# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0002066578-25-001994
**Filing Date:** 2025-12
**Character Count:** 1256657
**Document Hash:** d31062da9fedd6235e5d947cb478cf41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001994.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002066578-25-001994

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 251609319

**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           |

?xml version='1.0' encoding='ASCII'? 6986ccc8-01ce-40ab-a145-9ca2b412d7dd

#### 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 Trust

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:

#### October 31, 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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar U.S. Equity Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $46 | 0.84% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1861719565 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;393 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;146% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 95.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 1.4% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186180.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar International Equity Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $54 | 0.99% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1011113503 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;406 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;169% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 96.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 1.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186157.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_3186162.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar Global Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $38 | 0.73% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$140727863 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;523 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 45.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 19.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loans | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Master Limited Partnerships | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 0.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186229.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_3186234.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar Total Return Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $27 | 0.53% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$967353180 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1875 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;203% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 33.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 30.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | (1.0)% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186252.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar Municipal Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $30 | 0.58% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$333635410 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;780 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 89.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 10.7% |

---

Municipal Issue Type Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186301.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar Defensive Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $25 | 0.48% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$116493642 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 53.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 25.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 1.7% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186324.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar Multisector Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $41 | 0.79% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$185092833 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1277 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;94% |

---

#### Graphical Representation of Holdings as of October 31, 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;Corporate Bonds | 44.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 41.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loans | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 4.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186373.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_3186378.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar Global Opportunistic Equity Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $39 | 0.72% |

---

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$338972840 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 57.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 40.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 1.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186396.jpg)

Region Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_3186391.jpg)

#### 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_7658.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_7935.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This semi-annual shareholder report contains important information about the Morningstar Alternatives Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at <u>https://connect.rightprospectus.com/Morningstar</u>. You can also request this information by contacting us at 877-626-3224.

#### Fund Expenses for the Last Six Months
(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 | $69 | 1.36% |

---

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

#### Key Fund Statistics as of October 31, 2025
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$232899397 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2267 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;113% |

---

#### Graphical Representation of Holdings as of October 31, 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 | 26.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 25.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | 21.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 18.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 16.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other less than 2% each | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks Sold Short | (16.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts for Difference - Short | (22.5)% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3186445.jpg)

#### 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_7658.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.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

October 31, 2025 (unaudited)

**SEMI-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 |

---

![](img8e2e003c1.gif)

------

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

------

**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, 2025, through October 31, 2025. Included are fund holdings and positioning that may aid understanding of returns for the period.

<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** October 31, 2025 (unaudited)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_21b496f5-9849-4acd-8653-82170e7381b6_SOI-MorningstarHeading_1) | 1 |
| [Statements of Assets and Liabilities](#xx_21b496f5-9849-4acd-8653-82170e7381b6_FIN-MorningstarHeading_1) | 218 |
| [Statements of Operations](#xx_21b496f5-9849-4acd-8653-82170e7381b6_FIN-MorningstarHeading_5) | 222 |
| [Statements of Changes in Net Assets](#xx_21b496f5-9849-4acd-8653-82170e7381b6_FIN-MorningstarHeading_8) | 225 |
| [Financial Highlights](#xx_21b496f5-9849-4acd-8653-82170e7381b6_FIN-MorningstarHeading_13) | 230 |
| [Notes to Financial Statements](#xx_21b496f5-9849-4acd-8653-82170e7381b6_NTF-MorningstarHeading_1)  | 239 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_21b496f5-9849-4acd-8653-82170e7381b6_CIAD-MorningstarHeading_1)<br> [Companies (unaudited)](#xx_21b496f5-9849-4acd-8653-82170e7381b6_CIAD-MorningstarHeading_1) | 271 |
| [Proxy Disclosures for Open-End Management Investment Companies (unaudited)](#xx_21b496f5-9849-4acd-8653-82170e7381b6_PD-MorningstarHeading_1) | 272 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment](#xx_21b496f5-9849-4acd-8653-82170e7381b6_RPD-MorningstarHeading_1)<br> [Companies (unaudited)](#xx_21b496f5-9849-4acd-8653-82170e7381b6_RPD-MorningstarHeading_1) | 273 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_21b496f5-9849-4acd-8653-82170e7381b6_BAIA-MorningstarHeading_1) | 274 |

---

------

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

------

**Schedule of Investments**

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 95.1%** | **Common Stocks – 95.1%** | **Common Stocks – 95.1%** |
| **Advertising & Marketing – 0.6%** | **Advertising & Marketing – 0.6%** | **Advertising & Marketing – 0.6%** |
| Interpublic Group of Cos. <br> (The), Inc.<br>| 41273 | $1059065 |
| Omnicom Group, Inc.<sup>(a)</sup> <br>| 114399 | 8582213 |
| Trade Desk (The), Inc., <br> Class A<sup>(a)\*</sup> <br>| 39766 | 1999435 |
|  |  | **11640713** |
| **Aerospace & Defense – 3.3%** | **Aerospace & Defense – 3.3%** | **Aerospace & Defense – 3.3%** |
| Airbus S.E. ADR (France)<sup>(a)</sup> <br>| 88433 | 5429786 |
| Boeing (The) Co.\* | 49828 | 10016425 |
| Curtiss-Wright Corp. | 957 | 570114 |
| General Dynamics Corp. | 48130 | 16600037 |
| HEICO Corp. | 579 | 183989 |
| Loar Holdings, Inc.<sup>(a)\*</sup> <br>| 22627 | 1790475 |
| Lockheed Martin Corp. | 11374 | 5594643 |
| Moog, Inc., Class A | 530 | 108570 |
| Northrop Grumman Corp. | 8355 | 4874725 |
| RTX Corp. | 92061 | 16432888 |
| Textron, Inc. | 4878 | 394191 |
|  |  | **61995843** |
| **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** |
| Carter's, Inc. | 29927 | 939708 |
| NIKE, Inc., Class B | 94490 | 6103109 |
|  |  | **7042817** |
| **Asset Management – 3.1%** | **Asset Management – 3.1%** | **Asset Management – 3.1%** |
| Ares Management Corp., <br> Class A<br>| 6158 | 915756 |
| Artisan Partners Asset <br> Management, Inc., <br> Class A<sup>(a)</sup> <br>| 35162 | 1535173 |
| Blackrock, Inc. | 17790 | 19263190 |
| Blackstone, Inc. | 12974 | 1902507 |
| Charles Schwab (The) Corp. | 93330 | 8821552 |
| Cohen & Steers, Inc. | 12260 | 837603 |
| Federated Hermes, Inc. | 21848 | 1059191 |
| Hamilton Lane, Inc., <br> Class A<br>| 10739 | 1223816 |
| Janus Henderson Group <br> PLC<br>| 29898 | 1302357 |
| KKR & Co., Inc. | 66208 | 7834393 |
| LPL Financial <br> Holdings, Inc.<br>| 6583 | 2483832 |
| Raymond James <br> Financial, Inc.<br>| 25994 | 4124468 |
| Stifel Financial Corp. | 837 | 99126 |
| T. Rowe Price Group, Inc. | 61161 | 6270837 |
| Victory Capital <br> Holdings, Inc., Class A<sup>(a)</sup> <br>| 1365 | 84999 |
|  |  | **57758800** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| Aptiv PLC\* | 1153 | $93508 |
| Autoliv, Inc. (Sweden) | 787 | 91922 |
| BorgWarner, Inc. | 22618 | 971669 |
| Gentherm, Inc.\* | 9074 | 333923 |
| Lear Corp. | 885 | 92615 |
| Tesla, Inc.\* | 23010 | 10505446 |
| XPEL, Inc.<sup>(a)\*</sup> <br>| 26857 | 915824 |
|  |  | **13004907** |
| **Banking – 2.8%** | **Banking – 2.8%** | **Banking – 2.8%** |
| Bank of America Corp. | 35448 | 1894696 |
| Bank OZK | 53459 | 2405120 |
| Citigroup, Inc. | 64794 | 6559097 |
| Fifth Third Bancorp | 46421 | 1932042 |
| JP Morgan Chase & Co. | 56755 | 17657615 |
| KeyCorp | 111822 | 1966949 |
| PNC Financial Services <br> Group (The), Inc.<br>| 32532 | 5938717 |
| Truist Financial Corp. | 39713 | 1772391 |
| U.S. Bancorp | 91419 | 4267439 |
| Wells Fargo & Co. | 87423 | 7603178 |
|  |  | **51997244** |
| **Beverages – 1.6%** | **Beverages – 1.6%** | **Beverages – 1.6%** |
| Brown-Forman Corp., <br> Class B<sup>(a)</sup> <br>| 163955 | 4464494 |
| Coca-Cola (The) Co. | 18002 | 1240338 |
| Coca-Cola Europacific <br> Partners PLC (United <br> Kingdom)<br>| 18483 | 1641845 |
| Constellation Brands, Inc., <br> Class A<br>| 38494 | 5057342 |
| Diageo PLC (United <br> Kingdom)<br>| 47691 | 1096977 |
| Monster Beverage Corp.\* | 66942 | 4473734 |
| PepsiCo, Inc. | 87655 | 12805519 |
|  |  | **30780249** |
| **Biotechnology & Pharmaceuticals – 3.3%** | **Biotechnology & Pharmaceuticals – 3.3%** | **Biotechnology & Pharmaceuticals – 3.3%** |
| AbbVie, Inc. | 29898 | 6518960 |
| Amgen, Inc. | 12116 | 3615778 |
| Biogen, Inc.\* | 18779 | 2897036 |
| Bristol-Myers Squibb Co. | 50527 | 2327779 |
| Certara, Inc.<sup>(a)\*</sup> <br>| 131551 | 1529938 |
| Eli Lilly & Co. | 564 | 486653 |
| Innoviva, Inc.\* | 42850 | 779870 |
| Johnson & Johnson | 86060 | 16254152 |
| Merck & Co., Inc. | 75727 | 6511007 |
| Moderna, Inc.<sup>(a)\*</sup> <br>| 70855 | 1924422 |
| Pfizer, Inc. | 325874 | 8032794 |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 3916 | 2552449 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| United Therapeutics Corp.\* | 3485 | $1552324 |
| Vertex <br> Pharmaceuticals, Inc.\*<br>| 14300 | 6085651 |
|  |  | **61068813** |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| Charter <br> Communications, Inc., <br> Class A<sup>(a)\*</sup> <br>| 8079 | 1889194 |
| Comcast Corp., Class A | 119526 | 3327006 |
|  |  | **5216200** |
| **Chemicals – 1.7%** | **Chemicals – 1.7%** | **Chemicals – 1.7%** |
| Air Products and <br> Chemicals, Inc.<br>| 13926 | 3378308 |
| Avery Dennison Corp. | 2752 | 481297 |
| Balchem Corp. | 11040 | 1693426 |
| Cabot Corp. | 5882 | 396917 |
| CF Industries Holdings, Inc. | 5270 | 438938 |
| Dow, Inc. | 88465 | 2109890 |
| DuPont de Nemours, Inc. | 23067 | 1883421 |
| International Flavors & <br> Fragrances, Inc.<br>| 62432 | 3931343 |
| Linde PLC | 7700 | 3220910 |
| NewMarket Corp. | 114 | 87541 |
| PPG Industries, Inc. | 39776 | 3888104 |
| RPM International, Inc. | 753 | 82288 |
| Sensient <br> Technologies Corp.<br>| 5078 | 478805 |
| Sherwin-Williams (The) Co. | 22721 | 7837382 |
| Solstice Advanced <br> Materials, Inc.\*<br>| 11641 | 524682 |
| WD-40 Co. | 3311 | 643261 |
|  |  | **31076513** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Casella Waste <br> Systems, Inc., Class A\*<br>| 35801 | 3170895 |
| H&R Block, Inc.<sup>(a)</sup> <br>| 16692 | 830260 |
| Paychex, Inc. | 29283 | 3426989 |
| Rollins, Inc. | 10500 | 604905 |
|  |  | **8033049** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| CRH PLC | 23619 | 2813023 |
| Eagle Materials, Inc. | 1825 | 387484 |
| Trex Co., Inc.\* | 28883 | 1395626 |
|  |  | **4596133** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| PROG Holdings, Inc. | 40389 | **1168454** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Amcor PLC | 387723 | 3063012 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Containers & Packaging (Continued)** | **Containers & Packaging (Continued)** | **Containers & Packaging (Continued)** |
| AptarGroup, Inc. | 5407 | $627266 |
| Packaging Corp. of <br> America<br>| 2575 | 504082 |
|  |  | **4194360** |
| **Diversified Industrials – 2.0%** | **Diversified Industrials – 2.0%** | **Diversified Industrials – 2.0%** |
| Dover Corp. | 3365 | 610613 |
| Emerson Electric Co. | 84386 | 11777754 |
| Honeywell <br> International, Inc.<br>| 69198 | 13931633 |
| Illinois Tool Works, Inc. | 36799 | 8976012 |
| ITT, Inc. | 2955 | 546882 |
| Parker-Hannifin Corp. | 2000 | 1545660 |
|  |  | **37388554** |
| **E-Commerce Discretionary – 2.4%** | **E-Commerce Discretionary – 2.4%** | **E-Commerce Discretionary – 2.4%** |
| Amazon.com, Inc.\* | 176204 | 43032541 |
| eBay, Inc. | 14438 | 1173954 |
|  |  | **44206495** |
| **Electric Utilities – 2.5%** | **Electric Utilities – 2.5%** | **Electric Utilities – 2.5%** |
| American Electric <br> Power Co., Inc.<br>| 15439 | 1856694 |
| Dominion Energy, Inc.<sup>(a)</sup> <br>| 111755 | 6558901 |
| Duke Energy Corp. | 83976 | 10438217 |
| Edison International | 74241 | 4111466 |
| Eversource Energy | 55311 | 4082505 |
| Exelon Corp. | 59158 | 2728367 |
| MGE Energy, Inc. | 4631 | 383771 |
| PG&E Corp. | 273176 | 4359889 |
| Southern (The) Co. | 73484 | 6910435 |
| Xcel Energy, Inc. | 66569 | 5403406 |
|  |  | **46833651** |
| **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** |
| A.O. Smith Corp. | 12406 | 818672 |
| AAON, Inc.<sup>(a)</sup> <br>| 13061 | 1285072 |
| Acuity, Inc. | 3079 | 1123989 |
| Allegion PLC | 5877 | 974230 |
| AMETEK, Inc. | 4912 | 992764 |
| Amphenol Corp., Class A | 84524 | 11777574 |
| Atkore, Inc. | 18562 | 1285418 |
| Camtek Ltd. (Israel)<sup>(a)\*</sup> <br>| 20515 | 2540167 |
| Eaton Corp. PLC | 32548 | 12419015 |
| Fortive Corp. | 7731 | 389178 |
| Hubbell, Inc. | 894 | 420180 |
| Keysight <br> Technologies, Inc.\*<br>| 560 | 102458 |
| Lennox International, Inc. | 297 | 149985 |
| Modine <br> Manufacturing Co.<sup>(a)\*</sup> <br>| 16766 | 2568719 |
| Novanta, Inc.<sup>(a)\*</sup> <br>| 8609 | 1093429 |
| Otis Worldwide Corp. | 31597 | 2930938 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** |
| Rockwell Automation, Inc. | 12013 | $4425109 |
| TE Connectivity PLC <br> (Switzerland)<br>| 18584 | 4590434 |
| Trane Technologies PLC | 2649 | 1188474 |
|  |  | **51075805** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Everus Construction <br> Group, Inc.\*<br>| 15745 | 1431063 |
| Frontdoor, Inc.\* | 7884 | 523734 |
|  |  | **1954797** |
| **Entertainment Content – 1.1%** | **Entertainment Content – 1.1%** | **Entertainment Content – 1.1%** |
| Fox Corp., Class A | 104223 | 6738017 |
| Netflix, Inc.\* | 12220 | 13672469 |
|  |  | **20410486** |
| **Food – 1.3%** | **Food – 1.3%** | **Food – 1.3%** |
| BellRing Brands, Inc.\* | 31774 | 957351 |
| Campbell's Company (The) | 87866 | 2647403 |
| Flowers Foods, Inc.<sup>(a)</sup> <br>| 22615 | 269797 |
| General Mills, Inc. | 56098 | 2614728 |
| Hershey (The) Co. | 4442 | 753496 |
| Hormel Foods Corp. | 28323 | 611494 |
| Ingredion, Inc. | 3449 | 398049 |
| Kellanova | 1214 | 100835 |
| Kraft Heinz (The) Co. | 80560 | 1992249 |
| McCormick & Co., Inc. (Non <br> Voting)<br>| 8571 | 549915 |
| Mondelez <br> International, Inc., Class A<br>| 166273 | 9554047 |
| Nestle S.A.<sup>(b)</sup> <br>| 24351 | 2326700 |
| Tyson Foods, Inc., Class A | 32079 | 1649181 |
|  |  | **24425245** |
| **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** |
| Boise Cascade Co. | 10147 | 715262 |
| Louisiana-Pacific Corp. | 4509 | 392779 |
| UFP Industries, Inc. | 9162 | 844095 |
|  |  | **1952136** |
| **Health Care Facilities & Services – 2.5%** | **Health Care Facilities & Services – 2.5%** | **Health Care Facilities & Services – 2.5%** |
| Centene Corp.\* | 52788 | 1867111 |
| Chemed Corp. | 863 | 372212 |
| Cigna Group (The) | 35398 | 8651625 |
| Elevance Health, Inc. | 10703 | 3394992 |
| Encompass Health Corp. | 6701 | 762909 |
| Ensign Group (The), Inc. | 17988 | 3239639 |
| HealthEquity, Inc.\* | 39367 | 3723331 |
| Henry Schein, Inc.<sup>(a)\*</sup> <br>| 8787 | 555338 |
| Humana, Inc. | 8009 | 2228024 |
| IQVIA Holdings, Inc.\* | 21360 | 4623586 |
| McKesson Corp. | 15130 | 12275574 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| Medpace Holdings, Inc.\* | 4303 | $2516868 |
| UnitedHealth Group, Inc. | 5088 | 1737857 |
| Universal Health <br> Services, Inc., Class B<br>| 4747 | 1030146 |
| US Physical Therapy, Inc. | 5919 | 510632 |
|  |  | **47489844** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| Arhaus, Inc.<sup>(a)\*</sup> <br>| 109258 | **1094765** |
| **Home Construction – 0.3%** | **Home Construction – 0.3%** | **Home Construction – 0.3%** |
| DR Horton, Inc. | 4012 | 598109 |
| Fortune Brands <br> Innovations, Inc.<br>| 9131 | 463855 |
| Masco Corp. | 45436 | 2942435 |
| PulteGroup, Inc. | 6312 | 756620 |
| Tri Pointe Homes, Inc.\* | 32793 | 1044457 |
|  |  | **5805476** |
| **Household Products – 1.6%** | **Household Products – 1.6%** | **Household Products – 1.6%** |
| Church & Dwight Co., Inc. | 7987 | 700380 |
| Clorox (The) Co. | 33116 | 3724225 |
| Colgate-Palmolive Co. | 50416 | 3884553 |
| Estee Lauder (The) Cos., <br> Inc., Class A<br>| 41447 | 4007510 |
| Kenvue, Inc. | 405808 | 5831461 |
| Kimberly-Clark Corp. | 18153 | 2173096 |
| Prestige Consumer <br> Healthcare, Inc.\*<br>| 15328 | 928877 |
| Procter & Gamble (The) Co. | 44947 | 6758680 |
| Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 32450 | 2482071 |
|  |  | **30490853** |
| **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** |
| Enpro, Inc. | 11350 | 2633313 |
| RBC Bearings, Inc.\* | 7558 | 3238830 |
| Standex <br> International Corp.<sup>(a)</sup> <br>| 5757 | 1342705 |
|  |  | **7214848** |
| **Industrial Support Services – 1.0%** | **Industrial Support Services – 1.0%** | **Industrial Support Services – 1.0%** |
| Fastenal Co. | 177551 | 7306224 |
| MSC Industrial Direct Co., <br> Inc., Class A<br>| 10154 | 862176 |
| SiteOne Landscape <br> Supply, Inc.\*<br>| 16074 | 2085923 |
| W.W. Grainger, Inc. | 9094 | 8903026 |
|  |  | **19157349** |
| **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** |
| CME Group, Inc. | 10680 | 2835433 |
| Houlihan Lokey, Inc. | 464 | 83093 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Interactive Brokers <br> Group, Inc., Class A<br>| 10449 | $735192 |
| Intercontinental <br> Exchange, Inc.<br>| 4661 | 681858 |
| Moelis & Co., Class A | 29019 | 1837773 |
| Morgan Stanley | 52883 | 8672812 |
| Nasdaq, Inc. | 86591 | 7402664 |
| SEI Investments Co. | 36154 | 2914374 |
| Tradeweb Markets, Inc., <br> Class A<br>| 807 | 85050 |
|  |  | **25248249** |
| **Insurance – 2.7%** | **Insurance – 2.7%** | **Insurance – 2.7%** |
| Aon PLC, Class A | 18692 | 6367990 |
| Berkshire Hathaway, Inc., <br> Class B\*<br>| 11927 | 5695620 |
| Brown & Brown, Inc. | 1025 | 81733 |
| Chubb Ltd. | 21356 | 5914331 |
| Goosehead Insurance, Inc., <br> Class A<sup>(a)</sup> <br>| 11877 | 815594 |
| Marsh & McLennan Cos., <br> Inc.<br>| 64835 | 11550355 |
| Progressive (The) Corp. | 55893 | 11513958 |
| RLI Corp. | 15339 | 904388 |
| Travelers (The) Cos., Inc. | 24526 | 6588174 |
|  |  | **49432143** |
| **Internet Media & Services – 5.7%** | **Internet Media & Services – 5.7%** | **Internet Media & Services – 5.7%** |
| Airbnb, Inc., Class A\* | 81796 | 10350466 |
| Alphabet, Inc., Class A | 158936 | 44691214 |
| Meta Platforms, Inc., <br> Class A<br>| 64209 | 41629905 |
| Uber Technologies, Inc.\* | 69815 | 6737147 |
| VeriSign, Inc. | 5672 | 1360146 |
| Ziff Davis, Inc.<sup>(a)\*</sup> <br>| 33291 | 1128565 |
|  |  | **105897443** |
| **IT Services – 1.1%** | **IT Services – 1.1%** | **IT Services – 1.1%** |
| Accenture PLC, Class A | 58836 | 14714884 |
| CDW Corp. | 6282 | 1001162 |
| Cognizant Technology <br> Solutions Corp., Class A<br>| 52689 | 3839974 |
| Genpact Ltd. | 4986 | 190216 |
| ICF International, Inc. | 18269 | 1466635 |
|  |  | **21212871** |
| **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** |
| Chipotle Mexican <br> Grill, Inc.\*<br>| 92700 | 2937663 |
| Choice Hotels <br> International, Inc.<sup>(a)</sup> <br>| 3257 | 302771 |
| Domino's Pizza, Inc. | 934 | 372161 |
| Marriott International, Inc., <br> Class A<br>| 19429 | 5062809 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Starbucks Corp. | 49175 | $3976782 |
| Wingstop, Inc.<sup>(a)</sup> <br>| 4408 | 954905 |
|  |  | **13607091** |
| **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> |
| Thor Industries, Inc. | 875 | **91306** |
| **Machinery – 1.0%** | **Machinery – 1.0%** | **Machinery – 1.0%** |
| Caterpillar, Inc. | 4136 | 2387547 |
| CNH Industrial N.V. | 290748 | 3049946 |
| CSW Industrials, Inc.<sup>(a)</sup> <br>| 4898 | 1226557 |
| Donaldson Co., Inc. | 9600 | 808800 |
| Federal Signal Corp. | 21706 | 2561959 |
| Graco, Inc. | 11588 | 947551 |
| IDEX Corp. | 17472 | 2995749 |
| Kadant, Inc.<sup>(a)</sup> <br>| 6045 | 1672410 |
| Middleby (The) Corp.\* | 3822 | 474807 |
| Nordson Corp. | 3604 | 835948 |
| Snap-on, Inc. | 2800 | 939540 |
| Toro (The) Co. | 7809 | 583567 |
|  |  | **18484381** |
| **Medical Equipment & Devices – 4.4%** | **Medical Equipment & Devices – 4.4%** | **Medical Equipment & Devices – 4.4%** |
| Abbott Laboratories | 43394 | 5364366 |
| Agilent Technologies, Inc. | 16490 | 2413476 |
| Align Technology, Inc.\* | 13237 | 1825118 |
| Baxter International, Inc. | 172587 | 3187682 |
| Becton Dickinson & Co. | 17212 | 3075957 |
| Danaher Corp. | 25845 | 5566496 |
| Edwards <br> Lifesciences Corp.\*<br>| 23061 | 1901379 |
| GE HealthCare <br> Technologies, Inc.<br>| 49617 | 3718794 |
| Illumina, Inc.\* | 29893 | 3692981 |
| Intuitive Surgical, Inc.\* | 29401 | 15708366 |
| Medtronic PLC | 44818 | 4064993 |
| Mettler-Toledo <br> International, Inc.\*<br>| 634 | 897928 |
| ResMed, Inc. | 782 | 193060 |
| Stryker Corp. | 26050 | 9280052 |
| Teleflex, Inc. | 7994 | 995013 |
| Thermo Fisher <br> Scientific, Inc.<br>| 23704 | 13449413 |
| Waters Corp.\* | 12907 | 4512287 |
| Zimmer Biomet <br> Holdings, Inc.<sup>(a)</sup> <br>| 17255 | 1735163 |
|  |  | **81582524** |
| **Oil & Gas Supply Chain – 2.4%** | **Oil & Gas Supply Chain – 2.4%** | **Oil & Gas Supply Chain – 2.4%** |
| Chevron Corp. | 44305 | 6987785 |
| ConocoPhillips | 94485 | 8395937 |
| Devon Energy Corp. | 57027 | 1852807 |
| Diamondback Energy, Inc. | 7695 | 1101847 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| EOG Resources, Inc. | 26348 | $2788672 |
| Exxon Mobil Corp. | 130722 | 14949368 |
| Occidental Petroleum Corp. | 47927 | 1974593 |
| ONEOK, Inc. | 31620 | 2118540 |
| Texas Pacific Land Corp. | 3958 | 3733898 |
| Viper Energy, Inc., Class A | 24345 | 914398 |
|  |  | **44817845** |
| **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** |
| Halliburton Co. | 84963 | 2280407 |
| SLB Ltd. | 49931 | 1800512 |
|  |  | **4080919** |
| **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> |
| New York Times (The) Co., <br> Class A<br>| 1650 | **94034** |
| **Real Estate Investment Trusts – 1.8%** | **Real Estate Investment Trusts – 1.8%** | **Real Estate Investment Trusts – 1.8%** |
| AvalonBay <br> Communities, Inc.<br>| 17589 | 3059079 |
| Crown Castle, Inc. | 43914 | 3961921 |
| EastGroup Properties, Inc. | 666 | 116237 |
| Equinix, Inc. | 5978 | 5057448 |
| Healthpeak Properties, Inc. | 285545 | 5125533 |
| Prologis, Inc. | 68897 | 8549429 |
| Public Storage | 5240 | 1459654 |
| Realty Income Corp. | 62049 | 3597601 |
| SBA Communications Corp. | 9344 | 1789189 |
|  |  | **32716091** |
| **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** |
| Costco Wholesale Corp. | 1118 | 1019001 |
| Dollar General Corp. | 916 | 90373 |
| Five Below, Inc.\* | 9976 | 1568925 |
| Ollie's Bargain Outlet <br> Holdings, Inc.<sup>(a)\*</sup> <br>| 20388 | 2463074 |
| PriceSmart, Inc.<sup>(a)</sup> <br>| 1406 | 161606 |
| Target Corp. | 19657 | 1822597 |
| Walmart, Inc. | 54792 | 5543855 |
|  |  | **12669431** |
| **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** |
| AutoZone, Inc.\* | 525 | 1929076 |
| Best Buy Co., Inc. | 13554 | 1113326 |
| Floor & Decor <br> Holdings, Inc., Class A<sup>(a)\*</sup> <br>| 15464 | 966191 |
| Freshpet, Inc.\* | 16959 | 834552 |
| Genuine Parts Co. | 2234 | 284411 |
| Home Depot (The), Inc. | 19965 | 7578514 |
| La-Z-Boy, Inc.<sup>(a)</sup> <br>| 31792 | 1007807 |
| Lowe's Cos., Inc. | 28901 | 6882195 |
| Lululemon Athletica, Inc.\* | 13424 | 2289329 |
| O'Reilly Automotive, Inc.\* | 52084 | 4918813 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Tractor Supply Co. | 14365 | $777290 |
| Valvoline, Inc.<sup>(a)\*</sup> <br>| 53735 | 1773792 |
| Winmark Corp. | 2025 | 816419 |
|  |  | **31171715** |
| **Semiconductors – 10.9%** | **Semiconductors – 10.9%** | **Semiconductors – 10.9%** |
| Analog Devices, Inc. | 30032 | 7031392 |
| Applied Materials, Inc. | 40678 | 9482042 |
| ASML Holding N.V. ADR <br> (Netherlands)<sup>(b)</sup> <br>| 6391 | 6769539 |
| Axcelis Technologies, Inc.\* | 10027 | 797748 |
| Broadcom, Inc. | 33295 | 12306831 |
| Cirrus Logic, Inc.\* | 5972 | 792186 |
| KLA Corp. | 10952 | 13238121 |
| Lam Research Corp. | 44365 | 6985713 |
| Marvell Technology, Inc. | 83524 | 7829540 |
| Monolithic Power <br> Systems, Inc.<br>| 508 | 510540 |
| Nova Ltd. (Israel)\* | 8463 | 2916688 |
| NVIDIA Corp. | 470679 | 95307791 |
| NXP Semiconductors N.V. <br> (Netherlands)<br>| 37031 | 7743923 |
| ON Semiconductor Corp.\* | 57018 | 2855461 |
| Photronics, Inc.\* | 71846 | 1717119 |
| QUALCOMM, Inc. | 33843 | 6122199 |
| Skyworks Solutions, Inc. | 42362 | 3292375 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 22876 | 6872637 |
| Teradyne, Inc. | 8332 | 1514424 |
| Texas Instruments, Inc. | 52462 | 8470514 |
|  |  | **202556783** |
| **Software – 9.9%** | **Software – 9.9%** | **Software – 9.9%** |
| ACV Auctions, Inc., Class A\* | 67803 | 614973 |
| Adobe, Inc.\* | 13381 | 4553688 |
| Akamai Technologies, Inc.\* | 2038 | 153054 |
| Atlassian Corp., Class A\* | 17696 | 2998056 |
| CCC Intelligent Solutions <br> Holdings, Inc.<sup>(a)\*</sup> <br>| 188140 | 1640581 |
| Check Point Software <br> Technologies Ltd. (Israel)\*<br>| 31242 | 6113435 |
| Clearwater Analytics <br> Holdings, Inc., Class A<sup>(a)\*</sup> <br>| 48487 | 892646 |
| Datadog, Inc., Class A\* | 14100 | 2295621 |
| Fortinet, Inc.\* | 5269 | 455400 |
| Global-e Online Ltd. <br> (Israel)\*<br>| 26304 | 958255 |
| Guidewire Software, Inc.\* | 8496 | 1985005 |
| Intuit, Inc. | 13403 | 8947173 |
| Manhattan <br> Associates, Inc.\*<br>| 7561 | 1376631 |
| Microsoft Corp. | 164816 | 85343373 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Oracle Corp. | 70973 | $18638219 |
| Palo Alto Networks, Inc.\* | 57256 | 12610061 |
| Procore Technologies, Inc.\* | 43351 | 3200171 |
| Q2 Holdings, Inc.<sup>(a)\*</sup> <br>| 18138 | 1120203 |
| Roper Technologies, Inc. | 8456 | 3772644 |
| Salesforce, Inc. | 40977 | 10670821 |
| ServiceNow, Inc.\* | 6095 | 5603012 |
| Synopsys, Inc.\* | 12754 | 5788020 |
| Tyler Technologies, Inc.\* | 174 | 82869 |
| Vertex, Inc., Class A\* | 34240 | 784096 |
| Workday, Inc., Class A\* | 11905 | 2856248 |
|  |  | **183454255** |
| **Specialty Finance – 6.3%** | **Specialty Finance – 6.3%** | **Specialty Finance – 6.3%** |
| American Express Co. | 55284 | 19942597 |
| Broadridge Financial <br> Solutions, Inc.<br>| 2902 | 639601 |
| Equifax, Inc. | 26525 | 5599428 |
| FactSet Research <br> Systems, Inc.<br>| 3065 | 817742 |
| Fair Isaac Corp.\* | 2161 | 3586244 |
| Fidelity National <br> Information Services, Inc.<br>| 26569 | 1661094 |
| Fiserv, Inc.\* | 13257 | 884109 |
| Global Payments, Inc. | 31132 | 2420824 |
| Jack Henry & <br> Associates, Inc.<br>| 9360 | 1394078 |
| MarketAxess Holdings, Inc. | 4308 | 689539 |
| Mastercard, Inc., Class A | 23790 | 13131842 |
| Moody's Corp. | 18580 | 8923974 |
| Paymentus Holdings, Inc., <br> Class A<sup>(a)\*</sup> <br>| 52396 | 1498526 |
| PayPal Holdings, Inc.\* | 113968 | 7894563 |
| S&P Global, Inc. | 17787 | 8666004 |
| Shift4 Payments, Inc., <br> Class A<sup>(a)\*</sup> <br>| 37554 | 2594981 |
| TransUnion | 33995 | 2759714 |
| Verisk Analytics, Inc. | 3273 | 716002 |
| Visa, Inc., Class A | 98948 | 33715542 |
|  |  | **117536404** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Steel Dynamics, Inc. | 6955 | **1090544** |
| **Technology Hardware – 5.2%** | **Technology Hardware – 5.2%** | **Technology Hardware – 5.2%** |
| Apple, Inc. | 300580 | 81267815 |
| Arista Networks, Inc.\* | 50151 | 7908311 |
| CTS Corp. | 2316 | 96137 |
| Fabrinet (Thailand)\* | 7119 | 3136418 |
| HP, Inc. | 75238 | 2081836 |
| NetApp, Inc. | 4281 | 504216 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Plexus Corp.\* | 4089 | $572051 |
| Ubiquiti, Inc. | 696 | 547877 |
|  |  | **96114661** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| Verizon <br> Communications, Inc.<br>| 100525 | **3994863** |
| **Tobacco & Cannabis – 0.4%** | **Tobacco & Cannabis – 0.4%** | **Tobacco & Cannabis – 0.4%** |
| Altria Group, Inc. | 61207 | 3450851 |
| Philip Morris <br> International, Inc.<br>| 33110 | 4778766 |
|  |  | **8229617** |
| **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** |
| Canadian National <br> Railway Co. (Canada)<br>| 14673 | 1407287 |
| CSX Corp. | 58650 | 2112573 |
| JB Hunt Transport <br> Services, Inc.<br>| 1009 | 170380 |
| Old Dominion Freight <br> Line, Inc.<br>| 1273 | 178755 |
| Saia, Inc.\* | 4555 | 1332338 |
| Union Pacific Corp. | 63677 | 14032500 |
| United Parcel Service, Inc., <br> Class B<br>| 21252 | 2049118 |
|  |  | **21282951** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| Allison Transmission <br> Holdings, Inc.<br>| 11974 | 988454 |
| PACCAR, Inc. | 41964 | 4129257 |
|  |  | **5117711** |
| **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** |
| G-III Apparel Group Ltd.\* | 30142 | 809312 |
| Pool Corp. | 4513 | 1205242 |
|  |  | **2014554** |
| **Total Common Stocks** <br>(Cost $1,455,705,633) | **Total Common Stocks** <br>(Cost $1,455,705,633) | **1771572785** |
| **Master Limited Partnerships – 0.1%** | **Master Limited Partnerships – 0.1%** | **Master Limited Partnerships – 0.1%** |
| **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** |
| Enterprise Products <br> Partners L.P.<br>| 36838 | **1134242** |
| **Total Master Limited Partnership** <br>(Cost $980,524) | **Total Master Limited Partnership** <br>(Cost $980,524) | **1134242** |
| **Investment Companies – 3.8%** | **Investment Companies – 3.8%** | **Investment Companies – 3.8%** |
| State Street SPDR Portfolio <br> S&P 600 Small Cap ETF<sup>(a)</sup> <br>| 768969 | 35311057 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| State Street SPDR S&P 600 <br> Small Cap Value ETF<sup>(a)</sup> <br>| 400624 | $35391124 |
| **Total Investment Companies** <br>(Cost $71,152,421) | **Total Investment Companies** <br>(Cost $71,152,421) | **70702181** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(d)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 1.3%** | **Short-Term Investments – 1.3%** | **Short-Term Investments – 1.3%** |
| **Money Market Funds – 1.0%** | **Money Market Funds – 1.0%** | **Money Market Funds – 1.0%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.91%<sup>(e)</sup> <br>| 13127843 | 13127843 |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.21%<sup>(e)(f)</sup> <br>| 5601339 | 5601339 |
|  |  | **18729182** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(d)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **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> 11/3/25<sup>(h)</sup> <br>| $5908000 | **$5906099** |
| **Total Short-Term Investments** <br>(Cost $24,635,954) | **Total Short-Term Investments** <br>(Cost $24,635,954) | **24635281** |
| **Total Investments – 100.3%** <br>(Cost $1,552,474,532) | **Total Investments – 100.3%** <br>(Cost $1,552,474,532) | **1868044489** |
| Liabilities less Other Assets – (0.3)% | Liabilities less Other Assets – (0.3)% | (6324924)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1861719565** |

---

*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>| Par value is in USD unless otherwise indicated. |
| <sup>(e)</sup> <br>| 7-day current yield as of October 31, 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 |
| ETF | Exchange-Traded Fund |
| L.P. | Limited Partnership |
| PLC | Public Limited Company |
| S&P | Standards & Poor's |
| SPDR | Standard & Poor's Depositary Receipt |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

**Valuation Hierarchy**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar U.S. Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1765667037 | &nbsp;&nbsp; $5905748 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1771572785 |
| Master Limited Partnerships | &nbsp;&nbsp; 1134242 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1134242 |
| Investment Companies | &nbsp;&nbsp; 70702181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70702181 |
| Short-Term Investments | &nbsp;&nbsp; 18729182 | &nbsp;&nbsp; 5906099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24635281 |
| **Total Investments** | &nbsp;&nbsp; $1856232642 | &nbsp;&nbsp; $11811847 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1868044489 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments**

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 96.8%** | **Common Stocks – 96.8%** | **Common Stocks – 96.8%** |
| **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** |
| Publicis Groupe S.A. <br> (France)<br>| 38257 | **$3834465** |
| **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** |
| Airbus S.E. (France) | 10828 | 2669873 |
| BAE Systems PLC (United <br> Kingdom)<br>| 180277 | 4440852 |
| Melrose Industries PLC <br> (United Kingdom)<br>| 149010 | 1227553 |
| Safran S.A. (France) | 14586 | 5182676 |
| Singapore Technologies <br> Engineering Ltd. <br> (Singapore)<sup>(a)</sup> <br>| 630660 | 4108788 |
| Thales S.A. (France) | 5172 | 1474811 |
| Thyssenkrupp A.G. Marine <br> Systems Segment <br> (Germany)\*<br>| 5460 | 514491 |
|  |  | **19619044** |
| **Apparel & Textile Products – 2.0%** | **Apparel & Textile Products – 2.0%** | **Apparel & Textile Products – 2.0%** |
| adidas A.G. (Germany) | 19040 | 3600128 |
| Bosideng International <br> Holdings Ltd. (China)<br>| 46000 | 28148 |
| Cie Financiere Richemont <br> S.A., Class A <br> (Switzerland)<sup>(b)</sup> <br>| 18173 | 3594723 |
| Eclat Textile Co. Ltd. <br> (Taiwan)<br>| 109801 | 1459313 |
| Kering S.A. (France) | 12015 | 4266732 |
| LVMH Moet Hennessy <br> Louis Vuitton S.E. (France)<br>| 10027 | 7087317 |
|  |  | **20036361** |
| **Asset Management – 2.1%** | **Asset Management – 2.1%** | **Asset Management – 2.1%** |
| 3i Group PLC (United <br> Kingdom)<br>| 66075 | 3823802 |
| Azimut Holding S.p.A. <br> (Italy)<br>| 96437 | 3774235 |
| Julius Baer Group Ltd. <br> (Switzerland)<br>| 16635 | 1123005 |
| Netwealth Group Ltd. <br> (Australia)<br>| 42307 | 851553 |
| Sanlam Ltd. (South Africa) | 266371 | 1397651 |
| Schroders PLC (United <br> Kingdom)<br>| 1543545 | 7702485 |
| UBS Group A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 29854 | 1142373 |
| VZ Holding A.G. <br> (Switzerland)<br>| 6730 | 1314693 |
| XTB S.A. (Poland)<sup>(c)</sup> <br>| 27922 | 526858 |
|  |  | **21656655** |
| **Automotive – 2.9%** | **Automotive – 2.9%** | **Automotive – 2.9%** |
| Aumovio S.E. (Germany)\* | 18431 | 792420 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Bayerische Motoren Werke <br> A.G. (Germany)<br>| 44147 | $4116481 |
| Cie Generale des <br> Etablissements Michelin <br> S.C.A. (France)<br>| 64832 | 2071086 |
| Contemporary Amperex <br> Technology Co. Ltd., <br> Class A (China)<br>| 115400 | 6300469 |
| Continental A.G. (Germany) | 49955 | 3817157 |
| Huayu Automotive <br> Systems Co. Ltd., Class A <br> (China)<br>| 321600 | 922251 |
| Hyundai Mobis Co. Ltd. <br> (South Korea)<br>| 4520 | 999541 |
| Kia Corp. (South Korea) | 26115 | 2190490 |
| Koito Manufacturing Co. <br> Ltd. (Japan)<br>| 26100 | 388635 |
| Magna International, Inc. <br> (Canada)<br>| 25922 | 1224621 |
| Mercedes-Benz Group A.G. <br> (Germany)<br>| 19891 | 1290619 |
| NGK Insulators Ltd. (Japan) | 67300 | 1135456 |
| Nifco, Inc. (Japan) | 53700 | 1556202 |
| Toyota Motor Corp. (Japan) | 123673 | 2521338 |
|  |  | **29326766** |
| **Banking – 9.4%** | **Banking – 9.4%** | **Banking – 9.4%** |
| ANZ Group Holdings Ltd. <br> (Australia)<br>| 55539 | 1330254 |
| Axis Bank Ltd. (India) | 185546 | 2574916 |
| Banco Bilbao Vizcaya <br> Argentaria S.A. (Spain)<br>| 321999 | 6487020 |
| Banco do Brasil S.A. <br> (Brazil)<br>| 447400 | 1826207 |
| Bank Mandiri Persero Tbk <br> PT (Indonesia)<br>| 19007300 | 5385028 |
| Bank of Montreal (Canada) | 9571 | 1188945 |
| BNP Paribas S.A. (France) | 92105 | 7134271 |
| China Construction <br> Bank Corp., Class H <br> (China)<br>| 2794000 | 2766176 |
| China Merchants Bank Co. <br> Ltd., Class H (China)<br>| 275613 | 1727690 |
| Commercial International <br> Bank - Egypt (CIB) GDR <br> (Egypt)<sup>(b)</sup> <br>| 481667 | 1026921 |
| Credicorp Ltd. (Peru) | 16504 | 4307544 |
| DBS Group Holdings Ltd. <br> (Singapore)<br>| 171787 | 7112418 |
| Grupo Financiero Banorte <br> S.A.B. de C.V., Class O <br> (Mexico)<br>| 647048 | 6074314 |
| HDFC Bank Ltd. (India) | 171233 | 1903914 |
| HDFC Bank Ltd. ADR (India) | 197089 | 7138564 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| HSBC Holdings PLC <br> (United Kingdom)<br>| 132589 | $1856174 |
| ICICI Bank Ltd. (India) | 77621 | 1176163 |
| ING Groep N.V. <br> (Netherlands)<br>| 48656 | 1214925 |
| Intesa Sanpaolo S.p.A. <br> (Italy)<br>| 225209 | 1451550 |
| Kasikornbank PCL <br> (Thailand)<sup>(b)</sup> <br>| 190900 | 1101062 |
| KB Financial Group, Inc. <br> (South Korea)<br>| 56910 | 4645767 |
| National Bank of Greece <br> S.A. (Greece)<br>| 114184 | 1678336 |
| Nedbank Group Ltd. (South <br> Africa)<br>| 104444 | 1422667 |
| Nordea Bank Abp (Finland) | 113787 | 1946533 |
| OTP Bank Nyrt. (Hungary) | 22515 | 2149179 |
| Sberbank of Russia PJSC <br> (Russia)<sup>(d)\*</sup> <br>| 405212 |  |
| Shinhan Financial <br> Group Co. Ltd. (South <br> Korea)<br>| 40196 | 2064568 |
| Skandinaviska Enskilda <br> Banken AB, Class A <br> (Sweden)<br>| 228271 | 4357597 |
| Standard Bank Group Ltd. <br> (South Africa)<br>| 110725 | 1628195 |
| Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 87388 | 2365926 |
| Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 62849 | 1726246 |
| Svenska Handelsbanken <br> AB, Class A (Sweden)<br>| 94219 | 1229495 |
| Toronto-Dominion Bank <br> (The) (Canada)<br>| 23709 | 1946689 |
| United Overseas Bank Ltd. <br> (Singapore)<br>| 65765 | 1749183 |
| Woori Financial Group, Inc. <br> (South Korea)<br>| 66317 | 1180555 |
|  |  | **94874992** |
| **Beverages – 3.6%** | **Beverages – 3.6%** | **Beverages – 3.6%** |
| Ambev S.A. (Brazil) | 2407709 | 5706055 |
| Anheuser-Busch InBev <br> S.A./N.V. (Belgium)<br>| 38886 | 2371161 |
| Asahi Group Holdings Ltd. <br> (Japan)<br>| 203900 | 2198413 |
| Diageo PLC (United <br> Kingdom)<br>| 302552 | 6959228 |
| Fomento Economico <br> Mexicano S.A.B. de C.V. <br> (Mexico)<br>| 268845 | 2532817 |
| Fomento Economico <br> Mexicano S.A.B. de C.V. <br> ADR (Mexico)<br>| 72781 | 6867615 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| Jiangsu Yanghe <br> Distillery Co. Ltd., Class A <br> (China)<br>| 85600 | $850740 |
| Kweichow Moutai Co. Ltd., <br> Class A (China)<br>| 7900 | 1586800 |
| Pernod Ricard S.A. (France) | 63844 | 6252919 |
| Tingyi Cayman Islands <br> Holding Corp. (China)<br>| 822000 | 1127808 |
|  |  | **36453556** |
| **Biotechnology & Pharmaceuticals – 5.0%** | **Biotechnology & Pharmaceuticals – 5.0%** | **Biotechnology & Pharmaceuticals – 5.0%** |
| AstraZeneca PLC ADR <br> (United Kingdom)<br>| 20800 | 1713920 |
| Bayer A.G. (Germany)<sup>(b)</sup> <br>| 129621 | 4031795 |
| China Medical System <br> Holdings Ltd. (China)<br>| 562000 | 969231 |
| Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 105800 | 4842227 |
| Consun Pharmaceutical <br> Group Ltd. (China)<br>| 432292 | 836197 |
| CSL Ltd. | 8862 | 1032745 |
| CSPC Pharmaceutical <br> Group Ltd. (China)<br>| 528166 | 520240 |
| Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 101300 | 2419867 |
| Genmab A/S (Denmark)\* | 10114 | 2884795 |
| GSK PLC | 331508 | 7761748 |
| Hansoh Pharmaceutical <br> Group Co. Ltd. (China)<sup>(c)</sup> <br>| 116351 | 534133 |
| Kalbe Farma Tbk PT <br> (Indonesia)<br>| 5252900 | 402906 |
| Kobayashi <br> Pharmaceutical Co. Ltd. <br> (Japan)<sup>(a)</sup> <br>| 29600 | 984203 |
| Merck KGaA (Germany) | 9614 | 1259373 |
| Nippon Shinyaku Co. Ltd. <br> (Japan)<br>| 67000 | 1401880 |
| Novartis A.G.<sup>(b)</sup> <br>| 23635 | 2925107 |
| Novo Nordisk A/S, Class B <br> (Denmark)<br>| 117892 | 5804025 |
| Roche Holding A.G. <br> (Genusschein)<br>| 25995 | 8420312 |
| Shionogi & Co. Ltd. (Japan) | 135800 | 2277720 |
|  |  | **51022424** |
| **Chemicals – 2.1%** | **Chemicals – 2.1%** | **Chemicals – 2.1%** |
| Air Liquide S.A. (France) | 13362 | 2586067 |
| Akzo Nobel N.V. <br> (Netherlands)<br>| 56714 | 3747954 |
| Brenntag S.E. (Germany) | 45425 | 2522848 |
| Croda International PLC <br> (United Kingdom)<br>| 53299 | 2023289 |
| DSM-Firmenich A.G. <br> (Switzerland)<br>| 12768 | 1040707 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| EMS-Chemie Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 3340 | $2287668 |
| IMCD N.V. (Netherlands) | 4500 | 466307 |
| Linde PLC | 2041 | 853750 |
| Novonesis Novozymes B <br> (Denmark)<br>| 27144 | 1622115 |
| Symrise A.G. (Germany) | 34420 | 2846500 |
| UPL Ltd. (India) | 163564 | 1326543 |
|  |  | **21323748** |
| **Commercial Support Services – 2.6%** | **Commercial Support Services – 2.6%** | **Commercial Support Services – 2.6%** |
| Bidvest Group Ltd. (South <br> Africa)<br>| 94011 | 1219933 |
| Bureau Veritas S.A. <br> (France)<br>| 58481 | 1921829 |
| Compass Group PLC <br> (United Kingdom)<br>| 72163 | 2388584 |
| Eurofins Scientific S.E. <br> (Luxembourg)<br>| 27083 | 1910151 |
| Intertek Group PLC (United <br> Kingdom)<br>| 63332 | 4218425 |
| RELX PLC (United <br> Kingdom)<br>| 26336 | 1163957 |
| Rentokil Initial PLC (United <br> Kingdom)<br>| 469460 | 2620269 |
| S-1 Corp. (South Korea) | 29634 | 1558308 |
| Secom Co. Ltd. (Japan) | 129400 | 4374343 |
| SGS S.A. (Switzerland)<sup>(b)</sup> <br>| 16463 | 1856530 |
| Taiwan Secom Co. Ltd. <br> (Taiwan)<br>| 453201 | 1590107 |
| Wolters Kluwer N.V. <br> (Netherlands)<br>| 9681 | 1186751 |
|  |  | **26009187** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Anhui Conch Cement Co. <br> Ltd., Class H (China)<br>| 393500 | 1173206 |
| Cemex S.A.B. de C.V. ADR <br> (Mexico)<br>| 69062 | 700979 |
| James Hardie Industries <br> PLC CDI<sup>(a)\*</sup> <br>| 61225 | 1289444 |
|  |  | **3163629** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| Humansoft Holding Co. <br> K.S.C. (Kuwait)<br>| 78659 | **634401** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Winpak Ltd. (Canada)<sup>(a)</sup> <br>| 36205 | **1110505** |
| **Diversified Industrials – 0.5%** | **Diversified Industrials – 0.5%** | **Diversified Industrials – 0.5%** |
| Alfa Laval AB (Sweden) | 96750 | **4598305** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **E-Commerce Discretionary – 1.9%** | **E-Commerce Discretionary – 1.9%** | **E-Commerce Discretionary – 1.9%** |
| Alibaba Group Holding Ltd. <br> (China)<br>| 433102 | $9215869 |
| JD.com, Inc., Class A <br> (China)<br>| 145541 | 2402880 |
| MercadoLibre, Inc. (Brazil)\* | 1813 | 4219323 |
| Pilot Corp. (Japan)<sup>(a)</sup> <br>| 47800 | 1443371 |
| Sea Ltd. ADR (Singapore)\* | 12876 | 2011875 |
|  |  | **19293318** |
| **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** |
| Engie Brasil Energia S.A. <br> (Brazil)<br>| 110400 | 818773 |
| RWE A.G. (Germany) | 28930 | 1424240 |
| SSE PLC (United Kingdom) | 54468 | 1372202 |
|  |  | **3615215** |
| **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** |
| Assa Abloy AB, Class B <br> (Sweden)<br>| 80954 | 3050716 |
| Daikin Industries Ltd. <br> (Japan)<br>| 14784 | 1717606 |
| Hexagon AB, Class B <br> (Sweden)<br>| 166909 | 2034557 |
| Keli Sensing Technology <br> Ningbo Co. Ltd., Class A <br> (China)<br>| 26200 | 250962 |
| Kone OYJ, Class B (Finland) | 57377 | 3833535 |
| Legrand S.A. (France) | 23081 | 3985805 |
| Nohmi Bosai Ltd. (Japan)<sup>(a)</sup> <br>| 28800 | 708127 |
| Schneider Electric S.E. | 14250 | 4060252 |
|  |  | **19641560** |
| **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** |
| Cellnex Telecom S.A. <br> (Spain)<sup>(c)\*</sup> <br>| 34180 | 1064083 |
| COMSYS Holdings Corp. <br> (Japan)<sup>(a)</sup> <br>| 13700 | 345480 |
| Indus Towers Ltd. (India)\* | 456974 | 1872643 |
| Spirax Group PLC (United <br> Kingdom)<br>| 5975 | 557305 |
| Sumitomo Densetsu Co. <br> Ltd. (Japan)<br>| 10900 | 685929 |
| Takuma Co. Ltd. (Japan) | 81600 | 1251521 |
|  |  | **5776961** |
| **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** |
| NetEase, Inc. (China) | 139370 | 3910825 |
| NetEase, Inc. ADR (China) | 21279 | 2981188 |
| Universal Music Group N.V. <br> (Netherlands)<br>| 42030 | 1127328 |
|  |  | **8019341** |
| **Food – 1.8%** | **Food – 1.8%** | **Food – 1.8%** |
| AVI Ltd. (South Africa) | 241856 | 1346163 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Cheng De Lolo Co. Ltd., <br> Class A (China)<br>| 570451 | $739020 |
| Danone S.A. (France) | 22275 | 1967253 |
| Kerry Group PLC, Class A <br> (Ireland)<br>| 18425 | 1680780 |
| MEIJI Holdings Co. Ltd. <br> (Japan)<br>| 56253 | 1082868 |
| Nestle S.A.<sup>(b)</sup> <br>| 94363 | 9016239 |
| Orion Corp. (South Korea) | 9093 | 633191 |
| Universal Robina Corp. <br> (Philippines)<br>| 194030 | 240484 |
| Want Want China <br> Holdings Ltd. (China)<br>| 2339839 | 1512067 |
|  |  | **18218065** |
| **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** |
| Suzano S.A. (Brazil)\* | 87400 | **792618** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| ENN Natural Gas Co. Ltd., <br> Class A (China)<br>| 421076 | 1153827 |
| Kunlun Energy Co. Ltd. <br> (China)<br>| 282227 | 259419 |
| Veolia Environnement S.A. <br> (France)<br>| 35555 | 1174991 |
|  |  | **2588237** |
| **Health Care Facilities & Services – 1.0%** | **Health Care Facilities & Services – 1.0%** | **Health Care Facilities & Services – 1.0%** |
| Fresenius Medical Care <br> A.G. (Germany)<br>| 30038 | 1612659 |
| Fresenius S.E. & Co. KGaA <br> (Germany)<br>| 40861 | 2351264 |
| Life Healthcare Group <br> Holdings Ltd. (South <br> Africa)<br>| 1097759 | 751573 |
| Ramsay Health Care Ltd. <br> (Australia)<sup>(a)</sup> <br>| 54689 | 1147376 |
| Rede D'Or Sao Luiz S.A. <br> (Brazil)<sup>(c)\*</sup> <br>| 160800 | 1290596 |
| Ship Healthcare <br> Holdings, Inc. (Japan)<br>| 23900 | 357531 |
| Sinopharm Group Co. Ltd., <br> Class H (China)<br>| 631923 | 1575110 |
| Sonic Healthcare Ltd. <br> (Australia)<br>| 81242 | 1124439 |
|  |  | **10210548** |
| **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** |
| Coway Co. Ltd. (South <br> Korea)<br>| 22372 | 1398917 |
| Haier Smart Home Co. Ltd., <br> Class A (China)<br>| 705000 | 2654677 |
| Midea Group Co. Ltd., <br> Class A (China)<br>| 140100 | 1502784 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Home & Office Products (Continued)** | **Home & Office Products (Continued)** | **Home & Office Products (Continued)** |
| Midea Group Co. Ltd., <br> Class H (China)<br>| 108695 | $1174915 |
| Nien Made Enterprise Co. <br> Ltd. (Taiwan)<br>| 36753 | 440295 |
| Rinnai Corp. (Japan) | 36400 | 825031 |
|  |  | **7996619** |
| **Home Construction – 0.7%** | **Home Construction – 0.7%** | **Home Construction – 0.7%** |
| Geberit A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 4190 | 3062991 |
| Persimmon PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 82127 | 1305255 |
| Sekisui Chemical Co. Ltd. <br> (Japan)<br>| 141900 | 2458317 |
| Taylor Wimpey PLC (United <br> Kingdom)<br>| 295320 | 408499 |
|  |  | **7235062** |
| **Household Products – 2.2%** | **Household Products – 2.2%** | **Household Products – 2.2%** |
| Haleon PLC | 944519 | 4392233 |
| Hengan International <br> Group Co. Ltd. (China)<br>| 269000 | 942116 |
| Kimberly-Clark de Mexico <br> S.A.B. de C.V., Class A <br> (Mexico)<br>| 491807 | 953251 |
| L'Oreal S.A. (France) | 11119 | 4640086 |
| Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 86922 | 6648585 |
| Unicharm Corp. (Japan) | 473180 | 2927630 |
| Unilever PLC (United <br> Kingdom)<br>| 10789 | 647387 |
| Unilever PLC (London <br> Exchange) (United <br> Kingdom)<br>| 17837 | 1080146 |
|  |  | **22231434** |
| **Industrial Intermediate Products – 0.6%** | **Industrial Intermediate Products – 0.6%** | **Industrial Intermediate Products – 0.6%** |
| SKF AB, Class B (Sweden) | 234245 | **6004175** |
| **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** |
| Ashtead Group PLC (United <br> Kingdom)<br>| 76213 | **5090636** |
| **Institutional Financial Services – 2.3%** | **Institutional Financial Services – 2.3%** | **Institutional Financial Services – 2.3%** |
| ASX Ltd. (Australia)<sup>(a)</sup> <br>| 138052 | 5093690 |
| Bolsa Mexicana de Valores <br> S.A.B. de C.V. (Mexico)<br>| 966262 | 1842183 |
| Bursa Malaysia Bhd. <br> (Malaysia)<br>| 1040600 | 2035352 |
| Hong Kong Exchanges & <br> Clearing Ltd. (Hong Kong)<br>| 97364 | 5306620 |
| Japan Exchange Group, Inc. <br> (Japan)<br>| 479400 | 5345868 |
| London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 15353 | 1913389 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Nihon M&A Center <br> Holdings, Inc. (Japan)<br>| 102700 | $483696 |
| Singapore Exchange Ltd. <br> (Singapore)<br>| 85300 | 1106815 |
|  |  | **23127613** |
| **Insurance – 3.8%** | **Insurance – 3.8%** | **Insurance – 3.8%** |
| AIA Group Ltd. (Hong Kong) | 961591 | 9356989 |
| Allianz S.E. (Germany)<sup>(b)</sup> <br>| 17782 | 7145552 |
| ASR Nederland N.V. <br> (Netherlands)<br>| 32025 | 2137305 |
| BB Seguridade <br> Participacoes S.A. (Brazil)<br>| 299000 | 1834032 |
| Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 218115 | 1530949 |
| Manulife Financial Corp. <br> (Canada)<br>| 136492 | 4417220 |
| MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 51305 | 1057625 |
| Ping An Insurance <br> Group Co. of China Ltd., <br> Class H (China)<br>| 945248 | 6828785 |
| Prudential PLC (Hong <br> Kong)<br>| 253701 | 3528497 |
| Sony Financial Group, Inc. <br> (Japan)\*<br>| 192300 | 193910 |
|  |  | **38030864** |
| **Internet Media & Services – 2.9%** | **Internet Media & Services – 2.9%** | **Internet Media & Services – 2.9%** |
| Auto Trader Group PLC <br> (United Kingdom)<sup>(c)</sup> <br>| 100620 | 1032270 |
| Baidu, Inc., Class A <br> (China)\*<br>| 177382 | 2684896 |
| Guangdong South New <br> Media Co. Ltd., Class A <br> (China)<br>| 256800 | 1742563 |
| Kakaku.com, Inc. (Japan) | 33100 | 588436 |
| M3, Inc. (Japan)<sup>(a)</sup> <br>| 154700 | 2168099 |
| NAVER Corp. (South Korea) | 33925 | 6358093 |
| Prosus N.V. (China)\* | 31174 | 2154698 |
| REA Group Ltd. <br> (Australia)<sup>(a)</sup> <br>| 3961 | 551914 |
| Rightmove PLC (United <br> Kingdom)<br>| 339600 | 2981844 |
| Tencent Holdings Ltd. <br> (China)<br>| 108415 | 8806308 |
|  |  | **29069121** |
| **IT Services – 1.8%** | **IT Services – 1.8%** | **IT Services – 1.8%** |
| Capgemini S.E. (France) | 33038 | 5082746 |
| CGI, Inc. (Canada) | 9933 | 864441 |
| Fujitsu Ltd. (Japan) | 66000 | 1719990 |
| Infosys Ltd. (India) | 141799 | 2362668 |
| Infosys Ltd. ADR (India)<sup>(a)</sup> <br>| 102840 | 1704059 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **IT Services (Continued)** | **IT Services (Continued)** | **IT Services (Continued)** |
| Otsuka Corp. (Japan) | 51600 | $1020136 |
| Samsung SDS Co. Ltd. <br> (South Korea)<br>| 4488 | 575657 |
| Tata Consultancy <br> Services Ltd. (India)<br>| 155944 | 5367080 |
|  |  | **18696777** |
| **Leisure Facilities & Services – 0.9%** | **Leisure Facilities & Services – 0.9%** | **Leisure Facilities & Services – 0.9%** |
| Accor S.A. (France) | 43817 | 2229097 |
| Arcos Dorados <br> Holdings, Inc., Class A <br> (Brazil)<br>| 91125 | 653367 |
| Flutter Entertainment PLC <br> (United Kingdom)\*<br>| 7173 | 1668368 |
| OPAP S.A. (Greece) | 61271 | 1267701 |
| Yum China Holdings, Inc. <br> (China)<br>| 74193 | 3195115 |
|  |  | **9013648** |
| **Leisure Products – 0.3%** | **Leisure Products – 0.3%** | **Leisure Products – 0.3%** |
| BRP, Inc. | 11653 | 730976 |
| Fusheng Precision Co. Ltd. <br> (Taiwan)<br>| 91736 | 721526 |
| Shimano, Inc. (Japan) | 11166 | 1169816 |
|  |  | **2622318** |
| **Machinery – 3.6%** | **Machinery – 3.6%** | **Machinery – 3.6%** |
| Atlas Copco AB, Class A <br> (Sweden)<br>| 390025 | 6535284 |
| CNH Industrial N.V. | 310588 | 3258068 |
| Daifuku Co. Ltd. (Japan) | 86400 | 2754156 |
| Epiroc AB, Class A <br> (Sweden)<br>| 308893 | 6513306 |
| FANUC Corp. (Japan) | 78947 | 2634576 |
| Haitian International <br> Holdings Ltd. (China)<br>| 95452 | 260826 |
| Keyence Corp. (Japan) | 5100 | 1892787 |
| Komatsu Ltd. (Japan) | 29400 | 983459 |
| Kubota Corp. (Japan) | 196468 | 2543704 |
| Omron Corp. (Japan)<sup>(a)</sup> <br>| 55708 | 1553404 |
| Sandvik AB (Sweden) | 22490 | 680086 |
| SMC Corp. (Japan) | 7900 | 2704348 |
| Techtronic Industries Co. <br> Ltd. (Hong Kong)<br>| 197500 | 2303643 |
| Yaskawa Electric Corp. <br> (Japan)<sup>(a)</sup> <br>| 59339 | 1627568 |
|  |  | **36245215** |
| **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** |
| Alcon A.G.<sup>(a)</sup> <br>| 15448 | 1151417 |
| Alcon A.G.<sup>(a)</sup> <br>| 39807 | 2941339 |
| Coloplast A/S, Class B <br> (Denmark)<br>| 49865 | 4510012 |
| Hoya Corp. (Japan) | 12838 | 2085303 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| Koninklijke Philips N.V. <br> (Netherlands)<br>| 85274 | $2336098 |
| Olympus Corp. (Japan) | 98969 | 1218009 |
| Shenzhen Mindray <br> Bio-Medical <br> Electronics Co. Ltd., <br> Class A (China)<br>| 50100 | 1512512 |
| Siemens Healthineers A.G. <br> (Germany)<sup>(c)</sup> <br>| 72533 | 4065473 |
| Sonova Holding A.G. <br> (Switzerland)<sup>(b)</sup> <br>| 6616 | 1804648 |
| Sysmex Corp. (Japan) | 195700 | 2181578 |
|  |  | **23806389** |
| **Metals & Mining – 3.2%** | **Metals & Mining – 3.2%** | **Metals & Mining – 3.2%** |
| China Shenhua Energy Co. <br> Ltd., Class H (China)<br>| 508959 | 2650243 |
| Exxaro Resources Ltd. <br> (South Africa)<br>| 24987 | 254878 |
| Fortescue Ltd. (Australia) | 162318 | 2257394 |
| Glencore PLC (Australia)\* | 1298944 | 6222682 |
| Grupo Mexico S.A.B. de <br> C.V., Series B (Mexico)<br>| 111000 | 957796 |
| Indo Tambangraya Megah <br> Tbk PT (Indonesia)<br>| 446400 | 630409 |
| Kinetic Development <br> Group Ltd. (China)<br>| 1723937 | 323996 |
| Kumba Iron Ore Ltd. (South <br> Africa)<br>| 181339 | 3611091 |
| Rio Tinto PLC (Australia) | 93567 | 6745249 |
| Shougang Fushan <br> Resources Group Ltd. <br> (China)<br>| 6149464 | 2412792 |
| United Tractors Tbk PT <br> (Indonesia)<br>| 497500 | 804397 |
| Vale S.A. (Brazil) | 337616 | 4079669 |
| Vale S.A. ADR (Brazil) | 124950 | 1510645 |
|  |  | **32461241** |
| **Oil & Gas Supply Chain – 3.3%** | **Oil & Gas Supply Chain – 3.3%** | **Oil & Gas Supply Chain – 3.3%** |
| Beach Energy Ltd. <br> (Australia)<br>| 328773 | 267140 |
| Eni S.p.A. (Italy) | 69290 | 1277672 |
| Gazprom PJSC (Russia)<sup>(d)\*</sup> <br>| 421794 |  |
| Gaztransport Et Technigaz <br> S.A. (France)<br>| 855 | 169316 |
| LUKOIL PJSC (Russia)<sup>(d)\*</sup> <br>| 13736 |  |
| MOL Hungarian Oil & Gas <br> PLC (Hungary)<br>| 127079 | 1117891 |
| Parex Resources, Inc. <br> (Canada)<br>| 321789 | 4115999 |
| Petroleo Brasileiro S.A. - <br> Petrobras ADR (Brazil)<br>| 243563 | 2835073 |
| Petronas Gas Bhd. <br> (Malaysia)<br>| 512200 | 2262584 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| PRIO S.A. (Brazil)\* | 134300 | $895674 |
| PTT Exploration & <br> Production PCL <br> (Thailand)<sup>(b)</sup> <br>| 188100 | 623976 |
| Rosneft Oil Co. PJSC <br> (Russia)<sup>(d)\*</sup> <br>| 210931 |  |
| Shell PLC | 301831 | 11315472 |
| TotalEnergies S.E. (France) | 74221 | 4633991 |
| United Energy Group Ltd. <br> (Hong Kong)<br>| 11633252 | 742246 |
| Vibra Energia S.A. (Brazil) | 355900 | 1575765 |
| Woodside Energy <br> Group Ltd. (Australia)<br>| 72752 | 1178979 |
|  |  | **33011778** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| SLB Ltd. | 38808 | **1399416** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Metropole Television S.A. <br> (France)<br>| 78228 | **1079260** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| Big Yellow Group PLC <br> (United Kingdom)<br>| 137569 | 2012208 |
| Shurgard Self Storage Ltd. <br> (Belgium)<br>| 32865 | 1203085 |
|  |  | **3215293** |
| **Real Estate Owners & Developers – 0.4%** | **Real Estate Owners & Developers – 0.4%** | **Real Estate Owners & Developers – 0.4%** |
| Emaar Development PJSC <br> (United Arab Emirates)<br>| 676238 | 2746920 |
| Mitsubishi Estate Co. Ltd. <br> (Japan)<br>| 47900 | 1015091 |
|  |  | **3762011** |
| **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** |
| Country Garden Services <br> Holdings Co. Ltd. (China)<br>| 3169160 | **2519906** |
| **Retail - Consumer Staples – 1.0%** | **Retail - Consumer Staples – 1.0%** | **Retail - Consumer Staples – 1.0%** |
| Alimentation <br> Couche-Tard, Inc. <br> (Canada)<br>| 54418 | 2765616 |
| BIM Birlesik Magazalar <br> A.S. (Turkey)<br>| 86840 | 1112073 |
| DaShenLin Pharmaceutical <br> Group Co. Ltd., Class A <br> (China)<br>| 388339 | 996447 |
| Koninklijke Ahold Delhaize <br> N.V. (Netherlands)<br>| 29838 | 1221287 |
| Sundrug Co. Ltd. (Japan) | 31100 | 839504 |
| Wal-Mart de Mexico S.A.B. <br> de C.V. (Mexico)<br>| 855125 | 2830702 |
|  |  | **9765629** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary – 0.9%** | **Retail - Discretionary – 0.9%** | **Retail - Discretionary – 0.9%** |
| Astra International Tbk PT <br> (Indonesia)<br>| 3269500 | $1208942 |
| Chengdu Fusen <br> Noble-House <br> Industrial Co. Ltd., Class A <br> (China)<br>| 917247 | 1461956 |
| JUMBO S.A. (Greece) | 7175 | 227763 |
| Moncler S.p.A. (Italy) | 5822 | 349258 |
| Mr Price Group Ltd. (South <br> Africa)<br>| 70537 | 842765 |
| Pandora A/S (Denmark) | 10862 | 1453430 |
| Truworths <br> International Ltd. (South <br> Africa)<br>| 509934 | 1525022 |
| USS Co. Ltd. (Japan) | 219600 | 2423919 |
|  |  | **9493055** |
| **Semiconductors – 8.5%** | **Semiconductors – 8.5%** | **Semiconductors – 8.5%** |
| ASE Technology <br> Holding Co. Ltd. (Taiwan)<br>| 419000 | 3352319 |
| ASML Holding N.V. <br> (Netherlands)<br>| 14345 | 15167109 |
| ASML Holding N.V. ADR <br> (Netherlands)<sup>(b)</sup> <br>| 1884 | 1995589 |
| ASMPT Ltd. (Hong Kong) | 95700 | 1007318 |
| DB HiTek Co. Ltd. (South <br> Korea)<br>| 39318 | 1615212 |
| Disco Corp. (Japan) | 9100 | 3021957 |
| Globalwafers Co. Ltd. <br> (Taiwan)<br>| 87000 | 1430364 |
| Greatek Electronics, Inc. <br> (Taiwan)<br>| 367103 | 839463 |
| Japan Material Co. Ltd. <br> (Japan)<br>| 27200 | 339837 |
| Lasertec Corp. (Japan) | 18500 | 3756099 |
| MediaTek, Inc. (Taiwan) | 46000 | 1950835 |
| Novatek <br> Microelectronics Corp. <br> (Taiwan)<br>| 74000 | 942845 |
| Powertech Technology, Inc. <br> (Taiwan)<br>| 176661 | 986856 |
| SK Hynix, Inc. (South <br> Korea)<br>| 20700 | 8054235 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> (Taiwan)<br>| 254133 | 12289792 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 75270 | 22613366 |
| Tokyo Electron Ltd. (Japan) | 27908 | 6152886 |
| Tokyo Seimitsu Co. Ltd. <br> (Japan)<sup>(a)</sup> <br>| 6500 | 447158 |
|  |  | **85963240** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software – 1.2%** | **Software – 1.2%** | **Software – 1.2%** |
| Dassault Systemes S.E. <br> (France)<br>| 159757 | $4546325 |
| Nice Ltd. ADR (Israel)<sup>(a)\*</sup> <br>| 18340 | 2506344 |
| Obic Co. Ltd. (Japan) | 60800 | 1886082 |
| SAP S.E. (Germany) | 4654 | 1210378 |
| Shopify, Inc., Class A <br> (Canada)\*<br>| 12548 | 2181708 |
|  |  | **12330837** |
| **Specialty Finance – 1.8%** | **Specialty Finance – 1.8%** | **Specialty Finance – 1.8%** |
| Adyen N.V. <br> (Netherlands)<sup>(c)\*</sup> <br>| 2450 | 4198037 |
| Edenred S.E. (France) | 71358 | 2051126 |
| Experian PLC | 78000 | 3638326 |
| Nexi SpA (Italy)<sup>(a)(c)</sup> <br>| 332317 | 1752181 |
| Plus500 Ltd. (Israel) | 44846 | 1866019 |
| Zenkoku Hosho Co. Ltd. <br> (Japan)<sup>(a)</sup> <br>| 233100 | 4790896 |
|  |  | **18296585** |
| **Steel – 0.3%** | **Steel – 0.3%** | **Steel – 0.3%** |
| Maruichi Steel Tube Ltd. <br> (Japan)<br>| 30300 | 256196 |
| Ternium S.A. ADR <br> (Mexico)<sup>(a)</sup> <br>| 24154 | 870269 |
| thyssenkrupp A.G. <br> (Germany)<br>| 139213 | 1458861 |
| Tokyo Steel <br> Manufacturing Co. Ltd. <br> (Japan)<br>| 102300 | 902663 |
|  |  | **3487989** |
| **Technology Hardware – 5.4%** | **Technology Hardware – 5.4%** | **Technology Hardware – 5.4%** |
| Advantech Co. Ltd. (Taiwan) | 159210 | 1617156 |
| Brother Industries Ltd. <br> (Japan)<br>| 169800 | 2890119 |
| Delta Electronics, Inc. <br> (Taiwan)<br>| 186000 | 5982480 |
| Inaba Denki Sangyo Co. <br> Ltd. (Japan)<br>| 43600 | 1283891 |
| Largan Precision Co. Ltd. <br> (Taiwan)<br>| 41794 | 2999730 |
| Lenovo Group Ltd. (China) | 954000 | 1391743 |
| Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 165926 | 3577517 |
| Nidec Corp. (Japan) | 142650 | 1735591 |
| Quanta Computer, Inc. <br> (Taiwan)<br>| 186000 | 1803871 |
| Samsung Electronics Co. <br> Ltd. (South Korea)<br>| 91977 | 6923681 |
| Samsung Electronics Co. <br> Ltd. GDR (South Korea)<sup>(b)</sup> <br>| 4859 | 9068518 |
| Sony Group Corp. (Japan) | 294271 | 8195326 |
| TDK Corp. (Japan) | 89649 | 1566367 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Wiwynn Corp. (Taiwan) | 16000 | $2256314 |
| Yageo Corp. (Taiwan) | 252744 | 2034303 |
| Yealink Network <br> Technology Corp. Ltd., <br> Class A (China)<br>| 310500 | 1568303 |
|  |  | **54894910** |
| **Telecommunications – 2.0%** | **Telecommunications – 2.0%** | **Telecommunications – 2.0%** |
| America Movil S.A.B. de <br> C.V. ADR (Mexico)<sup>(a)</sup> <br>| 76368 | 1738899 |
| America Movil S.A.B. de <br> C.V., Series B (Mexico)<br>| 1206916 | 1373319 |
| Chunghwa Telecom Co. Ltd. <br> (Taiwan)<br>| 775424 | 3304048 |
| CITIC Telecom <br> International <br> Holdings Ltd. (China)<sup>(a)</sup> <br>| 910822 | 289568 |
| Elisa OYJ (Finland) | 42192 | 1859158 |
| KT Corp. (South Korea) | 28528 | 982664 |
| Mobile TeleSystems PJSC <br> ADR (Russia)<sup>(d)\*</sup> <br>| 138416 |  |
| Rogers <br> Communications Inc., <br> Class B (Canada)<br>| 67489 | 2641240 |
| Saudi Telecom Co. (Saudi <br> Arabia)<br>| 30448 | 366796 |
| Telkom Indonesia Persero <br> Tbk PT (Indonesia)<br>| 22547400 | 4361448 |
| Telkom Indonesia Persero <br> Tbk PT ADR (Indonesia)<sup>(a)</sup> <br>| 88886 | 1741277 |
| Vodacom Group Ltd. (South <br> Africa)<br>| 182887 | 1480518 |
|  |  | **20138935** |
| **Tobacco & Cannabis – 0.6%** | **Tobacco & Cannabis – 0.6%** | **Tobacco & Cannabis – 0.6%** |
| British American Tobacco <br> PLC (United Kingdom)<br>| 31941 | 1635876 |
| Imperial Brands PLC <br> (United Kingdom)<br>| 61998 | 2463450 |
| KT&G Corp. (South Korea) | 19120 | 1799419 |
|  |  | **5898745** |
| **Transportation & Logistics – 1.9%** | **Transportation & Logistics – 1.9%** | **Transportation & Logistics – 1.9%** |
| Canadian National <br> Railway Co. (Canada)<br>| 40749 | 3907407 |
| Canadian National <br> Railway Co. (Canada)<br>| 17486 | 1677082 |
| Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 3511 | 252658 |
| DSV A/S (Denmark) | 14005 | 2988785 |
| Fujian Expressway <br> Development Co. Ltd., <br> Class A (China)<br>| 2171100 | 1090739 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| Grupo Aeroportuario del <br> Pacifico S.A.B. de C.V. ADR <br> (Mexico)<br>| 6120 | $1274918 |
| InPost S.A. (Poland)\* | 56312 | 709332 |
| International Container <br> Terminal Services, Inc. <br> (Philippines)<br>| 119250 | 1075562 |
| Motiva Infraestrutura de <br> Mobilidade S.A. (Brazil)<br>| 396560 | 1169789 |
| Ryanair Holdings PLC ADR <br> (Italy)<br>| 56704 | 3542866 |
| SF Holding Co. Ltd., Class A <br> (China)<br>| 341800 | 1934773 |
|  |  | **19623911** |
| **Transportation Equipment – 0.7%** | **Transportation Equipment – 0.7%** | **Transportation Equipment – 0.7%** |
| Daimler Truck Holding A.G. <br> (Germany)<br>| 55971 | 2243467 |
| Knorr-Bremse A.G. <br> (Germany)<br>| 12251 | 1139931 |
| Volvo AB, Class B (Sweden) | 64650 | 1771090 |
| Weichai Power Co. Ltd., <br> Class H (China)<br>| 710000 | 1467073 |
|  |  | **6621561** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Dongsuh Cos., Inc. (South <br> Korea)<br>| 40923 | **774555** |
| **Wholesale - Discretionary – 0.3%** | **Wholesale - Discretionary – 0.3%** | **Wholesale - Discretionary – 0.3%** |
| Bunzl PLC (United <br> Kingdom)<br>| 85679 | 2604447 |
| Xinhua Winshare <br> Publishing and Media Co. <br> Ltd., Class H (China)<br>| 212578 | 285338 |
|  |  | **2889785** |
| **Total Common Stocks** <br>(Cost $881,724,330) | **Total Common Stocks** <br>(Cost $881,724,330) | **978618414** |
| **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%** |
| Isramco Negev 2 L.P. <br> (Israel)<br>| 395183 | 294764 |
| Newmed Energy L.P. <br> (Israel)<br>| 645515 | 3309238 |
| **Total Master Limited Partnerships** <br>(Cost $3,150,344) | **Total Master Limited Partnerships** <br>(Cost $3,150,344) | **3604002** |
| **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| Dr. Ing hc F Porsche A.G., <br> 3.28% (Germany)<sup>(c)(e)</sup> <br>| 23984 | **1254866** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| Banco Bradesco S.A. <br> (Brazil)\*<br>| 383191 | **$1295596** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Henkel A.G. & Co. KGaA, <br> 2.90% (Germany)<sup>(e)</sup> <br>| 13987 | **1133127** |
| **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** |
| Samsung Electronics Co. <br> Ltd., 1.74% (South <br> Korea)<sup>(e)</sup> <br>| 39675 | **2341419** |
| **Total Preferred Stocks** <br>(Cost $5,021,801) | **Total Preferred Stocks** <br>(Cost $5,021,801) | **6025008** |
| **Investment Companies – 0.2%** | **Investment Companies – 0.2%** | **Investment Companies – 0.2%** |
| iShares Core MSCI Total <br> International Stock ETF<br>| 23543 | 1976435 |
| **Total Investment Companies** <br>(Cost $1,948,500) | **Total Investment Companies** <br>(Cost $1,948,500) | **1976435** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short-Term Investments – 3.4%** | **Short-Term Investments – 3.4%** | **Short-Term Investments – 3.4%** |
| **Money Market Funds – 3.4%** | **Money Market Funds – 3.4%** | **Money Market Funds – 3.4%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.91%<sup>(f)</sup> <br>| 18755413 | $18755413 |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.21%<sup>(f)(g)</sup> <br>| 15245224 | 15245224 |
| **Total Short-Term Investments** <br>(Cost $34,000,637) | **Total Short-Term Investments** <br>(Cost $34,000,637) | **34000637** |
| **Total Investments – 101.3%** <br>(Cost $925,845,612) | **Total Investments – 101.3%** <br>(Cost $925,845,612) | **1024224496** |
| Liabilities less Other Assets – (1.3)% | Liabilities less Other Assets – (1.3)% | (13110993)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1011113503** |

---

*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 from <br> registration, normally to qualified institutional buyers. As of October 31, 2025, these securities had a total value of $15,718,497 or 1.55% of net <br> 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>| Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(f)</sup> <br>| 7-day current yield as of October 31, 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 |
| CDI | CREST Depository Interest |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| L.P. | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| Euro | 20.2 |
| Japanese Yen | 12.3 |
| British Pound | 11.3 |
| U.S. Dollar | 8.9 |
| Hong Kong Dollar | 7.7 |
| All other currencies less than 5% | 39.6 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| Japan | 12.3 |
| United States | 9.9 |
| China | 9.4 |
| France | 7.5 |
| United Kingdom | 7.3 |
| Taiwan | 6.8 |
| South Korea | 5.3 |
| All other countries less than 5%<sup>(b)</sup> <br>| 41.5 |
| **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 October 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $172191784 | &nbsp;&nbsp; $806426630 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $978618414 |
| Master Limited Partnerships | &nbsp;&nbsp; — | &nbsp;&nbsp; 3604002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3604002 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 6025008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6025008 |
| Investment Companies | &nbsp;&nbsp; 1976435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1976435 |
| Short-Term Investments | &nbsp;&nbsp; 34000637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34000637 |
| **Total Investments** | &nbsp;&nbsp; $208168856 | &nbsp;&nbsp; $816055640 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1024224496 |

---

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

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments**

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Asset-Backed Securities – 3.6%** | **Asset-Backed Securities – 3.6%** | **Asset-Backed Securities – 3.6%** |
| **Other – 3.5%** | **Other – 3.5%** | **Other – 3.5%** |
| AGL CLO 44 Ltd., Series <br> 2025-44A, Class E, (3M <br> CME Term SOFR + 4.75%), <br> 8.70%, 10/22/37<sup>(b)(c)</sup> <br>| $125000 | $124069 |
| AMMC CLO Ltd., Series <br> 2021-24A, Class DR, (3M <br> CME Term SOFR + 2.95%, <br> 2.95% Floor), 6.83%, <br> 1/20/35<sup>(b)(c)</sup> <br>| 150000 | 150000 |
| Apex Credit CLO LLC, Series <br> 2021-2A, Class CR, (3M <br> CME Term SOFR + 3.80%), <br> 7.63%, 10/20/34<sup>(b)(c)</sup> <br>| 100000 | 99018 |
| Arbor Realty Commercial <br> Real Estate Notes LLC, <br> Series 2025-FL1, Class A, <br> (1M CME Term SOFR + <br> 1.35%), 5.39%, <br> 8/20/42<sup>(b)(c)</sup> <br>| 150000 | 150020 |
| Bain Capital Credit <br> CLO Ltd., Series 2022-2A, <br> Class D1R, (3M CME Term <br> SOFR + 3.20%), 7.06%, <br> 4/22/35<sup>(b)(c)</sup> <br>| 250000 | 251098 |
| Black Diamond CLO Ltd., <br> Series 2021-1A, Class CR, <br> (3M CME Term SOFR + <br> 3.90%), 7.76%, <br> 11/22/34<sup>(b)(c)</sup> <br>| 150000 | 150002 |
| Blueberry Park CLO Ltd., <br> Series 2024-1A, Class D1, <br> (3M CME Term SOFR + <br> 2.90%, 2.90% Floor), <br> 6.78%, 10/20/37<sup>(b)(c)</sup> <br>| 110000 | 110197 |
| BlueMountain CLO <br> XXIX Ltd., Series <br> 2020-29A, Class ER, (3M <br> CME Term SOFR + 7.12%, <br> 6.86% Floor), 10.98%, <br> 7/25/34<sup>(b)(c)</sup> <br>| 250000 | 245269 |
| CIFC Funding Ltd., Series <br> 2017-3A, Class D1R, (3M <br> CME Term SOFR + 3.70%, <br> 3.70% Floor), 7.58%, <br> 4/20/37<sup>(b)(c)</sup> <br>| 210000 | 211153 |
| Columbia Cent CLO 35 Ltd., <br> Series 2025-35A, <br> Class D1A, (3M CME Term <br> SOFR + 3.50%), 7.82%, <br> 7/25/36<sup>(b)(c)</sup> <br>| 100000 | 100642 |
| Cook Park CLO Ltd., Series <br> 2018-1A, Class D, (3M <br> CME Term SOFR + 2.86%), <br> 6.74%, 4/17/30<sup>(b)(c)</sup> <br>| 250000 | 250574 |
| Dwight Issuer LLC, Series <br> 2025-FL1, Class A, (1M <br> CME Term SOFR + 1.66%), <br> 5.69%, 6/18/42<sup>(b)(c)</sup> <br>| 100000 | 99834 |

---

---

| | | |
|:---|:---|:---|
|  | **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%), 8.38%, <br> 4/20/34<sup>(b)(c)</sup> <br>| $150000 | $147590 |
| GoodLeap Sustainable <br> Home Solutions Trust, <br> Series 2021-3CS, Class C, <br> 3.50%, 5/20/48<sup>(b)</sup> <br>| 441959 | 233761 |
| Greywolf CLO IV Ltd., Series <br> 2019-1A, Class CR2, (3M <br> CME Term SOFR + 3.50%), <br> 7.38%, 4/17/34<sup>(b)(c)</sup> <br>| 100000 | 97801 |
| Jamestown CLO IX Ltd., <br> Series 2016-9A, <br> Class CR3, (3M CME Term <br> SOFR + 3.25%), 7.11%, <br> 7/25/34<sup>(b)(c)</sup> <br>| 150000 | 149400 |
| Mountain View CLO <br> XIX Ltd., Series 2025-1A, <br> Class D1, (3M CME Term <br> SOFR + 3.40%), 7.23%, <br> 10/17/38<sup>(b)(c)</sup> <br>| 100000 | 101223 |
| Mountain View CLO <br> XVI Ltd., Series 2022-1A, <br> Class DR, (3M CME Term <br> SOFR + 4.19%, 4.19% <br> Floor), 8.09%, 4/15/34<sup>(b)(c)</sup> <br>| 140000 | 140269 |
| Nassau Ltd., Series <br> 2021-IA, Class DR, (3M <br> CME Term SOFR + 3.60%), <br> 7.50%, 8/26/34<sup>(b)(c)</sup> <br>| 150000 | 150149 |
| National Collegiate Student <br> Loan Trust, Series 2007-2, <br> Class A4, (1M CME Term <br> SOFR + 0.40%), 4.40%, <br> 1/25/33<sup>(c)</sup> <br>| 177251 | 174310 |
| New Mountain CLO 5 Ltd., <br> Series 5A, Class D1R, (3M <br> CME Term SOFR + 3.15%), <br> 7.03%, 7/20/36<sup>(b)(c)</sup> <br>| 100000 | 100224 |
| Palmer Square CLO Ltd., <br> Series 2022-3A, <br> Class D1R, (3M CME Term <br> SOFR + 2.95%, 2.95% <br> Floor), 6.83%, 7/20/37<sup>(b)(c)</sup> <br>| 150000 | 150374 |
| Palmer Square <br> Loan Funding Ltd., Series <br> 2022-3A, Class CR, (3M <br> CME Term SOFR + 3.00%, <br> 3.00% Floor), 6.90%, <br> 4/15/31<sup>(b)(c)</sup> <br>| 160000 | 160649 |
| Pioneer Aircraft <br> Finance Ltd., Series <br> 2019-1, Class A, 3.97%, <br> 6/15/44<sup>(b)</sup> <br>| 123629 | 121938 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| RAD CLO Ltd., Series <br> 2023-21A, Class D1R, (3M <br> CME Term SOFR + 2.60%), <br> 6.46%, 1/25/37<sup>(b)(c)</sup> <br>| $160000 | $159278 |
| RR 18 Ltd., Series <br> 2021-18A, Class DR, (3M <br> CME Term SOFR + 4.90%), <br> 8.80%, 7/15/40<sup>(b)(c)</sup> <br>| 150000 | 150085 |
| SMB Private Education <br> Loan Trust,<br>|  |  |
| Series 2021-A, Class D1, <br> 3.86%, 1/15/53<sup>(b)</sup> <br>| 135505 | 123505 |
| Series 2024-D, Class D, <br> 7.51%, 7/05/53<sup>(b)</sup> <br>| 100000 | 103523 |
| Stonepeak ABS, Series <br> 2021-1A, Class A, 2.68%, <br> 2/28/33<sup>(b)</sup> <br>| 146339 | 141664 |
| Symphony CLO XXV Ltd., <br> Series 2021-25A, Class D, <br> (3M CME Term SOFR + <br> 3.86%, 3.60% Floor), <br> 7.75%, 4/19/34<sup>(b)(c)</sup> <br>| 250000 | 247926 |
| Trinitas CLO XXVII Ltd., <br> Series 2024-27A, <br> Class D1, (3M CME Term <br> SOFR + 4.30%, 4.30% <br> Floor), 8.18%, 4/18/37<sup>(b)(c)</sup> <br>| 160000 | 161335 |
| Valley Stream Park <br> CLO Ltd., Series 2022-1A, <br> Class DRR, (3M CME Term <br> SOFR + 2.70%, 2.70% <br> Floor), 6.58%, 1/20/37<sup>(b)(c)</sup> <br>| 120000 | 119926 |
|  |  | **4876806** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| MF1 LLC, Series 2022-FL9, <br> Class A, (1M CME Term <br> SOFR + 2.15%, 2.15% <br> Floor), 6.15%, 6/19/37<sup>(b)(c)</sup> <br>| 205497 | **205663** |
| **Total Asset-Backed Securities** <br>(Cost $5,180,702) | **Total Asset-Backed Securities** <br>(Cost $5,180,702) | **5082469** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 45.9%** | **Common Stocks – 45.9%** | **Common Stocks – 45.9%** |
| **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** |
| BAE Systems PLC (United <br> Kingdom)<br>| 78271 | 1928088 |
| Huntington Ingalls <br> Industries, Inc.<br>| 1418 | 456624 |
|  |  | **2384712** |
| **Asset Management – 0.7%** | **Asset Management – 0.7%** | **Asset Management – 0.7%** |
| Blackrock, Inc. | 306 | 331340 |
| Blackstone, Inc. | 1056 | 154852 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Macquarie Korea <br> Infrastructure Fund <br> (South Korea)<br>| 25661 | $197905 |
| T. Rowe Price Group, Inc.<sup>(d)</sup> <br>| 3035 | 311178 |
|  |  | **995275** |
| **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** |
| Hyundai Motor Co. (South <br> Korea)<br>| 4300 | **871995** |
| **Banking – 4.2%** | **Banking – 4.2%** | **Banking – 4.2%** |
| Bank Polska Kasa Opieki <br> S.A. (Poland)<br>| 13018 | 666545 |
| JP Morgan Chase & Co. | 6182 | 1923344 |
| PNC Financial Services <br> Group (The), Inc.<br>| 1350 | 246442 |
| Truist Financial Corp. | 4831 | 215607 |
| U.S. Bancorp | 7571 | 353414 |
| UniCredit S.p.A. (Italy) | 34050 | 2521290 |
|  |  | **5926642** |
| **Beverages – 1.3%** | **Beverages – 1.3%** | **Beverages – 1.3%** |
| Coca-Cola (The) Co. | 11392 | 784909 |
| Coca-Cola Europacific <br> Partners PLC (United <br> Kingdom)<br>| 5678 | 504377 |
| PepsiCo, Inc. | 3825 | 558794 |
|  |  | **1848080** |
| **Biotechnology & Pharmaceuticals – 4.5%** | **Biotechnology & Pharmaceuticals – 4.5%** | **Biotechnology & Pharmaceuticals – 4.5%** |
| AbbVie, Inc. | 2287 | 498657 |
| Amgen, Inc. | 1552 | 463163 |
| Bristol-Myers Squibb Co. | 7252 | 334100 |
| Gilead Sciences, Inc. | 3891 | 466103 |
| Johnson & Johnson | 12017 | 2269651 |
| Novartis A.G. ADR | 13602 | 1683792 |
| Pfizer, Inc. | 22947 | 565643 |
|  |  | **6281109** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| Comcast Corp., Class A | 23348 | **649892** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| Air Products and <br> Chemicals, Inc.<br>| 2041 | 495126 |
| International Flavors & <br> Fragrances, Inc.<br>| 5220 | 328703 |
| Solstice Advanced <br> Materials, Inc.\*<br>| 337 | 15189 |
|  |  | **839018** |
| **Construction Materials – 0.9%** | **Construction Materials – 0.9%** | **Construction Materials – 0.9%** |
| Cie de Saint-Gobain S.A. <br> (France)<br>| 13110 | **1272484** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **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> |
| WW International, Inc.<sup>(d)\*</sup> <br>| 787 | **$27403** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Amcor PLC | 61734 | **487699** |
| **Diversified Industrials – 2.3%** | **Diversified Industrials – 2.3%** | **Diversified Industrials – 2.3%** |
| Emerson Electric Co. | 2477 | 345715 |
| Honeywell <br> International, Inc.<br>| 1348 | 271393 |
| Siemens A.G. (Germany)<sup>(f)</sup> <br>| 9362 | 2653166 |
|  |  | **3270274** |
| **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** |
| American Electric <br> Power Co., Inc.<br>| 3614 | 434620 |
| Dominion Energy, Inc.<sup>(d)</sup> <br>| 4492 | 263635 |
| Enel S.p.A. (Italy) | 156946 | 1587628 |
| National Grid PLC (United <br> Kingdom)<br>| 95466 | 1431428 |
|  |  | **3717311** |
| **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** |
| Johnson Controls <br> International PLC<br>| 8037 | **919352** |
| **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** |
| Vinci S.A. (France) | 4385 | **586346** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| Mondelez <br> International, Inc., Class A<br>| 7145 | **410552** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| NiSource, Inc. | 5223 | **219941** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| CVS Health Corp. | 3690 | **288374** |
| **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** |
| Midea Group Co. Ltd., <br> Class H (China)<br>| 81711 | **883238** |
| **Household Products – 0.9%** | **Household Products – 0.9%** | **Household Products – 0.9%** |
| Kenvue, Inc. | 18893 | 271493 |
| Kimberly-Clark Corp. | 2630 | 314837 |
| Procter & Gamble (The) Co. | 4271 | 642230 |
|  |  | **1228560** |
| **Institutional Financial Services – 1.5%** | **Institutional Financial Services – 1.5%** | **Institutional Financial Services – 1.5%** |
| CME Group, Inc. | 2569 | 682044 |
| Morgan Stanley | 7150 | 1172600 |
| Northern Trust Corp. | 2249 | 289379 |
|  |  | **2144023** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Insurance – 2.7%** | **Insurance – 2.7%** | **Insurance – 2.7%** |
| MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 71332 | $1470471 |
| NN Group N.V. <br> (Netherlands)<br>| 19970 | 1366644 |
| Zurich Insurance Group <br> A.G. (Switzerland)<br>| 1413 | 982701 |
|  |  | **3819816** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| International Business <br> Machines Corp.<br>| 1196 | **367662** |
| **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** |
| McDonald's Corp. | 1324 | 395121 |
| OPAP S.A. (Greece) | 78339 | 1620839 |
| Starbucks Corp. | 3294 | 266386 |
|  |  | **2282346** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| Hasbro, Inc. | 3918 | **298983** |
| **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** |
| Baxter International, Inc. | 15198 | 280707 |
| Medtronic PLC | 5831 | 528872 |
|  |  | **809579** |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| Rio Tinto Ltd. (Australia) | 22462 | **1950293** |
| **Oil & Gas Supply Chain – 3.3%** | **Oil & Gas Supply Chain – 3.3%** | **Oil & Gas Supply Chain – 3.3%** |
| Chevron Corp. | 7780 | 1227061 |
| Enbridge, Inc. (Canada) | 35421 | 1651658 |
| Exxon Mobil Corp. | 5335 | 610111 |
| Gazprom PJSC (Russia)<sup>(g)\*</sup> <br>| 33780 |  |
| LUKOIL PJSC (Russia)<sup>(g)\*</sup> <br>| 1232 |  |
| ONEOK, Inc. | 5234 | 350678 |
| Petroleo Brasileiro S.A. - <br> Petrobras (Brazil)<br>| 128207 | 748517 |
| Rosneft Oil Co. PJSC <br> (Russia)<sup>(g)\*</sup> <br>| 17410 |  |
|  |  | **4588025** |
| **Real Estate Investment Trusts – 3.0%** | **Real Estate Investment Trusts – 3.0%** | **Real Estate Investment Trusts – 3.0%** |
| Crown Castle, Inc. | 5293 | 477534 |
| Federal Realty Investment <br> Trust<br>| 4557 | 438338 |
| Prologis Property Mexico <br> S.A. de C.V. (Mexico)<br>| 267879 | 1073765 |
| Realty Income Corp. | 4011 | 232558 |
| Simon Property Group, Inc. | 1205 | 211791 |
| Ventas, Inc. | 3326 | 245426 |
| VICI Properties, Inc. | 49759 | 1492272 |
|  |  | **4171684** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Semiconductors – 2.5%** | **Semiconductors – 2.5%** | **Semiconductors – 2.5%** |
| ASE Technology <br> Holding Co. Ltd. (Taiwan)<br>| 213770 | $1710323 |
| MediaTek, Inc. (Taiwan) | 33231 | 1409308 |
| Texas Instruments, Inc. | 2683 | 433197 |
|  |  | **3552828** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Western Union (The) Co.<sup>(d)</sup> <br>| 20056 | **187122** |
| **Technology Hardware – 1.1%** | **Technology Hardware – 1.1%** | **Technology Hardware – 1.1%** |
| Cisco Systems, Inc. | 3729 | 272627 |
| NetApp, Inc. | 949 | 111773 |
| Quanta Computer, Inc. <br> (Taiwan)<br>| 116302 | 1127924 |
|  |  | **1512324** |
| **Telecommunications – 1.6%** | **Telecommunications – 1.6%** | **Telecommunications – 1.6%** |
| Altice France S.A. <br> (France)<sup>(b)\*</sup> <br>| 3803 | 67945 |
| Softbank Corp. (Japan) | 1148211 | 1631606 |
| Verizon <br> Communications, Inc.<br>| 15277 | 607108 |
|  |  | **2306659** |
| **Tobacco & Cannabis – 1.7%** | **Tobacco & Cannabis – 1.7%** | **Tobacco & Cannabis – 1.7%** |
| British American Tobacco <br> PLC ADR (United <br> Kingdom)<br>| 36557 | 1871353 |
| Philip Morris <br> International, Inc.<br>| 3646 | 526227 |
|  |  | **2397580** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| Spirit Aviation <br> Holdings, Inc.\*<br>| 8659 | 3117 |
| United Parcel Service, Inc., <br> Class B<br>| 2109 | 203350 |
|  |  | **206467** |
| **Transportation Equipment – 0.5%** | **Transportation Equipment – 0.5%** | **Transportation Equipment – 0.5%** |
| Volvo AB, Class B (Sweden) | 24480 | **670631** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Sysco Corp. | 2684 | **199368** |
| **Total Common Stocks** <br>(Cost $57,550,320) | **Total Common Stocks** <br>(Cost $57,550,320) | **64573647** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Convertible Bonds – 0.0%**<sup>(e)</sup>  | **Convertible Bonds – 0.0%**<sup>(e)</sup>  | **Convertible Bonds – 0.0%**<sup>(e)</sup>  |
| **Technology Hardware – 0.0%**<sup>(e)</sup> | **Technology Hardware – 0.0%**<sup>(e)</sup> | **Technology Hardware – 0.0%**<sup>(e)</sup> |
| Super Micro <br> Computer, Inc., 3.50%, <br> 3/01/29<br>| $29000 | **$30856** |
| **Total Convertible Bonds** <br>(Cost $31,696) | **Total Convertible Bonds** <br>(Cost $31,696) | **30856** |
| **Corporate Bonds – 8.8%** | **Corporate Bonds – 8.8%** | **Corporate Bonds – 8.8%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| AAR Escrow Issuer LLC, <br> 6.75%, 3/15/29<sup>(b)</sup> <br>| 30000 | 30975 |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30<sup>(b)</sup> <br>| 50000 | 51352 |
| 6.25%, 3/15/33<sup>(b)</sup> <br>| 20000 | 20672 |
|  |  | **102999** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| American Axle & <br> Manufacturing, Inc.,<br>|  |  |
| 6.38%, 10/15/32<sup>(b)</sup> <br>| 20000 | 20059 |
| 7.75%, 10/15/33<sup>(b)</sup> <br>| 90000 | 90127 |
| PM General Purchaser LLC, <br> 9.50%, 10/01/28<sup>(b)</sup> <br>| 300000 | 259467 |
|  |  | **369653** |
| **Beverages – 0.0%**<sup>(e)</sup> | **Beverages – 0.0%**<sup>(e)</sup> | **Beverages – 0.0%**<sup>(e)</sup> |
| Primo Water <br> Holdings, Inc./Triton <br> Water Holdings, Inc., <br> 6.25%, 4/01/29<sup>(b)(d)</sup> <br>| 50000 | **50031** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| 1261229 B.C. Ltd., 10.00%, <br> 4/15/32<sup>(b)</sup> <br>| 200000 | 209062 |
| Bausch Health Cos., Inc., <br> 6.25%, 2/15/29<sup>(b)</sup> <br>| 10000 | 8200 |
|  |  | **217262** |
| **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>(b)</sup> <br>| 140000 | 126717 |
| CSC Holdings LLC, |  |  |
| 11.75%, 1/31/29<sup>(b)</sup> <br>| 390000 | 308085 |
| 6.50%, 2/01/29<sup>(b)</sup> <br>| 400000 | 275113 |
| Directv Financing LLC, <br> 8.88%, 2/01/30<sup>(b)</sup> <br>| 70000 | 69585 |
| Directv <br> Financing LLC/Directv <br> Financing <br> Co-Obligor, Inc., 10.00%, <br> 2/15/31<sup>(b)</sup> <br>| 50000 | 49794 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| DISH DBS Corp., 5.25%, <br> 12/01/26<sup>(b)</sup> <br>| $80000 | $78713 |
| DISH Network Corp., <br> 11.75%, 11/15/27<sup>(b)</sup> <br>| 160000 | 168445 |
|  |  | **1076452** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| Qnity Electronics, Inc., |  |  |
| 5.75%, 8/15/32<sup>(b)</sup> <br>| 60000 | 61058 |
| 6.25%, 8/15/33<sup>(b)</sup> <br>| 50000 | 51348 |
|  |  | **112406** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| CoreCivic, Inc., |  |  |
| 4.75%, 10/15/27 | 170000 | 168561 |
| 8.25%, 4/15/29 | 40000 | 42124 |
| GEO Group (The), Inc., <br> 10.25%, 4/15/31<sup>(d)</sup> <br>| 90000 | 98559 |
| RR Donnelley & Sons Co., <br> 9.50%, 8/01/29<sup>(b)</sup> <br>| 130000 | 133292 |
| TKC Holdings, Inc., |  |  |
| 6.88%, 5/15/28<sup>(b)</sup> <br>| 90000 | 90753 |
| 10.50%, 5/15/29<sup>(b)</sup> <br>| 80000 | 82270 |
|  |  | **615559** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Advanced Drainage <br> Systems, Inc., 5.00%, <br> 9/30/27<sup>(b)</sup> <br>| 60000 | 59853 |
| Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(b)</sup> <br>| 70000 | 72605 |
|  |  | **132458** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| Carriage Services, Inc., <br> 4.25%, 5/15/29<sup>(b)</sup> <br>| 110000 | **104039** |
| **Diversified Industrials – 0.0%**<sup>(e)</sup> | **Diversified Industrials – 0.0%**<sup>(e)</sup> | **Diversified Industrials – 0.0%**<sup>(e)</sup> |
| Vortex Opco LLC, 8.00%, <br> 4/30/30<sup>(b)</sup> <br>| 107217 | **10454** |
| **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** |
| Lightning Power LLC, <br> 7.25%, 8/15/32<sup>(b)</sup> <br>| 200000 | 211852 |
| NRG Energy, Inc., |  |  |
| 5.75%, 1/15/34<sup>(b)</sup> <br>| 40000 | 40282 |
| 6.25%, 11/01/34<sup>(b)</sup> <br>| 60000 | 61776 |
| 6.00%, 1/15/36<sup>(b)</sup> <br>| 210000 | 213615 |
| Talen Energy Supply LLC, <br> 6.50%, 2/01/36<sup>(b)</sup> <br>| 70000 | 72499 |
| Vistra Operations Co. LLC, |  |  |
| 4.38%, 5/01/29<sup>(b)</sup> <br>| 30000 | 29456 |
| 6.88%, 4/15/32<sup>(b)</sup> <br>| 70000 | 73524 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| VoltaGrid LLC, 7.38%, <br> 11/01/30<sup>(b)</sup> <br>| $40000 | $40682 |
|  |  | **743686** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Alpha Generation LLC, <br> 6.75%, 10/15/32<sup>(b)</sup> <br>| 120000 | **123310** |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| Railworks Holdings <br> L.P./Railworks Rally, Inc., <br> 8.25%, 11/15/28<sup>(b)</sup> <br>| 90000 | 90109 |
| TopBuild Corp., 5.63%, <br> 1/31/34<sup>(b)</sup> <br>| 120000 | 120487 |
| Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(b)</sup> <br>| 180000 | 200884 |
|  |  | **411480** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| AMC Networks, Inc., <br> 10.25%, 1/15/29<sup>(b)</sup> <br>| 40000 | 41994 |
| Univision <br> Communications, Inc., <br> 9.38%, 8/01/32<sup>(b)</sup> <br>| 40000 | 42223 |
| Versant Media Group, Inc., <br> 7.25%, 1/30/31<sup>(b)</sup> <br>| 40000 | 40773 |
| Warnermedia <br> Holdings, Inc., 4.28%, <br> 3/15/32<sup>(d)</sup> <br>| 58000 | 53124 |
|  |  | **178114** |
| **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** |
| Akumin, Inc., (100% Cash), <br> 9.00%, 8/01/27<sup>(b)(d)(h)</sup> <br>| 250000 | 232234 |
| CHS/Community Health <br> Systems, Inc.,<br>|  |  |
| 6.88%, 4/15/29<sup>(b)</sup> <br>| 180000 | 163193 |
| 5.25%, 5/15/30<sup>(b)</sup> <br>| 100000 | 93738 |
| 9.75%, 1/15/34<sup>(b)</sup> <br>| 120000 | 127054 |
| Claritev Corp., 6.75%, <br> 3/31/31<sup>(b)(h)</sup> <br>| 100911 | 80224 |
| LifePoint Health, Inc., <br> 9.88%, 8/15/30<sup>(b)</sup> <br>| 120000 | 129554 |
| MPH Acquisition <br> Holdings LLC,<br>|  |  |
| 11.50%, 12/31/30<sup>(b)(d)(h)</sup> <br>| 18266 | 19704 |
| 5.75%, 12/31/30<sup>(b)</sup> <br>| 11644 | 10573 |
| Sotera Health <br> Holdings LLC, 7.38%, <br> 6/01/31<sup>(b)</sup> <br>| 60000 | 63054 |
| U.S. Renal Care, Inc., <br> 10.63%, 6/28/28<sup>(b)</sup> <br>| 52500 | 45675 |
|  |  | **965003** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Home Construction – 0.0%**<sup>(e)</sup> | **Home Construction – 0.0%**<sup>(e)</sup> | **Home Construction – 0.0%**<sup>(e)</sup> |
| Dream Finders Homes, Inc., <br> 6.88%, 9/15/30<sup>(b)</sup> <br>| $70000 | **$69673** |
| **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** |
| Park-Ohio Industries, Inc., <br> 8.50%, 8/01/30<sup>(b)(d)</sup> <br>| 100000 | **102072** |
| **Industrial Support Services – 0.2%** | **Industrial Support Services – 0.2%** | **Industrial Support Services – 0.2%** |
| EquipmentShare.com, Inc., |  |  |
| 9.00%, 5/15/28<sup>(b)</sup> <br>| 70000 | 70528 |
| 8.63%, 5/15/32<sup>(b)</sup> <br>| 60000 | 60551 |
| 8.00%, 3/15/33<sup>(b)</sup> <br>| 10000 | 9803 |
| Herc Holdings, Inc., |  |  |
| 7.00%, 6/15/30<sup>(b)</sup> <br>| 50000 | 52334 |
| 7.25%, 6/15/33<sup>(b)(d)</sup> <br>| 20000 | 21086 |
|  |  | **214302** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| Jane Street Group/JSG <br> Finance, Inc.,<br>|  |  |
| 7.13%, 4/30/31<sup>(b)</sup> <br>| 50000 | 52468 |
| 6.75%, 5/01/33<sup>(b)</sup> <br>| 50000 | 52159 |
| Stonex Escrow Issuer LLC, <br> 6.88%, 7/15/32<sup>(b)</sup> <br>| 50000 | 51730 |
| VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 20000 | 20929 |
|  |  | **177286** |
| **Insurance – 0.0%**<sup>(e)</sup> | **Insurance – 0.0%**<sup>(e)</sup> | **Insurance – 0.0%**<sup>(e)</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>(b)</sup> <br>| 20000 | **20600** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Getty Images, Inc., |  |  |
| 11.25%, 2/21/30<sup>(b)(d)</sup> <br>| 30000 | 29777 |
| 10.50%, 11/15/30<sup>(b)</sup> <br>| 40000 | 40327 |
| Meta Platforms, Inc., 5.50%, <br> 11/15/45<br>| 130000 | 128876 |
|  |  | **198980** |
| **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>(b)(d)</sup> <br>| 110000 | 93512 |
| Carnival Corp., |  |  |
| 5.13%, 5/01/29<sup>(b)(d)</sup> <br>| 40000 | 40495 |
| 6.13%, 2/15/33<sup>(b)</sup> <br>| 70000 | 72182 |
| Full House Resorts, Inc., <br> 8.25%, 2/15/28<sup>(b)</sup> <br>| 190000 | 168693 |
| Light & Wonder <br> International, Inc., 6.25%, <br> 10/01/33<sup>(b)</sup> <br>| 60000 | 59735 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| NCL Corp. Ltd., 6.75%, <br> 2/01/32<sup>(b)</sup> <br>| $120000 | $123307 |
| Rivers Enterprise <br> Lender LLC/Rivers <br> Enterprise Lender Corp., <br> 6.25%, 10/15/30<sup>(b)</sup> <br>| 90000 | 90734 |
| Viking Cruises Ltd., |  |  |
| 7.00%, 2/15/29<sup>(b)</sup> <br>| 130000 | 130735 |
| 5.88%, 10/15/33<sup>(b)</sup> <br>| 80000 | 81325 |
| Wynn Resorts <br> Finance LLC/Wynn <br> Resorts Capital Corp., <br> 7.13%, 2/15/31<sup>(b)</sup> <br>| 50000 | 53694 |
|  |  | **914412** |
| **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>(b)</sup> <br>| 30000 | 29886 |
| Medline Borrower <br> L.P./Medline <br> Co-Issuer, Inc., 6.25%, <br> 4/01/29<sup>(b)</sup> <br>| 80000 | 82300 |
|  |  | **112186** |
| **Oil & Gas Supply Chain – 1.6%** | **Oil & Gas Supply Chain – 1.6%** | **Oil & Gas Supply Chain – 1.6%** |
| Antero Midstream Partners <br> L.P./Antero Midstream <br> Finance Corp., 5.75%, <br> 10/15/33<sup>(b)</sup> <br>| 50000 | 49928 |
| Blue Racer <br> Midstream LLC/Blue <br> Racer Finance Corp., <br> 7.25%, 7/15/32<sup>(b)</sup> <br>| 50000 | 52504 |
| Chord Energy Corp., |  |  |
| 6.00%, 10/01/30<sup>(b)</sup> <br>| 50000 | 50119 |
| 6.75%, 3/15/33<sup>(b)</sup> <br>| 60000 | 61271 |
| Crescent Energy <br> Finance LLC, 8.38%, <br> 1/15/34<sup>(b)</sup> <br>| 110000 | 107588 |
| Granite Ridge <br> Resources, Inc., 8.88%, <br> 11/04/29<br>| 130000 | 124800 |
| Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| 7.38%, 7/15/32<sup>(b)</sup> <br>| 50000 | 52393 |
| 6.63%, 1/15/34<sup>(b)</sup> <br>| 60000 | 61831 |
| New Generation Gas <br> Gathering LLC, 10.34%, <br> 9/30/29<sup>(g)</sup> <br>| 189189 | 196756 |
| Northern Oil & Gas, Inc., <br> 7.88%, 10/15/33<sup>(b)</sup> <br>| 80000 | 77920 |
| Occidental <br> Petroleum Corp., 4.40%, <br> 8/15/49<br>| 60000 | 45829 |
| PBF Holding Co. LLC/PBF <br> Finance Corp., 6.00%, <br> 2/15/28<br>| 30000 | 29782 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Permian Resources <br> Operating LLC,<br>|  |  |
| 7.00%, 1/15/32<sup>(b)</sup> <br>| $150000 | $155618 |
| 6.25%, 2/01/33<sup>(b)</sup> <br>| 90000 | 91569 |
| Range Resources Corp., |  |  |
| 8.25%, 1/15/29 | 40000 | 40806 |
| 4.75%, 2/15/30<sup>(b)</sup> <br>| 90000 | 88067 |
| Rockies Express <br> Pipeline LLC,<br>|  |  |
| 7.50%, 7/15/38<sup>(b)</sup> <br>| 40000 | 43379 |
| 6.88%, 4/15/40<sup>(b)</sup> <br>| 80000 | 82484 |
| Sunoco L.P., |  |  |
| (5Y US Treasury CMT + <br> 4.23%), 7.88%, <br> 9/18/30<sup>(b)(i)(j)</sup> <br>| 127000 | 128969 |
| 5.63%, 3/15/31<sup>(b)</sup> <br>| 80000 | 80052 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy <br> Finance Corp., 6.00%, <br> 12/31/30<sup>(b)</sup> <br>| 50000 | 49618 |
| Venture Global Calcasieu <br> Pass LLC, 3.88%, <br> 11/01/33<sup>(b)</sup> <br>| 140000 | 123565 |
| Venture Global LNG, Inc., |  |  |
| 9.50%, 2/01/29<sup>(b)</sup> <br>| 90000 | 96864 |
| 9.88%, 2/01/32<sup>(b)(d)</sup> <br>| 140000 | 149541 |
| Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| 7.75%, 5/01/35<sup>(b)</sup> <br>| 20000 | 22568 |
| 6.75%, 1/15/36<sup>(b)</sup> <br>| 220000 | 233004 |
|  |  | **2296825** |
| **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** |
| Nabors Industries, Inc., <br> 8.88%, 8/15/31<sup>(b)</sup> <br>| 120000 | 114034 |
| Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(b)</sup> <br>| 70000 | 72649 |
| WBI Operating LLC, 6.50%, <br> 10/15/33<sup>(b)</sup> <br>| 60000 | 59992 |
|  |  | **246675** |
| **Publishing & Broadcasting – 0.2%** | **Publishing & Broadcasting – 0.2%** | **Publishing & Broadcasting – 0.2%** |
| Clear Channel Outdoor <br> Holdings, Inc.,<br>|  |  |
| 7.50%, 6/01/29<sup>(b)</sup> <br>| 160000 | 157000 |
| 7.13%, 2/15/31<sup>(b)</sup> <br>| 50000 | 51563 |
| Gray Media, Inc., |  |  |
| 9.63%, 7/15/32<sup>(b)(d)</sup> <br>| 50000 | 50246 |
| 7.25%, 8/15/33<sup>(b)(d)</sup> <br>| 50000 | 48953 |
| iHeartCommunications, Inc., <br> 9.13%, 5/01/29<sup>(b)</sup> <br>| 28500 | 26223 |
|  |  | **333985** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| Diversified Healthcare <br> Trust, 7.25%, 10/15/30<sup>(b)</sup> <br>| $50000 | $50502 |
| Millrose Properties, Inc., |  |  |
| 6.38%, 8/01/30<sup>(b)</sup> <br>| 100000 | 101304 |
| 6.25%, 9/15/32<sup>(b)</sup> <br>| 30000 | 30143 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27<sup>(d)</sup> <br>| 160000 | 153940 |
| 8.50%, 2/15/32<sup>(b)</sup> <br>| 60000 | 62861 |
|  |  | **398750** |
| **Real Estate Owners & Developers – 0.0%**<sup>(e)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(e)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(e)</sup> |
| Five Point Operating Co. <br> L.P., 8.00%, 10/01/30<sup>(b)</sup> <br>| 70000 | **71541** |
| **Real Estate Services – 0.0%**<sup>(e)</sup> | **Real Estate Services – 0.0%**<sup>(e)</sup> | **Real Estate Services – 0.0%**<sup>(e)</sup> |
| Cushman & Wakefield <br> U.S. Borrower LLC, 6.75%, <br> 5/15/28<sup>(b)</sup> <br>| 50000 | **50398** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Michaels (The) Cos., Inc., |  |  |
| 5.25%, 5/01/28<sup>(b)</sup> <br>| 40000 | 37351 |
| 7.88%, 5/01/29<sup>(b)</sup> <br>| 20000 | 17550 |
| SGUS LLC, 11.00%, <br> 12/15/29<sup>(b)</sup> <br>| 30845 | 26604 |
|  |  | **81505** |
| **Semiconductors – 0.0%**<sup>(e)</sup> | **Semiconductors – 0.0%**<sup>(e)</sup> | **Semiconductors – 0.0%**<sup>(e)</sup> |
| Intel Corp., 5.70%, 2/10/53 | 30000 | **28842** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| Citrix Systems, Inc., 4.50%, <br> 12/01/27<br>| 50000 | 48501 |
| Cloud Software Group, Inc., |  |  |
| 8.25%, 6/30/32<sup>(b)</sup> <br>| 40000 | 42033 |
| 6.63%, 8/15/33<sup>(b)</sup> <br>| 40000 | 40092 |
| CoreWeave, Inc., |  |  |
| 9.25%, 6/01/30<sup>(b)</sup> <br>| 40000 | 40389 |
| 9.00%, 2/01/31<sup>(b)</sup> <br>| 80000 | 80234 |
| Gen Digital, Inc., 6.25%, <br> 4/01/33<sup>(b)</sup> <br>| 80000 | 82355 |
|  |  | **333604** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| Arbor Realty SR, Inc., <br> 7.88%, 7/15/30<sup>(b)</sup> <br>| 40000 | 40703 |
| Block, Inc., 6.00%, <br> 8/15/33<sup>(b)</sup> <br>| 100000 | 102250 |
| FirstCash, Inc., 5.63%, <br> 1/01/30<sup>(b)</sup> <br>| 50000 | 50075 |
| Mcclatchy Media Co. LLC, <br> 11.00%, 12/01/31<sup>(b)(h)</sup> <br>| 114283 | 128283 |
| Rocket Cos, Inc., 6.13%, <br> 8/01/30<sup>(b)</sup> <br>| 60000 | 61890 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 3.63%, 3/01/29<sup>(b)</sup> <br>| $70000 | $67249 |
| Starwood Property <br> Trust, Inc., 7.25%, <br> 4/01/29<sup>(b)</sup> <br>| 50000 | 52661 |
|  |  | **503111** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| CommScope LLC, 9.50%, <br> 12/15/31<sup>(b)</sup> <br>| 130000 | 132419 |
| CommScope <br> Technologies LLC, 5.00%, <br> 3/15/27<sup>(b)</sup> <br>| 80000 | 79696 |
| Viasat, Inc., 5.63%, <br> 4/15/27<sup>(b)</sup> <br>| 50000 | 49960 |
|  |  | **262075** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| EchoStar Corp., 10.75%, <br> 11/30/29<br>| 194800 | 214450 |
| Level 3 Financing, Inc., <br> 6.88%, 6/30/33<sup>(b)</sup> <br>| 50000 | 51215 |
|  |  | **265665** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28<sup>(b)(d)</sup> <br>| 40000 | 40928 |
| 8.50%, 5/15/29<sup>(b)</sup> <br>| 70000 | 73030 |
| American <br> Airlines, Inc./Aadvantage <br> Loyalty IP Ltd., 5.75%, <br> 4/20/29<sup>(b)</sup> <br>| 10000 | 10089 |
| Carriage Purchaser, Inc., <br> 7.88%, 10/15/29<sup>(b)</sup> <br>| 200000 | 186453 |
| JetBlue <br> Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 9/20/31<sup>(b)(d)</sup> <br>| 90000 | 88460 |
| Spirit Loyalty <br> Cayman Ltd./Spirit IP <br> Cayman Ltd., 11.00%, <br> 3/12/30<sup>(b)(k)</sup> <br>| 163884 | 86859 |
|  |  | **485819** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| JB Poindexter & Co., Inc., <br> 8.75%, 12/15/31<sup>(b)</sup> <br>| 70000 | **73252** |
| **Total Corporate Bonds** <br>(Cost $12,395,863) | **Total Corporate Bonds** <br>(Cost $12,395,863) | **12454464** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(e)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(e)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(e)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(e)</sup>  |
| **Sovereign Government – 0.0%**<sup>(e)</sup> | **Sovereign Government – 0.0%**<sup>(e)</sup> | **Sovereign Government – 0.0%**<sup>(e)</sup> | **Sovereign Government – 0.0%**<sup>(e)</sup> |
| Uruguay Government <br> International Bond, <br> 3.40%, 5/16/45<br>| UYU | 60000 | **$1638** |
| **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,654) | **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,654) | **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,654) | **1638** |
| **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** |
| **Angola – 0.1%** | **Angola – 0.1%** | **Angola – 0.1%** | **Angola – 0.1%** |
| Angolan Government <br> International Bond, <br> 8.75%, 4/14/32<sup>(b)</sup> <br>|  | $210000 | **196869** |
| **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** |
| Provincia de Buenos Aires, <br> 6.63%, 9/01/37<sup>(b)</sup> <br>|  | 183680 | **134546** |
| **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| Brazil Notas do Tesouro <br> Nacional Serie F, 10.00%, <br> 1/01/31<br>| BRL | 1998000 | **326654** |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| Bombardier, Inc., |  |  |  |
| 7.00%, 6/01/32<sup>(b)</sup> <br>|  | 80000 | 83991 |
| 6.75%, 6/15/33<sup>(b)</sup> <br>|  | 10000 | 10498 |
| Capstone Copper Corp., <br> 6.75%, 3/31/33<sup>(b)</sup> <br>|  | 30000 | 31043 |
| Empire Communities Corp., <br> 9.75%, 5/01/29<sup>(b)</sup> <br>|  | 50000 | 51126 |
| Hudbay Minerals, Inc., <br> 6.13%, 4/01/29<sup>(b)</sup> <br>|  | 50000 | 50629 |
| TransAlta Corp., |  |  |  |
| 7.75%, 11/15/29 |  | 70000 | 72892 |
| 6.50%, 3/15/40 |  | 30000 | 30421 |
| Vermilion Energy, Inc., <br> 7.25%, 2/15/33<sup>(b)(d)</sup> <br>|  | 100000 | 92333 |
| Wrangler Holdco Corp., <br> 6.63%, 4/01/32<sup>(b)</sup> <br>|  | 100000 | 104397 |
|  |  |  | **527330** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Latam Airlines Group S.A., <br> 7.88%, 4/15/30<sup>(b)(d)</sup> <br>|  | 100000 | **103415** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Ecopetrol S.A., 8.38%, <br> 1/19/36<br>|  | 150000 | **155446** |
| **France – 0.4%** | **France – 0.4%** | **France – 0.4%** | **France – 0.4%** |
| Altice France S.A., 6.88%, <br> 7/15/32<sup>(b)</sup> <br>|  | 646884 | **621069** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Germany – 0.3%** | **Germany – 0.3%** | **Germany – 0.3%** |
| TK Elevator U.S. Newco, <br> Inc., 5.25%, 7/15/27<sup>(b)(d)</sup> <br>| $200000 | $199770 |
| ZF North America <br> Capital, Inc.,<br>|  |  |
| 7.50%, 3/24/31<sup>(b)(d)</sup> <br>| 160000 | 153854 |
| 6.88%, 4/23/32<sup>(b)</sup> <br>| 150000 | 136911 |
|  |  | **490535** |
| **Hong Kong – 0.1%** | **Hong Kong – 0.1%** | **Hong Kong – 0.1%** |
| Melco Resorts Finance Ltd., <br> 6.50%, 9/24/33<sup>(b)</sup> <br>| 200000 | **200974** |
| **Ireland – 0.3%** | **Ireland – 0.3%** | **Ireland – 0.3%** |
| 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 | 157684 |
| Flutter Treasury DAC, <br> 5.88%, 6/04/31<sup>(b)</sup> <br>| 200000 | 202500 |
|  |  | **360184** |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| Teva Pharmaceutical <br> Finance Netherlands III <br> B.V., 4.10%, 10/01/46<br>| 280000 | **210261** |
| **Italy – 0.4%** | **Italy – 0.4%** | **Italy – 0.4%** |
| Intesa Sanpaolo S.p.A., <br> 7.80%, 11/28/53<sup>(b)</sup> <br>| 400000 | **495072** |
| **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>(b)</sup> <br>| 300000 | **316457** |
| **Jamaica – 0.0%**<sup>(e)</sup> | **Jamaica – 0.0%**<sup>(e)</sup> | **Jamaica – 0.0%**<sup>(e)</sup> |
| Jamaica Government <br> International Bond, <br> 9.63%, 11/03/30<br>JMD | 10000000 | **65898** |
| **Jordan – 0.2%** | **Jordan – 0.2%** | **Jordan – 0.2%** |
| Jordan Government <br> International Bond, <br> 7.75%, 1/15/28<sup>(b)(d)</sup> <br>| 230000 | **241222** |
| **Kenya – 0.2%** | **Kenya – 0.2%** | **Kenya – 0.2%** |
| Republic of Kenya <br> Government International <br> Bond, 9.75%, 2/16/31<sup>(b)(d)</sup> <br>| 280000 | **300505** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| MEGlobal Canada ULC, <br> 5.88%, 5/18/30<sup>(b)</sup> <br>| 210000 | **221130** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **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>(b)(i)(j)</sup> <br>|  | $250000 | $255832 |
| Mexico Government <br> International Bond, <br> 4.75%, 3/08/44<br>|  | 150000 | 126338 |
|  |  |  | **382170** |
| **Morocco – 0.2%** | **Morocco – 0.2%** | **Morocco – 0.2%** | **Morocco – 0.2%** |
| OCP S.A., 6.75%, 5/02/34<sup>(b)</sup> <br>|  | 200000 | **217202** |
| **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** |
| Petroleos del Peru S.A., <br> 5.63%, 6/19/47<sup>(b)(d)</sup> <br>|  | 250000 | **180000** |
| **Romania – 0.0%**<sup>(e)</sup> | **Romania – 0.0%**<sup>(e)</sup> | **Romania – 0.0%**<sup>(e)</sup> | **Romania – 0.0%**<sup>(e)</sup> |
| Romanian Government <br> International Bond, <br> 7.50%, 2/10/37<sup>(b)</sup> <br>|  | 60000 | **65754** |
| **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** |
| Inter-American <br> Development Bank, <br> 7.35%, 10/06/30<br>| INR | 18000000 | **208756** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| Turk Telekomunikasyon <br> A.S., 7.38%, 5/20/29<sup>(b)</sup> <br>|  | 200000 | **207047** |
| **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** |
| Shelf Drilling Holdings Ltd., <br> 9.63%, 4/15/29<sup>(b)(d)</sup> <br>|  | 200000 | **209919** |
| **United Kingdom – 0.1%** | **United Kingdom – 0.1%** | **United Kingdom – 0.1%** | **United Kingdom – 0.1%** |
| Marks & Spencer PLC, <br> 7.13%, 12/01/37<sup>(b)</sup> <br>|  | 100000 | **110607** |
| **Zambia – 0.4%** | **Zambia – 0.4%** | **Zambia – 0.4%** | **Zambia – 0.4%** |
| First Quantum <br> Minerals Ltd.,<br>|  |  |  |
| 8.63%, 6/01/31<sup>(b)</sup> <br>|  | 260000 | 272297 |
| 8.00%, 3/01/33<sup>(b)</sup> <br>|  | 230000 | 244440 |
|  |  |  | **516737** |
| **Total Foreign Issuer Bonds** <br>(Cost $6,908,313) | **Total Foreign Issuer Bonds** <br>(Cost $6,908,313) | **Total Foreign Issuer Bonds** <br>(Cost $6,908,313) | **7065759** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Master Limited Partnerships – 2.2%** | **Master Limited Partnerships – 2.2%** | **Master Limited Partnerships – 2.2%** |
| **Oil & Gas Supply Chain – 2.2%** | **Oil & Gas Supply Chain – 2.2%** | **Oil & Gas Supply Chain – 2.2%** |
| Energy Transfer L.P. | 67113 | 1129512 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Enterprise Products <br> Partners L.P.<br>| 62319 | $1918802 |
| **Total Master Limited Partnerships** <br>(Cost $2,662,358) | **Total Master Limited Partnerships** <br>(Cost $2,662,358) | **3048314** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Mortgage-Backed Securities – 6.6%** | **Mortgage-Backed Securities – 6.6%** | **Mortgage-Backed Securities – 6.6%** |
| **Commercial Mortgage-Backed Securities – 3.3%** | **Commercial Mortgage-Backed Securities – 3.3%** | **Commercial Mortgage-Backed Securities – 3.3%** |
| BANK, |  |  |
| Series 2022-BNK44, <br> Class D, 4.00%, <br> 11/15/32<sup>(b)</sup> <br>| $190000 | 148978 |
| Series 2024-BNK48, <br> Class A5, 5.05%, <br> 10/15/57<br>| 190000 | 193801 |
| Bank of America Merrill <br> Lynch Commercial <br> Mortgage Trust, Series <br> 2017-BNK3, Class D, <br> 3.25%, 2/15/50<sup>(b)</sup> <br>| 110000 | 100240 |
| BFLD Commercial <br> Mortgage Trust, Series <br> 2024-UNIV, Class D, (1M <br> CME Term SOFR + 2.69%, <br> 2.69% Floor), 6.72%, <br> 11/15/29<sup>(b)(c)</sup> <br>| 250000 | 251094 |
| BOCA Commercial <br> Mortgage Trust, Series <br> 2024-BOCA, Class E, (1M <br> CME Term SOFR + 4.44%, <br> 4.44% Floor), 8.47%, <br> 8/15/41<sup>(b)(c)</sup> <br>| 130000 | 131462 |
| BX Commercial Mortgage <br> Trust,<br>|  |  |
| Series 2019-IMC, Class E, <br> (1M CME Term SOFR + <br> 2.20%, 2.15% Floor), <br> 6.23%, 4/15/34<sup>(b)(c)</sup> <br>| 300000 | 291000 |
| Series 2021-ACNT, <br> Class A, (1M CME Term <br> SOFR + 0.96%, 0.85% <br> Floor), 5.00%, <br> 11/15/38<sup>(b)(c)</sup> <br>| 153692 | 153500 |
| Series 2021-VOLT, Class D, <br> (1M CME Term SOFR + <br> 1.76%, 1.65% Floor), <br> 5.80%, 9/15/36<sup>(b)(c)</sup> <br>| 261583 | 261338 |
| Series 2024-BI02, Class D, <br> 7.71%, 8/13/41<sup>(b)(l)</sup> <br>| 100000 | 97250 |
| BX Trust, |  |  |
| Series 2021-ARIA, <br> Class A, (1M CME Term <br> SOFR + 1.01%, 0.90% <br> Floor), 5.05%, <br> 10/15/36<sup>(b)(c)</sup> <br>| 270000 | 269578 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| BX Trust, |  |  |
| Series 2021-SDMF, <br> Class F, (1M CME Term <br> SOFR + 2.05%, 1.94% <br> Floor), 6.08%, <br> 9/15/34<sup>(b)(c)</sup> <br>| $194875 | $193522 |
| BXHPP Trust, Series <br> 2021-FILM, Class C, (1M <br> CME Term SOFR + 1.21%, <br> 1.10% Floor), 5.25%, <br> 8/15/36<sup>(b)(c)</sup> <br>| 270000 | 248749 |
| Citigroup Commercial <br> Mortgage Trust, Series <br> 2017-P8, Class A3, 3.20%, <br> 9/15/50<br>| 250000 | 245490 |
| Extended Stay America <br> Trust, Series 2025-ESH, <br> Class D, (1M CME Term <br> SOFR + 2.60%), 6.75%, <br> 10/15/42<sup>(b)(c)</sup> <br>| 100000 | 100688 |
| GS Mortgage Securities <br> Trust,<br>|  |  |
| Series 2015-GC32, <br> Class D, 3.35%, 7/10/48<br>| 15509 | 15126 |
| Series 2017-GS6, <br> Class A2, 3.16%, 5/10/50<br>| 184774 | 181479 |
| HIH Trust, Series 2024-61P, <br> Class F, (1M CME Term <br> SOFR + 5.44%, 5.44% <br> Floor), 9.47%, <br> 10/15/41<sup>(b)(c)</sup> <br>| 197051 | 198159 |
| KIND Trust, Series <br> 2021-KIND, Class E, (1M <br> CME Term SOFR + 3.36%, <br> 3.25% Floor), 7.40%, <br> 8/15/38<sup>(b)(c)</sup> <br>| 158697 | 155785 |
| KREF Ltd., Series 2022-FL3, <br> Class D, (1M CME Term <br> SOFR + 2.80%, 2.80% <br> Floor), 6.80%, 2/17/39<sup>(b)(c)</sup> <br>| 150000 | 148532 |
| MAD Commercial <br> Mortgage Trust, Series <br> 2025-11MD, Class A, <br> 4.75%, 10/15/42<sup>(b)(l)</sup> <br>| 100000 | 99865 |
| MF1 LLC, |  |  |
| Series 2025-FL17, Class A, <br> (1M CME Term SOFR + <br> 1.32%), 5.35%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 120000 | 119869 |
| Series 2025-FL17, Class D, <br> (1M CME Term SOFR + <br> 2.74%), 6.77%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 100000 | 98996 |
| MF1 Ltd., Series 2020-FL4, <br> Class A, (1M CME Term <br> SOFR + 1.81%, 1.70% <br> Floor), 5.85%, <br> 11/15/35<sup>(b)(c)</sup> <br>| 36413 | 36436 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| MHC Commercial <br> Mortgage Trust, Series <br> 2021-MHC, Class F, (1M <br> CME Term SOFR + 2.72%, <br> 2.60% Floor), 6.75%, <br> 4/15/38<sup>(b)(c)</sup> <br>| $160000 | $160000 |
| Morgan Stanley Capital I <br> Trust, Series 2021-230P, <br> Class B, (1M CME Term <br> SOFR + 1.56%, 1.45% <br> Floor), 5.60%, <br> 12/15/38<sup>(b)(c)</sup> <br>| 110000 | 102300 |
| MSWF Commercial <br> Mortgage Trust, Series <br> 2023-2, Class C, 7.02%, <br> 12/15/56<sup>(l)</sup> <br>| 90000 | 95332 |
| MTN Commercial <br> Mortgage Trust, Series <br> 2022-LPFL, Class F, (1M <br> CME Term SOFR + 5.29%, <br> 5.29% Floor), 9.33%, <br> 3/15/39<sup>(b)(c)</sup> <br>| 200000 | 199791 |
| RIDE, Series 2025-SHRE, <br> Class D, 6.75%, <br> 2/14/47<sup>(b)(l)</sup> <br>| 200000 | 204871 |
| SMRT, Series 2022-MINI, <br> Class F, (1M CME Term <br> SOFR + 3.35%, 3.35% <br> Floor), 7.38%, 1/15/39<sup>(b)(c)</sup> <br>| 210000 | 205058 |
|  |  | **4708289** |
| **Federal Home Loan Mortgage Corporation – 0.2%** | **Federal Home Loan Mortgage Corporation – 0.2%** | **Federal Home Loan Mortgage Corporation – 0.2%** |
| Pool, |  |  |
| 2.00%, 9/01/41 - 5/01/51 | 282967 | 239093 |
| 4.00%, 6/01/52 | 78970 | 75289 |
|  |  | **314382** |
| **Federal National Mortgage Association – 0.4%** | **Federal National Mortgage Association – 0.4%** | **Federal National Mortgage Association – 0.4%** |
| Pool, |  |  |
| 3.50%, 1/01/50 | 81256 | 76195 |
| 2.50%, 5/01/51 - 1/01/52 | 215477 | 184442 |
| 3.00%, 5/01/52 | 162007 | 143863 |
| 4.50%, 7/01/52 | 104830 | 103219 |
| 5.50%, 5/01/53 | 80786 | 81700 |
|  |  | **589419** |
| **Government National Mortgage Association II – 0.1%** | **Government National Mortgage Association II – 0.1%** | **Government National Mortgage Association II – 0.1%** |
| Pool, 5.50%, 5/20/53 | 79042 | **80314** |
| **Whole Loan – 2.6%** | **Whole Loan – 2.6%** | **Whole Loan – 2.6%** |
| Angel Oak Mortgage Trust, <br> Series 2022-3, Class A3, <br> 4.13%, 1/25/67<sup>(b)(l)</sup> <br>| 126206 | 118333 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| BRAVO Residential <br> Funding Trust,<br>|  |  |
| Series 2022-NQM1, <br> Class A1, 3.63%, <br> 9/25/61<sup>(b)(l)</sup> <br>| $139533 | $138093 |
| Series 2022-NQM2, <br> Class A1, 4.27%, <br> 11/25/61<sup>(b)(l)</sup> <br>| 100346 | 100213 |
| Series 2022-NQM2, <br> Class A3, 5.24%, <br> 11/25/61<sup>(b)</sup> <br>| 125433 | 125202 |
| Series 2024-NQM2, <br> Class A3, (Step to 7.59% <br> on 3/25/28), 6.59%, <br> 2/25/64<sup>(b)(m)</sup> <br>| 119254 | 120241 |
| CAFL Issuer LLC, Series <br> 2023-RTL1, Class A1, <br> (Step to 9.05% on <br> 7/28/26), 7.55%, <br> 12/28/30<sup>(b)(m)</sup> <br>| 160000 | 160462 |
| COLT Mortgage Loan Trust, |  |  |
| Series 2022-3, Class A1, <br> 3.90%, 2/25/67<sup>(b)(l)</sup> <br>| 174864 | 172341 |
| Series 2024-1, Class M1, <br> 6.59%, 2/25/69<sup>(b)</sup> <br>| 160000 | 161596 |
| CSMC Trust, Series <br> 2020-RPL4, Class A1, <br> 2.00%, 1/25/60<sup>(b)</sup> <br>| 154357 | 140067 |
| FHLMC Seasoned Credit <br> Risk Transfer Trust, Series <br> 2022-1, Class M, 4.50%, <br> 11/25/61<sup>(b)</sup> <br>| 130000 | 120653 |
| FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| Series 2022-R08, Class <br> 1M2, (30D Average <br> SOFR + 3.60%), 7.78%, <br> 7/25/42<sup>(b)(c)</sup> <br>| 200000 | 208181 |
| Series 2024-R01, Class <br> 1B1, (30D Average SOFR <br> + 2.70%), 6.88%, <br> 1/25/44<sup>(b)(c)</sup> <br>| 200000 | 205590 |
| GS Mortgage-Backed <br> Securities Trust, Series <br> 2022-NQM1, Class A4, <br> 4.00%, 5/25/62<sup>(b)</sup> <br>| 170234 | 159159 |
| LHOME Mortgage Trust, <br> Series 2024-RTL1, <br> Class A1, (Step to 8.52% <br> on 9/25/26), 7.02%, <br> 1/25/29<sup>(b)(m)</sup> <br>| 160000 | 160789 |
| New Residential Mortgage <br> Loan Trust, Series <br> 2022-NQM2, Class A1, <br> 3.08%, 3/27/62<sup>(b)(l)</sup> <br>| 185135 | 176136 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| NYMT Loan Trust, Series <br> 2024-BPL1, Class A1, <br> (Step to 8.65% on <br> 8/25/26), 7.15%, <br> 2/25/29<sup>(b)(m)</sup> <br>| $160000 | $160980 |
| OBX Trust, Series <br> 2024-NQM3, Class M1, <br> 6.85%, 12/25/63<sup>(b)</sup> <br>| 200000 | 202076 |
| Saluda Grade Alternative <br> Mortgage Trust, Series <br> 2024-RTL4, Class A1, <br> (Step to 8.50% on <br> 8/25/26), 7.50%, <br> 2/25/30<sup>(b)(m)</sup> <br>| 160000 | 160795 |
| SG Residential Mortgage <br> Trust, Series 2022-1, <br> Class A1, 3.17%, <br> 3/27/62<sup>(b)(l)</sup> <br>| 198006 | 186595 |
| Towd Point Mortgage Trust, <br> Series 2015-5, Class B3, <br> 4.01%, 5/25/55<sup>(b)(l)</sup> <br>| 220000 | 210870 |
| 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>(b)(m)</sup> <br>| 54342 | 54985 |
| Series 2024-1, Class A3, <br> (Step to 7.12% on <br> 2/25/28), 6.12%, <br> 1/25/69<sup>(b)(m)</sup> <br>| 114200 | 114699 |
| Series 2024-3, Class A3, <br> (Step to 7.85% on <br> 5/25/28), 6.85%, <br> 4/25/69<sup>(b)(m)</sup> <br>| 89641 | 90863 |
| Series 2024-4, Class A3, <br> (Step to 7.67% on <br> 6/25/28), 6.67%, <br> 6/25/69<sup>(b)(m)</sup> <br>| 132280 | 133822 |
|  |  | **3582741** |
| **Total Mortgage-Backed Securities** <br>(Cost $9,271,697) | **Total Mortgage-Backed Securities** <br>(Cost $9,271,697) | **9275145** |
| **Term Loans – 5.1%**<sup>(c)</sup>  | **Term Loans – 5.1%**<sup>(c)</sup>  | **Term Loans – 5.1%**<sup>(c)</sup>  |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| ABG Intermediate Holdings <br> 2 LLC, 2025 Delayed Draw <br> Term Loan, (1M USD CME <br> Term SOFR + 2.25%), <br> 6.21%, 2/13/32<br>| 93741 | **93506** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| First Eagle Holdings, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.50%), 7.71%, 8/16/32<br>| 76875 | 76693 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Focus Financial <br> Partners LLC, Tranche B <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 2.75%), 6.71%, 9/15/31<br>| $9925 | $9947 |
| GC Ferry Intermediate, Inc., <br> Delayed Draw Term Loan, <br> 6/06/32<sup>(n)</sup> <br>| 13125 | 13125 |
| Nexus Buyer LLC, <br> Amendment No. 10 Term <br> Loan, (1M USD CME Term <br> SOFR + 4.00%), 7.96%, <br> 7/31/31<br>| 40000 | 40060 |
|  |  | **139825** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| Clarios Global L.P., <br> Amendment No. 6 Dollar <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 6.71%, 1/28/32<br>| 30000 | 30066 |
| First Brands Group LLC, <br> 2021 Term Loan, (3M USD <br> CME Term SOFR + 5.00%, <br> 1.00% Floor), 9.57%, <br> 3/30/27<br>| 9871 | 3149 |
| First Brands Group LLC, <br> 2022-II Incremental Term <br> Loan, (3M USD CME Term <br> SOFR + 5.00%, 1.00% <br> Floor), 9.57%, 3/30/27<br>| 96850 | 30895 |
| First Brands Group LLC, DIP <br> Term Loan, 6/29/26<sup>(n)</sup> <br>| 9752 | 10326 |
|  |  | **74436** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Celsius, Inc., 2025 <br> Refinancing Term Loan, <br> (3M USD CME Term SOFR <br> + 2.50%), 6.48%, 4/01/32<br>| 70000 | 70284 |
| Primo Brands Corp., 2025 <br> Refinancing Term Loan, <br> (3M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 6.25%, 3/31/28<br>| 166838 | 167247 |
|  |  | **237531** |
| **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> 7.05%, 3/31/31<br>| 100000 | **97759** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| A-AP Buyer, Inc., Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 2.75%), <br> 6.75%, 9/09/31<br>| $59550 | $59476 |
| Natgasoline LLC, 2025 Term <br> Loan, (3M USD CME Term <br> SOFR + 5.50%), 9.50%, <br> 3/29/30<br>| 39500 | 39631 |
|  |  | **99107** |
| **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** |
| Catawba Nation Gaming <br> Authority, Initial Term B <br> Loan, (1M USD CME Term <br> SOFR + 4.75%), 8.71%, <br> 3/29/32<br>| 70000 | 71444 |
| LTR Intermediate <br> Holdings, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 4.50%, 1.00% <br> Floor), 8.58%, 5/05/28<br>| 147687 | 147687 |
| Prime Security Services <br> Borrower LLC, 2024-1 <br> Refinancing Term B-1 <br> Loan, (6M USD CME Term <br> SOFR + 2.00%), 6.13%, <br> 10/13/30<br>| 79852 | 79677 |
| Ryan LLC, Closing Date <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.46%, 11/14/30<br>| 147402 | 146665 |
|  |  | **445473** |
| **Communications – 0.0%**<sup>(e)</sup> | **Communications – 0.0%**<sup>(e)</sup> | **Communications – 0.0%**<sup>(e)</sup> |
| 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), 7.58%, 1/31/29<br>| 19750 | **19538** |
| **Construction Materials – 0.0%**<sup>(e)</sup> | **Construction Materials – 0.0%**<sup>(e)</sup> | **Construction Materials – 0.0%**<sup>(e)</sup> |
| HP PHRG Borrower LLC, <br> Closing Date Term Loan, <br> (3M USD CME Term SOFR <br> + 4.00%), 8.00%, 2/20/32<br>| 59850 | **58242** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| Harbor Freight Tools <br> USA, Inc., Replacement <br> Term Loan, (1M USD CME <br> Term SOFR + 2.25%), <br> 6.21%, 6/11/31<br>| 93502 | 92108 |
| Spencer Spirit IH LLC, <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 4.75%), 8.83%, 7/15/31<br>| 118201 | 117758 |
|  |  | **209866** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Consumer Non-Cyclical – 0.0%**<sup>(e)</sup> | **Consumer Non-Cyclical – 0.0%**<sup>(e)</sup> | **Consumer Non-Cyclical – 0.0%**<sup>(e)</sup> |
| 1261229 B.C. Ltd., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 6.25%), <br> 10.21%, 10/08/30<br>| $39900 | **$39586** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| Adtalem Global <br> Education, Inc., 2024 <br> Second Repricing Term <br> Loan, (1M USD CME Term <br> SOFR + 2.75%, 0.75% <br> Floor), 6.71%, 8/12/28<br>| 9999 | 9996 |
| WW International, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 6.80%), 10.80%, 6/24/30<br>| 130232 | 115147 |
|  |  | **125143** |
| **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, (1M USD <br> CME Term SOFR + 3.25%, <br> 0.50% Floor), 7.21%, <br> 4/01/32<br>| 94888 | 94632 |
| Clydesdale Acquisition <br> Holdings, Inc., 2025 <br> Incremental Delayed <br> Draw Term B Loan, <br> 4/01/32<sup>(o)</sup> <br>| 1663 | 1659 |
|  |  | **96291** |
| **Electric Utilities – 0.0%**<sup>(e)</sup> | **Electric Utilities – 0.0%**<sup>(e)</sup> | **Electric Utilities – 0.0%**<sup>(e)</sup> |
| Talen Energy Supply LLC, <br> Initial Term B Loan, <br> 10/25/32<sup>(n)</sup> <br>| 40000 | **39800** |
| **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> 2.00%), 5.96%, 9/30/31<br>| 79200 | **79245** |
| **Engineering & Construction – 0.0%**<sup>(e)</sup> | **Engineering & Construction – 0.0%**<sup>(e)</sup> | **Engineering & Construction – 0.0%**<sup>(e)</sup> |
| Osmose Utilities <br> Services, Inc., Initial Term <br> Loan, 6/23/28<sup>(n)</sup> <br>| 40000 | **38300** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| Allen Media LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 5.50%), <br> 9.65%, 2/10/27<br>| 76243 | 53434 |
| Versant Media Group, Inc., <br> Term Loan B, 10/23/30<sup>(n)</sup> <br>| 70000 | 69679 |
|  |  | **123113** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| Aveanna Healthcare LLC, <br> 2025 Incremental Term <br> Loan, (1M USD CME Term <br> SOFR + 3.75%), 7.71%, <br> 9/17/32<br>| $90000 | $90174 |
| Global Medical <br> Response, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 3.50%), <br> 7.38%, 10/01/32<br>| 132370 | 132880 |
| LifePoint Health, Inc., <br> 2024-1 Refinancing Term <br> Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 3.75%), 7.65%, 5/17/31<br>| 93503 | 93476 |
| (1M USD CME Term SOFR <br> + 3.75%), 7.78%, 5/17/31<br>| 236 | 236 |
| LifePoint Health, Inc., <br> 2024-2 Refinancing Term <br> Loan, (3M USD CME Term <br> SOFR + 3.50%), 7.66%, <br> 5/19/31<br>| 39601 | 39551 |
| MPH Acquisition <br> Holdings LLC, Exchange <br> First Out Term Loan, (3M <br> USD CME Term SOFR + <br> 3.75%, 0.50% Floor), <br> 7.59%, 12/31/30<br>| 14766 | 14732 |
| MPH Acquisition <br> Holdings LLC, Second Out <br> Term Loan, (3M USD CME <br> Term SOFR + 4.60%, <br> 0.50% Floor), 8.70%, <br> 12/31/30<br>| 122406 | 115495 |
| Sonrava Health <br> Holdings LLC, Second-Out <br> Term Loan, (3M USD CME <br> Term SOFR + 1.00%, <br> 0.75% Floor), 5.28%, <br> 8/18/28<br>| 320017 | 57603 |
| Sotera Health <br> Holdings LLC, 2025 <br> Refinancing Term Loan, <br> (3M USD CME Term SOFR <br> + 2.50%), 6.34%, 5/30/31<br>| 188562 | 189033 |
| TEAM Services Group LLC, <br> Incremental Term Loan, <br> (3M USD CME Term SOFR <br> + 5.25%), 9.09%, 12/20/27<br>| 29775 | 29688 |
| TEAM Services Group LLC, <br> Term Loan, (3M USD CME <br> Term SOFR + 5.00%, <br> 1.00% Floor), 9.10%, <br> 12/20/27<br>| 39483 | 39327 |
|  |  | **802195** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Opal Bidco SAS Facility <br> B-2, (3M USD CME Term <br> SOFR + 3.25%), 7.25%, <br> 4/28/32<br>| $170000 | **$170665** |
| **Industrial Support Services – 0.0%**<sup>(e)</sup> | **Industrial Support Services – 0.0%**<sup>(e)</sup> | **Industrial Support Services – 0.0%**<sup>(e)</sup> |
| Accession Risk <br> Management Group, Inc., <br> Tranche B Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%), 9.08%, 11/01/29<br>| 1 | **1** |
| **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,<br>|  |  |
| (3M USD CME Term SOFR <br> + 2.00%), 6.20%, <br> 12/15/31<br>| 79254 | 78466 |
| (3M USD CME Term SOFR <br> + 2.00%), 5.96%, <br> 12/15/31<br>| 14466 | 14323 |
| VFH Parent LLC, Term B-2 <br> Loan, (1M USD CME Term <br> SOFR + 2.50%), 6.46%, <br> 6/21/31<br>| 150000 | 150046 |
|  |  | **242835** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| AmWINS Group, Inc., Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 2.25%, <br> 0.75% Floor), 6.25%, <br> 1/30/32<br>| 93739 | 93837 |
| Asurion LLC, New B-9 Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 7.33%, <br> 7/31/27<br>| 90606 | 90623 |
| Sedgwick Claims <br> Management <br> Services, Inc. (Lightning <br> Cayman Merger <br> Sub, Ltd.), 2024 Term <br> Loan, (1M USD CME Term <br> SOFR + 2.50%), 6.46%, <br> 7/31/31<br>| 92909 | 92868 |
|  |  | **277328** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Diamond Sports Net LLC, <br> Term Loan, (3M USD <br> FIXED + 0.00%), 0.00%, <br> 1/02/28<br>| 50766 | 37770 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| MH Sub I LLC (Micro <br> Holding Corp.), 2023 May <br> Incremental Term Loan, <br> (3M USD CME Term SOFR <br> + 4.25%, 0.50% Floor), <br> 8.25%, 5/03/28<br>| $99705 | $90445 |
| MH Sub I LLC (Micro <br> Holding Corp.), 2024 <br> December New Term <br> Loan, (1M USD CME Term <br> SOFR + 4.25%, 0.50% <br> Floor), 8.21%, 12/31/31<br>| 67484 | 53852 |
|  |  | **182067** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Nielsen Consumer, Inc., <br> Thirteenth Amendment <br> Dollar Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 2.50%, 0.50% <br> Floor), 6.46%, 10/31/30<br>| 89277 | 89054 |
| UST Global, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 3.00%, <br> 0.50% Floor), 7.03%, <br> 11/20/28<br>| 76476 | 76093 |
| X Corp., Tranche B-3 Term <br> Loan, (6M USD FIXED + <br> 9.50%), 9.50%, 10/26/29<br>| 90000 | 90211 |
|  |  | **255358** |
| **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** |
| Allwyn Entertainment <br> Financing LLC, Facility <br> B-2, (3M USD CME Term <br> SOFR + 2.00%), 5.90%, <br> 6/02/31<br>| 108632 | 106821 |
| Endeavor Group <br> Holdings, Inc., Term Loan <br> B, (1M USD CME Term <br> SOFR + 3.00%), 6.96%, <br> 3/24/32<br>| 99750 | 100124 |
| Flutter Entertainment PLC, <br> 2024 Refinancing Term B <br> Loan, (3M USD CME Term <br> SOFR + 1.75%, 0.50% <br> Floor), 5.75%, 11/30/30<br>| 93735 | 93219 |
| Flutter Entertainment PLC, <br> Third Incremental Term B <br> Loan, (3M USD CME Term <br> SOFR + 2.00%, 0.50% <br> Floor), 6.00%, 6/04/32<br>| 109725 | 109039 |
| Kingpin Intermediate <br> Holdings LLC, <br> Amendment No. 15 Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 7.21%, <br> 9/22/32<br>| 150000 | 145125 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Peninsula Pacific <br> Entertainment <br> Development LLC, Closing <br> Date Term B Facility Loan, <br> (3M USD CME Term SOFR <br> + 4.75%), 8.74%, 10/01/32<br>| $81345 | $81142 |
| Peninsula Pacific <br> Entertainment <br> Development LLC, <br> Delayed Draw Term Loan, <br> 10/01/32<sup>(n)(o)</sup> <br>| 19062 | 19014 |
| TKO Worldwide <br> Holdings LLC, Additional <br> Term B-5 Loan, (3M USD <br> CME Term SOFR + 2.00%), <br> 6.04%, 11/21/31<br>| 63815 | 63945 |
|  |  | **718429** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| Dynamo Midco B.V., Facility <br> B-1, (1M USD CME Term <br> SOFR + 3.25%), 7.36%, <br> 9/30/31<br>| 138600 | 139120 |
| Madison IAQ LLC, 2025 <br> Incremental Term Loan, <br> (6M USD CME Term SOFR <br> + 3.25%, 0.50% Floor), <br> 7.45%, 5/06/32<br>| 59850 | 60029 |
|  |  | **199149** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Medline Borrower L.P., <br> 2028 Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 2.00%, 0.50% <br> Floor), 5.96%, 10/23/28<br>| 91339 | **91414** |
| **Publishing & Broadcasting – 0.0%**<sup>(e)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(e)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(e)</sup> |
| Gray Television, Inc., Term F <br> Loan, (1M USD CME Term <br> SOFR + 5.25%), 9.38%, <br> 6/04/29<br>| 1000 | 999 |
| Learfield <br> Communications LLC, <br> 2024 Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 4.75%), 8.71%, <br> 6/30/28<br>| 8013 | 8065 |
|  |  | **9064** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| Peer Holding III B.V., <br> Additional Facility 3, <br> 9/29/32<sup>(n)</sup> <br>| 30000 | 30000 |
| Peer Holding III B.V., <br> Facility B-4B, (3M USD <br> CME Term SOFR + 2.50%), <br> 6.50%, 10/28/30<br>| 93736 | 94058 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Peer Holding III B.V., <br> Facility B-5B, (3M USD <br> CME Term SOFR + 2.50%), <br> 6.50%, 7/01/31<br>| $89325 | $89638 |
| Thermostat Purchaser <br> III, Inc., Initial Term B-1 <br> Loan, (3M USD CME Term <br> SOFR + 4.25%, 0.75% <br> Floor), 8.25%, 8/31/28<br>| 76599 | 76567 |
|  |  | **290263** |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| Calabrio, Inc., First Out <br> Term Loan, 10/25/32<sup>(n)</sup> <br>| 30000 | 28500 |
| Cloudera, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.75%, 0.50% <br> Floor), 7.81%, 10/08/28<br>| 88818 | 85043 |
| Cotiviti, Inc., Amendment 2 <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 6.88%, 3/26/32<br>| 119700 | 114949 |
| Cotiviti, Inc., Initial Floating <br> Rate Term Loan, (1M USD <br> CME Term SOFR + 2.75%), <br> 6.88%, 5/01/31<br>| 148181 | 142501 |
| Dawn Bidco LLC, Term Loan <br> B, 10/07/32<sup>(n)</sup> <br>| 120000 | 119550 |
| Dayforce, Inc., First <br> Amendment Refinancing <br> Term Loan, (3M USD CME <br> Term SOFR + 2.00%), <br> 5.84%, 3/01/31<br>| 28351 | 28352 |
| DCert Buyer, Inc., First <br> Amendment Refinancing <br> Loan, (1M USD CME Term <br> SOFR + 7.00%), 10.96%, <br> 2/19/29<br>| 94212 | 84555 |
| Modena Buyer LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 4.25%), <br> 8.09%, 7/01/31<br>| 93503 | 91259 |
| Red Planet Borrower LLC, <br> Fourth Amendment <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 4.00%, 0.50% Floor), <br> 7.96%, 9/08/32<br>| 110000 | 108213 |
| Starlight Parent LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 4.00%), <br> 8.03%, 4/16/32<br>| 117765 | 116956 |
| X.AI Corp., Fixed Term Loan, <br> (3M USD FIXED + 0.00%), <br> 12.50%, 6/28/30<br>| 129675 | 135348 |
|  |  | **1055226** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| Blackhawk Network <br> Holdings, Inc., Additional <br> Term B-2 Loan, (1M USD <br> CME Term SOFR + 4.00%, <br> 1.00% Floor), 7.96%, <br> 3/12/29<br>| $98754 | $99078 |
| Boost Newco Borrower LLC, <br> USD Term B-2 Loan, (3M <br> USD CME Term SOFR + <br> 2.00%), 6.00%, 1/31/31<br>| 99251 | 99469 |
| CFC Bidco 2022 Ltd., Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 3.75%), <br> 7.74%, 7/01/32<br>| 110000 | 107387 |
| Evertec Group LLC, <br> Incremental Term B Loan, <br> (1M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 6.21%, 10/30/30<br>| 72000 | 72360 |
| KREF Holdings X LLC, 2025 <br> Replacement Term Loan, <br> (1M USD CME Term SOFR <br> + 2.50%), 6.55%, 3/05/32<br>| 129426 | 129749 |
| Starwood Property <br> Mortgage LLC, 2025 <br> Repricing Term Loan, (1M <br> USD CME Term SOFR + <br> 1.75%, 0.50% Floor), <br> 5.71%, 11/18/27<br>| 46870 | 46870 |
| Starwood Property <br> Mortgage LLC, <br> Incremental Term B-2 <br> Loan, (1M USD CME Term <br> SOFR + 2.25%), 6.21%, <br> 9/24/32<br>| 50000 | 50125 |
|  |  | **605038** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| QualityTech L.P., Term Loan, <br> (1M USD CME Term SOFR <br> + 3.50%), 7.61%, 11/04/31<br>| 139300 | **139474** |
| **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> + 2.75%, 0.50% Floor), <br> 6.95%, 7/01/31<br>| 8941 | 8975 |
| (1M USD CME Term SOFR <br> + 2.75%, 0.50% Floor), <br> 6.71%, 7/01/31<br>| 6605 | 6630 |
| (3M USD CME Term SOFR <br> + 2.75%, 0.50% Floor), <br> 6.59%, 7/01/31<br>| 13856 | 13908 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| United AirLines, Inc., <br> Class B Term Loan, (3M <br> USD CME Term SOFR + <br> 2.00%), 6.20%, 2/22/31<br>| $148790 | $149002 |
|  |  | **178515** |
| **Total Term Loans** <br>(Cost $7,610,567) | **Total Term Loans** <br>(Cost $7,610,567) | **7233782** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Warrants – 0.1%** | **Warrants – 0.1%** | **Warrants – 0.1%** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Spirit Airlines LLC\* | 6153 | **86142** |
| **Total Warrants** <br>(Cost $74,903) | **Total Warrants** <br>(Cost $74,903) | **86142** |
| **Investment Companies – 19.2%** | **Investment Companies – 19.2%** | **Investment Companies – 19.2%** |
| Schwab U.S. REIT ETF | 130569 | 2753700 |
| Vanguard <br> Intermediate-Term <br> Treasury ETF<br>| 68022 | 4093564 |
| Vanguard Long-Term <br> Treasury ETF<br>| 181237 | 10401191 |
| Vanguard Total <br> International Bond ETF<sup>(d)</sup> <br>| 196909 | 9815914 |
| **Total Investment Companies** <br>(Cost $26,682,707) | **Total Investment Companies** <br>(Cost $26,682,707) | **27064369** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 6.7%** | **Short-Term Investments – 6.7%** | **Short-Term Investments – 6.7%** |
| **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** |
| Edison International, (5Y <br> US Treasury CMT + <br> 4.70%), 5.38%, 3/09/26<sup>(i)(j)</sup> <br>| 110000 | 108909 |
| Plains All American <br> Pipeline L.P., (3M CME <br> Term SOFR + 4.37%), <br> 8.58%, 12/03/25<sup>(c)(i)</sup> <br>| 130000 | 130148 |
|  |  | **239057** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Foreign Issuer Bonds – 0.0%**<sup>(e)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(e)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(e)</sup> | **Foreign Issuer Bonds – 0.0%**<sup>(e)</sup> |
| Brazil Letras do Tesouro <br> Nacional,0.00%, 1/01/26<sup>(p)</sup> <br>| BRL | 114000 | $**20714** |
| **Money Market Funds – 6.5%** | **Money Market Funds – 6.5%** | **Money Market Funds – 6.5%** | **Money Market Funds – 6.5%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.21%<sup>(q)(r)</sup> <br>|  | 5559864 | 5559864 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.91%<sup>(q)</sup> <br>|  | 3560350 | 3560350 |
|  |  |  | **9120214** |
| **Total Short-Term Investments** <br>(Cost $9,361,559) | **Total Short-Term Investments** <br>(Cost $9,361,559) | **Total Short-Term Investments** <br>(Cost $9,361,559) | **9379985** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **Purchased Options – 0.0%**<sup>(e)</sup>  | **Purchased Options – 0.0%**<sup>(e)</sup>  | **Purchased Options – 0.0%**<sup>(e)</sup>  | **Purchased Options – 0.0%**<sup>(e)</sup>  |
| **Call Options - Over the Counter – 0.0%**<sup>(e)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(e)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(e)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(e)</sup> |
| Chinese Yuan vs. U.S. Dollar, <br> Strike Price CNY 7.17, <br> Expires 11/13/25, <br> Counterparty: JPMorgan <br> Chase<br>| 1 | 776000 | **29** |
| **Total Purchased Options**<br> (Premiums Paid $1,133) | **Total Purchased Options**<br> (Premiums Paid $1,133) | **Total Purchased Options**<br> (Premiums Paid $1,133) | **29** |

---

---

| | |
|:---|:---|
| **Total Investments – 103.2%** <br>(Cost $137,733,472) | **145296599** |
| Liabilities less Other Assets – (3.2)%<sup>(s)</sup>  | (4568736)<br>|
| **NET ASSETS – 100.0%** | **$140727863** |

---

*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>| Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from <br> registration, normally to qualified institutional buyers. As of October 31, 2025, these securities had a total value of $29,326,829 or 20.84% of <br> net assets.<br>|
| <sup>(c)</sup> <br>| Variable or floating rate security. Rate as of October 31, 2025 is disclosed. |
| <sup>(d)</sup> <br>| Security either partially or fully on loan. (See Note 6.) |
| <sup>(e)</sup> <br>| Amount rounds to less than 0.05%. |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

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

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

<sup>(g)</sup> Investment is valued using significant unobservable inputs (Level 3) (See Note 3 regarding investments in Russian securities).

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

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

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

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

<sup>(l)</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 October 31, 2025 is disclosed. 

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

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

<sup>(o)</sup> Unfunded loan commitment. As of October 31, 2025, total value of unfunded loan commitment is $20,673.

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

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

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

<sup>(s)</sup> Includes appreciation/(depreciation) on forward foreign currency exchange, futures and swap 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 |
| CDX | Credit Default Swap Index |
| CETIP | Câmara de Custódia e Liquidação |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNY | Chinese Offshore Yuan |
| CR | Custodial Receipts |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| INR | Indian Rupee |
| JMD | Jamaican Dollar |
| L.P. | Limited Partnership |
| LLC | Limited Liability Company |
| MXN | Mexican Peso |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SOFR | United States Secured Overnight Financing Rate |
| TIIE | Tasa de Interés Interbancaria de Equilibrio |
| ULC | Unlimited Liability Corporation |
| USD | United States Dollar |
| UYU | Uruguay Peso |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12/10/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 298283 | &nbsp;&nbsp; $2980 |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 520357 | &nbsp;&nbsp; (1280)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1877000 | &nbsp;&nbsp; 49477 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 242562 | &nbsp;&nbsp; 8312 |
| Long Gilt | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 245977 | &nbsp;&nbsp; 8787 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1665937 | &nbsp;&nbsp; (313)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5788180 | &nbsp;&nbsp; (656)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$67307** |
| **Short Contracts** |  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 676031 | &nbsp;&nbsp; $4500 |
| CME 3-Month SOFR | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 3/16/2027 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 726600 | &nbsp;&nbsp; (187)<br>|
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$4313** |
|  |  |  |  |  | &nbsp;&nbsp; **$71620** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1/16/26 | U.S. Dollars | &nbsp;&nbsp; 158219 | British Pounds | &nbsp;&nbsp; 117642 | BNP Paribas | &nbsp;&nbsp; $3670 |
| 12/02/25 | U.S. Dollars | &nbsp;&nbsp; 266609 | Brazilian Reals | &nbsp;&nbsp; 1435330 | JPMorgan Chase | &nbsp;&nbsp; 1975 |
| 11/04/25 | U.S. Dollars | &nbsp;&nbsp; 534298 | Brazilian Reals | &nbsp;&nbsp; 2870660 | JPMorgan Chase | &nbsp;&nbsp; 1258 |
| 1/16/26 | U.S. Dollars | &nbsp;&nbsp; 116632 | Mexican Pesos | &nbsp;&nbsp; 2166356 | Goldman Sachs | &nbsp;&nbsp; 990 |
| 11/14/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 1190042 | U.S. Dollars | &nbsp;&nbsp; 167000 | JPMorgan Chase | &nbsp;&nbsp; 221 |
| 1/16/26 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 316792 | U.S. Dollars | &nbsp;&nbsp; 44629 | Citibank | &nbsp;&nbsp; 79 |
| 1/16/26 | U.S. Dollars | &nbsp;&nbsp; 2741 | Euro | &nbsp;&nbsp; 2360 | JPMorgan Chase | &nbsp;&nbsp; 9 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $8202 |
| 1/16/26 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 314324 | U.S. Dollars | &nbsp;&nbsp; 206019 | Citibank | &nbsp;&nbsp; $(208)<br>|
| 1/16/26 | U.S. Dollars | &nbsp;&nbsp; 158000 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 1122118 | JPMorgan Chase | &nbsp;&nbsp; (360)<br>|
| 1/16/26 | U.S. Dollars | &nbsp;&nbsp; 413755 | Indian Rupees | &nbsp;&nbsp; 36930481 | Citibank | &nbsp;&nbsp; (427)<br>|
| 1/16/26 | Euro | &nbsp;&nbsp; 57000 | U.S. Dollars | &nbsp;&nbsp; 66465 | Goldman Sachs | &nbsp;&nbsp; (475)<br>|
| 1/16/26 | Indian Rupees | &nbsp;&nbsp; 18240104 | U.S. Dollars | &nbsp;&nbsp; 206259 | Citibank | &nbsp;&nbsp; (1693)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 11/04/25 | Brazilian Reals | &nbsp;&nbsp; 2870660 | U.S. Dollars | &nbsp;&nbsp; 534963 | JPMorgan Chase | &nbsp;&nbsp; $(1924)<br>|
| 1/16/26 | Japanese Yen | &nbsp;&nbsp; 37112018 | U.S. Dollars | &nbsp;&nbsp; 247980 | JPMorgan Chase | &nbsp;&nbsp; (5256)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(10343)<br>|
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp; **$(2141)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.90% (Monthly) | 11/16/2029 | MXN | 20240000 | $66234 | $— | $66234 |
| 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.89% (Monthly) | 11/10/2034 | MXN | 3550000 | 15542 |  | 15542 |
| **Total** |  |  |  |  | **$81776** | **$—** | **$81776** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1-Day Brazil CETIP <br> Interbank Deposit Rate <br> (At Maturity)<br>| 11.03% (At Maturity) | JPMorgan Chase | 1/02/2026 | BRL | 4988414 | $(30359)<br>| $— | $(30359)<br>|
| 1-Day Brazil CETIP <br> Interbank Deposit Rate <br> (At Maturity)<br>| 10.26% (At Maturity) | JPMorgan Chase | 1/02/2029 | BRL | 3493323 | (87421)<br>|  | (87421)<br>|
| **Total** |  |  |  |  |  | **$(117780)**<br>| **$—** | **$(117780)**<br>|

---

**Credit Default Swap Contracts outstanding - Buy Protection as of October 31, 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>|
| MGM Resorts International, 4.75%, Due: 10/15/2028 (Pay <br> Quarterly)<br>| 5.00% | 6/20/2030 | USD | 75000 | $(9811)<br>| $(9404)<br>| $(407)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 45 (Pay <br> Quarterly)<br>| 5.00% | 12/20/2030 | USD | 211700 | $(16686)<br>| $(15895)<br>| $(791)<br>|
| **Total** |  |  |  |  | **$(26497)**<br>| **$(25299)**<br>| **$(1198)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Caesars Entertainment, Inc., 4.63%, <br> Due: 10/15/2029 (Pay Quarterly)<br>| 2.89% | 5.00% | 6/20/2030 | USD | 75000 | $6770 | $7691 | $(921)<br>|
| **Total** |  |  |  |  |  | **$6770** | **$7691** | **$(921)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1-Day USD SOFR <br>+ 0.04% (At Maturity)<br>| Western Asset Management <br>Emerging Markets Frontier Custom Basket<br>| 1/08/2026 | JPMorgan Chase | USD | 465000 | $22015 | $— | $22015 |
| **Total** |  |  |  |  |  | **$22015** | **$—** | **$22015** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

**Valuation Hierarchy**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5082469 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5082469 |
| Common Stocks | &nbsp;&nbsp; 37585688 | &nbsp;&nbsp; 26987959 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 64573647 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 30856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30856 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 12257708 | &nbsp;&nbsp; 196756 | &nbsp;&nbsp; 12454464 |
| Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1638 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 7065759 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7065759 |
| Master Limited Partnerships | &nbsp;&nbsp; 3048314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3048314 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9275145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9275145 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 7233782 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7233782 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 |
| Investment Companies | &nbsp;&nbsp; 27064369 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27064369 |
| Short-Term Investments | &nbsp;&nbsp; 9120214 | &nbsp;&nbsp; 259771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9379985 |
| Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| **Total Investments** | &nbsp;&nbsp; $76818585 | &nbsp;&nbsp; $68281258 | &nbsp;&nbsp; $196756 | &nbsp;&nbsp; $145296599 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $74056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74056 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 8202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8202 |
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 103791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103791 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $74056 | &nbsp;&nbsp; $111993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186049 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(2436)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2436)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (10343)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10343)<br>|
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (119899)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (119899)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(2436)<br>| &nbsp;&nbsp; $(130242)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(132678)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $71620 | &nbsp;&nbsp; $(18249)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $53371 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments**

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 112.9%** | **Long Positions – 112.9%** | **Long Positions – 112.9%** |
| **Asset-Backed Securities – 8.4%** | **Asset-Backed Securities – 8.4%** | **Asset-Backed Securities – 8.4%** |
| **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> |
| DB Master Finance LLC, <br> Series 2025-1A, <br> Class A2II, 5.17%, <br> 8/20/55<sup>(c)(d)</sup> <br>| $150000 | **$150973** |
| **Consumer Services – 0.2%** | **Consumer Services – 0.2%** | **Consumer Services – 0.2%** |
| Avis Budget Rental <br> Car Funding AESOP LLC,<br>|  |  |
| Series 2025-2A, Class A, <br> 5.12%, 8/20/31<sup>(c)</sup> <br>| 1000000 | 1028398 |
| Series 2025-2A, Class B, <br> 5.51%, 8/20/31<sup>(c)</sup> <br>| 600000 | 616793 |
|  |  | **1645191** |
| **Leisure Facilities & Services – 0.0%**<sup>(b)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(b)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(b)</sup> |
| Five Guys Holdings, Inc., <br> Series 2023-1A, Class A2, <br> 7.55%, 1/26/54<sup>(c)</sup> <br>| 297000 | **307944** |
| **Other – 8.0%** | **Other – 8.0%** | **Other – 8.0%** |
| AASET, Series 2025-1A, <br> Class A, 5.94%, 2/16/50<sup>(c)</sup> <br>| 256738 | 261266 |
| AASET MT-1 Ltd., Series <br> 2025-2A, Class A, 5.52%, <br> 2/16/50<sup>(c)</sup> <br>| 536942 | 539871 |
| Affirm Master Trust, Series <br> 2025-1A, Class A, 4.99%, <br> 2/15/33<sup>(c)</sup> <br>| 304000 | 306118 |
| AGL CLO 42 Ltd., |  |  |
| Series 2025-42A, <br> Class A1, (3M CME Term <br> SOFR + 1.30%), 5.57%, <br> 7/22/38<sup>(c)(e)</sup> <br>| 250000 | 250489 |
| Series 2025-42A, Class B, <br> (3M CME Term SOFR + <br> 1.65%), 5.92%, <br> 7/22/38<sup>(c)(e)</sup> <br>| 2800000 | 2803836 |
| Series 2025-42A, Class C, <br> (3M CME Term SOFR + <br> 1.80%), 6.07%, <br> 7/22/38<sup>(c)(e)</sup> <br>| 350000 | 350566 |
| AGL Core CLO 38 Ltd., <br> Series 2025-38A, <br> Class A1, (3M CME Term <br> SOFR + 1.24%), 5.10%, <br> 1/20/38<sup>(c)(e)</sup> <br>| 250000 | 250411 |
| Arbor Realty Commercial <br> Real Estate Notes LLC, <br> Series 2025-FL1, Class A, <br> (1M CME Term SOFR + <br> 1.35%), 5.39%, <br> 8/20/42<sup>(c)(e)</sup> <br>| 180000 | 180024 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Ares Direct Lending CLO 6 <br> LLC,<br>|  |  |
| Series 2025-2A, Class A1, <br> (3M CME Term SOFR + <br> 1.45%), 5.20%, <br> 10/16/37<sup>(c)(e)</sup> <br>| $400000 | $401429 |
| Series 2025-2A, Class B, <br> (3M CME Term SOFR + <br> 1.80%), 5.55%, <br> 10/16/37<sup>(c)(e)</sup> <br>| 750000 | 749997 |
| Ares Direct Lending CLO 7 <br> LLC, Series 2025-3A, <br> Class B, (3M CME Term <br> SOFR + 1.85%), 5.74%, <br> 1/20/38<sup>(c)(d)(e)</sup> <br>| 250000 | 250253 |
| BCC Middle Market <br> CLO LLC, Series 2019-1A, <br> Class A1RR, (3M CME <br> Term SOFR + 1.45%), <br> 5.35%, 7/15/36<sup>(c)(e)</sup> <br>| 1650000 | 1651209 |
| BDS LLC, Series 2025-FL15, <br> Class AS, (1M CME Term <br> SOFR + 1.65%), 5.68%, <br> 3/19/43<sup>(c)(e)</sup> <br>| 850000 | 849635 |
| Benefit Street Partners CLO <br> X Ltd., Series 2016-10A, <br> Class A1R3, (3M CME <br> Term SOFR + 1.30%), <br> 5.18%, 7/20/38<sup>(c)(e)</sup> <br>| 322000 | 322656 |
| Benefit Street Partners CLO <br> XX Ltd., Series 2020-20A, <br> Class ARR, (3M CME Term <br> SOFR + 1.29%), 5.19%, <br> 7/15/37<sup>(c)(e)</sup> <br>| 250000 | 250450 |
| Birch Grove CLO 13 Ltd., <br> Series 2025-13A, <br> Class A1, (3M CME Term <br> SOFR + 1.31%), 5.47%, <br> 10/23/38<sup>(c)(e)</sup> <br>| 250000 | 250616 |
| Blue Stream Issuer LLC, <br> Series 2024-1A, Class A2, <br> 5.41%, 11/20/54<sup>(c)</sup> <br>| 1000000 | 1011368 |
| BlueMountain Fuji U.S. CLO <br> II Ltd., Series 2017-2A, <br> Class A1AR, (3M CME <br> Term SOFR + 1.26%), <br> 5.15%, 10/20/30<sup>(c)(e)</sup> <br>| 63461 | 63502 |
| BSPRT Issuer LLC, Series <br> 2025-FL12, Class B, (1M <br> CME Term SOFR + 1.95%), <br> 6.05%, 1/17/43<sup>(c)(e)</sup> <br>| 150000 | 149773 |
| BXMT Ltd., Series <br> 2025-FL5, Class A, (1M <br> CME Term SOFR + 1.64%), <br> 5.67%, 10/18/42<sup>(c)(e)</sup> <br>| 116000 | 115488 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Canyon CLO Ltd., Series <br> 2020-3A, Class A1R, (3M <br> CME Term SOFR + 1.40%, <br> 1.40% Floor), 5.30%, <br> 10/15/37<sup>(c)(e)</sup> <br>| $330000 | $330649 |
| Carbone CLO Ltd., Series <br> 2017-1A, Class A1, (3M <br> CME Term SOFR + 1.40%), <br> 5.29%, 1/20/31<sup>(c)(e)</sup> <br>| 23915 | 23936 |
| CARS-DB4 L.P., Series <br> 2020-1A, Class A6, 3.81%, <br> 2/15/50<sup>(c)</sup> <br>| 244531 | 231052 |
| Carva CLO VIII-C Ltd., <br> Series 2022-2A, <br> Class A1R, (3M CME Term <br> SOFR + 1.42%, 1.42% <br> Floor), 5.28%, <br> 10/22/37<sup>(c)(e)</sup> <br>| 250000 | 250674 |
| Castlelake Aircraft <br> Structured Trust,<br>|  |  |
| Series 2025-2A, Class A, <br> 5.47%, 8/15/50<sup>(c)</sup> <br>| 1677926 | 1695698 |
| Series 2025-3A, Class A, <br> 5.09%, 11/15/50<sup>(c)(d)</sup> <br>| 550000 | 549983 |
| Cerberus Loan Funding 50 <br> LLC,<br>|  |  |
| Series 2025-1A, Class A, <br> (3M CME Term SOFR + <br> 1.65%), 5.55%, <br> 7/15/37<sup>(c)(e)</sup> <br>| 800000 | 805309 |
| Series 2025-1A, Class B, <br> (3M CME Term SOFR + <br> 1.95%), 5.85%, <br> 7/15/37<sup>(c)(e)</sup> <br>| 800000 | 802768 |
| Cerberus Loan Funding 51 <br> LLC,<br>|  |  |
| Series 2025-2A, Class A, <br> (3M CME Term SOFR + <br> 1.52%), 5.64%, <br> 10/15/37<sup>(c)(e)</sup> <br>| 500000 | 502878 |
| Series 2025-2B, Class B, <br> (3M CME Term SOFR + <br> 1.82%), 5.94%, <br> 10/15/37<sup>(c)(e)</sup> <br>| 500000 | 501172 |
| Cerberus Loan Funding 52 <br> LLC, Series 2025-3A, <br> Class A, (3M CME Term <br> SOFR + 1.52%), 5.49%, <br> 10/15/37<sup>(c)(e)</sup> <br>| 400000 | 402318 |
| CIFC Funding Ltd., Series <br> 2017-4A, Class A1R, (3M <br> CME Term SOFR + 1.21%, <br> 0.95% Floor), 5.08%, <br> 10/24/30<sup>(c)(e)</sup> <br>| 38908 | 38906 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Citigroup Mortgage Loan <br> Trust, Inc., Series <br> 2007-WFH4, Class M3A, <br> (1M CME Term SOFR + <br> 3.86%, 3.75% Floor), <br> 7.86%, 7/25/37<sup>(e)</sup> <br>| $500000 | $494689 |
| CLI Funding IX LLC, Series <br> 2025-1A, Class A, 5.35%, <br> 6/20/50<sup>(c)</sup> <br>| 821313 | 830461 |
| Compass Datacenters <br> Issuer II LLC, Series <br> 2025-1A, Class A1, 5.32%, <br> 5/25/50<sup>(c)</sup> <br>| 1000000 | 1015089 |
| CWABS Asset-Backed <br> Certificates Trust, Series <br> 2006-14, Class M1, (1M <br> CME Term SOFR + 0.55%, <br> 0.44% Floor), 4.54%, <br> 2/25/37<sup>(e)</sup> <br>| 110151 | 115854 |
| DB Master Finance LLC, <br> Series 2021-1A, <br> Class A23, 2.79%, <br> 11/20/51<sup>(c)</sup> <br>| 818125 | 729021 |
| Dewolf Park CLO Ltd., <br> Series 2017-1A, Class AR, <br> (3M CME Term SOFR + <br> 1.18%, 0.90% Floor), <br> 5.09%, 10/15/30<sup>(c)(e)</sup> <br>| 46083 | 46131 |
| Diameter Capital CLO 10 <br> Ltd., Series 2025-10A, <br> Class A, (3M CME Term <br> SOFR + 1.31%), 5.19%, <br> 4/20/38<sup>(c)(e)</sup> <br>| 750000 | 751361 |
| Dryden 40 Senior <br> Loan Fund, Series <br> 2015-40A, Class AR2, (3M <br> CME Term SOFR + 1.15%, <br> 1.15% Floor), 5.36%, <br> 8/15/31<sup>(c)(e)</sup> <br>| 129962 | 129945 |
| EFMT, Series 2025-CES4, <br> Class A1, (Step to 6.43% <br> on 8/25/29), 5.43%, <br> 6/25/60<sup>(c)(f)</sup> <br>| 991283 | 997446 |
| Eldridge CLO Ltd., Series <br> 2025-1A, Class B, (3M <br> CME Term SOFR + 1.65%), <br> 5.54%, 10/20/38<sup>(c)(d)(e)</sup> <br>| 400000 | 400000 |
| FIGRE Trust, |  |  |
| Series 2025-HE1, Class A, <br> 5.83%, 1/25/55<sup>(c)</sup> <br>| 758855 | 769729 |
| Series 2025-PF1, Class A, <br> 5.76%, 6/25/55<sup>(c)</sup> <br>| 707970 | 717553 |
| Series 2025-PF1, Class B, <br> 5.91%, 6/25/55<sup>(c)</sup> <br>| 646245 | 654985 |
| Series 2025-PF2, Class A, <br> 5.02%, 10/25/55<sup>(c)</sup> <br>| 295658 | 294699 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| First Franklin Mortgage <br> Loan Trust,<br>|  |  |
| Series 2003-FF4, <br> Class M1, (1M CME Term <br> SOFR + 1.91%, 1.80% <br> Floor), 6.05%, 10/25/33<sup>(e)</sup> <br>| $180187 | $179022 |
| Series 2006-FF13, <br> Class A1, (1M CME Term <br> SOFR + 0.35%, 0.24% <br> Floor), 4.35%, 10/25/36<sup>(e)</sup> <br>| 24803 | 16128 |
| Series 2006-FF13, <br> Class A2C, (1M CME <br> Term SOFR + 0.43%, <br> 0.32% Floor), 4.43%, <br> 10/25/36<sup>(e)</sup> <br>| 14471 | 9589 |
| FNA 8 LLC, Series 2025-1, <br> Class A, 5.62%, 3/15/45<sup>(c)</sup> <br>| 87287 | 87738 |
| GoldenTree Loan <br> Management U.S. CLO 23 <br> Ltd., Series 2024-23A, <br> Class B, (3M CME Term <br> SOFR + 1.60%, 1.60% <br> Floor), 5.48%, 1/20/39<sup>(c)(e)</sup> <br>| 610000 | 611461 |
| Golub Capital Partners CLO <br> 16M-R3,<br>|  |  |
| Series 2013-16A, <br> Class A1R3, (3M CME <br> Term SOFR + 1.63%), <br> 5.95%, 8/09/39<sup>(c)(e)</sup> <br>| 1500000 | 1506149 |
| Series 2013-16A, <br> Class BR3, (3M CME <br> Term SOFR + 1.95%), <br> 6.27%, 8/09/39<sup>(c)(e)</sup> <br>| 1600000 | 1602785 |
| Golub Capital Partners CLO <br> 49M Ltd., Series <br> 2020-49A, Class A1R2, <br> (3M CME Term SOFR + <br> 1.52%), 5.84%, <br> 7/20/38<sup>(c)(e)</sup> <br>| 850000 | 852139 |
| Golub Capital Partners CLO <br> 54M L.P, Series 2021-54A, <br> Class A2R, (3M CME Term <br> SOFR + 1.70%), 5.80%, <br> 8/05/37<sup>(c)(e)</sup> <br>| 800000 | 802104 |
| Golub Capital Partners CLO <br> 69M, Series 2023-69A, <br> Class BR, (3M CME Term <br> SOFR + 1.70%), 5.59%, <br> 11/09/38<sup>(c)(d)(e)</sup> <br>| 1100000 | 1100000 |
| Golub Capital Partners CLO <br> 83M, Series 2025-83A, <br> Class B, (3M CME Term <br> SOFR + 1.70%), 5.54%, <br> 11/09/38<sup>(c)(e)</sup> <br>| 400000 | 400011 |
| GoodLeap Home <br> Improvement Solutions <br> Trust,<br>|  |  |
| Series 2024-1A, Class A, <br> 5.35%, 10/20/46<sup>(c)</sup> <br>| 106956 | 108179 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| GoodLeap Home <br> Improvement Solutions <br> Trust,<br>|  |  |
| Series 2025-1A, Class A, <br> 5.38%, 2/20/49<sup>(c)</sup> <br>| $228400 | $231306 |
| Series 2025-1A, Class B, <br> 6.27%, 2/20/49<sup>(c)</sup> <br>| 44626 | 45207 |
| GreenSky Home <br> Improvement Issuer Trust, <br> Series 2025-2A, Class B, <br> 5.07%, 6/25/60<sup>(c)</sup> <br>| 850000 | 855963 |
| GS Mortgage-Backed <br> Securities Trust, Series <br> 2025-HE1, Class A1, (30D <br> Average SOFR + 1.55%), <br> 5.73%, 10/25/55<sup>(c)(e)</sup> <br>| 471077 | 472380 |
| GSAA Home Equity Trust, <br> Series 2006-4, Class 1A1, <br> 4.14%, 3/25/36<sup>(g)</sup> <br>| 39721 | 27477 |
| HLEND CLO LLC, Series <br> 2025-4A, Class B, (3M <br> CME Term SOFR + 1.85%), <br> 6.07%, 8/15/37<sup>(c)(e)</sup> <br>| 1650000 | 1652641 |
| Hotwire Funding LLC, <br> Series 2024-1A, Class A2, <br> 5.89%, 6/20/54<sup>(c)</sup> <br>| 800000 | 812292 |
| HPS Private Credit CLO LLC, <br> Series 2025-3A, Class B, <br> (3M CME Term SOFR + <br> 2.05%), 6.31%, <br> 7/20/37<sup>(c)(e)</sup> <br>| 3250000 | 3256727 |
| Huntington Bank Auto <br> Credit-Linked Notes,<br>|  |  |
| Series 2024-2, Class B2, <br> (30D Average SOFR + <br> 1.35%), 5.53%, <br> 10/20/32<sup>(c)(e)</sup> <br>| 146832 | 147262 |
| Series 2025-2, Class B2, <br> (30D Average SOFR + <br> 1.20%), 5.38%, <br> 9/20/33<sup>(c)(e)</sup> <br>| 223827 | 223907 |
| JCP Direct Lending <br> CLO LLC,<br>|  |  |
| Series 2023-1A, <br> Class A1R, (3M CME <br> Term SOFR + 1.65%), <br> 5.53%, 7/20/37<sup>(c)(e)</sup> <br>| 350000 | 351048 |
| Series 2023-1A, Class AJR, <br> (3M CME Term SOFR + <br> 1.78%), 5.66%, <br> 7/20/37<sup>(c)(e)</sup> <br>| 1000000 | 1004528 |
| Lendmark Funding Trust, <br> Series 2025-1A, Class A, <br> 4.94%, 9/20/34<sup>(c)</sup> <br>| 145000 | 146532 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Long Beach Mortgage Loan <br> Trust, Series 2006-6, Class <br> 2A3, (1M CME Term SOFR <br> + 0.41%, 0.30% Floor), <br> 4.41%, 7/25/36<sup>(e)</sup> <br>| $697040 | $275767 |
| Lyra Music Assets <br> Delaware L.P., Series <br> 2025-1A, Class A2, 5.60%, <br> 9/20/65<sup>(c)</sup> <br>| 100000 | 101097 |
| Madison Park Funding <br> LXV Ltd., Series 2025-65A, <br> Class C, (3M CME Term <br> SOFR + 1.80%), 6.12%, <br> 7/16/38<sup>(c)(e)</sup> <br>| 800000 | 801167 |
| Madison Park Funding <br> LXXIII Ltd., Series <br> 2025-73A, Class B, (3M <br> CME Term SOFR + 1.70%), <br> 5.66%, 10/17/38<sup>(c)(e)</sup> <br>| 250000 | 250396 |
| MAPS Trust, Series <br> 2021-1A, Class A, 2.52%, <br> 6/15/46<sup>(c)</sup> <br>| 1698305 | 1623546 |
| Mariner Finance Issuance <br> Trust,<br>|  |  |
| Series 2024-BA, Class A, <br> 4.91%, 11/20/38<sup>(c)</sup> <br>| 134000 | 135931 |
| Series 2055-AA, Class A, <br> 4.98%, 5/20/38<sup>(c)</sup> <br>| 219000 | 220818 |
| MFA Trust, Series <br> 2024-NPL1, Class A1, <br> (Step to 0.38% on <br> 11/25/25), 6.33%, <br> 9/25/54<sup>(f)</sup> <br>| 90054 | 90158 |
| Morgan Stanley ABS <br> Capital I, Inc. Trust,<br>|  |  |
| Series 2006-HE8, <br> Class A2FP, (1M CME <br> Term SOFR + 0.18%, <br> 0.07% Floor), 4.18%, <br> 10/25/36<sup>(e)</sup> <br>| 29289 | 12858 |
| Series 2007-HE2, <br> Class A2B, (1M CME <br> Term SOFR + 0.20%, <br> 0.09% Floor), 4.20%, <br> 1/25/37<sup>(e)</sup> <br>| 1758508 | 809740 |
| Navigator Aviation Ltd., <br> Series 2025-1, Class A, <br> 5.11%, 10/15/50<sup>(c)</sup> <br>| 250000 | 247535 |
| Nelnet Student Loan Trust, |  |  |
| Series 2025-AA, <br> Class A1B, (30D Average <br> SOFR + 1.10%), 5.33%, <br> 3/15/57<sup>(c)(e)</sup> <br>| 95476 | 95121 |
| Series 2025-BA, <br> Class A1B, (30D Average <br> SOFR + 1.35%), 5.58%, <br> 5/17/55<sup>(c)(e)</sup> <br>| 228329 | 229203 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Nelnet Student Loan Trust, |  |  |
| Series 2025-BA, Class B, <br> 4.98%, 5/17/55<sup>(c)</sup> <br>| $160000 | $160086 |
| Series 2025-BA, Class C, <br> 5.38%, 5/17/55<sup>(c)</sup> <br>| 120000 | 120527 |
| Series 2025-BA, Class D, <br> 6.04%, 5/17/55<sup>(c)</sup> <br>| 100000 | 100128 |
| Neuberger Berman <br> CLO Ltd., Series <br> 2019-32RA, Class B, (3M <br> CME Term SOFR + 1.65%), <br> 5.98%, 7/20/39<sup>(c)(e)</sup> <br>| 800000 | 801392 |
| Obsidian Issuer LLC, Series <br> 2025-1A, Class A, 6.93%, <br> 5/15/55<sup>(c)</sup> <br>| 900000 | 911531 |
| OCP Aegis CLO Ltd., Series <br> 2024-39A, Class A1, (3M <br> CME Term SOFR + 1.22%, <br> 1.22% Floor), 5.11%, <br> 1/16/37<sup>(c)(e)</sup> <br>| 250000 | 250249 |
| Option One Mortgage Loan <br> Trust, Series 2007-FXD1, <br> Class 3A4, (Step to 3.92% <br> on 12/25/25), 5.86%, <br> 1/25/37<sup>(f)</sup> <br>| 26010 | 25492 |
| Owl Rock CLO VII LLC, <br> Series 2022-7A, Class AR, <br> (3M CME Term SOFR + <br> 1.40%), 5.28%, <br> 4/20/38<sup>(c)(e)</sup> <br>| 500000 | 497985 |
| OWL Rock CLO XXII LLC, <br> Series 2025-22A, Class A, <br> (3M CME Term SOFR + <br> 1.47%), 5.42%, <br> 10/20/37<sup>(c)(e)</sup> <br>| 300000 | 300875 |
| Park Blue CLO Ltd., Series <br> 2025-9A, Class A1, (3M <br> CME Term SOFR + 1.35%), <br> 5.43%, 10/20/38<sup>(c)(e)</sup> <br>| 250000 | 250503 |
| PFP Ltd., |  |  |
| Series 2025-12, Class A, <br> (1M CME Term SOFR + <br> 1.49%), 5.51%, <br> 12/18/42<sup>(c)(e)</sup> <br>| 1500000 | 1502078 |
| Series 2025-12, Class AS, <br> (1M CME Term SOFR + <br> 1.74%), 5.77%, <br> 12/18/42<sup>(c)(e)</sup> <br>| 1000000 | 1000457 |
| Series 2025-12, Class B, <br> (1M CME Term SOFR + <br> 2.04%), 6.07%, <br> 12/18/42<sup>(c)(e)</sup> <br>| 200000 | 200015 |
| QTS Issuer ABS I LLC, <br> Series 2025-1A, Class A2, <br> 5.44%, 5/25/55<sup>(c)</sup> <br>| 1600000 | 1623068 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| RCKT Mortgage Trust, |  |  |  |
| Series 2025-CES6, <br> Class A1A, (Step to <br> 6.47% on 7/25/29), <br> 5.47%, 6/25/55<sup>(c)(f)</sup> <br>|  | $1598504 | $1612729 |
| Series 2025-CES7, <br> Class A1B, (Step to <br> 6.48% on 8/25/29), <br> 5.48%, 7/25/55<sup>(c)(f)</sup> <br>|  | 769583 | 774703 |
| Regatta 32 Funding Ltd., <br> Series 2025-4A, Class A1, <br> (3M CME Term SOFR + <br> 1.34%), 5.44%, <br> 7/25/38<sup>(c)(e)</sup> <br>|  | 250000 | 250606 |
| Regatta IX Funding Ltd., <br> Series 2017-1A, <br> Class B1R, (3M CME Term <br> SOFR + 2.00%, 2.00% <br> Floor), 5.88%, 4/17/37<sup>(c)(e)</sup> <br>|  | 360000 | 361009 |
| Republic Finance Issuance <br> Trust,<br>|  |  |  |
| Series 2024-B, Class A, <br> 5.42%, 11/20/37<sup>(c)</sup> <br>|  | 212000 | 215650 |
| Series 2024-B, Class B, <br> 5.86%, 11/20/37<sup>(c)</sup> <br>|  | 100000 | 101918 |
| Sagard-Halseypoint CLO 8 <br> Ltd., Series 2024-8A, <br> Class A1, (3M CME Term <br> SOFR + 1.39%), 5.23%, <br> 1/30/38<sup>(c)(e)</sup> <br>|  | 250000 | 250720 |
| Saluda Grade Alternative <br> Mortgage Trust, Series <br> 2025-LOC4, Class A1A, <br> (30D Average SOFR + <br> 1.75%), 5.93%, <br> 6/25/55<sup>(c)(e)</sup> <br>|  | 734281 | 735490 |
| Secucor Finance DAC, <br> Series 2025-1, Class D, <br> (1M Euribor + 3.40%), <br> 5.30%, 9/20/36<sup>(e)</sup> <br>| EUR | 100000 | 115410 |
| Service Experts Issuer LLC, <br> Series 2025-1A, Class A, <br> 5.38%, 1/20/37<sup>(c)</sup> <br>|  | 379673 | 378835 |
| SERVPRO Master <br> Issuer LLC,<br>|  |  |  |
| Series 2024-1A, Class A2, <br> 6.17%, 1/25/54<sup>(c)</sup> <br>|  | 835125 | 862214 |
| Series 2025-1A, Class A2, <br> 5.53%, 10/25/55<sup>(d)</sup> <br>|  | 550000 | 550000 |
| Silver Point CLO Ltd., Series <br> 2024-7A, Class A1, (3M <br> CME Term SOFR + 1.36%, <br> 1.36% Floor), 5.26%, <br> 1/15/38<sup>(c)(e)</sup> <br>|  | 250000 | 250706 |
| Slam Ltd., |  |  |  |
| Series 2021-1A, Class A, <br> 2.43%, 6/15/46<sup>(c)</sup> <br>|  | 727800 | 691122 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Slam Ltd., |  |  |
| Series 2024-1A, Class A, <br> 5.34%, 9/15/49<sup>(c)</sup> <br>| $93106 | $94296 |
| SoFi Consumer Loan <br> Program Trust, Series <br> 2025-1, Class A, 4.80%, <br> 2/27/34<sup>(c)</sup> <br>| 319143 | 319682 |
| Sound Point CLO Ltd., <br> Series 2025-1RA, Class C, <br> (3M CME Term SOFR + <br> 2.10%), 6.30%, <br> 2/20/38<sup>(c)(e)</sup> <br>| 1000000 | 1003981 |
| SSI ABS Issuer LLC, Series <br> 2025-1, Class A, 6.15%, <br> 7/25/65<sup>(c)</sup> <br>| 242642 | 245865 |
| Stack Infrastructure <br> Issuer LLC, Series 2025-1, <br> Class A, 5.00%, 5/25/50<sup>(c)</sup> <br>| 1300000 | 1296158 |
| STAR Trust, |  |  |
| Series 2025-SFR6, <br> Class A, (1M CME Term <br> SOFR + 1.40%), 5.43%, <br> 8/17/42<sup>(c)(e)</sup> <br>| 500000 | 500938 |
| Series 2025-SFR6, <br> Class B, (1M CME Term <br> SOFR + 1.65%), 5.68%, <br> 8/17/42<sup>(c)(e)</sup> <br>| 500000 | 500313 |
| Store Master Funding I-VII, <br> XIV, XIX, XX, Series <br> 2021-1A, Class A4, 3.70%, <br> 6/20/51<sup>(c)</sup> <br>| 293500 | 260373 |
| STORE Master <br> Funding LLC, Series <br> 2025-1A, Class A5, 5.17%, <br> 10/20/55<sup>(c)</sup> <br>| 599750 | 602612 |
| Stream Innovations Issuer <br> Trust, Series 2025-1A, <br> Class A, 5.05%, 9/15/45<sup>(c)</sup> <br>| 81661 | 82284 |
| Sycamore Tree CLO Ltd., <br> Series 2021-1A, Class AR, <br> (3M CME Term SOFR + <br> 1.39%, 1.39% Floor), <br> 5.27%, 1/20/38<sup>(c)(e)</sup> <br>| 250000 | 250725 |
| Taco Bell Funding LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 4.82%, 8/25/55<sup>(c)</sup> <br>| 250000 | 248751 |
| Series 2025-1A, <br> Class A2II, 5.05%, <br> 8/25/55<sup>(c)</sup> <br>| 250000 | 249444 |
| Towd Point Mortgage Trust, <br> Series 2025-CES4, <br> Class A2, (Step to 6.46% <br> on 11/25/29), 5.46%, <br> 10/25/65<sup>(c)(f)</sup> <br>| 450000 | 451356 |
| Tricon Residential Trust, <br> Series 2025-SFR2, <br> Class B, 5.42%, 8/09/44<sup>(c)</sup> <br>| 1000000 | 1017950 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Trimaran CAVU Ltd., Series <br> 2024-1A, Class A, (3M <br> CME Term SOFR + 1.38%, <br> 1.38% Floor), 5.24%, <br> 1/25/38<sup>(c)(e)</sup> <br>|  | $250000 | $250689 |
| Triton Container Finance <br> IX LLC, Series 2025-1A, <br> Class A, 5.43%, 6/20/50<sup>(c)</sup> <br>|  | 776000 | 786454 |
| UPX HIL Issuer Trust, Series <br> 2025-1, Class A, 5.53%, <br> 1/25/47<sup>(c)</sup> <br>|  | 161507 | 161956 |
| Vantage Data Centers <br> Germany Borrower Lux <br> S.a.r.l., Series 2025-1X, <br> Class A2, 4.29%, 6/28/50<br>| EUR | 171000 | 201078 |
| Vantage Data Centers LLC, <br> Series 2025-1A, Class A2, <br> 5.13%, 8/15/55<sup>(h)</sup> <br>|  | 850000 | 855269 |
| Vista Point Securitization <br> Trust, Series 2025-CES1, <br> Class A1, (Step to 6.81% <br> on 4/25/29), 5.81%, <br> 4/25/55<sup>(c)(f)</sup> <br>|  | 1400942 | 1408370 |
| Voya CLO Ltd., Series <br> 2015-3A, Class A3R4, (3M <br> CME Term SOFR + 1.45%), <br> 5.33%, 10/20/31<sup>(c)(e)</sup> <br>|  | 250000 | 250071 |
| WaMu Asset-Backed <br> Certificates Trust, Series <br> 2007-HE2, Class 2A3, (1M <br> CME Term SOFR + 0.61%, <br> 0.36% Floor), 4.61%, <br> 4/25/37<sup>(e)</sup> <br>|  | 8727917 | 3164702 |
| Warwick Capital CLO Ltd., <br> Series 2024-5A, Class A1, <br> (3M CME Term SOFR + <br> 1.36%, 1.36% Floor), <br> 5.24%, 1/20/38<sup>(c)(e)</sup> <br>|  | 321000 | 321894 |
| Washington Mutural <br> Asset-Backed Certificates <br> Trust,<br>|  |  |  |
| Series 2007-HE1, Class <br> 2A1, (1M CME Term <br> SOFR + 0.23%, 0.12% <br> Floor), 3.62%, 11/25/36<sup>(e)</sup> <br>|  | 4040 | 1264 |
| Series 2007-HE1, Class <br> 2A2, (1M CME Term <br> SOFR + 0.45%, 0.34% <br> Floor), 3.62%, 11/25/36<sup>(e)</sup> <br>|  | 35633 | 11191 |
| Wellington Management <br> CLO 5 Ltd., Series <br> 2025-5A, Class A, (3M <br> CME Term SOFR + 1.29%), <br> 5.25%, 10/18/38<sup>(c)(e)</sup> <br>|  | 250000 | 250569 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Wendy's Funding LLC, <br> Series 2022-1A, <br> Class A2II, 4.54%, <br> 3/15/52<sup>(c)</sup> <br>|  | $145095 | $141100 |
| Wingstop Funding LLC, <br> Series 2024-1A, Class A2, <br> 5.86%, 12/05/54<sup>(c)</sup> <br>|  | 500000 | 514870 |
|  |  |  | **76826878** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| Dowson PLC, |  |  |  |
| Series 2024-1, Class E, <br> (SONIO/N Index + <br> 3.95%), 7.92%, 8/20/31<sup>(e)</sup> <br>| GBP | 116000 | 151816 |
| Series 2024-1, Class F, <br> (SONIO/N Index + <br> 6.95%), 10.92%, <br> 8/20/31<sup>(e)</sup> <br>|  | 170000 | 220233 |
| Jefferies Credit Partners <br> Direct Lending CLO Ltd., <br> Series 2025-1A, Class B, <br> (3M CME Term SOFR + <br> 1.75%), 5.64%, <br> 10/15/37<sup>(c)(d)(e)</sup> <br>|  | 250000 | 250000 |
| Neuberger Berman CLO <br> XXI Ltd., Series 2016-21A, <br> Class A1R3, (3M CME <br> Term SOFR + 1.32%, <br> 1.32% Floor), 5.20%, <br> 1/20/39<sup>(c)(e)</sup> <br>|  | 340000 | 340738 |
| Retained Vantage Data <br> Centers Issuer LLC, Series <br> 2025-1A, Class A2A, <br> 5.09%, 8/15/50<sup>(c)</sup> <br>|  | 128000 | 128537 |
| Textainer Marine <br> Containers VII Ltd., Series <br> 2021-3A, Class A, 1.94%, <br> 8/20/46<sup>(c)</sup> <br>|  | 1000000 | 907579 |
|  |  |  | **1998903** |
| **Total Asset-Backed Securities** <br>(Cost $80,721,173) | **Total Asset-Backed Securities** <br>(Cost $80,721,173) | **Total Asset-Backed Securities** <br>(Cost $80,721,173) | **80929889** |
| **Convertible Bonds – 0.0%**<sup>(b)</sup>  | **Convertible Bonds – 0.0%**<sup>(b)</sup>  | **Convertible Bonds – 0.0%**<sup>(b)</sup>  | **Convertible Bonds – 0.0%**<sup>(b)</sup>  |
| **Telecommunications – 0.0%**<sup>(b)</sup> | **Telecommunications – 0.0%**<sup>(b)</sup> | **Telecommunications – 0.0%**<sup>(b)</sup> | **Telecommunications – 0.0%**<sup>(b)</sup> |
| WOM Chile Holdco S.p.A., <br> 5.00%, 4/01/32<sup>(c)(i)</sup> <br>|  | 219015 | **197114** |
| **Total Convertible Bonds** <br>(Cost $192,421) | **Total Convertible Bonds** <br>(Cost $192,421) | **Total Convertible Bonds** <br>(Cost $192,421) | **197114** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Convertible Preferred Stocks – 0.0%**<sup>(b)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(b)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(b)</sup>  |
| **Aerospace & Defense – 0.0%**<sup>(b)</sup> | **Aerospace & Defense – 0.0%**<sup>(b)</sup> | **Aerospace & Defense – 0.0%**<sup>(b)</sup> |
| Boeing (The) Co., 6.00% | 800 | **$51776** |
| **Total Convertible Preferred Stocks** <br>(Cost $40,000) | **Total Convertible Preferred Stocks** <br>(Cost $40,000) | **51776** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 15.0%** | **Corporate Bonds – 15.0%** | **Corporate Bonds – 15.0%** | **Corporate Bonds – 15.0%** |
| **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** |
| AppLovin Corp., |  |  |  |
| 5.13%, 12/01/29<sup>(j)</sup> <br>|  | $400000 | 408292 |
| 5.38%, 12/01/31 |  | 980000 | 1011477 |
| 5.95%, 12/01/54 |  | 344000 | 344664 |
| Summer BC Holdco B <br> S.a.r.l., (3M Euribor + <br> 4.25%), 6.29%, 2/15/30<sup>(e)</sup> <br>| EUR | 100000 | 111953 |
|  |  |  | **1876386** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Boeing (The) Co., 7.01%, <br> 5/01/64<br>|  | 158000 | 180832 |
| L3Harris Technologies, Inc., <br> 5.25%, 6/01/31<br>|  | 73000 | 75974 |
| Northrop Grumman Corp., |  |  |  |
| 4.03%, 10/15/47 |  | 206000 | 169088 |
| 4.95%, 3/15/53 |  | 73000 | 67160 |
| Textron, Inc., 3.38%, <br> 3/01/28<br>|  | 37000 | 36267 |
|  |  |  | **529321** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| Apollo Management <br> Holdings L.P., 2.65%, <br> 6/05/30<sup>(c)(j)</sup> <br>|  | 360000 | 330958 |
| Carlyle Group (The), Inc., <br> 5.05%, 9/19/35<br>|  | 350000 | 346909 |
| Dyal Capital Partners IV, <br> Issuer A, 5.94%, 8/22/45<br>|  | 338000 | 323774 |
| Dyal Capital Partners IV, <br> Issuer B, 5.94%, 8/22/45<br>|  | 312000 | 298827 |
| KKR Group Finance Co. <br> VIII LLC, 3.50%, 8/25/50<sup>(c)</sup> <br>|  | 500000 | 357271 |
| Nuveen LLC, 5.85%, <br> 4/15/34<sup>(c)</sup> <br>|  | 320000 | 337581 |
| Prime Investments <br> Group Ltd., 11.00%, <br> 5/01/30<sup>(c)</sup> <br>|  | 113574 | 113353 |
| TPG Operating Group II L.P., |  |  |  |
| 5.88%, 3/05/34 |  | 282000 | 296149 |
| 5.38%, 1/15/36 |  | 540000 | 540989 |
|  |  |  | **2945811** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| Clarios Global L.P./Clarios <br> U.S. Finance Co., 4.75%, <br> 6/15/31<br>| EUR | 100000 | $117852 |
| Ford Motor Credit Co. LLC, |  |  |  |
| 5.92%, 3/20/28 |  | $200000 | 204344 |
| 6.80%, 11/07/28 |  | 403000 | 421103 |
| General Motors <br> Financial Co., Inc., 6.15%, <br> 7/15/35<sup>(j)</sup> <br>|  | 70000 | 73827 |
|  |  |  | **817126** |
| **Banking – 1.5%** | **Banking – 1.5%** | **Banking – 1.5%** | **Banking – 1.5%** |
| Bank of America Corp., |  |  |  |
| (SOFR + 1.34%), 5.93%, <br> 9/15/27<sup>(k)</sup> <br>|  | 343000 | 347942 |
| (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(k)</sup> <br>|  | 433000 | 426305 |
| (SOFR + 0.83%), 4.98%, <br> 1/24/29<sup>(k)</sup> <br>|  | 364000 | 370488 |
| (SOFR + 1.57%), 5.82%, <br> 9/15/29<sup>(k)</sup> <br>|  | 140000 | 146116 |
| (5Y US Treasury CMT + <br> 2.68%), 6.63%, <br> 5/01/30<sup>(k)(l)</sup> <br>|  | 800000 | 832800 |
| (3M CME Term SOFR + <br> 1.44%), 3.19%, 7/23/30<sup>(k)</sup> <br>|  | 39000 | 37614 |
| (5Y US Treasury CMT + <br> 2.35%), 6.25%, <br> 7/26/30<sup>(k)(l)</sup> <br>|  | 25000 | 25430 |
| (SOFR + 1.00%), 5.16%, <br> 1/24/31<sup>(k)</sup> <br>|  | 102000 | 105319 |
| (SOFR + 1.37%), 1.92%, <br> 10/24/31<sup>(k)</sup> <br>|  | 87000 | 77413 |
| (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(j)(k)</sup> <br>|  | 234000 | 213841 |
| (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(k)</sup> <br>|  | 569000 | 518872 |
| (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(k)</sup> <br>|  | 267000 | 266561 |
| (SOFR + 1.91%), 5.29%, <br> 4/25/34<sup>(k)</sup> <br>|  | 51000 | 52769 |
| (SOFR + 1.70%), 5.74%, <br> 2/12/36<sup>(k)</sup> <br>|  | 350000 | 364274 |
| (SOFR + 1.64%), 5.46%, <br> 5/09/36<sup>(k)</sup> <br>|  | 207000 | 216561 |
| (SOFR + 1.88%), 2.83%, <br> 10/24/51<sup>(k)</sup> <br>|  | 40000 | 25916 |
| Citigroup, Inc., |  |  |  |
| (SOFR + 1.14%), 4.64%, <br> 5/07/28<sup>(k)</sup> <br>|  | 125000 | 125812 |
| (SOFR + 0.87%), 4.79%, <br> 3/04/29<sup>(k)</sup> <br>|  | 252000 | 255273 |
| (5Y US Treasury CMT + <br> 2.69%), 7.13%, <br> 8/15/29<sup>(k)(l)</sup> <br>|  | 400000 | 412599 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Citigroup, Inc., |  |  |
| (5Y US Treasury CMT + <br> 2.57%), 6.75%, <br> 2/15/30<sup>(j)(k)(l)</sup> <br>| $400000 | $406961 |
| (5Y US Treasury CMT + <br> 2.89%), 6.88%, <br> 8/15/30<sup>(k)(l)</sup> <br>| 325000 | 334872 |
| (SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(k)</sup> <br>| 183000 | 184197 |
| (SOFR + 1.42%), 2.98%, <br> 11/05/30<sup>(k)</sup> <br>| 274000 | 259833 |
| (SOFR + 1.15%), 2.67%, <br> 1/29/31<sup>(k)</sup> <br>| 135000 | 125817 |
| (SOFR + 1.46%), 4.95%, <br> 5/07/31<sup>(k)</sup> <br>| 170000 | 173416 |
| (SOFR + 1.17%), 4.50%, <br> 9/11/31<sup>(k)</sup> <br>| 175000 | 175213 |
| (SOFR + 1.35%), 3.06%, <br> 1/25/33<sup>(k)</sup> <br>| 36000 | 32892 |
| (SOFR + 1.94%), 3.79%, <br> 3/17/33<sup>(j)(k)</sup> <br>| 470000 | 446999 |
| (SOFR + 2.06%), 5.83%, <br> 2/13/35<sup>(k)</sup> <br>| 63000 | 65471 |
| (SOFR + 1.49%), 5.17%, <br> 9/11/36<sup>(k)</sup> <br>| 55000 | 55684 |
| JP Morgan Chase & Co., |  |  |
| (SOFR + 1.33%), 6.07%, <br> 10/22/27<sup>(k)</sup> <br>| 45000 | 45803 |
| (SOFR + 0.93%), 5.57%, <br> 4/22/28<sup>(k)</sup> <br>| 409000 | 417318 |
| (SOFR + 0.86%), 4.51%, <br> 10/22/28<sup>(k)</sup> <br>| 842000 | 848512 |
| (SOFR + 0.80%), 4.92%, <br> 1/24/29<sup>(k)</sup> <br>| 57000 | 58012 |
| (SOFR + 1.02%), 2.07%, <br> 6/01/29<sup>(k)</sup> <br>| 540000 | 513356 |
| (SOFR + 1.31%), 5.01%, <br> 1/23/30<sup>(k)</sup> <br>| 530000 | 542886 |
| (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(k)</sup> <br>| 1997000 | 2048831 |
| (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(k)</sup> <br>| 249000 | 257276 |
| (SOFR + 1.46%), 5.29%, <br> 7/22/35<sup>(k)</sup> <br>| 157000 | 162348 |
| (SOFR + 1.32%), 5.50%, <br> 1/24/36<sup>(k)</sup> <br>| 553000 | 580315 |
| (SOFR + 1.68%), 5.57%, <br> 4/22/36<sup>(k)</sup> <br>| 134000 | 141252 |
| (SOFR + 2.44%), 3.11%, <br> 4/22/51<sup>(k)</sup> <br>| 86000 | 59885 |
| KeyBank N.A., 5.00%, <br> 1/26/33<br>| 350000 | 352428 |
| Wells Fargo & Co., |  |  |
| (SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(k)</sup> <br>| 259000 | 264673 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Wells Fargo & Co., |  |  |
| (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(k)</sup> <br>| $382000 | $395363 |
| (SOFR + 1.50%), 3.35%, <br> 3/02/33<sup>(k)</sup> <br>| 49000 | 45684 |
| (SOFR + 2.10%), 4.90%, <br> 7/25/33<sup>(k)</sup> <br>| 18000 | 18272 |
| (SOFR + 2.02%), 5.39%, <br> 4/24/34<sup>(k)</sup> <br>| 384000 | 398814 |
| (SOFR + 1.78%), 5.50%, <br> 1/23/35<sup>(k)</sup> <br>| 22000 | 22966 |
| (SOFR + 1.38%), 5.21%, <br> 12/03/35<sup>(k)</sup> <br>| 28000 | 28637 |
| (SOFR + 2.13%), 4.61%, <br> 4/25/53<sup>(k)</sup> <br>| 25000 | 21940 |
|  |  | **14307831** |
| **Biotechnology & Pharmaceuticals – 0.0%**<sup>(b)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(b)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(b)</sup> |
| Amgen, Inc., |  |  |
| 3.00%, 1/15/52 | 43000 | 28563 |
| 4.40%, 2/22/62 | 65000 | 52054 |
| Pfizer, Inc., 2.70%, 5/28/50 | 95000 | 60664 |
|  |  | **141281** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| 4.50%, 5/01/32 | 150000 | 133411 |
| 4.25%, 1/15/34<sup>(c)</sup> <br>| 118000 | 99087 |
| Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| 6.65%, 2/01/34 | 25000 | 26426 |
| 6.55%, 6/01/34<sup>(j)</sup> <br>| 286000 | 300992 |
| 6.38%, 10/23/35 | 99000 | 102549 |
| 3.50%, 3/01/42 | 16000 | 11325 |
| 5.75%, 4/01/48 | 50000 | 44347 |
| 4.80%, 3/01/50 | 171000 | 133819 |
| 3.70%, 4/01/51 | 33000 | 21571 |
| 3.90%, 6/01/52 | 663000 | 435110 |
| 5.25%, 4/01/53 | 48000 | 39078 |
| 3.85%, 4/01/61 | 245000 | 150802 |
| 3.95%, 6/30/62 | 679000 | 420446 |
| 5.50%, 4/01/63 | 17000 | 13813 |
| Comcast Corp., 2.99%, <br> 11/01/63<br>| 212000 | 118131 |
| Cox Communications, Inc., |  |  |
| 2.95%, 10/01/50<sup>(c)</sup> <br>| 160000 | 92556 |
| 5.80%, 12/15/53<sup>(c)</sup> <br>| 75000 | 66525 |
|  |  | **2209988** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Chemicals – 0.0%**<sup>(b)</sup> | **Chemicals – 0.0%**<sup>(b)</sup> | **Chemicals – 0.0%**<sup>(b)</sup> |
| Dow Chemical (The) Co., <br> 6.90%, 5/15/53<sup>(j)</sup> <br>| $200000 | **$212280** |
| **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> |
| GXO Logistics, Inc., 6.25%, <br> 5/06/29<br>| 320000 | **336342** |
| **Containers & Packaging – 0.0%**<sup>(b)</sup> | **Containers & Packaging – 0.0%**<sup>(b)</sup> | **Containers & Packaging – 0.0%**<sup>(b)</sup> |
| Sonoco Products Co., <br> 5.00%, 9/01/34<sup>(j)</sup> <br>| 340000 | **335688** |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| AEP Texas, Inc., |  |  |
| 5.70%, 5/15/34<sup>(j)</sup> <br>| 125000 | 130435 |
| 3.45%, 5/15/51 | 174000 | 120486 |
| AEP Transmission Co. LLC, <br> 3.15%, 9/15/49<br>| 211000 | 146390 |
| Alabama Power Co., |  |  |
| 6.00%, 3/01/39 | 28000 | 30472 |
| 3.75%, 3/01/45 | 12000 | 9592 |
| Allete, Inc., 5.79%, 7/09/37 | 300000 | 300000 |
| Baltimore Gas and <br> Electric Co., 3.75%, <br> 8/15/47<br>| 30000 | 23523 |
| CMS Energy Corp., (5Y US <br> Treasury CMT + 1.96%), <br> 6.50%, 6/01/55<sup>(k)</sup> <br>| 330000 | 343317 |
| Continuum Energy Pte. <br> Ltd., 12.85%, 9/11/27<sup>(c)(m)</sup> <br>| 222651 | 222651 |
| Dominion Energy, Inc., |  |  |
| (5Y US Treasury CMT + <br> 2.51%), 7.00%, 6/01/54<sup>(k)</sup> <br>| 180000 | 196615 |
| (5Y US Treasury CMT + <br> 2.26%), 6.00%, 2/15/56<sup>(k)</sup> <br>| 150000 | 151959 |
| (5Y US Treasury CMT + <br> 2.01%), 6.20%, 2/15/56<sup>(k)</sup> <br>| 225000 | 227529 |
| Duke Energy Carolinas LLC, |  |  |
| 3.75%, 6/01/45 | 349000 | 278218 |
| 3.70%, 12/01/47 | 41000 | 31773 |
| Duke Energy Corp., |  |  |
| 3.95%, 8/15/47 | 88000 | 69430 |
| 3.50%, 6/15/51 | 95000 | 67236 |
| 5.00%, 8/15/52 | 114000 | 102966 |
| 5.80%, 6/15/54 | 246000 | 248478 |
| Duke Energy Florida LLC, <br> 3.00%, 12/15/51<br>| 47000 | 31033 |
| Duke Energy Ohio, Inc., |  |  |
| 2.13%, 6/01/30 | 249000 | 227913 |
| 5.65%, 4/01/53 | 17000 | 17203 |
| 5.55%, 3/15/54 | 29000 | 29148 |
| Duke Energy Progress LLC, |  |  |
| 2.50%, 8/15/50 | 415000 | 249963 |
| 5.55%, 3/15/55 | 76000 | 76653 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| FirstEnergy Corp., |  |  |
| 3.90%, 7/15/27 | $86000 | $85462 |
| 2.65%, 3/01/30 | 184000 | 170720 |
| 4.85%, 7/15/47 | 237000 | 210564 |
| 3.40%, 3/01/50 | 579000 | 405484 |
| FirstEnergy <br> Transmission LLC,<br>|  |  |
| 4.75%, 1/15/33<sup>(c)</sup> <br>| 276000 | 275712 |
| 5.00%, 1/15/35 | 330000 | 330811 |
| 5.45%, 7/15/44<sup>(c)</sup> <br>| 79000 | 77095 |
| 4.55%, 4/01/49<sup>(c)</sup> <br>| 200000 | 173211 |
| Florida Power & Light Co., |  |  |
| 2.88%, 12/04/51 | 24000 | 15636 |
| 5.70%, 3/15/55 | 22000 | 22904 |
| Georgia Power Co., |  |  |
| 4.55%, 3/15/30 | 82000 | 83427 |
| 4.85%, 3/15/31 | 75000 | 76966 |
| 4.70%, 5/15/32 | 82000 | 83129 |
| 4.95%, 5/17/33 | 31000 | 31645 |
| 3.70%, 1/30/50 | 29000 | 22247 |
| 3.25%, 3/15/51 | 25000 | 17526 |
| MidAmerican Energy Co., <br> 3.15%, 4/15/50<br>| 51000 | 35348 |
| NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| 4.69%, 9/01/27 | 120000 | 121296 |
| (5Y US Treasury CMT + <br> 2.05%), 6.38%, <br> 8/15/55<sup>(j)(k)</sup> <br>| 307000 | 319529 |
| NRG Energy, Inc., |  |  |
| 2.45%, 12/02/27<sup>(c)</sup> <br>| 350000 | 335577 |
| 4.45%, 6/15/29<sup>(c)</sup> <br>| 185000 | 183755 |
| 7.00%, 3/15/33<sup>(c)</sup> <br>| 428000 | 472429 |
| Ohio Power Co., |  |  |
| 2.60%, 4/01/30 | 18000 | 16771 |
| 1.63%, 1/15/31 | 26000 | 22622 |
| 4.00%, 6/01/49 | 147000 | 114403 |
| Pacific Gas and Electric Co., |  |  |
| 6.95%, 3/15/34 | 436000 | 483847 |
| 4.75%, 2/15/44 | 281000 | 239903 |
| 4.30%, 3/15/45 | 22000 | 17704 |
| 4.25%, 3/15/46 | 215000 | 169649 |
| 4.00%, 12/01/46 | 91000 | 68802 |
| 4.95%, 7/01/50 | 148000 | 127390 |
| 3.50%, 8/01/50 | 501000 | 342354 |
| 5.25%, 3/01/52 | 152000 | 134673 |
| 6.75%, 1/15/53 | 158000 | 170659 |
| 5.90%, 10/01/54 | 205000 | 199575 |
| 6.15%, 3/01/55 | 256000 | 257735 |
| 6.10%, 10/15/55 | 130000 | 129903 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| PacifiCorp, (5Y US Treasury <br> CMT + 3.32%), 7.38%, <br> 9/15/55<sup>(j)(k)</sup> <br>| $320000 | $336169 |
| PECO Energy Co., |  |  |
| 3.05%, 3/15/51 | 125000 | 83634 |
| 2.85%, 9/15/51 | 59000 | 38118 |
| PG&E Corp., |  |  |
| 5.25%, 7/01/30 | 1168000 | 1155859 |
| (5Y US Treasury CMT + <br> 3.88%), 7.38%, 3/15/55<sup>(k)</sup> <br>| 475000 | 488549 |
| Pinnacle West <br> Capital Corp., 5.15%, <br> 5/15/30<br>| 294000 | 302964 |
| Sierra Pacific Power Co., <br> (5Y US Treasury CMT + <br> 2.55%), 6.20%, 12/15/55<sup>(k)</sup> <br>| 100000 | 99904 |
| Southern (The) Co., |  |  |
| 5.70%, 10/15/32 | 143000 | 151567 |
| 5.20%, 6/15/33 | 23000 | 23664 |
| 4.25%, 7/01/36 | 128000 | 119570 |
| Southwestern Public <br> Service Co., 3.70%, <br> 8/15/47<br>| 1150000 | 874425 |
| Tennessee Valley Authority, |  |  |
| 5.25%, 2/01/55 | 175000 | 176612 |
| 4.63%, 9/15/60 | 50000 | 45867 |
| 4.25%, 9/15/65 | 3950000 | 3313027 |
| Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/26<sup>(c)</sup> <br>| 135000 | 135927 |
| 4.60%, 10/15/30<sup>(c)</sup> <br>| 70000 | 69549 |
| 6.95%, 10/15/33<sup>(c)</sup> <br>| 173000 | 192429 |
| 6.00%, 4/15/34<sup>(c)</sup> <br>| 466000 | 488800 |
| 5.70%, 12/30/34<sup>(c)</sup> <br>| 425000 | 436537 |
|  |  | **17912617** |
| **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** |
| Evergy Metro, Inc., 5.13%, <br> 8/15/35<br>| 875000 | **887770** |
| **Electrical Equipment – 0.0%**<sup>(b)</sup> | **Electrical Equipment – 0.0%**<sup>(b)</sup> | **Electrical Equipment – 0.0%**<sup>(b)</sup> |
| Vontier Corp., 2.95%, <br> 4/01/31<br>| 370000 | **336441** |
| **Engineering & Construction – 0.0%**<sup>(b)</sup> | **Engineering & Construction – 0.0%**<sup>(b)</sup> | **Engineering & Construction – 0.0%**<sup>(b)</sup> |
| LBJ Infrastructure <br> Group LLC, 3.80%, <br> 12/31/57<sup>(c)</sup> <br>| 500000 | **355845** |
| **Entertainment Content – 0.4%** | **Entertainment Content – 0.4%** | **Entertainment Content – 0.4%** |
| Discovery <br> Communications LLC, <br> 3.95%, 3/20/28<br>| 714000 | 699613 |
| Paramount Global, |  |  |
| 2.90%, 1/15/27 | 313000 | 307440 |
| 3.38%, 2/15/28 | 57000 | 55574 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Entertainment Content (Continued)** | **Entertainment Content (Continued)** | **Entertainment Content (Continued)** |
| Paramount Global, |  |  |
| 4.95%, 1/15/31 | $175000 | $171602 |
| 4.38%, 3/15/43 | 30000 | 22720 |
| 5.85%, 9/01/43 | 71000 | 63801 |
| 5.25%, 4/01/44 | 25000 | 20496 |
| 4.90%, 8/15/44 | 21000 | 16600 |
| 4.60%, 1/15/45 | 57000 | 43320 |
| Warnermedia <br> Holdings, Inc.,<br>|  |  |
| 3.76%, 3/15/27 | 2066000 | 2045216 |
| 5.14%, 3/15/52<sup>(j)</sup> <br>| 8000 | 6080 |
|  |  | **3452462** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| JBS U.S.A. Holding Lux <br> Sarl/JBS U.S.A. Foods <br> Group Holdings, Inc./JBS <br> U.S.A. Food Co., 5.50%, <br> 1/15/36<sup>(c)</sup> <br>| 525000 | 531993 |
| Mars, Inc., 5.20%, 3/01/35<sup>(c)</sup> <br>| 330000 | 338709 |
|  |  | **870702** |
| **Gas & Water Utilities – 0.0%**<sup>(b)</sup> | **Gas & Water Utilities – 0.0%**<sup>(b)</sup> | **Gas & Water Utilities – 0.0%**<sup>(b)</sup> |
| Hope Gas Holdings LLC, <br> 6.18%, 9/01/37<br>| 300000 | **300000** |
| **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** |
| CVS Health Corp., |  |  |
| 4.78%, 3/25/38 | 9000 | 8456 |
| 5.13%, 7/20/45 | 44000 | 39987 |
| 6.20%, 9/15/55 | 50000 | 51356 |
| Elevance Health, Inc., |  |  |
| 3.13%, 5/15/50 | 42000 | 27988 |
| 3.60%, 3/15/51 | 42000 | 30295 |
| 4.55%, 5/15/52 | 103000 | 86632 |
| HCA, Inc., |  |  |
| 5.20%, 6/01/28 | 99000 | 101365 |
| 5.45%, 4/01/31 | 171000 | 177976 |
| 3.63%, 3/15/32 | 34000 | 31998 |
| 4.60%, 11/15/32<sup>(j)</sup> <br>| 405000 | 402485 |
| 7.50%, 11/06/33 | 15000 | 17359 |
| 5.60%, 4/01/34 | 18000 | 18737 |
| 5.45%, 9/15/34 | 65000 | 66880 |
| 5.75%, 3/01/35<sup>(j)</sup> <br>| 415000 | 435400 |
| 5.50%, 6/15/47 | 19000 | 18248 |
| 5.25%, 6/15/49 | 21000 | 19278 |
| 3.50%, 7/15/51 | 308000 | 213331 |
| 6.20%, 3/01/55 | 96000 | 99685 |
| 6.10%, 4/01/64 | 79000 | 79858 |
| Highmark, Inc., 2.55%, <br> 5/10/31<sup>(c)</sup> <br>| 390000 | 344308 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| IQVIA, Inc., 6.25%, <br> 6/01/32<sup>(c)</sup> <br>| $700000 | $729586 |
| Universal Health <br> Services, Inc., 2.65%, <br> 10/15/30<br>| 370000 | 335797 |
|  |  | **3337005** |
| **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** |
| Bank of New York Mellon <br> (The) Corp., (5Y US <br> Treasury CMT + 2.27%), <br> 5.95%, 12/20/30<sup>(j)(k)(l)</sup> <br>| 880000 | 893440 |
| Citadel Securities Global <br> Holdings LLC, 6.20%, <br> 6/18/35<sup>(c)</sup> <br>| 250000 | 262291 |
| Evercore, Inc., 5.47%, <br> 7/24/32<sup>(h)</sup> <br>| 800000 | 825331 |
| Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| (SOFR + 0.82%), 1.54%, <br> 9/10/27<sup>(k)</sup> <br>| 17000 | 16611 |
| (SOFR + 1.11%), 2.64%, <br> 2/24/28<sup>(k)</sup> <br>| 275000 | 269618 |
| (SOFR + 1.32%), 4.94%, <br> 4/23/28<sup>(k)</sup> <br>| 414000 | 418470 |
| (SOFR + 1.73%), 4.48%, <br> 8/23/28<sup>(k)</sup> <br>| 297000 | 298530 |
| (3M CME Term SOFR + <br> 1.56%), 4.22%, 5/01/29<sup>(k)</sup> <br>| 731000 | 731309 |
| (SOFR + 1.21%), 5.05%, <br> 7/23/30<sup>(k)</sup> <br>| 307000 | 314143 |
| (SOFR + 1.08%), 5.21%, <br> 1/28/31<sup>(k)</sup> <br>| 306000 | 315763 |
| (SOFR + 1.09%), 1.99%, <br> 1/27/32<sup>(k)</sup> <br>| 597000 | 527912 |
| (SOFR + 1.26%), 2.65%, <br> 10/21/32<sup>(k)</sup> <br>| 79000 | 71064 |
| (SOFR + 1.41%), 3.10%, <br> 2/24/33<sup>(k)</sup> <br>| 509000 | 467004 |
| Jefferies Financial <br> Group, Inc., 6.20%, <br> 4/14/34<sup>(j)</sup> <br>| 800000 | 839557 |
| Lazard Group LLC, 5.63%, <br> 8/01/35<br>| 550000 | 559840 |
| Morgan Stanley, |  |  |
| (SOFR + 0.88%), 1.59%, <br> 5/04/27<sup>(k)</sup> <br>| 163000 | 160793 |
| (SOFR + 1.00%), 2.48%, <br> 1/21/28<sup>(k)</sup> <br>| 98000 | 96053 |
| (SOFR + 1.38%), 4.99%, <br> 4/12/29<sup>(k)</sup> <br>| 1066000 | 1085823 |
| (SOFR + 1.59%), 5.16%, <br> 4/20/29<sup>(k)</sup> <br>| 127000 | 129839 |
| (SOFR + 0.91%), 4.13%, <br> 10/18/29<sup>(k)</sup> <br>| 340000 | 339206 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Morgan Stanley, |  |  |
| (SOFR + 1.83%), 6.41%, <br> 11/01/29<sup>(j)(k)</sup> <br>| $127000 | $134641 |
| (SOFR + 1.45%), 5.17%, <br> 1/16/30<sup>(k)</sup> <br>| 20000 | 20539 |
| (SOFR + 1.22%), 5.04%, <br> 7/19/30<sup>(j)(k)</sup> <br>| 1053000 | 1080412 |
| (SOFR + 1.11%), 5.23%, <br> 1/15/31<sup>(j)(k)</sup> <br>| 513000 | 529614 |
| (SOFR + 1.14%), 2.70%, <br> 1/22/31<sup>(k)</sup> <br>| 18000 | 16850 |
| (SOFR + 1.03%), 1.79%, <br> 2/13/32<sup>(k)</sup> <br>| 579000 | 506383 |
| (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(k)</sup> <br>| 41000 | 36294 |
| (SOFR + 1.29%), 2.94%, <br> 1/21/33<sup>(k)</sup> <br>| 67000 | 60984 |
| (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(k)</sup> <br>| 237000 | 244602 |
| (SOFR + 1.58%), 5.83%, <br> 4/19/35<sup>(k)</sup> <br>| 320000 | 341194 |
| (5Y US Treasury CMT + <br> 1.80%), 5.94%, 2/07/39<sup>(k)</sup> <br>| 320000 | 335878 |
| Thor FinanceCo LLC, 5.22%, <br> 10/30/30<br>| 300000 | 300000 |
| VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(c)</sup> <br>| 520000 | 544161 |
|  |  | **12774149** |
| **Insurance – 1.4%** | **Insurance – 1.4%** | **Insurance – 1.4%** |
| 200 Park Funding Trust, <br> 5.74%, 2/15/55<sup>(c)</sup> <br>| 500000 | 505749 |
| Accident Fund <br> Insurance Co. of America, <br> 8.50%, 8/01/32<sup>(c)(j)</sup> <br>| 360000 | 356746 |
| American National Global <br> Funding, 5.25%, 6/03/30<sup>(c)</sup> <br>| 350000 | 356625 |
| American National <br> Group, Inc.,<br>|  |  |
| 5.00%, 6/15/27 | 495000 | 497977 |
| 6.00%, 7/15/35 | 75000 | 76193 |
| (5Y US Treasury CMT + <br> 3.18%), 7.00%, <br> 12/01/55<sup>(k)</sup> <br>| 275000 | 280843 |
| Americo Life, Inc., 3.45%, <br> 4/15/31<sup>(c)</sup> <br>| 370000 | 336120 |
| AmFam Holdings, Inc., |  |  |
| 2.81%, 3/11/31<sup>(c)</sup> <br>| 390000 | 339148 |
| 3.83%, 3/11/51<sup>(c)</sup> <br>| 200000 | 134670 |
| Assured Guaranty <br> U.S. Holdings, Inc., 3.60%, <br> 9/15/51<br>| 500000 | 360265 |
| Athene Global Funding, <br> 5.03%, 7/17/30<sup>(c)</sup> <br>| 500000 | 507271 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Beacon Funding Trust, <br> 6.27%, 8/15/54<sup>(c)</sup> <br>| $340000 | $349359 |
| Belrose Funding Trust II, <br> 6.79%, 5/15/55<sup>(c)</sup> <br>| 320000 | 340894 |
| CNO Financial Group, Inc., <br> 6.45%, 6/15/34<br>| 320000 | 339580 |
| Corebridge Global Funding, <br> 4.90%, 8/21/32<sup>(c)</sup> <br>| 350000 | 352105 |
| Corebridge Life <br> Holdings, Inc., 8.13%, <br> 3/15/46<sup>(c)</sup> <br>| 270000 | 328085 |
| Enstar Group Ltd., (5Y US <br> Treasury CMT + 3.19%), <br> 7.50%, 4/01/45<sup>(c)(k)</sup> <br>| 320000 | 334361 |
| Equitable Holdings, Inc., <br> (5Y US Treasury CMT + <br> 2.39%), 6.70%, 3/28/55<sup>(j)(k)</sup> <br>| 410000 | 429867 |
| Farmers Insurance <br> Exchange, (10Y US <br> Treasury CMT + 3.86%), <br> 7.00%, 10/15/64<sup>(c)(k)</sup> <br>| 330000 | 342124 |
| Fortitude Group <br> Holdings LLC, 6.25%, <br> 4/01/30<sup>(c)</sup> <br>| 320000 | 332311 |
| GA Global Funding Trust, <br> 4.50%, 9/18/30<sup>(c)</sup> <br>| 150000 | 147964 |
| Global Atlantic Fin Co., <br> 7.95%, 6/15/33<sup>(c)</sup> <br>| 570000 | 653497 |
| Globe Life, Inc., 5.85%, <br> 9/15/34<br>| 320000 | 336046 |
| Hanover Insurance Group <br> (The), Inc., 5.50%, 9/01/35<br>| 200000 | 203166 |
| Jackson National Life <br> Global Funding, 4.70%, <br> 6/05/28<sup>(c)</sup> <br>| 1198000 | 1208744 |
| Maple Grove Funding Trust <br> I, 4.16%, 8/15/51<sup>(c)</sup> <br>| 700000 | 496385 |
| MetLife, Inc., (5Y US <br> Treasury CMT + 2.08%), <br> 6.35%, 3/15/55<sup>(k)</sup> <br>| 480000 | 508920 |
| Mutual of Omaha <br> Insurance Co., (10Y US <br> Treasury CMT + 2.95%), <br> 6.14%, 1/16/64<sup>(c)(k)</sup> <br>| 330000 | 345425 |
| Nassau Cos. of New York <br> (The), 7.88%, 7/15/30<sup>(c)(j)</sup> <br>| 100000 | 101987 |
| Nationwide Mutual <br> Insurance Co., 4.35%, <br> 4/30/50<sup>(c)</sup> <br>| 650000 | 518001 |
| Omnis Funding Trust, <br> 6.72%, 5/15/55<sup>(c)</sup> <br>| 400000 | 426622 |
| PartnerRe Finance B LLC, <br> (5Y US Treasury CMT + <br> 3.82%), 4.50%, <br> 10/01/50<sup>(j)(k)</sup> <br>| 590000 | 560719 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Penn Mutual Life Insurance <br> (The) Co., 3.80%, <br> 4/29/61<sup>(c)(j)</sup> <br>| $510000 | $346363 |
| Prudential Financial, Inc., <br> (5Y US Treasury CMT + <br> 3.04%), 3.70%, 10/01/50<sup>(k)</sup> <br>| 360000 | 335353 |
| Reinsurance Group of <br> America, Inc., 5.75%, <br> 9/15/34<br>| 320000 | 334045 |
| Symetra Life Insurance Co., <br> 6.55%, 10/01/55<sup>(c)</sup> <br>| 150000 | 158087 |
| Trustage Financial <br> Group, Inc., 4.63%, <br> 4/15/32<sup>(c)</sup> <br>| 350000 | 336309 |
|  |  | **13917926** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| Beignet Investor LLC, <br> 6.58%, 5/30/49<sup>(c)</sup> <br>| 1285000 | 1370719 |
| Meta Platforms, Inc., |  |  |
| 4.65%, 8/15/62 | 284000 | 236299 |
| 5.75%, 5/15/63<sup>(j)</sup> <br>| 155000 | 154527 |
| 5.55%, 8/15/64 | 51000 | 49383 |
|  |  | **1810928** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| Gartner, Inc., |  |  |
| 4.50%, 7/01/28<sup>(c)</sup> <br>| 659000 | 653581 |
| 3.63%, 6/15/29<sup>(c)</sup> <br>| 533000 | 511693 |
| 3.75%, 10/01/30<sup>(c)</sup> <br>| 72000 | 68117 |
| QTS Thunder Managing <br> Issuer LLC, 5.42%, 8/21/32<br>| 1625000 | 1625000 |
|  |  | **2858391** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| Carnival Corp., 5.75%, <br> 8/01/32<sup>(c)</sup> <br>| 215000 | 220866 |
| Hyatt Hotels Corp., 5.75%, <br> 3/30/32<sup>(j)</sup> <br>| 320000 | 333928 |
| Marriott International, Inc., <br> 5.25%, 10/15/35<br>| 330000 | 333623 |
| Royal Caribbean <br> Cruises Ltd., 5.38%, <br> 1/15/36<br>| 90000 | 90610 |
| Six Flags <br> Entertainment Corp./Six <br> Flags Theme <br> Parks, Inc./Canada's <br> Wonderland Co., 6.63%, <br> 5/01/32<sup>(c)</sup> <br>| 900000 | 913879 |
|  |  | **1892906** |
| **Leisure Products – 0.0%**<sup>(b)</sup> | **Leisure Products – 0.0%**<sup>(b)</sup> | **Leisure Products – 0.0%**<sup>(b)</sup> |
| Polaris, Inc., 6.95%, <br> 3/15/29<sup>(j)</sup> <br>| 310000 | **329679** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| Entegris, Inc., 4.75%, <br> 4/15/29<sup>(c)</sup> <br>| $540000 | $536660 |
| Flowserve Corp., |  |  |
| 3.50%, 10/01/30 | 197000 | 187622 |
| 2.80%, 1/15/32 | 62000 | 55153 |
|  |  | **779435** |
| **Medical Equipment & Devices – 0.0%**<sup>(b)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(b)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(b)</sup> |
| Becton Dickinson & Co., <br> 5.08%, 6/07/29<br>| 68000 | 69806 |
| Solventum Corp., |  |  |
| 5.40%, 3/01/29 | 54000 | 55848 |
| 5.60%, 3/23/34 | 131000 | 136244 |
|  |  | **261898** |
| **Oil & Gas Supply Chain – 3.1%** | **Oil & Gas Supply Chain – 3.1%** | **Oil & Gas Supply Chain – 3.1%** |
| Antero Resources Corp., |  |  |
| 7.63%, 2/01/29<sup>(c)</sup> <br>| 110000 | 111979 |
| 5.38%, 3/01/30<sup>(c)</sup> <br>| 862000 | 867925 |
| Boardwalk Pipelines L.P., <br> 5.63%, 8/01/34<br>| 330000 | 341786 |
| BP Capital Markets <br> America, Inc.,<br>|  |  |
| 4.89%, 9/11/33 | 65000 | 66143 |
| 5.23%, 11/17/34 | 174000 | 180008 |
| BP Capital Markets PLC, <br> (5Y US Treasury CMT + <br> 1.92%), 6.13%, 3/18/35<sup>(k)(l)</sup> <br>| 830000 | 866254 |
| Cameron LNG LLC, 3.40%, <br> 1/15/38<sup>(c)</sup> <br>| 447000 | 390689 |
| Cheniere Corpus Christi <br> Holdings LLC, 2.74%, <br> 12/31/39<br>| 521000 | 439017 |
| Cheniere Energy Partners <br> L.P.,<br>|  |  |
| 4.00%, 3/01/31 | 320000 | 308967 |
| 3.25%, 1/31/32<sup>(j)</sup> <br>| 385000 | 351718 |
| 5.95%, 6/30/33 | 320000 | 337707 |
| 5.75%, 8/15/34 | 184000 | 191255 |
| 5.55%, 10/30/35<sup>(c)</sup> <br>| 50000 | 51168 |
| Cheniere Energy, Inc., <br> 5.65%, 4/15/34<br>| 1083000 | 1120143 |
| CNX Resources Corp., <br> 7.25%, 3/01/32<sup>(c)</sup> <br>| 145000 | 151184 |
| Diamondback Energy, Inc., |  |  |
| 3.25%, 12/01/26 | 1177000 | 1166276 |
| 3.50%, 12/01/29 | 1017000 | 982014 |
| 3.13%, 3/24/31 | 666000 | 619110 |
| DT Midstream, Inc., 5.80%, <br> 12/15/34<sup>(c)</sup> <br>| 360000 | 371887 |
| Energy Transfer L.P., |  |  |
| 7.38%, 2/01/31<sup>(c)</sup> <br>| 294000 | 306271 |
| 5.95%, 5/15/54 | 311000 | 300195 |
| 6.20%, 4/01/55 | 340000 | 339140 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| EQT Corp., |  |  |
| 7.50%, 6/01/27 | $225000 | $228846 |
| 6.50%, 7/01/27 | 225000 | 230283 |
| 3.90%, 10/01/27 | 608000 | 603423 |
| 5.70%, 4/01/28 | 390000 | 402744 |
| 5.50%, 7/15/28 | 31000 | 31175 |
| 5.00%, 1/15/29 | 674000 | 682175 |
| 4.50%, 1/15/29 | 910000 | 910167 |
| 7.00%, 2/01/30 | 428000 | 464511 |
| 7.50%, 6/01/30 | 1157000 | 1274648 |
| 4.75%, 1/15/31<sup>(j)</sup> <br>| 1781000 | 1782635 |
| 3.63%, 5/15/31<sup>(c)</sup> <br>| 1108000 | 1036957 |
| 5.75%, 2/01/34<sup>(j)</sup> <br>| 147000 | 153871 |
| Expand Energy Corp., |  |  |
| 5.88%, 2/01/29<sup>(c)(j)</sup> <br>| 83000 | 83201 |
| 5.38%, 2/01/29 | 377000 | 377157 |
| 6.75%, 4/15/29<sup>(c)</sup> <br>| 317000 | 319589 |
| 5.38%, 3/15/30 | 219000 | 222229 |
| 4.75%, 2/01/32 | 86000 | 84424 |
| 5.70%, 1/15/35 | 1018000 | 1047930 |
| Florida Gas <br> Transmission Co. LLC, <br> 5.75%, 7/15/35<sup>(c)</sup> <br>| 200000 | 208096 |
| Gulfstream Natural Gas <br> System LLC, 5.60%, <br> 7/23/35<sup>(c)</sup> <br>| 325000 | 332847 |
| HF Sinclair Corp., |  |  |
| 5.50%, 9/01/32 | 200000 | 203377 |
| 6.25%, 1/15/35 | 330000 | 345014 |
| Kinder Morgan Energy <br> Partners L.P., 5.80%, <br> 3/15/35<br>| 320000 | 336318 |
| Midwest Connector <br> Capital Co. LLC, 4.63%, <br> 4/01/29<sup>(c)</sup> <br>| 330000 | 331362 |
| MPLX L.P., |  |  |
| 5.40%, 9/15/35 | 525000 | 527169 |
| 6.20%, 9/15/55<sup>(j)</sup> <br>| 325000 | 326928 |
| NGPL PipeCo LLC, 3.25%, <br> 7/15/31<sup>(c)</sup> <br>| 446000 | 406218 |
| ONEOK, Inc., |  |  |
| 5.40%, 10/15/35 | 275000 | 276013 |
| 7.15%, 1/15/51 | 300000 | 332454 |
| 6.25%, 10/15/55 | 275000 | 275341 |
| Phillips 66 Co., |  |  |
| (5Y US Treasury CMT + <br> 2.28%), 5.88%, 3/15/56<sup>(k)</sup> <br>| 87000 | 86481 |
| (5Y US Treasury CMT + <br> 2.17%), 6.20%, 3/15/56<sup>(k)</sup> <br>| 50000 | 50497 |
| Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| 5.70%, 9/15/34 | 420000 | 431551 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| 5.60%, 1/15/36 | $375000 | $378872 |
| 4.70%, 6/15/44 | 100000 | 85503 |
| Rockies Express <br> Pipeline LLC, 6.88%, <br> 4/15/40<sup>(c)</sup> <br>| 400000 | 412419 |
| Sabine Pass <br> Liquefaction LLC,<br>|  |  |
| 5.00%, 3/15/27 | 355000 | 357045 |
| 4.50%, 5/15/30 | 494000 | 495752 |
| 5.90%, 9/15/37 | 236291 | 247526 |
| Targa Resources Corp., |  |  |
| 6.15%, 3/01/29 | 117000 | 123151 |
| 4.20%, 2/01/33 | 228000 | 217081 |
| 5.65%, 2/15/36 | 350000 | 358913 |
| Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.,<br>|  |  |
| 6.88%, 1/15/29 | 320000 | 325094 |
| 4.88%, 2/01/31 | 261000 | 261604 |
| Venture Global LNG, Inc., <br> 9.50%, 2/01/29<sup>(c)(j)</sup> <br>| 510000 | 548894 |
| Venture Global <br> Plaquemines LNG LLC, <br> 6.75%, 1/15/36<sup>(c)</sup> <br>| 200000 | 211822 |
| Viper Energy Partners LLC, |  |  |
| 4.90%, 8/01/30 | 468000 | 471271 |
| 5.70%, 8/01/35 | 436000 | 444561 |
| Vnom Sub, Inc., 5.38%, <br> 11/01/27<sup>(c)</sup> <br>| 822000 | 822000 |
|  |  | **30027975** |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| American Tower Corp., <br> 5.35%, 3/15/35<br>| 473000 | 486138 |
| Crown Castle, Inc., |  |  |
| 4.30%, 2/15/29 | 102000 | 101570 |
| 2.50%, 7/15/31 | 39000 | 34736 |
| Equinix Europe 2 <br> Financing Corp. LLC, <br> 5.50%, 6/15/34<br>| 27000 | 28001 |
| Equinix, Inc., |  |  |
| 2.50%, 5/15/31 | 547000 | 494105 |
| 3.90%, 4/15/32 | 246000 | 236511 |
| 3.00%, 7/15/50 | 52000 | 34076 |
| 2.95%, 9/15/51 | 35000 | 22449 |
| 3.40%, 2/15/52 | 85000 | 59489 |
| Extra Space Storage L.P., |  |  |
| 3.90%, 4/01/29 | 17000 | 16760 |
| 4.00%, 6/15/29 | 17000 | 16828 |
| 5.50%, 7/01/30 | 337000 | 351296 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Extra Space Storage L.P., |  |  |  |
| 2.20%, 10/15/30 |  | $77000 | $69019 |
| 5.90%, 1/15/31 |  | 12000 | 12746 |
| 5.40%, 6/15/35<sup>(j)</sup> <br>|  | 129000 | 132028 |
| GLP Capital L.P./GLP <br> Financing II, Inc.,<br>|  |  |  |
| 5.75%, 6/01/28 |  | 216000 | 222129 |
| 5.30%, 1/15/29 |  | 24000 | 24455 |
| 4.00%, 1/15/30 |  | 133000 | 128834 |
| 4.00%, 1/15/31 |  | 350000 | 334764 |
| 3.25%, 1/15/32 |  | 314000 | 281841 |
| 5.25%, 2/15/33 |  | 210000 | 209873 |
| 5.75%, 11/01/37 |  | 525000 | 521145 |
| Host Hotels & Resorts L.P., <br> 5.70%, 7/01/34<br>|  | 830000 | 851072 |
| Iron Mountain, Inc., 4.75%, <br> 1/15/34<br>| EUR | 100000 | 115850 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 7.00%, 2/15/32<br>| EUR | 100000 | 120286 |
| Safehold GL Holdings LLC, <br> 5.65%, 1/15/35<br>|  | 330000 | 337086 |
| Store Capital LLC, |  |  |  |
| 4.63%, 3/15/29 |  | 340000 | 337913 |
| 2.75%, 11/18/30 |  | 98000 | 89168 |
| VICI Properties L.P., 5.13%, <br> 5/15/32<sup>(j)</sup> <br>|  | 414000 | 417327 |
| VICI Properties L.P./VICI <br> Note Co., Inc.,<br>|  |  |  |
| 3.75%, 2/15/27<sup>(c)</sup> <br>|  | 385000 | 381242 |
| 4.50%, 1/15/28<sup>(c)</sup> <br>|  | 20000 | 19984 |
| 3.88%, 2/15/29<sup>(c)</sup> <br>|  | 615000 | 600923 |
| 4.63%, 12/01/29<sup>(c)</sup> <br>|  | 745000 | 738826 |
|  |  |  | **7828470** |
| **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** |
| Prime Property Fund LLC, <br> 5.81%, 7/15/35<br>|  | 400000 | **400000** |
| **Real Estate Services – 0.0%**<sup>(b)</sup> | **Real Estate Services – 0.0%**<sup>(b)</sup> | **Real Estate Services – 0.0%**<sup>(b)</sup> | **Real Estate Services – 0.0%**<sup>(b)</sup> |
| CoStar Group, Inc., 2.80%, <br> 7/15/30<sup>(c)</sup> <br>|  | 396000 | **362363** |
| **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** |
| MN8 Portfolio IV LLC, |  |  |  |
| 6.31%, 6/30/45 |  | 617400 | 627158 |
| 6.31%, 6/30/45<sup>(d)</sup> <br>|  | 282600 | 287066 |
|  |  |  | **914224** |
| **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** |
| Broadcom, Inc., |  |  |  |
| 2.45%, 2/15/31 |  | 300000 | 273398 |
| 5.15%, 11/15/31 |  | 366000 | 380501 |
| 4.55%, 2/15/32 |  | 34000 | 34223 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| Broadcom, Inc., |  |  |
| 5.20%, 4/15/32 | $181000 | $188309 |
| 3.42%, 4/15/33 | 241000 | 224727 |
| 3.47%, 4/15/34 | 695000 | 636593 |
| 4.80%, 10/15/34 | 134000 | 134642 |
| 5.20%, 7/15/35 | 33000 | 33993 |
| 4.93%, 5/15/37<sup>(c)</sup> <br>| 30000 | 29870 |
| 4.90%, 2/15/38 | 150000 | 148181 |
| Foundry JV Holdco LLC, |  |  |
| 5.90%, 1/25/33<sup>(c)</sup> <br>| 200000 | 210521 |
| 5.88%, 1/25/34<sup>(c)</sup> <br>| 920000 | 949892 |
| 6.25%, 1/25/35<sup>(c)</sup> <br>| 200000 | 212838 |
| 6.40%, 1/25/38<sup>(c)</sup> <br>| 200000 | 215828 |
|  |  | **3673516** |
| **Software – 0.3%** | **Software – 0.3%** | **Software – 0.3%** |
| Atlassian Corp., 5.50%, <br> 5/15/34<br>| 320000 | 329076 |
| Oracle Corp., |  |  |
| 4.80%, 9/26/32 | 175000 | 173198 |
| 5.20%, 9/26/35 | 450000 | 443162 |
| 5.88%, 9/26/45 | 125000 | 120356 |
| 6.00%, 8/03/55 | 226000 | 216173 |
| 5.95%, 9/26/55 | 668000 | 633327 |
| 4.10%, 3/25/61 | 64000 | 44096 |
| 5.50%, 9/27/64 | 144000 | 125557 |
| 6.13%, 8/03/65 | 119000 | 113713 |
| 6.10%, 9/26/65 | 316000 | 301342 |
|  |  | **2500000** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| American Express Co., <br> (SOFR + 1.22%), 4.92%, <br> 7/20/33<sup>(k)</sup> <br>| 85000 | 86601 |
| AT&T Reign II <br> Multi-Property <br> Lease-Backed <br> Pass-Through Trust, <br> 6.09%, 12/15/44<sup>(c)</sup> <br>| 420000 | 428494 |
| Capital One <br> Financial Corp.,<br>|  |  |
| (SOFR + 2.26%), 6.05%, <br> 2/01/35<sup>(k)</sup> <br>| 320000 | 339312 |
| (SOFR + 1.63%), 5.20%, <br> 9/11/36<sup>(k)</sup> <br>| 150000 | 149005 |
| Equitable America Global <br> Funding, 4.95%, 6/09/30<sup>(c)</sup> <br>| 400000 | 407632 |
| First American <br> Financial Corp., 4.00%, <br> 5/15/30<sup>(j)</sup> <br>| 460000 | 445030 |
| Flourishing Trade & <br> Investment Ltd., 11.04%, <br> 4/01/30<sup>(c)</sup> <br>| 437220 | 437220 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Jefferies Finance LLC/JFIN <br> Co-Issuer Corp., 5.00%, <br> 8/15/28<sup>(c)</sup> <br>| $570000 | $539720 |
| MSCI, Inc., 5.25%, 9/01/35 | 175000 | 175633 |
| OneMain Finance Corp., <br> 6.13%, 5/15/30<br>| 350000 | 354116 |
| PennyMac Financial <br> Services, Inc., 6.75%, <br> 2/15/34<sup>(c)</sup> <br>| 150000 | 153748 |
| Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 5.25%, 7/01/29<sup>(c)</sup> <br>| 320000 | 329445 |
| Rocket Cos, Inc., 6.38%, <br> 8/01/33<sup>(c)</sup> <br>| 150000 | 156259 |
| Stewart Information <br> Services Corp., 3.60%, <br> 11/15/31<br>| 370000 | 330610 |
| Synchrony Financial, |  |  |
| 3.95%, 12/01/27 | 130000 | 128892 |
| 5.15%, 3/19/29 | 209000 | 212211 |
| (SOFR + 1.40%), 5.02%, <br> 7/29/29<sup>(j)(k)</sup> <br>| 110000 | 110815 |
| (SOFR Index + 2.13%), <br> 5.94%, 8/02/30<sup>(k)</sup> <br>| 347000 | 358962 |
| (SOFR + 1.68%), 5.45%, <br> 3/06/31<sup>(k)</sup> <br>| 726000 | 738505 |
| 2.88%, 10/28/31 | 313000 | 277901 |
| 7.25%, 2/02/33 | 411000 | 435674 |
| United Wholesale <br> Mortgage LLC, 5.50%, <br> 4/15/29<sup>(c)</sup> <br>| 570000 | 561361 |
|  |  | **7157146** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Dell <br> International LLC/EMC Corp., <br> 4.50%, 2/15/31<br>| 357000 | 356008 |
| Motorola Solutions, Inc., |  |  |
| 5.60%, 6/01/32 | 75000 | 78898 |
| 5.55%, 8/15/35 | 173000 | 180137 |
| TD SYNNEX Corp., 5.30%, <br> 10/10/35<br>| 320000 | 319316 |
|  |  | **934359** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| AT&T, Inc., |  |  |
| 4.30%, 2/15/30<sup>(c)</sup> <br>| 105000 | 104970 |
| 5.45%, 3/01/47 | 28000 | 26958 |
| 3.50%, 9/15/53 | 311000 | 212812 |
| 6.05%, 8/15/56 | 359000 | 369035 |
| 3.80%, 12/01/57 | 257000 | 181442 |
| 3.65%, 9/15/59 | 601000 | 407230 |
| Frontier Communications <br> Holdings LLC,<br>|  |  |
| 5.00%, 5/01/28<sup>(c)</sup> <br>| 263000 | 262651 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| Frontier Communications <br> Holdings LLC,<br>|  |  |
| 5.88%, 11/01/29<sup>(j)</sup> <br>| $174260 | $176256 |
| 8.63%, 3/15/31<sup>(c)</sup> <br>| 83000 | 87622 |
| T-Mobile USA, Inc., |  |  |
| 3.88%, 4/15/30 | 322000 | 315399 |
| 2.70%, 3/15/32 | 197000 | 176298 |
| 5.13%, 5/15/32 | 17000 | 17476 |
| 5.80%, 9/15/62 | 301000 | 300746 |
| Verizon <br> Communications, Inc.,<br>|  |  |
| 1.50%, 9/18/30 | 61000 | 53362 |
| 4.78%, 2/15/35 | 130000 | 127377 |
| 5.40%, 7/02/37<sup>(c)</sup> <br>| 191000 | 193330 |
|  |  | **3012964** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Altria Group, Inc., |  |  |
| 5.25%, 8/06/35 | 100000 | 100855 |
| 3.40%, 2/04/41 | 400000 | 308326 |
| 4.45%, 5/06/50 | 430000 | 348233 |
| 6.20%, 2/14/59 | 158000 | 161647 |
| Philip Morris <br> International, Inc., 5.25%, <br> 2/13/34<sup>(n)</sup> <br>| 320000 | 329831 |
|  |  | **1248892** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| Aitx Finco LLC, |  |  |
| 5.38%, 10/23/30 | 300000 | 300000 |
| 5.67%, 10/23/32 | 400000 | 400000 |
| AS Mileage Plan IP Ltd., <br> 5.31%, 10/20/31<sup>(c)</sup> <br>| 340000 | 338421 |
| Delta Air Lines Pass <br> Through Trust, Series <br> 2015-1, Class AA, 3.63%, <br> 7/30/27<br>| 42285 | 41698 |
| FedEx Corp., |  |  |
| 4.10%, 2/01/45 | 25000 | 20058 |
| 4.75%, 11/15/45 | 400000 | 346161 |
| United Airlines Pass <br> Through Trust, Series <br> 2023-1, Class A, 5.80%, <br> 1/15/36<br>| 317210 | 331031 |
|  |  | **1777369** |
| **Total Corporate Bonds** <br>(Cost $142,444,492) | **Total Corporate Bonds** <br>(Cost $142,444,492) | **145627486** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** |
| **Argentina – 0.0%**<sup>(b)</sup> | **Argentina – 0.0%**<sup>(b)</sup> | **Argentina – 0.0%**<sup>(b)</sup> | **Argentina – 0.0%**<sup>(b)</sup> |
| Vista Energy Argentina <br> S.A.U., 7.63%, 12/10/35<sup>(c)</sup> <br>|  | $16000 | $15809 |
| YPF S.A., 9.50%, 1/17/31<sup>(c)</sup> <br>|  | 26000 | 27420 |
|  |  |  | **43229** |
| **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** |
| Australia & New Zealand <br> Banking Group Ltd.,<br>|  |  |  |
| (5Y US Treasury CMT + <br> 1.70%), 2.57%, <br> 11/25/35<sup>(c)(k)</sup> <br>|  | 380000 | 340471 |
| (1Y US Treasury CMT + <br> 1.35%), 5.82%, <br> 6/18/36<sup>(c)(k)</sup> <br>|  | 450000 | 468508 |
| Commonwealth Bank of <br> Australia, (1Y US Treasury <br> CMT + 1.32%), 5.93%, <br> 3/14/46<sup>(c)(k)</sup> <br>|  | 350000 | 364369 |
| Glencore Funding LLC, |  |  |  |
| 6.38%, 10/06/30<sup>(c)</sup> <br>|  | 160000 | 172566 |
| 2.85%, 4/27/31<sup>(c)</sup> <br>|  | 23000 | 21117 |
| 2.63%, 9/23/31<sup>(c)</sup> <br>|  | 22000 | 19762 |
| 6.50%, 10/06/33<sup>(c)</sup> <br>|  | 70000 | 77318 |
| Macquarie Bank Ltd., (1Y <br> US Treasury CMT + <br> 1.45%), 5.64%, <br> 8/13/36<sup>(c)(k)</sup> <br>|  | 950000 | 966925 |
| Macquarie Group Ltd., <br> (SOFR + 1.53%), 2.87%, <br> 1/14/33<sup>(c)(k)</sup> <br>|  | 290000 | 262262 |
| National Australia <br> Bank Ltd., (1Y US Treasury <br> CMT + 1.30%), 5.90%, <br> 1/14/36<sup>(c)(j)(k)</sup> <br>|  | 810000 | 854638 |
| Westpac Banking Corp., <br> 3.13%, 11/18/41<br>|  | 470000 | 357851 |
|  |  |  | **3905787** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| Brazil Notas do Tesouro <br> Nacional Serie F,<br>|  |  |  |
| 10.00%, 1/01/29 | BRL | 2600000 | 447025 |
| 10.00%, 1/01/35 | BRL | 14386000 | 2190083 |
| Embraer Netherlands <br> Finance B.V., 5.98%, <br> 2/11/35<br>|  | 283000 | 304296 |
| Raizen Fuels Finance S.A., <br> 6.45%, 3/05/34<sup>(j)</sup> <br>|  | 307000 | 261334 |
| Suzano Austria GmbH, <br> 3.13%, 1/15/32<br>|  | 355000 | 317968 |
| Vale Overseas Ltd., 6.40%, <br> 6/28/54<br>|  | 314000 | 327123 |
|  |  |  | **3847829** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| Ascot Group Ltd., (5Y US <br> Treasury CMT + 2.38%), <br> 6.35%, 6/15/35<sup>(c)(k)</sup> <br>|  | $320000 | $333564 |
| Brookfield Capital <br> Finance LLC, 6.09%, <br> 6/14/33<br>|  | 310000 | 332477 |
| Brookfield Finance, Inc., |  |  |  |
| 5.33%, 1/15/36 |  | 175000 | 176249 |
| 3.63%, 2/15/52 |  | 490000 | 351768 |
| Enbridge, Inc., |  |  |  |
| 5.63%, 4/05/34 |  | 320000 | 333980 |
| 5.55%, 6/20/35 |  | 500000 | 516800 |
| Fairfax Financial <br> Holdings Ltd., 5.75%, <br> 5/20/35<sup>(c)</sup> <br>|  | 320000 | 334884 |
| Rogers <br> Communications, Inc., <br> 4.55%, 3/15/52<br>|  | 335000 | 274661 |
| TELUS Corp., |  |  |  |
| (5Y US Treasury CMT + <br> 2.71%), 7.00%, <br> 10/15/55<sup>(j)(k)</sup> <br>|  | 150000 | 160004 |
| (5Y US Treasury CMT + <br> 2.77%), 6.63%, <br> 10/15/55<sup>(k)</sup> <br>|  | 150000 | 154747 |
| Triton Container <br> International Ltd., 3.15%, <br> 6/15/31<sup>(c)</sup> <br>|  | 380000 | 343672 |
|  |  |  | **3312806** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| AES Andes S.A., 6.30%, <br> 3/15/29<br>|  | 301000 | 311480 |
| Corp Nacional del Cobre de <br> Chile,<br>|  |  |  |
| 6.44%, 1/26/36 |  | 293000 | 319070 |
| 6.78%, 1/13/55<sup>(c)</sup> <br>|  | 300000 | 328050 |
| WOM Mobile S.A., 11.00%, <br> 4/01/31<sup>(c)(i)</sup> <br>|  | 3097 | 2958 |
|  |  |  | **961558** |
| **China – 0.0%**<sup>(b)</sup> | **China – 0.0%**<sup>(b)</sup> | **China – 0.0%**<sup>(b)</sup> | **China – 0.0%**<sup>(b)</sup> |
| China Government Bond, <br> 1.92%, 7/15/45<br>| CNH | 200000 | 27150 |
| Prosus N.V., 4.19%, 1/19/32 |  | 330000 | 317718 |
|  |  |  | **344868** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Colombian TES, 6.25%, <br> 7/09/36<br>| COP | 3877900000 | 683047 |
| SURA Asset Management <br> S.A., 6.35%, 5/13/32<sup>(c)(j)</sup> <br>|  | 297000 | 317930 |
|  |  |  | **1000977** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Finland – 0.0%**<sup>(b)</sup> | **Finland – 0.0%**<sup>(b)</sup> | **Finland – 0.0%**<sup>(b)</sup> | **Finland – 0.0%**<sup>(b)</sup> |
| Citycon Treasury B.V., <br> 5.38%, 7/08/31<br>| EUR | 100000 | $115612 |
| Mehilainen Yhtiot Oy, <br> 5.13%, 6/30/32<br>| EUR | 100000 | 117461 |
|  |  |  | **233073** |
| **France – 0.4%** | **France – 0.4%** | **France – 0.4%** | **France – 0.4%** |
| Atos S.E., (Step to 9.36% on <br> 12/18/25), 9.00%, <br> 12/18/29<sup>(f)</sup> <br>| EUR | 100000 | 131898 |
| BNP Paribas S.A., (3M CME <br> Term SOFR + 1.39%), <br> 2.87%, 4/19/32<sup>(c)(k)</sup> <br>|  | $330000 | 299397 |
| BPCE S.A., (SOFR + 1.31%), <br> 2.28%, 1/20/32<sup>(c)(k)</sup> <br>|  | 1200000 | 1058538 |
| Credit Agricole S.A., (SOFR <br> + 1.46%), 5.22%, <br> 5/27/31<sup>(c)(k)</sup> <br>|  | 800000 | 820332 |
| Electricite de France S.A., <br> (Euribor ICE Swap Rate 5Y <br> + 2.07%), 4.38%, <br> 1/06/31<sup>(k)(l)</sup> <br>| EUR | 100000 | 114431 |
| Kapla Holding SAS, 5.00%, <br> 4/30/31<br>| EUR | 100000 | 116999 |
| Loxam SAS, 4.25%, 2/15/31 | EUR | 100000 | 115137 |
| RCI Banque S.A., (Euribor <br> ICE Swap Rate 5Y + <br> 2.20%), 4.75%, 3/24/37<sup>(k)</sup> <br>| EUR | 100000 | 117222 |
| Renault S.A., 3.88%, <br> 9/30/30<br>| EUR | 100000 | 115833 |
| Societe Generale S.A., (1Y <br> US Treasury CMT + <br> 1.50%), 5.52%, <br> 1/19/28<sup>(c)(k)</sup> <br>|  | 400000 | 404936 |
| Sodexo, Inc., 5.80%, <br> 8/15/35<sup>(c)</sup> <br>|  | 800000 | 836145 |
| Worldline S.A., 0.88%, <br> 6/30/27<br>| EUR | 100000 | 100344 |
|  |  |  | **4231212** |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| Allianz S.E., (5Y US Treasury <br> CMT + 2.17%), 3.20%, <br> 10/30/27<sup>(c)(j)(k)(l)</sup> <br>|  | 800000 | 753151 |
| Alstria Office A.G., 5.50%, <br> 3/20/31<br>| EUR | 100000 | 118738 |
| APCOA Group GmbH, <br> 6.00%, 4/15/31<br>| EUR | 100000 | 117930 |
| Aroundtown Finance <br> S.a.r.l.,<br>|  |  |  |
| (Euribor ICE Swap Rate 5Y <br> + 4.51%), 7.13%, <br> 1/16/30<sup>(k)(l)</sup> <br>| EUR | 100000 | 123084 |
| (Euribor ICE Swap Rate 5Y <br> + 3.43%), 5.25%, <br> 4/30/31<sup>(k)(l)</sup> <br>| EUR | 100000 | 113477 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Germany (Continued)** | **Germany (Continued)** | **Germany (Continued)** | **Germany (Continued)** |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen, (5Y US <br> Treasury CMT + 3.98%), <br> 5.88%, 5/23/42<sup>(c)(k)</sup> <br>|  | $400000 | $419367 |
| Nidda Healthcare Holding <br> GmbH, (3M Euribor + <br> 3.25%), 5.28%, 10/15/32<sup>(e)</sup> <br>| EUR | 100000 | 116141 |
| Progroup A.G., 5.38%, <br> 4/15/31<br>| EUR | 100000 | 116844 |
| Volkswagen International <br> Finance N.V., (Euribor ICE <br> Swap Rate 8Y + 3.49%), <br> 5.99%, 11/15/33<sup>(k)(l)</sup> <br>| EUR | 100000 | 119844 |
| ZF Europe Finance B.V., <br> 7.00%, 6/12/30<br>| EUR | 200000 | 236444 |
|  |  |  | **2235020** |
| **Hong Kong – 0.0%**<sup>(b)</sup> | **Hong Kong – 0.0%**<sup>(b)</sup> | **Hong Kong – 0.0%**<sup>(b)</sup> | **Hong Kong – 0.0%**<sup>(b)</sup> |
| Melco Resorts Finance Ltd., <br> 5.75%, 7/21/28<br>|  | 200000 | **199033** |
| **Hungary – 0.0%**<sup>(b)</sup> | **Hungary – 0.0%**<sup>(b)</sup> | **Hungary – 0.0%**<sup>(b)</sup> | **Hungary – 0.0%**<sup>(b)</sup> |
| MVM Energetika Zrt., <br> 6.50%, 3/13/31<br>|  | 298000 | **316324** |
| **India – 0.2%** | **India – 0.2%** | **India – 0.2%** | **India – 0.2%** |
| Biocon Biologics Global <br> PLC, 6.67%, 10/09/29<br>|  | 200000 | 197762 |
| Continuum Green Energy <br> India Pvt./Co-Issuers, <br> 7.50%, 6/26/33<br>|  | 385800 | 406513 |
| India Clean Energy <br> Holdings, 4.50%, <br> 4/18/27<sup>(j)</sup> <br>|  | 400000 | 389269 |
| India Green Power <br> Holdings, 4.00%, 2/22/27<br>|  | 216650 | 210950 |
| IRB Infrastructure <br> Developers Ltd., 7.11%, <br> 3/11/32<br>|  | 400000 | 416289 |
| ReNew Pvt. Ltd., 5.88%, <br> 3/05/27<br>|  | 400000 | 398909 |
|  |  |  | **2019692** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| Indonesia Government <br> International Bond,<br>|  |  |  |
| 2.85%, 2/14/30 |  | 400000 | 378833 |
| 3.05%, 3/12/51 |  | 222000 | 152273 |
| Medco Laurel Tree Pte. Ltd., <br> 6.95%, 11/12/28<br>|  | 200000 | 201033 |
| Minejesa Capital B.V., <br> 5.63%, 8/10/37<br>|  | 522000 | 519390 |
|  |  |  | **1251529** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| Flutter Treasury DAC, <br> 6.38%, 4/29/29<sup>(c)(j)</sup> <br>|  | $320000 | $331547 |
| ION Platform Finance <br> S.a.r.l., 6.50%, 9/30/30<br>| EUR | 100000 | 113414 |
|  |  |  | **444961** |
| **Israel – 0.0%**<sup>(b)</sup> | **Israel – 0.0%**<sup>(b)</sup> | **Israel – 0.0%**<sup>(b)</sup> | **Israel – 0.0%**<sup>(b)</sup> |
| Israel Government <br> International Bond, <br> 5.75%, 3/12/54<sup>(j)</sup> <br>|  | 204000 | **199617** |
| **Italy – 0.0%**<sup>(b)</sup> | **Italy – 0.0%**<sup>(b)</sup> | **Italy – 0.0%**<sup>(b)</sup> | **Italy – 0.0%**<sup>(b)</sup> |
| Dolcetto Holdco S.p.A., <br> 5.63%, 7/14/32<br>| EUR | 100000 | 118131 |
| Pachelbel Bidco S.p.A., <br> 7.13%, 5/17/31<br>| EUR | 100000 | 123983 |
|  |  |  | **242114** |
| **Japan – 0.6%** | **Japan – 0.6%** | **Japan – 0.6%** | **Japan – 0.6%** |
| Dai-ichi Life Insurance <br> (The) Co. Ltd., (5Y US <br> Treasury CMT + 2.52%), <br> 6.20%, 1/16/35<sup>(c)(j)(k)(l)</sup> <br>|  | 330000 | 346491 |
| Japan Government Thirty <br> Year Bond,<br>|  |  |  |
| 2.30%, 12/20/54 | JPY | 136250000 | 751870 |
| 2.40%, 3/20/55 | JPY | 84100000 | 475119 |
| Meiji Yasuda Life <br> Insurance Co., (5Y US <br> Treasury CMT + 2.91%), <br> 6.10%, 6/11/55<sup>(c)(k)</sup> <br>|  | 550000 | 576476 |
| Mizuho Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 1.07%), <br> 5.32%, 7/08/36<sup>(k)</sup> <br>|  | 850000 | 876562 |
| Nippon Life Insurance Co., <br> (5Y US Treasury CMT + <br> 2.65%), 2.75%, <br> 1/21/51<sup>(c)(k)</sup> <br>|  | 1190000 | 1076600 |
| Nissan Motor Co. Ltd., <br> 6.38%, 7/17/33<br>| EUR | 100000 | 119433 |
| NTT Finance Corp., 5.50%, <br> 7/16/35<sup>(c)</sup> <br>|  | 200000 | 208480 |
| Rakuten Group, Inc., 9.75%, <br> 4/15/29<br>|  | 400000 | 448652 |
| SoftBank Corp., 5.33%, <br> 7/09/35<sup>(c)</sup> <br>|  | 350000 | 353556 |
| SoftBank Group Corp., <br> 5.25%, 10/10/29<br>| EUR | 100000 | 119643 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** |
| Sumitomo Life <br> Insurance Co.,<br>|  |  |  |
| (5Y US Treasury CMT + <br> 2.65%), 5.88%, <br> 9/10/55<sup>(c)(j)(k)</sup> <br>|  | $200000 | $204287 |
| (5Y US Treasury CMT + <br> 2.75%), 3.38%, <br> 4/15/81<sup>(c)(j)(k)</sup> <br>|  | 360000 | 337887 |
|  |  |  | **5895056** |
| **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** |
| Kaspi.KZ JSC, 6.25%, <br> 3/26/30<br>|  | 308000 | 316076 |
| KazMunayGas National Co. <br> JSC, 6.38%, 10/24/48<br>|  | 491000 | 496796 |
|  |  |  | **812872** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| Adler Financing S.a.r.l., <br> 8.25%, 12/31/28<sup>(i)</sup> <br>| EUR | 80621 | 100631 |
| Essendi S.A., 5.63%, <br> 5/15/32<br>| EUR | 100000 | 119985 |
| Terminal Invest Ltd., 5.63%, <br> 7/09/32<br>|  | 600000 | 626824 |
|  |  |  | **847440** |
| **Macau – 0.0%**<sup>(b)</sup> | **Macau – 0.0%**<sup>(b)</sup> | **Macau – 0.0%**<sup>(b)</sup> | **Macau – 0.0%**<sup>(b)</sup> |
| Wynn Macau Ltd., 5.63%, <br> 8/26/28<sup>(j)</sup> <br>|  | 200000 | **199807** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| Becle S.A.B. de C.V., 2.50%, <br> 10/14/31<sup>(c)</sup> <br>|  | 400000 | 345835 |
| Eagle Funding Luxco <br> S.a.r.l., 5.50%, 8/17/30<sup>(c)</sup> <br>|  | 450000 | 457155 |
| Mexico Government <br> International Bond,<br>|  |  |  |
| 2.66%, 5/24/31 |  | 568000 | 507678 |
| 3.50%, 2/12/34 |  | 451000 | 391130 |
| 6.35%, 2/09/35 |  | 280000 | 295988 |
| 6.88%, 5/13/37<sup>(j)</sup> <br>|  | 468000 | 506961 |
| 4.50%, 1/31/50 |  | 420000 | 328818 |
| Trust Fibra Uno, 7.70%, <br> 1/23/32<br>|  | 293000 | 319606 |
|  |  |  | **3153171** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| ING Groep N.V., (SOFR + <br> 1.61%), 5.53%, 3/25/36<sup>(k)</sup> <br>|  | 330000 | 343497 |
| Sunrise FinCo I B.V., |  |  |  |
| 4.88%, 7/15/31<sup>(c)</sup> <br>|  | 590000 | 562069 |
| 4.63%, 5/15/32 | EUR | 100000 | 117188 |
| VZ Secured Financing B.V., <br> 5.25%, 1/15/33<br>| EUR | 100000 | 115683 |
|  |  |  | **1138437** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Panama – 0.0%**<sup>(b)</sup> | **Panama – 0.0%**<sup>(b)</sup> | **Panama – 0.0%**<sup>(b)</sup> | **Panama – 0.0%**<sup>(b)</sup> |
| Panama Government <br> International Bond,<br>|  |  |  |
| 3.88%, 3/17/28 |  | $200000 | $195950 |
| 4.50%, 4/01/56 |  | 247000 | 188337 |
|  |  |  | **384287** |
| **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** |
| Peruvian Government <br> International Bond,<br>|  |  |  |
| 6.85%, 8/12/35 | PEN | 832000 | 261024 |
| 7.60%, 8/12/39 | PEN | 670000 | 217003 |
| 3.55%, 3/10/51 |  | 180000 | 129015 |
|  |  |  | **607042** |
| **Philippines – 0.1%** | **Philippines – 0.1%** | **Philippines – 0.1%** | **Philippines – 0.1%** |
| Philippine Government <br> International Bond,<br>|  |  |  |
| 3.00%, 2/01/28<sup>(j)</sup> <br>|  | 200000 | 195431 |
| 3.20%, 7/06/46 |  | 267000 | 196262 |
|  |  |  | **391693** |
| **Poland – 0.0%**<sup>(b)</sup> | **Poland – 0.0%**<sup>(b)</sup> | **Poland – 0.0%**<sup>(b)</sup> | **Poland – 0.0%**<sup>(b)</sup> |
| Orlen S.A., 6.00%, 1/30/35 |  | 300000 | **316892** |
| **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** |
| Greensaif Pipelines Bidco <br> S.a.r.l.,<br>|  |  |  |
| 5.85%, 2/23/36 |  | 304000 | 319824 |
| 6.10%, 8/23/42<sup>(c)</sup> <br>|  | 500000 | 530781 |
|  |  |  | **850605** |
| **Singapore – 0.0%**<sup>(b)</sup> | **Singapore – 0.0%**<sup>(b)</sup> | **Singapore – 0.0%**<sup>(b)</sup> | **Singapore – 0.0%**<sup>(b)</sup> |
| Puma International <br> Financing S.A., 7.75%, <br> 4/25/29<br>|  | 200000 | **206735** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Republic of South Africa <br> Government Bond,<br>|  |  |  |
| 10.00%, 3/31/33 | ZAR | 5316000 | 331321 |
| 8.50%, 1/31/37 | ZAR | 4907000 | 266621 |
|  |  |  | **597942** |
| **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** |
| Grifols S.A., 7.50%, 5/01/30 | EUR | 100000 | 121491 |
| Repsol E&P Capital <br> Markets U.S. LLC,<br>|  |  |  |
| 5.20%, 9/16/30<sup>(c)</sup> <br>|  | 200000 | 200741 |
| 5.98%, 9/16/35<sup>(c)</sup> <br>|  | 200000 | 203511 |
|  |  |  | **525743** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Sweden – 0.1%** | **Sweden – 0.1%** | **Sweden – 0.1%** | **Sweden – 0.1%** |
| EQT AB, 5.85%, 5/08/35<sup>(c)</sup> <br>|  | $320000 | $328010 |
| Heimstaden Bostad A.B., <br> (Euribor ICE Swap Rate 5Y <br> + 4.19%), 6.25%, <br> 12/04/29<sup>(k)(l)</sup> <br>| EUR | 100000 | 120100 |
|  |  |  | **448110** |
| **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** |
| Allwyn Entertainment <br> Financing UK PLC, 4.13%, <br> 2/15/31<br>| EUR | 100000 | 114530 |
| Argentum Netherlands B.V. <br> for Swiss Re Ltd., (3M <br> USD LIBOR + 3.78%), <br> 5.63%, 8/15/52<sup>(k)</sup> <br>|  | 330000 | 333510 |
|  |  |  | **448040** |
| **United Arab Emirates – 0.0%**<sup>(b)</sup> | **United Arab Emirates – 0.0%**<sup>(b)</sup> | **United Arab Emirates – 0.0%**<sup>(b)</sup> | **United Arab Emirates – 0.0%**<sup>(b)</sup> |
| DP World Ltd., 6.85%, <br> 7/02/37<br>|  | 280000 | **322257** |
| **United Kingdom – 0.7%** | **United Kingdom – 0.7%** | **United Kingdom – 0.7%** | **United Kingdom – 0.7%** |
| Albion Financing 1 <br> S.a.r.l./Aggreko <br> Holdings, Inc., 5.38%, <br> 5/21/30<br>| EUR | 100000 | 119759 |
| BAT Capital Corp., |  |  |  |
| 4.63%, 3/22/33 |  | 155000 | 153129 |
| 7.08%, 8/02/43 |  | 270000 | 304373 |
| 4.54%, 8/15/47 |  | 35000 | 29339 |
| 4.76%, 9/06/49 |  | 387000 | 330259 |
| 5.28%, 4/02/50 |  | 243000 | 221863 |
| 5.65%, 3/16/52 |  | 202000 | 192773 |
| 7.08%, 8/02/53 |  | 51000 | 58297 |
| Bellis Acquisition Co. PLC, <br> 8.00%, 7/01/31<sup>(j)</sup> <br>| EUR | 100000 | 117269 |
| British Airways Pass <br> Through Trust, Series <br> 2020-1, Class A, 4.25%, <br> 11/15/32<sup>(c)</sup> <br>|  | 339681 | 333221 |
| CD&R Firefly Bidco PLC, <br> 8.63%, 4/30/29<br>| GBP | 100000 | 137815 |
| ContourGlobal Power <br> Holdings S.A., 5.00%, <br> 2/28/30<br>| EUR | 100000 | 118466 |
| Edge Finco PLC, 8.13%, <br> 8/15/31<br>| GBP | 100000 | 139325 |
| Fidelis Insurance <br> Holdings Ltd., (5Y US <br> Treasury CMT + 4.28%), <br> 7.75%, 6/15/55<sup>(k)</sup> <br>|  | 325000 | 351052 |
| Froneri Lux FinCo S.A.R.L., <br> 4.75%, 8/01/32<br>| EUR | 100000 | 117758 |
| Heathrow Finance PLC, <br> 6.63%, 3/01/31<br>| GBP | 100000 | 132587 |
| HSBC Holdings PLC, (SOFR <br> + 1.29%), 5.13%, 3/03/31<sup>(k)</sup> <br>|  | 320000 | 327436 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| Insured Lending 1 Ltd., <br> 6.50%, 2/04/32<sup>(c)(d)</sup> <br>| EUR | 350000 | $403428 |
| Ithaca Energy North Sea <br> PLC, 5.50%, 10/01/31<br>| EUR | 100000 | 117182 |
| Nationwide Building <br> Society, (SOFR + 1.65%), <br> 5.54%, 7/14/36<sup>(c)(k)</sup> <br>|  | $200000 | 206061 |
| NatWest Group PLC, (1Y US <br> Treasury CMT + 1.05%), <br> 5.12%, 5/23/31<sup>(j)(k)</sup> <br>|  | 800000 | 821417 |
| OEG Finance PLC, 7.25%, <br> 9/27/29<br>| EUR | 100000 | 121078 |
| Reynolds American, Inc., |  |  |  |
| 8.13%, 5/01/40 |  | 205000 | 245432 |
| 5.85%, 8/15/45 |  | 17000 | 16852 |
| Santander UK Group <br> Holdings PLC, (SOFR <br> Index + 1.58%), 5.14%, <br> 9/22/36<sup>(k)</sup> <br>|  | 200000 | 198199 |
| Standard Chartered PLC, |  |  |  |
| (1Y US Treasury CMT + <br> 1.15%), 5.01%, <br> 10/15/30<sup>(c)(k)</sup> <br>|  | 596000 | 607048 |
| (1Y US Treasury CMT + <br> 3.85%), 4.64%, <br> 4/01/31<sup>(c)(k)</sup> <br>|  | 214000 | 215420 |
| Vmed O2 UK Financing I <br> PLC, 5.63%, 4/15/32<br>| EUR | 100000 | 117549 |
|  |  |  | **6254387** |
| **Uruguay – 0.0%**<sup>(b)</sup> | **Uruguay – 0.0%**<sup>(b)</sup> | **Uruguay – 0.0%**<sup>(b)</sup> | **Uruguay – 0.0%**<sup>(b)</sup> |
| Uruguay Government <br> International Bond, <br> 5.10%, 6/18/50<br>|  | 267641 | **258140** |
| **Vietnam – 0.0%**<sup>(b)</sup> | **Vietnam – 0.0%**<sup>(b)</sup> | **Vietnam – 0.0%**<sup>(b)</sup> | **Vietnam – 0.0%**<sup>(b)</sup> |
| Mong Duong Finance <br> Holdings B.V., 5.13%, <br> 5/07/29<br>|  | 169400 | **167706** |
| **Total Foreign Issuer Bonds** <br>(Cost $47,949,186) | **Total Foreign Issuer Bonds** <br>(Cost $47,949,186) | **Total Foreign Issuer Bonds** <br>(Cost $47,949,186) | **48615991** |
| **Mortgage-Backed Securities – 30.2%** | **Mortgage-Backed Securities – 30.2%** | **Mortgage-Backed Securities – 30.2%** | **Mortgage-Backed Securities – 30.2%** |
| **Commercial Mortgage-Backed Securities – 1.4%** | **Commercial Mortgage-Backed Securities – 1.4%** | **Commercial Mortgage-Backed Securities – 1.4%** | **Commercial Mortgage-Backed Securities – 1.4%** |
| 1301 Trust, |  |  |  |
| Series 2025-1301, <br> Class A, 5.06%, <br> 8/11/30<sup>(c)(g)</sup> <br>|  | 10000 | 10147 |
| Series 2025-1301, Class E, <br> 7.24%, 8/11/30<sup>(c)(g)</sup> <br>|  | 13000 | 13134 |
| Series 2025-1301, Class F, <br> 8.10%, 8/11/30<sup>(c)(g)</sup> <br>|  | 183000 | 184836 |
| 245 Park Avenue Trust, <br> Series 2017-245P, Class E, <br> 3.66%, 6/05/37<sup>(c)(g)</sup> <br>|  | 740000 | 702025 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| ACRES LLC, Series <br> 2025-FL3, Class A, (1M <br> CME Term SOFR + 1.62%), <br> 5.65%, 8/18/40<sup>(c)(e)</sup> <br>| $200000 | $200510 |
| Atrium Hotel Portfolio <br> Trust,<br>|  |  |
| Series 2024-ATRM, <br> Class A, 5.41%, <br> 11/10/29<sup>(c)(g)</sup> <br>| 150000 | 152731 |
| Series 2024-ATRM, <br> Class E, 9.21%, <br> 11/10/29<sup>(c)(g)</sup> <br>| 30000 | 30793 |
| Series 2025-ATRM, <br> Class A, (1M CME Term <br> SOFR + 1.65%), 5.68%, <br> 8/15/30<sup>(c)(e)</sup> <br>| 49000 | 49105 |
| Series 2025-ATRM, <br> Class F, (1M CME Term <br> SOFR + 5.50%), 9.53%, <br> 8/15/30<sup>(c)(e)</sup> <br>| 53000 | 53020 |
| Series 2025-ATRM, <br> Class G, (1M CME Term <br> SOFR + 6.75%), 10.78%, <br> 8/15/30<sup>(c)(e)</sup> <br>| 11000 | 11004 |
| BANK, Series 2021-BN35, <br> Class C, 2.90%, 6/15/64<br>| 32000 | 27158 |
| Bayview Commercial Asset <br> Trust,<br>|  |  |
| Series 2006-1A, Class A1, <br> (1M CME Term SOFR + <br> 0.52%), 4.51%, <br> 4/25/36<sup>(c)(e)</sup> <br>| 167212 | 158007 |
| Series 2007-4A, Class A1, <br> (1M CME Term SOFR + <br> 0.79%, 0.68% Floor), <br> 4.78%, 9/25/37<sup>(c)(e)</sup> <br>| 164977 | 156292 |
| BBCMS Mortgage Trust, |  |  |
| Series 2025-C35, <br> Class A5, 5.59%, 7/15/58<br>| 171000 | 180562 |
| Series 2025-C35, <br> Class AS, 5.84%, 7/15/58<br>| 16000 | 16834 |
| Series 2025-C35, Class B, <br> 6.12%, 7/15/58<br>| 14000 | 14557 |
| Series 2025-C35, Class D, <br> 4.50%, 7/15/58<sup>(c)</sup> <br>| 25000 | 19860 |
| Benchmark Mortgage <br> Trust,<br>|  |  |
| Series 2019-B9, Class XA, <br> 1.01%, 3/15/52<sup>(g)(o)</sup> <br>| 1596007 | 41664 |
| Series 2020-B21, <br> Class A5, 1.98%, <br> 12/17/53<br>| 16000 | 14089 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| BFLD Commercial <br> Mortgage Trust,<br>|  |  |
| Series 2024-UNIV, <br> Class A, (1M CME Term <br> SOFR + 1.49%, 1.49% <br> Floor), 5.52%, <br> 11/15/29<sup>(c)(e)</sup> <br>| $80000 | $80050 |
| Series 2024-UNIV, Class E, <br> (1M CME Term SOFR + <br> 3.64%, 3.64% Floor), <br> 7.67%, 11/15/29<sup>(c)(e)</sup> <br>| 50000 | 50108 |
| BHMS Commercial <br> Mortgage Trust, Series <br> 2025-ATLS, Class A, (1M <br> CME Term SOFR + 1.85%), <br> 5.88%, 8/15/42<sup>(c)(e)</sup> <br>| 97000 | 97242 |
| BPR Commercial Mortgage <br> Trust, Series 2024-PARK, <br> Class A, 5.22%, <br> 11/05/39<sup>(c)(g)</sup> <br>| 110000 | 111760 |
| BPR Trust, Series <br> 2024-PMDW, Class A, <br> 5.36%, 11/05/29<sup>(c)</sup> <br>| 70000 | 71360 |
| BSPRT Issuer LLC, series <br> 2025-FL12, Class AS, (1M <br> CME Term SOFR + 1.65%), <br> 5.75%, 1/17/43<sup>(c)(e)</sup> <br>| 150000 | 149346 |
| BX Commercial Mortgage <br> Trust, Series 2024-PURE, <br> Class A, (CORRA Index + <br> 1.90%, 1.90% Floor), <br> 4.44%, 11/15/29<sup>(c)(e)</sup> <br>CAD | 24940 | 17827 |
| BX Trust, Series 2025-VLT6, <br> Class A, (1M CME Term <br> SOFR + 1.44%, 1.44% <br> Floor), 5.48%, 3/15/42<sup>(c)(e)</sup> <br>| 512000 | 511840 |
| BXP Trust, Series 2017-GM, <br> Class D, 3.42%, <br> 6/13/39<sup>(c)(g)</sup> <br>| 370000 | 356400 |
| CENT, Series 2025-CITY, <br> Class A, 5.09%, <br> 7/10/40<sup>(c)(g)</sup> <br>| 170000 | 172167 |
| CFK Trust, Series 2019-FAX, <br> Class D, 4.64%, <br> 1/15/39<sup>(c)(g)</sup> <br>| 100000 | 96329 |
| COMM Mortgage Trust, |  |  |
| Series 2024-CBM, <br> Class A2, 5.87%, <br> 12/10/41<sup>(c)</sup> <br>| 110000 | 112043 |
| Series 2025-167G, <br> Class A, 5.50%, <br> 8/10/40<sup>(c)</sup> <br>| 36000 | 36148 |
| Series 2025-167G, <br> Class E, 8.47%, <br> 8/10/40<sup>(c)(g)</sup> <br>| 30000 | 30041 |
| Series 2025-167G, Class F, <br> 9.46%, 8/10/40<sup>(c)(g)</sup> <br>| 18000 | 18022 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| COMM Mortgage Trust, |  |  |
| Series 2025-SBX, Class B, <br> 5.73%, 8/10/41<sup>(c)(g)</sup> <br>| $14000 | $14064 |
| DBGS Mortgage Trust, <br> Series 2019-1735, Class X, <br> 0.29%, 4/10/37<sup>(c)(g)(o)</sup> <br>| 13945000 | 114592 |
| DK Trust, |  |  |
| Series 2025-LXP, Class A, <br> (1M CME Term SOFR + <br> 1.59%), 5.62%, <br> 8/15/37<sup>(c)(e)</sup> <br>| 44000 | 44041 |
| Series 2025-LXP, Class D, <br> (1M CME Term SOFR + <br> 2.89%), 6.92%, <br> 8/15/37<sup>(c)(e)</sup> <br>| 10000 | 10025 |
| Fontainbleau Miami Beach <br> Mortgage Trust, Series <br> 2024-FBLU, Class G, (1M <br> CME Term SOFR + 5.65%, <br> 5.65% Floor), 9.68%, <br> 12/15/29<sup>(c)(e)</sup> <br>| 100000 | 101047 |
| FS Rialto Issuer LLC, |  |  |
| Series 2024-FL9, Class A, <br> (1M CME Term SOFR + <br> 1.63%, 1.63% Floor), <br> 5.66%, 10/19/39<sup>(c)(e)</sup> <br>| 100000 | 100282 |
| Series 2025-FL10, Class A, <br> (1M CME Term SOFR + <br> 1.39%), 5.42%, <br> 8/19/42<sup>(c)(e)</sup> <br>| 850000 | 848178 |
| GS Mortgage <br> Securities Corp. Trust, <br> Series 2023-SHIP, Class E, <br> 7.43%, 9/10/38<sup>(c)(g)</sup> <br>| 32000 | 32097 |
| HONO Mortgage Trust, <br> Series 2021-LULU, <br> Class A, (1M CME Term <br> SOFR + 1.26%, 1.15% <br> Floor), 5.30%, <br> 10/15/36<sup>(c)(e)</sup> <br>| 320300 | 317097 |
| JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust,<br>|  |  |
| Series 2024-IGLG, Class A, <br> 5.17%, 11/09/39<sup>(c)(g)</sup> <br>| 510000 | 514868 |
| Series 2024-IGLG, Class D, <br> 6.48%, 11/09/39<sup>(c)(g)</sup> <br>| 140000 | 140250 |
| Series 2024-IGLG, Class E, <br> 7.25%, 11/09/39<sup>(c)(g)</sup> <br>| 435000 | 435717 |
| Series 2024-IGLG, Class F, <br> 8.22%, 11/09/39<sup>(c)(g)</sup> <br>| 372000 | 372551 |
| JW Commercial Mortgage <br> Trust, Series 2024-MRCO, <br> Class A, (1M CME Term <br> SOFR + 1.62%, 1.62% <br> Floor), 5.65%, 6/15/39<sup>(c)(e)</sup> <br>| 100000 | 100125 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| KSL Commercial Mortgage <br> Trust, Series 2024-HT2, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.57%, <br> 12/15/39<sup>(c)(e)</sup> <br>|  | $97091 | $97030 |
| Lagarino European Loan <br> Conduit No. 40 DAC, (3M <br> Euribor + 3.55%), 5.57%, <br> 6/22/37<sup>(e)</sup> <br>| EUR | 137012 | 158319 |
| Last Mile Logistics Pan <br> Euro Finance DAC, Series <br> 1X, Class E, (3M Euribor + <br> 2.70%, 2.70% Floor), <br> 4.73%, 8/17/33<sup>(e)</sup> <br>|  | 191462 | 220455 |
| Last Mile Securities PE <br> DAC, Series 2021-1X, <br> Class D, (3M Euribor + <br> 2.35%, 2.35% Floor), <br> 4.38%, 8/17/31<sup>(e)</sup> <br>|  | 194960 | 225117 |
| LoanCore Issuer LLC, |  |  |  |
| Series 2025-CRE9, <br> Class AS, (1M CME Term <br> SOFR + 1.70%), 5.76%, <br> 8/18/42<sup>(c)(e)</sup> <br>|  | 350000 | 350000 |
| Series 2025-CRE9, <br> Class B, (1M CME Term <br> SOFR + 1.95%), 6.01%, <br> 8/18/42<sup>(c)(e)</sup> <br>|  | 150000 | 150000 |
| MCR Mortgage Trust, <br> Series 2024-HF1, Class A, <br> (1M CME Term SOFR + <br> 1.79%, 1.79% Floor), <br> 5.83%, 12/15/41<sup>(c)(e)</sup> <br>|  | 328000 | 328717 |
| MILE Trust, Series <br> 2025-STNE, Class B, (1M <br> CME Term SOFR + 1.70%, <br> 1.70% Floor), 5.73%, <br> 7/15/30<sup>(c)(e)</sup> <br>|  | 850000 | 851055 |
| Morgan Stanley Capital I <br> Trust,<br>|  |  |  |
| Series 2019-L2, Class XA, <br> 0.99%, 3/15/52<sup>(g)(o)</sup> <br>|  | 2315145 | 63032 |
| Series 2021-230P, Class B, <br> (1M CME Term SOFR + <br> 1.56%, 1.45% Floor), <br> 5.60%, 12/15/38<sup>(c)(e)</sup> <br>|  | 10000 | 9300 |
| MSWF Commercial <br> Mortgage Trust, Series <br> 2023-2, Class XA, 0.91%, <br> 12/15/56<sup>(g)(o)</sup> <br>|  | 997632 | 56492 |
| ORL Trust, Series <br> 2024-GLKS, Class A, (1M <br> CME Term SOFR + 1.49%, <br> 1.49% Floor), 5.52%, <br> 12/15/39<sup>(c)(e)</sup> <br>|  | 100000 | 100094 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| PENN Commercial <br> Mortgage Trust, Series <br> 2025-P11, Class A, 5.52%, <br> 8/10/42<sup>(c)(g)</sup> <br>|  | $21000 | $21349 |
| ROCK Trust, Series <br> 2024-CNTR, Class E, <br> 8.82%, 11/13/41<sup>(c)</sup> <br>|  | 100000 | 105529 |
| RWC Commercial <br> Mortgage Trust, Series <br> 2025-1, Class A, 5.01%, <br> 6/25/40<sup>(c)</sup> <br>|  | 350000 | 350077 |
| SCG Commercial Mortgage <br> Trust, Series 2025-FLWR, <br> Class A, (1M CME Term <br> SOFR + 1.25%), 5.28%, <br> 8/15/30<sup>(c)(e)</sup> <br>|  | 48000 | 48015 |
| SELF Commerical <br> Mortgage Trust,<br>|  |  |  |
| Series 2024-STRG, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.57%, <br> 11/15/34<sup>(c)(e)</sup> <br>|  | 210000 | 210000 |
| Series 2024-STRG, <br> Class E, (1M CME Term <br> SOFR + 4.19%, 4.19% <br> Floor), 8.22%, <br> 11/15/34<sup>(c)(e)</sup> <br>|  | 100000 | 100124 |
| Series 2024-STRG, <br> Class F, (1M CME Term <br> SOFR + 5.19%, 5.19% <br> Floor), 9.22%, <br> 11/15/34<sup>(c)(e)</sup> <br>|  | 100000 | 99769 |
| STWD Ltd., Series <br> 2021-FL2, Class AS, (1M <br> CME Term SOFR + 1.56%, <br> 1.45% Floor), 5.60%, <br> 4/18/38<sup>(c)(e)</sup> <br>|  | 850000 | 850047 |
| Taurus UK DAC, Series <br> 2025-UK2X, Class D, <br> (SONIO/N Index + 3.20%), <br> 7.19%, 2/18/35<sup>(e)</sup> <br>| GBP | 154929 | 204023 |
| THE Trust, Series 2023-MIC, <br> Class A, 8.44%, <br> 12/05/38<sup>(c)(g)</sup> <br>|  | 30000 | 32441 |
| TRTX Issuer Ltd., Series <br> 2025-FL7, Class AS, (1M <br> CME Term SOFR + 1.70%), <br> 5.82%, 6/18/43<sup>(c)(d)(e)</sup> <br>|  | 250000 | 250000 |
| UK Logistics DAC, Series <br> 2025-1X, Class D, <br> (SONIO/N Index + 4.00%), <br> 7.99%, 5/17/35<sup>(e)</sup> <br>| GBP | 141005 | 185914 |
| VDCM Commercial <br> Mortgage Trust, Series <br> 2025-AZ, Class A, 5.23%, <br> 7/13/44<sup>(c)(g)</sup> <br>|  | 1000000 | 1011108 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| VEGAS, |  |  |
| Series 2024-GCS, Class C, <br> 6.22%, 7/10/36<sup>(c)(g)</sup> <br>| $140000 | $140896 |
| Series 2024-GCS, Class D, <br> 6.22%, 7/10/36<sup>(c)(g)</sup> <br>| 330000 | 326515 |
| Velocity Commercial <br> Capital Loan Trust,<br>|  |  |
| Series 2024-1, Class A, <br> 6.55%, 1/25/54<sup>(c)</sup> <br>| 56001 | 56628 |
| Series 2024-6, Class M3, <br> 6.92%, 12/25/54<sup>(c)(g)</sup> <br>| 99181 | 99530 |
|  |  | **13793521** |
| **Federal Home Loan Mortgage Corporation – 2.8%** | **Federal Home Loan Mortgage Corporation – 2.8%** | **Federal Home Loan Mortgage Corporation – 2.8%** |
| Multiclass Certificates, <br> Series 2024-P015, <br> Class A1, 4.30%, <br> 11/25/32<sup>(g)</sup> <br>| 46732 | 46651 |
| Pool, |  |  |
| 3.50%, 1/01/34 - 2/01/48 | 261906 | 251308 |
| 2.00%, 9/01/35 - 2/01/52 | 5166282 | 4353880 |
| 1.50%, 4/01/36 - 6/01/51 | 915650 | 755325 |
| 3.00%, 9/01/37 - 8/01/52 | 3882271 | 3523093 |
| 4.50%, 1/01/49 - 2/01/53 | 553318 | 546052 |
| 4.00%, 6/01/49 - 6/01/52 | 591915 | 570882 |
| 2.50%, 7/01/50 - 4/01/52 | 3222152 | 2793155 |
| 5.00%, 6/01/52 - 11/01/53 | 2458946 | 2462414 |
| 6.00%, 11/01/52 - 5/01/55 | 1053733 | 1086779 |
| 5.50%, 1/01/53 - 1/01/55 | 1373110 | 1399405 |
| 6.50%, 9/01/53 - 11/01/53 | 89507 | 93562 |
| 6.00%, 4/01/54 - <br> 10/01/55<sup>(d)</sup> <br>| 1626769 | 1666499 |
| Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| Series 5112, Class KI, <br> 3.50%, 6/25/51<sup>(o)</sup> <br>| 332685 | 62146 |
| Series 5471, Class FM, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.58%, <br> 11/25/54<sup>(e)</sup> <br>| 1061116 | 1067618 |
| Series 5499, Class B, <br> 5.50%, 7/25/53<br>| 766786 | 777479 |
| Series 5513, Class FD, <br> (30D Average SOFR + <br> 1.35%, 1.35% Floor, <br> 6.50% Cap), 5.53%, <br> 1/25/55<sup>(e)</sup> <br>| 965266 | 970957 |
| Series 5516, Class FC, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.58%, <br> 3/25/55<sup>(e)</sup> <br>| 2273425 | 2288699 |
| Series 5554, Class A, <br> 5.25%, 4/25/53<br>| 461591 | 465511 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** |
| Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| Series 5564, Class CA, <br> 5.00%, 2/25/52<br>| $288713 | $289008 |
| Series 5566, Class EA, <br> 5.00%, 11/25/51<br>| 726163 | 725937 |
| Series 5571, Class BA, <br> 5.00%, 10/25/51<br>| 669671 | 670664 |
|  |  | **26867024** |
| **Federal Home Loan Mortgage Corporation Gold – 0.2%** | **Federal Home Loan Mortgage Corporation Gold – 0.2%** | **Federal Home Loan Mortgage Corporation Gold – 0.2%** |
| Pool, |  |  |
| 3.00%, 10/01/32 - <br> 12/01/32<br>| 359117 | 349999 |
| 4.50%, 4/01/47 - 4/01/49 | 415386 | 413169 |
| 5.00%, 11/01/48 | 22470 | 22837 |
| 3.50%, 4/01/49 | 1675653 | 1585553 |
|  |  | **2371558** |
| **Federal National Mortgage Association – 11.5%** | **Federal National Mortgage Association – 11.5%** | **Federal National Mortgage Association – 11.5%** |
| Pool, |  |  |
| 3.00%, 9/01/28 - 7/01/52 | 19070711 | 16994792 |
| 2.50%, 12/01/33 - 2/01/52 | 22462740 | 19345099 |
| 3.50%, 1/01/34 - 1/01/51 | 776045 | 733755 |
| 2.00%, 9/01/35 - 4/01/52 | 11735829 | 9840852 |
| 1.50%, 3/01/36 - 3/01/51 | 3598451 | 3011592 |
| 4.50%, 11/01/43 - 9/01/53 | 1645426 | 1634202 |
| 4.00%, 7/01/44 - 5/01/52 | 2749199 | 2653663 |
| 5.00%, 8/01/48 - 6/01/55 | 14842933 | 14780303 |
| 5.50%, 11/01/52 - <br> 11/01/55<sup>(d)</sup> <br>| 17322531 | 17506372 |
| 6.00%, 11/01/52 - <br> 11/01/55<br>| 6964151 | 7145928 |
| 5.50%, 1/01/53 - 6/01/55 | 3416994 | 3470506 |
| 6.50%, 1/01/53 - 7/01/54 | 1533773 | 1595253 |
| 6.00%, 3/01/54 - <br> 11/01/55<sup>(d)</sup> <br>| 8349243 | 8547434 |
| 5.69%, 7/01/55 | 399407 | 409581 |
| Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| Series 2025-2, Class FG, <br> (30D Average SOFR + <br> 1.45%, 1.45% Floor, <br> 6.50% Cap), 5.63%, <br> 2/25/55<sup>(e)</sup> <br>| 248137 | 250056 |
| Series 2025-35, Class FJ, <br> (30D Average SOFR + <br> 1.60%, 1.60% Floor, <br> 6.50% Cap), 5.78%, <br> 5/25/55<sup>(e)</sup> <br>| 358072 | 362057 |
| Series 2025-52, Class GA, <br> 5.00%, 1/25/53<br>| 694374 | 695617 |
| Series 2025-64, Class BA, <br> 5.00%, 5/25/52<br>| 418537 | 418360 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** |
| Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| Series 2025-65, Class BA, <br> 5.00%, 11/25/53<br>| $751010 | $751016 |
| Series 2025-68, Class CA, <br> 5.00%, 1/25/53<br>| 422001 | 422787 |
| Series 2025-69, Class DA, <br> 5.00%, 10/25/51<br>| 887869 | 888712 |
|  |  | **111457937** |
| **Government National Mortgage Association – 1.5%** | **Government National Mortgage Association – 1.5%** | **Government National Mortgage Association – 1.5%** |
| Pool, |  |  |
| 2.00%, 11/01/52<sup>(d)</sup> <br>| 1726000 | 1435219 |
| 2.50%, 11/01/52<sup>(d)</sup> <br>| 1094000 | 946779 |
| 4.50%, 11/01/52<sup>(d)</sup> <br>| 1478000 | 1442279 |
| 4.00%, 11/01/54<sup>(d)</sup> <br>| 538000 | 508750 |
| 3.00%, 11/01/55<sup>(d)</sup> <br>| 861000 | 773555 |
| 3.50%, 11/01/55<sup>(d)</sup> <br>| 52000 | 47591 |
| 5.00%, 11/01/55<sup>(d)</sup> <br>| 2091000 | 2084399 |
| 5.50%, 11/01/55<sup>(d)</sup> <br>| 2562000 | 2583128 |
| 6.00%, 11/01/55<sup>(d)</sup> <br>| 1622000 | 1650712 |
| 6.50%, 12/01/55<sup>(d)</sup> <br>| 685000 | 705286 |
| Series 2021-58, Class IY, <br> 3.00%, 2/20/51<sup>(o)</sup> <br>| 604470 | 94688 |
| Series 2021-67, Class QI, <br> 3.00%, 4/20/51<sup>(o)</sup> <br>| 61318 | 10376 |
| Series 2021-76, Class JI, <br> 3.00%, 8/20/50<sup>(o)</sup> <br>| 62973 | 10343 |
| Series 2021-78, Class IP, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 570139 | 93049 |
| Series 2021-83, Class PI, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 205043 | 33525 |
| Series 2021-96, Class MI, <br> 3.00%, 6/20/51<sup>(o)</sup> <br>| 110112 | 18133 |
| Series 2021-97, Class LI, <br> 3.00%, 8/20/50<sup>(o)</sup> <br>| 731065 | 123826 |
| Series 2022-78, Class IO, <br> 3.00%, 8/20/51<sup>(o)</sup> <br>| 578 | 98 |
| Series 2022-85, Class IK, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 337438 | 57151 |
| Series 2025-1, Class CT, <br> 5.00%, 1/20/55<br>| 122929 | 122318 |
| Series 2025-1, Class MT, <br> 5.00%, 1/20/55<br>| 287692 | 286970 |
| Series 2025-117, <br> Class NB, 5.25%, 3/20/52<br>| 645655 | 652310 |
| Series 2025-126, <br> Class AD, 5.00%, 5/16/65<br>| 53968 | 53927 |
| Series 2025-128, <br> Class AG, 4.75%, 7/16/66<br>| 80827 | 79456 |
| Series 2025-128, Column <br> AD, 5.00%, 10/16/56<br>| 81764 | 82144 |
| Series 2025-129, <br> Class AB, 4.75%, 8/16/54<br>| 39870 | 39671 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** |
| Pool, |  |  |
| Series 2025-130, <br> Class AL, 4.75%, <br> 10/16/31<br>| $39879 | $39661 |
| Series 2025-88, Class AT, <br> 5.00%, 6/16/58<br>| 40443 | 40526 |
|  |  | **14015870** |
| **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 - 9/20/52 | 1673086 | 1550462 |
| 4.00%, 3/20/47 - 12/20/52 | 883053 | 844089 |
| 4.50%, 4/20/47 - 8/20/50 | 124977 | 124592 |
| 3.00%, 4/20/50 - 1/20/52 | 1663763 | 1497805 |
| 2.00%, 8/20/50 - 2/20/51 | 1753161 | 1458945 |
| 2.50%, 4/20/51 - 1/20/53 | 2386490 | 2067123 |
| 3.50%, 7/20/52<sup>(d)</sup> <br>| 212065 | 195963 |
|  |  | **7738979** |
| **Uniform Mortgage-Backed Securities – 8.6%** | **Uniform Mortgage-Backed Securities – 8.6%** | **Uniform Mortgage-Backed Securities – 8.6%** |
| Pool, |  |  |
| 1.50%, 11/01/38<sup>(d)</sup> <br>| 125000 | 111961 |
| 2.50%, 11/01/38<sup>(d)</sup> <br>| 16000 | 15048 |
| 4.50%, 11/01/38 - <br> 12/01/52<sup>(d)</sup> <br>| 19077000 | 18978988 |
| 4.00%, 11/01/40 - <br> 11/01/52<sup>(d)</sup> <br>| 178000 | 173428 |
| 2.00%, 11/01/52<sup>(d)</sup> <br>| 1109000 | 899119 |
| 3.50%, 11/01/52 - <br> 12/01/52<sup>(d)</sup> <br>| 32034000 | 29514366 |
| 3.00%, 12/01/52<sup>(d)</sup> <br>| 9490000 | 8406805 |
| 5.50%, 12/01/52 - <br> 11/01/53<sup>(d)</sup> <br>| 23514652 | 23754313 |
| 6.50%, 11/01/55<sup>(d)</sup> <br>| 1244000 | 1288143 |
|  |  | **83142171** |
| **Whole Loan – 3.4%** | **Whole Loan – 3.4%** | **Whole Loan – 3.4%** |
| A&D Mortgage Trust, Series <br> 2024-NQM5, Class M1, <br> 6.52%, 11/25/69<sup>(c)</sup> <br>| 201500 | 203180 |
| 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>(c)(f)</sup> <br>| 147658 | 148268 |
| Anchor Mortgage Trust, <br> Series 2025-RTL1, <br> Class A1, 5.72%, <br> 5/25/40<sup>(c)</sup> <br>| 800000 | 802094 |
| Angel Oak Mortgage Trust, |  |  |
| Series 2023-7, Class A1, <br> (Step to 5.80% on <br> 12/01/27), 4.80%, <br> 11/25/67<sup>(c)(f)</sup> <br>| 100662 | 100197 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Angel Oak Mortgage Trust, |  |  |  |
| Series 2024-10, Class A1, <br> (Step to 6.35% on <br> 11/25/28), 5.35%, <br> 10/25/69<sup>(c)(f)</sup> <br>|  | $42035 | $42217 |
| Series 2024-11, Class A1, <br> (Step to 6.70% on <br> 11/25/28), 5.70%, <br> 8/25/69<sup>(c)(f)</sup> <br>|  | 341987 | 344649 |
| Series 2025-1, Class A1, <br> (Step to 6.69% on <br> 2/25/29), 5.69%, <br> 1/25/70<sup>(c)(f)</sup> <br>|  | 173970 | 175405 |
| Series 2025-8, Class A1, <br> (Step to 6.41% on <br> 8/25/29), 5.41%, <br> 7/25/70<sup>(c)(f)</sup> <br>|  | 110435 | 111063 |
| Archwest Mortgage Trust, <br> Series 2025-RTL1, <br> Class A1, (Step to 6.16% <br> on 4/25/28), 5.20%, <br> 10/25/40<sup>(c)(f)</sup> <br>|  | 350000 | 349980 |
| ATLX Trust, Series <br> 2024-RPL2, Class A1, <br> (Step to 4.04% on <br> 11/25/28), 5.17%, <br> 4/25/63<sup>(c)(f)</sup> <br>|  | 274415 | 266264 |
| Braccan Mortgage Funding <br> PLC, Series 2024-1, <br> Class X, (SONIO/N Index + <br> 4.34%), 8.33%, 1/15/67<sup>(e)</sup> <br>| GBP | 94294 | 124666 |
| BRAVO, Series 2024-NQM6, <br> Class A3, (Step to 6.71% <br> on 9/25/28), 5.71%, <br> 8/01/64<sup>(c)(f)</sup> <br>|  | 632931 | 634377 |
| BRAVO Residential <br> Funding Trust,<br>|  |  |  |
| Series 2023-NQM6, <br> Class B1, 8.00%, <br> 9/25/63<sup>(c)(g)</sup> <br>|  | 100000 | 100813 |
| Series 2025-NQM7, <br> Class A2, (Step to 6.66% <br> on 8/25/29), 5.66%, <br> 7/25/65<sup>(c)(f)</sup> <br>|  | 821520 | 826178 |
| Series 2025-NQM8, <br> Class A2, (Step to 6.29% <br> on 9/25/29), 5.29%, <br> 6/25/65<sup>(c)(f)</sup> <br>|  | 817828 | 819143 |
| 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>(c)(f)</sup> <br>|  | 100000 | 101211 |
| CHL Mortgage <br> Pass-Through Trust,<br>|  |  |  |
| Series 2006-17, Class A6, <br> 6.00%, 12/25/36<br>|  | 5091 | 2239 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| CHL Mortgage <br> Pass-Through Trust,<br>|  |  |
| Series 2007-9, Class A1, <br> 5.75%, 7/25/37<br>| $25409 | $11869 |
| Series 2007-9, Class A11, <br> 5.75%, 7/25/37<br>| 13884 | 6485 |
| CIM Trust, Series 2025-I1, <br> Class M1, 6.44%, <br> 10/25/69<sup>(c)</sup> <br>| 900000 | 908893 |
| COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, <br> 1.73%, 11/26/66<sup>(c)</sup> <br>| 57380 | 52103 |
| Series 2024-6, Class A1, <br> (Step to 6.39% on <br> 11/25/28), 5.39%, <br> 11/25/69<sup>(c)(f)</sup> <br>| 83491 | 83812 |
| Series 2025-7, Class A1, <br> (Step to 6.47% on <br> 9/25/29), 5.47%, <br> 6/25/70<sup>(c)(f)</sup> <br>| 111611 | 112353 |
| Series 2025-8, Class A1, <br> (Step to 6.48% on <br> 9/25/29), 5.48%, <br> 8/25/70<sup>(c)(f)</sup> <br>| 97812 | 98687 |
| 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>(c)(f)</sup> <br>| 55019 | 55793 |
| Series 2025-H6, Class A2, <br> (Step to 6.54% on <br> 8/25/29), 5.54%, <br> 7/25/70<sup>(c)(f)</sup> <br>| 390323 | 391201 |
| CSMC Trust, |  |  |
| Series 2022-NQM3, <br> Class A1B, 4.27%, <br> 3/25/67<sup>(c)(g)</sup> <br>| 111000 | 110347 |
| Series 2022-NQM6, <br> Class PT, 8.85%, <br> 12/25/67<sup>(c)(g)</sup> <br>| 97214 | 96543 |
| Deephaven Residential <br> Mortgage Trust, Series <br> 2024-1, Class A1, (Step to <br> 6.74% on 11/25/28), <br> 5.74%, 7/25/69<sup>(c)(f)</sup> <br>| 127325 | 128197 |
| EFMT, |  |  |
| Series 2024-NQM1, <br> Class A1A, (Step to <br> 6.71% on 11/25/28), <br> 5.71%, 11/25/69<sup>(c)(f)</sup> <br>| 312522 | 314241 |
| Series 2025-INV1, <br> Class A1, (Step to 6.63% <br> on 3/25/29), 5.63%, <br> 3/25/70<sup>(c)(f)</sup> <br>| 151486 | 152563 |
| Series 2025-INV3, <br> Class A1, (Step to 6.44% <br> on 8/25/29), 5.44%, <br> 7/25/70<sup>(c)(f)</sup> <br>| 114132 | 114304 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| GCAT Trust, |  |  |  |
| Series 2025-INV3, <br> Class A5, 6.00%, <br> 8/25/55<sup>(c)(g)</sup> <br>|  | $386406 | $393509 |
| Series 2025-NQM2, <br> Class A1, (Step to 6.60% <br> on 6/25/29), 5.60%, <br> 4/25/70<sup>(c)(f)</sup> <br>|  | 1434274 | 1445943 |
| Series 2025-NQM2, <br> Class A3, (Step to 7.01% <br> on 6/25/29), 6.01%, <br> 4/25/70<sup>(c)(f)</sup> <br>|  | 717137 | 723962 |
| Series 2025-NQM3, <br> Class A1, (Step to 6.55% <br> on 7/25/29), 5.55%, <br> 5/25/70<sup>(c)(f)</sup> <br>|  | 1565111 | 1576768 |
| Series 2025-NQM4, <br> Class A1, (Step to 5.53% <br> on 12/25/25), 5.53%, <br> 6/25/70<sup>(c)(f)</sup> <br>|  | 164345 | 165773 |
| Series 2025-NQM4, <br> Class A2, (Step to 6.73% <br> on 8/25/29), 5.73%, <br> 6/25/70<sup>(c)(f)</sup> <br>|  | 483367 | 486745 |
| GS Mortgage-Backed <br> Securities Trust, Series <br> 2022-NQM1, Class A4, <br> 4.00%, 5/25/62<sup>(c)</sup> <br>|  | 65475 | 61215 |
| GSR Mortgage Loan Trust, <br> Series 2007-1F, Class 2A4, <br> 5.50%, 1/25/37<br>|  | 35510 | 77466 |
| Homes Trust, |  |  |  |
| Series 2024-NQM2, <br> Class A1, (Step to 6.72% <br> on 12/25/28), 5.72%, <br> 10/25/69<sup>(c)(f)</sup> <br>|  | 88911 | 89609 |
| Series 2025-AFC2, <br> Class A1B, (Step to <br> 6.57% on 7/25/29), <br> 5.57%, 6/25/60<sup>(c)(f)</sup> <br>|  | 740305 | 744443 |
| Series 2025-NQM2, <br> Class A1, (Step to 6.43% <br> on 5/25/29), 5.43%, <br> 2/25/70<sup>(c)(f)</sup> <br>|  | 91394 | 91795 |
| Series 2025-NQM4, <br> Class A3, (Step to 6.68% <br> on 8/25/29), 5.68%, <br> 8/25/70<sup>(c)(f)</sup> <br>|  | 987139 | 990800 |
| Household Capital, Series <br> 2025-1, Class A, (3M <br> Australian BBSW + <br> 1.90%), 5.39%, 7/21/87<sup>(e)</sup> <br>| AUD | 59153 | 38744 |
| Impac Secured Assets <br> Trust, Series 2006-3, <br> Class A1, (1M CME Term <br> SOFR + 0.45%, 0.34% <br> Floor), 4.45%, 11/25/36<sup>(e)</sup> <br>|  | 85384 | 78844 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| IndyMac INDX Mortgage <br> Loan Trust, Series <br> 2006-AR41, Class A3, (1M <br> CME Term SOFR + 0.47%, <br> 0.36% Floor, 11.00% Cap), <br> 4.47%, 2/25/37<sup>(e)</sup> <br>|  | $8754 | $8462 |
| JP Morgan Mortgage Trust, |  |  |  |
| Series 2024-VIS2, <br> Class B1, 7.72%, <br> 11/25/64<sup>(c)(g)</sup> <br>|  | 25000 | 25352 |
| Series 2025-VIS1, <br> Class M1, 6.41%, <br> 8/25/55<sup>(c)(g)</sup> <br>|  | 150000 | 151625 |
| Jupiter Mortgage No. 1 PLC, <br> Series 1X, Class DR, <br> (SONIO/N Index + 3.00%), <br> 6.99%, 7/20/55<sup>(e)</sup> <br>| GBP | 100000 | 132852 |
| LHOME Mortgage Trust, <br> Series 2025-RTL3, <br> Class A1, (Step to 6.24% <br> on 2/25/28), 5.24%, <br> 8/25/40<sup>(c)(f)</sup> <br>|  | 250000 | 250196 |
| MASTR Asset <br> Securitization Trust,<br>|  |  |  |
| Series 2007-1, Class 1A4, <br> 6.50%, 11/25/37<br>|  | 562796 | 93336 |
| Series 2007-2, Class A2, <br> 6.25%, 1/25/38<br>|  | 289547 | 147155 |
| MFA Trust, Series <br> 2025-NQM3, Class A1, <br> (Step to 6.26% on <br> 8/25/29), 5.26%, <br> 8/25/70<sup>(c)(f)</sup> <br>|  | 233115 | 233758 |
| Morgan Stanley <br> Residential Mortgage <br> Loan Trust,<br>|  |  |  |
| Series 2025-DSC2, <br> Class A1, (Step to 6.44% <br> on 8/25/29), 5.44%, <br> 7/25/70<sup>(c)(f)</sup> <br>|  | 114081 | 114780 |
| Series 2025-NQM1, <br> Class M1, 6.50%, <br> 11/25/69<sup>(c)</sup> <br>|  | 182800 | 184721 |
| Mortimer PLC, Series <br> 2025-1, Class X, (SONIO/N <br> Index + 3.87%), 7.84%, <br> 9/22/70<sup>(e)</sup> <br>| GBP | 130000 | 171819 |
| New Residential Mortgage <br> Loan Trust,<br>|  |  |  |
| Series 2024-NQM1, <br> Class A1, (Step to 6.64% <br> on 2/25/31), 5.64%, <br> 1/25/65<sup>(c)(f)</sup> <br>|  | 134201 | 135492 |
| Series 2024-NQM1, <br> Class M1, 6.47%, <br> 1/25/65<sup>(c)</sup> <br>|  | 501164 | 512713 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| New Residential Mortgage <br> Loan Trust,<br>|  |  |
| Series 2024-NQM3, <br> Class B1, 7.17%, <br> 11/25/64<sup>(c)(g)</sup> <br>| $100000 | $101670 |
| Series 2025-NQM3, <br> Class A1, 5.53%, <br> 5/25/65<sup>(c)(g)</sup> <br>| 724542 | 731766 |
| Series 2025-NQM3, <br> Class A3, (Step to 6.99% <br> on 3/25/26), 5.99%, <br> 5/25/65<sup>(c)(f)</sup> <br>| 724542 | 732466 |
| Series 2025-NQM4, <br> Class A1, 5.35%, <br> 7/25/65<sup>(c)(g)</sup> <br>| 96064 | 96590 |
| NYMT Loan Trust, Series <br> 2025-CP1, Class A1, <br> 3.75%, 11/25/69<sup>(c)(g)</sup> <br>| 822921 | 790008 |
| OBX Trust, |  |  |
| Series 2024-NQM18, <br> Class A3, (Step to 6.87% <br> on 12/25/28), 5.87%, <br> 10/25/64<sup>(c)(f)</sup> <br>| 632778 | 636663 |
| Series 2025-NQM10, <br> Class A3, (Step to 6.71% <br> on 6/25/29), 5.71%, <br> 5/25/65<sup>(c)(f)</sup> <br>| 754621 | 762550 |
| Series 2025-NQM13, <br> Class A3, (Step to 6.82% <br> on 8/25/29), 5.82%, <br> 5/25/65<sup>(c)(f)</sup> <br>| 742502 | 747672 |
| Series 2025-NQM3, <br> Class A1, (Step to 6.65% <br> on 3/25/29), 5.65%, <br> 12/01/64<sup>(c)(f)</sup> <br>| 99229 | 100106 |
| PMT Loan Trust, |  |  |
| Series 2025-INV7, <br> Class A7, 6.00%, <br> 6/25/56<sup>(c)(g)</sup> <br>| 764261 | 775494 |
| Series 2025-INV8, <br> Class A7, 6.00%, <br> 7/25/56<sup>(c)(g)</sup> <br>| 871160 | 888171 |
| PRKCM Trust, Series <br> 2023-AFC1, Class B1, <br> 7.44%, 2/25/58<sup>(c)(g)</sup> <br>| 226000 | 225589 |
| Provident Funding <br> Mortgage Trust, Series <br> 2025-4, Class A4, 5.50%, <br> 9/25/55<sup>(c)</sup> <br>| 245781 | 246997 |
| PRPM, Series 2025-3, <br> Class A1, (Step to 9.26% <br> on 6/25/28), 6.26%, <br> 5/25/30<sup>(c)(f)</sup> <br>| 733208 | 734486 |
| PRPM LLC, |  |  |
| Series 2025-5, Class A1, <br> (Step to 5.73% on <br> 12/25/25), 5.93%, <br> 7/25/30<sup>(c)(f)</sup> <br>| 782484 | 782921 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| PRPM LLC, |  |  |
| Series 2025-RCF3, <br> Class A1, (Step to 6.25% <br> on 8/25/29), 5.25%, <br> 7/25/55<sup>(c)(f)</sup> <br>| $455016 | $458153 |
| PRPM Trust, |  |  |
| Series 2024-NQM1, <br> Class B1, 7.48%, <br> 12/25/68<sup>(c)(g)</sup> <br>| 100000 | 100776 |
| Series 2025-NQM1, <br> Class A1, (Step to 6.80% <br> on 3/25/29), 5.80%, <br> 11/25/69<sup>(c)(f)</sup> <br>| 84010 | 84821 |
| Series 2025-NQM3, <br> Class A1, (Step to 6.61% <br> on 8/25/29), 5.61%, <br> 5/25/70<sup>(c)(f)</sup> <br>| 110498 | 111212 |
| RFMSI Trust, Series <br> 006-SA4, Class 2A1, <br> 5.54%, 11/25/36<sup>(g)</sup> <br>| 17613 | 14821 |
| Saluds Grade Alternative <br> Mortgage Trust, Series <br> 2025-RRTL1, Class A1, <br> (Step to 6.32% on <br> 5/25/28), 5.32%, <br> 10/25/40<sup>(c)(f)</sup> <br>| 450000 | 448876 |
| Sequoia Mortgage Trust, |  |  |
| Series 2025-5, Class A5, <br> 5.50%, 6/25/55<sup>(c)(g)</sup> <br>| 836908 | 839001 |
| Series 2025-6, Class A11, <br> 5.50%, 2/25/38<sup>(c)(g)(l)</sup> <br>| 717402 | 718728 |
| Towd Point Mortgage Trust, <br> Series 2025-1, Class A1B, <br> 4.75%, 6/25/65<sup>(c)(g)</sup> <br>| 948492 | 947529 |
| Verus Securitization Trust, |  |  |
| Series 2021-8, Class A1, <br> 1.82%, 11/25/66<sup>(c)(g)</sup> <br>| 55686 | 51661 |
| Series 2023-2, Class B1, <br> 7.47%, 3/25/68<sup>(c)(g)</sup> <br>| 100000 | 100386 |
| Series 2025-5, Class A1, <br> (Step to 6.43% on <br> 7/25/29), 5.43%, <br> 6/25/70<sup>(c)(f)</sup> <br>| 116350 | 117072 |
| Series 2025-5, Class A2, <br> (Step to 6.58% on <br> 7/25/29), 5.58%, <br> 6/25/70<sup>(c)(f)</sup> <br>| 762951 | 766694 |
| Series 2025-5, Class A3, <br> (Step to 6.68% on <br> 7/25/29), 5.68%, <br> 6/25/70<sup>(c)(f)</sup> <br>| 762951 | 765825 |
| Series 2025-6, Class A1, <br> (Step to 6.42% on <br> 8/25/29), 5.42%, <br> 7/25/70<sup>(c)(f)</sup> <br>| 268426 | 270163 |
| Series 2025-7, Class A3, <br> 5.54%, 8/25/70<sup>(c)(g)</sup> <br>| 985755 | 986646 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Vista Point Securitization <br> Trust, Series 2020-2, <br> Class B2, 5.16%, <br> 4/25/65<sup>(c)(g)</sup> <br>| $142800 | $139112 |
| Voyager OPTONE Delaware <br> Trust, Series 2009-1, <br> Class SAA7, 2.76%, <br> 2/25/38<sup>(c)(g)(o)</sup> <br>| 159360 | 34612 |
| WaMu Mortgage <br> Pass-Through Certificates <br> Trust, Series 2006-AR13, <br> Class 1A, (12MTA + 0.88%, <br> 0.88% Floor), 4.99%, <br> 10/25/46<sup>(e)</sup> <br>| 221322 | 195927 |
|  |  | **32422376** |
| **Total Mortgage-Backed Securities** <br>(Cost $294,216,478) | **Total Mortgage-Backed Securities** <br>(Cost $294,216,478) | **291809436** |
| **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 | 186867 |
| California State Taxable GO <br> Unlimited Refunding <br> Bonds, Prerefunded, <br> 4.60%, 4/01/38<br>| 325000 | 331558 |
| California State Various <br> Purpose Taxable GO <br> Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| 7.50%, 4/01/34 | 65000 | 76462 |
| 7.55%, 4/01/39 | 40000 | 48882 |
| Los Angeles Community <br> College District GO <br> Unlimited Bonds, Build <br> America Bonds, 6.60%, <br> 8/01/42<br>| 45000 | 49434 |
| University of California <br> Taxable General Revenue <br> Bonds, Series AD, 4.86%, <br> 5/15/12<sup>(p)</sup> <br>| 25000 | 21627 |
|  |  | **714830** |
| **Georgia – 0.0%**<sup>(b)</sup> | **Georgia – 0.0%**<sup>(b)</sup> | **Georgia – 0.0%**<sup>(b)</sup> |
| Municipal Electric <br> Authority of Georgia <br> Taxable Revenue Bonds, <br> Build America Bonds, <br> 6.64%, 4/01/57<br>| 38000 | **41745** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** |
| Idaho State Housing & <br> Finance Association SFM <br> Taxable Revenue Bond, <br> Series D (GNMA, FNMA, <br> FHLMC Insured), 6.01%, <br> 7/01/45<br>| $850000 | **$870834** |
| **Illinois – 0.0%**<sup>(b)</sup> | **Illinois – 0.0%**<sup>(b)</sup> | **Illinois – 0.0%**<sup>(b)</sup> |
| Illinois State Taxable <br> Pension GO Unlimited <br> Bonds, 5.10%, 6/01/33<br>| 261765 | **267406** |
| **Louisiana – 0.0%**<sup>(b)</sup> | **Louisiana – 0.0%**<sup>(b)</sup> | **Louisiana – 0.0%**<sup>(b)</sup> |
| Louisiana State Local <br> Government <br> Environmental Facilities & <br> Community Development <br> Authority Taxable <br> Revenue Bonds, <br> Louisiana Utilities <br> Restoration Corp., Project, <br> 4.15%, 2/01/33<br>| 70000 | **69878** |
| **New Jersey – 0.0%**<sup>(b)</sup> | **New Jersey – 0.0%**<sup>(b)</sup> | **New Jersey – 0.0%**<sup>(b)</sup> |
| New Jersey State Turnpike <br> Authority Taxable <br> Revenue Bonds, Build <br> America Bonds, 7.41%, <br> 1/01/40<br>| 106000 | **128204** |
| **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 | 77170 |
| 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 | 31328 |
| 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 | 100485 |
| New York State Dormitory <br> Authority Personal <br> Income TRB, Build <br> America Bonds, 5.39%, <br> 3/15/40<br>| 30000 | 30607 |
| Port Authority of New York <br> & New Jersey <br> Consolidated 165th <br> Taxable Revenue Bonds, <br> 5.65%, 11/01/40<br>| 65000 | 69360 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $81456 |
| Port Authority of New York <br> & New Jersey <br> Consolidated Taxable <br> Revenue Bonds, Series <br> 181, 4.96%, 8/01/46<br>| 60000 | 57619 |
|  |  | **448025** |
| **Ohio – 0.0%**<sup>(b)</sup> | **Ohio – 0.0%**<sup>(b)</sup> | **Ohio – 0.0%**<sup>(b)</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 | **96501** |
| **Texas – 0.0%**<sup>(b)</sup> | **Texas – 0.0%**<sup>(b)</sup> | **Texas – 0.0%**<sup>(b)</sup> |
| San Antonio Electric & Gas <br> Junior Lien Revenue <br> Bonds, Build America <br> Bonds, 5.81%, 2/01/41<br>| 75000 | 78174 |
| Texas State Taxable GO <br> Unlimited Bonds, Build <br> America Bonds, 5.52%, <br> 4/01/39<br>| 95000 | 98939 |
|  |  | **177113** |
| **Total Municipal Bonds** <br>(Cost $3,006,099) | **Total Municipal Bonds** <br>(Cost $3,006,099) | **2814536** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Preferred Stocks – 0.0%**<sup>(b)</sup>  | **Preferred Stocks – 0.0%**<sup>(b)</sup>  | **Preferred Stocks – 0.0%**<sup>(b)</sup>  |
| **Electric Utilities – 0.0%**<sup>(b)</sup> | **Electric Utilities – 0.0%**<sup>(b)</sup> | **Electric Utilities – 0.0%**<sup>(b)</sup> |
| NextEra Energy Capital <br> Holdings, Inc., 6.50%, <br> 6/01/85<br>| 50000 | **12800** |
| **Total Preferred Stocks** <br>(Cost $10,650) | **Total Preferred Stocks** <br>(Cost $10,650) | **12800** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Term Loans – 0.9%**<sup>(e)</sup>  | **Term Loans – 0.9%**<sup>(e)</sup>  | **Term Loans – 0.9%**<sup>(e)</sup>  |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| HarbourVest Structured <br> Solutions IV Term Loan, <br> 9/15/30<sup>(q)</sup> <br>| $400000 | 400000 |
| MG Azalea L.P., Term Loan, <br> (1M USD CME Term SOFR <br> + 2.10%), 6.45%, 6/24/32<br>| 1270682 | 1270682 |
|  |  | **1670682** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| Burlington Coat Factory <br> Warehouse Corp., Term <br> B-7 Loan, (1M USD CME <br> Term SOFR + 1.75%), <br> 5.71%, 9/24/31<br>| $795980 | **$794651** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| NRG Energy, Inc., 2024 New <br> Term Loan,<br>|  |  |
| (3M USD CME Term SOFR <br> + 1.75%), 5.59%, 4/16/31<br>| 746202 | 747620 |
| (1M USD CME Term SOFR <br> + 1.75%), 5.73%, 4/16/31<br>| 1899 | 1903 |
|  |  | **749523** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| Meade Pipeline Co. LLC, <br> Initial Loan, (3M USD CME <br> Term SOFR + 2.00%), <br> 6.00%, 9/22/32<br>| 900000 | **900000** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| BlackRock Secondaries & <br> Liquidity Solutions Term <br> Loan, 6/15/30<sup>(q)</sup> <br>| 900000 | 900000 |
| Blue Owl Group Tranche C <br> Senior Secured Term <br> Loan, 10/25/32<sup>(q)</sup> <br>| 350000 | 350000 |
|  |  | **1250000** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| DraftKings, Inc., Term Loan <br> B, (1M USD CME Term <br> SOFR + 1.75%), 5.86%, <br> 3/04/32<br>| 499069 | 496574 |
| Entain PLC, Facility B-5, <br> (3M USD CME Term SOFR <br> + 2.25%), 6.25%, 7/31/32<br>| 325000 | 323476 |
| Flutter Entertainment PLC, <br> 2024 Refinancing Term B <br> Loan, (3M USD CME Term <br> SOFR + 1.75%, 0.50% <br> Floor), 5.75%, 11/30/30<br>| 89316 | 88825 |
| Flutter Entertainment PLC, <br> Third Incremental Term B <br> Loan, (3M USD CME Term <br> SOFR + 2.00%, 0.50% <br> Floor), 6.00%, 6/04/32<br>| 448875 | 446070 |
| PCI Gaming Authority Term <br> B Facility Loan,<br>|  |  |
| (1M USD CME Term SOFR <br> + 2.00%), 5.96%, 7/18/31<br>| 99748 | 99778 |
| 7/18/31<sup>(q)</sup> <br>| 25000 | 25008 |
|  |  | **1479731** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| Novelis Holdings, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 1.75%), 5.75%, 3/11/32<br>| $897745 | **$899656** |
| **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** |
| Colossus AcquireCo LLC, <br> Initial Term Loan, (2M <br> USD SOFR + 1.75%), <br> 5.87%, 7/30/32<br>| 800000 | **796000** |
| **Software – 0.0%**<sup>(b)</sup> | **Software – 0.0%**<sup>(b)</sup> | **Software – 0.0%**<sup>(b)</sup> |
| ConnectWise LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 3.50%, <br> 0.50% Floor), 7.76%, <br> 9/29/28<br>| 22676 | **22694** |
| **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** |
| IMC Financing LLC, Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.53%, <br> 6/18/32<sup>(h)</sup> <br>| 299250 | 301494 |
| Midcap Funding XLVI Trust <br> Loan, (1M USD CME Term <br> SOFR + 2.50%, 1.00% <br> Floor), 6.63%, 4/23/27<br>| 250000 | 250093 |
|  |  | **551587** |
| **Total Term Loans** <br>(Cost $9,102,855) | **Total Term Loans** <br>(Cost $9,102,855) | **9114524** |
| **U.S. Government Obligations – 14.4%** | **U.S. Government Obligations – 14.4%** | **U.S. Government Obligations – 14.4%** |
| **U.S. Treasury Bonds – 5.3%** | **U.S. Treasury Bonds – 5.3%** | **U.S. Treasury Bonds – 5.3%** |
| 4.25%, 5/15/39 | 64000 | 63350 |
| 4.38%, 11/15/39 | 18814000 | 18765495 |
| 1.13%, 5/15/40 | 1373000 | 883118 |
| 1.13%, 8/15/40 | 1373000 | 873732 |
| 4.25%, 11/15/40 | 1312700 | 1282549 |
| 1.38%, 11/15/40 | 1373000 | 904517 |
| 1.88%, 2/15/41 | 1863700 | 1321043 |
| 3.75%, 8/15/41 | 1029000 | 940410 |
| 3.88%, 2/15/43 | 652500 | 597241 |
| 3.63%, 8/15/43 | 1009600 | 887817 |
| 3.75%, 11/15/43 | 1009600 | 901857 |
| 4.13%, 8/15/44 | 325700 | 304848 |
| 4.63%, 11/15/44 | 388000 | 387530 |
| 2.50%, 2/15/45 | 3008200 | 2178477 |
| 2.75%, 11/15/47 | 3558600 | 2601253 |
| 3.00%, 2/15/48 | 1433000 | 1093726 |
| 2.25%, 8/15/49 | 1430000 | 923467 |
| 1.38%, 8/15/50 | 389000 | 198253 |
| 1.63%, 11/15/50 | 251800 | 136897 |
| 2.38%, 5/15/51 | 391300 | 254590 |
| 2.00%, 8/15/51 | 389000 | 230604 |
| 1.88%, 11/15/51 | 1164000 | 666254 |

---

See accompanying Notes to Financial Statements

------

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

------

**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)** |
| 2.25%, 2/15/52 | $1486200 | $932474 |
| 3.00%, 8/15/52 | 26000 | 19217 |
| 3.63%, 2/15/53 | 41000 | 34227 |
| 3.63%, 5/15/53 | 35500 | 29608 |
| 4.63%, 2/15/55<sup>(j)</sup> <br>| 19000 | 18861 |
| 4.75%, 5/15/55 | 602000 | 609901 |
| 2.38%, 2/15/55 | 910000 | 923296 |
| 0.00%, 5/15/45<sup>(n)(r)</sup> <br>| 8000000 | 3180089 |
| 0.00%, 5/15/55<sup>(j)(r)</sup> <br>| 34750000 | 8743789 |
|  |  | **50888490** |
| **U.S. Treasury Notes – 9.1%** | **U.S. Treasury Notes – 9.1%** | **U.S. Treasury Notes – 9.1%** |
| 1.25%, 4/15/28 | 1280000 | 1382727 |
| 2.13%, 4/15/29 | 2870000 | 3090710 |
| 1.63%, 10/15/29 | 3420000 | 3579994 |
| 1.63%, 4/15/30<sup>(j)</sup> <br>| 3803000 | 3918265 |
| 1.38%, 7/15/33 | 260000 | 272927 |
| 2.13%, 1/15/35 | 8180000 | 8641036 |
| 1.88%, 7/15/35 | 4450000 | 4527557 |
| 2.00%, 11/15/26 | 1385800 | 1361558 |
| 4.25%, 11/30/26 | 5998000 | 6030543 |
| 4.38%, 12/15/26 | 1952700 | 1966277 |
| 4.25%, 12/31/26 | 156000 | 156920 |
| 4.00%, 1/15/27 | 1332700 | 1337385 |
| 1.88%, 2/28/27 | 4000 | 3908 |
| 4.25%, 3/15/27<sup>(j)</sup> <br>| 1332700 | 1343007 |
| 3.75%, 4/30/27 | 111000 | 111173 |
| 0.50%, 5/31/27 | 688000 | 655374 |
| 3.25%, 6/30/27 | 4939000 | 4909482 |
| 4.38%, 7/15/27 | 24000 | 24293 |
| 2.25%, 8/15/27 | 1202400 | 1174219 |
| 3.13%, 8/31/27 | 6000 | 5949 |
| 3.38%, 9/15/27 | 100000 | 99578 |
| 0.38%, 9/30/27 | 970000 | 912823 |
| 4.13%, 9/30/27 | 1104000 | 1114393 |
| 4.13%, 10/31/27<sup>(j)</sup> <br>| 1096600 | 1107566 |
| 0.63%, 11/30/27 | 12000 | 11294 |
| 3.88%, 11/30/27 | 1475500 | 1483627 |
| 4.00%, 2/29/28 | 14000 | 14125 |
| 1.25%, 3/31/28 | 1046700 | 990481 |
| 3.50%, 4/30/28 | 61000 | 60862 |
| 1.25%, 5/31/28 | 1710800 | 1612629 |
| 1.13%, 8/31/28 | 1395200 | 1303204 |
| 4.38%, 8/31/28 | 1223100 | 1248040 |
| 1.25%, 9/30/28 | 1368700 | 1280536 |
| 1.38%, 12/31/28 | 4000 | 3736 |
| 3.75%, 12/31/28 | 1599000 | 1605184 |
| 2.38%, 3/31/29 | 1121800 | 1077016 |
| 3.25%, 6/30/29 | 1253600 | 1236706 |
| 4.25%, 6/30/29 | 2000 | 2041 |
| 4.00%, 2/28/30 | 1408000 | 1425930 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| 3.88%, 4/30/30 | $2000000 | $2015391 |
| 3.75%, 5/31/30<sup>(j)</sup> <br>| 1046000 | 1048370 |
| 4.00%, 5/31/30<sup>(n)</sup> <br>| 14500000 | 14688613 |
| 3.88%, 6/30/30 | 31000 | 31236 |
| 4.00%, 7/31/30 | 175000 | 177215 |
| 4.88%, 10/31/30 | 844300 | 888461 |
| 3.75%, 12/31/30 | 13000 | 13012 |
| 4.25%, 6/30/31 | 1278500 | 1309064 |
| 3.63%, 9/30/31 | 1177200 | 1166164 |
| 4.13%, 11/30/31 | 13000 | 13213 |
| 4.50%, 12/31/31 | 529100 | 548548 |
| 4.13%, 2/29/32 | 29000 | 29462 |
| 4.00%, 4/30/32 | 1500000 | 1512598 |
| 2.88%, 5/15/32 | 43600 | 41134 |
| 4.13%, 5/31/32 | 1250000 | 1268848 |
| 4.00%, 6/30/32 | 171000 | 172329 |
| 4.00%, 7/31/32 | 54000 | 54390 |
| 4.00%, 2/15/34 | 1061800 | 1062505 |
| 3.88%, 8/15/34 | 16000 | 15815 |
| 4.63%, 2/15/35 | 149000 | 155426 |
| 4.25%, 5/15/35 | 729000 | 738796 |
|  |  | **88033665** |
| **Total U.S. Government Obligations** <br>(Cost $139,664,309) | **Total U.S. Government Obligations** <br>(Cost $139,664,309) | **138922155** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Investment Companies – 33.5%** | **Investment Companies – 33.5%** | **Investment Companies – 33.5%** |
| BlackRock Allocation <br> Target Shares - BATS, <br> Series A<br>| 5928904 | 56798902 |
| iShares U.S. Treasury Bond <br> ETF<sup>(s)</sup> <br>| 10701492 | 248274614 |
| Vanguard Total <br> International Bond ETF<sup>(j)</sup> <br>| 375725 | 18729891 |
| **Total Investment Companies** <br>(Cost $321,094,653) | **Total Investment Companies** <br>(Cost $321,094,653) | **323803407** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 5.2%** | **Short-Term Investments – 5.2%** | **Short-Term Investments – 5.2%** |
| **Corporate Bonds – 0.0%**<sup>(b)</sup> | **Corporate Bonds – 0.0%**<sup>(b)</sup> | **Corporate Bonds – 0.0%**<sup>(b)</sup> |
| EQT Corp., 3.13%, 5/15/26<sup>(c)</sup> <br>| $268000 | 265548 |
| Paramount Global, 3.70%, <br> 10/04/26<br>| 84000 | 82659 |
|  |  | **348207** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** |
| Brazil Letras do Tesouro <br> Nacional, 0.00%, <br> 4/01/26<sup>(r)</sup> <br>| BRL | $499000 | $87697 |
| Diamond II Ltd., 7.95%, <br> 7/28/26<br>|  | 450000 | 452683 |
| Grand City Properties S.A., <br> (2.18% - 5Y EUR Swap <br> Rate), 1.50%, 3/09/26<sup>(k)(l)</sup> <br>| EUR | 100000 | 113319 |
|  |  |  | **653699** |
| **Money Market Funds – 4.4%** | **Money Market Funds – 4.4%** | **Money Market Funds – 4.4%** | **Money Market Funds – 4.4%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.21%<sup>(t)(u)</sup> <br>|  | 26635871 | 26635871 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.91%<sup>(t)</sup> <br>|  | 15853537 | 15853537 |
|  |  |  | **42489408** |
| **Mortgage-Backed Securities – 0.2%** | **Mortgage-Backed Securities – 0.2%** | **Mortgage-Backed Securities – 0.2%** | **Mortgage-Backed Securities – 0.2%** |
| Petroleos Mexicanos, <br> 7.50%, 3/20/26<sup>(c)</sup> <br>|  | 422000 | 422389 |
| Station Place <br> Securitization Trust, <br> Series 2025-SP2, <br> Class A1, (1M CME Term <br> SOFR + 1.15%), 5.14%, <br> 9/25/26<sup>(c)(e)</sup> <br>|  | 1750000 | 1750000 |
|  |  |  | **2172389** |
| **U.S. Government Obligations – 0.5%** | **U.S. Government Obligations – 0.5%** | **U.S. Government Obligations – 0.5%** | **U.S. Government Obligations – 0.5%** |
| U.S. Treasury Notes, |  |  |  |
| 4.63%, 3/15/26 |  | 2508000 | 2515191 |
| 0.63%, 7/31/26 |  | 1989100 | 1943491 |
| 4.63%, 10/15/26 |  | 53000 | 53436 |
|  |  |  | **4512118** |
| **Total Short-Term Investments** <br>(Cost $50,161,857) | **Total Short-Term Investments** <br>(Cost $50,161,857) | **Total Short-Term Investments** <br>(Cost $50,161,857) | **50175821** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **Purchased Options – 0.0%**<sup>(b)</sup>  | **Purchased Options – 0.0%**<sup>(b)</sup>  | **Purchased Options – 0.0%**<sup>(b)</sup>  | **Purchased Options – 0.0%**<sup>(b)</sup>  |
| **Call Options - Exchange Traded – 0.0%**<sup>(b)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(b)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(b)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(b)</sup> |
| 3-Month SOFR Future, Strike <br> Price USD 97.50, Expires <br> 9/11/26<br>| 218 | $52758725 | 51775 |
| 3-Month SOFR Future, Strike <br> Price USD 97.50, Expires <br> 3/12/27<br>| 156 | 37789050 | 65325 |
|  |  |  | **117100** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Call Options - Over the Counter – 0.0%**<sup>(b)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(b)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(b)</sup> | **Call Options - Over the Counter – 0.0%**<sup>(b)</sup> |
| South African Rand vs. Euro, <br> Strike Price ZAR 20.00, <br> Expires 12/11/25, <br> Counterparty: Goldman <br> Sachs<br>| 2 | $90000 <br><sup>(v)</sup><br>| $1290 |
| U.S. Dollar vs. Australian <br> Dollar, Strike Price USD <br> 0.66, Expires 12/18/25, <br> Counterparty: Barclays<br>| 2 | 202000 <br><sup>(w)</sup><br>| 1504 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.17, Expires <br> 12/12/25, <br> Counterparty: BNP Paribas<br>| 2 | 134000 <br><sup>(v)</sup><br>| 484 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.17, Expires <br> 12/29/25, <br> Counterparty: Citibank<br>| 1 | 53000 <br><sup>(v)</sup><br>| 273 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.18, Expires <br> 11/06/25, <br> Counterparty: BNP Paribas<br>| 2 | 112000 <br><sup>(v)</sup><br>| 4 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.22, Expires <br> 12/22/25, <br> Counterparty: BNP Paribas<br>| 1 | 3000 <br><sup>(v)</sup><br>| 61 |
|  |  |  | **3616** |
| **Call Swaptions - Over the Counter – 0.0%**<sup>(b)</sup> | **Call Swaptions - Over the Counter – 0.0%**<sup>(b)</sup> | **Call Swaptions - Over the Counter – 0.0%**<sup>(b)</sup> | **Call Swaptions - Over the Counter – 0.0%**<sup>(b)</sup> |
| Pay 1-Day USD SOFR <br> (Annually); Receive 3.55% <br> (Annually): Interest Rate <br> Swap Maturing 5/04/2056, <br> Strike Price USD 3.55, <br> Expires 4/30/26, <br> Counterparty: Bank of <br> America<br>| 1 | 2972000 | **34842** |
| **Put Options - Over the Counter – 0.0%**<sup>(b)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(b)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(b)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(b)</sup> |
| Brazilian Real vs. U.S. Dollar, <br> Strike Price BRL 5.38, <br> Expires 12/29/25, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 44000 | 470 |
| Canadian Dollar vs. <br> U.S. Dollar, Strike Price <br> CAD 0.00, Expires 1/27/26, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 4000 | 727 |
| Chinese Yuan vs. U.S. Dollar, <br> Strike Price CNH 7.00, <br> Expires 1/16/26, <br> Counterparty: Standard <br> Chartered Bank<br>| 1 | 7614000 | 15071 |
| Japanese Yen vs. U.S. Dollar, <br> Strike Price JPY 150.00, <br> Expires 11/20/25, <br> Counterparty: Barclays<br>| 1 | 3516000 | 1314 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** | **Put Options - Over the Counter (Continued)** |
| Turkish Lira vs. U.S. Dollar, <br> Strike Price TRY 43.00, <br> Expires 11/21/25, <br> Counterparty: Goldman <br> Sachs<br>| 1 | $24000 | $304 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.13, Expires <br> 12/11/25, <br> Counterparty: HSBC<br>| 1 | 5000 <br><sup>(v)</sup><br>| 466 |
| U.S. Dollar vs. Euro, Strike <br> Price USD 1.15, Expires <br> 12/02/25, <br> Counterparty: BNP Paribas<br>| 1 | 76000 <br><sup>(v)</sup><br>| 317 |
|  |  |  | **18669** |
| **Total Purchased Options** <br>(Premiums Paid $274,424) | **Total Purchased Options** <br>(Premiums Paid $274,424) | **Total Purchased Options** <br>(Premiums Paid $274,424) | **174227** |

---

---

| | |
|:---|:---|
| **Total Long Positions** – **112.9%** <br>(Cost $1,088,878,597) | **1092249162** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Short Positions – (2.3)%**<sup>(x)</sup>  | **Short Positions – (2.3)%**<sup>(x)</sup>  | **Short Positions – (2.3)%**<sup>(x)</sup>  |
| **Mortgage-Backed Securities – (2.3)%** | **Mortgage-Backed Securities – (2.3)%** | **Mortgage-Backed Securities – (2.3)%** |
| **Uniform Mortgage-Backed Securities – (2.3)%** | **Uniform Mortgage-Backed Securities – (2.3)%** | **Uniform Mortgage-Backed Securities – (2.3)%** |
| Pool, |  |  |
| 2.00%, 11/01/38<sup>(d)</sup> <br>| (482000)<br>| (443545)<br>|
| <br>3.00%, 11/01/38 - <br> 11/01/52<sup>(d)</sup> <br>| (477300)<br>| (434190)<br>|
| 3.50%, 11/01/38<sup>(d)</sup> <br>| (27000)<br>| (26150)<br>|
| 4.00%, 12/01/51<sup>(d)</sup> <br>| (2373000)<br>| (2250449)<br>|
| 2.50%, 11/01/52<sup>(d)</sup> <br>| (93400)<br>| (79284)<br>|
| 4.50%, 11/01/53<sup>(d)</sup> <br>| (2306000)<br>| (2247477)<br>|
| 5.00%, 11/01/53<sup>(d)</sup> <br>| (1261000)<br>| (1254552)<br>|
| 6.00%, 11/01/54<sup>(d)</sup> <br>| (15131739)<br>| (15473065)<br>|
|  |  | **(22208712)**<br>|
| **Total Mortgage-Backed Securities** <br>(Proceeds $22,238,008) | **Total Mortgage-Backed Securities** <br>(Proceeds $22,238,008) | **(22208712)**<br>|
| **Total Short Positions – (2.3)%** <br>(Proceeds $22,238,008) | **Total Short Positions – (2.3)%** <br>(Proceeds $22,238,008) | **(22208712)**<br>|
| **Total Written Options** – **(0.0)%**<sup>(b)</sup> <br>(Premiums Received $484,325) | **Total Written Options** – **(0.0)%**<sup>(b)</sup> <br>(Premiums Received $484,325) | (322740)<br>|
| Liabilities less Other Assets – (10.6)%<sup>(y)</sup>  | Liabilities less Other Assets – (10.6)%<sup>(y)</sup>  | (102364530)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$967353180** |
| *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.

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

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

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

<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 October 31, 2025, these securities had a total value of $173,798,923 or 17.97% of net assets. 

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

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

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

<sup>(g)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of October 31, 2025 is disclosed. 

<sup>(h)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At October 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $1,982,094 or 0.20% of net assets. 

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| Evercore, Inc., 5.47%, 7/24/32 | 6/26/2025 | $800000 |
| IMC Financing LLC, Term Loan, 7.53%, 6/18/32 | 6/02/2025 | 297754 |
| Vantage Data Centers LLC, 5.13%, 8/15/55 | 8/07/2025 | 850000 |

---

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

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

<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 October 31, 2025 is disclosed. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Abbreviations:**<br>

---

| | |
|:---|:---|
| 1M | 1 Month |
| 1Y | 1 Year |
| 2M | 2 Month |
| 3M | 3 Month |
| 5Y | 5 Year |
| 10Y | 10 Year |
| 12MTA | 12 Month Treasury Average |
| 30D | 30 Day |
| ABS | Asset-Backed Security |
| AUD | Australian Dollar |
| BATS | Better Alternative Trading System |
| BBSW | Bank Bill Swap Rate |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CDX | Credit Default Swap Index |
| CLO | Collateralized Loan Obligation |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | |
|:---|:---|
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNH | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CORRA | Canadian Overnight Repo Rate Average |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| GO | Government Obligation |
| ICE | Intercontinental Exchange |
| IO | Interest Only |
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| KSDA | Korea Securities Dealers Association |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| PEN | Peruvian Nuevo Sole |
| PLC | Public Limited Company |
| SFM | Single Family Mortgage |
| SOFR | United States Secured Overnight Financing Rate |
| TONAR | Tokyo Overnight Average Rate |
| TRB | Tax Revenue Bonds |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 12/10/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 745707 | &nbsp;&nbsp; $6236 |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 297347 | &nbsp;&nbsp; (659)<br>|
| 3-Year Australian Treasury Bond | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 3770769 | &nbsp;&nbsp; (6139)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4732219 | &nbsp;&nbsp; (31976)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 703875 | &nbsp;&nbsp; (6019)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12855812 | &nbsp;&nbsp; 285377 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 47615969 | &nbsp;&nbsp; (159274)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$87546** |
| **Short Contracts** |  |  |  |  |  |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 1040713 | &nbsp;&nbsp; $3997 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** |
| **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>|
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2425172 | &nbsp;&nbsp; $13787 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12494531 | &nbsp;&nbsp; 10101 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$27885** |
|  |  |  |  |  | &nbsp;&nbsp; **$115431** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 4721576 | Euro | &nbsp;&nbsp; 4012817 | Deutsche Bank | &nbsp;&nbsp; $83548 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 1264890 | Japanese Yen | &nbsp;&nbsp; 184621906 | HSBC | &nbsp;&nbsp; 61035 |
| 12/17/25 | Brazilian Reals | &nbsp;&nbsp; 7682844 | U.S. Dollars | &nbsp;&nbsp; 1388888 | UBS | &nbsp;&nbsp; 23150 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 767655 | British Pounds | &nbsp;&nbsp; 567100 | Barclays | &nbsp;&nbsp; 22618 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 941268 | Euro | &nbsp;&nbsp; 796000 | Morgan Stanley | &nbsp;&nbsp; 21249 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 309074 | British Pounds | &nbsp;&nbsp; 227000 | Citibank | &nbsp;&nbsp; 10849 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 530032 | Euro | &nbsp;&nbsp; 450000 | Barclays | &nbsp;&nbsp; 9921 |
| 12/17/25 | Colombian Pesos | &nbsp;&nbsp; 2717231058 | U.S. Dollars | &nbsp;&nbsp; 690606 | Morgan Stanley | &nbsp;&nbsp; 9698 |
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 1435852 | Brazilian Reals | &nbsp;&nbsp; 7722010 | Goldman Sachs | &nbsp;&nbsp; 9698 |
| 12/17/25 | Brazilian Reals | &nbsp;&nbsp; 12512937 | U.S. Dollars | &nbsp;&nbsp; 2291088 | BNP Paribas | &nbsp;&nbsp; 8678 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 277478 | British Pounds | &nbsp;&nbsp; 206000 | Goldman Sachs | &nbsp;&nbsp; 6842 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 665000 | Mexican Pesos | &nbsp;&nbsp; 12296758 | State Street | &nbsp;&nbsp; 6446 |
| 12/22/25 | Egyptian Pounds | &nbsp;&nbsp; 1685300 | U.S. Dollars | &nbsp;&nbsp; 30052 | Citibank | &nbsp;&nbsp; 4895 |
| 12/17/25 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 1531620 | U.S. Dollars | &nbsp;&nbsp; 450000 | Bank of America | &nbsp;&nbsp; 4293 |
| 12/17/25 | Mexican Pesos | &nbsp;&nbsp; 12493421 | U.S. Dollars | &nbsp;&nbsp; 665000 | JPMorgan Chase | &nbsp;&nbsp; 4086 |
| 11/25/25 | Brazilian Reals | &nbsp;&nbsp; 6764639 | U.S. Dollars | &nbsp;&nbsp; 1245918 | BNP Paribas | &nbsp;&nbsp; 3421 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 69238 | Japanese Yen | &nbsp;&nbsp; 10108000 | UBS | &nbsp;&nbsp; 3327 |
| 12/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 10302334 | U.S. Dollars | &nbsp;&nbsp; 589130 | Barclays | &nbsp;&nbsp; 3130 |
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 315865 | Mexican Pesos | &nbsp;&nbsp; 5827901 | Goldman Sachs | &nbsp;&nbsp; 2995 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 232905 | Euro | &nbsp;&nbsp; 199000 | JPMorgan Chase | &nbsp;&nbsp; 2900 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 146047 | British Pounds | &nbsp;&nbsp; 109000 | JPMorgan Chase | &nbsp;&nbsp; 2846 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 161361 | British Pounds | &nbsp;&nbsp; 121000 | Wells Fargo | &nbsp;&nbsp; 2395 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 240452 | Euro | &nbsp;&nbsp; 206000 | State Street | &nbsp;&nbsp; 2356 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 139337 | Euro | &nbsp;&nbsp; 119900 | BNP Paribas | &nbsp;&nbsp; 931 |
| 11/26/25 | Colombian Pesos | &nbsp;&nbsp; 347773777 | U.S. Dollars | &nbsp;&nbsp; 89471 | Citibank | &nbsp;&nbsp; 402 |
| 11/26/25 | Colombian Pesos | &nbsp;&nbsp; 128560810 | British Pounds | &nbsp;&nbsp; 25000 | BNP Paribas | &nbsp;&nbsp; 379 |
| 4/02/26 | U.S. Dollars | &nbsp;&nbsp; 89858 | Brazilian Reals | &nbsp;&nbsp; 499000 | JPMorgan Chase | &nbsp;&nbsp; 341 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 1/30/26 | Nigerian Naira | &nbsp;&nbsp; 39652433 | U.S. Dollars | &nbsp;&nbsp; 26760 | Citibank | &nbsp;&nbsp; $321 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 29332 | Canadian Dollars | &nbsp;&nbsp; 40698 | Barclays | &nbsp;&nbsp; 277 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 68328 | Euro | &nbsp;&nbsp; 59000 | Wells Fargo | &nbsp;&nbsp; 222 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 34847 | Singapore Dollars | &nbsp;&nbsp; 44981 | Goldman Sachs | &nbsp;&nbsp; 219 |
| 12/05/25 | Nigerian Naira | &nbsp;&nbsp; 38802000 | U.S. Dollars | &nbsp;&nbsp; 26760 | Citibank | &nbsp;&nbsp; 198 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 50976 | Euro | &nbsp;&nbsp; 44000 | RBS | &nbsp;&nbsp; 185 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 26000 | Singapore Dollars | &nbsp;&nbsp; 33560 | Citibank | &nbsp;&nbsp; 164 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 17000 | Canadian Dollars | &nbsp;&nbsp; 23587 | BNP Paribas | &nbsp;&nbsp; 160 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 43762 | Australian Dollars | &nbsp;&nbsp; 66639 | Barclays | &nbsp;&nbsp; 147 |
| 12/02/25 | U.S. Dollars | &nbsp;&nbsp; 29698 | Brazilian Reals | &nbsp;&nbsp; 160322 | Morgan Stanley | &nbsp;&nbsp; 139 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 11398 | Euro | &nbsp;&nbsp; 9762 | Goldman Sachs | &nbsp;&nbsp; 130 |
| 1/26/26 | Argentine Pesos | &nbsp;&nbsp; 15828740 | U.S. Dollars | &nbsp;&nbsp; 10082 | Citibank | &nbsp;&nbsp; 58 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 14000 | Turkish Lira | &nbsp;&nbsp; 600208 | Barclays | &nbsp;&nbsp; 23 |
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 52945 | South African Rand | &nbsp;&nbsp; 919257 | Barclays | &nbsp;&nbsp; 18 |
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 5437 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 38604 | HSBC | &nbsp;&nbsp; 9 |
| 11/20/25 | Egyptian Pounds | &nbsp;&nbsp; 713790 | U.S. Dollars | &nbsp;&nbsp; 15000 | Citibank | &nbsp;&nbsp; 5 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $314704 |
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 21853 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 155413 | Societe Generale | &nbsp;&nbsp; $(2)<br>|
| 11/26/25 | Euro | &nbsp;&nbsp; 22000 | Hungarian Forints | &nbsp;&nbsp; 8572662 | BNP Paribas | &nbsp;&nbsp; (41)<br>|
| 11/26/25 | Euro | &nbsp;&nbsp; 22688 | Hungarian Forints | &nbsp;&nbsp; 8840867 | Barclays | &nbsp;&nbsp; (42)<br>|
| 11/20/25 | Egyptian Pounds | &nbsp;&nbsp; 1217786 | U.S. Dollars | &nbsp;&nbsp; 25643 | Citibank | &nbsp;&nbsp; (43)<br>|
| 11/26/25 | Canadian Dollars | &nbsp;&nbsp; 18000 | Japanese Yen | &nbsp;&nbsp; 1983012 | Barclays | &nbsp;&nbsp; (51)<br>|
| 11/26/25 | Japanese Yen | &nbsp;&nbsp; 1967090 | Canadian Dollars | &nbsp;&nbsp; 18000 | Barclays | &nbsp;&nbsp; (53)<br>|
| 12/26/25 | Turkish Lira | &nbsp;&nbsp; 708085 | U.S. Dollars | &nbsp;&nbsp; 16124 | Barclays | &nbsp;&nbsp; (62)<br>|
| 11/26/25 | Euro | &nbsp;&nbsp; 23000 | U.S. Dollars | &nbsp;&nbsp; 26613 | Goldman Sachs | &nbsp;&nbsp; (63)<br>|
| 11/26/25 | U.S. Dollars | &nbsp;&nbsp; 16000 | Colombian Pesos | &nbsp;&nbsp; 62192000 | Citibank | &nbsp;&nbsp; (72)<br>|
| 11/26/25 | Philippine Pesos | &nbsp;&nbsp; 3018644 | U.S. Dollars | &nbsp;&nbsp; 51460 | Citibank | &nbsp;&nbsp; (79)<br>|
| 11/26/25 | British Pounds | &nbsp;&nbsp; 25000 | U.S. Dollars | &nbsp;&nbsp; 33100 | Goldman Sachs | &nbsp;&nbsp; (255)<br>|
| 11/26/25 | Chilean Pesos | &nbsp;&nbsp; 75018363 | U.S. Dollars | &nbsp;&nbsp; 79879 | Citibank | &nbsp;&nbsp; (273)<br>|
| 11/26/25 | Japanese Yen | &nbsp;&nbsp; 3934190 | U.S. Dollars | &nbsp;&nbsp; 25924 | Barclays | &nbsp;&nbsp; (328)<br>|
| 11/26/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 11011154 | U.S. Dollars | &nbsp;&nbsp; 33000 | Goldman Sachs | &nbsp;&nbsp; (328)<br>|
| 12/02/25 | Brazilian Reals | &nbsp;&nbsp; 247641 | U.S. Dollars | &nbsp;&nbsp; 46000 | Citibank | &nbsp;&nbsp; (342)<br>|
| 11/26/25 | Thai Baht | &nbsp;&nbsp; 14154586 | U.S. Dollars | &nbsp;&nbsp; 439004 | Barclays | &nbsp;&nbsp; (359)<br>|
| 11/26/25 | Swiss Francs | &nbsp;&nbsp; 36915 | U.S. Dollars | &nbsp;&nbsp; 46515 | Goldman Sachs | &nbsp;&nbsp; (504)<br>|
| 11/26/25 | Romanian Leu | &nbsp;&nbsp; 223338 | U.S. Dollars | &nbsp;&nbsp; 51146 | Citibank | &nbsp;&nbsp; (589)<br>|
| 11/26/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1669658 | U.S. Dollars | &nbsp;&nbsp; 80000 | Barclays | &nbsp;&nbsp; (867)<br>|
| 11/26/25 | Euro | &nbsp;&nbsp; 92960 | U.S. Dollars | &nbsp;&nbsp; 108284 | Citibank | &nbsp;&nbsp; (978)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 11/26/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 38981523 | U.S. Dollars | &nbsp;&nbsp; 116835 | Citibank | &nbsp;&nbsp; $(1171)<br>|
| 11/26/25 | Mexican Pesos | &nbsp;&nbsp; 2566862 | U.S. Dollars | &nbsp;&nbsp; 139000 | Goldman Sachs | &nbsp;&nbsp; (1213)<br>|
| 11/26/25 | Malaysian Ringgit | &nbsp;&nbsp; 1755528 | U.S. Dollars | &nbsp;&nbsp; 421091 | Morgan Stanley | &nbsp;&nbsp; (1650)<br>|
| 11/26/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 2752883 | U.S. Dollars | &nbsp;&nbsp; 388957 | BNP Paribas | &nbsp;&nbsp; (1805)<br>|
| 11/26/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 6588933708 | U.S. Dollars | &nbsp;&nbsp; 398171 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; (2097)<br>|
| 11/26/25 | Indian Rupees | &nbsp;&nbsp; 39538701 | U.S. Dollars | &nbsp;&nbsp; 446967 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; (2191)<br>|
| 11/26/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 4457458 | U.S. Dollars | &nbsp;&nbsp; 213612 | Citibank | &nbsp;&nbsp; (2352)<br>|
| 11/26/25 | Polish Zloty | &nbsp;&nbsp; 707194 | U.S. Dollars | &nbsp;&nbsp; 194555 | Barclays | &nbsp;&nbsp; (3098)<br>|
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 589130 | South African Rand | &nbsp;&nbsp; 10286542 | Barclays | &nbsp;&nbsp; (3165)<br>|
| 11/26/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 4907515 | U.S. Dollars | &nbsp;&nbsp; 286413 | Citibank | &nbsp;&nbsp; (3860)<br>|
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 450000 | Peruvian Nuevo Soles | &nbsp;&nbsp; 1530450 | Bank of America | &nbsp;&nbsp; (4258)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 1245918 | Brazilian Reals | &nbsp;&nbsp; 6804670 | BNP Paribas | &nbsp;&nbsp; (4719)<br>|
| 12/22/25 | U.S. Dollars | &nbsp;&nbsp; 30036 | Egyptian Pounds | &nbsp;&nbsp; 1685300 | Citibank | &nbsp;&nbsp; (4911)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 326386 | Brazilian Reals | &nbsp;&nbsp; 1804000 | Barclays | &nbsp;&nbsp; (5173)<br>|
| 12/17/25 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 11670450 | U.S. Dollars | &nbsp;&nbsp; 1650000 | Citibank | &nbsp;&nbsp; (6257)<br>|
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 2291088 | Brazilian Reals | &nbsp;&nbsp; 12439325 | BNP Paribas | &nbsp;&nbsp; (6291)<br>|
| 11/25/25 | Mexican Pesos | &nbsp;&nbsp; 12266992 | U.S. Dollars | &nbsp;&nbsp; 665000 | State Street | &nbsp;&nbsp; (6448)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 583864 | South African Rand | &nbsp;&nbsp; 10270000 | Bank of America | &nbsp;&nbsp; (6537)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 357000 | U.S. Dollars | &nbsp;&nbsp; 419970 | Deutsche Bank | &nbsp;&nbsp; (7348)<br>|
| 11/25/25 | U.S. Dollars | &nbsp;&nbsp; 690606 | Colombian Pesos | &nbsp;&nbsp; 2708736603 | Morgan Stanley | &nbsp;&nbsp; (9502)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 677072 | Colombian Pesos | &nbsp;&nbsp; 2681508214 | Morgan Stanley | &nbsp;&nbsp; (14026)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 450000 | Peruvian Nuevo Soles | &nbsp;&nbsp; 1567710 | Bank of America | &nbsp;&nbsp; (14998)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 2412299 | Brazilian Reals | &nbsp;&nbsp; 13343995 | UBS | &nbsp;&nbsp; (40207)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(158608)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$156096** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** |
| **Description** | &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Amount** | &nbsp;&nbsp; **Notional** <br>**Amount** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| 3-Month SOFR Future | 218 | USD | &nbsp;&nbsp; 52758725 | 98.00 | &nbsp;&nbsp; 9/11/2026 | &nbsp;&nbsp; $(24525)<br>|
| 3-Month SOFR Future | 156 | USD | &nbsp;&nbsp; 37789050 | 98.00 | &nbsp;&nbsp; 3/12/2027 | &nbsp;&nbsp; (33150)<br>|
| **Total Written Call Options Contracts (Premiums Received $85,138)** | **Total Written Call Options Contracts (Premiums Received $85,138)** | **Total Written Call Options Contracts (Premiums Received $85,138)** | **Total Written Call Options Contracts (Premiums Received $85,138)** | **Total Written Call Options Contracts (Premiums Received $85,138)** | **Total Written Call Options Contracts (Premiums Received $85,138)** | &nbsp;&nbsp; **$(57675)**<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** |
| **Description** | **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Expiration** <br>**Date**<br>| **Value** |
| Brazilian Real vs. U.S. Dollar | Morgan Stanley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; BRL | 5.60 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; $(410)<br>|
| Indian Rupee vs. U.S. Dollar | Bank of America | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 121000 | &nbsp;&nbsp; INR | 88.40 | &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; (1133)<br>|
| South African Rand vs. Euro | Goldman Sachs | &nbsp;&nbsp; 2 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 134000 | &nbsp;&nbsp; ZAR | 20.50 | &nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp; (732)<br>|
| Turkish Lira vs. U.S. Dollar | Goldman Sachs | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; TRY | 45.00 | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; (39)<br>|
| U.S. Dollar vs. Euro | BNP Paribas | &nbsp;&nbsp; 2 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; USD | 1.19 | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp; (191)<br>|
| U.S. Dollar vs. Euro | Citibank | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; USD | 1.19 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; (180)<br>|
| **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | **Total Written OTC Call Options Contracts (Premiums Received $2,952)** | &nbsp;&nbsp; **$(2685)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at October 31, 2025:** <br>**Over the Counter** |
| **Description** | **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Expiration** <br>**Date**<br>| **Value** |
| Chinese Yuan vs. <br> U.S. Dollar<br>| Standard Chartered Bank | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7614000 | &nbsp;&nbsp; CNH | 6.85 | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; $(3004)<br>|
| U.S. Dollar vs. <br>Australian Dollar<br>| Barclays | &nbsp;&nbsp; 2 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; USD | 0.64 | &nbsp;&nbsp; 12/18/2025 | &nbsp;&nbsp; (393)<br>|
| **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | **Total Written OTC Put Options Contracts (Premiums Received $21,093)** | &nbsp;&nbsp; **$(3397)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** |
| **Description** | **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| **Exercise** <br>**Rate**<br>| **Notional** <br>**Amount**<br>| **Value** |
| Interest Rate Swap <br> Maturing 1/02/2036<br>| 3.30% (Annually) | 1-Day USD SOFR (Annually) | JPMorgan Chase | 12/30/2025 | 3.30<br> %<br>| 1980000 | $(2838)<br>|
| Interest Rate Swap <br> Maturing 1/16/2036<br>| 3.20% (Annually) | 1-Day USD SOFR (Annually) | Goldman Sachs | 1/14/2026 | 3.20 | 3911000 | (5060)<br>|
| Interest Rate Swap <br> Maturing 12/17/2035<br>| 3.39% (Annually) | 1-Day USD SOFR (Annually) | Citibank | 12/15/2025 | 3.39 | 3940000 | (5880)<br>|
| Interest Rate Swap <br> Maturing 2/18/2031<br>| 2.85% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 2/13/2026 | 2.85 | 1640625 | (2175)<br>|
| Interest Rate Swap <br> Maturing 2/18/2031<br>| 2.85% (Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 2/13/2026 | 2.85 | 1640625 | (2183)<br>|
| Interest Rate Swap <br> Maturing 2/18/2031<br>| 2.86% (Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 2/13/2026 | 2.86 | 1640625 | (2236)<br>|
| Interest Rate Swap <br> Maturing 2/20/2031<br>| 2.94% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 2/18/2026 | 2.94 | 1640625 | (3138)<br>|
| Interest Rate Swap <br> Maturing 2/20/2031<br>| 2.94% (Annually) | 1-Day USD SOFR (Annually) | Toronto-Dominion <br>Bank<br>| 2/18/2026 | 2.94 | 1640625 | (3138)<br>|
| Interest Rate Swap <br> Maturing 2/23/2031<br>| 2.93% (Annually) | 1-Day USD SOFR (Annually) | Barclays | 2/19/2026 | 2.93 | 1640625 | (3022)<br>|
| Interest Rate Swap <br> Maturing 2/23/2031<br>| 2.93% (Annually) | 1-Day USD SOFR (Annually) | Toronto-Dominion <br>Bank<br>| 2/19/2026 | 2.93 | 1640625 | (3062)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Description** | **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| **Exercise**<br> **Rate**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Interest Rate Swap <br> Maturing 2/24/2031<br>| 2.89% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 2/20/2026 | 2.89<br> %<br>| 1640625 | $(2725)<br>|
| Interest Rate Swap <br> Maturing 5/04/2056<br>| 3.25% (Annually) | 1-Day USD SOFR (Annually) | Bank of America | 4/30/2026 | 3.25 | 2972000 | (13569)<br>|
| Interest Rate Swap <br> Maturing 8/17/2028<br>| 2.64% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 8/13/2026 | 2.64 | 2296875 | (4420)<br>|
| Interest Rate Swap <br> Maturing 8/17/2028<br>| 2.64% (Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 8/13/2026 | 2.64 | 2296875 | (4420)<br>|
| Interest Rate Swap <br> Maturing 8/18/2028<br>| 2.69% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 8/14/2026 | 2.69 | 2625000 | (5511)<br>|
| Interest Rate Swap <br> Maturing 8/18/2028<br>| 2.69% (Annually) | 1-Day USD SOFR (Annually) | Toronto-Dominion <br>Bank<br>| 8/14/2026 | 2.69 | 2625000 | (5511)<br>|
| Interest Rate Swap <br> Maturing 8/21/2028<br>| 2.71% (Annually) | 1-Day USD SOFR (Annually) | Barclays | 8/19/2026 | 2.71 | 1640625 | (3669)<br>|
| Interest Rate Swap <br> Maturing 8/21/2028<br>| 2.71% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 8/19/2026 | 2.71 | 1640625 | (3669)<br>|
| **Total Written OTC Call Swaptions Contracts (Premiums Received $148,039)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $148,039)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $148,039)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $148,039)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $148,039)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $148,039)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $148,039)** | **$(76226)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:** <br>**Over the Counter** |
| **Description** | **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| **Exercise** <br>**Rate**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value** |
| Interest Rate Swap <br> Maturing 1/02/2036<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.00% (Annually) | JPMorgan Chase | 12/30/2025 | 4.00<br> %<br>| USD | 1980000 | $(3129)<br>|
| Interest Rate Swap <br> Maturing 10/06/2029<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.05% (Annually) | Goldman Sachs | 10/04/2027 | 4.05 | USD | 21172000 | (77426)<br>|
| Interest Rate Swap <br> Maturing 2/18/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.85% (Annually) | BNP Paribas | 2/13/2026 | 3.85 | USD | 1640625 | (1898)<br>|
| Interest Rate Swap <br> Maturing 2/18/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.86% (Annually) | Morgan Stanley | 2/13/2026 | 3.86 | USD | 3281250 | (3720)<br>|
| Interest Rate Swap <br> Maturing 2/20/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.94% (Annually) | BNP Paribas | 2/18/2026 | 3.94 | USD | 1640625 | (1406)<br>|
| Interest Rate Swap <br> Maturing 2/20/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.94% (Annually) | Toronto-Dominion <br>Bank<br>| 2/18/2026 | 3.94 | USD | 1640625 | (1406)<br>|
| Interest Rate Swap <br> Maturing 2/23/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.93% (Annually) | Toronto-Dominion <br>Bank<br>| 2/19/2026 | 3.93 | USD | 1640625 | (1506)<br>|
| Interest Rate Swap <br> Maturing 2/23/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.93% (Annually) | Barclays | 2/19/2026 | 3.93 | USD | 1640625 | (1532)<br>|
| Interest Rate Swap <br> Maturing 2/24/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.89% (Annually) | BNP Paribas | 2/20/2026 | 3.89 | USD | 1640625 | (1814)<br>|
| Interest Rate Swap <br> Maturing 4/27/2036<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.00% (Annually) | JPMorgan Chase | 4/23/2026 | 4.00 | USD | 2766000 | (21556)<br>|
| Interest Rate Swap <br> Maturing 8/17/2028<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.64% (Annually) | BNP Paribas | 8/13/2026 | 3.64 | USD | 2296875 | (4849)<br>|
| Interest Rate Swap <br> Maturing 8/17/2028<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.64% (Annually) | Morgan Stanley | 8/13/2026 | 3.64 | USD | 2296875 | (4849)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Description** | **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| **Exercise**<br> **Rate**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Value** |
| Interest Rate Swap <br> Maturing 8/18/2028<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.69% (Annually) | BNP Paribas | 8/14/2026 | 3.69<br> %<br>| USD | 2625000 | $(5012)<br>|
| Interest Rate Swap <br> Maturing 8/18/2028<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.69% (Annually) | Toronto-Dominion <br>Bank<br>| 8/14/2026 | 3.69 | USD | 2625000 | (5012)<br>|
| Interest Rate Swap <br> Maturing 8/21/2028<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.71% (Annually) | Barclays | 8/19/2026 | 3.71 | USD | 1640625 | (3023)<br>|
| Interest Rate Swap <br> Maturing 8/21/2028<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.71% (Annually) | BNP Paribas | 8/19/2026 | 3.71 | USD | 1640625 | (3023)<br>|
| Interest Rate Swap <br> Maturing 9/22/2029<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.30% (Annually) | Goldman Sachs | 9/20/2027 | 4.30 | USD | 15792000 | (41596)<br>|
| **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $227,103)** | **$(182757)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1-Day USD SOFR (At Maturity) | 3.80% (At Maturity) | 5/16/2026 | USD | 7578000 | $(21744)<br>| $— | $(21744)<br>|
| 1-Day USD SOFR (At Maturity) | 3.90% (At Maturity) | 5/16/2026 | USD | 5815000 | (10880)<br>|  | (10880)<br>|
| 3.79% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 7578000 | 22220 |  | 22220 |
| 3.81% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 5815000 | 15873 | 1944 | 13929 |
| 1.00% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 538261739 | (3410)<br>|  | (3410)<br>|
| 1.02% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 570293188 | (4380)<br>|  | (4380)<br>|
| 1.03% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 1317226437 | (10796)<br>|  | (10796)<br>|
| 0.68% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 482733887 | 7904 |  | 7904 |
| 0.69% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 488377358 | 7934 |  | 7934 |
| 0.86% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 200000000 | 1025 |  | 1025 |
| 0.70% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 5/11/2027 | JPY | 385492528 | 6412 |  | 6412 |
| 1-Day USD SOFR (Annually) | 3.67% (Annually) | 7/21/2027 | USD | 7500000 | 14113 | 150 | 13963 |
| 1-Day JPY TONAR (At Maturity) | 1.01% (At Maturity) | 9/11/2027 | JPY | 256845000 | (890)<br>|  | (890)<br>|
| 1-Day USD SOFR (Annually) | 3.49% (Annually) | 6/27/2028 | USD | 24750000 | 3695 | (21890)<br>| 25585 |
| 1-Day USD SOFR (Annually) | 3.39% (Annually) | 8/07/2028 | USD | 5000000 | (7676)<br>|  | (7676)<br>|
| 1-Day USD SOFR (Annually) | 3.41% (Annually) | 8/14/2028 | USD | 4250000 | (2989)<br>|  | (2989)<br>|
| 3M KRW KSDA (Quarterly) | 2.69% (Quarterly) | 12/17/2028 | KRW | 462672526 | 118 |  | 118 |
| 1-Day USD SOFR (Annually) | 3.19% (Annually) | 9/09/2030 | USD | 2750000 | (29979)<br>|  | (29979)<br>|
| 1.29% (Annually) | 1-Day JPY TONAR (Annually) | 8/13/2035 | JPY | 30094624 | 2967 |  | 2967 |
| 1.30% (Annually) | 1-Day JPY TONAR (Annually) | 8/13/2035 | JPY | 108177376 | 10245 |  | 10245 |
| 1-Day JPY TONAR (Annually) | 2.04% (Annually) | 8/12/2045 | JPY | 60592356 | (6583)<br>|  | (6583)<br>|
| 1-Day JPY TONAR (Annually) | 2.03% (Annually) | 8/12/2045 | JPY | 18907644 | (2180)<br>|  | (2180)<br>|
| **Total** |  |  |  |  | **$(9001)**<br>| **$(19796)**<br>| **$10795** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

**Credit Default Swap Contracts outstanding - Buy Protection as of October 31, 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 Investment Grade Index Series <br> 45 (Pay Quarterly)<br>| 1.00% | 12/20/2030 | USD | 7100000 | $(165399)<br>| $(159993)<br>| $(5406)<br>|
| **Total** |  |  |  |  | **$(165399)**<br>| **$(159993)**<br>| **$(5406)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Markit CDX North America High Yield Index <br> Series 44 (Pay Quarterly)<br>| 3.06% | 5.00% | 6/20/2030 | USD | 4338768 | $354001 | $298100 | $55901 |
| Markit iTraxx Europe Crossover Index Series 44 <br> (Pay Quarterly)<br>| 2.65% | 5.00% | 12/20/2030 | EUR | 1363000 | 172069 | 165099 | 6970 |
| **Total** |  |  |  |  |  | **$526070** | **$463199** | **$62871** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2025:** <br>**Over the Counter** |
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| American Electric Power, 3.20%, <br> Due: 11/13/2027 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Bank of America | USD | 703000 | $(21545)<br>| $(16173)<br>| $(5372)<br>|
| American Express Co., 4.05%, <br> Due: 5/03/2029 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 360000 | (11141)<br>| (8452)<br>| (2689)<br>|
| Dominion Energy, Inc., 4.25%, <br> Due: 6/01/2028 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 346000 | (9743)<br>| (7709)<br>| (2034)<br>|
| **Total** |  |  |  |  |  | **$(42429)**<br>| **$(32334)**<br>| **$(10095)**<br>|

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:** <br>**Over the Counter** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| PacifiCorp, 3.30%, <br> Due: 3/15/2051 (Pay <br> Quarterly)<br>| 0.26% | 0.13% | 09/29/2027 | JPMorgan Chase | USD | 142500 | $(328)<br>| $(40)<br>| $(288)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at October 31, 2025:**<br> **Over the Counter (continued)** |
| **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>|
| Markit iTraxx Europe <br> Crossover Index Series 42 <br> (Pay Quarterly)<br>| 3.47% | 5.00% | 12/20/2029 | BNP Paribas | EUR | 51586 | $3835 | $4208 | $(373)<br>|
| Markit iTraxx Europe <br> Crossover Index Series 44 <br> (Pay Quarterly)<br>| 2.33% | 5.00% | 12/20/2030 | Goldman Sachs | EUR | 53000 | 8125 | 8332 | (207)<br>|
| **Total** |  |  |  |  |  |  | **$11632** | **$12500** | **$(868)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at October 31, 2025:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.32% (At Maturity) | 7/15/2027 | GBP | 1944518 | $3120 | $— | $3120 |
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.30% (At Maturity) | 7/15/2027 | GBP | 992664 | 1275 |  | 1275 |
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.28% (At Maturity) | 7/15/2027 | GBP | 973200 | 752 |  | 752 |
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.43% (At Maturity) | 7/15/2027 | GBP | 953719 | 4274 | 9 | 4265 |
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.26% (At Maturity) | 8/15/2027 | GBP | 1623899 | 3638 |  | 3638 |
| 2.53% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 131500 | 574 | (22)<br>| 596 |
| 2.54% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 365500 | 1506 | (48)<br>| 1554 |
| 2.56% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 602000 | 1731 |  | 1731 |
| 2.64% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 526000 | (551)<br>|  | (551)<br>|
| 2.67% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 481000 | (1182)<br>|  | (1182)<br>|
| 2.68% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 368000 | (1168)<br>|  | (1168)<br>|
| 2.69% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 1454000 | (4779)<br>| 1143 | (5922)<br>|
| 2.72% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 736000 | (3777)<br>|  | (3777)<br>|
| 2.75% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2029 | USD | 488000 | (3158)<br>|  | (3158)<br>|
| 3.41% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 973200 | (4169)<br>|  | (4169)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** | **Inflation Swap Contracts outstanding at October 31, 2025:**<br> **Centrally Cleared (continued)** |
| **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Maturity**<br> **Date**<br>|  | **Notional**<br> **Amount**<br>| **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 3.42% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 992664 | $(4912)<br>| $— | $(4912)<br>|
| 3.43% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 1944518 | (10137)<br>|  | (10137)<br>|
| 3.49% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2029 | GBP | 953719 | (8107)<br>| (136)<br>| (7971)<br>|
| 3.37% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 8/15/2029 | GBP | 1623899 | (6738)<br>|  | (6738)<br>|
| 2.43% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2030 | USD | 1515379 | 6842 |  | 6842 |
| 3.39% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 424500 | (4620)<br>|  | (4620)<br>|
| 3.40% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 432990 | (4987)<br>|  | (4987)<br>|
| 3.41% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 848179 | (9904)<br>|  | (9904)<br>|
| 3.46% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 7/15/2030 | GBP | 416002 | (6195)<br>| (100)<br>| (6095)<br>|
| 3.35% (At Maturity) | 1-Day UK Retail Price Index (At <br> Maturity)<br>| 8/15/2030 | GBP | 708329 | (7524)<br>|  | (7524)<br>|
| 2.63% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 9/9/2030 | USD | 2056000 | (7263)<br>|  | (7263)<br>|
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.24% (At Maturity) | 7/15/2035 | GBP | 1705669 | 31970 |  | 31970 |
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.27% (At Maturity) | 7/15/2035 | GBP | 416002 | 9349 | 234 | 9115 |
| 1-Day UK Retail Price Index (At <br> Maturity)<br>| 3.20% (At Maturity) | 8/15/2035 | GBP | 708329 | 11364 |  | 11364 |
| **Total** |  |  |  |  | **$(12776)**<br>| **$1080** | **$(13856)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of October 31, 2025:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| iBoxx USD Liquid High Yield Index | 1-Day USD SOFR (At Maturity) | 12/22/2025 | Morgan Stanley | USD | 3510000 | $26006 | $14659 | $11347 |
| iBoxx USD Liquid High Yield Index | 1-Day USD SOFR (At Maturity) | 12/22/2025 | Bank of America | USD | 3490000 | 12174 | 9989 | 2185 |
| iBoxx USD Liquid High Yield Index | 1-Day USD SOFR (At Maturity) | 12/22/2025 | JPMorgan Chase | USD | 915000 | 1832 | 1904 | (72)<br>|
| **Total** |  |  |  |  |  | **$40012** | **$26552** | **$13460** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

**Valuation Hierarchy**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80929889 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80929889 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 197114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197114 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 51776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51776 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 145404835 | &nbsp;&nbsp; 222651 | &nbsp;&nbsp; 145627486 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 48615991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48615991 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 291809436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291809436 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 12800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12800 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2814536 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2814536 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 9114524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9114524 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 138922155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138922155 |
| Investment Companies | &nbsp;&nbsp; 323803407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 323803407 |
| Short-Term Investments | &nbsp;&nbsp; 42489408 | &nbsp;&nbsp; 7686413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50175821 |
| Purchased Options | &nbsp;&nbsp; 117100 | &nbsp;&nbsp; 57127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174227 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $366461691 | &nbsp;&nbsp; $725564820 | &nbsp;&nbsp; $222651 | &nbsp;&nbsp; $1092249162 |
| **Liabilities:** |  |  |  |  |
| Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22208712)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22208712)<br>|
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22208712)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22208712)<br>|
| **Net Investments** | &nbsp;&nbsp; $366461691 | &nbsp;&nbsp; $703356108 | &nbsp;&nbsp; $222651 | &nbsp;&nbsp; $1070040450 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $319498 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $319498 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 314704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 314704 |
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 264924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264924 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $319498 | &nbsp;&nbsp; $579628 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $899126 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(204067)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(204067)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (158608)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (158608)<br>|
| Written Options  | &nbsp;&nbsp; (57675)<br>| &nbsp;&nbsp; (265065)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (322740)<br>|
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (208023)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (208023)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(261742)<br>| &nbsp;&nbsp; $(631696)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(893438)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $57756 | &nbsp;&nbsp; $(52068)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $5688 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments**

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Municipal Bonds – 89.5%** | **Municipal Bonds – 89.5%** | **Municipal Bonds – 89.5%** |
| **Alabama – 2.5%** | **Alabama – 2.5%** | **Alabama – 2.5%** |
| Alabama State University <br> Revenue Bonds (AG <br> Insured), 5.75%, 9/01/50<br>| $100000 | $108857 |
| Birmingham Jefferson Civic <br> Center Authority Special <br> Tax Bonds, Series A, <br> 5.00%, 7/01/48<br>| 250000 | 252111 |
| 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 | 1387299 |
| 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 | 1098075 |
| 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 | 516556 |
| Black Belt Energy Gas <br> District Project Variable <br> Revenue Bonds, Series <br> B-2, (SIFMA Municipal <br> Swap Index Yield + <br> 0.65%), 3.87%, <br> 10/01/27<sup>(a)(c)</sup> <br>| 250000 | 246705 |
| Black Belt Energy Gas <br> District Revenue Bonds, <br> Series B, Gas Project, <br> 5.00%, 10/01/35<br>| 500000 | 520652 |
| Lower Alabama Gas <br> District Revenue <br> Refunding Bonds, Series <br> A, Gas Project, 5.00%, <br> 12/01/33<br>| 150000 | 159565 |
| 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 | 379092 |
| Southeast Energy Authority <br> Commodity Supply <br> Revenue Bonds, Series B, <br> Project No. 6, 5.00%, <br> 6/01/30<br>| 475000 | 506818 |
| Southeast Energy Authority <br> Commodity Supply <br> Revenue Bonds, Series <br> B-1, Project No. 4, 5.00%, <br> 8/01/28<sup>(a)(b)(c)</sup> <br>| 150000 | 156154 |
| Southeast Energy Authority <br> Cooperative District <br> Energy Supply Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/01/30 | 175000 | 186266 |
| 5.00%, 6/01/31 | 325000 | 349081 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Alabama (Continued)** | **Alabama (Continued)** | **Alabama (Continued)** |
| Southeast Energy Authority <br> Cooperative District Gas <br> Supply Revenue Bonds, <br> Series F,<br>|  |  |
| 5.25%, 11/01/35 | $500000 | $569000 |
| 5.25%, 11/01/35<sup>(a)(b)(c)</sup> <br>| 500000 | 554949 |
| Southeast Energy Authority <br> Cooperative Revenue <br> Bonds, Series D, 5.00%, <br> 9/01/35<br>| 100000 | 110780 |
| Tuscaloosa County IDA Gulf <br> Opportunity Zone <br> Revenue Refunding <br> Bonds, Series A, Hunt <br> Refining Project, 5.25%, <br> 5/01/44<sup>(d)</sup> <br>| 260000 | 261684 |
| University of South <br> Alabama University <br> Revenue Bonds (BAM <br> Insured), 5.00%, 4/01/27<br>| 375000 | 386706 |
| University of West Alabama <br> University Revenue <br> Refunding Bonds (AGM <br> Insured), 5.00%, 1/01/27<br>| 505000 | 514500 |
|  |  | **8264850** |
| **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 | 628609 |
| Alaska State Railroad Corp., <br> Cruise Port Revenue <br> Bonds (AMT) (AG <br> Insured), 5.50%, 10/01/31<br>| 200000 | 222624 |
|  |  | **851233** |
| **Arizona – 1.4%** | **Arizona – 1.4%** | **Arizona – 1.4%** |
| Arizona State IDA <br> Education Revenue <br> Bonds, Series B, Jerome <br> Facilities Project, Social <br> Bonds, 4.00%, 7/01/51<br>| 175000 | 146143 |
| Arizona State IDA MFH <br> Variable Revenue Bonds, <br> Diamond View at Ballpark <br> Village, 2.76%, <br> 7/01/29<sup>(a)(b)(c)</sup> <br>| 1000000 | 982633 |
| Arizona State IDA National <br> Charter School Revolving <br> Loan Fund Sustainable <br> Revenue Bonds, Equitable <br> School, 5.25%, 11/01/53<br>| 1000000 | 1024263 |
| Chandler IDA Development <br> Variable Revenue Bonds <br> (AMT), Intel Corp., Project, <br> 4.10%, 6/15/28<sup>(a)(b)(c)</sup> <br>| 1130000 | 1132111 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |
| Chandler IDA Variable <br> Revenue Bonds (AMT), <br> Intel Corp., Project, 4.00%, <br> 6/01/29<sup>(a)(b)(c)</sup> <br>| $500000 | $509679 |
| Maricopa County IDA <br> Revenue Bonds, Series A, <br> Banner Health, 4.00%, <br> 1/01/41<br>| 250000 | 240902 |
| Pima County IDA Education <br> Revenue Facility Revenue <br> Bonds, Paideia <br> Academies Project, 6.13%, <br> 7/01/45<sup>(d)</sup> <br>| 240000 | 239977 |
| Sierra Vista IDA Education <br> Facility Revenue Bonds, <br> Wake Preparatory <br> Academy, 6.25%, 6/15/45<br>| 250000 | 254557 |
| Yuma Arizona IDA Hospital <br> Revenue Refunding <br> Bonds, Yuma Regional <br> Medical Center (AGC <br> Insured), 4.00%, 8/01/49<br>| 350000 | 321423 |
|  |  | **4851688** |
| **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 | 132620 |
| 5.00%, 8/01/29 | 120000 | 129754 |
| Springdale Water & Sewer <br> Revenue Bonds, 5.00%, <br> 9/01/30<br>| 150000 | 166201 |
|  |  | **428575** |
| **California – 5.2%** | **California – 5.2%** | **California – 5.2%** |
| 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 | 167295 |
| 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 | 510739 |
| 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 | 477160 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| California Community <br> Choice Financing <br> Authority Variable <br> Sustainable Revenue <br> Bonds, Clean Energy <br> Project, 5.00%, <br> 11/01/35<sup>(a)(b)(c)</sup> <br>| $300000 | $329295 |
| California Housing Finance <br> Agency Municipal <br> Certificates Revenue <br> Bonds, Series 2, Class A, <br> 4.00%, 3/20/33<br>| 214206 | 219924 |
| California PFA Revenue <br> Refunding Bonds, Henry <br> Mayo Newhall Hospital, <br> 5.00%, 10/15/47<br>| 580000 | 575574 |
| California State Health <br> Facilities Financing <br> Authority Revenue Bonds, <br> Episcopal Communities & <br> Services, 5.00%, 11/15/30<br>| 200000 | 215057 |
| 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 | 911893 |
| California State Municipal <br> Finance Authority <br> Refunding COPS, Series <br> A, Palomar Health (AGM <br> Insured), 5.25%, 11/01/52<br>| 110000 | 113348 |
| California State Municipal <br> Finance Authority <br> Revenue Bonds, Charter <br> School John Adams <br> Academies-Lincoln <br> Project, 5.00%, 10/01/57<sup>(d)</sup> <br>| 330000 | 292430 |
| California State Municipal <br> Finance Authority Senior <br> Living Revenue <br> Refunding Bonds, Mt. San <br> Antonio Gardens Project, <br> 5.00%, 11/15/39<br>| 450000 | 457752 |
| California State Municipal <br> Finance Authority Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Draw Down Waste <br> Management Inc., 3.38%, <br> 9/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 494830 |
| 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 | 324103 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| 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 | $227357 |
| 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 | 481585 |
| 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 | 90908 |
| 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 | 386271 |
| 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 | 501838 |
| 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 | 462263 |
| 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 | 248365 |
| 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 | 205070 |
| California Tobacco <br> Securitization Agency <br> Tobacco Settlement <br> Senior Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 6/01/40<br>| 300000 | 283406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| 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 | $718976 |
| 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 | 266015 |
| 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 | 147778 |
| 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 | 243005 |
| Golden State Tobacco <br> Securitization Corp., <br> Tobacco Settlement <br> Subordinate Revenue <br> Refunding CABS , Series <br> B-2, 0.00%, 6/01/66<sup>(e)</sup> <br>| 1000000 | 105912 |
| Lodi Unified School District <br> GO Unlimited Bonds, <br> 3.00%, 8/01/46<br>| 400000 | 319448 |
| Los Angeles Department of <br> Airports Airport <br> Subordinate Revenue <br> Bonds (AMT), Los Angeles <br> International Airport, <br> 5.00%, 5/15/46<br>| 280000 | 280588 |
| Los Angeles Department of <br> Airports Senior Revenue <br> Bonds (AMT), Private <br> Activity, 5.00%, 5/15/47<br>| 250000 | 256957 |
| Los Angeles Department of <br> Airports Subordinate <br> Revenue Bonds, Series A <br> (AMT), Private Activity, <br> 4.00%, 5/15/41<br>| 1000000 | 978046 |
| Orange County Community <br> Facilities District No. <br> 2023-1 Special Tax Bonds, <br> Rienda Phase 2B, 5.50%, <br> 8/15/53<br>| 500000 | 522445 |
| Pittsburg PFA Water <br> Revenue Bonds, Series A <br> (AGM Insured), 4.13%, <br> 8/01/47<br>| 250000 | 249333 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| 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 | $400990 |
| Riverside Unified School <br> District Special Tax <br> Bonds, Community <br> Facilities District No. 38, <br> 5.00%, 9/01/45<br>| 100000 | 101653 |
| Rocklin Community <br> Facilities District No. 10 <br> Special Tax Bonds, 5.00%, <br> 9/01/34<br>| 150000 | 150000 |
| Sacramento County Airport <br> System Subordinate <br> Revenue Bonds, Series D <br> (AMT) (AG Insured), <br> 5.25%, 7/01/50<br>| 280000 | 295325 |
| Sacramento Railyards <br> Community Facilities <br> District No. 2018 Special <br> Tax Bonds, 5.25%, <br> 9/01/47<sup>(d)</sup> <br>| 550000 | 555444 |
| San Francisco Bay Area <br> Rapid Transit District <br> Sustainable GO Unlimited <br> Bonds, Series C-1, 4.00%, <br> 8/01/45<br>| 200000 | 197320 |
| 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 | 486138 |
| San Francisco City & <br> County Public Utilities <br> Commission Water <br> Revenue Refunding <br> Bonds, 4.00%, 11/01/39<br>| 385000 | 383481 |
| 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 | 578050 |
| Southern California Public <br> Power Authority Revenue <br> Bonds, Series A, Clean <br> Energy Project, 5.00%, <br> 9/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1080744 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| 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 | $105294 |
| Washington Township <br> Health Care District 2020 <br> Election GO Unlimited <br> Bonds, Series B, 5.50%, <br> 8/01/53<br>| 750000 | 822063 |
|  |  | **17221468** |
| **Colorado – 3.9%** | **Colorado – 3.9%** | **Colorado – 3.9%** |
| Adams & Arapahoe <br> Counties Joint School <br> District No. 28J Aurora GO <br> Unlimited Bonds (State <br> Aid Withholding), 5.50%, <br> 12/01/45<br>| 150000 | 168463 |
| Aurora Crossroads <br> Metropolitan District No. <br> 2 Senior Lien GO Limited <br> Bonds, Series A, 5.00%, <br> 12/01/40<br>| 500000 | 503375 |
| 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 | 346207 |
| 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 | 97451 |
| 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 | 622483 |
| 5.00%, 3/15/30 | 310000 | 331235 |
| 5.00%, 3/15/35 | 590000 | 621438 |
| Colorado High <br> Performance <br> Transportation Enterprise <br> Revenue Bonds, C-470 <br> Express Lane, 5.00%, <br> 12/31/56<br>| 1000000 | 991833 |
| Colorado Science & <br> Technology Park <br> Metropolitan District No. <br> 1 Revenue Refunding <br> Bonds, Series A (AGM <br> Insured), 4.25%, 12/01/44<br>| 250000 | 241846 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **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 | $425241 |
| Colorado State COPS, |  |  |
| 6.00%, 12/15/40 | 1000000 | 1160215 |
| 6.00%, 12/15/41 | 500000 | 575482 |
| Colorado State COPS, <br> Series A,<br>|  |  |
| 4.00%, 12/15/36 | 200000 | 208860 |
| 4.00%, 12/15/40 | 375000 | 379093 |
| Colorado State Health <br> Facilities Authority <br> Revenue Bonds, Series B, <br> Craig Hospital Project, <br> 5.00%, 12/01/32<sup>(f)</sup> <br>| 250000 | 278423 |
| 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 | 470238 |
| Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, Sanford <br> Health, 4.00%, 11/01/39<br>| 200000 | 198242 |
| Colorado State HFA MFH <br> Variable Revenue Bonds, <br> Albion Apartments <br> Project, 3.38%, <br> 7/01/28<sup>(a)(b)(c)</sup> <br>| 100000 | 100541 |
| Denver City & County <br> Airport Revenue <br> Refunding Bonds, Series <br> D (AMT), 5.75%, 11/15/41<br>| 325000 | 359277 |
| Denver City & County <br> Airport System <br> Subordinate Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.25%, 12/01/43<br>| 500000 | 512396 |
| Denver Convention Center <br> Hotel Authority Senior <br> Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 12/01/36 | 500000 | 504475 |
| 5.00%, 12/01/40 | 250000 | 250967 |
| Denver Health & Hospital <br> Authority Healthcare <br> Revenue Bonds, Series A, <br> 4.00%, 12/01/27<br>| 180000 | 180044 |
| Midtown Clear Creek <br> Metropolitan District <br> Refunding GO Limited <br> Bonds, Series A (BAM <br> Insured), 5.00%, 12/01/53<br>| 845000 | 888045 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| Park Creek Metropolitan <br> District Revenue <br> Refunding Bonds, Series <br> A (NATL, IBC Insured), <br> 5.00%, 12/01/45<br>| $500000 | $500796 |
| Public Authority for <br> Colorado State Energy <br> Natural Gas Purchase <br> Revenue Bonds, 6.50%, <br> 11/15/38<br>| 250000 | 305002 |
| Thornton Development <br> Authority Tax Increment <br> Allocation, East 144th <br> Avenue & I-25 Project, <br> 5.00%, 12/01/29<br>| 1320000 | 1419328 |
| 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 | 103825 |
| 5.00%, 12/01/29 | 130000 | 139455 |
| 5.00%, 12/01/31 | 150000 | 165475 |
|  |  | **13049751** |
| **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** |
| Connecticut State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series K, Sacred Heart <br> University, 5.00%, 7/01/27<br>| 400000 | 413277 |
| 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 | 235837 |
| 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 | 221481 |
| Connecticut State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> University of Hartford,<br>|  |  |
| 4.00%, 7/01/39 | 120000 | 103161 |
| 4.00%, 7/01/49 | 100000 | 75392 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **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 | $122469 |
| West Haven City GO <br> Unlimited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 255000 | 261904 |
|  |  | **1433521** |
| **Delaware – 0.5%** | **Delaware – 0.5%** | **Delaware – 0.5%** |
| Bridgeville Special Tax <br> Obligation Bonds, <br> Heritage Shores Special <br> Development, 5.25%, <br> 7/01/44<sup>(d)</sup> <br>| 100000 | 101130 |
| Delaware State <br> Transportation Authority <br> System Senior Revenue <br> Bonds, 3.00%, 7/01/43<br>| 1500000 | 1298575 |
| 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 | 253543 |
| 5.00%, 7/01/48 | 100000 | 94961 |
|  |  | **1748209** |
| **District of Columbia – 1.5%** | **District of Columbia – 1.5%** | **District of Columbia – 1.5%** |
| District of Columbia <br> Hospital Revenue <br> Refunding Bonds, <br> Children's Hospital, <br> 5.00%, 7/15/44<br>| 300000 | 300434 |
| District of Columbia <br> Income Tax Secured <br> Revenue Bonds, Series A, <br> 5.25%, 5/01/48<br>| 500000 | 533578 |
| District of Columbia <br> Revenue Bonds, Ingleside <br> Rock Creek Project, <br> 5.00%, 7/01/52<br>| 400000 | 370631 |
| District of Columbia <br> Revenue Bonds, KIPP DC <br> Project, 4.00%, 7/01/39<br>| 100000 | 96445 |
| Metropolitan Washington <br> Airports Authority Dulles <br> Toll Road Revenue <br> Refunding Bonds, Dulles <br> Metrorail & Capital (AGM <br> Insured), 4.00%, 10/01/52<br>| 280000 | 251929 |
| 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 | 356062 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **District of Columbia (Continued)** | **District of Columbia (Continued)** | **District of Columbia (Continued)** |
| Metropolitan Washington <br> Airports Authority System <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/01/46 | $500000 | $511961 |
| 5.25%, 10/01/48 | 1000000 | 1044439 |
| 4.00%, 10/01/51 | 500000 | 447649 |
| Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Series A, Green <br> Bonds, 5.50%, 7/15/51<br>| 525000 | 562626 |
| Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Sustainability <br> Financed Bonds, 5.25%, <br> 7/15/53<br>| 450000 | 473673 |
|  |  | **4949427** |
| **Florida – 4.1%** | **Florida – 4.1%** | **Florida – 4.1%** |
| Alachua County Health <br> Facilities Authority <br> Revenue Bonds, Shands <br> Teaching Hospital & <br> Clinics, 5.00%, 12/01/44<br>| 500000 | 500169 |
| Broward County Airport <br> System Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/36<br>| 750000 | 791158 |
| 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 | 97435 |
| Capital Trust Authority <br> Health Care Facilities <br> Revenue Refunding <br> Bonds, Series A, UF <br> Health Projects, 5.00%, <br> 12/01/35<br>| 240000 | 269906 |
| Florida State Housing <br> Finance Corp., <br> Multifamily Mortgage <br> Variable Revenue Bonds, <br> Residences at Marina <br> Village, 2.85%, <br> 10/01/28<sup>(a)(b)(c)</sup> <br>| 600000 | 592032 |
| Greater Orlando Aviation <br> Authority Airport <br> Facilities Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/49<br>| 500000 | 504762 |
| Greater Orlando Aviation <br> Authority Airport <br> Facilities Revenue Bonds, <br> Series A (AMT), <br> Unrefunded Balance, <br> 5.00%, 10/01/40<br>| 335000 | 335135 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| Hillsborough County IDA <br> Health System Revenue <br> Refunding Bonds, <br> BayCare Health System, <br> 4.13%, 11/15/51<br>| $330000 | $308488 |
| KD52 Community <br> Development District No.1 <br> Special Assessment <br> Revenue Bonds, 6.13%, <br> 5/01/56<br>| 100000 | 100461 |
| Lakeland Hospital System <br> Revenue Refunding <br> Bonds, Lakeland Regional <br> Health Systems, 5.00%, <br> 11/15/26<br>| 425000 | 433746 |
| Lakewood Ranch <br> Stewardship District <br> Special Assessment <br> Revenue Bonds, <br> Lakewood Ranch <br> Southeast Project, 5.80%, <br> 5/01/45<br>| 100000 | 103811 |
| Lakewood Ranch <br> Stewardship District <br> Utility Revenue Bonds, <br> System Acquisition <br> Project (AGM Insured), <br> 5.25%, 10/01/48<br>| 350000 | 368819 |
| Lee County IDA Healthcare <br> Facilities Revenue Bonds, <br> Shell Point/Waterside <br> Health Project, 5.00%, <br> 11/15/39<br>| 300000 | 308060 |
| Lee County Local Optional <br> Gas TRB, 5.25%, 8/01/49<br>| 355000 | 369488 |
| Miami Beach <br> Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic <br> Convention (AG Insured), <br> 5.00%, 2/01/41<br>| 250000 | 268990 |
| Miami-Dade County <br> Aviation Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/49<br>| 500000 | 502458 |
| Miami-Dade County <br> Expressway Authority Toll <br> System Revenue Bonds, <br> Series A, 5.00%, 7/01/28<br>| 250000 | 250362 |
| Miami-Dade County Florida <br> Aviation Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, 10/01/34<br>| 325000 | 366550 |
| Miami-Dade County GO <br> Unlimited Bonds, Public <br> Health Trust Program, <br> 4.00%, 7/01/42<br>| 250000 | 250344 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $452870 |
| Orlando Contract Tourist <br> Development Tax <br> Payments Revenue <br> Bonds, Camping World <br> Stadium (AG Insured), <br> 5.25%, 11/01/43<br>| 250000 | 268438 |
| Palm Beach County Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Acts Retirement - <br> Life Communities, 5.00%, <br> 11/15/32<br>| 500000 | 506354 |
| Polk County Utility System <br> Revenue Refunding <br> Bonds, 4.00%, 10/01/43<br>| 400000 | 394296 |
| Saint John County School <br> Board COPS, Series A <br> (AGM Insured), 5.25%, <br> 7/01/46<br>| 500000 | 532615 |
| Sarasota County Public <br> Hospital District Revenue <br> Bonds, Sarasota <br> Memorial Hospital <br> Project, 5.00%, 7/01/52<br>| 250000 | 255081 |
| South Broward Hospital <br> District Revenue Bonds, <br> South Broward Hospital <br> District Obligated Group, <br> 4.00%, 5/01/48<br>| 500000 | 472766 |
| South Broward Hospital <br> District Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 5/01/44<br>| 500000 | 466506 |
| South Miami Health <br> Facilities Authority <br> Variable Revenue Bonds, <br> Baptist Health South <br> Florida, 5.00%, <br> 8/15/30<sup>(a)(b)(c)</sup> <br>| 750000 | 819467 |
| Tampa Health System <br> Revenue Bonds, Series A, <br> BayCare, 4.00%, 11/15/46<br>| 415000 | 388256 |
| Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center, 5.00%, <br> 7/01/27<br>| 125000 | 129005 |
| Village Community <br> Development District No. <br> 14 Special Assessment <br> Revenue Bonds, 5.50%, <br> 5/01/53<br>| 235000 | 239244 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| Village Community <br> Development District No. <br> 15 Special Assessment <br> Revenue Bonds, 4.20%, <br> 5/01/39<sup>(d)</sup> <br>| $250000 | $247280 |
| Village Community <br> Development District No. <br> 16 Special Assessment <br> Revenue Bonds, 4.88%, <br> 5/01/45<sup>(f)</sup> <br>| 250000 | 249705 |
| Volusia County Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Embry-Riddle <br> Aeronautical, 5.00%, <br> 10/15/44<br>| 500000 | 514699 |
| 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 | 494615 |
| Wildwood Utility <br> Dependent District <br> Subordinate Revenue <br> Bonds, South Sumter <br> Utility Project (BAM <br> Insured), 5.00%, 10/01/36<br>| 400000 | 437792 |
|  |  | **13591163** |
| **Georgia – 3.9%** | **Georgia – 3.9%** | **Georgia – 3.9%** |
| Atlanta Airport Passenger <br> Facility Charge <br> Subordinate Revenue <br> Bonds, Series C, 5.00%, <br> 7/01/40<br>| 365000 | 395507 |
| Atlanta Airport Sustainable <br> Revenue Bonds, Series <br> B-1 (AMT), 5.25%, 7/01/45<br>| 100000 | 106437 |
| Atlanta Development <br> Authority Senior Lien <br> Revenue Bonds, Series <br> A-1, 5.00%, 7/01/30<br>| 200000 | 200443 |
| Atlanta Development <br> Authority Student <br> Housing Revenue Bonds, <br> PRG - CAU Properties LLC <br> Project, 6.00%, 7/01/55<sup>(d)</sup> <br>| 135000 | 139467 |
| Atlanta Development <br> Authority Student <br> Housing Revenue Bonds, <br> PRG CAU Properties LLC <br> Project,<br>|  |  |
| 5.00%, 7/01/35<sup>(d)</sup> <br>| 125000 | 130209 |
| 6.00%, 7/01/45<sup>(d)</sup> <br>| 100000 | 104466 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| 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 | $256844 |
| 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 | 226423 |
| Burke County Development <br> Authority Pollution <br> Control Variable Revenue <br> Refunding Bonds, Georgia <br> Power Company Plant <br> Vogtle Project, 3.38%, <br> 3/12/27<sup>(a)(b)(c)</sup> <br>| 575000 | 576457 |
| City of Atlanta Airport <br> Passenger Facility Charge <br> Subordinate Lien Green <br> Revenue Bonds (AMT), <br> 5.25%, 7/01/41<br>| 500000 | 542800 |
| 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 | 213023 |
| 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 | 509322 |
| Geo L. Smith II Congress <br> Authority Convention <br> Center Hotel Revenue <br> Bonds, 4.00%, 1/01/36<br>| 500000 | 494822 |
| 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 | 213543 |
| Georgia State Housing & <br> Finance Authority <br> Revenue Bonds, Series A, <br> 4.70%, 12/01/54<br>| 265000 | 265593 |
| Georgia State Ports <br> Authority Revenue Bonds, <br> 5.00%, 7/01/47<br>| 1000000 | 1047646 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| Glynn-Brunswick Memorial <br> Hospital Authority <br> Revenue Refunding <br> Anticipation Certificates <br> Bonds, Southeast Georgia <br> Health System, 5.00%, <br> 8/01/34<br>| $530000 | $530534 |
| Griffin-Spalding County <br> Hospital Authority <br> Revenue Anticipation <br> Certificates Bonds, <br> Wellstar, 5.00%, 4/01/35<br>| 150000 | 153464 |
| Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 6/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1060146 |
| 5.00%, 9/01/31<sup>(a)(b)(c)</sup> <br>| 250000 | 270337 |
| 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 | 735260 |
| 5.00%, 3/01/30<sup>(a)(b)(c)</sup> <br>| 335000 | 359030 |
| 5.00%, 3/01/32<sup>(a)(b)(c)</sup> <br>| 750000 | 815875 |
| 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 | 351986 |
| 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 | 266300 |
| 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 | 543001 |
| 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 | 161533 |
| Main Street Natural <br> Gas, Inc., Gas Supply <br> Variable Revenue Bonds, <br> Series B, 5.00%, <br> 12/01/35<sup>(a)(b)(c)</sup> <br>| 250000 | 274157 |
| 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 | 254262 |
| Municipal Electric <br> Authority Revenue Bonds, <br> Plant VOGTLE Units 3&4 <br> Project (BAM, TCRS <br> Insured), 5.00%, 1/01/49<br>| 250000 | 251148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| Private Colleges & <br> Universities Authority <br> Revenue Refunding <br> Bonds, Series A, Emory <br> University,<br>|  |  |
| 5.25%, 9/01/43 | $1000000 | $1111069 |
| 5.25%, 9/01/44 | 250000 | 275704 |
| Savannah Georgia Center <br> Authority Convention <br> Center Hotel First Tier <br> Revenue Bonds, 5.25%, <br> 6/01/61<br>| 100000 | 99597 |
| Savannah Georgia Center <br> Authority Convention <br> Center Hotel Second Tier <br> Revenue Bonds, 6.00%, <br> 6/01/50<sup>(d)</sup> <br>| 100000 | 99479 |
|  |  | **13035884** |
| **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 | **238540** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| Honolulu City & County <br> Wastewater System <br> Sustainable Revenue <br> Bonds, Senior Series A, <br> 5.25%, 7/01/54<br>| 600000 | **646058** |
| **Idaho – 0.5%** | **Idaho – 0.5%** | **Idaho – 0.5%** |
| Idaho State Housing & <br> Finance Association SFM <br> Revenue Bonds, Series A <br> (GNMA, FNMA, FHLMC <br> Insured), 6.00%, 7/01/54<br>| 480000 | 528715 |
| Southern Idaho Regional <br> Solid Waste District <br> RANS, USDA Takeout <br> Loan, 4.00%, 3/01/28<br>| 1000000 | 1005639 |
|  |  | **1534354** |
| **Illinois – 6.6%** | **Illinois – 6.6%** | **Illinois – 6.6%** |
| Chicago Board of <br> Education GO Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/01/38 | 500000 | 492225 |
| 5.00%, 12/01/42 | 250000 | 236101 |
| Chicago Board of <br> Education GO Unlimited <br> Bonds, Series D, 5.00%, <br> 12/01/46<br>| 350000 | 317583 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Chicago Board of <br> Education GO Unlimited <br> Refunding Bonds, <br> Dedicated, Series D, <br> 5.00%, 12/01/31<br>| $750000 | $758300 |
| Chicago Board of <br> Education GO Unlimited <br> Refunding Bonds, Series <br> B,<br>|  |  |
| 5.25%, 12/01/30<sup>(f)</sup> <br>| 350000 | 365132 |
| 5.00%, 12/01/32 | 300000 | 304685 |
| Chicago City Colleges <br> Capital Appreciation GO <br> Unlimited Bonds (NATL <br> Insured), 0.00%, 1/01/30<sup>(e)</sup> <br>| 750000 | 649544 |
| Chicago GO Unlimited <br> Bonds, Series A, Chicago <br> Works, 5.50%, 1/01/39<br>| 250000 | 259423 |
| Chicago GO Unlimited <br> Bonds, Series B, 5.00%, <br> 1/01/32<br>| 1000000 | 1059702 |
| Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 5.00%, 1/01/31<br>| 500000 | 543245 |
| Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series D, 5.00%, <br> 1/01/45<br>| 500000 | 531332 |
| Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds (AMT), <br> 5.00%, 1/01/28<br>| 680000 | 704305 |
| Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, 1/01/31<br>| 250000 | 262807 |
| Chicago Refunding GO <br> Unlimited Bonds, Series <br> B, 5.00%, 1/01/31<br>| 1000000 | 1051287 |
| Chicago Refunding GO <br> Unlimited Refunding <br> Bonds, Series A, Partially <br> Escrowed to Maturity, <br> 5.00%, 1/01/27<br>| 250000 | 253169 |
| Chicago Special <br> Assessment Refunding <br> Bonds, Lakeshore East <br> Project, 2.87%, 12/01/27<sup>(d)</sup> <br>| 254000 | 247565 |
| 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 | 259411 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Cook County Sales Tax <br> Revenue Refunding <br> Bonds, 5.00%, 11/15/45<br>| $1000000 | $1053519 |
| Du Page & Will Counties <br> Community School <br> District No. 204 Indian <br> Prairie GO Unlimited <br> Bonds, 5.00%, 1/15/45<br>| 500000 | 525700 |
| Illinois State Finance <br> Authority Revenue Bonds, <br> Series A, The University of <br> Chicago, 5.25%, 5/15/48<br>| 100000 | 105381 |
| Illinois State Finance <br> Authority Revenue Bonds, <br> The Chicago School, <br> 5.25%, 4/01/43<br>| 250000 | 255392 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 7/15/39<br>| 250000 | 248420 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Bradley University <br> Project, 4.00%, 8/01/43<br>| 250000 | 212312 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Lutheran Communities, <br> 5.00%, 11/01/40<br>| 350000 | 242375 |
| Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, The Carle Foundation, <br> 5.00%, 2/15/45<br>| 250000 | 250302 |
| 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 | 1940581 |
| Illinois State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Field Museum of <br> Natural History, (SOFR + <br> 1.20%), 4.10%, <br> 9/01/28<sup>(a)(c)</sup> <br>| 250000 | 249321 |
| Illinois State GO Unlimited <br> Bonds, Series A, 5.00%, <br> 5/01/32<br>| 500000 | 522677 |
| Illinois State GO Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 10/01/31 | 250000 | 272769 |
| 5.50%, 5/01/47 | 100000 | 105239 |
| 5.25%, 5/01/47 | 100000 | 104108 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| Illinois State HDA MFH <br> Variable Revenue Bonds, <br> Hope Manor Village Joliet <br> (Housing & Urban <br> Development Sector 8 <br> Program), 3.15%, <br> 2/01/28<sup>(a)(b)(c)</sup> <br>| $500000 | $501182 |
| Illinois State HDA Revenue <br> Refunding Bonds, Series <br> H, Social Bonds (GNMA, <br> FNMA, FHLMC Insured), <br> 5.75%, 10/01/53<br>| 200000 | 213091 |
| Illinois State Refunding GO <br> Unlimited Bonds, 5.00%, <br> 2/01/39<br>| 200000 | 217894 |
| Illinois State Sales Tax <br> Revenue Refunding <br> Bonds, Subseries D (BAM, <br> TCRS Insured), 3.00%, <br> 6/15/31<br>| 390000 | 381039 |
| Illinois State Toll Highway <br> Authority Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 1/01/40 | 400000 | 400357 |
| 4.00%, 1/01/46 | 250000 | 231540 |
| Illinois State Toll Highway <br> Authority Senior Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/01/40 | 500000 | 530779 |
| 5.00%, 1/01/45 | 250000 | 258775 |
| Illinois State University <br> Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 4/01/31 | 220000 | 242780 |
| 5.00%, 4/01/32 | 225000 | 251259 |
| Macoupin Country <br> Community Unit School <br> District No. 7 GO <br> Unlimited Refunding <br> Bonds, Series D (AGM <br> Insured), 4.00%, 12/01/26<br>| 250000 | 250209 |
| Metropolitan Pier & <br> Exposition Authority <br> Revenue Refunding <br> Bonds, McCormick Place <br> Expansion, 4.00%, <br> 12/15/42<br>| 250000 | 234874 |
| Metropolitan Pier & <br> Exposition Authority <br> Revenue Refunding <br> Bonds, McCormick Place <br> Expansion Project, 5.00%, <br> 6/15/42<br>| 500000 | 511042 |
| Naperville GO Unlimited <br> Bonds, 4.00%, 12/01/41<br>| 145000 | 148303 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| 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 | $361362 |
| Regional Transportation <br> Authority Revenue Bonds, <br> Series B (NATL Insured), <br> 5.50%, 6/01/27<br>| 190000 | 195541 |
| Sales Tax <br> Securitization Corp., <br> Second Lien Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 1/01/38<br>| 250000 | 248972 |
| Sangamon Logan & <br> Menard Counties <br> Community Unit School <br> District No. 15 GO <br> Unlimited Bonds, Series B <br> (BAM Insured), 4.00%, <br> 12/01/39<br>| 250000 | 247714 |
| Waukegan City Lake <br> County Water & Sewer <br> System Revenue <br> Refunding Bonds (AGM <br> Insured),<br>|  |  |
| 5.00%, 12/30/26 | 200000 | 205100 |
| 4.00%, 12/30/38 | 500000 | 506058 |
| 4.00%, 12/30/40 | 500000 | 502184 |
| Waukegan GO Unlimited <br> Bonds, Series A (AGM <br> Insured), 5.00%, 12/30/32<br>| 250000 | 250252 |
| 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 | 658100 |
|  |  | **21932319** |
| **Indiana – 2.3%** | **Indiana – 2.3%** | **Indiana – 2.3%** |
| Indiana Bond Bank <br> Revenue CABS, <br> Hamilton Co., Projects,<br>|  |  |
| 0.00%, 7/15/28<sup>(e)</sup> <br>| 900000 | 817297 |
| 0.00%, 1/15/29<sup>(e)</sup> <br>| 560000 | 498992 |
| 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 | 260437 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| Indiana State Finance <br> Authority Health System <br> Revenue Refunding <br> Bonds, Series C, Indiana <br> University Health, 5.25%, <br> 10/01/44<br>| $150000 | $163712 |
| Indiana State Finance <br> Authority Health System <br> Variable Revenue <br> Refunding Bonds, Indiana <br> University Health, 5.00%, <br> 10/01/29<sup>(a)(b)(c)</sup> <br>| 1205000 | 1298596 |
| Indiana State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Deaconess Health <br> System, (SIFMA <br> Municipal Swap Index <br> Yield + 0.30%), 3.52%, <br> 3/01/27<sup>(a)(c)</sup> <br>| 1265000 | 1254921 |
| Indiana State Housing & <br> Community Development <br> Authority SFM <br> Sustainable Revenue <br> Bonds, Series C-1, <br> (GNMA, FNMA, FHLMC <br> Insured), 4.85%, 7/01/45<br>| 150000 | 152567 |
| 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 | 265088 |
| Knox Middle School <br> Building Corp., Revenue <br> Bonds (State Intercept <br> Program), 5.00%, 1/15/27<br>| 440000 | 451163 |
| Tippecanoe County School <br> Building Corp., Revenue <br> Bonds, Series B (State <br> Intercept Program), <br> 5.00%, 7/15/29<br>| 195000 | 210264 |
| Valparaiso Exempt <br> Facilities Revenue <br> Refunding Bonds (AMT), <br> Pratt Paper LLC,<br>|  |  |
| 4.88%, 1/01/44<sup>(d)</sup> <br>| 250000 | 252077 |
| 5.00%, 1/01/54<sup>(d)</sup> <br>| 250000 | 246688 |
| Westfield Washington <br> Multi-School <br> Building Corp., Revenue <br> Bonds, First Mortgage <br> (BAM State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/28 | 215000 | 222948 |
| 5.00%, 7/15/28 | 315000 | 329231 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| 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 | $388044 |
| 5.00%, 1/15/28 | 455000 | 475867 |
| Whiting Environmental <br> Facilities Variable <br> Revenue Bonds (AMT), BP <br> Products North America, <br> 4.40%, 6/10/31<sup>(a)(b)(c)</sup> <br>| 500000 | 528561 |
|  |  | **7816453** |
| **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** |
| Andover GO Unlimited <br> Temporary Notes, Series <br> A, 3.50%, 10/01/28<br>| 1000000 | **1004039** |
| **Kentucky – 1.8%** | **Kentucky – 1.8%** | **Kentucky – 1.8%** |
| Fayette County School <br> District Finance Corp., <br> Revenue Bonds, Series A <br> (State Intercept Program), <br> 4.00%, 5/01/38<br>| 250000 | 250097 |
| Kenton County Airport <br> Board Revenue <br> Refunding Bonds, 5.00%, <br> 1/01/32<br>| 400000 | 401348 |
| 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 | 158539 |
| Kentucky State Economic <br> Development Finance <br> Authority Revenue Bonds, <br> Owensboro Health, 5.25%, <br> 6/01/50<br>| 250000 | 249997 |
| 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 | 190802 |
| 5.00%, 5/15/46 | 100000 | 82312 |
| 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 | 301533 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Kentucky (Continued)** | **Kentucky (Continued)** | **Kentucky (Continued)** |
| 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 | $1957144 |
| Louisville & Jefferson <br> County Metro <br> Government PCR <br> Refunding Bonds (AMT), <br> Louisville Gas & Electric, <br> 1.35%, 11/01/27<br>| 1500000 | 1430163 |
| Rural Water Financing <br> Agency Public Project <br> Revenue Bonds, Public <br> Project Construction, <br> 3.70%, 5/01/27<br>| 1000000 | 989570 |
|  |  | **6011505** |
| **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 | 468653 |
| Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Ochsner Clinic <br> Foundation Project, <br> 5.00%, 5/15/28<br>| 500000 | 522467 |
| Louisiana State Local <br> Government <br> Environmental Facilities & <br> Community Development <br> Authority Subordinate <br> Revenue Refunding <br> Bonds, East Baton Rouge, <br> 5.00%, 2/01/27<br>| 400000 | 409967 |
| 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 | 305555 |
| Louisiana State Public <br> Facilities Authority Lease <br> Revenue Bonds, South <br> Quad L3C-Louisiana State <br> University (AG Insured), <br> 5.25%, 7/01/50<br>| 300000 | 316679 |
| 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 | 211916 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Louisiana (Continued)** | **Louisiana (Continued)** | **Louisiana (Continued)** |
| Saint James Parish Variable <br> Revenue Bonds, Nustar <br> Logistics L.P. Project, <br> 3.70%, 6/01/30<sup>(a)(b)(c)</sup> <br>| $250000 | $252437 |
| 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 | 101216 |
|  |  | **2588890** |
| **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 | 222242 |
| 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 | 31055 |
| 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 | 640100 |
|  |  | **893397** |
| **Maryland – 1.9%** | **Maryland – 1.9%** | **Maryland – 1.9%** |
| Baltimore Convention <br> Center Hotel Revenue <br> Refunding Bonds, <br> Convention Center Hotel, <br> 5.00%, 9/01/39<br>| 500000 | 502268 |
| Maryland State Community <br> 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 | 515295 |
| 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 | 1329776 |
| 5.25%, 6/30/55 | 1000000 | 985909 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| Maryland State Economic <br> Development Corp., <br> Revenue Bonds (AMT), <br> Seagirt Marine Terminal <br> Projects, 5.00%, 6/01/44<br>| $500000 | $504767 |
| Maryland State Economic <br> Development Corp., <br> Senior Lien Revenue <br> Bonds, Annapolis <br> Mobility & Resilience, <br> 5.00%, 12/31/42<br>| 145000 | 149646 |
| Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Bonds, Adventist <br> Healthcare Obligated, <br> 5.50%, 1/01/31<br>| 400000 | 409422 |
| 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 | 287745 |
| 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 | 114775 |
| 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 | 428461 |
| Montgomery County GO <br> Unlimited Refunding <br> Bonds, Series A, <br> Consolidated Public <br> Improvement Project, <br> 2.00%, 8/01/41<br>| 1000000 | 722977 |
| 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 | 176228 |
| 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 | 211640 |
|  |  | **6338909** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Massachusetts – 0.6%** | **Massachusetts – 0.6%** | **Massachusetts – 0.6%** |
| Massachusetts State <br> Development Finance <br> Agency Revenue Bonds, <br> UMass Boston Student <br> Housing Project, 5.00%, <br> 10/01/48<br>| $500000 | $473015 |
| Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Beth <br> Israel Lahey Health (AG <br> Insured), 5.50%, 7/01/50<br>| 500000 | 540715 |
| 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 | 250074 |
| Massachusetts State <br> Educational Financing <br> Authority Senior Revenue <br> Bonds, Series B (AMT), <br> 5.00%, 7/01/28<br>| 280000 | 290741 |
| Massachusetts State Port <br> Authority Revenue Bonds, <br> Series B (AMT), 4.00%, <br> 7/01/46<br>| 250000 | 229610 |
| Massachusetts State Port <br> Authority Revenue Bonds, <br> Series E (AMT), 5.00%, <br> 7/01/27<br>| 365000 | 376221 |
|  |  | **2160376** |
| **Michigan – 2.3%** | **Michigan – 2.3%** | **Michigan – 2.3%** |
| Detroit GO Unlimited <br> Bonds, 5.00%, 4/01/27<br>| 50000 | 51135 |
| Detroit GO Unlimited <br> Bonds, Series A, Social <br> Bonds, 4.00%, 4/01/40<br>| 250000 | 245113 |
| Michigan State Finance <br> Authority Limited <br> Obligation Revenue <br> Refunding Bonds, <br> Lawrence Technological <br> University, 4.00%, 2/01/27<br>| 95000 | 94704 |
| 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 | 305956 |
| Michigan State Finance <br> Authority Revenue <br> Refunding Bonds, Trinity <br> Health Credit Group,<br>|  |  |
| 4.00%, 12/01/35 | 515000 | 523445 |
| 4.00%, 12/01/40 | 500000 | 490006 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |
| Michigan State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Beaumont <br> Spectrum, (SIFMA <br> Municipal Swap Index <br> Yield + 0.75%), 3.97%, <br> 4/15/27<sup>(a)(c)</sup> <br>| $1500000 | $1495472 |
| Michigan State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, McLaren Health <br> Care, 1.20%, 10/15/30<sup>(b)(c)</sup> <br>| 500000 | 471729 |
| 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 | 429658 |
| 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 | 997463 |
| Michigan State Trunk Line <br> Revenue Bonds, <br> Rebuilding Michigan <br> Program, 5.50%, 11/15/49<br>| 1000000 | 1088011 |
| Okemos Public School <br> District GO Unlimited <br> Bonds, Series II (Q-SBLF <br> Insured), 5.00%, 5/01/49<br>| 500000 | 526003 |
| Wayne County Airport <br> Authority Revenue <br> Refunding Bonds (AMT), <br> Detroit Metropolitan, <br> 5.00%, 12/01/33<sup>(f)</sup> <br>| 470000 | 525084 |
| Wayne State University <br> Revenue Refunding <br> Bonds, Series A (BAM, <br> TCRS Insured), 5.00%, <br> 11/15/27<br>| 300000 | 303635 |
|  |  | **7547414** |
| **Minnesota – 1.0%** | **Minnesota – 1.0%** | **Minnesota – 1.0%** |
| Center City Health Care <br> Facilities Revenue <br> Refunding Bonds, <br> Hazelden Betty Ford <br> Foundation, 5.00%, <br> 11/01/31<br>| 210000 | 229083 |
| Cologne Charter School <br> Lease Revenue Bonds, <br> Academy Project A, <br> 5.00%, 7/01/29<br>| 250000 | 250098 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Minnesota (Continued)** | **Minnesota (Continued)** | **Minnesota (Continued)** |
| 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 | $214385 |
| Minneapolis Health Care <br> System Revenue <br> Refunding Bonds, <br> Fairview Health Services, <br> Series A, 5.00%, 11/15/27<br>| 585000 | 585407 |
| Rochester Health Care <br> Facilities Variable <br> Revenue Bonds, Series C, <br> Mayo Clinic, 2.95%, <br> 11/15/64<sup>(c)(h)</sup> <br>| 2000000 | 2000000 |
|  |  | **3278973** |
| **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** |
| Mississippi Alcoholic <br> Beverage Control <br> Revenue Bonds, ABC <br> Warehouse Construction <br> Project, 5.00%, 10/01/44<br>| 250000 | 265114 |
| 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 | 270354 |
| Warren County Gulf <br> Opportunity Zone <br> Revenue Refunding <br> Bonds, International <br> Paper Company Project,<br>|  |  |
| 4.00%, 9/01/32 | 100000 | 102862 |
| 4.20%, 5/01/34 | 250000 | 258123 |
|  |  | **896453** |
| **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** |
| Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/27<br>| 225000 | 231192 |
| Kansas City IDA Economic <br> Activity TRB, Historic <br> Northeast Redevelopment <br> Plan, 5.00%, 6/01/46<sup>(d)</sup> <br>| 200000 | 195196 |
| Missouri State Health & <br> Educational Facilities <br> Authority Health Facilities <br> Revenue Bonds, Mercy <br> Health, 3.00%, 6/01/53<br>| 970000 | 697017 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Missouri (Continued)** | **Missouri (Continued)** | **Missouri (Continued)** |
| 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 | $908252 |
| Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 215000 | 218890 |
| 5.00%, 2/15/28 | 250000 | 258329 |
| Phelps County Hospital <br> Revenue Bonds, Phelps <br> Health, 6.00%, 12/01/55<br>| 150000 | 161343 |
|  |  | **2670219** |
| **Nebraska – 0.9%** | **Nebraska – 0.9%** | **Nebraska – 0.9%** |
| Central Plains Energy <br> Project Gas Supply <br> Revenue Bonds, <br> Subseries A-1, 5.00%, <br> 8/01/31<sup>(a)(b)(c)</sup> <br>| 1250000 | 1350108 |
| 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 | 500000 |
| Lincoln MFH Variable <br> Revenue Bonds, Central <br> at South Haymarket, <br> 3.37%, 7/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 1006653 |
|  |  | **2856761** |
| **Nevada – 0.4%** | **Nevada – 0.4%** | **Nevada – 0.4%** |
| Clark County PCR <br> Refunding Bonds, <br> Southern California <br> Edison Company, 2.10%, <br> 6/01/31<br>| 250000 | 227208 |
| Clark County Stadium <br> Improvement GO Limited <br> Bonds, Series A, 5.00%, <br> 5/01/48<br>| 500000 | 510084 |
| Las Vegas Convention & <br> Visitors Authority <br> Convention Center <br> Expansion Revenue <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/01/43 | 250000 | 255673 |
| 4.00%, 7/01/49 | 150000 | 138648 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Nevada (Continued)** | **Nevada (Continued)** | **Nevada (Continued)** |
| 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 | $76254 |
| Las Vegas Valley Water <br> District GO Limited <br> Bonds, Series A, 4.00%, <br> 6/01/46<br>| 250000 | 241507 |
|  |  | **1449374** |
| **New Hampshire – 0.6%** | **New Hampshire – 0.6%** | **New Hampshire – 0.6%** |
| National Finance Authority <br> Affordable Housing <br> Certificates Revenue <br> Bonds, 4.75%, 6/20/41<br>| 199752 | 207232 |
| National Finance Authority <br> Municipal Certificates <br> Revenue Bonds, Series <br> 1-A, 4.13%, 1/20/34<br>| 840826 | 857744 |
| 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 | 181758 |
| New Hampshire State <br> Health & Education <br> Facilities Authority <br> Revenue Refunding <br> Bonds, University of New <br> Hampshire, 5.00%, <br> 7/01/40<br>| 455000 | 455274 |
| 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 | 235561 |
|  |  | **1937569** |
| **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 | 190042 |
| 5.13%, 6/15/43 | 350000 | 349974 |
| New Jersey State EDA <br> Motor Vehicle Surcharge <br> Revenue Refunding <br> Bonds, Subseries A, <br> 3.38%, 7/01/30<br>| 250000 | 247003 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |
| New Jersey State EDA <br> Private Activity Revenue <br> Bonds (AMT), The <br> Goethals Project, 5.38%, <br> 1/01/43<br>| $100000 | $100089 |
| New Jersey State EDA <br> Revenue Bonds, Portal <br> North Bridge Project NJ <br> Transit, 5.25%, 11/01/41<br>| 235000 | 256510 |
| New Jersey State EDA <br> Revenue Bonds, Provident <br> Group Rowan <br> Properties LLC, 5.00%, <br> 1/01/48<br>| 125000 | 119912 |
| New Jersey State EDA <br> Revenue Refunding <br> Bonds, Cranes Mill <br> Project, 5.00%, 1/01/49<br>| 260000 | 239648 |
| 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 | 728566 |
| New Jersey State GO <br> Unlimited Bonds, 2.00%, <br> 6/01/37<br>| 1175000 | 940012 |
| New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series A, 4.00%, 6/15/42<br>| 250000 | 246569 |
| New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series AA, 5.00%, 6/15/40<br>| 500000 | 532433 |
|  |  | **3950758** |
| **New York – 7.6%** | **New York – 7.6%** | **New York – 7.6%** |
| 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 | 489688 |
| 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 | 236705 |
| Hempstead Town Local <br> Development Corp., <br> Education Revenue <br> Bonds, Academy Charter <br> School Project, 4.60%, <br> 2/01/51<br>| 250000 | 193213 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| Hempstead Town Local <br> Development Corp., <br> Revenue Refunding <br> Bonds, Adelphi University <br> Project, 5.00%, 6/01/27<br>| $300000 | $308689 |
| 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 | 236366 |
| Liberty Development Corp., <br> Revenue Refunding <br> Bonds, Goldman Sachs <br> Headquarters, 5.25%, <br> 10/01/35<br>| 250000 | 292038 |
| Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Climate Bond <br> Certified,<br>|  |  |
| 5.00%, 11/15/29 | 340000 | 368891 |
| 5.00%, 11/15/31 | 1000000 | 1119283 |
| Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Series D (BAM, <br> TCRS Insured), 4.00%, <br> 11/15/42<br>| 300000 | 287888 |
| New York City Housing <br> Development Corp., MFH <br> Sustainable <br> Neighborhood Revenue <br> Bonds, 3.95%, 11/01/43<br>| 275000 | 267283 |
| New York City Housing <br> Development Corp., MFH <br> Variable Sustainable <br> Revenue Bonds, 3.75%, <br> 7/02/29<sup>(a)(b)(c)</sup> <br>| 100000 | 101479 |
| 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 | 257453 |
| 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 | 263971 |
| 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 | 529129 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| New York City Transitional <br> Finance Authority <br> Adjustable Future Tax <br> Secured Subordinate <br> Revenue Bonds,<br>|  |  |
| 3.95%, 8/01/42<sup>(c)(h)</sup> <br>| $1000000 | $1000000 |
| 3.90%, 8/01/45<sup>(c)(h)</sup> <br>| 2000000 | 2000000 |
| New York City Transitional <br> Finance Authority <br> Revenue Bonds, <br> Subseries B-1, 4.00%, <br> 8/01/42<br>| 295000 | 290989 |
| New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series D, Fiscal <br> 2025,<br>|  |  |
| 5.25%, 5/01/45 | 1000000 | 1082005 |
| 5.50%, 5/01/52 | 250000 | 270397 |
| New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series H, Fiscal <br> 2025, 5.25%, 11/01/45<br>| 200000 | 217147 |
| New York GO Unlimited <br> Bonds, Series A-1, 5.25%, <br> 9/01/42<br>| 250000 | 270410 |
| New York GO Unlimited <br> Bonds, Series D, <br> Subseries D1, 5.00%, <br> 12/01/42<br>| 250000 | 258433 |
| New York Multi Modal GO <br> Unlimited Bonds, Series <br> E, Fiscal 2025, 5.00%, <br> 8/01/44<br>| 640000 | 682646 |
| New York State Convention <br> Center <br> Development Corp., <br> Revenue Refunding <br> Bonds, Hotel Unit Fee <br> Secured, 5.00%, 11/15/40<br>| 600000 | 600318 |
| New York State Dormitory <br> Authority Non State <br> Supported Debt Revenue <br> Bonds, Mount Sinai <br> Obligated Group, 5.25%, <br> 7/01/50<br>| 350000 | 352269 |
| 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 | 101853 |
| New York State Dormitory <br> Authority Non State <br> Supported Debt Revenue <br> Refunding Bonds, Series <br> A, Barnard College, 4.00%, <br> 7/01/49<br>| 300000 | 263826 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| 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 | $265495 |
| New York State Dormitory <br> Authority Sales Tax <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 3/15/45<br>| 100000 | 107337 |
| 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 | 257815 |
| New York State <br> Environmental <br> Facilities Corp., Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Draw Down Casella Waste <br> Systems, 4.25%, <br> 9/03/30<sup>(a)(b)(c)(d)</sup> <br>| 1000000 | 1012031 |
| 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 | 459339 |
| 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 | 500472 |
| 5.38%, 11/15/40<sup>(d)</sup> <br>| 150000 | 150028 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities Revenue <br> Bonds (AMT), Delta Air <br> Lines Inc., 4.00%, <br> 10/01/30<br>| 1500000 | 1528714 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities Revenue <br> Bonds (AMT), Delta Air <br> Lines, Inc.,<br>|  |  |
| 5.00%, 1/01/27 | 635000 | 647343 |
| 5.00%, 1/01/30 | 345000 | 357023 |

---

See accompanying Notes to Financial Statements

------

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

------

**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 Revenue <br> Bonds (AMT), Delta Air <br> Lines, Inc., Laguardia <br> Airport Terminal C&D <br> Redevelopment Project, <br> 5.00%, 10/01/35<br>| $500000 | $523037 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities Revenue <br> Bonds (AMT), Laguardia <br> Airport Terminal, 5.63%, <br> 4/01/40<br>| 250000 | 262511 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities Revenue <br> Bonds (AMT), Laguardia <br> Airport Terminal B <br> Redevelopment (AGM-CR <br> Insured), 4.00%, 7/01/32<br>| 250000 | 249775 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport,<br>|  |  |
| 5.50%, 6/30/54 | 335000 | 342448 |
| 6.00%, 6/30/55 | 100000 | 106778 |
| 6.00%, 6/30/59 | 175000 | 186104 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport (AGM Insured), <br> 5.00%, 6/30/49<br>| 250000 | 251579 |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport New Terminal One <br> Project, 5.50%, 6/30/39<br>| 250000 | 274620 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Refunding Bonds (AMT), <br> JFK Airport (AGC Insured), <br> 5.25%, 12/31/54<br>| $325000 | $334648 |
| 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 | 261068 |
| 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 | 266548 |
| New York State Urban <br> Development Corp., <br> Personal Income TRB, <br> Series A,<br>|  |  |
| 4.00%, 3/15/38 | 500000 | 506025 |
| 5.00%, 3/15/41 | 250000 | 263455 |
| New York State Urban <br> Development Corp., <br> Revenue Refunding <br> Bonds, Series E Group 3, <br> 4.00%, 3/15/43<br>| 500000 | 484490 |
| Port Authority of New York <br> & New Jersey <br> Consolidated 183rd <br> Revenue Bonds, 4.00%, <br> 12/15/39<br>| 440000 | 432329 |
| Port Authority of New York <br> & New Jersey <br> Consolidated 211th <br> Revenue Refunding <br> Bonds, 5.00%, 9/01/48<br>| 830000 | 844848 |
| Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Bonds, Series 221 (AMT), <br> 4.00%, 7/15/40<br>| 500000 | 493623 |
| Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Refunding Bonds (AMT), <br> 5.50%, 8/01/52<br>| 600000 | 635253 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| Triborough Bridge & Tunnel <br> Authority Payroll Mobility <br> Tax Revenue Refunding <br> Bonds, Series A, MTA <br> Bridges & Tunnels, 5.00%, <br> 5/15/47<br>| $250000 | $259630 |
| Triborough Bridge & Tunnel <br> Authority Payroll Mobility <br> Tax Senior Lien Revenue <br> Bonds, Series C, 5.00%, <br> 5/15/47<br>| 255000 | 264822 |
| Triborough Bridge & Tunnel <br> Authority Revenue Bonds, <br> Series A, MTA Bridges & <br> Tunnels, 5.00%, 11/15/45<br>| 250000 | 267327 |
| Troy Capital <br> Resource Corp., Revenue <br> Bonds, Rensselaer <br> Polytechnic Institute <br> Project, 4.00%, 9/01/33<br>| 100000 | 102517 |
| Yonkers Economic <br> Development Corp., <br> Educational Revenue <br> Bonds, Charter School <br> Educational Excellence <br> Project, 5.00%, 10/15/49<br>| 100000 | 92752 |
|  |  | **25334153** |
| **North Carolina – 2.0%** | **North Carolina – 2.0%** | **North Carolina – 2.0%** |
| Columbus County <br> Industrial Facilities & <br> Pollution Control <br> Financing Authority <br> Recovery Zone Facility <br> Revenue Refunding <br> Bonds, International <br> Paper Company Project, <br> 4.20%, 5/01/34<br>| 250000 | 258123 |
| Forsyth County GO <br> Unlimited Bonds, Series <br> B, 2.00%, 3/01/37<br>| 1000000 | 838664 |
| Greater Asheville Regional <br> Airport Authority Airport <br> System Revenue Bonds <br> (AMT) (AGM Insured), <br> 5.25%, 7/01/48<br>| 250000 | 258028 |
| 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 | 1049993 |
| 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 | 302906 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| 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%, 10/01/34 | $250000 | $251486 |
| 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 | 202467 |
| North Carolina State <br> Housing Finance Agency <br> Revenue Bonds, Series <br> 59-A, 1998 Trust <br> Agreement, (GNMA, <br> FNMA, FHLMC Insured), <br> 4.55%, 7/01/45<sup>(f)</sup> <br>| 100000 | 100029 |
| 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 | 180923 |
| 4.00%, 9/01/34 | 185000 | 185084 |
| North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Revenue Bonds, <br> United Methodist <br> Retirement House, 3.75%, <br> 10/01/28<br>| 525000 | 525169 |
| 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 | 93926 |
| North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Tax-Exempt <br> Revenue Bonds, First <br> Mortgage, Twin Lakes <br> Community, 3.90%, <br> 1/01/29<br>| 680000 | 680374 |
| North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Bonds, <br> Triangle Expressway, <br> 4.00%, 1/01/55<br>| 225000 | 199970 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| 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 | $509832 |
| North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Refunding <br> Bonds, 5.00%, 1/01/40<br>| 550000 | 567969 |
| Union County GO Unlimited <br> Bonds, Series C, 2.50%, <br> 9/01/38<br>| 590000 | 514137 |
|  |  | **6719080** |
| **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%, 12/01/29<br>| 125000 | 133495 |
| University of North Dakota <br> COPS, Infrastructure <br> Energy Improvement, <br> 5.00%, 4/01/48<br>| 500000 | 508724 |
|  |  | **642219** |
| **Ohio – 2.3%** | **Ohio – 2.3%** | **Ohio – 2.3%** |
| Akron Bath Copley Joint <br> Township Hospital <br> District Revenue <br> Refunding Bonds, <br> Summa Health Obligated <br> Group Hospital, Escrowed <br> to Maturity,<br>|  |  |
| 5.00%, 11/15/26 | 350000 | 357329 |
| 5.00%, 11/15/27 | 370000 | 385703 |
| Buckeye Tobacco <br> Settlement Financing <br> Authority Revenue <br> Refunding Bonds, <br> Senior-Class 2, Series B-2, <br> 5.00%, 6/01/55<br>| 900000 | 754235 |
| 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 | 177010 |
| Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facility Revenue <br> Bonds, Cleveland <br> Museum of Natural <br> History Project,<br>|  |  |
| 5.00%, 7/01/27 | 125000 | 129100 |
| 5.00%, 7/01/28 | 155000 | 163222 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| 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%, 12/01/55<sup>(d)</sup> <br>| $250000 | $201142 |
| Conotton Valley Union <br> Local School District <br> COPS, School Facilities <br> Project (FHLMC Insured), <br> 4.00%, 12/01/42<br>| 500000 | 489532 |
| Franklin County <br> Convention Facilities <br> Authority Hotel Project <br> Revenue Bonds, Greater <br> Columbus Convention <br> Center,<br>|  |  |
| 5.00%, 12/01/34 | 170000 | 175418 |
| 5.00%, 12/01/36 | 305000 | 312908 |
| Hamilton County Hospital <br> Facilities Revenue Bonds, <br> Cincinnati Children's <br> Hospital Project, 5.00%, <br> 11/15/41<br>| 250000 | 283651 |
| Marion County Health Care <br> Facilities Revenue <br> Refunding Bonds, United <br> Church Homes, Inc., <br> 5.13%, 12/01/49<br>| 100000 | 75767 |
| Miami Valley Career <br> Technology Center GO <br> Unlimited Bonds, 4.00%, <br> 12/01/37<br>| 250000 | 251837 |
| Middleburg Heights <br> Hospital Revenue <br> Refunding Bonds, <br> Southwest General Health <br> Center, 4.00%, 8/01/41<br>| 500000 | 472743 |
| Ohio State Air Quality <br> Development Authority <br> Variable Revenue <br> Refunding Bonds (AMT), <br> Dayton Power & Light <br> Company Project, 4.25%, <br> 6/01/27<sup>(a)(b)(c)</sup> <br>| 925000 | 939506 |
| 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 | 253998 |
| 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 | 930232 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| 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 | $422718 |
| Ohio State Hospital <br> Revenue Refunding <br> Bonds, Premier Health <br> Partners Obligated Group, <br> 5.00%, 11/15/26<br>| 145000 | 147092 |
| Ohio State Hospital <br> Revenue Refunding <br> Bonds, University <br> Hospitals Health, 5.00%, <br> 1/15/28<br>| 600000 | 623244 |
| 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 | 96696 |
|  |  | **7643083** |
| **Oklahoma – 2.5%** | **Oklahoma – 2.5%** | **Oklahoma – 2.5%** |
| Carter County Public <br> Facilities Authority <br> Educational Facilities <br> Lease Revenue Bonds, <br> 5.00%, 9/01/28<br>| 1230000 | 1277990 |
| Comanche County Hospital <br> Authority Revenue <br> Refunding Bonds, 5.00%, <br> 7/01/29<br>| 570000 | 570226 |
| 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 | 241192 |
| McIntosh County <br> Educational Facilities <br> Authority Lease Revenue <br> Bonds, Eufaula Public <br> Schools Project,<br>|  |  |
| 5.00%, 9/01/30 | 455000 | 486869 |
| 5.00%, 9/01/31 | 200000 | 216391 |
| Oklahoma City Water <br> Utilities Trust Utility <br> System Revenue Bonds, <br> 5.25%, 7/01/64<br>| 500000 | 531840 |
| Oklahoma County Finance <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Western Heights <br> Public Schools, 5.00%, <br> 9/01/31<br>| 1000000 | 1059721 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |
| Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project, 2.00%, 12/01/47<br>| $8975 | $448 |
| Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project-B, 5.88%, 12/01/47<br>| 43620 | 23718 |
| Oklahoma Housing <br> Finance Agency <br> Collateralized Variable <br> Revenue Bonds, Crimson <br> Flats West, 3.63%, <br> 5/01/27<sup>(a)(b)(c)</sup> <br>| 625000 | 628975 |
| Oklahoma State Turnpike <br> Authority Second Senior <br> Revenue Bonds, Series C, <br> 5.00%, 1/01/47<br>| 1000000 | 1010084 |
| Oklahoma State Turnpike <br> Authority Senior Lien <br> Revenue Bonds, 5.50%, <br> 1/01/53<br>| 475000 | 506581 |
| 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 | 284841 |
| 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 | 778935 |
| Tulsa County Industrial <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Glenpool Public <br> Schools Project, 5.00%, <br> 9/01/29<br>| 370000 | 400198 |
| Washington County <br> Educational Facilities <br> Authority Lease Revenue <br> Bonds, Dewey Public <br> Schools Project, 5.00%, <br> 9/01/29<br>| 435000 | 458317 |
|  |  | **8476326** |
| **Oregon – 1.0%** | **Oregon – 1.0%** | **Oregon – 1.0%** |
| Medford Hospital Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Asante Projects, 5.00%, <br> 8/15/45<br>| 500000 | 512585 |
| 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 | 504253 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oregon (Continued)** | **Oregon (Continued)** | **Oregon (Continued)** |
| Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Samaritan Health <br> Services, 5.00%, 10/01/30<br>| $300000 | $319899 |
| Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Legacy Health Project, <br> 5.00%, 6/01/46<br>| 500000 | 501511 |
| Port of Morrow GO Limited <br> Refunding Bonds, Series <br> D,<br>|  |  |
| 4.00%, 12/01/26 | 170000 | 171067 |
| 4.00%, 12/01/27 | 240000 | 243101 |
| Port of Portland Airport <br> Revenue Refunding <br> Bonds, Series 30B (AMT), <br> 5.00%, 7/01/27<br>| 500000 | 515610 |
| Port of Portland Airport <br> Sustainable Revenue <br> Bonds, Series 30 (AMT), <br> 5.25%, 7/01/49<br>| 250000 | 262958 |
| Salem Hospital Facility <br> Authority Revenue <br> Refunding Bonds, Capital <br> Manor Project, 5.00%, <br> 5/15/27<br>| 260000 | 264271 |
|  |  | **3295255** |
| **Pennsylvania – 4.2%** | **Pennsylvania – 4.2%** | **Pennsylvania – 4.2%** |
| Allentown Neighborhood <br> Improvement Zone <br> Development Authority <br> Tax Revenue Refunding <br> Bonds, Forward Delivery, <br> 5.00%, 5/01/42<br>| 250000 | 257827 |
| Chester County IDA <br> Revenue Bonds, Avon <br> Grove Charter School, <br> 5.00%, 3/01/27<br>| 500000 | 504460 |
| Chester County IDA <br> Sustainable Revenue <br> Bonds, Longwood <br> Gardens, 4.00%, 12/01/51<br>| 805000 | 737562 |
| Commonwealth Financing <br> Authority Tobacco Master <br> Settlement Payment <br> Revenue Bonds (AG <br> Insured), 4.00%, 6/01/39<br>| 500000 | 496066 |
| Cumberland County <br> Municipal Authority <br> Revenue Bonds, Penn <br> State Health, 4.00%, <br> 11/01/44<br>| 500000 | 466723 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| 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 | $174547 |
| Doylestown Hospital <br> Authority Revenue <br> Refunding Bonds, <br> Doylestown Hospital, <br> Unrefunded Balance, <br> 5.00%, 7/01/41<br>| 350000 | 352112 |
| Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System,<br>|  |  |
| 4.00%, 2/15/39 | 250000 | 249445 |
| 4.00%, 2/15/47 | 500000 | 457063 |
| Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System <br> Obligation, 4.00%, <br> 4/01/39<br>| 340000 | 338056 |
| Lancaster County Hospital <br> Authority Revenue <br> Refunding Bonds, <br> Masonic Villages Project, <br> 5.00%, 11/01/30<br>| 470000 | 502999 |
| Lancaster Municipal <br> Authority Healthcare <br> Facilities Revenue <br> Refunding Bonds, Garden <br> Spot Village Project, <br> 5.00%, 5/01/30<br>| 200000 | 213340 |
| Luzerne County IDA <br> Revenue Refunding <br> Bonds (AMT), <br> Pennsylvania-American <br> Water Co., Project, 2.45%, <br> 12/03/29<sup>(a)(b)(c)</sup> <br>| 750000 | 690390 |
| Montgomery County IDA <br> Revenue Bonds, Acts <br> Retirement-Life <br> Communities, 5.00%, <br> 11/15/45<br>| 500000 | 500190 |
| 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 | 518260 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| Pennsylvania State <br> Economic Development <br> Financing Authority <br> Revenue Bonds (AMT), <br> Pennsylvania Bridges <br> FINCO LP-P3 Project, <br> 5.00%, 12/31/34<br>| $250000 | $251725 |
| 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 | 599496 |
| Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> 4.00%, 3/15/40<br>| 500000 | 485648 |
| Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-1, 4.00%, 4/15/45<br>| 500000 | 467422 |
| Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-2, 4.00%, 5/15/48<br>| 250000 | 228502 |
| Pennsylvania State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Trustees of the University <br> of Pennsylvania, Series A, <br> 4.00%, 2/15/43<br>| 585000 | 575827 |
| Pennsylvania State <br> Turnpike Commission <br> Revenue Refunding <br> Bonds, Series B, 5.25%, <br> 12/01/52<br>| 250000 | 264827 |
| Pennsylvania State <br> Turnpike Commission <br> Revenue Refunding <br> Bonds, Series C, 5.00%, <br> 12/01/46<br>| 250000 | 261670 |
| Pennsylvania State <br> Turnpike Commission <br> Subordinate Revenue <br> Bonds, Series A (AGM <br> Insured), 4.00%, 12/01/49<br>| 350000 | 325974 |
| Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series B (AMT),<br>|  |  |
| 5.00%, 7/01/30 | 475000 | 489739 |
| 5.00%, 7/01/33 | 400000 | 411022 |
| 5.00%, 7/01/35 | 155000 | 158514 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 4.00%, 7/01/40<br>| $250000 | $240897 |
| 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 | 507023 |
| 4.00%, 9/01/40 | 500000 | 504213 |
| Philadelphia School <br> District GO Limited <br> Bonds, Series A (State Aid <br> Withholding), 5.00%, <br> 9/01/44<br>| 500000 | 510872 |
| Phoenixville Area School <br> District GO Limited Bonds <br> (State Aid Withholding), <br> 4.00%, 11/15/40<br>| 250000 | 251292 |
| Southcentral General <br> Authority Revenue Bonds, <br> York College of <br> Pennsylvania Project,<br>|  |  |
| 5.00%, 5/01/27 | 300000 | 307727 |
| 5.00%, 5/01/28 | 215000 | 224130 |
| Southeastern Pennsylvania <br> Transportation Authority <br> Revenue Bonds, Asset <br> Improvement Program, <br> 5.25%, 6/01/47<br>| 250000 | 263097 |
| 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 | 124567 |
| 4.00%, 11/15/27 | 130000 | 129478 |
|  |  | **14042702** |
| **Puerto Rico – 1.5%** | **Puerto Rico – 1.5%** | **Puerto Rico – 1.5%** |
| 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 | 260360 |
| Puerto Rico <br> Commonwealth Notes,<br>|  |  |
| 2.52%, 11/01/43<sup>(b)(c)</sup> <br>| 199576 | 127479 |
| 1.52%, 11/01/51<sup>(b)(c)</sup> <br>| 1190812 | 803798 |
| Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited Bonds, Series <br> A1,<br>|  |  |
| 5.63%, 7/01/27 | 309847 | 318551 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Puerto Rico (Continued)** | **Puerto Rico (Continued)** | **Puerto Rico (Continued)** |
| Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited Bonds, Series <br> A1,<br>|  |  |
| 5.63%, 7/01/29 | $1058875 | $1130806 |
| 5.75%, 7/01/31 | 57185 | 63408 |
| 4.00%, 7/01/33 | 54226 | 53607 |
| 4.00%, 7/01/35 | 48742 | 47879 |
| 4.00%, 7/01/37 | 106285 | 101707 |
| 4.00%, 7/01/41 | 56878 | 52199 |
| Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited CABS, Series A, <br> 0.00%, 7/01/33<sup>(e)</sup> <br>| 69785 | 50340 |
| Puerto Rico Sales Tax <br> Financing Corp., <br> Restructured CABS, <br> Series A-1,<br>|  |  |
| 0.00%, 7/01/27<sup>(e)</sup> <br>| 160000 | 151340 |
| 0.00%, 7/01/33<sup>(e)</sup> <br>| 500000 | 378589 |
| 0.00%, 7/01/46<sup>(e)</sup> <br>| 875000 | 304528 |
| Puerto Rico Sales Tax <br> Financing Corp., <br> Restructured TRB, Series <br> A-1,<br>|  |  |
| 4.75%, 7/01/53 | 1011000 | 955903 |
| 5.00%, 7/01/58 | 157000 | 152485 |
|  |  | **4952979** |
| **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 | **522154** |
| **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>(e)</sup> <br>| 354582 | 251784 |
| 0.00%, 1/01/42<sup>(e)</sup> <br>| 228148 | 79162 |
| 0.00%, 7/22/51<sup>(e)</sup> <br>| 262488 | 41677 |
| South Carolina State Jobs <br> EDA Healthcare Revenue <br> Bonds, Beaufort <br> Memorial Hospital & <br> South of Broad <br> Healthcare Project, 5.00%, <br> 11/15/31<br>| 280000 | 298210 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **South Carolina (Continued)** | **South Carolina (Continued)** | **South Carolina (Continued)** |
| South Carolina State Jobs <br> EDA Hospital Revenue <br> Refunding Bonds, Prisma <br> Health Obligated Group, <br> 5.00%, 5/01/38<br>| $400000 | $414464 |
| South Carolina State Public <br> Service Authority <br> Revenue Bonds, Series E, <br> Santee Cooper, 5.75%, <br> 12/01/47<br>| 250000 | 271265 |
| South Carolina State Public <br> Service Authority <br> Revenue Refunding <br> Bonds, Series A, 4.00%, <br> 12/01/36<br>| 350000 | 355694 |
|  |  | **1712256** |
| **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 | **463457** |
| **Tennessee – 1.3%** | **Tennessee – 1.3%** | **Tennessee – 1.3%** |
| 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 | 264278 |
| 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 | 402639 |
| Shelby County Health, <br> Educational & Housing <br> Facilities Board Revenue <br> Refunding Bonds, <br> Methodist Le Bonheur <br> Healthcare, 5.00%, <br> 5/01/29<br>| 535000 | 547861 |
| Shelby County Health, <br> Educational & Housing <br> Facilities Board Revenue <br> Refunding Bonds, <br> Methodist Le Bonheur <br> Healthcare (AG Insured), <br> 5.00%, 6/01/35<br>| 250000 | 279882 |
| Tennergy Corp., Gas <br> Revenue Bonds, Series A, <br> 4.00%, 9/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 510550 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Tennessee (Continued)** | **Tennessee (Continued)** | **Tennessee (Continued)** |
| Tennessee State Energy <br> Acquisition Corp., Gas <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 12/01/35<br>| $1225000 | $1333258 |
| Tennessee State Energy <br> Acquisition Corp., Variable <br> Revenue Refunding <br> Bonds, Series A, Gas <br> Project, 5.00%, <br> 5/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 1036253 |
|  |  | **4374721** |
| **Texas – 11.1%** | **Texas – 11.1%** | **Texas – 11.1%** |
| Alvarado Independent <br> School District Variable <br> GO Unlimited Bonds (PSF, <br> Gtd), 4.00%, 8/15/28<sup>(a)(b)(c)</sup> <br>| 675000 | 697430 |
| Arlington Higher Education <br> Finance Corp., Revenue <br> Bonds, Riverwalk <br> Education Foundation <br> (PSF, Gtd), 5.00%, 8/15/47<br>| 500000 | 518730 |
| Austin Airport System <br> Revenue Bonds, Series B <br> (AMT), 5.00%, 11/15/26<br>| 595000 | 606024 |
| Austin Convention <br> Enterprises, Inc., <br> Convention Center <br> Revenue Refunding <br> Bonds, First Tier, 5.00%, <br> 1/01/32<br>| 625000 | 630188 |
| Beaumont Waterworks & <br> Sewer System Revenue <br> Bonds (BAM Insured), <br> 5.00%, 9/01/44<br>| 500000 | 523740 |
| Bexar County Hospital <br> District Certificates GO <br> Limited Bonds, 4.00%, <br> 2/15/43<br>| 250000 | 236627 |
| 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 | 199409 |
| Central Texas Regional <br> Mobility Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 1/01/49<br>| 500000 | 509921 |
| Clifton Higher Education <br> Finance Corp., Education <br> Revenue Bonds, Yes Prep <br> Public Schools, Inc. (PSF, <br> Gtd), 5.00%, 4/01/29<br>| 500000 | 534063 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Clifton Higher Education <br> Finance Corp., Education <br> Revenue Refunding <br> Bonds, International <br> Leadership of Texas (PSF, <br> Gtd),<br>|  |  |
| 4.38%, 2/15/42 | $500000 | $507643 |
| 5.25%, 2/15/43 | 200000 | 214450 |
| Clifton Higher Education <br> Finance Corp., Education <br> Revenue Refunding <br> Bonds, International <br> Leadership of Texas, Inc. <br> (PSF, Gtd), 5.25%, 2/15/44<br>| 450000 | 479455 |
| Clifton Higher Education <br> Finance Corp., Variable <br> Revenue Bonds, <br> International Leadership <br> of Texas, Inc. (PSF, Gtd), <br> 4.00%, 2/15/30<sup>(a)(b)(c)</sup> <br>| 1500000 | 1565553 |
| Clifton Higher Educational <br> Finance Corp., Revenue <br> Refunding Bonds, Idea <br> Public School (PSF, Gtd), <br> 4.00%, 8/15/44<br>| 1000000 | 959185 |
| Clifton Higher Educational <br> Finance Corp., Revenue <br> Refunding Bonds, <br> International Leadership <br> of Texas (PSF, Gtd), 4.13%, <br> 8/15/49<br>| 200000 | 193130 |
| Dallas Refunding GO <br> Limited Bonds, Series B <br> (AGM-CR Insured), 4.00%, <br> 2/15/43<br>| 415000 | 412981 |
| 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 | 250144 |
| Dallas-Fort Worth <br> International Airport <br> Revenue, Series A-1 <br> (AMT), 5.25%, 11/01/42<br>| 300000 | 325109 |
| Dallas-Fort Worth <br> International Airport <br> Variable Revenue Bonds, <br> Series A-2 (AMT), 5.00%, <br> 11/01/29<sup>(a)(b)(c)</sup> <br>| 1000000 | 1057571 |
| Denton County Permanent <br> Improvement GO Limited <br> Bonds, 4.00%, 7/15/43<br>| 285000 | 283829 |
| 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 | 103486 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| El Paso Texas Airport <br> Revenue Bonds (AMT), <br> 5.00%, 8/15/27<br>| $375000 | $387288 |
| Fort Bend Independent <br> School District Refunding <br> GO Unlimited Bonds, <br> Series A (PSF, Gtd), 5.00%, <br> 8/15/31<br>| 500000 | 564813 |
| Grand Parkway <br> Transportation Corp., <br> System Toll Revenue <br> Refunding Bonds, First <br> Tier, 4.00%, 10/01/45<br>| 265000 | 250029 |
| Greater Texoma Utility <br> Authority Contract <br> Revenue Bonds (BAM <br> Insured), 5.00%, 10/01/50<br>| 250000 | 259326 |
| 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 | 377732 |
| 4.00%, 10/01/43 | 250000 | 242117 |
| 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 | 274669 |
| 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 | 683741 |
| 5.00%, 10/01/31 | 545000 | 611880 |
| 4.00%, 10/01/38 | 350000 | 351784 |
| 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 | 600299 |
| Harris County Flood <br> Control District GO <br> Limited Bonds, Series A, <br> Sustainability Bonds, <br> 4.00%, 9/15/43<br>| 250000 | 246186 |
| Harris County Health <br> Facilities <br> Development Corp., <br> Variable Revenue <br> Refunding Bonds, <br> Methodist Hospital, <br> 3.90%, 12/01/41<sup>(c)(h)</sup> <br>| 100000 | 100000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Harris County-Houston <br> Sports Authority Second <br> Lien Revenue Refunding <br> Bonds, Series B (AGC <br> Insured), 5.00%, 11/15/43<br>| $225000 | $237353 |
| 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 | 1014524 |
| Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., <br> Improvement Projects, <br> 5.00%, 7/15/27<br>| 175000 | 178500 |
| Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., Terminal, <br> 5.00%, 7/01/27<br>| 125000 | 127439 |
| Houston Airport System <br> Special Facilities Revenue <br> Bonds (AMT), United <br> Airlines, Inc., 5.00%, <br> 7/15/28<br>| 500000 | 514435 |
| Houston Airport System <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/01/30 | 750000 | 811129 |
| 5.50%, 7/01/43 | 125000 | 137487 |
| 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 | 423782 |
| Houston Hotel Occupancy <br> Tax & Special Revenue <br> Refunding Bonds, <br> Convention & <br> Entertainment, 5.00%, <br> 9/01/36<br>| 510000 | 533596 |
| Kilgore Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 3.00%, 2/15/41<br>| 730000 | 642815 |
| Leander Independent <br> School District GO <br> Unlimited Refunding <br> Bonds, Series A (PSF, Gtd), <br> 5.00%, 8/15/41<br>| 125000 | 138364 |
| Matagorda County <br> Navigation District No. 1 <br> Revenue Refunding <br> Bonds (AMBAC Insured), <br> 4.40%, 5/01/30<br>| 500000 | 521725 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Midland Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), Prerefunded,<br>|  |  |
| 5.00%, 2/15/28<sup>(g)</sup> <br>| $40000 | $42087 |
| 5.00%, 2/15/28<sup>(g)</sup> <br>| 170000 | 178871 |
| Midland Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), Unrefunded <br> Balance, 5.00%, 2/15/50<br>| 290000 | 294728 |
| Montgomery County Toll <br> Road Authority Senior <br> Lien Revenue Bonds, <br> 5.00%, 9/15/37<br>| 500000 | 500479 |
| New Hope Cultural <br> Education Facilities <br> Finance Corp. Retirement <br> Facility Revenue <br> Refunding Bonds, Brazos <br> Presbyterian Homes, <br> 5.00%, 1/01/29<sup>(f)</sup> <br>| 640000 | 663814 |
| New Hope Cultural <br> Educational Facilities <br> Finance Corp., Retirement <br> Facilities Revenue <br> Refunding Bonds, <br> Presbyterian Village North <br> Project, 5.25%, 10/01/49<br>| 100000 | 94084 |
| North East Regional <br> Mobility Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 1/01/27<br>| 360000 | 368337 |
| Northeast Texas Regional <br> Mobility Authority <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series B, 5.25%, <br> 1/01/46<br>| 350000 | 368578 |
| Northside Independent <br> School District Variable <br> Refunding GO Unlimited <br> Bonds, Series B (PSF, Gtd), <br> 3.45%, 8/01/27<sup>(a)(b)(c)</sup> <br>| 495000 | 498264 |
| Northwest Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 5.25%, 2/15/55<br>| 250000 | 267084 |
| Odessa Junior College <br> District Consolidated <br> Revenue Bonds (AGM <br> Insured), 4.00%, 7/01/27<br>| 435000 | 443789 |
| Pasadena Independent <br> School District GO <br> Unlimited Bonds, Series A <br> (PSF, Gtd), 4.00%, 2/15/32<br>| 700000 | 700480 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| Plano GO Limited <br> Refunding Bonds, 4.00%, <br> 9/01/43<br>| $300000 | $295602 |
| Port Arthur Certificates GO <br> Limited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 345000 | 353923 |
| 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 | 288754 |
| Prosper Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 4.00%, 2/15/54<br>| 1225000 | 1125674 |
| Round Rock Independent <br> School District Variable <br> GO Unlimited Bonds, <br> Series A (PSF, Gtd), 5.00%, <br> 8/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1104690 |
| San Antonio Airport <br> System Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT), <br> 5.00%, 7/01/30<br>| 250000 | 265444 |
| San Antonio Electric & Gas <br> Junior Lien Variable <br> Revenue Refunding <br> Bonds, Series A, 3.08%, <br> 12/01/28<sup>(a)(b)(c)(f)</sup> <br>| 1000000 | 999228 |
| San Antonio Water Junior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 5/15/43<br>| 500000 | 512017 |
| Texas City Industrial <br> Development Corp., <br> Revenue Bonds, Series <br> 2012, NRG Energy Project, <br> 4.13%, 12/01/45<br>| 545000 | 483325 |
| 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 | 660399 |
| Texas State PFA Lease <br> Revenue Refunding <br> Bonds, 4.00%, 2/01/36<br>| 250000 | 255254 |
| 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 | 742595 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| 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 | $1043562 |
| Texas State Transportation <br> Commission First Tier Toll <br> Revenue CABS, 0.00%, <br> 8/01/29<sup>(e)</sup> <br>| 480000 | 421011 |
| Texas State Transportation <br> Finance Corp., <br> Subordinate Revenue <br> Bonds, State Highway 288 <br> System Toll, 5.50%, <br> 10/01/55<br>| 250000 | 273641 |
| Texas State Water <br> Development Board <br> Revenue Bonds, State <br> Water Implementation <br> Fund, 4.00%, 10/15/38<br>| 510000 | 517338 |
| University of Houston <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 2/15/47<br>| 250000 | 260410 |
| University of North Texas <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 4/15/27<br>| 1000000 | 1033713 |
| University of Texas <br> Revenue Bonds, Series B, <br> 5.00%, 8/15/42<br>| 150000 | 165527 |
| Upper Trinity Regional <br> Water District Revenue <br> Refunding Bonds (BAM <br> Insured), 4.25%, 8/01/49<br>| 500000 | 484458 |
| Waller Independent School <br> District GO Unlimited <br> Bonds (BAM Insured), <br> 5.00%, 2/15/44<br>| 235000 | 248243 |
|  |  | **36995084** |
| **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 | 101013 |
| 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 | 932892 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Utah (Continued)** | **Utah (Continued)** | **Utah (Continued)** |
| Downtown Revitalization <br> Public Infrastructure <br> District First Lien Sales <br> Revenue Bonds, SEG <br> Redevelopment Project <br> (AG Insured), 5.00%, <br> 6/01/38<br>| $100000 | $106214 |
| Downtown Revitalization <br> Public Infrastructure <br> District Sales Subordinate <br> Revenue Bonds Bond, <br> 5.00%, 7/15/35<sup>(d)</sup> <br>| 100000 | 100774 |
| 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 | 511709 |
| Utah County Hospital <br> Revenue Bonds, Series A, <br> IHC Health Services Inc., <br> 4.00%, 5/15/45<br>| 500000 | 474243 |
| Utah State Municipal <br> Power Agency Power <br> Supply System Revenue <br> Bonds, Series B, 5.00%, <br> 7/01/38<br>| 500000 | 502640 |
|  |  | **2729485** |
| **Virginia – 1.6%** | **Virginia – 1.6%** | **Virginia – 1.6%** |
| Fairfax County GO <br> Unlimited Bonds, Series A <br> (State Aid Withholding), <br> 2.00%, 10/01/41<br>| 1000000 | 722029 |
| Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System, 4.00%, 5/15/48<br>| 250000 | 236701 |
| Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System Project, 3.50%, <br> 5/15/39<br>| 525000 | 516050 |
| Newport News EDA <br> Residential Care Facilities <br> Revenue Refunding <br> Bonds, Lifespire of <br> Virginia, 5.00%, 12/01/38<br>| 825000 | 825431 |
| Virginia State <br> Commonwealth <br> Transportation Board <br> Capital Projects Revenue <br> Bonds, 3.00%, 5/15/37<br>| 1000000 | 951394 |
| Virginia State Small <br> Business Financing <br> Authority Senior Lien <br> Revenue Bonds (AMT), <br> Elizabeth River Crossings <br> OpCo, LLC Project, 4.00%, <br> 7/01/32<br>| 275000 | 281236 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Virginia (Continued)** | **Virginia (Continued)** | **Virginia (Continued)** |
| 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 | $952999 |
| 4.00%, 7/01/39 | 240000 | 234173 |
| 4.00%, 1/01/40 | 280000 | 268566 |
| Wise County IDA of Solid <br> Waste & Sewage Disposal <br> Variable Revenue Bonds, <br> Electric & Power Company <br> Project, 3.13%, <br> 10/01/30<sup>(a)(b)(c)</sup> <br>| 500000 | 501376 |
|  |  | **5489955** |
| **Washington – 2.9%** | **Washington – 2.9%** | **Washington – 2.9%** |
| Energy Northwest Electric <br> Revenue Refunding <br> Bonds, Columbia <br> Generating Station, <br> 4.00%, 7/01/42<br>| 1515000 | 1497988 |
| 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 | 561818 |
| King County Sewer Junior <br> Lien Variable Revenue <br> Refunding Bonds, 3.88%, <br> 1/01/42<sup>(c)(h)</sup> <br>| 500000 | 500000 |
| King County Sewer <br> Revenue Refunding <br> Bonds, Unrefunded <br> Balance, 5.00%, 7/01/42<br>| 120000 | 122270 |
| King County Tax Refunding <br> GO Limited Bonds, 4.00%, <br> 7/01/29<br>| 500000 | 509214 |
| Port of Seattle GO Limited <br> Bonds, Series B (AMT), <br> 5.00%, 6/01/49<br>| 325000 | 337318 |
| Port of Seattle Intermediate <br> Lien Revenue Bonds <br> (AMT), 5.00%, 4/01/44<br>| 500000 | 509559 |
| Port of Seattle Intermediate <br> Lien Revenue Bonds, <br> Series C (AMT),<br>|  |  |
| 5.00%, 5/01/28 | 250000 | 257432 |
| 5.25%, 5/01/42 | 745000 | 752325 |
| Port of Seattle Intermediate <br> Lien Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| 5.25%, 7/01/43 | 315000 | 339141 |
| 5.25%, 7/01/44 | 365000 | 390381 |
| 5.00%, 8/01/47 | 250000 | 257372 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |
| Seattle Municipal Light & <br> Power Revenue <br> Refunding Bonds, 4.00%, <br> 9/01/40<br>| $500000 | $500004 |
| 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 | 507724 |
| 5.00%, 12/01/28 | 440000 | 446477 |
| Washington Housing <br> Finance Commission <br> Revenue Bonds, 3.95%, <br> 8/20/63<sup>(i)</sup> <br>| 99842 | 94453 |
| 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 | 341893 |
| Washington State Health <br> Care Facilities Authority <br> Revenue Bonds, Series A, <br> Providence Health & <br> Services, 4.00%, 10/01/34<br>| 500000 | 500083 |
| Washington State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Seattle University Project, <br> 4.00%, 5/01/50<br>| 250000 | 221585 |
| Washington State Housing <br> Finance Commission <br> Municipal Certificates <br> Revenue Bonds, Series <br> 2025-1 Class A-1, 3.95%, <br> 11/20/41<sup>(i)</sup> <br>| 124803 | 120097 |
| Washington State Housing <br> Finance Commission <br> Nonprofit Revenue Bonds, <br> Blakeley & Laurel Villages <br> Portfolio (BAM Insured), <br> 5.25%, 7/01/55<sup>(d)</sup> <br>| 525000 | 534656 |
| Washington State Housing <br> Finance Commission <br> Nonprofit Revenue Bonds, <br> Radford Court & <br> Nordheim Court, 5.50%, <br> 7/01/59<br>| 400000 | 406394 |
|  |  | **9708184** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** |
| 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>| $500000 | $505087 |
| West Virginia State <br> Housing Development <br> Fund Sustainable <br> Revenue Bonds, Series A, <br> 4.40%, 11/01/44<br>| 500000 | 502684 |
|  |  | **1007771** |
| **Wisconsin – 2.8%** | **Wisconsin – 2.8%** | **Wisconsin – 2.8%** |
| Buffalo County GO <br> Unlimited Bonds, <br> Promissory Notes, 4.00%, <br> 9/01/27<br>| 565000 | 571994 |
| Milwaukee County Airport <br> Revenue Bonds, Series A <br> (AMT), 5.00%, 12/01/27<br>| 715000 | 743229 |
| Milwaukee Metropolitan <br> Sewerage District GO <br> Unlimited Bonds, Green <br> Bonds, Climate Bond <br> Certified, 4.00%, 10/01/43<br>| 500000 | 498967 |
| Milwaukee Redevelopment <br> Authority Lease Revenue <br> Bonds, Milwaukee Public <br> Schools, 5.00%, 11/15/31<br>| 570000 | 579849 |
| PFA Education Revenue <br> Bonds, North Carolina <br> Leadership Academy, <br> 5.00%, 6/15/49<sup>(d)</sup> <br>| 100000 | 91915 |
| PFA Educational Revenue <br> Bonds, Piedmont <br> Community Charter <br> School,<br>|  |  |
| 5.00%, 6/15/39 | 490000 | 498190 |
| 5.00%, 6/15/49 | 150000 | 147274 |
| PFA Exempt Facilities <br> Revenue Refunding <br> Bonds (AMT), National <br> Gypsum Co., 4.00%, <br> 8/01/35<br>| 370000 | 359767 |
| PFA Project Revenue <br> Bonds, CFP3 - Eastern <br> Michigan University <br> Housing Project (BAM <br> Insured), 5.50%, 7/01/52<br>| 250000 | 262242 |
| PFA Revenue Bonds, <br> Roseman University, <br> Unrefunded Balance, <br> 5.00%, 4/01/50<sup>(d)</sup> <br>| 250000 | 231921 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| PFA Senior Lien Toll <br> Revenue Bonds (AMT), <br> Georgia SR 400 Express,<br>|  |  |
| 6.50%, 6/30/60 | $100000 | $110228 |
| 5.75%, 6/30/60 | 200000 | 206538 |
| 6.50%, 12/31/65 | 125000 | 137286 |
| 5.75%, 12/31/65 | 350000 | 362511 |
| PFA Solid Waste Disposal <br> Revenue Refunding <br> Bonds (AMT), Waste <br> Management, Inc., <br> Project, 2.88%, 5/01/27<br>| 495000 | 487414 |
| 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 | 102602 |
| PFA Student Housing <br> Revenue Bonds, <br> Subordinate Series <br> 2025-B, KSU Bixby Real <br> Estate Foundation, 5.25%, <br> 6/15/45<br>| 200000 | 204959 |
| PFA Variable Revenue <br> Refunding Bonds, <br> Providence St. Joseph, <br> Prerefunded, 4.00%, <br> 10/01/30<sup>(b)(c)(g)</sup> <br>| 145000 | 154805 |
| 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 | 231846 |
| Slinger Redevelopment <br> Authority Revenue Bonds, <br> Series A, Police Station <br> Project,<br>|  |  |
| 5.00%, 3/01/29 | 110000 | 116939 |
| 5.00%, 3/01/31 | 50000 | 54943 |
| 5.00%, 3/01/32 | 45000 | 50137 |
| University Hospitals & <br> Clinics Authority Variable <br> Revenue Refunding <br> Bonds, Series C, 3.85%, <br> 4/01/54<sup>(c)(h)</sup> <br>| 750000 | 750000 |
| Wisconsin Center District <br> TRB, CABS, Junior <br> Dedicated, Series D (AGM <br> Moral Obligation <br> Insured), 0.00%, <br> 12/15/45<sup>(e)</sup> <br>| 250000 | 100392 |
| Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series A, UnityPoint <br> Health, 5.00%, 12/01/28<br>| 590000 | 591712 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Three Pillars Senior Living <br> Communities,<br>|  |  |
| 4.00%, 8/15/27 | $100000 | $99155 |
| 4.00%, 8/15/31 | 375000 | 368474 |
| 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 | 282735 |
| 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 | 239597 |
| 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 | 343236 |
| Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> ThedaCare Inc., 4.00%, <br> 12/15/49<br>| 350000 | 318888 |
|  |  | **9299745** |
| **Total Municipal Bonds** <br>(Cost $303,801,783) | **Total Municipal Bonds** <br>(Cost $303,801,783) | **298586739** |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 10.7%** | **Short-Term Investments – 10.7%** | **Short-Term Investments – 10.7%** |
| **Money Market Fund – 1.8%** | **Money Market Fund – 1.8%** | **Money Market Fund – 1.8%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier),3.91%<sup>(j)</sup> <br>| 6003107 | **6003107** |
| **Municipal Bonds – 8.9%** | **Municipal Bonds – 8.9%** | **Municipal Bonds – 8.9%** |
| 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 | 500000 |
| Cambridge School District <br> TRANS, 4.00%, 9/02/26<br>| 500000 | 503318 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Cathedral City <br> Redevelopment Agency <br> Successor Agency Tax <br> Allocation Revenue <br> Refunding Bonds, Merged <br> Redevelopment Project <br> Area (BAM Insured), <br> 4.00%, 8/01/26<br>| 250000 | $252078 |
| Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/26<br>| 225000 | 226455 |
| Chicago O'Hare <br> International Airport <br> Senior Lien General <br> Revenue Bonds, Series D <br> (AMT), 5.00%, 1/01/26<br>| 140000 | 140447 |
| City of Valley Center GO <br> Unlimited Temporary <br> Notes, Series 1, Escrowed <br> to Maturity, 4.38%, <br> 12/01/25<br>| 485000 | 485540 |
| Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facility Revenue <br> Bonds, Cleveland <br> Museum of Natural <br> History Project, 5.00%, <br> 7/01/26<br>| 125000 | 126556 |
| 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 | 513000 |
| 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), 4.75%, <br> 12/01/25<sup>(a)(b)(c)</sup> <br>| 350000 | 350367 |
| Dallas-Fort Worth <br> International Airport <br> Revenue Refunding <br> Bonds, Series B, 5.00%, <br> 11/01/25<br>| 400000 | 400000 |
| Florida State Development <br> Finance Corp., Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Pro USA, Inc., <br> 6.13%, 7/01/26<sup>(a)(b)(c)(d)</sup> <br>| 200000 | 201677 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Foothill Eastern <br> Transportation Corridor <br> Agency Toll Road Junior <br> Lien Revenue Bonds, <br> Series C, 5.00%, 1/15/26<br>| 200000 | $200796 |
| Fort Bend Independent <br> School District Variable <br> GO Unlimited Refunding <br> Bonds, Series B (PSF, Gtd), <br> 0.72%, 8/01/26<sup>(a)(b)(c)</sup> <br>| 800000 | 781630 |
| Fort Wayne Redevelopment <br> Authority Lease Rental <br> Revenue Refunding <br> Bonds, Grand Wayne <br> Center Project (State <br> Intercept Program), <br> 4.00%, 2/01/26<br>| 760000 | 762109 |
| Guam Government <br> Waterworks Authority <br> Water & Wastewater <br> System Revenue <br> Refunding Bonds, 5.00%, <br> 7/01/26<br>| 560000 | 566354 |
| Honolulu City & County <br> Multifamily Variable <br> Revenue Bonds, <br> Maunakea Tower <br> Apartments (Housing & <br> Urban Development <br> Sector 8 Program), 5.00%, <br> 6/01/26<sup>(a)(b)(c)</sup> <br>| 135000 | 136382 |
| Hudson GO Limited BANS, <br> 5.00%, 6/11/26<br>| 500000 | 503014 |
| 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 | 401648 |
| 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 | 672826 |
| Illinois State Refunding GO <br> Limited Bonds, Series D, <br> 5.00%, 7/01/26<br>| 1500000 | 1519866 |
| Iowa City Community <br> School District GO <br> Unlimited Bonds, 5.00%, <br> 6/01/26<br>| 500000 | 505844 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Iowa State Finance <br> Authority Solid Waste <br> Facilities Variable <br> Revenue Bonds (AMT), <br> Sustainable Gevo NW <br> RNG, 3.88%, <br> 4/01/26<sup>(a)(b)(c)</sup> <br>| 415000 | $414056 |
| Katy Independent School <br> District Variable GO <br> Unlimited Bonds, Series C <br> (PSF, Gtd), 4.00%, <br> 8/15/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1006708 |
| Kermit Independent School <br> District GO Unlimited <br> Bonds (PSF, Gtd), 5.00%, <br> 2/15/26<br>| 325000 | 326950 |
| Laurel Highlands School <br> District GO Limited <br> Refunding Bonds (BAM <br> State Aid Withholding), <br> 4.00%, 2/01/26<br>| 350000 | 350868 |
| Leon County School <br> District Sales TRB, 4.00%, <br> 9/01/26<br>| 800000 | 800627 |
| Long Island Power <br> Authority Electric System <br> Variable Revenue <br> Refunding Bonds, Series <br> B, 1.50%, 9/01/26<sup>(a)(b)(c)</sup> <br>| 500000 | 492364 |
| Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, Loyola <br> University Project, 5.00%, <br> 10/01/26<br>| 215000 | 218202 |
| 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 | 875121 |
| Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Lasell <br> University, 4.00%, 7/01/26<br>| 240000 | 239347 |
| 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> 3.82%, 1/29/26<sup>(a)(c)(d)</sup> <br>| 1000000 | 1000296 |
| Metropolitan Nashville <br> Airport Authority Revenue <br> Bonds, Series B (AMT), <br> 5.00%, 7/01/26<br>| 600000 | 607289 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| 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>(e)</sup> <br>| 250000 | $245096 |
| 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 | 99929 |
| Milwaukee Corp., Purpose <br> GO Unlimited Bonds, <br> Series B3, 4.00%, 4/01/26<br>| 1000000 | 1000643 |
| Mission Economic <br> Development Corp., Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Management Inc., <br> Project, 4.00%, <br> 7/01/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1000359 |
| Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, 5.00%, <br> 2/15/26<br>| 200000 | 200430 |
| 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 | 199323 |
| Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Webster University <br> Project, 5.00%, 4/01/26<br>| 500000 | 496148 |
| Missouri State Health & <br> Educational Facilities <br> Authority Variable <br> Revenue Refunding <br> Bonds, Series B, BJC <br> Health System, 4.00%, <br> 5/01/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1005215 |
| Mount Vernon GO Limited <br> BANS, 5.00%, 5/29/26<sup>(d)</sup> <br>| 1000000 | 1005252 |
| Muskogee Industrial Trust <br> Educational Facilities <br> Lease Revenue Bonds, <br> Muskogee Public Schools <br> Project, 5.00%, 9/01/26<br>| 150000 | 151826 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| New York State <br> Environmental <br> Facilities Corp., Solid <br> Waste Disposal Variable <br> Revenue Refunding <br> Bonds (AMT), Waste <br> Management Inc., 3.85%, <br> 2/02/26<sup>(a)(b)(c)</sup> <br>| 750000 | $749960 |
| Niagara Frontier <br> Transportation Authority <br> Revenue Refunding <br> Bonds (AMT), Buffalo <br> Niagara International <br> Airport, 5.00%, 4/01/26<br>| 250000 | 251674 |
| 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 | 277270 |
| Northern University Board <br> of Trustees Revenue <br> Bonds, Auxiliary Facilities <br> System (BAM Insured), <br> 5.00%, 10/01/26<br>| 250000 | 254043 |
| 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 | 100196 |
| Osceola County Florida <br> Transportation Revenue <br> Refunding CABS, Series <br> A-2, 0.00%, 10/01/26<sup>(e)</sup> <br>| 275000 | 265489 |
| Pennsylvania State <br> Economic Development <br> Financing Authority Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Management Inc., <br> 3.80%, 12/01/25<sup>(a)(b)(c)</sup> <br>| 300000 | 299912 |
| 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 | 500298 |
| 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 | 124553 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| Sangamon Logan & <br> Menard Counties <br> Community Unit School <br> District No. 15 GO <br> Unlimited Bonds, Series B <br> (BAM Insured), 5.00%, <br> 12/01/25<br>| 300000 | $300385 |
| Seattle Housing Authority <br> Revenue Refunding <br> Bonds, Northgate Plaza <br> Project, 1.00%, 6/01/26<br>| 500000 | 491262 |
| 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 | 376792 |
| Springfield Refunding GO <br> Unlimited Bonds, 5.00%, <br> 12/01/25<br>| 450000 | 450594 |
| Sublette County Hospital <br> District Revenue Bonds, <br> Series A, Hospital <br> Construction Project, <br> 5.00%, 6/15/26<br>| 500000 | 500042 |
| Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center, 5.00%, <br> 7/01/26<br>| 125000 | 126395 |
| Tennessee State Energy <br> Acquisition Corp., Gas <br> Revenue Bonds, 4.00%, <br> 11/01/25<sup>(a)(b)(c)</sup> <br>| 1000000 | 1000000 |
| 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 | 503430 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| 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 | $287526 |
| 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 | 114978 |
| West Virginia State EDA <br> Solid Waste Disposal <br> Facilities Variable <br> Revenue Refunding <br> Bonds (AMT), Kentucky <br> Power Company - <br> Mitchell Project, 4.70%, <br> 6/17/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1005385 |
| 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 | 151756 |
|  |  | **29617896** |
| **Total Short-Term Investments** <br>(Cost $35,716,025) | **Total Short-Term Investments** <br>(Cost $35,716,025) | **35621003** |
| **Total Investments – 100.2%** <br>(Cost $339,517,808) | **Total Investments – 100.2%** <br>(Cost $339,517,808) | **334207742** |
| Liabilities less Other Assets – (0.2)% | Liabilities less Other Assets – (0.2)% | (572332)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$333635410** |

---

*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 October 31, 2025 is disclosed.

<sup>(d)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025, these securities had a total value of $14,088,687 or 4.22% of net assets. 

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

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

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

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

<sup>(i)</sup> 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 October 31, 2025 is disclosed. 

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

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

**Abbreviations:**<br>

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| AGC | Assured Guaranty Corporation |
| AGM | Assured Guaranty Municipal Corporation |
| AMBAC | American Municipal Bond Assurance Corporation |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BANS | Bond Anticipation Notes |
| CABS | Capital Appreciation Bonds |
| COPS | Certificates of Participation |
| CR | Custodial Receipts |
| EDA | Economic Development Administration |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | Government Obligation |
| GTD | Guaranteed |
| HDA | Housing Development Authority |
| HFA | Housing Finance Authority |
| HHDC | Hispanic Housing Development Corporation |
| IBC | Insured Bond Certificates |
| IDA | Industrial Development Association |
| L.P. | Limited Partnership |
| LLC | Limited Liability Company |
| 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 |
| RANS | Revenue Anticipation Notes |
| SFM | Single Family Mortgage |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | United States Secured Overnight Financing Rate |
| TCRS | Transferable Custodial Receipts |
| TRANS | Tax Revenue Anticipation Bonds |
| TRB | Tax Revenue Bonds |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of October 31, 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; $298586739 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $298586739 |
| Short-Term Investments | &nbsp;&nbsp; 6003107 | &nbsp;&nbsp; 29617896 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35621003 |
| **Total Investments** | &nbsp;&nbsp; $6003107 | &nbsp;&nbsp; $328204635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $334207742 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments**

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities – 7.5%** | **Asset-Backed Securities – 7.5%** | **Asset-Backed Securities – 7.5%** |
| **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 | **$128859** |
| **Other – 7.4%** | **Other – 7.4%** | **Other – 7.4%** |
| ABPCI Direct Lending Fund <br> ABS I Ltd., Series <br> 2020-1A, Class B, 4.94%, <br> 12/20/30<sup>(a)</sup> <br>| 501687 | 492878 |
| ABPCI Direct Lending Fund <br> ABS II LLC,<br>|  |  |
| Series 2022-2A, Class A1, <br> (3M CME Term SOFR + <br> 2.10%, 2.10% Floor), <br> 5.96%, 3/01/32<sup>(a)(b)</sup> <br>| 181673 | 179432 |
| Series 2022-2A, Class C, <br> 8.24%, 3/01/32<sup>(a)</sup> <br>| 758323 | 727206 |
| 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 | 480819 |
| Cerberus Loan Funding <br> XL LLC, Series 2023-1A, <br> Class A, (3M CME Term <br> SOFR + 2.40%, 2.40% <br> Floor), 6.30%, 3/22/35<sup>(a)(b)</sup> <br>| 250000 | 250417 |
| Cerberus Loan Funding <br> XLI LLC, Series 2023-2A, <br> Class A1, (3M CME Term <br> SOFR + 2.55%, 2.55% <br> Floor), 6.45%, 7/15/35<sup>(a)(b)</sup> <br>| 419000 | 419716 |
| Cerberus Loan Funding <br> XLIII LLC, Series 2023-4A, <br> Class A, (3M CME Term <br> SOFR + 2.43%, 2.43% <br> Floor), 6.33%, <br> 10/15/35<sup>(a)(b)</sup> <br>| 451000 | 457867 |
| Diamond Infrastructure <br> Funding LLC, Series <br> 2021-1A, Class C, 3.48%, <br> 4/15/49<sup>(a)</sup> <br>| 104000 | 100212 |
| Diamond Issuer LLC, Series <br> 2021-1A, Class C, 3.79%, <br> 11/20/51<sup>(a)</sup> <br>| 282000 | 263841 |
| Elm Trust, |  |  |
| Series 2020-3A, Class A2, <br> 2.95%, 8/20/29<sup>(a)</sup> <br>| 10225 | 10210 |
| Series 2020-3A, Class B, <br> 4.48%, 8/20/29<sup>(a)</sup> <br>| 27916 | 27874 |
| Series 2020-4A, Class A2, <br> 2.29%, 10/20/29<sup>(a)</sup> <br>| 17934 | 17902 |
| Series 2020-4A, Class B, <br> 3.87%, 10/20/29<sup>(a)</sup> <br>| 69379 | 69251 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Ford Credit Floorplan <br> Master Owner Trust,<br>|  |  |
| Series 2024-2, Class A, <br> 5.24%, 4/15/31<sup>(a)</sup> <br>| $374000 | $387211 |
| Series 2024-4, Class A, <br> 4.40%, 9/15/31<sup>(a)</sup> <br>| 197000 | 198336 |
| GMF Floorplan Owner <br> Revolving Trust, Series <br> 2024-2A, Class A, 5.06%, <br> 3/15/31<sup>(a)</sup> <br>| 342000 | 352550 |
| Golub Capital Partners <br> ABS Funding Ltd.,<br>|  |  |
| Series 2020-1A, Class A2, <br> 3.21%, 1/22/29<sup>(a)</sup> <br>| 62123 | 61738 |
| Series 2020-1A, Class B, <br> 4.50%, 1/22/29<sup>(a)</sup> <br>| 160245 | 153752 |
| Series 2021-1A, Class A2, <br> 2.77%, 4/20/29<sup>(a)</sup> <br>| 96459 | 95575 |
| Series 2021-1A, Class B, <br> 3.82%, 4/20/29<sup>(a)</sup> <br>| 256665 | 252003 |
| Series 2021-2A, Class B, <br> 3.99%, 10/19/29<sup>(a)</sup> <br>| 711484 | 692043 |
| Golub Capital Partners CLO <br> 46M Ltd., Series <br> 2019-46A, Class A1R, (3M <br> CME Term SOFR + 1.81%, <br> 1.81% Floor), 5.69%, <br> 4/20/37<sup>(a)(b)</sup> <br>| 343000 | 343555 |
| Hotwire Funding LLC, <br> Series 2023-1A, Class A2, <br> 5.69%, 5/20/53<sup>(a)</sup> <br>| 115000 | 115980 |
| MMAF Equipment <br> Finance LLC, Series <br> 2024-A, Class A4, 5.10%, <br> 7/13/49<sup>(a)</sup> <br>| 132000 | 136123 |
| Monroe Capital <br> ABS Funding Ltd.,<br>|  |  |
| Series 2021-1A, Class A2, <br> 2.82%, 4/22/31<sup>(a)</sup> <br>| 155529 | 152807 |
| Series 2021-1A, Class B, <br> 3.91%, 4/22/31<sup>(a)</sup> <br>| 93991 | 92944 |
| Progress Residential Trust, |  |  |
| Series 2024-SFR3, <br> Class A, 3.00%, <br> 6/17/41<sup>(a)</sup> <br>| 130578 | 124513 |
| Series 2024-SFR4, <br> Class A, 3.10%, <br> 7/17/41<sup>(a)</sup> <br>| 600644 | 572926 |
| Series 2024-SFR5, <br> Class A, 3.00%, <br> 8/09/29<sup>(a)</sup> <br>| 104999 | 99541 |
| Series 2025-SFR3, <br> Class A, 3.39%, <br> 7/17/42<sup>(a)</sup> <br>| 100000 | 95195 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| SpringCastle America <br> Funding LLC, Series <br> 2020-AA, Class A, 1.97%, <br> 9/25/37<sup>(a)</sup> <br>| $130723 | $123824 |
| Toyota Auto Loan Extended <br> Note Trust, Series <br> 2024-1A, Class A, 5.16%, <br> 11/25/36<sup>(a)</sup> <br>| 409000 | 423095 |
| VCP RRL ABS I Ltd., |  |  |
| Series 2021-1A, Class A, <br> 2.15%, 10/20/31<sup>(a)</sup> <br>| 134402 | 132105 |
| Series 2021-1A, Class B, <br> 2.85%, 10/20/31<sup>(a)</sup> <br>| 123971 | 115141 |
| Verizon Master Trust, <br> Series 2024-7, Class A, <br> 4.35%, 8/20/32<sup>(a)</sup> <br>| 233000 | 234717 |
| Volvo Financial <br> Equipment LLC, Series <br> 2025-2A, Class A4, 4.06%, <br> 6/15/33<sup>(a)</sup> <br>| 100000 | 99606 |
| WEPCO Environmental <br> Trust Finance I LLC, Series <br> 2021-1, Class A, 1.58%, <br> 12/15/35<br>| 70228 | 63569 |
|  |  | **8616474** |
| **Total Asset-Backed Securities** <br>(Cost $8,776,224) | **Total Asset-Backed Securities** <br>(Cost $8,776,224) | **8745333** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 1.5%** | **Common Stocks – 1.5%** | **Common Stocks – 1.5%** |
| **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> |
| Uniti Group, Inc.\* | 3665 | **21110** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| Copper Property CTL Pass <br> Through Trust<sup>(d)</sup> <br>| 25536 | **310263** |
| **Transportation & Logistics – 1.2%** | **Transportation & Logistics – 1.2%** | **Transportation & Logistics – 1.2%** |
| PHI Group, Inc. | 44387 | **1420384** |
| **Total Common Stocks** <br>(Cost $890,459) | **Total Common Stocks** <br>(Cost $890,459) | **1751757** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| EchoStar Corp., 3.88%, <br> 11/30/30<sup>(e)</sup> <br>| $65359 | **157107** |
| **Total Convertible Bonds** <br>(Cost $60,596) | **Total Convertible Bonds** <br>(Cost $60,596) | **157107** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds – 2.8%** | **Corporate Bonds – 2.8%** | **Corporate Bonds – 2.8%** |
| **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 | $497010 |
| HPS Corporate Lending <br> Fund, 6.75%, 1/30/29<br>| 207000 | 215247 |
| Oaktree Strategic Credit <br> Fund, 8.40%, 11/14/28<br>| 313000 | 337431 |
|  |  | **1049688** |
| **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>| 164000 | **170576** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| Centerpoint Energy <br> Restoration Bond Co. <br> II LLC, 4.26%, 12/15/34<br>| 321000 | 321669 |
| PG&E Recovery <br> Funding LLC, 4.84%, <br> 6/01/33<br>| 297648 | 303122 |
| Texas Electric Market <br> Stabilization Funding N <br> LLC, 4.27%, 8/01/34<sup>(a)</sup> <br>| 79539 | 79341 |
| Virginia Power Fuel <br> Securitization LLC, 4.88%, <br> 5/01/31<br>| 424000 | 433851 |
|  |  | **1137983** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| Kansas Gas Service <br> Securitization I LLC, <br> 5.49%, 8/01/32<br>| 351477 | **364851** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| Heartland <br> Dental LLC/Heartland <br> Dental Finance Corp., <br> 10.50%, 4/30/28<sup>(a)</sup> <br>| 79000 | **83326** |
| **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 | **452812** |
| **Total Corporate Bonds** <br>(Cost $3,170,248) | **Total Corporate Bonds** <br>(Cost $3,170,248) | **3259236** |
| **Mortgage-Backed Securities – 25.0%** | **Mortgage-Backed Securities – 25.0%** | **Mortgage-Backed Securities – 25.0%** |
| **Commercial Mortgage-Backed Securities – 2.5%** | **Commercial Mortgage-Backed Securities – 2.5%** | **Commercial Mortgage-Backed Securities – 2.5%** |
| Arbor Multifamily <br> Mortgage Securities <br> Trust, Series 2020-MF1, <br> Class A5, 2.76%, <br> 5/15/53<sup>(a)</sup> <br>| 540000 | 504902 |
| BBCMS Mortgage Trust, <br> Series 2025-5C36, <br> Class A3, 5.52%, 8/15/58<br>| 100000 | 104400 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| Benchmark Mortgage <br> Trust, Series 2024-V11, <br> Class A3, 5.91%, 11/15/57<br>| $126000 | $132588 |
| BMO Mortgage Trust, <br> Series 2024-5C7, <br> Class A3, 5.57%, 11/15/57<br>| 126000 | 130854 |
| BX Commercial Mortgage <br> Trust,<br>|  |  |
| Series 2021-VOLT, Class E, <br> (1M CME Term SOFR + <br> 2.11%, 2.00% Floor), <br> 6.15%, 9/15/36<sup>(a)(b)</sup> <br>| 234456 | 234237 |
| Series 2021-VOLT, Class F, <br> (1M CME Term SOFR + <br> 2.51%, 2.40% Floor), <br> 6.55%, 9/15/36<sup>(a)(b)</sup> <br>| 358467 | 358130 |
| BX Trust, Series <br> 2019-OC11, Class A, <br> 3.20%, 12/09/41<sup>(a)</sup> <br>| 418000 | 395624 |
| CHI Commercial Mortgage <br> Trust, Series 2025-SFT, <br> Class A, 5.48%, <br> 4/15/42<sup>(a)(f)</sup> <br>| 291000 | 298597 |
| ROCK Trust, Series <br> 2024-CNTR, Class A, <br> 5.39%, 11/13/41<sup>(a)</sup> <br>| 209000 | 214500 |
| SLG Office Trust, Series <br> 2021-OVA, Class A, 2.59%, <br> 7/15/41<sup>(a)</sup> <br>| 455000 | 405902 |
| WHARF Commercial <br> Mortgage Trust, Series <br> 2025-DC, Class A, 5.35%, <br> 7/15/40<sup>(a)(f)</sup> <br>| 100000 | 102720 |
|  |  | **2882454** |
| **Federal Home Loan Mortgage Corporation – 11.1%** | **Federal Home Loan Mortgage Corporation – 11.1%** | **Federal Home Loan Mortgage Corporation – 11.1%** |
| Multifamily Structured <br> Pass Through Certificates,<br>|  |  |
| Series K094, Class A2, <br> 2.90%, 6/25/29<br>| 532000 | 513667 |
| Series K095, Class A2, <br> 2.79%, 6/25/29<br>| 725000 | 697537 |
| Series K096, Class A2, <br> 2.52%, 7/25/29<br>| 774000 | 737070 |
| Series K097, Class A2, <br> 2.51%, 7/25/29<br>| 359000 | 341259 |
| Series K099, Class A2, <br> 2.60%, 9/25/29<br>| 155000 | 147598 |
| Series K101, Class A2, <br> 2.52%, 10/25/29<br>| 404000 | 383055 |
| Series K102, Class A2, <br> 2.54%, 10/25/29<br>| 271000 | 257194 |
| Series K103, Class A2, <br> 2.65%, 11/25/29<br>| 382000 | 363592 |
| Series K104, Class A2, <br> 2.25%, 1/25/30<br>| 118000 | 110423 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** |
| Multifamily Structured <br> Pass Through Certificates,<br>|  |  |
| Series K105, Class A2, <br> 1.87%, 1/25/30<br>| $100000 | $92006 |
| Series K106, Class A2, <br> 2.07%, 1/25/30<br>| 100000 | 92697 |
| Series K107, Class A2, <br> 1.64%, 1/25/30<br>| 100000 | 91260 |
| Series K108, Class A2, <br> 1.52%, 3/25/30<br>| 100000 | 90525 |
| Series K109, Class A2, <br> 1.56%, 4/25/30<br>| 151000 | 136459 |
| Series K111, Class A2, <br> 1.35%, 5/25/30<br>| 100000 | 89314 |
| Series K114, Class A2, <br> 1.37%, 6/25/30<br>| 100000 | 88989 |
| Series K116, Class A2, <br> 1.38%, 7/25/30<br>| 100000 | 89025 |
| Series K117, Class A2, <br> 1.41%, 8/25/30<br>| 493000 | 437767 |
| Series K120, Class A2, <br> 1.50%, 10/25/30<br>| 140000 | 124150 |
| Series K151, Class A3, <br> 3.51%, 4/25/30<br>| 183000 | 178818 |
| Series K751, Class A2, <br> 4.41%, 3/25/30<br>| 504000 | 511103 |
| Series K752, Class A2, <br> 4.28%, 7/25/30<br>| 136000 | 137264 |
| Series K754, Class A2, <br> 4.94%, 11/25/30<br>| 545000 | 565493 |
| Pool, |  |  |
| 1.50%, 11/01/35 - 1/01/42 | 5350111 | 4627495 |
| 1.00%, 7/01/36 - 10/01/36 | 148813 | 129618 |
| 2.00%, 8/01/40 - 8/01/42 | 855306 | 746901 |
| 4.00%, 10/01/40 - <br> 11/01/40<br>| 163484 | 160476 |
| (2.13% - 30D Average <br> SOFR, 2.13% Floor, <br> 6.66% Cap), 1.66%, <br> 9/01/51<sup>(b)</sup> <br>| 74895 | 67596 |
| (30D Average SOFR + <br> 2.13%, 2.13% Floor, <br> 7.56% Cap), 2.56%, <br> 3/01/52<sup>(b)</sup> <br>| 90423 | 83707 |
| (30D Average SOFR + <br> 2.14%, 2.14% Floor, <br> 7.55% Cap), 2.55%, <br> 5/01/52<sup>(b)</sup> <br>| 64729 | 59858 |
| (2.18% - 30D Average <br> SOFR, 2.18% Floor, <br> 7.16% Cap), 2.16%, <br> 7/01/52<sup>(b)</sup> <br>| 628735 | 574003 |
| (30D Average SOFR + <br> 2.22%, 2.22% Floor, <br> 8.33% Cap), 3.33%, <br> 11/01/52<sup>(b)</sup> <br>| 77852 | 74463 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** |
| Pool, |  |  |
| (2.18% - 30D Average <br> SOFR, 2.18% Floor, <br> 7.17% Cap), 2.16%, <br> 5/01/53<sup>(b)</sup> <br>| $93368 | $85254 |
| Real Estate Mortgage <br> Investment Conduits, <br> Series 4162, Class P, <br> 3.00%, 2/15/33<br>| 49838 | 48801 |
|  |  | **12934437** |
| **Federal National Mortgage Association – 7.8%** | **Federal National Mortgage Association – 7.8%** | **Federal National Mortgage Association – 7.8%** |
| Interest STRIP, Series 284, <br> Class 1, 0.00%, 7/25/27<sup>(g)</sup> <br>| 14692 | 14273 |
| Pool, |  |  |
| 1.50%, 12/01/35 - 3/01/42 | 5342751 | 4676039 |
| 1.00%, 4/01/36 - 3/01/37 | 2169595 | 1889672 |
| 2.00%, 11/01/40 - 8/01/42 | 1326882 | 1155375 |
| 2.50%, 5/01/41 | 123537 | 110708 |
| 3.50%, 4/01/44 | 246867 | 234417 |
| 4.00%, 6/01/45 - 3/01/48 | 640309 | 627202 |
| (2.07% - 30D Average <br> SOFR, 2.07% Floor, <br> 6.97% Cap), 1.97%, <br> 8/01/51<sup>(b)</sup> <br>| 195816 | 179621 |
| (2.34% - 30D Average <br> SOFR, 2.33% Floor, <br> 6.89% Cap), 1.89%, <br> 4/01/52<sup>(b)</sup> <br>| 181316 | 164888 |
| Real Estate Mortgage <br> Investment Conduits, <br> Series 2012-144, <br> Class PD, 3.50%, 4/25/42<br>| 52233 | 51763 |
|  |  | **9103958** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| Pool, |  |  |
| Series 2012-150, Class IO, <br> 0.44%, 11/16/52<sup>(f)(h)</sup> <br>| 475740 | 4251 |
| Series 2015-108, Class IO, <br> 0.34%, 10/16/56<sup>(f)(h)</sup> <br>| 36613 | 145 |
| Series 2015-7, Class IO, <br> 0.49%, 1/16/57<sup>(f)(h)</sup> <br>| 861403 | 21705 |
| Series 2020-42, Class IO, <br> 0.94%, 3/16/62<sup>(f)(h)</sup> <br>| 1353865 | 90919 |
| Series 2020-43, Class IO, <br> 1.26%, 11/16/61<sup>(f)(h)</sup> <br>| 872244 | 67445 |
| Series 2020-71, Class IO, <br> 1.10%, 1/16/62<sup>(f)(h)</sup> <br>| 1139799 | 79752 |
| Series 2020-75, Class IO, <br> 0.87%, 2/16/62<sup>(f)(h)</sup> <br>| 2160256 | 130626 |
|  |  | **394843** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan – 3.3%** | **Whole Loan – 3.3%** | **Whole Loan – 3.3%** |
| GS Mortgage-Backed <br> Securities Corp. Trust,<br>|  |  |
| Series 2021-PJ4, Class A8, <br> 2.50%, 9/25/51<sup>(a)(f)</sup> <br>| $60310 | $54222 |
| Series 2021-PJ5, Class A8, <br> 2.50%, 10/25/51<sup>(a)(f)</sup> <br>| 218961 | 197493 |
| Series 2022-PJ2, <br> Class A24, 3.00%, <br> 6/25/52<sup>(a)</sup> <br>| 108393 | 98879 |
| Series 2022-PJ4, <br> Class A22, 2.50%, <br> 9/25/52<sup>(a)(f)</sup> <br>| 188912 | 167815 |
| GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| Series 2021-PJ10, <br> Class A8, 2.50%, <br> 3/25/52<sup>(a)(f)</sup> <br>| 67642 | 60675 |
| Series 2021-PJ6, Class A8, <br> 2.50%, 11/25/51<sup>(a)(f)</sup> <br>| 125297 | 112791 |
| Series 2021-PJ7, Class A8, <br> 2.50%, 1/25/52<sup>(a)</sup> <br>| 228929 | 204764 |
| Series 2022-PJ3, <br> Class A22, 2.50%, <br> 8/25/52<sup>(a)(f)</sup> <br>| 71499 | 63597 |
| Series 2022-PJ3, <br> Class A24, 3.00%, <br> 8/25/52<sup>(a)(f)</sup> <br>| 71499 | 65022 |
| Series 2022-PJ5, <br> Class A22, 2.50%, <br> 10/25/52<sup>(a)(f)</sup> <br>| 555689 | 490880 |
| Series 2022-PJ6, <br> Class A15, 2.50%, <br> 1/25/53<sup>(a)(f)</sup> <br>| 280634 | 248474 |
| JP Morgan Mortgage Trust, |  |  |
| Series 2021-10, Class A4, <br> 2.50%, 12/25/51<sup>(a)(f)</sup> <br>| 334441 | 299427 |
| Series 2021-10, <br> Class A4A, 2.00%, <br> 12/25/51<sup>(a)(f)</sup> <br>| 124583 | 109143 |
| Series 2021-11, Class A4, <br> 2.50%, 1/25/52<sup>(a)(f)</sup> <br>| 416797 | 374020 |
| Series 2021-13, Class A4, <br> 2.50%, 4/25/52<sup>(a)(f)</sup> <br>| 327562 | 294524 |
| Series 2021-15,Class A4, <br> 2.50%, 6/25/52<sup>(a)(f)</sup> <br>| 67313 | 60162 |
| Series 2021-6, Class A4, <br> 2.50%, 10/25/51<sup>(a)(f)</sup> <br>| 84194 | 75750 |
| Series 2021-7, Class A4, <br> 2.50%, 11/25/51<sup>(a)(f)</sup> <br>| 70861 | 63980 |
| Series 2021-8, Class A4, <br> 2.50%, 12/25/51<sup>(a)(f)</sup> <br>| 69837 | 62866 |
| Series 2022-3, Class A4A, <br> 2.50%, 8/25/52<sup>(a)(f)</sup> <br>| 71582 | 63722 |
| Series 2024-3, Class A4, <br> 3.00%, 5/25/54<sup>(a)</sup> <br>| 223422 | 202938 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| JP Morgan Seasoned <br> Mortgage Trust, Series <br> 2025-1, Class A4, 3.70%, <br> 1/25/63<sup>(a)(f)</sup> <br>| $147288 | $138718 |
| PRET Trust, Series <br> 2024-RPL1, Class A1, <br> 3.90%, 10/25/63<sup>(a)(f)</sup> <br>| 79353 | 76827 |
| Sequoia Mortgage Trust, <br> Series 2025-S1, Class A4, <br> 2.50%, 9/25/54<sup>(a)(f)</sup> <br>| 286420 | 254987 |
|  |  | **3841676** |
| **Total Mortgage-Backed Securities** <br>(Cost $29,045,852) | **Total Mortgage-Backed Securities** <br>(Cost $29,045,852) | **29157368** |
| **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>| 83731 | **86412** |
| **Total Municipal Bonds** <br>(Cost $83,731) | **Total Municipal Bonds** <br>(Cost $83,731) | **86412** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Preferred Stocks – 0.0%**<sup>(c)</sup>  | **Preferred Stocks – 0.0%**<sup>(c)</sup>  | **Preferred Stocks – 0.0%**<sup>(c)</sup>  |
| **Other – 0.0%**<sup>(c)</sup> | **Other – 0.0%**<sup>(c)</sup> | **Other – 0.0%**<sup>(c)</sup> |
| Windstream Corp., Series <br> A<sup>(d)(i)</sup> <br>| 23 | **23381** |
| **Total Preferred Stocks** <br>(Cost $23,381) | **Total Preferred Stocks** <br>(Cost $23,381) | **23381** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **Term Loans – 0.0%**<sup>(b)(c)</sup>  | **Term Loans – 0.0%**<sup>(b)(c)</sup>  | **Term Loans – 0.0%**<sup>(b)(c)</sup>  |
| **Retail - Discretionary – 0.0%**<sup>(c)</sup> | **Retail - Discretionary – 0.0%**<sup>(c)</sup> | **Retail - Discretionary – 0.0%**<sup>(c)</sup> |
| J.C. Penney Corp., Inc., Term <br> Loan<sup>(d)(i)(j)</sup> <br>| $227454 | **23** |
| **Total Term Loans** <br>(Cost $—) | **Total Term Loans** <br>(Cost $—) | **23** |
| **U.S. Government Obligations – 4.6%** | **U.S. Government Obligations – 4.6%** | **U.S. Government Obligations – 4.6%** |
| **U.S. Treasury Notes – 4.6%** | **U.S. Treasury Notes – 4.6%** | **U.S. Treasury Notes – 4.6%** |
| 3.88%, 6/30/30 | 1416000 | 1426786 |
| 3.63%, 8/31/30 | 1887000 | 1880366 |
| 4.63%, 9/30/30 | 883000 | 918803 |
| 3.63%, 9/30/30 | 943000 | 939464 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| 3.63%, 10/31/30 | $253000 | $252071 |
| **Total U.S. Government Obligations** <br>(Cost $5,345,482) | **Total U.S. Government Obligations** <br>(Cost $5,345,482) | **5417490** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Warrants – 0.0%**<sup>(c)</sup>  | **Warrants – 0.0%**<sup>(c)</sup>  | **Warrants – 0.0%**<sup>(c)</sup>  |
| **Other – 0.0%**<sup>(c)</sup> | **Other – 0.0%**<sup>(c)</sup> | **Other – 0.0%**<sup>(c)</sup> |
| Windstream<sup>(d)(i)\*</sup> <br>| 714 | **—** |
| **Total Warrants** <br>(Cost $—) | **Total Warrants** <br>(Cost $—) | **—** |
| **Investment Companies – 53.9%** | **Investment Companies – 53.9%** | **Investment Companies – 53.9%** |
| iShares Ultra Short <br> Duration Bond Active <br> ETF<sup>(k)</sup> <br>| 282957 | 14358653 |
| Schwab Short-Term <br> U.S. Treasury ETF<sup>(k)(l)</sup> <br>| 1726672 | 42165330 |
| Vanguard Short-Term <br> Inflation-Protected <br> Securities ETF<br>| 124391 | 6224526 |
| **Total Investment Companies** <br>(Cost $62,551,906) | **Total Investment Companies** <br>(Cost $62,551,906) | **62748509** |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 5.9%** | **Short-Term Investments – 5.9%** | **Short-Term Investments – 5.9%** |
| **Money Market Funds – 5.8%** | **Money Market Funds – 5.8%** | **Money Market Funds – 5.8%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.21%<sup>(m)(n)</sup> <br>| 1700000 | 1700000 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.91%<sup>(m)</sup> <br>| 4996988 | 4996988 |
|  |  | **6696988** |
| **U.S. Treasury Bills – 0.1%** | **U.S. Treasury Bills – 0.1%** | **U.S. Treasury Bills – 0.1%** |
| U.S. Treasury Bills, |  |  |
| 3.72%, 11/06/25<sup>(k)(o)</sup> <br>| 17000 | 16995 |
| 3.59%, 11/13/25<sup>(o)</sup> <br>| 118000 | 117873 |
|  |  | **134868** |
| **Total Short-Term Investments** <br>(Cost $6,831,828) | **Total Short-Term Investments** <br>(Cost $6,831,828) | **6831856** |
| **Total Investments – 101.4%** <br>(Cost $116,779,707) | **Total Investments – 101.4%** <br>(Cost $116,779,707) | **118178472** |
| Liabilities less Other Assets – (1.4)% | Liabilities less Other Assets – (1.4)% | (1684830)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$116493642** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

*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 October 31, 2025, these securities had a total value of $15,824,107 or 13.58% of net assets. 

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

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

<sup>(d)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At October 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $333,666 or 0.29% 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 | $499686.29<br>|
| J.C. Penney Corp., Inc., Term Loan | 2/12/21-4/29/22 |  |
| Windstream | 8/4/2025 |  |
| Windstream Corp., Series A | 8/4/2025 | 23381.00<br>|

---

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

<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 October 31, 2025 is disclosed. 

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

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

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

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

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

<sup>(l)</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>(m)</sup> 7-day current yield as of October 31, 2025 is disclosed.

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

<sup>(o)</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 |
| LLC | Limited Liability Company |
| SOFR | United States Secured Overnight Financing Rate |
| STRIP | Separate Trading of Registered Interest and Principal |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

**Valuation Hierarchy**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Defensive Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8745333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8745333 |
| Common Stocks | &nbsp;&nbsp; 1441494 | &nbsp;&nbsp; 310263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1751757 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 157107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 157107 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3259236 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3259236 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 29157368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29157368 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23381 | &nbsp;&nbsp; 23381 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 86412 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86412 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5417490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5417490 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Investment Companies | &nbsp;&nbsp; 62748509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62748509 |
| Short-Term Investments | &nbsp;&nbsp; 6696988 | &nbsp;&nbsp; 134868 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6831856 |
| **Total Investments** | &nbsp;&nbsp; $70886991 | &nbsp;&nbsp; $47268077 | &nbsp;&nbsp; $23404 | &nbsp;&nbsp; $118178472 |

---

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

See accompanying Notes to Financial Statements

------

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

------

**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 – 0.0%**<sup>(a)</sup> | **Aerospace & Defense – 0.0%**<sup>(a)</sup> | **Aerospace & Defense – 0.0%**<sup>(a)</sup> |
| General Electric Co. | 86 | **$26570** |
| **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> |
| Blackstone, Inc. | 143 | **20969** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| Citigroup, Inc. | 244 | 24700 |
| PNC Financial Services <br> Group (The), Inc.<br>| 179 | 32677 |
| U.S. Bancorp | 1012 | 47240 |
|  |  | **104617** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| AbbVie, Inc. | 223 | 48623 |
| BioMarin <br> Pharmaceutical, Inc.\*<br>| 2939 | 157442 |
| Bristol-Myers Squibb Co. | 1621 | 74679 |
| Gilead Sciences, Inc. | 398 | 47676 |
| Merck & Co., Inc. | 1265 | 108765 |
| Teva Pharmaceutical <br> Industries Ltd. ADR <br> (Israel)\*<br>| 4499 | 92140 |
|  |  | **529325** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Altice USA, Inc., Class A\* | 16055 | 35803 |
| Comcast Corp., Class A | 2279 | 63436 |
|  |  | **99239** |
| **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> |
| Corteva, Inc. | 759 | **46633** |
| **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>| 358 | **70082** |
| **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> |
| Emerson Electric Co. | 452 | **63086** |
| **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> |
| Duke Energy Corp. | 529 | **65755** |
| **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> |
| Amphenol Corp., Class A | 214 | **29819** |
| **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 | **292** |
| **Health Care Facilities & Services – 0.0%**<sup>(a)</sup> | **Health Care Facilities & Services – 0.0%**<sup>(a)</sup> | **Health Care Facilities & Services – 0.0%**<sup>(a)</sup> |
| Elevance Health, Inc. | 74 | 23473 |
| UnitedHealth Group, Inc. | 65 | 22201 |
|  |  | **45674** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Colgate-Palmolive Co. | 559 | $43071 |
| Kimberly-Clark Corp. | 819 | 98042 |
| Procter & Gamble (The) Co. | 434 | 65261 |
|  |  | **206374** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| CME Group, Inc. | 195 | 51770 |
| Morgan Stanley | 504 | 82656 |
|  |  | **134426** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Alphabet, Inc., Class A | 293 | 82389 |
| Booking Holdings, Inc. | 11 | 55855 |
|  |  | **138244** |
| **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>| 83 | **23807** |
| **Machinery – 0.0%**<sup>(a)</sup> | **Machinery – 0.0%**<sup>(a)</sup> | **Machinery – 0.0%**<sup>(a)</sup> |
| Deere & Co. | 75 | **34622** |
| **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** |
| Battalion Oil Corp.\* | 363 | 421 |
| Exxon Mobil Corp. | 632 | 72276 |
| Williams (The) Cos., Inc. | 997 | 57696 |
|  |  | **130393** |
| **Real Estate Investment Trusts – 0.0%**<sup>(a)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(a)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(a)</sup> |
| Simon Property Group, Inc. | 412 | **72413** |
| **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> |
| Yuzhou Group Holdings Co. <br> Ltd. (China)\*<br>| 15113 | **307** |
| **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. | 57 | **51953** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| TJX (The) Cos., Inc. | 559 | **78338** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| ASML Holding N.V. ADR <br> (Netherlands)<sup>(b)</sup> <br>| 38 | 40251 |
| Broadcom, Inc. | 122 | 45095 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 124 | 37253 |
| Wolfspeed, Inc.\* | 1462 | 38480 |
|  |  | **161079** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| Microsoft Corp. | 162 | 83885 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Salesforce, Inc. | 445 | $115883 |
| SAP S.E. ADR (Germany) | 321 | 83463 |
|  |  | **283231** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Mastercard, Inc., Class A | 138 | 76174 |
| Moody's Corp. | 83 | 39865 |
|  |  | **116039** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Apple, Inc. | 216 | 58400 |
| Garmin Ltd. | 99 | 21180 |
|  |  | **79580** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Union Pacific Corp. | 245 | 53991 |
| United Parcel Service, Inc., <br> Class B<br>| 688 | 66337 |
|  |  | **120328** |
| **Total Common Stocks** <br>(Cost $3,005,118) | **Total Common Stocks** <br>(Cost $3,005,118) | **2733195** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> <br>|  |
| **Convertible Bonds – 0.4%** | **Convertible Bonds – 0.4%** | **Convertible Bonds – 0.4%** |
| **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>| $5000 | 6355 |
| FirstEnergy Corp., 3.88%, <br> 1/15/31<sup>(d)</sup> <br>| 6000 | 6510 |
|  |  | **12865** |
| **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> |
| Advanced Energy <br> Industries, Inc., 2.50%, <br> 9/15/28<br>| 6000 | 9578 |
| Itron, Inc., 1.38%, 7/15/30 | 8000 | 8240 |
|  |  | **17818** |
| **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%, 8/15/29 | 6000 | 7722 |
| Granite Construction, Inc., <br> 3.75%, 5/15/28<br>| 4000 | 9072 |
|  |  | **16794** |
| **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>| 18000 | **19773** |
| **Gas & Water Utilities – 0.0%**<sup>(a)</sup> | **Gas & Water Utilities – 0.0%**<sup>(a)</sup> | **Gas & Water Utilities – 0.0%**<sup>(a)</sup> |
| UGI Corp., 5.00%, 6/01/28 | 8000 | **10242** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> |
| DoorDash, Inc., 0.00%, <br> 5/15/30<sup>(d)(e)</sup> <br>| $13000 | $14352 |
| Lyft, Inc., 0.00%, <br> 9/15/30<sup>(d)(e)</sup> <br>| 12000 | 13962 |
| MakeMyTrip Ltd., 0.00%, <br> 7/01/30<sup>(d)(e)</sup> <br>| 15000 | 14440 |
| Uber Technologies, Inc., <br> 0.88%, 12/01/28<br>| 9000 | 13104 |
|  |  | **55858** |
| **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>| 9000 | **8721** |
| **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>(d)(f)</sup> <br>| 21898 | **2847** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| Burlington Stores, Inc., <br> 1.25%, 12/15/27<br>| 6000 | 8568 |
| Freshpet, Inc., 3.00%, <br> 4/01/28<br>| 5000 | 5438 |
|  |  | **14006** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Nova Ltd., 0.00%, <br> 9/15/30<sup>(d)(e)</sup> <br>| 5000 | 6400 |
| Wolfspeed, Inc., |  |  |
| 2.50%, 6/15/31 | 41000 | 89072 |
| 2.50%, 6/15/31<sup>(d)</sup> <br>| 13000 | 28243 |
|  |  | **123715** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Cloudflare, Inc., 0.00%, <br> 6/15/30<sup>(d)(e)</sup> <br>| 5000 | 6255 |
| Commvault Systems, Inc., <br> 0.00%, 9/15/30<sup>(d)(e)</sup> <br>| 10000 | 9110 |
| Datadog, Inc., 0.00%, <br> 12/01/29<sup>(d)(e)</sup> <br>| 7000 | 7424 |
| Guidewire Software, Inc., <br> 1.25%, 11/01/29<br>| 14000 | 16506 |
| Nutanix, Inc., 0.50%, <br> 12/15/29<sup>(d)</sup> <br>| 16000 | 17627 |
| Rubrik, Inc., 0.00%, <br> 6/15/30<sup>(d)(e)</sup> <br>| 19000 | 18420 |
| Snowflake, Inc., 0.00%, <br> 10/01/29<sup>(e)</sup> <br>| 10000 | 18425 |
| Wix.com Ltd., 0.00%, <br> 9/15/30<sup>(d)(e)</sup> <br>| 10000 | 9950 |
| Zscaler, Inc., 0.00%, <br> 7/15/28<sup>(d)(e)</sup> <br>| 15000 | 15472 |
|  |  | **119189** |
| **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> |
| Euronet Worldwide, Inc., <br> 0.63%, 10/01/30<sup>(d)</sup> <br>| 11000 | **9983** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> |
| InterDigital, Inc., 3.50%, <br> 6/01/27<br>| $2000 | $9375 |
| Seagate HDD Cayman, <br> 3.50%, 6/01/28<br>| 3000 | 9391 |
|  |  | **18766** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| EchoStar Corp., 3.88%, <br> 11/30/30<sup>(g)</sup> <br>| 132346 | **318127** |
| **Total Convertible Bonds** <br>(Cost $512,986) | **Total Convertible Bonds** <br>(Cost $512,986) | **748704** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Convertible Preferred Stocks – 0.0%**<sup>(a)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(a)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(a)</sup>  |
| **Aerospace & Defense – 0.0%**<sup>(a)</sup> | **Aerospace & Defense – 0.0%**<sup>(a)</sup> | **Aerospace & Defense – 0.0%**<sup>(a)</sup> |
| Boeing (The) Co., 6.00% | 904 | **58507** |
| **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>| 150 | **9801** |
| **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% | 258 | **10604** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| QXO, Inc., 5.50% | 100 | **5105** |
| **Total Convertible Preferred Stocks** <br>(Cost $75,673) | **Total Convertible Preferred Stocks** <br>(Cost $75,673) | **84017** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> <br>|  |
| **Corporate Bonds – 44.2%** | **Corporate Bonds – 44.2%** | **Corporate Bonds – 44.2%** |
| **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** |
| Dotdash Meredith, Inc., <br> 7.63%, 6/15/32<sup>(d)</sup> <br>| $235000 | 211274 |
| Neptune Bidco U.S., Inc., <br> 9.29%, 4/15/29<sup>(d)</sup> <br>| 190000 | 187625 |
|  |  | **398899** |
| **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30<sup>(d)</sup> <br>| 148000 | 152002 |
| 6.25%, 3/15/33<sup>(d)</sup> <br>| 45000 | 46512 |
| Boeing (The) Co., |  |  |
| 5.93%, 5/01/60 | 131000 | 130221 |
| 7.01%, 5/01/64 | 115000 | 131619 |
| General Electric Co., |  |  |
| 4.30%, 7/29/30 | 87000 | 87656 |
| 4.90%, 1/29/36 | 66000 | 67226 |
| Howmet Aerospace, Inc., <br> 5.95%, 2/01/37<br>| 17000 | 18455 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| L3Harris Technologies, Inc., |  |  |
| 5.40%, 7/31/33 | $66000 | $68822 |
| 5.35%, 6/01/34 | 72000 | 74701 |
| Lockheed Martin Corp., |  |  |
| 5.00%, 8/15/35 | 118000 | 120496 |
| 5.20%, 2/15/64 | 63000 | 59776 |
| TransDigm, Inc., |  |  |
| 6.75%, 8/15/28<sup>(d)</sup> <br>| 300000 | 305918 |
| 4.63%, 1/15/29 | 205000 | 201638 |
| 6.38%, 3/01/29<sup>(d)</sup> <br>| 235000 | 241388 |
| 6.38%, 5/31/33<sup>(d)</sup> <br>| 70000 | 71353 |
| 6.25%, 1/31/34<sup>(d)</sup> <br>| 175000 | 180862 |
|  |  | **1958645** |
| **Asset Management – 0.8%** | **Asset Management – 0.8%** | **Asset Management – 0.8%** |
| BlackRock Funding, Inc., <br> 5.25%, 3/14/54<br>| 100000 | 98231 |
| Blackstone Reg Finance Co. <br> LLC, 4.30%, 11/03/30<br>| 60000 | 59805 |
| Citadel L.P., |  |  |
| 6.00%, 1/23/30<sup>(d)</sup> <br>| 42000 | 43592 |
| 6.38%, 1/23/32<sup>(d)</sup> <br>| 67000 | 70588 |
| Icahn Enterprises <br> L.P./Icahn Enterprises <br> Finance Corp., 5.25%, <br> 5/15/27<br>| 70000 | 68789 |
| KKR & Co., Inc., 5.10%, <br> 8/07/35<br>| 100000 | 99788 |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 8/01/32<sup>(d)</sup> <br>| 375000 | 387411 |
| 8.00%, 8/01/33<sup>(d)</sup> <br>| 254000 | 260589 |
| Raymond James <br> Financial, Inc., 5.65%, <br> 9/11/55<br>| 176000 | 173497 |
| TPG Operating Group II L.P., <br> 5.88%, 3/05/34<br>| 144000 | 151225 |
|  |  | **1413515** |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| Ford Motor Credit Co. LLC, <br> 4.00%, 11/13/30<br>| 200000 | 187639 |
| General Motors Co., 6.25%, <br> 10/02/43<br>| 32000 | 32696 |
| General Motors <br> Financial Co., Inc.,<br>|  |  |
| (3M USD LIBOR + 3.60%), <br> 5.75%, 9/30/27<sup>(h)(i)</sup> <br>| 270000 | 267253 |
| 2.35%, 1/08/31 | 86000 | 76804 |
| 6.10%, 1/07/34 | 71000 | 75028 |
| 5.90%, 1/07/35 | 84000 | 87505 |
| Hyundai Capital America, |  |  |
| 5.68%, 6/26/28<sup>(d)</sup> <br>| 53000 | 54705 |
| 6.10%, 9/21/28<sup>(d)</sup> <br>| 86000 | 89950 |
| 5.15%, 3/27/30<sup>(d)</sup> <br>| 61000 | 62362 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Hyundai Capital America, |  |  |
| 4.50%, 9/18/30<sup>(d)</sup> <br>| $55000 | $54887 |
| 5.40%, 3/29/32<sup>(d)</sup> <br>| 88000 | 90923 |
| Toyota Motor Credit Corp., |  |  |
| 4.80%, 5/15/30 | 83000 | 85105 |
| 5.55%, 11/20/30 | 62000 | 65810 |
| 4.60%, 10/10/31 | 66000 | 66907 |
|  |  | **1297574** |
| **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>(i)</sup> <br>| 85000 | 83686 |
| (SOFR + 1.06%), 2.09%, <br> 6/14/29<sup>(i)</sup> <br>| 6000 | 5696 |
| (3M CME Term SOFR + <br> 1.45%), 2.88%, <br> 10/22/30<sup>(i)</sup> <br>| 40000 | 37987 |
| (3M CME Term SOFR + <br> 1.25%), 2.50%, 2/13/31<sup>(i)</sup> <br>| 9000 | 8357 |
| (SOFR + 2.15%), 2.59%, <br> 4/29/31<sup>(i)</sup> <br>| 106000 | 98587 |
| (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(i)</sup> <br>| 177000 | 161751 |
| (SOFR + 1.22%), 2.30%, <br> 7/21/32<sup>(i)</sup> <br>| 91000 | 80962 |
| (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(i)</sup> <br>| 184000 | 167790 |
| (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(i)</sup> <br>| 61000 | 60900 |
| (SOFR + 1.84%), 5.87%, <br> 9/15/34<sup>(i)</sup> <br>| 70000 | 75036 |
| (SOFR + 1.74%), 5.52%, <br> 10/25/35<sup>(i)</sup> <br>| 71000 | 72791 |
| (SOFR + 1.31%), 5.51%, <br> 1/24/36<sup>(i)</sup> <br>| 46000 | 48159 |
| (SOFR + 1.70%), 5.74%, <br> 2/12/36<sup>(i)</sup> <br>| 98000 | 101997 |
| (SOFR + 1.93%), 2.68%, <br> 6/19/41<sup>(i)</sup> <br>| 7000 | 5195 |
| First Citizens <br> BancShares, Inc., (5Y US <br> Treasury CMT + 1.97%), <br> 6.25%, 3/12/40<sup>(i)</sup> <br>| 119000 | 120801 |
| JP Morgan Chase & Co., |  |  |
| (3M CME Term SOFR + <br> 1.21%), 3.51%, 1/23/29<sup>(i)</sup> <br>| 69000 | 68101 |
| (3M CME Term SOFR + <br> 1.59%), 4.45%, <br> 12/05/29<sup>(i)</sup> <br>| 148000 | 149246 |
| (SOFR + 1.31%), 5.01%, <br> 1/23/30<sup>(i)</sup> <br>| 67000 | 68629 |
| (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(i)</sup> <br>| 60000 | 61557 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| (3M CME Term SOFR + <br> 1.51%), 2.74%, <br> 10/15/30<sup>(i)</sup> <br>| $25000 | $23635 |
| (SOFR + 1.04%), 4.60%, <br> 10/22/30<sup>(i)</sup> <br>| 67000 | 67894 |
| (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(i)</sup> <br>| 25000 | 25831 |
| (SOFR + 1.07%), 1.95%, <br> 2/04/32<sup>(i)</sup> <br>| 20000 | 17718 |
| (SOFR + 1.81%), 6.25%, <br> 10/23/34<sup>(i)</sup> <br>| 39000 | 42952 |
| (SOFR + 1.49%), 5.77%, <br> 4/22/35<sup>(i)</sup> <br>| 56000 | 59723 |
| (SOFR + 1.68%), 5.57%, <br> 4/22/36<sup>(i)</sup> <br>| 57000 | 60085 |
| (SOFR + 1.64%), 5.58%, <br> 7/23/36<sup>(i)</sup> <br>| 227000 | 235368 |
| (SOFR + 1.19%), 4.81%, <br> 10/22/36<sup>(i)</sup> <br>| 353000 | 351874 |
| M&T Bank Corp., (5Y US <br> Treasury CMT + 1.43%), <br> 5.40%, 7/30/35<sup>(i)</sup> <br>| 172000 | 173242 |
| PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| (SOFR Index + 2.14%), <br> 6.04%, 10/28/33<sup>(i)</sup> <br>| 66000 | 71152 |
| (SOFR + 1.42%), 5.37%, <br> 7/21/36<sup>(i)</sup> <br>| 79000 | 81153 |
| Truist Financial Corp., |  |  |
| (SOFR + 2.30%), 6.12%, <br> 10/28/33<sup>(i)</sup> <br>| 39000 | 41920 |
| (SOFR + 2.36%), 5.87%, <br> 6/08/34<sup>(i)</sup> <br>| 55000 | 58228 |
| (SOFR + 1.40%), 4.96%, <br> 10/23/36<sup>(i)</sup> <br>| 243000 | 239305 |
| Wells Fargo & Co., |  |  |
| (SOFR + 2.06%), 6.49%, <br> 10/23/34<sup>(i)</sup> <br>| 18000 | 19987 |
| (SOFR + 1.78%), 5.50%, <br> 1/23/35<sup>(i)</sup> <br>| 53000 | 55327 |
| (SOFR + 1.74%), 5.61%, <br> 4/23/36<sup>(i)</sup> <br>| 274000 | 287938 |
| (SOFR + 1.34%), 4.89%, <br> 9/15/36<sup>(i)</sup> <br>| 140000 | 139920 |
| (SOFR + 2.53%), 3.07%, <br> 4/30/41<sup>(i)</sup> <br>| 21000 | 16374 |
| (3M CME Term SOFR + <br> 4.50%), 5.01%, 4/04/51<sup>(i)</sup> <br>| 48000 | 44802 |
| (SOFR + 2.13%), 4.61%, <br> 4/25/53<sup>(i)</sup> <br>| 41000 | 35982 |
|  |  | **3627638** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Constellation Brands, Inc., <br> 4.95%, 11/01/35<br>| 55000 | 54142 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| PepsiCo, Inc., |  |  |
| 4.65%, 7/23/32 | $49000 | $50039 |
| 5.00%, 7/23/35 | 81000 | 82903 |
|  |  | **187084** |
| **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** |
| AbbVie, Inc., |  |  |
| 3.20%, 11/21/29 | 74000 | 71481 |
| 4.88%, 3/15/30 | 81000 | 83440 |
| 5.05%, 3/15/34 | 85000 | 87442 |
| 4.05%, 11/21/39 | 66000 | 59165 |
| 5.35%, 3/15/44 | 41000 | 41165 |
| 5.60%, 3/15/55 | 72000 | 73825 |
| 5.50%, 3/15/64 | 65000 | 65097 |
| Amgen, Inc., |  |  |
| 2.45%, 2/21/30 | 28000 | 25993 |
| 5.25%, 3/02/30 | 41000 | 42553 |
| 3.15%, 2/21/40 | 82000 | 64774 |
| 5.75%, 3/02/63 | 93000 | 92888 |
| Bausch Health Cos., Inc., |  |  |
| 4.88%, 6/01/28<sup>(d)</sup> <br>| 465000 | 423150 |
| 11.00%, 9/30/28<sup>(d)</sup> <br>| 95000 | 99583 |
| Bristol-Myers Squibb Co., <br> 6.40%, 11/15/63<br>| 60000 | 66336 |
| Eli Lilly & Co., |  |  |
| 4.75%, 2/12/30 | 74000 | 76002 |
| 4.90%, 10/15/35 | 55000 | 55923 |
| 5.55%, 3/15/37 | 46000 | 49444 |
| 5.00%, 2/09/54 | 46000 | 43662 |
| 5.05%, 8/14/54 | 29000 | 27629 |
| 5.55%, 10/15/55 | 55000 | 56332 |
| 5.65%, 10/15/65 | 71000 | 73132 |
| Gilead Sciences, Inc., |  |  |
| 4.80%, 11/15/29 | 85000 | 87240 |
| 5.60%, 11/15/64 | 27000 | 27320 |
| Johnson & Johnson, |  |  |
| 3.63%, 3/03/37 | 46000 | 41881 |
| 5.85%, 7/15/38 | 34000 | 37620 |
| 2.10%, 9/01/40 | 33000 | 23396 |
| Pfizer Investment <br> Enterprises Pte. Ltd.,<br>|  |  |
| 4.65%, 5/19/30 | 33000 | 33675 |
| 5.34%, 5/19/63 | 128000 | 121440 |
| Royalty Pharma PLC, |  |  |
| 1.75%, 9/02/27 | 89000 | 85292 |
| 2.20%, 9/02/30 | 40000 | 36072 |
| 5.20%, 9/25/35 | 55000 | 55101 |
| Zoetis, Inc., 5.00%, 8/17/35 | 27000 | 27278 |
|  |  | **2255331** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Cable & Satellite – 2.7%** | **Cable & Satellite – 2.7%** | **Cable & Satellite – 2.7%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| 5.00%, 2/01/28<sup>(d)</sup> <br>| $245000 | $242541 |
| 4.75%, 3/01/30<sup>(d)</sup> <br>| 953000 | 906174 |
| 4.25%, 1/15/34<sup>(d)</sup> <br>| 111000 | 93209 |
| Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| 4.80%, 3/01/50 | 98000 | 76692 |
| 3.90%, 6/01/52 | 103000 | 67596 |
| 5.25%, 4/01/53 | 64000 | 52104 |
| 6.70%, 12/01/55 | 85000 | 83819 |
| 4.40%, 12/01/61 | 24000 | 16259 |
| Comcast Corp., |  |  |
| 3.20%, 7/15/36 | 43000 | 36370 |
| 3.25%, 11/01/39 | 58000 | 45737 |
| 5.65%, 6/01/54 | 40000 | 38286 |
| 6.05%, 5/15/55 | 46000 | 46472 |
| 5.50%, 5/15/64 | 37000 | 34150 |
| CSC Holdings LLC, |  |  |
| 5.38%, 2/01/28<sup>(d)</sup> <br>| 400000 | 331709 |
| 11.25%, 5/15/28<sup>(d)</sup> <br>| 710000 | 622942 |
| 5.75%, 1/15/30<sup>(d)</sup> <br>| 900000 | 337262 |
| 4.63%, 12/01/30<sup>(d)</sup> <br>| 200000 | 72272 |
| Directv Financing LLC, <br> 8.88%, 2/01/30<sup>(d)</sup> <br>| 415000 | 412567 |
| Directv <br> Financing LLC/Directv <br> Financing <br> Co-Obligor, Inc., 10.00%, <br> 2/15/31<sup>(d)</sup> <br>| 625000 | 622427 |
| DISH DBS Corp., |  |  |
| 5.25%, 12/01/26<sup>(d)</sup> <br>| 595000 | 585429 |
| 5.75%, 12/01/28<sup>(d)</sup> <br>| 190000 | 182565 |
| DISH Network Corp., <br> 11.75%, 11/15/27<sup>(d)</sup> <br>| 55000 | 57903 |
| Time Warner Cable LLC, <br> 5.88%, 11/15/40<br>| 30000 | 28059 |
|  |  | **4992544** |
| **Chemicals – 0.8%** | **Chemicals – 0.8%** | **Chemicals – 0.8%** |
| Ashland, Inc., 3.38%, <br> 9/01/31<sup>(d)</sup> <br>| 545000 | 485806 |
| Chemours (The) Co., |  |  |
| 5.75%, 11/15/28<sup>(d)</sup> <br>| 470000 | 450370 |
| 4.63%, 11/15/29<sup>(d)</sup> <br>| 97000 | 85118 |
| Dow Chemical (The) Co., |  |  |
| 5.65%, 3/15/36 | 55000 | 55053 |
| 4.38%, 11/15/42 | 59000 | 47767 |
| 6.90%, 5/15/53 | 42000 | 44579 |
| 5.60%, 2/15/54 | 14000 | 12571 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| Solstice Advanced <br> Materials, Inc., 5.63%, <br> 9/30/33<sup>(d)</sup> <br>| $232000 | $232186 |
|  |  | **1413450** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| Clean Harbors, Inc., |  |  |
| 5.13%, 7/15/29<sup>(d)</sup> <br>| 90000 | 89765 |
| 6.38%, 2/01/31<sup>(d)</sup> <br>| 105000 | 107574 |
| GFL Environmental, Inc., |  |  |
| 4.00%, 8/01/28<sup>(d)</sup> <br>| 85000 | 83152 |
| 4.38%, 8/15/29<sup>(d)</sup> <br>| 70000 | 68459 |
| 6.75%, 1/15/31<sup>(d)</sup> <br>| 105000 | 109843 |
| Rollins, Inc., 5.25%, 2/24/35 | 70000 | 71185 |
| TriNet Group, Inc., |  |  |
| 3.50%, 3/01/29<sup>(d)</sup> <br>| 330000 | 309896 |
| 7.13%, 8/15/31<sup>(d)</sup> <br>| 25000 | 25939 |
| Waste Management, Inc., <br> 4.95%, 3/15/35<br>| 166000 | 168579 |
|  |  | **1034392** |
| **Construction Materials – 0.4%** | **Construction Materials – 0.4%** | **Construction Materials – 0.4%** |
| AmeriTex HoldCo <br> Intermediate LLC, 7.63%, <br> 8/15/33<sup>(d)</sup> <br>| 87000 | 91009 |
| Amrize Finance U.S. LLC, <br> 4.95%, 4/07/30<sup>(d)</sup> <br>| 63000 | 64494 |
| CRH America Finance, Inc., |  |  |
| 5.00%, 2/09/36 | 35000 | 35065 |
| 5.60%, 2/09/56 | 75000 | 74923 |
| Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(d)</sup> <br>| 440000 | 456373 |
|  |  | **721864** |
| **Containers & Packaging – 0.8%** | **Containers & Packaging – 0.8%** | **Containers & Packaging – 0.8%** |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC, 3.25%, 9/01/28<sup>(d)</sup> <br>| 200000 | 190807 |
| Ball Corp., 5.50%, 9/15/33 | 1104000 | 1117415 |
| Mauser Packaging <br> Solutions Holding Co., <br> 7.88%, 4/15/27<sup>(d)</sup> <br>| 55000 | 55145 |
| Packaging Corp. of <br> America, 5.70%, 12/01/33<br>| 44000 | 46552 |
|  |  | **1409919** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| Honeywell <br> International, Inc.,<br>|  |  |
| 4.75%, 2/01/32 | 88000 | 89622 |
| 5.00%, 3/01/35 | 40000 | 40765 |
|  |  | **130387** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electric Utilities – 2.9%** | **Electric Utilities – 2.9%** | **Electric Utilities – 2.9%** |
| AEP Texas, Inc., 5.85%, <br> 10/15/55<br>| $138000 | $137930 |
| AES (The) Corp., 5.80%, <br> 3/15/32<br>| 40000 | 40908 |
| Alabama Power Co., |  |  |
| 5.85%, 11/15/33 | 36000 | 38711 |
| 3.75%, 3/01/45 | 33000 | 26378 |
| 4.30%, 7/15/48 | 30000 | 25574 |
| 3.45%, 10/01/49 | 26000 | 19062 |
| Ameren Corp., |  |  |
| 1.75%, 3/15/28 | 48000 | 45349 |
| 5.00%, 1/15/29 | 41000 | 41999 |
| American Electric <br> Power Co., Inc.,<br>|  |  |
| 5.63%, 3/01/33 | 18000 | 18970 |
| (5Y US Treasury CMT + <br> 2.13%), 5.80%, 3/15/56<sup>(i)</sup> <br>| 29000 | 29052 |
| Basin Electric Power <br> Cooperative, 5.85%, <br> 10/15/55<sup>(d)</sup> <br>| 155000 | 155292 |
| CMS Energy Corp., (5Y US <br> Treasury CMT + 4.12%), <br> 4.75%, 6/01/50<sup>(i)</sup> <br>| 70000 | 68769 |
| Commonwealth Edison Co., |  |  |
| 5.90%, 3/15/36 | 43000 | 46508 |
| 5.95%, 6/01/55 | 30000 | 31983 |
| Consolidated Edison Co. of <br> New York, Inc.,<br>|  |  |
| 4.63%, 12/01/54 | 30000 | 25928 |
| 4.00%, 11/15/57 | 24000 | 18419 |
| DTE Electric Co., 5.85%, <br> 5/15/55<br>| 49000 | 51616 |
| DTE Energy Co., 5.85%, <br> 6/01/34<br>| 48000 | 51013 |
| Duke Energy Carolinas LLC, |  |  |
| 4.25%, 12/15/41 | 18000 | 15977 |
| 3.75%, 6/01/45 | 6000 | 4783 |
| Duke Energy Corp., 3.15%, <br> 8/15/27<br>| 32000 | 31497 |
| Duke Energy Florida LLC, |  |  |
| 2.40%, 12/15/31 | 35000 | 31485 |
| 5.88%, 11/15/33 | 29000 | 31338 |
| 5.95%, 11/15/52 | 29000 | 30567 |
| Duke Energy Ohio, Inc., |  |  |
| 5.25%, 4/01/33 | 22000 | 22851 |
| 3.70%, 6/15/46 | 44000 | 34252 |
| 4.30%, 2/01/49 | 35000 | 29282 |
| Entergy Arkansas LLC, <br> 2.65%, 6/15/51<br>| 14000 | 8553 |
| Entergy Texas, Inc., 5.80%, <br> 9/01/53<br>| 20000 | 20382 |
| Evergy Kansas Central, Inc., <br> 5.25%, 3/15/35<br>| 59000 | 60340 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Eversource Energy, |  |  |
| 5.45%, 3/01/28 | $44000 | $45123 |
| 5.95%, 2/01/29 | 47000 | 49240 |
| 4.45%, 12/15/30 | 75000 | 74740 |
| 5.13%, 5/15/33 | 34000 | 34515 |
| Exelon Corp., |  |  |
| 5.15%, 3/15/28 | 40000 | 40920 |
| 4.95%, 6/15/35 | 48000 | 47577 |
| FirstEnergy Pennsylvania <br> Electric Co., 5.20%, <br> 4/01/28<sup>(d)</sup> <br>| 36000 | 36788 |
| Florida Power & Light Co., |  |  |
| 5.40%, 9/01/35 | 24000 | 24909 |
| 5.65%, 2/01/37 | 20000 | 21345 |
| Indiana Michigan <br> Power Co.,<br>|  |  |
| 3.85%, 5/15/28 | 22000 | 21912 |
| 6.05%, 3/15/37 | 33000 | 36033 |
| IPALCO Enterprises, Inc., <br> 4.25%, 5/01/30<br>| 52000 | 50894 |
| Liberty Utilities Co., 5.87%, <br> 1/31/34<sup>(d)</sup> <br>| 85000 | 88630 |
| MidAmerican Energy Co., |  |  |
| 4.80%, 9/15/43 | 15000 | 13935 |
| 4.40%, 10/15/44 | 23000 | 20212 |
| Mississippi Power Co., <br> 4.25%, 3/15/42<br>| 26000 | 22738 |
| Monongahela Power Co., <br> 5.85%, 2/15/34<sup>(d)</sup> <br>| 56000 | 59526 |
| National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| 4.12%, 9/16/27 | 30000 | 30097 |
| 4.95%, 2/07/30 | 29000 | 29846 |
| 1.65%, 6/15/31 | 37000 | 32033 |
| 2.75%, 4/15/32 | 24000 | 21616 |
| 4.02%, 11/01/32 | 41000 | 39986 |
| 4.15%, 12/15/32 | 39000 | 38140 |
| 5.80%, 1/15/33 | 7000 | 7512 |
| 5.00%, 8/15/34 | 69000 | 70452 |
| New York State Electric & <br> Gas Corp., 5.30%, <br> 8/15/34<sup>(d)</sup> <br>| 37000 | 37939 |
| NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| 2.25%, 6/01/30 | 54000 | 49475 |
| 5.30%, 3/15/32 | 53000 | 55237 |
| 5.45%, 3/15/35 | 32000 | 33134 |
| (5Y US Treasury CMT + <br> 2.05%), 6.38%, 8/15/55<sup>(i)</sup> <br>| 60000 | 62449 |
| Niagara Mohawk <br> Power Corp.,<br>|  |  |
| 1.96%, 6/27/30<sup>(d)</sup> <br>| 48000 | 43369 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Niagara Mohawk <br> Power Corp.,<br>|  |  |
| 5.66%, 1/17/54<sup>(d)</sup> <br>| $34000 | $33850 |
| NRG Energy, Inc., |  |  |
| 5.25%, 6/15/29<sup>(d)</sup> <br>| 10000 | 10043 |
| 6.00%, 2/01/33<sup>(d)</sup> <br>| 125000 | 127510 |
| 5.75%, 1/15/34<sup>(d)</sup> <br>| 97000 | 97684 |
| NSTAR Electric Co., |  |  |
| 5.40%, 6/01/34 | 24000 | 24950 |
| 5.20%, 3/01/35 | 96000 | 98197 |
| 5.50%, 3/15/40 | 46000 | 47365 |
| Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| 5.55%, 6/15/54 | 63000 | 62663 |
| 5.80%, 4/01/55<sup>(d)</sup> <br>| 72000 | 74267 |
| Pacific Gas and Electric Co., |  |  |
| 4.45%, 4/15/42 | 52000 | 43426 |
| 4.30%, 3/15/45 | 46000 | 37018 |
| 4.95%, 7/01/50 | 72000 | 61974 |
| 6.75%, 1/15/53 | 53000 | 57246 |
| PacifiCorp, 4.10%, 2/01/42 | 71000 | 58736 |
| PECO Energy Co., |  |  |
| 4.90%, 6/15/33 | 26000 | 26634 |
| 5.25%, 9/15/54 | 50000 | 48553 |
| PSEG Power LLC, |  |  |
| 5.20%, 5/15/30<sup>(d)</sup> <br>| 59000 | 60521 |
| 5.75%, 5/15/35<sup>(d)</sup> <br>| 67000 | 69999 |
| Public Service Co. of <br> Colorado, 5.15%, 9/15/35<br>| 78000 | 79196 |
| Public Service Co. of New <br> Hampshire, 3.60%, <br> 7/01/49<br>| 37000 | 28147 |
| Public Service Electric and <br> Gas Co.,<br>|  |  |
| 5.20%, 3/01/34 | 44000 | 45676 |
| 4.85%, 8/01/34 | 23000 | 23232 |
| 5.50%, 3/01/40 | 36000 | 37172 |
| 3.80%, 3/01/46 | 5000 | 4021 |
| 5.50%, 3/01/55 | 32000 | 32271 |
| Public Service Enterprise <br> Group, Inc., 2.45%, <br> 11/15/31<br>| 55000 | 48960 |
| San Diego Gas & <br> Electric Co., 5.40%, <br> 4/15/35<br>| 62000 | 64207 |
| Sierra Pacific Power Co., <br> (5Y US Treasury CMT + <br> 2.55%), 6.20%, 12/15/55<sup>(i)</sup> <br>| 160000 | 159847 |
| Southern California <br> Edison Co.,<br>|  |  |
| 4.05%, 3/15/42 | 60000 | 48407 |
| 4.00%, 4/01/47 | 33000 | 25177 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Southwestern Electric <br> Power Co., 5.30%, 4/01/33<br>| $34000 | $34727 |
| Southwestern Public <br> Service Co.,<br>|  |  |
| 5.30%, 5/15/35 | 60000 | 61529 |
| 6.00%, 6/01/54 | 25000 | 26055 |
| Talen Energy Supply LLC, <br> 6.25%, 2/01/34<sup>(d)</sup> <br>| 324000 | 332246 |
| Trans-Allegheny Interstate <br> Line Co., 5.00%, 1/15/31<sup>(d)</sup> <br>| 88000 | 90357 |
| Tucson Electric Power Co., |  |  |
| 5.20%, 9/15/34 | 31000 | 31656 |
| 5.90%, 4/15/55 | 113000 | 116503 |
| Virginia Electric and <br> Power Co.,<br>|  |  |
| 5.70%, 8/15/53 | 15000 | 15197 |
| 5.65%, 3/15/55 | 30000 | 30197 |
| 5.60%, 9/15/55 | 72000 | 72087 |
| Vistra Operations Co. LLC, <br> 5.70%, 12/30/34<sup>(d)</sup> <br>| 107000 | 109905 |
| VoltaGrid LLC, 7.38%, <br> 11/01/30<sup>(d)(j)</sup> <br>| 264000 | 268502 |
| Xcel Energy, Inc., 5.60%, <br> 4/15/35<br>| 50000 | 51875 |
|  |  | **5312875** |
| **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** |
| Evergy Metro, Inc., 5.13%, <br> 8/15/35<br>| 61000 | 61890 |
| Jersey Central Power & <br> Light Co., 5.10%, 1/15/35<br>| 86000 | 87218 |
|  |  | **149108** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| Amphenol Corp., 4.40%, <br> 2/15/33<sup>(j)</sup> <br>| 55000 | 54386 |
| Johnson Controls <br> International PLC, 4.95%, <br> 7/02/64<br>| 35000 | 30798 |
| Molex Electronic <br> Technologies LLC, 5.25%, <br> 4/30/32<sup>(d)</sup> <br>| 37000 | 37809 |
| Sensata Technologies B.V., <br> 4.00%, 4/15/29<sup>(d)</sup> <br>| 260000 | 253380 |
| Sensata Technologies, Inc., |  |  |
| 4.38%, 2/15/30<sup>(d)</sup> <br>| 20000 | 19286 |
| 3.75%, 2/15/31<sup>(d)</sup> <br>| 395000 | 367144 |
| 6.63%, 7/15/32<sup>(d)</sup> <br>| 230000 | 239434 |
|  |  | **1002237** |
| **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** |
| Arcosa, Inc., |  |  |
| 4.38%, 4/15/29<sup>(d)</sup> <br>| 75000 | 72975 |
| 6.88%, 8/15/32<sup>(d)</sup> <br>| 90000 | 94256 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** |
| Brundage-Bone Concrete <br> Pumping Holdings, Inc., <br> 7.50%, 2/01/32<sup>(d)</sup> <br>| $123000 | $124101 |
| Quanta Services, Inc., |  |  |
| 4.50%, 1/15/31 | 37000 | 37067 |
| 5.10%, 8/09/35 | 80000 | 80735 |
| TopBuild Corp., 5.63%, <br> 1/31/34<sup>(d)</sup> <br>| 508000 | 510060 |
|  |  | **919194** |
| **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** |
| Discovery <br> Communications LLC,<br>|  |  |
| 3.63%, 5/15/30 | 245000 | 226747 |
| 6.35%, 6/01/40 | 215000 | 192877 |
| Paramount Global, |  |  |
| 3.70%, 6/01/28 | 65000 | 63738 |
| 5.25%, 4/01/44 | 45000 | 36893 |
| (5Y US Treasury CMT + <br> 4.00%), 6.38%, 3/30/62<sup>(i)</sup> <br>| 484000 | 476760 |
| Time Warner Cable <br> Enterprises LLC, 8.38%, <br> 7/15/33<br>| 16000 | 18555 |
| Warnermedia <br> Holdings, Inc.,<br>|  |  |
| 4.28%, 3/15/32 | 586000 | 536739 |
| 5.05%, 3/15/42 | 135000 | 108369 |
|  |  | **1660678** |
| **Food – 0.7%** | **Food – 0.7%** | **Food – 0.7%** |
| Cargill, Inc., 5.38%, <br> 10/23/55<sup>(d)</sup> <br>| 52000 | 50706 |
| HLF Financing S.a.r.l. <br> LLC/Herbalife <br> International, Inc., 4.88%, <br> 6/01/29<sup>(d)</sup> <br>| 70000 | 61432 |
| Lamb Weston <br> Holdings, Inc.,<br>|  |  |
| 4.88%, 5/15/28<sup>(d)</sup> <br>| 50000 | 50094 |
| 4.13%, 1/31/30<sup>(d)</sup> <br>| 45000 | 43463 |
| 4.38%, 1/31/32<sup>(d)</sup> <br>| 362000 | 345102 |
| Mars, Inc., |  |  |
| 4.80%, 3/01/30<sup>(d)</sup> <br>| 27000 | 27581 |
| 5.00%, 3/01/32<sup>(d)</sup> <br>| 81000 | 83238 |
| 5.20%, 3/01/35<sup>(d)</sup> <br>| 105000 | 107771 |
| 2.38%, 7/16/40<sup>(d)</sup> <br>| 31000 | 22353 |
| 5.65%, 5/01/45<sup>(d)</sup> <br>| 33000 | 33633 |
| 5.70%, 5/01/55<sup>(d)</sup> <br>| 81000 | 82417 |
| 5.80%, 5/01/65<sup>(d)</sup> <br>| 75000 | 77139 |
| Post Holdings, Inc., |  |  |
| 5.50%, 12/15/29<sup>(d)</sup> <br>| 60000 | 60030 |
| 4.63%, 4/15/30<sup>(d)</sup> <br>| 70000 | 67868 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| Post Holdings, Inc., |  |  |
| 4.50%, 9/15/31<sup>(d)</sup> <br>| $204000 | $191570 |
| 6.38%, 3/01/33<sup>(d)</sup> <br>| 20000 | 20256 |
|  |  | **1324653** |
| **Gas & Water Utilities – 0.4%** | **Gas & Water Utilities – 0.4%** | **Gas & Water Utilities – 0.4%** |
| American Water <br> Capital Corp.,<br>|  |  |
| 5.25%, 3/01/35 | 39000 | 40086 |
| 4.15%, 6/01/49 | 3000 | 2465 |
| 5.70%, 9/01/55 | 83000 | 84367 |
| Atmos Energy Corp., |  |  |
| 5.20%, 8/15/35 | 67000 | 68940 |
| 5.45%, 1/15/56 | 60000 | 59451 |
| Essential Utilities, Inc., <br> 5.25%, 8/15/35<br>| 159000 | 160980 |
| NiSource, Inc., 5.85%, <br> 4/01/55<br>| 95000 | 96935 |
| South Jersey <br> Industries, Inc., 5.02%, <br> 4/15/31<br>| 62000 | 53281 |
| Southern California <br> Gas Co.,<br>|  |  |
| 5.45%, 6/15/35 | 53000 | 55116 |
| 6.00%, 6/15/55 | 45000 | 47198 |
|  |  | **668819** |
| **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 | 80157 |
| 5.00%, 11/15/29 | 43000 | 44179 |
| 4.50%, 9/15/30 | 57000 | 57307 |
| 5.15%, 9/15/35 | 55000 | 55541 |
| Centene Corp., |  |  |
| 3.00%, 10/15/30 | 110000 | 98135 |
| 2.50%, 3/01/31 | 39000 | 33563 |
| Cigna Group (The), |  |  |
| 5.25%, 1/15/36 | 55000 | 55865 |
| 4.80%, 8/15/38 | 92000 | 87560 |
| CVS Health Corp., |  |  |
| 5.13%, 2/21/30 | 29000 | 29781 |
| 1.75%, 8/21/30 | 25000 | 22090 |
| 5.05%, 3/25/48 | 45000 | 40236 |
| 5.88%, 6/01/53 | 20000 | 19643 |
| 6.20%, 9/15/55 | 28000 | 28759 |
| 6.25%, 9/15/65 | 60000 | 61122 |
| DaVita, Inc., |  |  |
| 4.63%, 6/01/30<sup>(d)</sup> <br>| 35000 | 33798 |
| 3.75%, 2/15/31<sup>(d)</sup> <br>| 180000 | 165262 |
| Elevance Health, Inc., |  |  |
| 2.88%, 9/15/29 | 45000 | 42851 |
| 4.60%, 9/15/32 | 60000 | 59807 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| HAH Group Holding Co. <br> LLC, 9.75%, 10/01/31<sup>(d)</sup> <br>| $215000 | $203789 |
| HCA, Inc., |  |  |
| 3.38%, 3/15/29 | 36000 | 35017 |
| 4.13%, 6/15/29 | 66000 | 65535 |
| 3.50%, 9/01/30 | 31000 | 29784 |
| 2.38%, 7/15/31 | 24000 | 21416 |
| 5.50%, 3/01/32 | 39000 | 40701 |
| 4.60%, 11/15/32 | 55000 | 54658 |
| 5.75%, 3/01/35 | 16000 | 16787 |
| 5.13%, 6/15/39 | 48000 | 46679 |
| 6.00%, 4/01/54 | 49000 | 49673 |
| 6.20%, 3/01/55 | 117000 | 121491 |
| Laboratory Corp. of <br> America Holdings, 4.35%, <br> 4/01/30<br>| 80000 | 80126 |
| LifePoint Health, Inc., <br> 5.38%, 1/15/29<sup>(d)</sup> <br>| 215000 | 208046 |
| McKesson Corp., |  |  |
| 4.95%, 5/30/32 | 42000 | 43089 |
| 5.25%, 5/30/35 | 164000 | 169348 |
| Molina Healthcare, Inc., |  |  |
| 4.38%, 6/15/28 | 185000 | 180193 |
| 3.88%, 11/15/30<sup>(d)</sup> <br>| 310000 | 285951 |
| 3.88%, 5/15/32<sup>(d)</sup> <br>| 326000 | 293935 |
| 6.25%, 1/15/33<sup>(d)</sup> <br>| 120000 | 120784 |
| Owens & Minor, Inc., 6.63%, <br> 4/01/30<sup>(d)</sup> <br>| 60000 | 45669 |
| Radiology Partners, Inc., <br> 8.50%, 7/15/32<sup>(d)</sup> <br>| 272000 | 282870 |
| UnitedHealth Group, Inc., |  |  |
| 4.40%, 6/15/28 | 33000 | 33325 |
| 2.88%, 8/15/29 | 28000 | 26802 |
| 4.80%, 1/15/30 | 59000 | 60365 |
| 4.65%, 1/15/31 | 27000 | 27425 |
| 3.50%, 8/15/39 | 32000 | 26753 |
| 2.75%, 5/15/40 | 36000 | 26931 |
| 3.05%, 5/15/41 | 18000 | 13740 |
| 3.25%, 5/15/51 | 30000 | 20548 |
| 5.38%, 4/15/54 | 59000 | 56766 |
| 5.63%, 7/15/54 | 104000 | 103462 |
| 5.20%, 4/15/63 | 45000 | 41202 |
| 5.50%, 4/15/64 | 43000 | 41318 |
|  |  | **3889834** |
| **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** |
| Whirlpool Corp., |  |  |
| 6.13%, 6/15/30 | 160000 | 158428 |
| 6.50%, 6/15/33 | 160000 | 156102 |
|  |  | **314530** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Home Construction – 0.3%** | **Home Construction – 0.3%** | **Home Construction – 0.3%** |
| DR Horton, Inc., 5.50%, <br> 10/15/35<br>| $45000 | $46733 |
| Taylor Morrison <br> Communities, Inc.,<br>|  |  |
| 5.75%, 1/15/28<sup>(d)</sup> <br>| 95000 | 96387 |
| 5.13%, 8/01/30<sup>(d)</sup> <br>| 300000 | 299604 |
| Toll Brothers Finance Corp., <br> 5.60%, 6/15/35<br>| 75000 | 76910 |
|  |  | **519634** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Resideo Funding, Inc., |  |  |
| 4.00%, 9/01/29<sup>(d)</sup> <br>| 509000 | 485459 |
| 6.50%, 7/15/32<sup>(d)</sup> <br>| 185000 | 189364 |
| United Rentals North <br> America, Inc.,<br>|  |  |
| 4.00%, 7/15/30 | 30000 | 28811 |
| 3.88%, 2/15/31 | 365000 | 346523 |
| 3.75%, 1/15/32 | 52000 | 48377 |
| 6.13%, 3/15/34<sup>(d)</sup> <br>| 10000 | 10435 |
|  |  | **1108969** |
| **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** |
| Bank of New York Mellon <br> (The) Corp., (SOFR + <br> 1.35%), 5.32%, 6/06/36<sup>(i)</sup> <br>| 410000 | 424538 |
| Goldman Sachs Capital I, <br> 6.35%, 2/15/34<br>| 50000 | 53562 |
| Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| (SOFR + 1.27%), 5.73%, <br> 4/25/30<sup>(i)</sup> <br>| 40000 | 41799 |
| (SOFR + 1.21%), 5.05%, <br> 7/23/30<sup>(i)</sup> <br>| 15000 | 15349 |
| (SOFR + 1.06%), 4.37%, <br> 10/21/31<sup>(i)</sup> <br>| 100000 | 99569 |
| (SOFR + 1.55%), 5.33%, <br> 7/23/35<sup>(i)</sup> <br>| 49000 | 50462 |
| (SOFR + 1.42%), 5.02%, <br> 10/23/35<sup>(i)</sup> <br>| 71000 | 71481 |
| (SOFR + 1.33%), 4.94%, <br> 10/21/36<sup>(i)</sup> <br>| 324000 | 322418 |
| 6.25%, 2/01/41 | 8000 | 8818 |
| Jane Street Group/JSG <br> Finance, Inc.,<br>|  |  |
| 7.13%, 4/30/31<sup>(d)</sup> <br>| 65000 | 68209 |
| 6.75%, 5/01/33<sup>(d)</sup> <br>| 165000 | 172123 |
| LPL Holdings, Inc., |  |  |
| 4.63%, 11/15/27<sup>(d)</sup> <br>| 43000 | 42862 |
| 5.65%, 3/15/35 | 80000 | 81652 |
| Morgan Stanley, |  |  |
| (SOFR + 1.10%), 4.65%, <br> 10/18/30<sup>(i)</sup> <br>| 125000 | 126488 |
| (SOFR + 1.07%), 4.36%, <br> 10/22/31<sup>(i)</sup> <br>| 55000 | 54814 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Morgan Stanley, |  |  |
| (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(i)</sup> <br>| $18000 | $16093 |
| (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(i)</sup> <br>| 102000 | 105272 |
| (SOFR + 2.05%), 6.63%, <br> 11/01/34<sup>(i)</sup> <br>| 57000 | 63889 |
| (SOFR + 1.76%), 5.66%, <br> 4/17/36<sup>(i)</sup> <br>| 134000 | 141099 |
| (SOFR + 1.31%), 4.89%, <br> 10/22/36<sup>(i)</sup> <br>| 370000 | 367965 |
| State Street Corp., |  |  |
| (SOFR + 1.05%), 4.68%, <br> 10/22/32<sup>(i)</sup> <br>| 82000 | 82998 |
| (SOFR + 1.49%), 3.03%, <br> 11/01/34<sup>(i)</sup> <br>| 101000 | 94918 |
|  |  | **2506378** |
| **Insurance – 2.7%** | **Insurance – 2.7%** | **Insurance – 2.7%** |
| Alleghany Corp., |  |  |
| 4.90%, 9/15/44 | 34000 | 31762 |
| 3.25%, 8/15/51 | 101000 | 70267 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer,<br>|  |  |
| 7.00%, 1/15/31<sup>(d)</sup> <br>| 265000 | 274473 |
| 6.50%, 10/01/31<sup>(d)</sup> <br>| 634000 | 650159 |
| American International <br> Group, Inc.,<br>|  |  |
| 3.40%, 6/30/30 | 54000 | 51800 |
| 5.45%, 5/07/35 | 106000 | 110260 |
| AmWINS Group, Inc., <br> 6.38%, 2/15/29<sup>(d)</sup> <br>| 220000 | 224255 |
| Amynta Agency <br> Borrower, Inc./Amynta <br> Warranty Borrower, Inc., <br> 7.50%, 7/15/33<sup>(d)</sup> <br>| 123000 | 126727 |
| 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>(d)</sup> <br>| 473000 | 487190 |
| Assurant, Inc., 5.55%, <br> 2/15/36<br>| 146000 | 147518 |
| Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group <br> Holdings Finance, 7.13%, <br> 5/15/31<sup>(d)</sup> <br>| 628000 | 644431 |
| Brown & Brown, Inc., 4.90%, <br> 6/23/30<br>| 99000 | 100357 |
| Chubb INA Holdings LLC, <br> 4.90%, 8/15/35<br>| 288000 | 290130 |
| Corebridge Financial, Inc., |  |  |
| 3.90%, 4/05/32 | 109000 | 103681 |
| 6.05%, 9/15/33 | 155000 | 165283 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Corebridge Financial, Inc., |  |  |
| 5.75%, 1/15/34 | $34000 | $35596 |
| Corebridge Global Funding, <br> 4.85%, 6/06/30<sup>(d)</sup> <br>| 51000 | 51844 |
| Equitable Holdings, Inc., <br> 4.57%, 2/15/29<sup>(d)</sup> <br>| 108000 | 108455 |
| Hartford Insurance Group <br> (The), Inc.,<br>|  |  |
| 2.80%, 8/19/29 | 3000 | 2852 |
| (3M CME Term SOFR + <br> 2.39%), 6.60%, <br> 2/12/47<sup>(d)(k)</sup> <br>| 87000 | 81868 |
| Horace Mann <br> Educators Corp., 4.70%, <br> 10/01/30<br>| 54000 | 53537 |
| Liberty Mutual Group, Inc., <br> 4.30%, 2/01/61<sup>(d)</sup> <br>| 266000 | 170740 |
| Panther Escrow Issuer LLC, <br> 7.13%, 6/01/31<sup>(d)</sup> <br>| 250000 | 258369 |
| Ryan Specialty LLC, 5.88%, <br> 8/01/32<sup>(d)</sup> <br>| 337000 | 342621 |
| Symetra Life Insurance Co., <br> 6.55%, 10/01/55<sup>(d)</sup> <br>| 191000 | 201297 |
| Wynnton Funding Trust, <br> 5.25%, 8/15/35<sup>(d)</sup> <br>| 100000 | 100857 |
| Wynnton Funding Trust II, <br> 5.99%, 8/15/55<sup>(d)</sup> <br>| 185000 | 189994 |
|  |  | **5076323** |
| **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** |
| Beignet Investor LLC, <br> 6.58%, 5/30/49<sup>(d)</sup> <br>| 55000 | 58669 |
| Go Daddy Operating Co. <br> LLC/GD Finance Co., Inc., <br> 3.50%, 3/01/29<sup>(d)</sup> <br>| 109000 | 103790 |
| Meta Platforms, Inc., |  |  |
| 4.20%, 11/15/30 | 65000 | 64932 |
| 4.60%, 11/15/32 | 50000 | 50251 |
| 4.88%, 11/15/35 | 65000 | 65287 |
| 5.50%, 11/15/45 | 90000 | 89222 |
| 5.63%, 11/15/55 | 50000 | 49624 |
| 5.55%, 8/15/64 | 35000 | 33890 |
| 5.75%, 11/15/65 | 50000 | 49581 |
| Uber Technologies, Inc., |  |  |
| 4.30%, 1/15/30 | 55000 | 55151 |
| 4.15%, 1/15/31 | 40000 | 39607 |
| 4.80%, 9/15/35 | 24000 | 23819 |
| Ziff Davis, Inc., 4.63%, <br> 10/15/30<sup>(d)</sup> <br>| 352000 | 330952 |
|  |  | **1014775** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Science Applications <br> International Corp., <br> 5.88%, 11/01/33<sup>(d)</sup> <br>| 300000 | **299118** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Leisure Facilities & Services – 2.3%** | **Leisure Facilities & Services – 2.3%** | **Leisure Facilities & Services – 2.3%** |
| Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(d)</sup> <br>| $300000 | $310590 |
| Hilton Domestic <br> Operating Co., Inc.,<br>|  |  |
| 4.00%, 5/01/31<sup>(d)</sup> <br>| 70000 | 66524 |
| 3.63%, 2/15/32<sup>(d)</sup> <br>| 397000 | 365744 |
| Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc., 6.63%, <br> 1/15/32<sup>(d)</sup> <br>| 642000 | 651488 |
| Kingpin Intermediate <br> Holdings LLC, 7.25%, <br> 10/15/32<sup>(d)</sup> <br>| 350000 | 328077 |
| Lindblad Expeditions LLC, <br> 7.00%, 9/15/30<sup>(d)</sup> <br>| 393000 | 400260 |
| Marriott International, Inc., |  |  |
| 4.50%, 10/15/31 | 110000 | 109724 |
| 5.25%, 10/15/35 | 115000 | 116263 |
| Marriott Ownership <br> Resorts, Inc., 4.50%, <br> 6/15/29<sup>(d)</sup> <br>| 553000 | 532901 |
| Royal Caribbean <br> Cruises Ltd.,<br>|  |  |
| 5.50%, 4/01/28<sup>(d)</sup> <br>| 80000 | 81360 |
| 5.63%, 9/30/31<sup>(d)</sup> <br>| 13000 | 13245 |
| 6.25%, 3/15/32<sup>(d)</sup> <br>| 91000 | 93915 |
| 6.00%, 2/01/33<sup>(d)</sup> <br>| 72000 | 73923 |
| 5.38%, 1/15/36 | 40000 | 40271 |
| Sabre GLBL, Inc., |  |  |
| 8.63%, 6/01/27<sup>(d)</sup> <br>| 257000 | 258392 |
| 10.75%, 11/15/29<sup>(d)</sup> <br>| 67000 | 63650 |
| Travel + Leisure Co., |  |  |
| 6.00%, 4/01/27 | 5000 | 5070 |
| 4.50%, 12/01/29<sup>(d)</sup> <br>| 90000 | 87621 |
| 4.63%, 3/01/30<sup>(d)</sup> <br>| 155000 | 150276 |
| 6.13%, 9/01/33<sup>(d)</sup> <br>| 170000 | 171854 |
| Yum! Brands, Inc., |  |  |
| 3.63%, 3/15/31 | 300000 | 281658 |
| 4.63%, 1/31/32 | 95000 | 92769 |
|  |  | **4295575** |
| **Machinery – 0.4%** | **Machinery – 0.4%** | **Machinery – 0.4%** |
| Entegris, Inc., |  |  |
| 4.38%, 4/15/28<sup>(d)</sup> <br>| 65000 | 63914 |
| 3.63%, 5/01/29<sup>(d)</sup> <br>| 25000 | 23769 |
| Esab Corp., 6.25%, <br> 4/15/29<sup>(d)</sup> <br>| 224000 | 229234 |
| GrafTech Finance, Inc., <br> 4.63%, 12/23/29<sup>(d)</sup> <br>| 130000 | 95875 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Machinery (Continued)** | **Machinery (Continued)** | **Machinery (Continued)** |
| GrafTech Global <br> Enterprises, Inc., 9.88%, <br> 12/23/29<sup>(d)</sup> <br>| $10000 | $8825 |
| Ingersoll Rand, Inc., |  |  |
| 5.40%, 8/14/28 | 45000 | 46474 |
| 5.70%, 8/14/33 | 56000 | 59578 |
| John Deere Capital Corp., |  |  |
| 4.55%, 6/05/30 | 54000 | 54831 |
| 4.90%, 3/07/31 | 73000 | 75277 |
| 4.40%, 9/08/31 | 56000 | 56465 |
| 5.10%, 4/11/34 | 61000 | 63177 |
|  |  | **777419** |
| **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** |
| Avantor Funding, Inc., <br> 3.88%, 11/01/29<sup>(d)</sup> <br>| 175000 | 166209 |
| GE HealthCare <br> Technologies, Inc., 4.80%, <br> 1/15/31<br>| 107000 | 108965 |
| Hologic, Inc., 3.25%, <br> 2/15/29<sup>(d)</sup> <br>| 195000 | 192484 |
| Solventum Corp., |  |  |
| 5.40%, 3/01/29 | 30000 | 31027 |
| 5.90%, 4/30/54 | 57000 | 57965 |
| Zimmer Biomet <br> Holdings, Inc.,<br>|  |  |
| 5.35%, 12/01/28 | 49000 | 50650 |
| 5.05%, 2/19/30 | 41000 | 42187 |
|  |  | **649487** |
| **Oil & Gas Supply Chain – 4.7%** | **Oil & Gas Supply Chain – 4.7%** | **Oil & Gas Supply Chain – 4.7%** |
| BP Capital Markets <br> America, Inc., 3.00%, <br> 2/24/50<br>| 34000 | 22652 |
| BP Capital Markets PLC, <br> (5Y US Treasury CMT + <br> 1.92%), 6.13%, 3/18/35<sup>(h)(i)</sup> <br>| 47000 | 49053 |
| Cameron LNG LLC, 2.90%, <br> 7/15/31<sup>(d)</sup> <br>| 57000 | 52227 |
| Cheniere Energy Partners <br> L.P.,<br>|  |  |
| 4.50%, 10/01/29 | 59000 | 59020 |
| 5.55%, 10/30/35<sup>(d)</sup> <br>| 37000 | 37864 |
| Chevron USA, Inc., |  |  |
| 4.50%, 10/15/32 | 68000 | 68687 |
| 4.85%, 10/15/35 | 84000 | 85027 |
| Chord Energy Corp., |  |  |
| 6.00%, 10/01/30<sup>(d)</sup> <br>| 122000 | 122290 |
| 6.75%, 3/15/33<sup>(d)</sup> <br>| 660000 | 673979 |
| Civitas Resources, Inc., |  |  |
| 8.38%, 7/01/28<sup>(d)</sup> <br>| 145000 | 149819 |
| 8.63%, 11/01/30<sup>(d)</sup> <br>| 346000 | 357710 |
| 8.75%, 7/01/31<sup>(d)</sup> <br>| 450000 | 462624 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| CQP Holdco L.P./BIP-V <br> Chinook Holdco LLC, <br> 5.50%, 6/15/31<sup>(d)</sup> <br>| $250000 | $247344 |
| Crescent Energy <br> Finance LLC,<br>|  |  |
| 7.63%, 4/01/32<sup>(d)</sup> <br>| 190000 | 184213 |
| 7.38%, 1/15/33<sup>(d)</sup> <br>| 45000 | 42502 |
| Eastern Gas Transmission & <br> Storage, Inc., 3.00%, <br> 11/15/29<br>| 111000 | 106235 |
| Energy Transfer L.P., |  |  |
| 5.70%, 4/01/35 | 40000 | 41222 |
| 5.95%, 10/01/43 | 48000 | 47211 |
| 6.00%, 6/15/48 | 71000 | 69294 |
| (5Y US Treasury CMT + <br> 4.02%), 8.00%, 5/15/54<sup>(i)</sup> <br>| 300000 | 320255 |
| 6.05%, 9/01/54 | 81000 | 79009 |
| Enterprise Products <br> Operating LLC,<br>|  |  |
| 4.30%, 6/20/28 | 40000 | 40288 |
| 4.60%, 1/15/31 | 62000 | 62766 |
| 4.85%, 1/31/34 | 22000 | 22306 |
| 4.95%, 2/15/35 | 41000 | 41433 |
| 5.20%, 1/15/36 | 53000 | 53973 |
| 5.55%, 2/16/55 | 32000 | 31617 |
| 3.95%, 1/31/60 | 67000 | 50199 |
| EOG Resources, Inc., 5.35%, <br> 1/15/36<br>| 276000 | 284140 |
| Exxon Mobil Corp., 4.23%, <br> 3/19/40<br>| 87000 | 80182 |
| Kinder Morgan, Inc., 5.30%, <br> 12/01/34<br>| 100000 | 102025 |
| Marathon Petroleum Corp., |  |  |
| 5.70%, 3/01/35 | 74000 | 76565 |
| 5.00%, 9/15/54 | 35000 | 29775 |
| Matador Resources Co., |  |  |
| 6.50%, 4/15/32<sup>(d)</sup> <br>| 110000 | 111014 |
| 6.25%, 4/15/33<sup>(d)</sup> <br>| 300000 | 299556 |
| MPLX L.P., |  |  |
| 2.65%, 8/15/30 | 56000 | 51578 |
| 4.80%, 2/15/31 | 65000 | 65549 |
| 5.50%, 6/01/34 | 31000 | 31594 |
| 5.40%, 9/15/35 | 64000 | 64264 |
| Murphy Oil USA, Inc., <br> 3.75%, 2/15/31<sup>(d)</sup> <br>| 182000 | 169370 |
| Northern Oil & Gas, Inc., <br> 8.75%, 6/15/31<sup>(d)</sup> <br>| 445000 | 453539 |
| ONEOK, Inc., |  |  |
| 5.70%, 11/01/54 | 107000 | 100117 |
| 6.25%, 10/15/55 | 116000 | 116144 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Plains All American <br> Pipeline L.P./PAA <br> Finance Corp., 5.60%, <br> 1/15/36<br>| $75000 | $75774 |
| SM Energy Co., 6.75%, <br> 8/01/29<sup>(d)</sup> <br>| 260000 | 259457 |
| Targa Resources Corp., |  |  |
| 4.90%, 9/15/30 | 42000 | 42587 |
| 5.50%, 2/15/35 | 32000 | 32580 |
| 6.25%, 7/01/52 | 106000 | 108224 |
| 6.13%, 5/15/55 | 39000 | 39187 |
| Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp., <br> 4.88%, 2/01/31<br>| 33000 | 33076 |
| Transcontinental Gas Pipe <br> Line Co. LLC, 3.25%, <br> 5/15/30<br>| 54000 | 51519 |
| Valero Energy Corp., 5.15%, <br> 2/15/30<br>| 99000 | 101820 |
| Venture Global Calcasieu <br> Pass LLC,<br>|  |  |
| 4.13%, 8/15/31<sup>(d)</sup> <br>| 65000 | 60095 |
| 3.88%, 11/01/33<sup>(d)</sup> <br>| 45000 | 39717 |
| Venture Global LNG, Inc., <br> (5Y US Treasury CMT + <br> 5.44%), 9.00%, <br> 9/30/29<sup>(d)(h)(i)</sup> <br>| 593000 | 554257 |
| Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| 7.50%, 5/01/33<sup>(d)</sup> <br>| 515000 | 566345 |
| 6.50%, 1/15/34<sup>(d)</sup> <br>| 390000 | 408507 |
| 7.75%, 5/01/35<sup>(d)</sup> <br>| 135000 | 152336 |
| 6.75%, 1/15/36<sup>(d)</sup> <br>| 315000 | 333620 |
| Viper Energy Partners LLC, |  |  |
| 4.90%, 8/01/30 | 92000 | 92643 |
| 5.70%, 8/01/35 | 35000 | 35687 |
| Williams (The) Cos., Inc., |  |  |
| 4.63%, 6/30/30 | 64000 | 64476 |
| 5.30%, 9/30/35 | 64000 | 64947 |
| 5.10%, 9/15/45 | 45000 | 41706 |
|  |  | **8774791** |
| **Oil, Gas Services & Equipment – 0.6%** | **Oil, Gas Services & Equipment – 0.6%** | **Oil, Gas Services & Equipment – 0.6%** |
| Oceaneering <br> International, Inc., 6.00%, <br> 2/01/28<br>| 235000 | 237014 |
| WBI Operating LLC, 6.25%, <br> 10/15/30<sup>(d)</sup> <br>| 494000 | 493531 |
| Weatherford <br> International Ltd., 6.75%, <br> 10/15/33<sup>(d)</sup> <br>| 426000 | 435355 |
|  |  | **1165900** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| iHeartCommunications, Inc., |  |  |
| 7.75%, 8/15/30<sup>(d)</sup> <br>| $155750 | $130162 |
| 7.00%, 1/15/31<sup>(d)</sup> <br>| 48000 | 38103 |
| Lamar Media Corp., 5.38%, <br> 11/01/33<sup>(d)</sup> <br>| 78000 | 77221 |
|  |  | **245486** |
| **Real Estate Investment Trusts – 1.2%** | **Real Estate Investment Trusts – 1.2%** | **Real Estate Investment Trusts – 1.2%** |
| American Homes 4 Rent <br> L.P.,<br>|  |  |
| 4.25%, 2/15/28 | 40000 | 40068 |
| 4.95%, 6/15/30 | 53000 | 54001 |
| 3.63%, 4/15/32 | 15000 | 14086 |
| 5.50%, 2/01/34 | 127000 | 131136 |
| 5.50%, 7/15/34 | 20000 | 20639 |
| Broadstone Net Lease LLC, <br> 5.00%, 11/01/32<br>| 99000 | 98695 |
| First Industrial L.P., 5.25%, <br> 1/15/31<br>| 147000 | 150427 |
| GLP Capital L.P./GLP <br> Financing II, Inc., 5.75%, <br> 11/01/37<br>| 178000 | 176693 |
| Invitation Homes <br> Operating Partnership <br> L.P.,<br>|  |  |
| 2.30%, 11/15/28 | 161000 | 152281 |
| 2.00%, 8/15/31 | 69000 | 59744 |
| Iron Mountain, Inc., |  |  |
| 4.88%, 9/15/29<sup>(d)</sup> <br>| 190000 | 187511 |
| 5.25%, 7/15/30<sup>(d)</sup> <br>| 90000 | 89581 |
| 4.50%, 2/15/31<sup>(d)</sup> <br>| 366000 | 351048 |
| Kilroy Realty L.P., |  |  |
| 5.88%, 10/15/35 | 55000 | 55531 |
| 6.25%, 1/15/36 | 33000 | 34057 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 2/15/32<sup>(d)</sup> <br>| 155000 | 162391 |
| National Health <br> Investors, Inc.,<br>|  |  |
| 3.00%, 2/01/31 | 52000 | 46850 |
| 5.35%, 2/01/33 | 120000 | 118661 |
| Phillips Edison Grocery <br> Center Operating <br> Partnership I L.P., 5.25%, <br> 8/15/32<br>| 85000 | 86934 |
| Rexford Industrial Realty <br> L.P.,<br>|  |  |
| 2.13%, 12/01/30 | 71000 | 63426 |
| 2.15%, 9/01/31 | 108000 | 94218 |
| Welltower OP LLC, 5.13%, <br> 3/15/43<br>| 25000 | 23863 |
|  |  | **2211841** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34 | $18000 | $18147 |
| 5.50%, 9/15/54 | 90000 | 87511 |
| 5.65%, 9/15/64 | 57000 | 55547 |
| Walmart, Inc., |  |  |
| 4.90%, 4/28/35 | 236000 | 242681 |
| 2.50%, 9/22/41 | 30000 | 21737 |
|  |  | **425623** |
| **Retail - Discretionary – 1.1%** | **Retail - Discretionary – 1.1%** | **Retail - Discretionary – 1.1%** |
| Builders FirstSource, Inc., <br> 6.75%, 5/15/35<sup>(d)</sup> <br>| 455000 | 477728 |
| Ferguson Enterprises, Inc., <br> 4.35%, 3/15/31<br>| 150000 | 149169 |
| Home Depot (The), Inc., |  |  |
| 4.65%, 9/15/35 | 85000 | 84162 |
| 3.30%, 4/15/40 | 65000 | 53542 |
| 3.63%, 4/15/52 | 21000 | 15708 |
| 4.95%, 9/15/52 | 20000 | 18611 |
| 5.30%, 6/25/54 | 24000 | 23444 |
| Lowe's Cos., Inc., |  |  |
| 4.25%, 3/15/31 | 45000 | 44712 |
| 2.80%, 9/15/41 | 30000 | 21716 |
| 4.65%, 4/15/42 | 25000 | 22929 |
| 4.25%, 4/01/52 | 26000 | 20822 |
| 4.45%, 4/01/62 | 86000 | 68715 |
| 5.80%, 9/15/62 | 30000 | 29996 |
| PetSmart LLC/PetSmart <br> Finance Corp., 7.50%, <br> 9/15/32<sup>(d)</sup> <br>| 565000 | 563559 |
| SGUS LLC, 11.00%, <br> 12/15/29<sup>(d)</sup> <br>| 419028 | 361416 |
|  |  | **1956229** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| Applied Materials, Inc., <br> 4.60%, 1/15/36<br>| 62000 | 61321 |
| Broadcom, Inc., |  |  |
| 5.15%, 11/15/31 | 46000 | 47822 |
| 5.20%, 4/15/32 | 21000 | 21848 |
| 4.80%, 10/15/34 | 33000 | 33158 |
| 4.80%, 2/15/36 | 92000 | 91309 |
| 3.19%, 11/15/36<sup>(d)</sup> <br>| 227000 | 193732 |
| 4.93%, 5/15/37<sup>(d)</sup> <br>| 50000 | 49784 |
| 4.90%, 2/15/38 | 35000 | 34576 |
| Intel Corp., |  |  |
| 2.45%, 11/15/29 | 55000 | 51187 |
| 2.00%, 8/12/31 | 65000 | 56844 |
| 2.80%, 8/12/41 | 100000 | 70384 |
| Marvell Technology, Inc., |  |  |
| 4.88%, 6/22/28 | 79000 | 80173 |
| 4.75%, 7/15/30 | 26000 | 26316 |
| 2.95%, 4/15/31 | 37000 | 34233 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| Micron Technology, Inc., |  |  |
| 5.80%, 1/15/35 | $98000 | $103476 |
| 6.05%, 11/01/35 | 60000 | 64283 |
| QUALCOMM, Inc., |  |  |
| 4.75%, 5/20/32 | 94000 | 95962 |
| 6.00%, 5/20/53 | 58000 | 62140 |
|  |  | **1178548** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| GoTo Group, Inc., 5.50%, <br> 5/01/28<sup>(d)</sup> <br>| 113361 | 94656 |
| Oracle Corp., |  |  |
| 2.30%, 3/25/28 | 59000 | 56426 |
| 2.88%, 3/25/31 | 96000 | 87508 |
| 5.50%, 8/03/35 | 30000 | 30342 |
| 5.88%, 9/26/45 | 80000 | 77028 |
| 4.00%, 11/15/47 | 29000 | 21656 |
| 5.38%, 9/27/54 | 69000 | 60657 |
| 6.00%, 8/03/55 | 160000 | 153043 |
| 5.95%, 9/26/55 | 281000 | 266414 |
| 5.50%, 9/27/64 | 147000 | 128173 |
| 6.13%, 8/03/65 | 31000 | 29623 |
| 6.10%, 9/26/65 | 70000 | 66753 |
| Workday, Inc., 3.80%, <br> 4/01/32<br>| 121000 | 115631 |
|  |  | **1187910** |
| **Specialty Finance – 1.9%** | **Specialty Finance – 1.9%** | **Specialty Finance – 1.9%** |
| Aviation Capital Group LLC, <br> 4.80%, 10/24/30<sup>(d)</sup> <br>| 65000 | 64936 |
| Azorra Finance Ltd., |  |  |
| 7.75%, 4/15/30<sup>(d)</sup> <br>| 215000 | 226668 |
| 7.25%, 1/15/31<sup>(d)</sup> <br>| 414000 | 433029 |
| Block, Inc., |  |  |
| 3.50%, 6/01/31 | 140000 | 130352 |
| 6.50%, 5/15/32 | 480000 | 498026 |
| Equifax, Inc., 5.10%, <br> 6/01/28<br>| 114000 | 116314 |
| Fair Isaac Corp., 6.00%, <br> 5/15/33<sup>(d)</sup> <br>| 541000 | 550682 |
| Freedom Mortgage <br> Holdings LLC,<br>|  |  |
| 9.25%, 2/01/29<sup>(d)</sup> <br>| 250000 | 262500 |
| 9.13%, 5/15/31<sup>(d)</sup> <br>| 205000 | 217920 |
| 8.38%, 4/01/32<sup>(d)</sup> <br>| 80000 | 83409 |
| 7.88%, 4/01/33<sup>(d)</sup> <br>| 70000 | 71904 |
| MSCI, Inc., |  |  |
| 3.63%, 9/01/30<sup>(d)</sup> <br>| 62000 | 58982 |
| 3.63%, 11/01/31<sup>(d)</sup> <br>| 66000 | 61971 |
| 5.25%, 9/01/35 | 89000 | 89322 |
| 5.15%, 3/15/36 | 55000 | 54400 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 5.25%, 2/01/30<sup>(d)</sup> <br>| $78000 | $80465 |
| Synchrony Financial, <br> 7.25%, 2/02/33<br>| 401000 | 425074 |
| Verisk Analytics, Inc., |  |  |
| 4.50%, 8/15/30 | 25000 | 25113 |
| 5.13%, 2/15/36 | 25000 | 25150 |
|  |  | **3476217** |
| **Steel – 0.4%** | **Steel – 0.4%** | **Steel – 0.4%** |
| Commercial Metals Co., |  |  |
| 4.13%, 1/15/30 | 295000 | 284255 |
| 3.88%, 2/15/31 | 95000 | 88695 |
| 4.38%, 3/15/32 | 235000 | 222111 |
| Nucor Corp., 5.10%, 6/01/35 | 88000 | 89820 |
|  |  | **684881** |
| **Technology Hardware – 1.1%** | **Technology Hardware – 1.1%** | **Technology Hardware – 1.1%** |
| Cisco Systems, Inc., |  |  |
| 4.95%, 2/26/31 | 74000 | 76501 |
| 5.50%, 2/24/55 | 47000 | 47446 |
| 5.35%, 2/26/64 | 37000 | 35943 |
| CommScope LLC, 9.50%, <br> 12/15/31<sup>(d)</sup> <br>| 65000 | 66210 |
| Dell <br> International LLC/EMC Corp.,<br>|  |  |
| 5.30%, 4/01/32 | 93000 | 96055 |
| 4.75%, 10/06/32 | 75000 | 74786 |
| Hewlett Packard <br> Enterprise Co., 4.40%, <br> 10/15/30<br>| 55000 | 54567 |
| Imola Merger Corp., 4.75%, <br> 5/15/29<sup>(d)</sup> <br>| 357000 | 351897 |
| Motorola Solutions, Inc., |  |  |
| 4.85%, 8/15/30 | 54000 | 55029 |
| 5.55%, 8/15/35 | 47000 | 48939 |
| Seagate Data Storage <br> Technology Pte. Ltd.,<br>|  |  |
| 4.09%, 6/01/29<sup>(d)</sup> <br>| 90000 | 87555 |
| 8.25%, 12/15/29<sup>(d)</sup> <br>| 95000 | 100933 |
| 5.88%, 7/15/30<sup>(d)</sup> <br>| 235000 | 240769 |
| 4.13%, 1/15/31<sup>(d)</sup> <br>| 116000 | 109252 |
| 9.63%, 12/01/32<sup>(d)</sup> <br>| 3825 | 4360 |
| 5.75%, 12/01/34<sup>(d)</sup> <br>| 45000 | 45997 |
| Zebra Technologies Corp., <br> 6.50%, 6/01/32<sup>(d)</sup> <br>| 597000 | 618702 |
|  |  | **2114941** |
| **Telecommunications – 2.1%** | **Telecommunications – 2.1%** | **Telecommunications – 2.1%** |
| AT&T, Inc., |  |  |
| 4.55%, 11/01/32 | 70000 | 69501 |
| 4.90%, 11/01/35 | 140000 | 138004 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| AT&T, Inc., |  |  |
| 3.50%, 6/01/41 | $119000 | $94154 |
| 5.55%, 11/01/45 | 70000 | 68663 |
| 5.70%, 11/01/54 | 40000 | 39178 |
| 3.55%, 9/15/55 | 297000 | 203662 |
| 3.80%, 12/01/57 | 64000 | 45184 |
| 3.65%, 9/15/59 | 46000 | 31169 |
| C&W Senior Finance Ltd., <br> 9.00%, 1/15/33<sup>(d)</sup> <br>| 200000 | 203837 |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29 | 1153598 | 1269967 |
| 6.75%, 11/30/30<sup>(g)</sup> <br>| 75630 | 78043 |
| Level 3 Financing, Inc., <br> 4.25%, 7/01/28<sup>(d)</sup> <br>| 300000 | 283500 |
| Sable International <br> Finance Ltd., 7.13%, <br> 10/15/32<sup>(d)</sup> <br>| 200000 | 200078 |
| Sprint Capital Corp., |  |  |
| 6.88%, 11/15/28 | 60000 | 64462 |
| 8.75%, 3/15/32 | 138000 | 167884 |
| T-Mobile USA, Inc., |  |  |
| 3.38%, 4/15/29 | 60000 | 58321 |
| 3.50%, 4/15/31 | 116000 | 110300 |
| 5.13%, 5/15/32 | 50000 | 51400 |
| 6.70%, 12/15/33 | 84000 | 93963 |
| 4.95%, 11/15/35 | 50000 | 49652 |
| 5.75%, 1/15/54 | 21000 | 20904 |
| 5.25%, 6/15/55 | 24000 | 22254 |
| Verizon <br> Communications, Inc.,<br>|  |  |
| 1.75%, 1/20/31 | 20000 | 17484 |
| 2.55%, 3/21/31 | 19000 | 17255 |
| 2.36%, 3/15/32 | 116000 | 101431 |
| 6.55%, 9/15/43 | 65000 | 71900 |
| 3.88%, 3/01/52 | 88000 | 66435 |
| WULF Compute LLC, 7.75%, <br> 10/15/30<sup>(d)</sup> <br>| 326000 | 338673 |
|  |  | **3977258** |
| **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** |
| Philip Morris <br> International, Inc.,<br>|  |  |
| 4.38%, 4/30/30 | 68000 | 68260 |
| 4.75%, 11/01/31 | 59000 | 60030 |
| 5.25%, 2/13/34 | 228000 | 235004 |
| 4.88%, 4/30/35 | 88000 | 88045 |
| 4.63%, 10/29/35 | 65000 | 63390 |
|  |  | **514729** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **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>| $120981 | $118962 |
| Series 2016-1, Class AA, <br> 3.58%, 1/15/28<br>| 1716 | 1685 |
| Series 2016-2, Class AA, <br> 3.20%, 6/15/28<br>| 33385 | 32368 |
| Series 2017-2, Class AA, <br> 3.35%, 10/15/29<br>| 40398 | 38846 |
| Burlington Northern Santa <br> Fe LLC,<br>|  |  |
| 4.40%, 3/15/42 | 68000 | 61288 |
| 4.55%, 9/01/44 | 25000 | 22536 |
| 3.90%, 8/01/46 | 51000 | 41442 |
| 5.20%, 4/15/54 | 55000 | 52643 |
| 5.50%, 3/15/55 | 25000 | 25035 |
| CSX Corp., |  |  |
| 5.05%, 6/15/35 | 55000 | 55940 |
| 4.25%, 11/01/66 | 28000 | 22031 |
| 4.65%, 3/01/68 | 82000 | 69114 |
| Delta Air Lines, Inc., 5.25%, <br> 7/10/30<br>| 77000 | 78695 |
| Federal Express Corp. Pass <br> Through Trusts, Series <br> 2020-1, Class AA, 1.88%, <br> 2/20/34<br>| 30771 | 26949 |
| FedEx Corp., 4.55%, 4/01/46 | 75000 | 62984 |
| Norfolk Southern Corp., <br> 3.95%, 10/01/42<br>| 51000 | 43128 |
| Ryder System, Inc., |  |  |
| 5.38%, 3/15/29 | 9000 | 9312 |
| 5.50%, 6/01/29 | 52000 | 54209 |
| 4.95%, 9/01/29 | 45000 | 46022 |
| Union Pacific Corp., |  |  |
| 5.10%, 2/20/35 | 62000 | 63793 |
| 3.55%, 8/15/39 | 22000 | 18796 |
| United Airlines Pass <br> Through Trust,<br>|  |  |
| Series 2020-1, Class A, <br> 5.88%, 10/15/27<br>| 25844 | 26440 |
| Series 2016-2, Class AA, <br> 2.88%, 10/07/28<br>| 1807 | 1721 |
| Series 2018-1, Class AA, <br> 3.50%, 3/01/30<br>| 28626 | 27509 |
| United Parcel Service, Inc., |  |  |
| 5.95%, 5/14/55 | 16000 | 16765 |
| 6.05%, 5/14/65 | 25000 | 26235 |
|  |  | **1044448** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| Bunge Ltd. Finance Corp., |  |  |
| 4.20%, 9/17/29 | 16000 | 15983 |
| 4.65%, 9/17/34 | 16000 | 15739 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Wholesale - Consumer Staples (Continued)** | **Wholesale - Consumer Staples (Continued)** | **Wholesale - Consumer Staples (Continued)** | **Wholesale - Consumer Staples (Continued)** |
| Bunge Ltd. Finance Corp., |  |  |  |
| 5.15%, 8/04/35 |  | $70000 | $70922 |
| Performance Food <br> Group, Inc., 4.25%, <br> 8/01/29<sup>(d)</sup> <br>|  | 439000 | 428133 |
|  |  |  | **530777** |
| **Total Corporate Bonds** <br>(Cost $81,262,480) | **Total Corporate Bonds** <br>(Cost $81,262,480) | **Total Corporate Bonds** <br>(Cost $81,262,480) | **81820427** |
| **Foreign Government Inflation-Linked Bonds** <br> **– 0.8%** | **Foreign Government Inflation-Linked Bonds** <br> **– 0.8%** | **Foreign Government Inflation-Linked Bonds** <br> **– 0.8%** | **Foreign Government Inflation-Linked Bonds** <br> **– 0.8%** |
| **Sovereign Government – 0.8%** | **Sovereign Government – 0.8%** | **Sovereign Government – 0.8%** | **Sovereign Government – 0.8%** |
| Brazil Notas do Tesouro <br> Nacional Serie B, 6.00%, <br> 5/15/35<br>| BRL | 1974000 | **1507524** |
| **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,503,870) | **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,503,870) | **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,503,870) | **1507524** |
| **Foreign Issuer Bonds – 41.8%** | **Foreign Issuer Bonds – 41.8%** | **Foreign Issuer Bonds – 41.8%** | **Foreign Issuer Bonds – 41.8%** |
| **Angola – 0.5%** | **Angola – 0.5%** | **Angola – 0.5%** | **Angola – 0.5%** |
| Angolan Government <br> International Bond,<br>|  |  |  |
| 8.25%, 5/09/28 |  | 200000 | 197118 |
| 8.00%, 11/26/29 |  | 200000 | 191201 |
| 8.75%, 4/14/32 |  | 265000 | 248430 |
| 9.38%, 5/08/48 |  | 200000 | 171615 |
| 9.13%, 11/26/49 |  | 200000 | 167857 |
|  |  |  | **976221** |
| **Argentina – 0.7%** | **Argentina – 0.7%** | **Argentina – 0.7%** | **Argentina – 0.7%** |
| Argentine Republic <br> Government International <br> Bond,<br>|  |  |  |
| (Step to 1.75% on <br> 7/09/27), 0.75%, <br> 7/09/30<sup>(l)</sup> <br>|  | 273035 | 223206 |
| (Step to 4.75% on <br> 7/09/27), 4.13%, <br> 7/09/35<sup>(l)</sup> <br>|  | 408356 | 286053 |
| 5.00%, 1/09/38 |  | 176242 | 129274 |
| (Step to 4.88% on <br> 7/09/29), 3.50%, <br> 7/09/41<sup>(l)</sup> <br>|  | 705944 | 458511 |
| (Step to 4.38% on <br> 7/09/27), 4.13%, <br> 7/09/46<sup>(l)</sup> <br>|  | 100367 | 68852 |
| Provincia de Buenos Aires, <br> 6.63%, 9/01/37<br>|  | 138103 | 101160 |
|  |  |  | **1267056** |
| **Australia – 0.5%** | **Australia – 0.5%** | **Australia – 0.5%** | **Australia – 0.5%** |
| BHP Billiton Finance <br> USA Ltd.,<br>|  |  |  |
| 5.00%, 2/21/30 |  | 81000 | 83540 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** |
| BHP Billiton Finance <br> USA Ltd.,<br>|  |  |  |
| 5.30%, 2/21/35 |  | $80000 | $82941 |
| 5.75%, 9/05/55 |  | 74000 | 77234 |
| Fortescue Treasury Pty. Ltd., <br> 4.38%, 4/01/31<sup>(d)</sup> <br>|  | 33000 | 31940 |
| Mineral Resources Ltd., <br> 9.25%, 10/01/28<sup>(d)</sup> <br>|  | 455000 | 477070 |
| Rio Tinto Finance USA PLC, <br> 5.75%, 3/14/55<br>|  | 75000 | 77556 |
| Woodside Finance Ltd., |  |  |  |
| 5.40%, 5/19/30 |  | 83000 | 85287 |
| 6.00%, 5/19/35 |  | 84000 | 87823 |
|  |  |  | **1003391** |
| **Bahrain – 0.1%** | **Bahrain – 0.1%** | **Bahrain – 0.1%** | **Bahrain – 0.1%** |
| Bahrain Government <br> International Bond, <br> 6.75%, 9/20/29<br>|  | 200000 | **209139** |
| **Belgium – 0.3%** | **Belgium – 0.3%** | **Belgium – 0.3%** | **Belgium – 0.3%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch <br> InBev Worldwide, Inc.,<br>|  |  |  |
| 4.70%, 2/01/36 |  | 156000 | 154456 |
| 4.90%, 2/01/46 |  | 165000 | 155221 |
| Anheuser-Busch InBev <br> Worldwide, Inc.,<br>|  |  |  |
| 4.38%, 4/15/38 |  | 13000 | 12402 |
| 4.95%, 1/15/42 |  | 60000 | 58052 |
| KBC Group N.V., (1Y US <br> Treasury CMT + 0.85%), <br> 4.45%, 9/23/31<sup>(d)(i)</sup> <br>|  | 200000 | 198998 |
|  |  |  | **579129** |
| **Brazil – 3.2%** | **Brazil – 3.2%** | **Brazil – 3.2%** | **Brazil – 3.2%** |
| Aegea Finance S.a.r.l., |  |  |  |
| 9.00%, 1/20/31<sup>(d)</sup> <br>|  | 200000 | 211309 |
| 7.63%, 1/20/36<sup>(d)</sup> <br>|  | 200000 | 194991 |
| Brazil Notas do Tesouro <br> Nacional Serie F,<br>|  |  |  |
| 10.00%, 1/01/29 | BRL | 9061000 | 1557884 |
| 10.00%, 1/01/31 | BRL | 7381000 | 1206724 |
| Brazilian Government <br> International Bond,<br>|  |  |  |
| 6.13%, 1/22/32 |  | 200000 | 207900 |
| 6.00%, 10/20/33 |  | 200000 | 204500 |
| 6.13%, 3/15/34 |  | 200000 | 203700 |
| 6.63%, 3/15/35 |  | 400000 | 416520 |
| 5.00%, 1/27/45 |  | 200000 | 163500 |
| CSN Resources S.A., |  |  |  |
| 8.88%, 12/05/30 |  | 200000 | 189500 |
| 4.63%, 6/10/31<sup>(d)</sup> <br>|  | 200000 | 156124 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** |
| Embraer Netherlands <br> Finance B.V., 5.40%, <br> 1/09/38<br>| $155000 | $155000 |
| Nexa Resources S.A., <br> 6.60%, 4/08/37<sup>(d)</sup> <br>| 200000 | 207861 |
| Samarco Mineracao S.A., <br> 9.50%, 6/30/31<sup>(d)(g)</sup> <br>| 255205 | 255202 |
| Yinson Bergenia <br> Production B.V., 8.50%, <br> 1/31/45<sup>(d)</sup> <br>| 200000 | 210012 |
| Yinson Boronia Production <br> B.V., 8.95%, 7/31/42<sup>(d)</sup> <br>| 304138 | 331818 |
|  |  | **5872545** |
| **Canada – 1.5%** | **Canada – 1.5%** | **Canada – 1.5%** |
| 1011778 B.C. ULC/New Red <br> Finance, Inc.,<br>|  |  |
| 3.88%, 1/15/28<sup>(d)</sup> <br>| 435000 | 427147 |
| 4.38%, 1/15/28<sup>(d)</sup> <br>| 98000 | 96745 |
| 3.50%, 2/15/29<sup>(d)</sup> <br>| 40000 | 38542 |
| 6.13%, 6/15/29<sup>(d)</sup> <br>| 110000 | 113035 |
| 5.63%, 9/15/29<sup>(d)</sup> <br>| 10000 | 10178 |
| 4.00%, 10/15/30<sup>(d)</sup> <br>| 500000 | 472694 |
| Bank of Montreal, (SOFR <br> Index + 1.08%), 4.35%, <br> 9/22/31<sup>(i)</sup> <br>| 85000 | 84701 |
| Jones Deslauriers <br> Insurance <br> Management, Inc., 6.88%, <br> 10/01/33<sup>(d)</sup> <br>| 324000 | 321003 |
| Nutrien Ltd., |  |  |
| 4.90%, 3/27/28 | 19000 | 19326 |
| 2.95%, 5/13/30 | 158000 | 148870 |
| Open Text Corp., 3.88%, <br> 12/01/29<sup>(d)</sup> <br>| 19000 | 17981 |
| Open Text Holdings, Inc., |  |  |
| 4.13%, 2/15/30<sup>(d)</sup> <br>| 365000 | 348410 |
| 4.13%, 12/01/31<sup>(d)</sup> <br>| 45000 | 41895 |
| Royal Bank of Canada, |  |  |
| (SOFR Index + 1.08%), <br> 4.65%, 10/18/30<sup>(i)</sup> <br>| 87000 | 88062 |
| (SOFR + 1.06%), 4.70%, <br> 8/06/31<sup>(i)</sup> <br>| 78000 | 78985 |
| (5Y US Treasury CMT + <br> 2.46%), 6.50%, <br> 11/24/85<sup>(i)</sup> <br>| 200000 | 199651 |
| Saturn Oil & Gas, Inc., <br> 9.63%, 6/15/29<sup>(d)</sup> <br>| 166000 | 167950 |
| Toronto-Dominion Bank <br> (The), 4.93%, 10/15/35<br>| 81000 | 81172 |
|  |  | **2756347** |
| **Chile – 1.0%** | **Chile – 1.0%** | **Chile – 1.0%** |
| Antofagasta PLC, 6.25%, <br> 5/02/34<sup>(d)</sup> <br>| 200000 | 215359 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Chile (Continued)** | **Chile (Continued)** | **Chile (Continued)** | **Chile (Continued)** |
| Bonos de la Tesoreria de la <br> Republica en pesos,<br>|  |  |  |
| 5.00%, 10/01/28<sup>(d)</sup> <br>| CLP | 225000000 | $239290 |
| 6.00%, 4/01/33<sup>(d)</sup> <br>| CLP | 140000000 | 153273 |
| 5.00%, 3/01/35 | CLP | 355000000 | 363753 |
| Chile Government <br> International Bond, <br> 3.50%, 4/15/53<br>|  | $200000 | 145450 |
| Corp Nacional del Cobre de <br> Chile,<br>|  |  |  |
| 5.95%, 1/08/34 |  | 300000 | 315480 |
| 6.30%, 9/08/53 |  | 200000 | 207956 |
| Latam Airlines Group S.A., <br> 7.63%, 1/07/31<sup>(d)</sup> <br>|  | 200000 | 205680 |
|  |  |  | **1846241** |
| **China – 0.9%** | **China – 0.9%** | **China – 0.9%** | **China – 0.9%** |
| Agile Group Holdings Ltd., <br> 6.05%, 10/13/25<sup>(f)</sup> <br>|  | 205000 | 10666 |
| China Evergrande Group, <br> 8.75%, 6/28/25<sup>(f)</sup> <br>|  | 200000 | 2250 |
| China Government Bond, |  |  |  |
| 2.11%, 8/25/34 | CNY | 1290000 | 186449 |
| 2.57%, 5/20/54 | CNY | 9230000 | 1411971 |
| Fantasia Holdings <br> Group Co. Ltd., 11.88%, <br> 6/01/23<sup>(f)</sup> <br>|  | 200000 | 2500 |
| Kaisa Group Holdings Ltd., |  |  |  |
| 0.00%, 12/31/26<sup>(d)(e)</sup> <br>|  | 6682 | 104 |
| 7.72%, 12/28/27<sup>(d)(g)</sup> <br>|  | 6682 | 167 |
| 0.00%, 12/31/27<sup>(d)(e)</sup> <br>|  | 8353 | 88 |
| 6.25%, 12/28/28<sup>(d)(g)</sup> <br>|  | 10024 | 200 |
| 0.00%, 12/31/28<sup>(d)(e)</sup> <br>|  | 13365 | 83 |
| 6.50%, 12/28/29<sup>(d)(g)</sup> <br>|  | 16707 | 318 |
| 0.00%, 12/31/29<sup>(d)(e)</sup> <br>|  | 13365 | 84 |
| 6.75%, 12/28/30<sup>(d)(g)</sup> <br>|  | 20048 | 324 |
| 0.00%, 12/31/30<sup>(d)(e)</sup> <br>|  | 16707 | 63 |
| 7.00%, 12/28/31<sup>(d)(g)</sup> <br>|  | 30073 | 475 |
| 0.00%, 12/31/31<sup>(d)(e)</sup> <br>|  | 16707 | 72 |
| 7.25%, 12/28/32<sup>(d)(g)</sup> <br>|  | 28177 | 496 |
| 0.00%, 12/31/32<sup>(d)(e)</sup> <br>|  | 31520 | 132 |
| Sunac China Holdings Ltd., |  |  |  |
| 6.00%, 9/30/25<sup>(d)(m)</sup> <br>|  | 18607 | 2803 |
| 6.50%, 9/30/27<sup>(d)(m)</sup> <br>|  | 37398 | 5610 |
| 6.75%, 9/30/28<sup>(d)(m)</sup> <br>|  | 56232 | 8435 |
| 7.00%, 9/30/29<sup>(d)(m)</sup> <br>|  | 56369 | 8455 |
| 7.25%, 9/30/30<sup>(d)(m)</sup> <br>|  | 26548 | 3978 |
| Yuzhou Group Holdings Co. <br> Ltd.,<br>|  |  |  |
| 7.00%, 6/30/27<sup>(g)</sup> <br>|  | 15767 | 1666 |
| 4.00%, 6/30/28<sup>(g)</sup> <br>|  | 13367 | 284 |
| 4.50%, 6/30/29<sup>(g)</sup> <br>|  | 23278 | 524 |
| 5.00%, 6/30/30<sup>(g)</sup> <br>|  | 31071 | 583 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **China (Continued)** | **China (Continued)** | **China (Continued)** | **China (Continued)** |
| Yuzhou Group Holdings Co. <br> Ltd.,<br>|  |  |  |
| 5.50%, 6/30/31<sup>(g)</sup> <br>|  | $43588 | $437 |
| 1.00%, 6/30/34<sup>(g)</sup> <br>|  | 11628 | 15 |
|  |  |  | **1649232** |
| **Colombia – 2.2%** | **Colombia – 2.2%** | **Colombia – 2.2%** | **Colombia – 2.2%** |
| Banco Davivienda S.A., (5Y <br> US Treasury CMT + <br> 4.59%), 8.13%, 7/02/35<sup>(d)(i)</sup> <br>|  | 200000 | 206292 |
| Colombia Government <br> International Bond,<br>|  |  |  |
| 7.38%, 4/25/30 |  | 200000 | 214070 |
| 7.75%, 11/07/36 |  | 650000 | 692419 |
| 8.75%, 11/14/53 |  | 200000 | 229190 |
| Colombian TES, |  |  |  |
| 7.00%, 6/30/32 | COP | 1173900000 | 242108 |
| 13.25%, 2/09/33 | COP | 1485600000 | 414028 |
| 7.25%, 10/18/34 | COP | 208400000 | 41718 |
| 6.25%, 7/09/36 | COP | 675200000 | 118929 |
| 9.25%, 5/28/42 | COP | 1969800000 | 413614 |
| Ecopetrol S.A., |  |  |  |
| 7.75%, 2/01/32 |  | 105000 | 108498 |
| 8.38%, 1/19/36 |  | 401000 | 415559 |
| 5.88%, 5/28/45 |  | 195000 | 149601 |
| EnfraGen Energia Sur <br> S.A./EnfraGen Spain <br> S.A./Prime Energia S.p.A., <br> 5.38%, 12/30/30<br>|  | 200000 | 186140 |
| EnfraGen Energia Sur <br> S.A.U./EnfraGen Chile <br> S.p.A./EnfraGen Spain <br> S.A.U., 8.50%, 6/30/32<sup>(d)</sup> <br>|  | 200000 | 209248 |
| Geopark Ltd., 8.75%, <br> 1/31/30<sup>(d)</sup> <br>|  | 200000 | 188800 |
| Termocandelaria Power <br> S.A., 7.75%, 9/17/31<sup>(d)</sup> <br>|  | 200000 | 207606 |
|  |  |  | **4037820** |
| **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>(d)</sup> <br>|  | 200000 | 216082 |
| 7.30%, 11/13/54<sup>(d)</sup> <br>|  | 200000 | 223500 |
|  |  |  | **439582** |
| **Czech Republic – 0.9%** | **Czech Republic – 0.9%** | **Czech Republic – 0.9%** | **Czech Republic – 0.9%** |
| Czech Republic <br> Government Bond,<br>|  |  |  |
| 2.75%, 7/23/29 | CZK | 5050000 | 230703 |
| 0.95%, 5/15/30 | CZK | 10910000 | 454097 |
| 5.00%, 9/30/30 | CZK | 9510000 | 469795 |
| 1.20%, 3/13/31 | CZK | 6210000 | 254263 |
| 1.75%, 6/23/32 | CZK | 5220000 | 212739 |
|  |  |  | **1621597** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Dominican Republic – 0.4%** | **Dominican Republic – 0.4%** | **Dominican Republic – 0.4%** |
| Dominican Republic <br> International Bond,<br>|  |  |
| 4.50%, 1/30/30<sup>(d)</sup> <br>| $280000 | $273280 |
| 6.95%, 3/15/37<sup>(d)</sup> <br>| 200000 | 213330 |
| 6.85%, 1/27/45 | 200000 | 208960 |
|  |  | **695570** |
| **Ecuador – 0.3%** | **Ecuador – 0.3%** | **Ecuador – 0.3%** |
| Ecuador Government <br> International Bond,<br>|  |  |
| 6.90%, 7/31/30 | 133030 | 121191 |
| 0.00%, 7/31/30<sup>(e)</sup> <br>| 105700 | 82446 |
| 6.90%, 7/31/35<sup>(d)</sup> <br>| 259752 | 198710 |
| (Step to 5.50% on <br> 7/31/26), 5.00%, <br> 7/31/40<sup>(l)</sup> <br>| 114300 | 77724 |
|  |  | **480071** |
| **Egypt – 0.2%** | **Egypt – 0.2%** | **Egypt – 0.2%** |
| Egypt Government <br> International Bond, <br> 8.50%, 1/31/47<br>| 300000 | **276818** |
| **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 | 36432 |
| 7.63%, 2/01/41 | 150000 | 148125 |
|  |  | **184557** |
| **France – 0.0%**<sup>(a)</sup> | **France – 0.0%**<sup>(a)</sup> | **France – 0.0%**<sup>(a)</sup> |
| TotalEnergies Capital S.A., <br> 5.64%, 4/05/64<br>| 50000 | **49712** |
| **Gabon – 0.3%** | **Gabon – 0.3%** | **Gabon – 0.3%** |
| Gabon Government <br> International Bond, <br> 6.63%, 2/06/31<br>| 575000 | **448972** |
| **Germany – 0.5%** | **Germany – 0.5%** | **Germany – 0.5%** |
| Deutsche Bank A.G., (SOFR <br> + 1.72%), 5.30%, 5/09/31<sup>(i)</sup> <br>| 150000 | 153451 |
| Deutsche Telekom <br> International Finance B.V., <br> 4.38%, 6/21/28<sup>(d)</sup> <br>| 150000 | 150761 |
| EMD Finance LLC, 5.00%, <br> 10/15/35<sup>(d)</sup> <br>| 150000 | 150452 |
| ZF North America <br> Capital, Inc.,<br>|  |  |
| 6.88%, 4/14/28<sup>(d)</sup> <br>| 300000 | 301845 |
| 6.88%, 4/23/32<sup>(d)</sup> <br>| 225000 | 205366 |
|  |  | **961875** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Ghana – 0.2%** | **Ghana – 0.2%** | **Ghana – 0.2%** | **Ghana – 0.2%** |
| Ghana Government <br> International Bond,<br>|  |  |  |
| (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/29<sup>(l)</sup> <br>|  | $80550 | $78636 |
| 0.00%, 1/03/30<sup>(e)</sup> <br>|  | 40999 | 35601 |
| (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/35<sup>(l)</sup> <br>|  | 237320 | 205128 |
|  |  |  | **319365** |
| **Guatemala – 0.3%** | **Guatemala – 0.3%** | **Guatemala – 0.3%** | **Guatemala – 0.3%** |
| Energuate Trust 2.0, 6.35%, <br> 9/15/35<sup>(d)</sup> <br>|  | 200000 | 200699 |
| Guatemala Government <br> Bond, 6.55%, 2/06/37<sup>(d)</sup> <br>|  | 200000 | 214800 |
| Threelands Energy Ltd. <br> S.a.r.l., 7.45%, 10/20/35<sup>(d)</sup> <br>|  | 200000 | 200147 |
|  |  |  | **615646** |
| **Honduras – 0.1%** | **Honduras – 0.1%** | **Honduras – 0.1%** | **Honduras – 0.1%** |
| Honduras Government <br> International Bond, <br> 8.63%, 11/27/34<sup>(d)</sup> <br>|  | 150000 | **160725** |
| **Hungary – 0.8%** | **Hungary – 0.8%** | **Hungary – 0.8%** | **Hungary – 0.8%** |
| Hungary Government <br> Bond,<br>|  |  |  |
| 2.75%, 12/22/26 | HUF | 77250000 | 221625 |
| 3.25%, 10/22/31 | HUF | 59400000 | 150067 |
| 2.25%, 4/20/33 | HUF | 116230000 | 259122 |
| 7.00%, 10/24/35 | HUF | 126650000 | 381065 |
| Hungary Government <br> International Bond, <br> 6.75%, 9/23/55<br>|  | 400000 | 435082 |
|  |  |  | **1446961** |
| **India – 2.0%** | **India – 2.0%** | **India – 2.0%** | **India – 2.0%** |
| India Government Bond, |  |  |  |
| 7.17%, 4/17/30 | INR | 3000000 | 35029 |
| 7.18%, 8/14/33 | INR | 120260000 | 1404227 |
| 7.10%, 4/08/34 | INR | 52970000 | 615181 |
| 6.79%, 10/07/34 | INR | 89040000 | 1015937 |
| 7.09%, 8/05/54 | INR | 40880000 | 452719 |
| Vedanta Resources <br> Finance II PLC, 9.13%, <br> 10/15/32<sup>(d)</sup> <br>|  | 200000 | 198216 |
|  |  |  | **3721309** |
| **Indonesia – 1.4%** | **Indonesia – 1.4%** | **Indonesia – 1.4%** | **Indonesia – 1.4%** |
| Freeport Indonesia PT, <br> 5.32%, 4/14/32<sup>(d)</sup> <br>|  | 200000 | 204138 |
| Indika Energy Tbk PT, <br> 8.75%, 5/07/29<br>|  | 250000 | 250467 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** |
| Indonesia Government <br> International Bond, <br> 5.65%, 1/11/53<br>|  | $250000 | $257840 |
| Indonesia Treasury Bond, |  |  |  |
| 6.75%, 7/15/35 | IDR | 4330000000 | 273462 |
| 7.13%, 8/15/40 | IDR | 4853000000 | 312918 |
| 7.13%, 8/15/45 | IDR | 1781000000 | 114612 |
| 6.88%, 7/15/54 | IDR | 16170000000 | 991786 |
| Perusahaan Penerbit SBSN <br> Indonesia III, 5.60%, <br> 11/15/33<sup>(d)</sup> <br>|  | 200000 | 212731 |
|  |  |  | **2617954** |
| **Ireland – 0.2%** | **Ireland – 0.2%** | **Ireland – 0.2%** | **Ireland – 0.2%** |
| GGAM Finance Ltd., |  |  |  |
| 6.88%, 4/15/29<sup>(d)</sup> <br>|  | 25000 | 25936 |
| 5.88%, 3/15/30<sup>(d)</sup> <br>|  | 240000 | 242700 |
|  |  |  | **268636** |
| **Israel – 0.6%** | **Israel – 0.6%** | **Israel – 0.6%** | **Israel – 0.6%** |
| Teva Pharmaceutical <br> Finance Co. LLC, 6.15%, <br> 2/01/36<br>|  | 61000 | 63916 |
| Teva Pharmaceutical <br> Finance Netherlands III <br> B.V.,<br>|  |  |  |
| 7.88%, 9/15/29 |  | 200000 | 218679 |
| 4.10%, 10/01/46 |  | 917000 | 688604 |
| Teva Pharmaceutical <br> Finance Netherlands IV <br> B.V., 5.75%, 12/01/30<br>|  | 200000 | 206800 |
|  |  |  | **1177999** |
| **Italy – 0.1%** | **Italy – 0.1%** | **Italy – 0.1%** | **Italy – 0.1%** |
| Fibercop S.p.A., |  |  |  |
| 6.38%, 11/15/33<sup>(d)</sup> <br>|  | 59000 | 58219 |
| 6.00%, 9/30/34<sup>(d)</sup> <br>|  | 9000 | 8476 |
| 7.20%, 7/18/36<sup>(d)</sup> <br>|  | 59000 | 59619 |
|  |  |  | **126314** |
| **Ivory Coast – 0.4%** | **Ivory Coast – 0.4%** | **Ivory Coast – 0.4%** | **Ivory Coast – 0.4%** |
| Ivory Coast Government <br> International Bond,<br>|  |  |  |
| 5.75%, 12/31/32 |  | 134084 | 134130 |
| 6.13%, 6/15/33 |  | 244000 | 237019 |
| 8.08%, 4/01/36<sup>(d)</sup> <br>|  | 302000 | 317988 |
|  |  |  | **689137** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Jamaica – 0.2%** | **Jamaica – 0.2%** | **Jamaica – 0.2%** | **Jamaica – 0.2%** |
| Digicel International <br> Finance Ltd./Difl U.S. LLC, <br> 8.63%, 8/01/32<sup>(d)</sup> <br>|  | $200000 | $199099 |
| Montego Bay Airport <br> Revenue Finance Ltd., <br> 6.60%, 6/15/35<sup>(d)</sup> <br>|  | 200000 | 198158 |
|  |  |  | **397257** |
| **Japan – 0.6%** | **Japan – 0.6%** | **Japan – 0.6%** | **Japan – 0.6%** |
| Honda Motor Co. Ltd., |  |  |  |
| 4.69%, 7/08/30 |  | 99000 | 99986 |
| 5.34%, 7/08/35 |  | 110000 | 112754 |
| Mitsubishi UFJ Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 1.27%), <br> 5.62%, 4/24/36<sup>(i)</sup> <br>|  | 200000 | 210417 |
| NTT Finance Corp., 5.17%, <br> 7/16/32<sup>(d)</sup> <br>|  | 200000 | 205508 |
| SoftBank Corp., 5.33%, <br> 7/09/35<sup>(d)</sup> <br>|  | 263000 | 265672 |
| Takeda Pharmaceutical Co. <br> Ltd., 5.30%, 7/05/34<br>|  | 200000 | 206145 |
| Toyota Motor Corp., 5.05%, <br> 6/30/35<br>|  | 53000 | 54549 |
|  |  |  | **1155031** |
| **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** |
| ForteBank JSC, 7.75%, <br> 2/04/30<sup>(d)</sup> <br>|  | 200000 | **203495** |
| **Kuwait – 0.1%** | **Kuwait – 0.1%** | **Kuwait – 0.1%** | **Kuwait – 0.1%** |
| Kuwait International <br> Government Bond, 4.65%, <br> 10/09/35<sup>(d)</sup> <br>|  | 200000 | **200875** |
| **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** |
| Lebanon Government <br> International Bond,<br>|  |  |  |
| 6.10%, 10/04/22<sup>(f)</sup> <br>|  | 200000 | 45600 |
| 6.00%, 1/27/23<sup>(f)</sup> <br>|  | 245000 | 55774 |
| 6.65%, 4/22/24<sup>(f)</sup> <br>|  | 178000 | 40584 |
| 6.20%, 2/26/25<sup>(f)</sup> <br>|  | 139000 | 31903 |
|  |  |  | **173861** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| Altice Financing S.A., <br> 5.00%, 1/15/28<sup>(d)</sup> <br>|  | 240000 | **178875** |
| **Malaysia – 1.7%** | **Malaysia – 1.7%** | **Malaysia – 1.7%** | **Malaysia – 1.7%** |
| Malaysia Government <br> Bond,<br>|  |  |  |
| 3.73%, 6/15/28 | MYR | 1610000 | 390216 |
| 3.89%, 8/15/29 | MYR | 2583000 | 631511 |
| 4.76%, 4/07/37 | MYR | 2369000 | 622969 |
| 4.89%, 6/08/38 | MYR | 2185000 | 581242 |
| 4.05%, 4/18/39 | MYR | 1259000 | 310510 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Malaysia (Continued)** | **Malaysia (Continued)** | **Malaysia (Continued)** | **Malaysia (Continued)** |
| Malaysia Government <br> Bond,<br>|  |  |  |
| 3.76%, 5/22/40 | MYR | 778000 | $185952 |
| 4.18%, 5/16/44 | MYR | 319000 | 78806 |
| Malaysia Government <br> Investment Issue, 3.47%, <br> 10/15/30<br>| MYR | 1720000 | 414804 |
|  |  |  | **3216010** |
| **Mexico – 2.4%** | **Mexico – 2.4%** | **Mexico – 2.4%** | **Mexico – 2.4%** |
| Cemex S.A.B. de C.V., (5Y <br> US Treasury CMT + <br> 3.52%), 7.20%, <br> 6/10/30<sup>(d)(h)(i)</sup> <br>|  | $200000 | 207790 |
| Mexican Bonos, |  |  |  |
| 7.75%, 5/29/31 | MXN | 4748600 | 249430 |
| 7.50%, 5/26/33 | MXN | 13813800 | 702413 |
| 7.75%, 11/23/34 | MXN | 11849900 | 601691 |
| 10.00%, 11/20/36 | MXN | 5754400 | 335245 |
| 8.50%, 11/18/38 | MXN | 10499200 | 539834 |
| 7.75%, 11/13/42 | MXN | 5936800 | 275873 |
| Mexico Government <br> International Bond,<br>|  |  |  |
| 6.35%, 2/09/35 |  | 400000 | 422840 |
| 6.88%, 5/13/37 |  | 200000 | 216650 |
| 6.34%, 5/04/53 |  | 330000 | 327443 |
| Petroleos Mexicanos, |  |  |  |
| 5.95%, 1/28/31 |  | 143000 | 139874 |
| 6.70%, 2/16/32 |  | 80000 | 79931 |
| 6.63%, 6/15/35 |  | 114000 | 109397 |
| 6.38%, 1/23/45 |  | 34000 | 27616 |
| 6.75%, 9/21/47 |  | 126000 | 104347 |
| 7.69%, 1/23/50 |  | 57000 | 51688 |
|  |  |  | **4392062** |
| **Mongolia – 0.1%** | **Mongolia – 0.1%** | **Mongolia – 0.1%** | **Mongolia – 0.1%** |
| Mongolian Mining Corp., <br> 8.44%, 4/03/30<br>|  | 200000 | **204456** |
| **Morocco – 0.2%** | **Morocco – 0.2%** | **Morocco – 0.2%** | **Morocco – 0.2%** |
| OCP S.A., 7.50%, 5/02/54<sup>(d)</sup> <br>|  | 400000 | **447214** |
| **Mozambique – 0.1%** | **Mozambique – 0.1%** | **Mozambique – 0.1%** | **Mozambique – 0.1%** |
| Mozambique International <br> Bond, 9.00%, 9/15/31<br>|  | 200000 | **173792** |
| **Oman – 0.3%** | **Oman – 0.3%** | **Oman – 0.3%** | **Oman – 0.3%** |
| Oman Government <br> International Bond,<br>|  |  |  |
| 6.25%, 1/25/31<sup>(d)</sup> <br>|  | 300000 | 324457 |
| 6.50%, 3/08/47 |  | 200000 | 219561 |
|  |  |  | **544018** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Panama – 0.3%** | **Panama – 0.3%** | **Panama – 0.3%** | **Panama – 0.3%** |
| Panama Government <br> International Bond,<br>|  |  |  |
| 3.16%, 1/23/30 |  | $200000 | $187230 |
| 7.88%, 3/01/57 |  | 325000 | 381111 |
|  |  |  | **568341** |
| **Peru – 0.4%** | **Peru – 0.4%** | **Peru – 0.4%** | **Peru – 0.4%** |
| Banco de Credito del Peru <br> S.A., (5Y US Treasury CMT <br> + 2.24%), 5.80%, <br> 3/10/35<sup>(d)(i)</sup> <br>|  | 200000 | 201460 |
| Peruvian Government <br> International Bond,<br>|  |  |  |
| 5.38%, 2/08/35 |  | 210000 | 215567 |
| 6.55%, 3/14/37 |  | 79000 | 88373 |
| 6.20%, 6/30/55 |  | 90000 | 94568 |
| Volcan Cia Minera S.A.A., <br> 8.50%, 10/28/32<sup>(d)</sup> <br>|  | 200000 | 202810 |
|  |  |  | **802778** |
| **Philippines – 0.6%** | **Philippines – 0.6%** | **Philippines – 0.6%** | **Philippines – 0.6%** |
| Philippine Government <br> Bond, 6.00%, 8/20/30<br>| PHP | 44620000 | 770148 |
| Philippine Government <br> International Bond, <br> 5.50%, 1/17/48<br>|  | 400000 | 410510 |
|  |  |  | **1180658** |
| **Poland – 1.9%** | **Poland – 1.9%** | **Poland – 1.9%** | **Poland – 1.9%** |
| Bank Gospodarstwa <br> Krajowego, 5.75%, <br> 7/09/34<sup>(d)</sup> <br>|  | 200000 | 213223 |
| Republic of Poland <br> Government Bond,<br>|  |  |  |
| 1.25%, 10/25/30 | PLN | 2014000 | 463228 |
| 1.75%, 4/25/32 | PLN | 3728000 | 834263 |
| 5.00%, 10/25/34 | PLN | 3869000 | 1031995 |
| Republic of Poland <br> Government International <br> Bond,<br>|  |  |  |
| 4.63%, 3/18/29 |  | 357000 | 364166 |
| 4.88%, 2/12/30 |  | 174000 | 179346 |
| 5.50%, 3/18/54 |  | 403000 | 397250 |
|  |  |  | **3483471** |
| **Romania – 1.6%** | **Romania – 1.6%** | **Romania – 1.6%** | **Romania – 1.6%** |
| Romania Government <br> Bond,<br>|  |  |  |
| 5.80%, 7/26/27 | RON | 620000 | 138838 |
| 5.00%, 2/12/29 | RON | 470000 | 100736 |
| 7.35%, 4/28/31 | RON | 1605000 | 370281 |
| 6.70%, 2/25/32 | RON | 955000 | 213794 |
| 7.20%, 10/30/33 | RON | 545000 | 125802 |
| 4.75%, 10/11/34 | RON | 780000 | 152106 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** |
| Romanian Government <br> International Bond,<br>|  |  |  |
| 6.63%, 2/17/28<sup>(d)</sup> <br>|  | $110000 | $114579 |
| 5.88%, 1/30/29<sup>(d)</sup> <br>|  | 268000 | 275796 |
| 5.75%, 9/16/30<sup>(d)</sup> <br>|  | 260000 | 265924 |
| 7.13%, 1/17/33<sup>(d)</sup> <br>|  | 308000 | 332220 |
| 6.38%, 1/30/34<sup>(d)</sup> <br>|  | 288000 | 295883 |
| 5.75%, 3/24/35 |  | 68000 | 66511 |
| 7.50%, 2/10/37 |  | 96000 | 105206 |
| 4.00%, 2/14/51 |  | 104000 | 71730 |
| 7.63%, 1/17/53<sup>(d)</sup> <br>|  | 320000 | 355245 |
|  |  |  | **2984651** |
| **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 | 180528 |
| 5.25%, 7/17/34<sup>(d)</sup> <br>|  | 200000 | 206867 |
| 6.38%, 6/02/55<sup>(d)</sup> <br>|  | 200000 | 215619 |
| Saudi Government <br> International Bond,<br>|  |  |  |
| 4.75%, 1/16/30<sup>(d)</sup> <br>|  | 404000 | 412232 |
| 5.00%, 1/16/34 |  | 630000 | 647893 |
| 3.75%, 3/05/37<sup>(d)</sup> <br>| EUR | 200000 | 228669 |
| 5.75%, 1/16/54<sup>(d)</sup> <br>|  | 406000 | 415324 |
|  |  |  | **2307132** |
| **Senegal – 0.5%** | **Senegal – 0.5%** | **Senegal – 0.5%** | **Senegal – 0.5%** |
| Senegal Government <br> International Bond,<br>|  |  |  |
| 7.75%, 6/10/31 |  | 834000 | 657665 |
| 6.25%, 5/23/33 |  | 400000 | 285965 |
|  |  |  | **943630** |
| **South Africa – 2.3%** | **South Africa – 2.3%** | **South Africa – 2.3%** | **South Africa – 2.3%** |
| Eskom Holdings, 8.45%, <br> 8/10/28<br>|  | 400000 | 429318 |
| Republic of South Africa <br> Government Bond,<br>|  |  |  |
| 10.50%, 12/21/26 | ZAR | 6400000 | 381451 |
| 7.00%, 2/28/31 | ZAR | 5411193 | 299110 |
| 8.25%, 3/31/32 | ZAR | 5528933 | 317701 |
| 8.88%, 2/28/35 | ZAR | 15857811 | 913866 |
| 8.50%, 1/31/37 | ZAR | 12160510 | 660740 |
| 9.00%, 1/31/40 | ZAR | 10406227 | 565905 |
| 8.75%, 1/31/44 | ZAR | 7461447 | 387070 |
| Republic of South Africa <br> Government International <br> Bond,<br>|  |  |  |
| 4.85%, 9/30/29 |  | 100000 | 99929 |
| 5.65%, 9/27/47 |  | 250000 | 211228 |
|  |  |  | **4266318** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** |
| Banco Santander S.A., <br> 5.44%, 7/15/31<br>|  | $200000 | **$209981** |
| **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>(d)(l)</sup> <br>|  | 108618 | 102237 |
| (Step to 3.85% on <br> 11/15/27), 3.60%, <br> 5/15/36<sup>(d)(l)</sup> <br>|  | 245179 | 223686 |
| (Step to 3.85% on <br> 8/15/27), 3.60%, <br> 2/15/38<sup>(l)</sup> <br>|  | 60000 | 55350 |
|  |  |  | **381273** |
| **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** |
| Banque Ouest Africaine de <br> Developpement, 6.25%, <br> 10/14/40<sup>(d)</sup> <br>| EUR | 165000 | **190142** |
| **Sweden – 0.1%** | **Sweden – 0.1%** | **Sweden – 0.1%** | **Sweden – 0.1%** |
| EQT AB, 5.85%, 5/08/35<sup>(d)</sup> <br>|  | 200000 | **205006** |
| **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** |
| UBS Group A.G., (SOFR + <br> 1.76%), 5.58%, 5/09/36<sup>(d)(i)</sup> <br>|  | 200000 | **208721** |
| **Thailand – 1.2%** | **Thailand – 1.2%** | **Thailand – 1.2%** | **Thailand – 1.2%** |
| Thailand Government <br> Bond,<br>|  |  |  |
| 3.39%, 6/17/37 | THB | 14769000 | 531071 |
| 3.30%, 6/17/38 | THB | 4435000 | 158089 |
| 3.45%, 6/17/43 | THB | 31204000 | 1134160 |
| 2.98%, 6/17/45 | THB | 10800000 | 370145 |
|  |  |  | **2193465** |
| **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>(d)</sup> <br>|  | 193333 | **195887** |
| **Turkey – 1.8%** | **Turkey – 1.8%** | **Turkey – 1.8%** | **Turkey – 1.8%** |
| Akbank T.A.S., (5Y US <br> Treasury CMT + 5.27%), <br> 9.37%, 3/14/29<sup>(d)(h)(i)</sup> <br>|  | 200000 | 208162 |
| Hazine Mustesarligi Varlik <br> Kiralama AS, 8.51%, <br> 1/14/29<sup>(d)</sup> <br>|  | 200000 | 219545 |
| Istanbul Metropolitan <br> Municipality, 10.50%, <br> 12/06/28<sup>(d)</sup> <br>|  | 200000 | 219148 |
| Limak Cimento Sanayi ve <br> Ticaret AS, 9.75%, 7/25/29<br>|  | 200000 | 205007 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Turkey (Continued)** | **Turkey (Continued)** | **Turkey (Continued)** | **Turkey (Continued)** |
| TC Ziraat Bankasi A.S., (5Y <br> US Treasury CMT + <br> 4.62%), 8.38%, <br> 11/05/30<sup>(d)(h)(i)</sup> <br>|  | $225000 | $225113 |
| Turkiye Government Bond, |  |  |  |
| 37.84%, 7/14/27 | TRY | 56144070 | 1351029 |
| 30.00%, 9/12/29 | TRY | 20200000 | 442586 |
| Turkiye Government <br> International Bond, <br> 9.38%, 3/14/29<br>|  | 200000 | 224069 |
| Zorlu Enerji Elektrik Uretim <br> A.S., 11.00%, 4/23/30<sup>(d)</sup> <br>|  | 200000 | 179433 |
|  |  |  | **3274092** |
| **Ukraine – 0.6%** | **Ukraine – 0.6%** | **Ukraine – 0.6%** | **Ukraine – 0.6%** |
| Ukraine Government <br> International Bond,<br>|  |  |  |
| (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/29<sup>(l)</sup> <br>|  | 63000 | 43319 |
| (Step to 3.00% on <br> 2/01/27), 37.77%, <br> 2/01/30<sup>(l)</sup> <br>|  | 123100 | 64680 |
| (Step to 3.00% on <br> 2/01/27), 31.29%, <br> 2/01/34<sup>(d)(l)</sup> <br>|  | 264749 | 109664 |
| (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/34<sup>(d)(l)</sup> <br>|  | 330761 | 185309 |
| (Step to 3.00% on <br> 2/01/27), 24.17%, <br> 2/01/35<sup>(l)</sup> <br>|  | 147902 | 75263 |
| (Step to 3.00% on <br> 2/01/27), 0.00%, <br> 2/01/35<sup>(d)(l)</sup> <br>|  | 66550 | 33865 |
| (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/35<sup>(d)(l)</sup> <br>|  | 412202 | 228649 |
| (Step to 3.00% on <br> 2/01/27), 0.00%, <br> 2/01/36<sup>(l)</sup> <br>|  | 257447 | 130954 |
| 23.54%, 2/01/36<sup>(d)</sup> <br>|  | 95796 | 48728 |
| (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/36<sup>(d)(l)</sup> <br>|  | 196636 | 107973 |
| 1.14%, 8/01/41 |  | 135000 | 114362 |
|  |  |  | **1142766** |
| **United Arab Emirates – 0.8%** | **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>(d)</sup> <br>|  | 400000 | 398813 |
| 5.13%, 9/11/54<sup>(d)</sup> <br>|  | 225000 | 217671 |
| Galaxy Pipeline Assets <br> Bidco Ltd.,<br>|  |  |  |
| 2.63%, 3/31/36<sup>(d)</sup> <br>|  | 200000 | 176715 |
| 2.94%, 9/30/40<sup>(d)</sup> <br>|  | 194936 | 166445 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **United Arab Emirates (Continued)** | **United Arab Emirates (Continued)** | **United Arab Emirates (Continued)** |
| MDGH GMTN RSC Ltd., |  |  |
| 5.50%, 4/28/33 | $200000 | $213833 |
| 5.88%, 5/01/34 | 200000 | 220174 |
|  |  | **1393651** |
| **United Kingdom – 1.1%** | **United Kingdom – 1.1%** | **United Kingdom – 1.1%** |
| Ardonagh Finco Ltd., <br> 7.75%, 2/15/31<sup>(d)</sup> <br>| 740000 | 774004 |
| BAT Capital Corp., |  |  |
| 5.35%, 8/15/32 | 33000 | 34144 |
| 4.63%, 3/22/33 | 80000 | 79034 |
| 7.08%, 8/02/43 | 41000 | 46220 |
| 3.98%, 9/25/50 | 50000 | 37256 |
| Global Auto <br> Holdings Ltd./AAG FH <br> UK Ltd.,<br>|  |  |
| 8.38%, 1/15/29<sup>(d)</sup> <br>| 400000 | 385000 |
| 11.50%, 8/15/29<sup>(d)</sup> <br>| 200000 | 205070 |
| Lloyds Banking Group PLC, <br> (1Y US Treasury CMT + <br> 0.97%), 4.94%, 11/04/36<sup>(i)</sup> <br>| 200000 | 197939 |
| Reynolds American, Inc., <br> 5.85%, 8/15/45<br>| 20000 | 19826 |
| Santander UK Group <br> Holdings PLC, (SOFR <br> Index + 1.52%), 5.69%, <br> 4/15/31<sup>(i)</sup> <br>| 200000 | 208352 |
| Smith & Nephew PLC, <br> 2.03%, 10/14/30<br>| 75000 | 67175 |
|  |  | **2054020** |
| **Uruguay – 0.2%** | **Uruguay – 0.2%** | **Uruguay – 0.2%** |
| Uruguay Government <br> International Bond,<br>|  |  |
| 5.44%, 2/14/37 | 200000 | 209500 |
| 4.98%, 4/20/55 | 246832 | 229554 |
|  |  | **439054** |
| **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** |
| Republic of Uzbekistan <br> International Bond, <br> 3.90%, 10/19/31<br>| 200000 | 185692 |
| Uzbekneftegaz JSC, 8.75%, <br> 5/07/30<sup>(d)</sup> <br>| 200000 | 213202 |
|  |  | **398894** |
| **Venezuela – 0.3%** | **Venezuela – 0.3%** | **Venezuela – 0.3%** |
| Petroleos de Venezuela <br> S.A.,<br>|  |  |
| 9.00%, 11/17/21<sup>(f)</sup> <br>| 185101 | 41555 |
| 6.00%, 5/16/24<sup>(f)</sup> <br>| 340653 | 75284 |
| 5.38%, 4/12/27<sup>(f)</sup> <br>| 361000 | 79781 |
| Venezuela Government <br> International Bond,<br>|  |  |
| 7.75%, 10/13/19<sup>(f)</sup> <br>| 93400 | 21958 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Venezuela (Continued)** | **Venezuela (Continued)** | **Venezuela (Continued)** |
| Venezuela Government <br> International Bond,<br>|  |  |
| 8.25%, 10/13/24<sup>(f)</sup> <br>| $259100 | $66097 |
| 9.25%, 9/15/27<sup>(f)</sup> <br>| 293700 | 89608 |
| 9.25%, 5/07/28<sup>(f)</sup> <br>| 494800 | 139831 |
| 11.95%, 8/05/31<sup>(f)</sup> <br>| 290700 | 84332 |
|  |  | **598446** |
| **Zambia – 0.1%** | **Zambia – 0.1%** | **Zambia – 0.1%** |
| Zambia Government <br> International Bond,<br>|  |  |
| (Step to 7.50% on <br> 6/30/31), 5.75%, <br> 6/30/33<sup>(l)</sup> <br>| 47373 | 45479 |
| 0.50%, 12/31/53 | 77000 | 53753 |
|  |  | **99232** |
| **Total Foreign Issuer Bonds** <br>(Cost $74,434,472) | **Total Foreign Issuer Bonds** <br>(Cost $74,434,472) | **77308476** |
| **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> 4.74%, 5/10/47<sup>(d)(n)</sup> <br>| 175000 | 156359 |
| COMM Mortgage Trust, <br> Series 2012-CR3, Class B, <br> 3.92%, 10/15/45<sup>(d)</sup> <br>| 94569 | 90788 |
| GS Mortgage Securities <br> Trust,<br>|  |  |
| Series 2011-GC5, Class C, <br> 5.15%, 8/10/44<sup>(d)(n)</sup> <br>| 35000 | 31637 |
| Series 2013-GC13, <br> Class C, 3.88%, <br> 7/10/46<sup>(d)(n)</sup> <br>| 320000 | 295600 |
| Series 2014-GC22, <br> Class D, 4.57%, <br> 6/10/47<sup>(d)(n)</sup> <br>| 50000 | 6500 |
| JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust, Series <br> 2011-C3, Class C, 5.36%, <br> 2/15/46<sup>(d)</sup> <br>| 100000 | 94364 |
| Morgan Stanley Bank of <br> America Merrill Lynch <br> Trust, Series 2013-C11, <br> Class B, 4.08%, 8/15/46<sup>(n)</sup> <br>| 110000 | 66518 |
| MSBAM Commercial <br> Mortgage Securities <br> Trust, Series 2012-CKSV, <br> Class C, 4.28%, <br> 10/15/30<sup>(d)(n)</sup> <br>| 100000 | 59750 |
| Wells Fargo Commercial <br> Mortgage Trust, Series <br> 2016-C36, Class C, 4.11%, <br> 11/15/59<sup>(n)</sup> <br>| 45000 | 39494 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| WFRBS Commercial <br> Mortgage Trust,<br>|  |  |
| Series 2011-C3, Class D, <br> 5.85%, 3/15/44<sup>(d)(n)</sup> <br>| $56647 | $20394 |
| Series 2012-C10, Class C, <br> 4.31%, 12/15/45<sup>(n)</sup> <br>| 120000 | 105600 |
| **Total Mortgage-Backed Securities** <br>(Cost $1,179,601) | **Total Mortgage-Backed Securities** <br>(Cost $1,179,601) | **967004** |
| **Term Loans – 2.7%**<sup>(k)</sup>  | **Term Loans – 2.7%**<sup>(k)</sup>  | **Term Loans – 2.7%**<sup>(k)</sup>  |
| **Asset Management – 0.5%** | **Asset Management – 0.5%** | **Asset Management – 0.5%** |
| Edelman Financial Engines <br> Center LLC, The 2024-2 <br> Refinancing Term Loan, <br> (1M USD CME Term SOFR <br> + 3.00%), 6.96%, 4/07/28<br>| 209408 | 210074 |
| Inception Finco S.a.r.l. <br> Facility B-6, (3M USD CME <br> Term SOFR + 3.75%), <br> 8.05%, 4/18/31<br>| 203984 | 204430 |
| Osaic Holdings, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 3.00%), <br> 6.96%, 7/30/32<br>| 122733 | 122887 |
| Russell Investments <br> U.S. Institutional <br> Holdco, Inc., 2027 Term <br> Loan,<br>|  |  |
| (1M USD CME Term SOFR <br> + 5.00%, 1.00% Floor), <br> 8.96%, 5/30/27<br>| 340474 | 329623 |
| 5/30/27<sup>(o)</sup> <br>| 13869 | 13427 |
|  |  | **880441** |
| **Automotive – 0.0%**<sup>(a)</sup> | **Automotive – 0.0%**<sup>(a)</sup> | **Automotive – 0.0%**<sup>(a)</sup> |
| First Brands Group LLC, <br> 2021 Term Loan, <br> 3/30/27<sup>(o)</sup> <br>| 49000 | 15631 |
| First Brands Group LLC, <br> 2022-II Incremental Term <br> Loan, 3/30/27<sup>(o)</sup> <br>| 63000 | 20097 |
| First Brands Group LLC, DIP <br> Term Loan, (3M USD CME <br> Term SOFR + 1.55%, <br> 1.00% Floor), 5.68%, <br> 6/29/26<br>| 21431 | 22693 |
|  |  | **58421** |
| **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** |
| First Advantage <br> Holdings LLC, Term B-3 <br> Loan, (1M USD CME Term <br> SOFR + 2.75%), 6.71%, <br> 10/31/31<br>| 311702 | 302741 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| Ryan LLC, Closing Date <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 3.50%, 0.50% Floor), <br> 7.46%, 11/14/30<br>| $163360 | $162543 |
| VT Topco, Inc., Second <br> Amendment Term Loan, <br> (1M USD CME Term SOFR <br> + 3.00%, 0.50% Floor), <br> 6.96%, 8/09/30<br>| 110265 | 108390 |
|  |  | **573674** |
| **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** |
| Horizon Midco 2 Ltd., Term <br> B Loan,<br>|  |  |
| (6M USD CME Term SOFR <br> + 4.50%), 8.20%, <br> 10/31/31<br>| 260921 | 246571 |
| 10/31/31<sup>(o)</sup> <br>| 51847 | 48995 |
|  |  | **295566** |
| **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<sup>(o)(p)</sup> <br>| 70299 | 71378 |
| GrafTech Global <br> Enterprises, Inc., Term <br> Loan, (3M USD CME Term <br> SOFR + 6.00%, 2.00% <br> Floor), 9.86%, 12/21/29<br>| 123022 | 124912 |
|  |  | **196290** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| Hanger, Inc., Delayed Draw <br> Term Loan,<br>|  |  |
| (1M USD CME Term SOFR <br> + 3.50%), 7.46%, <br> 10/23/31<br>| 1970 | 1974 |
| 10/23/31<sup>(p)</sup> <br>| 11219 | 11242 |
| Hanger, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.46%, <br> 10/23/31<br>| 103790 | 103997 |
| IVC Acquisition Ltd., <br> Facility B-12, (3M USD <br> CME Term SOFR + 3.75%), <br> 7.75%, 12/12/28<br>| 104530 | 104870 |
|  |  | **222083** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| Asurion LLC, New B-11 <br> Term Loan, (1M USD CME <br> Term SOFR + 4.25%), <br> 8.33%, 8/19/28<br>| $151527 | $151974 |
| Truist Insurance <br> Holdings LLC, Initial Term <br> Loan, (3M USD CME Term <br> SOFR + 4.75%), 8.75%, <br> 5/06/32<br>| 135050 | 136704 |
|  |  | **288678** |
| **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** |
| Stubhub Holdco Sub LLC, <br> Extended USD Term B <br> Loan,<br>|  |  |
| (1M USD CME Term SOFR <br> + 4.75%), 8.71%, 3/15/30<br>| 221703 | 221426 |
| 3/15/30<sup>(o)</sup> <br>| 453466 | 452899 |
|  |  | **674325** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Fortress Intermediate 3, <br> Inc., Tranche B Term Loan, <br> (1M USD CME Term SOFR <br> + 3.00%), 7.11%, 6/27/31<br>| 304462 | **304843** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| Bausch + Lomb Corp., Third <br> Amendment Term Loan, <br> (1M USD CME Term SOFR <br> + 4.25%), 8.21%, 1/15/31<br>| 314292 | **315942** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Evergreen Acqco 1 L.P., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.00%), 7.03%, 9/17/32<br>| 170000 | **169873** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Gryphon Acquire <br> NewCo LLC, Term Loan, <br> (6M USD CME Term SOFR <br> + 3.00%), 6.88%, 9/10/32<br>| 129956 | **130525** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| GoTo Group, Inc., Exchange <br> First Out Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%), 8.79%, 4/28/28<br>| 73256 | 63572 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Mermaid Bidco, Inc., <br> Facility B, (3M USD CME <br> Term SOFR + 3.25%), <br> 7.57%, 7/03/31<br>| $179093 | $179317 |
| Project Alpha Intermediate <br> Holding, Inc., Second <br> Amendment Refinancing <br> Term Loan, (3M USD CME <br> Term SOFR + 3.25%, <br> 0.50% Floor), 7.25%, <br> 10/26/30<br>| 105019 | 104972 |
|  |  | **347861** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Dechra Pharmaceuticals <br> Holdings Ltd., Facility B-1, <br> (6M USD CME Term SOFR <br> + 3.25%), 7.45%, 1/27/32<br>| 129642 | **130156** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Commscope LLC, Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 4.75%, <br> 2.00% Floor), 8.71%, <br> 12/17/29<br>| 256008 | **258025** |
| **Telecommunications – 0.0%**<sup>(a)</sup> | **Telecommunications – 0.0%**<sup>(a)</sup> | **Telecommunications – 0.0%**<sup>(a)</sup> |
| Crown Subsea <br> Communications <br> Holding, Inc., 2025 Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%, 0.75% <br> Floor), 7.46%, 1/30/31<br>| 104736 | **105259** |
| **Total Term Loans** <br>(Cost $4,957,035) | **Total Term Loans** <br>(Cost $4,957,035) | **4951962** |
| **U.S. Government Obligations – 1.0%** | **U.S. Government Obligations – 1.0%** | **U.S. Government Obligations – 1.0%** |
| **U.S. Treasury Bonds – 0.3%** | **U.S. Treasury Bonds – 0.3%** | **U.S. Treasury Bonds – 0.3%** |
| 4.88%, 8/15/45 | 186600 | 192198 |
| 4.75%, 5/15/55<sup>(j)</sup> <br>| 108800 | 110228 |
| 4.75%, 5/15/55 | 229000 | 232006 |
|  |  | **534432** |
| **U.S. Treasury Notes – 0.7%** | **U.S. Treasury Notes – 0.7%** | **U.S. Treasury Notes – 0.7%** |
| 3.50%, 10/15/28 | 182000 | 181502 |
| 3.63%, 9/30/30 | 69100 | 68841 |
| 3.63%, 10/31/30 | 477800 | 476046 |
| 3.88%, 9/30/32 | 101900 | 101836 |
| 3.75%, 10/31/32 | 247700 | 245610 |
| 4.25%, 8/15/35 | 213700 | 216371 |
|  |  | **1290206** |
| **Total U.S. Government Obligations** <br>(Cost $1,829,774) | **Total U.S. Government Obligations** <br>(Cost $1,829,774) | **1824638** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Warrants – 0.0%**<sup>(a)</sup>  | **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> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| Mcdermott <br> International Ltd., <br> 6/30/27<sup>(q)\*</sup> <br>| 4298 | $— |
| Mcdermott <br> International Ltd. (OTC <br> Exchange), 6/30/27<sup>(q)\*</sup> <br>| 3868 |  |
| **Total Warrants** <br>(Cost $6,000) | **Total Warrants** <br>(Cost $6,000) | **—** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 6.4%** | **Short-Term Investments – 6.4%** | **Short-Term Investments – 6.4%** | **Short-Term Investments – 6.4%** |
| **Convertible Bonds – 0.0%**<sup>(a)</sup> | **Convertible Bonds – 0.0%**<sup>(a)</sup> | **Convertible Bonds – 0.0%**<sup>(a)</sup> | **Convertible Bonds – 0.0%**<sup>(a)</sup> |
| Spotify USA, Inc., 0.00%, <br> 3/15/26<sup>(e)</sup> <br>|  | 4000 | 5158 |
| Tyler Technologies, Inc., <br> 0.25%, 3/15/26<br>|  | 9000 | 9364 |
|  |  |  | **14522** |
| **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** | **Corporate Bonds – 0.3%** |
| DISH DBS Corp., 7.75%, <br> 7/01/26<br>|  | 425000 | 420649 |
| Travel + Leisure Co., 6.63%, <br> 7/31/26<sup>(d)</sup> <br>|  | 145000 | 146091 |
| United Airlines Pass <br> Through Trust,<br>|  |  |  |
| Series 2014-2, Class A, <br> 3.75%, 9/03/26<br>|  | 59227 | 58856 |
| Series 2020-1, Class B, <br> 4.88%, 1/15/26<br>|  | 28869 | 28873 |
|  |  |  | **654469** |
| **Foreign Issuer Bonds – 2.4%** | **Foreign Issuer Bonds – 2.4%** | **Foreign Issuer Bonds – 2.4%** | **Foreign Issuer Bonds – 2.4%** |
| Egypt Treasury Bills, |  |  |  |
| 25.84%, 11/18/25<sup>(r)</sup> <br>| EGP | 12000000 | 251836 |
| 23.43%, 12/02/25<sup>(r)</sup> <br>| EGP | 20525000 | 426358 |
| 23.75%, 12/09/25<sup>(r)</sup> <br>| EGP | 55925000 | 1155844 |
| 24.12%, 1/13/26<sup>(r)</sup> <br>| EGP | 6450000 | 130049 |
| 22.45%, 4/14/26<sup>(r)</sup> <br>| EGP | 11000000 | 209002 |
| Ghana Government <br> International Bond, <br> 0.00%, 7/03/26<sup>(e)</sup> <br>|  | 14800 | 14356 |
| Kaisa Group Holdings Ltd., <br> 0.00%, 12/31/25<sup>(d)(e)</sup> <br>|  | 5012 | 106 |
| Nigeria OMO Bills, |  |  |  |
| 22.03%, 11/04/25<sup>(r)</sup> <br>| NGN | 1193000000 | 835867 |
| 22.26%, 12/02/25<sup>(r)</sup> <br>| NGN | 137457000 | 94601 |
| 22.26%, 12/09/25<sup>(r)</sup> <br>| NGN | 209884000 | 144894 |
| 22.36%, 3/17/26<sup>(r)</sup> <br>| NGN | 1850000000 | 1198913 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** |
| Sunac China Holdings Ltd., <br> 6.25%, 9/30/26<sup>(d)(f)</sup> <br>| 18653 | $2799 |
| Times China Holdings Ltd., <br> 6.20%, 3/22/26<sup>(f)</sup> <br>| 215000 | 7525 |
| Venezuela Government <br> International Bond, <br> 11.75%, 10/21/26<sup>(f)</sup> <br>| 220900 | 65386 |
| Zhenro Properties <br> Group Ltd., 6.63%, <br> 1/07/26<sup>(f)</sup> <br>| 200000 | 322 |
|  |  | **4537858** |
| **Money Market Fund – 2.1%** | **Money Market Fund – 2.1%** | **Money Market Fund – 2.1%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier),3.91%<sup>(s)</sup> <br>| 3830219 | **3830219** |
| **U.S. Treasury Bills – 1.6%** | **U.S. Treasury Bills – 1.6%** | **U.S. Treasury Bills – 1.6%** |
| U.S. Treasury Bill,3.61%, <br> 1/15/26<sup>(r)(t)</sup> <br>| 2900000 | **2877846** |
| **Total Short-Term Investments** <br>(Cost $11,933,957) | **Total Short-Term Investments** <br>(Cost $11,933,957) | **11914914** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>| **Value** |
| **Purchased Options – 0.0%**<sup>(a)</sup>  | **Purchased Options – 0.0%**<sup>(a)</sup>  | **Purchased Options – 0.0%**<sup>(a)</sup>  | **Purchased Options – 0.0%**<sup>(a)</sup>  |
| **Put Options - Over the Counter – 0.0%**<sup>(a)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(a)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(a)</sup> | **Put Options - Over the Counter – 0.0%**<sup>(a)</sup> |
| Japanese Yen vs. U.S. Dollar, <br> Strike Price JPY 147.00, <br> Expires 11/26/25, <br> Counterparty: Bank of <br> America<br>| 1 | 783000 | $419 |
| South Korean Won vs. <br> U.S. Dollar, Strike Price KRW <br> 1,385.00, Expires 11/26/25, <br> Counterparty: Bank of <br> America<br>| 1 | 783000 | 723 |
| **Total Purchased Options**<br> (Premiums Paid $27,262) | **Total Purchased Options**<br> (Premiums Paid $27,262) | **Total Purchased Options**<br> (Premiums Paid $27,262) | **1142** |

---

---

| | |
|:---|:---|
| **Total Investments – 99.3%** <br>(Cost $180,728,228) | **183862003** |
| Other Assets less Liabilities – 0.7%<sup>(u)</sup>  | 1230830 |
| **NET ASSETS – 100.0%** | **$185092833** |

---

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

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

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

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

<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 October 31, 2025, these securities had a total value of $64,630,772 or 34.92% of net assets. 

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

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

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

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

<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 October 31, 2025 is disclosed. 

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

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

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

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

<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 October 31, 2025 is disclosed. 

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

<sup>(p)</sup> Unfunded loan commitment. As of October 31, 2025, total value of unfunded loan commitment is $82,620.

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

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

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

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

<sup>(u)</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** October 31, 2025 (unaudited)

------

**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 |
| EGP | Egyptian Pound |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| KRW | South Korean Won |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PHP | Philippine Peso |
| PLC | Public Limited Company |
| PLN | Polish Zloty |
| RON | Romania New Leu |
| SOFR | United States Secured Overnight Financing Rate |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 351937 | &nbsp;&nbsp; $(3906)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 485125 | &nbsp;&nbsp; (969)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 11661563 | &nbsp;&nbsp; (10147)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$(15022)**<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** |
| **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>|
| **Short Contracts** |  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1802750 | &nbsp;&nbsp; $6737 |
| U.S. Treasury Long Bond | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 351937 | &nbsp;&nbsp; (9469)<br>|
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6582610 | &nbsp;&nbsp; (39181)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 436844 | &nbsp;&nbsp; 1844 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(40069)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$(55091)**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 3/16/26 | U.S. Dollars | &nbsp;&nbsp; 2679295 | Thai Baht | &nbsp;&nbsp; 83914180 | Barclays | &nbsp;&nbsp; $56571 |
| 12/04/25 | Colombian Pesos | &nbsp;&nbsp; 3653750160 | U.S. Dollars | &nbsp;&nbsp; 898944 | Barclays | &nbsp;&nbsp; 44242 |
| 11/21/25 | U.S. Dollars | &nbsp;&nbsp; 722482 | Philippine Pesos | &nbsp;&nbsp; 41153138 | BNP Paribas | &nbsp;&nbsp; 22235 |
| 11/24/25 | Kazakhstan Tenge | &nbsp;&nbsp; 210581000 | U.S. Dollars | &nbsp;&nbsp; 380742 | Citibank | &nbsp;&nbsp; 13980 |
| 1/08/26 | Chilean Pesos | &nbsp;&nbsp; 585286308 | U.S. Dollars | &nbsp;&nbsp; 607537 | Citibank | &nbsp;&nbsp; 13456 |
| 11/12/25 | Mexican Pesos | &nbsp;&nbsp; 14785400 | U.S. Dollars | &nbsp;&nbsp; 786026 | Morgan Stanley | &nbsp;&nbsp; 8809 |
| 12/08/25 | U.S. Dollars | &nbsp;&nbsp; 399040 | Thai Baht | &nbsp;&nbsp; 12601690 | Barclays | &nbsp;&nbsp; 8118 |
| 11/12/25 | Mexican Pesos | &nbsp;&nbsp; 9610000 | U.S. Dollars | &nbsp;&nbsp; 511238 | ING | &nbsp;&nbsp; 5377 |
| 11/21/25 | Malaysian Ringgit | &nbsp;&nbsp; 2629169 | U.S. Dollars | &nbsp;&nbsp; 624342 | Barclays | &nbsp;&nbsp; 3759 |
| 12/22/25 | South African Rand | &nbsp;&nbsp; 13664300 | U.S. Dollars | &nbsp;&nbsp; 781588 | Bank of America | &nbsp;&nbsp; 3655 |
| 1/21/26 | Malaysian Ringgit | &nbsp;&nbsp; 1591181 | U.S. Dollars | &nbsp;&nbsp; 377397 | Barclays | &nbsp;&nbsp; 3545 |
| 11/21/25 | U.S. Dollars | &nbsp;&nbsp; 759028 | Singapore Dollars | &nbsp;&nbsp; 982800 | ING | &nbsp;&nbsp; 2728 |
| 1/09/26 | U.S. Dollars | &nbsp;&nbsp; 192510 | Euro | &nbsp;&nbsp; 164403 | Morgan Stanley | &nbsp;&nbsp; 2245 |
| 11/12/25 | U.S. Dollars | &nbsp;&nbsp; 339894 | Mexican Pesos | &nbsp;&nbsp; 6281953 | Morgan Stanley | &nbsp;&nbsp; 2188 |
| 12/08/25 | Thai Baht | &nbsp;&nbsp; 21332420 | U.S. Dollars | &nbsp;&nbsp; 660316 | Morgan Stanley | &nbsp;&nbsp; 1445 |
| 12/15/25 | U.S. Dollars | &nbsp;&nbsp; 654380 | Japanese Yen | &nbsp;&nbsp; 100221829 | BNP Paribas | &nbsp;&nbsp; 1010 |
| 12/26/25 | Brazilian Reals | &nbsp;&nbsp; 3763695 | U.S. Dollars | &nbsp;&nbsp; 689558 | State Street | &nbsp;&nbsp; 864 |
| 12/29/25 | South African Rand | &nbsp;&nbsp; 3391539 | U.S. Dollars | &nbsp;&nbsp; 194228 | State Street | &nbsp;&nbsp; 573 |
| 11/21/25 | U.S. Dollars | &nbsp;&nbsp; 100264 | Indonesian Rupiahs | &nbsp;&nbsp; 1667452500 | State Street | &nbsp;&nbsp; 24 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $194824 |
| 11/21/25 | Singapore Dollars | &nbsp;&nbsp; 484768 | U.S. Dollars | &nbsp;&nbsp; 373432 | Goldman Sachs | &nbsp;&nbsp; $(386)<br>|
| 12/26/25 | Brazilian Reals | &nbsp;&nbsp; 1057362 | U.S. Dollars | &nbsp;&nbsp; 194623 | State Street | &nbsp;&nbsp; (657)<br>|
| 12/08/25 | Thai Baht | &nbsp;&nbsp; 49120560 | U.S. Dollars | &nbsp;&nbsp; 1527638 | Citibank | &nbsp;&nbsp; (3851)<br>|
| 12/19/25 | Indonesian Rupiahs | &nbsp;&nbsp; 6958444248 | U.S. Dollars | &nbsp;&nbsp; 422903 | Bank of America | &nbsp;&nbsp; (4895)<br>|
| 9/15/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 15758546 | U.S. Dollars | &nbsp;&nbsp; 2260524 | BNP Paribas | &nbsp;&nbsp; (7241)<br>|
| 3/09/26 | Polish Zloty | &nbsp;&nbsp; 1840000 | U.S. Dollars | &nbsp;&nbsp; 505868 | Citibank | &nbsp;&nbsp; (8294)<br>|
| 12/04/25 | U.S. Dollars | &nbsp;&nbsp; 805228 | Colombian Pesos | &nbsp;&nbsp; 3154106900 | Citibank | &nbsp;&nbsp; (8980)<br>|
| 11/21/25 | Indonesian Rupiahs | &nbsp;&nbsp; 14831449392 | U.S. Dollars | &nbsp;&nbsp; 911639 | Bank of America | &nbsp;&nbsp; (20031)<br>|
| 12/26/25 | U.S. Dollars | &nbsp;&nbsp; 861976 | Brazilian Reals | &nbsp;&nbsp; 4821057 | Barclays | &nbsp;&nbsp; (22412)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/15/25 | South Korean Won | &nbsp;&nbsp; 1811390697 | U.S. Dollars | &nbsp;&nbsp; 1310266 | Bank of America | &nbsp;&nbsp; $(40268)<br>|
| 12/15/25 | Japanese Yen | &nbsp;&nbsp; 189791453 | U.S. Dollars | &nbsp;&nbsp; 1302551 | BNP Paribas | &nbsp;&nbsp; (65254)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(182269)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$12555** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

**Valuation Hierarchy**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2733195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2733195 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 748704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 748704 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 84017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84017 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 81820427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81820427 |
| Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1507524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1507524 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 77308476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77308476 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 967004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 967004 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 4951962 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4951962 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1824638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1824638 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Short-Term Investments | &nbsp;&nbsp; 3830219 | &nbsp;&nbsp; 8084695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11914914 |
| Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1142 |
| **Total Investments** | &nbsp;&nbsp; $6647431 | &nbsp;&nbsp; $177214572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183862003 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $8682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8682 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 194824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194824 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $8682 | &nbsp;&nbsp; $194824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203506 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(63773)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(63773)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (182269)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (182269)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(63773)<br>| &nbsp;&nbsp; $(182269)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(246042)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $(55091)<br>| &nbsp;&nbsp; $12555 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42536)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments**

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 40.2%** | **Common Stocks – 40.2%** | **Common Stocks – 40.2%** |
| **Advertising & Marketing – 1.6%** | **Advertising & Marketing – 1.6%** | **Advertising & Marketing – 1.6%** |
| Dentsu Group, Inc. <br> (Japan)<sup>(a)</sup> <br>| 3400 | $67337 |
| Omnicom Group, Inc.<sup>(a)</sup> <br>| 72920 | 5470458 |
| WPP PLC (United Kingdom) | 3737 | 14121 |
|  |  | **5551916** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| BAE Systems PLC (United <br> Kingdom)<br>| 4944 | 121788 |
| Rolls-Royce Holdings PLC <br> (United Kingdom)<br>| 8332 | 128219 |
|  |  | **250007** |
| **Apparel & Textile Products – 0.5%** | **Apparel & Textile Products – 0.5%** | **Apparel & Textile Products – 0.5%** |
| Burberry Group PLC <br> (United Kingdom)\*<br>| 1637 | 26647 |
| Cie Financiere Richemont <br> S.A., Class A <br> (Switzerland)<sup>(b)</sup> <br>| 595 | 117694 |
| Kering S.A. (France) | 1066 | 378555 |
| LVMH Moet Hennessy <br> Louis Vuitton S.E. (France)<br>| 682 | 482054 |
| NIKE, Inc., Class B | 2677 | 172908 |
| Puma S.E. (Germany) | 7251 | 154177 |
| PVH Corp. | 808 | 63291 |
| Samsonite Group S.A.<sup>(c)</sup> <br>| 94200 | 196978 |
| Swatch Group (The) A.G. <br> (Bearer) (Switzerland)<br>| 735 | 153605 |
|  |  | **1745909** |
| **Asset Management – 0.0%**<sup>(d)</sup> | **Asset Management – 0.0%**<sup>(d)</sup> | **Asset Management – 0.0%**<sup>(d)</sup> |
| 3i Group PLC (United <br> Kingdom)<br>| 893 | 51679 |
| St. James's Place PLC <br> (United Kingdom)<br>| 1650 | 28152 |
|  |  | **79831** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| Bayerische Motoren Werke <br> A.G. (Germany)<br>| 941 | 87743 |
| Bridgestone Corp. (Japan) | 5100 | 222641 |
| Denso Corp. (Japan) | 7900 | 110377 |
| Honda Motor Co. Ltd. <br> (Japan)<br>| 24700 | 249649 |
| Nissan Motor Co. Ltd. <br> (Japan)\*<br>| 22600 | 51658 |
| Stanley Electric Co. Ltd. <br> (Japan)<br>| 5700 | 111961 |
| Sumitomo Electric <br> Industries Ltd. (Japan)<br>| 2100 | 76561 |
| Toyota Motor Corp. (Japan) | 25000 | 509678 |
| Volkswagen A.G. (Germany) | 1214 | 128055 |
|  |  | **1548323** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking – 0.5%** | **Banking – 0.5%** | **Banking – 0.5%** |
| Barclays PLC (United <br> Kingdom)<br>| 17692 | $94893 |
| HSBC Holdings PLC <br> (United Kingdom)<br>| 29358 | 410996 |
| Lloyds Banking Group PLC <br> (United Kingdom)<br>| 108650 | 127391 |
| Mitsubishi UFJ Financial <br> Group, Inc. (Japan)<br>| 22900 | 345911 |
| Mizuho Financial <br> Group, Inc. (Japan)<br>| 3600 | 120584 |
| NatWest Group PLC (United <br> Kingdom)<br>| 9313 | 71696 |
| Resona Holdings, Inc. <br> (Japan)<br>| 5700 | 54954 |
| Standard Chartered PLC <br> (United Kingdom)<br>| 4583 | 94076 |
| Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 11500 | 311349 |
| Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 6100 | 167546 |
|  |  | **1799396** |
| **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** |
| Asahi Group Holdings Ltd. <br> (Japan)<br>| 12700 | 136929 |
| Brown-Forman Corp., <br> Class B<sup>(a)</sup> <br>| 11805 | 321450 |
| Constellation Brands, Inc., <br> Class A<br>| 1108 | 145569 |
| Diageo PLC (United <br> Kingdom)<br>| 97456 | 2241660 |
| Kirin Holdings Co. Ltd. <br> (Japan)<br>| 7700 | 108283 |
|  |  | **2953891** |
| **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** |
| Astellas Pharma, Inc. <br> (Japan)<br>| 10100 | 105723 |
| AstraZeneca PLC (United <br> Kingdom)<br>| 2715 | 447836 |
| Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 2600 | 118996 |
| Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 8600 | 205438 |
| GSK PLC | 8570 | 200653 |
| Ono Pharmaceutical Co. <br> Ltd. (Japan)<sup>(a)</sup> <br>| 5000 | 61017 |
| Takeda Pharmaceutical Co. <br> Ltd. (Japan)<br>| 5300 | 143034 |
|  |  | **1282697** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| Comcast Corp., Class A | 22972 | **639426** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| Nitto Denko Corp. (Japan) | 2600 | $64753 |
| Shin-Etsu Chemical Co. Ltd. <br> (Japan)<br>| 8500 | 255501 |
| Toray Industries, Inc. <br> (Japan)<br>| 8700 | 53265 |
|  |  | **373519** |
| **Commercial Support Services – 2.4%** | **Commercial Support Services – 2.4%** | **Commercial Support Services – 2.4%** |
| Compass Group PLC <br> (United Kingdom)<br>| 2460 | 81426 |
| H&R Block, Inc.<sup>(a)</sup> <br>| 80000 | 3979200 |
| Recruit Holdings Co. Ltd. <br> (Japan)<br>| 3700 | 183475 |
| RELX PLC (United <br> Kingdom)<br>| 3660 | 161759 |
| Rentokil Initial PLC (United <br> Kingdom)<br>| 163584 | 913037 |
| Secom Co. Ltd. (Japan) | 46615 | 1575811 |
| SGS S.A. (Switzerland)<sup>(b)</sup> <br>| 11931 | 1345457 |
|  |  | **8240165** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| Hitachi Ltd. (Japan) | 9600 | 327926 |
| Sumitomo Heavy <br> Industries Ltd. (Japan)<br>| 2800 | 74863 |
|  |  | **402789** |
| **E-Commerce Discretionary – 0.9%** | **E-Commerce Discretionary – 0.9%** | **E-Commerce Discretionary – 0.9%** |
| Alibaba Group Holding Ltd. <br> (China)<br>| 79900 | 1700172 |
| JD.com, Inc., Class A <br> (China)<br>| 47250 | 780097 |
| PDD Holdings, Inc. ADR <br> (China)\*<br>| 3034 | 409196 |
| Wayfair, Inc., Class A\* | 1000 | 103510 |
|  |  | **2992975** |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| Chubu Electric Power Co., <br> Inc. (Japan)<br>| 4100 | 57013 |
| National Grid PLC (United <br> Kingdom)<br>| 238432 | 3575077 |
| SSE PLC (United Kingdom) | 2837 | 71472 |
|  |  | **3703562** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Daikin Industries Ltd. <br> (Japan)<br>| 1300 | 151034 |
| Mitsubishi Electric Corp. <br> (Japan)<br>| 7900 | 224302 |
|  |  | **375336** |
| **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** |
| NetEase, Inc. (China) | 12700 | 356371 |
| Netflix, Inc.\* | 844 | 944318 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Entertainment Content (Continued)** | **Entertainment Content (Continued)** | **Entertainment Content (Continued)** |
| Nexon Co. Ltd. (Japan) | 2500 | $50986 |
| Square Enix Holdings Co. <br> Ltd. (Japan)<br>| 2100 | 40624 |
| Walt Disney (The) Co. | 6783 | 763902 |
|  |  | **2156201** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| MEIJI Holdings Co. Ltd. <br> (Japan)<br>| 5500 | 105875 |
| Yamazaki Baking Co. Ltd. <br> (Japan)<br>| 2486 | 48856 |
|  |  | **154731** |
| **Gas & Water Utilities – 3.1%** | **Gas & Water Utilities – 3.1%** | **Gas & Water Utilities – 3.1%** |
| Osaka Gas Co. Ltd. (Japan) | 2000 | 62929 |
| Severn Trent PLC (United <br> Kingdom)<sup>(a)</sup> <br>| 97402 | 3560531 |
| Snam S.p.A. (Italy) | 565911 | 3490322 |
| United Utilities Group PLC <br> (United Kingdom)<br>| 222206 | 3505634 |
|  |  | **10619416** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| Alfresa Holdings Corp. <br> (Japan)<br>| 3800 | 53688 |
| Henry Schein, Inc.\* | 13112 | 828678 |
|  |  | **882366** |
| **Home Construction – 0.0%**<sup>(d)</sup> | **Home Construction – 0.0%**<sup>(d)</sup> | **Home Construction – 0.0%**<sup>(d)</sup> |
| Berkeley Group Holdings <br> PLC (United Kingdom)<br>| 548 | 29030 |
| Sekisui House Ltd. (Japan) | 2861 | 61384 |
|  |  | **90414** |
| **Household Products – 2.0%** | **Household Products – 2.0%** | **Household Products – 2.0%** |
| Estee Lauder (The) Cos., <br> Inc., Class A<br>| 1403 | 135656 |
| Haleon PLC | 10390 | 48316 |
| Kao Corp. (Japan) | 3600 | 152351 |
| Kenvue, Inc. | 178122 | 2559613 |
| Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 1957 | 149689 |
| Unicharm Corp. (Japan) | 530000 | 3279184 |
| Unilever PLC (United <br> Kingdom)<br>| 5104 | 306262 |
|  |  | **6631071** |
| **Industrial Support Services – 0.0%**<sup>(d)</sup> | **Industrial Support Services – 0.0%**<sup>(d)</sup> | **Industrial Support Services – 0.0%**<sup>(d)</sup> |
| Ashtead Group PLC (United <br> Kingdom)<br>| 630 | **42081** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| Daiwa Securities <br> Group, Inc. (Japan)<br>| 7500 | 57720 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Japan Exchange Group, Inc. <br> (Japan)<br>| 5600 | $62446 |
| London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 994 | 123879 |
|  |  | **244045** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| Aviva PLC (United <br> Kingdom)<br>| 5363 | 47137 |
| Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 13900 | 97564 |
| Legal & General Group PLC <br> (United Kingdom)<br>| 10687 | 33396 |
| MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 4800 | 98949 |
| Prudential PLC (Hong <br> Kong)<br>| 6409 | 89137 |
| Sompo Holdings, Inc. <br> (Japan)<br>| 2100 | 63999 |
| Sony Financial Group, Inc. <br> (Japan)\*<br>| 16500 | 16638 |
| Tokio Marine Holdings, Inc. <br> (Japan)<br>| 4000 | 149173 |
|  |  | **595993** |
| **Internet Media & Services – 3.8%** | **Internet Media & Services – 3.8%** | **Internet Media & Services – 3.8%** |
| Alphabet, Inc., Class A | 20819 | 5854095 |
| Baidu, Inc., Class A <br> (China)\*<br>| 47200 | 714431 |
| Meituan, Class B (China)<sup>(c)\*</sup> <br>| 52870 | 695915 |
| Meta Platforms, Inc., <br> Class A<br>| 4327 | 2805410 |
| Tencent Holdings Ltd. <br> (China)<br>| 20000 | 1624555 |
| Tencent Music <br> Entertainment Group ADR <br> (China)<br>| 16754 | 373949 |
| Trip.com Group Ltd. (China) | 10150 | 714270 |
|  |  | **12782625** |
| **IT Services – 0.6%** | **IT Services – 0.6%** | **IT Services – 0.6%** |
| Cognizant Technology <br> Solutions Corp., Class A<br>| 26201 | **1909529** |
| **Leisure Facilities & Services – 3.0%** | **Leisure Facilities & Services – 3.0%** | **Leisure Facilities & Services – 3.0%** |
| Brightstar Lottery PLC | 352650 | 5875149 |
| Entain PLC (United <br> Kingdom)<br>| 2131 | 22196 |
| FDJ UNITED (France) | 149351 | 4351657 |
| InterContinental Hotels <br> Group PLC (United <br> Kingdom)<br>| 267 | 32207 |
| Las Vegas Sands Corp. | 679 | 40299 |
|  |  | **10321508** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Hasbro, Inc. | 815 | $62192 |
| Mattel, Inc.\* | 7239 | 133053 |
| Shimano, Inc. (Japan) | 800 | 83813 |
|  |  | **279058** |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| FANUC Corp. (Japan) | 6600 | 220252 |
| Keyence Corp. (Japan) | 500 | 185567 |
| Komatsu Ltd. (Japan) | 3000 | 100353 |
| Nabtesco Corp. (Japan) | 2638 | 66081 |
| SMC Corp. (Japan) | 600 | 205393 |
| Smiths Group PLC (United <br> Kingdom)<br>| 1296 | 42916 |
|  |  | **820562** |
| **Medical Equipment & Devices – 2.7%** | **Medical Equipment & Devices – 2.7%** | **Medical Equipment & Devices – 2.7%** |
| Baxter International, Inc. | 170532 | 3149726 |
| Carl Zeiss Meditec A.G. <br> (Bearer) (Germany)<br>| 36725 | 1862727 |
| DENTSPLY SIRONA, Inc. | 294212 | 3710013 |
| FUJIFILM Holdings Corp. <br> (Japan)<br>| 4700 | 108930 |
| Hoya Corp. (Japan) | 1300 | 211162 |
| Olympus Corp. (Japan) | 15800 | 194450 |
| Smith & Nephew PLC <br> (United Kingdom)<br>| 2930 | 54106 |
|  |  | **9291114** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| Anglo American PLC <br> (South Africa)<br>| 1649 | 62386 |
| Cameco Corp. (Canada) | 4657 | 475943 |
| Glencore PLC (Australia)\* | 27246 | 130524 |
| Rio Tinto PLC (Australia) | 2761 | 199041 |
| Sumitomo Metal <br> Mining Co. Ltd. (Japan)<br>| 2200 | 71967 |
|  |  | **939861** |
| **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** |
| BP PLC | 287981 | 1687227 |
| Canadian Natural <br> Resources Ltd. (Canada)<br>| 20643 | 660405 |
| Cenovus Energy, Inc. <br> (Canada)<br>| 17446 | 294799 |
| Chevron Corp. | 3474 | 547919 |
| China Petroleum & <br> Chemical Corp., Class H <br> (China)<br>| 518250 | 275659 |
| ENEOS Holdings, Inc. <br> (Japan)<br>| 9800 | 61826 |
| Eni S.p.A. (Italy) | 32903 | 606714 |
| Equinor ASA (Norway) | 15399 | 368826 |
| Exxon Mobil Corp. | 7201 | 823506 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Galp Energia SGPS S.A. <br> (Portugal)<br>| 6650 | $133606 |
| Gazprom PJSC (Russia)<sup>(e)\*</sup> <br>| 100532 |  |
| Imperial Oil Ltd. <br> (Canada)<sup>(a)</sup> <br>| 1610 | 142398 |
| Inpex Corp. (Japan) | 23200 | 428090 |
| LUKOIL PJSC (Russia)<sup>(e)\*</sup> <br>| 3271 |  |
| Neste OYJ (Finland) | 7553 | 156503 |
| Petroleo Brasileiro S.A. - <br> Petrobras ADR (Brazil)<br>| 76737 | 893219 |
| Repsol S.A. (Spain) | 27388 | 502552 |
| Rosneft Oil Co. PJSC <br> (Russia)<sup>(e)\*</sup> <br>| 48304 |  |
| Santos Ltd. (Australia) | 71076 | 293554 |
| Shell PLC | 88104 | 3302969 |
| Suncor Energy, Inc. <br> (Canada)<br>| 13288 | 529133 |
| TotalEnergies S.E. (France) | 33455 | 2088764 |
| Woodside Energy <br> Group Ltd. (Australia)<br>| 33483 | 542607 |
|  |  | **14340276** |
| **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(d)</sup> |
| Informa PLC (United <br> Kingdom)<br>| 3132 | **39881** |
| **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>| 9400 | 199204 |
| Mitsui Fudosan Co. Ltd. <br> (Japan)<br>| 7100 | 73928 |
| Sumitomo Realty & <br> Development Co. Ltd. <br> (Japan)<br>| 1300 | 55506 |
|  |  | **328638** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Alibaba Health Information <br> Technology Ltd. (China)\*<br>| 372000 | 277470 |
| Seven & i Holdings Co. Ltd. <br> (Japan)<br>| 8500 | 108118 |
| Tesco PLC (United <br> Kingdom)<br>| 15527 | 93700 |
|  |  | **479288** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Fast Retailing Co. Ltd. <br> (Japan)<br>| 400 | 146848 |
| RH<sup>(a)\*</sup> <br>| 148 | 25528 |
|  |  | **172376** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Tokyo Electron Ltd. (Japan) | 1900 | **418894** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| Nice Ltd. ADR (Israel)<sup>(a)\*</sup> <br>| 20789 | **$2841025** |
| **Specialty Finance – 4.9%** | **Specialty Finance – 4.9%** | **Specialty Finance – 4.9%** |
| Edenred S.E. (France) | 175918 | 5056617 |
| Experian PLC | 1622 | 75658 |
| Fiserv, Inc.\* | 56442 | 3764117 |
| Nexi SpA (Italy)<sup>(a)(c)</sup> <br>| 999462 | 5269782 |
| ORIX Corp. (Japan) | 3500 | 85617 |
| PayPal Holdings, Inc.\* | 35597 | 2465804 |
|  |  | **16717595** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Mitsui & Co. Ltd. (Japan) | 10400 | **255753** |
| **Technology Hardware – 0.4%** | **Technology Hardware – 0.4%** | **Technology Hardware – 0.4%** |
| Casio Computer Co. Ltd. <br> (Japan)<br>| 7200 | 56445 |
| Kyocera Corp. (Japan) | 8800 | 116771 |
| Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 14100 | 304009 |
| Nidec Corp. (Japan) | 5500 | 66917 |
| Nintendo Co. Ltd. (Japan) | 2400 | 204696 |
| Panasonic Holdings Corp. <br> (Japan)<br>| 12500 | 145241 |
| Sony Group Corp. (Japan) | 16500 | 459518 |
| TDK Corp. (Japan) | 8700 | 152008 |
|  |  | **1505605** |
| **Telecommunications – 1.6%** | **Telecommunications – 1.6%** | **Telecommunications – 1.6%** |
| BT Group PLC (United <br> Kingdom)<br>| 13201 | 32218 |
| KDDI Corp. (Japan) | 10400 | 165780 |
| NTT, Inc. (Japan) | 93600 | 96338 |
| SES S.A. (Luxembourg) | 443344 | 3397068 |
| Softbank Corp. (Japan) | 31600 | 44904 |
| SoftBank Group Corp. <br> (Japan)<br>| 3200 | 561500 |
| T-Mobile U.S., Inc. | 1011 | 212360 |
| Verizon <br> Communications, Inc.<br>| 20945 | 832354 |
| Vodafone Group PLC <br> (United Kingdom)<br>| 49968 | 60490 |
|  |  | **5403012** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| British American Tobacco <br> PLC (United Kingdom)<br>| 4479 | **229394** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| East Japan Railway Co. <br> (Japan)<br>| 6600 | **161205** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| ITOCHU Corp. (Japan) | 4400 | $254863 |
| Mitsubishi Corp. (Japan) | 9600 | 230521 |
|  |  | **485384** |
| **Wholesale - Discretionary – 1.0%** | **Wholesale - Discretionary – 1.0%** | **Wholesale - Discretionary – 1.0%** |
| Bunzl PLC (United <br> Kingdom)<br>| 111837 | **3399590** |
| **Total Common Stocks** <br>(Cost $136,453,342) | **Total Common Stocks** <br>(Cost $136,453,342) | **136478233** |
| **Preferred Stocks – 1.0%** | **Preferred Stocks – 1.0%** | **Preferred Stocks – 1.0%** |
| **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> |
| Dr. Ing hc F Porsche A.G., <br> 3.28%<sup>(c)(f)</sup> <br>| 2587 | **135354** |
| **Household Products – 1.0%** | **Household Products – 1.0%** | **Household Products – 1.0%** |
| Henkel A.G. & Co. KGaA, <br> 2.90%<sup>(f)</sup> <br>| 40940 | **3316668** |
| **Total Preferred Stocks** <br>(Cost $3,404,183) | **Total Preferred Stocks** <br>(Cost $3,404,183) | **3452022** |
| **Investment Companies – 57.0%** | **Investment Companies – 57.0%** | **Investment Companies – 57.0%** |
| Fidelity MSCI Information <br> Technology Index ETF<sup>(a)</sup> <br>| 97392 | 23029312 |
| Franklin FTSE Brazil ETF | 265296 | 5065827 |
| iShares Global Consumer <br> Staples ETF<br>| 293821 | 18657634 |
| iShares MSCI South Korea <br> ETF (South Korea)<sup>(a)</sup> <br>| 60169 | 5836393 |
| Schwab Fundamental <br> Emerging Markets Equity <br> ETF<sup>(a)</sup> <br>| 666636 | 24612201 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| Schwab U.S. REIT ETF | 434912 | $9172294 |
| State Street SPDR Portfolio <br> S&P 600 Small Cap ETF<br>| 225188 | 10340633 |
| VanEck Morningstar Wide <br> Moat ETF<sup>(a)</sup> <br>| 77770 | 7911542 |
| Vanguard Health Care <br> ETF<sup>(a)</sup> <br>| 51479 | 13918892 |
| Vanguard Total Stock <br> Market ETF<sup>(a)</sup> <br>| 222357 | 74582985 |
| **Total Investment Companies** <br>(Cost $151,147,489) | **Total Investment Companies** <br>(Cost $151,147,489) | **193127713** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments – 5.3%** | **Short-Term Investments – 5.3%** | **Short-Term Investments – 5.3%** |
| **Money Market Funds – 5.3%** | **Money Market Funds – 5.3%** | **Money Market Funds – 5.3%** |
| Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 4.21%<sup>(g)(h)</sup> <br>| 12037655 | 12037655 |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.91%<sup>(g)</sup> <br>| 5891902 | 5891902 |
| **Total Short-Term Investments** <br>(Cost $17,929,557) | **Total Short-Term Investments** <br>(Cost $17,929,557) | **17929557** |
| **Total Investments – 103.5%** <br>(Cost $308,934,571) | **Total Investments – 103.5%** <br>(Cost $308,934,571) | **350987525** |
| Liabilities less Other Assets – (3.5)% | Liabilities less Other Assets – (3.5)% | (12014685)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$338972840** |

---

*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 from <br> registration, normally to qualified institutional buyers. As of October 31, 2025, these securities had a total value of $6,298,029 or 1.86% of net <br> assets.<br>|
| <sup>(d)</sup> <br>| Amount rounds to less than 0.05%. |
| <sup>(e)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3) (See Note 3 regarding investments in Russian securities). |
| <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 October 31, 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 |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| MSCI | Morgan Stanley Capital International |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

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

---

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| U.S. Dollar | 72.8 |
| Euro | 9.3 |
| British Pound | 7.7 |
| Japanese Yen | 5.0 |
| All other currencies less than 5% | 5.2 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| United States | 76.4 |
| United Kingdom | 6.0 |
| Japan | 5.0 |
| All other countries less than 5%<sup>(b)</sup> <br>| 12.6 |
| **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 October 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Opportunistic Equity Fund**  | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $58254922 | &nbsp;&nbsp; $78223311 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $136478233 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 3452022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3452022 |
| Investment Companies | &nbsp;&nbsp; 193127713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 193127713 |
| Short-Term Investments | &nbsp;&nbsp; 17929557 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17929557 |
| **Total Investments** | &nbsp;&nbsp; $269312192 | &nbsp;&nbsp; $81675333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $350987525 |

---

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

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments**

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 103.5%** | **Long Positions – 103.5%** | **Long Positions – 103.5%** |
| **Asset-Backed Securities – 1.1%** | **Asset-Backed Securities – 1.1%** | **Asset-Backed Securities – 1.1%** |
| **Other – 1.1%** | **Other – 1.1%** | **Other – 1.1%** |
| Affirm Asset Securitization <br> Trust,<br>|  |  |
| Series 2024-A, Class 1D, <br> 6.89%, 2/15/29<sup>(b)</sup> <br>| $300000 | $301329 |
| Series 2024-X1, Class B, <br> 6.34%, 5/15/29<sup>(b)</sup> <br>| 35226 | 35247 |
| Series 2024-X1, Class C, <br> 6.57%, 5/15/29<sup>(b)</sup> <br>| 417000 | 417966 |
| Series 2025-X1, Class B, <br> 5.19%, 4/15/30<sup>(b)</sup> <br>| 125000 | 125349 |
| Affirm Master Trust, Series <br> 2025-2A, Class C, 5.26%, <br> 7/15/33<sup>(b)</sup> <br>| 875000 | 875422 |
| Carvana Auto Receivables <br> Trust, Series 2021-N2, <br> Class B, 0.75%, 3/10/28<br>| 15381 | 15011 |
| NetCredit Combined <br> Receivables LLC,<br>|  |  |
| Series 2024-A, Class B, <br> 8.31%, 10/21/30<sup>(b)</sup> <br>| 250000 | 254523 |
| Series 2025-A, Class A, <br> 7.29%, 10/20/31<sup>(b)</sup> <br>| 136355 | 138899 |
| Sunbit Asset Securitization <br> Trust, Series 2025-1, <br> Class A, 5.36%, 7/15/30<sup>(b)</sup> <br>| 330000 | 331339 |
|  |  | **2495085** |
| **Total Asset-Backed Securities** <br>(Cost $2,483,790) | **Total Asset-Backed Securities** <br>(Cost $2,483,790) | **2495085** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 25.0%** | **Common Stocks – 25.0%** | **Common Stocks – 25.0%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Axon Enterprise, Inc.\* | 2 | 1464 |
| Curtiss-Wright Corp. | 2 | 1191 |
| General Dynamics Corp. | 5 | 1725 |
| General Electric Co. | 15 | 4634 |
| HEICO Corp. | 3 | 953 |
| Howmet Aerospace, Inc. | 8 | 1648 |
| Kratos Defense & Security <br> Solutions, Inc.\*<br>| 8 | 725 |
| L3Harris Technologies, Inc. | 307 | 88754 |
| Loar Holdings, Inc.\* | 9 | 712 |
| Lockheed Martin Corp. | 183 | 90014 |
| Northrop Grumman Corp. | 3 | 1750 |
| RTX Corp. | 21 | 3749 |
| TransDigm Group, Inc. | 1 | 1309 |
| Woodward, Inc. | 3 | 786 |
|  |  | **199414** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Apparel & Textile Products – 0.7%** | **Apparel & Textile Products – 0.7%** | **Apparel & Textile Products – 0.7%** |
| Hanesbrands, Inc.<sup>(c)\*</sup> <br>| 253031 | **$1672535** |
| **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> | **Automotive – 0.0%**<sup>(d)</sup> |
| Gentex Corp. | 22 | 516 |
| Tesla, Inc.\* | 33 | 15066 |
|  |  | **15582** |
| **Banking – 1.5%** | **Banking – 1.5%** | **Banking – 1.5%** |
| Cadence Bank | 21553 | 813410 |
| Comerica, Inc.<sup>(c)</sup> <br>| 27625 | 2113313 |
| Synovus Financial Corp. | 13900 | 620496 |
|  |  | **3547219** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| Coca-Cola (The) Co. | 62 | 4272 |
| Constellation Brands, Inc., <br> Class A<br>| 6 | 788 |
| JDE Peet's N.V. <br> (Netherlands)<br>| 22936 | 834736 |
| Keurig Dr. Pepper, Inc. | 38 | 1032 |
| Monster Beverage Corp.\* | 20 | 1337 |
| PepsiCo, Inc. | 671 | 98026 |
|  |  | **940191** |
| **Biotechnology & Pharmaceuticals – 2.5%** | **Biotechnology & Pharmaceuticals – 2.5%** | **Biotechnology & Pharmaceuticals – 2.5%** |
| AbbVie, Inc. | 393 | 85690 |
| Akero Therapeutics, Inc.\* | 22077 | 1196573 |
| Alnylam <br> Pharmaceuticals, Inc.\*<br>| 3 | 1368 |
| Amgen, Inc. | 309 | 92215 |
| Astria Therapeutics, Inc.<sup>(c)\*</sup> <br>| 35414 | 447279 |
| Avadel Pharmaceuticals <br> PLC\*<br>| 44192 | 834787 |
| Avidity Biosciences, Inc.\* | 14613 | 1020718 |
| BioMarin <br> Pharmaceutical, Inc.\*<br>| 13 | 696 |
| Bristol-Myers Squibb Co. | 2048 | 94351 |
| Corcept Therapeutics, Inc.\* | 8 | 588 |
| Eli Lilly & Co. | 13 | 11217 |
| Exelixis, Inc.\* | 17 | 657 |
| Gilead Sciences, Inc. | 803 | 96191 |
| Incyte Corp.\* | 9 | 841 |
| Insmed, Inc.\* | 6 | 1138 |
| Johnson & Johnson | 518 | 97835 |
| Merck & Co., Inc. | 1032 | 88731 |
| Merus N.V. (Netherlands)\* | 8871 | 841503 |
| Metsera, Inc.\* | 16077 | 1013494 |
| Neurocrine <br> Biosciences, Inc.\*<br>| 5 | 716 |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 2 | 1304 |
| Roivant Sciences Ltd.\* | 46 | 920 |
| United Therapeutics Corp.\* | 2 | 891 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Vertex <br> Pharmaceuticals, Inc.\*<br>| 5 | $2128 |
| Zoetis, Inc. | 10 | 1441 |
|  |  | **5933272** |
| **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 | 2684 | **74709** |
| **Chemicals – 0.0%**<sup>(d)</sup> | **Chemicals – 0.0%**<sup>(d)</sup> | **Chemicals – 0.0%**<sup>(d)</sup> |
| Avery Dennison Corp. | 5 | 874 |
| Corteva, Inc. | 17 | 1045 |
| DuPont de Nemours, Inc. | 13 | 1061 |
| Ecolab, Inc. | 6 | 1538 |
| Linde PLC | 7 | 2928 |
| NewMarket Corp. | 1 | 768 |
| RPM International, Inc. | 6 | 656 |
| Sensient <br> Technologies Corp.<br>| 7 | 660 |
| Sherwin-Williams (The) Co. | 5 | 1725 |
| Solstice Advanced <br> Materials, Inc.\*<br>| 3 | 124 |
|  |  | **11379** |
| **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** |
| Automatic Data <br> Processing, Inc.<br>| 319 | 83036 |
| Casella Waste <br> Systems, Inc., Class A\*<br>| 7 | 620 |
| Cintas Corp. | 8 | 1466 |
| Clean Harbors, Inc.\* | 3 | 631 |
| CSG Systems <br> International, Inc.<br>| 12999 | 1017432 |
| GFL Environmental, Inc. | 17 | 743 |
| H&R Block, Inc. | 1566 | 77893 |
| Paychex, Inc. | 9 | 1053 |
| Republic Services, Inc. | 6 | 1249 |
| Rollins, Inc. | 16 | 922 |
| Thomson Reuters Corp. <br> (Canada)<br>| 9 | 1378 |
| Waste Connections, Inc. | 7 | 1174 |
| Waste Management, Inc. | 8 | 1598 |
|  |  | **1189195** |
| **Construction Materials – 0.0%**<sup>(d)</sup> | **Construction Materials – 0.0%**<sup>(d)</sup> | **Construction Materials – 0.0%**<sup>(d)</sup> |
| Carlisle Cos., Inc. | 2 | 650 |
| CRH PLC | 14 | 1668 |
| Eagle Materials, Inc. | 3 | 637 |
| Martin Marietta <br> Materials, Inc.<br>| 2 | 1226 |
| Simpson <br> Manufacturing Co., Inc.<br>| 4 | 706 |
| Vulcan Materials Co. | 4 | 1158 |
|  |  | **6045** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> |
| Grand Canyon <br> Education, Inc.\*<br>| 3 | $565 |
| Stride, Inc.\* | 4 | 272 |
|  |  | **837** |
| **Containers & Packaging – 0.0%**<sup>(d)</sup> | **Containers & Packaging – 0.0%**<sup>(d)</sup> | **Containers & Packaging – 0.0%**<sup>(d)</sup> |
| AptarGroup, Inc. | 5 | 580 |
| Packaging Corp. of <br> America<br>| 4 | 783 |
|  |  | **1363** |
| **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> |
| Dover Corp. | 5 | 907 |
| Honeywell <br> International, Inc.<br>| 11 | 2215 |
| Illinois Tool Works, Inc. | 6 | 1463 |
| ITT, Inc. | 4 | 740 |
| Parker-Hannifin Corp. | 2 | 1546 |
|  |  | **6871** |
| **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.\* | 62 | **15142** |
| **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** |
| Alliant Energy Corp. | 12 | 802 |
| Ameren Corp. | 9 | 918 |
| American Electric <br> Power Co., Inc.<br>| 768 | 92360 |
| CenterPoint Energy, Inc. | 22 | 841 |
| CMS Energy Corp. | 1071 | 78772 |
| Consolidated Edison, Inc. | 924 | 90007 |
| Duke Energy Corp. | 742 | 92231 |
| Emera, Inc. (Canada) | 16 | 762 |
| Entergy Corp. | 12 | 1153 |
| Evergy, Inc. | 345 | 26499 |
| Exelon Corp. | 1954 | 90119 |
| FirstEnergy Corp. | 1483 | 67966 |
| Fortis, Inc. (Canada) | 18 | 904 |
| IDACORP, Inc. | 115 | 14837 |
| OGE Energy Corp. | 819 | 36151 |
| Pinnacle West Capital Corp. | 209 | 18501 |
| PPL Corp. | 24 | 876 |
| Public Service Enterprise <br> Group, Inc.<br>| 13 | 1047 |
| Sempra | 14 | 1287 |
| Southern (The) Co. | 968 | 91031 |
| TXNM Energy, Inc.<sup>(c)</sup> <br>| 43296 | 2459213 |
| WEC Energy Group, Inc. | 803 | 89719 |
| Xcel Energy, Inc. | 14 | 1136 |
|  |  | **3257132** |
| **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> | **Electrical Equipment – 0.0%**<sup>(d)</sup> |
| Allegion PLC | 4 | 663 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** |
| AMETEK, Inc. | 6 | $1213 |
| Amphenol Corp., Class A | 20 | 2787 |
| Badger Meter, Inc. | 4 | 722 |
| BWX Technologies, Inc. | 4 | 854 |
| Eaton Corp. PLC | 7 | 2671 |
| Hubbell, Inc. | 2 | 940 |
| Lennox International, Inc. | 2 | 1010 |
| nVent Electric PLC | 8 | 915 |
| Otis Worldwide Corp. | 11 | 1020 |
| SPX Technologies, Inc.\* | 4 | 895 |
| Trane Technologies PLC | 4 | 1795 |
| Trimble, Inc.\* | 10 | 797 |
|  |  | **16282** |
| **Engineering & Construction – 0.0%**<sup>(d)</sup> | **Engineering & Construction – 0.0%**<sup>(d)</sup> | **Engineering & Construction – 0.0%**<sup>(d)</sup> |
| EMCOR Group, Inc. | 1 | 676 |
| Ferrovial S.E. | 19 | 1173 |
| Jacobs Solutions, Inc. | 5 | 779 |
| Quanta Services, Inc. | 3 | 1347 |
| Stantec, Inc. (Canada) | 7 | 776 |
|  |  | **4751** |
| **Entertainment Content – 2.2%** | **Entertainment Content – 2.2%** | **Entertainment Content – 2.2%** |
| Electronic Arts, Inc.<sup>(c)</sup> <br>| 13835 | 2767830 |
| Fox Corp., Class A | 14 | 905 |
| Netflix, Inc.\* | 6 | 6713 |
| TEGNA, Inc. | 117216 | 2305639 |
| Walt Disney (The) Co. | 28 | 3153 |
|  |  | **5084240** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| Campbell's Company (The) | 1332 | 40133 |
| General Mills, Inc. | 1814 | 84550 |
| Hershey (The) Co. | 233 | 39524 |
| Hormel Foods Corp. | 3838 | 82862 |
| Ingredion, Inc. | 44 | 5078 |
| Kraft Heinz (The) Co. | 37 | 915 |
| McCormick & Co., Inc. (Non <br> Voting)<br>| 12 | 770 |
| Mondelez <br> International, Inc., Class A<br>| 1486 | 85386 |
| Post Holdings, Inc.\* | 6 | 624 |
| Tyson Foods, Inc., Class A | 796 | 40922 |
|  |  | **380764** |
| **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> |
| West Fraser Timber Co. Ltd. <br> (Canada)<br>| 10 | **610** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| American Water Works Co., <br> Inc.<br>| 641 | 82324 |
| Atmos Energy Corp. | 5 | 859 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** |
| Essential Utilities, Inc. | 811 | $31653 |
| National Fuel Gas Co. | 7 | 552 |
| NiSource, Inc. | 20 | 842 |
|  |  | **116230** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| Chemed Corp. | 1 | 431 |
| Cigna Group (The) | 288 | 70390 |
| Encompass Health Corp. | 6 | 683 |
| Ensign Group (The), Inc. | 4 | 721 |
| HCA Healthcare, Inc. | 4 | 1839 |
| Labcorp Holdings, Inc. | 3 | 762 |
| Quest Diagnostics, Inc. | 336 | 59119 |
|  |  | **133945** |
| **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>| 3 | 571 |
| DR Horton, Inc. | 8 | 1193 |
| Masco Corp. | 11 | 712 |
| PulteGroup, Inc. | 7 | 839 |
|  |  | **3315** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Church & Dwight Co., Inc. | 9 | 789 |
| Clorox (The) Co. | 6 | 675 |
| Colgate-Palmolive Co. | 665 | 51238 |
| Kimberly-Clark Corp. | 757 | 90621 |
| Procter & Gamble (The) Co. | 633 | 95184 |
|  |  | **238507** |
| **Industrial Intermediate Products – 1.0%** | **Industrial Intermediate Products – 1.0%** | **Industrial Intermediate Products – 1.0%** |
| Chart Industries, Inc.\* | 11371 | 2269879 |
| Mueller Industries, Inc. | 7 | 741 |
| RBC Bearings, Inc.\* | 2 | 857 |
| Valmont Industries, Inc. | 2 | 827 |
|  |  | **2272304** |
| **Industrial Support Services – 0.0%**<sup>(d)</sup> | **Industrial Support Services – 0.0%**<sup>(d)</sup> | **Industrial Support Services – 0.0%**<sup>(d)</sup> |
| API Group Corp.\* | 21 | 773 |
| Applied Industrial <br> Technologies, Inc.<br>| 3 | 771 |
| Fastenal Co. | 26 | 1070 |
| MSC Industrial Direct Co., <br> Inc., Class A<br>| 7 | 595 |
| W.W. Grainger, Inc. | 1 | 979 |
| Watsco, Inc. | 2 | 736 |
|  |  | **4924** |
| **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
| Aspen Insurance <br> Holdings Ltd., Class A<sup>(c)\*</sup> <br>| 57810 | 2124518 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Berkshire Hathaway, Inc., <br> Class B\*<br>| 28 | $13371 |
| Just Group PLC (United <br> Kingdom)<br>| 457937 | 1278369 |
| Old Republic <br> International Corp.<br>| 1557 | 61439 |
| ProAssurance Corp.<sup>(c)\*</sup> <br>| 76053 | 1821469 |
|  |  | **5299166** |
| **Internet Media & Services – 0.0%**<sup>(d)</sup> | **Internet Media & Services – 0.0%**<sup>(d)</sup> | **Internet Media & Services – 0.0%**<sup>(d)</sup> |
| Alphabet, Inc., Class A | 58 | 16309 |
| Booking Holdings, Inc. | 1 | 5078 |
| DoorDash, Inc., Class A\* | 8 | 2035 |
| Meta Platforms, Inc., <br> Class A<br>| 19 | 12318 |
| Reddit, Inc., Class A\* | 5 | 1045 |
| Spotify Technology S.A.\* | 3 | 1966 |
| Uber Technologies, Inc.\* | 32 | 3088 |
| VeriSign, Inc. | 3 | 719 |
|  |  | **42558** |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| Amdocs Ltd. | 1118 | 94203 |
| CGI, Inc. (Canada) | 9 | 783 |
| Cognizant Technology <br> Solutions Corp., Class A<br>| 14 | 1020 |
| ExlService Holdings, Inc.\* | 14 | 547 |
| Integral Ad Science <br> Holding Corp.\*<br>| 82227 | 839538 |
| International Business <br> Machines Corp.<br>| 298 | 91608 |
| Leidos Holdings, Inc. | 5 | 952 |
|  |  | **1028651** |
| **Leisure Facilities & Services – 0.0%**<sup>(d)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(d)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(d)</sup> |
| Chipotle Mexican <br> Grill, Inc.\*<br>| 31 | 982 |
| Darden Restaurants, Inc. | 387 | 69718 |
| Hilton Worldwide <br> Holdings, Inc.<br>| 5 | 1285 |
| Madison Square Garden <br> Sports Corp.\*<br>| 3 | 643 |
| Marriott International, Inc., <br> Class A<br>| 6 | 1564 |
| McDonald's Corp. | 11 | 3283 |
| Restaurant Brands <br> International, Inc. <br> (Canada)<br>| 14 | 920 |
| Royal Caribbean <br> Cruises Ltd.<br>| 5 | 1434 |
| Texas Roadhouse, Inc. | 4 | 654 |
| TKO Group Holdings, Inc. | 5 | 942 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Viking Holdings Ltd.\* | 15 | $913 |
| Yum! Brands, Inc. | 7 | 967 |
|  |  | **83305** |
| **Machinery – 0.5%** | **Machinery – 0.5%** | **Machinery – 0.5%** |
| CSW Industrials, Inc. | 3 | 751 |
| Donaldson Co., Inc. | 8 | 674 |
| Federal Signal Corp. | 5 | 590 |
| Graco, Inc. | 9 | 736 |
| Hillenbrand, Inc.<sup>(c)</sup> <br>| 39066 | 1234486 |
| IDEX Corp. | 4 | 686 |
| Ingersoll Rand, Inc. | 12 | 916 |
| Lincoln Electric <br> Holdings, Inc.<br>| 3 | 703 |
| Nordson Corp. | 3 | 696 |
| Pentair PLC | 7 | 744 |
| Snap-on, Inc. | 2 | 671 |
| Veralto Corp. | 9 | 888 |
| Watts Water <br> Technologies, Inc., Class A<br>| 2 | 545 |
| Xylem, Inc. | 7 | 1056 |
| Zurn Elkay Water <br> Solutions Corp.<br>| 14 | 660 |
|  |  | **1244802** |
| **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** | **Medical Equipment & Devices – 1.2%** |
| Abbott Laboratories | 713 | 88141 |
| Agilent Technologies, Inc. | 8 | 1171 |
| Alcon A.G. | 14 | 1034 |
| Becton Dickinson & Co. | 115 | 20552 |
| Bio-Techne Corp. | 13 | 813 |
| Boston Scientific Corp.\* | 25 | 2518 |
| Danaher Corp. | 13 | 2800 |
| Edwards <br> Lifesciences Corp.\*<br>| 15 | 1237 |
| Glaukos Corp.\* | 8 | 705 |
| Globus Medical, Inc., <br> Class A\*<br>| 12 | 725 |
| Hologic, Inc.\* | 27741 | 2050337 |
| IDEXX Laboratories, Inc.\* | 2 | 1259 |
| Intuitive Surgical, Inc.\* | 6 | 3206 |
| Medtronic PLC | 930 | 84351 |
| Merit Medical <br> Systems, Inc.\*<br>| 8 | 700 |
| Natera, Inc.\* | 5 | 995 |
| Penumbra, Inc.\* | 3 | 682 |
| QIAGEN N.V. | 15 | 703 |
| ResMed, Inc. | 4 | 988 |
| STAAR Surgical Co.\* | 23305 | 602900 |
| STERIS PLC | 4 | 943 |
| Stryker Corp. | 6 | 2137 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| Thermo Fisher <br> Scientific, Inc.<br>| 6 | $3404 |
| West Pharmaceutical <br> Services, Inc.<br>| 3 | 846 |
|  |  | **2873147** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| Agnico Eagle Mines Ltd. <br> (Canada)<br>| 10 | 1608 |
| Alamos Gold, Inc., Class A <br> (Canada)<br>| 22 | 677 |
| Cameco Corp. (Canada) | 12 | 1227 |
| Franco-Nevada Corp. <br> (Canada)<br>| 5 | 933 |
| OR Royalties, Inc. (Canada) | 16 | 512 |
| Royal Gold, Inc. | 4 | 699 |
| Teck Resources Ltd., <br> Class B (Canada)<br>| 18322 | 786380 |
| Uranium Energy Corp.\* | 44 | 666 |
|  |  | **792702** |
| **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** |
| Antero Midstream Corp. | 2394 | 41297 |
| Cheniere Energy, Inc. | 5 | 1060 |
| Chevron Corp. | 619 | 97629 |
| DT Midstream, Inc. | 69 | 7555 |
| Enbridge, Inc. (Canada) | 39 | 1818 |
| EOG Resources, Inc. | 12 | 1270 |
| Expand Energy Corp. | 8 | 826 |
| Exxon Mobil Corp. | 858 | 98121 |
| Kinder Morgan, Inc. | 2919 | 76449 |
| Pembina Pipeline Corp. <br> (Canada)<br>| 21 | 794 |
| TC Energy Corp. (Canada) | 24 | 1204 |
| Williams (The) Cos., Inc. | 1297 | 75057 |
|  |  | **403080** |
| **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>| 12 | 684 |
| News Corp., Class A | 26 | 689 |
|  |  | **1373** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| CubeSmart | 570 | 21472 |
| Mid-America Apartment <br> Communities, Inc.<br>| 481 | 61679 |
| Paramount Group, Inc.<sup>(c)\*</sup> <br>| 63824 | 417409 |
| Plymouth Industrial <br> REIT, Inc.<br>| 31747 | 698434 |
| Public Storage | 289 | 80504 |
| Regency Centers Corp. | 1279 | 88187 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| VICI Properties, Inc. | 2859 | $85741 |
| WP Carey, Inc. | 1341 | 88506 |
|  |  | **1541932** |
| **Real Estate Owners & Developers – 0.3%** | **Real Estate Owners & Developers – 0.3%** | **Real Estate Owners & Developers – 0.3%** |
| McGrath RentCorp<sup>(c)</sup> <br>| 6540 | **702658** |
| **Real Estate Services – 0.0%**<sup>(d)</sup> | **Real Estate Services – 0.0%**<sup>(d)</sup> | **Real Estate Services – 0.0%**<sup>(d)</sup> |
| CoStar Group, Inc.\* | 12 | **826** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Albertsons Cos., Inc., <br> Class A<br>| 209 | 3697 |
| BJ's Wholesale Club <br> Holdings, Inc.\*<br>| 8 | 706 |
| Casey's General Stores, Inc. | 1 | 513 |
| Costco Wholesale Corp. | 6 | 5469 |
| Dollar General Corp. | 463 | 45680 |
| Kroger (The) Co. | 1383 | 88000 |
| Sprouts Farmers <br> Market, Inc.\*<br>| 6 | 474 |
| Walmart, Inc. | 106 | 10725 |
|  |  | **155264** |
| **Retail - Discretionary – 0.0%**<sup>(d)</sup> | **Retail - Discretionary – 0.0%**<sup>(d)</sup> | **Retail - Discretionary – 0.0%**<sup>(d)</sup> |
| Ferguson Enterprises, Inc. | 5 | 1243 |
| Genuine Parts Co. | 398 | 50669 |
| Home Depot (The), Inc. | 14 | 5314 |
| Lowe's Cos., Inc. | 9 | 2143 |
| O'Reilly Automotive, Inc.\* | 16 | 1511 |
| Ross Stores, Inc. | 8 | 1271 |
| TJX (The) Cos., Inc. | 18 | 2523 |
| Tractor Supply Co. | 17 | 920 |
|  |  | **65594** |
| **Semiconductors – 0.3%** | **Semiconductors – 0.3%** | **Semiconductors – 0.3%** |
| Applied Materials, Inc. | 14 | 3264 |
| Lam Research Corp. | 22 | 3464 |
| NVIDIA Corp. | 76 | 15389 |
| Qorvo, Inc.\* | 5925 | 562401 |
| Teradyne, Inc. | 7 | 1272 |
|  |  | **585790** |
| **Software – 6.2%** | **Software – 6.2%** | **Software – 6.2%** |
| Appfolio, Inc., Class A\* | 2 | 509 |
| Cadence Design <br> Systems, Inc.\*<br>| 5 | 1693 |
| CyberArk Software Ltd.<sup>(c)\*</sup> <br>| 8472 | 4412048 |
| Dayforce, Inc.\* | 31573 | 2170328 |
| Descartes Systems Group <br> (The), Inc. (Canada)\*<br>| 7 | 617 |
| Doximity, Inc., Class A\* | 10 | 660 |
| Guidewire Software, Inc.\* | 4 | 935 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Informatica, Inc., Class A<sup>(c)\*</sup> <br>| 35077 | $872365 |
| Intuit, Inc. | 4 | 2670 |
| Jamf Holding Corp.\* | 63809 | 819946 |
| Manhattan <br> Associates, Inc.\*<br>| 3 | 546 |
| Microsoft Corp. | 27 | 13981 |
| Palantir Technologies, Inc., <br> Class A\*<br>| 33 | 6615 |
| Pivotal Software <br> Escrow, Inc., Class A<br>| 21925 |  |
| PROS Holdings, Inc.\* | 45643 | 1052071 |
| PTC, Inc.\* | 4 | 794 |
| Roper Technologies, Inc. | 2 | 892 |
| Sapiens International Corp. <br> N.V. (Israel)<sup>(c)</sup> <br>| 39434 | 1697634 |
| ServiceNow, Inc.\* | 3 | 2758 |
| Shopify, Inc., Class A <br> (Canada)\*<br>| 21 | 3651 |
| Tyler Technologies, Inc.\* | 2 | 953 |
| Veeva Systems, Inc., <br> Class A\*<br>| 4 | 1165 |
| Verint Systems, Inc.\* | 80627 | 1635116 |
| Vimeo, Inc.\* | 212359 | 1656400 |
|  |  | **14354347** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| Air Lease Corp. | 21991 | 1404345 |
| EZCORP, Inc., Class A\* | 13081 | 238728 |
| FactSet Research <br> Systems, Inc.<br>| 2 | 534 |
| Jack Henry & <br> Associates, Inc.<br>| 5 | 745 |
| Mastercard, Inc., Class A | 12 | 6624 |
| Moody's Corp. | 3 | 1441 |
| MSCI, Inc. | 2 | 1177 |
| S&P Global, Inc. | 5 | 2436 |
| Verisk Analytics, Inc. | 4 | 875 |
| Visa, Inc., Class A | 26 | 8859 |
|  |  | **1665764** |
| **Steel – 0.0%**<sup>(d)</sup> | **Steel – 0.0%**<sup>(d)</sup> | **Steel – 0.0%**<sup>(d)</sup> |
| Carpenter <br> Technology Corp.<br>| 3 | 948 |
| Reliance, Inc. | 3 | 847 |
|  |  | **1795** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Apple, Inc. | 54 | 14600 |
| Arista Networks, Inc.\* | 21 | 3312 |
| Cisco Systems, Inc. | 1385 | 101257 |
| Corning, Inc. | 18 | 1603 |
| Garmin Ltd. | 5 | 1070 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Motorola Solutions, Inc. | 3 | $1220 |
| Teledyne <br> Technologies, Inc.\*<br>| 2 | 1054 |
|  |  | **124116** |
| **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> |
| AT&T, Inc. | 3606 | 89248 |
| GCI Liberty Escrow, Inc., <br> Class A<sup>(e)\*</sup> <br>| 31520 |  |
| Rogers <br> Communications Inc., <br> Class B (Canada)<br>| 23 | 900 |
| TELUS Corp. (Canada) | 54 | 792 |
| T-Mobile U.S., Inc. | 16 | 3361 |
| Verizon <br> Communications, Inc.<br>| 67 | 2663 |
|  |  | **96964** |
| **Tobacco & Cannabis – 0.0%**<sup>(d)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(d)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(d)</sup> |
| Altria Group, Inc. | 29 | 1635 |
| Philip Morris <br> International, Inc.<br>| 23 | 3320 |
|  |  | **4955** |
| **Transportation & Logistics – 0.9%** | **Transportation & Logistics – 0.9%** | **Transportation & Logistics – 0.9%** |
| C.H. Robinson <br> Worldwide, Inc.<br>| 6 | 924 |
| Canadian National <br> Railway Co. (Canada)<br>| 14 | 1343 |
| Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 19 | 1367 |
| CSX Corp. | 39 | 1405 |
| Expeditors International of <br> Washington, Inc.<br>| 6 | 731 |
| Kirby Corp.\* | 7 | 724 |
| Norfolk Southern Corp.<sup>(c)</sup> <br>| 7402 | 2097579 |
| Old Dominion Freight <br> Line, Inc.<br>| 7 | 983 |
| Union Pacific Corp. | 10 | 2204 |
|  |  | **2107260** |
| **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>| 8 | 661 |
| Cummins, Inc. | 3 | 1313 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 5 | 1022 |
|  |  | **2996** |
| **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(d)</sup> |
| Performance Food <br> Group Co.\*<br>| 7 | 677 |
| Sysco Corp. | 543 | 40334 |
| US Foods Holding Corp.\* | 10 | 726 |
|  |  | **41737** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Wholesale - Discretionary – 0.0%**<sup>(d)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(d)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(d)</sup> |
| Copart, Inc.\* | 24 | $1032 |
| LKQ Corp. | 466 | 14894 |
|  |  | **15926** |
| **Total Common Stocks** <br>(Cost $57,566,871) | **Total Common Stocks** <br>(Cost $57,566,871) | **58363466** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Convertible Bonds – 21.2%** | **Convertible Bonds – 21.2%** | **Convertible Bonds – 21.2%** |
| **Asset Management – 1.2%** | **Asset Management – 1.2%** | **Asset Management – 1.2%** |
| Capital Southwest Corp., <br> 5.13%, 11/15/29<sup>(c)</sup> <br>| $483000 | 467302 |
| IREN Ltd., 3.50%, <br> 12/15/29<sup>(b)(c)</sup> <br>| 106000 | 485480 |
| Terawulf, Inc., |  |  |
| 2.75%, 2/01/30<sup>(b)(c)</sup> <br>| 318000 | 651713 |
| 1.00%, 9/01/31<sup>(b)</sup> <br>| 266000 | 395010 |
| 0.00%, 5/01/32<sup>(b)(f)</sup> <br>| 136000 | 140624 |
| WisdomTree, Inc., 4.63%, <br> 8/15/30<sup>(b)(c)</sup> <br>| 639000 | 653058 |
|  |  | **2793187** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| indie Semiconductor, Inc., <br> 4.50%, 11/15/27<sup>(b)(c)</sup> <br>| 484000 | **532400** |
| **Biotechnology & Pharmaceuticals – 1.8%** | **Biotechnology & Pharmaceuticals – 1.8%** | **Biotechnology & Pharmaceuticals – 1.8%** |
| Ascendis Pharma A/S, <br> 2.25%, 4/01/28<sup>(c)</sup> <br>| 378000 | 518616 |
| Bridgebio Pharma, Inc., <br> 2.25%, 2/01/29<sup>(c)</sup> <br>| 899000 | 943051 |
| Celcuity, Inc., 2.75%, <br> 8/01/31<sup>(c)</sup> <br>| 72000 | 129391 |
| Collegium <br> Pharmaceutical, Inc., <br> 2.88%, 2/15/29<sup>(c)</sup> <br>| 594000 | 712800 |
| Ionis Pharmaceuticals, Inc., <br> 1.75%, 6/15/28<sup>(c)</sup> <br>| 228000 | 346993 |
| Jazz Investments I Ltd., <br> 3.13%, 9/15/30<br>| 752000 | 918192 |
| Mirum <br> Pharmaceuticals, Inc., <br> 4.00%, 5/01/29<sup>(c)</sup> <br>| 155000 | 369598 |
| Pacira BioSciences, Inc., <br> 2.13%, 5/15/29<sup>(c)</sup> <br>| 348000 | 332166 |
|  |  | **4270807** |
| **Cable & Satellite – 0.7%** | **Cable & Satellite – 0.7%** | **Cable & Satellite – 0.7%** |
| Liberty Broadband Corp., <br> 3.13%, 3/31/53<sup>(b)</sup> <br>| 842000 | 832738 |
| Sirius XM Holdings, Inc., <br> 3.75%, 3/15/28<sup>(c)</sup> <br>| 863000 | 887164 |
|  |  | **1719902** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** |
| Alarm.com Holdings, Inc., <br> 2.25%, 6/01/29<br>| $581000 | $546721 |
| CSG Systems <br> International, Inc., 3.88%, <br> 9/15/28<sup>(c)</sup> <br>| 799000 | 956003 |
|  |  | **1502724** |
| **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** |
| Wayfair, Inc., 3.50%, <br> 11/15/28<sup>(c)</sup> <br>| 306000 | **718335** |
| **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** |
| PG&E Corp., 4.25%, <br> 12/01/27<sup>(c)</sup> <br>| 979000 | **1004846** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| OSI Systems, Inc., 2.25%, <br> 8/01/29<br>| 524000 | **825300** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| Sphere Entertainment Co., <br> 3.50%, 12/01/28<sup>(c)</sup> <br>| 592000 | **1217152** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| Oscar Health, Inc., 2.25%, <br> 9/01/30<sup>(b)(c)</sup> <br>| 156000 | 168449 |
| Teladoc Health, Inc., 1.25%, <br> 6/01/27<sup>(c)</sup> <br>| 507000 | 476580 |
|  |  | **645029** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| Oddity Finance LLC, 0.00%, <br> 6/15/30<sup>(b)(c)(f)</sup> <br>| 250000 | 220625 |
| Spectrum Brands, Inc., <br> 3.38%, 6/01/29<sup>(c)</sup> <br>| 737000 | 685041 |
|  |  | **905666** |
| **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** |
| Snap, Inc., 0.50%, 5/01/30<sup>(c)</sup> <br>| 544000 | 470560 |
| Ziff Davis, Inc., |  |  |
| 1.75%, 11/01/26 | 417000 | 402405 |
| 3.63%, 3/01/28<sup>(b)</sup> <br>| 224000 | 217280 |
|  |  | **1090245** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Parsons Corp., 2.63%, <br> 3/01/29<sup>(c)</sup> <br>| 316000 | **360556** |
| **Leisure Facilities & Services – 1.5%** | **Leisure Facilities & Services – 1.5%** | **Leisure Facilities & Services – 1.5%** |
| Cheesecake Factory <br> (The), Inc., 2.00%, <br> 3/15/30<sup>(b)(c)</sup> <br>| 834000 | 819822 |
| DraftKings Holdings, Inc., <br> 0.00%, 3/15/28<sup>(c)(f)</sup> <br>| 769000 | 684025 |
| Live Nation <br> Entertainment, Inc.,<br>|  |  |
| 3.13%, 1/15/29<sup>(c)</sup> <br>| 722000 | 1089065 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Live Nation <br> Entertainment, Inc.,<br>|  |  |
| 2.88%, 10/15/31<sup>(b)</sup> <br>| $113000 | $111904 |
| Marriott Vacations <br> Worldwide Corp., 3.25%, <br> 12/15/27<sup>(c)</sup> <br>| 857000 | 813293 |
| NCL Corp. Ltd., 0.75%, <br> 9/15/30<sup>(b)</sup> <br>| 78000 | 74783 |
|  |  | **3592892** |
| **Machinery – 0.0%**<sup>(d)</sup> | **Machinery – 0.0%**<sup>(d)</sup> | **Machinery – 0.0%**<sup>(d)</sup> |
| JBT Marel Corp., 0.38%, <br> 9/15/30<sup>(b)</sup> <br>| 16000 | **14920** |
| **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 | 862917 |
| Dexcom, Inc., 0.38%, <br> 5/15/28<sup>(c)</sup> <br>| 327000 | 296426 |
| Enovis Corp., 3.88%, <br> 10/15/28<sup>(c)</sup> <br>| 950000 | 944775 |
| Exact Sciences Corp., |  |  |
| 0.38%, 3/15/27<sup>(c)</sup> <br>| 102000 | 100266 |
| 2.00%, 3/01/30<sup>(b)(c)</sup> <br>| 737000 | 825661 |
| Haemonetics Corp., 2.50%, <br> 6/01/29<sup>(c)</sup> <br>| 454000 | 424808 |
| Integer Holdings Corp., <br> 1.88%, 3/15/30<sup>(b)(c)</sup> <br>| 754000 | 653341 |
| LeMaitre Vascular, Inc., <br> 2.50%, 2/01/30<sup>(b)(c)</sup> <br>| 434000 | 444199 |
| Omnicell, Inc., 1.00%, <br> 12/01/29<sup>(b)(c)</sup> <br>| 775000 | 738962 |
|  |  | **5291355** |
| **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** |
| Centrus Energy Corp., <br> 2.25%, 11/01/30<sup>(b)(c)</sup> <br>| 254000 | 977951 |
| Century Aluminum Co., <br> 2.75%, 5/01/28<sup>(c)</sup> <br>| 393000 | 644717 |
| Equinox Gold Corp., 4.75%, <br> 10/15/28<sup>(c)</sup> <br>| 503000 | 955448 |
| Fortuna Mining Corp., <br> 3.75%, 6/30/29<br>| 434000 | 661850 |
| Peabody Energy Corp., <br> 3.25%, 3/01/28<sup>(c)</sup> <br>| 328000 | 507908 |
|  |  | **3747874** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| Pebblebrook Hotel Trust, |  |  |
| 1.75%, 12/15/26<sup>(c)</sup> <br>| 238000 | 228341 |
| 1.63%, 1/15/30<sup>(b)(c)</sup> <br>| 389000 | 367021 |
|  |  | **595362** |
| **Renewable Energy – 0.6%** | **Renewable Energy – 0.6%** | **Renewable Energy – 0.6%** |
| Array Technologies, Inc., <br> 1.00%, 12/01/28<sup>(c)</sup> <br>| 785000 | 696923 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Renewable Energy (Continued)** | **Renewable Energy (Continued)** | **Renewable Energy (Continued)** |
| SolarEdge <br> Technologies, Inc., 2.25%, <br> 7/01/29<sup>(c)</sup> <br>| $236000 | $310458 |
| Sunrun, Inc., 4.00%, <br> 3/01/30<sup>(c)</sup> <br>| 317000 | 489131 |
|  |  | **1496512** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Hims & Hers Health, Inc., <br> 0.00%, 5/15/30<sup>(b)(c)(f)</sup> <br>| 192000 | **193056** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| GameStop Corp., 0.00%, <br> 6/15/32<sup>(b)(c)(f)</sup> <br>| 408000 | **416364** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| Cohu, Inc., 1.50%, <br> 1/15/31<sup>(b)</sup> <br>| 77000 | 86933 |
| MKS, Inc., 1.25%, 6/01/30<sup>(c)</sup> <br>| 598000 | 717600 |
| ON Semiconductor Corp., <br> 0.50%, 3/01/29<sup>(c)</sup> <br>| 743000 | 689504 |
|  |  | **1494037** |
| **Software – 2.9%** | **Software – 2.9%** | **Software – 2.9%** |
| Bentley Systems, Inc., <br> 0.38%, 7/01/27<sup>(c)</sup> <br>| 657000 | 623493 |
| BILL Holdings, Inc., 0.00%, <br> 4/01/30<sup>(b)(c)(f)</sup> <br>| 369000 | 326750 |
| DigitalOcean <br> Holdings, Inc., 0.00%, <br> 8/15/30<sup>(b)(c)(f)</sup> <br>| 320000 | 400960 |
| Evolent Health, Inc., |  |  |
| 3.50%, 12/01/29<sup>(c)</sup> <br>| 739000 | 581593 |
| 4.50%, 8/15/31<sup>(b)</sup> <br>| 79000 | 72331 |
| Five9, Inc., 1.00%, 3/15/29<sup>(c)</sup> <br>| 409000 | 365033 |
| Nebius Group N.V., 2.75%, <br> 9/15/32<sup>(b)(c)</sup> <br>| 226000 | 287698 |
| Pagaya Technologies Ltd., <br> 6.13%, 10/01/29<br>| 318000 | 702716 |
| Planet Labs PBC, 0.50%, <br> 10/15/30<sup>(b)(c)</sup> <br>| 157000 | 219015 |
| Progress Software Corp., <br> 3.50%, 3/01/30<sup>(c)</sup> <br>| 702000 | 712881 |
| PROS Holdings, Inc., 2.25%, <br> 9/15/27<sup>(c)</sup> <br>| 506000 | 499422 |
| Rapid7, Inc., 1.25%, <br> 3/15/29<sup>(c)</sup> <br>| 606000 | 545339 |
| Rubrik, Inc., 0.00%, <br> 6/15/30<sup>(b)(c)(f)</sup> <br>| 41000 | 39750 |
| Strategy, Inc., 0.00%, <br> 12/01/29<sup>(b)(c)(f)</sup> <br>| 413000 | 359310 |
| Tempus AI, Inc., 0.75%, <br> 7/15/30<sup>(b)(c)</sup> <br>| 179000 | 243440 |
| Unity Software, Inc., 0.00%, <br> 3/15/30<sup>(b)(c)(f)</sup> <br>| 317000 | 412496 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Wix.com Ltd., 0.00%, <br> 9/15/30<sup>(b)(c)(f)</sup> <br>| $196000 | $195020 |
| Zscaler, Inc., 0.00%, <br> 7/15/28<sup>(b)(f)</sup> <br>| 114000 | 117591 |
|  |  | **6704838** |
| **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** |
| Affirm Holdings, Inc., <br> 0.00%, 11/15/26<sup>(f)</sup> <br>| 325000 | 310213 |
| Blackstone Mortgage <br> Trust, Inc., 5.50%, <br> 3/15/27<sup>(c)</sup> <br>| 833000 | 820088 |
| Block, Inc., 0.25%, <br> 11/01/27<sup>(c)</sup> <br>| 400000 | 366466 |
| EZCORP, Inc., 3.75%, <br> 12/15/29<sup>(b)(c)</sup> <br>| 248000 | 436976 |
| PennyMac Corp., 8.50%, <br> 6/01/29<br>| 298000 | 307834 |
| Qfin Holdings, Inc., 0.50%, <br> 4/01/30<sup>(b)(c)</sup> <br>| 221000 | 183430 |
| Redwood Trust, Inc., 7.75%, <br> 6/15/27<sup>(c)</sup> <br>| 1428000 | 1423002 |
|  |  | **3848009** |
| **Technology Hardware – 1.3%** | **Technology Hardware – 1.3%** | **Technology Hardware – 1.3%** |
| ADTRAN Holdings, Inc., <br> 3.75%, 9/15/30<sup>(b)(c)</sup> <br>| 156000 | 185172 |
| Applied <br> Optoelectronics, Inc., <br> 2.75%, 1/15/30<sup>(c)</sup> <br>| 367000 | 430740 |
| Lumentum Holdings, Inc., <br> 0.50%, 6/15/28<sup>(c)</sup> <br>| 195000 | 318825 |
| Super Micro <br> Computer, Inc., 0.00%, <br> 6/15/30<sup>(b)(c)(f)</sup> <br>| 487000 | 574142 |
| Western Digital Corp., <br> 3.00%, 11/15/28<sup>(c)</sup> <br>| 377000 | 1509885 |
|  |  | **3018764** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| AST SpaceMobile, Inc., |  |  |
| 2.38%, 10/15/32<sup>(b)(c)</sup> <br>| 193000 | 272033 |
| 2.00%, 1/15/36<sup>(b)</sup> <br>| 121000 | 128563 |
| BlackSky Technology, Inc., <br> 8.25%, 8/01/33<sup>(b)(c)</sup> <br>| 148000 | 168720 |
|  |  | **569316** |
| **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 | **716220** |
| **Total Convertible Bonds** <br>(Cost $41,919,305) | **Total Convertible Bonds** <br>(Cost $41,919,305) | **49285668** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Convertible Preferred Stocks – 3.3%** | **Convertible Preferred Stocks – 3.3%** | **Convertible Preferred Stocks – 3.3%** |
| **Asset Management – 1.3%** | **Asset Management – 1.3%** | **Asset Management – 1.3%** |
| AMG Capital Trust II, <br> 5.15%<sup>(c)</sup> <br>| 14751 | $957742 |
| Apollo Global <br> Management, Inc., 6.75%<br>| 11036 | 721092 |
| Ares Management Corp., <br> 6.75%<br>| 15778 | 746142 |
| KKR & Co., Inc, 6.25% | 11336 | 555691 |
|  |  | **2980667** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| Albemarle Corp., 7.25% | 25957 | 1148078 |
| Lyondellbasell Advanced <br> Polymers, Inc., 6.00%<br>| 669 | 588720 |
|  |  | **1736798** |
| **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** |
| BrightSpring Health <br> Services, Inc., 6.75%<br>| 8198 | **904895** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Bruker Corp., 6.38% | 937 | **296326** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| Shift4 Payments, Inc., <br> 6.00%<br>| 4839 | **413541** |
| **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** |
| Hewlett Packard <br> Enterprise Co., 7.63%<br>| 10710 | 723782 |
| NCR Voyix Corp., 5.50%<sup>(g)</sup> <br>| 571 | 596421 |
|  |  | **1320203** |
| **Total Convertible Preferred Stocks** <br>(Cost $6,857,675) | **Total Convertible Preferred Stocks** <br>(Cost $6,857,675) | **7652430** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 16.3%** | **Corporate Bonds – 16.3%** | **Corporate Bonds – 16.3%** |
| **Advertising & Marketing – 0.0%**<sup>(d)</sup> | **Advertising & Marketing – 0.0%**<sup>(d)</sup> | **Advertising & Marketing – 0.0%**<sup>(d)</sup> |
| Interpublic (The) Group of <br> Cos., Inc, 2.40%, 3/01/31<br>| $5000 | **4472** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| General Dynamics Corp., <br> 3.75%, 5/15/28<br>| 70000 | 69901 |
| Hexcel Corp., 4.20%, <br> 2/15/27<br>| 60000 | 59627 |
| Lockheed Martin Corp., <br> 4.75%, 2/15/34<br>| 130000 | 131629 |
| Moog, Inc., 4.25%, <br> 12/15/27<sup>(b)</sup> <br>| 2000 | 1978 |
| RTX Corp., |  |  |
| 5.75%, 1/15/29 | 15000 | 15741 |
| 6.00%, 3/15/31 | 30000 | 32377 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| TransDigm, Inc., |  |  |
| 6.75%, 8/15/28<sup>(b)</sup> <br>| $30000 | $30592 |
| 6.38%, 3/01/29<sup>(b)</sup> <br>| 51000 | 52386 |
| 6.88%, 12/15/30<sup>(b)</sup> <br>| 49000 | 50872 |
| 6.38%, 5/31/33<sup>(b)</sup> <br>| 27000 | 27522 |
| 6.25%, 1/31/34<sup>(b)</sup> <br>| 5000 | 5167 |
| 6.75%, 1/31/34<sup>(b)</sup> <br>| 10000 | 10363 |
|  |  | **488155** |
| **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** |
| Ralph Lauren Corp., 5.00%, <br> 6/15/32<br>| 200000 | 205616 |
| Tapestry, Inc., 5.10%, <br> 3/11/30<br>| 80000 | 81945 |
| Under Armour, Inc., 7.25%, <br> 7/15/30<sup>(b)</sup> <br>| 6000 | 5923 |
| VF Corp., 2.95%, 4/23/30 | 55000 | 48353 |
| Wolverine World Wide, Inc., <br> 4.00%, 8/15/29<sup>(b)</sup> <br>| 50000 | 45778 |
|  |  | **387615** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/28 | 100000 | 104582 |
| 5.15%, 5/15/33 | 85000 | 88251 |
| Ares Capital Corp., 5.10%, <br> 1/15/31<br>| 100000 | 98602 |
| Blue Owl Finance LLC, <br> 6.25%, 4/18/34<br>| 70000 | 72639 |
| Charles Schwab <br> (The) Corp.,<br>|  |  |
| 3.20%, 1/25/28 | 2000 | 1966 |
| (SOFR + 2.21%), 5.64%, <br> 5/19/29<sup>(h)</sup> <br>| 30000 | 31124 |
| (SOFR + 1.88%), 6.20%, <br> 11/17/29<sup>(h)</sup> <br>| 38000 | 40242 |
| 2.30%, 5/13/31 | 4000 | 3616 |
| 1.95%, 12/01/31 | 34000 | 29605 |
| 2.90%, 3/03/32 | 2000 | 1829 |
| (SOFR + 2.01%), 6.14%, <br> 8/24/34<sup>(h)</sup> <br>| 40000 | 43577 |
| FS KKR Capital Corp., |  |  |
| 2.63%, 1/15/27 | 235000 | 227016 |
| 3.25%, 7/15/27 | 10000 | 9602 |
| 3.13%, 10/12/28 | 20000 | 18481 |
| 6.13%, 1/15/30 | 30000 | 29659 |
| Icahn Enterprises <br> L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 9.75%, 1/15/29 | 33000 | 33117 |
| 10.00%, 11/15/29<sup>(b)</sup> <br>| 29000 | 29106 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 8/01/32<sup>(b)</sup> <br>| $5000 | $5166 |
| 8.00%, 8/01/33<sup>(b)</sup> <br>| 5000 | 5130 |
|  |  | **873310** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| Garrett Motion <br> Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 5/31/32<sup>(b)</sup> <br>| 72000 | 75774 |
| General Motors <br> Financial Co., Inc.,<br>|  |  |
| 2.35%, 2/26/27 | 170000 | 165892 |
| 4.20%, 10/27/28 | 55000 | 54866 |
| Nissan Motor <br> Acceptance Co. LLC,<br>|  |  |
| 5.63%, 9/29/28<sup>(b)</sup> <br>| 10000 | 9993 |
| 6.13%, 9/30/30<sup>(b)</sup> <br>| 25000 | 24784 |
| Phinia, Inc., |  |  |
| 6.75%, 4/15/29<sup>(b)</sup> <br>| 18000 | 18569 |
| 6.63%, 10/15/32<sup>(b)</sup> <br>| 40000 | 41146 |
|  |  | **391024** |
| **Banking – 1.9%** | **Banking – 1.9%** | **Banking – 1.9%** |
| Bank of America Corp., |  |  |
| (SOFR + 1.05%), 2.55%, <br> 2/04/28<sup>(h)</sup> <br>| 25000 | 24513 |
| (SOFR + 2.04%), 4.95%, <br> 7/22/28<sup>(h)</sup> <br>| 85000 | 86140 |
| (SOFR + 1.99%), 6.20%, <br> 11/10/28<sup>(h)</sup> <br>| 125000 | 130005 |
| (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(h)</sup> <br>| 55000 | 54150 |
| (3M CME Term SOFR + <br> 1.25%), 2.50%, 2/13/31<sup>(h)</sup> <br>| 275000 | 255345 |
| (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(h)</sup> <br>| 50000 | 45693 |
| (SOFR + 1.21%), 2.57%, <br> 10/20/32<sup>(h)</sup> <br>| 30000 | 26980 |
| (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(h)</sup> <br>| 50000 | 45595 |
| (SOFR + 1.91%), 5.29%, <br> 4/25/34<sup>(h)</sup> <br>| 80000 | 82775 |
| Citigroup, Inc., |  |  |
| 4.45%, 9/29/27 | 100000 | 100317 |
| (SOFR + 1.14%), 4.64%, <br> 5/07/28<sup>(h)</sup> <br>| 80000 | 80520 |
| (SOFR + 1.36%), 5.17%, <br> 2/13/30<sup>(h)</sup> <br>| 50000 | 51319 |
| (SOFR + 2.11%), 2.57%, <br> 6/03/31<sup>(h)</sup> <br>| 375000 | 345817 |
| Fifth Third Bancorp, (SOFR <br> + 2.34%), 6.34%, <br> 7/27/29<sup>(h)</sup> <br>| 30000 | 31541 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| (SOFR + 0.80%), 1.05%, <br> 11/19/26<sup>(h)</sup> <br>| $180000 | $179746 |
| (3M CME Term SOFR + <br> 0.70%), 1.04%, 2/04/27<sup>(h)</sup> <br>| 205000 | 203338 |
| (SOFR + 0.77%), 1.47%, <br> 9/22/27<sup>(h)</sup> <br>| 95000 | 92762 |
| (SOFR + 1.99%), 4.85%, <br> 7/25/28<sup>(h)</sup> <br>| 160000 | 162034 |
| (SOFR + 0.80%), 4.92%, <br> 1/24/29<sup>(h)</sup> <br>| 300000 | 305328 |
| (3M CME Term SOFR + <br> 1.11%), 1.76%, <br> 11/19/31<sup>(h)</sup> <br>| 100000 | 88481 |
| (SOFR + 1.26%), 2.96%, <br> 1/25/33<sup>(h)</sup> <br>| 45000 | 41232 |
| (SOFR + 2.08%), 4.91%, <br> 7/25/33<sup>(h)</sup> <br>| 75000 | 76474 |
| (SOFR + 1.85%), 5.35%, <br> 6/01/34<sup>(h)</sup> <br>| 134000 | 139880 |
| (SOFR + 1.46%), 5.29%, <br> 7/22/35<sup>(h)</sup> <br>| 57000 | 58942 |
| (SOFR + 1.34%), 4.95%, <br> 10/22/35<sup>(h)</sup> <br>| 35000 | 35392 |
| (SOFR + 1.64%), 5.58%, <br> 7/23/36<sup>(h)</sup> <br>| 60000 | 62212 |
| M&T Bank Corp., (SOFR + <br> 2.80%), 7.41%, 10/30/29<sup>(h)</sup> <br>| 270000 | 292293 |
| PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| (SOFR Index + 1.73%), <br> 6.62%, 10/20/27<sup>(h)</sup> <br>| 180000 | 184056 |
| 2.55%, 1/22/30 | 180000 | 168641 |
| (SOFR + 1.60%), 5.40%, <br> 7/23/35<sup>(h)</sup> <br>| 23000 | 23810 |
| (SOFR + 1.42%), 5.37%, <br> 7/21/36<sup>(h)</sup> <br>| 40000 | 41090 |
| Truist Financial Corp., |  |  |
| (SOFR + 0.86%), 1.89%, <br> 6/07/29<sup>(h)</sup> <br>| 36000 | 33939 |
| (SOFR + 1.92%), 5.71%, <br> 1/24/35<sup>(h)</sup> <br>| 65000 | 68128 |
| U.S. Bancorp, (SOFR + <br> 1.41%), 5.42%, 2/12/36<sup>(h)</sup> <br>| 155000 | 160813 |
| Wells Fargo & Co., |  |  |
| (3M CME Term SOFR + <br> 1.57%), 3.58%, 5/22/28<sup>(h)</sup> <br>| 1000 | 991 |
| (SOFR + 1.98%), 4.81%, <br> 7/25/28<sup>(h)</sup> <br>| 176000 | 177959 |
| (3M CME Term SOFR + <br> 1.43%), 2.88%, <br> 10/30/30<sup>(h)</sup> <br>| 165000 | 156443 |
| (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(h)</sup> <br>| 104000 | 107638 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Wells Fargo & Co., |  |  |
| (3M CME Term SOFR + <br> 1.26%), 2.57%, 2/11/31<sup>(h)</sup> <br>| $180000 | $167837 |
| (SOFR + 1.50%), 3.35%, <br> 3/02/33<sup>(h)</sup> <br>| 1000 | 932 |
|  |  | **4391101** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Coca-Cola (The) Co., 5.00%, <br> 5/13/34<br>| 90000 | 93914 |
| Constellation Brands, Inc., <br> 4.35%, 5/09/27<br>| 65000 | 65194 |
| Primo Water <br> Holdings, Inc./Triton <br> Water Holdings, Inc., <br> 4.38%, 4/30/29<sup>(b)</sup> <br>| 24000 | 23340 |
|  |  | **182448** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| AbbVie, Inc., 5.05%, 3/15/34 | 105000 | 108016 |
| Amgen, Inc., 5.25%, 3/02/30 | 108000 | 112091 |
| Amneal <br> Pharmaceuticals LLC, <br> 6.88%, 8/01/32<sup>(b)</sup> <br>| 10000 | 10484 |
| Eli Lilly & Co., 4.70%, <br> 2/27/33<br>| 8000 | 8167 |
| Jazz Securities DAC, 4.38%, <br> 1/15/29<sup>(b)</sup> <br>| 41000 | 40172 |
| Merck & Co., Inc., 4.50%, <br> 5/17/33<br>| 60000 | 60511 |
| Novartis Capital Corp., <br> 2.20%, 8/14/30<br>| 10000 | 9220 |
| Pfizer Investment <br> Enterprises Pte. Ltd., <br> 4.45%, 5/19/28<br>| 30000 | 30314 |
| Regeneron <br> Pharmaceuticals, Inc., <br> 1.75%, 9/15/30<br>| 20000 | 17741 |
| Zoetis, Inc., |  |  |
| 3.00%, 9/12/27 | 140000 | 137706 |
| 2.00%, 5/15/30 | 20000 | 18216 |
|  |  | **552638** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| 6.38%, 9/01/29<sup>(b)</sup> <br>| 12000 | 12094 |
| 7.38%, 3/01/31<sup>(b)</sup> <br>| 183000 | 185752 |
| 4.50%, 6/01/33<sup>(b)</sup> <br>| 75000 | 65025 |
| CSC Holdings LLC, |  |  |
| 5.50%, 4/15/27<sup>(b)</sup> <br>| 30000 | 27837 |
| 11.25%, 5/15/28<sup>(b)</sup> <br>| 35000 | 30708 |
| DISH DBS Corp., |  |  |
| 5.25%, 12/01/26<sup>(b)</sup> <br>| 27000 | 26566 |
| 7.38%, 7/01/28 | 10000 | 9344 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| DISH DBS Corp., |  |  |
| 5.13%, 6/01/29 | $15000 | $12949 |
| DISH Network Corp., <br> 11.75%, 11/15/27<sup>(b)</sup> <br>| 43000 | 45270 |
| Sirius XM Radio LLC, <br> 4.13%, 7/01/30<sup>(b)</sup> <br>| 40000 | 37649 |
|  |  | **453194** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Celanese U.S. Holdings <br> LLC, 7.20%, 11/15/33<br>| 27000 | 27684 |
| CVR Partners L.P./CVR <br> Nitrogen Finance Corp., <br> 6.13%, 6/15/28<sup>(b)</sup> <br>| 67000 | 66936 |
| Ecolab, Inc., 2.13%, 2/01/32 | 20000 | 17567 |
| LSB Industries, Inc., 6.25%, <br> 10/15/28<sup>(b)</sup> <br>| 37000 | 36476 |
| LYB International Finance II <br> B.V., 3.50%, 3/02/27<br>| 30000 | 29722 |
| Rain Carbon, Inc., 12.25%, <br> 9/01/29<sup>(b)</sup> <br>| 36000 | 38337 |
| Sherwin-Williams (The) Co., <br> 4.80%, 9/01/31<br>| 60000 | 61223 |
| SK Invictus Intermediate II <br> S.a.r.l., 5.00%, 10/30/29<sup>(b)</sup> <br>| 70000 | 68833 |
|  |  | **346778** |
| **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** |
| ADT Security (The) Corp., |  |  |
| 4.13%, 8/01/29<sup>(b)</sup> <br>| 32000 | 30989 |
| 4.88%, 7/15/32<sup>(b)</sup> <br>| 34000 | 32925 |
| 5.88%, 10/15/33<sup>(b)</sup> <br>| 20000 | 20289 |
| Automatic Data <br> Processing, Inc., 4.75%, <br> 5/08/32<br>| 40000 | 41000 |
| Cintas Corp. No. 2, 4.00%, <br> 5/01/32<br>| 60000 | 58928 |
| Deluxe Corp., |  |  |
| 8.00%, 6/01/29<sup>(b)</sup> <br>| 48000 | 47557 |
| 8.13%, 9/15/29<sup>(b)</sup> <br>| 44000 | 46095 |
| Republic Services, Inc., <br> 5.20%, 11/15/34<br>| 85000 | 88243 |
| Waste Connections, Inc., |  |  |
| 2.60%, 2/01/30 | 5000 | 4703 |
| 3.20%, 6/01/32 | 55000 | 51096 |
| Waste Management, Inc., <br> 4.95%, 7/03/31<br>| 125000 | 129450 |
| Williams Scotsman, Inc., |  |  |
| 6.63%, 6/15/29<sup>(b)</sup> <br>| 6000 | 6177 |
| 6.63%, 4/15/30<sup>(b)</sup> <br>| 5000 | 5171 |
| 7.38%, 10/01/31<sup>(b)</sup> <br>| 19000 | 19885 |
|  |  | **582508** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Carlisle Cos., Inc., 5.25%, <br> 9/15/35<br>| $25000 | $25433 |
| CRH America Finance, Inc., <br> 5.50%, 1/09/35<br>| 200000 | 208827 |
| Eagle Materials, Inc., <br> 2.50%, 7/01/31<br>| 88000 | 79558 |
| Martin Marietta <br> Materials, Inc., 5.15%, <br> 12/01/34<br>| 25000 | 25572 |
|  |  | **339390** |
| **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> | **Consumer Services – 0.0%**<sup>(d)</sup> |
| PROG Holdings, Inc., 6.00%, <br> 11/15/29<sup>(b)</sup> <br>| 25000 | 24400 |
| Upbound Group, Inc., <br> 6.38%, 2/15/29<sup>(b)</sup> <br>| 40000 | 38766 |
|  |  | **63166** |
| **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>| 125000 | 116539 |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings <br> USA, Inc., 5.25%, <br> 8/15/27<sup>(b)</sup> <br>| 57000 | 14250 |
| Owens-Brockway Glass <br> Container, Inc., 7.25%, <br> 5/15/31<sup>(b)</sup> <br>| 44000 | 43120 |
| Packaging Corp. of <br> America, 5.70%, 12/01/33<br>| 165000 | 174571 |
|  |  | **348480** |
| **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> | **Diversified Industrials – 0.0%**<sup>(d)</sup> |
| Honeywell <br> International, Inc., 4.50%, <br> 1/15/34<br>| 80000 | **79338** |
| **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>| 73000 | 75487 |
| 7.75%, 9/15/30<sup>(b)</sup> <br>| 44000 | 46415 |
|  |  | **121902** |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
| AEP Texas, Inc., 3.95%, <br> 6/01/28<br>| 50000 | 49746 |
| AES (The) Corp., 5.45%, <br> 6/01/28<br>| 30000 | 30528 |
| Appalachian Power Co., <br> 4.50%, 8/01/32<br>| 50000 | 49497 |
| Arizona Public Service Co., <br> 2.20%, 12/15/31<br>| 10000 | 8778 |
| Black Hills Corp., 3.15%, <br> 1/15/27<br>| 20000 | 19757 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| CenterPoint Energy <br> Houston Electric LLC, <br> 4.45%, 10/01/32<br>| $30000 | $29914 |
| Commonwealth Edison Co., <br> 5.30%, 6/01/34<br>| 50000 | 52422 |
| Consolidated Edison Co. of <br> New York, Inc., 5.38%, <br> 5/15/34<br>| 50000 | 52090 |
| Dominion Energy, Inc., <br> 3.38%, 4/01/30<br>| 50000 | 48068 |
| DTE Electric Co., 5.20%, <br> 4/01/33<br>| 50000 | 52026 |
| Duke Energy Carolinas LLC, <br> 4.95%, 1/15/33<br>| 20000 | 20610 |
| Duke Energy Ohio, Inc., <br> 5.30%, 6/15/35<br>| 40000 | 41302 |
| Duke Energy Progress LLC, |  |  |
| 3.40%, 4/01/32 | 20000 | 18873 |
| 5.25%, 3/15/33 | 10000 | 10437 |
| Entergy Louisiana LLC, <br> 1.60%, 12/15/30<br>| 90000 | 79581 |
| Evergy Kansas Central, Inc., <br> 5.90%, 11/15/33<br>| 10000 | 10752 |
| Eversource Energy, 5.13%, <br> 5/15/33<br>| 50000 | 50758 |
| Florida Power & Light Co., |  |  |
| 2.45%, 2/03/32 | 30000 | 27027 |
| 4.80%, 5/15/33 | 15000 | 15301 |
| Georgia Power Co., |  |  |
| 4.65%, 5/16/28 | 30000 | 30451 |
| 4.70%, 5/15/32 | 20000 | 20275 |
| Interstate Power and <br> Light Co., 5.70%, 10/15/33<br>| 14000 | 14788 |
| ITC Holdings Corp., 3.35%, <br> 11/15/27<br>| 10000 | 9850 |
| National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| 4.95%, 2/07/30 | 30000 | 30875 |
| 2.40%, 3/15/30 | 50000 | 46612 |
| NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| 5.30%, 3/15/32 | 25000 | 26055 |
| 5.25%, 3/15/34 | 50000 | 51370 |
| Ohio Power Co., 5.65%, <br> 6/01/34<br>| 5000 | 5220 |
| Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| 4.30%, 5/15/28 | 25000 | 25150 |
| 5.65%, 11/15/33 | 10000 | 10634 |
| Pacific Gas and Electric Co., |  |  |
| 2.50%, 2/01/31 | 80000 | 71604 |
| 6.40%, 6/15/33 | 29000 | 31205 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| PacifiCorp, |  |  |
| 2.70%, 9/15/30 | $20000 | $18489 |
| 5.30%, 2/15/31 | 10000 | 10384 |
| PECO Energy Co., 4.90%, <br> 6/15/33<br>| 40000 | 40975 |
| PG&E Corp., |  |  |
| 5.00%, 7/01/28 | 7000 | 6951 |
| 5.25%, 7/01/30 | 98000 | 96981 |
| PPL Electric Utilities Corp., |  |  |
| 5.00%, 5/15/33 | 10000 | 10284 |
| 4.85%, 2/15/34 | 25000 | 25415 |
| Public Service Co. of <br> Colorado,<br>|  |  |
| 4.10%, 6/01/32 | 25000 | 24551 |
| 5.35%, 5/15/34 | 30000 | 30992 |
| Public Service Co. of <br> Oklahoma, 5.20%, 1/15/35<br>| 20000 | 20242 |
| Public Service Electric and <br> Gas Co.,<br>|  |  |
| 4.65%, 3/15/33 | 10000 | 10069 |
| 5.20%, 8/01/33 | 20000 | 20760 |
| 4.85%, 8/01/34 | 10000 | 10101 |
| Public Service Enterprise <br> Group, Inc., 1.60%, <br> 8/15/30<br>| 10000 | 8805 |
| San Diego Gas & <br> Electric Co., 4.95%, <br> 8/15/28<br>| 45000 | 46044 |
| Sempra, 5.50%, 8/01/33 | 10000 | 10456 |
| Southern (The) Co., 5.20%, <br> 6/15/33<br>| 50000 | 51443 |
| Southwestern Electric <br> Power Co., 5.30%, 4/01/33<br>| 10000 | 10214 |
| System Energy <br> Resources, Inc., 5.30%, <br> 12/15/34<br>| 120000 | 121105 |
| Talen Energy Supply LLC, |  |  |
| 8.63%, 6/01/30<sup>(b)</sup> <br>| 20000 | 21223 |
| 6.25%, 2/01/34<sup>(b)</sup> <br>| 25000 | 25636 |
| 6.50%, 2/01/36<sup>(b)</sup> <br>| 30000 | 31071 |
| Tampa Electric Co., 5.15%, <br> 3/01/35<br>| 90000 | 91368 |
| Union Electric Co., 2.95%, <br> 3/15/30<br>| 70000 | 66669 |
| Virginia Electric and <br> Power Co.,<br>|  |  |
| 2.30%, 11/15/31 | 45000 | 39782 |
| 5.15%, 3/15/35 | 20000 | 20401 |
| Wisconsin Electric <br> Power Co., 1.70%, 6/15/28<br>| 10000 | 9459 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Wisconsin Power and <br> Light Co., 1.95%, 9/16/31<br>| $5000 | $4344 |
| Xcel Energy, Inc., 4.60%, <br> 6/01/32<br>| 10000 | 9931 |
|  |  | **1935701** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Amphenol Corp., 4.13%, <br> 11/15/30<sup>(i)</sup> <br>| 95000 | 94247 |
| Bloom Energy Corp., 0.00%, <br> 11/15/30<sup>(f)</sup> <br>| 157000 | 159613 |
| Keysight Technologies, Inc., <br> 4.95%, 10/15/34<br>| 25000 | 25211 |
| WESCO Distribution, Inc., <br> 6.38%, 3/15/33<sup>(b)</sup> <br>| 13000 | 13580 |
|  |  | **292651** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Dycom Industries, Inc., <br> 4.50%, 4/15/29<sup>(b)</sup> <br>| 16000 | 15677 |
| Quanta Services, Inc., |  |  |
| 2.90%, 10/01/30 | 110000 | 102875 |
| 2.35%, 1/15/32 | 30000 | 26496 |
| Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(b)</sup> <br>| 22000 | 24552 |
|  |  | **169600** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Discovery <br> Communications LLC,<br>|  |  |
| 5.00%, 9/20/37 | 65000 | 54990 |
| 6.35%, 6/01/40 | 35000 | 31398 |
| TEGNA, Inc., 5.00%, 9/15/29 | 305000 | 302718 |
| Versant Media Group, Inc., <br> 7.25%, 1/30/31<sup>(b)</sup> <br>| 5000 | 5097 |
| Warnermedia <br> Holdings, Inc.,<br>|  |  |
| 4.28%, 3/15/32 | 53000 | 48545 |
| 5.05%, 3/15/42 | 93000 | 74654 |
|  |  | **517402** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Hershey (The) Co., 4.50%, <br> 5/04/33<br>| 52000 | 52260 |
| Mondelez <br> International, Inc., 2.63%, <br> 3/17/27<br>| 40000 | 39231 |
| Post Holdings, Inc., |  |  |
| 6.38%, 3/01/33<sup>(b)</sup> <br>| 34000 | 34435 |
| 6.25%, 10/15/34<sup>(b)</sup> <br>| 12000 | 12140 |
|  |  | **138066** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **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 | $29972 |
| 5.15%, 3/01/34 | 5000 | 5152 |
| AmeriGas Partners <br> L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| 5.75%, 5/20/27 | 41000 | 41151 |
| 9.38%, 6/01/28<sup>(b)</sup> <br>| 39000 | 40453 |
| 9.50%, 6/01/30 | 15000 | 15784 |
| Atmos Energy Corp., 5.90%, <br> 11/15/33<br>| 10000 | 10827 |
| Essential Utilities, Inc., <br> 5.38%, 1/15/34<br>| 25000 | 25671 |
| National Fuel Gas Co., <br> 5.95%, 3/15/35<br>| 45000 | 46948 |
| ONE Gas, Inc., 4.25%, <br> 9/01/32<br>| 25000 | 24757 |
| Southern California <br> Gas Co., 5.20%, 6/01/33<br>| 30000 | 31007 |
| Southern Co. Gas <br> Capital Corp., 5.75%, <br> 9/15/33<br>| 10000 | 10586 |
| Southwest Gas Corp., <br> 4.05%, 3/15/32<br>| 25000 | 24085 |
|  |  | **306393** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| Cardinal Health, Inc., |  |  |
| 4.70%, 11/15/26 | 70000 | 70453 |
| 5.35%, 11/15/34 | 50000 | 51470 |
| Cencora, Inc., 2.70%, <br> 3/15/31<br>| 90000 | 82730 |
| Charles River Laboratories <br> International, Inc., 4.25%, <br> 5/01/28<sup>(b)</sup> <br>| 28000 | 27682 |
| CVS Health Corp., 5.45%, <br> 9/15/35<br>| 100000 | 102110 |
| DaVita, Inc., |  |  |
| 4.63%, 6/01/30<sup>(b)</sup> <br>| 59000 | 56974 |
| 6.88%, 9/01/32<sup>(b)</sup> <br>| 38000 | 39365 |
| 6.75%, 7/15/33<sup>(b)</sup> <br>| 15000 | 15553 |
| Fortrea Holdings, Inc., <br> 7.50%, 7/01/30<sup>(b)</sup> <br>| 49000 | 47042 |
| HCA, Inc., |  |  |
| 3.50%, 9/01/30 | 50000 | 48039 |
| 5.45%, 4/01/31 | 111000 | 115528 |
| 3.63%, 3/15/32 | 91000 | 85642 |
| 5.60%, 4/01/34 | 179000 | 186332 |
| MPH Acquisition <br> Holdings LLC, 5.75%, <br> 12/31/30<sup>(b)</sup> <br>| 15169 | 13773 |
| Tenet Healthcare Corp., |  |  |
| 4.63%, 6/15/28 | 19000 | 18924 |

---

See accompanying Notes to Financial Statements

------

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

------

**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)** |
| Tenet Healthcare Corp., |  |  |
| 4.38%, 1/15/30 | $23000 | $22447 |
| UnitedHealth Group, Inc., |  |  |
| 2.00%, 5/15/30 | 125000 | 113618 |
| 4.50%, 4/15/33 | 21000 | 20826 |
| Universal Health <br> Services, Inc.,<br>|  |  |
| 2.65%, 10/15/30 | 22000 | 19966 |
| 2.65%, 1/15/32 | 68000 | 59595 |
|  |  | **1198069** |
| **Home & Office Products – 0.0%**<sup>(d)</sup> | **Home & Office Products – 0.0%**<sup>(d)</sup> | **Home & Office Products – 0.0%**<sup>(d)</sup> |
| Somnigroup <br> International, Inc.,<br>|  |  |
| 4.00%, 4/15/29<sup>(b)</sup> <br>| 29000 | 27928 |
| 3.88%, 10/15/31<sup>(b)</sup> <br>| 19000 | 17555 |
| Steelcase, Inc., 5.13%, <br> 1/18/29<br>| 22000 | 21505 |
| Whirlpool Corp., |  |  |
| 6.13%, 6/15/30 | 15000 | 14853 |
| 4.50%, 6/01/46 | 6000 | 4546 |
| 4.60%, 5/15/50 | 9000 | 6704 |
|  |  | **93091** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| Century Communities, Inc., <br> 6.63%, 9/15/33<sup>(b)</sup> <br>| 10000 | 9970 |
| Forestar Group, Inc., 6.50%, <br> 3/15/33<sup>(b)</sup> <br>| 16000 | 16391 |
| Lennar Corp., 5.00%, <br> 6/15/27<br>| 35000 | 35252 |
| Masco Corp., 3.50%, <br> 11/15/27<br>| 45000 | 44360 |
| NVR, Inc., 3.00%, 5/15/30 | 135000 | 128019 |
| Toll Brothers Finance Corp., |  |  |
| 4.35%, 2/15/28 | 60000 | 60180 |
| 3.80%, 11/01/29 | 50000 | 49017 |
|  |  | **343189** |
| **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** |
| Chart Industries, Inc., <br> 7.50%, 1/01/30<sup>(b)</sup> <br>| 335000 | 349372 |
| Enpro, Inc., 6.13%, <br> 6/01/33<sup>(b)</sup> <br>| 5000 | 5115 |
| Park-Ohio Industries, Inc., <br> 8.50%, 8/01/30<sup>(b)</sup> <br>| 10000 | 10207 |
|  |  | **364694** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| NESCO Holdings II, Inc., <br> 5.50%, 4/15/29<sup>(b)</sup> <br>| 27000 | 26396 |
| WW Grainger, Inc., 4.45%, <br> 9/15/34<br>| 185000 | 183072 |
|  |  | **209468** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| Bank of New York Mellon <br> (The) Corp., (SOFR + <br> 1.17%), 4.54%, 2/01/29<sup>(h)</sup> <br>| $50000 | $50536 |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/01/28<sup>(b)</sup> <br>| 90000 | 85606 |
| 3.63%, 10/01/31<sup>(b)</sup> <br>| 10000 | 8938 |
| Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| (SOFR + 0.79%), 1.09%, <br> 12/09/26<sup>(h)</sup> <br>| 450000 | 448525 |
| (SOFR + 0.80%), 1.43%, <br> 3/09/27<sup>(h)</sup> <br>| 160000 | 158349 |
| (3M CME Term SOFR + <br> 1.42%), 3.81%, 4/23/29<sup>(h)</sup> <br>| 50000 | 49518 |
| (SOFR + 1.25%), 2.38%, <br> 7/21/32<sup>(h)</sup> <br>| 205000 | 182681 |
| Intercontinental <br> Exchange, Inc., 1.85%, <br> 9/15/32<br>| 125000 | 106274 |
| Jane Street Group/JSG <br> Finance, Inc., 6.75%, <br> 5/01/33<sup>(b)</sup> <br>| 18000 | 18777 |
| LPL Holdings, Inc., 5.65%, <br> 3/15/35<br>| 80000 | 81652 |
| Morgan Stanley, |  |  |
| (SOFR + 0.72%), 0.99%, <br> 12/10/26<sup>(h)</sup> <br>| 170000 | 169458 |
| 3.95%, 4/23/27 | 12000 | 11971 |
| (SOFR + 1.14%), 2.70%, <br> 1/22/31<sup>(h)</sup> <br>| 37000 | 34635 |
| (SOFR + 1.03%), 1.79%, <br> 2/13/32<sup>(h)</sup> <br>| 414000 | 362077 |
| (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(h)</sup> <br>| 53000 | 46917 |
| (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(h)</sup> <br>| 223000 | 199374 |
| (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(h)</sup> <br>| 110000 | 113528 |
| (SOFR + 1.56%), 5.32%, <br> 7/19/35<sup>(h)</sup> <br>| 70000 | 71990 |
| (SOFR + 1.42%), 5.59%, <br> 1/18/36<sup>(h)</sup> <br>| 35000 | 36655 |
| Stonex Escrow Issuer LLC, <br> 6.88%, 7/15/32<sup>(b)</sup> <br>| 35000 | 36211 |
| StoneX Group, Inc., 7.88%, <br> 3/01/31<sup>(b)</sup> <br>| 59000 | 62487 |
| VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 71000 | 74299 |
|  |  | **2410458** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| Acrisure LLC/Acrisure <br> Finance, Inc., 6.75%, <br> 7/01/32<sup>(b)</sup> <br>| 10000 | 10256 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Allstate (The) Corp., 5.05%, <br> 6/24/29<br>| $65000 | $66872 |
| American International <br> Group, Inc., 4.85%, <br> 5/07/30<br>| 60000 | 61378 |
| Aon Corp., 2.80%, 5/15/30 | 20000 | 18804 |
| Arthur J Gallagher & Co., |  |  |
| 2.40%, 11/09/31 | 20000 | 17772 |
| 5.50%, 3/02/33 | 30000 | 31297 |
| 6.50%, 2/15/34 | 125000 | 138397 |
| Assurant, Inc., 4.90%, <br> 3/27/28<br>| 65000 | 65757 |
| Assured Guaranty <br> U.S. Holdings, Inc., 6.13%, <br> 9/15/28<br>| 58000 | 60943 |
| Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group <br> Holdings Finance, 7.13%, <br> 5/15/31<sup>(b)</sup> <br>| 45000 | 46177 |
| Brown & Brown, Inc., |  |  |
| 4.50%, 3/15/29 | 90000 | 90074 |
| 4.20%, 3/17/32 | 75000 | 72485 |
| CNA Financial Corp., 5.20%, <br> 8/15/35<br>| 100000 | 100146 |
| Marsh & McLennan Cos., <br> Inc.,<br>|  |  |
| 2.38%, 12/15/31 | 410000 | 365010 |
| 5.75%, 11/01/32 | 50000 | 53634 |
| Principal Financial <br> Group, Inc., 5.38%, <br> 3/15/33<br>| 18000 | 18742 |
| Progressive (The) Corp., <br> 3.20%, 3/26/30<br>| 32000 | 30807 |
| Unum Group, 4.00%, <br> 6/15/29<br>| 135000 | 132996 |
| Willis North America, Inc., <br> 5.35%, 5/15/33<br>| 140000 | 144703 |
|  |  | **1526250** |
| **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 | 24931 |
| ANGI Group LLC, 3.88%, <br> 8/15/28<sup>(b)</sup> <br>| 43000 | 39544 |
| Getty Images, Inc., |  |  |
| 11.25%, 2/21/30<sup>(b)</sup> <br>| 11000 | 10918 |
| 10.50%, 11/15/30<sup>(b)</sup> <br>| 35000 | 35286 |
| GrubHub Holdings, Inc., <br> 6.00%, 7/31/30<sup>(b)(g)</sup> <br>| 56000 | 47185 |
| Match Group Holdings <br> II LLC, 4.13%, 8/01/30<sup>(b)</sup> <br>| 18000 | 16942 |
| Meta Platforms, Inc., |  |  |
| 4.80%, 5/15/30 | 40000 | 41124 |
| 4.60%, 11/15/32 | 35000 | 35176 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** | **Internet Media & Services (Continued)** |
| Uber Technologies, Inc., <br> 4.80%, 9/15/34<br>| $50000 | $50009 |
| VeriSign, Inc., |  |  |
| 2.70%, 6/15/31 | 150000 | 135930 |
| 5.25%, 6/01/32 | 30000 | 30726 |
|  |  | **467771** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Accenture Capital, Inc., <br> 4.50%, 10/04/34<br>| 10000 | 9860 |
| ASGN, Inc., 4.63%, <br> 5/15/28<sup>(b)</sup> <br>| 18000 | 17678 |
| CACI International, Inc., <br> 6.38%, 6/15/33<sup>(b)</sup> <br>| 10000 | 10397 |
| Conduent Business <br> Services LLC, 6.00%, <br> 11/01/29<sup>(b)</sup> <br>| 44000 | 41154 |
| International Business <br> Machines Corp.,<br>|  |  |
| 2.20%, 2/09/27 | 100000 | 97793 |
| 4.15%, 7/27/27 | 285000 | 286351 |
| Leidos, Inc., 2.30%, 2/15/31 | 60000 | 53722 |
|  |  | **516955** |
| **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** |
| Darden Restaurants, Inc., |  |  |
| 4.55%, 10/15/29 | 40000 | 40211 |
| 6.30%, 10/10/33 | 30000 | 32542 |
| Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(b)</sup> <br>| 44000 | 45553 |
| Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc.,<br>|  |  |
| 5.00%, 6/01/29<sup>(b)</sup> <br>| 21000 | 20164 |
| 4.88%, 7/01/31<sup>(b)</sup> <br>| 42000 | 38831 |
| 6.63%, 1/15/32<sup>(b)</sup> <br>| 5000 | 5074 |
| Hyatt Hotels Corp., |  |  |
| 5.75%, 1/30/27 | 30000 | 30515 |
| 5.38%, 12/15/31 | 90000 | 92177 |
| Las Vegas Sands Corp., <br> 6.00%, 8/15/29<br>| 25000 | 26041 |
| Life Time, Inc., 6.00%, <br> 11/15/31<sup>(b)</sup> <br>| 19000 | 19267 |
| Light & Wonder <br> International, Inc., 6.25%, <br> 10/01/33<sup>(b)</sup> <br>| 10000 | 9956 |
| Lindblad Expeditions LLC, <br> 7.00%, 9/15/30<sup>(b)</sup> <br>| 25000 | 25462 |
| Live Nation <br> Entertainment, Inc., <br> 3.75%, 1/15/28<sup>(b)</sup> <br>| 16000 | 15612 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Marriott International, Inc., |  |  |
| 5.00%, 10/15/27 | $35000 | $35567 |
| 5.55%, 10/15/28 | 30000 | 31180 |
| 2.85%, 4/15/31 | 100000 | 92114 |
| 5.10%, 4/15/32 | 30000 | 30808 |
| 5.30%, 5/15/34 | 35000 | 35926 |
| McDonald's Corp., 4.60%, <br> 9/09/32<br>| 284000 | 288145 |
| Royal Caribbean <br> Cruises Ltd., 5.38%, <br> 1/15/36<br>| 45000 | 45305 |
| Sabre GLBL, Inc., 11.25%, <br> 12/15/27<sup>(b)</sup> <br>| 45000 | 46069 |
|  |  | **1006519** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| Eaton Corp., 4.15%, 3/15/33 | 20000 | 19728 |
| IDEX Corp., 2.63%, 6/15/31 | 50000 | 45570 |
| Pentair Finance S.a.r.l., <br> 4.50%, 7/01/29<br>| 60000 | 60330 |
|  |  | **125628** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Bausch + Lomb Corp., <br> 8.38%, 10/01/28<sup>(b)</sup> <br>| 54000 | 56430 |
| Edwards <br> Lifesciences Corp., 4.30%, <br> 6/15/28<br>| 70000 | 70127 |
| Zimmer Biomet <br> Holdings, Inc.,<br>|  |  |
| 4.70%, 2/19/27 | 150000 | 150947 |
| 5.35%, 12/01/28 | 30000 | 31010 |
|  |  | **308514** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| Freeport-McMoRan, Inc., <br> 4.13%, 3/01/28<br>| 35000 | 34831 |
| Novelis Corp., |  |  |
| 4.75%, 1/30/30<sup>(b)</sup> <br>| 21000 | 20298 |
| 6.88%, 1/30/30<sup>(b)</sup> <br>| 58000 | 60206 |
| 6.38%, 8/15/33<sup>(b)</sup> <br>| 15000 | 15198 |
| SunCoke Energy, Inc., <br> 4.88%, 6/30/29<sup>(b)</sup> <br>| 46000 | 42949 |
|  |  | **173482** |
| **Oil & Gas Supply Chain – 1.2%** | **Oil & Gas Supply Chain – 1.2%** | **Oil & Gas Supply Chain – 1.2%** |
| BKV Upstream <br> Midstream LLC, 7.50%, <br> 10/15/30<br>| 31000 | 31047 |
| California Resources Corp., |  |  |
| 8.25%, 6/15/29<sup>(b)</sup> <br>| 87000 | 90503 |
| 7.00%, 1/15/34<sup>(b)</sup> <br>| 10000 | 9955 |
| Cheniere Corpus Christi <br> Holdings LLC, 5.13%, <br> 6/30/27<br>| 41000 | 41420 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Cheniere Energy Partners <br> L.P., 5.55%, 10/30/35<sup>(b)</sup> <br>| $30000 | $30701 |
| Cheniere Energy, Inc., <br> 5.65%, 4/15/34<br>| 30000 | 31029 |
| Chevron USA, Inc., 4.98%, <br> 4/15/35<br>| 190000 | 195212 |
| Chord Energy Corp., |  |  |
| 6.00%, 10/01/30<sup>(b)</sup> <br>| 10000 | 10024 |
| 6.75%, 3/15/33<sup>(b)</sup> <br>| 37000 | 37784 |
| CNX Midstream Partners <br> L.P., 4.75%, 4/15/30<sup>(b)</sup> <br>| 5000 | 4786 |
| CNX Resources Corp., |  |  |
| 6.00%, 1/15/29<sup>(b)</sup> <br>| 2000 | 2008 |
| 7.38%, 1/15/31<sup>(b)</sup> <br>| 15000 | 15527 |
| 7.25%, 3/01/32<sup>(b)</sup> <br>| 22000 | 22938 |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/01/29<sup>(b)</sup> <br>| 79000 | 78316 |
| 6.75%, 3/01/29<sup>(b)</sup> <br>| 24000 | 23764 |
| ConocoPhillips Co., 5.05%, <br> 9/15/33<br>| 20000 | 20621 |
| CVR Energy, Inc., 8.50%, <br> 1/15/29<sup>(b)</sup> <br>| 59000 | 60465 |
| DCP Midstream Operating <br> L.P., 3.25%, 2/15/32<br>| 5000 | 4571 |
| Delek Logistics Partners <br> L.P./Delek Logistics <br> Finance Corp.,<br>|  |  |
| 8.63%, 3/15/29<sup>(b)</sup> <br>| 104000 | 108548 |
| 7.38%, 6/30/33<sup>(b)</sup> <br>| 10000 | 10145 |
| Diamondback Energy, Inc., <br> 5.40%, 4/18/34<br>| 105000 | 107042 |
| Energy Transfer L.P., |  |  |
| 5.20%, 4/01/30 | 30000 | 30932 |
| 5.75%, 2/15/33 | 10000 | 10469 |
| 6.55%, 12/01/33 | 65000 | 71031 |
| Genesis Energy <br> L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 8.25%, 1/15/29 | 20000 | 20896 |
| 8.88%, 4/15/30 | 13000 | 13701 |
| 7.88%, 5/15/32 | 41000 | 42229 |
| 8.00%, 5/15/33 | 17000 | 17558 |
| Global Partners L.P./GLP <br> Finance Corp., 8.25%, <br> 1/15/32<sup>(b)</sup> <br>| 39000 | 40772 |
| Gulfport Energy <br> Operating Corp., 6.75%, <br> 9/01/29<sup>(b)</sup> <br>| 58000 | 59219 |
| Hess Corp., 4.30%, 4/01/27 | 50000 | 50147 |
| Kinder Morgan, Inc., |  |  |
| 1.75%, 11/15/26 | 60000 | 58620 |
| 5.00%, 2/01/29 | 120000 | 122683 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Magnolia Oil & Gas <br> Operating LLC/Magnolia <br> Oil & Gas Finance Corp., <br> 6.88%, 12/01/32<sup>(b)</sup> <br>| $10000 | $10139 |
| Matador Resources Co., <br> 6.88%, 4/15/28<sup>(b)</sup> <br>| 13000 | 13248 |
| MPLX L.P., |  |  |
| 4.13%, 3/01/27 | 180000 | 179702 |
| 4.25%, 12/01/27 | 90000 | 90143 |
| 2.65%, 8/15/30 | 120000 | 110524 |
| Northern Oil & Gas, Inc., |  |  |
| 8.75%, 6/15/31<sup>(b)</sup> <br>| 30000 | 30576 |
| 7.88%, 10/15/33<sup>(b)</sup> <br>| 15000 | 14610 |
| Plains All American <br> Pipeline L.P., 5.95%, <br> 6/15/35<br>| 60000 | 62653 |
| Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| 3.55%, 12/15/29 | 42000 | 40640 |
| 5.70%, 9/15/34 | 20000 | 20550 |
| Sunoco L.P., 7.00%, <br> 5/01/29<sup>(b)</sup> <br>| 28000 | 29105 |
| Talos Production, Inc., |  |  |
| 9.00%, 2/01/29<sup>(b)</sup> <br>| 56000 | 57578 |
| 9.38%, 2/01/31<sup>(b)</sup> <br>| 43000 | 43976 |
| Targa Resources Corp., |  |  |
| 5.20%, 7/01/27 | 160000 | 162438 |
| 5.50%, 2/15/35 | 40000 | 40725 |
| 5.55%, 8/15/35 | 75000 | 76589 |
| Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.,<br>|  |  |
| 5.00%, 1/15/28 | 46000 | 46044 |
| 4.88%, 2/01/31 | 20000 | 20046 |
| Venture Global LNG, Inc., |  |  |
| 9.50%, 2/01/29<sup>(b)</sup> <br>| 11000 | 11839 |
| 8.38%, 6/01/31<sup>(b)</sup> <br>| 67000 | 68785 |
| 9.88%, 2/01/32<sup>(b)</sup> <br>| 64000 | 68362 |
| Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| 7.75%, 5/01/35<sup>(b)</sup> <br>| 38000 | 42880 |
| 6.75%, 1/15/36<sup>(b)</sup> <br>| 25000 | 26478 |
| Western Midstream <br> Operating L.P., 6.15%, <br> 4/01/33<br>| 30000 | 31608 |
| Williams (The) Cos., Inc., <br> 2.60%, 3/15/31<br>| 125000 | 113545 |
|  |  | **2887446** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Bristow Group, Inc., 6.88%, <br> 3/01/28<sup>(b)</sup> <br>| 6000 | 5999 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** |
| Diamond Foreign <br> Asset Co./Diamond <br> Finance LLC, 8.50%, <br> 10/01/30<sup>(b)</sup> <br>| $49000 | $52021 |
| Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(b)</sup> <br>| 78000 | 80952 |
| Tidewater, Inc., 9.13%, <br> 7/15/30<sup>(b)</sup> <br>| 29000 | 30953 |
| USA Compression Partners <br> L.P./USA Compression <br> Finance Corp.,<br>|  |  |
| 7.13%, 3/15/29<sup>(b)</sup> <br>| 35000 | 36149 |
| 6.25%, 10/01/33<sup>(b)</sup> <br>| 10000 | 10038 |
|  |  | **216112** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| Clear Channel Outdoor <br> Holdings, Inc., 7.50%, <br> 6/01/29<sup>(b)</sup> <br>| 83000 | 81444 |
| McGraw-Hill <br> Education, Inc., 7.38%, <br> 9/01/31<br>| 26000 | 26682 |
| Nexstar Media, Inc., |  |  |
| 5.63%, 7/15/27<sup>(b)</sup> <br>| 13000 | 12995 |
| 4.75%, 11/01/28<sup>(b)</sup> <br>| 76000 | 74806 |
| Sinclair Television <br> Group, Inc.,<br>|  |  |
| 5.50%, 3/01/30<sup>(b)</sup> <br>| 31000 | 26350 |
| 4.38%, 12/31/32<sup>(b)</sup> <br>| 18000 | 13140 |
| 9.75%, 2/15/33<sup>(b)</sup> <br>| 24000 | 26340 |
|  |  | **261757** |
| **Real Estate Investment Trusts – 0.6%** | **Real Estate Investment Trusts – 0.6%** | **Real Estate Investment Trusts – 0.6%** |
| American Tower Corp., |  |  |
| 5.80%, 11/15/28 | 55000 | 57342 |
| 5.40%, 1/31/35 | 10000 | 10301 |
| Crown Castle, Inc., |  |  |
| 3.65%, 9/01/27 | 80000 | 79174 |
| 3.80%, 2/15/28 | 17000 | 16813 |
| 2.10%, 4/01/31 | 80000 | 70144 |
| Diversified Healthcare <br> Trust,<br>|  |  |
| 7.25%, 10/15/30<sup>(b)</sup> <br>| 5000 | 5050 |
| 4.38%, 3/01/31 | 46000 | 40370 |
| ERP Operating L.P., 4.65%, <br> 9/15/34<br>| 40000 | 39667 |
| Extra Space Storage L.P., <br> 4.95%, 1/15/33<br>| 30000 | 30164 |
| GLP Capital L.P./GLP <br> Financing II, Inc., 5.25%, <br> 2/15/33<br>| 100000 | 99940 |
| Host Hotels & Resorts L.P., <br> 5.50%, 4/15/35<br>| 20000 | 20193 |
| Iron Mountain, Inc., 5.25%, <br> 3/15/28<sup>(b)</sup> <br>| 17000 | 16991 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Millrose Properties, Inc., |  |  |
| 6.38%, 8/01/30<sup>(b)</sup> <br>| $34000 | $34443 |
| 6.25%, 9/15/32<sup>(b)</sup> <br>| 28000 | 28134 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27 | 22000 | 21167 |
| 4.63%, 8/01/29 | 97000 | 79308 |
| 8.50%, 2/15/32<sup>(b)</sup> <br>| 5000 | 5238 |
| Omega Healthcare <br> Investors, Inc., 5.20%, <br> 7/01/30<br>| 100000 | 101470 |
| Prologis L.P., |  |  |
| 4.88%, 6/15/28 | 20000 | 20436 |
| 4.75%, 6/15/33 | 40000 | 40415 |
| Realty Income Corp., 4.75%, <br> 2/15/29<br>| 90000 | 91663 |
| RLJ Lodging Trust L.P., <br> 4.00%, 9/15/29<sup>(b)</sup> <br>| 34000 | 32107 |
| Simon Property Group L.P., |  |  |
| 1.38%, 1/15/27 | 10000 | 9682 |
| 5.50%, 3/08/33 | 40000 | 42174 |
| 4.75%, 9/26/34 | 50000 | 49685 |
| Ventas Realty L.P., 5.10%, <br> 7/15/32<br>| 80000 | 82015 |
| VICI Properties L.P., 5.63%, <br> 4/01/35<br>| 40000 | 40799 |
| VICI Properties L.P./VICI <br> Note Co., Inc., 4.13%, <br> 8/15/30<sup>(b)</sup> <br>| 50000 | 48346 |
| Welltower OP LLC, |  |  |
| 4.50%, 7/01/30 | 70000 | 70761 |
| 3.85%, 6/15/32 | 70000 | 67501 |
| 5.13%, 7/01/35 | 80000 | 81561 |
|  |  | **1433054** |
| **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.,<br>|  |  |
| 4.13%, 2/01/29<sup>(b)</sup> <br>| 27000 | 25950 |
| 4.38%, 2/01/31<sup>(b)</sup> <br>| 32000 | 30170 |
|  |  | **56120** |
| **Real Estate Services – 0.0%**<sup>(d)</sup> | **Real Estate Services – 0.0%**<sup>(d)</sup> | **Real Estate Services – 0.0%**<sup>(d)</sup> |
| Anywhere Real Estate <br> Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, <br> 4/15/30<sup>(b)</sup> <br>| 50000 | 50362 |
| Anywhere Real Estate <br> Group LLC/Realogy <br> Co-Issuer Corp., 9.75%, <br> 4/15/30<sup>(b)</sup> <br>| 50000 | 54443 |
|  |  | **104805** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Retail - Consumer Staples – 0.0%**<sup>(d)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(d)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(d)</sup> |
| Arko Corp., 5.13%, <br> 11/15/29<sup>(b)</sup> <br>| $44000 | $36725 |
| Kroger (The) Co., 5.00%, <br> 9/15/34<br>| 50000 | 50409 |
|  |  | **87134** |
| **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** |
| Advance Auto Parts, Inc., |  |  |
| 7.00%, 8/01/30<sup>(b)</sup> <br>| 80000 | 80719 |
| 7.38%, 8/01/33<sup>(b)</sup> <br>| 28000 | 28350 |
| AutoZone, Inc., |  |  |
| 4.50%, 2/01/28 | 40000 | 40344 |
| 5.40%, 7/15/34 | 20000 | 20671 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc.,<br>|  |  |
| 8.25%, 1/15/30<sup>(b)</sup> <br>| 26000 | 26535 |
| 8.00%, 2/15/31<sup>(b)</sup> <br>| 32000 | 32523 |
| 8.38%, 6/15/32<sup>(b)</sup> <br>| 42000 | 43025 |
| Bath & Body Works, Inc., |  |  |
| 6.88%, 11/01/35 | 66000 | 69003 |
| 6.75%, 7/01/36 | 60000 | 62102 |
| Builders FirstSource, Inc., |  |  |
| 6.38%, 6/15/32<sup>(b)</sup> <br>| 25000 | 25909 |
| 6.75%, 5/15/35<sup>(b)</sup> <br>| 45000 | 47248 |
| Gap (The), Inc., 3.88%, <br> 10/01/31<sup>(b)</sup> <br>| 38000 | 34608 |
| Kohl's Corp., |  |  |
| 10.00%, 6/01/30 | 23000 | 24983 |
| 5.13%, 5/01/31 | 58000 | 44944 |
| Lowe's Cos., Inc., |  |  |
| 3.35%, 4/01/27 | 25000 | 24760 |
| 3.10%, 5/03/27 | 45000 | 44382 |
| 2.63%, 4/01/31 | 10000 | 9144 |
| Macy's Retail <br> Holdings LLC,<br>|  |  |
| 6.13%, 3/15/32<sup>(b)</sup> <br>| 27000 | 27130 |
| 7.38%, 8/01/33<sup>(b)</sup> <br>| 35000 | 36882 |
| Patrick Industries, Inc., <br> 6.38%, 11/01/32<sup>(b)</sup> <br>| 32000 | 32627 |
| QVC, Inc., 6.88%, 4/15/29<sup>(b)</sup> <br>| 80000 | 36800 |
| QXO Building <br> Products, Inc., 6.75%, <br> 4/30/32<sup>(b)</sup> <br>| 66000 | 68327 |
|  |  | **861016** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Analog Devices, Inc., |  |  |
| 1.70%, 10/01/28 | 40000 | 37544 |
| 2.10%, 10/01/31 | 30000 | 26491 |
| Broadcom, Inc., |  |  |
| 4.00%, 4/15/29<sup>(b)</sup> <br>| 5000 | 4977 |
| 5.05%, 4/15/30 | 26000 | 26878 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| Intel Corp., 3.75%, 3/25/27 | $50000 | $49687 |
| Texas Instruments, Inc., |  |  |
| 1.90%, 9/15/31 | 54000 | 47748 |
| 4.90%, 3/14/33 | 25000 | 25786 |
| 4.85%, 2/08/34 | 60000 | 61505 |
|  |  | **280616** |
| **Software – 0.3%** | **Software – 0.3%** | **Software – 0.3%** |
| Autodesk, Inc., 5.30%, <br> 6/15/35<br>| 50000 | 51304 |
| CoreWeave, Inc., |  |  |
| 9.25%, 6/01/30<sup>(b)</sup> <br>| 86000 | 86836 |
| 9.00%, 2/01/31<sup>(b)</sup> <br>| 38000 | 38111 |
| Fortinet, Inc., 2.20%, <br> 3/15/31<br>| 10000 | 8935 |
| Intuit, Inc., 5.20%, 9/15/33 | 100000 | 104543 |
| Oracle Corp., |  |  |
| 4.45%, 9/26/30 | 55000 | 54546 |
| 5.25%, 2/03/32 | 60000 | 61083 |
| 4.80%, 9/26/32 | 45000 | 44537 |
| 5.50%, 8/03/35 | 95000 | 96084 |
| 5.20%, 9/26/35 | 110000 | 108329 |
| Pagaya U.S. Holdings Co. <br> LLC, 8.88%, 8/01/30<sup>(b)</sup> <br>| 45000 | 40740 |
| Roper Technologies, Inc., |  |  |
| 4.50%, 10/15/29 | 60000 | 60523 |
| 5.10%, 9/15/35 | 20000 | 20130 |
|  |  | **775701** |
| **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** |
| American Express Co., |  |  |
| (SOFR + 1.22%), 4.92%, <br> 7/20/33<sup>(h)</sup> <br>| 55000 | 56036 |
| (SOFR Index + 1.32%), <br> 5.44%, 1/30/36<sup>(h)</sup> <br>| 90000 | 93674 |
| (SOFR + 1.24%), 4.80%, <br> 10/24/36<sup>(h)</sup> <br>| 135000 | 133453 |
| Apollo Commercial Real <br> Estate Finance, Inc., <br> 4.63%, 6/15/29<sup>(b)</sup> <br>| 29000 | 27912 |
| Blackstone Mortgage <br> Trust, Inc., 7.75%, <br> 12/01/29<sup>(b)</sup> <br>| 33000 | 34776 |
| Boost Newco Borrower LLC, <br> 7.50%, 1/15/31<sup>(b)</sup> <br>| 1120000 | 1189854 |
| Bread Financial <br> Holdings, Inc., 9.75%, <br> 3/15/29<sup>(b)</sup> <br>| 87000 | 92863 |
| Broadridge Financial <br> Solutions, Inc., 2.60%, <br> 5/01/31<br>| 10000 | 9062 |
| Burford Capital Global <br> Finance LLC,<br>|  |  |
| 6.25%, 4/15/28<sup>(b)</sup> <br>| 14000 | 13905 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Burford Capital Global <br> Finance LLC,<br>|  |  |
| 6.88%, 4/15/30<sup>(b)</sup> <br>| $28000 | $27859 |
| 9.25%, 7/01/31<sup>(b)</sup> <br>| 48000 | 49679 |
| 7.50%, 7/15/33 | 11000 | 10860 |
| Capital One <br> Financial Corp.,<br>|  |  |
| (SOFR + 2.44%), 7.15%, <br> 10/29/27<sup>(h)</sup> <br>| 110000 | 112995 |
| (SOFR + 2.64%), 6.31%, <br> 6/08/29<sup>(h)</sup> <br>| 78000 | 81753 |
| (SOFR + 1.56%), 5.46%, <br> 7/26/30<sup>(h)</sup> <br>| 80000 | 82844 |
| Credit Acceptance Corp., |  |  |
| 9.25%, 12/15/28<sup>(b)</sup> <br>| 36000 | 37754 |
| 6.63%, 3/15/30<sup>(b)</sup> <br>| 25000 | 24988 |
| Enova International, Inc., |  |  |
| 11.25%, 12/15/28<sup>(b)</sup> <br>| 44000 | 46695 |
| 9.13%, 8/01/29<sup>(b)</sup> <br>| 17000 | 17816 |
| Equifax, Inc., 4.80%, <br> 9/15/29<br>| 65000 | 65954 |
| EZCORP, Inc., 7.38%, <br> 4/01/32<sup>(b)</sup> <br>| 15000 | 15844 |
| FactSet Research <br> Systems, Inc.,<br>|  |  |
| 2.90%, 3/01/27 | 150000 | 147407 |
| 3.45%, 3/01/32 | 72000 | 66488 |
| Fair Isaac Corp., 6.00%, <br> 5/15/33<sup>(b)</sup> <br>| 15000 | 15268 |
| FirstCash, Inc., |  |  |
| 5.63%, 1/01/30<sup>(b)</sup> <br>| 11000 | 11017 |
| 6.88%, 3/01/32<sup>(b)</sup> <br>| 30000 | 31129 |
| Fiserv, Inc., |  |  |
| 5.38%, 8/21/28 | 30000 | 30627 |
| 5.60%, 3/02/33 | 150000 | 154368 |
| 5.45%, 3/15/34 | 30000 | 30448 |
| FTAI Aviation Investors LLC, <br> 7.88%, 12/01/30<sup>(b)</sup> <br>| 10000 | 10627 |
| LD Holdings Group LLC, <br> 6.13%, 4/01/28<sup>(b)</sup> <br>| 65000 | 60480 |
| Mastercard, Inc., |  |  |
| 1.90%, 3/15/31 | 22000 | 19666 |
| 4.95%, 3/15/32 | 90000 | 93343 |
| 4.55%, 1/15/35 | 50000 | 49930 |
| MGIC Investment Corp., <br> 5.25%, 8/15/28<br>| 7000 | 7000 |
| OneMain Finance Corp., |  |  |
| 7.88%, 3/15/30 | 60000 | 63236 |
| 7.50%, 5/15/31 | 65000 | 67895 |
| 7.13%, 11/15/31 | 12000 | 12435 |
| PennyMac Financial <br> Services, Inc.,<br>|  |  |
| 7.13%, 11/15/30<sup>(b)</sup> <br>| 31000 | 32456 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| PennyMac Financial <br> Services, Inc.,<br>|  |  |
| 5.75%, 9/15/31<sup>(b)</sup> <br>| $49000 | $48883 |
| 6.88%, 5/15/32<sup>(b)</sup> <br>| 39000 | 40680 |
| 6.88%, 2/15/33<sup>(b)</sup> <br>| 18000 | 18620 |
| 6.75%, 2/15/34<sup>(b)</sup> <br>| 5000 | 5125 |
| Rithm Capital Corp., |  |  |
| 8.00%, 4/01/29<sup>(b)</sup> <br>| 64000 | 65298 |
| 8.00%, 7/15/30<sup>(b)</sup> <br>| 15000 | 15205 |
| Rocket Cos, Inc., |  |  |
| 6.50%, 8/01/29<sup>(b)</sup> <br>| 32000 | 33191 |
| 6.13%, 8/01/30<sup>(b)</sup> <br>| 15000 | 15473 |
| 6.38%, 8/01/33<sup>(b)</sup> <br>| 15000 | 15626 |
| Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co., 3.88%, <br> 3/01/31<sup>(b)</sup> <br>| 44000 | 41362 |
| S&P Global, Inc., |  |  |
| 1.25%, 8/15/30 | 110000 | 96153 |
| 2.90%, 3/01/32 | 90000 | 82742 |
| SLM Corp., 6.50%, 1/31/30 | 27000 | 27994 |
| Starwood Property <br> Trust, Inc.,<br>|  |  |
| 7.25%, 4/01/29<sup>(b)</sup> <br>| 40000 | 42129 |
| 6.00%, 4/15/30<sup>(b)</sup> <br>| 10000 | 10213 |
| 6.50%, 10/15/30<sup>(b)</sup> <br>| 20000 | 20809 |
| Synchrony Financial, <br> 7.25%, 2/02/33<br>| 69000 | 73142 |
| United Wholesale <br> Mortgage LLC, 5.50%, <br> 4/15/29<sup>(b)</sup> <br>| 59000 | 58106 |
| UWM Holdings LLC, |  |  |
| 6.63%, 2/01/30<sup>(b)</sup> <br>| 67000 | 68259 |
| 6.25%, 3/15/31<sup>(b)</sup> <br>| 15000 | 14973 |
|  |  | **3924379** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Cleveland-Cliffs, Inc., |  |  |
| 7.50%, 9/15/31<sup>(b)</sup> <br>| 40000 | 41873 |
| 7.38%, 5/01/33<sup>(b)</sup> <br>| 47000 | 48625 |
| 7.63%, 1/15/34<sup>(b)</sup> <br>| 72000 | 74856 |
| Reliance, Inc., 2.15%, <br> 8/15/30<br>| 40000 | 36104 |
|  |  | **201458** |
| **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** |
| Apple, Inc., 3.35%, 8/08/32 | 25000 | 23859 |
| CDW LLC/CDW <br> Finance Corp.,<br>|  |  |
| 5.10%, 3/01/30 | 10000 | 10198 |
| 3.57%, 12/01/31 | 230000 | 214438 |
| Cisco Systems, Inc., |  |  |
| 4.95%, 2/24/32 | 60000 | 61919 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Cisco Systems, Inc., |  |  |
| 5.05%, 2/26/34 | $45000 | $46390 |
| CommScope LLC, |  |  |
| 8.25%, 3/01/27<sup>(b)</sup> <br>| 81000 | 81528 |
| 7.13%, 7/01/28<sup>(b)</sup> <br>| 50000 | 50151 |
| 9.50%, 12/15/31<sup>(b)</sup> <br>| 22000 | 22409 |
| Diebold Nixdorf, Inc., <br> 7.75%, 3/31/30<sup>(b)</sup> <br>| 49000 | 51889 |
| Jabil, Inc., |  |  |
| 4.25%, 5/15/27 | 70000 | 70010 |
| 5.45%, 2/01/29 | 30000 | 30972 |
| Motorola Solutions, Inc., |  |  |
| 4.60%, 5/23/29 | 180000 | 181991 |
| 2.75%, 5/24/31 | 40000 | 36677 |
| 5.60%, 6/01/32 | 50000 | 52599 |
| 5.40%, 4/15/34 | 70000 | 72488 |
| 5.55%, 8/15/35 | 60000 | 62475 |
| NCR Atleos Corp., 9.50%, <br> 4/01/29<sup>(b)</sup> <br>| 41000 | 44277 |
| NetApp, Inc., 5.70%, <br> 3/17/35<br>| 44000 | 46048 |
| Teledyne FLIR LLC, 2.50%, <br> 8/01/30<br>| 40000 | 36923 |
| Teledyne <br> Technologies, Inc., 2.75%, <br> 4/01/31<br>| 30000 | 27676 |
| Viasat, Inc., |  |  |
| 6.50%, 7/15/28<sup>(b)</sup> <br>| 19000 | 18441 |
| 7.50%, 5/30/31<sup>(b)</sup> <br>| 61000 | 57239 |
| Western Digital Corp., <br> 3.10%, 2/01/32<br>| 20000 | 18216 |
|  |  | **1318813** |
| **Telecommunications – 1.0%** | **Telecommunications – 1.0%** | **Telecommunications – 1.0%** |
| AT&T, Inc., |  |  |
| 4.35%, 3/01/29 | 2000 | 2006 |
| 4.55%, 11/01/32 | 200000 | 198573 |
| EchoStar Corp., 10.75%, <br> 11/30/29<br>| 53303 | 58680 |
| Frontier Communications <br> Holdings LLC, 8.75%, <br> 5/15/30<sup>(b)</sup> <br>| 1318000 | 1378769 |
| GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> <br>| 57000 | 55625 |
| Level 3 Financing, Inc., |  |  |
| 4.25%, 7/01/28<sup>(b)</sup> <br>| 27000 | 25515 |
| 4.50%, 4/01/30<sup>(b)</sup> <br>| 60000 | 55425 |
| 3.88%, 10/15/30<sup>(b)</sup> <br>| 32000 | 28670 |
| 4.00%, 4/15/31<sup>(b)</sup> <br>| 5425 | 4842 |
| 6.88%, 6/30/33<sup>(b)</sup> <br>| 45000 | 46093 |
| 7.00%, 3/31/34<sup>(b)</sup> <br>| 20000 | 20548 |
| Lumen Technologies, Inc., |  |  |
| 4.13%, 4/15/30<sup>(b)</sup> <br>| 267 | 264 |
| 10.00%, 10/15/32<sup>(b)</sup> <br>| 6000 | 6060 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| Sprint Capital Corp., 8.75%, <br> 3/15/32<br>| $30000 | $36496 |
| T-Mobile USA, Inc., |  |  |
| 2.88%, 2/15/31 | 99000 | 91462 |
| 5.15%, 4/15/34 | 45000 | 45951 |
| 4.70%, 1/15/35 | 110000 | 107878 |
| 5.30%, 5/15/35 | 90000 | 92056 |
| Verizon <br> Communications, Inc., <br> 5.25%, 4/02/35<br>| 95000 | 96085 |
| WULF Compute LLC, 7.75%, <br> 10/15/30<sup>(b)</sup> <br>| 68000 | 70644 |
|  |  | **2421642** |
| **Tobacco & Cannabis – 0.5%** | **Tobacco & Cannabis – 0.5%** | **Tobacco & Cannabis – 0.5%** |
| Altria Group, Inc., |  |  |
| 6.20%, 11/01/28 | 110000 | 115978 |
| 3.40%, 5/06/30 | 30000 | 28826 |
| 2.45%, 2/04/32 | 190000 | 166966 |
| 6.88%, 11/01/33 | 110000 | 123718 |
| 5.25%, 8/06/35 | 45000 | 45385 |
| Philip Morris <br> International, Inc.,<br>|  |  |
| 3.38%, 8/15/29 | 15000 | 14590 |
| 5.63%, 11/17/29 | 204000 | 214043 |
| 2.10%, 5/01/30 | 60000 | 54763 |
| 5.75%, 11/17/32 | 25000 | 26615 |
| 5.38%, 2/15/33 | 50000 | 52071 |
| 5.63%, 9/07/33 | 90000 | 95209 |
| 4.90%, 11/01/34 | 100000 | 100617 |
| Turning Point Brands, Inc., <br> 7.63%, 3/15/32<sup>(b)</sup> <br>| 13000 | 13764 |
|  |  | **1052545** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28<sup>(b)</sup> <br>| 76000 | 77763 |
| 8.50%, 5/15/29<sup>(b)</sup> <br>| 20000 | 20865 |
| Clue Opco LLC, 9.50%, <br> 10/15/31<sup>(b)</sup> <br>| 42000 | 42814 |
| JetBlue <br> Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 9/20/31<sup>(b)</sup> <br>| 76000 | 74700 |
| United Parcel Service, Inc., <br> 4.45%, 4/01/30<br>| 15000 | 15269 |
|  |  | **231411** |
| **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 | **63026** |
| **Total Corporate Bonds** <br>(Cost $37,211,027) | **Total Corporate Bonds** <br>(Cost $37,211,027) | **37886455** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Foreign Issuer Bonds – 2.5%** | **Foreign Issuer Bonds – 2.5%** | **Foreign Issuer Bonds – 2.5%** |
| **Australia – 0.2%** | **Australia – 0.2%** | **Australia – 0.2%** |
| BHP Billiton Finance <br> USA Ltd., 4.75%, 2/28/28<br>| $270000 | $274051 |
| Fortescue Treasury Pty. Ltd., |  |  |
| 4.38%, 4/01/31<sup>(b)</sup> <br>| 12000 | 11615 |
| 6.13%, 4/15/32<sup>(b)</sup> <br>| 42000 | 43826 |
| Mineral Resources Ltd., <br> 7.00%, 4/01/31<sup>(b)</sup> <br>| 28000 | 28987 |
| Rio Tinto Finance USA Ltd., <br> 7.13%, 7/15/28<br>| 8000 | 8632 |
| Rio Tinto Finance USA PLC, <br> 5.25%, 3/14/35<br>| 70000 | 72414 |
|  |  | **439525** |
| **Austria – 0.0%**<sup>(d)</sup> | **Austria – 0.0%**<sup>(d)</sup> | **Austria – 0.0%**<sup>(d)</sup> |
| ams-OSRAM A.G., 12.25%, <br> 3/30/29<sup>(b)</sup> <br>| 17000 | **18293** |
| **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 | **84756** |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| Karoon USA Finance, Inc., <br> 10.50%, 5/14/29<sup>(b)</sup> <br>| 18000 | 18536 |
| Klabin Austria GmbH, |  |  |
| 3.20%, 1/12/31<sup>(b)</sup> <br>| 37000 | 33385 |
| 7.00%, 4/03/49<sup>(b)</sup> <br>| 44000 | 46517 |
|  |  | **98438** |
| **Canada – 0.5%** | **Canada – 0.5%** | **Canada – 0.5%** |
| Bank of Montreal, 5.72%, <br> 9/25/28<br>| 50000 | 52189 |
| Brookfield Finance, Inc., <br> 5.33%, 1/15/36<br>| 70000 | 70500 |
| Brookfield Residential <br> Properties, Inc./Brookfield <br> Residential U.S. LLC,<br>|  |  |
| 6.25%, 9/15/27<sup>(b)</sup> <br>| 3000 | 3000 |
| 4.88%, 2/15/30<sup>(b)</sup> <br>| 40000 | 36955 |
| Canadian Imperial Bank of <br> Commerce, (SOFR + <br> 1.34%), 4.63%, 9/11/30<sup>(h)</sup> <br>| 25000 | 25282 |
| Canadian National <br> Railway Co., 3.85%, <br> 8/05/32<br>| 60000 | 57880 |
| CGI, Inc., 4.95%, 3/14/30<sup>(b)</sup> <br>| 100000 | 101413 |
| Champion Iron Canda, Inc., <br> 7.88%, 7/15/32<sup>(b)</sup> <br>| 45000 | 47179 |
| Enbridge, Inc., 5.63%, <br> 4/05/34<br>| 35000 | 36529 |
| Fairfax Financial <br> Holdings Ltd.,<br>|  |  |
| 3.38%, 3/03/31 | 25000 | 23495 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Fairfax Financial <br> Holdings Ltd.,<br>|  |  |
| 5.63%, 8/16/32 | $70000 | $73079 |
| 6.00%, 12/07/33 | 181000 | 192567 |
| goeasy Ltd., |  |  |
| 9.25%, 12/01/28<sup>(b)</sup> <br>| 14000 | 14513 |
| 7.63%, 7/01/29<sup>(b)</sup> <br>| 65000 | 65471 |
| 6.88%, 5/15/30<sup>(b)</sup> <br>| 20000 | 19656 |
| 7.38%, 10/01/30<sup>(b)</sup> <br>| 12000 | 11973 |
| Greenfire Resources Ltd., <br> 12.00%, 10/01/28<sup>(b)</sup> <br>| 20000 | 21036 |
| MEG Energy Corp., 5.88%, <br> 2/01/29<sup>(b)</sup> <br>| 19000 | 19014 |
| New Flyer Holdings, Inc., <br> 9.25%, 7/01/30<sup>(b)</sup> <br>| 35000 | 37266 |
| New Gold, Inc., 6.88%, <br> 4/01/32<sup>(b)</sup> <br>| 5000 | 5229 |
| Parkland Corp., 6.63%, <br> 8/15/32<sup>(b)</sup> <br>| 18000 | 18376 |
| RB Global Holdings, Inc., <br> 6.75%, 3/15/28<sup>(b)</sup> <br>| 20000 | 20421 |
| Royal Bank of Canada, |  |  |
| 5.20%, 8/01/28 | 40000 | 41217 |
| (SOFR + 0.83%), 4.97%, <br> 1/24/29<sup>(h)</sup> <br>| 80000 | 81341 |
| Taseko Mines Ltd., 8.25%, <br> 5/01/30<sup>(b)</sup> <br>| 46000 | 48634 |
| Toronto-Dominion Bank <br> (The), 4.69%, 9/15/27<br>| 40000 | 40455 |
|  |  | **1164670** |
| **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>| 31000 | **32243** |
| **Congo – 0.0%**<sup>(d)</sup> | **Congo – 0.0%**<sup>(d)</sup> | **Congo – 0.0%**<sup>(d)</sup> |
| Ivanhoe Mines Ltd., 7.88%, <br> 1/23/30<sup>(b)</sup> <br>| 50000 | **51536** |
| **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>| 20000 | **20819** |
| **France – 0.0%**<sup>(d)</sup> | **France – 0.0%**<sup>(d)</sup> | **France – 0.0%**<sup>(d)</sup> |
| Vallourec SACA, 7.50%, <br> 4/15/32<sup>(b)</sup> <br>| 25000 | 26572 |
| Viridien, 10.00%, <br> 10/15/30<sup>(b)</sup> <br>| 10000 | 10478 |
|  |  | **37050** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Germany – 0.0%**<sup>(d)</sup> | **Germany – 0.0%**<sup>(d)</sup> | **Germany – 0.0%**<sup>(d)</sup> |
| IHO Verwaltungs GmbH, |  |  |
| (100% Cash), 7.75%, <br> 11/15/30<sup>(b)(g)</sup> <br>| $35000 | $36259 |
| (100% Cash), 8.00%, <br> 11/15/32<sup>(b)(g)</sup> <br>| 42000 | 43792 |
|  |  | **80051** |
| **Greece – 0.0%**<sup>(d)</sup> | **Greece – 0.0%**<sup>(d)</sup> | **Greece – 0.0%**<sup>(d)</sup> |
| Danaos Corp., 6.88%, <br> 10/15/32<br>| 33000 | **32451** |
| **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>| 55000 | 51374 |
| 7.38%, 4/02/32<sup>(b)</sup> <br>| 82000 | 85634 |
|  |  | **137008** |
| **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>| 74000 | **73172** |
| **Indonesia – 0.0%**<sup>(d)</sup> | **Indonesia – 0.0%**<sup>(d)</sup> | **Indonesia – 0.0%**<sup>(d)</sup> |
| Nickel Industries Ltd., <br> 9.00%, 9/30/30<sup>(b)</sup> <br>| 50000 | **51791** |
| **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 | **298657** |
| **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>| 14000 | **13965** |
| **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> 7.00%, 5/28/30<br>| 36000 | **37084** |
| **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** |
| Honda Motor Co. Ltd., |  |  |
| 2.53%, 3/10/27 | 70000 | 68585 |
| 4.69%, 7/08/30 | 110000 | 111095 |
| 5.34%, 7/08/35 | 120000 | 123004 |
| Kioxia Holdings Corp., |  |  |
| 6.25%, 7/24/30 | 81000 | 83631 |
| 6.63%, 7/24/33 | 11000 | 11474 |
| Mitsubishi UFJ Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 0.83%), <br> 2.34%, 1/19/28<sup>(h)</sup> <br>| 275000 | 269071 |
| Mizuho Financial <br> Group, Inc., (1Y US <br> Treasury CMT + 0.92%), <br> 4.71%, 7/08/31<sup>(h)</sup> <br>| 200000 | 202396 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** |
| Nissan Motor Co. Ltd., |  |  |
| 7.50%, 7/17/30 | $22000 | $23021 |
| 7.75%, 7/17/32 | 50000 | 52796 |
| 8.13%, 7/17/35<sup>(b)</sup> <br>| 78000 | 82957 |
| Rakuten Group, Inc., |  |  |
| 11.25%, 2/15/27<sup>(b)</sup> <br>| 13000 | 14038 |
| 9.75%, 4/15/29<sup>(b)</sup> <br>| 114000 | 127866 |
|  |  | **1169934** |
| **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>| 72000 | **64034** |
| **Nigeria – 0.0%**<sup>(d)</sup> | **Nigeria – 0.0%**<sup>(d)</sup> | **Nigeria – 0.0%**<sup>(d)</sup> |
| IHS Holding Ltd., 8.25%, <br> 11/29/31<br>| 26000 | **27048** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Stillwater Mining Co., |  |  |
| 4.00%, 11/16/26<sup>(b)</sup> <br>| 42000 | 41444 |
| 4.50%, 11/16/29<sup>(b)</sup> <br>| 54000 | 50487 |
|  |  | **91931** |
| **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** |
| Banco Bilbao Vizcaya <br> Argentaria S.A., (5Y US <br> Treasury CMT + 3.25%), <br> 7.75%, 1/14/32<sup>(h)(j)</sup> <br>| 61000 | 65083 |
| Grifols S.A., 4.75%, <br> 10/15/28<sup>(b)</sup> <br>| 41000 | 39644 |
|  |  | **104727** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| Eldorado Gold Corp., 6.25%, <br> 9/01/29<sup>(b)</sup> <br>| 49000 | 49100 |
| Sisecam UK PLC, |  |  |
| 8.25%, 5/02/29<sup>(b)</sup> <br>| 25000 | 25593 |
| 8.63%, 5/02/32<sup>(b)</sup> <br>| 65000 | 66949 |
|  |  | **141642** |
| **United Kingdom – 0.6%** | **United Kingdom – 0.6%** | **United Kingdom – 0.6%** |
| BAT Capital Corp., |  |  |
| 6.34%, 8/02/30 | 96000 | 103454 |
| 4.63%, 3/22/33 | 120000 | 118552 |
| 5.63%, 8/15/35 | 70000 | 72717 |
| BAT International Finance <br> PLC, 4.45%, 3/16/28<br>| 20000 | 20111 |
| Belron UK Finance PLC, <br> 5.75%, 10/15/29<sup>(b)</sup> <br>| 23000 | 23303 |
| Connect Finco <br> S.a.r.l./Connect U.S. Finco <br> LLC, 9.00%, 9/15/29<sup>(b)</sup> <br>| 35000 | 37062 |
| Diageo Capital PLC, 5.50%, <br> 1/24/33<br>| 260000 | 274399 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| HSBC Holdings PLC, |  |  |
| (SOFR + 1.97%), 6.16%, <br> 3/09/29<sup>(h)</sup> <br>| $200000 | $208367 |
| (SOFR + 1.29%), 5.29%, <br> 11/19/30<sup>(h)</sup> <br>| 400000 | 412528 |
| Ithaca Energy North Sea <br> PLC, 8.13%, 10/15/29<sup>(b)</sup> <br>| 81000 | 84925 |
| Jaguar Land Rover <br> Automotive PLC, 4.50%, <br> 10/01/27<sup>(b)</sup> <br>| 16000 | 15775 |
| Zegona Finance PLC, <br> 8.63%, 7/15/29<sup>(b)</sup> <br>| 68000 | 72246 |
|  |  | **1443439** |
| **Zambia – 0.1%** | **Zambia – 0.1%** | **Zambia – 0.1%** |
| First Quantum <br> Minerals Ltd.,<br>|  |  |
| 9.38%, 3/01/29<sup>(b)</sup> <br>| 41000 | 43383 |
| 8.63%, 6/01/31<sup>(b)</sup> <br>| 60000 | 62838 |
| 8.00%, 3/01/33<sup>(b)</sup> <br>| 29000 | 30821 |
| 7.25%, 2/15/34 | 11000 | 11423 |
|  |  | **148465** |
| **Total Foreign Issuer Bonds** <br>(Cost $5,739,374) | **Total Foreign Issuer Bonds** <br>(Cost $5,739,374) | **5862729** |
| **Mortgage-Backed Securities – 14.1%** | **Mortgage-Backed Securities – 14.1%** | **Mortgage-Backed Securities – 14.1%** |
| **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 | 6672 | 6612 |
| 2.50%, 11/01/50 | 60553 | 51793 |
|  |  | **58405** |
| **Government National Mortgage Association – 1.3%** | **Government National Mortgage Association – 1.3%** | **Government National Mortgage Association – 1.3%** |
| Pool, |  |  |
| 2.00%, 11/01/52<sup>(i)</sup> <br>| 925000 | 769164 |
| 2.50%, 11/01/52<sup>(i)</sup> <br>| 300000 | 259629 |
| 4.50%, 11/01/52<sup>(i)</sup> <br>| 225000 | 219562 |
| 6.50%, 11/01/53<sup>(i)</sup> <br>| 75000 | 77324 |
| 4.00%, 11/01/54<sup>(i)</sup> <br>| 150000 | 141845 |
| 3.00%, 11/01/55<sup>(i)</sup> <br>| 425000 | 381836 |
| 3.50%, 11/01/55<sup>(i)</sup> <br>| 250000 | 228805 |
| 5.00%, 11/01/55<sup>(i)</sup> <br>| 275000 | 274132 |
| 5.50%, 11/01/55<sup>(i)</sup> <br>| 375000 | 378092 |
| 6.00%, 11/01/55<sup>(i)</sup> <br>| 325000 | 330753 |
|  |  | **3061142** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Government National Mortgage Association II – 0.0%**<sup>(d)</sup> | **Government National Mortgage Association II – 0.0%**<sup>(d)</sup> | **Government National Mortgage Association II – 0.0%**<sup>(d)</sup> |
| Pool, <br>2.50%, 12/20/46 - <br> 1/20/51<br>| $138836 | **$118960** |
| **Uniform Mortgage-Backed Securities – 3.3%** | **Uniform Mortgage-Backed Securities – 3.3%** | **Uniform Mortgage-Backed Securities – 3.3%** |
| Pool, |  |  |
| 2.00%, 11/01/38 - <br> 11/01/52<sup>(i)</sup> <br>| 1875000 | 1563940 |
| 2.50%, 11/01/38 - <br> 11/01/52<sup>(i)</sup> <br>| 2015000 | 1751712 |
| 3.00%, 11/01/38 - <br> 11/01/52<sup>(i)</sup> <br>| 850000 | 762069 |
| 3.50%, 11/01/38 - <br> 11/01/52<sup>(i)</sup> <br>| 625000 | 577330 |
| 4.00%, 11/01/40 - <br> 11/01/52<sup>(i)</sup> <br>| 700000 | 666745 |
| 4.50%, 11/01/53<sup>(i)</sup> <br>| 325000 | 316752 |
| 5.00%, 11/01/53<sup>(i)</sup> <br>| 450000 | 447699 |
| 5.50%, 11/01/53<sup>(i)</sup> <br>| 625000 | 631435 |
| 6.00%, 11/01/54<sup>(i)</sup> <br>| 575000 | 587970 |
| 6.50%, 11/01/55<sup>(i)</sup> <br>| 325000 | 336533 |
|  |  | **7642185** |
| **Whole Loan – 9.5%** | **Whole Loan – 9.5%** | **Whole Loan – 9.5%** |
| FHLMC STACR REMIC <br> Trust,<br>|  |  |
| Series 2021-DNA1, <br> Class B1, (30D Average <br> SOFR + 2.65%), 6.83%, <br> 1/25/51<sup>(b)(k)</sup> <br>| 700000 | 733250 |
| Series 2021-DNA1, <br> Class B2, (30D Average <br> SOFR + 4.75%), 8.93%, <br> 1/25/51<sup>(b)(k)</sup> <br>| 740000 | 820335 |
| Series 2021-DNA2, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.58%, <br> 8/25/33<sup>(b)(k)</sup> <br>| 700000 | 772191 |
| Series 2021-DNA3, <br> Class B1, (30D Average <br> SOFR + 3.50%), 7.68%, <br> 10/25/33<sup>(b)(k)</sup> <br>| 250000 | 279845 |
| Series 2021-DNA5, <br> Class B1, (30D Average <br> SOFR + 3.05%), 7.23%, <br> 1/25/34<sup>(b)(k)</sup> <br>| 784414 | 834926 |
| Series 2021-DNA5, <br> Class B2, (30D Average <br> SOFR + 5.50%), 9.68%, <br> 1/25/34<sup>(b)(k)</sup> <br>| 250000 | 299216 |
| Series 2021-DNA6, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.58%, <br> 10/25/41<sup>(b)(k)</sup> <br>| 530000 | 541253 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| FHLMC STACR REMIC <br> Trust,<br>|  |  |
| Series 2021-HQA1, <br> Class B1, (30D Average <br> SOFR + 3.00%), 7.18%, <br> 8/25/33<sup>(b)(k)</sup> <br>| $629000 | $683446 |
| Series 2021-HQA2, <br> Class B1, (30D Average <br> SOFR + 3.15%), 7.33%, <br> 12/25/33<sup>(b)(k)</sup> <br>| 400000 | 441252 |
| Series 2021-HQA2, <br> Class B2, (30D Average <br> SOFR + 5.45%), 9.63%, <br> 12/25/33<sup>(b)(k)</sup> <br>| 200000 | 236622 |
| Series 2021-HQA3, <br> Class B1, (30D Average <br> SOFR + 3.35%), 7.53%, <br> 9/25/41<sup>(b)(k)</sup> <br>| 800000 | 813248 |
| Series 2021-HQA3, <br> Class M2, (30D Average <br> SOFR + 2.10%), 6.28%, <br> 9/25/41<sup>(b)(k)</sup> <br>| 355000 | 357552 |
| Series 2021-HQA4, <br> Class B1, (30D Average <br> SOFR + 3.75%), 7.93%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 750000 | 768517 |
| Series 2022-DNA1, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.58%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 250000 | 256267 |
| Series 2022-DNA1, <br> Class M2, (30D Average <br> SOFR + 2.50%), 6.68%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 250000 | 254303 |
| Series 2022-DNA2, <br> Class M2, (30D Average <br> SOFR + 3.75%), 7.93%, <br> 2/25/42<sup>(b)(k)</sup> <br>| 300000 | 310235 |
| Series 2022-DNA3. <br> Class M2, (30D Average <br> SOFR + 4.35%), 8.53%, <br> 4/25/42<sup>(b)(k)</sup> <br>| 521000 | 545319 |
| Series 2022-DNA4, <br> Class M2, (30D Average <br> SOFR + 5.25%), 9.43%, <br> 5/25/42<sup>(b)(k)</sup> <br>| 550000 | 584034 |
| Series 2022-DNA7, <br> Class M2, (30D Average <br> SOFR + 7.00%), 11.18%, <br> 3/25/52<sup>(b)(k)</sup> <br>| 500000 | 552970 |
| Series 2022-HQA1, <br> Class M2, (30D Average <br> SOFR + 5.25%), 9.43%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 788000 | 829866 |
| Series 2022-HQA2, <br> Class M2, (30D Average <br> SOFR + 6.00%), 10.18%, <br> 7/25/42<sup>(b)(k)</sup> <br>| 485000 | 522132 |

---

See accompanying Notes to Financial Statements

------

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

------

**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 2023-HQA3, <br> Class M2, 7.53%, <br> 11/25/43<sup>(b)(k)</sup> <br>| $500000 | $526815 |
| Series 2021-DNA7, <br> Class B1, (30D Average <br> SOFR + 3.65%), 7.83%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 860000 | 881939 |
| FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| Series 2020-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.36%), 7.55%, <br> 1/25/40<sup>(b)(k)</sup> <br>| 100870 | 103388 |
| Series 2020-SBT1, Class <br> 1M2, (30D Average <br> SOFR + 3.76%), 8.12%, <br> 2/25/40<sup>(b)(k)</sup> <br>| 925000 | 957609 |
| Series 2021-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.10%), 7.28%, <br> 10/25/41<sup>(b)(k)</sup> <br>| 855200 | 872261 |
| Series 2021-R02, Class <br> 2B1, (30D Average SOFR <br> + 3.30%), 7.48%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 750000 | 766372 |
| Series 2021-R03, Class <br> 1B1, (30D Average SOFR <br> + 2.75%), 6.93%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 900000 | 917012 |
| Series 2022-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.15%), 7.33%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 802000 | 820031 |
| Series 2022-R02, Class <br> 2B1, (30D Average SOFR <br> + 4.50%), 8.68%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 786000 | 815450 |
| Series 2022-R02, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 7.18%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 701348 | 716940 |
| Series 2022-R03, Class <br> 1B1, (30D Average SOFR <br> + 6.25%), 10.43%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 635000 | 677469 |
| Series 2022-R04, Class <br> 1B1, (30D Average SOFR <br> + 5.25%), 9.43%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 250000 | 263625 |
| Series 2022-R05, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 7.18%, <br> 4/25/42<sup>(b)(k)</sup> <br>| 540000 | 553333 |
| Series 2022-R06, Class <br> 1B1, (30D Average SOFR <br> + 6.35%), 10.53%, <br> 5/25/42<sup>(b)(k)</sup> <br>| 290000 | 312264 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| Series 2022-R07, Class <br> 1B1, 10.98%, 6/25/42<sup>(b)(k)</sup> <br>| $500000 | $544353 |
| Series 2022-R08, Class <br> 1B1, (30D Average SOFR <br> + 5.60%), 9.78%, <br> 7/25/42<sup>(b)(k)</sup> <br>| 235000 | 252057 |
| Series 2024-R02, Class <br> 1B1, (30D Average SOFR <br> + 2.50%), 6.68%, <br> 2/25/44<sup>(b)(k)</sup> <br>| 345000 | 352932 |
| Series 2024-R06, Class <br> 1B1, (30D Average SOFR <br> + 2.05%), 6.23%, <br> 9/25/44<sup>(b)(k)</sup> <br>| 250000 | 250941 |
|  |  | **22021570** |
| **Total Mortgage-Backed Securities** <br>(Cost $32,751,279) | **Total Mortgage-Backed Securities** <br>(Cost $32,751,279) | **32902262** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Preferred Stocks – 1.3%** | **Preferred Stocks – 1.3%** | **Preferred Stocks – 1.3%** |
| **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** |
| Adamas Trust, Inc., (3M <br> USD LIBOR + 6.43%), <br> 11.25%<sup>(k)</sup> <br>| 2103 | 52890 |
| Adamas Trust, Inc. <br> (NASDAQ Exchange), <br> (SOFR + 6.13%), 6.88%<sup>(k)</sup> <br>| 21682 | 481774 |
| AGNC Investment Corp., <br> (3M CME Term SOFR + <br> 4.96%), 8.85%<sup>(k)</sup> <br>| 23314 | 579586 |
| AGNC Investment Corp. <br> (NASDAQ Exchange), (3M <br> CME Term SOFR + 5.25%), <br> 9.14%<sup>(k)</sup> <br>| 3228 | 81120 |
| MFA Financial, Inc., (3M <br> CME Term SOFR + 5.61%), <br> 9.49%<sup>(k)</sup> <br>| 31438 | 746653 |
| Redwood Trust, Inc., (5Y US <br> Treasury CMT + 6.28%), <br> 10.00%<sup>(k)</sup> <br>| 7133 | 175115 |
| Rithm Capital Corp., (3M <br> CME Term SOFR + 5.90%), <br> 9.79%<sup>(k)</sup> <br>| 5335 | 133588 |
| Rithm Capital Corp. (New <br> York Exchange), (3M CME <br> Term SOFR + 5.23%), <br> 9.12%<sup>(k)</sup> <br>| 28302 | 693116 |
| **Total Preferred Stocks** <br>(Cost $2,641,822) | **Total Preferred Stocks** <br>(Cost $2,641,822) | **2943842** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **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>(e)(l)\*</sup> <br>| 21904 | $60689 |
| Concert <br> Pharmaceuticals, Inc. <br> CVR<sup>(e)(l)\*</sup> <br>| 97290 | 46359 |
|  |  | **107048** |
| **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>(e)(l)\*</sup> <br>| 44100 | **69969** |
| **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>(e)(l)\*</sup> <br>| 8954 | **14327** |
| **Total Rights** <br>(Cost $—) | **Total Rights** <br>(Cost $—) | **191344** |
| **Warrants – 0.0%**<sup>(d)</sup>  | **Warrants – 0.0%**<sup>(d)</sup>  | **Warrants – 0.0%**<sup>(d)</sup>  |
| **Retail - Discretionary – 0.0%**<sup>(d)</sup> | **Retail - Discretionary – 0.0%**<sup>(d)</sup> | **Retail - Discretionary – 0.0%**<sup>(d)</sup> |
| GameStop Corp.\* | 1410 | **4231** |
| **Total Warrants** <br>(Cost $—) | **Total Warrants** <br>(Cost $—) | **4231** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 18.6%** | **Short-Term Investments – 18.6%** | **Short-Term Investments – 18.6%** |
| **Convertible Bonds – 3.1%** | **Convertible Bonds – 3.1%** | **Convertible Bonds – 3.1%** |
| CenterPoint Energy, Inc., <br> 4.25%, 8/15/26<sup>(c)</sup> <br>| $623000 | 685300 |
| Dayforce, Inc., 0.25%, <br> 3/15/26<sup>(c)</sup> <br>| 331000 | 324711 |
| Duke Energy Corp., (30D <br> Average SOFR + 6.80%), <br> 4.13%, 4/15/26<sup>(c)</sup> <br>| 673000 | 724485 |
| Enphase Energy, Inc., <br> 0.00%, 3/01/26<sup>(f)</sup> <br>| 252000 | 246658 |
| fuboTV, Inc., 3.25%, 2/15/26 | 695000 | 688050 |
| Haemonetics Corp., 0.00%, <br> 3/01/26<sup>(f)</sup> <br>| 390000 | 383682 |
| Jamf Holding Corp., 0.13%, <br> 9/01/26<br>| 79000 | 76867 |
| Mitek Systems, Inc., 0.75%, <br> 2/01/26<br>| 141000 | 138885 |
| Peloton Interactive, Inc., <br> 0.00%, 2/15/26<sup>(f)</sup> <br>| 126000 | 123165 |
| PennyMac Corp., 5.50%, <br> 3/15/26<sup>(c)</sup> <br>| 741000 | 736554 |
| Summit Hotel <br> Properties, Inc., 1.50%, <br> 2/15/26<sup>(c)</sup> <br>| 1156000 | 1138660 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Convertible Bonds (Continued)** | **Convertible Bonds (Continued)** | **Convertible Bonds (Continued)** |
| Two Harbors <br> Investment Corp., 6.25%, <br> 1/15/26<sup>(c)</sup> <br>| $1249000 | $1240881 |
| XPLR Infrastructure L.P., <br> 0.00%, 11/15/25<sup>(b)(c)(f)</sup> <br>| 664000 | 662340 |
|  |  | **7170238** |
| **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings <br> USA, Inc., 4.13%, <br> 8/15/26<sup>(b)</sup> <br>| 82000 | 75440 |
| Ares Capital Corp., 2.15%, <br> 7/15/26<br>| 48000 | 47260 |
| AT&T, Inc., (30D Average <br> SOFR + 3.35%), 1.70%, <br> 3/25/26<br>| 373000 | 369351 |
| AutoZone, Inc., 5.05%, <br> 7/15/26\*<br>| 120000 | 120764 |
| Brookfield Property <br> REIT, Inc./BPR <br> Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco <br> LL, 5.75%, 5/15/26<sup>(b)</sup> <br>| 17000 | 16952 |
| Charles Schwab <br> (The) Corp.,<br>|  |  |
| 1.15%, 5/13/26 | 50000 | 49241 |
| 5.88%, 8/24/26 | 75000 | 75987 |
| Duke Energy Corp., 2.65%, <br> 9/01/26<br>| 100000 | 98795 |
| Equinix, Inc., 1.45%, <br> 5/15/26<br>| 70000 | 68945 |
| Golub Capital BDC, Inc., <br> 2.50%, 8/24/26<br>| 10000 | 9823 |
| Jabil, Inc., 1.70%, 4/15/26 | 65000 | 64266 |
| Nissan Motor <br> Acceptance Co. LLC, <br> 6.95%, 9/15/26<sup>(b)</sup> <br>| 9000 | 9118 |
| ONEOK, Inc., 5.85%, <br> 1/15/26<br>| 77000 | 77142 |
| Oracle Corp., 1.65%, <br> 3/25/26<br>| 180000 | 178243 |
| Ovintiv, Inc., 5.38%, 1/01/26 | 10000 | 9990 |
| PPG Industries, Inc., 1.20%, <br> 3/15/26<br>| 165000 | 163155 |
| PPL Capital Funding, Inc., <br> 3.10%, 5/15/26<br>| 20000 | 19875 |
| WEC Energy Group, Inc., <br> 5.60%, 9/12/26<br>| 7000 | 7079 |
|  |  | **1461426** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** |
| Bank of Nova Scotia (The), <br> 1.35%, 6/24/26<br>| $44000 | $43263 |
| Lloyds Banking Group PLC, <br> 4.58%, 12/10/25<br>| 200000 | 200033 |
|  |  | **243296** |
| **Money Market Fund – 6.6%** | **Money Market Fund – 6.6%** | **Money Market Fund – 6.6%** |
| Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.91%<sup>(m)</sup> <br>| 15466374 | **15466374** |
| **U.S. Treasury Bills – 8.2%** | **U.S. Treasury Bills – 8.2%** | **U.S. Treasury Bills – 8.2%** |
| U.S. Treasury Bill, 3.91%, <br> 11/25/25<sup>(n)</sup> <br>| 19162000 | **19116576** |
| **Total Short-Term Investments** <br>(Cost $43,357,683) | **Total Short-Term Investments** <br>(Cost $43,357,683) | **43457910** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **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> |
| STAAR Surgical Co., Strike <br> Price USD 30.00, Expires <br> 11/21/25<br>| 34 | 87958 | **1360** |
| **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> |
| Akero Therapeutics, Inc., |  |  |  |
| Strike Price USD 47.50, <br> Expires 2/20/26<br>| 68 | 368560 | 1190 |
| Strike Price USD 52.50, <br> Expires 2/20/26<br>| 68 | 368560 | 1700 |
| Strike Price USD 50.00, <br> Expires 1/16/26<br>| 60 | 325200 | 1050 |
| Avidity Biosciences, Inc., |  |  |  |
| Strike Price USD 60.00, <br> Expires 1/16/26<br>| 51 | 356235 | 1530 |
| Strike Price USD 65.00, <br> Expires 1/16/26<br>| 27 | 188595 | 1350 |
| Hillenbrand, Inc., |  |  |  |
| Strike Price USD 25.00, <br> Expires 4/17/26<br>| 54 | 170640 | 1620 |
| Strike Price USD 30.00, <br> Expires 1/16/26<br>| 59 | 186440 | 1475 |
| Strike Price USD 25.00, <br> Expires 1/16/26<br>| 1 | 3160 | 13 |
| Hologic, Inc., Strike Price USD <br> 72.50, Expires 3/20/26<br>| 50 | 369550 | 2625 |
| Merus N.V., Strike Price USD <br> 65.00, Expires 3/20/26<br>| 78 | 739908 | 4485 |
| Metsera, Inc., |  |  |  |
| Strike Price USD 45.00, <br> Expires 11/21/25<br>| 15 | 94560 | 75 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Put Options - Exchange Traded (Continued)** | **Put Options - Exchange Traded (Continued)** | **Put Options - Exchange Traded (Continued)** | **Put Options - Exchange Traded (Continued)** |
| Strike Price USD 45.00, <br> Expires 2/20/26<br>| 69 | 434976 | $1035 |
| Strike Price USD 50.00, <br> Expires 2/20/26<br>| 69 | 434976 | 4140 |
| STAAR Surgical Co., Strike <br> Price USD 25.00, Expires <br> 11/21/25<br>| 14 | 36218 | 1750 |
| Synovus Financial Corp., <br> Strike Price USD 50.00, <br> Expires 11/21/25<br>| 139 | 620496 | 83400 |
| Teck Resources Ltd., Strike <br> Price USD 35.00, Expires <br> 1/16/26<br>| 182 | 1093820 | 10010 |
|  |  |  | **117448** |
| **Total Purchased Options** <br>(Premiums Paid $119,590) | **Total Purchased Options** <br>(Premiums Paid $119,590) | **Total Purchased Options** <br>(Premiums Paid $119,590) | **118808** |
| **Total Long Positions – 103.5%** <br>(Cost $230,648,416) | **Total Long Positions – 103.5%** <br>(Cost $230,648,416) | **Total Long Positions – 103.5%** <br>(Cost $230,648,416) | **241164230** |

---

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short Positions – (16.3)%**<sup>(o)</sup> | **Short Positions – (16.3)%**<sup>(o)</sup> | **Short Positions – (16.3)%**<sup>(o)</sup> |
| **Warrants - (0.0)%**<sup>(d)</sup>  | **Warrants - (0.0)%**<sup>(d)</sup>  | **Warrants - (0.0)%**<sup>(d)</sup>  |
| GameStop Corp. | (1027)<br>| (3081)<br>|
| **Total Warrants** <br>(Proceeds $—) | **Total Warrants** <br>(Proceeds $—) | **(3081)**<br>|
| **Common Stocks – (16.3)%** | **Common Stocks – (16.3)%** | **Common Stocks – (16.3)%** |
| **Apparel & Textile Products – (0.7)%** | **Apparel & Textile Products – (0.7)%** | **Apparel & Textile Products – (0.7)%** |
| Gildan Activewear, Inc. <br> (Canada)<br>| (25808)<br>| **(1504348)**<br>|
| **Asset Management – (1.7)%** | **Asset Management – (1.7)%** | **Asset Management – (1.7)%** |
| Affiliated Managers <br> Group, Inc.<br>| (2346)<br>| (558254)<br>|
| Apollo Global <br> Management, Inc.<br>| (5017)<br>| (623663)<br>|
| Ares Management Corp., <br> Class A<br>| (4464)<br>| (663841)<br>|
| IREN Ltd. (Australia) | (7626)<br>| (463280)<br>|
| KKR & Co., Inc. | (3915)<br>| (463262)<br>|
| Terawulf, Inc. | (55804)<br>| (864962)<br>|
| WisdomTree, Inc. | (16957)<br>| (202806)<br>|
|  |  | **(3840068)**<br>|
| **Automotive – (0.1)%** | **Automotive – (0.1)%** | **Automotive – (0.1)%** |
| indie Semiconductor, Inc., <br> Class A (China)<br>| (27571)<br>| **(148332)**<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking – (1.3)%** | **Banking – (1.3)%** | **Banking – (1.3)%** |
| Fifth Third Bancorp | (51556)<br>| $(2145761)<br>|
| Huntington <br> Bancshares, Inc.<br>| (53343)<br>| (823615)<br>|
|  |  | **(2969376)**<br>|
| **Biotechnology & Pharmaceuticals – (1.0)%** | **Biotechnology & Pharmaceuticals – (1.0)%** | **Biotechnology & Pharmaceuticals – (1.0)%** |
| Ascendis Pharma A/S ADR <br> (Denmark)<br>| (1655)<br>| (333648)<br>|
| BioCryst <br> Pharmaceuticals, Inc.<br>| (20894)<br>| (152944)<br>|
| Bridgebio Pharma, Inc. | (4823)<br>| (302113)<br>|
| Celcuity, Inc. | (1046)<br>| (80709)<br>|
| Collegium <br> Pharmaceutical, Inc.<br>| (11463)<br>| (412668)<br>|
| Ionis Pharmaceuticals, Inc. | (3385)<br>| (251506)<br>|
| Jazz Pharmaceuticals PLC | (3202)<br>| (440723)<br>|
| Mirum <br> Pharmaceuticals, Inc.<br>| (4579)<br>| (332664)<br>|
| Pacira BioSciences, Inc. | (4250)<br>| (90865)<br>|
|  |  | **(2397840)**<br>|
| **Cable & Satellite – (0.1)%** | **Cable & Satellite – (0.1)%** | **Cable & Satellite – (0.1)%** |
| Sirius XM Holdings, Inc. | (10502)<br>| **(227788)**<br>|
| **Chemicals – (0.4)%** | **Chemicals – (0.4)%** | **Chemicals – (0.4)%** |
| Albemarle Corp. | (10037)<br>| **(985934)**<br>|
| **Commercial Support Services – (0.3)%** | **Commercial Support Services – (0.3)%** | **Commercial Support Services – (0.3)%** |
| Alarm.com Holdings, Inc. | (2289)<br>| (112665)<br>|
| CSG Systems <br> International, Inc.<br>| (6997)<br>| (547655)<br>|
|  |  | **(660320)**<br>|
| **E-Commerce Discretionary – (0.3)%** | **E-Commerce Discretionary – (0.3)%** | **E-Commerce Discretionary – (0.3)%** |
| Wayfair, Inc., Class A | (6213)<br>| **(643108)**<br>|
| **Electric Utilities – (0.5)%** | **Electric Utilities – (0.5)%** | **Electric Utilities – (0.5)%** |
| CenterPoint Energy, Inc. | (11316)<br>| (432724)<br>|
| Duke Energy Corp. | (4026)<br>| (500431)<br>|
| PG&E Corp. | (11103)<br>| (177204)<br>|
|  |  | **(1110359)**<br>|
| **Electrical Equipment – (0.3)%** | **Electrical Equipment – (0.3)%** | **Electrical Equipment – (0.3)%** |
| Bloom Energy Corp., <br> Class A<br>| (392)<br>| (51807)<br>|
| OSI Systems, Inc. | (2285)<br>| (636281)<br>|
|  |  | **(688088)**<br>|
| **Entertainment Content – (0.4)%** | **Entertainment Content – (0.4)%** | **Entertainment Content – (0.4)%** |
| Sphere Entertainment Co. | (14837)<br>| **(1016038)**<br>|
| **Food – (0.0)%**<sup>(d)</sup> | **Food – (0.0)%**<sup>(d)</sup> | **Food – (0.0)%**<sup>(d)</sup> |
| Kellanova | (1000)<br>| **(83060)**<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services – (0.4)%** | **Health Care Facilities & Services – (0.4)%** | **Health Care Facilities & Services – (0.4)%** |
| BrightSpring Health <br> Services, Inc.<br>| (25731)<br>| $(850409)<br>|
| Oscar Health, Inc., Class A | (4655)<br>| (83790)<br>|
|  |  | **(934199)**<br>|
| **Household Products – (0.1)%** | **Household Products – (0.1)%** | **Household Products – (0.1)%** |
| Oddity Tech Ltd., Class A <br> (Israel)<br>| (1410)<br>| (63803)<br>|
| Spectrum Brands <br> Holdings, Inc.<br>| (1147)<br>| (61800)<br>|
|  |  | **(125603)**<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 | (10701)<br>| (83468)<br>|
| Ziff Davis, Inc. | (116)<br>| (3932)<br>|
|  |  | **(87400)**<br>|
| **IT Services – (0.1)%** | **IT Services – (0.1)%** | **IT Services – (0.1)%** |
| Parsons Corp. | (1886)<br>| **(156802)**<br>|
| **Leisure Facilities & Services – (0.5)%** | **Leisure Facilities & Services – (0.5)%** | **Leisure Facilities & Services – (0.5)%** |
| Cheesecake Factory <br> (The), Inc.<br>| (6019)<br>| (299746)<br>|
| DraftKings, Inc., Class A | (961)<br>| (29397)<br>|
| Live Nation <br> Entertainment, Inc.<br>| (5952)<br>| (890003)<br>|
| Marriott Vacations <br> Worldwide Corp.<br>| (190)<br>| (12536)<br>|
| Norwegian Cruise Line <br> Holdings Ltd.<br>| (1381)<br>| (30962)<br>|
|  |  | **(1262644)**<br>|
| **Machinery – (0.0)%**<sup>(d)</sup> | **Machinery – (0.0)%**<sup>(d)</sup> | **Machinery – (0.0)%**<sup>(d)</sup> |
| JBT Marel Corp. | (37)<br>| **(4666)**<br>|
| **Medical Equipment & Devices – (0.7)%** | **Medical Equipment & Devices – (0.7)%** | **Medical Equipment & Devices – (0.7)%** |
| Bruker Corp. | (5840)<br>| (227410)<br>|
| CONMED Corp. | (329)<br>| (14476)<br>|
| Dexcom, Inc. | (331)<br>| (19271)<br>|
| Enovis Corp. | (5577)<br>| (174225)<br>|
| Exact Sciences Corp. | (6316)<br>| (408582)<br>|
| Haemonetics Corp. | (962)<br>| (48110)<br>|
| Integer Holdings Corp. | (1076)<br>| (69477)<br>|
| LeMaitre Vascular, Inc. | (2078)<br>| (179976)<br>|
| Omnicell, Inc. | (6995)<br>| (234822)<br>|
| Tempus AI, Inc. | (1670)<br>| (150049)<br>|
|  |  | **(1526398)**<br>|
| **Metals & Mining – (1.3)%** | **Metals & Mining – (1.3)%** | **Metals & Mining – (1.3)%** |
| Centrus Energy Corp., <br> Class A<br>| (2571)<br>| (944740)<br>|
| Century Aluminum Co. | (19157)<br>| (567430)<br>|
| Equinox Gold Corp. <br> (Canada)<br>| (71076)<br>| (779704)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Metals & Mining (Continued)** | **Metals & Mining (Continued)** | **Metals & Mining (Continued)** |
| Fortuna Mining Corp. <br> (Canada)<br>| (52665)<br>| $(435539)<br>|
| Peabody Energy Corp. | (13849)<br>| (379740)<br>|
|  |  | **(3107153)**<br>|
| **Real Estate Investment Trusts – (0.1)%** | **Real Estate Investment Trusts – (0.1)%** | **Real Estate Investment Trusts – (0.1)%** |
| Pebblebrook Hotel Trust | (14610)<br>| **(152821)**<br>|
| **Renewable Energy – (0.3)%** | **Renewable Energy – (0.3)%** | **Renewable Energy – (0.3)%** |
| Array Technologies, Inc. | (12473)<br>| (108016)<br>|
| SolarEdge <br> Technologies, Inc.<br>| (4714)<br>| (165414)<br>|
| Sunrun, Inc. | (16532)<br>| (343205)<br>|
|  |  | **(616635)**<br>|
| **Retail - Consumer Staples – (0.0)%**<sup>(d)</sup> | **Retail - Consumer Staples – (0.0)%**<sup>(d)</sup> | **Retail - Consumer Staples – (0.0)%**<sup>(d)</sup> |
| Hims & Hers Health, Inc. | (1936)<br>| **(88011)**<br>|
| **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** |
| GameStop Corp., Class A | (9752)<br>| **(217372)**<br>|
| **Semiconductors – (0.4)%** | **Semiconductors – (0.4)%** | **Semiconductors – (0.4)%** |
| Cohu, Inc. | (2099)<br>| (49935)<br>|
| MKS, Inc. | (2642)<br>| (379682)<br>|
| ON Semiconductor Corp. | (2722)<br>| (136318)<br>|
| Skyworks Solutions, Inc. | (5689)<br>| (442149)<br>|
|  |  | **(1008084)**<br>|
| **Software – (2.6)%** | **Software – (2.6)%** | **Software – (2.6)%** |
| Bentley Systems, Inc., <br> Class B<br>| (1437)<br>| (73043)<br>|
| BILL Holdings, Inc. | (1379)<br>| (68481)<br>|
| DigitalOcean Holdings, Inc. | (6312)<br>| (256646)<br>|
| Evolent Health, Inc., Class A | (5954)<br>| (39713)<br>|
| Five9, Inc. | (1175)<br>| (28529)<br>|
| Nebius Group N.V. <br> (Netherlands)<br>| (1120)<br>| (146518)<br>|
| Pagaya Technologies Ltd., <br> Class A<br>| (20730)<br>| (557430)<br>|
| Palo Alto Networks, Inc. | (18642)<br>| (4105714)<br>|
| Planet Labs PBC | (10600)<br>| (142570)<br>|
| Progress Software Corp. | (4183)<br>| (178363)<br>|
| PROS Holdings, Inc. | (1436)<br>| (33100)<br>|
| Rapid7, Inc. | (1581)<br>| (29264)<br>|
| Rubrik, Inc., Class A | (198)<br>| (14904)<br>|
| Strategy, Inc. | (290)<br>| (78158)<br>|
| Unity Software, Inc. | (7062)<br>| (267650)<br>|
| Wix.com Ltd. (Israel) | (584)<br>| (84995)<br>|
| Zscaler, Inc. | (134)<br>| (44373)<br>|
|  |  | **(6149451)**<br>|
| **Specialty Finance – (0.4)%** | **Specialty Finance – (0.4)%** | **Specialty Finance – (0.4)%** |
| Block, Inc. | (64)<br>| (4860)<br>|
| EZCORP, Inc., Class A | (32679)<br>| (596391)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| Qfin Holdings, Inc. ADR <br> (China)<br>| (1239)<br>| $(29922)<br>|
| Shift4 Payments, Inc., <br> Class A<br>| (4248)<br>| (293537)<br>|
|  |  | **(924710)**<br>|
| **Technology Hardware – (1.3)%** | **Technology Hardware – (1.3)%** | **Technology Hardware – (1.3)%** |
| ADTRAN Holdings, Inc. | (9949)<br>| (103669)<br>|
| Applied <br> Optoelectronics, Inc.<br>| (4995)<br>| (177622)<br>|
| Hewlett Packard <br> Enterprise Co.<br>| (24306)<br>| (593553)<br>|
| Lumentum Holdings, Inc. | (1262)<br>| (254369)<br>|
| NCR Voyix Corp. | (16510)<br>| (188379)<br>|
| Super Micro Computer, Inc. | (5770)<br>| (299809)<br>|
| Western Digital Corp. | (9683)<br>| (1454483)<br>|
|  |  | **(3071884)**<br>|
| **Telecommunications – (0.1)%** | **Telecommunications – (0.1)%** | **Telecommunications – (0.1)%** |
| AST SpaceMobile, Inc. | (3293)<br>| (264263)<br>|
| BlackSky Technology, Inc. | (2714)<br>| (57320)<br>|
|  |  | **(321583)**<br>|
| **Transportation & Logistics – (0.7)%** | **Transportation & Logistics – (0.7)%** | **Transportation & Logistics – (0.7)%** |
| Union Pacific Corp. | (7402)<br>| **(1631179)**<br>|
| **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** |
| Greenbrier (The) Cos., Inc. | (5756)<br>| **(240428)**<br>|
| **Total Common Stocks** <br>(Proceeds $31,123,829) | **Total Common Stocks** <br>(Proceeds $31,123,829) | **(37901682)**<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. CVR <br> (Switzerland Exchange)<sup>(e)</sup> <br>| (52)<br>|  |
| Ligand <br> Pharmaceuticals, Inc. <br> CVR<sup>(e)</sup> <br>| (52)<br>|  |
| **Total Rights** <br>(Proceeds $—) | **Total Rights** <br>(Proceeds $—) | **—** |
| **Total Short Positions – (16.3)%** <br>(Proceeds $31,123,829) | **Total Short Positions – (16.3)%** <br>(Proceeds $31,123,829) | **(37904763)**<br>|
| **Total Written Options – (0.0)%**<sup>(d)</sup> <br>(Premiums Received $53,863) | **Total Written Options – (0.0)%**<sup>(d)</sup> <br>(Premiums Received $53,863) | (63604)<br>|
| Other Assets less Liabilities – 12.8%<sup>(p)</sup>  | Other Assets less Liabilities – 12.8%<sup>(p)</sup>  | 29703534 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$232899397** |
| *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. |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

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

<sup>(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 October 31, 2025, these securities had a total value of $52,808,531 or 22.67% 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 agreements.

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

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

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

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

<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 October 31, 2025 is disclosed. 

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

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

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

<sup>(l)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At October 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $191,344 or 0.08% of net assets. 

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| ABIOMED, Inc. CVR | 12/23/2022 | $— |
| Albireo Pharma, Inc. CVR | 3/03/2023 |  |
| Concert Pharmaceuticals, Inc. CVR | 3/07/2023 |  |
| Resolute Forest Products, Inc. CVR | 3/01/2023 |  |

---

<sup>(m)</sup> 7-day current yield as of October 31, 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 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | |
|:---|:---|
| S&P | Standards & Poor's |
| SOFR | United States Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |
| USD | United States Dollar |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Futures Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 1709743 | &nbsp;&nbsp; $117 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4850344 | &nbsp;&nbsp; 58021 |
| Long Gilt | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 737932 | &nbsp;&nbsp; 25866 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 33735234 | &nbsp;&nbsp; (10895)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5788180 | &nbsp;&nbsp; (4798)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$68311** |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 12/10/2025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1043990 | &nbsp;&nbsp; $(13299)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (58)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6534969 | &nbsp;&nbsp; (10682)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1877000 | &nbsp;&nbsp; (44367)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 606406 | &nbsp;&nbsp; (19824)<br>|
| 10-Year Canadian Government Bond | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 350105 | &nbsp;&nbsp; (8741)<br>|
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$(96913)**<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$(28602)**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025:** |
| **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| &nbsp;&nbsp; **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counterparty** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 12/15/25 | U.S. Dollars | &nbsp;&nbsp; 2177486 | British Pounds | &nbsp;&nbsp; 1605500 | Northern Trust | &nbsp;&nbsp; $68230 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 2663675 | Euro | &nbsp;&nbsp; 2256000 | Barclays | &nbsp;&nbsp; 56183 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 1897546 | British Pounds | &nbsp;&nbsp; 1401750 | Morgan Stanley | &nbsp;&nbsp; 55975 |
| 12/15/25 | U.S. Dollars | &nbsp;&nbsp; 2490548 | Euro | &nbsp;&nbsp; 2112890 | Northern Trust | &nbsp;&nbsp; 48761 |
| 12/15/25 | U.S. Dollars | &nbsp;&nbsp; 1804915 | Canadian Dollars | &nbsp;&nbsp; 2489190 | Northern Trust | &nbsp;&nbsp; 25906 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 799714 | Euro | &nbsp;&nbsp; 676000 | Morgan Stanley | &nbsp;&nbsp; 18391 |
| 12/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 201654700 | Euro | &nbsp;&nbsp; 507852 | Goldman Sachs | &nbsp;&nbsp; 10583 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 552797 | New Zealand Dollars | &nbsp;&nbsp; 945590 | JPMorgan Chase | &nbsp;&nbsp; 10570 |
| 12/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 11499000 | U.S. Dollars | &nbsp;&nbsp; 652695 | Societe Generale | &nbsp;&nbsp; 8359 |
| 12/17/25 | Colombian Pesos | &nbsp;&nbsp; 1588852000 | U.S. Dollars | &nbsp;&nbsp; 401827 | Morgan Stanley | &nbsp;&nbsp; 7663 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 233015 | British Pounds | &nbsp;&nbsp; 172500 | Deutsche Bank | &nbsp;&nbsp; 6390 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 193921 | Japanese Yen | &nbsp;&nbsp; 28947000 | Goldman Sachs | &nbsp;&nbsp; $5166 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 347420 | Singapore Dollars | &nbsp;&nbsp; 444000 | Barclays | &nbsp;&nbsp; 5059 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 491854 | New Zealand Dollars | &nbsp;&nbsp; 849000 | Deutsche Bank | &nbsp;&nbsp; 5014 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 425337 | Australian Dollars | &nbsp;&nbsp; 642633 | Morgan Stanley | &nbsp;&nbsp; 4646 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 115856 | New Zealand Dollars | &nbsp;&nbsp; 194000 | Royal Bank Of Canada | &nbsp;&nbsp; 4611 |
| 12/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 120829000 | Euro | &nbsp;&nbsp; 305839 | Barclays | &nbsp;&nbsp; 4561 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 179001 | British Pounds | &nbsp;&nbsp; 133500 | JPMorgan Chase | &nbsp;&nbsp; 3613 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 286856 | Canadian Dollars | &nbsp;&nbsp; 397000 | Goldman Sachs | &nbsp;&nbsp; 3090 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 111237 | New Zealand Dollars | &nbsp;&nbsp; 189000 | Barclays | &nbsp;&nbsp; 2859 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 385778 | Australian Dollars | &nbsp;&nbsp; 585000 | JPMorgan Chase | &nbsp;&nbsp; 2816 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 318702 | Australian Dollars | &nbsp;&nbsp; 483000 | Goldman Sachs | &nbsp;&nbsp; 2512 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 190419 | Canadian Dollars | &nbsp;&nbsp; 263000 | Barclays | &nbsp;&nbsp; 2433 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 200376 | Singapore Dollars | &nbsp;&nbsp; 257000 | Goldman Sachs | &nbsp;&nbsp; 2208 |
| 12/17/25 | Swedish Kronor | &nbsp;&nbsp; 3130000 | Euro | &nbsp;&nbsp; 283974 | Citibank | &nbsp;&nbsp; 2199 |
| 12/17/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 346500 | U.S. Dollars | &nbsp;&nbsp; 224769 | Morgan Stanley | &nbsp;&nbsp; 2064 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 74296 | Philippine Pesos | &nbsp;&nbsp; 4245490 | Citibank | &nbsp;&nbsp; 2021 |
| 12/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 81301000 | Euro | &nbsp;&nbsp; 206740 | Morgan Stanley | &nbsp;&nbsp; 1967 |
| 12/17/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 386000 | U.S. Dollars | &nbsp;&nbsp; 250749 | Bank of America | &nbsp;&nbsp; 1941 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 253463 | South Korean Won | &nbsp;&nbsp; 358943790 | Citibank | &nbsp;&nbsp; 1777 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 139412 | Indonesian Rupiahs | &nbsp;&nbsp; 2293003500 | Societe Generale | &nbsp;&nbsp; 1657 |
| 12/17/25 | Chilean Pesos | &nbsp;&nbsp; 86412000 | U.S. Dollars | &nbsp;&nbsp; 90041 | Citibank | &nbsp;&nbsp; 1651 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 40962 | British Pounds | &nbsp;&nbsp; 30000 | Barclays | &nbsp;&nbsp; 1549 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 75510 | Singapore Dollars | &nbsp;&nbsp; 96000 | Morgan Stanley | &nbsp;&nbsp; 1486 |
| 12/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 2607000 | Euro | &nbsp;&nbsp; 221379 | Barclays | &nbsp;&nbsp; 1484 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 67138 | British Pounds | &nbsp;&nbsp; 50000 | Citibank | &nbsp;&nbsp; 1450 |
| 12/17/25 | Chilean Pesos | &nbsp;&nbsp; 72310000 | U.S. Dollars | &nbsp;&nbsp; 75395 | Morgan Stanley | &nbsp;&nbsp; 1333 |
| 12/17/25 | Swiss Francs | &nbsp;&nbsp; 247800 | Euro | &nbsp;&nbsp; 266797 | JPMorgan Chase | &nbsp;&nbsp; 1314 |
| 12/17/25 | Polish Zloty | &nbsp;&nbsp; 1424000 | Euro | &nbsp;&nbsp; 332379 | Goldman Sachs | &nbsp;&nbsp; 1257 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 544477 | Canadian Dollars | &nbsp;&nbsp; 760000 | JPMorgan Chase | &nbsp;&nbsp; 1249 |
| 12/17/25 | Brazilian Reals | &nbsp;&nbsp; 343500 | U.S. Dollars | &nbsp;&nbsp; 61890 | Bank of America | &nbsp;&nbsp; 1243 |
| 12/17/25 | Brazilian Reals | &nbsp;&nbsp; 500000 | U.S. Dollars | &nbsp;&nbsp; 90653 | Barclays | &nbsp;&nbsp; 1243 |
| 12/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 62188170 | Euro | &nbsp;&nbsp; 158500 | Citibank | &nbsp;&nbsp; 1086 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 274972 | South Korean Won | &nbsp;&nbsp; 390679700 | Deutsche Bank | &nbsp;&nbsp; 1033 |
| 12/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1119000 | U.S. Dollars | &nbsp;&nbsp; 63298 | Citibank | &nbsp;&nbsp; 1031 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 108710 | Philippine Pesos | &nbsp;&nbsp; 6328000 | Bank of America | &nbsp;&nbsp; 982 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 38407 | Swiss Francs | &nbsp;&nbsp; 30000 | Societe Generale | &nbsp;&nbsp; 916 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 190086 | Polish Zloty | &nbsp;&nbsp; 808400 | Citibank | &nbsp;&nbsp; $901 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 111677 | Canadian Dollars | &nbsp;&nbsp; 155000 | Morgan Stanley | &nbsp;&nbsp; 886 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 179934 | Indian Rupees | &nbsp;&nbsp; 15943000 | Citibank | &nbsp;&nbsp; 816 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 181673 | Taiwan Dollars | &nbsp;&nbsp; 5561000 | Goldman Sachs | &nbsp;&nbsp; 780 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 126029 | Indonesian Rupiahs | &nbsp;&nbsp; 2085268470 | Deutsche Bank | &nbsp;&nbsp; 754 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 92486 | Japanese Yen | &nbsp;&nbsp; 14068000 | Morgan Stanley | &nbsp;&nbsp; 753 |
| 12/17/25 | Mexican Pesos | &nbsp;&nbsp; 1842000 | U.S. Dollars | &nbsp;&nbsp; 97912 | Goldman Sachs | &nbsp;&nbsp; 736 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 120936 | Euro | &nbsp;&nbsp; 104000 | Citibank | &nbsp;&nbsp; 732 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 79555 | Mexican Pesos | &nbsp;&nbsp; 1472000 | Morgan Stanley | &nbsp;&nbsp; 722 |
| 12/17/25 | Euro | &nbsp;&nbsp; 79780 | Norwegian Kroner | &nbsp;&nbsp; 927000 | Citibank | &nbsp;&nbsp; 699 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 33213 | South Korean Won | &nbsp;&nbsp; 46408000 | Bank of America | &nbsp;&nbsp; 672 |
| 12/17/25 | Swiss Francs | &nbsp;&nbsp; 264000 | Euro | &nbsp;&nbsp; 284896 | Barclays | &nbsp;&nbsp; 639 |
| 12/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 41168400 | Euro | &nbsp;&nbsp; 105019 | Royal Bank Of Canada | &nbsp;&nbsp; 613 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 59602 | Australian Dollars | &nbsp;&nbsp; 90117 | Citibank | &nbsp;&nbsp; 608 |
| 12/17/25 | Chilean Pesos | &nbsp;&nbsp; 48462000 | U.S. Dollars | &nbsp;&nbsp; 50845 | Goldman Sachs | &nbsp;&nbsp; 578 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 80005 | Taiwan Dollars | &nbsp;&nbsp; 2442000 | Barclays | &nbsp;&nbsp; 570 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 52555 | Euro | &nbsp;&nbsp; 45000 | JPMorgan Chase | &nbsp;&nbsp; 543 |
| 12/17/25 | Swedish Kronor | &nbsp;&nbsp; 665000 | Euro | &nbsp;&nbsp; 60310 | Barclays | &nbsp;&nbsp; 494 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 77707 | South Korean Won | &nbsp;&nbsp; 110150000 | Morgan Stanley | &nbsp;&nbsp; 472 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 63222 | Mexican Pesos | &nbsp;&nbsp; 1172000 | Deutsche Bank | &nbsp;&nbsp; 456 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 50904 | Mexican Pesos | &nbsp;&nbsp; 942000 | Goldman Sachs | &nbsp;&nbsp; 455 |
| 12/17/25 | Polish Zloty | &nbsp;&nbsp; 339500 | Euro | &nbsp;&nbsp; 79129 | Barclays | &nbsp;&nbsp; 432 |
| 12/17/25 | Chilean Pesos | &nbsp;&nbsp; 50433000 | U.S. Dollars | &nbsp;&nbsp; 53106 | Bank of America | &nbsp;&nbsp; 409 |
| 12/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 542000 | Euro | &nbsp;&nbsp; 45942 | Citibank | &nbsp;&nbsp; 405 |
| 12/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 677000 | Euro | &nbsp;&nbsp; 57507 | JPMorgan Chase | &nbsp;&nbsp; 365 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 156159 | Australian Dollars | &nbsp;&nbsp; 238000 | Bank of America | &nbsp;&nbsp; 355 |
| 12/17/25 | Swiss Francs | &nbsp;&nbsp; 45000 | Euro | &nbsp;&nbsp; 48392 | Morgan Stanley | &nbsp;&nbsp; 305 |
| 12/17/25 | Euro | &nbsp;&nbsp; 64046 | Swiss Francs | &nbsp;&nbsp; 59000 | JPMorgan Chase | &nbsp;&nbsp; 291 |
| 12/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 58200000 | U.S. Dollars | &nbsp;&nbsp; 40527 | Goldman Sachs | &nbsp;&nbsp; 281 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 62176 | New Zealand Dollars | &nbsp;&nbsp; 108000 | Citibank | &nbsp;&nbsp; 246 |
| 12/17/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 75000 | U.S. Dollars | &nbsp;&nbsp; 48858 | Barclays | &nbsp;&nbsp; 240 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 66017 | Philippine Pesos | &nbsp;&nbsp; 3865000 | JPMorgan Chase | &nbsp;&nbsp; 219 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 47528 | South African Rand | &nbsp;&nbsp; 823000 | Bank of America | &nbsp;&nbsp; 215 |
| 12/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1180000 | Euro | &nbsp;&nbsp; 48236 | Citibank | &nbsp;&nbsp; 211 |
| 12/17/25 | Euro | &nbsp;&nbsp; 43399 | Norwegian Kroner | &nbsp;&nbsp; 506000 | Morgan Stanley | &nbsp;&nbsp; 210 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 52728 | Thai Baht | &nbsp;&nbsp; 1692000 | Goldman Sachs | &nbsp;&nbsp; 198 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 9225000 | Euro | &nbsp;&nbsp; 378360 | Barclays | &nbsp;&nbsp; $187 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 62383 | Indonesian Rupiahs | &nbsp;&nbsp; 1035303313 | Bank of America | &nbsp;&nbsp; 187 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 88542 | South African Rand | &nbsp;&nbsp; 1537000 | Citibank | &nbsp;&nbsp; 183 |
| 12/17/25 | Swedish Kronor | &nbsp;&nbsp; 778000 | Euro | &nbsp;&nbsp; 70912 | Morgan Stanley | &nbsp;&nbsp; 169 |
| 12/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 2341000 | Euro | &nbsp;&nbsp; 95915 | Deutsche Bank | &nbsp;&nbsp; 163 |
| 12/17/25 | Polish Zloty | &nbsp;&nbsp; 1022000 | Euro | &nbsp;&nbsp; 239192 | Citibank | &nbsp;&nbsp; 158 |
| 12/17/25 | Swiss Francs | &nbsp;&nbsp; 36000 | Euro | &nbsp;&nbsp; 38791 | Societe Generale | &nbsp;&nbsp; 154 |
| 12/17/25 | Euro | &nbsp;&nbsp; 52316 | Norwegian Kroner | &nbsp;&nbsp; 611000 | Goldman Sachs | &nbsp;&nbsp; 151 |
| 12/17/25 | Euro | &nbsp;&nbsp; 155817 | Swiss Francs | &nbsp;&nbsp; 144000 | Barclays | &nbsp;&nbsp; 136 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 18624 | Euro | &nbsp;&nbsp; 16000 | Goldman Sachs | &nbsp;&nbsp; 131 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 95727 | Taiwan Dollars | &nbsp;&nbsp; 2939000 | Bank of America | &nbsp;&nbsp; 125 |
| 12/17/25 | Euro | &nbsp;&nbsp; 82141 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1999320 | Citibank | &nbsp;&nbsp; 120 |
| 12/17/25 | Canadian Dollars | &nbsp;&nbsp; 76000 | U.S. Dollars | &nbsp;&nbsp; 54211 | JPMorgan Chase | &nbsp;&nbsp; 112 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 65463 | New Zealand Dollars | &nbsp;&nbsp; 114000 | Bank of America | &nbsp;&nbsp; 92 |
| 12/17/25 | Canadian Dollars | &nbsp;&nbsp; 73000 | U.S. Dollars | &nbsp;&nbsp; 52095 | Morgan Stanley | &nbsp;&nbsp; 83 |
| 12/17/25 | Indian Rupees | &nbsp;&nbsp; 3093000 | U.S. Dollars | &nbsp;&nbsp; 34676 | Barclays | &nbsp;&nbsp; 74 |
| 12/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 522000 | Euro | &nbsp;&nbsp; 44526 | Morgan Stanley | &nbsp;&nbsp; 67 |
| 12/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1005978000 | U.S. Dollars | &nbsp;&nbsp; 60379 | JPMorgan Chase | &nbsp;&nbsp; 56 |
| 12/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 645559500 | U.S. Dollars | &nbsp;&nbsp; 38739 | Bank of America | &nbsp;&nbsp; 44 |
| 12/17/25 | Brazilian Reals | &nbsp;&nbsp; 319000 | U.S. Dollars | &nbsp;&nbsp; 58601 | Deutsche Bank | &nbsp;&nbsp; 28 |
| 12/17/25 | Euro | &nbsp;&nbsp; 47224 | Swedish Kronor | &nbsp;&nbsp; 517000 | Citibank | &nbsp;&nbsp; 5 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 56664 | Hong Kong Dollars | &nbsp;&nbsp; 440000 | Goldman Sachs | &nbsp;&nbsp; 1 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $420219 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 7147 | Canadian Dollars | &nbsp;&nbsp; 10000 | Morgan Stanley | &nbsp;&nbsp; $(1)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 41597 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1014000 | Morgan Stanley | &nbsp;&nbsp; (11)<br>|
| 12/17/25 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 19004000 | Euro | &nbsp;&nbsp; 48742 | Goldman Sachs | &nbsp;&nbsp; (22)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 20693 | Australian Dollars | &nbsp;&nbsp; 31647 | Goldman Sachs | &nbsp;&nbsp; (24)<br>|
| 12/17/25 | Swedish Kronor | &nbsp;&nbsp; 594000 | Euro | &nbsp;&nbsp; 54286 | Goldman Sachs | &nbsp;&nbsp; (38)<br>|
| 12/17/25 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1728000 | Euro | &nbsp;&nbsp; 70944 | Citibank | &nbsp;&nbsp; (47)<br>|
| 12/15/25 | U.S. Dollars | &nbsp;&nbsp; 108244 | Euro | &nbsp;&nbsp; 93710 | Northern Trust | &nbsp;&nbsp; (53)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 55962 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 1365000 | Bank of America | &nbsp;&nbsp; (54)<br>|
| 12/15/25 | U.S. Dollars | &nbsp;&nbsp; 191097 | British Pounds | &nbsp;&nbsp; 145500 | Northern Trust | &nbsp;&nbsp; (56)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 641000 | Euro | &nbsp;&nbsp; 54799 | Citibank | &nbsp;&nbsp; $(59)<br>|
| 12/17/25 | Swedish Kronor | &nbsp;&nbsp; 1244000 | Euro | &nbsp;&nbsp; 113676 | Morgan Stanley | &nbsp;&nbsp; (65)<br>|
| 12/15/25 | Canadian Dollars | &nbsp;&nbsp; 15620 | U.S. Dollars | &nbsp;&nbsp; 11238 | BNY Mellon | &nbsp;&nbsp; (75)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 113720 | Australian Dollars | &nbsp;&nbsp; 173853 | Morgan Stanley | &nbsp;&nbsp; (91)<br>|
| 12/17/25 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 2561000 | U.S. Dollars | &nbsp;&nbsp; 147326 | Morgan Stanley | &nbsp;&nbsp; (99)<br>|
| 12/17/25 | Colombian Pesos | &nbsp;&nbsp; 386008000 | U.S. Dollars | &nbsp;&nbsp; 99595 | Barclays | &nbsp;&nbsp; (111)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 5000 | U.S. Dollars | &nbsp;&nbsp; 5902 | Bank of America | &nbsp;&nbsp; (123)<br>|
| 12/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 2332346000 | U.S. Dollars | &nbsp;&nbsp; 140244 | Bank of America | &nbsp;&nbsp; (126)<br>|
| 12/17/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 86000 | U.S. Dollars | &nbsp;&nbsp; 56434 | Goldman Sachs | &nbsp;&nbsp; (135)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 45260 | Swiss Francs | &nbsp;&nbsp; 42000 | Morgan Stanley | &nbsp;&nbsp; (176)<br>|
| 12/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1105241200 | U.S. Dollars | &nbsp;&nbsp; 66581 | Societe Generale | &nbsp;&nbsp; (182)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 52765 | Polish Zloty | &nbsp;&nbsp; 226000 | Royal Bank Of Canada | &nbsp;&nbsp; (183)<br>|
| 12/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 62000 | U.S. Dollars | &nbsp;&nbsp; 48001 | JPMorgan Chase | &nbsp;&nbsp; (193)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 42917 | Polish Zloty | &nbsp;&nbsp; 184000 | Societe Generale | &nbsp;&nbsp; (198)<br>|
| 12/17/25 | Swiss Francs | &nbsp;&nbsp; 50000 | Euro | &nbsp;&nbsp; 54241 | Barclays | &nbsp;&nbsp; (207)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 255085 | Japanese Yen | &nbsp;&nbsp; 39152000 | Goldman Sachs | &nbsp;&nbsp; (212)<br>|
| 12/17/25 | Brazilian Reals | &nbsp;&nbsp; 641000 | U.S. Dollars | &nbsp;&nbsp; 118027 | Citibank | &nbsp;&nbsp; (217)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 68549 | Norwegian Kroner | &nbsp;&nbsp; 805000 | Goldman Sachs | &nbsp;&nbsp; (237)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 18081 | Chilean Pesos | &nbsp;&nbsp; 17276000 | Bank of America | &nbsp;&nbsp; (251)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 61755 | Swedish Kronor | &nbsp;&nbsp; 678600 | Citibank | &nbsp;&nbsp; (260)<br>|
| 12/17/25 | &nbsp;&nbsp; Norwegian <br>Kroner<br>| &nbsp;&nbsp; 690000 | Euro | &nbsp;&nbsp; 59160 | Barclays | &nbsp;&nbsp; (263)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 119624 | &nbsp;&nbsp; Czech Republic <br> Koruna<br>| &nbsp;&nbsp; 2921000 | Barclays | &nbsp;&nbsp; (268)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 46261 | Swiss Francs | &nbsp;&nbsp; 43000 | Citibank | &nbsp;&nbsp; (269)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 66272 | Philippine Pesos | &nbsp;&nbsp; 3910000 | JPMorgan Chase | &nbsp;&nbsp; (291)<br>|
| 12/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 142000 | U.S. Dollars | &nbsp;&nbsp; 109826 | Barclays | &nbsp;&nbsp; (332)<br>|
| 12/17/25 | Philippine Pesos | &nbsp;&nbsp; 3101000 | U.S. Dollars | &nbsp;&nbsp; 53145 | Morgan Stanley | &nbsp;&nbsp; (353)<br>|
| 12/17/25 | Canadian Dollars | &nbsp;&nbsp; 72000 | U.S. Dollars | &nbsp;&nbsp; 51842 | Morgan Stanley | &nbsp;&nbsp; (378)<br>|
| 12/17/25 | Mexican Pesos | &nbsp;&nbsp; 1492000 | U.S. Dollars | &nbsp;&nbsp; 80310 | Morgan Stanley | &nbsp;&nbsp; (406)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 85869 | South African Rand | &nbsp;&nbsp; 1501000 | Morgan Stanley | &nbsp;&nbsp; (420)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 46794 | Indonesian Rupiahs | &nbsp;&nbsp; 786048690 | Societe Generale | &nbsp;&nbsp; (428)<br>|
| 12/17/25 | Mexican Pesos | &nbsp;&nbsp; 914000 | U.S. Dollars | &nbsp;&nbsp; 49442 | Barclays | &nbsp;&nbsp; (492)<br>|
| 12/17/25 | Canadian Dollars | &nbsp;&nbsp; 55000 | U.S. Dollars | &nbsp;&nbsp; 39829 | Goldman Sachs | &nbsp;&nbsp; (516)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 58942 | Mexican Pesos | &nbsp;&nbsp; 1111000 | Citibank | &nbsp;&nbsp; (558)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 76283 | South African Rand | &nbsp;&nbsp; 1337000 | Goldman Sachs | &nbsp;&nbsp; (578)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/17/25 | Canadian Dollars | &nbsp;&nbsp; 181750 | U.S. Dollars | &nbsp;&nbsp; 130525 | Bank of America | &nbsp;&nbsp; $(614)<br>|
| 12/17/25 | Brazilian Reals | &nbsp;&nbsp; 853000 | U.S. Dollars | &nbsp;&nbsp; 157438 | Goldman Sachs | &nbsp;&nbsp; (665)<br>|
| 12/17/25 | Swedish Kronor | &nbsp;&nbsp; 1792000 | Euro | &nbsp;&nbsp; 164248 | Citibank | &nbsp;&nbsp; (666)<br>|
| 12/17/25 | Mexican Pesos | &nbsp;&nbsp; 1805000 | U.S. Dollars | &nbsp;&nbsp; 97339 | Goldman Sachs | &nbsp;&nbsp; (672)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 160970 | New Zealand Dollars | &nbsp;&nbsp; 282000 | Deutsche Bank | &nbsp;&nbsp; (736)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 109008 | South African Rand | &nbsp;&nbsp; 1909000 | Citibank | &nbsp;&nbsp; (737)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 50277 | Hungarian Forints | &nbsp;&nbsp; 19863000 | Royal Bank Of Canada | &nbsp;&nbsp; (750)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 61803 | Brazilian Reals | &nbsp;&nbsp; 340400 | Barclays | &nbsp;&nbsp; (759)<br>|
| 12/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 46500 | U.S. Dollars | &nbsp;&nbsp; 27424 | JPMorgan Chase | &nbsp;&nbsp; (760)<br>|
| 12/17/25 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1619588610 | U.S. Dollars | &nbsp;&nbsp; 98204 | Goldman Sachs | &nbsp;&nbsp; (906)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 124000 | U.S. Dollars | &nbsp;&nbsp; 144284 | Citibank | &nbsp;&nbsp; (964)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 73663 | Thai Baht | &nbsp;&nbsp; 2404000 | Goldman Sachs | &nbsp;&nbsp; (972)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 99892 | Thai Baht | &nbsp;&nbsp; 3250000 | Deutsche Bank | &nbsp;&nbsp; (1008)<br>|
| 12/17/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 112500 | U.S. Dollars | &nbsp;&nbsp; 74772 | Morgan Stanley | &nbsp;&nbsp; (1125)<br>|
| 12/17/25 | Philippine Pesos | &nbsp;&nbsp; 2698850 | U.S. Dollars | &nbsp;&nbsp; 47153 | Bank of America | &nbsp;&nbsp; (1208)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 109362 | Colombian Pesos | &nbsp;&nbsp; 429135000 | Citibank | &nbsp;&nbsp; (1238)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 112000 | U.S. Dollars | &nbsp;&nbsp; 130689 | Societe Generale | &nbsp;&nbsp; (1239)<br>|
| 12/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 136000 | U.S. Dollars | &nbsp;&nbsp; 79285 | Bank of America | &nbsp;&nbsp; (1299)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 155305 | Swedish Kronor | &nbsp;&nbsp; 1713000 | Morgan Stanley | &nbsp;&nbsp; (1331)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 261484 | Swiss Francs | &nbsp;&nbsp; 243000 | JPMorgan Chase | &nbsp;&nbsp; (1456)<br>|
| 12/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 65753000 | U.S. Dollars | &nbsp;&nbsp; 47573 | JPMorgan Chase | &nbsp;&nbsp; (1468)<br>|
| 12/17/25 | Taiwan Dollars | &nbsp;&nbsp; 1849000 | U.S. Dollars | &nbsp;&nbsp; 61642 | Goldman Sachs | &nbsp;&nbsp; (1496)<br>|
| 12/15/25 | British Pounds | &nbsp;&nbsp; 743500 | U.S. Dollars | &nbsp;&nbsp; 978342 | Northern Trust | &nbsp;&nbsp; (1555)<br>|
| 12/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 130500 | U.S. Dollars | &nbsp;&nbsp; 76474 | Barclays | &nbsp;&nbsp; (1642)<br>|
| 12/17/25 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 325000 | U.S. Dollars | &nbsp;&nbsp; 214623 | JPMorgan Chase | &nbsp;&nbsp; (1866)<br>|
| 12/17/25 | Taiwan Dollars | &nbsp;&nbsp; 3168000 | U.S. Dollars | &nbsp;&nbsp; 104939 | Societe Generale | &nbsp;&nbsp; (1888)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 82957 | Colombian Pesos | &nbsp;&nbsp; 330092000 | Goldman Sachs | &nbsp;&nbsp; (2117)<br>|
| 12/17/25 | Philippine Pesos | &nbsp;&nbsp; 5333000 | U.S. Dollars | &nbsp;&nbsp; 93020 | Societe Generale | &nbsp;&nbsp; (2231)<br>|
| 12/17/25 | Taiwan Dollars | &nbsp;&nbsp; 2958000 | U.S. Dollars | &nbsp;&nbsp; 98456 | Deutsche Bank | &nbsp;&nbsp; (2236)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 340287 | Norwegian Kroner | &nbsp;&nbsp; 4007000 | Barclays | &nbsp;&nbsp; (2254)<br>|
| 12/17/25 | Indian Rupees | &nbsp;&nbsp; 48641750 | U.S. Dollars | &nbsp;&nbsp; 548848 | Goldman Sachs | &nbsp;&nbsp; (2363)<br>|
| 12/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 169000 | U.S. Dollars | &nbsp;&nbsp; 132687 | Citibank | &nbsp;&nbsp; (2374)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 486943 | Swedish Kronor | &nbsp;&nbsp; 5355000 | Barclays | &nbsp;&nbsp; (2489)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 840733 | Polish Zloty | &nbsp;&nbsp; 3600000 | Barclays | &nbsp;&nbsp; (2658)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 757053 | Swiss Francs | &nbsp;&nbsp; 702500 | Barclays | &nbsp;&nbsp; (2919)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at October 31, 2025: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 12/17/25 | Canadian Dollars | &nbsp;&nbsp; 359000 | U.S. Dollars | &nbsp;&nbsp; 259687 | Barclays | &nbsp;&nbsp; $(3081)<br>|
| 12/17/25 | Canadian Dollars | &nbsp;&nbsp; 275000 | U.S. Dollars | &nbsp;&nbsp; 199789 | Royal Bank Of Canada | &nbsp;&nbsp; (3226)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 137408 | Brazilian Reals | &nbsp;&nbsp; 766000 | Bank of America | &nbsp;&nbsp; (3376)<br>|
| 12/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 235793340 | U.S. Dollars | &nbsp;&nbsp; 168751 | Morgan Stanley | &nbsp;&nbsp; (3417)<br>|
| 12/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 373250 | U.S. Dollars | &nbsp;&nbsp; 217730 | Morgan Stanley | &nbsp;&nbsp; (3698)<br>|
| 12/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 336654000 | U.S. Dollars | &nbsp;&nbsp; 239890 | Goldman Sachs | &nbsp;&nbsp; (3834)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 218443 | Chilean Pesos | &nbsp;&nbsp; 210138000 | Citibank | &nbsp;&nbsp; (4534)<br>|
| 12/17/25 | Philippine Pesos | &nbsp;&nbsp; 10585000 | U.S. Dollars | &nbsp;&nbsp; 185171 | Barclays | &nbsp;&nbsp; (4972)<br>|
| 12/17/25 | Japanese Yen | &nbsp;&nbsp; 19186000 | U.S. Dollars | &nbsp;&nbsp; 130213 | Morgan Stanley | &nbsp;&nbsp; (5108)<br>|
| 12/17/25 | &nbsp;&nbsp; Singapore <br>Dollars<br>| &nbsp;&nbsp; 482050 | U.S. Dollars | &nbsp;&nbsp; 377010 | Morgan Stanley | &nbsp;&nbsp; (5308)<br>|
| 12/17/25 | Taiwan Dollars | &nbsp;&nbsp; 5826450 | U.S. Dollars | &nbsp;&nbsp; 195289 | Bank of America | &nbsp;&nbsp; (5762)<br>|
| 12/17/25 | Japanese Yen | &nbsp;&nbsp; 22117000 | U.S. Dollars | &nbsp;&nbsp; 150021 | Deutsche Bank | &nbsp;&nbsp; (5803)<br>|
| 12/17/25 | British Pounds | &nbsp;&nbsp; 550720 | U.S. Dollars | &nbsp;&nbsp; 729722 | JPMorgan Chase | &nbsp;&nbsp; (6205)<br>|
| 12/17/25 | British Pounds | &nbsp;&nbsp; 602400 | U.S. Dollars | &nbsp;&nbsp; 798275 | Barclays | &nbsp;&nbsp; (6863)<br>|
| 12/17/25 | &nbsp;&nbsp; South Korean <br>Won<br>| &nbsp;&nbsp; 427828150 | U.S. Dollars | &nbsp;&nbsp; 309556 | Citibank | &nbsp;&nbsp; (9570)<br>|
| 12/17/25 | Thai Baht | &nbsp;&nbsp; 14789470 | U.S. Dollars | &nbsp;&nbsp; 469783 | Goldman Sachs | &nbsp;&nbsp; (10627)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 490000 | U.S. Dollars | &nbsp;&nbsp; 577677 | JPMorgan Chase | &nbsp;&nbsp; (11334)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 755700 | U.S. Dollars | &nbsp;&nbsp; 886344 | Morgan Stanley | &nbsp;&nbsp; (12903)<br>|
| 12/17/25 | British Pounds | &nbsp;&nbsp; 446360 | U.S. Dollars | &nbsp;&nbsp; 599465 | Citibank | &nbsp;&nbsp; (13053)<br>|
| 12/15/25 | Canadian Dollars | &nbsp;&nbsp; 2473570 | U.S. Dollars | &nbsp;&nbsp; 1782031 | Northern Trust | &nbsp;&nbsp; (14185)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 698815 | Hungarian Forints | &nbsp;&nbsp; 277533000 | Barclays | &nbsp;&nbsp; (14717)<br>|
| 12/17/25 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 790750 | U.S. Dollars | &nbsp;&nbsp; 471473 | Goldman Sachs | &nbsp;&nbsp; (18035)<br>|
| 12/17/25 | Euro | &nbsp;&nbsp; 799000 | U.S. Dollars | &nbsp;&nbsp; 942686 | Royal Bank Of Canada | &nbsp;&nbsp; (19199)<br>|
| 12/15/25 | Euro | &nbsp;&nbsp; 1469210 | U.S. Dollars | &nbsp;&nbsp; 1722686 | Northern Trust | &nbsp;&nbsp; (24776)<br>|
| 12/17/25 | Japanese Yen | &nbsp;&nbsp; 70844500 | U.S. Dollars | &nbsp;&nbsp; 487086 | JPMorgan Chase | &nbsp;&nbsp; (25134)<br>|
| 12/17/25 | British Pounds | &nbsp;&nbsp; 745500 | U.S. Dollars | &nbsp;&nbsp; 1007007 | Morgan Stanley | &nbsp;&nbsp; (27594)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(326033)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$94186** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at October 31, 2025:** <br>**Exchange Traded** |
| **Description** | &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Amount** | &nbsp;&nbsp; **Notional** <br>**Amount** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| Applied Optoelectronics, Inc. | 13 | USD | &nbsp;&nbsp; 46228 | 29.00 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; $(11960)<br>|
| Bis Nominal Effective Exchange Rate Board | 2 | USD | &nbsp;&nbsp; 20710 | 130.00 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; (4180)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** | **Written Call Option Contracts outstanding at October 31, 2025:**<br> **Exchange Traded (continued)** |
| **Description** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp; **Notional**<br> **Amount** | &nbsp;&nbsp; **Notional**<br> **Amount** | **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| Solaredge Technologies, Inc. | 10 | USD | &nbsp;&nbsp; 35090 | 37.50 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; $(4360)<br>|
| Super Micro Computer, Inc. | 18 | USD | &nbsp;&nbsp; 93528 | 49.00 | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; (15804)<br>|
| Teck Resources Ltd. | 182 | USD | &nbsp;&nbsp; 1093820 | 47.00 | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; (27300)<br>|
| **Total Written Call Options Contracts (Premiums Received $53,863)** | **Total Written Call Options Contracts (Premiums Received $53,863)** | **Total Written Call Options Contracts (Premiums Received $53,863)** | **Total Written Call Options Contracts (Premiums Received $53,863)** | **Total Written Call Options Contracts (Premiums Received $53,863)** | **Total Written Call Options Contracts (Premiums Received $53,863)** | &nbsp;&nbsp; **$(63604)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Long Contracts for Difference at October 31, 2025:** <br>**Over the Counter** |
| **Reference Company** | **The Fund Pays** <br>**Financing Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Contracts** | **Pay** <br>**Frequency**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 3M Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 970 | Monthly | $161432 | $(1870)<br>|
| ADT, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 42947 | Monthly | 379291 | 3504 |
| Albertsons Cos., Inc., Class A | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7296 | Monthly | 128814 | (11342)<br>|
| Alcoa Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 11082 | Monthly | 406623 | (4076)<br>|
| Alcon A.G. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5527 | Monthly | 407655 | (1287)<br>|
| Allegheny Technologies, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2823 | Monthly | 278985 | 44803 |
| Allison Transmission <br> Holdings, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1895 | Monthly | 156149 | (1325)<br>|
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1923 | Monthly | 367969 | (5895)<br>|
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1832 | Monthly | 350234 | (16029)<br>|
| Ally Financial, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4293 | Monthly | 167131 | (7165)<br>|
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5678 | Monthly | 319774 | (46059)<br>|
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 6410 | Monthly | 360649 | (55168)<br>|
| Amazon.com, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 459 | Monthly | 111798 | 11759 |
| Amdocs Ltd. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2318 | Monthly | 194911 | 3793 |
| American Electric <br>Power Co., Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3038 | Monthly | 365008 | 8742 |
| American Express Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 51 | Monthly | 18391 | (55)<br>|
| American Homes 4 Rent L.P. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1819 | Monthly | 57374 | (1853)<br>|
| American International <br> Group, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5229 | Monthly | 412486 | (292)<br>|
| American International <br> Group, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4396 | Monthly | 346133 | (23131)<br>|
| American Tower Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2181 | Monthly | 389287 | (15485)<br>|
| American Water Works Co., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 239 | Monthly | 30634 | (3431)<br>|
| Amgen, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1289 | Monthly | 383988 | 742 |
| Analog Devices, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 263 | Monthly | 61439 | (585)<br>|
| Aptiv PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4866 | Monthly | 393902 | (13091)<br>|
| Aramark Services, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 9331 | Monthly | 352791 | (18489)<br>|
| Archer-Daniels-Midland Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1818 | Monthly | 109745 | (3371)<br>|
| AutoZone, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 91 | Monthly | 334035 | (28213)<br>|
| Ball Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 15341 | Monthly | 719833 | (10032)<br>|
| Barrick Gold Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 12523 | Monthly | 410375 | 15525 |
| Barrick Gold Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 11097 | Monthly | 363308 | (19805)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Bath & Body Works, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 16246 | Monthly | $397316 | $(24503)<br>|
| Bath & Body Works, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 13548 | Monthly | 330762 | (21504)<br>|
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1897 | Monthly | 155596 | 4929 |
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 8392 | Monthly | 359571 | 142 |
| Boston Scientific Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3664 | Monthly | 368395 | 10386 |
| Boyd Gaming Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1974 | Monthly | 153701 | 1533 |
| Bristol-Myers Squibb Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 17398 | Monthly | 799480 | 24573 |
| Broadcom, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 287 | Monthly | 106035 | 62 |
| Broadridge Financial <br> Solutions, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1762 | Monthly | 387966 | (21486)<br>|
| Builders FirstSource, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 206 | Monthly | 23861 | (2825)<br>|
| Camden Property Trust | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4147 | Monthly | 411489 | (14900)<br>|
| Canadian Pacific Railway Ltd. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3769 | Monthly | 270407 | (22294)<br>|
| Cardinal Health, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2323 | Monthly | 442191 | 75692 |
| Carlisle Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 371 | Monthly | 120373 | (2551)<br>|
| Carnival Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 10729 | Monthly | 308498 | (1785)<br>|
| Carnival Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 14346 | Monthly | 412969 | 575 |
| Carrier Global Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 395 | Monthly | 23499 | 252 |
| CF Industries Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4884 | Monthly | 405619 | (37311)<br>|
| CGI, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1600 | Monthly | 139068 | (1367)<br>|
| Charles River Laboratories <br> International, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2191 | Monthly | 393530 | 13457 |
| Cheniere Energy, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1484 | Monthly | 314374 | (13306)<br>|
| Chevron Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 753 | Monthly | 118525 | 3987 |
| Chord Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2021 | Monthly | 183018 | 885 |
| Chubb Ltd. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1322 | Monthly | 365454 | (2472)<br>|
| Church & Dwight Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1240 | Monthly | 108495 | (173)<br>|
| Cigna Group (The) | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 562 | Monthly | 136903 | (35496)<br>|
| Cisco Systems, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2917 | Monthly | 213177 | 4091 |
| Clorox (The) Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3347 | Monthly | 375692 | (20459)<br>|
| Coca-Cola (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2192 | Monthly | 285521 | 2271 |
| Colgate-Palmolive Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5344 | Monthly | 411366 | (14526)<br>|
| Comcast Corp., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 12253 | Monthly | 340129 | (34033)<br>|
| ConocoPhillips | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4036 | Monthly | 358074 | 4492 |
| Consolidated Edison, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3960 | Monthly | 384690 | (14597)<br>|
| Corteva, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5686 | Monthly | 349003 | (9897)<br>|
| CRH PLC | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1112 | Monthly | 132093 | 1044 |
| Crocs, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4946 | Monthly | 403642 | (9200)<br>|
| Crown Castle, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4354 | Monthly | 392051 | (34902)<br>|
| Crown Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4431 | Monthly | 429540 | 22460 |
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3594 | Monthly | 280659 | (9283)<br>|
| Darden Restaurants, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4062 | Monthly | 731039 | (30221)<br>|
| DaVita, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3087 | Monthly | 366373 | (28424)<br>|
| Deere & Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 762 | Monthly | 350850 | 587 |
| Deere & Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 907 | Monthly | 417968 | 11215 |
| Delta Air Lines, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5077 | Monthly | 291015 | (15947)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Dollar General Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3395 | Monthly | $334302 | $(26654)<br>|
| Dollar Tree, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3126 | Monthly | 309550 | (4547)<br>|
| Dominion Energy, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6194 | Monthly | 363164 | (14051)<br>|
| DuPont de Nemours, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 242 | Monthly | 19709 | 744 |
| Eastman Chemical Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2509 | Monthly | 148923 | (7488)<br>|
| Eastman Chemical Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2952 | Monthly | 175383 | (3589)<br>|
| eBay, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4418 | Monthly | 358506 | (42957)<br>|
| EQT Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 6351 | Monthly | 339654 | (12445)<br>|
| Equinix, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 147 | Monthly | 124246 | 2376 |
| Equitable Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 914 | Monthly | 45072 | 596 |
| Equity Residential | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 500 | Monthly | 29687 | (1252)<br>|
| Equity Residential | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 229 | Monthly | 13586 | (632)<br>|
| Essex Property Trust, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1580 | Monthly | 397095 | (8544)<br>|
| Eversource Energy | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5876 | Monthly | 432568 | 740 |
| Exelon Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8910 | Monthly | 410164 | (16002)<br>|
| FactSet Research Systems, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1493 | Monthly | 397939 | (33284)<br>|
| Federal Realty Investment Trust | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3398 | Monthly | 326179 | (7572)<br>|
| FedEx Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3111 | Monthly | 788919 | 44114 |
| Fidelity National Information <br> Services, Inc.<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3773 | Monthly | 235656 | (20003)<br>|
| Fiserv, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 839 | Monthly | 55852 | (49233)<br>|
| Fiserv, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4290 | Monthly | 285467 | (159940)<br>|
| Flowserve Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 790 | Monthly | 53851 | 14066 |
| Fox Corp., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 7071 | Monthly | 456017 | 30626 |
| Gap (The), Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 16964 | Monthly | 387274 | 19495 |
| Gap (The), Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 12984 | Monthly | 295986 | 28071 |
| Gen Digital, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3091 | Monthly | 81371 | (1000)<br>|
| General Electric Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 783 | Monthly | 241717 | 5997 |
| General Electric Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1168 | Monthly | 360224 | 9684 |
| General Mills, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7488 | Monthly | 348427 | (8694)<br>|
| General Motors Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 6198 | Monthly | 427576 | 69332 |
| Gilead Sciences, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3237 | Monthly | 387120 | 4134 |
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 6166 | Monthly | 306387 | (16774)<br>|
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 6923 | Monthly | 343713 | (10814)<br>|
| Hasbro, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5194 | Monthly | 395640 | (31)<br>|
| HEICO Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 59 | Monthly | 18733 | (3)<br>|
| Hershey (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 138 | Monthly | 23409 | (211)<br>|
| Hilton Worldwide Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 90 | Monthly | 23126 | (290)<br>|
| Honeywell International, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1740 | Monthly | 350273 | 5849 |
| Host Hotels & Resorts, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 10830 | Monthly | 173174 | (6279)<br>|
| Howmet Aerospace, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2191 | Monthly | 450142 | 30429 |
| Howmet Aerospace, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1899 | Monthly | 390443 | 25322 |
| Illumina, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1784 | Monthly | 220000 | 46767 |
| Intercontinental Exchange, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 613 | Monthly | 89541 | (5700)<br>|
| International Flavors & <br> Fragrances, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4088 | Monthly | 256771 | 6518 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Invitation Homes, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 14344 | Monthly | $402717 | $(1498)<br>|
| Jabil, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1942 | Monthly | 427847 | 26496 |
| JB Hunt Transport Services, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2547 | Monthly | 429674 | 428 |
| Johnson Controls <br>International PLC<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3264 | Monthly | 372435 | 18519 |
| Johnson Controls <br>International PLC<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3759 | Monthly | 429244 | 12671 |
| Keysight Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2404 | Monthly | 439464 | 43033 |
| Kimberly-Clark Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3338 | Monthly | 398873 | (1420)<br>|
| Kinder Morgan, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 12894 | Monthly | 336736 | (26101)<br>|
| Kinder Morgan, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7245 | Monthly | 189387 | (10647)<br>|
| Kraft Heinz (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 12772 | Monthly | 315633 | (8728)<br>|
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 5297 | Monthly | 336699 | (26675)<br>|
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6274 | Monthly | 398086 | (29299)<br>|
| Labcorp Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 377 | Monthly | 95702 | (692)<br>|
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2850 | Monthly | 175481 | (7196)<br>|
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3288 | Monthly | 202590 | (7776)<br>|
| Las Vegas Sands Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 7421 | Monthly | 440076 | 64425 |
| Lincoln National Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 9183 | Monthly | 384730 | 18788 |
| Linde PLC | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 937 | Monthly | 390870 | (44819)<br>|
| Lithia Motors, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 88 | Monthly | 27569 | 1038 |
| Lumen Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 17423 | Monthly | 179093 | (8645)<br>|
| Lumen Technologies, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5878 | Monthly | 60421 | (2968)<br>|
| Macy's Retail Holdings LLC | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 14940 | Monthly | 290926 | 12798 |
| Macy's Retail Holdings LLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 18798 | Monthly | 365769 | 29284 |
| Manulife Financial Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 9823 | Monthly | 317404 | 1791 |
| Marathon Petroleum Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 584 | Monthly | 113722 | 3614 |
| Marsh & McLennan Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1912 | Monthly | 339969 | (46094)<br>|
| Martin Marietta Materials, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 213 | Monthly | 130386 | (4933)<br>|
| Masco Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 860 | Monthly | 55641 | (2261)<br>|
| MasTec, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1504 | Monthly | 306738 | 10811 |
| Match Group, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 10838 | Monthly | 349786 | (7461)<br>|
| Mattel, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 19556 | Monthly | 358812 | 9542 |
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 815 | Monthly | 242978 | (9762)<br>|
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 401 | Monthly | 119359 | 1304 |
| Microchip Technology, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1018 | Monthly | 63439 | (2155)<br>|
| Mid-America Apartment <br> Communities, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3205 | Monthly | 410252 | (12286)<br>|
| Mosaic (The) Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3932 | Monthly | 107742 | (9285)<br>|
| Motorola Solutions, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 796 | Monthly | 323400 | (32301)<br>|
| MSCI, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 721 | Monthly | 423632 | 27515 |
| Murphy Oil USA, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 156 | Monthly | 55823 | (2607)<br>|
| Netflix, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 313 | Monthly | 349870 | 499 |
| Newmont Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4445 | Monthly | 359566 | (24157)<br>|
| Newmont Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 5147 | Monthly | 415986 | (56668)<br>|
| NIKE, Inc., Class B | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 331 | Monthly | 21371 | (1333)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| NRG Energy, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 27 | Monthly | $4618 | $286 |
| NRG Energy, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 507 | Monthly | 86977 | 113 |
| Nutrien Ltd. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6977 | Monthly | 378784 | (42906)<br>|
| NXP Semiconductors N.V. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 156 | Monthly | 32610 | (1953)<br>|
| Omnicom Group, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1034 | Monthly | 77353 | (4984)<br>|
| O'Reilly Automotive, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1156 | Monthly | 109060 | (7938)<br>|
| Otis Worldwide Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4572 | Monthly | 423697 | 5725 |
| Ovintiv, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 9468 | Monthly | 354812 | 8662 |
| Ovintiv, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5232 | Monthly | 195949 | 1989 |
| Packaging Corp. of America | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1721 | Monthly | 335934 | (31121)<br>|
| PayPal Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 33 | Monthly | 2279 | (233)<br>|
| Pfizer, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 14331 | Monthly | 352305 | (14805)<br>|
| Pilgrim's Pride Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 10614 | Monthly | 403345 | 171 |
| Procter & Gamble (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 146 | Monthly | 21951 | 231 |
| Progressive (The) Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1327 | Monthly | 273343 | (2062)<br>|
| Prudential PLC | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 382 | Monthly | 39691 | 692 |
| Quest Diagnostics, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2300 | Monthly | 403685 | (11855)<br>|
| Ralph Lauren Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 806 | Monthly | 257185 | 522 |
| Raytheon Technologies Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1121 | Monthly | 199895 | 10758 |
| Regal Rexnord Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2866 | Monthly | 403384 | (1295)<br>|
| Reinsurance Group of <br> America, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1841 | Monthly | 335273 | (18881)<br>|
| Reliance Steel & Aluminum Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 778 | Monthly | 219394 | 7092 |
| Republic Services, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 122 | Monthly | 25333 | (2160)<br>|
| Rocket Co., Inc., Class A | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 18170 | Monthly | 302412 | 2333 |
| Royal Caribbean Cruises Ltd. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 254 | Monthly | 72670 | (8096)<br>|
| Ryder System, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2027 | Monthly | 342391 | (25881)<br>|
| S&P Global, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 394 | Monthly | 191871 | 518 |
| Sempra | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2570 | Monthly | 236120 | (1388)<br>|
| Service Corp., (U.S.) <br> International<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1320 | Monthly | 109947 | 1562 |
| Sirius XM Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 7533 | Monthly | 163233 | (647)<br>|
| Smurfit WestRock PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 10695 | Monthly | 394106 | (48784)<br>|
| Solstice Advanced <br> Materials, Inc.<br>| U.S. Fed Funds | 2/9/2026 | JPMorgan Chase | 435 | Monthly | 21143 |  |
| Southern Copper Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 844 | Monthly | 116928 | 4169 |
| Southwest Airlines Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2648 | Monthly | 80179 | (5844)<br>|
| Southwest Airlines Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2608 | Monthly | 78865 | (8659)<br>|
| Stanley Black & Decker, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4563 | Monthly | 308703 | (7193)<br>|
| Sun Communities, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 3383 | Monthly | 427531 | 5975 |
| Tapestry, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3094 | Monthly | 339441 | (17390)<br>|
| TC Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4925 | Monthly | 246611 | (7679)<br>|
| TELUS Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5429 | Monthly | 79488 | (2282)<br>|
| Tenet Healthcare Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 855 | Monthly | 176096 | 4686 |
| Texas Instruments, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 120 | Monthly | 19368 | (962)<br>|
| T-Mobile U.S., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1589 | Monthly | 332867 | (26314)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Pays**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional** <br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| TransDigm Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 282 | Monthly | $368375 | $19176 |
| Transocean Ltd. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 73740 | Monthly | 282814 | 31124 |
| Twilio, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3522 | Monthly | 474677 | 89335 |
| Tyson Foods, Inc., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2785 | Monthly | 143093 | (1801)<br>|
| Uber Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 4368 | Monthly | 421125 | 18352 |
| UDR, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 12059 | Monthly | 405874 | (32948)<br>|
| Union Pacific Corp. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1639 | Monthly | 360832 | (8336)<br>|
| United Airlines Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2526 | Monthly | 237473 | (8428)<br>|
| United Parcel Service, Inc., <br> Class B<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 3869 | Monthly | 372726 | 35813 |
| Universal Health Services, Inc., <br> Class B<br>| U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1088 | Monthly | 235887 | 6972 |
| Vail Resorts, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1055 | Monthly | 156209 | 818 |
| Valero Energy Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2163 | Monthly | 365866 | 15147 |
| VeriSign, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1684 | Monthly | 403078 | (40514)<br>|
| Verisk Analytics, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1946 | Monthly | 425304 | (33256)<br>|
| Vulcan Materials Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 63 | Monthly | 18236 | (347)<br>|
| Walt Disney (The) Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2383 | Monthly | 268069 | (1400)<br>|
| Walt Disney (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1619 | Monthly | 181854 | 704 |
| WEC Energy Group, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 2179 | Monthly | 243001 | (12553)<br>|
| Weyerhaeuser Co. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 20697 | Monthly | 475562 | (13094)<br>|
| Williams (The) Cos., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1225 | Monthly | 70685 | (7102)<br>|
| Workday, Inc., Class A | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 617 | Monthly | 147887 | (1939)<br>|
| WP Carey, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 1520 | Monthly | 100221 | (2607)<br>|
| Wynn Resorts <br> Finance LLC/Wynn Resorts <br> Capital Corp.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2827 | Monthly | 335477 | (8201)<br>|
| Yum! Brands, Inc. | U.S. Fed Funds + 0.20% | 1/23/2026 | Barclays | 2526 | Monthly | 348761 | (23521)<br>|
| Yum! Brands, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2827 | Monthly | 389630 | (23197)<br>|
| Zoetis, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2808 | Monthly | 403888 | 4815 |
| **Total (Notional Payable $63,433,152)** | **Total (Notional Payable $63,433,152)** | **Total (Notional Payable $63,433,152)** |  | **$1043162** |  | **$62531986** | **$(901166)**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** | **Short Contracts for Difference at October 31, 2025:** <br>**Over the Counter** |
| **Reference Company** | **The Fund Receives** <br>**Financing Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Contracts** | **Pay** <br>**Frequency**<br>| **Notional** <br>**Value**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| AbbVie, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 599 | Monthly | $(130508)<br>| $6415 |
| Advance Auto Parts, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7208 | Monthly | (338814)<br>| 37457 |
| Advance Auto Parts, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 489 | Monthly | (23003)<br>| 3207 |
| Advanced Micro Devices, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 661 | Monthly | (169151)<br>| (10861)<br>|
| AES (The) Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 12592 | Monthly | (174201)<br>| 11279 |
| Aflac, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3793 | Monthly | (406211)<br>| 2864 |
| AGCO Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2344 | Monthly | (241393)<br>| 9438 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Agilent Technologies, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 694 | Monthly | $(101529)<br>| $(851)<br>|
| Albemarle Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2330 | Monthly | (228358)<br>| (14720)<br>|
| Alliant Energy Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 548 | Monthly | (36584)<br>| 987 |
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 8918 | Monthly | (346950)<br>| 7094 |
| Amcor PLC | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2157 | Monthly | (17025)<br>| 533 |
| American Airlines Group, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 27057 | Monthly | (354970)<br>| (27851)<br>|
| American Express Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 287 | Monthly | (103304)<br>| (10368)<br>|
| Amkor Technology, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2635 | Monthly | (85052)<br>| 243 |
| Amphenol Corp., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2634 | Monthly | (366267)<br>| (32550)<br>|
| Anthem, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 700 | Monthly | (221830)<br>| 19897 |
| Apache Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 851 | Monthly | (19224)<br>| 1710 |
| Apache Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3093 | Monthly | (69938)<br>| 1944 |
| Apollo Global <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3252 | Monthly | (403518)<br>| 155 |
| Arrow Electronics, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2866 | Monthly | (319147)<br>| 17551 |
| Arthur J Gallagher & Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 538 | Monthly | (134091)<br>| 18184 |
| Arthur J Gallagher & Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 973 | Monthly | (242115)<br>| 51147 |
| AT&T, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 12960 | Monthly | (320468)<br>| 10660 |
| AutoNation, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 761 | Monthly | (151702)<br>| 12880 |
| AutoNation, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 550 | Monthly | (109732)<br>| 9415 |
| Avantor Funding, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 21499 | Monthly | (253784)<br>| 72141 |
| Avis Budget Group, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1521 | Monthly | (206759)<br>| 23992 |
| Baker Hughes Co., Class A | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3783 | Monthly | (183018)<br>| (2884)<br>|
| Baxter International, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 1904 | Monthly | (35095)<br>| 8221 |
| BCE, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3004 | Monthly | (68608)<br>| 3608 |
| BCE, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5334 | Monthly | (121727)<br>| 4422 |
| Berkshire Hathaway, Inc., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 56 | Monthly | (26724)<br>| 341 |
| Biogen, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1587 | Monthly | (244638)<br>| (9947)<br>|
| Bio-Rad Laboratories, Class A | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 376 | Monthly | (120087)<br>| 3137 |
| Block, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5420 | Monthly | (410914)<br>| 1711 |
| Boeing (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3137 | Monthly | (629492)<br>| 41826 |
| Booz Allen Hamilton <br> Holding Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1738 | Monthly | (151333)<br>| 20277 |
| Boston Properties, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 301 | Monthly | (21409)<br>| 624 |
| Brookfield Asset <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 8514 | Monthly | (391331)<br>| (5430)<br>|
| Brown & Brown, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4753 | Monthly | (378326)<br>| 62790 |
| Brown-Forman Corp., Class B | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5589 | Monthly | (151811)<br>| 3619 |
| Brown-Forman Corp., Class B | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 9085 | Monthly | (246977)<br>| (229)<br>|
| Bunge Ltd. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 508 | Monthly | (48014)<br>| 490 |
| Caesars Entertainment, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 32953 | Monthly | (661793)<br>| 66221 |
| Campbell's Company (The) | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4221 | Monthly | (127062)<br>| 5393 |
| Campbell's Company (The) | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4926 | Monthly | (148145)<br>| 374 |
| Canadian Natural <br> Resources Ltd.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11322 | Monthly | (362227)<br>| (18605)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Capital One Financial Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1726 | Monthly | $(379367)<br>| $1009 |
| Cardinal Health, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 110 | Monthly | (20956)<br>| (3833)<br>|
| Caterpillar, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 738 | Monthly | (425459)<br>| (32421)<br>|
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6029 | Monthly | (231540)<br>| 12273 |
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4095 | Monthly | (157140)<br>| 7438 |
| Cenovus Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 10036 | Monthly | (169661)<br>| (1256)<br>|
| Centene Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11805 | Monthly | (417181)<br>| 6173 |
| CenterPoint Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 9310 | Monthly | (355402)<br>| 15695 |
| Charter <br> Communications, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1675 | Monthly | (391392)<br>| 16898 |
| Charter <br> Communications, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1447 | Monthly | (337773)<br>| 42042 |
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 26685 | Monthly | (331395)<br>| 15742 |
| Cleveland Cliffs, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6054 | Monthly | (75232)<br>| 7687 |
| Coca-Cola (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5922 | Monthly | (407370)<br>| (10122)<br>|
| Conagra Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 18376 | Monthly | (315049)<br>| 28766 |
| ConocoPhillips | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3514 | Monthly | (311983)<br>| (4824)<br>|
| Corning, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 276 | Monthly | (24586)<br>| 331 |
| Coterra Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 447 | Monthly | (10559)<br>| (189)<br>|
| CSX Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11243 | Monthly | (404632)<br>| (938)<br>|
| Cummins, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 879 | Monthly | (384404)<br>| (25790)<br>|
| CVS Health Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1466 | Monthly | (114482)<br>| 5948 |
| Danaher Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 192 | Monthly | (41329)<br>| (739)<br>|
| DaVita, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2819 | Monthly | (335196)<br>| 28680 |
| Dell Technologies, Inc., <br> Class C<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4454 | Monthly | (720337)<br>| (9692)<br>|
| Devon Energy Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 10012 | Monthly | (325004)<br>| (515)<br>|
| Devon Energy Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 7241 | Monthly | (234870)<br>| 1259 |
| Dick's Sporting Goods, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 209 | Monthly | (46168)<br>| 1304 |
| Digital Realty Trust, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 106 | Monthly | (18062)<br>| (345)<br>|
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 12139 | Monthly | (288864)<br>| (16300)<br>|
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 16312 | Monthly | (388443)<br>| (26317)<br>|
| DR Horton, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4983 | Monthly | (740977)<br>| 46549 |
| Ecolab, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 58 | Monthly | (14857)<br>| 1151 |
| Edison International | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3176 | Monthly | (175535)<br>| (1323)<br>|
| Eli Lilly & Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 494 | Monthly | (425606)<br>| (17554)<br>|
| Enbridge, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7360 | Monthly | (342248)<br>| 18613 |
| EQT Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5941 | Monthly | (317497)<br>| 14295 |
| Equifax, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 76 | Monthly | (16028)<br>| 1500 |
| Estee Lauder (The) Cos., Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4285 | Monthly | (413643)<br>| (5411)<br>|
| Expedia Group, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 775 | Monthly | (170345)<br>| 5107 |
| Expedia Group, Inc. | U.S. Fed Funds | 8/18/2026 | Goldman Sachs | 817 | Monthly | (179445)<br>| (988)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Fidelity National Information <br> Services, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 794 | Monthly | $(43821)<br>| $992 |
| FirstEnergy Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 670 | Monthly | (30653)<br>| 1299 |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 18021 | Monthly | (236102)<br>| (24536)<br>|
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 25592 | Monthly | (335526)<br>| (34564)<br>|
| Freeport-McMoRan, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 8913 | Monthly | (371058)<br>| 703 |
| FTAI Aviation Ltd. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1034 | Monthly | (178622)<br>| (608)<br>|
| General Motors Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1323 | Monthly | (91328)<br>| (2276)<br>|
| Genuine Parts Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2599 | Monthly | (330614)<br>| 13520 |
| Goodyear Tire & Rubber <br> (The) Co.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 111333 | Monthly | (765288)<br>| 31337 |
| Graphic Packaging <br> Holding Co.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 13173 | Monthly | (210260)<br>| 17501 |
| Halliburton Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 13981 | Monthly | (374439)<br>| (40013)<br>|
| Hartford Insurance Group <br> (The), Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 152 | Monthly | (18826)<br>| 1391 |
| Hartford Insurance Group <br> (The), Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2498 | Monthly | (309671)<br>| 11721 |
| HCA Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 797 | Monthly | (365541)<br>| (25804)<br>|
| Hewlett Packard <br> Enterprise Co.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 17331 | Monthly | (422872)<br>| (22624)<br>|
| Hilton Worldwide <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1234 | Monthly | (316244)<br>| 4670 |
| Home Depot (The), Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1416 | Monthly | (536183)<br>| 7013 |
| HP, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 7632 | Monthly | (210991)<br>| 110 |
| Humana, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 450 | Monthly | (125071)<br>| 4403 |
| Humana, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 565 | Monthly | (156933)<br>| (8807)<br>|
| Huntington Ingalls <br> Industries, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 706 | Monthly | (227169)<br>| (26920)<br>|
| Hyatt Hotels Corp., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1757 | Monthly | (240811)<br>| 14095 |
| Intel Corp. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 5524 | Monthly | (220566)<br>| (15350)<br>|
| International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2650 | Monthly | (814015)<br>| (47657)<br>|
| International Paper Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 6751 | Monthly | (260143)<br>| 53761 |
| IQVIA Holdings, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1067 | Monthly | (230652)<br>| (11109)<br>|
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6565 | Monthly | (675265)<br>| 7167 |
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 122 | Monthly | (12539)<br>| 364 |
| JM Smucker (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3102 | Monthly | (320415)<br>| 8149 |
| KB Home | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 6069 | Monthly | (377953)<br>| (12869)<br>|
| KKR & Co., Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3435 | Monthly | (406090)<br>| 17446 |
| Lennar Corp., Class A | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 6188 | Monthly | (765195)<br>| 21548 |
| LKQ Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6829 | Monthly | (217920)<br>| (14791)<br>|
| Lockheed Martin Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 851 | Monthly | (418224)<br>| (3668)<br>|
| Lowe's Cos., Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 455 | Monthly | (108087)<br>| 17 |
| LyondellBasell Industries <br> N.V., Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 9012 | Monthly | (417978)<br>| (10635)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Marriott International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1287 | Monthly | $(335078)<br>| $14555 |
| Marriott International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 993 | Monthly | (258320)<br>| 6007 |
| Marvell Technology, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 4800 | Monthly | (449609)<br>| (60569)<br>|
| Matador Resources Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 335 | Monthly | (13182)<br>| 2074 |
| McKesson Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 68 | Monthly | (55123)<br>| (1021)<br>|
| McKesson Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 85 | Monthly | (68943)<br>| (94)<br>|
| Medtronic PLC | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1001 | Monthly | (90595)<br>| 4840 |
| Merck & Co., Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4790 | Monthly | (410840)<br>| 3016 |
| Meritage Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3162 | Monthly | (213428)<br>| 10031 |
| Meritage Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2799 | Monthly | (188779)<br>| 6088 |
| Metlife, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 958 | Monthly | (76299)<br>| 1539 |
| MGM Resorts International | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5005 | Monthly | (160166)<br>| 3398 |
| Molina Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2514 | Monthly | (383743)<br>| 110542 |
| Mondelez International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1797 | Monthly | (103193)<br>| 2398 |
| Mondelez International, Inc., <br> Class A<br>| U.S. Fed Funds | 8/18/2026 | Goldman Sachs | 5805 | Monthly | (333006)<br>| 23898 |
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 12832 | Monthly | (362238)<br>| 21517 |
| NextEra Energy Capital <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1722 | Monthly | (139983)<br>| 4347 |
| NextEra Energy Capital <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 4481 | Monthly | (364119)<br>| 20306 |
| Northrop Grumman Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 198 | Monthly | (115130)<br>| 11184 |
| Nucor Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2702 | Monthly | (404532)<br>| (32088)<br>|
| nVent Electric PLC | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4062 | Monthly | (463458)<br>| (62458)<br>|
| Occidental Petroleum Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7521 | Monthly | (309634)<br>| 3021 |
| Omega Healthcare <br> Investors, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 404 | Monthly | (16953)<br>| (761)<br>|
| Omnicom Group, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 663 | Monthly | (49729)<br>| 881 |
| Open Text Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 11346 | Monthly | (434727)<br>| 9696 |
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1261 | Monthly | (330848)<br>| 12976 |
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1460 | Monthly | (382418)<br>| 38038 |
| PepsiCo, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2643 | Monthly | (385392)<br>| (692)<br>|
| Performance Food Group Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2190 | Monthly | (211486)<br>| 15266 |
| PG&E Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 22299 | Monthly | (355566)<br>| 14152 |
| Post Holdings, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3405 | Monthly | (353297)<br>| 891 |
| Prologis, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 548 | Monthly | (67921)<br>| (534)<br>|
| Prudential PLC | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 311 | Monthly | (32266)<br>| (268)<br>|
| Prudential PLC | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 3225 | Monthly | (334851)<br>| (2257)<br>|
| PulteGroup, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2879 | Monthly | (344800)<br>| 1284 |
| Quanta Services, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 828 | Monthly | (371611)<br>| (26597)<br>|
| Raymond James <br> Financial, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2535 | Monthly | (401635)<br>| 12803 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Roger Communications, Inc., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 10798 | Monthly | $(422278)<br>| $(18973)<br>|
| Ross Stores, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 512 | Monthly | (81314)<br>| (1053)<br>|
| Royalty Pharma PLC, Class A | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 180 | Monthly | (6746)<br>| (234)<br>|
| Schlumberger Ltd. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1229 | Monthly | (44318)<br>| 316 |
| Seagate Technology <br>Holdings PLC<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 477 | Monthly | (121746)<br>| (17102)<br>|
| Sealed Air Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2293 | Monthly | (76719)<br>| 2702 |
| Sempra | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4593 | Monthly | (421240)<br>| 7562 |
| Sherwin-Williams (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 548 | Monthly | (188676)<br>| (6340)<br>|
| Shift4 Payments, Inc., Class A | U.S. Fed Funds + (0.38)% | 8/18/2026 | Goldman Sachs | 293 | Monthly | (20246)<br>| (818)<br>|
| Simon Property Group, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1215 | Monthly | (213191)<br>| 3517 |
| Sirius XM Holdings, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4594 | Monthly | (99478)<br>| 1039 |
| Snap, Inc., Class A | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 21874 | Monthly | (170467)<br>| (506)<br>|
| Snap, Inc., Class A | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 30363 | Monthly | (236435)<br>| 3736 |
| Somnigroup <br> International, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 5153 | Monthly | (408458)<br>| 23466 |
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3017 | Monthly | (283459)<br>| 10638 |
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 776 | Monthly | (72794)<br>| 1842 |
| Stellantis N.V. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 8413 | Monthly | (85232)<br>| 5628 |
| Stellantis N.V. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6818 | Monthly | (69021)<br>| (22)<br>|
| Synnex Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1380 | Monthly | (215417)<br>| 6694 |
| Synnex Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 419 | Monthly | (65461)<br>| 243 |
| Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 925 | Monthly | (142361)<br>| 515 |
| Target Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4054 | Monthly | (375714)<br>| 7663 |
| TC Energy Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3586 | Monthly | (179696)<br>| 5880 |
| Tenet Healthcare Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 433 | Monthly | (89332)<br>| (515)<br>|
| Tesla, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 741 | Monthly | (337624)<br>| (10798)<br>|
| Thermo Fisher Scientific, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 774 | Monthly | (438153)<br>| (23142)<br>|
| Toll Brothers, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 3601 | Monthly | (485556)<br>| 5208 |
| Transocean Ltd. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 27431 | Monthly | (105109)<br>| (11843)<br>|
| United Parcel Service, Inc., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1488 | Monthly | (143399)<br>| (8510)<br>|
| United Rentals North <br> America, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 122 | Monthly | (106177)<br>| 14786 |
| United Rentals North <br> America, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 399 | Monthly | (346678)<br>| 47975 |
| UnitedHealth Group, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2175 | Monthly | (740941)<br>| 63635 |
| Verizon Communications, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 8443 | Monthly | (335228)<br>| 803 |
| VF Corp. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1343 | Monthly | (18838)<br>| 1697 |
| Viatris, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 42342 | Monthly | (437639)<br>| (15489)<br>|
| Vistra Operations Co. LLC | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 1827 | Monthly | (343732)<br>| (2797)<br>|
| Walmart, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2607 | Monthly | (263501)<br>| 8255 |
| Walmart, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3403 | Monthly | (343703)<br>| 27326 |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at October 31, 2025:**<br> **Over the Counter (continued)** |
| **Reference Company** | **The Fund Receives**<br> **Financing Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Contracts** | **Pay**<br> **Frequency**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Warner Bros. Discovery, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 11283 | Monthly | $(252960)<br>| $(44788)<br>|
| Welltower, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2117 | Monthly | (382393)<br>| (24324)<br>|
| Western Union (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 42624 | Monthly | (396845)<br>| (52017)<br>|
| Westlake Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3744 | Monthly | (256876)<br>| 51517 |
| Whirlpool Corp. | U.S. Fed Funds + (0.75)% | 1/23/2026 | Barclays | 8902 | Monthly | (637164)<br>| 12771 |
| Whirlpool Corp. | U.S. Fed Funds + (0.87)% | 2/9/2026 | JPMorgan Chase | 582 | Monthly | (41596)<br>| 3294 |
| Whirlpool Corp. | U.S. Fed Funds + (1.00)% | 8/18/2026 | Goldman Sachs | 841 | Monthly | (60152)<br>| 1375 |
| Williams (The) Cos., Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2832 | Monthly | (163733)<br>| 12304 |
| Willis Towers Watson PLC | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 50 | Monthly | (15627)<br>| 1344 |
| Xcel Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/23/2026 | Barclays | 2190 | Monthly | (177606)<br>| (895)<br>|
| Xylem, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2822 | Monthly | (424980)<br>| (13617)<br>|
| **Total (Notional Payable $53,116,535)** | **Total (Notional Payable $53,116,535)** | **Total (Notional Payable $53,116,535)** |  | **$1140434** |  | **$(52426348)**<br>| **$690187** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2025:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Markit CDX North America High Yield Index <br> Series 43 (Pay Quarterly)<br>| 2.95% | 5.00% | 12/20/2029 | USD | 1290000 | $102480 | $98670 | $3810 |
| Markit CDX North America High Yield Index <br> Series 45 (Pay Quarterly)<br>| 3.27% | 5.00% | 12/20/2030 | USD | 3827500 | 301673 | 296225 | 5448 |
| **Total** |  |  |  |  |  | **$404153** | **$394895** | **$9258** |

---

See accompanying Notes to Financial Statements

------

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

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of October 31, 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; $2495085 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2495085 |
| Common Stocks | &nbsp;&nbsp; 56250361 | &nbsp;&nbsp; 2113105 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 58363466 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 49285668 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49285668 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 6467289 | &nbsp;&nbsp; 1185141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7652430 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 37886455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37886455 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 5862729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5862729 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 32902262 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32902262 |
| Preferred Stocks | &nbsp;&nbsp; 2943842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2943842 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191344 | &nbsp;&nbsp; 191344 |
| Warrants | &nbsp;&nbsp; 4231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4231 |
| Short-Term Investments | &nbsp;&nbsp; 15466374 | &nbsp;&nbsp; 27991536 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43457910 |
| Purchased Options | &nbsp;&nbsp; 118808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118808 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $81250905 | &nbsp;&nbsp; $159721981 | &nbsp;&nbsp; $191344 | &nbsp;&nbsp; $241164230 |
| **Liabilities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(37901682)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37901682)<br>|
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Warrants | &nbsp;&nbsp; (3081)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3081)<br>|
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $(37904763)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37904763)<br>|
| **Net Investments** | &nbsp;&nbsp; $43346142 | &nbsp;&nbsp; $159721981 | &nbsp;&nbsp; $191344 | &nbsp;&nbsp; $203259467 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $84004 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84004 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 420219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 420219 |
| Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2903050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2903050 |
| Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9258 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $84004 | &nbsp;&nbsp; $3332527 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3416531 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(112606)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(112606)<br>|
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (326033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (326033)<br>|
| Written Options  | &nbsp;&nbsp; (63604)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (63604)<br>|
| Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3114029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3114029)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(176210)<br>| &nbsp;&nbsp; $(3440062)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3616272)<br>|
| **Total Derivative Financial Instruments** | &nbsp;&nbsp; $(92206)<br>| &nbsp;&nbsp; $(107535)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(199741)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**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; $1868044489 | &nbsp;&nbsp; $1024224496 | &nbsp;&nbsp; $145296599 | &nbsp;&nbsp; $1092249162 | &nbsp;&nbsp; $334207742 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 207357 | &nbsp;&nbsp; — |
| Foreign currencies, at value | &nbsp;&nbsp; 4248 | &nbsp;&nbsp; 77285 | &nbsp;&nbsp; 282622 | &nbsp;&nbsp; 1251301 | &nbsp;&nbsp; — |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 824948 | &nbsp;&nbsp; 1765007 | &nbsp;&nbsp; — |
| Receivable for: |  |  |  |  |  |
| Dividends and interest  | &nbsp;&nbsp; 1103873 | &nbsp;&nbsp; 1793127 | &nbsp;&nbsp; 713013 | &nbsp;&nbsp; 5689254 | &nbsp;&nbsp; 4240306 |
| Securities lending income | &nbsp;&nbsp; 7667 | &nbsp;&nbsp; 11267 | &nbsp;&nbsp; 3402 | &nbsp;&nbsp; 4491 | &nbsp;&nbsp; — |
| Foreign tax reclaims | &nbsp;&nbsp; 159898 | &nbsp;&nbsp; 2154833 | &nbsp;&nbsp; 437520 | &nbsp;&nbsp; 3105 | &nbsp;&nbsp; — |
| Investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 2492748 | &nbsp;&nbsp; 586884 | &nbsp;&nbsp; 144765097 | &nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp; 760879 | &nbsp;&nbsp; 394228 | &nbsp;&nbsp; 131182 | &nbsp;&nbsp; 440496 | &nbsp;&nbsp; 28808 |
| Variation margin on futures <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 15641 | &nbsp;&nbsp; — |
| Variation margin on centrally <br> cleared swap contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; — |
| Unrealized appreciation on OTC <br> swap contracts and contracts <br> for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22015 | &nbsp;&nbsp; 13532 | &nbsp;&nbsp; — |
| Unrealized appreciation on <br> forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8202 | &nbsp;&nbsp; 314704 | &nbsp;&nbsp; — |
| Upfront premiums paid on OTC <br> swap contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39093 | &nbsp;&nbsp; — |
| Prepaid expenses and other <br> assets<br>| &nbsp;&nbsp; 81256 | &nbsp;&nbsp; 66732 | &nbsp;&nbsp; 16893 | &nbsp;&nbsp; 52292 | &nbsp;&nbsp; 21289 |
| Total assets | &nbsp;&nbsp; 1870162310 | &nbsp;&nbsp; 1031214716 | &nbsp;&nbsp; 148323934 | &nbsp;&nbsp; 1246815593 | &nbsp;&nbsp; 338498145 |
| **Liabilities** |  |  |  |  |  |
| Investments sold short, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22208712 | &nbsp;&nbsp; — |
| Written options, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 322740 | &nbsp;&nbsp; — |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; 23810 | &nbsp;&nbsp; 90792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109951 | &nbsp;&nbsp; 1042779 | &nbsp;&nbsp; — |
| Unrealized depreciation on OTC <br> swap contracts and contracts <br> for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117780 | &nbsp;&nbsp; 11035 | &nbsp;&nbsp; — |
| Unrealized depreciation on <br> forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10343 | &nbsp;&nbsp; 158608 | &nbsp;&nbsp; — |
| Payable for: |  |  |  |  |  |
| Dividends on short sales | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56848 | &nbsp;&nbsp; — |
| Investments purchased on a <br> delayed-delivery basis<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 227005694 | &nbsp;&nbsp; 3181217 |
| Investments purchased | &nbsp;&nbsp; 56939 | &nbsp;&nbsp; 2786511 | &nbsp;&nbsp; 1389481 | &nbsp;&nbsp; 25304 | &nbsp;&nbsp; 1211762 |
| Fund shares redeemed | &nbsp;&nbsp; 1456215 | &nbsp;&nbsp; 951752 | &nbsp;&nbsp; 113719 | &nbsp;&nbsp; 1401709 | &nbsp;&nbsp; 282716 |
| Variation margin on futures <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5938 | &nbsp;&nbsp; 57439 | &nbsp;&nbsp; — |
| Variation margin on centrally <br> cleared swap contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred capital gains tax | &nbsp;&nbsp; — | &nbsp;&nbsp; 239880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral for securities <br> lending<br>| &nbsp;&nbsp; 5601339 | &nbsp;&nbsp; 15245224 | &nbsp;&nbsp; 5559864 | &nbsp;&nbsp; 26635871 | &nbsp;&nbsp; — |

---

See accompanying Notes to Financial Statements

------

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

------

**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; 32375 | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 1024152 | &nbsp;&nbsp; 636710 | &nbsp;&nbsp; 32483 | &nbsp;&nbsp; 244656 | &nbsp;&nbsp; 101516 |
| Accrued trustee fees | &nbsp;&nbsp; 20262 | &nbsp;&nbsp; 10409 | &nbsp;&nbsp; 1634 | &nbsp;&nbsp; 9836 | &nbsp;&nbsp; 3470 |
| Accrued expenses | &nbsp;&nbsp; 283838 | &nbsp;&nbsp; 206917 | &nbsp;&nbsp; 124020 | &nbsp;&nbsp; 248807 | &nbsp;&nbsp; 82054 |
| Total liabilities | &nbsp;&nbsp; 8442745 | &nbsp;&nbsp; 20101213 | &nbsp;&nbsp; 7596071 | &nbsp;&nbsp; 279462413 | &nbsp;&nbsp; 4862735 |
| Net assets | &nbsp;&nbsp; $1861719565 | &nbsp;&nbsp; $1011113503 | &nbsp;&nbsp; $140727863 | &nbsp;&nbsp; $967353180 | &nbsp;&nbsp; $333635410 |
| **Analysis of net assets:** |  |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $1244434711 | &nbsp;&nbsp; $798774156 | &nbsp;&nbsp; $150771137 | &nbsp;&nbsp; $1103398460 | &nbsp;&nbsp; $353662502 |
| Distributable earnings (loss) | &nbsp;&nbsp; 617284854 | &nbsp;&nbsp; 212339347 | &nbsp;&nbsp; (10043274)<br>| &nbsp;&nbsp; (136045280)<br>| &nbsp;&nbsp; (20027092)<br>|
| Net assets | &nbsp;&nbsp; $1861719565 | &nbsp;&nbsp; $1011113503 | &nbsp;&nbsp; $140727863 | &nbsp;&nbsp; $967353180 | &nbsp;&nbsp; $333635410 |
| **Shares outstanding:** | &nbsp;&nbsp; 131123949 | &nbsp;&nbsp; 81515771 | &nbsp;&nbsp; 14221134 | &nbsp;&nbsp; 107496718 | &nbsp;&nbsp; 33512281 |
| **Net asset value, offering price and** <br> **redemption price per share:**<br>| &nbsp;&nbsp; $14.20 | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $9.96 |
| Investments in non-affiliates, at <br> cost<br>| &nbsp;&nbsp; $1552474532 | &nbsp;&nbsp; $925845612 | &nbsp;&nbsp; $137733472 | &nbsp;&nbsp; $1088878597 | &nbsp;&nbsp; $339517808 |
| Foreign currencies, at cost | &nbsp;&nbsp; $4283 | &nbsp;&nbsp; $1801185 | &nbsp;&nbsp; $340059 | &nbsp;&nbsp; $1254953 | &nbsp;&nbsp; $— |
| Investments sold short proceeds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22238008 | &nbsp;&nbsp; $— |
| Written option premiums | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $484325 | &nbsp;&nbsp; $— |
| \*Market value of securities on <br> loan<br>| &nbsp;&nbsp; $52043798 | &nbsp;&nbsp; $23503869 | &nbsp;&nbsp; $6553367 | &nbsp;&nbsp; $37474847 | &nbsp;&nbsp; $— |

---

See accompanying Notes to Financial Statements

------

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

------

**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; $118178472 | &nbsp;&nbsp; $183862003 | &nbsp;&nbsp; $350987525 | &nbsp;&nbsp; $241164230 |
| Deposits at broker for investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37102673 |
| Cash | &nbsp;&nbsp; 14830 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87401 |
| Foreign currencies, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 395438 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 346079 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; 208065 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1795239 |
| Receivable for: |  |  |  |  |
| Dividends and interest  | &nbsp;&nbsp; 213155 | &nbsp;&nbsp; 2734221 | &nbsp;&nbsp; 229174 | &nbsp;&nbsp; 1105116 |
| Securities lending income | &nbsp;&nbsp; 841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12421 | &nbsp;&nbsp; — |
| Foreign tax reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; 25271 | &nbsp;&nbsp; 166198 | &nbsp;&nbsp; 10049 |
| Investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 5288034 | &nbsp;&nbsp; 984614 | &nbsp;&nbsp; 3249202 |
| Fund shares sold | &nbsp;&nbsp; 38053 | &nbsp;&nbsp; 126763 | &nbsp;&nbsp; 171159 | &nbsp;&nbsp; 113445 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 5655 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10331 |
| Unrealized appreciation on OTC swap contracts <br> and contracts for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2903050 |
| Unrealized appreciation on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 194824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 420219 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 17081 | &nbsp;&nbsp; 19329 | &nbsp;&nbsp; 27524 | &nbsp;&nbsp; 19185 |
| Total assets | &nbsp;&nbsp; 118462432 | &nbsp;&nbsp; 192859603 | &nbsp;&nbsp; 352578970 | &nbsp;&nbsp; 288326219 |
| **Liabilities** |  |  |  |  |
| Investments sold short, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37904763 |
| Written options, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63604 |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; 107381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to broker | &nbsp;&nbsp; — | &nbsp;&nbsp; 12229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 553002 |
| Unrealized depreciation on OTC swap contracts <br> and contracts for difference<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3114029 |
| Unrealized depreciation on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 182269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 326033 |
| Payable for: |  |  |  |  |
| Investments purchased on a delayed-delivery <br> basis<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1083968 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10800720 |
| Investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 5825299 | &nbsp;&nbsp; 1074044 | &nbsp;&nbsp; 2055241 |
| Fund shares redeemed | &nbsp;&nbsp; 189677 | &nbsp;&nbsp; 371172 | &nbsp;&nbsp; 262489 | &nbsp;&nbsp; 296411 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4037 |
| Variation margin on centrally cleared swap <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1288 |
| Collateral for securities lending | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12037655 | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 13573 | &nbsp;&nbsp; 62237 | &nbsp;&nbsp; 135804 | &nbsp;&nbsp; 131004 |
| Accrued trustee fees | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1963 | &nbsp;&nbsp; 3731 | &nbsp;&nbsp; 2325 |
| Accrued expenses | &nbsp;&nbsp; 64322 | &nbsp;&nbsp; 116600 | &nbsp;&nbsp; 92407 | &nbsp;&nbsp; 174365 |
| Total liabilities | &nbsp;&nbsp; 1968790 | &nbsp;&nbsp; 7766770 | &nbsp;&nbsp; 13606130 | &nbsp;&nbsp; 55426822 |
| Net assets | &nbsp;&nbsp; $116493642 | &nbsp;&nbsp; $185092833 | &nbsp;&nbsp; $338972840 | &nbsp;&nbsp; $232899397 |
| **Analysis of net assets:** |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $121708434 | &nbsp;&nbsp; $204791459 | &nbsp;&nbsp; $265500710 | &nbsp;&nbsp; $227975941 |
| Distributable earnings (loss) | &nbsp;&nbsp; (5214792)<br>| &nbsp;&nbsp; (19698626)<br>| &nbsp;&nbsp; 73472130 | &nbsp;&nbsp; 4923456 |
| Net assets | &nbsp;&nbsp; $116493642 | &nbsp;&nbsp; $185092833 | &nbsp;&nbsp; $338972840 | &nbsp;&nbsp; $232899397 |
| **Shares outstanding:** | &nbsp;&nbsp; 11787250 | &nbsp;&nbsp; 19758477 | &nbsp;&nbsp; 27582720 | &nbsp;&nbsp; 21529902 |

---

See accompanying Notes to Financial Statements

------

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

------

**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 redemption** <br> **price per share:**<br>| &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $10.82 |
| Investments in non-affiliates, at cost | &nbsp;&nbsp; $116779707 | &nbsp;&nbsp; $180728228 | &nbsp;&nbsp; $308934571 | &nbsp;&nbsp; $230648416 |
| Foreign currencies, at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $467318 | &nbsp;&nbsp; $157424 | &nbsp;&nbsp; $351501 |
| Investments sold short proceeds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31123829 |
| Written option premiums | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53863 |
| \*Market value of securities on loan | &nbsp;&nbsp; $25575570 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68751771 | &nbsp;&nbsp; $— |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** For the Six Months Ended October 31, 2025 (unaudited)

------

**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 of <br> foreign withholding taxes)<br>| &nbsp;&nbsp; $11773458 | &nbsp;&nbsp; $15165381 | &nbsp;&nbsp; $1896803 | &nbsp;&nbsp; $5583178 | &nbsp;&nbsp; $146967 |
| Interest income (net of foreign withholding <br> taxes)<br>| &nbsp;&nbsp; 92096 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 1851824 | &nbsp;&nbsp; 16407245 | &nbsp;&nbsp; 6253914 |
| Securities lending income, net | &nbsp;&nbsp; 53983 | &nbsp;&nbsp; 58474 | &nbsp;&nbsp; 22072 | &nbsp;&nbsp; 29589 | &nbsp;&nbsp; — |
| Tax reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; 998887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 11919537 | &nbsp;&nbsp; 16225833 | &nbsp;&nbsp; 3770699 | &nbsp;&nbsp; 22020012 | &nbsp;&nbsp; 6400881 |
| **Expenses** |  |  |  |  |  |
| Management fees (Note 4) | &nbsp;&nbsp; 6109637 | &nbsp;&nbsp; 4091635 | &nbsp;&nbsp; 251588 | &nbsp;&nbsp; 2074675 | &nbsp;&nbsp; 720169 |
| Administration and custody fees | &nbsp;&nbsp; 398082 | &nbsp;&nbsp; 395109 | &nbsp;&nbsp; 148760 | &nbsp;&nbsp; 392800 | &nbsp;&nbsp; 91460 |
| Transfer agent fees | &nbsp;&nbsp; 5173 | &nbsp;&nbsp; 5173 | &nbsp;&nbsp; 5169 | &nbsp;&nbsp; 5168 | &nbsp;&nbsp; 5154 |
| Sub-accounting fees | &nbsp;&nbsp; 844102 | &nbsp;&nbsp; 462069 | &nbsp;&nbsp; 70171 | &nbsp;&nbsp; 453888 | &nbsp;&nbsp; 158868 |
| Audit and tax fees | &nbsp;&nbsp; 42419 | &nbsp;&nbsp; 41284 | &nbsp;&nbsp; 35610 | &nbsp;&nbsp; 42643 | &nbsp;&nbsp; 23734 |
| Legal fees | &nbsp;&nbsp; 92479 | &nbsp;&nbsp; 47179 | &nbsp;&nbsp; 9288 | &nbsp;&nbsp; 48270 | &nbsp;&nbsp; 17474 |
| Trustees' fees | &nbsp;&nbsp; 135252 | &nbsp;&nbsp; 73558 | &nbsp;&nbsp; 10845 | &nbsp;&nbsp; 70914 | &nbsp;&nbsp; 24638 |
| Registration and filing fees | &nbsp;&nbsp; 30475 | &nbsp;&nbsp; 23494 | &nbsp;&nbsp; 11933 | &nbsp;&nbsp; 23589 | &nbsp;&nbsp; 13032 |
| Printing and postage fees | &nbsp;&nbsp; 58009 | &nbsp;&nbsp; 50886 | &nbsp;&nbsp; 24168 | &nbsp;&nbsp; 43492 | &nbsp;&nbsp; 13520 |
| Dividend and interest on securities sold <br> short<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5624 | &nbsp;&nbsp; — |
| Other expenses | &nbsp;&nbsp; 74536 | &nbsp;&nbsp; 41903 | &nbsp;&nbsp; 20294 | &nbsp;&nbsp; 48509 | &nbsp;&nbsp; 17670 |
| Total expenses | &nbsp;&nbsp; 7790164 | &nbsp;&nbsp; 5232290 | &nbsp;&nbsp; 587826 | &nbsp;&nbsp; 3209572 | &nbsp;&nbsp; 1085719 |
| Less waiver of management fees (Note 4) | &nbsp;&nbsp; (130335)<br>| &nbsp;&nbsp; (351900)<br>| &nbsp;&nbsp; (63076)<br>| &nbsp;&nbsp; (704910)<br>| &nbsp;&nbsp; (136405)<br>|
| Net expenses | &nbsp;&nbsp; 7659829 | &nbsp;&nbsp; 4880390 | &nbsp;&nbsp; 524750 | &nbsp;&nbsp; 2504662 | &nbsp;&nbsp; 949314 |
| Net investment income | &nbsp;&nbsp; 4259708 | &nbsp;&nbsp; 11345443 | &nbsp;&nbsp; 3245949 | &nbsp;&nbsp; 19515350 | &nbsp;&nbsp; 5451567 |
| **Realized and unrealized gains (losses)** |  |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |  |
| Investments | &nbsp;&nbsp; 213598681 | &nbsp;&nbsp; 101632518 <br><sup>1</sup><br>| &nbsp;&nbsp; 3764760 | &nbsp;&nbsp; (1895181)<br>| &nbsp;&nbsp; (962027)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9364)<br>| &nbsp;&nbsp; 903371 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 120387 | &nbsp;&nbsp; (259419)<br>| &nbsp;&nbsp; — |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3580 | &nbsp;&nbsp; 326943 | &nbsp;&nbsp; — |
| Forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9983)<br>| &nbsp;&nbsp; (462353)<br>| &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (14050)<br>| &nbsp;&nbsp; (328235)<br>| &nbsp;&nbsp; (10245)<br>| &nbsp;&nbsp; 62518 | &nbsp;&nbsp; — |
| Net realized gains (losses) | &nbsp;&nbsp; 213584631 | &nbsp;&nbsp; 101304283 | &nbsp;&nbsp; 3859135 | &nbsp;&nbsp; (1324121)<br>| &nbsp;&nbsp; (962027)<br>|
| Net change in unrealized appreciation <br> (depreciation) on:<br>|  |  |  |  |  |
| Investments | &nbsp;&nbsp; 52670885 | &nbsp;&nbsp; 32797368 <br><sup>2</sup><br>| &nbsp;&nbsp; 1810037 | &nbsp;&nbsp; 13243560 | &nbsp;&nbsp; 7852426 |
| Investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10647 | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75605 | &nbsp;&nbsp; 369465 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (70906)<br>| &nbsp;&nbsp; (143438)<br>| &nbsp;&nbsp; — |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2410)<br>| &nbsp;&nbsp; 155094 | &nbsp;&nbsp; — |
| Forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (16299)<br>| &nbsp;&nbsp; 461151 | &nbsp;&nbsp; — |

---

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** For the Six Months Ended October 31, 2025 (unaudited)

------

**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; 12541 | &nbsp;&nbsp; (98625)<br>| &nbsp;&nbsp; (5661)<br>| &nbsp;&nbsp; (9930)<br>| &nbsp;&nbsp; — |
| Net change in unrealized appreciation | &nbsp;&nbsp; 52683426 | &nbsp;&nbsp; 32698743 | &nbsp;&nbsp; 1790366 | &nbsp;&nbsp; 14086549 | &nbsp;&nbsp; 7852426 |
| Net realized and unrealized gains | &nbsp;&nbsp; 266268057 | &nbsp;&nbsp; 134003026 | &nbsp;&nbsp; 5649501 | &nbsp;&nbsp; 12762428 | &nbsp;&nbsp; 6890399 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $270527765 | &nbsp;&nbsp; $145348469 | &nbsp;&nbsp; $8895450 | &nbsp;&nbsp; $32277778 | &nbsp;&nbsp; $12341966 |
| Foreign withholding taxes on dividend <br> income<br>| &nbsp;&nbsp; $48216 | &nbsp;&nbsp; $1244226 | &nbsp;&nbsp; $45569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign withholding taxes on interest <br> income<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21 | &nbsp;&nbsp; $4199 | &nbsp;&nbsp; $— |

---

<sup>1</sup> Net of foreign capital gains taxes (refunded)/paid of $218,801.

<sup>2</sup> Net of change in deferred foreign capital gains tax expense of $201,475.

See accompanying Notes to Financial Statements

------

**Morningstar Funds Trust** For the Six Months Ended October 31, 2025 (unaudited)

------

**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; $1243033 | &nbsp;&nbsp; $110066 | &nbsp;&nbsp; $4666477 | &nbsp;&nbsp; $879785 |
| Interest income (net of foreign withholding taxes) | &nbsp;&nbsp; 1403813 | &nbsp;&nbsp; 6267710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3976237 |
| Securities lending income, net | &nbsp;&nbsp; 3752 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52752 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 2650598 | &nbsp;&nbsp; 6377776 | &nbsp;&nbsp; 4719229 | &nbsp;&nbsp; 4856022 |
| **Expenses** |  |  |  |  |
| Management fees (Note 4) | &nbsp;&nbsp; 208419 | &nbsp;&nbsp; 566173 | &nbsp;&nbsp; 780911 | &nbsp;&nbsp; 935104 |
| Administration and custody fees | &nbsp;&nbsp; 64262 | &nbsp;&nbsp; 135644 | &nbsp;&nbsp; 108399 | &nbsp;&nbsp; 272455 |
| Transfer agent fees | &nbsp;&nbsp; 5168 | &nbsp;&nbsp; 5173 | &nbsp;&nbsp; 5168 | &nbsp;&nbsp; 5174 |
| Sub-accounting fees | &nbsp;&nbsp; 56749 | &nbsp;&nbsp; 88680 | &nbsp;&nbsp; 155259 | &nbsp;&nbsp; 106848 |
| Audit and tax fees | &nbsp;&nbsp; 23506 | &nbsp;&nbsp; 39741 | &nbsp;&nbsp; 23911 | &nbsp;&nbsp; 30095 |
| Legal fees | &nbsp;&nbsp; 6553 | &nbsp;&nbsp; 9709 | &nbsp;&nbsp; 17189 | &nbsp;&nbsp; 12000 |
| Trustees' fees | &nbsp;&nbsp; 8846 | &nbsp;&nbsp; 13988 | &nbsp;&nbsp; 24710 | &nbsp;&nbsp; 16645 |
| Registration and filing fees | &nbsp;&nbsp; 11857 | &nbsp;&nbsp; 12773 | &nbsp;&nbsp; 16022 | &nbsp;&nbsp; 13370 |
| Printing and postage fees | &nbsp;&nbsp; 12113 | &nbsp;&nbsp; 34858 | &nbsp;&nbsp; 37736 | &nbsp;&nbsp; 34076 |
| Dividend and interest on securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 226363 |
| Other expenses | &nbsp;&nbsp; 9963 | &nbsp;&nbsp; 23999 | &nbsp;&nbsp; 18944 | &nbsp;&nbsp; 21365 |
| Total expenses | &nbsp;&nbsp; 407436 | &nbsp;&nbsp; 930738 | &nbsp;&nbsp; 1188249 | &nbsp;&nbsp; 1673495 |
| Less waiver of management fees (Note 4) | &nbsp;&nbsp; (129543)<br>| &nbsp;&nbsp; (193156)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (170993)<br>|
| Net expenses | &nbsp;&nbsp; 277893 | &nbsp;&nbsp; 737582 | &nbsp;&nbsp; 1188249 | &nbsp;&nbsp; 1502502 |
| Net investment income | &nbsp;&nbsp; 2372705 | &nbsp;&nbsp; 5640194 | &nbsp;&nbsp; 3530980 | &nbsp;&nbsp; 3353520 |
| **Realized and unrealized gains (losses)** |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; 38686 | &nbsp;&nbsp; 1926811 | &nbsp;&nbsp; 16634847 | &nbsp;&nbsp; 8008094 |
| Investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3544396)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (5656)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2959872)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (68983)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12822)<br>|
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 13784 | &nbsp;&nbsp; — | &nbsp;&nbsp; (289545)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 29031 | &nbsp;&nbsp; — | &nbsp;&nbsp; (323193)<br>|
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; 44942 | &nbsp;&nbsp; 15884 | &nbsp;&nbsp; 1549 |
| Net realized gains (losses) | &nbsp;&nbsp; 38686 | &nbsp;&nbsp; 1939929 | &nbsp;&nbsp; 16650731 | &nbsp;&nbsp; 879815 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; 663544 | &nbsp;&nbsp; 6517975 | &nbsp;&nbsp; 25129110 | &nbsp;&nbsp; 8807041 |
| Investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7957729)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (64054)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (28090)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (288830)<br>|
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (16564)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (71321)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 306245 |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp; (10058)<br>| &nbsp;&nbsp; (14914)<br>| &nbsp;&nbsp; (11683)<br>|
| Net change in unrealized appreciation | &nbsp;&nbsp; 663544 | &nbsp;&nbsp; 6408506 | &nbsp;&nbsp; 25114196 | &nbsp;&nbsp; 774426 |
| Net realized and unrealized gains | &nbsp;&nbsp; 702230 | &nbsp;&nbsp; 8348435 | &nbsp;&nbsp; 41764927 | &nbsp;&nbsp; 1654241 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $3074935 | &nbsp;&nbsp; $13988629 | &nbsp;&nbsp; $45295907 | &nbsp;&nbsp; $5007761 |
| Foreign withholding taxes on dividend income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $198304 | &nbsp;&nbsp; $827 |
| Foreign withholding taxes on interest income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2519 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See accompanying Notes to Financial Statements

------

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

------

**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** |
|  | **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4259708 | &nbsp;&nbsp; $11997019 | &nbsp;&nbsp; $11345443 | &nbsp;&nbsp; $17342042 |
| Net realized gains (losses) | &nbsp;&nbsp; 213584631 | &nbsp;&nbsp; 182649187 | &nbsp;&nbsp; 101304283 | &nbsp;&nbsp; 32452443 |
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 52683426 | &nbsp;&nbsp; (50093094)<br>| &nbsp;&nbsp; 32698743 | &nbsp;&nbsp; 25829049 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 270527765 | &nbsp;&nbsp; 144553112 | &nbsp;&nbsp; 145348469 | &nbsp;&nbsp; 75623534 |
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (164797418)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38072733)<br>|
| Total distributions paid | &nbsp;&nbsp; — | &nbsp;&nbsp; (164797418)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38072733)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 211129904 | &nbsp;&nbsp; 340518973 | &nbsp;&nbsp; 111811272 | &nbsp;&nbsp; 200695177 |
| Reinvestment of dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 164797417 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38072733 |
| Payments for shares redeemed | &nbsp;&nbsp; (224232377)<br>| &nbsp;&nbsp; (475738363)<br>| &nbsp;&nbsp; (127926987)<br>| &nbsp;&nbsp; (204043202)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; (13102473)<br>| &nbsp;&nbsp; 29578027 | &nbsp;&nbsp; (16115715)<br>| &nbsp;&nbsp; 34724708 |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 257425292 | &nbsp;&nbsp; 9333721 | &nbsp;&nbsp; 129232754 | &nbsp;&nbsp; 72275509 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 1604294273 | &nbsp;&nbsp; 1594960552 | &nbsp;&nbsp; 881880749 | &nbsp;&nbsp; 809605240 |
| End of period | &nbsp;&nbsp; $1861719565 | &nbsp;&nbsp; $1604294273 | &nbsp;&nbsp; $1011113503 | &nbsp;&nbsp; $881880749 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 15986583 | &nbsp;&nbsp; 26272133 | &nbsp;&nbsp; 9828967 | &nbsp;&nbsp; 19204518 |
| Shares from reinvested dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 12742135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3835448 |
| Shares redeemed | &nbsp;&nbsp; (16638012)<br>| &nbsp;&nbsp; (35735546)<br>| &nbsp;&nbsp; (10993202)<br>| &nbsp;&nbsp; (19473016)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (651429)<br>| &nbsp;&nbsp; 3278722 | &nbsp;&nbsp; (1164235)<br>| &nbsp;&nbsp; 3566950 |

---

See accompanying Notes to Financial Statements

------

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

------

**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** |
|  | **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3245949 | &nbsp;&nbsp; $9840860 | &nbsp;&nbsp; $19515350 | &nbsp;&nbsp; $33497544 |
| Net realized gains (losses) | &nbsp;&nbsp; 3859135 | &nbsp;&nbsp; 4364680 | &nbsp;&nbsp; (1324121)<br>| &nbsp;&nbsp; (22072789)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 1790366 | &nbsp;&nbsp; 2968988 | &nbsp;&nbsp; 14086549 | &nbsp;&nbsp; 51416123 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 8895450 | &nbsp;&nbsp; 17174528 | &nbsp;&nbsp; 32277778 | &nbsp;&nbsp; 62840878 |
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (3520760)<br>| &nbsp;&nbsp; (10328373)<br>| &nbsp;&nbsp; (18241486)<br>| &nbsp;&nbsp; (33641928)<br>|
| Total distributions paid | &nbsp;&nbsp; (3520760)<br>| &nbsp;&nbsp; (10328373)<br>| &nbsp;&nbsp; (18241486)<br>| &nbsp;&nbsp; (33641928)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 9826419 | &nbsp;&nbsp; 22834752 | &nbsp;&nbsp; 152918757 | &nbsp;&nbsp; 235829917 |
| Reinvestment of dividends | &nbsp;&nbsp; 3520760 | &nbsp;&nbsp; 10328371 | &nbsp;&nbsp; 18241446 | &nbsp;&nbsp; 33641926 |
| Payments for shares redeemed | &nbsp;&nbsp; (17820761)<br>| &nbsp;&nbsp; (91694020)<br>| &nbsp;&nbsp; (95244291)<br>| &nbsp;&nbsp; (242893623)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; (4473582)<br>| &nbsp;&nbsp; (58530897)<br>| &nbsp;&nbsp; 75915912 | &nbsp;&nbsp; 26578220 |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 901108 | &nbsp;&nbsp; (51684742)<br>| &nbsp;&nbsp; 89952204 | &nbsp;&nbsp; 55777170 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 139826755 | &nbsp;&nbsp; 191511497 | &nbsp;&nbsp; 877400976 | &nbsp;&nbsp; 821623806 |
| End of period | &nbsp;&nbsp; $140727863 | &nbsp;&nbsp; $139826755 | &nbsp;&nbsp; $967353180 | &nbsp;&nbsp; $877400976 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1003430 | &nbsp;&nbsp; 2418996 | &nbsp;&nbsp; 17276566 | &nbsp;&nbsp; 26659894 |
| Shares from reinvested dividends | &nbsp;&nbsp; 358631 | &nbsp;&nbsp; 1101181 | &nbsp;&nbsp; 2048778 | &nbsp;&nbsp; 3801338 |
| Shares redeemed | &nbsp;&nbsp; (1812623)<br>| &nbsp;&nbsp; (9650417)<br>| &nbsp;&nbsp; (10698695)<br>| &nbsp;&nbsp; (27481894)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (450562)<br>| &nbsp;&nbsp; (6130240)<br>| &nbsp;&nbsp; 8626649 | &nbsp;&nbsp; 2979338 |

---

See accompanying Notes to Financial Statements

------

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

------

**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** |
|  | **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5451567 | &nbsp;&nbsp; $10542837 | &nbsp;&nbsp; $2372705 | &nbsp;&nbsp; $5400889 |
| Net realized gains (losses) | &nbsp;&nbsp; (962027)<br>| &nbsp;&nbsp; (4187365)<br>| &nbsp;&nbsp; 38686 | &nbsp;&nbsp; (794687)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 7852426 | &nbsp;&nbsp; 459480 | &nbsp;&nbsp; 663544 | &nbsp;&nbsp; 4325008 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 12341966 | &nbsp;&nbsp; 6814952 | &nbsp;&nbsp; 3074935 | &nbsp;&nbsp; 8931210 |
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (5510505)<br>| &nbsp;&nbsp; (10540973)<br>| &nbsp;&nbsp; (2245523)<br>| &nbsp;&nbsp; (5098645)<br>|
| Total distributions paid | &nbsp;&nbsp; (5510505)<br>| &nbsp;&nbsp; (10540973)<br>| &nbsp;&nbsp; (2245523)<br>| &nbsp;&nbsp; (5098645)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 49057708 | &nbsp;&nbsp; 49258785 | &nbsp;&nbsp; 15342107 | &nbsp;&nbsp; 25913246 |
| Reinvestment of dividends | &nbsp;&nbsp; 5510505 | &nbsp;&nbsp; 10540973 | &nbsp;&nbsp; 2245523 | &nbsp;&nbsp; 5098645 |
| Payments for shares redeemed | &nbsp;&nbsp; (33196833)<br>| &nbsp;&nbsp; (79101619)<br>| &nbsp;&nbsp; (14584653)<br>| &nbsp;&nbsp; (52346861)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; 21371380 | &nbsp;&nbsp; (19301861)<br>| &nbsp;&nbsp; 3002977 | &nbsp;&nbsp; (21334970)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp; 28202841 | &nbsp;&nbsp; (23027882)<br>| &nbsp;&nbsp; 3832389 | &nbsp;&nbsp; (17502405)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 305432569 | &nbsp;&nbsp; 328460451 | &nbsp;&nbsp; 112661253 | &nbsp;&nbsp; 130163658 |
| End of period | &nbsp;&nbsp; $333635410 | &nbsp;&nbsp; $305432569 | &nbsp;&nbsp; $116493642 | &nbsp;&nbsp; $112661253 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5024688 | &nbsp;&nbsp; 4946312 | &nbsp;&nbsp; 1559729 | &nbsp;&nbsp; 2665649 |
| Shares from reinvested dividends | &nbsp;&nbsp; 562374 | &nbsp;&nbsp; 1059100 | &nbsp;&nbsp; 228310 | &nbsp;&nbsp; 524755 |
| Shares redeemed | &nbsp;&nbsp; (3385281)<br>| &nbsp;&nbsp; (7979198)<br>| &nbsp;&nbsp; (1482025)<br>| &nbsp;&nbsp; (5381983)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2201781 | &nbsp;&nbsp; (1973786)<br>| &nbsp;&nbsp; 306014 | &nbsp;&nbsp; (2191579)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**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** |
|  | **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>| **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5640194 | &nbsp;&nbsp; $10700896 | &nbsp;&nbsp; $3530980 | &nbsp;&nbsp; $5821080 |
| Net realized gains (losses) | &nbsp;&nbsp; 1939929 | &nbsp;&nbsp; 458369 | &nbsp;&nbsp; 16650731 | &nbsp;&nbsp; 32093296 |
| Net change in unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; 6408506 | &nbsp;&nbsp; 4026106 | &nbsp;&nbsp; 25114196 | &nbsp;&nbsp; (7180339)<br>|
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 13988629 | &nbsp;&nbsp; 15185371 | &nbsp;&nbsp; 45295907 | &nbsp;&nbsp; 30734037 |
| **Distributions paid from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (5869054)<br>| &nbsp;&nbsp; (9385089)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27379291)<br>|
| Total distributions paid | &nbsp;&nbsp; (5869054)<br>| &nbsp;&nbsp; (9385089)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27379291)<br>|
| **Capital share transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 21746212 | &nbsp;&nbsp; 37946577 | &nbsp;&nbsp; 37675889 | &nbsp;&nbsp; 70641584 |
| Reinvestment of dividends | &nbsp;&nbsp; 5869043 | &nbsp;&nbsp; 9385088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27379291 |
| Payments for shares redeemed | &nbsp;&nbsp; (26032350)<br>| &nbsp;&nbsp; (51096407)<br>| &nbsp;&nbsp; (41392758)<br>| &nbsp;&nbsp; (101390028)<br>|
| Net increase (decrease) in net assets from <br> capital share transactions<br>| &nbsp;&nbsp; 1582905 | &nbsp;&nbsp; (3764742)<br>| &nbsp;&nbsp; (3716869)<br>| &nbsp;&nbsp; (3369153)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp; 9702480 | &nbsp;&nbsp; 2035540 | &nbsp;&nbsp; 41579038 | &nbsp;&nbsp; (14407)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 175390353 | &nbsp;&nbsp; 173354813 | &nbsp;&nbsp; 297393802 | &nbsp;&nbsp; 297408209 |
| End of period | &nbsp;&nbsp; $185092833 | &nbsp;&nbsp; $175390353 | &nbsp;&nbsp; $338972840 | &nbsp;&nbsp; $297393802 |
| **Capital share transactions** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2368307 | &nbsp;&nbsp; 4242967 | &nbsp;&nbsp; 3262393 | &nbsp;&nbsp; 6420874 |
| Shares from reinvested dividends | &nbsp;&nbsp; 635786 | &nbsp;&nbsp; 1049207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2574149 |
| Shares redeemed | &nbsp;&nbsp; (2814307)<br>| &nbsp;&nbsp; (5706114)<br>| &nbsp;&nbsp; (3529226)<br>| &nbsp;&nbsp; (9196179)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 189786 | &nbsp;&nbsp; (413940)<br>| &nbsp;&nbsp; (266833)<br>| &nbsp;&nbsp; (201156)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**Statements of Changes in Net Assets** (continued)

---

| | | |
|:---|:---|:---|
|  | **Morningstar** <br>**Alternatives Fund** | **Morningstar** <br>**Alternatives Fund** |
|  | **Six Months Ended** <br>**October 31, 2025** <br>**(unaudited)**<br>| **Year Ended** <br>**April 30, 2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3353520 | &nbsp;&nbsp; $6911690 |
| Net realized gains (losses) | &nbsp;&nbsp; 879815 | &nbsp;&nbsp; 2612900 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 774426 | &nbsp;&nbsp; 6917745 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 5007761 | &nbsp;&nbsp; 16442335 |
| **Distributions paid from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (6519588)<br>|
| Total distributions paid | &nbsp;&nbsp; — | &nbsp;&nbsp; (6519588)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 42568881 | &nbsp;&nbsp; 45629201 |
| Reinvestment of dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 6519588 |
| Payments for shares redeemed | &nbsp;&nbsp; (23620537)<br>| &nbsp;&nbsp; (79111430)<br>|
| Net increase (decrease) in net assets from capital share transactions | &nbsp;&nbsp; 18948344 | &nbsp;&nbsp; (26962641)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp; 23956105 | &nbsp;&nbsp; (17039894)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 208943292 | &nbsp;&nbsp; 225983186 |
| End of period | &nbsp;&nbsp; $232899397 | &nbsp;&nbsp; $208943292 |
| **Capital share transactions** |  |  |
| Shares sold | &nbsp;&nbsp; 3975669 | &nbsp;&nbsp; 4357482 |
| Shares from reinvested dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 632356 |
| Shares redeemed | &nbsp;&nbsp; (2207258)<br>| &nbsp;&nbsp; (7543835)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1768411 | &nbsp;&nbsp; (2553997)<br>|

---

See accompanying Notes to Financial Statements

------

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

------

**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** | **Morningstar U.S. Equity Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $12.17 | $12.41 | $10.70 | $11.43 | $13.74 | $9.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.03 | 0.10 | 0.11 | 0.11 | 0.12 | 0.14 |
| Net realized and unrealized gains (losses) | 2.00 | 1.04 | 2.10 | 0.13 | (0.36)<br>| 4.59 |
| Total income (loss) from investment <br> operations<br>| 2.03 | 1.14 | 2.21 | 0.24 | (0.24)<br>| 4.73 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income |  | (0.12)<br>| (0.11)<br>| (0.07)<br>| (0.13)<br>| (0.14)<br>|
| From realized gains |  | (1.26)<br>| (0.39)<br>| (0.90)<br>| (1.94)<br>| (0.12)<br>|
| Total distributions paid |  | (1.38)<br>| (0.50)<br>| (0.97)<br>| (2.07)<br>| (0.26)<br>|
| Net asset value, end of period | $14.20 | $12.17 | $12.41 | $10.70 | $11.43 | $13.74 |
| Total return<sup>2</sup> <br>| 16.68% | 8.58% | 20.92% | 2.79% | (3.11%)<br>| 51.43% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $1862 | $1604 | $1595 | $1459 | $1490 | $1703 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements | 0.85% | 0.87% | 0.87% | 0.87% | 0.86% | 0.87% |
| Total expenses after waivers/reimbursements | 0.84% | 0.84% | 0.84% | 0.84% | 0.83% | 0.81% |
| Net investment income, net of <br> waivers/reimbursements<br>| 0.47% | 0.72% | 0.91% | 0.99% | 0.89% | 1.19% |
| Net investment income, before <br> waivers/reimbursements<br>| 0.46% | 0.69% | 0.88% | 0.96% | 0.86% | 1.13% |
| Portfolio turnover rate<sup>5</sup> <br>| 146% | 33% | 46% | 53% | 61% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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** | **Morningstar International Equity Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $10.67 | $10.23 | $9.94 | $9.57 | $12.72 | $8.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.14 | 0.22 | 0.21 | 0.22 | 0.23 | 0.12 |
| Net realized and unrealized gains (losses) | 1.59 | 0.69 | 0.32 | 0.47 | (1.66)<br>| 4.17 |
| Total income (loss) from investment <br> operations<br>| 1.73 | 0.91 | 0.53 | 0.69 | (1.43)<br>| 4.29 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income |  | (0.29)<br>| (0.24)<br>| (0.10)<br>| (0.18)<br>| (0.14)<br>|
| From realized gains |  | (0.18)<br>|  | (0.22)<br>| (1.54)<br>| (0.19)<br>|
| Total distributions paid |  | (0.47)<br>| (0.24)<br>| (0.32)<br>| (1.72)<br>| (0.33)<br>|
| Net asset value, end of period | $12.40 | $10.67 | $10.23 | $9.94 | $9.57 | $12.72 |
| Total return<sup>2</sup> <br>| 16.21% | 9.31% | 5.38% | 7.61% | (12.77%)<br>| 49.22% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $1011 | $882 | $810 | $804 | $912 | $1074 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements | 1.06% | 1.07% | 1.08% | 1.08% | 1.06% | 1.08% |
| Total expenses after waivers/reimbursements | 0.99% | 0.99% | 0.99% | 0.99% | 0.98% | 0.89% |
| Net investment income, net of <br> waivers/reimbursements<br>| 2.30% | 2.06% | 2.06% | 2.33% | 1.89% | 1.09% |
| Net investment income, before <br> waivers/reimbursements<br>| 2.23% | 1.98% | 1.97% | 2.24% | 1.81% | 0.90% |
| Portfolio turnover rate<sup>5</sup> <br>| 169% | 41% | 31% | 21% | 67% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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** | **Morningstar Global Income Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $9.53 | $9.21 | $9.14 | $9.82 | $11.62 | $9.54 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.22 | 0.52 | 0.55 | 0.53 | 0.42 | 0.35 |
| Net realized and unrealized gains (losses) | 0.39 | 0.34 | 0.08 | (0.38)<br>| (1.03)<br>| 2.09 |
| Total income (loss) from investment <br> operations<br>| 0.61 | 0.86 | 0.63 | 0.15 | (0.61)<br>| 2.44 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income | (0.24)<br>| (0.54)<br>| (0.56)<br>| (0.49)<br>| (0.45)<br>| (0.35)<br>|
| From realized gains |  |  |  | (0.34)<br>| (0.74)<br>| (0.01)<br>|
| Total distributions paid | (0.24)<br>| (0.54)<br>| (0.56)<br>| (0.83)<br>| (1.19)<br>| (0.36)<br>|
| Net asset value, end of period | $9.90 | $9.53 | $9.21 | $9.14 | $9.82 | $11.62 |
| Total return<sup>2</sup> <br>| 6.37% | 9.58% | 7.19% | 1.88% | (6.00%)<br>| 26.01% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $141 | $140 | $192 | $215 | $247 | $272 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements | 0.82% | 0.76% | 0.74% | 0.73% | 0.62% | 0.62% |
| Total expenses after waivers/reimbursements | 0.73% | 0.73% | 0.72% | 0.73% | 0.62% | 0.61% |
| Net investment income, net of <br> waivers/reimbursements<br>| 4.52% | 5.47% | 6.01% | 5.73% | 3.76% | 3.28% |
| Net investment income, before <br> waivers/reimbursements<br>| 4.43% | 5.44% | 5.99% | 5.73% | 3.76% | 3.27% |
| Portfolio turnover rate<sup>5</sup> <br>| 38% | 75% | 58% | 63% | 138% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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** | **Morningstar Total Return Bond Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $8.87 | $8.57 | $9.06 | $9.42 | $10.69 | $10.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.19 | 0.34 | 0.33 | 0.26 | 0.61 | 0.16 |
| Net realized and unrealized gains (losses) | 0.11 | 0.30 | (0.50)<br>| (0.36)<br>| (1.65)<br>| 0.17 |
| Total income (loss) from investment <br> operations<br>| 0.30 | 0.64 | (0.17)<br>| (0.10)<br>| (1.04)<br>| 0.33 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income | (0.17)<br>| (0.34)<br>| (0.32)<br>| (0.26)<br>| (0.17)<br>| (0.21)<br>|
| From realized gains |  |  |  |  | (0.06)<br>| (0.31)<br>|
| Total distributions paid | (0.17)<br>| (0.34)<br>| (0.32)<br>| (0.26)<br>| (0.23)<br>| (0.52)<br>|
| Net asset value, end of period | $9.00 | $8.87 | $8.57 | $9.06 | $9.42 | $10.69 |
| Total return<sup>2</sup> <br>| 3.45% | 7.53% | (1.83%)<br>| (1.03%)<br>| (9.97%)<br>| 2.95% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $967 | $877 | $822 | $813 | $829 | $833 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements<sup>5</sup> <br>| 0.68% | 0.69% | 0.73% | 0.73% | 0.71% | 0.74% |
| Total expenses after waivers/reimbursements<sup>5</sup> <br>| 0.53% | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
| Total expenses after waivers/reimbursements and <br> excluding dividend and interest expense<br>| 0.53% | 0.53% | 0.53% | 0.53% | 0.52% | 0.53% |
| Net investment income, net of <br> waivers/reimbursements<br>| 4.14% | 3.80% | 3.77% | 2.89% | 1.39% | 1.41% |
| Net investment income, before <br> waivers/reimbursements<br>| 3.99% | 3.64% | 3.57% | 2.69% | 1.21% | 1.20% |
| Portfolio turnover rate<sup>6</sup> <br>| 203% | 361% | 370% | 302% | 346% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Expenses include dividend and interest expense of less than 0.01% for October 31, 2025, 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. 

<sup>6</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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** | **Morningstar Municipal Bond Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $9.75 | $9.87 | $9.87 | $9.94 | $10.75 | $10.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.16 | 0.32 | 0.29 | 0.23 | 0.18 | 0.21 |
| Net realized and unrealized gains (losses) | 0.22 | (0.11)<br>| — <br><sup>2</sup><br>| (0.07)<br>| (0.81)<br>| 0.61 |
| Total income (loss) from investment <br> operations<br>| 0.38 | 0.21 | 0.29 | 0.16 | (0.63)<br>| 0.82 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income | (0.17)<br>| (0.33)<br>| (0.29)<br>| (0.23)<br>| (0.18)<br>| (0.21)<br>|
| From realized gains |  |  |  |  | — <br><sup>2</sup><br>|  |
| Total distributions paid | (0.17)<br>| (0.33)<br>| (0.29)<br>| (0.23)<br>| (0.18)<br>| (0.21)<br>|
| Net asset value, end of period | $9.96 | $9.75 | $9.87 | $9.87 | $9.94 | $10.75 |
| Total return<sup>3</sup> <br>| 3.89% | 2.06% | 3.01% | 1.67% | (5.93%)<br>| 8.14% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $334 | $305 | $328 | $331 | $382 | $417 |
| **Ratio to average net assets of:**<sup>4, 5</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements | 0.66% | 0.67% | 0.67% | 0.67% | 0.65% | 0.66% |
| Total expenses after waivers/reimbursements | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| Net investment income, net of <br> waivers/reimbursements<br>| 3.33% | 3.25% | 2.98% | 2.34% | 1.65% | 1.98% |
| Net investment income, before <br> waivers/reimbursements<br>| 3.25% | 3.16% | 2.89% | 2.25% | 1.58% | 1.90% |
| Portfolio turnover rate<sup>6</sup> <br>| 16% | 28% | 57% | 22% | 41% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>4</sup> Ratios are annualized for periods less than one year.

<sup>5</sup> Ratios do not include impact of the net investment income nor expenses of the underlying funds in which the fund invests.

<sup>6</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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** | **Morningstar Defensive Bond Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $9.81 | $9.52 | $9.49 | $9.69 | $10.24 | $10.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.20 | 0.42 | 0.42 | 0.29 | 0.20 | 0.20 |
| Net realized and unrealized gains (losses) | 0.06 | 0.27 | 0.02 | (0.23)<br>| (0.46)<br>| 0.16 |
| Total income (loss) from investment <br> operations<br>| 0.26 | 0.69 | 0.44 | 0.06 | (0.26)<br>| 0.36 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income | (0.19)<br>| (0.40)<br>| (0.41)<br>| (0.26)<br>| (0.19)<br>| (0.19)<br>|
| From realized gains |  |  |  |  | (0.08)<br>| (0.10)<br>|
| From return of capital |  |  |  |  | (0.02)<br>|  |
| Total distributions paid | (0.19)<br>| (0.40)<br>| (0.41)<br>| (0.26)<br>| (0.29)<br>| (0.29)<br>|
| Net asset value, end of period | $9.88 | $9.81 | $9.52 | $9.49 | $9.69 | $10.24 |
| Total return<sup>2</sup> <br>| 2.70% | 7.41% | 4.72% | 0.63% | (2.61%)<br>| 3.56% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $116 | $113 | $130 | $135 | $144 | $201 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements | 0.70% | 0.69% | 0.71% | 0.73% | 0.64% | 0.64% |
| Total expenses after waivers/reimbursements | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Net investment income, net of <br> waivers/reimbursements<br>| 4.10% | 4.36% | 4.37% | 3.03% | 1.96% | 1.92% |
| Net investment income, before <br> waivers/reimbursements<br>| 3.88% | 4.15% | 4.14% | 2.78% | 1.80% | 1.76% |
| Portfolio turnover rate<sup>5</sup> <br>| 15% | 31% | 65% | 16% | 45% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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** | **Morningstar Multisector Bond Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $8.96 | $8.68 | $8.77 | $9.00 | $10.52 | $9.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.28 | 0.54 | 0.52 | 0.45 | 0.43 | 0.44 |
| Net realized and unrealized gains (losses) | 0.42 | 0.21 | (0.09)<br>| (0.44)<br>| (1.54)<br>| 0.94 |
| Total income (loss) from investment <br> operations<br>| 0.70 | 0.75 | 0.43 | 0.01 | (1.11)<br>| 1.38 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income | (0.29)<br>| (0.47)<br>| (0.52)<br>| (0.24)<br>| (0.30)<br>| (0.25)<br>|
| From realized gains |  |  |  |  | (0.11)<br>|  |
| Total distributions paid | (0.29)<br>| (0.47)<br>| (0.52)<br>| (0.24)<br>| (0.41)<br>| (0.25)<br>|
| Net asset value, end of period | $9.37 | $8.96 | $8.68 | $8.77 | $9.00 | $10.52 |
| Total return<sup>2</sup> <br>| 7.95% | 8.84% | 5.04% | 0.23% | (10.95%)<br>| 14.79% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $185 | $175 | $173 | $176 | $172 | $237 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements | 1.00% | 1.00% | 1.03% | 1.04% | 0.92% | 0.91% |
| Total expenses after waivers/reimbursements | 0.79% | 0.79% | 0.79% | 0.80% | 0.79% | 0.79% |
| Net investment income, net of <br> waivers/reimbursements<br>| 6.08% | 6.03% | 5.98% | 5.14% | 4.25% | 4.31% |
| Net investment income, before <br> waivers/reimbursements<br>| 5.87% | 5.82% | 5.74% | 4.90% | 4.12% | 4.19% |
| Portfolio turnover rate<sup>5</sup> <br>| 94% | 177% | 157% | 131% | 97% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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**  | **Morningstar Global Opportunistic Equity Fund**  |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $10.68 | $10.60 | $9.77 | $9.57 | $12.08 | $9.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.13 | 0.21 | 0.22 | 0.20 | 0.21 | 0.14 |
| Net realized and unrealized gains (losses) | 1.48 | 0.85 | 0.88 | 0.27 | (0.43)<br>| 2.99 |
| Total income (loss) from investment <br> operations<br>| 1.61 | 1.06 | 1.10 | 0.47 | (0.22)<br>| 3.13 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income |  | (0.24)<br>| (0.24)<br>| (0.12)<br>| (0.26)<br>| (0.23)<br>|
| From realized gains |  | (0.74)<br>| (0.03)<br>| (0.15)<br>| (2.03)<br>| (0.10)<br>|
| Total distributions paid |  | (0.98)<br>| (0.27)<br>| (0.27)<br>| (2.29)<br>| (0.33)<br>|
| Net asset value, end of period | $12.29 | $10.68 | $10.60 | $9.77 | $9.57 | $12.08 |
| Total return<sup>2</sup> <br>| 15.07% | 10.22% | 11.41% | 5.15% | (2.77%)<br>| 34.01% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $339 | $297 | $297 | $233 | $200 | $211 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements | 0.72% | 0.72% | 0.74% | 0.80% | 0.78% | 0.78% |
| Total expenses after waivers/reimbursements | 0.72% | 0.72% | 0.74% | 0.80% | 0.78% | 0.74% |
| Net investment income, net of <br> waivers/reimbursements<br>| 2.13% | 1.86% | 2.20% | 2.15% | 1.81% | 1.28% |
| Net investment income, before <br> waivers/reimbursements<br>| 2.13% | 1.86% | 2.20% | 2.15% | 1.81% | 1.24% |
| Portfolio turnover rate<sup>5</sup> <br>| 28% | 58% | 60% | 47% | 96% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**Financial Highlights** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** |
|  | **Six Months** <br>**Ended** <br>**October 31**<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>| **Year Ended** <br>**April 30**<br>|
| **Selected per share data** | **2025** <br>**(unaudited)**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $10.57 | $10.13 | $9.78 | $10.12 | $10.71 | $10.12 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.16 | 0.32 | 0.33 | 0.19 | 0.07 | 0.12 |
| Net realized and unrealized gains (losses) | 0.09 | 0.44 | 0.41 | (0.15)<br>| (0.14)<br>| 0.77 |
| Total income (loss) from investment <br> operations<br>| 0.25 | 0.76 | 0.74 | 0.04 | (0.07)<br>| 0.89 |
| **Less distributions paid:** |  |  |  |  |  |  |
| From net investment income |  | (0.32)<br>| (0.39)<br>| (0.20)<br>| (0.14)<br>| (0.13)<br>|
| From realized gains |  |  |  | (0.18)<br>| (0.38)<br>| (0.17)<br>|
| Total distributions paid |  | (0.32)<br>| (0.39)<br>| (0.38)<br>| (0.52)<br>| (0.30)<br>|
| Net asset value, end of period | $10.82 | $10.57 | $10.13 | $9.78 | $10.12 | $10.71 |
| Total return<sup>2</sup> <br>| 2.36% | 7.55% | 7.58% | 0.42% | (0.78%)<br>| 8.92% |
| **Supplemental data and ratios:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $233 | $209 | $226 | $275 | $368 | $328 |
| **Ratio to average net assets of:**<sup>3, 4</sup> <br>|  |  |  |  |  |  |
| Total expenses before waivers/reimbursements<sup>5</sup> <br>| 1.52% | 1.54% | 1.57% | 1.44% | 1.45% | 1.68% |
| Total expenses after waivers/reimbursements<sup>5</sup> <br>| 1.36% | 1.38% | 1.41% | 1.31% | 1.31% | 1.26% |
| Total expenses after waivers/reimbursements and <br> excluding dividend and interest expense<br>| 1.16% | 1.16% | 1.17% | 1.16% | 1.15% | 1.12% |
| Net investment income, net of <br> waivers/reimbursements<br>| 3.05% | 3.10% | 3.33% | 1.91% | 0.63% | 1.14% |
| Net investment income, before <br> waivers/reimbursements<br>| 2.89% | 2.94% | 3.17% | 1.78% | 0.49% | 0.72% |
| Portfolio turnover rate<sup>6</sup> <br>| 113% | 213% | 198% | 358% | 433% | 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 period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year. 

<sup>3</sup> Ratios are annualized for periods less than one 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.

<sup>5</sup> Expenses include dividend and interest expense of 0.20%, 0.22%, 0.24%, 0.16%, 0.16%, and 0.14% for October 31, 2025, April 30, 2025, April 30, 2024, April 30, 2023, April 30, 2022, and April 30, 2021, respectively. 

<sup>6</sup> Portfolio turnover rate is not annualized for periods less than one year. 

See accompanying Notes to Financial Statements

------

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

------

**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*.

------

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

------

**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; $397387 | &nbsp;&nbsp; $1687250 | &nbsp;&nbsp; $60000 | &nbsp;&nbsp; $1510731 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; 427561 | &nbsp;&nbsp; 77757 | &nbsp;&nbsp; 148065 | &nbsp;&nbsp; 284508 |
| Due from broker | &nbsp;&nbsp; $824948 | &nbsp;&nbsp; $1765007 | &nbsp;&nbsp; $208065 | &nbsp;&nbsp; $1795239 |
| **Liabilities** |  |  |  |  |
| Cash collateral for derivatives | &nbsp;&nbsp; $109951 | &nbsp;&nbsp; $940746 | &nbsp;&nbsp; $10000 | &nbsp;&nbsp; $546437 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 102033 | &nbsp;&nbsp; 2229 | &nbsp;&nbsp; 6565 |
| Due to broker | &nbsp;&nbsp; $109951 | &nbsp;&nbsp; $1042779 | &nbsp;&nbsp; $12229 | &nbsp;&nbsp; $553002 |

---

***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 period. 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.

------

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

------

**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 period 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 October 31, 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** October 31, 2025 (unaudited)

------

**Notes to Financial Statements** (continued)

for potential non-U.S. taxes payable upon the sale of these securities. As of October 31, 2025, the International Equity Fund had non-U.S. taxes accrued in the amount of $239,880, 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 October 31, 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 period 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.

------

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

------

**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.

------

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

------

**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 October 31, 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

------

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

------

**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

------

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

------

**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, 2026, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the 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, 2025 through October 31, 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% | $130335 |
| International Equity Fund | 0.99% | 351900 |
| Global Income Fund | 0.73% | 63076 |

---

------

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

------

**Notes to Financial Statements** (continued)

---

| | | |
|:---|:---|:---|
| **Morningstar Funds** | **Expense Cap** | **Management Fees Waived** |
| Total Return Bond Fund | 0.53% | $704910 |
| Municipal Bond Fund | 0.58% | 136405 |
| Defensive Bond Fund | 0.48% | 129543 |
| Multisector Bond Fund | 0.79% | 193156 |
| Global Opportunistic Equity Fund | 0.84% |  |
| Alternatives Fund | 1.16% | 170993 |

---

As of October 31, 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>Massachusetts Financial Services Company, d/b/a <br> MFS Investment Management <br>Wasatch Advisors, LP, d/b/a Wasatch Global Investors <br>|
| International Equity Fund | Harding Loevner LP <br>Harris Associates L.P. <br>Lazard Asset Management LLC<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>|

---

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 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.

------

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

------

**Notes to Financial Statements** (continued)

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 six months ended October 31, 2025, the cost of purchases and the proceeds from sales of investments (excluding in-kind transactions, derivatives and short-term investments) were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $— | $2589480933 | &nbsp;&nbsp; $— | $2591045088 | &nbsp;&nbsp; $— | $— |
| International Equity <br> Fund<br>|  | 1594511371 | &nbsp;&nbsp; — | 1592407822 | &nbsp;&nbsp; — |  |
| Global Income Fund | 1497951 | 49628747 | &nbsp;&nbsp; 1523323 | 51129925 | &nbsp;&nbsp; — |  |
| Total Return <br> Bond Fund<br>| 335451866 | 1736327196 | &nbsp;&nbsp; 273886278 | 1689589642 | &nbsp;&nbsp; 116615604 | 106582038 |
| Municipal Bond Fund |  | 81653241 | &nbsp;&nbsp; — | 47831604 | &nbsp;&nbsp; — |  |
| Defensive Bond Fund | 4980975 | 24472452 | &nbsp;&nbsp; 5780246 | 8963641 | &nbsp;&nbsp; — |  |
| Multisector <br> Bond Fund<br>| 48586689 | 113483077 | &nbsp;&nbsp; 48761893 | 113507672 | &nbsp;&nbsp; — |  |
| Global Opportunistic <br> Equity Fund<br>|  | 92364455 | &nbsp;&nbsp; — | 89231612 | &nbsp;&nbsp; — |  |
| Alternatives Fund |  | 256938617 | &nbsp;&nbsp; — | 258347019 | &nbsp;&nbsp; 32597754 | 25997487 |

---

***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.

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

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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;

**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.

The following is a summary of the Funds' securities on loan and related cash and non-cash collateral received as of October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $52043798<br>| &nbsp;&nbsp; $5601339 | &nbsp;&nbsp; $47649258<br>| &nbsp;&nbsp; $53250597<br>|
| International Equity Fund | &nbsp;&nbsp; 23503869<br>| &nbsp;&nbsp; 15245224 | &nbsp;&nbsp; 9209854<br>| &nbsp;&nbsp; 24455078<br>|
| Global Income Fund | &nbsp;&nbsp; 6553367<br>| &nbsp;&nbsp; 5559864 | &nbsp;&nbsp; 1146561<br>| &nbsp;&nbsp; 6706425<br>|

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

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**Notes to Financial Statements** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **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>|
| Total Return Bond Fund | &nbsp;&nbsp; $37474847<br>| &nbsp;&nbsp; $26635871 | &nbsp;&nbsp; $11684173<br>| &nbsp;&nbsp; $38320044<br>|
| Defensive Bond Fund | &nbsp;&nbsp; 25575570<br>| &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 24412813<br>| &nbsp;&nbsp; 26112813<br>|
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 68751771<br>| &nbsp;&nbsp; 12037655 | &nbsp;&nbsp; 58561837<br>| &nbsp;&nbsp; 70599492<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **\* There are no restrictions or maturity dates on the cash collateral received from borrower. The non-cash collateral received** <br> **consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected in the Portfolio of** <br> **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 received** <br> **consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected in the Portfolio of** <br> **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 received** <br> **consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected in the Portfolio of** <br> **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 received** <br> **consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected in the Portfolio of** <br> **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 received** <br> **consists of U.S. Government securities which cannot be sold or repledged, and accordingly are not reflected in the Portfolio of** <br> **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; $142959<br>| &nbsp;&nbsp; $473817<br>| &nbsp;&nbsp; $47032482<br>| &nbsp;&nbsp; $47649258<br>|
| International Equity Fund | &nbsp;&nbsp; 5491<br>| &nbsp;&nbsp; 49434<br>| &nbsp;&nbsp; 9154929<br>| &nbsp;&nbsp; 9209854<br>|
| Global Income Fund | &nbsp;&nbsp; 1429<br>| &nbsp;&nbsp; 11017<br>| &nbsp;&nbsp; 1134115<br>| &nbsp;&nbsp; 1146561<br>|
| Total Return Bond Fund | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 11684173<br>| &nbsp;&nbsp; 11684173<br>|
| Defensive Bond Fund | &nbsp;&nbsp; 42392<br>| &nbsp;&nbsp; 381656<br>| &nbsp;&nbsp; 23988765<br>| &nbsp;&nbsp; 24412813<br>|
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 921753<br>| &nbsp;&nbsp; 980170<br>| &nbsp;&nbsp; 56659914<br>| &nbsp;&nbsp; 58561837<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.

**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.

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

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**Notes to Financial Statements** (continued)

***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.

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

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

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**Notes to Financial Statements** (continued)

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 period 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 October 31, 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 $427,561, $(24,276), $145,836 and $277,943, 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. 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

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

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**Notes to Financial Statements** (continued)

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 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

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

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**Notes to Financial Statements** (continued)

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 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.

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

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**Notes to Financial Statements** (continued)

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.

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.

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

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**Notes to Financial Statements** (continued)

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 period 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 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

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

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**Notes to Financial Statements** (continued)

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 period 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 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

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

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**Notes to Financial Statements** (continued)

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.

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 six months ended October 31, 2025 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $— | $— | $— | $— | $— | &nbsp;&nbsp; $— | $2119 | $— | $— | $2119 |
| Equity risk |  | 22015 |  |  | 22015 | &nbsp;&nbsp; — |  |  |  |  |

---

------

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

------

**Notes to Financial Statements** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 (continued)** | **Morningstar Global Income Fund (continued)** | **Morningstar Global Income Fund (continued)** | **Morningstar Global Income Fund (continued)** | **Morningstar Global Income Fund (continued)** |  |  |  |  |  |  |
| Foreign <br> exchange <br> rate risk<br>| $— | $— | $8202 | $29 | $8231 | &nbsp;&nbsp; $— | $— | $10343 | $— | $10343 |
| Interest rate <br> risk<br>| 74056 | 81776 |  |  | 155832 | &nbsp;&nbsp; 2436 | 117780 |  |  | 120216 |
| Total | $74056 | $103791 | $8202 | $29 | $186078 | &nbsp;&nbsp; $2436 | $119899 | $10343 | $— | $132678 |
| Netting <br> positions<br>| (2436)<br>| (103791)<br>| (8202)<br>|  | (114429)<br>| &nbsp;&nbsp; (2436)<br>| (103791)<br>| (8202)<br>|  | (114429)<br>|
| Net Fair <br> Value of <br> Derivative <br> Contracts<br>| $71620 | $— | $— | $29 | $71649 | &nbsp;&nbsp; $— | $16108 | $2141 | $— | $18249 |
| **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 | $— | $62870 | $— | $— | $62870 | &nbsp;&nbsp; $— | $16368 | $— | $— | $16368 |
| Equity risk |  | 13532 |  |  | 13532 | &nbsp;&nbsp; — | 72 |  |  | 72 |
| Foreign <br> exchange <br> rate risk<br>|  |  | 314704 | 22285 | 336989 | &nbsp;&nbsp; — |  | 158608 | 6082 | 164690 |
| Inflation <br> risk<br>|  | 76222 |  |  | 76222 | &nbsp;&nbsp; — | 90078 |  |  | 90078 |
| Interest rate <br> risk<br>| 319498 | 112300 |  | 151942 | 583740 | &nbsp;&nbsp; 204067 | 101505 |  | 316658 | 622230 |
| Total | $319498 | $264924 | $314704 | $174227 | $1073353 | &nbsp;&nbsp; $204067 | $208023 | $158608 | $322740 | $893438 |
| Netting <br> positions<br>| (204067)<br>| (208023)<br>| (158608)<br>| (174227)<br>| (744925)<br>| &nbsp;&nbsp; (204067)<br>| (208023)<br>| (158608)<br>| (174227)<br>| (744925)<br>|
| Net Fair <br> Value of <br> Derivative <br> Contracts<br>| $115431 | $56901 | $156096 | $— | $328428 | &nbsp;&nbsp; $— | $— | $— | $148513 | $148513 |
| **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>| $— | $— | $194824 | $1142 | $195966 | &nbsp;&nbsp; $— | $— | $182269 | $— | $182269 |
| Interest rate <br> risk<br>| 8682 |  |  |  | 8682 | &nbsp;&nbsp; 63773 |  |  |  | 63773 |
| Total | $8682 | $— | $194824 | $1142 | $204648 | &nbsp;&nbsp; $63773 | $— | $182269 | $— | $246042 |
| Netting <br> positions<br>| (8682)<br>|  | (182269)<br>|  | (190951)<br>| &nbsp;&nbsp; (8682)<br>|  | (182269)<br>|  | (190951)<br>|
| Net Fair <br> Value of <br> Derivative <br> Contracts<br>| $— | $— | $12555 | $1142 | $13697 | &nbsp;&nbsp; $55091 | $— | $— | $— | $55091 |
| **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** |  |  |  |  |  |  |
| Credit risk | $— | $9258 | $— | $— | $9258 | &nbsp;&nbsp; $— | $— | $— | $— | $— |
| Equity risk |  | 2903050 |  | 118808 | 3021858 | &nbsp;&nbsp; — | 3114029 |  | 63604 | 3177633 |
| Foreign <br> exchange <br> rate risk<br>|  |  | 420219 |  | 420219 | &nbsp;&nbsp; — |  | 326033 |  | 326033 |

---

------

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

------

**Notes to Financial Statements** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Alternatives Fund (continued)** | **Morningstar Alternatives Fund (continued)** | **Morningstar Alternatives Fund (continued)** | **Morningstar Alternatives Fund (continued)** | **Morningstar Alternatives Fund (continued)** |  |  |  |  |  |  |
| Interest rate <br> risk<br>| $84004 | $— | $— | $— | $84004 | &nbsp;&nbsp; $112606 | $— | $— | $— | $112606 |
| Total | $84004 | $2912308 | $420219 | $118808 | $3535339 | &nbsp;&nbsp; $112606 | $3114029 | $326033 | $63604 | $3616272 |
| Netting <br> positions<br>| (84004)<br>| (2912308)<br>| (326033)<br>| (63604)<br>| (3385949)<br>| &nbsp;&nbsp; (84004)<br>| (2912308)<br>| (326033)<br>| (63604)<br>| (3385949)<br>|
| Net Fair <br> Value of <br> Derivative <br> Contracts<br>| $— | $— | $94186 | $55204 | $149390 | &nbsp;&nbsp; $28602 | $201721 | $— | $— | $230323 |

---

<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.

The following table indicates the effects of derivative instruments, by primary underlying risk exposure and contract type, on the Statements of Operations for the six months ended October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 as a Result** <br>**from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives as a Result** <br>**from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives as a Result** <br>**from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives as a Result** <br>**from Operations** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives as a Result** <br>**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 | $— | $(14194)<br>| $— | $6880 | $(7314)<br>| &nbsp;&nbsp; $— | $(2119)<br>| $— | $(2404)<br>| $(4523)<br>|
| Equity risk |  |  |  |  |  | &nbsp;&nbsp; — | 22015 |  |  | 22015 |
| Foreign <br> exchange <br> rate risk<br>|  |  | (9983)<br>| (1164)<br>| (11147)<br>| &nbsp;&nbsp; — |  | (16299)<br>| (1104)<br>| (17403)<br>|
| Interest rate <br> risk<br>| 120387 | 4830 |  | 4049 | 129266 | &nbsp;&nbsp; (70906)<br>| 55709 |  |  | (15197)<br>|
| Total | $120387 | $(9364)<br>| $(9983)<br>| $9765 | $110805 | &nbsp;&nbsp; $(70906)<br>| $75605 | $(16299)<br>| $(3508)<br>| $(15108)<br>|
| **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 | $— | $776578 | $— | $— | $776578 | &nbsp;&nbsp; $— | $176299 | $— | $— | $176299 |
| Equity risk | (210397)<br>| (56893)<br>|  |  | (267290)<br>| &nbsp;&nbsp; 56092 | 64120 |  |  | 120212 |
| Foreign <br> exchange <br> rate risk<br>|  |  | (462353)<br>| 71871 | (390482)<br>| &nbsp;&nbsp; — |  | 461151 | (24764)<br>| 436387 |
| Inflation <br> risk<br>|  |  |  |  |  | &nbsp;&nbsp; — | 7610 |  |  | 7610 |
| Interest rate <br> risk<br>| (49022)<br>| 183686 |  | (214727)<br>| (80063)<br>| &nbsp;&nbsp; (199530)<br>| 121436 |  | 23710 | (54384)<br>|
| Total | $(259419)<br>| $903371 | $(462353)<br>| $(142856)<br>| $38743 | &nbsp;&nbsp; $(143438)<br>| $369465 | $461151 | $(1054)<br>| $686124 |

---

------

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

------

**Notes to Financial Statements** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 as a Result**<br> **from Operations** | **Net Change in Unrealized**<br> **Appreciation (Depreciation)**<br> **on Derivatives as a Result**<br> **from Operations** | **Net Change in Unrealized**<br> **Appreciation (Depreciation)**<br> **on Derivatives as a Result**<br> **from Operations** | **Net Change in Unrealized**<br> **Appreciation (Depreciation)**<br> **on Derivatives as a Result**<br> **from Operations** | **Net Change in Unrealized**<br> **Appreciation (Depreciation)**<br> **on Derivatives as a Result**<br> **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 Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** | **Morningstar Multisector Bond Fund** |  |  |  |  |  |  |
| Credit risk | $— | $(5656)<br>| $— | $— | $(5656)<br>| &nbsp;&nbsp; $— | $— | $— | $— | $— |
| Foreign <br> exchange <br> rate risk<br>|  |  | 29031 | 4261 | 33292 | &nbsp;&nbsp; — |  | (71321)<br>| (26120)<br>| (97441)<br>|
| Interest rate <br> risk<br>| (68983)<br>|  |  |  | (68983)<br>| &nbsp;&nbsp; (28090)<br>|  |  |  | (28090)<br>|
| Total | $(68983)<br>| $(5656)<br>| $29031 | $4261 | $(41347)<br>| &nbsp;&nbsp; $(28090)<br>| $— | $(71321)<br>| $(26120)<br>| $(125531)<br>|
| **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** | **Morningstar Alternatives Fund** |  |  |  |  |  |  |
| Credit risk | $— | $(12067)<br>| $— | $— | $(12067)<br>| &nbsp;&nbsp; $— | $30420 | $— | $— | $30420 |
| Equity risk |  | (2919059)<br>|  | 500847 | (2418212)<br>| &nbsp;&nbsp; — | (94517)<br>|  | 141553 | 47036 |
| Foreign <br> exchange <br> rate risk<br>|  |  | (323193)<br>|  | (323193)<br>| &nbsp;&nbsp; — |  | 306245 |  | 306245 |
| Interest rate <br> risk<br>| (12822)<br>| (28746)<br>|  |  | (41568)<br>| &nbsp;&nbsp; (288830)<br>| 43 |  |  | (288787)<br>|
| Total | $(12822)<br>| $(2959872)<br>| $(323193)<br>| $500847 | $(2795040)<br>| &nbsp;&nbsp; $(288830)<br>| $(64054)<br>| $306245 | $141553 | $94914 |

---

<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 on the Statements of Operations.

<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 on the Statements of Operations.

The following tables present, as of October 31, 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 October 31, 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; $8202 | &nbsp;&nbsp; $10343 |
| Futures contracts | &nbsp;&nbsp; 74056 | &nbsp;&nbsp; 2436 |
| Interest rate swap contracts | &nbsp;&nbsp; 81776 | &nbsp;&nbsp; 117780 |
| Credit default swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2119 |
| Total return swap contracts | &nbsp;&nbsp; 22015 | &nbsp;&nbsp; — |
| Purchased options | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — |
| Total gross amount of derivatives in the Statements of Assets and Liabilities | &nbsp;&nbsp; $186078 | &nbsp;&nbsp; $132678 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (155832)<br>| &nbsp;&nbsp; (4555)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $30246 | &nbsp;&nbsp; $128123 |

---

------

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

------

**Notes to Financial Statements** (continued)

**Morningstar Global Income Fund (continued)**

As of October 31, 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; $3670 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3670 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3670 |
| Citibank | &nbsp;&nbsp; 79 | &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs | &nbsp;&nbsp; 990 | &nbsp;&nbsp; (475)<br>| &nbsp;&nbsp; 515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 515 |
| JPMorgan Chase | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; (25507)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total  | &nbsp;&nbsp; $30246 | &nbsp;&nbsp; $(26061)<br>| &nbsp;&nbsp; $4185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4185 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| Citibank | &nbsp;&nbsp; $(2327)<br>| &nbsp;&nbsp; $79 | &nbsp;&nbsp; $(2248)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2248)<br>|
| Goldman Sachs | &nbsp;&nbsp; (475)<br>| &nbsp;&nbsp; 475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase<sup>(a)</sup> <br>| &nbsp;&nbsp; (125321)<br>| &nbsp;&nbsp; 25507 | &nbsp;&nbsp; (99814)<br>| &nbsp;&nbsp; 99814 | &nbsp;&nbsp; — |
| Total  | &nbsp;&nbsp; $(128123)<br>| &nbsp;&nbsp; $26061 | &nbsp;&nbsp; $(102062)<br>| &nbsp;&nbsp; $99814 | &nbsp;&nbsp; $(2248)<br>|

---

<sup>(a)</sup> Actual amount of collateral pledged by the Fund to JPMorgan Chase exceeded the net amount before collateral and is included in Due from broker in the Statements of Assets and Liabilities. 

As of October 31, 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; $314704 | &nbsp;&nbsp; $158608 |
| Futures contracts | &nbsp;&nbsp; 319498 | &nbsp;&nbsp; 204067 |
| Interest rate swap contracts | &nbsp;&nbsp; 112300 | &nbsp;&nbsp; 101505 |
| Credit default swap contracts | &nbsp;&nbsp; 62870 | &nbsp;&nbsp; 16368 |
| Inflation swap contracts | &nbsp;&nbsp; 76222 | &nbsp;&nbsp; 90078 |
| Total return swap contracts | &nbsp;&nbsp; 13532 | &nbsp;&nbsp; 72 |
| Purchased options | &nbsp;&nbsp; 139385 | &nbsp;&nbsp; — |
| Purchased swaptions | &nbsp;&nbsp; 34842 | &nbsp;&nbsp; — |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 63757 |
| Written swaptions | &nbsp;&nbsp; — | &nbsp;&nbsp; 258983 |
| Total gross amount of derivatives in the Statements of Assets and Liabilities | &nbsp;&nbsp; $1073353 | &nbsp;&nbsp; $893438 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (687990)<br>| &nbsp;&nbsp; (458730)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $385363 | &nbsp;&nbsp; $434708 |

---

------

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

------

**Notes to Financial Statements** (continued)

**Morningstar Total Return Bond Fund (continued)**

As of October 31, 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; $41320 | &nbsp;&nbsp; $(41320)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays | &nbsp;&nbsp; 38952 | &nbsp;&nbsp; (24837)<br>| &nbsp;&nbsp; 14115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14115 |
| BNP Paribas | &nbsp;&nbsp; 14435 | &nbsp;&nbsp; (14435)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank | &nbsp;&nbsp; 17165 | &nbsp;&nbsp; (17165)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank | &nbsp;&nbsp; 83548 | &nbsp;&nbsp; (7348)<br>| &nbsp;&nbsp; 76200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76200 |
| Goldman Sachs | &nbsp;&nbsp; 21478 | &nbsp;&nbsp; (21478)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC<sup>(a)</sup> <br>| &nbsp;&nbsp; 61510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61510 | &nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp; 51510 |
| JPMorgan Chase | &nbsp;&nbsp; 10173 | &nbsp;&nbsp; (10173)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley<sup>(b)</sup> <br>| &nbsp;&nbsp; 43630 | &nbsp;&nbsp; (42996)<br>| &nbsp;&nbsp; 634 | &nbsp;&nbsp; (634)<br>| &nbsp;&nbsp; — |
| RBS | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 185 |
| Standard Chartered Bank | &nbsp;&nbsp; 15071 | &nbsp;&nbsp; (7292)<br>| &nbsp;&nbsp; 7779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7779 |
| State Street | &nbsp;&nbsp; 8802 | &nbsp;&nbsp; (6448)<br>| &nbsp;&nbsp; 2354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2354 |
| UBS | &nbsp;&nbsp; 26477 | &nbsp;&nbsp; (26477)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo | &nbsp;&nbsp; 2617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2617 |
| Total  | &nbsp;&nbsp; $385363 | &nbsp;&nbsp; $(219969)<br>| &nbsp;&nbsp; $165394 | &nbsp;&nbsp; $(10634)<br>| &nbsp;&nbsp; $154760 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; $(45867)<br>| &nbsp;&nbsp; $41320 | &nbsp;&nbsp; $(4547)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4547)<br>|
| Barclays | &nbsp;&nbsp; (24837)<br>| &nbsp;&nbsp; 24837 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp; (53060)<br>| &nbsp;&nbsp; 14435 | &nbsp;&nbsp; (38625)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38625)<br>|
| Citibank | &nbsp;&nbsp; (26987)<br>| &nbsp;&nbsp; 17165 | &nbsp;&nbsp; (9822)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9822)<br>|
| Deutsche Bank | &nbsp;&nbsp; (7348)<br>| &nbsp;&nbsp; 7348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs | &nbsp;&nbsp; (132146)<br>| &nbsp;&nbsp; 21478 | &nbsp;&nbsp; (110668)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (110668)<br>|
| JPMorgan Chase | &nbsp;&nbsp; (27883)<br>| &nbsp;&nbsp; 10173 | &nbsp;&nbsp; (17710)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17710)<br>|
| Morgan Stanley | &nbsp;&nbsp; (42996)<br>| &nbsp;&nbsp; 42996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| Standard Chartered Bank | &nbsp;&nbsp; (7292)<br>| &nbsp;&nbsp; 7292 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street | &nbsp;&nbsp; (6448)<br>| &nbsp;&nbsp; 6448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto—Dominion <br>Bank<br>| &nbsp;&nbsp; (19635)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19635)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19635)<br>|
| UBS | &nbsp;&nbsp; (40207)<br>| &nbsp;&nbsp; 26477 | &nbsp;&nbsp; (13730)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13730)<br>|
| Total  | &nbsp;&nbsp; $(434708)<br>| &nbsp;&nbsp; $219969 | &nbsp;&nbsp; $(214739)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(214739)<br>|

---

<sup>(a)</sup> Actual amount of collateral received from HSBC is included in Due to broker in the Statements of Assets and Liabilities.

<sup>(b)</sup> Actual amount of collateral received from Morgan Stanley exceeded the net amount before collateral and is included in Due to broker in the Statements of Assets and Liabilities. 

------

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

------

**Notes to Financial Statements** (continued)

As of October 31, 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; $194824 | &nbsp;&nbsp; $182269 |
| Futures contracts | &nbsp;&nbsp; 8682 | &nbsp;&nbsp; 63773 |
| Purchased options | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; — |
| Total gross amount of derivatives in the Statements of Assets and Liabilities | &nbsp;&nbsp; $204648 | &nbsp;&nbsp; $246042 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (8682)<br>| &nbsp;&nbsp; (63773)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $195966 | &nbsp;&nbsp; $182269 |

---

As of October 31, 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; $4797 | &nbsp;&nbsp; $(4797)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays | &nbsp;&nbsp; 116235 | &nbsp;&nbsp; (22412)<br>| &nbsp;&nbsp; 93823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93823 |
| BNP Paribas | &nbsp;&nbsp; 23245 | &nbsp;&nbsp; (23245)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank | &nbsp;&nbsp; 27436 | &nbsp;&nbsp; (21125)<br>| &nbsp;&nbsp; 6311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6311 |
| ING | &nbsp;&nbsp; 8105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8105 |
| Morgan Stanley<sup>(a)</sup> <br>| &nbsp;&nbsp; 14687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14687 | &nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp; 4687 |
| State Street | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; (657)<br>| &nbsp;&nbsp; 804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 804 |
| Total  | &nbsp;&nbsp; $195966 | &nbsp;&nbsp; $(72236)<br>| &nbsp;&nbsp; $123730 | &nbsp;&nbsp; $(10000)<br>| &nbsp;&nbsp; $113730 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; $(65194)<br>| &nbsp;&nbsp; $4797 | &nbsp;&nbsp; $(60397)<br>| &nbsp;&nbsp; $60000 | &nbsp;&nbsp; $(397)<br>|
| Barclays | &nbsp;&nbsp; (22412)<br>| &nbsp;&nbsp; 22412 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp; (72495)<br>| &nbsp;&nbsp; 23245 | &nbsp;&nbsp; (49250)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (49250)<br>|
| Citibank | &nbsp;&nbsp; (21125)<br>| &nbsp;&nbsp; 21125 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs | &nbsp;&nbsp; (386)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (386)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (386)<br>|
| State Street | &nbsp;&nbsp; (657)<br>| &nbsp;&nbsp; 657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total  | &nbsp;&nbsp; $(182269)<br>| &nbsp;&nbsp; $72236 | &nbsp;&nbsp; $(110033)<br>| &nbsp;&nbsp; $60000 | &nbsp;&nbsp; $(50033)<br>|

---

<sup>(a)</sup> Actual amount of collateral received from Morgan Stanley and pledged by the Fund to Bank of America and is included in Due to broker and Due from broker, respectively, in the Statements of Assets and Liabilities. 

------

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

------

**Notes to Financial Statements** (continued)

As of October 31, 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; $420219 | &nbsp;&nbsp; $326033 |
| Futures contracts | &nbsp;&nbsp; 84004 | &nbsp;&nbsp; 112606 |
| Contracts for difference | &nbsp;&nbsp; 2903050 | &nbsp;&nbsp; 3114029 |
| Credit default swap contracts | &nbsp;&nbsp; 9258 | &nbsp;&nbsp; — |
| Purchased options | &nbsp;&nbsp; 118808 | &nbsp;&nbsp; — |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 63604 |
| Total gross amount of derivatives in the Statements of Assets and Liabilities | &nbsp;&nbsp; $3535339 | &nbsp;&nbsp; $3616272 |
| Less: Derivatives not subject to MNA or similar agreements | &nbsp;&nbsp; (212070)<br>| &nbsp;&nbsp; (176210)<br>|
| Total gross amount of derivatives subject to MNA or similar agreement | &nbsp;&nbsp; $3323269 | &nbsp;&nbsp; $3440062 |

---

As of October 31, 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; $6265 | &nbsp;&nbsp; $(6265)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays<sup>(a)</sup> <br>| &nbsp;&nbsp; 1059416 | &nbsp;&nbsp; (997490)<br>| &nbsp;&nbsp; 61926 | &nbsp;&nbsp; (61926)<br>| &nbsp;&nbsp; — |
| Citibank | &nbsp;&nbsp; 16299 | &nbsp;&nbsp; (16299)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank | &nbsp;&nbsp; 13838 | &nbsp;&nbsp; (9783)<br>| &nbsp;&nbsp; 4055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4055 |
| Goldman Sachs | &nbsp;&nbsp; 804176 | &nbsp;&nbsp; (804176)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase | &nbsp;&nbsp; 1166876 | &nbsp;&nbsp; (1069359)<br>| &nbsp;&nbsp; 97517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97517 |
| Morgan Stanley | &nbsp;&nbsp; 97192 | &nbsp;&nbsp; (62484)<br>| &nbsp;&nbsp; 34708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34708 |
| Northern Trust | &nbsp;&nbsp; 142897 | &nbsp;&nbsp; (40625)<br>| &nbsp;&nbsp; 102272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102272 |
| Royal Bank Of Canada | &nbsp;&nbsp; 5224 | &nbsp;&nbsp; (5224)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 11086 | &nbsp;&nbsp; (6166)<br>| &nbsp;&nbsp; 4920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4920 |
| Total  | &nbsp;&nbsp; $3323269 | &nbsp;&nbsp; $(3017871)<br>| &nbsp;&nbsp; $305398 | &nbsp;&nbsp; $(61926)<br>| &nbsp;&nbsp; $243472 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; $(12813)<br>| &nbsp;&nbsp; $6265 | &nbsp;&nbsp; $(6548)<br>| &nbsp;&nbsp; $6548 | &nbsp;&nbsp; $— |
| Barclays | &nbsp;&nbsp; (997490)<br>| &nbsp;&nbsp; 997490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNY Mellon | &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (75)<br>|
| Citibank<sup>(b)</sup> <br>| &nbsp;&nbsp; (34546)<br>| &nbsp;&nbsp; 16299 | &nbsp;&nbsp; (18247)<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; (8247)<br>|
| Deutsche Bank | &nbsp;&nbsp; (9783)<br>| &nbsp;&nbsp; 9783 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs<sup>(b)</sup> <br>| &nbsp;&nbsp; (1183363)<br>| &nbsp;&nbsp; 804176 | &nbsp;&nbsp; (379187)<br>| &nbsp;&nbsp; 360000 | &nbsp;&nbsp; (19187)<br>|
| JPMorgan Chase | &nbsp;&nbsp; (1069359)<br>| &nbsp;&nbsp; 1069359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; (62484)<br>| &nbsp;&nbsp; 62484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Northern Trust | &nbsp;&nbsp; (40625)<br>| &nbsp;&nbsp; 40625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

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

------

**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** |
| Royal Bank Of Canada | &nbsp;&nbsp; $(23358)<br>| &nbsp;&nbsp; $5224 | &nbsp;&nbsp; $(18134)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18134)<br>|
| Societe Generale | &nbsp;&nbsp; (6166)<br>| &nbsp;&nbsp; 6166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total  | &nbsp;&nbsp; $(3440062)<br>| &nbsp;&nbsp; $3017871 | &nbsp;&nbsp; $(422191)<br>| &nbsp;&nbsp; $376548 | &nbsp;&nbsp; $(45643)<br>|

---

<sup>(a)</sup> Actual amount of collateral received from Barclays and pledged by the Fund to Bank of America 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 Goldman Sachs is included in Due from broker in the Statements of Assets and Liabilities. 

For the six months ended October 31, 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; $16730760 | &nbsp;&nbsp; $83910922 | &nbsp;&nbsp; $12074207 | &nbsp;&nbsp; $41641873 |
| Average Notional Balance - Short | &nbsp;&nbsp; 2062838 | &nbsp;&nbsp; 17017916 | &nbsp;&nbsp; 7803793 | &nbsp;&nbsp; 15734747 |
| Ending Notional Balance - Long | &nbsp;&nbsp; 10638296 | &nbsp;&nbsp; 70721698 | &nbsp;&nbsp; 12498625 | &nbsp;&nbsp; 46821433 |
| Ending Notional Balance - Short | &nbsp;&nbsp; 1402631 | &nbsp;&nbsp; 15960416 | &nbsp;&nbsp; 9174141 | &nbsp;&nbsp; 10412470 |
| **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** |  |  |  |
| Average Settlement Value - Purchased | &nbsp;&nbsp; 2579730 | &nbsp;&nbsp; 18198364 | &nbsp;&nbsp; 10024902 | &nbsp;&nbsp; 21867958 |
| Average Settlement Value - Sold | &nbsp;&nbsp; 1919818 | &nbsp;&nbsp; 9288800 | &nbsp;&nbsp; 14750343 | &nbsp;&nbsp; 17151801 |
| Ending Settlement Value - Purchased | &nbsp;&nbsp; 1650254 | &nbsp;&nbsp; 22475862 | &nbsp;&nbsp; 7514097 | &nbsp;&nbsp; 21667042 |
| Ending Settlement Value - Sold | &nbsp;&nbsp; 1473315 | &nbsp;&nbsp; 13922019 | &nbsp;&nbsp; 15321362 | &nbsp;&nbsp; 19830067 |
| **Contracts for Difference:** | **Contracts for Difference:** |  |  |  |
| Average Notional Balance - Long | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 880037 |
| Average Notional Balance - Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1065259 |
| Ending Notional Balance - Long | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1043162 |
| Ending Notional Balance - Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1140435 |
| **Total Return Swap Contracts:** | **Total Return Swap Contracts:** |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 432750 | &nbsp;&nbsp; 3337633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 7915000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Inflation Swap Contracts:** | **Inflation Swap Contracts:** |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 15540847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 5459851 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 20965848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 12242469 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Interest Rate Swap Contracts:** | **Interest Rate Swap Contracts:** |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 38431171 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; 3012700 | &nbsp;&nbsp; 239036337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31468 |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; 40140961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; 2857399 | &nbsp;&nbsp; 60151018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

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

------

**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>|
| **Credit Default Swap Contracts:** | **Credit Default Swap Contracts:** |  |  |  |
| Average Notional Balance - Buy Protection | &nbsp;&nbsp; $147425 | &nbsp;&nbsp; $3479023 | &nbsp;&nbsp; $254000 | &nbsp;&nbsp; $1165835 |
| Average Notional Balance - Sell Protection | &nbsp;&nbsp; 37500 | &nbsp;&nbsp; 11995918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1376250 |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; 286700 | &nbsp;&nbsp; 8509000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Sell Protection | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 6175158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5117500 |
| **Options:** | **Options:** |  |  |  |
| Average Notional Balance - Purchased | &nbsp;&nbsp; 9541143 | &nbsp;&nbsp; 121386179 | &nbsp;&nbsp; 942030 | &nbsp;&nbsp; 6854972 |
| Average Notional Balance - Written | &nbsp;&nbsp; — | &nbsp;&nbsp; 115090310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 707346 |
| Ending Notional Balance - Purchased | &nbsp;&nbsp; 776000 | &nbsp;&nbsp; 102424775 | &nbsp;&nbsp; 1566000 | &nbsp;&nbsp; 5879852 |
| Ending Notional Balance - Written | &nbsp;&nbsp; — | &nbsp;&nbsp; 98912775 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1289376 |
| **Swaptions:** | **Swaptions:** |  |  |  |
| Average Notional Balance - Purchased | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79495303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Average Notional Balance - Written | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108541050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 2972000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance - Written | &nbsp;&nbsp; — | &nbsp;&nbsp; 107013000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**8. Federal Income Tax Matters**

As of October 31, 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; $1560616531 | &nbsp;&nbsp; $356989122 | &nbsp;&nbsp; $(49561164)<br>| &nbsp;&nbsp; $307427958 |
| International Equity Fund | &nbsp;&nbsp; 939940589 | &nbsp;&nbsp; 124747355 | &nbsp;&nbsp; (40463448)<br>| &nbsp;&nbsp; 84283907 |
| Global Income Fund | &nbsp;&nbsp; 140921819 | &nbsp;&nbsp; 8408542 | &nbsp;&nbsp; (3997999)<br>| &nbsp;&nbsp; 4410543 |
| Total Return Bond Fund | &nbsp;&nbsp; 1068749178 | &nbsp;&nbsp; 14342278 | &nbsp;&nbsp; (12754110)<br>| &nbsp;&nbsp; 1588168 |
| Municipal Bond Fund | &nbsp;&nbsp; 339547990 | &nbsp;&nbsp; 3103333 | &nbsp;&nbsp; (8443581)<br>| &nbsp;&nbsp; (5340248)<br>|
| Defensive Bond Fund | &nbsp;&nbsp; 116191049 | &nbsp;&nbsp; 3068341 | &nbsp;&nbsp; (1080918)<br>| &nbsp;&nbsp; 1987423 |
| Multisector Bond Fund | &nbsp;&nbsp; 181581834 | &nbsp;&nbsp; 5997641 | &nbsp;&nbsp; (3760008)<br>| &nbsp;&nbsp; 2237633 |
| Global Opportunistic Equity Fund | &nbsp;&nbsp; 311078778 | &nbsp;&nbsp; 55004564 | &nbsp;&nbsp; (15095817)<br>| &nbsp;&nbsp; 39908747 |
| Alternatives Fund | &nbsp;&nbsp; 203585976 | &nbsp;&nbsp; 13199828 | &nbsp;&nbsp; (13331183)<br>| &nbsp;&nbsp; (131355)<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").

------

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

------

**Notes to Financial Statements** (continued)

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 Fund |  | 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 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 reclassifications were 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 Fund | &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:

------

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

------

**Notes to Financial Statements** (continued)

---

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

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>|

---

------

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

------

**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;

**9. Principal Ownership**

As of October 31, 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 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 six months ended October 31, 2025, the Multisector Bond Fund had an outstanding balance for four days with a maximum balance of $7,000,000 at an average weighted interest rate of 5.58%.

**11. Operating Segments**

FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), requires incremental disclosures related to a public entity's reportable segments. In connection with ASU 2023-07, each Fund represents a single operating segment and the Funds' Adviser acts as the chief operating decision maker ("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 each 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** October 31, 2025 (unaudited)

------

**Changes in and Disagreements with Accountants for Open-End Management** 

**Investment Companies (unaudited)**

Not applicable.

------

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

------

**Proxy Disclosures for Open-End Management Investment Companies (unaudited)**

Not applicable.

------

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

------

**Remuneration Paid to Directors, Officers, and Others of Open-End Management** **Investment Companies (unaudited)**

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.

------

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

------

**Statement Regarding Basis for Approval of Investment Advisory Contract** 

**(unaudited)**

Not applicable.

------

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.

------

![](img8e2e003c1.gif)

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
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 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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Not applicable for this reporting period.

(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) Not applicable.

(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: December 29, 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: December 29, 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: December 29, 2025  |

---

------

## Exhibit 99.906

#### 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 October 31, 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.

---

| | |
|:---|:---|
| Date: December 29, 2025  | <u>/s/ Daniel E. Needham&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Daniel E. Needham, President  |
|  | (Principal Executive 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.

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 October 31, 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.

---

| | |
|:---|:---|
| Date: December 29, 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.

------

## Ex-99.Cert

#### 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.

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| | |
|:---|:---|
| Date: December 29, 2025  | <u>/s/ Daniel E. Needham&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Daniel E. Needham, President  |
|  | (Principal Executive Officer)  |

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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;

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(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: December 29, 2025  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo, Treasurer  |
|  | (Principal Financial Officer)  |

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