.10%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 250000 | 253048 |
| Series 2022-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.15%), 7.50%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 802000 | 817037 |
| Series 2022-R02, Class <br> 2B1, (30D Average SOFR <br> + 4.50%), 8.85%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 786000 | 816457 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| Series 2022-R02, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 1/25/42<sup>(b)(k)</sup> <br>| $1101348 | $1123375 |
| Series 2022-R03, Class <br> 1B1, (30D Average SOFR <br> + 6.25%), 10.60%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 635000 | 684212 |
| Series 2022-R04, Class <br> 1B1, (30D Average SOFR <br> + 5.25%), 9.60%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 250000 | 264688 |
| Series 2022-R05, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 7.35%, <br> 4/25/42<sup>(b)(k)</sup> <br>| 540000 | 552150 |
| Series 2022-R06, Class <br> 1B1, (30D Average SOFR <br> + 6.35%), 10.70%, <br> 5/25/42<sup>(b)(k)</sup> <br>| 290000 | 314560 |
| Series 2022-R08, Class <br> 1B1, (30D Average SOFR <br> + 5.60%), 9.95%, <br> 7/25/42<sup>(b)(k)</sup> <br>| 235000 | 252038 |
| Series 2024-R02, Class <br> 1B1, (30D Average SOFR <br> + 2.50%), 6.85%, <br> 2/25/44<sup>(b)(k)</sup> <br>| 345000 | 345862 |
| Series 2024-R06, Class <br> 1B1, (30D Average SOFR <br> + 2.05%), 6.40%, <br> 9/25/44<sup>(b)(k)</sup> <br>| 250000 | 246408 |
|  |  | **20435473** |
| **Total Mortgage-Backed Securities** <br>(Cost $29,828,948) | **Total Mortgage-Backed Securities** <br>(Cost $29,828,948) | **29954213** |

---

---

| | | |
|:---|:---|:---|
|  | **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%** |
| AGNC Investment Corp., <br> (3M CME Term SOFR + <br> 4.96%), 9.21%<sup>(k)</sup> <br>| 23314 | 576089 |
| AGNC Investment Corp. <br> (NASDAQ Exchange), (3M <br> CME Term SOFR + <br> 5.25%), 9.51%<sup>(k)</sup> <br>| 3228 | 80861 |
| MFA Financial, Inc., (3M <br> CME Term SOFR + <br> 5.61%), 9.91%<sup>(k)</sup> <br>| 31438 | 778405 |
| New York Mortgage <br> Trust, Inc., (3M USD <br> LIBOR + 6.43%), <br> 11.28%<sup>(k)</sup> <br>| 2103 | 51755 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| New York Mortgage <br> Trust, Inc. (NASDAQ <br> Exchange), (SOFR + <br> 6.13%), 6.88%<sup>(k)</sup> <br>| 21682 | $462260 |
| Redwood Trust, Inc., (5Y <br> US Treasury CMT + <br> 6.28%), 10.00%<sup>(k)</sup> <br>| 7133 | 173047 |
| Rithm Capital Corp., (3M <br> CME Term SOFR + <br> 5.90%), 10.22%<sup>(k)</sup> <br>| 5335 | 135776 |
| Rithm Capital Corp. (New <br> York Exchange), (3M CME <br> Term SOFR + 5.23%), <br> 9.55%<sup>(k)</sup> <br>| 28302 | 707267 |
|  |  | **2965460** |
| **Transportation & Logistics – 0.0%**<sup>(d)</sup> | **Transportation & Logistics – 0.0%**<sup>(d)</sup> | **Transportation & Logistics – 0.0%**<sup>(d)</sup> |
| Azul S.A. ADR (Brazil)\* | 4785 | **3652** |
| **Total Preferred Stocks** <br>(Cost $2,646,511) | **Total Preferred Stocks** <br>(Cost $2,646,511) | **2969112** |
| **Rights – 0.1%** | **Rights – 0.1%** | **Rights – 0.1%** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| Albireo Pharma, Inc. <br> CVR<sup>(f)(l)\*</sup> <br>| 21904 | 57864 |
| CinCor Pharma, Inc. <br> CVR<sup>(f)(l)\*</sup> <br>| 24888 | 93800 |
| Concert <br> Pharmaceuticals, Inc. <br> CVR<sup>(f)(l)\*</sup> <br>| 97290 | 44199 |
|  |  | **195863** |
| **Forestry, Paper & Wood Products – 0.0%**<sup>(d)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(d)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(d)</sup> |
| Resolute Forest <br> Products, Inc. CVR<sup>(f)(l)\*</sup> <br>| 44100 | **68320** |
| **Medical Equipment & Devices – 0.0%**<sup>(d)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(d)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(d)</sup> |
| ABIOMED, Inc. CVR<sup>(f)(l)\*</sup> <br>| 8954 | **14326** |
| **Total Rights** <br>(Cost $—) | **Total Rights** <br>(Cost $—) | **278509** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 18.8%** | **Short-Term Investments – 18.8%** | **Short-Term Investments – 18.8%** |
| **Convertible Bonds – 5.7%** | **Convertible Bonds – 5.7%** | **Convertible Bonds – 5.7%** |
| Accolade, Inc., 0.50%, <br> 4/01/26<br>| $200000 | 199000 |
| Arbor Realty Trust, Inc., <br> 7.50%, 8/01/25<br>| 778000 | 771776 |
| Dayforce, Inc., 0.25%, <br> 3/15/26<sup>(c)</sup> <br>| 331000 | 316105 |
| Duke Energy Corp., 4.13%, <br> 4/15/26<br>| 573000 | 624570 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Convertible Bonds (Continued)** | **Convertible Bonds (Continued)** | **Convertible Bonds (Continued)** |
| Enphase Energy, Inc., <br> 0.00%, 3/01/26<sup>(g)</sup> <br>| $252000 | $238644 |
| EZCORP, Inc., 2.38%, <br> 5/01/25<br>| 208000 | 214656 |
| fuboTV, Inc., 3.25%, <br> 2/15/26<br>| 695000 | 673733 |
| Haemonetics Corp., 0.00%, <br> 3/01/26<sup>(g)</sup> <br>| 390000 | 372957 |
| HAT Holdings I LLC/HAT <br> Holdings II LLC, 0.00%, <br> 5/01/25<sup>(b)(g)</sup> <br>| 989000 | 1087900 |
| LendingTree, Inc., 0.50%, <br> 7/15/25<br>| 1092000 | 1070160 |
| Mesa Laboratories, Inc., <br> 1.38%, 8/15/25<br>| 622000 | 613477 |
| NextEra Energy Partners <br> L.P., 0.00%, <br> 11/15/25<sup>(b)(c)(g)</sup> <br>| 664000 | 637440 |
| Peloton Interactive, Inc., <br> 0.00%, 2/15/26<sup>(g)</sup> <br>| 126000 | 119070 |
| PennyMac Corp., 5.50%, <br> 3/15/26<br>| 1041000 | 1018098 |
| Repay Holdings Corp., <br> 0.00%, 2/01/26<sup>(b)(g)</sup> <br>| 164000 | 156620 |
| Royal Caribbean <br> Cruises Ltd., 6.00%, <br> 8/15/25<br>| 122000 | 526430 |
| Southwest Airlines Co., <br> 1.25%, 5/01/25<br>| 738000 | 736893 |
| Summit Hotel <br> Properties, Inc., 1.50%, <br> 2/15/26<sup>(c)</sup> <br>| 329000 | 314688 |
| Two Harbors <br> Investment Corp., 6.25%, <br> 1/15/26<sup>(c)</sup> <br>| 1549000 | 1525765 |
| Verint Systems, Inc., <br> 0.25%, 4/15/26<sup>(c)</sup> <br>| 477000 | 451478 |
| Zillow Group, Inc., 2.75%, <br> 5/15/25<sup>(c)</sup> <br>| 305000 | 306761 |
|  |  | **11976221** |
| **Corporate Bonds – 0.8%** | **Corporate Bonds – 0.8%** | **Corporate Bonds – 0.8%** |
| Altria Group, Inc., 2.35%, <br> 5/06/25<br>| 260000 | 259898 |
| AT&T, Inc., 1.70%, 3/25/26 | 373000 | 363795 |
| Constellation Energy <br> Generation LLC, 3.25%, <br> 6/01/25<br>| 50000 | 49902 |
| Energy Transfer L.P., <br> 2.90%, 5/15/25<br>| 40000 | 39968 |
| Jabil, Inc., 1.70%, 4/15/26 | 65000 | 63149 |
| Marathon Petroleum Corp., <br> 4.70%, 5/01/25<br>| 50000 | 50000 |
| Marriott International, Inc., <br> 5.75%, 5/01/25<br>| 9000 | 9000 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| NextEra Energy Capital <br> Holdings, Inc., 5.75%, <br> 9/01/25<br>| $30000 | $30094 |
| NiSource, Inc., 0.95%, <br> 8/15/25<br>| 100000 | 98957 |
| ONEOK, Inc., |  |  |
| 2.20%, 9/15/25 | 80000 | 79161 |
| 5.85%, 1/15/26 | 77000 | 77381 |
| Oracle Corp., 1.65%, <br> 3/25/26<br>| 180000 | 175417 |
| Ovintiv, Inc., 5.38%, <br> 1/01/26<br>| 10000 | 9999 |
| PPG Industries, Inc., <br> 1.20%, 3/15/26<br>| 165000 | 160330 |
| Reliance, Inc., 1.30%, <br> 8/15/25<br>| 40000 | 39589 |
| VMware LLC, 4.50%, <br> 5/15/25<br>| 10000 | 9996 |
| Welltower OP LLC, 4.00%, <br> 6/01/25<br>| 57000 | 56968 |
|  |  | **1573604** |
| **Foreign Issuer Bonds – 0.4%** | **Foreign Issuer Bonds – 0.4%** | **Foreign Issuer Bonds – 0.4%** |
| Bank of Montreal, 3.70%, <br> 6/07/25<br>| 215000 | 214748 |
| Canadian Natural <br> Resources Ltd., 2.05%, <br> 7/15/25<br>| 80000 | 79525 |
| Kosmos Energy Ltd., <br> 7.13%, 4/04/26<sup>(b)</sup> <br>| 31000 | 29896 |
| Lloyds Banking Group PLC, <br> 4.58%, 12/10/25<br>| 200000 | 199433 |
| Nomura Holdings, Inc., <br> 1.85%, 7/16/25<br>| 200000 | 198829 |
| Toronto-Dominion Bank <br> (The), 3.77%, 6/06/25<br>| 62000 | 61941 |
|  |  | **784372** |
| **Money Market Fund – 7.1%** | **Money Market Fund – 7.1%** | **Money Market Fund – 7.1%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 4.17%<sup>(m)</sup> <br>| 14913493 | **14913493** |
| **U.S. Treasury Bills – 4.8%** | **U.S. Treasury Bills – 4.8%** | **U.S. Treasury Bills – 4.8%** |
| U.S. Treasury Bill, 4.16%, <br> 8/19/25<sup>(n)</sup> <br>| 10100000 | **9970615** |
| **Total Short-Term Investments** <br>(Cost $38,712,388) | **Total Short-Term Investments** <br>(Cost $38,712,388) | **39218305** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>| **Value** |
| **Purchased Options – 0.0%**<sup>(d)</sup>  | **Purchased Options – 0.0%**<sup>(d)</sup>  | **Purchased Options – 0.0%**<sup>(d)</sup>  | **Purchased Options – 0.0%**<sup>(d)</sup>  |
| **Call Options - Exchange Traded – 0.0%**<sup>(d)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(d)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(d)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(d)</sup> |
| Chevron Corp., |  |  |  |
| Strike Price USD 170.00, <br> Expires 9/19/25<br>| 93 | 1265358 | $5859 |
| Strike Price USD 165.00, <br> Expires 9/19/25<br>| 93 | 1265358 | 11532 |
| Herc Holdings, Inc., |  |  |  |
| Strike Price USD 125.00, <br> Expires 6/20/25<br>| 5 | 54720 | 2175 |
| Strike Price USD 130.00, <br> Expires 6/20/25<br>| 38 | 415872 | 11590 |
|  |  |  | **31156** |
| **Put Options - Exchange Traded – 0.0%**<sup>(d)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(d)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(d)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(d)</sup> |
| H&E Equipment <br> Services, Inc., Strike Price <br> USD 85.00, Expires <br> 5/16/25<br>| 104 | 934024 | 5460 |
| Juniper Networks, Inc., <br> Strike Price USD 33.00, <br> Expires 5/16/25<br>| 744 | 2702208 | 7440 |
| Paramount Global, Strike <br> Price USD 9.00, Expires <br> 7/18/25<br>| 92 | 108008 | 4370 |
| United States Steel Corp., <br> Strike Price USD 40.00, <br> Expires 6/20/25<br>| 87 | 380277 | 28710 |
|  |  |  | **45980** |
| **Total Purchased Options** <br>(Premiums Paid $236,035) | **Total Purchased Options** <br>(Premiums Paid $236,035) | **Total Purchased Options** <br>(Premiums Paid $236,035) | **77136** |
| **Total Long Positions – 100.3%** <br>(Cost $207,939,707) | **Total Long Positions – 100.3%** <br>(Cost $207,939,707) | **Total Long Positions – 100.3%** <br>(Cost $207,939,707) | **209648480** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short Positions – (9.5)%**<sup>(o)</sup> | **Short Positions – (9.5)%**<sup>(o)</sup> | **Short Positions – (9.5)%**<sup>(o)</sup> |
| **Common Stocks – (9.5)%** | **Common Stocks – (9.5)%** | **Common Stocks – (9.5)%** |
| **Advertising & Marketing – (0.2)%** | **Advertising & Marketing – (0.2)%** | **Advertising & Marketing – (0.2)%** |
| Omnicom Group, Inc. | (5972)<br>| **(454828)**<br>|
| **Asset Management – (1.0)%** | **Asset Management – (1.0)%** | **Asset Management – (1.0)%** |
| Affiliated Managers <br> Group, Inc.<br>| (2346)<br>| (388568)<br>|
| Apollo Global <br> Management, Inc.<br>| (5017)<br>| (684720)<br>|
| Ares Management Corp., <br> Class A<br>| (2835)<br>| (432422)<br>|
| MARA Holdings, Inc.\* | (8910)<br>| (119127)<br>|
| WisdomTree, Inc. | (55884)<br>| (486191)<br>|
|  |  | **(2111028)**<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive – (0.0)%**<sup>(d)</sup> | **Automotive – (0.0)%**<sup>(d)</sup> | **Automotive – (0.0)%**<sup>(d)</sup> |
| indie Semiconductor, Inc., <br> Class A (China)\*<br>| (22385)<br>| **$(44546)**<br>|
| **Biotechnology & Pharmaceuticals – (0.9)%** | **Biotechnology & Pharmaceuticals – (0.9)%** | **Biotechnology & Pharmaceuticals – (0.9)%** |
| Ascendis Pharma A/S ADR <br> (Denmark)\*<br>| (1759)<br>| (299804)<br>|
| Bridgebio Pharma, Inc.\* | (2782)<br>| (106718)<br>|
| Collegium <br> Pharmaceutical, Inc.\*<br>| (9751)<br>| (263228)<br>|
| Ionis <br> Pharmaceuticals, Inc.\*<br>| (1904)<br>| (58472)<br>|
| Jazz Pharmaceuticals PLC\* | (2572)<br>| (300821)<br>|
| Mirum <br> Pharmaceuticals, Inc.\*<br>| (14676)<br>| (637672)<br>|
| Pacira BioSciences, Inc.\* | (5552)<br>| (149349)<br>|
|  |  | **(1816064)**<br>|
| **Cable & Satellite – (0.2)%** | **Cable & Satellite – (0.2)%** | **Cable & Satellite – (0.2)%** |
| Charter <br> Communications, Inc., <br> Class A\*<br>| (296)<br>| (115991)<br>|
| Sirius XM Holdings, Inc. | (11657)<br>| (249693)<br>|
|  |  | **(365684)**<br>|
| **Chemicals – (0.1)%** | **Chemicals – (0.1)%** | **Chemicals – (0.1)%** |
| Albemarle Corp. | (4294)<br>| **(251414)**<br>|
| **Commercial Support Services – (0.2)%** | **Commercial Support Services – (0.2)%** | **Commercial Support Services – (0.2)%** |
| Alarm.com Holdings, Inc.\* | (2860)<br>| (153296)<br>|
| CSG Systems <br> International, Inc.<br>| (5709)<br>| (343282)<br>|
|  |  | **(496578)**<br>|
| **Electric Utilities – (0.4)%** | **Electric Utilities – (0.4)%** | **Electric Utilities – (0.4)%** |
| CenterPoint Energy, Inc. | (7115)<br>| (275920)<br>|
| Duke Energy Corp. | (2696)<br>| (328966)<br>|
| PG&E Corp. | (13220)<br>| (218394)<br>|
|  |  | **(823280)**<br>|
| **Electrical Equipment – (0.2)%** | **Electrical Equipment – (0.2)%** | **Electrical Equipment – (0.2)%** |
| OSI Systems, Inc.\* | (2020)<br>| **(413575)**<br>|
| **Engineering & Construction – (0.1)%** | **Engineering & Construction – (0.1)%** | **Engineering & Construction – (0.1)%** |
| Tetra Tech, Inc. | (6345)<br>| **(197901)**<br>|
| **Entertainment Content – (0.2)%** | **Entertainment Content – (0.2)%** | **Entertainment Content – (0.2)%** |
| Sphere Entertainment Co.\* | (13550)<br>| **(369237)**<br>|
| **Health Care Facilities & Services – (0.2)%** | **Health Care Facilities & Services – (0.2)%** | **Health Care Facilities & Services – (0.2)%** |
| BrightSpring Health <br> Services, Inc.\*<br>| (25731)<br>| **(451064)**<br>|
| **Household Products – (0.1)%** | **Household Products – (0.1)%** | **Household Products – (0.1)%** |
| Spectrum Brands <br> Holdings, Inc.<br>| (1415)<br>| **(89286)**<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Industrial Intermediate Products – (0.2)%** | **Industrial Intermediate Products – (0.2)%** | **Industrial Intermediate Products – (0.2)%** |
| Chart Industries, Inc.\* | (2759)<br>| **$(372410)**<br>|
| **Industrial Support Services – (0.2)%** | **Industrial Support Services – (0.2)%** | **Industrial Support Services – (0.2)%** |
| Herc Holdings, Inc.<sup>(e)</sup> <br>| (4285)<br>| **(468950)**<br>|
| **Internet Media & Services – (0.0)%**<sup>(d)</sup> | **Internet Media & Services – (0.0)%**<sup>(d)</sup> | **Internet Media & Services – (0.0)%**<sup>(d)</sup> |
| Snap, Inc., Class A\* | (784)<br>| (6241)<br>|
| Ziff Davis, Inc.\* | (116)<br>| (3425)<br>|
|  |  | **(9666)**<br>|
| **IT Services – (0.1)%** | **IT Services – (0.1)%** | **IT Services – (0.1)%** |
| Parsons Corp.\* | (3235)<br>| **(216292)**<br>|
| **Leisure Facilities & Services – (0.8)%** | **Leisure Facilities & Services – (0.8)%** | **Leisure Facilities & Services – (0.8)%** |
| Carnival Corp.\* | (10380)<br>| (190369)<br>|
| Cheesecake Factory <br> (The), Inc.<br>| (3756)<br>| (189190)<br>|
| DraftKings, Inc., Class A\* | (1120)<br>| (37285)<br>|
| Live Nation <br> Entertainment, Inc.\*<br>| (5320)<br>| (704634)<br>|
| Marriott Vacations <br> Worldwide Corp.<br>| (458)<br>| (25103)<br>|
| Norwegian Cruise Line <br> Holdings Ltd.\*<br>| (4473)<br>| (71702)<br>|
| Royal Caribbean <br> Cruises Ltd.<br>| (2430)<br>| (522231)<br>|
|  |  | **(1740514)**<br>|
| **Medical Equipment & Devices – (0.5)%** | **Medical Equipment & Devices – (0.5)%** | **Medical Equipment & Devices – (0.5)%** |
| CONMED Corp. | (329)<br>| (16157)<br>|
| Dexcom, Inc.\* | (568)<br>| (40544)<br>|
| Enovis Corp.\* | (6196)<br>| (214320)<br>|
| Exact Sciences Corp.\* | (752)<br>| (34321)<br>|
| Haemonetics Corp.\* | (1501)<br>| (94593)<br>|
| Integer Holdings Corp.\* | (2291)<br>| (289376)<br>|
| LeMaitre Vascular, Inc. | (2170)<br>| (196906)<br>|
| Omnicell, Inc.\* | (5754)<br>| (179870)<br>|
|  |  | **(1066087)**<br>|
| **Metals & Mining – (0.6)%** | **Metals & Mining – (0.6)%** | **Metals & Mining – (0.6)%** |
| Centrus Energy Corp., <br> Class A\*<br>| (3064)<br>| (212305)<br>|
| Century Aluminum Co.\* | (13445)<br>| (220632)<br>|
| Equinox Gold Corp. <br> (Canada)\*<br>| (86163)<br>| (577292)<br>|
| First Majestic Silver Corp. <br> (Canada)<br>| (1858)<br>| (11631)<br>|
| Fortuna Mining Corp. <br> (Canada)\*<br>| (48660)<br>| (304125)<br>|
|  |  | **(1325985)**<br>|
| **Oil & Gas Supply Chain – (1.2)%** | **Oil & Gas Supply Chain – (1.2)%** | **Oil & Gas Supply Chain – (1.2)%** |
| Chevron Corp.<sup>(e)</sup> <br>| (17551)<br>| **(2387989)**<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Real Estate Investment Trusts – (0.0)%**<sup>(d)</sup> | **Real Estate Investment Trusts – (0.0)%**<sup>(d)</sup> | **Real Estate Investment Trusts – (0.0)%**<sup>(d)</sup> |
| Pebblebrook Hotel Trust | (1919)<br>| **$(17367)**<br>|
| **Semiconductors – (0.1)%** | **Semiconductors – (0.1)%** | **Semiconductors – (0.1)%** |
| MKS Instruments, Inc. | (1748)<br>| (122605)<br>|
| ON Semiconductor Corp.\* | (2146)<br>| (85196)<br>|
| Vishay Intertechnology, Inc. | (4675)<br>| (60728)<br>|
|  |  | **(268529)**<br>|
| **Software – (1.0)%** | **Software – (1.0)%** | **Software – (1.0)%** |
| Bentley Systems, Inc., <br> Class B<br>| (778)<br>| (33446)<br>|
| BILL Holdings, Inc.\* | (1246)<br>| (56780)<br>|
| Evolent Health, Inc., <br> Class A\*<br>| (2320)<br>| (22875)<br>|
| Five9, Inc.\* | (1309)<br>| (32908)<br>|
| MicroStrategy, Inc., <br> Class A\*<br>| (385)<br>| (146343)<br>|
| Pagaya Technologies Ltd., <br> Class A\*<br>| (15958)<br>| (174900)<br>|
| Progress Software Corp. | (6370)<br>| (381945)<br>|
| PROS Holdings, Inc.\* | (3036)<br>| (51855)<br>|
| Rapid7, Inc.\* | (2597)<br>| (61341)<br>|
| Synopsys, Inc.\* | (2331)<br>| (1069952)<br>|
|  |  | **(2032345)**<br>|
| **Specialty Finance – (0.3)%** | **Specialty Finance – (0.3)%** | **Specialty Finance – (0.3)%** |
| Block, Inc.\* | (113)<br>| (6607)<br>|
| EZCORP, Inc., Class A\* | (30536)<br>| (499875)<br>|
| Qifu Technology, Inc. ADR <br> (China)<br>| (2210)<br>| (90676)<br>|
|  |  | **(597158)**<br>|
| **Technology Hardware – (0.5)%** | **Technology Hardware – (0.5)%** | **Technology Hardware – (0.5)%** |
| Applied <br> Optoelectronics, Inc.\*<br>| (5335)<br>| (68235)<br>|
| Hewlett Packard <br> Enterprise Co.<br>| (24000)<br>| (389280)<br>|
| Lumentum Holdings, Inc.\* | (584)<br>| (34479)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| NCR Voyix Corp.\* | (16838)<br>| $(144302)<br>|
| Sandisk Corp.\* | (1)<br>| (32)<br>|
| Western Digital Corp.\* | (7457)<br>| (327064)<br>|
|  |  | **(963392)**<br>|
| **Telecommunications – (0.1)%** | **Telecommunications – (0.1)%** | **Telecommunications – (0.1)%** |
| AST SpaceMobile, Inc.\* | (7774)<br>| **(180435)**<br>|
| **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** |
| Greenbrier (The) Cos., Inc. | (6383)<br>| **(270767)**<br>|
| **Total Common Stocks** <br>(Proceeds $20,979,166) | **Total Common Stocks** <br>(Proceeds $20,979,166) | **(19802371)**<br>|
| **Rights – 0.0%**<sup>(d)</sup>  | **Rights – 0.0%**<sup>(d)</sup>  | **Rights – 0.0%**<sup>(d)</sup>  |
| **Biotechnology & Pharmaceuticals — 0.0%**<sup>(d)</sup> | **Biotechnology & Pharmaceuticals — 0.0%**<sup>(d)</sup> | **Biotechnology & Pharmaceuticals — 0.0%**<sup>(d)</sup> |
| Ligand <br> Pharmaceuticals, Inc. <br> CVR (Switzerland <br> Exchange)<sup>(f)\*</sup> <br>| (52)<br>|  |
| Ligand <br> Pharmaceuticals, Inc. <br> CVR<sup>(f)\*</sup> <br>| (52)<br>|  |
| **Total Rights** <br>(Proceeds $—) | **Total Rights** <br>(Proceeds $—) | **—** |
| **Total Short Positions – (9.5)%** <br>(Proceeds $20,979,166) | **Total Short Positions – (9.5)%** <br>(Proceeds $20,979,166) | **(19802371)**<br>|
| **Total Written Options – (0.0)%**<sup>(d)</sup> <br>(Premiums Received $28,809) | **Total Written Options – (0.0)%**<sup>(d)</sup> <br>(Premiums Received $28,809) | (21986)<br>|
| Other Assets less Liabilities – 9.2%<sup>(p)</sup>  | Other Assets less Liabilities – 9.2%<sup>(p)</sup>  | 19119169 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$208943292** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |
| All securities are United States companies, unless noted otherwise in <br> parentheses. | All securities are United States companies, unless noted otherwise in <br> parentheses. | All securities are United States companies, unless noted otherwise in <br> parentheses. |

---

&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>(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 April 30, 2025, these securities had a total value of $49,007,030 or 23.45% of net assets. 

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

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

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

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

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

<sup>(h)</sup> 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 April 30, 2025 is disclosed. 

<sup>(j)</sup> When-issued security. Coupon rate was not yet in effect at April 30, 2025.

<sup>(k)</sup> Variable or floating rate security. Rate as of April 30, 2025 is disclosed.

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**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>(l)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At April 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $278,509 or 0.13% of net assets. 

---

| | | |
|:---|:---|:---|
| **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 |  |

---

<sup>(m)</sup> 7-day current yield as of April 30, 2025 is disclosed.

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

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

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

\* Non-income producing security

**Abbreviations:**<br>

---

| | |
|:---|:---|
| 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 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at April 30, 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; 18 | &nbsp;&nbsp; 6/16/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 1325616 | &nbsp;&nbsp; $28725 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3786234 | &nbsp;&nbsp; 40219 |
| Long Gilt | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6/26/2025 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 1121707 | &nbsp;&nbsp; 8210 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 34552641 | &nbsp;&nbsp; 202933 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4040226 | &nbsp;&nbsp; 44896 |
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$324983** |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 6/06/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1492870 | &nbsp;&nbsp; $(1977)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8191969 | &nbsp;&nbsp; (74750)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1982625 | &nbsp;&nbsp; 12219 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 242062 | &nbsp;&nbsp; (1313)<br>|
| 10-Year Canadian Government Bond | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 6/19/2025 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 538198 | &nbsp;&nbsp; 1066 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(64755)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$260228** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | Euro | &nbsp;&nbsp; 1825000 | U.S. Dollars | &nbsp;&nbsp; 1988194 | Royal Bank Of Canada | &nbsp;&nbsp; $85803 |
| 6/18/25 | Japanese Yen | &nbsp;&nbsp; 136000000 | U.S. Dollars | &nbsp;&nbsp; 936574 | Goldman Sachs | &nbsp;&nbsp; 19970 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 370000 | U.S. Dollars | &nbsp;&nbsp; 474695 | Deutsche Bank | &nbsp;&nbsp; 18499 |
| 6/18/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 1810000 | U.S. Dollars | &nbsp;&nbsp; 1141899 | JPMorgan Chase | &nbsp;&nbsp; 18136 |
| 6/18/25 | Swiss Francs | &nbsp;&nbsp; 260000 | U.S. Dollars | &nbsp;&nbsp; 301527 | Bank of America | &nbsp;&nbsp; 15453 |
| 6/18/25 | Euro | &nbsp;&nbsp; 330000 | U.S. Dollars | &nbsp;&nbsp; 361860 | Barclays | &nbsp;&nbsp; 13165 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 280000 | U.S. Dollars | &nbsp;&nbsp; 360394 | Royal Bank Of Canada | &nbsp;&nbsp; 12834 |
| 6/18/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 550000 | U.S. Dollars | &nbsp;&nbsp; 315054 | Deutsche Bank | &nbsp;&nbsp; 12148 |
| 6/18/25 | Swiss Francs | &nbsp;&nbsp; 210000 | U.S. Dollars | &nbsp;&nbsp; 244637 | Barclays | &nbsp;&nbsp; 11385 |
| 6/18/25 | Swiss Francs | &nbsp;&nbsp; 150000 | U.S. Dollars | &nbsp;&nbsp; 171638 | Goldman Sachs | &nbsp;&nbsp; 11233 |
| 6/18/25 | Canadian Dollars | &nbsp;&nbsp; 620000 | U.S. Dollars | &nbsp;&nbsp; 440477 | Bank of America | &nbsp;&nbsp; 10410 |
| 6/18/25 | Canadian Dollars | &nbsp;&nbsp; 470000 | U.S. Dollars | &nbsp;&nbsp; 332781 | Goldman Sachs | &nbsp;&nbsp; 9022 |
| 6/18/25 | Swedish Kronor | &nbsp;&nbsp; 2300000 | U.S. Dollars | &nbsp;&nbsp; 229826 | Barclays | &nbsp;&nbsp; 8875 |
| 6/18/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 71000000 | U.S. Dollars | &nbsp;&nbsp; 189856 | Goldman Sachs | &nbsp;&nbsp; 8509 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | Swedish Kronor | &nbsp;&nbsp; 1918631 | U.S. Dollars | &nbsp;&nbsp; 190890 | Morgan Stanley | &nbsp;&nbsp; $8233 |
| 6/18/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 375000000 | U.S. Dollars | &nbsp;&nbsp; 255929 | Barclays | &nbsp;&nbsp; 8165 |
| 6/18/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 210000 | U.S. Dollars | &nbsp;&nbsp; 127088 | Royal Bank Of Canada | &nbsp;&nbsp; 7502 |
| 6/18/25 | Taiwan Dollars | &nbsp;&nbsp; 6500000 | U.S. Dollars | &nbsp;&nbsp; 197604 | JPMorgan Chase | &nbsp;&nbsp; 7002 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 260000 | U.S. Dollars | &nbsp;&nbsp; 339616 | Barclays | &nbsp;&nbsp; 6952 |
| 6/18/25 | Swiss Francs | &nbsp;&nbsp; 90000 | U.S. Dollars | &nbsp;&nbsp; 103065 | Morgan Stanley | &nbsp;&nbsp; 6659 |
| 6/18/25 | Swiss Francs | &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 115322 | JPMorgan Chase | &nbsp;&nbsp; 6593 |
| 6/18/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 335000000 | U.S. Dollars | &nbsp;&nbsp; 229369 | JPMorgan Chase | &nbsp;&nbsp; 6554 |
| 6/18/25 | Brazilian Reals | &nbsp;&nbsp; 1425000 | U.S. Dollars | &nbsp;&nbsp; 241873 | Citibank | &nbsp;&nbsp; 6198 |
| 6/18/25 | Swedish Kronor | &nbsp;&nbsp; 1681369 | U.S. Dollars | &nbsp;&nbsp; 168640 | Goldman Sachs | &nbsp;&nbsp; 5858 |
| 6/18/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 2000000 | U.S. Dollars | &nbsp;&nbsp; 186811 | Morgan Stanley | &nbsp;&nbsp; 5437 |
| 6/16/25 | British Pounds | &nbsp;&nbsp; 110000 | U.S. Dollars | &nbsp;&nbsp; 141295 | Northern Trust | &nbsp;&nbsp; 5328 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 200000 | U.S. Dollars | &nbsp;&nbsp; 261358 | JPMorgan Chase | &nbsp;&nbsp; 5231 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 160000 | U.S. Dollars | &nbsp;&nbsp; 208080 | Citibank | &nbsp;&nbsp; 5193 |
| 6/18/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 2200000 | U.S. Dollars | &nbsp;&nbsp; 206579 | JPMorgan Chase | &nbsp;&nbsp; 4893 |
| 6/18/25 | Philippine Pesos | &nbsp;&nbsp; 11100000 | U.S. Dollars | &nbsp;&nbsp; 194515 | Barclays | &nbsp;&nbsp; 4257 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 180000 | U.S. Dollars | &nbsp;&nbsp; 235725 | Bank of America | &nbsp;&nbsp; 4207 |
| 6/18/25 | Brazilian Reals | &nbsp;&nbsp; 1055000 | U.S. Dollars | &nbsp;&nbsp; 179479 | Goldman Sachs | &nbsp;&nbsp; 4179 |
| 6/18/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 250000 | U.S. Dollars | &nbsp;&nbsp; 144591 | Goldman Sachs | &nbsp;&nbsp; 4136 |
| 6/18/25 | Mexican Pesos | &nbsp;&nbsp; 4065000 | U.S. Dollars | &nbsp;&nbsp; 201757 | Morgan Stanley | &nbsp;&nbsp; 4114 |
| 6/18/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 300000 | U.S. Dollars | &nbsp;&nbsp; 226373 | Bank of America | &nbsp;&nbsp; 3976 |
| 6/18/25 | Taiwan Dollars | &nbsp;&nbsp; 9000000 | U.S. Dollars | &nbsp;&nbsp; 279345 | Barclays | &nbsp;&nbsp; 3958 |
| 6/18/25 | Euro | &nbsp;&nbsp; 80000 | U.S. Dollars | &nbsp;&nbsp; 86960 | Citibank | &nbsp;&nbsp; 3955 |
| 6/18/25 | Mexican Pesos | &nbsp;&nbsp; 3900000 | U.S. Dollars | &nbsp;&nbsp; 193838 | Barclays | &nbsp;&nbsp; 3678 |
| 6/18/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1800000 | U.S. Dollars | &nbsp;&nbsp; 78237 | Barclays | &nbsp;&nbsp; 3580 |
| 6/18/25 | Swedish Kronor | &nbsp;&nbsp; 1000000 | U.S. Dollars | &nbsp;&nbsp; 100204 | Bank of America | &nbsp;&nbsp; 3580 |
| 6/18/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 800000 | U.S. Dollars | &nbsp;&nbsp; 73364 | Deutsche Bank | &nbsp;&nbsp; 3535 |
| 6/18/25 | Canadian Dollars | &nbsp;&nbsp; 130000 | U.S. Dollars | &nbsp;&nbsp; 91352 | Deutsche Bank | &nbsp;&nbsp; 3188 |
| 6/18/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 90000 | U.S. Dollars | &nbsp;&nbsp; 50390 | Royal Bank Of Canada | &nbsp;&nbsp; 3153 |
| 6/18/25 | Canadian Dollars | &nbsp;&nbsp; 230000 | U.S. Dollars | &nbsp;&nbsp; 164125 | JPMorgan Chase | &nbsp;&nbsp; 3139 |
| 6/18/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 3560000000 | U.S. Dollars | &nbsp;&nbsp; 211640 | JPMorgan Chase | &nbsp;&nbsp; 3028 |
| 6/18/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 2980000000 | U.S. Dollars | &nbsp;&nbsp; 176695 | Barclays | &nbsp;&nbsp; 2999 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 600000 | U.S. Dollars | &nbsp;&nbsp; 54742 | Bank of America | &nbsp;&nbsp; $2932 |
| 6/18/25 | Indian Rupees | &nbsp;&nbsp; 7600000 | U.S. Dollars | &nbsp;&nbsp; 86560 | Citibank | &nbsp;&nbsp; 2927 |
| 6/18/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 80000 | U.S. Dollars | &nbsp;&nbsp; 48466 | Morgan Stanley | &nbsp;&nbsp; 2806 |
| 6/18/25 | Euro | &nbsp;&nbsp; 70000 | U.S. Dollars | &nbsp;&nbsp; 76801 | Goldman Sachs | &nbsp;&nbsp; 2750 |
| 6/18/25 | Japanese Yen | &nbsp;&nbsp; 10000000 | U.S. Dollars | &nbsp;&nbsp; 67842 | JPMorgan Chase | &nbsp;&nbsp; 2493 |
| 6/18/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 60000 | U.S. Dollars | &nbsp;&nbsp; 33608 | Bank of America | &nbsp;&nbsp; 2086 |
| 6/18/25 | Indian Rupees | &nbsp;&nbsp; 6600000 | U.S. Dollars | &nbsp;&nbsp; 75695 | Goldman Sachs | &nbsp;&nbsp; 2018 |
| 6/18/25 | Taiwan Dollars | &nbsp;&nbsp; 2400000 | U.S. Dollars | &nbsp;&nbsp; 73628 | Citibank | &nbsp;&nbsp; 1920 |
| 6/18/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 180000000 | U.S. Dollars | &nbsp;&nbsp; 124854 | Citibank | &nbsp;&nbsp; 1911 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 60000 | U.S. Dollars | &nbsp;&nbsp; 78120 | Goldman Sachs | &nbsp;&nbsp; 1858 |
| 6/18/25 | Mexican Pesos | &nbsp;&nbsp; 800000 | U.S. Dollars | &nbsp;&nbsp; 38776 | Bank of America | &nbsp;&nbsp; 1740 |
| 6/18/25 | Taiwan Dollars | &nbsp;&nbsp; 1300000 | U.S. Dollars | &nbsp;&nbsp; 39311 | Deutsche Bank | &nbsp;&nbsp; 1611 |
| 6/18/25 | Japanese Yen | &nbsp;&nbsp; 9000000 | U.S. Dollars | &nbsp;&nbsp; 61733 | Bank of America | &nbsp;&nbsp; 1568 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 98989 | Swiss Francs | &nbsp;&nbsp; 80000 | JPMorgan Chase | &nbsp;&nbsp; 1457 |
| 6/18/25 | Mexican Pesos | &nbsp;&nbsp; 835000 | U.S. Dollars | &nbsp;&nbsp; 40871 | Goldman Sachs | &nbsp;&nbsp; 1417 |
| 6/18/25 | Polish Zloty | &nbsp;&nbsp; 150000 | U.S. Dollars | &nbsp;&nbsp; 38219 | Barclays | &nbsp;&nbsp; 1411 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 217304 | Euro | &nbsp;&nbsp; 190000 | Goldman Sachs | &nbsp;&nbsp; 1381 |
| 6/18/25 | Philippine Pesos | &nbsp;&nbsp; 4200000 | U.S. Dollars | &nbsp;&nbsp; 73860 | JPMorgan Chase | &nbsp;&nbsp; 1350 |
| 6/18/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 120000 | U.S. Dollars | &nbsp;&nbsp; 75610 | Goldman Sachs | &nbsp;&nbsp; 1298 |
| 6/18/25 | Colombian Pesos | &nbsp;&nbsp; 220000000 | U.S. Dollars | &nbsp;&nbsp; 50442 | Goldman Sachs | &nbsp;&nbsp; 1246 |
| 6/18/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 700000 | U.S. Dollars | &nbsp;&nbsp; 30624 | Morgan Stanley | &nbsp;&nbsp; 1194 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 90424 | Colombian Pesos | &nbsp;&nbsp; 380000000 | Bank of America | &nbsp;&nbsp; 1145 |
| 6/18/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 140000 | U.S. Dollars | &nbsp;&nbsp; 88643 | Citibank | &nbsp;&nbsp; 1083 |
| 6/18/25 | Philippine Pesos | &nbsp;&nbsp; 2300000 | U.S. Dollars | &nbsp;&nbsp; 40119 | Citibank | &nbsp;&nbsp; 1068 |
| 6/18/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 500000 | U.S. Dollars | &nbsp;&nbsp; 46997 | Goldman Sachs | &nbsp;&nbsp; 1065 |
| 6/18/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 33000000 | U.S. Dollars | &nbsp;&nbsp; 91176 | Morgan Stanley | &nbsp;&nbsp; 1023 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 89703 | Chilean Pesos | &nbsp;&nbsp; 84000000 | Goldman Sachs | &nbsp;&nbsp; 1022 |
| 6/18/25 | Japanese Yen | &nbsp;&nbsp; 3000000 | U.S. Dollars | &nbsp;&nbsp; 20081 | Barclays | &nbsp;&nbsp; 1019 |
| 6/18/25 | Taiwan Dollars | &nbsp;&nbsp; 4300000 | U.S. Dollars | &nbsp;&nbsp; 134437 | Bank of America | &nbsp;&nbsp; 918 |
| 6/18/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 500000 | U.S. Dollars | &nbsp;&nbsp; 21821 | Bank of America | &nbsp;&nbsp; 906 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 46239 | Chilean Pesos | &nbsp;&nbsp; 43000000 | Bank of America | &nbsp;&nbsp; 842 |
| 6/18/25 | British Pounds | &nbsp;&nbsp; 20000 | U.S. Dollars | &nbsp;&nbsp; 25821 | Morgan Stanley | &nbsp;&nbsp; 838 |
| 6/18/25 | Polish Zloty | &nbsp;&nbsp; 150000 | U.S. Dollars | &nbsp;&nbsp; 38827 | Royal Bank Of Canada | &nbsp;&nbsp; 803 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 15000000 | U.S. Dollars | &nbsp;&nbsp; 41160 | Barclays | &nbsp;&nbsp; $749 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 32848 | South African Rand | &nbsp;&nbsp; 600000 | Morgan Stanley | &nbsp;&nbsp; 721 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 66150 | New Zealand Dollars | &nbsp;&nbsp; 110000 | Deutsche Bank | &nbsp;&nbsp; 709 |
| 6/18/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 30000 | U.S. Dollars | &nbsp;&nbsp; 17150 | Morgan Stanley | &nbsp;&nbsp; 697 |
| 6/18/25 | Thai Baht | &nbsp;&nbsp; 1900000 | U.S. Dollars | &nbsp;&nbsp; 56412 | Citibank | &nbsp;&nbsp; 679 |
| 6/18/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 30000 | U.S. Dollars | &nbsp;&nbsp; 17185 | JPMorgan Chase | &nbsp;&nbsp; 663 |
| 6/18/25 | Chilean Pesos | &nbsp;&nbsp; 81000000 | U.S. Dollars | &nbsp;&nbsp; 84898 | JPMorgan Chase | &nbsp;&nbsp; 616 |
| 6/18/25 | Swedish Kronor | &nbsp;&nbsp; 500000 | U.S. Dollars | &nbsp;&nbsp; 51282 | JPMorgan Chase | &nbsp;&nbsp; 610 |
| 6/18/25 | Canadian Dollars | &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 72120 | Morgan Stanley | &nbsp;&nbsp; 604 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 85940 | Swiss Francs | &nbsp;&nbsp; 70000 | Goldman Sachs | &nbsp;&nbsp; 600 |
| 6/18/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 90000 | U.S. Dollars | &nbsp;&nbsp; 68505 | Royal Bank Of Canada | &nbsp;&nbsp; 599 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 148283 | Euro | &nbsp;&nbsp; 130000 | Morgan Stanley | &nbsp;&nbsp; 546 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 83567 | Swedish Kronor | &nbsp;&nbsp; 800000 | Goldman Sachs | &nbsp;&nbsp; 540 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 148270 | Euro | &nbsp;&nbsp; 130000 | Barclays | &nbsp;&nbsp; 534 |
| 6/18/25 | Polish Zloty | &nbsp;&nbsp; 50000 | U.S. Dollars | &nbsp;&nbsp; 12697 | Morgan Stanley | &nbsp;&nbsp; 513 |
| 6/18/25 | Philippine Pesos | &nbsp;&nbsp; 1100000 | U.S. Dollars | &nbsp;&nbsp; 19189 | Goldman Sachs | &nbsp;&nbsp; 509 |
| 6/18/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 95000000 | U.S. Dollars | &nbsp;&nbsp; 66414 | Goldman Sachs | &nbsp;&nbsp; 490 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 16314 | Chilean Pesos | &nbsp;&nbsp; 15000000 | Citibank | &nbsp;&nbsp; 478 |
| 6/18/25 | Euro | &nbsp;&nbsp; 10000 | U.S. Dollars | &nbsp;&nbsp; 10970 | JPMorgan Chase | &nbsp;&nbsp; 394 |
| 6/18/25 | Taiwan Dollars | &nbsp;&nbsp; 400000 | U.S. Dollars | &nbsp;&nbsp; 12201 | Goldman Sachs | &nbsp;&nbsp; 390 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 83605 | Swedish Kronor | &nbsp;&nbsp; 801829 | Morgan Stanley | &nbsp;&nbsp; 389 |
| 6/18/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 5039 | Morgan Stanley | &nbsp;&nbsp; 315 |
| 6/18/25 | Brazilian Reals | &nbsp;&nbsp; 150000 | U.S. Dollars | &nbsp;&nbsp; 25838 | Barclays | &nbsp;&nbsp; 274 |
| 6/18/25 | Canadian Dollars | &nbsp;&nbsp; 120000 | U.S. Dollars | &nbsp;&nbsp; 87007 | Citibank | &nbsp;&nbsp; 262 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 24631 | Swiss Francs | &nbsp;&nbsp; 20000 | Morgan Stanley | &nbsp;&nbsp; 248 |
| 6/18/25 | Philippine Pesos | &nbsp;&nbsp; 600000 | U.S. Dollars | &nbsp;&nbsp; 10519 | Bank of America | &nbsp;&nbsp; 225 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 29944 | New Zealand Dollars | &nbsp;&nbsp; 50000 | Barclays | &nbsp;&nbsp; 199 |
| 6/18/25 | Canadian Dollars | &nbsp;&nbsp; 40000 | U.S. Dollars | &nbsp;&nbsp; 28893 | Barclays | &nbsp;&nbsp; 197 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 47829 | Indonesian Rupiahs | &nbsp;&nbsp; 790000000 | Deutsche Bank | &nbsp;&nbsp; 193 |
| 6/18/25 | Thai Baht | &nbsp;&nbsp; 3600000 | U.S. Dollars | &nbsp;&nbsp; 107982 | Barclays | &nbsp;&nbsp; 190 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 26595 | Polish Zloty | &nbsp;&nbsp; 100000 | Citibank | &nbsp;&nbsp; 175 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 134903 | Swedish Kronor | &nbsp;&nbsp; 1298171 | Citibank | &nbsp;&nbsp; 174 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 12318 | Swiss Francs | &nbsp;&nbsp; 10000 | Citibank | &nbsp;&nbsp; 126 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 26535 | Polish Zloty | &nbsp;&nbsp; 100000 | Barclays | &nbsp;&nbsp; 115 |
| 6/18/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 50000 | U.S. Dollars | &nbsp;&nbsp; 38283 | Barclays | &nbsp;&nbsp; 108 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 28231 | Japanese Yen | &nbsp;&nbsp; 4000000 | Bank of America | &nbsp;&nbsp; 98 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 15752 | Brazilian Reals | &nbsp;&nbsp; 90000 | Goldman Sachs | &nbsp;&nbsp; $85 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 35649 | New Zealand Dollars | &nbsp;&nbsp; 59783 | Goldman Sachs | &nbsp;&nbsp; 84 |
| 6/18/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 3000000 | U.S. Dollars | &nbsp;&nbsp; 8303 | Citibank | &nbsp;&nbsp; 79 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 9463 | Colombian Pesos | &nbsp;&nbsp; 40000000 | Goldman Sachs | &nbsp;&nbsp; 65 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 26483 | Polish Zloty | &nbsp;&nbsp; 100000 | Morgan Stanley | &nbsp;&nbsp; 63 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 17910 | New Zealand Dollars | &nbsp;&nbsp; 30000 | Morgan Stanley | &nbsp;&nbsp; 63 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 10623 | South Korean Won | &nbsp;&nbsp; 15000000 | Bank of America | &nbsp;&nbsp; 59 |
| 6/18/25 | Thai Baht | &nbsp;&nbsp; 1600000 | U.S. Dollars | &nbsp;&nbsp; 48022 | Morgan Stanley | &nbsp;&nbsp; 55 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 28187 | Japanese Yen | &nbsp;&nbsp; 4000000 | Morgan Stanley | &nbsp;&nbsp; 53 |
| 6/18/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1500000 | U.S. Dollars | &nbsp;&nbsp; 68134 | Citibank | &nbsp;&nbsp; 47 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 9653 | Norwegian Kroner | &nbsp;&nbsp; 100000 | Goldman Sachs | &nbsp;&nbsp; 40 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 13674 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 300000 | Goldman Sachs | &nbsp;&nbsp; 38 |
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 12033 | British Pounds | &nbsp;&nbsp; 9000 | Northern Trust | &nbsp;&nbsp; 36 |
| 6/18/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 400000 | U.S. Dollars | &nbsp;&nbsp; 38420 | Barclays | &nbsp;&nbsp; 29 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 51289 | Australian Dollars | &nbsp;&nbsp; 80000 | Citibank | &nbsp;&nbsp; 17 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 10262 | Indonesian Rupiahs | &nbsp;&nbsp; 170000000 | Goldman Sachs | &nbsp;&nbsp; 11 |
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 1206 | Indonesian Rupiahs | &nbsp;&nbsp; 20000000 | Barclays | &nbsp;&nbsp; —<br> \*<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 130 | New Zealand Dollars | &nbsp;&nbsp; 217 | Bank of America | &nbsp;&nbsp; —<br> \*<br>|
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $480761 |
| 6/18/25 | Mexican Pesos | &nbsp;&nbsp; 21124 | U.S. Dollars | &nbsp;&nbsp; 1072 | Barclays | &nbsp;&nbsp; $(2)<br>|
| 6/18/25 | Swedish Kronor | &nbsp;&nbsp; 600000 | U.S. Dollars | &nbsp;&nbsp; 62281 | JPMorgan Chase | &nbsp;&nbsp; (11)<br>|
| 6/18/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 40000000 | U.S. Dollars | &nbsp;&nbsp; 28220 | Citibank | &nbsp;&nbsp; (50)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 146243 | Swiss Francs | &nbsp;&nbsp; 120000 | Barclays | &nbsp;&nbsp; (55)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 56709 | Hong Kong Dollars | &nbsp;&nbsp; 440000 | Deutsche Bank | &nbsp;&nbsp; (63)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 11697 | Indian Rupees | &nbsp;&nbsp; 1000000 | Barclays | &nbsp;&nbsp; (78)<br>|
| 6/18/25 | Thai Baht | &nbsp;&nbsp; 600000 | U.S. Dollars | &nbsp;&nbsp; 18116 | Goldman Sachs | &nbsp;&nbsp; (87)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 21723 | Canadian Dollars | &nbsp;&nbsp; 30000 | Goldman Sachs | &nbsp;&nbsp; (94)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 121673 | Australian Dollars | &nbsp;&nbsp; 190000 | Goldman Sachs | &nbsp;&nbsp; (99)<br>|
| 6/18/25 | Polish Zloty | &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 26524 | Barclays | &nbsp;&nbsp; (104)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 93203 | British Pounds | &nbsp;&nbsp; 70000 | Goldman Sachs | &nbsp;&nbsp; (104)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 10473 | Indian Rupees | &nbsp;&nbsp; 900000 | Goldman Sachs | &nbsp;&nbsp; (124)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 97001 | Chilean Pesos | &nbsp;&nbsp; 92000000 | Goldman Sachs | &nbsp;&nbsp; (125)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 79825 | British Pounds | &nbsp;&nbsp; 60000 | Morgan Stanley | &nbsp;&nbsp; (153)<br>|
| 6/18/25 | Polish Zloty | &nbsp;&nbsp; 350000 | U.S. Dollars | &nbsp;&nbsp; 92629 | Bank of America | &nbsp;&nbsp; (159)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 41338 | Swedish Kronor | &nbsp;&nbsp; 400000 | Morgan Stanley | &nbsp;&nbsp; (175)<br>|
| 6/18/25 | Polish Zloty | &nbsp;&nbsp; 150000 | U.S. Dollars | &nbsp;&nbsp; 39809 | Morgan Stanley | &nbsp;&nbsp; (179)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | Polish Zloty | &nbsp;&nbsp; 50000 | U.S. Dollars | &nbsp;&nbsp; 13413 | Citibank | &nbsp;&nbsp; $(203)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 12999 | Polish Zloty | &nbsp;&nbsp; 50000 | Morgan Stanley | &nbsp;&nbsp; (211)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 17442 | Indian Rupees | &nbsp;&nbsp; 1500000 | Citibank | &nbsp;&nbsp; (220)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 9371 | Norwegian Kroner | &nbsp;&nbsp; 100000 | Deutsche Bank | &nbsp;&nbsp; (242)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 16231 | Indian Rupees | &nbsp;&nbsp; 1400000 | Deutsche Bank | &nbsp;&nbsp; (253)<br>|
| 6/18/25 | Mexican Pesos | &nbsp;&nbsp; 2978876 | U.S. Dollars | &nbsp;&nbsp; 151123 | JPMorgan Chase | &nbsp;&nbsp; (257)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 28558 | Norwegian Kroner | &nbsp;&nbsp; 300000 | Citibank | &nbsp;&nbsp; (279)<br>|
| 6/18/25 | Chilean Pesos | &nbsp;&nbsp; 25000000 | U.S. Dollars | &nbsp;&nbsp; 26729 | Bank of America | &nbsp;&nbsp; (336)<br>|
| 6/18/25 | Chilean Pesos | &nbsp;&nbsp; 69000000 | U.S. Dollars | &nbsp;&nbsp; 73181 | Barclays | &nbsp;&nbsp; (336)<br>|
| 6/18/25 | Chilean Pesos | &nbsp;&nbsp; 35000000 | U.S. Dollars | &nbsp;&nbsp; 37290 | Goldman Sachs | &nbsp;&nbsp; (340)<br>|
| 6/18/25 | Colombian Pesos | &nbsp;&nbsp; 100000000 | U.S. Dollars | &nbsp;&nbsp; 23846 | Goldman Sachs | &nbsp;&nbsp; (352)<br>|
| 6/18/25 | Japanese Yen | &nbsp;&nbsp; 8000000 | U.S. Dollars | &nbsp;&nbsp; 56632 | JPMorgan Chase | &nbsp;&nbsp; (365)<br>|
| 6/18/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 700000 | U.S. Dollars | &nbsp;&nbsp; 67654 | Deutsche Bank | &nbsp;&nbsp; (367)<br>|
| 6/18/25 | Japanese Yen | &nbsp;&nbsp; 11000000 | U.S. Dollars | &nbsp;&nbsp; 77740 | Barclays | &nbsp;&nbsp; (372)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 9747 | Mexican Pesos | &nbsp;&nbsp; 200000 | Deutsche Bank | &nbsp;&nbsp; (382)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 10063 | Brazilian Reals | &nbsp;&nbsp; 60000 | Citibank | &nbsp;&nbsp; (382)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 35657 | Thai Baht | &nbsp;&nbsp; 1200000 | JPMorgan Chase | &nbsp;&nbsp; (400)<br>|
| 6/18/25 | British Pounds | &nbsp;&nbsp; 100000 | U.S. Dollars | &nbsp;&nbsp; 133804 | JPMorgan Chase | &nbsp;&nbsp; (508)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 9618 | Mexican Pesos | &nbsp;&nbsp; 200000 | Goldman Sachs | &nbsp;&nbsp; (511)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 23281 | New Zealand Dollars | &nbsp;&nbsp; 40000 | Deutsche Bank | &nbsp;&nbsp; (515)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 37058 | Colombian Pesos | &nbsp;&nbsp; 160000000 | Goldman Sachs | &nbsp;&nbsp; (533)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 23500 | Thai Baht | &nbsp;&nbsp; 800000 | Morgan Stanley | &nbsp;&nbsp; (539)<br>|
| 6/18/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1490000000 | U.S. Dollars | &nbsp;&nbsp; 90395 | Barclays | &nbsp;&nbsp; (548)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 36969 | Colombian Pesos | &nbsp;&nbsp; 160000000 | Morgan Stanley | &nbsp;&nbsp; (622)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 56792 | Brazilian Reals | &nbsp;&nbsp; 330000 | Barclays | &nbsp;&nbsp; (656)<br>|
| 6/18/25 | Euro | &nbsp;&nbsp; 190000 | U.S. Dollars | &nbsp;&nbsp; 216618 | Bank of America | &nbsp;&nbsp; (695)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 24363 | Philippine Pesos | &nbsp;&nbsp; 1400000 | Barclays | &nbsp;&nbsp; (707)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 37621 | Singapore Dollars | &nbsp;&nbsp; 50000 | Bank of America | &nbsp;&nbsp; (771)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 38776 | Polish Zloty | &nbsp;&nbsp; 150000 | JPMorgan Chase | &nbsp;&nbsp; (854)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 56811 | Norwegian Kroner | &nbsp;&nbsp; 600000 | Morgan Stanley | &nbsp;&nbsp; (862)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 114462 | Australian Dollars | &nbsp;&nbsp; 180000 | JPMorgan Chase | &nbsp;&nbsp; (901)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 122291 | South Korean Won | &nbsp;&nbsp; 175000000 | Barclays | &nbsp;&nbsp; (953)<br>|
| 6/18/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1100000 | U.S. Dollars | &nbsp;&nbsp; 59933 | JPMorgan Chase | &nbsp;&nbsp; (1034)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 78903 | Canadian Dollars | &nbsp;&nbsp; 110000 | JPMorgan Chase | &nbsp;&nbsp; (1093)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 41728 | South African Rand | &nbsp;&nbsp; 800000 | Goldman Sachs | &nbsp;&nbsp; (1108)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 60345 | Hungarian Forints | &nbsp;&nbsp; 22000000 | Goldman Sachs | &nbsp;&nbsp; (1121)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 106794 | Indonesian Rupiahs | &nbsp;&nbsp; 1790000000 | Morgan Stanley | &nbsp;&nbsp; (1143)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 34433 | Indonesian Rupiahs | &nbsp;&nbsp; 590000000 | Bank of America | &nbsp;&nbsp; (1144)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 20995 | Chilean Pesos | &nbsp;&nbsp; 21000000 | Citibank | &nbsp;&nbsp; (1175)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 65696 | South Korean Won | &nbsp;&nbsp; 95000000 | Deutsche Bank | &nbsp;&nbsp; (1208)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 47099 | Philippine Pesos | &nbsp;&nbsp; 2700000 | Bank of America | &nbsp;&nbsp; $(1251)<br>|
| 6/18/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 2100000 | U.S. Dollars | &nbsp;&nbsp; 113725 | Deutsche Bank | &nbsp;&nbsp; (1281)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 123660 | Norwegian Kroner | &nbsp;&nbsp; 1300000 | Bank of America | &nbsp;&nbsp; (1302)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 88697 | Thai Baht | &nbsp;&nbsp; 3000000 | Goldman Sachs | &nbsp;&nbsp; (1447)<br>|
| 6/18/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1500000 | U.S. Dollars | &nbsp;&nbsp; 81802 | Bank of America | &nbsp;&nbsp; (1485)<br>|
| 6/18/25 | Japanese Yen | &nbsp;&nbsp; 11000000 | U.S. Dollars | &nbsp;&nbsp; 78859 | Citibank | &nbsp;&nbsp; (1492)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 76832 | Brazilian Reals | &nbsp;&nbsp; 450000 | Goldman Sachs | &nbsp;&nbsp; (1506)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 64400 | Polish Zloty | &nbsp;&nbsp; 250000 | Bank of America | &nbsp;&nbsp; (1650)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 222588 | Australian Dollars | &nbsp;&nbsp; 350000 | Morgan Stanley | &nbsp;&nbsp; (1729)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 54887 | Colombian Pesos | &nbsp;&nbsp; 241673760 | Deutsche Bank | &nbsp;&nbsp; (1893)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 66273 | Euro | &nbsp;&nbsp; 60000 | Barclays | &nbsp;&nbsp; (1913)<br>|
| 6/18/25 | Colombian Pesos | &nbsp;&nbsp; 930000000 | U.S. Dollars | &nbsp;&nbsp; 220465 | Morgan Stanley | &nbsp;&nbsp; (1967)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 81051 | Swedish Kronor | &nbsp;&nbsp; 800000 | Bank of America | &nbsp;&nbsp; (1975)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 29263 | Brazilian Reals | &nbsp;&nbsp; 180000 | JPMorgan Chase | &nbsp;&nbsp; (2072)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 34486 | Swiss Francs | &nbsp;&nbsp; 30000 | Morgan Stanley | &nbsp;&nbsp; (2089)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 63242 | New Zealand Dollars | &nbsp;&nbsp; 110000 | Morgan Stanley | &nbsp;&nbsp; (2198)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 82280 | South Korean Won | &nbsp;&nbsp; 120000000 | Goldman Sachs | &nbsp;&nbsp; (2230)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 79554 | Brazilian Reals | &nbsp;&nbsp; 470000 | Bank of America | &nbsp;&nbsp; (2265)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 54001 | Japanese Yen | &nbsp;&nbsp; 8000000 | Royal Bank Of Canada | &nbsp;&nbsp; (2266)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 119444 | Colombian Pesos | &nbsp;&nbsp; 518326240 | Bank of America | &nbsp;&nbsp; (2334)<br>|
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 105326 | British Pounds | &nbsp;&nbsp; 80800 | Northern Trust | &nbsp;&nbsp; (2376)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 53469 | Hungarian Forints | &nbsp;&nbsp; 20000000 | JPMorgan Chase | &nbsp;&nbsp; (2409)<br>|
| 6/18/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 2700000 | U.S. Dollars | &nbsp;&nbsp; 147045 | Morgan Stanley | &nbsp;&nbsp; (2474)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 170558 | Australian Dollars | &nbsp;&nbsp; 270000 | Deutsche Bank | &nbsp;&nbsp; (2486)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 189415 | Singapore Dollars | &nbsp;&nbsp; 250000 | Citibank | &nbsp;&nbsp; (2542)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 184069 | British Pounds | &nbsp;&nbsp; 140000 | Barclays | &nbsp;&nbsp; (2545)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 64927 | Chilean Pesos | &nbsp;&nbsp; 64000000 | Barclays | &nbsp;&nbsp; (2639)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 90578 | British Pounds | &nbsp;&nbsp; 70000 | Bank of America | &nbsp;&nbsp; (2729)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 70384 | Swiss Francs | &nbsp;&nbsp; 60000 | Citibank | &nbsp;&nbsp; (2765)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 103858 | Chilean Pesos | &nbsp;&nbsp; 101000000 | Bank of America | &nbsp;&nbsp; (2769)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 176683 | Australian Dollars | &nbsp;&nbsp; 280000 | Barclays | &nbsp;&nbsp; (2769)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 258532 | Euro | &nbsp;&nbsp; 230000 | Bank of America | &nbsp;&nbsp; (2849)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 58036 | Swiss Francs | &nbsp;&nbsp; 50000 | Goldman Sachs | &nbsp;&nbsp; (2922)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 158245 | Singapore Dollars | &nbsp;&nbsp; 210000 | Morgan Stanley | &nbsp;&nbsp; (2998)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 75111 | Japanese Yen | &nbsp;&nbsp; 11120000 | JPMorgan Chase | &nbsp;&nbsp; (3100)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 133263 | Euro | &nbsp;&nbsp; 120000 | Royal Bank Of Canada | &nbsp;&nbsp; (3110)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 110962 | Thai Baht | &nbsp;&nbsp; 3800000 | Bank of America | &nbsp;&nbsp; (3220)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 105574 | Canadian Dollars | &nbsp;&nbsp; 150000 | Deutsche Bank | &nbsp;&nbsp; (3512)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 242175 | Singapore Dollars | &nbsp;&nbsp; 320000 | Goldman Sachs | &nbsp;&nbsp; (3529)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 237065 | Indonesian Rupiahs | &nbsp;&nbsp; 3990000000 | Goldman Sachs | &nbsp;&nbsp; (3532)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 138701 | Indonesian Rupiahs | &nbsp;&nbsp; 2360000000 | Barclays | &nbsp;&nbsp; $(3607)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 87396 | South African Rand | &nbsp;&nbsp; 1700000 | Citibank | &nbsp;&nbsp; (3630)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 303319 | Singapore Dollars | &nbsp;&nbsp; 400000 | Barclays | &nbsp;&nbsp; (3813)<br>|
| 6/18/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 7240000000 | U.S. Dollars | &nbsp;&nbsp; 440631 | Deutsche Bank | &nbsp;&nbsp; (4059)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 127227 | Hungarian Forints | &nbsp;&nbsp; 47000000 | Barclays | &nbsp;&nbsp; (4085)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 171688 | Taiwan Dollars | &nbsp;&nbsp; 5600000 | Barclays | &nbsp;&nbsp; (4588)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 162651 | Canadian Dollars | &nbsp;&nbsp; 230000 | Bank of America | &nbsp;&nbsp; (4614)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 125943 | Chilean Pesos | &nbsp;&nbsp; 124000000 | JPMorgan Chase | &nbsp;&nbsp; (4966)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 109110 | Swedish Kronor | &nbsp;&nbsp; 1100000 | Barclays | &nbsp;&nbsp; (5052)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 121408 | Mexican Pesos | &nbsp;&nbsp; 2500000 | Morgan Stanley | &nbsp;&nbsp; (5204)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 135405 | Japanese Yen | &nbsp;&nbsp; 20000000 | Bank of America | &nbsp;&nbsp; (5263)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 165060 | Euro | &nbsp;&nbsp; 150000 | JPMorgan Chase | &nbsp;&nbsp; (5406)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 205910 | Polish Zloty | &nbsp;&nbsp; 800000 | Goldman Sachs | &nbsp;&nbsp; (5451)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 85581 | Mexican Pesos | &nbsp;&nbsp; 1800000 | Citibank | &nbsp;&nbsp; (5580)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 231321 | Hungarian Forints | &nbsp;&nbsp; 85000000 | Morgan Stanley | &nbsp;&nbsp; (6159)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 297077 | Polish Zloty | &nbsp;&nbsp; 1150000 | Deutsche Bank | &nbsp;&nbsp; (6754)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 196702 | Canadian Dollars | &nbsp;&nbsp; 280000 | Barclays | &nbsp;&nbsp; (6924)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 319734 | Norwegian Kroner | &nbsp;&nbsp; 3400000 | Goldman Sachs | &nbsp;&nbsp; (7087)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 162719 | Euro | &nbsp;&nbsp; 150000 | Deutsche Bank | &nbsp;&nbsp; (7747)<br>|
| 6/18/25 | Chilean Pesos | &nbsp;&nbsp; 423000000 | U.S. Dollars | &nbsp;&nbsp; 454450 | Citibank | &nbsp;&nbsp; (7881)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 347962 | Canadian Dollars | &nbsp;&nbsp; 490000 | Citibank | &nbsp;&nbsp; (8384)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 282818 | Thai Baht | &nbsp;&nbsp; 9700000 | Barclays | &nbsp;&nbsp; (8647)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 371121 | Japanese Yen | &nbsp;&nbsp; 54000000 | Morgan Stanley | &nbsp;&nbsp; (8685)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 394735 | Swedish Kronor | &nbsp;&nbsp; 3900000 | JPMorgan Chase | &nbsp;&nbsp; (10020)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 261065 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 5980000 | Goldman Sachs | &nbsp;&nbsp; (10750)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 408512 | Mexican Pesos | &nbsp;&nbsp; 8400000 | Bank of America | &nbsp;&nbsp; (16907)<br>|
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 465505 | Euro | &nbsp;&nbsp; 424720 | WI Carr | &nbsp;&nbsp; (17097)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 636436 | Taiwan Dollars | &nbsp;&nbsp; 20800000 | Citibank | &nbsp;&nbsp; (18305)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 923929 | South Korean Won | &nbsp;&nbsp; 1339300000 | JPMorgan Chase | &nbsp;&nbsp; (19274)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 648324 | Philippine Pesos | &nbsp;&nbsp; 37300000 | Morgan Stanley | &nbsp;&nbsp; (19617)<br>|
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 437089 | Euro | &nbsp;&nbsp; 401980 | Northern Trust | &nbsp;&nbsp; (19673)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 574168 | New Zealand Dollars | &nbsp;&nbsp; 1000000 | Goldman Sachs | &nbsp;&nbsp; (20746)<br>|
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 1278204 | Canadian Dollars | &nbsp;&nbsp; 1788840 | Northern Trust | &nbsp;&nbsp; (22575)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 520786 | Euro | &nbsp;&nbsp; 480000 | Morgan Stanley | &nbsp;&nbsp; (24704)<br>|
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 915796 | British Pounds | &nbsp;&nbsp; 706100 | WI Carr | &nbsp;&nbsp; (25395)<br>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 1522705 | British Pounds | &nbsp;&nbsp; 1180000 | Deutsche Bank | &nbsp;&nbsp; (50181)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at April 30, 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>|
| 6/18/25 | U.S. Dollars | &nbsp;&nbsp; 839758 | Swiss Francs | &nbsp;&nbsp; 730000 | Deutsche Bank | &nbsp;&nbsp; $(50222)<br>|
| 6/16/25 | U.S. Dollars | &nbsp;&nbsp; 2764508 | Canadian Dollars | &nbsp;&nbsp; 3958530 | WI Carr | &nbsp;&nbsp; (113988)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(692820)<br>|
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp; **$(212059)**<br>|

---

\*Amount rounds to less than one.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at April 30, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at April 30, 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** |
| Paramount Global | 164 | USD | &nbsp;&nbsp; 192536 | 12.00 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp; $(6396)<br>|
| Paramount Global | 20 | USD | &nbsp;&nbsp; 23480 | 12.00 | &nbsp;&nbsp; 7/18/2025 | &nbsp;&nbsp; (800)<br>|
| United States Steel Corp. | 87 | USD | &nbsp;&nbsp; 380277 | 50.00 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp; (14790)<br>|
| **Total Written Call Options Contracts (Premiums Received $28,809)** | **Total Written Call Options Contracts (Premiums Received $28,809)** | **Total Written Call Options Contracts (Premiums Received $28,809)** | **Total Written Call Options Contracts (Premiums Received $28,809)** | **Total Written Call Options Contracts (Premiums Received $28,809)** | **Total Written Call Options Contracts (Premiums Received $28,809)** | &nbsp;&nbsp; **$(21986)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at April 30, 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 | $344207 | $6450 |
| AES (The) Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 20070 | Monthly | 200637 | (2864)<br>|
| Aflac, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 864 | Monthly | 93698 | 360 |
| Agilent Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3930 | Monthly | 422512 | 18469 |
| Albertsons Companies, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 16743 | Monthly | 367431 | 32297 |
| Alexandria Real Estate <br> Equities, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3820 | Monthly | 277341 | (13146)<br>|
| Alexandria Real Estate <br> Equities, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 162 | Monthly | 11748 | (1069)<br>|
| Allegion PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 272 | Monthly | 37802 | 3285 |
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 559 | Monthly | 110805 | 2414 |
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1936 | Monthly | 383420 | 6790 |
| Ally Financial, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3344 | Monthly | 109123 | 4087 |
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6212 | Monthly | 367118 | 1728 |
| Amazon.com, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 107 | Monthly | 19717 | 1186 |
| American Electric <br> Power Co., Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3195 | Monthly | 345816 | 277 |
| American Express Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 455 | Monthly | 121115 | 6264 |
| American Tower Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1119 | Monthly | 251629 | 22614 |
| American Water Works <br> Company, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 284 | Monthly | 41693 | (321)<br>|
| Analog Devices, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 110 | Monthly | 21424 | 1789 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 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>|
| Apache Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5628 | Monthly | $87312 | $3511 |
| Aramark Services, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2239 | Monthly | 74786 | 2511 |
| Archer-Daniels-Midland Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3086 | Monthly | 147225 | (2570)<br>|
| Arrow Electronics, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 327 | Monthly | 36385 | 2128 |
| Assurant, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 102 | Monthly | 19643 | 371 |
| AT&T, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4474 | Monthly | 123849 | 2446 |
| AutoZone, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 97 | Monthly | 364658 | 7828 |
| Avantor, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 17909 | Monthly | 232423 | (36118)<br>|
| Baker Hughes Co., Class A | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 624 | Monthly | 22087 | (510)<br>|
| Baker Hughes Co., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 10483 | Monthly | 370127 | 1019 |
| Barrick Gold Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 18110 | Monthly | 344166 | (23829)<br>|
| Bath & Body Works, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 9234 | Monthly | 281496 | 16018 |
| Bath & Body Works, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 11943 | Monthly | 363537 | 56249 |
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6378 | Monthly | 424993 | 20755 |
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5693 | Monthly | 378827 | 53142 |
| Biogen, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3378 | Monthly | 408312 | 13154 |
| Bio-rad Laboratories, <br> Class A<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 71 | Monthly | 17288 | 1632 |
| Block, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 7509 | Monthly | 438692 | 30728 |
| Booking Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 91 | Monthly | 463666 | 45241 |
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 13116 | Monthly | 371374 | 45097 |
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8988 | Monthly | 254667 | 20259 |
| Boston Scientific Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2502 | Monthly | 257009 | 19927 |
| Boyd Gaming Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3905 | Monthly | 269543 | 14820 |
| Bristol-Myers Squibb Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 14827 | Monthly | 742902 | (18042)<br>|
| Camden Property Trust | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2195 | Monthly | 249173 | 15340 |
| Cardinal Health, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2733 | Monthly | 385243 | 43618 |
| Carnival Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 11671 | Monthly | 213789 | 5888 |
| Caterpillar, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2622 | Monthly | 809551 | 40177 |
| Charles River Laboratories <br> International, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3730 | Monthly | 441721 | 33884 |
| Chevron Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3009 | Monthly | 409041 | (4095)<br>|
| Chubb Ltd. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1322 | Monthly | 377534 | 1029 |
| Church & Dwight Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 247 | Monthly | 24534 | (26)<br>|
| Cisco Systems, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6409 | Monthly | 369091 | 28196 |
| Clorox (The) Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2915 | Monthly | 414088 | 7562 |
| Colgate-Palmolive Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3565 | Monthly | 328356 | (13206)<br>|
| Comcast Corp., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 10472 | Monthly | 357234 | 13333 |
| Conagra Brands, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 12952 | Monthly | 319461 | (11463)<br>|
| ConocoPhillips | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3065 | Monthly | 272690 | 9958 |
| Consolidated Edison, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3192 | Monthly | 359003 | 20492 |
| CRH PLC | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4726 | Monthly | 449952 | 70218 |
| Crocs, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4300 | Monthly | 414252 | 11815 |
| CSX Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1298 | Monthly | 36343 | 1700 |
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5174 | Monthly | 344898 | 6100 |
| Darden Restaurants, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1873 | Monthly | 375464 | (4099)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 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>|
| DaVita, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 999 | Monthly | $141381 | $1028 |
| Delta Air Lines, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 10286 | Monthly | 427841 | 12903 |
| Delta Air Lines, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8881 | Monthly | 369077 | 6466 |
| Devon Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 6180 | Monthly | 187623 | 11308 |
| Dominion Energy, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5053 | Monthly | 274564 | 4444 |
| Dow, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 8631 | Monthly | 263814 | 12702 |
| DuPont de Nemours, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6537 | Monthly | 430430 | 65349 |
| Eagle Materials, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1368 | Monthly | 309444 | 17335 |
| Eastman Chemical Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1821 | Monthly | 139949 | 2624 |
| Elastic N.V. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5176 | Monthly | 445823 | 50428 |
| Emerson Electric Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1974 | Monthly | 207151 | 9065 |
| EOG Resources, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 604 | Monthly | 66595 | (1134)<br>|
| Essex Property Trust, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 89 | Monthly | 24801 | 470 |
| Eversource Energy | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6031 | Monthly | 357908 | 28013 |
| Exelon Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 8091 | Monthly | 378802 | 628 |
| Expedia Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2340 | Monthly | 366591 | 11871 |
| Extra Space Storage, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 132 | Monthly | 19324 | 603 |
| Federal Realty Investment <br> Trust<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4677 | Monthly | 438971 | 7284 |
| FedEx Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1891 | Monthly | 397390 | 6766 |
| FirstEnergy Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6333 | Monthly | 271259 | 776 |
| Fiserv, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1969 | Monthly | 362967 | (26322)<br>|
| Flex Ltd. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6097 | Monthly | 208923 | 39427 |
| Freeport-McMoRan, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 9909 | Monthly | 356439 | 25775 |
| Gap (The), Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5711 | Monthly | 124959 | 13652 |
| Gartner, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 655 | Monthly | 275556 | 13353 |
| Gilead Sciences, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3837 | Monthly | 408080 | 2585 |
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 5915 | Monthly | 356448 | (6910)<br>|
| Halliburton Co. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 35715 | Monthly | 706534 | (52409)<br>|
| Hartford Insurance Group <br> (The), Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2324 | Monthly | 284842 | 8890 |
| Hartford Insurance Group <br> (The), Inc.<br>| U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 3206 | Monthly | 392618 | 17003 |
| Hasbro, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 279 | Monthly | 17257 | 2721 |
| HCA Healthcare, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 380 | Monthly | 130826 | 3317 |
| HEICO Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 571 | Monthly | 143063 | 5463 |
| Hewlett Packard <br> Enterprise Co.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 9597 | Monthly | 155300 | 35241 |
| Home Depot (The), Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 196 | Monthly | 70482 | 4775 |
| Honeywell <br> International, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1756 | Monthly | 368792 | 46742 |
| Hormel Foods Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 542 | Monthly | 16191 | (454)<br>|
| Host Hotels & Resorts, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 27425 | Monthly | 386907 | 7894 |
| Host Hotels & Resorts, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 20223 | Monthly | 285065 | 10234 |
| HP, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2918 | Monthly | 74551 | 3994 |
| HP, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 15460 | Monthly | 394666 | 27645 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 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>|
| Illumina, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5759 | Monthly | $446142 | $16578 |
| International Paper Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4182 | Monthly | 190863 | (3517)<br>|
| Invitation Homes, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3148 | Monthly | 107315 | 11207 |
| Jabil, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2955 | Monthly | 432738 | 39014 |
| Johnson Controls <br> International PLC<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5216 | Monthly | 436900 | 26975 |
| Kimberly-Clark Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1554 | Monthly | 204399 | (15446)<br>|
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3091 | Monthly | 223039 | (816)<br>|
| Labcorp Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1148 | Monthly | 276457 | 23610 |
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 642 | Monthly | 33900 | 21 |
| Las Vegas Sands Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 8136 | Monthly | 298104 | 21968 |
| Lear Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3210 | Monthly | 275029 | 15500 |
| Linde PLC | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 51 | Monthly | 23109 | 240 |
| Lowe's Cos., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3164 | Monthly | 705605 | 35094 |
| Magna International, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 554 | Monthly | 19212 | 2138 |
| Manulife Financial Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 10923 | Monthly | 334183 | 14593 |
| Marathon Petroleum Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 265 | Monthly | 36400 | 571 |
| Marvell Technology, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 7531 | Monthly | 438651 | 59623 |
| MasTec, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3383 | Monthly | 430366 | 43858 |
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 815 | Monthly | 260286 | 235 |
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 345 | Monthly | 110006 | 6565 |
| Merck & Co., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5220 | Monthly | 444023 | 34827 |
| Mohawk Industries, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2963 | Monthly | 314854 | 5796 |
| Moody's Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 567 | Monthly | 256704 | 12968 |
| Motorola Solutions, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 869 | Monthly | 382378 | 17580 |
| Motorola Solutions, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 835 | Monthly | 367092 | 7508 |
| MSCI, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 798 | Monthly | 434215 | (9927)<br>|
| NetApp, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2846 | Monthly | 255222 | 20569 |
| Netflix, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 340 | Monthly | 384473 | 30758 |
| Newmont Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6783 | Monthly | 357003 | (12942)<br>|
| Newmont Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 4050 | Monthly | 213146 | (4593)<br>|
| Nike, Inc., Class B | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2266 | Monthly | 127689 | (1609)<br>|
| Norfolk Southern Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 476 | Monthly | 106572 | 1676 |
| Norwegian Cruise Line <br> Holdings Ltd.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 7939 | Monthly | 127146 | (4721)<br>|
| NRG Energy, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 939 | Monthly | 102814 | 10041 |
| NRG Energy, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 630 | Monthly | 69032 | 54 |
| Omega Healthcare <br> Investors, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4998 | Monthly | 194835 | 3762 |
| Omnicom Group, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4886 | Monthly | 371209 | 27382 |
| Omnicom Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1567 | Monthly | 119131 | (1262)<br>|
| Ovintiv, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4603 | Monthly | 154433 | (136)<br>|
| Owens Corning | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 857 | Monthly | 124339 | 14127 |
| Paccar, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 292 | Monthly | 26319 | 459 |
| Packaging Corp. Of America | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1987 | Monthly | 367885 | 17465 |
| PayPal Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3991 | Monthly | 262162 | 33039 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 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>|
| PepsiCo, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 954 | Monthly | $128990 | $(4857)<br>|
| Principal Financial <br> Group, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2927 | Monthly | 216672 | 2985 |
| Procter & Gamble (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 864 | Monthly | 140237 | (665)<br>|
| Prudential Financial, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 949 | Monthly | 97388 | 2289 |
| Ralph Lauren Corp., Class A | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1961 | Monthly | 440425 | 41832 |
| Raymond James <br> Financial, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3051 | Monthly | 417129 | 35421 |
| Raytheon <br> Technologies Corp.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1799 | Monthly | 226545 | (2476)<br>|
| Regal Rexnord Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3434 | Monthly | 363148 | 15628 |
| Reinsurance Group of <br> America, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2317 | Monthly | 433253 | 10562 |
| Rexford Industrial <br> Reality, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1697 | Monthly | 56138 | 744 |
| Ross Stores, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1630 | Monthly | 225519 | 18672 |
| Royal Caribbean Cruises Ltd. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1996 | Monthly | 428590 | 30049 |
| Ryder System, Inc. | U.S. Fed Funds | 2/9/2026 | JPMorgan Chase | 168 | Monthly | 23129 |  |
| S&P Global, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 426 | Monthly | 212525 | 24446 |
| Schlumberger Ltd. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1274 | Monthly | 42345 | (1371)<br>|
| Sempra Energy | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5157 | Monthly | 382372 | 20248 |
| Sherwin-Williams (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 87 | Monthly | 30694 | 1849 |
| Simon Property Group, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2439 | Monthly | 383526 | 15944 |
| Smurfit WestRock PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3635 | Monthly | 152496 | 2866 |
| Southern Copper Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2767 | Monthly | 247231 | 6972 |
| SS&C Technologies <br> Holdings, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 245 | Monthly | 18522 | 168 |
| Stanley Black & Decker, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2312 | Monthly | 138647 | 3673 |
| Starbucks Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3337 | Monthly | 266941 | (7894)<br>|
| Sun Communities, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 2538 | Monthly | 315256 | 4401 |
| Synchrony Financial | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 6761 | Monthly | 350622 | 29406 |
| Sysco Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 576 | Monthly | 41089 | (1126)<br>|
| Targa Resources Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1084 | Monthly | 185092 | (163)<br>|
| Target Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3674 | Monthly | 354350 | 26191 |
| Target Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4561 | Monthly | 440309 | 20332 |
| TJX (The) Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3155 | Monthly | 405271 | (146)<br>|
| T-Mobile U.S., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1502 | Monthly | 369994 | 862 |
| Toll Brothers, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4272 | Monthly | 430550 | 14158 |
| Toll Brothers, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3660 | Monthly | 368578 | 24428 |
| Trane Technologies PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1126 | Monthly | 430886 | 43587 |
| Twilio, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3602 | Monthly | 348102 | 39371 |
| Tyson Foods, Inc., Class A | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3490 | Monthly | 213353 | 498 |
| Uber Technologies, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2956 | Monthly | 238927 | 43810 |
| Union Pacific Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1639 | Monthly | 353154 | (2345)<br>|
| United Parcel Service, Inc., <br> Class B<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3658 | Monthly | 348295 | (5945)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at April 30, 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>|
| United Parcel Service, Inc., <br> Class B<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 182 | Monthly | $17342 | $(328)<br>|
| UnitedHealth Group, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 854 | Monthly | 351085 | (13503)<br>|
| Universal Health <br> Services, Inc., Class B<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2226 | Monthly | 393842 | 34788 |
| Vail Resorts, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3031 | Monthly | 421217 | (2105)<br>|
| Valero Energy Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 558 | Monthly | 64702 | 1949 |
| Valero Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2038 | Monthly | 236304 | 12816 |
| VeriSign, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1280 | Monthly | 360549 | 40255 |
| Verisk Analytics, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 416 | Monthly | 123208 | 1444 |
| Verizon <br> Communications, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 42 | Monthly | 1849 | 35 |
| Vistra Operations Co. LLC | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 6275 | Monthly | 812119 | 85788 |
| W.W. Grainger, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 14 | Monthly | 14311 | 327 |
| Walmart, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1852 | Monthly | 179952 | 4290 |
| Walmart, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 489 | Monthly | 47420 | 1626 |
| Walt Disney (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4185 | Monthly | 380308 | 20022 |
| Walt Disney (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4846 | Monthly | 439699 | 43684 |
| WEC Energy Group, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 3379 | Monthly | 369424 | 3613 |
| WESCO International, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 836 | Monthly | 136124 | 10925 |
| Weyerhaeuser Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3517 | Monthly | 91047 | 2208 |
| Workday, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 414 | Monthly | 101349 | 9860 |
| Wynn Resorts <br> Finance LLC/Wynn Resorts <br> Capital Corp.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2342 | Monthly | 187677 | 32871 |
| XPO, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2047 | Monthly | 217054 | 19682 |
| Yum Brands, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2404 | Monthly | 361359 | 12150 |
| Zebra Technologies Corp., <br> Class A<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1686 | Monthly | 421328 | 36734 |
| Zoetis, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2803 | Monthly | 437652 | 19389 |
| **Total (Notional Payable $52,883,317)** | **Total (Notional Payable $52,883,317)** | **Total (Notional Payable $52,883,317)** |  | **$854262** |  | **$55291416** | **$2408099** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at April 30, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at April 30, 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>|
| 3M Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2258 | Monthly | $(312194)<br>| $(25067)<br>|
| Advanced Auto Parts, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 13093 | Monthly | (428052)<br>| 3231 |
| Advanced Micro <br> Devices, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3858 | Monthly | (374246)<br>| (63292)<br>|
| AGCO Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5173 | Monthly | (438117)<br>| (2085)<br>|
| Agree Realty Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 246 | Monthly | (19063)<br>| 401 |
| Albemarle Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3427 | Monthly | (200498)<br>| (12802)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 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>|
| Albemarle Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4068 | Monthly | $(237680)<br>| $(22160)<br>|
| Alcon, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 875 | Monthly | (85385)<br>| (1812)<br>|
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 464 | Monthly | (15144)<br>| (269)<br>|
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 11154 | Monthly | (363703)<br>| (3095)<br>|
| Altria Group, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1204 | Monthly | (71056)<br>| (3815)<br>|
| Amcor PLC | U.S. Fed Funds + (1.25)% | 1/23/2026 | Barclays | 2157 | Monthly | (19828)<br>| 793 |
| American Airlines <br> Group, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 34136 | Monthly | (339424)<br>| (18410)<br>|
| American Express Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 166 | Monthly | (44205)<br>| (1252)<br>|
| American International <br> Group, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 710 | Monthly | (57777)<br>| 188 |
| AmerisourceBergen Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1459 | Monthly | (426666)<br>| (8998)<br>|
| Amgen, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 75 | Monthly | (21787)<br>| (907)<br>|
| Amphenol Corp., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3196 | Monthly | (245618)<br>| (38193)<br>|
| Anthem, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 898 | Monthly | (377377)<br>| (3899)<br>|
| Aon PLC, Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 304 | Monthly | (106803)<br>| 2707 |
| Apache Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4952 | Monthly | (76890)<br>| 1648 |
| Apache Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4521 | Monthly | (70099)<br>| 3363 |
| Apollo Global <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2995 | Monthly | (407993)<br>| (67140)<br>|
| Aptiv PLC | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2646 | Monthly | (150868)<br>| (12535)<br>|
| Aptiv PLC | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1159 | Monthly | (66017)<br>| (3715)<br>|
| Aptiv PLC | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 1810 | Monthly | (103129)<br>| (11290)<br>|
| Arthur J Gallagher & Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 538 | Monthly | (172387)<br>| 5557 |
| Arthur J Gallagher & Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 730 | Monthly | (233550)<br>| (6133)<br>|
| AutoNation, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 631 | Monthly | (109710)<br>| (6207)<br>|
| Avis Budget Group, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4080 | Monthly | (377588)<br>| (31236)<br>|
| Ball Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4787 | Monthly | (248266)<br>| (20405)<br>|
| Baxter International, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 5675 | Monthly | (176452)<br>| (18687)<br>|
| BCE, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3968 | Monthly | (88216)<br>| 72 |
| BCE, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2635 | Monthly | (58457)<br>| (2490)<br>|
| Berkshire Hathaway, Inc., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 656 | Monthly | (349534)<br>| (7896)<br>|
| Boeing (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1622 | Monthly | (296301)<br>| (41309)<br>|
| Boeing (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2045 | Monthly | (373771)<br>| (55733)<br>|
| Booz Allen Hamilton <br> Holding Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3618 | Monthly | (433793)<br>| (17253)<br>|
| Broadcom, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2222 | Monthly | (427039)<br>| (25996)<br>|
| Broadcom, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1079 | Monthly | (207080)<br>| (13993)<br>|
| Brookfield Asset <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7721 | Monthly | (413601)<br>| (63885)<br>|
| Brown & Brown, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 259 | Monthly | (28621)<br>| 1827 |
| Brown & Brown, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 3261 | Monthly | (360033)<br>| 29754 |
| Caesars <br> Entertainment, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 15184 | Monthly | (409804)<br>| (29142)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 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>|
| Canadian National <br> Railway Co.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 611 | Monthly | $(59100)<br>| $1111 |
| Canadian Natural <br> Resources Ltd.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 12596 | Monthly | (360793)<br>| 8521 |
| Canadian Natural <br> Resources Ltd.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5524 | Monthly | (158329)<br>| 329 |
| Capital One <br> Financial Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2015 | Monthly | (362861)<br>| (19908)<br>|
| Capital One <br> Financial Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 907 | Monthly | (163159)<br>| (24977)<br>|
| Cardinal Health, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3123 | Monthly | (440909)<br>| (23395)<br>|
| Carlisle Companies, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 127 | Monthly | (48190)<br>| (221)<br>|
| CBRE Group, Inc., Class A | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 152 | Monthly | (18542)<br>| (503)<br>|
| CDW Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1258 | Monthly | (201676)<br>| (11932)<br>|
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1976 | Monthly | (87866)<br>| (5743)<br>|
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1465 | Monthly | (65059)<br>| (9491)<br>|
| Centene Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1139 | Monthly | (68114)<br>| 488 |
| Centene Corp. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 5838 | Monthly | (348813)<br>| 14777 |
| CenterPoint Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4070 | Monthly | (157118)<br>| (5470)<br>|
| Charter <br> Communications, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 965 | Monthly | (377581)<br>| (46412)<br>|
| Cigna Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 722 | Monthly | (244977)<br>| (16227)<br>|
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 51345 | Monthly | (422666)<br>| (50928)<br>|
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 44335 | Monthly | (364449)<br>| (47010)<br>|
| Coca-Cola (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5922 | Monthly | (428949)<br>| (3394)<br>|
| Constellation Brands, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 516 | Monthly | (96602)<br>| (829)<br>|
| Corteva, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4650 | Monthly | (287896)<br>| (5873)<br>|
| Coterra Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2371 | Monthly | (58183)<br>| 1281 |
| Coterra Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6522 | Monthly | (159912)<br>| 5225 |
| Cummins, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 330 | Monthly | (96892)<br>| (4786)<br>|
| CVS Health Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1090 | Monthly | (71967)<br>| 2423 |
| D.R. Horton, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4429 | Monthly | (558479)<br>| (40912)<br>|
| Danaher Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 305 | Monthly | (60770)<br>| (580)<br>|
| Deere & Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 200 | Monthly | (92574)<br>| (1642)<br>|
| Dell Technologies, Inc., <br> Class C<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3950 | Monthly | (362099)<br>| (29983)<br>|
| Dell Technologies, Inc., <br> Class C<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4574 | Monthly | (418253)<br>| (86226)<br>|
| Devon Energy Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 13837 | Monthly | (420432)<br>| 11282 |
| Diamondback Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 170 | Monthly | (22423)<br>| 789 |
| Diamondback Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 188 | Monthly | (24779)<br>| (877)<br>|
| Dick's Sporting <br> Goods, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2273 | Monthly | (425785)<br>| (31255)<br>|
| Dollar General Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4616 | Monthly | (432110)<br>| 14673 |
| Dollar Tree, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2920 | Monthly | (238642)<br>| (2251)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 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>|
| Dollar Tree, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 926 | Monthly | $(75611)<br>| $(9124)<br>|
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1766 | Monthly | (53960)<br>| (4563)<br>|
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3864 | Monthly | (118026)<br>| (10993)<br>|
| Eastman Chemical Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3197 | Monthly | (245765)<br>| 2578 |
| Edison International | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2442 | Monthly | (129974)<br>| (1769)<br>|
| Enbridge, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2598 | Monthly | (121172)<br>| (2600)<br>|
| Enbridge, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 8043 | Monthly | (374079)<br>| (43593)<br>|
| Entergy Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 15 | Monthly | (1245)<br>| (60)<br>|
| EQT Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 8558 | Monthly | (422770)<br>| (7108)<br>|
| EQT Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 6656 | Monthly | (328621)<br>| 5089 |
| Equity Residential | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 560 | Monthly | (39327)<br>| (422)<br>|
| Equity Residential | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 591 | Monthly | (41459)<br>| (1850)<br>|
| Estee Lauder (The) Cos., <br> Inc., Class A<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1185 | Monthly | (70908)<br>| (4661)<br>|
| Estee Lauder (The) Cos., <br> Inc., Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6061 | Monthly | (362855)<br>| (33076)<br>|
| Fidelity National <br> Information <br> Services, Inc.<br>| U.S. Fed Funds | 2/9/2026 | JPMorgan Chase | 340 | Monthly | (21777)<br>| (1)<br>|
| FMC Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2385 | Monthly | (99812)<br>| (5986)<br>|
| FMC Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4523 | Monthly | (189280)<br>| (20841)<br>|
| FMC Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3475 | Monthly | (145461)<br>| (15461)<br>|
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 47707 | Monthly | (476532)<br>| (57109)<br>|
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 35162 | Monthly | (351431)<br>| (19151)<br>|
| FTAI Aviation Ltd. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2120 | Monthly | (226752)<br>| (31627)<br>|
| Gap (The), Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5031 | Monthly | (109968)<br>| (11917)<br>|
| Gap (The), Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 12727 | Monthly | (278334)<br>| (40340)<br>|
| General Electric Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 80 | Monthly | (16123)<br>| (83)<br>|
| General Electric Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 621 | Monthly | (124969)<br>| (9668)<br>|
| General Mills, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6165 | Monthly | (349528)<br>| 7326 |
| General Motors Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 824 | Monthly | (37229)<br>| (17)<br>|
| Genuine Parts Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 873 | Monthly | (102540)<br>| (2188)<br>|
| GoDaddy, Inc., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 374 | Monthly | (70303)<br>| (5646)<br>|
| GoDaddy, Inc., Class A | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 315 | Monthly | (59107)<br>| (3982)<br>|
| H&R Block, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 382 | Monthly | (23043)<br>| (120)<br>|
| HCA Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 337 | Monthly | (116020)<br>| (4075)<br>|
| HF Sinclair Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 6797 | Monthly | (203978)<br>| (23581)<br>|
| Hilton Worldwide <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1674 | Monthly | (376632)<br>| (39690)<br>|
| Home Depot (The), Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 70 | Monthly | (25123)<br>| (335)<br>|
| Howmet Aerospace, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2853 | Monthly | (394572)<br>| (67561)<br>|
| Humana, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 797 | Monthly | (208484)<br>| 18664 |
| Huntington Ingalls <br> Industries, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1910 | Monthly | (439461)<br>| (24571)<br>|
| Intel Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1986 | Monthly | (39887)<br>| (1140)<br>|
| Intel Corp. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 9178 | Monthly | (184182)<br>| (1998)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 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>|
| International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 528 | Monthly | $(127578)<br>| $(383)<br>|
| International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 256 | Monthly | (61862)<br>| (1373)<br>|
| International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.05)% | 8/18/2026 | Goldman Sachs | 1617 | Monthly | (390375)<br>| (1163)<br>|
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5480 | Monthly | (491022)<br>| (36017)<br>|
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 373 | Monthly | (33374)<br>| (1860)<br>|
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 435 | Monthly | (38948)<br>| (2712)<br>|
| Johnson Controls <br> International PLC<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2309 | Monthly | (192968)<br>| (28706)<br>|
| KB Home | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3210 | Monthly | (173075)<br>| (6790)<br>|
| Keurig Dr Pepper, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2153 | Monthly | (74404)<br>| 1915 |
| Keysight <br> Technologies, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 852 | Monthly | (123577)<br>| (14555)<br>|
| Kinder Morgan, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 987 | Monthly | (25922)<br>| 333 |
| Kinder Morgan, Inc. | U.S. Fed Funds + (0.10)% | 8/18/2026 | Goldman Sachs | 47 | Monthly | (1232)<br>| 47 |
| Kinross Gold Corp. | U.S. Fed Funds | 2/9/2026 | JPMorgan Chase | 4004 | Monthly | (59099)<br>| (10)<br>|
| KKR & Co., Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3812 | Monthly | (435230)<br>| (45338)<br>|
| Kohl's Corp. | U.S. Fed Funds + (1.25)% | 1/23/2026 | Barclays | 8081 | Monthly | (54115)<br>| 1720 |
| Kohl's Corp. | U.S. Fed Funds + (1.46)% | 2/9/2026 | JPMorgan Chase | 7434 | Monthly | (49731)<br>| (3789)<br>|
| Kraft Heinz Foods Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11952 | Monthly | (347510)<br>| 13441 |
| Kroger (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1279 | Monthly | (92216)<br>| (3500)<br>|
| Kroger (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 842 | Monthly | (60708)<br>| (3334)<br>|
| Leidos Holdings, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 450 | Monthly | (66179)<br>| (2612)<br>|
| Leidos Holdings, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2293 | Monthly | (337161)<br>| (9473)<br>|
| Lennar Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3198 | Monthly | (347054)<br>| (1926)<br>|
| LKQ Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 10879 | Monthly | (414993)<br>| 35383 |
| LyondellBasell Industries <br> N.V., Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 7142 | Monthly | (415398)<br>| (162)<br>|
| LyondellBasell Industries <br> N.V., Class A<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 326 | Monthly | (18931)<br>| 572 |
| Macys, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 70013 | Monthly | (798932)<br>| (40691)<br>|
| Marriott <br> International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 709 | Monthly | (169026)<br>| (12628)<br>|
| Marriott <br> International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1043 | Monthly | (248462)<br>| (16311)<br>|
| Marsh & McLennan Cos., <br> Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2021 | Monthly | (454658)<br>| 14941 |
| Martin Marietta <br> Materials, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 532 | Monthly | (278326)<br>| (12831)<br>|
| Match Group, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4085 | Monthly | (120826)<br>| (2034)<br>|
| McKesson Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1121 | Monthly | (798404)<br>| (19119)<br>|
| Medtronic, PLC | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 20 | Monthly | (1694)<br>| (26)<br>|
| Metlife, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3452 | Monthly | (259099)<br>| (22913)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 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>|
| MGM Resorts <br> International<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11796 | Monthly | $(370812)<br>| $(13629)<br>|
| Microchip Technology, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2033 | Monthly | (93614)<br>| (11705)<br>|
| Micron Technology, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 532 | Monthly | (40885)<br>| (3533)<br>|
| Micron Technology, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4881 | Monthly | (375029)<br>| (28283)<br>|
| Molina Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1340 | Monthly | (437844)<br>| (7490)<br>|
| Mondelez <br> International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6022 | Monthly | (409945)<br>| 1298 |
| Mondelez <br> International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5236 | Monthly | (356158)<br>| (5189)<br>|
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2662 | Monthly | (54605)<br>| 2335 |
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 14362 | Monthly | (294170)<br>| (11960)<br>|
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1061 | Monthly | (21748)<br>| (400)<br>|
| Murphy Oil USA, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 47 | Monthly | (23356)<br>| 686 |
| Nasdaq, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4801 | Monthly | (365587)<br>| (16602)<br>|
| Newell Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 29127 | Monthly | (139127)<br>| 1760 |
| NextEra Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 5373 | Monthly | (358755)<br>| 4782 |
| Nucor Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 814 | Monthly | (96858)<br>| (6928)<br>|
| Nutrien Ltd. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 33 | Monthly | (1881)<br>| (117)<br>|
| NXP Semiconductors N.V. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1333 | Monthly | (245313)<br>| (16531)<br>|
| Occidental <br> Petroleum Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3850 | Monthly | (151603)<br>| 2281 |
| Occidental <br> Petroleum Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2552 | Monthly | (100476)<br>| 152 |
| Occidental <br> Petroleum Corp.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1109 | Monthly | (43638)<br>| (1717)<br>|
| Oneok, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3576 | Monthly | (293127)<br>| (10764)<br>|
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2071 | Monthly | (291241)<br>| (24587)<br>|
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1063 | Monthly | (149002)<br>| (15066)<br>|
| Performance Food <br> Group, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 260 | Monthly | (20955)<br>| (712)<br>|
| Performance Food <br> Group, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2462 | Monthly | (198282)<br>| (11687)<br>|
| Permian Resources Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 941 | Monthly | (11033)<br>| (1284)<br>|
| Pfizer, Inc. | U.S. Fed Funds | 2/9/2026 | JPMorgan Chase | 830 | Monthly | (20260)<br>| (2)<br>|
| Pfizer, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 11369 | Monthly | (277103)<br>| (21982)<br>|
| PG&E Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 21793 | Monthly | (359711)<br>| 20358 |
| Phillips 66 | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1505 | Monthly | (156026)<br>| (11230)<br>|
| Post Holdings, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3158 | Monthly | (356790)<br>| 13012 |
| Prudential Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 311 | Monthly | (31901)<br>| (1027)<br>|
| Prudential Financial, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 3225 | Monthly | (330714)<br>| (7473)<br>|
| PulteGroup, Inc. | U.S. Fed Funds + 0.05% | 1/23/2026 | Barclays | 2617 | Monthly | (268227)<br>| (4198)<br>|
| PulteGroup, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2793 | Monthly | (285879)<br>| (28867)<br>|
| Qorvo, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4630 | Monthly | (331610)<br>| (57884)<br>|
| Quanta Services, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1346 | Monthly | (393724)<br>| (33578)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 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>|
| Quest Diagnostics, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 307 | Monthly | $(54670)<br>| $(1609)<br>|
| Realty Income Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2127 | Monthly | (122968)<br>| 1505 |
| Realty Income Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1699 | Monthly | (98183)<br>| (995)<br>|
| Rocket Company, Inc., <br> Class A<br>| U.S. Fed Funds | 1/23/2026 | Barclays | 1969 | Monthly | (25420)<br>| (5)<br>|
| Roper Technologies, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 135 | Monthly | (75550)<br>| (1125)<br>|
| Roper Technologies, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 624 | Monthly | (348915)<br>| 4943 |
| Royal Caribbean <br> Cruises Ltd.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1780 | Monthly | (381980)<br>| (37782)<br>|
| Royalty Pharma PLC, <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 731 | Monthly | (23972)<br>| (441)<br>|
| Royalty Pharma PLC, <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 12281 | Monthly | (402415)<br>| (3896)<br>|
| Sealed Air Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 10763 | Monthly | (295695)<br>| (14350)<br>|
| Sempra Energy | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5907 | Monthly | (437803)<br>| (59562)<br>|
| Sherwin-Williams <br> (The) Co.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 650 | Monthly | (229042)<br>| (10070)<br>|
| Shift4 Payments, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 926 | Monthly | (75689)<br>| (4387)<br>|
| Shift4 Payments, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1802 | Monthly | (147080)<br>| (14507)<br>|
| Sirius XM Holdings, Inc. | U.S. Fed Funds + (3.75)% | 1/23/2026 | Barclays | 1931 | Monthly | (41346)<br>| (1153)<br>|
| Sirius XM Holdings, Inc. | U.S. Fed Funds + (0.46)% | 2/9/2026 | JPMorgan Chase | 12921 | Monthly | (276159)<br>| (23644)<br>|
| Sirius XM Holdings, Inc. | U.S. Fed Funds + (0.32)% | 8/18/2026 | Goldman Sachs | 11240 | Monthly | (240156)<br>| (10635)<br>|
| Somnigroup <br> International, Inc.<br>| U.S. Fed Funds + (2.75)% | 1/23/2026 | Barclays | 6513 | Monthly | (397371)<br>| (1055)<br>|
| Somnigroup <br> International, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 481 | Monthly | (29303)<br>| (367)<br>|
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3017 | Monthly | (277012)<br>| (47)<br>|
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 835 | Monthly | (76719)<br>| (821)<br>|
| Southwest Airlines Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11351 | Monthly | (317148)<br>| (35433)<br>|
| Southwest Airlines Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 915 | Monthly | (25560)<br>| (2925)<br>|
| Southwest Airlines Co. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 11291 | Monthly | (315223)<br>| (23802)<br>|
| Steel Dynamics, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 181 | Monthly | (23426)<br>| (1227)<br>|
| Steel Dynamics, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 162 | Monthly | (20982)<br>| (1827)<br>|
| Stellantis N.V. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 13542 | Monthly | (125574)<br>| 3075 |
| Stellantis N.V. | U.S. Fed Funds + (0.58)% | 2/9/2026 | JPMorgan Chase | 8180 | Monthly | (75758)<br>| (5982)<br>|
| Stellantis N.V. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2569 | Monthly | (23801)<br>| 245 |
| Synnex Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2212 | Monthly | (244835)<br>| (8725)<br>|
| Synnex Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1456 | Monthly | (161081)<br>| (10865)<br>|
| Take-Two Interactive <br> Software, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 1554 | Monthly | (362037)<br>| (28549)<br>|
| Tapestry, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2168 | Monthly | (152566)<br>| (13944)<br>|
| TC Energy Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2176 | Monthly | (109463)<br>| (9470)<br>|
| TC Energy Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4394 | Monthly | (221171)<br>| (7765)<br>|
| Teck Resources Ltd., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4325 | Monthly | (146343)<br>| (20702)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at April 30, 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>|
| Tenet Healthcare Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2580 | Monthly | $(368570)<br>| $(72696)<br>|
| Tenet Healthcare Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 123 | Monthly | (17574)<br>| (2293)<br>|
| Tesla, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 388 | Monthly | (109468)<br>| 1166 |
| Tesla, Inc. | U.S. Fed Funds + (0.05)% | 8/18/2026 | Goldman Sachs | 451 | Monthly | (126920)<br>| (12316)<br>|
| TopBuild Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 154 | Monthly | (45511)<br>| (1120)<br>|
| TopBuild Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 54 | Monthly | (15946)<br>| (440)<br>|
| TransDigm, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 267 | Monthly | (376133)<br>| (12768)<br>|
| Transocean Ltd. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 25790 | Monthly | (54888)<br>| 303 |
| Transocean Ltd. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 17342 | Monthly | (36859)<br>| 3027 |
| Transocean Ltd. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 9574 | Monthly | (20359)<br>| 609 |
| Trimble, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1209 | Monthly | (75056)<br>| (4921)<br>|
| United Airlines <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5571 | Monthly | (383093)<br>| (10003)<br>|
| United Rentals North <br> America, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 119 | Monthly | (75118)<br>| (1896)<br>|
| UnitedHealth Group, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 225 | Monthly | (92489)<br>| 3323 |
| UnitedHealth Group, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 405 | Monthly | (165611)<br>| 70743 |
| US Foods Holding Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4310 | Monthly | (282672)<br>| (9978)<br>|
| Verizon <br> Communications, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1509 | Monthly | (66079)<br>| 1042 |
| VF Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 35955 | Monthly | (426827)<br>| (34558)<br>|
| Viatris, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 24201 | Monthly | (203539)<br>| (15565)<br>|
| Warner Bros. <br> Discovery, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 10946 | Monthly | (94831)<br>| (7810)<br>|
| Warner Bros. <br> Discovery, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 38175 | Monthly | (330465)<br>| (15522)<br>|
| Waste Management, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 335 | Monthly | (78087)<br>| (1050)<br>|
| Welltower, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 127 | Monthly | (19364)<br>| (663)<br>|
| Welltower, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1096 | Monthly | (166977)<br>| (6315)<br>|
| Whirlpool Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4539 | Monthly | (345950)<br>| 5006 |
| Williams (The) Cos., Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6406 | Monthly | (374896)<br>| (2067)<br>|
| Williams (The) Cos., Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1668 | Monthly | (97474)<br>| (6852)<br>|
| Xcel Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1901 | Monthly | (134290)<br>| 1422 |
| Xylem, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3376 | Monthly | (406445)<br>| (37989)<br>|
| Zimmer Biomet <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 376 | Monthly | (38717)<br>| (2080)<br>|
| **Total (Notional Payable $49,294,212)** | **Total (Notional Payable $49,294,212)** | **Total (Notional Payable $49,294,212)** |  | **$1230050** |  | **$(51818773)**<br>| **$(2524561)**<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at April 30, 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>|
| 1-Day USD SOFR (Annually) | 3.40% (Annually) | 5/02/2030 | USD | 125872 | $148 | $191 | $(43)<br>|
| **Total** |  |  |  |  | **$148** | **$191** | **$(43)**<br>|

---

**Credit Default Swap Contracts outstanding - Buy Protection as of April 30, 2025:**

**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>|
| Markit CDX North America High Yield Index Series 44 (Pay <br> Quarterly)<br>| 5.00% | 6/20/2030 | USD | 1440547 | $(58288)<br>| $(37126)<br>| $(21162)<br>|
| **Total** |  |  |  |  | **$(58288)**<br>| **$(37126)**<br>| **$(21162)**<br>|

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1539021 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1539021 |
| Common Stocks | &nbsp;&nbsp; 44395612 | &nbsp;&nbsp; 901913 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 45297525 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 40664020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40664020 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 4018057 | &nbsp;&nbsp; 1118902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5136959 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 39553963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39553963 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4959717 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4959717 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 29954213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29954213 |
| Preferred Stocks | &nbsp;&nbsp; 2969112 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2969112 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 278509 | &nbsp;&nbsp; 278509 |
| Short-Term Investments | &nbsp;&nbsp; 14913493 | &nbsp;&nbsp; 24304812 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39218305 |
| Purchased Options | &nbsp;&nbsp; 77136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77136 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $66373410 | &nbsp;&nbsp; $142996561 | &nbsp;&nbsp; $278509 | &nbsp;&nbsp; $209648480 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Liabilities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(19802371)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19802371)<br>|
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $(19802371)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19802371)<br>|
| **Net Investments** | &nbsp;&nbsp; $46571039 | &nbsp;&nbsp; $142996561 | &nbsp;&nbsp; $278509 | &nbsp;&nbsp; $189846109 |

---

\*Includes securities determined to have no value as of April 30, 2025. <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $338268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $338268 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 480761 | &nbsp;&nbsp; — | &nbsp;&nbsp; 480761 |
| Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3080101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3080101 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $338268 | &nbsp;&nbsp; $3560862 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3899130 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(78040)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(78040)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (692820)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (692820)<br>|
| Written Options  | &nbsp;&nbsp; (21986)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (21986)<br>|
| Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3196563)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3196563)<br>|
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (21205)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21205)<br>|
| **Total Liabilities - Derivative Financial** <br> **Instruments**<br>| &nbsp;&nbsp; $(100026)<br>| &nbsp;&nbsp; $(3910588)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4010614)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $238242 | &nbsp;&nbsp; $(349726)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(111484)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Assets and Liabilities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**U.S. Equity** <br>**Fund**<br>| **Morningstar** <br>**International** <br>**Equity Fund**<br>| **Morningstar** <br>**Global** <br>**Income Fund**<br>| **Morningstar** <br>**Total Return** <br>**Bond Fund**<br>| **Morningstar** <br>**Municipal** <br>**Bond Fund**<br>|
| **Assets** |  |  |  |  |  |
| Investments in non-affiliates, at <br> value\*<br>| &nbsp;&nbsp; $1618486466 | &nbsp;&nbsp; $896268645 | &nbsp;&nbsp; $140251866 | &nbsp;&nbsp; $970794373 | &nbsp;&nbsp; $304733410 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 201251 | &nbsp;&nbsp; — |
| Foreign currencies, at value | &nbsp;&nbsp; 17728 | &nbsp;&nbsp; 784923 | &nbsp;&nbsp; 339475 | &nbsp;&nbsp; 1258814 | &nbsp;&nbsp; — |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 745255 | &nbsp;&nbsp; 3719325 | &nbsp;&nbsp; — |
| Receivable for: |  |  |  |  |  |
| Dividends and interest  | &nbsp;&nbsp; 884784 | &nbsp;&nbsp; 3164378 | &nbsp;&nbsp; 754709 | &nbsp;&nbsp; 3185323 | &nbsp;&nbsp; 3947673 |
| Securities lending income | &nbsp;&nbsp; 6056 | &nbsp;&nbsp; 7927 | &nbsp;&nbsp; 3647 | &nbsp;&nbsp; 18440 | &nbsp;&nbsp; — |
| Foreign tax reclaims | &nbsp;&nbsp; 179517 | &nbsp;&nbsp; 1658077 | &nbsp;&nbsp; 517257 | &nbsp;&nbsp; 2515 | &nbsp;&nbsp; — |
| Investments sold | &nbsp;&nbsp; 756434 | &nbsp;&nbsp; 3612215 | &nbsp;&nbsp; 1649455 | &nbsp;&nbsp; 82831759 | &nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp; 1292162 | &nbsp;&nbsp; 696895 | &nbsp;&nbsp; 69583 | &nbsp;&nbsp; 645043 | &nbsp;&nbsp; 372427 |
| Variation margin on futures <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19891 | &nbsp;&nbsp; 64749 | &nbsp;&nbsp; — |
| Variation margin on centrally <br> cleared swap contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on OTC <br> swap contracts and <br> contracts for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17709 | &nbsp;&nbsp; — |
| Unrealized appreciation on <br> forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62056 | &nbsp;&nbsp; 83703 | &nbsp;&nbsp; — |
| Upfront premiums paid on OTC <br> swap contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22503 | &nbsp;&nbsp; — |
| Prepaid expenses and other <br> assets<br>| &nbsp;&nbsp; 43117 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; 9809 | &nbsp;&nbsp; 29673 | &nbsp;&nbsp; 12647 |
| Total assets | &nbsp;&nbsp; 1621666264 | &nbsp;&nbsp; 906215046 | &nbsp;&nbsp; 144424902 | &nbsp;&nbsp; 1062875180 | &nbsp;&nbsp; 309066157 |
| **Liabilities** |  |  |  |  |  |
| Investments sold short, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11892549 | &nbsp;&nbsp; — |
| Written options, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 56952 | &nbsp;&nbsp; — |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 75408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58184 | &nbsp;&nbsp; 1939363 | &nbsp;&nbsp; — |
| Unrealized depreciation on OTC <br> swap contracts and <br> contracts for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 150705 | &nbsp;&nbsp; 80155 | &nbsp;&nbsp; — |
| Unrealized depreciation on <br> forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47898 | &nbsp;&nbsp; 388758 | &nbsp;&nbsp; — |
| Payable for: |  |  |  |  |  |
| Dividends on short sales | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76985 | &nbsp;&nbsp; — |
| Investments purchased on a <br> delayed-delivery basis<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158431711 | &nbsp;&nbsp; 1247689 |
| Investments purchased | &nbsp;&nbsp; 2761633 | &nbsp;&nbsp; 1812288 | &nbsp;&nbsp; 748645 | &nbsp;&nbsp; 1179720 | &nbsp;&nbsp; 1855082 |
| Fund shares redeemed | &nbsp;&nbsp; 1102312 | &nbsp;&nbsp; 533215 | &nbsp;&nbsp; 188603 | &nbsp;&nbsp; 939415 | &nbsp;&nbsp; 324101 |
| Variation margin on futures <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15563 | &nbsp;&nbsp; 92117 | &nbsp;&nbsp; — |
| Variation margin on centrally <br> cleared swap contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76751 | &nbsp;&nbsp; — |
| Deferred capital gains tax | &nbsp;&nbsp; — | &nbsp;&nbsp; 441356 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral for securities <br> lending<br>| &nbsp;&nbsp; 12324890 | &nbsp;&nbsp; 20729519 | &nbsp;&nbsp; 3141013 | &nbsp;&nbsp; 9721608 | &nbsp;&nbsp; — |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Assets and Liabilities** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morningstar**<br> **U.S. Equity**<br> **Fund**<br>| **Morningstar**<br> **International**<br> **Equity Fund**<br>| **Morningstar**<br> **Global**<br> **Income Fund**<br>| **Morningstar**<br> **Total Return**<br> **Bond Fund**<br>| **Morningstar**<br> **Municipal**<br> **Bond Fund**<br>|
| Upfront premiums received from <br> OTC swap contracts <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36325 | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 779708 | &nbsp;&nbsp; 536063 | &nbsp;&nbsp; 30024 | &nbsp;&nbsp; 257907 | &nbsp;&nbsp; 91130 |
| Accrued trustee fees | &nbsp;&nbsp; 20966 | &nbsp;&nbsp; 10554 | &nbsp;&nbsp; 2103 | &nbsp;&nbsp; 11179 | &nbsp;&nbsp; 4056 |
| Accrued expenses | &nbsp;&nbsp; 382482 | &nbsp;&nbsp; 270890 | &nbsp;&nbsp; 138491 | &nbsp;&nbsp; 292709 | &nbsp;&nbsp; 111530 |
| Total liabilities | &nbsp;&nbsp; 17371991 | &nbsp;&nbsp; 24334297 | &nbsp;&nbsp; 4598147 | &nbsp;&nbsp; 185474204 | &nbsp;&nbsp; 3633588 |
| Net assets | &nbsp;&nbsp; $1604294273 | &nbsp;&nbsp; $881880749 | &nbsp;&nbsp; $139826755 | &nbsp;&nbsp; $877400976 | &nbsp;&nbsp; $305432569 |
| **Analysis of net assets:** |  |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $1257537184 | &nbsp;&nbsp; $814889871 | &nbsp;&nbsp; $155244719 | &nbsp;&nbsp; $1027482548 | &nbsp;&nbsp; $332291122 |
| Distributable earnings (loss) | &nbsp;&nbsp; 346757089 | &nbsp;&nbsp; 66990878 | &nbsp;&nbsp; (15417964)<br>| &nbsp;&nbsp; (150081572)<br>| &nbsp;&nbsp; (26858553)<br>|
| Net assets | &nbsp;&nbsp; $1604294273 | &nbsp;&nbsp; $881880749 | &nbsp;&nbsp; $139826755 | &nbsp;&nbsp; $877400976 | &nbsp;&nbsp; $305432569 |
| **Shares outstanding:** | &nbsp;&nbsp; 131775378 | &nbsp;&nbsp; 82680006 | &nbsp;&nbsp; 14671696 | &nbsp;&nbsp; 98870069 | &nbsp;&nbsp; 31310500 |
| **Net asset value, offering price** <br> **and redemption price per** <br> **share:**<br>| &nbsp;&nbsp; $12.17 | &nbsp;&nbsp; $10.67 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $9.75 |
| Investments in non-affiliates, at <br> cost<br>| &nbsp;&nbsp; $1355587394 | &nbsp;&nbsp; $830485653 | &nbsp;&nbsp; $134498776 | &nbsp;&nbsp; $980667368 | &nbsp;&nbsp; $317895902 |
| Foreign currencies, at cost | &nbsp;&nbsp; $17729 | &nbsp;&nbsp; $2507788 | &nbsp;&nbsp; $396025 | &nbsp;&nbsp; $1255170 | &nbsp;&nbsp; $— |
| Investments sold short proceeds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11911198 | &nbsp;&nbsp; $— |
| Written option premiums | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3920 | &nbsp;&nbsp; $63443 | &nbsp;&nbsp; $— |
| \*Market value of securities on <br> loan<br>| &nbsp;&nbsp; $39414822 | &nbsp;&nbsp; $29398598 | &nbsp;&nbsp; $12971584 | &nbsp;&nbsp; $44898512 | &nbsp;&nbsp; $— |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Assets and Liabilities** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**Defensive** <br>**Bond Fund**<br>| **Morningstar** <br>**Multisector** <br>**Bond Fund**<br>| **Morningstar** <br>**Global Opportunistic** <br>**Equity Fund**<br>| **Morningstar** <br>**Alternatives** <br>**Fund**<br>|
| **Assets** |  |  |  |  |
| Investments in non-affiliates, at value\* | &nbsp;&nbsp; $114042912 | &nbsp;&nbsp; $172962632 | &nbsp;&nbsp; $309152783 | &nbsp;&nbsp; $209648480 |
| Deposits at broker for investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20398860 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 182381 | &nbsp;&nbsp; 14674 | &nbsp;&nbsp; 293466 |
| Foreign currencies, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 476803 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 347802 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; 109807 | &nbsp;&nbsp; — | &nbsp;&nbsp; 909886 |
| Receivable for: |  |  |  |  |
| Dividends and interest  | &nbsp;&nbsp; 314858 | &nbsp;&nbsp; 2485921 | &nbsp;&nbsp; 338071 | &nbsp;&nbsp; 1501570 |
| Securities lending income | &nbsp;&nbsp; 205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7185 | &nbsp;&nbsp; — |
| Foreign tax reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; 27620 | &nbsp;&nbsp; 112736 | &nbsp;&nbsp; 14022 |
| Investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 2963754 | &nbsp;&nbsp; 1758163 | &nbsp;&nbsp; 6057985 |
| Fund shares sold | &nbsp;&nbsp; 28025 | &nbsp;&nbsp; 122082 | &nbsp;&nbsp; 295162 | &nbsp;&nbsp; 128831 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 11234 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40431 |
| Variation margin on centrally cleared swap <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9772 |
| Unrealized appreciation on OTC swap <br> contracts and contracts for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3080101 |
| Unrealized appreciation on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 301384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 480761 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 9742 | &nbsp;&nbsp; 14203 | &nbsp;&nbsp; 14869 | &nbsp;&nbsp; 12911 |
| Total assets | &nbsp;&nbsp; 114395742 | &nbsp;&nbsp; 179657821 | &nbsp;&nbsp; 311693984 | &nbsp;&nbsp; 242924878 |
| **Liabilities** |  |  |  |  |
| Investments sold short, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19802371 |
| Written options, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21986 |
| Due to broker | &nbsp;&nbsp; — | &nbsp;&nbsp; 2225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 461238 |
| Unrealized depreciation on OTC swap <br> contracts and contracts for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3196563 |
| Unrealized depreciation on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 217508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 692820 |
| Payable for: |  |  |  |  |
| Dividends on short sales | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3738 |
| Investments purchased on a <br> delayed-delivery basis<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1245034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9281089 |
| Investments purchased | &nbsp;&nbsp; 1146065 | &nbsp;&nbsp; 2425008 | &nbsp;&nbsp; 859060 | &nbsp;&nbsp; 24518 |
| Fund shares redeemed | &nbsp;&nbsp; 141224 | &nbsp;&nbsp; 172613 | &nbsp;&nbsp; 189206 | &nbsp;&nbsp; 167283 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 4151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11955 |
| Collateral for securities lending | &nbsp;&nbsp; 331507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13015195 | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 30156 | &nbsp;&nbsp; 70021 | &nbsp;&nbsp; 110518 | &nbsp;&nbsp; 126347 |
| Accrued trustee fees | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 2203 | &nbsp;&nbsp; 3932 | &nbsp;&nbsp; 2735 |
| Accrued expenses | &nbsp;&nbsp; 84087 | &nbsp;&nbsp; 128705 | &nbsp;&nbsp; 122271 | &nbsp;&nbsp; 188943 |
| Total liabilities | &nbsp;&nbsp; 1734489 | &nbsp;&nbsp; 4267468 | &nbsp;&nbsp; 14300182 | &nbsp;&nbsp; 33981586 |
| Net assets | &nbsp;&nbsp; $112661253 | &nbsp;&nbsp; $175390353 | &nbsp;&nbsp; $297393802 | &nbsp;&nbsp; $208943292 |
| **Analysis of net assets:** |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $118705457 | &nbsp;&nbsp; $203208554 | &nbsp;&nbsp; $269217579 | &nbsp;&nbsp; $209027597 |
| Distributable earnings (loss) | &nbsp;&nbsp; (6044204)<br>| &nbsp;&nbsp; (27818201)<br>| &nbsp;&nbsp; 28176223 | &nbsp;&nbsp; (84305)<br>|
| Net assets | &nbsp;&nbsp; $112661253 | &nbsp;&nbsp; $175390353 | &nbsp;&nbsp; $297393802 | &nbsp;&nbsp; $208943292 |
| **Shares outstanding:** | &nbsp;&nbsp; 11481236 | &nbsp;&nbsp; 19568691 | &nbsp;&nbsp; 27849553 | &nbsp;&nbsp; 19761491 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Assets and Liabilities** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar**<br> **Defensive**<br> **Bond Fund**<br>| **Morningstar**<br> **Multisector**<br> **Bond Fund**<br>| **Morningstar**<br> **Global Opportunistic**<br> **Equity Fund**<br>| **Morningstar**<br> **Alternatives**<br> **Fund**<br>|
| **Net asset value, offering price and** <br> **redemption price per share:**<br>| &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $10.57 |
| Investments in non-affiliates, at cost | &nbsp;&nbsp; $113307691 | &nbsp;&nbsp; $176346832 | &nbsp;&nbsp; $292228939 | &nbsp;&nbsp; $207939707 |
| Foreign currencies, at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $543068 | &nbsp;&nbsp; $157408 | &nbsp;&nbsp; $341427 |
| Investments sold short proceeds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20979166 |
| Written option premiums | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28809 |
| \*Market value of securities on loan | &nbsp;&nbsp; $1914879 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17792017 | &nbsp;&nbsp; $— |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** For the Year Ended April 30, 2025

------

**Statements of Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**U.S. Equity** <br>**Fund**<br>| **Morningstar** <br>**International** <br>**Equity Fund**<br>| **Morningstar** <br>**Global** <br>**Income Fund**<br>| **Morningstar** <br>**Total Return** <br>**Bond Fund**<br>| **Morningstar** <br>**Municipal** <br>**Bond Fund**<br>|
| **Investment income** |  |  |  |  |  |
| Dividend income from non-affiliates (net <br> of foreign withholding taxes)<br>| &nbsp;&nbsp; $25780349 | &nbsp;&nbsp; $25609390 | &nbsp;&nbsp; $5261083 | &nbsp;&nbsp; $11945565 | &nbsp;&nbsp; $288444 |
| Interest income (net of foreign <br> withholding taxes)<br>| &nbsp;&nbsp; 144615 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 5833624 | &nbsp;&nbsp; 26092396 | &nbsp;&nbsp; 12131571 |
| Securities lending income, net | &nbsp;&nbsp; 92797 | &nbsp;&nbsp; 57331 | &nbsp;&nbsp; 58217 | &nbsp;&nbsp; 118942 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 26017761 | &nbsp;&nbsp; 25666749 | &nbsp;&nbsp; 11152924 | &nbsp;&nbsp; 38156903 | &nbsp;&nbsp; 12420015 |
| **Expenses** |  |  |  |  |  |
| Management fees (Note 4) | &nbsp;&nbsp; 11183213 | &nbsp;&nbsp; 6979299 | &nbsp;&nbsp; 629069 | &nbsp;&nbsp; 3868157 | &nbsp;&nbsp; 1424069 |
| Administration and custody fees | &nbsp;&nbsp; 742627 | &nbsp;&nbsp; 682000 | &nbsp;&nbsp; 305405 | &nbsp;&nbsp; 767725 | &nbsp;&nbsp; 183025 |
| Transfer agent fees | &nbsp;&nbsp; 10060 | &nbsp;&nbsp; 10061 | &nbsp;&nbsp; 10073 | &nbsp;&nbsp; 10054 | &nbsp;&nbsp; 10022 |
| Sub-accounting fees | &nbsp;&nbsp; 1711966 | &nbsp;&nbsp; 839900 | &nbsp;&nbsp; 185928 | &nbsp;&nbsp; 878791 | &nbsp;&nbsp; 326280 |
| Audit and tax fees | &nbsp;&nbsp; 60427 | &nbsp;&nbsp; 71392 | &nbsp;&nbsp; 65394 | &nbsp;&nbsp; 68290 | &nbsp;&nbsp; 41623 |
| Legal fees | &nbsp;&nbsp; 178000 | &nbsp;&nbsp; 90502 | &nbsp;&nbsp; 19383 | &nbsp;&nbsp; 95784 | &nbsp;&nbsp; 34652 |
| Trustees' fees | &nbsp;&nbsp; 258009 | &nbsp;&nbsp; 128045 | &nbsp;&nbsp; 28485 | &nbsp;&nbsp; 133970 | &nbsp;&nbsp; 49937 |
| Registration and filing fees | &nbsp;&nbsp; 61848 | &nbsp;&nbsp; 49507 | &nbsp;&nbsp; 31759 | &nbsp;&nbsp; 57771 | &nbsp;&nbsp; 37246 |
| Printing and postage fees | &nbsp;&nbsp; 123063 | &nbsp;&nbsp; 102233 | &nbsp;&nbsp; 47643 | &nbsp;&nbsp; 92163 | &nbsp;&nbsp; 24882 |
| Other expenses | &nbsp;&nbsp; 136776 | &nbsp;&nbsp; 72014 | &nbsp;&nbsp; 41485 | &nbsp;&nbsp; 89292 | &nbsp;&nbsp; 33424 |
| Total expenses | &nbsp;&nbsp; 14465989 | &nbsp;&nbsp; 9024953 | &nbsp;&nbsp; 1364624 | &nbsp;&nbsp; 6061997 | &nbsp;&nbsp; 2165160 |
| Less waiver of management fees <br> (Note 4)<br>| &nbsp;&nbsp; (445247)<br>| &nbsp;&nbsp; (700246)<br>| &nbsp;&nbsp; (52560)<br>| &nbsp;&nbsp; (1402638)<br>| &nbsp;&nbsp; (287982)<br>|
| Net expenses | &nbsp;&nbsp; 14020742 | &nbsp;&nbsp; 8324707 | &nbsp;&nbsp; 1312064 | &nbsp;&nbsp; 4659359 | &nbsp;&nbsp; 1877178 |
| Net investment income | &nbsp;&nbsp; 11997019 | &nbsp;&nbsp; 17342042 | &nbsp;&nbsp; 9840860 | &nbsp;&nbsp; 33497544 | &nbsp;&nbsp; 10542837 |
| **Realized and unrealized gains (losses)** |  |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |  |
| Investments | &nbsp;&nbsp; 182663623 | &nbsp;&nbsp; 32289021 <br><sup>1</sup><br>| &nbsp;&nbsp; 4959022 | &nbsp;&nbsp; (23783362)<br>| &nbsp;&nbsp; (4187365)<br>|
| Investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12707)<br>| &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (60109)<br>| &nbsp;&nbsp; 721537 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (346272)<br>| &nbsp;&nbsp; (76888)<br>| &nbsp;&nbsp; — |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55509 | &nbsp;&nbsp; 594866 | &nbsp;&nbsp; — |
| Forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (182308)<br>| &nbsp;&nbsp; 534849 | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (14436)<br>| &nbsp;&nbsp; (277934)<br>| &nbsp;&nbsp; (61162)<br>| &nbsp;&nbsp; (51084)<br>| &nbsp;&nbsp; — |
| Net realized gains (losses) | &nbsp;&nbsp; 182649187 | &nbsp;&nbsp; 32011087 | &nbsp;&nbsp; 4364680 | &nbsp;&nbsp; (22072789)<br>| &nbsp;&nbsp; (4187365)<br>|
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |  |  |  |  |
| Investments | &nbsp;&nbsp; (50105710)<br>| &nbsp;&nbsp; 27641763 <br><sup>2</sup><br>| &nbsp;&nbsp; 2065005 | &nbsp;&nbsp; 52005064 | &nbsp;&nbsp; 459480 |
| Investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (176352)<br>| &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4108 | &nbsp;&nbsp; (2644389)<br>| &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 871134 | &nbsp;&nbsp; 2736477 | &nbsp;&nbsp; — |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1743 | &nbsp;&nbsp; (63365)<br>| &nbsp;&nbsp; — |
| Forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42855 | &nbsp;&nbsp; (475209)<br>| &nbsp;&nbsp; — |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** For the Year Ended April 30, 2025

------

**Statements of Operations** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morningstar**<br> **U.S. Equity**<br> **Fund**<br>| **Morningstar**<br> **International**<br> **Equity Fund**<br>| **Morningstar**<br> **Global**<br> **Income Fund**<br>| **Morningstar**<br> **Total Return**<br> **Bond Fund**<br>| **Morningstar**<br> **Municipal**<br> **Bond Fund**<br>|
| Foreign currency translations | &nbsp;&nbsp; 12616 | &nbsp;&nbsp; (1371358)<br>| &nbsp;&nbsp; (15857)<br>| &nbsp;&nbsp; 33897 | &nbsp;&nbsp; — |
| Net change in unrealized <br> appreciation (depreciation)<br>| &nbsp;&nbsp; (50093094)<br>| &nbsp;&nbsp; 26270405 | &nbsp;&nbsp; 2968988 | &nbsp;&nbsp; 51416123 | &nbsp;&nbsp; 459480 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; 132556093 | &nbsp;&nbsp; 58281492 | &nbsp;&nbsp; 7333668 | &nbsp;&nbsp; 29343334 | &nbsp;&nbsp; (3727885)<br>|
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $144553112 | &nbsp;&nbsp; $75623534 | &nbsp;&nbsp; $17174528 | &nbsp;&nbsp; $62840878 | &nbsp;&nbsp; $6814952 |
| Foreign withholding taxes on dividend <br> income<br>| &nbsp;&nbsp; $204853 | &nbsp;&nbsp; $2474292 | &nbsp;&nbsp; $173187 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign withholding taxes on interest <br> income<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $9461 | &nbsp;&nbsp; $— |

---

<sup>1</sup> Net of foreign capital gains taxes (refunded)/paid of $277,694.

<sup>2</sup> Net of change in deferred foreign capital gains tax expense of $(36930).

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** For the Year Ended April 30, 2025

------

**Statements of Operations** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**Defensive** <br>**Bond Fund**<br>| **Morningstar** <br>**Multisector** <br>**Bond Fund**<br>| **Morningstar** <br>**Global Opportunistic** <br>**Equity Fund**<br>| **Morningstar** <br>**Alternatives** <br>**Fund**<br>|
| **Investment income** |  |  |  |  |
| Dividend income from non-affiliates (net of foreign <br> withholding taxes)<br>| &nbsp;&nbsp; $2711873 | &nbsp;&nbsp; $229174 | &nbsp;&nbsp; $8019664 | &nbsp;&nbsp; $1547705 |
| Interest income (net of foreign withholding taxes) | &nbsp;&nbsp; 3277352 | &nbsp;&nbsp; 11870178 | &nbsp;&nbsp; 1424 | &nbsp;&nbsp; 8454483 |
| Securities lending income, net | &nbsp;&nbsp; 4886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61775 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 5994111 | &nbsp;&nbsp; 12099352 | &nbsp;&nbsp; 8082863 | &nbsp;&nbsp; 10002188 |
| **Expenses** |  |  |  |  |
| Management fees (Note 4) | &nbsp;&nbsp; 444917 | &nbsp;&nbsp; 1079650 | &nbsp;&nbsp; 1468556 | &nbsp;&nbsp; 1894418 |
| Administration and custody fees | &nbsp;&nbsp; 128781 | &nbsp;&nbsp; 239210 | &nbsp;&nbsp; 190694 | &nbsp;&nbsp; 539073 |
| Transfer agent fees | &nbsp;&nbsp; 10050 | &nbsp;&nbsp; 10063 | &nbsp;&nbsp; 10055 | &nbsp;&nbsp; 10062 |
| Sub-accounting fees | &nbsp;&nbsp; 123560 | &nbsp;&nbsp; 178792 | &nbsp;&nbsp; 319805 | &nbsp;&nbsp; 223970 |
| Audit and tax fees | &nbsp;&nbsp; 43252 | &nbsp;&nbsp; 64076 | &nbsp;&nbsp; 40610 | &nbsp;&nbsp; 54682 |
| Legal fees | &nbsp;&nbsp; 13202 | &nbsp;&nbsp; 18910 | &nbsp;&nbsp; 32986 | &nbsp;&nbsp; 26375 |
| Trustees' fees | &nbsp;&nbsp; 19125 | &nbsp;&nbsp; 27218 | &nbsp;&nbsp; 48261 | &nbsp;&nbsp; 34408 |
| Registration and filing fees | &nbsp;&nbsp; 31486 | &nbsp;&nbsp; 34180 | &nbsp;&nbsp; 38530 | &nbsp;&nbsp; 33847 |
| Printing and postage fees | &nbsp;&nbsp; 20969 | &nbsp;&nbsp; 71080 | &nbsp;&nbsp; 76690 | &nbsp;&nbsp; 79539 |
| Dividend and interest on securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 505173 |
| Other expenses | &nbsp;&nbsp; 19387 | &nbsp;&nbsp; 41152 | &nbsp;&nbsp; 35596 | &nbsp;&nbsp; 44116 |
| Total expenses | &nbsp;&nbsp; 854729 | &nbsp;&nbsp; 1764553 | &nbsp;&nbsp; 2261783 | &nbsp;&nbsp; 3445663 |
| Less waiver of management fees (Note 4) | &nbsp;&nbsp; (261507)<br>| &nbsp;&nbsp; (366097)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (355165)<br>|
| Net expenses | &nbsp;&nbsp; 593222 | &nbsp;&nbsp; 1398456 | &nbsp;&nbsp; 2261783 | &nbsp;&nbsp; 3090498 |
| Net investment income | &nbsp;&nbsp; 5400889 | &nbsp;&nbsp; 10700896 | &nbsp;&nbsp; 5821080 | &nbsp;&nbsp; 6911690 |
| **Realized and unrealized gains (losses)** |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; (794687)<br>| &nbsp;&nbsp; 312603 | &nbsp;&nbsp; 32056245 | &nbsp;&nbsp; 4323529 |
| Investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 2619 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1154168)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1311)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (593839)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 171168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42121 |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64167 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 66783 | &nbsp;&nbsp; — | &nbsp;&nbsp; (103973)<br>|
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; (99393)<br>| &nbsp;&nbsp; 37051 | &nbsp;&nbsp; 35063 |
| Net realized gains (losses) | &nbsp;&nbsp; (794687)<br>| &nbsp;&nbsp; 458369 | &nbsp;&nbsp; 32093296 | &nbsp;&nbsp; 2612900 |
| Net change in unrealized appreciation (depreciation) <br> on:<br>|  |  |  |  |
| Investments | &nbsp;&nbsp; 4325008 | &nbsp;&nbsp; 4136896 | &nbsp;&nbsp; (7064487)<br>| &nbsp;&nbsp; 5445270 |
| Investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1476002 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 433 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (145013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 299610 |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6823 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 51471 | &nbsp;&nbsp; — | &nbsp;&nbsp; (318390)<br>|
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp; (17146)<br>| &nbsp;&nbsp; (115852)<br>| &nbsp;&nbsp; 7997 |
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 4325008 | &nbsp;&nbsp; 4026106 | &nbsp;&nbsp; (7180339)<br>| &nbsp;&nbsp; 6917745 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; 3530321 | &nbsp;&nbsp; 4484475 | &nbsp;&nbsp; 24912957 | &nbsp;&nbsp; 9530645 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $8931210 | &nbsp;&nbsp; $15185371 | &nbsp;&nbsp; $30734037 | &nbsp;&nbsp; $16442335 |
| Foreign withholding taxes on dividend income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $176720 | &nbsp;&nbsp; $1327 |
| Foreign withholding taxes on interest income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $147115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**U.S. Equity Fund** | **Morningstar** <br>**U.S. Equity Fund** | **Morningstar** <br>**International Equity Fund** | **Morningstar** <br>**International Equity Fund** |
|  | **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $11997019 | &nbsp;&nbsp; $14021406 | &nbsp;&nbsp; $17342042 | &nbsp;&nbsp; $16143147 |
| Net realized gains (losses) | &nbsp;&nbsp; 182649187 | &nbsp;&nbsp; 117865339 | &nbsp;&nbsp; 32011087 | &nbsp;&nbsp; 8128170 |
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; (50093094)<br>| &nbsp;&nbsp; 161810540 | &nbsp;&nbsp; 26270405 | &nbsp;&nbsp; 18187411 |
| Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp; 144553112 | &nbsp;&nbsp; 293697285 | &nbsp;&nbsp; 75623534 | &nbsp;&nbsp; 42458728 |
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (164797418)<br>| &nbsp;&nbsp; (65213794)<br>| &nbsp;&nbsp; (38072733)<br>| &nbsp;&nbsp; (18789554)<br>|
| Total distributions paid | &nbsp;&nbsp; (164797418)<br>| &nbsp;&nbsp; (65213794)<br>| &nbsp;&nbsp; (38072733)<br>| &nbsp;&nbsp; (18789554)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 340518973 | &nbsp;&nbsp; 216461411 | &nbsp;&nbsp; 200695177 | &nbsp;&nbsp; 134449493 |
| Reinvestment of dividends | &nbsp;&nbsp; 164797417 | &nbsp;&nbsp; 65213794 | &nbsp;&nbsp; 38072733 | &nbsp;&nbsp; 18789554 |
| Payments for shares redeemed | &nbsp;&nbsp; (475738363)<br>| &nbsp;&nbsp; (374124322)<br>| &nbsp;&nbsp; (204043202)<br>| &nbsp;&nbsp; (171283582)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; 29578027 | &nbsp;&nbsp; (92449117)<br>| &nbsp;&nbsp; 34724708 | &nbsp;&nbsp; (18044535)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp; 9333721 | &nbsp;&nbsp; 136034374 | &nbsp;&nbsp; 72275509 | &nbsp;&nbsp; 5624639 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 1594960552 | &nbsp;&nbsp; 1458926178 | &nbsp;&nbsp; 809605240 | &nbsp;&nbsp; 803980601 |
| End of year | &nbsp;&nbsp; $1604294273 | &nbsp;&nbsp; $1594960552 | &nbsp;&nbsp; $881880749 | &nbsp;&nbsp; $809605240 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 26272133 | &nbsp;&nbsp; 18556563 | &nbsp;&nbsp; 19204518 | &nbsp;&nbsp; 13478010 |
| Shares from reinvested dividends | &nbsp;&nbsp; 12742135 | &nbsp;&nbsp; 5518258 | &nbsp;&nbsp; 3835448 | &nbsp;&nbsp; 1851188 |
| Shares redeemed | &nbsp;&nbsp; (35735546)<br>| &nbsp;&nbsp; (31874328)<br>| &nbsp;&nbsp; (19473016)<br>| &nbsp;&nbsp; (17119739)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3278722 | &nbsp;&nbsp; (7799507)<br>| &nbsp;&nbsp; 3566950 | &nbsp;&nbsp; (1790541)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Changes in Net Assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**Global Income Fund** | **Morningstar** <br>**Global Income Fund** | **Morningstar** <br>**Total Return Bond Fund** | **Morningstar** <br>**Total Return Bond Fund** |
|  | **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $9840860 | &nbsp;&nbsp; $12204904 | &nbsp;&nbsp; $33497544 | &nbsp;&nbsp; $30425048 |
| Net realized gains (losses) | &nbsp;&nbsp; 4364680 | &nbsp;&nbsp; (3055382)<br>| &nbsp;&nbsp; (22072789)<br>| &nbsp;&nbsp; (33598211)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 2968988 | &nbsp;&nbsp; 4870114 | &nbsp;&nbsp; 51416123 | &nbsp;&nbsp; (12269372)<br>|
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; 17174528 | &nbsp;&nbsp; 14019636 | &nbsp;&nbsp; 62840878 | &nbsp;&nbsp; (15442535)<br>|
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (10328373)<br>| &nbsp;&nbsp; (12554075)<br>| &nbsp;&nbsp; (33641928)<br>| &nbsp;&nbsp; (30053731)<br>|
| Total distributions paid | &nbsp;&nbsp; (10328373)<br>| &nbsp;&nbsp; (12554075)<br>| &nbsp;&nbsp; (33641928)<br>| &nbsp;&nbsp; (30053731)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 22834752 | &nbsp;&nbsp; 24667901 | &nbsp;&nbsp; 235829917 | &nbsp;&nbsp; 187768363 |
| Reinvestment of dividends | &nbsp;&nbsp; 10328371 | &nbsp;&nbsp; 12554075 | &nbsp;&nbsp; 33641926 | &nbsp;&nbsp; 30053730 |
| Payments for shares redeemed | &nbsp;&nbsp; (91694020)<br>| &nbsp;&nbsp; (61905061)<br>| &nbsp;&nbsp; (242893623)<br>| &nbsp;&nbsp; (163316868)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; (58530897)<br>| &nbsp;&nbsp; (24683085)<br>| &nbsp;&nbsp; 26578220 | &nbsp;&nbsp; 54505225 |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (51684742)<br>| &nbsp;&nbsp; (23217524)<br>| &nbsp;&nbsp; 55777170 | &nbsp;&nbsp; 9008959 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 191511497 | &nbsp;&nbsp; 214729021 | &nbsp;&nbsp; 821623806 | &nbsp;&nbsp; 812614847 |
| End of year | &nbsp;&nbsp; $139826755 | &nbsp;&nbsp; $191511497 | &nbsp;&nbsp; $877400976 | &nbsp;&nbsp; $821623806 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2418996 | &nbsp;&nbsp; 2717442 | &nbsp;&nbsp; 26659894 | &nbsp;&nbsp; 21483243 |
| Shares from reinvested dividends | &nbsp;&nbsp; 1101181 | &nbsp;&nbsp; 1387125 | &nbsp;&nbsp; 3801338 | &nbsp;&nbsp; 3441355 |
| Shares redeemed | &nbsp;&nbsp; (9650417)<br>| &nbsp;&nbsp; (6802043)<br>| &nbsp;&nbsp; (27481894)<br>| &nbsp;&nbsp; (18694342)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (6130240)<br>| &nbsp;&nbsp; (2697476)<br>| &nbsp;&nbsp; 2979338 | &nbsp;&nbsp; 6230256 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Changes in Net Assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**Municipal Bond Fund** | **Morningstar** <br>**Municipal Bond Fund** | **Morningstar** <br>**Defensive Bond Fund** | **Morningstar** <br>**Defensive Bond Fund** |
|  | **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $10542837 | &nbsp;&nbsp; $9782171 | &nbsp;&nbsp; $5400889 | &nbsp;&nbsp; $5811829 |
| Net realized gains (losses) | &nbsp;&nbsp; (4187365)<br>| &nbsp;&nbsp; (4829215)<br>| &nbsp;&nbsp; (794687)<br>| &nbsp;&nbsp; (4027361)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 459480 | &nbsp;&nbsp; 4553081 | &nbsp;&nbsp; 4325008 | &nbsp;&nbsp; 4249949 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; 6814952 | &nbsp;&nbsp; 9506037 | &nbsp;&nbsp; 8931210 | &nbsp;&nbsp; 6034417 |
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (10540973)<br>| &nbsp;&nbsp; (9752404)<br>| &nbsp;&nbsp; (5098645)<br>| &nbsp;&nbsp; (5698959)<br>|
| Total distributions paid | &nbsp;&nbsp; (10540973)<br>| &nbsp;&nbsp; (9752404)<br>| &nbsp;&nbsp; (5098645)<br>| &nbsp;&nbsp; (5698959)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 49258785 | &nbsp;&nbsp; 60991828 | &nbsp;&nbsp; 25913246 | &nbsp;&nbsp; 27358791 |
| Reinvestment of dividends | &nbsp;&nbsp; 10540973 | &nbsp;&nbsp; 9752404 | &nbsp;&nbsp; 5098645 | &nbsp;&nbsp; 5698960 |
| Payments for shares redeemed | &nbsp;&nbsp; (79101619)<br>| &nbsp;&nbsp; (72775554)<br>| &nbsp;&nbsp; (52346861)<br>| &nbsp;&nbsp; (37957515)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; (19301861)<br>| &nbsp;&nbsp; (2031322)<br>| &nbsp;&nbsp; (21334970)<br>| &nbsp;&nbsp; (4899764)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp; (23027882)<br>| &nbsp;&nbsp; (2277689)<br>| &nbsp;&nbsp; (17502405)<br>| &nbsp;&nbsp; (4564306)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 328460451 | &nbsp;&nbsp; 330738140 | &nbsp;&nbsp; 130163658 | &nbsp;&nbsp; 134727964 |
| End of year | &nbsp;&nbsp; $305432569 | &nbsp;&nbsp; $328460451 | &nbsp;&nbsp; $112661253 | &nbsp;&nbsp; $130163658 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4946312 | &nbsp;&nbsp; 6195536 | &nbsp;&nbsp; 2665649 | &nbsp;&nbsp; 2869404 |
| Shares from reinvested dividends | &nbsp;&nbsp; 1059100 | &nbsp;&nbsp; 993143 | &nbsp;&nbsp; 524755 | &nbsp;&nbsp; 599661 |
| Shares redeemed | &nbsp;&nbsp; (7979198)<br>| &nbsp;&nbsp; (7419312)<br>| &nbsp;&nbsp; (5381983)<br>| &nbsp;&nbsp; (3992949)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1973786)<br>| &nbsp;&nbsp; (230633)<br>| &nbsp;&nbsp; (2191579)<br>| &nbsp;&nbsp; (523884)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Changes in Net Assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**Multisector Bond Fund** | **Morningstar** <br>**Multisector Bond Fund** | **Morningstar** <br>**Global Opportunistic Equity Fund** | **Morningstar** <br>**Global Opportunistic Equity Fund** |
|  | **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $10700896 | &nbsp;&nbsp; $10438052 | &nbsp;&nbsp; $5821080 | &nbsp;&nbsp; $6035932 |
| Net realized gains (losses) | &nbsp;&nbsp; 458369 | &nbsp;&nbsp; (4117906)<br>| &nbsp;&nbsp; 32093296 | &nbsp;&nbsp; 5393627 |
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 4026106 | &nbsp;&nbsp; 2101901 | &nbsp;&nbsp; (7180339)<br>| &nbsp;&nbsp; 18119483 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; 15185371 | &nbsp;&nbsp; 8422047 | &nbsp;&nbsp; 30734037 | &nbsp;&nbsp; 29549042 |
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (9385089)<br>| &nbsp;&nbsp; (10383761)<br>| &nbsp;&nbsp; (27379291)<br>| &nbsp;&nbsp; (7668617)<br>|
| Total distributions paid | &nbsp;&nbsp; (9385089)<br>| &nbsp;&nbsp; (10383761)<br>| &nbsp;&nbsp; (27379291)<br>| &nbsp;&nbsp; (7668617)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 37946577 | &nbsp;&nbsp; 30637969 | &nbsp;&nbsp; 70641584 | &nbsp;&nbsp; 91220358 |
| Reinvestment of dividends | &nbsp;&nbsp; 9385088 | &nbsp;&nbsp; 10383761 | &nbsp;&nbsp; 27379291 | &nbsp;&nbsp; 7668617 |
| Payments for shares redeemed | &nbsp;&nbsp; (51096407)<br>| &nbsp;&nbsp; (41956846)<br>| &nbsp;&nbsp; (101390028)<br>| &nbsp;&nbsp; (56315808)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; (3764742)<br>| &nbsp;&nbsp; (935116)<br>| &nbsp;&nbsp; (3369153)<br>| &nbsp;&nbsp; 42573167 |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 2035540 | &nbsp;&nbsp; (2896830)<br>| &nbsp;&nbsp; (14407)<br>| &nbsp;&nbsp; 64453592 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 173354813 | &nbsp;&nbsp; 176251643 | &nbsp;&nbsp; 297408209 | &nbsp;&nbsp; 232954617 |
| End of year | &nbsp;&nbsp; $175390353 | &nbsp;&nbsp; $173354813 | &nbsp;&nbsp; $297393802 | &nbsp;&nbsp; $297408209 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4242967 | &nbsp;&nbsp; 3519886 | &nbsp;&nbsp; 6420874 | &nbsp;&nbsp; 9005767 |
| Shares from reinvested dividends | &nbsp;&nbsp; 1049207 | &nbsp;&nbsp; 1192603 | &nbsp;&nbsp; 2574149 | &nbsp;&nbsp; 738527 |
| Shares redeemed | &nbsp;&nbsp; (5706114)<br>| &nbsp;&nbsp; (4823673)<br>| &nbsp;&nbsp; (9196179)<br>| &nbsp;&nbsp; (5529823)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (413940)<br>| &nbsp;&nbsp; (111184)<br>| &nbsp;&nbsp; (201156)<br>| &nbsp;&nbsp; 4214471 |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Statements of Changes in Net Assets** (continued)

---

| | | |
|:---|:---|:---|
|  | **Morningstar** <br>**Alternatives Fund** | **Morningstar** <br>**Alternatives Fund** |
|  | **Year Ended** <br>**April 30, 2025**<br>| **Year Ended** <br>**April 30, 2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6911690 | &nbsp;&nbsp; $8364530 |
| Net realized gains (losses) | &nbsp;&nbsp; 2612900 | &nbsp;&nbsp; 1453263 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6917745 | &nbsp;&nbsp; 8144339 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 16442335 | &nbsp;&nbsp; 17962132 |
| **Distributions paid from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (6519588)<br>| &nbsp;&nbsp; (8664487)<br>|
| Total distributions paid | &nbsp;&nbsp; (6519588)<br>| &nbsp;&nbsp; (8664487)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 45629201 | &nbsp;&nbsp; 39504294 |
| Reinvestment of dividends | &nbsp;&nbsp; 6519588 | &nbsp;&nbsp; 8664488 |
| Payments for shares redeemed | &nbsp;&nbsp; (79111430)<br>| &nbsp;&nbsp; (106213027)<br>|
| Net increase (decrease) in net assets from capital share transactions | &nbsp;&nbsp; (26962641)<br>| &nbsp;&nbsp; (58044245)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp; (17039894)<br>| &nbsp;&nbsp; (48746600)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 225983186 | &nbsp;&nbsp; 274729786 |
| End of year | &nbsp;&nbsp; $208943292 | &nbsp;&nbsp; $225983186 |
| **Capital share transactions** |  |  |
| Shares sold | &nbsp;&nbsp; 4357482 | &nbsp;&nbsp; 3958165 |
| Shares from reinvested dividends | &nbsp;&nbsp; 632356 | &nbsp;&nbsp; 867316 |
| Shares redeemed | &nbsp;&nbsp; (7543835)<br>| &nbsp;&nbsp; (10601239)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2553997)<br>| &nbsp;&nbsp; (5775758)<br>|

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar U.S. Equity Fund** | **Morningstar U.S. Equity Fund** | **Morningstar U.S. Equity Fund** | **Morningstar U.S. Equity Fund** | **Morningstar U.S. Equity Fund** | **Morningstar U.S. Equity Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $9.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.10 | 0.11 | 0.11 | 0.12 | 0.14 |
| Net realized and unrealized gains (losses) | 1.04 | 2.10 | 0.13 | &nbsp;&nbsp; (0.36)<br>| 4.59 |
| Total income (loss) from investment <br> operations<br>| 1.14 | 2.21 | 0.24 | &nbsp;&nbsp; (0.24)<br>| 4.73 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>|
| From realized gains | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (0.12)<br>|
| Total distributions paid | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $12.17 | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $13.74 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 8.58% | &nbsp;&nbsp; 20.92% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; (3.11%)<br>| &nbsp;&nbsp; 51.43% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $1604 | &nbsp;&nbsp; $1595 | &nbsp;&nbsp; $1459 | &nbsp;&nbsp; $1490 | &nbsp;&nbsp; $1703 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% |
| Total expenses after waivers/reimbursements | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.81% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.19% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 1.13% |
| Portfolio turnover rate | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 68% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar International Equity Fund** | **Morningstar International Equity Fund** | **Morningstar International Equity Fund** | **Morningstar International Equity Fund** | **Morningstar International Equity Fund** | **Morningstar International Equity Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $12.72 | &nbsp;&nbsp; $8.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.22 | 0.21 | 0.22 | 0.23 | 0.12 |
| Net realized and unrealized gains (losses) | 0.69 | 0.32 | 0.47 | &nbsp;&nbsp; (1.66)<br>| 4.17 |
| Total income (loss) from investment <br> operations<br>| 0.91 | 0.53 | 0.69 | &nbsp;&nbsp; (1.43)<br>| 4.29 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>|
| From realized gains | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.19)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $10.67 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $12.72 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 9.31% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 7.61% | &nbsp;&nbsp; (12.77%)<br>| &nbsp;&nbsp; 49.22% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $882 | &nbsp;&nbsp; $810 | &nbsp;&nbsp; $804 | &nbsp;&nbsp; $912 | &nbsp;&nbsp; $1074 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.08% |
| Total expenses after waivers/reimbursements | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.89% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 1.09% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 0.90% |
| Portfolio turnover rate | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 67% | &nbsp;&nbsp; 41% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $9.54 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.52 | 0.55 | 0.53 | 0.42 | 0.35 |
| Net realized and unrealized gains (losses) | 0.34 | 0.08 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.03)<br>| 2.09 |
| Total income (loss) from investment <br> operations<br>| 0.86 | 0.63 | 0.15 | &nbsp;&nbsp; (0.61)<br>| 2.44 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.35)<br>|
| From realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $11.62 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 9.58% | &nbsp;&nbsp; 7.19% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; (6.00%)<br>| &nbsp;&nbsp; 26.01% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $140 | &nbsp;&nbsp; $192 | &nbsp;&nbsp; $215 | &nbsp;&nbsp; $247 | &nbsp;&nbsp; $272 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Total expenses after waivers/reimbursements | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 5.47% | &nbsp;&nbsp; 6.01% | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 3.28% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 5.99% | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 3.27% |
| Portfolio turnover rate | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 138% | &nbsp;&nbsp; 59% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $10.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.34 | 0.33 | 0.26 | 0.61 | 0.16 |
| Net realized and unrealized gains (losses) | 0.30 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.65)<br>| 0.17 |
| Total income (loss) from investment <br> operations<br>| 0.64 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.04)<br>| 0.33 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>|
| From realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.52)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $10.69 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 7.53% | &nbsp;&nbsp; (1.83%)<br>| &nbsp;&nbsp; (1.03%)<br>| &nbsp;&nbsp; (9.97%)<br>| &nbsp;&nbsp; 2.95% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $877 | &nbsp;&nbsp; $822 | &nbsp;&nbsp; $813 | &nbsp;&nbsp; $829 | &nbsp;&nbsp; $833 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements<sup>4</sup> <br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.74% |
| Total expenses after waivers/reimbursements<sup>4</sup> <br>| &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% |
| Total expenses after waivers/reimbursements and <br> excluding dividend and interest expense<br>| &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.53% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 2.89% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.41% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 3.64% | &nbsp;&nbsp; 3.57% | &nbsp;&nbsp; 2.69% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.20% |
| Portfolio turnover rate | &nbsp;&nbsp; 361% | &nbsp;&nbsp; 370% | &nbsp;&nbsp; 302% | &nbsp;&nbsp; 346% | &nbsp;&nbsp; 438% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

<sup>4</sup> Expenses include dividend and interest expense of less than 0.01% for April 30, 2025, less than 0.01% for April 30, 2024, less than 0.01% for April 30, 2023, 0.01% for April 30, 2022, and less than 0.01% for April 30, 2021, respectively. 

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar Municipal Bond Fund** | **Morningstar Municipal Bond Fund** | **Morningstar Municipal Bond Fund** | **Morningstar Municipal Bond Fund** | **Morningstar Municipal Bond Fund** | **Morningstar Municipal Bond Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $9.87 | &nbsp;&nbsp; $9.87 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $10.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.32 | 0.29 | 0.23 | 0.18 | 0.21 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.81)<br>| 0.61 |
| Total income (loss) from investment <br> operations<br>| 0.21 | 0.29 | 0.16 | &nbsp;&nbsp; (0.63)<br>| 0.82 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>|
| From realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $9.87 | &nbsp;&nbsp; $9.87 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $10.75 |
| Total return<sup>3</sup> <br>| &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; (5.93%)<br>| &nbsp;&nbsp; 8.14% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $305 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $331 | &nbsp;&nbsp; $382 | &nbsp;&nbsp; $417 |
| **Ratio to average net assets of:**<sup>4</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Total expenses after waivers/reimbursements | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.98% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 2.89% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.90% |
| Portfolio turnover rate | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 53% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Rounds to less than 0.01.

<sup>3</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>4</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar Defensive Bond Fund** | **Morningstar Defensive Bond Fund** | **Morningstar Defensive Bond Fund** | **Morningstar Defensive Bond Fund** | **Morningstar Defensive Bond Fund** | **Morningstar Defensive Bond Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $10.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.42 | 0.42 | 0.29 | 0.20 | 0.20 |
| Net realized and unrealized gains (losses) | 0.27 | 0.02 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.46)<br>| 0.16 |
| Total income (loss) from investment <br> operations<br>| 0.69 | 0.44 | 0.06 | &nbsp;&nbsp; (0.26)<br>| 0.36 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.19)<br>|
| From realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.10)<br>|
| From return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp; $10.24 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 7.41% | &nbsp;&nbsp; 4.72% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; (2.61%)<br>| &nbsp;&nbsp; 3.56% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $113 | &nbsp;&nbsp; $130 | &nbsp;&nbsp; $135 | &nbsp;&nbsp; $144 | &nbsp;&nbsp; $201 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% |
| Total expenses after waivers/reimbursements | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.92% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.76% |
| Portfolio turnover rate | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 53% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** April 30, 2025

------

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.77 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $9.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.54 | 0.52 | 0.45 | 0.43 | 0.44 |
| Net realized and unrealized gains (losses) | 0.21 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.54)<br>| 0.94 |
| Total income (loss) from investment <br> operations<br>| 0.75 | 0.43 | 0.01 | &nbsp;&nbsp; (1.11)<br>| 1.38 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>|
| From realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.77 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $10.52 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 8.84% | &nbsp;&nbsp; 5.04% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; (10.95%)<br>| &nbsp;&nbsp; 14.79% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $175 | &nbsp;&nbsp; $173 | &nbsp;&nbsp; $176 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $237 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Total expenses after waivers/reimbursements | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 6.03% | &nbsp;&nbsp; 5.98% | &nbsp;&nbsp; 5.14% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.31% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 5.82% | &nbsp;&nbsp; 5.74% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.12% | &nbsp;&nbsp; 4.19% |
| Portfolio turnover rate | &nbsp;&nbsp; 177% | &nbsp;&nbsp; 157% | &nbsp;&nbsp; 131% | &nbsp;&nbsp; 97% | &nbsp;&nbsp; 127% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

See accompanying Notes to Financial Statements

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**Morningstar Funds Trust** April 30, 2025

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**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar Global Opportunistic Equity Fund**  | **Morningstar Global Opportunistic Equity Fund**  | **Morningstar Global Opportunistic Equity Fund**  | **Morningstar Global Opportunistic Equity Fund**  | **Morningstar Global Opportunistic Equity Fund**  | **Morningstar Global Opportunistic Equity Fund**  |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $9.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.21 | 0.22 | 0.20 | 0.21 | 0.14 |
| Net realized and unrealized gains (losses) | 0.85 | 0.88 | 0.27 | &nbsp;&nbsp; (0.43)<br>| 2.99 |
| Total income (loss) from investment <br> operations<br>| 1.06 | 1.10 | 0.47 | &nbsp;&nbsp; (0.22)<br>| 3.13 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>|
| From realized gains | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $12.08 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 10.22% | &nbsp;&nbsp; 11.41% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; (2.77%)<br>| &nbsp;&nbsp; 34.01% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $297 | &nbsp;&nbsp; $297 | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $200 | &nbsp;&nbsp; $211 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% |
| Total expenses after waivers/reimbursements | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.74% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.28% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.24% |
| Portfolio turnover rate | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 52% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

See accompanying Notes to Financial Statements

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**Morningstar Funds Trust** April 30, 2025

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**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** |
|  | **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $10.12 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.32 | 0.33 | 0.19 | 0.07 | 0.12 |
| Net realized and unrealized gains (losses) | 0.44 | 0.41 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>| 0.77 |
| Total income (loss) from investment <br> operations<br>| 0.76 | 0.74 | 0.04 | &nbsp;&nbsp; (0.07)<br>| 0.89 |
| **Less distributions paid:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>|
| From realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.17)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net asset value, end of year | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $10.71 |
| Total return<sup>2</sup> <br>| &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.58% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; (0.78%)<br>| &nbsp;&nbsp; 8.92% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp; $209 | &nbsp;&nbsp; $226 | &nbsp;&nbsp; $275 | &nbsp;&nbsp; $368 | &nbsp;&nbsp; $328 |
| **Ratio to average net assets of:**<sup>3</sup> <br>|  |  |  |  |  |
| Total expenses before waivers/reimbursements<sup>4</sup> <br>| &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.68% |
| Total expenses after waivers/reimbursements<sup>4</sup> <br>| &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.26% |
| Total expenses after waivers/reimbursements and <br> excluding dividend and interest expense<br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.12% |
| Net investment income, net of <br> waivers/reimbursements<br>| &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 3.33% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 1.14% |
| Net investment income, before <br> waivers/reimbursements<br>| &nbsp;&nbsp; 2.94% | &nbsp;&nbsp; 3.17% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.72% |
| Portfolio turnover rate | &nbsp;&nbsp; 213% | &nbsp;&nbsp; 198% | &nbsp;&nbsp; 358% | &nbsp;&nbsp; 433% | &nbsp;&nbsp; 372% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

<sup>2</sup> Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year. 

<sup>3</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

<sup>4</sup> Expenses include dividend and interest expense of 0.22%, 0.24%, 0.16%, 0.16%, and 0.14% for April 30, 2025, April 30, 2024, April 30, 2023, April 30, 2022, and April 30, 2021, respectively. 

See accompanying Notes to Financial Statements

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**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements**

&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;

**1. Organization**

Morningstar Funds Trust (the "Trust") was organized as a Delaware statutory trust on March 1, 2017. The Trust is registered with the Securities and Exchange Commission (the "SEC") as an open end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust has authorized capital of unlimited shares of beneficial interest at no par value, which may be issued in one or more series of the Trust.

The Trust is currently authorized to offer shares in nine separate series which commenced operations on November 2, 2018 (each a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| Morningstar U.S. Equity Fund | Morningstar Defensive Bond Fund |
| Morningstar International Equity Fund | Morningstar Multisector Bond Fund |
| Morningstar Global Income Fund | Morningstar Global Opportunistic Equity Fund |
| Morningstar Total Return Bond Fund | Morningstar Alternatives Fund |
| Morningstar Municipal Bond Fund |  |

---

Each Fund represents a distinct portfolio with its own investment objectives and is treated as a separate legal entity. Each Fund is classified and operates as a diversified fund under the 1940 Act. Each Fund's shares are classified as Institutional shares. Morningstar Investment Management LLC ("MIM" or "Adviser") serves as the investment adviser of each Fund.

The investment objective of each Fund is as follows:

---

| | |
|:---|:---|
| **Morningstar Funds** | **Investment Objective** |
| U.S. Equity Fund | Long-term capital appreciation |
| International Equity Fund | Long-term capital appreciation |
| Global Income Fund | Current income and long-term capital appreciation |
| Total Return Bond Fund | Maximize total return while also generating income <br> and preserving capital<br>|
| Municipal Bond Fund | Income exempt from federal income taxes as well as <br> capital preservation<br>|
| Defensive Bond Fund | Capital preservation |
| Multisector Bond Fund | Total return through a combination of current income <br> and capital appreciation<br>|
| Global Opportunistic Equity Fund | Long-term capital appreciation over a full market <br> cycle<br>|
| Alternatives Fund | Long-term capital appreciation and low sensitivity to <br> traditional U.S. asset classes<br>|

---

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The Trust follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies*.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

***Use of Estimates:*** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

***Valuation of Investments:*** All securities and other investments are valued at their estimated fair value, as described in Note 3.

***Cash and Foreign Currencies:*** Cash comprises U.S. Dollar and foreign currency deposits held at a bank(s) or custodian bank(s) which may exceed insured limits. In the event of the financial institution's insolvency, recovery of the Fund's cash may be limited to the insurance afforded by Federal Deposit Insurance Corporation ("FDIC") or Securities Investor Protection Corporation ("SIPC").

***Due to/from Brokers:*** Due to/from brokers represents cash balances and securities on deposit with, or cash balances owed to, the Funds' prime brokers and counterparties. Cash held with brokers is not available for withdrawal upon demand, and is considered restricted as it is not available for use until it is returned to the Fund upon exiting the position to which the collateral relates. The Funds are subject to credit risk should the prime brokers or counterparties be unable to meet their obligations to the Funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**Global** <br>**Income Fund**<br>| **Morningstar** <br>**Total Return** <br>**Bond Fund**<br>| **Morningstar** <br>**Multisector** <br>**Bond Fund**<br>| **Morningstar** <br>**Alternatives** <br>**Fund**<br>|
| **Assets** |  |  |  |  |
| Cash collateral for derivatives | &nbsp;&nbsp; $270043 | &nbsp;&nbsp; $3463785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $571467 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; 475212 | &nbsp;&nbsp; 255540 | &nbsp;&nbsp; 109807 | &nbsp;&nbsp; 338419 |
| Due from broker | &nbsp;&nbsp; $745255 | &nbsp;&nbsp; $3719325 | &nbsp;&nbsp; $109807 | &nbsp;&nbsp; $909886 |
| **Liabilities** |  |  |  |  |
| Cash collateral for derivatives | &nbsp;&nbsp; $58184 | &nbsp;&nbsp; $1686409 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $456238 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 252954 | &nbsp;&nbsp; 2225 | &nbsp;&nbsp; 5000 |
| Due to broker | &nbsp;&nbsp; $58184 | &nbsp;&nbsp; $1939363 | &nbsp;&nbsp; $2225 | &nbsp;&nbsp; $461238 |

---

***Foreign Currency Translation:*** The books and records of the Funds are maintained in U.S. Dollars. The Funds' assets and liabilities in foreign currencies are translated into U.S. Dollars at the prevailing exchange rate at the valuation date. Transactions denominated in foreign currencies are translated into U.S. Dollars at the prevailing exchange rate on the date of the transaction. The Funds' income earned and expense incurred in foreign denominated currencies are translated into U.S. Dollars at the prevailing exchange rate on the date of such activity.

The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments and derivatives from the fluctuations that result from changes in the market prices of investments and derivatives held or sold during the year. Accordingly, such foreign currency gains (losses) are included in the reported net realized gain (loss) on investments and derivatives and net change in unrealized appreciation (depreciation) on investments and derivatives on the Statements of Operations.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

Realized gains (losses) on foreign currency transactions reported on the Statements of Operations arise from the disposition of foreign currency and a change between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books on the transaction date and the U.S. Dollar equivalent of the amounts actually received or paid. Changes in unrealized appreciation (depreciation) on foreign currency translations reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at year end.

Under sanctions imposed by the United States ("U.S.") and the European Union ("E.U.") against Russia and certain Russian issuers pertaining to Russia's invasion of Ukraine, payments (such as dividend payments or interest payments) made by sanctioned issuers to entities domiciled in the U.S., such as the Funds, or E.U. are restricted from withdrawal or use and there is no assurance these sanctioned payments will be ultimately collected and/or converted into U.S. dollars by the Funds. As of April 30, 2025, the Funds' custodian held 152,486,785, 4,766,952, 4,447,372 and 13,249,035 of Russian rubles in restricted foreign cash accounts on behalf of the International Equity Fund, the Global Income Fund, the Multisector Bond Fund and the Global Opportunistic Equity Fund, respectively. The Russian rubles have been valued at zero in accordance with the Funds' valuation procedures and U.S. GAAP. The value of the Russian rubles currently held may differ materially from the reported amounts, given the uncertainty of the aforementioned sanctions.

***Investment Transactions and Investment Income:*** Investment transactions are accounted for as of trade date. Realized gains and losses on investment transactions are recorded on a specifically identified cost basis. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums using the effective yield method. In the case of a defaulted debt obligation, the accrual of interest income is halted when management becomes aware that the interest income is not collectible, and already accrued interest income may be written off. Dividend income (expense) net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the ex-date dividend notification. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Other non-cash dividends are recognized as investment income at the fair value of the assets received.

***Expenses:*** Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses incurred which do not specifically relate to an individual Fund generally are allocated among all Funds in the Trust in proportion to each Fund's relative average net assets.

***Federal Income Taxes:*** Each Fund's policy is to comply with all sections of Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), necessary to qualify for federal income tax purposes as a regulated investment company and to distribute substantially all of its taxable income and capital gains to shareholders as required. No provision for federal income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries on securities sold or held in certain foreign jurisdictions. Such taxes are generally based on income and/or capital gains earned or repatriated. The Funds accrue such taxes when the related income is earned. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

for potential non-U.S. taxes payable upon the sale of these securities. As of April 30, 2025, the International Equity Fund had non-U.S. taxes accrued in the amount of $441,356, which is included as payable for deferred capital gains tax in the Statements of Assets and Liabilities and net against the change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Funds are required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. The Funds have concluded that there is no tax liability/benefit resulting from uncertain income tax positions taken or expected to be taken. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will materially change in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The returns of the Funds for the prior three fiscal years as well as current year are open for examination. As of April 30, 2025, the Funds had no examinations in progress.

***Distributions to Shareholders:*** Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared and paid as follows:

---

| | |
|:---|:---|
| **Morningstar Funds** | **Frequency** |
| U.S. Equity Fund | Annually |
| International Equity Fund | Annually |
| Global Income Fund | Monthly  |
| Total Return Bond Fund | Monthly |
| Municipal Bond Fund | Monthly |
| Defensive Bond Fund | Monthly |
| Multisector Bond Fund | Monthly |
| Global Opportunistic Equity Fund | Annually |
| Alternatives Fund | Annually |

---

Distributions of net realized capital gains, if any, are declared and paid at least annually. Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from U.S. GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal year may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Funds' financial statements presented under U.S. GAAP.

***Indemnifications:*** Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that provide general indemnifications to other parties.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

The Funds do not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**3. Investment Valuation and Fair Value Measurements**

***Investment Valuation Policies:*** The NAV of the Funds' shares are valued as of the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day that the NYSE is open (each a "Business Day"). The NAV per share of each Fund is computed by dividing the total current value of the assets of such Fund, less liabilities, by the total number of shares of the Fund outstanding at the time the computation is made. In general, investments for which market quotations are readily available are valued at current market value, while investments whose market quotations are not readily available (as defined by Rule 2a-5 of the Investment Company Act of 1940, as amended) are fair valued.

As permitted under Rule 2a-5, the Trust's Board of Trustees (the "Board") designated Morningstar Investment Management LLC to serve as the valuation designee. MIM, as valuation designee, carries out its day-to-day fair value responsibilities required under Rule 2a-5 through its Pricing Committee (the "Pricing Committee") in accordance with procedures approved by the Board.

***Fair Valuation Hierarchy:*** Fair value is defined as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a framework and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities (e.g. equity securities and open end investment companies).

Level 2 – prices determined using other significant observable inputs including, but not limited to, quoted prices for similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

Level 3 – prices determined using significant unobservable inputs (including the Pricing Committee's own assumptions in determining the fair value of investments).

Valuation levels are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

A valuation hierarchy including information regarding Level 3 securities, where applicable, is shown at the end of each Fund's Schedule of Investments. The value of Level 3 securities compared to the Funds' net assets is not material and therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

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**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

The Pricing Committee determined that based on their analysis of the market and access to market participants, the Russian equity securities held by the Funds had little or no value as of April 30, 2025.

***Valuation Techniques:*** The following inputs and techniques may be used by the Funds to value their portfolio holdings and to evaluate how to classify each major category of assets and liabilities into the appropriate fair value hierarchy in accordance with U.S. GAAP.

Equity securities, including securities sold short, rights, warrants, exchange traded funds ("ETFs") and closed-end investment companies, are valued at the last quoted sales prices or official closing prices taken from the primary market, or composite in which each security trades. An equity for which no sales are reported, as in the case of a security that is traded in the OTC market or a less liquid listed equity, is generally valued at its last bid price (in the case of short sales, at the ask price). Shares of open end investment companies, other than exchange-traded funds, are valued at their NAV.

Fixed income securities (other than certain short-term investments maturing in 60 days or less) and other investments that trade in markets that are not considered to be active, are valued based on a methodology approved by the Pricing Committee and are typically classified within Level 2 of the fair value hierarchy. This includes certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds and less liquid listed equities. Corporate and sovereign bonds and other fixed-income instruments are valued at estimated fair value using the latest bid prices or evaluated quotes furnished by independent pricing services, as well as quotations from counterparties and other market participants. Evaluated quotes are based on a matrix system, which may consider such factors as quoted prices for identical or similar assets, yields, maturities and ratings and are not necessarily reliant on quoted prices. Short-term debt investments of sufficient credit quality maturing in 60 days or less are generally valued at amortized cost (unless conditions indicate otherwise), which approximates fair value.

The Pricing Committee uses independently provided quantitative models that may adjust the closing prices of certain foreign equity and fixed income securities based on information that becomes available after the foreign market closes, through the application of an adjustment factor to such securities' closing price. Adjustment factors may be greater than, less than, or equal to 1. Thus, use of these quantitative models could cause a Fund to value a security higher, lower or equal to its closing market price, which in turn could cause the Fund's NAV per share to differ from that which would have been calculated using closing market prices. The use of these quantitative models is also intended to decrease the opportunities for persons to engage in ''time zone arbitrage,'' i.e., trading intended to take advantage of stale closing prices in foreign markets that could affect the NAV of the Funds. Securities subjected to an adjustment factor due to the use of these quantitative models are not specifically designated as such on the Funds' Schedule of Investments. Securities with a fair value factor applied are classified as Level 2.

Exchange-traded derivatives, such as futures contracts and exchange-traded option contracts, are typically classified within Level 1 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Futures and option contracts that are listed on national exchanges and are freely transferable are valued at fair value based on their last reported settlement price on the date of determination on the exchange that constitutes the principal market or, if the settlement price is not available, generally at the last traded price. For listed options contracts, if the last traded price falls outside the bid/ask spread, then the calculated mean based

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

on bid/ask prices obtained from the primary exchange will be used. Centrally cleared swap contracts are typically classified within Level 2 of the fair value hierarchy. Centrally cleared swap contracts listed or traded on a multilateral trade facility platform are valued on a daily basis using quotations provided by an independent pricing service.

Forward foreign currency exchange contracts are typically classified within Level 2 of the fair value hierarchy. The U.S. Dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.

OTC derivatives are typically classified within Level 2 of the fair value hierarchy. OTC derivatives, including options on forward foreign currency exchange contracts, put and call options, contracts for difference and swap contracts, are valued by the Pricing Committee on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable.

When observable prices are not available, the Pricing Committee may use one or more valuation approaches (e.g., the market approach or the income approach), including proprietary models for which sufficient and reliable data is available. These investments are classified as Level 3 and have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include illiquid securities. Within Level 3, the market approach generally is based on the technique of using comparable market transactions/multiples, while the use of the income approach includes the estimation of future cash flows discounted to calculate fair value. Discounts may also be applied due to the nature or durations of any restrictions on the disposition of the investment or adjusted as appropriate for credit, market and/or other risk factors.

Securities for which market quotations are not readily available or are unreliable are fair valued by the Pricing Committee in accordance with the procedures approved by the Board. Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. This fair value may be higher or lower than any available market price or quotation for such security and, because this process necessarily depends upon judgment, this value also may vary from valuations determined by other funds using their own valuation procedures. While each Fund's use of fair value pricing is intended to result in calculation of a NAV that fairly reflects security values as of the time of pricing, a Fund cannot guarantee that any fair value price will, in fact, approximate the amount the Fund would actually realize upon the sale of the securities in question. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, a Fund would compare the new market quotation to the fair value price to evaluate the effectiveness of its fair valuation procedures. If any significant discrepancies are found, the fair valuation procedures may be reviewed or adjusted.

The inputs used by the Pricing Committee in estimating the value of Level 3 investments may include, if applicable, such factors as described in the procedures approved by the Board, including, but not limited to, the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, third party broker quotes, deal terms, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, changes in financial ratios or cash flows, benchmark yield curves, credit spreads, estimated default rates, underlying collateral, and other unique security features. Level 3 investments

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Pricing Committee in the absence of market information. Assumptions used by the Pricing Committee due to the lack of observable inputs may significantly impact the fair value of an investment.

**4. Investment Advisory and Other Agreements**

The Trust has an Investment Advisory Agreement (the "Agreement") with the Adviser, with whom certain officers and trustees of the Trust are affiliated, to furnish certain portfolio management services to the Funds.

Pursuant to the Agreement, the Funds have contractually agreed to pay the Adviser a management fee calculated on the average daily net assets of each Fund, in the annual ratios below.

---

| | |
|:---|:---|
| **Morningstar Funds** | **Ratio** |
| U.S. Equity Fund | &nbsp;&nbsp; 0.67% |
| International Equity Fund | &nbsp;&nbsp; 0.83% |
| Global Income Fund | &nbsp;&nbsp; 0.35% |
| Total Return Bond Fund | &nbsp;&nbsp; 0.44% |
| Municipal Bond Fund | &nbsp;&nbsp; 0.44% |
| Defensive Bond Fund | &nbsp;&nbsp; 0.36% |
| Multisector Bond Fund | &nbsp;&nbsp; 0.61% |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 0.47% |
| Alternatives Fund | &nbsp;&nbsp; 0.85% |

---

Pursuant to the Agreement, the Adviser is responsible for performing and overseeing portfolio management services to the Funds. In addition to selecting the overall investment strategies of the Funds, the Adviser oversees and monitors the selection and performance of the subadvisers and allocates assets among the subadvisers. The subadvisers manage each Fund's investment portfolio pursuant to subadvisory agreements with the Adviser. The Adviser manages a portion of each Fund which may include securities such as equities, ETFs, mutual funds, money market fund investments and, where applicable, transacting in forward foreign currency exchange contracts.

Pursuant to an Expense Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2025, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Code) to ensure that each Fund's Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses ("AFFE"), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed the following rates, based on each Fund's average daily net assets. The amount the Adviser owes a Fund as of the reporting date is recorded as a Receivable from Adviser in the Statements of Assets and Liabilities. The Adviser reimburses the Funds on a monthly basis. This management fee waiver and/or expense reimbursement will not be subject to future recoupment. For the period from May 1, 2024 through April 30, 2025, the Funds' Adviser waived fees and/or reimbursed expenses pursuant to the Expense Limitation Agreement for each of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Morningstar Funds** | **Expense Cap** | **Management Fees Waived** |
| U.S. Equity Fund | 0.84% | $445247 |
| International Equity Fund | 0.99% | 700246 |
| Global Income Fund | 0.73% | 52560 |

---

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

---

| | | |
|:---|:---|:---|
| **Morningstar Funds** | **Expense Cap** | **Management Fees Waived** |
| Total Return Bond Fund | 0.53% | $1402638 |
| Municipal Bond Fund | 0.58% | 287982 |
| Defensive Bond Fund | 0.48% | 261507 |
| Multisector Bond Fund | 0.79% | 366097 |
| Global Opportunistic Equity Fund | 0.84% |  |
| Alternatives Fund | 1.16% | 355165 |

---

As of April 30, 2025, the Trust has entered into subadvisory agreements with the following entities by Fund:

---

| | |
|:---|:---|
| **Morningstar Funds** | **Subadvisers** |
| U.S. Equity Fund | ClearBridge Investments, LLC <br>Diamond Hill Capital Management, Inc. <br>Massachusetts Financial Services Company, d/b/a <br> MFS Investment Management <br>Wasatch Advisors, LP, d/b/a Wasatch Global <br> Investors <br>Westwood Management Corp.<br>|
| International Equity Fund | Harding Loevner LP <br>Harris Associates L.P. <br>Lazard Asset Management LLC <br>T. Rowe Price Associates, Inc.<br>|
| Global Income Fund | Cullen Capital Management, LLC <br>Western Asset Management Company, LLC<br>|
| Total Return Bond Fund | BlackRock Financial Management, Inc. <br>Guggenheim Partners Investment Management\*<br>|
| Municipal Bond Fund | Allspring Global Investments, LLC <br>T. Rowe Price Associates, Inc.<br>|
| Defensive Bond Fund | First Pacific Advisors, LP |
| Multisector Bond Fund | Loomis, Sayles & Company, L.P. <br>TCW Investment Management Company LLC <br>Voya Investment Management Company, LLC<br>|
| Global Opportunistic Equity Fund | Lazard Asset Management LLC |
| Alternatives Fund | BlackRock Financial Management, Inc. <br>SSI Investment Management LLC <br>Water Island Capital, LLC<br>|

---

<sup>\*</sup> Contract was signed with subadviser prior to April 30, 2025; however, the subadviser did not begin serving as such to the Fund until after April 30, 2025.

Pursuant to the subadvisory agreements between the subadvisers, the Adviser and the Trust, the Adviser will pay the subadvisers out of the management fees it receives from the Funds.

The Trust has a Fund Administration and Accounting Services Agreement with The Northern Trust Company ("Northern Trust"), which provides certain administration, accounting, clerical and bookkeeping services, assistance with the preparation and filing of tax returns and reports to shareholders, and preparation for signature by an officer of the Trust certain documents required to be filed for Trust compliance with applicable

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

laws and regulations, including those of the SEC and other regulators. Northern Trust also serves as custodian of each Fund's securities and cash, and as the Funds' transfer agent and dividend disbursing agent. Northern Trust does not have responsibility or authority for the management of the Funds or the determination of investment policy.

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the "Distributor"), a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"), serves as the principal underwriter and distributor of the Trust's shares. The Adviser, at its own expense, pays the Distributor an annual fee in consideration for certain distribution related services. Foreside Management Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ("FMS") provides a Principal Financial Officer and an Assistant Treasurer to the Trust. The Trust has agreed to pay FMS an annual base fee and has agreed to reimburse FMS for certain expenses incurred on behalf of the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or the Funds.

The Trust, on behalf of the Funds, has agreements with various financial intermediaries and "mutual fund supermarkets", under which customers of these intermediaries may purchase and hold Fund shares. These intermediaries assess asset-based fees in consideration for providing certain account maintenance, record keeping and transactional and other shareholder services reflected as "Sub-accounting fees" on the Statements of Operations.

**5. Investment Transactions**

During the year ended April 30, 2025, the cost of purchases and the proceeds from sales of investments (excluding in-kind transactions, derivatives and short-term investments) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |  |  |
| **Morningstar Funds** | **U.S. Government** | **Other** | **U.S. Government** | **Other** | **Securities** <br>**Sold Short**<br>| **Covers on** <br>**Securities** <br>**Sold Short**<br>|
| U.S. Equity Fund | $— | $541950156 | &nbsp;&nbsp; $— | $665314971 | &nbsp;&nbsp; $— | $— |
| International <br> Equity Fund<br>|  | 352862473 | &nbsp;&nbsp; — | 335606091 | &nbsp;&nbsp; — |  |
| Global Income <br> Fund<br>| 1605032 | 127535939 | &nbsp;&nbsp; 1594583 | 190119514 | &nbsp;&nbsp; — |  |
| Total Return <br> Bond Fund<br>| 380258109 | 2713886465 | &nbsp;&nbsp; 425972672 | 2620487328 | &nbsp;&nbsp; 333428228 | 338655106 |
| Municipal <br> Bond Fund<br>|  | 83531903 | &nbsp;&nbsp; — | 101653911 | &nbsp;&nbsp; — |  |
| Defensive <br> Bond Fund<br>| 13786408 | 19554369 | &nbsp;&nbsp; 13331685 | 43434384 | &nbsp;&nbsp; — |  |
| Multisector <br> Bond Fund<br>| 88370635 | 209353318 | &nbsp;&nbsp; 88194502 | 217617948 | &nbsp;&nbsp; 107132 | 109749 |
| Global <br> Opportunistic <br> Equity Fund<br>|  | 174297891 | &nbsp;&nbsp; — | 193503655 | &nbsp;&nbsp; — |  |
| Alternatives Fund | 496251 | 394140019 | &nbsp;&nbsp; 504308 | 434298924 | &nbsp;&nbsp; 49349730 | 56162001 |

---

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

***Mortgage Dollar Rolls:*** The Funds may enter into mortgage dollar roll transactions of TBA securities in which the Funds sell mortgage-related securities for immediate settlement and simultaneously purchase the same type of securities for forward settlement at a discount. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the Funds' portfolio turnover rate. The use of mortgage dollar rolls is a speculative technique involving leverage and can have an economic effect similar to borrowing money for investment purposes.

**6. Securities Lending**

The Morningstar U.S. Equity Fund, Morningstar International Equity Fund, Morningstar Global Income Fund, Morningstar Total Return Bond Fund, Morningstar Defensive Bond Fund, and Morningstar Global Opportunistic Equity Fund participate in a securities lending program. Under the securities lending program, Northern Trust serves as the Securities Lending Agent (or "Agent") pursuant to a Securities Lending Authorization Agreement (the "Securities Lending Agreement").

Each Fund will limit lending to be less than one third of the value of its total assets. The Funds' securities held at the Securities Lending Agent as custodian shall be available to be lent except those securities the Funds specifically identify in writing as not being available for lending. The borrower pledges and maintains with each Fund collateral consisting of cash and securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The initial collateral received by each Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S. securities and a value of no less than 105% of the market value for non-U.S. securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. securities on loan and not less than 105% of the current value of the non-U.S. securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to each Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on, or in respect of, the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Cash collateral received is invested in a money market fund managed by Northern Trust Investments, Inc., an indirect subsidiary of Northern Trust Corporation as disclosed in each Fund's Schedule of Investments and reflected on the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is held by the Securities Lending Agent on behalf of each Fund, and each Fund does not have the ability to re-hypothecate these securities. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as "qualified dividend income" under the Jobs and Growth Tax Reconciliation Act of 2003. The securities lending income earned by the Funds is disclosed on the Statement of Operations.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

The following is a summary of the Funds' securities on loan and related cash and non-cash collateral received as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Funds** | **Market Value** <br>**of Securities** <br>**on Loan** <br>| **Cash Collateral** <br>**Received\***<br>| **Non-Cash** <br>**Collateral** <br>**Received\***<br>| **Total Collateral** <br>**Received**<br>|
| U.S. Equity Fund | &nbsp;&nbsp; $39414822<br>| &nbsp;&nbsp; $12324890 | &nbsp;&nbsp; $28410915<br>| &nbsp;&nbsp; $40735805<br>|
| International Equity Fund | &nbsp;&nbsp; 29398598<br>| &nbsp;&nbsp; 20729519 | &nbsp;&nbsp; 9617122<br>| &nbsp;&nbsp; 30346641<br>|
| Global Income Fund | &nbsp;&nbsp; 12971584<br>| &nbsp;&nbsp; 3141013 | &nbsp;&nbsp; 10207127<br>| &nbsp;&nbsp; 13348140<br>|
| Total Return Bond Fund | &nbsp;&nbsp; 44898512<br>| &nbsp;&nbsp; 9721608 | &nbsp;&nbsp; 36134757<br>| &nbsp;&nbsp; 45856365<br>|
| Defensive Bond Fund | &nbsp;&nbsp; 1914879<br>| &nbsp;&nbsp; 331507 | &nbsp;&nbsp; 1616816<br>| &nbsp;&nbsp; 1948323<br>|
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 17792017<br>| &nbsp;&nbsp; 13015195 | &nbsp;&nbsp; 5180693<br>| &nbsp;&nbsp; 18195888<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **\* There are no restrictions or maturity dates on the cash collateral received from borrower. The non-cash collateral** <br> **received consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected** <br> **in the Portfolio of Investments. The remaining contractual maturity of non-cash collateral received are as follows:** | **\* There are no restrictions or maturity dates on the cash collateral received from borrower. The non-cash collateral** <br> **received consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected** <br> **in the Portfolio of Investments. The remaining contractual maturity of non-cash collateral received are as follows:** | **\* There are no restrictions or maturity dates on the cash collateral received from borrower. The non-cash collateral** <br> **received consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected** <br> **in the Portfolio of Investments. The remaining contractual maturity of non-cash collateral received are as follows:** | **\* There are no restrictions or maturity dates on the cash collateral received from borrower. The non-cash collateral** <br> **received consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected** <br> **in the Portfolio of Investments. The remaining contractual maturity of non-cash collateral received are as follows:** | **\* There are no restrictions or maturity dates on the cash collateral received from borrower. The non-cash collateral** <br> **received consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected** <br> **in the Portfolio of Investments. The remaining contractual maturity of non-cash collateral received are as follows:** |
| **Morningstar Funds** | **Up to 30 Days** | **30-90 Days** | **Over 90 Days** | **Total Non-Cash** <br>**Collateral Received** <br>|
| U.S. Equity Fund | &nbsp;&nbsp; $10052<br>| &nbsp;&nbsp; $45162<br>| &nbsp;&nbsp; $28355701<br>| &nbsp;&nbsp; $28410915<br>|
| International Equity Fund | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 177<br>| &nbsp;&nbsp; 9616945<br>| &nbsp;&nbsp; 9617122<br>|
| Global Income Fund | &nbsp;&nbsp; 141<br>| &nbsp;&nbsp; 917<br>| &nbsp;&nbsp; 10206069<br>| &nbsp;&nbsp; 10207127<br>|
| Total Return Bond Fund | &nbsp;&nbsp; 55177<br>| &nbsp;&nbsp; 172785<br>| &nbsp;&nbsp; 35906795<br>| &nbsp;&nbsp; 36134757<br>|
| Defensive Bond Fund | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 1616816<br>| &nbsp;&nbsp; 1616816<br>|
| Global Opportunistic Equity Fund | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 5180693<br>| &nbsp;&nbsp; 5180693<br>|

---

Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that a Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that a Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. There also may be risks of delay in receiving additional collateral, in recovering the securities loaned, or a loss of rights in the collateral should the borrower of the securities fail financially. In the event a Fund is unsuccessful in seeking to enforce the contractual obligation to deliver additional collateral, then the Fund could suffer a loss. To mitigate borrower default risk, the Funds benefit from a borrower default indemnity provided by the Securities Lending Agent. The Securities Lending Agent's indemnity allows for full replacement of securities lent wherein the Agent will purchase the unreturned loaned securities on the open market applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, the Securities Lending Agent will purchase the unreturned loan securities at the Agent's expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no offsetting disclosure has been made on behalf of the Funds.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

&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;

**7. Financial Derivative Instruments**

Certain Funds may transact in derivatives as part of their principal investment strategies in an attempt to achieve their investment objective. The Funds' derivative contracts are not accounted for as hedging instruments under U.S. GAAP. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

***Forward Foreign Currency Exchange Contracts***: A forward foreign currency exchange contract is an obligation to purchase or sell a specific non-U.S. currency in exchange for another currency, which may be U.S. dollars, at an agreed exchange rate (price) at a future date. Forward foreign currency exchange contracts are typically individually negotiated and privately traded by currency traders and their customers in the interbank market. A forward foreign currency exchange contract will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, similar to when a Fund sells a security denominated in one currency and purchases a security denominated in another currency.

At the maturity of a forward foreign currency exchange contract, a Fund may either exchange the currencies specified at the maturity of a forward foreign currency exchange contract or, prior to maturity, the Fund may enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward foreign currency exchange contracts are usually effected with the counterparty to the original forward foreign currency exchange contracts. A Fund may also enter into forward foreign currency exchange contracts that do not provide for physical settlement of the two currencies but instead provide for settlement by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forward foreign currency exchange contracts).

Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments and presented as gross unrealized appreciation (depreciation) on the Statements of Assets and Liabilities. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

***Futures Contracts****:* A Fund may enter into futures contracts. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such as a specific security, rate, currency or commodity, at a specified price at a specified later date. A Fund may purchase or sell interest rate futures for the purpose of hedging some or all of the value of its portfolio securities against changes in prevailing interest rates or to manage its duration or effective maturity. If MIM or a subadviser anticipates that interest rates may rise and, concomitantly, the price of certain of its portfolio securities may fall, a Fund may sell futures contracts. If declining interest rates are anticipated, a Fund may purchase futures contracts to protect against a potential increase in the price of securities the Fund intends to purchase. Subsequently, appropriate securities may be purchased by a Fund in an orderly fashion; as securities are purchased, corresponding futures positions would be terminated by offsetting sales of contracts.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

When a Fund enters into a futures contract, it must deliver to an account controlled by a futures commission merchant ("FCM") an amount referred to as "initial margin" that is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a "variation margin" amount may be required to be paid by a Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the futures contract. The account is marked-to-market daily and the variation margin is monitored by a Fund's investment manager and custodian on a daily basis. When the futures contract is closed out, if a Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If a Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If a Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

Futures contracts outstanding at year end, if any, are listed after each Fund's Schedule of Investments.The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts. As of April 30, 2025, the Morningstar Global Income Fund, the Morningstar Total Return Bond Fund, the Morningstar Multisector Bond Fund and the Morningstar Alternatives Fund pledged cash to cover margin requirements for open futures positions in an amount of $475,212, $2,586, $107,582 and $333,419, respectively, which is the net of amounts included in Due to/from Broker on the Statements of Assets and Liabilities.

***Options on Futures Contracts:*** Options on futures contracts trade on the same contract markets as the underlying futures contract. When a Fund buys an option, it pays a premium for the right, but does not have the obligation, to purchase (call) or sell (put) a futures contract at a set price (called the exercise price). The purchase of a call or put option on a futures contract, whereby a Fund has the right to purchase or sell, respectively, a particular futures contract, is similar in some respects to the purchase of a call or put option on an individual security or currency. Depending on the premium paid for the option compared to either the price of the futures contract upon which it is based or the price of the underlying reference instrument, the option may be less risky than direct ownership of the futures contract or the underlying reference instrument.

The seller (writer) of an option becomes contractually obligated to take the opposite futures position if the buyer of the option exercises its rights to the futures position specified in the option. In return for the premium paid by the buyer, the seller assumes the risk of taking a possibly adverse futures position. In addition, the seller will be required to post and maintain initial and variation margin with the FCM.

***Options***: A Fund may purchase and sell call and put options. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

As the buyer of a call option, a Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). A Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, a Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, a Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. If a put option is not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If a call option written by a Fund expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, a Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. A Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by a Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

***Options on Interest-Rate Swap Contracts***: An option on an interest-rate swap contract (sometimes referred to as a "swaption") is a contract that gives the purchaser the right, but not the obligation, in return for payment of a premium, to enter into a new interest-rate swap contract. Options on swap contracts involve the risks associated with derivative instruments generally, as well as the additional risks associated with both options and swap contracts generally. A pay fixed option on an interest-rate swap contract gives the buyer the right to establish a position in an interest-rate swap contract where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest-rate swap contracts are "European" exercise, which means that they can only be exercised at the end of the option term.

When a Fund purchases an option on a swap contract, an amount equal to the premium paid by the Fund is recorded as an Investment on the Schedule of Investments, the value of which is marked-to-market daily based upon quotations from market makers to reflect its current market value. If the option on a swap contract expires, a Fund realizes a loss equal to the amount of the premium paid. Changes in the value of an option on a swap contract are reported as unrealized gains or losses.

***Interest Rate, Inflation Index and Total Return Swap Contracts***: A Fund may purchase interest-rate swap contracts. A Fund may use interest-rate swap contracts to increase or decrease exposure to a particular interest rate or rates, which may result in the Fund experiencing a gain or loss depending on whether the interest rates increased or decreased during the term of the agreement. A Fund may also enter into inflation index swap contracts to manage exposure to inflation risk. An inflation index swap contract is an agreement between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. The value of an inflation index swap contract is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the time the swap contract is entered into, the swap contract will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap contract is entered into, the swap contract will decrease in value. A Fund may also engage in total return swap contracts, in which payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as a fixed-income security, a combination of securities, or an index). The value of a Fund's swap contract positions would increase or decrease depending on the changes in value of the underlying rates, currency values, volatility or other indexes or measures. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap contracts may increase or decrease the overall volatility of a Fund's investments and its share price. A Fund's ability to engage in certain swap contract transactions may be limited by tax considerations.

A Fund's ability to realize a profit from such transactions will depend on the ability of the financial institutions with which it enters into the transactions to meet their obligations to the Fund. If a counterparty's creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses. If a default occurs by the other party to such transaction, a Fund will have contractual remedies pursuant to the

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

agreements related to the transaction, which may be limited by applicable law in the case of a counterparty's insolvency. Under certain circumstances, suitable transactions may not be available to a Fund, or the Fund may be unable to close out its position under such transactions at the same time, or at the same price, as if it had purchased comparable publicly traded securities. Swap contracts carry counterparty risks that cannot be fully anticipated. Also, because swap contract transactions typically involve a contract between the two parties, such swap contract investments can be extremely illiquid, as it is uncertain as to whether another counterparty would wish to take assignment of the rights under the swap contract at a price acceptable to a Fund.

For centrally cleared swap contracts, the Schedules of Investments include the cumulative appreciation (depreciation), while only the current day's variation margin is reported within the Statements of Assets and Liabilities. For interest rate swap contracts, an up-front payment received by a Fund is recorded as a liability and an upfront payment made by a Fund is recorded as an asset on the Fund's Statement of Assets and Liabilities. Upfront payments are amortized over the term of the contract. If there is no upfront payment or receipt, market value will equal unrealized appreciation (depreciation). Periodic payments received (paid) by a Fund are recorded as realized gains (losses) from the expiration or closing of swap contracts on the Fund's Statement of Operations.

Interest rate swap contracts are marked to market daily and the change is recorded as unrealized gain (loss) on swap contracts in the Statements of Operations. The Funds' risk of loss associated with these instruments may exceed their value, as recorded in the Schedules of Investments. Non-deliverable interest rate swap contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Centrally cleared interest rate swap contracts may have forward effective dates. The amortization of the upfront premiums (if applicable) and payments related to these swap contracts begin on the effective date of the contract. Interest rate, inflation index and total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after each Fund's Schedule of Investments.

***Credit Default Swap Contracts***: A Fund may purchase credit default swap contracts. A credit default swap contract is an agreement between a Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swap contracts may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation. As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third party debtor, such as default by a U.S. or non-U.S. corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

A Fund may enter into credit default swap contracts as protection buyer to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s) (also known as buying credit protection). This would involve the risk that the investment may expire worthless and would only generate gain in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to a Fund. The purchase of credit default swap contracts involves costs, which will reduce a Fund's return.

For centrally cleared swap contracts, the Schedules of Investments include the cumulative appreciation (depreciation), while only the current day's variation margin is reported within the Statements of Assets and Liabilities. For credit default swap contracts, an up-front payment received by a Fund is recorded as a liability and an upfront payment made by a Fund is recorded as an asset on the Fund's Statement of Assets and Liabilities. Upfront payments are amortized over the term of the contract. If there is no upfront payment or receipt, market value will equal unrealized appreciation (depreciation). Periodic payments received (paid) by a Fund are recorded as realized gains (losses) from the expiration or closing of swap contracts on the Fund's Statement of Operations.

The credit default swap contracts and the change, if any, is recorded as an unrealized gain or loss. Changes in market value are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Upon the occurrence of a credit event, the difference between the par value and market value of the reference obligation, net of any proportional amount of the up-front payment, is recorded as a realized gain or loss on swap contracts in the Statements of Operations are marked to market daily.

Each Fund's risk of loss associated with these instruments may exceed their fair value, as recorded in the Schedules of Investments. Credit default swap contracts outstanding, including their respective notional amounts at year end, if any, are listed within each Fund's Schedule of Investments.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default contracts on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap contract, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

***Contracts for Difference:*** The Morningstar Alternatives Fund may enter into Contracts for Difference ("CFDs"). CFDs are leveraged derivative instruments that allow the Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

a short CFD, the Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by the Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD. CFDs outstanding, including their respective notional amounts at year end, if any, are listed within the Fund's Schedule of Investments.

***Master Netting Agreements***: Certain Funds are parties to master netting arrangements with counterparties ("Master Agreements"). Master Agreements govern the terms of certain like transactions, and reduce the counterparty risk associated with relevant transactions by specifying payment netting mechanisms across multiple transactions and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded by different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple Master Agreements with a counterparty and its affiliates.

As the Master Agreements are specific to unique operations of different asset types, they allow the Funds to i) close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty, ii) exit transactions through means other than sale, such as through a negotiated agreement with the Funds' counterparty, a transfer to another party, or close out of the position through execution of an offsetting transaction.

Master Repurchase Agreements govern repurchase agreements, borrowed bond agreements and reverse repurchase transactions, relating to government bonds between certain Funds and select counterparties. Master Repurchase Agreements maintain provisions for initiation, income payments, events of default, and maintenance of collateral. With borrowed bond agreements and reverse repurchase transactions, typically a Fund and counterparty under a Master Repurchase Agreement are permitted to sell, repledge, or use the collateral associated with the transaction.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of equities, bonds, equity options or short sales of securities between certain Funds and selected counterparties. These arrangements provide financing terms for such transactions and include guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

agreements maintain provisions for payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically held by the prime broker and offset any obligations due to the prime broker.

Customer Account Agreements govern cleared derivatives transactions and exchange-traded futures and options transactions. Upon entering into an exchange-traded or centrally cleared derivative contract, the Funds are required to deposit with the relevant clearing organization cash or securities, which is referred to as the initial margin. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as Deposits with brokers for centrally cleared swap contracts and Deposits with brokers for futures contracts on the Statements of Assets and Liabilities. For exchange-traded futures or centrally cleared swap contracts, initial margin is posted, and daily changes in fair value are recorded as a payable or receivable on the Statements of Assets and Liabilities as Variation margin on centrally cleared swap contracts and Variation margin on futures contracts. Variation margin is determined separately for exchange-traded futures and centrally cleared swap contracts and cannot be netted.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern OTC derivative transactions entered into between certain Funds and a counterparty. ISDA Master Agreements maintain provisions for general obligations, representations, netting of settlement payments, agreements to deliver supporting documents, collateral transfer and events of default or termination. Events of termination include a decline in a Fund's net assets below a specified threshold over a certain period of time or a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all OTC contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by a party to elect early termination could be material to the financial statements and impact a Fund's future derivative activity.

Collateral and margin requirements differ according to the terms of each type of Master Agreement. Collateral is routinely transferred if the total net exposure net of existing collateral already in place governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold. Collateral can be in the form of cash, debt securities issued by the U.S. government, money market funds and other securities as agreed to by a Fund and the applicable counterparty, or as permitted by the clearing house or exchange.

Collateral pledged by a Fund for OTC derivatives pursuant to a Master Agreement is segregated by the Fund's custodian and identified as an asset in the Statements of Assets and Liabilities either as a component of Investments in non-affiliates, at value (securities) or in Due from broker (cash). Segregation of a Fund's collateral in the custodian account helps mitigate counterparty risk.

Collateral posted for the benefit of a Fund pursuant to a Master Agreement is held by a custodian of the Fund. Amounts which can be invested or repledged, are presented in each Fund's Schedule of Investments. Collateral received is reflected as a liability within Due to broker in the Statements of Assets and Liabilities.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objectives. The Funds' derivative contracts are not accounted for as hedging instruments under GAAP. The effects of such derivative instruments on the Funds' financial position and financial performance for the year ended April 30, 2025 are as follows:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value of Derivatives** <br>**included in Assets** | **Fair Value of Derivatives** <br>**included in Assets** | **Fair Value of Derivatives** <br>**included in Assets** | **Fair Value of Derivatives** <br>**included in Assets** | **Fair Value of Derivatives** <br>**included in Assets** | **Fair Value of Derivatives** <br>**included in Liabilities** | **Fair Value of Derivatives** <br>**included in Liabilities** | **Fair Value of Derivatives** <br>**included in Liabilities** | **Fair Value of Derivatives** <br>**included in Liabilities** | **Fair Value of Derivatives** <br>**included in Liabilities** |
|  | **Unrealized** <br>**Appreciation** <br>**on Futures** <br>**Contracts**<sup>(1)</sup> <br>| **Unrealized** <br>**Appreciation** <br>**on Swap** <br>**Contracts and** <br>**Contracts for** <br>**Difference**<sup>(2)</sup> <br>| **Unrealized** <br>**Appreciation** <br>**on Forward** <br>**Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Purchased** <br>**Options and** <br>**Swaptions at** <br>**Fair Market** <br>**Value**<sup>(3)</sup> <br>| **Total** | **Unrealized** <br>**Depreciation** <br>**on Futures** <br>**Contracts**<sup>(1)</sup> <br>| **Unrealized** <br>**Depreciation** <br>**on Swap** <br>**Contracts and** <br>**Contracts for** <br>**Difference**<sup>(2)</sup> <br>| **Unrealized** <br>**Depreciation** <br>**on Forward** <br>**Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Written** <br>**Options and** <br>**Swaptions at** <br>**Fair Market** <br>**Value**<sup>(4)</sup> <br>| **Total** |
| **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** |  |  |  |  |  |  |
| Credit risk | $— | $— | $— | $3914 | $3914 | &nbsp;&nbsp; $— | $— | $— | $1510 | $1510 |
| Foreign <br> exchange <br> rate risk<br>|  |  | 62056 |  | 62056 | &nbsp;&nbsp; — |  | 47898 |  | 47898 |
| Interest rate <br> risk<br>| 189745 | 58992 |  |  | 248737 | &nbsp;&nbsp; 47219 | 150705 |  |  | 197924 |
| Total | $189745 | $58992 | $62056 | $3914 | $314707 | &nbsp;&nbsp; $47219 | $150705 | $47898 | $1510 | $247332 |
| **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** |  |  |  |  |  |  |
| Credit risk | $— | $3526 | $— | $— | $3526 | &nbsp;&nbsp; $— | $133323 | $— | $— | $133323 |
| Equity risk |  |  |  |  |  | &nbsp;&nbsp; 56092 | 50660 |  |  | 106752 |
| Foreign <br> exchange <br> rate risk<br>|  |  | 83703 | 18252 | 101955 | &nbsp;&nbsp; — |  | 388758 | 13810 | 402568 |
| Inflation risk |  | 9510 |  |  | 9510 | &nbsp;&nbsp; — | 30976 |  |  | 30976 |
| Interest rate <br> risk<br>| 535814 | 82424 |  | 821767 | 1440005 | &nbsp;&nbsp; 220853 | 193065 |  | 43142 | 457060 |
| Total | $535814 | $95460 | $83703 | $840019 | $1554996 | &nbsp;&nbsp; $276945 | $408024 | $388758 | $56952 | $1130679 |
| **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** |  |  |  |  |  |  |
| Foreign <br> exchange <br> rate risk<br>| $— | $— | $301384 | $— | $301384 | &nbsp;&nbsp; $— | $— | $217508 | $— | $217508 |
| Interest rate <br> risk<br>| 92535 |  |  |  | 92535 | &nbsp;&nbsp; 119536 |  |  |  | 119536 |
| Total | $92535 | $— | $301384 | $— | $393919 | &nbsp;&nbsp; $119536 | $— | $217508 | $— | $337044 |
| **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** |  |  |  |  |  |  |
| Credit risk | $— | $— | $— | $— | $— | &nbsp;&nbsp; $— | $21162 | $— | $— | $21162 |
| Equity risk |  | 3080101 |  | 77136 | 3157237 | &nbsp;&nbsp; — | 3196563 |  | 21986 | 3218549 |
| Foreign <br> exchange <br> rate risk<br>|  |  | 480761 |  | 480761 | &nbsp;&nbsp; — |  | 692820 |  | 692820 |
| Interest rate <br> risk<br>| 338268 |  |  |  | 338268 | &nbsp;&nbsp; 78040 | 43 |  |  | 78083 |
| Total | $338268 | $3080101 | $480761 | $77136 | $3976266 | &nbsp;&nbsp; $78040 | $3217768 | $692820 | $21986 | $4010614 |

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<sup>1</sup> Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments' footnotes. Only the current day's variation margin is reported within the Statements of Assets and Liabilities. 

<sup>2</sup> Includes cumulative appreciation/depreciation on centrally-cleared swap contracts as reported in the Schedule of Investments' footnotes. Only the current day's variation margin is reported within the Statements of Assets and Liabilities. 

<sup>3</sup> Fair market value is included in Investments in non-affiliates, at value on the Statements of Assets and Liabilities.

<sup>4</sup> Fair market value is included in Written options, at value on the Statements of Assets and Liabilities.

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**Morningstar Funds Trust** April 30, 2025

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**Notes to Financial Statements** (continued)

The following table indicates the effects of derivative instruments, by primary underlying risk exposure and contract type, on the Statements of Operations for the year ended April 30, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Realized Gain (Losses)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Realized Gain (Losses)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Realized Gain (Losses)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Realized Gain (Losses)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Realized Gain (Losses)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives Recognized** <br>**as a Result from Operations** |
|  | **Futures** <br>**Contracts**<br>| **Swap** <br>**Contracts**<sup>(1)</sup> <br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Purchased/** <br>**Written** <br>**Options and** <br>**Swaptions**<sup>(2)</sup> <br>| **Total** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Contracts**<sup>(3)</sup> <br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Purchased/** <br>**Written** <br>**Options and** <br>**Swaptions**<sup>(4)</sup> <br>| **Total** |
| **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** | **Morningstar Global Income Fund** |  |  |  |  |  |  |
| Credit risk | $— | $6207 | $— | $(220)<br>| $5987 | &nbsp;&nbsp; $— | $673 | $— | $2404 | $3077 |
| Foreign <br> exchange <br> rate risk<br>|  |  | (182308)<br>| (15539)<br>| (197847)<br>| &nbsp;&nbsp; — |  | 42855 | (150)<br>| 42705 |
| Interest rate <br> risk<br>| (346272)<br>| (66316)<br>|  | 62136 | (350452)<br>| &nbsp;&nbsp; 871134 | 3435 |  |  | 874569 |
| Total | $(346272)<br>| $(60109)<br>| $(182308)<br>| $46377 | $(542312)<br>| &nbsp;&nbsp; $871134 | $4108 | $42855 | $2254 | $920351 |
| **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** | **Morningstar Total Return Bond Fund** |  |  |  |  |  |  |
| Credit risk | $— | $542218 | $— | $(2648)<br>| $539570 | &nbsp;&nbsp; $— | $(134867)<br>| $— | $— | $(134867)<br>|
| Equity risk | (132999)<br>| (79960)<br>|  |  | (212959)<br>| &nbsp;&nbsp; (56092)<br>| (50660)<br>|  |  | (106752)<br>|
| Foreign <br> exchange <br> rate risk<br>|  |  | 534849 | (64568)<br>| 470281 | &nbsp;&nbsp; — |  | (475209)<br>| (6513)<br>| (481722)<br>|
| Inflation risk |  |  |  |  |  | &nbsp;&nbsp; — | (21467)<br>|  |  | (21467)<br>|
| Interest rate <br> risk<br>| 56111 | 259279 |  | (276130)<br>| 39260 | &nbsp;&nbsp; 2792569 | (2437395)<br>|  | 83882 | 439056 |
| Total | $(76888)<br>| $721537 | $534849 | $(343346)<br>| $836152 | &nbsp;&nbsp; $2736477 | $(2644389)<br>| $(475209)<br>| $77369 | $(305752)<br>|
| **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** |  |  |  |  |  |  |
| Credit risk | $— | $(1841)<br>| $— | $— | $(1841)<br>| &nbsp;&nbsp; $— | $— | $— | $— | $— |
| Foreign <br> exchange <br> rate risk<br>|  |  | 66783 | (51148)<br>| 15635 | &nbsp;&nbsp; — |  | 51471 | (3961)<br>| 47510 |
| Interest rate <br> risk<br>| 171168 | 530 |  |  | 171698 | &nbsp;&nbsp; (145013)<br>|  |  |  | (145013)<br>|
| Total | $171168 | $(1311)<br>| $66783 | $(51148)<br>| $185492 | &nbsp;&nbsp; $(145013)<br>| $— | $51471 | $(3961)<br>| $(97503)<br>|
| **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** |  |  |  |  |  |  |
| Credit risk | $— | $(107375)<br>| $— | $— | $(107375)<br>| &nbsp;&nbsp; $— | $(3602)<br>| $— | $— | $(3602)<br>|
| Equity risk | 40360 | (458688)<br>|  | (184014)<br>| (602342)<br>| &nbsp;&nbsp; — | 4078 |  | (205551)<br>| (201473)<br>|
| Foreign <br> exchange <br> rate risk<br>|  |  | (103973)<br>| (4425)<br>| (108398)<br>| &nbsp;&nbsp; — |  | (318390)<br>| (4361)<br>| (322751)<br>|
| Interest rate <br> risk<br>| 1761 | (27776)<br>|  |  | (26015)<br>| &nbsp;&nbsp; 299610 | (43)<br>|  |  | 299567 |
| Total | $42121 | $(593839)<br>| $(103973)<br>| $(188439)<br>| $(844130)<br>| &nbsp;&nbsp; $299610 | $433 | $(318390)<br>| $(209912)<br>| $(228259)<br>|

---

<sup>1</sup> Includes net realized gains (losses) on Contracts for Difference.

<sup>2</sup> Net realized gains (losses) on Purchased Options/Swaptions included in Investments.

<sup>3</sup> Includes net change in unrealized appreciation (depreciation) on Contracts for Difference.

<sup>4</sup> Net change in unrealized appreciation (depreciation) on Purchased Options/Swaptions included in Investments.

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

The following tables present, as of April 30, 2025 the gross and net derivative assets and liabilities that are netted on the Statements of Assets or Liabilities or that are subject to a master netting agreement. The tables also present information about the related collateral amounts by counterparty.

As of April 30, 2025, each Fund's derivative assets and liabilities by type are as follows:

**Morningstar Global Income Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Gross Assets** | **Gross Liabilities** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $62056 | &nbsp;&nbsp; $47898 |
| Futures contracts | &nbsp;&nbsp; 189745 | &nbsp;&nbsp; 47219 |
| Interest rate swap contracts | &nbsp;&nbsp; 58992 | &nbsp;&nbsp; 107414 |
| Total return swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 43291 |
| Purchased swaptions | &nbsp;&nbsp; 3914 | &nbsp;&nbsp; — |
| Written swaptions | &nbsp;&nbsp; — | &nbsp;&nbsp; 1510 |
| Total gross amount of derivatives in the Statements of Assets and <br> Liabilities<br>| &nbsp;&nbsp; $314707 | &nbsp;&nbsp; $247332 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (248737)<br>| &nbsp;&nbsp; (47219)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $65970 | &nbsp;&nbsp; $200113 |

---

As of April 30, 2025, no derivative assets or liabilities were netted on the Statements of Assets and Liabilities.

**Amounts Not Offset in the Statements of Assets and Liabilities:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of Assets** <br>**Presented in the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| BNP Paribas | &nbsp;&nbsp; $2247 | &nbsp;&nbsp; $(879)<br>| &nbsp;&nbsp; $1368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1368 |
| Citibank | &nbsp;&nbsp; 40798 | &nbsp;&nbsp; (14597)<br>| &nbsp;&nbsp; 26201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26201 |
| Goldman Sachs | &nbsp;&nbsp; 18439 | &nbsp;&nbsp; (18439)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase | &nbsp;&nbsp; 1699 | &nbsp;&nbsp; (1699)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2787 | &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp; 2657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2657 |
| Total  | &nbsp;&nbsp; $65970 | &nbsp;&nbsp; $(35744)<br>| &nbsp;&nbsp; $30226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30226 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of** <br>**Liabilities Presented in** <br>**the Statements of** <br>**Assets and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| BNP Paribas | &nbsp;&nbsp; $(879)<br>| &nbsp;&nbsp; $879 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Citibank | &nbsp;&nbsp; (14597)<br>| &nbsp;&nbsp; 14597 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs | &nbsp;&nbsp; (33802)<br>| &nbsp;&nbsp; 18439 | &nbsp;&nbsp; (15363)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15363)<br>|
| JPMorgan Chase<sup>(a)</sup> <br>| &nbsp;&nbsp; (150705)<br>| &nbsp;&nbsp; 1699 | &nbsp;&nbsp; (149006)<br>| &nbsp;&nbsp; 120000 | &nbsp;&nbsp; (29006)<br>|
| Morgan Stanley | &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp; 130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total  | &nbsp;&nbsp; $(200113)<br>| &nbsp;&nbsp; $35744 | &nbsp;&nbsp; $(164369)<br>| &nbsp;&nbsp; $120000 | &nbsp;&nbsp; $(44369)<br>|

---

<sup>(a)</sup> Actual amount of collateral pledged by the Fund to JPMorgan Chase and is included in Due from broker in the Statements of Assets and Liabilities.

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

As of April 30, 2025, each Fund's derivative assets and liabilities by type are as follows:

**Morningstar Total Return Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Gross Assets** | **Gross Liabilities** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $83703 | &nbsp;&nbsp; $388758 |
| Futures contracts | &nbsp;&nbsp; 535814 | &nbsp;&nbsp; 276945 |
| Interest rate swap contracts | &nbsp;&nbsp; 82424 | &nbsp;&nbsp; 193065 |
| Credit default swap contracts | &nbsp;&nbsp; 3526 | &nbsp;&nbsp; 133323 |
| Inflation swap contracts | &nbsp;&nbsp; 9510 | &nbsp;&nbsp; 30976 |
| Total return swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 50660 |
| Purchased options | &nbsp;&nbsp; 176582 | &nbsp;&nbsp; — |
| Purchased swaptions | &nbsp;&nbsp; 663437 | &nbsp;&nbsp; — |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 52932 |
| Written swaptions | &nbsp;&nbsp; — | &nbsp;&nbsp; 4020 |
| Total gross amount of derivatives in the Statements of Assets and <br> Liabilities<br>| &nbsp;&nbsp; $1554996 | &nbsp;&nbsp; $1130679 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (613566)<br>| &nbsp;&nbsp; (604845)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $941430 | &nbsp;&nbsp; $525834 |

---

As of April 30, 2025, no derivative assets or liabilities were netted on the Statements of Assets and Liabilities.

**Amounts Not Offset in the Statements of Assets and Liabilities:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of Assets** <br>**Presented in the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| Bank of America<sup>(a)</sup> <br>| &nbsp;&nbsp; $238710 | &nbsp;&nbsp; $(5368)<br>| &nbsp;&nbsp; $233342 | &nbsp;&nbsp; $(209959)<br>| &nbsp;&nbsp; $23383 |
| Barclays | &nbsp;&nbsp; 13580 | &nbsp;&nbsp; (5913)<br>| &nbsp;&nbsp; 7667 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7667 |
| BNP Paribas<sup>(b)</sup> <br>| &nbsp;&nbsp; 48014 | &nbsp;&nbsp; (26348)<br>| &nbsp;&nbsp; 21666 | &nbsp;&nbsp; (21666)<br>| &nbsp;&nbsp; — |
| Citibank<sup>(a)</sup> <br>| &nbsp;&nbsp; 73560 | &nbsp;&nbsp; (14239)<br>| &nbsp;&nbsp; 59321 | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; 9321 |
| Deutsche Bank<sup>(a)</sup> <br>| &nbsp;&nbsp; 156834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156834 | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp; 6834 |
| Goldman Sachs<sup>(a)</sup> <br>| &nbsp;&nbsp; 221896 | &nbsp;&nbsp; (95301)<br>| &nbsp;&nbsp; 126595 | &nbsp;&nbsp; (90000)<br>| &nbsp;&nbsp; 36595 |
| HSBC | &nbsp;&nbsp; 26475 | &nbsp;&nbsp; (354)<br>| &nbsp;&nbsp; 26121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26121 |
| JPMorgan Chase | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; (638)<br>| &nbsp;&nbsp; 1112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1112 |
| Morgan Stanley<sup>(b)</sup> <br>| &nbsp;&nbsp; 113688 | &nbsp;&nbsp; (8853)<br>| &nbsp;&nbsp; 104835 | &nbsp;&nbsp; (104835)<br>| &nbsp;&nbsp; — |
| Nomura | &nbsp;&nbsp; 612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 612 |
| RBS | &nbsp;&nbsp; 7359 | &nbsp;&nbsp; (7359)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 172 | &nbsp;&nbsp; (172)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street | &nbsp;&nbsp; 7528 | &nbsp;&nbsp; (7528)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto—Dominion Bank | &nbsp;&nbsp; 678 | &nbsp;&nbsp; (678)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS | &nbsp;&nbsp; 30574 | &nbsp;&nbsp; (30574)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total  | &nbsp;&nbsp; $941430 | &nbsp;&nbsp; $(203325)<br>| &nbsp;&nbsp; $738105 | &nbsp;&nbsp; $(626460)<br>| &nbsp;&nbsp; $111645 |

---

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of** <br>**Liabilities Presented in** <br>**the Statements of** <br>**Assets and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| Bank of America | &nbsp;&nbsp; $(5368)<br>| &nbsp;&nbsp; $5368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays | &nbsp;&nbsp; (5913)<br>| &nbsp;&nbsp; 5913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp; (26348)<br>| &nbsp;&nbsp; 26348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNY Mellon | &nbsp;&nbsp; (34335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (34335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (34335)<br>|
| Citibank | &nbsp;&nbsp; (14240)<br>| &nbsp;&nbsp; 14240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs | &nbsp;&nbsp; (95300)<br>| &nbsp;&nbsp; 95300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC | &nbsp;&nbsp; (354)<br>| &nbsp;&nbsp; 354 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase | &nbsp;&nbsp; (638)<br>| &nbsp;&nbsp; 638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; (8853)<br>| &nbsp;&nbsp; 8853 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBS | &nbsp;&nbsp; (53795)<br>| &nbsp;&nbsp; 7359 | &nbsp;&nbsp; (46436)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (46436)<br>|
| Standard Chartered Bank | &nbsp;&nbsp; (3126)<br>| &nbsp;&nbsp; 172 | &nbsp;&nbsp; (2954)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2954)<br>|
| State Street | &nbsp;&nbsp; (229326)<br>| &nbsp;&nbsp; 7528 | &nbsp;&nbsp; (221798)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (221798)<br>|
| Toronto—Dominion Bank | &nbsp;&nbsp; (9874)<br>| &nbsp;&nbsp; 678 | &nbsp;&nbsp; (9196)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9196)<br>|
| UBS | &nbsp;&nbsp; (38364)<br>| &nbsp;&nbsp; 30574 | &nbsp;&nbsp; (7790)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7790)<br>|
| Total  | &nbsp;&nbsp; $(525834)<br>| &nbsp;&nbsp; $203325 | &nbsp;&nbsp; $(322509)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(322509)<br>|

---

<sup>(a)</sup> Actual amount of collateral received from Bank of America, Citibank, Deutsche Bank and Goldman Sachs is included in Due to broker in the Statements of Assets and Liabilities. 

<sup>(b)</sup> Actual amount of collateral received from BNP Paribas and Morgan Stanley exceeded the net amount before collateral and is included in Due to broker in the Statements of Assets and Liabilities. 

As of April 30, 2025, each Fund's derivative assets and liabilities by type are as follows:

**Morningstar Multisector Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Gross Assets** | **Gross Liabilities** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $301384 | &nbsp;&nbsp; $217508 |
| Futures contracts | &nbsp;&nbsp; 92535 | &nbsp;&nbsp; 119536 |
| Total gross amount of derivatives in the Statements of Assets and <br> Liabilities<br>| &nbsp;&nbsp; $393919 | &nbsp;&nbsp; $337044 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (92535)<br>| &nbsp;&nbsp; (119536)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $301384 | &nbsp;&nbsp; $217508 |

---

As of April 30, 2025, no derivative assets or liabilities were netted on the Statements of Assets and Liabilities.

**Amounts Not Offset in the Statements of Assets and Liabilities:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of Assets** <br>**Presented in the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| Bank of America | &nbsp;&nbsp; $30134 | &nbsp;&nbsp; $(28158)<br>| &nbsp;&nbsp; $1976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1976 |
| Barclays | &nbsp;&nbsp; 29470 | &nbsp;&nbsp; (29470)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp; 102324 | &nbsp;&nbsp; (94489)<br>| &nbsp;&nbsp; 7835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7835 |

---

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of Assets**<br> **Presented in the**<br> **Statements of Assets**<br> **and Liabilities**<br>| **Financial**<br> **Instruments**<br> **Not Offset**<br>| **Net Amount**<br> **Before**<br> **Collateral**<br>| **Cash Collateral**<br> **(Received)**<br> **Pledged**<br>| **Net Exposure** |
| Goldman Sachs | &nbsp;&nbsp; $10560 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10560 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10560 |
| JPMorgan Chase | &nbsp;&nbsp; 100579 | &nbsp;&nbsp; (36179)<br>| &nbsp;&nbsp; 64400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64400 |
| Morgan Stanley | &nbsp;&nbsp; 28317 | &nbsp;&nbsp; (18006)<br>| &nbsp;&nbsp; 10311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10311 |
| Total  | &nbsp;&nbsp; $301384 | &nbsp;&nbsp; $(206302)<br>| &nbsp;&nbsp; $95082 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $95082 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of** <br>**Liabilities Presented in** <br>**the Statements of** <br>**Assets and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| Bank of America | &nbsp;&nbsp; $(28158)<br>| &nbsp;&nbsp; $28158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays | &nbsp;&nbsp; (40676)<br>| &nbsp;&nbsp; 29470 | &nbsp;&nbsp; (11206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11206)<br>|
| BNP Paribas | &nbsp;&nbsp; (94489)<br>| &nbsp;&nbsp; 94489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase | &nbsp;&nbsp; (36179)<br>| &nbsp;&nbsp; 36179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; (18006)<br>| &nbsp;&nbsp; 18006 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total  | &nbsp;&nbsp; $(217508)<br>| &nbsp;&nbsp; $206302 | &nbsp;&nbsp; $(11206)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11206)<br>|

---

As of April 30, 2025, each Fund's derivative assets and liabilities by type are as follows:

**Morningstar Alternatives Fund**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Gross Assets** | **Gross Liabilities** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $480761 | &nbsp;&nbsp; $692820 |
| Futures contracts | &nbsp;&nbsp; 338268 | &nbsp;&nbsp; 78040 |
| Contracts for difference | &nbsp;&nbsp; 3080101 | &nbsp;&nbsp; 3196563 |
| Interest rate swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 43 |
| Credit default swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 21162 |
| Purchased options | &nbsp;&nbsp; 77136 | &nbsp;&nbsp; — |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 21986 |
| Total gross amount of derivatives in the Statements of Assets and <br> Liabilities<br>| &nbsp;&nbsp; $3976266 | &nbsp;&nbsp; $4010614 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (415404)<br>| &nbsp;&nbsp; (121231)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $3560862 | &nbsp;&nbsp; $3889383 |

---

As of April 30, 2025, no derivative assets or liabilities were netted on the Statements of Assets and Liabilities.

**Amounts Not Offset in the Statements of Assets and Liabilities:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of Assets** <br>**Presented in the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| Bank of America | &nbsp;&nbsp; $50145 | &nbsp;&nbsp; $(50145)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays | &nbsp;&nbsp; 1026833 | &nbsp;&nbsp; (1026833)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of Assets**<br> **Presented in the**<br> **Statements of Assets**<br> **and Liabilities**<br>| **Financial**<br> **Instruments**<br> **Not Offset**<br>| **Net Amount**<br> **Before**<br> **Collateral**<br>| **Cash Collateral**<br> **(Received)**<br> **Pledged**<br>| **Net Exposure** |
| Citibank | &nbsp;&nbsp; $26292 | &nbsp;&nbsp; $(26292)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Deutsche Bank | &nbsp;&nbsp; 39883 | &nbsp;&nbsp; (39883)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs<sup>(a)</sup> <br>| &nbsp;&nbsp; 1081744 | &nbsp;&nbsp; (1044228)<br>| &nbsp;&nbsp; 37516 | &nbsp;&nbsp; (37516)<br>| &nbsp;&nbsp; — |
| JPMorgan Chase | &nbsp;&nbsp; 1185336 | &nbsp;&nbsp; (1185336)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 34571 | &nbsp;&nbsp; (34571)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Northern Trust | &nbsp;&nbsp; 5364 | &nbsp;&nbsp; (5364)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank Of Canada | &nbsp;&nbsp; 110694 | &nbsp;&nbsp; (5376)<br>| &nbsp;&nbsp; 105318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105318 |
| Total  | &nbsp;&nbsp; $3560862 | &nbsp;&nbsp; $(3418028)<br>| &nbsp;&nbsp; $142834 | &nbsp;&nbsp; $(37516)<br>| &nbsp;&nbsp; $105318 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Amounts of** <br>**Liabilities Presented in** <br>**the Statements of** <br>**Assets and Liabilities**<br>| **Financial** <br>**Instruments** <br>**Not Offset**<br>| **Net Amount** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**(Received)** <br>**Pledged**<br>| **Net Exposure** |
| Bank of America<sup>(a)</sup> <br>| &nbsp;&nbsp; $(53718)<br>| &nbsp;&nbsp; $50145 | &nbsp;&nbsp; $(3573)<br>| &nbsp;&nbsp; $3573 | &nbsp;&nbsp; $— |
| Barclays | &nbsp;&nbsp; (1041818)<br>| &nbsp;&nbsp; 1026833 | &nbsp;&nbsp; (14985)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14985)<br>|
| Citibank<sup>(b)</sup> <br>| &nbsp;&nbsp; (52888)<br>| &nbsp;&nbsp; 26292 | &nbsp;&nbsp; (26596)<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; (16596)<br>|
| Deutsche Bank<sup>(b)</sup> <br>| &nbsp;&nbsp; (131165)<br>| &nbsp;&nbsp; 39883 | &nbsp;&nbsp; (91282)<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; (81282)<br>|
| Goldman Sachs | &nbsp;&nbsp; (1044228)<br>| &nbsp;&nbsp; 1044228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase<sup>(a)</sup> <br>| &nbsp;&nbsp; (1277378)<br>| &nbsp;&nbsp; 1185336 | &nbsp;&nbsp; (92042)<br>| &nbsp;&nbsp; 92042 | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; (81708)<br>| &nbsp;&nbsp; 34571 | &nbsp;&nbsp; (47137)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (47137)<br>|
| Northern Trust | &nbsp;&nbsp; (44624)<br>| &nbsp;&nbsp; 5364 | &nbsp;&nbsp; (39260)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (39260)<br>|
| Royal Bank Of Canada | &nbsp;&nbsp; (5376)<br>| &nbsp;&nbsp; 5376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| WI Carr | &nbsp;&nbsp; (156480)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (156480)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (156480)<br>|
| Total  | &nbsp;&nbsp; $(3889383)<br>| &nbsp;&nbsp; $3418028 | &nbsp;&nbsp; $(471355)<br>| &nbsp;&nbsp; $115615 | &nbsp;&nbsp; $(355740)<br>|

---

<sup>(a)</sup> Actual amount of collateral received from Goldman Sachs and pledged by the Fund to Bank of America and JPMorgan Chase exceeded the net amount before collateral and is included in Due to broker and Due from Broker, respectively, in the Statements of Assets and Liabilities. 

<sup>(b)</sup> Actual amount of collateral pledged by the Fund to Citibank and Deutsche Bank is included in Due from Broker in the Statements of Assets and Liabilities. 

For the year ended April 30, 2025, the quarterly average notional values were as follows and are representative of the trading volume of the derivatives held by the Funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar** <br>**Global** <br>**Income Fund**<br>| **Morningstar** <br>**Total Return** <br>**Bond Fund**<br>| **Morningstar** <br>**Multisector** <br>**Bond Fund**<br>| **Morningstar** <br>**Alternatives** <br>**Fund**<br>|
| **Futures Contracts:** | **Futures Contracts:** |  |  |  |
| Average Notional Balance - Long | &nbsp;&nbsp; $25019156 | &nbsp;&nbsp; $96212179 | &nbsp;&nbsp; $10525291 | &nbsp;&nbsp; $34407690 |
| Average Notional Balance - Short | &nbsp;&nbsp; 5194292 | &nbsp;&nbsp; 8881009 | &nbsp;&nbsp; 6788238 | &nbsp;&nbsp; 18754711 |
| Ending Notional Balance - Long | &nbsp;&nbsp; 17491661 | &nbsp;&nbsp; 82785476 | &nbsp;&nbsp; 10204406 | &nbsp;&nbsp; 44826424 |
| Ending Notional Balance - Short | &nbsp;&nbsp; 2917687 | &nbsp;&nbsp; 19567568 | &nbsp;&nbsp; 6899812 | &nbsp;&nbsp; 12447724 |
| **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** |  |  |  |
| Average Settlement Value - Purchased | &nbsp;&nbsp; 4753383 | &nbsp;&nbsp; 17037367 | &nbsp;&nbsp; 10183157 | &nbsp;&nbsp; 25835739 |
| Average Settlement Value - Sold | &nbsp;&nbsp; 3478452 | &nbsp;&nbsp; 5598954 | &nbsp;&nbsp; 15414894 | &nbsp;&nbsp; 22491116 |
| Ending Settlement Value - Purchased | &nbsp;&nbsp; 2520303 | &nbsp;&nbsp; 13264223 | &nbsp;&nbsp; 13111917 | &nbsp;&nbsp; 24207685 |

---

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar**<br> **Global**<br> **Income Fund**<br>| **Morningstar**<br> **Total Return**<br> **Bond Fund**<br>| **Morningstar**<br> **Multisector**<br> **Bond Fund**<br>| **Morningstar**<br> **Alternatives**<br> **Fund**<br>|
| **Forward Foreign Currency Exchange Contracts (continued):** | **Forward Foreign Currency Exchange Contracts (continued):** |  |  |  |
| Ending Settlement Value - Sold | &nbsp;&nbsp; $1995076 | &nbsp;&nbsp; $3988740 | &nbsp;&nbsp; $18660342 | &nbsp;&nbsp; $18659814 |
| **Contracts for Difference:** | **Contracts for Difference:** |  |  |  |
| Average Notional Balance - Long | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 715351 |
| Average Notional Balance - Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 921050 |
| Ending Notional Balance - Long | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 854262 |
| Ending Notional Balance - Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1230050 |
| **Total Return Swap Contracts:** | **Total Return Swap Contracts:** |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 393750 | &nbsp;&nbsp; 1840383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 424000 | &nbsp;&nbsp; 1840383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Inflation Swap Contracts:** | **Inflation Swap Contracts:** |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 2851344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 88075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 11405376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 352300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Interest Rate Swap Contracts:** | **Interest Rate Swap Contracts:** |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 40038378 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; 3536629 | &nbsp;&nbsp; 227895694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 111999 |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 48111692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; 2713495 | &nbsp;&nbsp; 44919982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125872 |
| **Credit Default Swap Contracts:** | **Credit Default Swap Contracts:** |  |  |  |
| Average Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 2366173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1357085 |
| Average Notional Balance - Sell Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 17705554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 665206 |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 2078247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1440547 |
| Ending Notional Balance - Sell Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 14966732 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Options:** | **Options:** |  |  |  |
| Average Notional Balance - Purchased | &nbsp;&nbsp; 7536520 | &nbsp;&nbsp; 118135223 | &nbsp;&nbsp; 837500 | &nbsp;&nbsp; 4380660 |
| Average Notional Balance - Written | &nbsp;&nbsp; — | &nbsp;&nbsp; 118768499 | &nbsp;&nbsp; — | &nbsp;&nbsp; 431961 |
| Ending Notional Balance - Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 93855800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7125825 |
| Ending Notional Balance - Written | &nbsp;&nbsp; — | &nbsp;&nbsp; 93702148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 596293 |
| **Swaptions:** | **Swaptions:** |  |  |  |
| Average Notional Balance - Purchased | &nbsp;&nbsp; 1747500 | &nbsp;&nbsp; 104867977 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Written | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 124248244 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Purchased | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 87785406 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Written | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 76829000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

&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;

**8. Federal Income Tax Matters**

As of April 30, 2025, the cost and related aggregate gross and net unrealized appreciation (depreciation) of long security positions, short security positions and derivative instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Funds** | **Cost of** <br>**Investments**<br>| **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| U.S. Equity Fund | &nbsp;&nbsp; $1363729604 | &nbsp;&nbsp; $311896451 | &nbsp;&nbsp; $(57139589)<br>| &nbsp;&nbsp; $254756862 |
| International Equity Fund | &nbsp;&nbsp; 844580632 | &nbsp;&nbsp; 120864916 | &nbsp;&nbsp; (69177448)<br>| &nbsp;&nbsp; 51687468 |
| Global Income Fund | &nbsp;&nbsp; 137700811 | &nbsp;&nbsp; 6833781 | &nbsp;&nbsp; (4362736)<br>| &nbsp;&nbsp; 2471045 |
| Total Return Bond Fund | &nbsp;&nbsp; 971776273 | &nbsp;&nbsp; 8143700 | &nbsp;&nbsp; (20687671)<br>| &nbsp;&nbsp; (12543971)<br>|
| Municipal Bond Fund | &nbsp;&nbsp; 317926083 | &nbsp;&nbsp; 655734 | &nbsp;&nbsp; (13848407)<br>| &nbsp;&nbsp; (13192673)<br>|
| Defensive Bond Fund | &nbsp;&nbsp; 112719033 | &nbsp;&nbsp; 2586304 | &nbsp;&nbsp; (1262425)<br>| &nbsp;&nbsp; 1323879 |
| Multisector Bond Fund | &nbsp;&nbsp; 177200437 | &nbsp;&nbsp; 3119427 | &nbsp;&nbsp; (7356133)<br>| &nbsp;&nbsp; (4236706)<br>|
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 294373147 | &nbsp;&nbsp; 26845084 | &nbsp;&nbsp; (12066765)<br>| &nbsp;&nbsp; 14778319 |
| Alternatives Fund | &nbsp;&nbsp; 194229576 | &nbsp;&nbsp; 7578344 | &nbsp;&nbsp; (8597327)<br>| &nbsp;&nbsp; (1018983)<br>|

---

The differences between book basis and tax basis appreciation (depreciation) on investments is primarily attributable to wash sale loss deferrals, mark to market on credit default swap contracts, contracts for difference, futures contracts, forward foreign currency exchange contracts, passive foreign investment companies ("PFICs"), 305(c) deemed dividends, straddle loss deferrals, investment in interest only ("IO") securities and contingent payment debt instruments ("CPDIs"), and timing of income recognition from Real Estate Investment Trusts ("REITs").

As of April 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Morningstar Funds** | **Current** <br>**Distributable** <br>**Tax-Exempt** <br>**Income**<br>| **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Accumulated** <br>**Capital and** <br>**Other Losses** <br>| **Total** <br>**Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Losses)**<br>|
| U.S. Equity Fund | $— | $9739424 | $82260042 | $254757623 | $— | $346757089 |
| International Equity Fund |  | 6746465 | 10515113 | 49729300 |  | 66990878 |
| Global Income Fund |  | 612728 |  | 2445556 | (18476248)<br>| (15417964)<br>|
| Total Return Bond Fund |  |  |  | (12534202)<br>| (137547370)<br>| (150081572)<br>|
| Municipal Bond Fund | 198755 |  |  | (13192673)<br>| (13864635)<br>| (26858553)<br>|
| Defensive Bond Fund |  | 55935 |  | 1323879 | (7424018)<br>| (6044204)<br>|
| Multisector Bond Fund |  | 449636 |  | (4291910)<br>| (23975927)<br>| (27818201)<br>|
| Global Opportunistic Equity <br> Fund<br>|  | 4164442 | 9375966 | 14635815 |  | 28176223 |
| Alternatives Fund |  | 3229877 |  | (1012234)<br>| (2301948)<br>| (84305)<br>|

---

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. Such amounts may differ from income and capital gains recorded in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. These reclassifications are

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications have no impact on the total net assets or the NAVs per share of the Funds. At April 30, 2025, the following reclassification was recorded:

---

| | | |
|:---|:---|:---|
| **Morningstar Funds** | **Accumulated Distributable Earnings** <br>**(Accumulated Losses)**<br>| **Paid-in** <br>**Capital**<br>|
| U.S. Equity Fund | &nbsp;&nbsp; $(14510416)<br>| &nbsp;&nbsp; $14510416 |
| International Equity Fund | &nbsp;&nbsp; (2222757)<br>| &nbsp;&nbsp; 2222757 |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; (2871251)<br>| &nbsp;&nbsp; 2871251 |

---

The tax character of distributions paid during the fiscal year ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended April 30, 2025** | **Fiscal Year Ended April 30, 2025** | **Fiscal Year Ended April 30, 2025** | **Fiscal Year Ended April 30, 2025** |
| **Morningstar Funds** | **Tax-Exempt Income** | **Ordinary Income** | **Capital Gains** | **Total Distributions Paid** |
| U.S. Equity Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31894743 | &nbsp;&nbsp; $132,902,675<br> \*<br>| &nbsp;&nbsp; $164,797,418<br> \*<br>|
| International Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 23703003 | &nbsp;&nbsp; 14,369,730<br> \*<br>| &nbsp;&nbsp; 38,072,733<br> \*<br>|
| Global Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 10328373 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10328373 |
| Total Return Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 33641928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33641928 |
| Municipal Bond Fund | &nbsp;&nbsp; 10043500 | &nbsp;&nbsp; 497473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10540973 |
| Defensive Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 5098645 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5098645 |
| Multisector Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 9385089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9385089 |
| Global Opportunistic Equity <br> Fund<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12209350 | &nbsp;&nbsp; 15,169,941<br> \*<br>| &nbsp;&nbsp; 27,379,291<br> \*<br>|
| Alternatives Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 6519588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6519588 |

---

\*The amounts do not include the tax equalization utilized of $14,511,973, $2,222,757 and $2,871,251, respectively.<br>

The tax character of distributions paid during the fiscal year ended April 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended April 30, 2024** | **Fiscal Year Ended April 30, 2024** | **Fiscal Year Ended April 30, 2024** | **Fiscal Year Ended April 30, 2024** |
| **Morningstar Funds** | **Tax Exempt Income** | **Ordinary Income** | **Capital Gains** | **Total Distributions Paid** |
| U.S. Equity Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23462336 | &nbsp;&nbsp; $41751458 | &nbsp;&nbsp; $65213794 |
| International Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 18789554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18789554 |
| Global Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 12554100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12554100 |
| Total Return Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 30053999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30053999 |
| Municipal Bond Fund | &nbsp;&nbsp; 9291963 | &nbsp;&nbsp; 460441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9752404 |
| Defensive Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 5698959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5698959 |
| Multisector Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 10383805 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10383805 |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 6731199 | &nbsp;&nbsp; 937418 | &nbsp;&nbsp; 7668617 |
| Alternatives Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 8664487 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8664487 |

---

For the period subsequent to December 31, 2024, through the fiscal year ended April 30, 2025, the Total Return Bond Fund incurred late year ordinary losses for which the Fund intends to treat as having been incurred in the following fiscal year of $290,377.

Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Capital loss carry forwards with no expiration will retain their character as either short-term or long-term capital losses.

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

At April 30, 2025, the capital losses incurred that will be carried forward indefinitely under the provisions of the Act are as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended April 30, 2025** | **Fiscal Year Ended April 30, 2025** |
| **Morningstar Funds** | **Short-Term Capital Loss** <br>**Carryforward**<br>| **Long-Term Capital Loss** <br>**Carryforward**<br>|
| Global Income Fund | &nbsp;&nbsp; $14840206 | &nbsp;&nbsp; $3636042 |
| Total Return Bond Fund | &nbsp;&nbsp; 44973822 | &nbsp;&nbsp; 92283171 |
| Municipal Bond Fund | &nbsp;&nbsp; 1301726 | &nbsp;&nbsp; 12562909 |
| Defensive Bond Fund | &nbsp;&nbsp; 407229 | &nbsp;&nbsp; 7016789 |
| Multisector Bond Fund | &nbsp;&nbsp; 13246162 | &nbsp;&nbsp; 10729765 |
| Alternatives Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 2301948 |

---

During the fiscal year ended April 30, 2025, the following Fund utilized capital loss carry forwards as follows:

---

| | |
|:---|:---|
| **Morningstar Funds** |  |
| International Equity Fund | &nbsp;&nbsp; $(2353021)<br>|
| Global Income Fund | &nbsp;&nbsp; (6583129)<br>|
| Multisector Bond Fund | &nbsp;&nbsp; (1330283)<br>|
| Alternatives Fund | &nbsp;&nbsp; (3575156)<br>|

---

**9. Principal Ownership**

As of April 30, 2025, the Funds had omnibus accounts owning more than 5% of the total Institutional shares outstanding of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Morningstar Funds** | **Number of** <br>**Shareholders**<br>| **% Ownership**<sup>1</sup> <br>|
| U.S. Equity Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| International Equity Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| Global Income Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| Total Return Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| Municipal Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| Defensive Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| Multisector Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |
| Alternatives Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 99% |

---

<sup>1</sup>Includes omnibus positions of broker-dealers representing numerous shareholder accounts. <br>

Investment activities of these shareholders may have a material effect on the Funds.

**10. Line of Credit**

The Funds have a $50 million line of credit agreement with Northern Trust. Borrowings are made solely to facilitate the handling of redemptions or unusual or unanticipated short-term cash requirements. Because several Funds participate and collateral requirements apply, there is no assurance that an individual Fund will

------

**Morningstar Funds Trust** April 30, 2025

------

**Notes to Financial Statements** (continued)

have access to the entire $50 million at any particular time. Interest is charged to each Fund based on its borrowings at an amount of 1.25% above the Federal Funds rate. In addition, an administration fee of $10,000 is payable annually and allocated among the Funds based on net assets.

During the year ended April 30, 2025, the Funds made no borrowings against the line of credit.

**11. Operating Segments**

In this reporting period, the Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. Each Fund represents a single operating segment and the Funds' Adviser acts as the CODM. The Funds' total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the Funds' financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for the Funds through the date this report was issued and has concluded that no subsequent events occurred which required recognition or disclosure.

------

**Morningstar Funds Trust** April 30, 2025

------

**Report Of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Morningstar Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Morningstar Funds Trust comprising Morningstar U.S. Equity Fund, Morningstar International Equity Fund, Morningstar Global Income Fund, Morningstar Total Return Bond Fund, Morningstar Municipal Bond Fund, Morningstar Defensive Bond Fund, Morningstar Multisector Bond Fund, Morningstar Global Opportunistic Equity Fund, and Morningstar Alternatives Fund (the "Funds") as of April 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial statements and financial highlights for the years ended April 30, 2024, and prior, were audited by other auditors whose report dated June 27, 2024, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian, brokers, agent banks, and counterparties; when replies were not received from brokers, agent banks, or counterparties, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2025.

/s/ COHEN & COMPANY, LTD.

Cleveland, Ohio

June 27, 2025

------

**Morningstar Funds Trust** April 30, 2025

------

**Tax Information (unaudited)**

**LONG-TERM CAPITAL GAIN** — The following Funds designated the below amounts as long-term capital gains, pursuant to Section 852(b)(3)(C) of the Code, for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Morningstar Funds** | **Long-Term Capital Gain** |
| U.S. Equity Fund | &nbsp;&nbsp; $132902675 |
| International Equity Fund | &nbsp;&nbsp; 14369730 |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 15169941 |

---

**CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD)** — A percentage of the dividends distributed during the fiscal year ended April 30, 2025, for the following Funds qualifies for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Morningstar Funds** | **Corporate DRD Percentage** (%) |
| U.S. Equity Fund | &nbsp;&nbsp; 30 |
| International Equity Fund | &nbsp;&nbsp; 1 |
| Global Income Fund | &nbsp;&nbsp; 10 |
| Total Return Bond Fund | &nbsp;&nbsp; —<br> \*<br>|
| Defensive Bond Fund | &nbsp;&nbsp; 1 |
| Multisector Bond Fund | &nbsp;&nbsp; 1 |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 10 |
| Alternatives Fund | &nbsp;&nbsp; 7 |

---

\* Amount rounds to less than 0.5%

**QUALIFIED DIVIDEND INCOME (QDI)** — Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended April 30, 2025, are designated as "qualified dividend income", as defined in the Act:

---

| | |
|:---|:---|
| **Morningstar Funds** | **QDI Percentage** (%) |
| U.S. Equity Fund | &nbsp;&nbsp; 35 |
| International Equity Fund | &nbsp;&nbsp; 100 |
| Global Income Fund | &nbsp;&nbsp; 30 |
| Total Return Bond Fund | &nbsp;&nbsp; —<br> \*<br>|
| Defensive Bond Fund | &nbsp;&nbsp; 1 |
| Multisector Bond Fund | &nbsp;&nbsp; 1 |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 29 |
| Alternatives Fund | &nbsp;&nbsp; 9 |

---

<sup>\*</sup> Amount rounds to less than 0.5%

**FOREIGN TAX CREDIT** — The Fund below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amount per share which represents income from sources within, and taxes paid to, foreign countries is as follows:

---

| | | |
|:---|:---|:---|
| **Morningstar Funds** | **Foreign Tax Credit** | **Foreign Source Income** |
| International Equity Fund | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.22 |

---

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**Morningstar Funds Trust** April 30, 2025

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**Tax Information (unaudited)** (continued)

**EXEMPT-INTEREST DIVIDENDS** — During the fiscal year ended April 30, 2025, the percentage of dividends derived from net investment income paid by the following Fund qualifies as "exempt-interest dividends," excludable from gross income for Federal income tax purposes:

---

| | |
|:---|:---|
| **Morningstar Funds** | **Exempt-Interest Dividend** (%) |
| Municipal Bond Fund | &nbsp;&nbsp; 95 |

---

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**Morningstar Funds Trust** April 30, 2025

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**Changes in and Disagreements with Accountants for Open-End Management** **Investment Companies (unaudited)**

Effective February 13, 2025, Ernst & Young LLP resigned and therefore ceased to serve as the independent registered public accounting firm of the Morningstar Funds Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") and the Audit Committee of the Board, approved Cohen & Company, Ltd. ("Cohen") to serve as the new independent registered public accounting firm for all Funds in the Trust for the fiscal year ending April 30, 2025.

The reports of Ernst & Young LLP on the financial statements for the fiscal years ended April 30, 2023 and 2024 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle.

During the Funds' fiscal years ended April 30, 2023 and April 30, 2024, or for the period from May 1, 2024 through February 13, 2025, (the "Interim Period"): (i) there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Ernst & Young LLP would have caused them to make reference thereto in their reports on the financial statements for such years or Interim Period; and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the fiscal years ended April 30, 2023 and April 30, 2024, and during the Interim Period, neither the Trust nor anyone acting on its behalf consulted with Cohen on behalf of the Trust on items that concerned the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Funds' financial statements, or any matter that was either (i) the subject of a disagreement (as defined in Item 304(a)(1)(iv) under Regulation S-K and related instructions) or (ii) a reportable event (as described in Item 304(a)(1)(v) under Regulation S-K).

The Funds have requested that Ernst & Young LLP furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements.

------

**Morningstar Funds Trust** April 30, 2025

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**Proxy Disclosures for Open-End Management Investment Companies (unaudited)**

Not applicable.

------

**Morningstar Funds Trust** 

------

**Remuneration Paid to Directors, Officers, and Others of Open-End Management** **Investment Companies**

The information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)**

The Morningstar Funds Trust (the "Trust") is a Delaware statutory trust organized under the laws of the State of Delaware on March 1, 2017 and registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940. The Trust consists of nine (9) series (each series a "Fund", collectively the "Funds"). Each Fund has an Investment Advisory Agreement with Morningstar Investment Management, LLC ("Morningstar") and each Fund also has at least one Subadvisory Agreement with a Subadviser to that Fund.

The Funds and their Subadvisers that were approved by the Board of Trustees of the Trust (the "Board") during the Fund's most recent fiscal half year were:

---

| | |
|:---|:---|
| **Morningstar U.S. Equity Fund** | **Morningstar Municipal Bond Fund** |
| • ClearBridge Investments, LLC | • Allspring Global Investments, LLC |
| • Diamond Hill Capital Management, Inc. | • T. Rowe Price Associates, Inc. |
| • Massachusetts Financial Services Company <br>(d/b/a MFS Investment Management)<br>|  |
| • Wasatch Advisors, LP (d/b/a Wasatch Global <br> Investors)<br>| **Morningstar Defensive Bond Fund** |
| • Westwood Management Corp. | • First Pacific Advisors, LP |
| **Morningstar International Equity Fund** | **Morningstar Multisector Bond Fund** |
| • Harding Loevner LP | • Loomis, Sayles & Company, L.P. |
| • Harris Associates L.P. | • TCW Investment Management Company LLC |
| • Lazard Asset Management LLC | • Voya Investment Management Company, LLC |
| • T. Rowe Price Associates, Inc. |  |
| ○ T. Rowe Price Singapore Private Ltd |  |
| ○ T. Rowe Price International Ltd | **Morningstar Global Opportunistic Equity Fund** |
| ○ T. Rowe Price Hong Kong Limited |  |
|  | • Lazard Asset Management LLC |
| **Morningstar Global Income Fund** |  |
| • Cullen Capital Management, LLC | **Morningstar Alternatives Fund** |
| • Western Asset Management Company, LLC |  |
|  | • BlackRock Financial Management, Inc. |
| **Morningstar Total Return Bond Fund** | ○ BlackRock International Limited |
|  | • SSI Investment Management LLC |
| • BlackRock Financial Management, Inc. | • Water Island Capital, LLC |
| ○ BlackRock International Limited  |  |
| ○ BlackRock (Singapore) Limited |  |
| • Guggenheim Partners Investment <br> Management, LLC<br>|  |

---

------

**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

*Board Approval/Renewal of the Investment Advisory Agreement and the Subadvisory Agreements*

One of the primary responsibilities of the Board is to determine whether to renew the Funds' Investment Advisory Agreement with Morningstar and the Funds' respective Subadvisory Agreements. The Funds' Investment Advisory Agreement and Subadvisory Agreements were scheduled to expire at the end of April 2025. In March 2025, the Board met to consider whether to renew these Subadvisory Agreements for a one-year period, through April 30, 2026.

As a result of information provided by T. Rowe Price Associates, Inc. regarding the need for sub-sub-advisory agreements (including in light of personnel changes), the Board also considered whether to approve new sub-subadvisory agreements on behalf of the Morningstar International Equity Fund: (i) between T. Rowe Price Associates, Inc. and T. Rowe Price International Ltd; and (ii) between T. Rowe Price Associates, Inc. and T. Rowe Price Hong Kong Limited (together, the "New T. Rowe Price Sub-Subadvisory Agreements") and whether to approve a new subadvisory agreement on behalf of the Morningstar Total Return Bond Fund with Guggenheim Partners Investment Management, LLC (together with the Subadvisory Agreements and the New T. Rowe Price Sub-Subadvisory Agreements, the "Agreements").

The Board decided to renew and, as applicable, approve the Agreements. This note reviews the factors that the Board considered and discusses its conclusions. This introductory section of this note highlights key considerations in the renewal/approval process. The body of this note, which follows, provides more details of the review process undertaken by and the conclusions reached by the Board.

*Key Considerations*

While the Board reviewed many factors as part of its decision-making process, the Board would like to highlight two of those factors: fund expenses and investment performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund Expenses - Fund expenses are an important factor because they directly affect shareholder returns. The Board noted that one of Morningstar's investment principles - minimizing costs - is consistent with this view. The Board continues to be encouraged by Morningstar's commitment to lowering costs to shareholders, notably through its implementation of voluntary expense waivers and expense reimbursements.

In its review of Fund expenses, the Board noted that, for six of the nine Funds, actual total expenses as a percentage of average net assets were either at or below the median actual total expenses for a peer group of comparable funds; in addition, for seven of the nine Funds, actual management fees paid as a percentage of average net assets were below the median actual management fees paid for a peer group of comparable funds. For the Alternatives Fund, actual total expenses as a percentage of average net assets exceeded the peer group median by 0.126%. For the Municipal Bond Fund, actual total expenses as a percentage of average net assets exceeded the peer group median by 0.01% and actual management fees paid exceeded the peer group median by 0.018%. For the U.S. Equity Fund, actual management fees paid exceeded the peer group median by 0.061%. For the Total Return Bond Fund, actual management fees paid exceeded the peer group median by 0.02%.

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

The Board discussed with Morningstar management plans for increasing assets in the Funds as a way of reducing the total expense levels through economies of scale. The Board concluded that the fees were fair and reasonable. For more information, see "Fund Expenses" below. Information about the peer groups can be found below under "Renewal/Approval of the Agreements."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Performance - Fund performance was also important to the Board. In evaluating performance, the Board looked at each Fund's performance relative to other funds that invest in similar types of securities, its performance relative to an index benchmark, and its risk-adjusted performance. Performance as compared to peer funds for calendar year 2024 was mixed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The Municipal Bond Fund performed in the best performing quintile of its category (i.e., 1st out of 5 performing quintiles, with 1st quintile being the best performing quintile);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The Total Return Bond Fund and Global Opportunistic Equity Fund performed in the second-best performing quintile of their categories (i.e., 2nd out of 5 performing quintiles, with 1st quintile being the best performing quintile);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The Alternatives Fund performed in the middle performing quintile of its category (i.e., 3rd out of 5 performing quintiles, with 1st quintile being the best performing quintile);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The Defensive Bond Fund, Multisector Bond Fund, Global Income Fund, and U.S. Equity Fund performed in the second-lowest performing quintile of their categories (i.e., 4th out of 5 performing quintiles, with 1st quintile being the best performing quintile); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The International Equity Fund performed in the lowest performing quintile of their categories (i.e., 5th out of 5 performing quintiles, with 1st quintile being the best performing quintile);

The Board discussed the relative underperformance of several of the Funds with Morningstar and the reasons for the underperformance. As part of these discussions, Morningstar shared changes and enhancements to certain Funds that are being evaluated. Based on Morningstar's willingness to take appropriate measures to address Fund performance issues and Morningstar's responsiveness to the Board's concerns about investment performance, the Board concluded that no changes with respect to the Funds were warranted at the time and noted that it would continue to monitor future performance.

For more information, including a discussion of the performance of individual Funds, see "Investment Performance" below.

The Board invites comments from shareholders on this disclosure and how it may be enhanced. Shareholders may email the Board with their suggestions at [<u>BoardofTrustees.MorningstarFundsTrust@morningstar.com</u>](mailto:BoardofTrustees.MorningstarFundsTrust@morningstar.com)

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

*Renewal/Approval of the Agreements*

At a Board of Trustees meeting on March 12, 2025, the Board unanimously approved the renewal and, as applicable, the approval of the Agreements. The Board determined that the Agreements, including the investment advisory and subadvisory fees in the Agreements, were fair and reasonable.

Prior to making these approvals, the Board considered materials and presentations related to the Agreements. Among the topics addressed in these materials and presentations were:

&nbsp;&nbsp;&nbsp;&nbsp;• The services that Morningstar and each Subadviser provided and would provide to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Morningstar's investment management operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment approach or proposed investment approach for each Fund and whether this investment approach was being followed by Morningstar and each Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The due diligence conducted on each Subadviser by Morningstar, and Morningstar's reasons for recommending the retention of each Subadviser and the renewal or approval of the related Subadvisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The due diligence conducted by the Trust's Chief Compliance Officer with regard to compliance programs and capabilities of Morningstar and each Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The services that the custodian, fund administrator, transfer agent and distributor provided and would provide to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The fees paid and to be paid to service providers to each Fund, including Morningstar and each Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expense ratio for each Fund, reflecting both the fees paid and to be paid to service providers and expenses incurred and to be incurred directly by each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expense limitation arrangements, to be achieved by fee waivers and expense reimbursements by Morningstar.

The information obtained by the Board during the renewal process included a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent analyst. The analysis in the report was based on data from Lipper, Inc. The report from Broadridge analyzed each Fund's performance and risk relative to other funds that invest in similar types of securities. The analysis covered performance for the periods ended December 31, 2024.

In addition, the report analyzed each Fund's expenses relative to a smaller group of comparable funds selected by Broadridge. These "peer groups" of comparable funds were composed of funds with similar investment objectives that were distributed in a similar manner to the Funds (e.g., funds with similar distribution platforms and that are sold as part of a multi-asset solution program).

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

Because these peer groups contained a limited number of funds, Morningstar requested that Broadridge prepare "supplemental peer groups" that included comparable funds that are available outside of multi-asset solution programs and received the results of these supplemental peer groups. The Board considered the "supplemental peer groups", but ultimately concluded that the original peer groups were more appropriate as a comparison than the supplemental peer groups.

The Board noted that there may be some differences between the peer groups and the Funds. Specifically, some of the funds in the peer groups have a larger asset base than the Funds. In addition, some of the funds in the peer groups are distributed through proprietary sales channels, while the Funds are distributed through non-proprietary channels and as part of an investment advisory solution offered by financial institutions. Despite these differences, the Board concluded that the Broadridge report was helpful in the review process.

The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

In addition, the Board's deliberations were also informed by the meetings that the Board had held since the prior renewal of the Agreements in 2024 with representatives of Morningstar, certain Subadvisers and the Trust's Chief Compliance Officer.

Throughout the approval process, the Independent Trustees received assistance from independent counsel. The Independent Trustees met separately with independent counsel. More information about the Independent Trustees and their role is available at https://www.morningstar.com/company/morningstar-funds-governance.

*Factors Considered*

In making their determination, the Board considered multiple factors. The Board did not quantify or assign relative weights to the factors. Each member of the Board may have assigned different weights to the factors.

The factors considered included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment performance of each Fund and the performance of Morningstar and each Subadviser in achieving this performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Whether each Fund had operated in accordance with its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fairness of the compensation under the Investment Advisory Agreement and Subadvisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expense ratio to be borne by shareholders, considering the combined effect of the pricing structure of each Fund and existing fee waivers and expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;• Morningstar's investment principles.

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

&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;• The nature, extent and quality of services that Morningstar and each Subadviser provided and would be expected to provide to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The background, experience, personnel (including talent management and related diversity and inclusion matters), operations, technology, policies, procedures and compliance functions of Morningstar and each Subadviser, including their experience as managers of other funds and accounts, their investment management approaches and resources, their financial condition and their reputation in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The compatibility of each Subadviser's operations, policies, procedures and compliance functions with those of Morningstar and other service providers to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust's Chief Compliance Officer's review of the compliance programs and capabilities of Morningstar and of each Subadviser, including the policies and procedures in place to address actual and potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morningstar's risk management program, especially those aspects of the program related to selecting and overseeing the Subadvisers to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The use or proposed use of derivatives and other complex instruments to carry out each Fund's investment goals.

&nbsp;&nbsp;&nbsp;&nbsp;• Each Subadviser's risk management program.

&nbsp;&nbsp;&nbsp;&nbsp;• Profitability matters and economies of scale.

The following discussion reviews some of the primary components of the Board's decision to approve the renewal or, as applicable, the approval of the Agreements. This discussion is not intended to be exhaustive, but rather summarizes certain factors considered by the Board.

*Services Provided*

The Board reviewed each Fund's investment goal, Morningstar's and each Subadviser's investment strategy to achieve that goal, and Morningstar's and each Subadviser's success in achieving, and ability to continue to achieve, that investment strategy.

The Board considered Morningstar's investment principles, as well as Morningstar's values and culture. They concluded that the principles were consistent with shareholder interests and, in light of Morningstar's values and culture, believe Morningstar has, and will continue to be able to, manage the Funds in a manner consistent with those principles.

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

The Board took note of Morningstar's responsibilities as the investment adviser to each Fund which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio construction for each Fund, involving asset allocation among Subadvisers, , Morningstar research ideas generated using custom exposure portfolios constructed by Morningstar ("Equity Sleeves"), cash and other investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oversight and monitoring of the day-to-day investment activities of the Subadvisers and the ongoing assessment of their performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Morningstar's implementation and execution of the Equity Sleeves.

&nbsp;&nbsp;&nbsp;&nbsp;• Risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oversight and monitoring of the Subadvisers' compliance with the investment mandate, compliance policies and procedures and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance of due diligence of each Subadviser's risk management, operations, trading activities, technology and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• Reporting to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;• The implementation of the Board's directives with regard to the Funds.

With respect to the services provided by the Subadvisers, the Board took note of the responsibilities that each Subadviser has with respect to the portion of a Fund's assets allocated to the Subadviser by Morningstar. These responsibilities include implementing the investment strategies for that portion of each Fund's assets and ensuring compliance with the investment policies and limitations. The Board considered the performance of the Subadvisers in managing the Funds or other investment products, including other mutual funds, with similar strategies. The Board considered Morningstar's rationale for recommending the continued retention or approval of each Subadviser.

The Board considered other investment advisory services offered by Morningstar and each Subadviser, as well as any potential conflicts in connection with providing these services. Based on their review, the Board was satisfied with the nature, extent and quality of the overall services provided and to be provided by Morningstar and each Subadviser. The Board was confident in the abilities of Morningstar and each Subadviser to implement the respective investment strategy and to provide quality services to each Fund.

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

*Investment Performance* 

Fund performance was also very important to the Board. In evaluating performance, the Board looked at each Fund's performance relative to other funds with the same investment objective, its performance relative to its index benchmark, and its risk-adjusted performance.

The Board also considered whether each Fund had operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance. The Board took into account discussions at Board meetings since the Board's prior renewal of the Agreements in 2024 with representatives of Morningstar about Fund investment performance.

In addition to reviewing absolute and relative Fund performance, the Board periodically considers the appropriateness of Fund performance metrics in evaluating the results achieved. The Board periodically reviews the performance benchmarks for each Fund recommended by Morningstar and the process used by Morningstar to develop its benchmark recommendations; the Board also periodically reviews how these benchmarks are used to evaluate the performance of each Fund, of Morningstar and of each Subadviser.

One of the performance metrics used by the Board in evaluating performance is the Sharpe Ratio. The Sharpe Ratio is a way to measure a fund's risk-adjusted returns. It measures a fund's "excess performance" per unit of risk. Excess performance (defined as the return above the three-month T-bill return) is divided by monthly standard deviation (a measure of risk) to assess a fund's risk-to-return trade-off relative to similar funds. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance has been.

A summary of the Board's review of each Fund's performance follows:

**Morningstar Alternatives Fund** – The Fund had total returns in the middle performing quintile of multistrategy funds (i.e., 3rd out of 5 quintiles, with 1st quintile being the best performing quintile) for the one-, three-, and five-year periods ended December 31, 2024. The Fund outperformed its benchmark of the Morningstar U.S. Cash T-Bill TR USD for the one- and five-year periods ended December 31, 2024, but underperformed its benchmark for the three-year period ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the middle and second-best performing quintiles, respectively. The Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

**Morningstar Defensive Bond Fund** – The Fund had total returns in the second-lowest performing quintile of short-term bond funds (i.e., 4th out of 5 quintiles, with 1st quintile being the best performing quintile) for the one-year period ended December 31, 2024, total returns in the second-best performing quintile of short-term bond funds for the three-year period ended December 31, 2024, and total returns in the best performing quintile of short-term bond funds for the five-year period ended December 31, 2024. The Fund outperformed its benchmark of the Bloomberg U.S. Aggregate Index for the one-, three-, and five-year periods ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

were in the middle and second-best performing quintiles, respectively. Taking into account the relative underperformance for the one-year period ended December 31, 2024, the Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

**Morningstar Global Income Fund** – The Fund had total returns in the second-lowest performing quintile of global allocation funds (i.e., 4th out of 5 performing quintiles, with 1st quintile being the best performing quintile) for the one- and five-year periods ended December 31, 2024 and had total returns in the middle performing quintile of global allocation funds for the three-year period ended December 31, 2024. The Fund outperformed its benchmark of the Morningstar Global Income Blended Index for the three-year period ended December 31, 2024, but underperformed its benchmark for the one- and five-year periods ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the middle and second-lowest performing quintiles, respectively. While the Board was disappointed with the relative underperformance of the Fund for the periods ended December 31, 2024, the Board noted that the income generation of the Fund was strong and concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

**Morningstar International Equity Fund** – The Fund had total returns in the lowest performing quintile of foreign large blend funds (i.e., 5th out of 5 performing quintiles, with 1st quintile being the best performing quintile) for the one- and five-year periods ended December 31, 2024 and had total returns in the second-lowest performing quintile of foreign large blend funds for the three-year period ended December 31, 2024. The Fund underperformed its benchmark of the Morningstar Global Markets Ex-U.S. Index (net) for the one-, three-, and five-year periods ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the second-best performing quintile. While the Board was disappointed with the relative underperformance of the Fund for the periods ended December 31, 2024, the Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

**Morningstar Multisector Bond Fund** – The Fund had total returns in the second-lowest performing quintile of multisector bond funds (i.e., 4th out of 5 performing quintiles, with 1st quintile being the best performing quintile) for the one- and three-year periods ended December 31, 2024 and had total returns in the lowest performing quintile of multisector bond funds for the five-year period ended December 31, 2024. The Fund underperformed its benchmark of the Morningstar Multisector Bond Blended Index for the one-, three-, and five-year periods. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the second-best and second-lowest performing quintiles, respectively. While the Board was disappointed with the relative underperformance of the Fund for the periods ended December 31, 2024, the Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

**Morningstar Municipal Bond Fund** – The Fund had total returns in the best performing quintile of muni national intermediate funds (i.e., 1st out of 5 performing quintiles, with 1st quintile being the best performing quintile) for the one- and three-year periods ended December 31, 2024 and had total returns in the second-best performing quintile of muni national intermediate funds for the five-year period ended December 31, 2024. The Fund outperformed its benchmark of the Morningstar Municipal Bond Blended Index for the one- and

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**Morningstar Funds Trust** April 30, 2025

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**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

five-year periods ended December 31, 2024, but underperformed its benchmark for the three-year period ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the middle performing quintile. The Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

**Morningstar Total Return Bond Fund** – The Fund had total returns in the second-best performing quintile of intermediate core bond funds (i.e., 2nd out of 5 performing quintiles, with 1st quintile being the best performing quintile) for the one-year period ended December 31, 2024, total returns in the lowest performing quintile of intermediate core bond funds for the three-year period ended December 31, 2024 and total returns in the second-lowest performing quintile of intermediate core bond funds for the five-year period ended December 31, 2024. The Fund outperformed its benchmark of the Bloomberg U.S. Aggregate Bond Index for the one-year period ended December 31, 2024, but underperformed its benchmark for the three- and five-year periods ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the second-lowest and second-best performing quintiles, respectively. The Board was encouraged by the improved performance of the Fund for the one-year period ended December 31, 2024 and the Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance. The Board noted that Guggenheim had not provided any services to the Fund, and therefore there was no investment performance of Guggenheim with respect to the applicable Fund.

**Morningstar Global Opportunistic Equity Fund** – The Fund had total returns in the second-best performing quintile of global allocation funds (i.e., 2nd out of 5 performing quintiles, with 1st quintile being the best performing quintile) for the one-year period ended December 31, 2024, and total returns in the best performing quintile of global allocation funds for the three- and five-year periods ended December 31, 2024. The Fund outperformed its benchmark of the Morningstar Global Markets NR Index for the three- and five-year periods ended December 31, 2024, but underperformed its benchmark for the one-year period ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the best performing quintile. The Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

**Morningstar U.S. Equity Fund** – The Fund had total returns in the second-lowest performing quintile of large blend funds (i.e., 4th out of 5 performing quintiles, with 1st quintile being the best performing quintile) for the one- and five-year periods ended December 31, 2024 and total returns in the middle performing quintile of large blend funds for the three-year period ended December 31, 2024. The Fund underperformed its benchmark of the Morningstar U.S. Market TR USD Index for the one-, three-, and five-year periods ended December 31, 2024. The Fund's Sharpe Ratio for the three- and five-year periods ended December 31, 2024 were in the second-best and middle performing quintiles, respectively. While the Board was disappointed with the relative underperformance of the Fund for the periods ended December 31, 2024, the Board concluded that no changes with respect to the Fund were warranted at the time and noted that it would continue to monitor future performance.

------

**Morningstar Funds Trust** April 30, 2025

------

**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

*The Cost of Services*

The Board considered the cost or anticipated cost of the services provided and to be provided and the profits or losses or anticipated profits or losses realized or to be realized by Morningstar and each Subadviser from a relationship with the Funds.

As requested by the Board, Morningstar provided profitability information for each Fund, as well as aggregate profitability information for all of the Funds, using a revenue and cost allocation methodology that was reviewed and discussed with the Board.

The Board noted that each Fund had incurred considerable expenses since its formation and that these expenses were largely absorbed by Morningstar through fee waivers and expense reimbursements. Beyond the waiver and reimbursement agreements, Morningstar paid certain start-up costs that otherwise could have been borne by the Funds.

The Board noted that Morningstar does not have an affiliated entity providing transfer agent, custodial, broker-dealer, fund administration or other services to the Funds. Therefore, Morningstar does not generate additional fees for itself through Fund services provided by related entities. The lack of supplemental sources of revenue was a significant factor to the Trustees.

With regard to the Subadvisers, the Board noted that the subadvisory fees are paid to each Subadviser by Morningstar and are not additional fees borne by each Fund. These fees were the product of arms-length negotiations between Morningstar and each Subadviser. As a result, the costs of the services and the profits of the Subadvisers from their relationships with the Funds were not a material factor in the Board's consideration of the Subadvisory Agreements.

With respect to the impact on Morningstar's profitability as a result of hiring new Subadvisers, the Board considered the fee waiver and expense limitation arrangements in effect and Morningstar's belief that the hiring of a new Subadviser will not have any demonstrable impact on Morningstar's profitability.

The Board considered other actual and potential benefits (often called "fall-out benefits") that accrue to Morningstar and each of the Subadvisers from managing the Funds. These benefits include the acquisition and use of research services by the Subadvisers with commissions generated by the Funds (known as "soft dollar" arrangements). The Board noted that soft dollar arrangements may result in the Funds bearing costs to purchase research that may be used by the Subadvisers with other clients and may reduce the Subadvisers' expenses.

The Board also considered reviews undertaken by the Trust's Chief Compliance Officer concluding that these arrangements are consistent with regulatory requirements. The Board noted that Morningstar itself does not use soft dollar arrangements.

The Board considered the substantial costs incurred by Morningstar related to the launch of the Funds and, while Morningstar's revenues and profit increased over the past year, the Board was satisfied that the profitability was not excessive with respect to the Funds in the aggregate or individually.

------

**Morningstar Funds Trust** April 30, 2025

------

**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

*Fund Expenses*

Fund expenses are an important factor because they directly affect shareholder returns. In reviewing fund expenses, the Board placed emphasis on total expenses as a percentage of assets (after fee waivers and expense reimbursements by Morningstar) because they represent the total costs to shareholders of investing in the Funds. However, the Board also considered the components of total expenses, namely the actual management fee paid (after fee waivers and expense reimbursements by Morningstar), transfer agent expenses, custodial expenses and other expenses. The Board also reviewed, but placed less emphasis on, the contractual management fee before waivers and expense reimbursements.

The Board noted that one of Morningstar's investment principles for investment management is minimizing costs. In this regard, the Board was encouraged by Morningstar's commitment to lowering costs to shareholders, notably through its implementation of fee waivers and expense reimbursements by Morningstar.

In its review of Fund expenses, the Board noted that, for six of the nine Funds, actual total expenses as a percentage of average net assets were either at or below the median actual total expenses for a peer group of comparable funds; in addition, for seven of the nine Funds, actual management fees paid as a percentage of average net assets were below the median actual management fees paid for a peer group of comparable funds. For the Alternatives Fund, actual total expenses as a percentage of average net assets exceeded the peer group median by 0.126%. For the Municipal Bond Fund, actual total expenses as a percentage of average net assets exceeded the peer group median by 0.01% and actual management fees paid exceeded the peer group median by 0.018%. For the U.S. Equity Fund, actual management fees paid exceeded the peer group median by 0.061%. For the Total Return Bond Fund, actual management fees paid exceeded the peer group median by 0.02%.

The Board also considered the fees charged by Morningstar to other clients. The Board noted that Morningstar charges lower fees to some other clients but that the services provided to those accounts, are not similar. Morningstar reviewed with the Board the broader scope of services it provides to the Funds, including management of cash flows as a result of redemptions and purchases, oversight of service providers, preparation of annual registration statement updates, preparation of financial information, and compliance with federal and state laws and regulations. These services require a higher level of infrastructure, including personnel, office space, technology and legal support. Morningstar also highlighted the significant business, reputational and other risks associated with launching, sponsoring and maintaining the Funds.

Based upon its consideration of all these factors, the Trustees determined that the investment advisory and subadvisory fee structure for each Fund was fair and reasonable.

*Economies of Scale*

The Board considered economies of scale that may be realized by Morningstar and each Subadviser as each Fund grows larger and the extent to which these economies would be shared with each Fund's shareholders, including through increased services to the Funds, through expense limitation arrangements, or through fee or expense ratio reductions (such as breakpoints in the fee schedule). The Board noted that Morningstar implemented an expense limitation arrangement which has been and will continue to be reevaluated periodically.

------

**Morningstar Funds Trust** April 30, 2025

------

**Statement Regarding Basis for Approval of Investment Advisory Contract** **(unaudited)** (continued)

The Board concluded that economies of scale were not a significant factor with regard to the management fee at this time given the current assets in the Funds and that the expense limitation arrangement is in effect.

*Conclusion*

After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Board—including a majority of the Independent Trustees with the assistance of independent counsel—approved the renewal and, as applicable, the approval of the Agreements and concluded that the investment advisory and subadvisory fee structure provided for in the agreements was fair and reasonable.

------

Morningstar Funds Trust is available to citizens or legal residents of the United States or its territories through investment platforms provided by financial institutions on a stand-alone basis and/or part of a model portfolio designed and maintained by a financial institution including the Adviser.

**Adviser**

Morningstar Investment Management LLC

22 West Washington Street

Chicago, Illinois 60602

**Distributor**

Foreside Fund Services, LLC

190 Middle St, Suite 301

Portland, Maine 04101

**Prospectus** 

Please go to http://connect.rightprospectus.com/Morningstar

to access the Morningstar Funds Trust prospectus.

**Shareholder Rights**

When you buy shares in a fund of the Morningstar Funds Trust, you become a shareholder of that fund. As a shareholder, you have certain rights and protections, chief among them an independent board of trustees, whose main role is to represent your interests. The Board of Trustees for the Morningstar Funds Trust is committed to representing your interests as well as implementing and maintaining sound fund governance principles. To learn more about the Board of Trustees please go to https://www.morningstar.com/company/morningstar-funds-governance.

This report is general information for the shareholders of the Morningstar Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by the Funds' current prospectus. Portfolio holdings and other information expressed or noted herein are as of the end of the reporting period and are subject to change.

------

&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; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the financial statements under Item 7 of this Form N-CSR.

------

&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; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

------

&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; **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included as part of the financial statements under Item 7 of this Form N-CSR.

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&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; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the financial statements under Item 7 of this Form N-CSR.

------

&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; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

------

&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; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

------

&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; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

------

&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; **Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

------

&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; **Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&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; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

------

&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; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

------

**Item 19. Exhibits.**

(a)(1) [Exhibit 99.CODE : Code of Ethics pursuant to Item 2 of Form N-CSR.](Exhibit_a1.htm)

(a)(2) Not applicable

(a)(3) [Exhibit 99.CERT: Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) [Change in the registrant's independent public accountant filed herewith.](Exhibit_a5.htm)

(b) [Exhibit 99.906 CERT: Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](Exhibit_b.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| Morningstar Funds Trust  |
| By <u>/s/ Daniel E. Needham</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Daniel E. Needham, President  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)  |
| Date: July 8, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By <u>/s/ Daniel E. Needham</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Daniel E. Needham, President  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)  |
| Date: July 8, 2025  |
| By <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tracy L. Dotolo, Treasurer  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer)  |
| Date: July 8, 2025  |

---

------

## Ex-99.Code

EX-99.CODE ETH 2 d841710dex99codeeth.htm EX-99.CODE ETH

EX-99.CODE&nbsp;&nbsp;&nbsp;&nbsp;

#### MORNINGSTAR FUNDS TRUST

#### Financial Code of Ethics for Principal Executive and Financial Officers
I.  **<u>Covered Officers/Purpose of Code</u>** 

This code of ethics (the "Code") of Morningstar Funds Trust (the "Trust") applies to the Trust's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer (if any) and any other officers of the Company serving similar functions (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.  **<u>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</u>** 

**Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.** 

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Trust's investment adviser (the "Adviser") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if addressed in conformity with the provisions of the Investment Company Act and the Investment Managers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Trustees that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Managers Act. The following list provides examples of conflicts of interest under the Code, Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

· not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Trust;

· not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

· report at least annually any affiliations or other relationships related to conflicts of interest in accordance with the Trust's Trustees & Officers Questionnaire.

Some conflict of interest situations that should be discussed with the Trust's Chief Compliance Officer or Adviser's Chief Compliance Officer, if material, include the following:

· service as a director on the board of any public or private company;

· the receipt of any gifts from any business contact in excess of $250;

· the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

· any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

III.  **<u>Disclosure & Compliance</u>** 

Each Covered Officer should:

· familiarize themselves with the disclosure requirements generally applicable to the Trust;

· not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory organizations;

· to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

· promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.  **<u>Reporting & Accountability</u>** 

Each Covered Officer must:

· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

· annually thereafter affirm to the Board that he has complied with the requirements of the Code;

· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

· notify the Trust's Chief Compliance Officer promptly if he becomes aware of any violation of this Code. Failure to do so is itself a violation of this Code.

The Trust's Chief Compliance Officer (or his designee) is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Audit Committee (the "Committee"). The Trust will follow these procedures in investigating and enforcing this Code:

· the Trust's Chief Compliance Officer will take all action appropriate to investigate any actual or potential violations reported to him;

· if, after such investigation, the Trust's Chief Compliance Officer believes that no violation has occurred, he is not required to take any further action;

· any matter that the Trust's Chief Compliance Officer believes is a violation will be reported to the Committee;

· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or a recommendation to dismiss the Covered Officer;

· the Board will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

The Trust's Chief Compliance Officer (or his designee) is authorized to consult, as appropriate, with the Audit Committee, counsel to the Trust and counsel to the Independent Trustees (if any) and is encouraged to do so.

V.  **<u>Other Policies and Procedures</u>** 

This Code will be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's more detailed policies and procedures set forth in its compliance manual are separate requirements applying to Covered Officers and others and are not part of this Code.

VI.  **<u>Amendments</u>** 

------

Any substantive amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the board of trustees, including a majority of independent trustees.

VII.  **<u>Confidentiality</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters will not be disclosed to anyone other than the Trust and its counsel, the Adviser and its counsel, and members of Board of Trustees and their counsel.

VIII.  **<u>Internal Use</u>** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

#### Adopted: June 2018

#### SCHEDULE A

#### Persons Covered by this Code of Ethics:
Daniel Needham

Chief Executive Officer

(as the Company's Principal Executive Officer)

Tracy Dotolo

Treasurer and Chief Financial Officer

(as the Company's Principal Financial and Accounting Officer)

------

## Ex-99.Cert

EX-99.CERT&nbsp;&nbsp;&nbsp;&nbsp;

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, Daniel E. Needham, certify that:

1. I have reviewed this report on Form N-CSR of Morningstar Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 8, 2025  | <u>/s/ Daniel E. Needham&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Daniel E. Needham, President  |
|  | (Principal Executive Officer)  |

---

EX-99.CERT&nbsp;&nbsp;&nbsp;&nbsp;

I, Tracy L. Dotolo, certify that:

1. I have reviewed this report on Form N-CSR of Morningstar Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

------

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: July 8, 2025  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo, Treasurer  |
|  | (Principal Financial Officer)  |

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## Ex-99.Ind

![Image is missing](gaevuq6wecr1supekw2vo.jpg)

Ernst & Young LLP Tel: +1 312 879 2000 <br> 155 North Wacker Drive Fax: +1 312 879 4000 <br> Chicago, IL 60606-1787 ey.com

July 8, 2025

Securities and Exchange Commission

100 F Street, N. E.

Washington, D.C. 20549

Ladies and Gentlemen:

We have read Exhibit 19 (a)(5) to Form N-CSR dated July 8, 2025 of Morningstar Funds Trust and are in agreement with the statements contained in the Changes in and Disagreements with Accountants for Open-End Management Investment Companies section included on page 273 of the Annual Financial Statements and Additional Information and the statements included in the Changes in and Disagreements with Accountants section of the Annual Shareholder Reports. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours very truly,

/s/ Ernst & Young LLP Chicago, IL

A member firm of Ernst & Young Global Limited

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## Exhibit 99.906

EX-99.906CERT

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, Daniel E. Needham, President/Principal Executive Officer of Morningstar Funds Trust (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: July 8, 2025  | <u>/s/ Daniel E. Needham&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Daniel E. Needham, President  |
|  | (Principal Executive Officer)  |

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This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

EX-99.906CERT&nbsp;&nbsp;&nbsp;&nbsp;

I, Tracy L. Dotolo, Treasurer/Principal Financial Officer of Morningstar Funds Trust (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: July 8, 2025  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo, Treasurer  |
|  | (Principal Financial Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

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