# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0002066578-26-000961
**Filing Date:** 2026-3
**Character Count:** 1388767
**Document Hash:** 0361f7a45c19f4c6f82aa60d1ec2fba6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000961.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0002066578-26-000961

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 26793792

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar U.S. Equity Fund

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 94.8%** | **Common Stocks – 94.8%** | **Common Stocks – 94.8%** |
| **Advertising & Marketing – 0.6%** | **Advertising & Marketing – 0.6%** | **Advertising & Marketing – 0.6%** |
| Omnicom Group, Inc. | 127413 | $9815897 |
| &nbsp;&nbsp; Trade Desk (The), Inc., <br> Class A\*<br>| 39766 | 1206103 |
|  |  | **11022000** |
| **Aerospace & Defense – 3.5%** | **Aerospace & Defense – 3.5%** | **Aerospace & Defense – 3.5%** |
| Airbus S.E. ADR (France)<sup>(a)</sup> <br>| 82883 | 4728475 |
| Boeing (The) Co.\* | 49810 | 11641593 |
| Curtiss-Wright Corp. | 957 | 628452 |
| General Dynamics Corp. | 46561 | 16347102 |
| HEICO Corp. | 579 | 191597 |
| Loar Holdings, Inc.<sup>(a)\*</sup> <br>| 26448 | 1813804 |
| Lockheed Martin Corp. | 11313 | 7174931 |
| Moog, Inc., Class A | 530 | 161836 |
| Northrop Grumman Corp. | 7267 | 5030653 |
| RTX Corp. | 82008 | 16477867 |
| Textron, Inc. | 4878 | 429557 |
|  |  | **64625867** |
| **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** |
| Carter's, Inc.<sup>(a)</sup> <br>| 29927 | 1035773 |
| NIKE, Inc., Class B | 94354 | 5832021 |
|  |  | **6867794** |
| **Asset Management – 3.4%** | **Asset Management – 3.4%** | **Asset Management – 3.4%** |
| &nbsp;&nbsp; Ares Management Corp., <br> Class A<br>| 8888 | 1330267 |
| &nbsp;&nbsp; Artisan Partners Asset <br> Management, Inc., <br> Class A<sup>(a)</sup> <br>| 35162 | 1565412 |
| BlackRock, Inc. | 17340 | 19402420 |
| Blackstone, Inc. | 12974 | 1847757 |
| Charles Schwab (The) Corp. | 92195 | 9580904 |
| Cohen & Steers, Inc. | 16123 | 1036064 |
| Federated Hermes, Inc. | 21848 | 1164061 |
| &nbsp;&nbsp; Hamilton Lane, Inc., <br> Class A<br>| 18577 | 2623816 |
| &nbsp;&nbsp; Janus Henderson Group <br> PLC<br>| 29898 | 1438991 |
| KKR & Co., Inc. | 63883 | 7299272 |
| &nbsp;&nbsp; LPL Financial <br> Holdings, Inc.<br>| 12562 | 4578849 |
| &nbsp;&nbsp; Raymond James <br> Financial, Inc.<br>| 25627 | 4250494 |
| Stifel Financial Corp. | 837 | 103202 |
| T. Rowe Price Group, Inc. | 60252 | 6367431 |
| &nbsp;&nbsp; Victory Capital <br> Holdings, Inc., Class A<sup>(a)</sup> <br>| 1365 | 96274 |
|  |  | **62685214** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| Aptiv PLC\* | 1153 | 87340 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| Autoliv, Inc. (Sweden) | 787 | $95416 |
| BorgWarner, Inc. | 22618 | 1072319 |
| Gentherm, Inc.\* | 9074 | 290005 |
| Lear Corp. | 885 | 103625 |
| Tesla, Inc.\* | 14608 | 6287429 |
| XPEL, Inc.<sup>(a)\*</sup> <br>| 29102 | 1499044 |
|  |  | **9435178** |
| **Banking – 2.9%** | **Banking – 2.9%** | **Banking – 2.9%** |
| Bank of America Corp. | 35448 | 1885834 |
| Bank OZK<sup>(a)</sup> <br>| 43642 | 2075614 |
| Citigroup, Inc. | 61772 | 7147638 |
| Fifth Third Bancorp<sup>(a)</sup> <br>| 46421 | 2331263 |
| JP Morgan Chase & Co. | 54108 | 16551096 |
| KeyCorp | 111822 | 2406409 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.<br>| 31015 | 6925649 |
| Truist Financial Corp. | 39713 | 2042042 |
| U.S. Bancorp | 91419 | 5129520 |
| Wells Fargo & Co. | 84379 | 7635456 |
|  |  | **54130521** |
| **Beverages – 1.7%** | **Beverages – 1.7%** | **Beverages – 1.7%** |
| &nbsp;&nbsp; Brown-Forman Corp., <br> Class B<sup>(a)</sup> <br>| 163487 | 4474639 |
| Coca-Cola (The) Co. | 17649 | 1320321 |
| &nbsp;&nbsp; Coca-Cola Europacific <br> Partners PLC (United <br> Kingdom)<br>| 20971 | 1923041 |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> Class A<br>| 29114 | 4562164 |
| &nbsp;&nbsp; Diageo PLC (United <br> Kingdom)<br>| 45467 | 1046209 |
| Monster Beverage Corp.\* | 55526 | 4484280 |
| PepsiCo, Inc. | 85635 | 13156105 |
| Vita Coco (The) Co., Inc.\* | 6542 | 349016 |
|  |  | **31315775** |
| **Biotechnology & Pharmaceuticals – 3.9%** | **Biotechnology & Pharmaceuticals – 3.9%** | **Biotechnology & Pharmaceuticals – 3.9%** |
| AbbVie, Inc. | 28619 | 6382323 |
| Amgen, Inc. | 11907 | 4070765 |
| Biogen, Inc.\* | 18779 | 3378154 |
| Bristol-Myers Squibb Co. | 50527 | 2781511 |
| Certara, Inc.<sup>(a)\*</sup> <br>| 141447 | 1243319 |
| Eli Lilly & Co. | 556 | 576655 |
| Innoviva, Inc.\* | 42850 | 857000 |
| Johnson & Johnson | 80090 | 18200453 |
| Merck & Co., Inc. | 52265 | 5763262 |
| Moderna, Inc.<sup>(a)\*</sup> <br>| 70855 | 3122580 |
| Pfizer, Inc. | 345958 | 9147130 |
| &nbsp;&nbsp; Regeneron <br> Pharmaceuticals, Inc.<br>| 3244 | 2405264 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| Roche Holding A.G. ADR<sup>(a)</sup> <br>| 50269 | $2852766 |
| United Therapeutics Corp.\* | 3467 | 1627722 |
| &nbsp;&nbsp; Vertex <br> Pharmaceuticals, Inc.\*<br>| 13970 | 6564503 |
| Zoetis, Inc. | 22782 | 2843649 |
|  |  | **71817056** |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| &nbsp;&nbsp; Charter <br> Communications, Inc., <br> Class A\*<br>| 8079 | 1665243 |
| Comcast Corp., Class A | 132381 | 3938335 |
|  |  | **5603578** |
| **Chemicals – 2.0%** | **Chemicals – 2.0%** | **Chemicals – 2.0%** |
| &nbsp;&nbsp; Air Products and <br> Chemicals, Inc.<br>| 13893 | 3785842 |
| Avery Dennison Corp. | 2752 | 510523 |
| Balchem Corp. | 15984 | 2719997 |
| Cabot Corp.<sup>(a)</sup> <br>| 5882 | 424622 |
| CF Industries Holdings, Inc. | 5270 | 491322 |
| Dow, Inc. | 88465 | 2437211 |
| &nbsp;&nbsp; International Flavors & <br> Fragrances, Inc.<br>| 62432 | 4358378 |
| Linde PLC | 11246 | 5139085 |
| &nbsp;&nbsp; LyondellBasell Industries <br> N.V., Class A<br>| 38158 | 1869742 |
| NewMarket Corp. | 114 | 76470 |
| PPG Industries, Inc. | 39776 | 4599299 |
| Qnity Electronics, Inc. | 11533 | 1109244 |
| RPM International, Inc. | 753 | 80541 |
| &nbsp;&nbsp; Sensient <br> Technologies Corp.<br>| 5078 | 479973 |
| Sherwin-Williams (The) Co. | 21391 | 7586104 |
| &nbsp;&nbsp; Solstice Advanced <br> Materials, Inc.\*<br>| 11640 | 719003 |
| WD-40 Co. | 3311 | 765602 |
|  |  | **37152958** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| &nbsp;&nbsp; Casella Waste <br> Systems, Inc., Class A<sup>(a)\*</sup> <br>| 35312 | 3562275 |
| H&R Block, Inc. | 16692 | 658499 |
| Paychex, Inc. | 28523 | 2941577 |
| Robert Half, Inc.<sup>(a)</sup> <br>| 67233 | 2326934 |
| Rollins, Inc. | 10500 | 665070 |
|  |  | **10154355** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| CRH PLC | 25427 | 3112519 |
| Eagle Materials, Inc. | 1825 | 371953 |
| Trex Co., Inc.\* | 23992 | 993749 |
|  |  | **4478221** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| PROG Holdings, Inc. | 40389 | **$1310219** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Amcor PLC<sup>(a)</sup> <br>| 77544 | 3431322 |
| AptarGroup, Inc. | 5407 | 675605 |
| &nbsp;&nbsp; Packaging Corp. of <br> America<br>| 2575 | 573066 |
|  |  | **4679993** |
| **Diversified Industrials – 2.2%** | **Diversified Industrials – 2.2%** | **Diversified Industrials – 2.2%** |
| Dover Corp. | 3365 | 678014 |
| Emerson Electric Co. | 82891 | 12181661 |
| &nbsp;&nbsp; Honeywell <br> International, Inc.<br>| 67245 | 15299582 |
| Illinois Tool Works, Inc. | 35623 | 9306865 |
| ITT, Inc. | 2955 | 538697 |
| Parker-Hannifin Corp. | 1986 | 1858578 |
|  |  | **39863397** |
| **E-Commerce Discretionary – 2.2%** | **E-Commerce Discretionary – 2.2%** | **E-Commerce Discretionary – 2.2%** |
| Amazon.com, Inc.\* | 165890 | 39697477 |
| eBay, Inc. | 14342 | 1308277 |
|  |  | **41005754** |
| **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.<br>| 14719 | 1762968 |
| Dominion Energy, Inc. | 106544 | 6410753 |
| Duke Energy Corp. | 83567 | 10140856 |
| Edison International | 62946 | 3920277 |
| Eversource Energy | 55311 | 3823649 |
| MGE Energy, Inc. | 4631 | 369924 |
| NextEra Energy, Inc. | 31859 | 2800406 |
| PG&E Corp. | 260438 | 4015954 |
| Southern (The) Co. | 55900 | 4992429 |
| Xcel Energy, Inc. | 63464 | 4827072 |
|  |  | **43064288** |
| **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** |
| A.O. Smith Corp.<sup>(a)</sup> <br>| 12406 | 911717 |
| AAON, Inc.<sup>(a)</sup> <br>| 11114 | 1012041 |
| Acuity, Inc. | 3079 | 952150 |
| Allegion PLC | 5877 | 971997 |
| AMETEK, Inc. | 4912 | 1100190 |
| Amphenol Corp., Class A | 79619 | 11471506 |
| Atkore, Inc. | 18562 | 1289131 |
| Camtek Ltd. (Israel)<sup>(a)\*</sup> <br>| 16825 | 2465367 |
| Eaton Corp. PLC | 32946 | 11577883 |
| Fortive Corp. | 7731 | 408274 |
| Hubbell, Inc. | 894 | 436218 |
| &nbsp;&nbsp; Keysight <br> Technologies, Inc.\*<br>| 560 | 121145 |
| Lennox International, Inc. | 297 | 147039 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; Modine <br> Manufacturing Co.\*<br>| 5541 | $1023201 |
| Novanta, Inc.<sup>(a)\*</sup> <br>| 13081 | 1759918 |
| Otis Worldwide Corp. | 34617 | 2956984 |
| Rockwell Automation, Inc. | 11865 | 5002877 |
| &nbsp;&nbsp; TE Connectivity PLC <br> (Switzerland)<br>| 18232 | 4061725 |
| Trane Technologies PLC | 2525 | 1061964 |
|  |  | **48731327** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp; Everus Construction <br> Group, Inc.\*<br>| 20224 | 1789622 |
| Frontdoor, Inc.\* | 7884 | 466023 |
|  |  | **2255645** |
| **Entertainment Content – 1.0%** | **Entertainment Content – 1.0%** | **Entertainment Content – 1.0%** |
| Fox Corp., Class A | 93909 | 6834697 |
| Netflix, Inc.\* | 142987 | 11937985 |
|  |  | **18772682** |
| **Food – 1.1%** | **Food – 1.1%** | **Food – 1.1%** |
| BellRing Brands, Inc.\* | 24508 | 609514 |
| Campbell's (The) Co.<sup>(a)</sup> <br>| 87866 | 2458491 |
| Flowers Foods, Inc.<sup>(a)</sup> <br>| 22615 | 258489 |
| General Mills, Inc. | 56098 | 2595094 |
| Hershey (The) Co. | 4442 | 865080 |
| Hormel Foods Corp. | 28323 | 697029 |
| Ingredion, Inc. | 3449 | 407327 |
| Kraft Heinz (The) Co.<sup>(a)</sup> <br>| 80560 | 1912494 |
| &nbsp;&nbsp; McCormick & Co., Inc. (Non <br> Voting)<br>| 8571 | 529945 |
| &nbsp;&nbsp; Mondelez <br> International, Inc., Class A<br>| 107988 | 6314058 |
| Nestle S.A.<sup>(b)</sup> <br>| 23216 | 2215423 |
| Tyson Foods, Inc., Class A | 32079 | 2095721 |
|  |  | **20958665** |
| **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** | **Forestry, Paper & Wood Products – 0.2%** |
| Boise Cascade Co. | 10147 | 819979 |
| Louisiana-Pacific Corp. | 4509 | 377584 |
| UFP Industries, Inc. | 14663 | 1514395 |
|  |  | **2711958** |
| **Health Care Facilities & Services – 2.6%** | **Health Care Facilities & Services – 2.6%** | **Health Care Facilities & Services – 2.6%** |
| Centene Corp.\* | 52788 | 2286776 |
| Chemed Corp. | 863 | 368622 |
| Cigna Group (The) | 38356 | 10513763 |
| Elevance Health, Inc. | 10204 | 3527931 |
| Encompass Health Corp. | 6701 | 633446 |
| Ensign Group (The), Inc. | 14318 | 2457828 |
| HealthEquity, Inc.\* | 50126 | 4294294 |
| Henry Schein, Inc.\* | 8787 | 663243 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| Humana, Inc. | 11796 | $2302579 |
| IQVIA Holdings, Inc.\* | 17021 | 3917383 |
| McKesson Corp. | 13248 | 11011870 |
| Medpace Holdings, Inc.\* | 3610 | 2102753 |
| UnitedHealth Group, Inc. | 5088 | 1459900 |
| &nbsp;&nbsp; Universal Health <br> Services, Inc., Class B<br>| 4747 | 955381 |
| US Physical Therapy, Inc.<sup>(a)</sup> <br>| 5919 | 496427 |
|  |  | **46992196** |
| **Home & Office Products – 0.0%**<sup>(c)</sup> | **Home & Office Products – 0.0%**<sup>(c)</sup> | **Home & Office Products – 0.0%**<sup>(c)</sup> |
| Arhaus, Inc.\* | 71778 | **730700** |
| **Home Construction – 0.3%** | **Home Construction – 0.3%** | **Home Construction – 0.3%** |
| DR Horton, Inc. | 4012 | 597146 |
| &nbsp;&nbsp; Fortune Brands <br> Innovations, Inc.<br>| 9131 | 493987 |
| Masco Corp. | 45436 | 3002865 |
| PulteGroup, Inc. | 6312 | 789568 |
| Tri Pointe Homes, Inc.\* | 32793 | 1093647 |
|  |  | **5977213** |
| **Household Products – 1.5%** | **Household Products – 1.5%** | **Household Products – 1.5%** |
| Church & Dwight Co., Inc. | 7987 | 768749 |
| Clorox (The) Co. | 33116 | 3735154 |
| Colgate-Palmolive Co. | 49384 | 4458881 |
| &nbsp;&nbsp; Estee Lauder (The) Cos., <br> Inc., Class A<br>| 34441 | 3970359 |
| Kenvue, Inc. | 52132 | 907097 |
| Kimberly-Clark Corp. | 28027 | 2802420 |
| &nbsp;&nbsp; Prestige Consumer <br> Healthcare, Inc.\*<br>| 15328 | 988196 |
| Procter & Gamble (The) Co. | 43942 | 6669077 |
| &nbsp;&nbsp; Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 30938 | 2578988 |
|  |  | **26878921** |
| **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** |
| Enpro, Inc. | 8181 | 1953459 |
| RBC Bearings, Inc.\* | 5282 | 2639257 |
| &nbsp;&nbsp; Standex <br> International Corp.<sup>(a)</sup> <br>| 9697 | 2327280 |
|  |  | **6919996** |
| **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** |
| Fastenal Co. | 174154 | 7551318 |
| &nbsp;&nbsp; MSC Industrial Direct Co., <br> Inc., Class A<sup>(a)</sup> <br>| 10154 | 856388 |
| &nbsp;&nbsp; SiteOne Landscape <br> Supply, Inc.\*<br>| 16023 | 2299942 |
| WW Grainger, Inc. | 8744 | 9442995 |
|  |  | **20150643** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Institutional Financial Services – 1.5%** | **Institutional Financial Services – 1.5%** | **Institutional Financial Services – 1.5%** |
| CME Group, Inc. | 10472 | $3027036 |
| Houlihan Lokey, Inc. | 464 | 78100 |
| &nbsp;&nbsp; Interactive Brokers <br> Group, Inc., Class A<br>| 10268 | 768868 |
| &nbsp;&nbsp; Intercontinental <br> Exchange, Inc.<br>| 4563 | 792958 |
| Moelis & Co., Class A<sup>(a)</sup> <br>| 32102 | 2300750 |
| Morgan Stanley | 48917 | 8942028 |
| Nasdaq, Inc. | 82959 | 8037898 |
| SEI Investments Co. | 35724 | 3138353 |
| &nbsp;&nbsp; Tradeweb Markets, Inc., <br> Class A<br>| 807 | 83178 |
|  |  | **27169169** |
| **Insurance – 2.7%** | **Insurance – 2.7%** | **Insurance – 2.7%** |
| Aon PLC, Class A | 17821 | 6230934 |
| &nbsp;&nbsp; Berkshire Hathaway, Inc., <br> Class B\*<br>| 11927 | 5731281 |
| Brown & Brown, Inc. | 1025 | 73903 |
| Chubb Ltd. | 20361 | 6302951 |
| &nbsp;&nbsp; Goosehead Insurance, Inc., <br> Class A\*<br>| 13578 | 839664 |
| &nbsp;&nbsp; Marsh & McLennan Cos., <br> Inc.<br>| 64296 | 12099864 |
| Progressive (The) Corp. | 53287 | 11083696 |
| RLI Corp. | 21682 | 1266879 |
| Travelers (The) Cos., Inc. | 23382 | 6652413 |
|  |  | **50281585** |
| **Internet Media & Services – 6.4%** | **Internet Media & Services – 6.4%** | **Internet Media & Services – 6.4%** |
| Airbnb, Inc., Class A\* | 75226 | 9731988 |
| Alphabet, Inc., Class A | 163885 | 55393130 |
| &nbsp;&nbsp; Meta Platforms, Inc., <br> Class A<br>| 63353 | 45392424 |
| Uber Technologies, Inc.\* | 65503 | 5243515 |
| VeriSign, Inc. | 5637 | 1376725 |
| Ziff Davis, Inc.<sup>(a)\*</sup> <br>| 33291 | 1272382 |
|  |  | **118410164** |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| Accenture PLC, Class A | 56313 | 14846359 |
| CDW Corp. | 754 | 95298 |
| &nbsp;&nbsp; Cognizant Technology <br> Solutions Corp., Class A<br>| 51780 | 4249067 |
| Genpact Ltd. | 4986 | 219883 |
| ICF International, Inc. | 19796 | 1845977 |
|  |  | **21256584** |
| **Leisure Facilities & Services – 0.8%** | **Leisure Facilities & Services – 0.8%** | **Leisure Facilities & Services – 0.8%** |
| &nbsp;&nbsp; Chipotle Mexican <br> Grill, Inc.\*<br>| 146100 | 5678907 |
| &nbsp;&nbsp; Choice Hotels <br> International, Inc.<sup>(a)</sup> <br>| 3257 | 334819 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Domino's Pizza, Inc. | 912 | $374221 |
| &nbsp;&nbsp; Marriott International, Inc., <br> Class A<br>| 18523 | 5840302 |
| Wingstop, Inc.<sup>(a)</sup> <br>| 5804 | 1540556 |
|  |  | **13768805** |
| **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> |
| Thor Industries, Inc.<sup>(a)</sup> <br>| 875 | **97886** |
| **Machinery – 1.2%** | **Machinery – 1.2%** | **Machinery – 1.2%** |
| Caterpillar, Inc. | 4097 | 2693204 |
| CNH Industrial N.V. | 290748 | 3128448 |
| CSW Industrials, Inc.<sup>(a)</sup> <br>| 6947 | 1875551 |
| Donaldson Co., Inc. | 9600 | 978624 |
| Federal Signal Corp. | 21163 | 2287509 |
| Graco, Inc. | 11588 | 1011980 |
| IDEX Corp. | 17472 | 3469066 |
| Kadant, Inc.<sup>(a)</sup> <br>| 7821 | 2510854 |
| Middleby (The) Corp.\* | 3822 | 562484 |
| Nordson Corp. | 3604 | 989406 |
| Snap-on, Inc. | 2800 | 1025108 |
| Toro (The) Co. | 7809 | 714523 |
|  |  | **21246757** |
| **Medical Equipment & Devices – 4.2%** | **Medical Equipment & Devices – 4.2%** | **Medical Equipment & Devices – 4.2%** |
| Abbott Laboratories | 48963 | 5351655 |
| Agilent Technologies, Inc. | 16490 | 2207187 |
| Align Technology, Inc.\* | 11836 | 1929623 |
| Baxter International, Inc. | 172587 | 3463821 |
| Becton Dickinson & Co. | 17212 | 3502298 |
| Danaher Corp. | 20120 | 4404067 |
| &nbsp;&nbsp; Edwards <br> Lifesciences Corp.\*<br>| 23061 | 1876243 |
| &nbsp;&nbsp; GE HealthCare <br> Technologies, Inc.<br>| 49617 | 3918255 |
| Illumina, Inc.\* | 19216 | 2782669 |
| Intuitive Surgical, Inc.\* | 26696 | 13460657 |
| Medline, Inc., Class A\* | 13921 | 615308 |
| Medtronic PLC | 38491 | 3963033 |
| &nbsp;&nbsp; Mettler-Toledo <br> International, Inc.\*<br>| 634 | 870634 |
| Repligen Corp.\* | 6997 | 1045142 |
| ResMed, Inc. | 782 | 201998 |
| Stryker Corp. | 24858 | 9186523 |
| Teleflex, Inc. | 7994 | 834334 |
| &nbsp;&nbsp; Thermo Fisher <br> Scientific, Inc.<br>| 19084 | 11042193 |
| Waters Corp.\* | 12770 | 4734094 |
| &nbsp;&nbsp; Zimmer Biomet <br> Holdings, Inc.<sup>(a)</sup> <br>| 22453 | 1954983 |
|  |  | **77344717** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain – 2.8%** | **Oil & Gas Supply Chain – 2.8%** | **Oil & Gas Supply Chain – 2.8%** |
| Cheniere Energy, Inc. | 9299 | $1966924 |
| Chevron Corp. | 42798 | 7570966 |
| ConocoPhillips | 91121 | 9497542 |
| Devon Energy Corp. | 57027 | 2293056 |
| Diamondback Energy, Inc. | 7638 | 1252250 |
| EOG Resources, Inc. | 25204 | 2826124 |
| Exxon Mobil Corp. | 117048 | 16550587 |
| Occidental Petroleum Corp. | 47927 | 2175407 |
| ONEOK, Inc. | 31620 | 2503988 |
| Texas Pacific Land Corp.<sup>(a)</sup> <br>| 11652 | 4059091 |
| Viper Energy, Inc., Class A | 24345 | 1030767 |
|  |  | **51726702** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| Halliburton Co. | 4326 | 145007 |
| SLB Ltd. | 49931 | 2415662 |
|  |  | **2560669** |
| **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; New York Times (The) Co., <br> Class A<br>| 1650 | **120962** |
| **Real Estate Investment Trusts – 1.5%** | **Real Estate Investment Trusts – 1.5%** | **Real Estate Investment Trusts – 1.5%** |
| &nbsp;&nbsp; AvalonBay <br> Communities, Inc.<br>| 15798 | 2806831 |
| Crown Castle, Inc. | 43914 | 3812174 |
| EastGroup Properties, Inc. | 666 | 120972 |
| Healthpeak Properties, Inc. | 285545 | 4922796 |
| Prologis, Inc. | 66370 | 8665267 |
| Public Storage | 5033 | 1390064 |
| Realty Income Corp. | 62049 | 3794917 |
| SBA Communications Corp. | 9344 | 1720324 |
|  |  | **27233345** |
| **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** | **Retail - Consumer Staples – 0.7%** |
| Costco Wholesale Corp. | 1096 | 1030514 |
| Dollar General Corp. | 916 | 131382 |
| Five Below, Inc.\* | 7529 | 1442857 |
| &nbsp;&nbsp; Ollie's Bargain Outlet <br> Holdings, Inc.\*<br>| 16573 | 1828168 |
| PriceSmart, Inc. | 1406 | 199947 |
| Target Corp. | 19657 | 2073224 |
| Walmart, Inc. | 53815 | 6411519 |
|  |  | **13117611** |
| **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** |
| AutoZone, Inc.\* | 513 | 1900301 |
| Best Buy Co., Inc.<sup>(a)</sup> <br>| 13554 | 882365 |
| &nbsp;&nbsp; Floor & Decor <br> Holdings, Inc., Class A<sup>(a)\*</sup> <br>| 20182 | 1331205 |
| Freshpet, Inc.\* | 22553 | 1571944 |
| Genuine Parts Co. | 2234 | 310504 |
| Home Depot (The), Inc. | 19509 | 7307876 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| La-Z-Boy, Inc. | 31792 | $1157547 |
| Lowe's Cos., Inc. | 27554 | 7358571 |
| Lululemon Athletica, Inc.\* | 11477 | 2002737 |
| O'Reilly Automotive, Inc.\* | 50910 | 5010053 |
| Tractor Supply Co. | 14365 | 730891 |
| Valvoline, Inc.<sup>(a)\*</sup> <br>| 38581 | 1262370 |
| Winmark Corp. | 2025 | 912647 |
|  |  | **31739011** |
| **Semiconductors – 10.8%** | **Semiconductors – 10.8%** | **Semiconductors – 10.8%** |
| Analog Devices, Inc. | 26474 | 8230237 |
| Applied Materials, Inc. | 24965 | 8046719 |
| &nbsp;&nbsp; ASML Holding N.V. ADR <br> (Netherlands)<sup>(b)</sup> <br>| 5631 | 8012913 |
| Axcelis Technologies, Inc.\* | 10027 | 883078 |
| Broadcom, Inc. | 42437 | 14059378 |
| Cirrus Logic, Inc.\* | 5972 | 778390 |
| KLA Corp. | 9673 | 13812464 |
| Lam Research Corp. | 34657 | 8091023 |
| Marvell Technology, Inc. | 33019 | 2605860 |
| &nbsp;&nbsp; Monolithic Power <br> Systems, Inc.<sup>(a)</sup> <br>| 500 | 562075 |
| Nova Ltd. (Israel)<sup>(a)\*</sup> <br>| 5233 | 2395877 |
| NVIDIA Corp. | 466631 | 89187183 |
| &nbsp;&nbsp; NXP Semiconductors N.V. <br> (Netherlands)<br>| 36589 | 8274236 |
| ON Semiconductor Corp.\* | 48070 | 2878912 |
| Photronics, Inc.\* | 71846 | 2483716 |
| QUALCOMM, Inc. | 33361 | 5057194 |
| Skyworks Solutions, Inc.<sup>(a)</sup> <br>| 41763 | 2328705 |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 25354 | 8381018 |
| Teradyne, Inc. | 8332 | 2008429 |
| Texas Instruments, Inc. | 50705 | 10929463 |
|  |  | **199006870** |
| **Software – 8.1%** | **Software – 8.1%** | **Software – 8.1%** |
| Adobe, Inc.\* | 11907 | 3491728 |
| Akamai Technologies, Inc.\* | 2038 | 197992 |
| Atlassian Corp., Class A\* | 17696 | 2091313 |
| &nbsp;&nbsp; CCC Intelligent Solutions <br> Holdings, Inc.<sup>(a)\*</sup> <br>| 228817 | 1734433 |
| &nbsp;&nbsp; Check Point Software <br> Technologies Ltd. (Israel)\*<br>| 30524 | 5479363 |
| Datadog, Inc., Class A\* | 17401 | 2250297 |
| Fortinet, Inc.\* | 5153 | 418733 |
| &nbsp;&nbsp; Global-e Online Ltd. <br> (Israel)<sup>(a)\*</sup> <br>| 48543 | 1774247 |
| Guidewire Software, Inc.\* | 7133 | 1004041 |
| Intuit, Inc. | 12585 | 6278908 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| &nbsp;&nbsp; Manhattan <br> Associates, Inc.\*<br>| 7357 | $1110980 |
| Microsoft Corp. | 161096 | 69317998 |
| Oracle Corp. | 90760 | 14937281 |
| Palo Alto Networks, Inc.\* | 54231 | 9597260 |
| Procore Technologies, Inc.\* | 41774 | 2359813 |
| Q2 Holdings, Inc.\* | 15151 | 927999 |
| Roper Technologies, Inc. | 8233 | 3056336 |
| Salesforce, Inc. | 50020 | 10618746 |
| ServiceNow, Inc.\* | 35875 | 4197734 |
| Synopsys, Inc.\* | 12654 | 5885565 |
| Tyler Technologies, Inc.\* | 174 | 64276 |
| Workday, Inc., Class A\* | 11905 | 2090875 |
|  |  | **148885918** |
| **Specialty Finance – 5.6%** | **Specialty Finance – 5.6%** | **Specialty Finance – 5.6%** |
| American Express Co. | 50317 | 17720138 |
| &nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc.<br>| 2902 | 572013 |
| Equifax, Inc. | 28607 | 5761450 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.<br>| 3065 | 779613 |
| Fair Isaac Corp.\* | 2146 | 3139963 |
| Fiserv, Inc.\* | 13257 | 844869 |
| &nbsp;&nbsp; Jack Henry & <br> Associates, Inc.<br>| 9313 | 1668983 |
| MarketAxess Holdings, Inc. | 4308 | 729043 |
| Mastercard, Inc., Class A | 23274 | 12539798 |
| Moody's Corp. | 18237 | 9402268 |
| &nbsp;&nbsp; Paymentus Holdings, Inc., <br> Class A\*<br>| 64926 | 1735472 |
| PayPal Holdings, Inc. | 40115 | 2113659 |
| S&P Global, Inc. | 17137 | 9044737 |
| &nbsp;&nbsp; Shift4 Payments, Inc., <br> Class A<sup>(a)\*</sup> <br>| 45832 | 2705921 |
| TransUnion | 33995 | 2686285 |
| Verisk Analytics, Inc. | 3273 | 711747 |
| Visa, Inc., Class A | 93694 | 30153540 |
|  |  | **102309499** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Steel Dynamics, Inc. | 6955 | **1248909** |
| **Technology Hardware – 4.9%** | **Technology Hardware – 4.9%** | **Technology Hardware – 4.9%** |
| Apple, Inc. | 276501 | 71746480 |
| Arista Networks, Inc.\* | 83783 | 11875402 |
| CTS Corp. | 2316 | 119066 |
| Fabrinet (Thailand)\* | 5186 | 2538236 |
| HP, Inc. | 74396 | 1446258 |
| NetApp, Inc. | 4281 | 412474 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| Plexus Corp.\* | 4089 | $815060 |
| Ubiquiti, Inc.<sup>(a)</sup> <br>| 681 | 375517 |
|  |  | **89328493** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 100525 | **4475373** |
| **Tobacco & Cannabis – 0.7%** | **Tobacco & Cannabis – 0.7%** | **Tobacco & Cannabis – 0.7%** |
| Altria Group, Inc. | 59826 | 3708614 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.<br>| 49694 | 8917091 |
|  |  | **12625705** |
| **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** |
| CSX Corp. | 57552 | 2173164 |
| &nbsp;&nbsp; JB Hunt Transport <br> Services, Inc.<br>| 1009 | 204544 |
| &nbsp;&nbsp; Old Dominion Freight <br> Line, Inc.<br>| 1273 | 220484 |
| Saia, Inc.\* | 5804 | 1943585 |
| Union Pacific Corp. | 61694 | 14504259 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| 17522 | 1861187 |
|  |  | **20907223** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| &nbsp;&nbsp; Allison Transmission <br> Holdings, Inc.<br>| 11974 | 1301574 |
| PACCAR, Inc. | 40007 | 4917260 |
|  |  | **6218834** |
| **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** |
| G-III Apparel Group Ltd.<sup>(a)</sup> <br>| 30142 | 884668 |
| Pool Corp. | 969 | 246213 |
|  |  | **1130881** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $1,418,954,546) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $1,418,954,546) | **1742503786** |
| **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%** |
| &nbsp;&nbsp; Enterprise Products <br> Partners L.P.<br>| 36101 | **1198192** |
| &nbsp;&nbsp; **Total Master Limited Partnership** <br>(Cost $964,408) | &nbsp;&nbsp; **Total Master Limited Partnership** <br>(Cost $964,408) | **1198192** |
| **Investment Companies – 3.8%** | **Investment Companies – 3.8%** | **Investment Companies – 3.8%** |
| &nbsp;&nbsp; State Street SPDR Portfolio <br> S&P 600 Small Cap ETF<sup>(a)</sup> <br>| 698498 | 34547711 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| &nbsp;&nbsp; State Street SPDR S&P 600 <br> Small Cap Value ETF<sup>(a)</sup> <br>| 355463 | $34455029 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $63,881,579) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $63,881,579) | **69002740** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(d)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 1.9%** | **Short-Term Investments – 1.9%** | **Short-Term Investments – 1.9%** |
| **Money Market Funds – 1.7%** | **Money Market Funds – 1.7%** | **Money Market Funds – 1.7%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(e)</sup> <br>| 21899150 | 21899150 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 3.81%<sup>(e)(f)</sup> <br>| 9527791 | 9527791 |
|  |  | **31426941** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(d)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **U.S. Government Agencies – 0.2%**<sup>(g)</sup> | **U.S. Government Agencies – 0.2%**<sup>(g)</sup> | **U.S. Government Agencies – 0.2%**<sup>(g)</sup> |
| &nbsp;&nbsp; Federal Home Loan Bank <br> Discount Notes, 0.00%, <br> 2/2/26<sup>(h)</sup> <br>| $4002000 | **$4000839** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $35,428,549) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $35,428,549) | **35427780** |
| &nbsp;&nbsp; **Total Investments – 100.6%** <br>(Cost $1,519,229,082) | &nbsp;&nbsp; **Total Investments – 100.6%** <br>(Cost $1,519,229,082) | **1848132498** |
| Liabilities less Other Assets – (0.6)% | Liabilities less Other Assets – (0.6)% | (10503046)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1837629452** |

---

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

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

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

---

| | |
|:---|:---|
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |
| <sup>(a)</sup> <br>| Security either partially or fully on loan. As of January 31, 2026, the total value of securities on loan is $57,776,151. |
| <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 January 31, 2026 is disclosed. |
| <sup>(f)</sup> <br>| Security purchased with the cash proceeds from securities loaned. As of January 31, 2026, total cash collateral has a value of $9,527,791 and <br> total non-cash collateral has a value of $49,706,727.<br>|
| <sup>(g)</sup> <br>| The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury. |
| <sup>(h)</sup> <br>| Zero coupon bond. |
| \* | Non-Income Producing Security |

---

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| L.P. | Limited Partnership |
| PLC | Public Limited Company |
| S&P | Standards & Poor's |
| SPDR | Standard & Poor's Depositary Receipt |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar U.S. Equity Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar U.S. Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $1739242154 | &nbsp;&nbsp; $3261632 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1742503786 |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships | &nbsp;&nbsp; 1198192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1198192 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 69002740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69002740 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 31426941 | &nbsp;&nbsp; 4000839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35427780 |
| **Total Investments** | &nbsp;&nbsp; $1840870027 | &nbsp;&nbsp; $7262471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1848132498 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar International Equity Fund

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 96.6%** | **Common Stocks – 96.6%** | **Common Stocks – 96.6%** |
| **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** |
| &nbsp;&nbsp; Publicis Groupe S.A. <br> (France)<br>| 34725 | **$3470705** |
| **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** |
| Airbus S.E. (France) | 11078 | 2536309 |
| &nbsp;&nbsp; BAE Systems PLC (United <br> Kingdom)<br>| 322404 | 8752284 |
| &nbsp;&nbsp; Melrose Industries PLC <br> (United Kingdom)<br>| 149010 | 1281178 |
| Safran S.A. (France) | 13602 | 4859879 |
| &nbsp;&nbsp; Singapore Technologies <br> Engineering Ltd. <br> (Singapore)<br>| 596460 | 4585339 |
| Thales S.A. (France) | 5092 | 1558793 |
|  |  | **23573782** |
| **Apparel & Textile Products – 1.9%** | **Apparel & Textile Products – 1.9%** | **Apparel & Textile Products – 1.9%** |
| adidas A.G. (Germany) | 22400 | 3971601 |
| &nbsp;&nbsp; Bosideng International <br> Holdings Ltd. (China)<br>| 1436000 | 876386 |
| &nbsp;&nbsp; Cie Financiere Richemont <br> S.A., Class A <br> (Switzerland)<sup>(a)</sup> <br>| 17683 | 3432442 |
| &nbsp;&nbsp; Eclat Textile Co. Ltd. <br> (Taiwan)<br>| 99801 | 1248514 |
| Kering S.A. (France) | 10501 | 3278181 |
| &nbsp;&nbsp; LVMH Moet Hennessy <br> Louis Vuitton S.E. (France)<br>| 9319 | 6014526 |
|  |  | **18821650** |
| **Asset Management – 2.2%** | **Asset Management – 2.2%** | **Asset Management – 2.2%** |
| &nbsp;&nbsp; 3i Group PLC (United <br> Kingdom)<br>| 59853 | 2749595 |
| &nbsp;&nbsp; Azimut Holding S.p.A. <br> (Italy)<br>| 89139 | 3765584 |
| &nbsp;&nbsp; Julius Baer Group Ltd. <br> (Switzerland)<br>| 16635 | 1389527 |
| &nbsp;&nbsp; Netwealth Group Ltd. <br> (Australia)<br>| 37576 | 636681 |
| Sanlam Ltd. (South Africa) | 238632 | 1492027 |
| &nbsp;&nbsp; Schroders PLC (United <br> Kingdom)<br>| 1405173 | 8703268 |
| &nbsp;&nbsp; UBS Group A.G. <br> (Switzerland)<sup>(a)</sup> <br>| 29854 | 1412554 |
| &nbsp;&nbsp; VZ Holding A.G. <br> (Switzerland)<br>| 6054 | 1186652 |
| XTB S.A. (Poland)<sup>(b)</sup> <br>| 25340 | 603931 |
|  |  | **21939819** |
| **Automotive – 2.9%** | **Automotive – 2.9%** | **Automotive – 2.9%** |
| Aumovio S.E. (Germany)\* | 13531 | 649275 |
| &nbsp;&nbsp; Bayerische Motoren Werke <br> A.G. (Germany)<br>| 38547 | 3969584 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| &nbsp;&nbsp; Cie Generale des <br> Etablissements Michelin <br> S.C.A. (France)<br>| 58631 | $2177300 |
| &nbsp;&nbsp; Contemporary Amperex <br> Technology Co. Ltd., <br> Class A (China)<br>| 103900 | 5233419 |
| Continental A.G. (Germany) | 44255 | 3482395 |
| &nbsp;&nbsp; Huayu Automotive <br> Systems Co. Ltd., Class A <br> (China)<br>| 288100 | 795963 |
| &nbsp;&nbsp; Hyundai Mobis Co. Ltd. <br> (South Korea)<br>| 4049 | 1265138 |
| Kia Corp. (South Korea) | 23705 | 2522288 |
| &nbsp;&nbsp; Koito Manufacturing Co. <br> Ltd. (Japan)<br>| 23800 | 372594 |
| &nbsp;&nbsp; Magna International, Inc. <br> (Canada)<br>| 25922 | 1325179 |
| &nbsp;&nbsp; Mercedes-Benz Group A.G. <br> (Germany)<br>| 19891 | 1359436 |
| NGK Insulators Ltd. (Japan) | 63000 | 1509354 |
| Nifco, Inc. (Japan) | 49100 | 1528677 |
| Toyota Motor Corp. (Japan) | 105873 | 2399665 |
|  |  | **28590267** |
| **Banking – 9.9%** | **Banking – 9.9%** | **Banking – 9.9%** |
| &nbsp;&nbsp; ANZ Group Holdings Ltd. <br> (Australia)<br>| 55539 | 1412932 |
| Axis Bank Ltd. (India) | 182389 | 2721123 |
| &nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria S.A. (Spain)<br>| 275443 | 6991756 |
| &nbsp;&nbsp; Banco do Brasil S.A. <br> (Brazil)<br>| 400800 | 1913848 |
| &nbsp;&nbsp; Bank Mandiri Persero Tbk <br> PT (Indonesia)<br>| 19617800 | 5644949 |
| Bank of Montreal (Canada) | 9571 | 1302961 |
| BNP Paribas S.A. (France) | 70936 | 7670492 |
| &nbsp;&nbsp; China Construction <br> Bank Corp., Class H <br> (China)<br>| 2503000 | 2527355 |
| &nbsp;&nbsp; China Merchants Bank Co. <br> Ltd., Class H (China)<br>| 246613 | 1506706 |
| &nbsp;&nbsp; Commercial International <br> Bank - Egypt (CIB) GDR <br> (Egypt)<sup>(a)</sup> <br>| 474658 | 1257251 |
| Credicorp Ltd. (Peru) | 14685 | 5240049 |
| &nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Singapore)<br>| 153987 | 7157678 |
| &nbsp;&nbsp; Grupo Financiero Banorte <br> S.A.B. de C.V., Class O <br> (Mexico)<br>| 591248 | 6665580 |
| HDFC Bank Ltd. (India) | 190238 | 1923549 |
| HDFC Bank Ltd. ADR (India) | 176721 | 5722226 |
| &nbsp;&nbsp; HSBC Holdings PLC <br> (United Kingdom)<br>| 111498 | 1966928 |
| ICICI Bank Ltd. (India) | 77621 | 1144338 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| &nbsp;&nbsp; ING Groep N.V. <br> (Netherlands)<br>| 48656 | $1434911 |
| &nbsp;&nbsp; Intesa Sanpaolo S.p.A. <br> (Italy)<br>| 187809 | 1329574 |
| &nbsp;&nbsp; Kasikornbank PCL <br> (Thailand)<sup>(a)</sup> <br>| 171000 | 1023599 |
| &nbsp;&nbsp; KB Financial Group, Inc. <br> (South Korea)<br>| 48652 | 4553789 |
| &nbsp;&nbsp; National Bank of Greece <br> S.A. (Greece)<br>| 102293 | 1805926 |
| &nbsp;&nbsp; Nedbank Group Ltd. (South <br> Africa)<br>| 93567 | 1536923 |
| Nordea Bank Abp (Finland) | 93940 | 1814959 |
| OTP Bank Nyrt. (Hungary) | 16599 | 2088686 |
| &nbsp;&nbsp; Sberbank of Russia PJSC <br> (Russia)<sup>(c)\*</sup> <br>| 405212 |  |
| &nbsp;&nbsp; Shinhan Financial <br> Group Co. Ltd. (South <br> Korea)<br>| 36010 | 2104559 |
| &nbsp;&nbsp; Skandinaviska Enskilda <br> Banken AB, Class A <br> (Sweden)<br>| 201519 | 4331538 |
| &nbsp;&nbsp; Standard Bank Group Ltd. <br> (South Africa)<br>| 99195 | 1823004 |
| State Bank of India (India) | 75423 | 884006 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 69088 | 2431238 |
| &nbsp;&nbsp; Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 62849 | 2099081 |
| &nbsp;&nbsp; Svenska Handelsbanken <br> AB, Class A (Sweden)<br>| 94219 | 1485368 |
| &nbsp;&nbsp; Toronto-Dominion Bank <br> (The) (Canada)<br>| 21097 | 1971729 |
| &nbsp;&nbsp; United Overseas Bank Ltd. <br> (Singapore)<br>| 64465 | 1942921 |
| &nbsp;&nbsp; Woori Financial Group, Inc. <br> (South Korea)<br>| 66317 | 1387277 |
|  |  | **98818809** |
| **Beverages – 3.5%** | **Beverages – 3.5%** | **Beverages – 3.5%** |
| Ambev S.A. (Brazil) | 2186309 | 6164995 |
| &nbsp;&nbsp; Anheuser-Busch InBev <br> S.A./N.V. (Belgium)<br>| 35827 | 2578937 |
| &nbsp;&nbsp; Asahi Group Holdings Ltd. <br> (Japan)<br>| 179300 | 1877066 |
| &nbsp;&nbsp; Diageo PLC (United <br> Kingdom)<br>| 294659 | 6780192 |
| &nbsp;&nbsp; Fomento Economico <br> Mexicano S.A.B. de C.V. <br> (Mexico)<br>| 268845 | 2805520 |
| &nbsp;&nbsp; Fomento Economico <br> Mexicano S.A.B. de C.V. <br> ADR (Mexico)<br>| 62183 | 6489418 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| &nbsp;&nbsp; Jiangsu Yanghe <br> Distillery Co. Ltd., Class A <br> (China)<br>| 76600 | $608915 |
| &nbsp;&nbsp; Kweichow Moutai Co. Ltd., <br> Class A (China)<br>| 7700 | 1549563 |
| Pernod Ricard S.A. (France) | 56904 | 5088168 |
| &nbsp;&nbsp; Tingyi Cayman Islands <br> Holding Corp. (China)<br>| 736000 | 1115504 |
|  |  | **35058278** |
| **Biotechnology & Pharmaceuticals – 5.6%** | **Biotechnology & Pharmaceuticals – 5.6%** | **Biotechnology & Pharmaceuticals – 5.6%** |
| &nbsp;&nbsp; AstraZeneca PLC ADR <br> (United Kingdom)<br>| 18100 | 1679137 |
| Bayer A.G. (Germany)<sup>(a)</sup> <br>| 77618 | 4105347 |
| &nbsp;&nbsp; China Medical System <br> Holdings Ltd. (China)<br>| 510000 | 914819 |
| &nbsp;&nbsp; Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 93400 | 5335076 |
| &nbsp;&nbsp; Consun Pharmaceutical <br> Group Ltd. (China)<br>| 395292 | 913933 |
| CSL Ltd. (Australia) | 10655 | 1342635 |
| &nbsp;&nbsp; CSPC Pharmaceutical <br> Group Ltd. (China)<br>| 478166 | 586584 |
| &nbsp;&nbsp; Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 130700 | 2394375 |
| Genmab A/S (Denmark)\* | 9255 | 3015145 |
| GSK PLC | 299820 | 7753844 |
| &nbsp;&nbsp; Hansoh Pharmaceutical <br> Group Co. Ltd. (China)<sup>(b)</sup> <br>| 108351 | 533973 |
| &nbsp;&nbsp; Kalbe Farma Tbk PT <br> (Indonesia)<br>| 4770000 | 325347 |
| &nbsp;&nbsp; Kobayashi <br> Pharmaceutical Co. Ltd. <br> (Japan)<br>| 26700 | 933786 |
| Merck KGaA (Germany) | 9614 | 1432417 |
| &nbsp;&nbsp; Nippon Shinyaku Co. Ltd. <br> (Japan)<br>| 62900 | 2099596 |
| Novartis A.G.<sup>(a)</sup> <br>| 21357 | 3168734 |
| &nbsp;&nbsp; Novo Nordisk A/S, Class B <br> (Denmark)<br>| 111511 | 6621439 |
| &nbsp;&nbsp; Roche Holding A.G. <br> (Genusschein)<br>| 20324 | 9242134 |
| Sanofi S.A. | 17700 | 1669530 |
| Shionogi & Co. Ltd. (Japan) | 117600 | 2421288 |
|  |  | **56489139** |
| **Chemicals – 2.3%** | **Chemicals – 2.3%** | **Chemicals – 2.3%** |
| Air Liquide S.A. (France) | 12045 | 2255576 |
| &nbsp;&nbsp; Akzo Nobel N.V. <br> (Netherlands)<br>| 54014 | 3784075 |
| Brenntag S.E. (Germany) | 42925 | 2611546 |
| &nbsp;&nbsp; Croda International PLC <br> (United Kingdom)<br>| 53299 | 1991778 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| &nbsp;&nbsp; DSM-Firmenich A.G. <br> (Switzerland)<br>| 16130 | $1271909 |
| &nbsp;&nbsp; EMS-Chemie Holding A.G. <br> (Switzerland)<sup>(a)</sup> <br>| 3038 | 2361949 |
| IMCD N.V. (Netherlands) | 15400 | 1439477 |
| &nbsp;&nbsp; Novonesis (Novozymes) B <br> (Denmark)<br>| 5847 | 358267 |
| Symrise A.G. (Germany) | 64919 | 5465343 |
| UPL Ltd. (India) | 146531 | 1122722 |
|  |  | **22662642** |
| **Commercial Support Services – 2.5%** | **Commercial Support Services – 2.5%** | **Commercial Support Services – 2.5%** |
| &nbsp;&nbsp; Bidvest Group Ltd. (South <br> Africa)<br>| 102137 | 1477889 |
| &nbsp;&nbsp; Bureau Veritas S.A. <br> (France)<br>| 58481 | 1882640 |
| &nbsp;&nbsp; Compass Group PLC <br> (United Kingdom)<br>| 81346 | 2439196 |
| &nbsp;&nbsp; Eurofins Scientific S.E. <br> (Luxembourg)<br>| 19883 | 1608396 |
| &nbsp;&nbsp; Intertek Group PLC (United <br> Kingdom)<br>| 62430 | 3829936 |
| &nbsp;&nbsp; RELX PLC (United <br> Kingdom)<br>| 35228 | 1248904 |
| &nbsp;&nbsp; Rentokil Initial PLC (United <br> Kingdom)<br>| 432460 | 2684200 |
| S-1 Corp. (South Korea) | 26650 | 1475654 |
| Secom Co. Ltd. (Japan) | 117200 | 4293458 |
| SGS S.A. (Switzerland)<sup>(a)</sup> <br>| 15116 | 1819354 |
| &nbsp;&nbsp; Taiwan Secom Co. Ltd. <br> (Taiwan)<br>| 408201 | 1381344 |
| &nbsp;&nbsp; Wolters Kluwer N.V. <br> (Netherlands)<br>| 12772 | 1199331 |
|  |  | **25340302** |
| **Construction Materials – 0.5%** | **Construction Materials – 0.5%** | **Construction Materials – 0.5%** |
| &nbsp;&nbsp; Anhui Conch Cement Co. <br> Ltd., Class H (China)<br>| 320500 | 1016408 |
| &nbsp;&nbsp; James Hardie Industries <br> PLC CDI<sup>(d)\*</sup> <br>| 83149 | 1894709 |
| &nbsp;&nbsp; Kingspan Group PLC <br> (Ireland)<br>| 22287 | 1940632 |
|  |  | **4851749** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp; Humansoft Holding Co. <br> K.S.C. (Kuwait)<br>| 78659 | **677733** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Winpak Ltd. (Canada) | 33156 | **1047288** |
| **Diversified Industrials – 0.5%** | **Diversified Industrials – 0.5%** | **Diversified Industrials – 0.5%** |
| Alfa Laval AB (Sweden) | 88128 | **5104576** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **E-Commerce Discretionary – 1.6%** | **E-Commerce Discretionary – 1.6%** | **E-Commerce Discretionary – 1.6%** |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (China)<br>| 369302 | $7856378 |
| &nbsp;&nbsp; JD.com, Inc., Class A <br> (China)<br>| 160641 | 2290844 |
| MercadoLibre, Inc. (Brazil)\* | 1611 | 3460090 |
| Pilot Corp. (Japan)<sup>(d)</sup> <br>| 43300 | 1361381 |
| Sea Ltd. ADR (Singapore)\* | 11150 | 1298863 |
|  |  | **16267556** |
| **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** |
| &nbsp;&nbsp; Engie Brasil Energia S.A. <br> (Brazil)<br>| 138360 | 863115 |
| RWE A.G. (Germany) | 20530 | 1303735 |
| SSE PLC (United Kingdom) | 39159 | 1301546 |
|  |  | **3468396** |
| **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** |
| &nbsp;&nbsp; Assa Abloy AB, Class B <br> (Sweden)<br>| 72621 | 2936353 |
| &nbsp;&nbsp; Daikin Industries Ltd. <br> (Japan)<br>| 14784 | 1771572 |
| &nbsp;&nbsp; Hexagon AB, Class B <br> (Sweden)<br>| 234109 | 2639588 |
| &nbsp;&nbsp; Keli Sensing Technology <br> Ningbo Co. Ltd., Class A <br> (China)<br>| 23700 | 227389 |
| Kone OYJ, Class B (Finland) | 52573 | 3778154 |
| Legrand S.A. (France) | 20779 | 3317534 |
| Nohmi Bosai Ltd. (Japan) | 26100 | 640614 |
| Schneider Electric S.E. | 12816 | 3674373 |
|  |  | **18985577** |
| **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** |
| &nbsp;&nbsp; Cellnex Telecom S.A. <br> (Spain)<sup>(b)\*</sup> <br>| 41698 | 1289726 |
| &nbsp;&nbsp; COMSYS Holdings Corp. <br> (Japan)<br>| 12700 | 396798 |
| Indus Towers Ltd. (India)\* | 409386 | 1985867 |
| &nbsp;&nbsp; Spirax Group PLC (United <br> Kingdom)<br>| 5437 | 541767 |
| &nbsp;&nbsp; Sumitomo Densetsu Co. <br> Ltd. (Japan)<br>| 10200 | 640156 |
| Takuma Co. Ltd. (Japan) | 74400 | 1202700 |
|  |  | **6057014** |
| **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** |
| NetEase, Inc. (China) | 150870 | 3912072 |
| NetEase, Inc. ADR (China) | 19048 | 2453954 |
| &nbsp;&nbsp; Universal Music Group N.V. <br> (Netherlands)<br>| 51072 | 1252160 |
|  |  | **7618186** |
| **Food – 1.8%** | **Food – 1.8%** | **Food – 1.8%** |
| AVI Ltd. (South Africa) | 241856 | 1609504 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| &nbsp;&nbsp; Cheng De Lolo Co. Ltd., <br> Class A (China)<br>| 518351 | $638612 |
| Danone S.A. (France) | 25775 | 2019728 |
| &nbsp;&nbsp; Kerry Group PLC, Class A <br> (Ireland)<br>| 17881 | 1589478 |
| &nbsp;&nbsp; MEIJI Holdings Co. Ltd. <br> (Japan)<sup>(d)</sup> <br>| 56253 | 1316908 |
| Nestle S.A.<sup>(a)</sup> <br>| 92665 | 8842701 |
| Orion Corp. (South Korea) | 8205 | 667892 |
| &nbsp;&nbsp; Universal Robina Corp. <br> (Philippines)<br>| 174360 | 209915 |
| &nbsp;&nbsp; Want Want China <br> Holdings Ltd. (China)<br>| 2094839 | 1263407 |
|  |  | **18158145** |
| **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** | **Forestry, Paper & Wood Products – 0.1%** |
| Suzano S.A. (Brazil) | 92000 | **861656** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| &nbsp;&nbsp; ENN Natural Gas Co. Ltd., <br> Class A (China)<br>| 377176 | 1057202 |
| &nbsp;&nbsp; Kunlun Energy Co. Ltd. <br> (China)<br>| 258227 | 264575 |
| &nbsp;&nbsp; Veolia Environnement S.A. <br> (France)<br>| 41247 | 1547060 |
|  |  | **2868837** |
| **Health Care Facilities & Services – 0.8%** | **Health Care Facilities & Services – 0.8%** | **Health Care Facilities & Services – 0.8%** |
| &nbsp;&nbsp; Fresenius S.E. & Co. KGaA <br> (Germany)<br>| 36461 | 2039549 |
| &nbsp;&nbsp; Life Healthcare Group <br> Holdings Ltd. (South <br> Africa)<br>| 963564 | 663303 |
| &nbsp;&nbsp; Ramsay Health Care Ltd. <br> (Australia)<sup>(d)</sup> <br>| 54689 | 1379573 |
| &nbsp;&nbsp; Rede D'Or Sao Luiz S.A. <br> (Brazil)<sup>(b)</sup> <br>| 99000 | 795536 |
| &nbsp;&nbsp; Ship Healthcare <br> Holdings, Inc. (Japan)<br>| 21900 | 360997 |
| &nbsp;&nbsp; Sinopharm Group Co. Ltd., <br> Class H (China)<br>| 576723 | 1538837 |
| &nbsp;&nbsp; Sonic Healthcare Ltd. <br> (Australia)<br>| 81242 | 1299207 |
|  |  | **8077002** |
| **Home & Office Products – 0.7%** | **Home & Office Products – 0.7%** | **Home & Office Products – 0.7%** |
| &nbsp;&nbsp; Coway Co. Ltd. (South <br> Korea)<br>| 16100 | 931549 |
| &nbsp;&nbsp; Haier Smart Home Co. Ltd., <br> Class A (China)<br>| 633100 | 2283768 |
| &nbsp;&nbsp; Midea Group Co. Ltd., <br> Class A (China)<br>| 125500 | 1399237 |
| &nbsp;&nbsp; Midea Group Co. Ltd., <br> Class H (China)<br>| 108695 | 1191346 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Home & Office Products (Continued)** | **Home & Office Products (Continued)** | **Home & Office Products (Continued)** |
| &nbsp;&nbsp; Nien Made Enterprise Co. <br> Ltd. (Taiwan)<br>| 33753 | $455405 |
| Rinnai Corp. (Japan) | 33100 | 869385 |
|  |  | **7130690** |
| **Home Construction – 0.7%** | **Home Construction – 0.7%** | **Home Construction – 0.7%** |
| &nbsp;&nbsp; Geberit A.G. <br> (Switzerland)<sup>(a)</sup> <br>| 3816 | 2913862 |
| &nbsp;&nbsp; Persimmon PLC (United <br> Kingdom)<br>| 65235 | 1256246 |
| &nbsp;&nbsp; Sekisui Chemical Co. Ltd. <br> (Japan)<br>| 127500 | 2255142 |
| &nbsp;&nbsp; Taylor Wimpey PLC (United <br> Kingdom)<br>| 283398 | 414317 |
|  |  | **6839567** |
| **Household Products – 2.5%** | **Household Products – 2.5%** | **Household Products – 2.5%** |
| Haleon PLC | 842854 | 4408046 |
| &nbsp;&nbsp; Hengan International <br> Group Co. Ltd. (China)<br>| 249000 | 900091 |
| &nbsp;&nbsp; Kimberly-Clark de Mexico <br> S.A.B. de C.V., Class A <br> (Mexico)<br>| 440507 | 975740 |
| L'Oreal S.A. (France) | 9479 | 4355027 |
| &nbsp;&nbsp; Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 85513 | 7128354 |
| Unicharm Corp. (Japan) | 491580 | 2983912 |
| &nbsp;&nbsp; Unilever PLC (United <br> Kingdom)<br>| 45615 | 3103163 |
| &nbsp;&nbsp; Unilever PLC (Euronext <br> Amsterdam Exchange) <br> (United Kingdom)<br>| 14204 | 966953 |
|  |  | **24821286** |
| **Industrial Intermediate Products – 0.6%** | **Industrial Intermediate Products – 0.6%** | **Industrial Intermediate Products – 0.6%** |
| SKF AB, Class B (Sweden) | 220961 | **5777400** |
| **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** |
| &nbsp;&nbsp; Ashtead Group PLC (United <br> Kingdom)<br>| 79900 | **5143938** |
| **Institutional Financial Services – 2.4%** | **Institutional Financial Services – 2.4%** | **Institutional Financial Services – 2.4%** |
| ASX Ltd. (Australia)<sup>(d)</sup> <br>| 134370 | 5348515 |
| &nbsp;&nbsp; B3 S.A. - Brasil Bolsa <br> Balcao (Brazil)\*<br>| 680300 | 2091540 |
| &nbsp;&nbsp; Bolsa Mexicana de Valores <br> S.A.B. de C.V. (Mexico)<br>| 879162 | 1763757 |
| &nbsp;&nbsp; Bursa Malaysia Bhd. <br> (Malaysia)<br>| 957800 | 2192453 |
| &nbsp;&nbsp; Hong Kong Exchanges & <br> Clearing Ltd. (Hong Kong)<br>| 88364 | 4871606 |
| &nbsp;&nbsp; Japan Exchange Group, Inc. <br> (Japan)<br>| 437600 | 4775189 |
| &nbsp;&nbsp; London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 17658 | 1969611 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; Nihon M&A Center <br> Holdings, Inc. (Japan)<sup>(d)</sup> <br>| 92000 | $422524 |
| &nbsp;&nbsp; Singapore Exchange Ltd. <br> (Singapore)<br>| 78000 | 1080777 |
|  |  | **24515972** |
| **Insurance – 3.9%** | **Insurance – 3.9%** | **Insurance – 3.9%** |
| AIA Group Ltd. (Hong Kong) | 842191 | 9716764 |
| Allianz S.E. (Germany)<sup>(a)</sup> <br>| 16125 | 7100196 |
| &nbsp;&nbsp; ASR Nederland N.V. <br> (Netherlands)<br>| 26625 | 1933793 |
| &nbsp;&nbsp; BB Seguridade <br> Participacoes S.A. (Brazil)<br>| 267900 | 1904354 |
| &nbsp;&nbsp; Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 218115 | 1918134 |
| &nbsp;&nbsp; Manulife Financial Corp. <br> (Canada)<br>| 121253 | 4618950 |
| &nbsp;&nbsp; MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 51305 | 1307127 |
| &nbsp;&nbsp; Ping An Insurance <br> Group Co. of China Ltd., <br> Class H (China)<sup>(d)</sup> <br>| 830748 | 7705480 |
| &nbsp;&nbsp; Prudential PLC (Hong <br> Kong)<br>| 206201 | 3386902 |
|  |  | **39591700** |
| **Internet Media & Services – 2.6%** | **Internet Media & Services – 2.6%** | **Internet Media & Services – 2.6%** |
| &nbsp;&nbsp; Autotrader Group PLC <br> (United Kingdom)<sup>(b)</sup> <br>| 88144 | 649753 |
| &nbsp;&nbsp; Baidu, Inc., Class A <br> (China)\*<br>| 131282 | 2516355 |
| &nbsp;&nbsp; Guangdong South New <br> Media Co. Ltd., Class A <br> (China)<br>| 234100 | 1540817 |
| Kakaku.com, Inc. (Japan) | 29300 | 399892 |
| M3, Inc. (Japan) | 133900 | 1652197 |
| NAVER Corp. (South Korea) | 30784 | 5851476 |
| Prosus N.V. (China)\* | 40874 | 2350307 |
| &nbsp;&nbsp; REA Group Ltd. <br> (Australia)<sup>(d)</sup> <br>| 3520 | 462823 |
| &nbsp;&nbsp; Rightmove PLC (United <br> Kingdom)<br>| 295452 | 2000036 |
| &nbsp;&nbsp; Tencent Holdings Ltd. <br> (China)<br>| 109715 | 8432893 |
|  |  | **25856549** |
| **IT Services – 1.7%** | **IT Services – 1.7%** | **IT Services – 1.7%** |
| Capgemini S.E. (France) | 29916 | 4648296 |
| CGI, Inc. (Canada) | 9016 | 772715 |
| Fujitsu Ltd. (Japan) | 57800 | 1606018 |
| Infosys Ltd. (India) | 136081 | 2433983 |
| Infosys Ltd. ADR (India)<sup>(d)</sup> <br>| 77767 | 1367144 |
| Otsuka Corp. (Japan) | 46600 | 923914 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **IT Services (Continued)** | **IT Services (Continued)** | **IT Services (Continued)** |
| &nbsp;&nbsp; Samsung SDS Co. Ltd. <br> (South Korea)<br>| 4085 | $489842 |
| &nbsp;&nbsp; Tata Consultancy <br> Services Ltd. (India)<br>| 141312 | 4805752 |
|  |  | **17047664** |
| **Leisure Facilities & Services – 0.9%** | **Leisure Facilities & Services – 0.9%** | **Leisure Facilities & Services – 0.9%** |
| Accor S.A. (France) | 55517 | 3019080 |
| &nbsp;&nbsp; Arcos Dorados <br> Holdings, Inc., Class A <br> (Brazil)<sup>(d)</sup> <br>| 81636 | 667782 |
| &nbsp;&nbsp; Flutter Entertainment <br> PLC<sup>(d)\*</sup> <br>| 7658 | 1264719 |
| OPAP S.A. (Greece) | 54890 | 1106086 |
| &nbsp;&nbsp; Yum China Holdings, Inc. <br> (China)<br>| 63443 | 3154552 |
|  |  | **9212219** |
| **Leisure Products – 0.3%** | **Leisure Products – 0.3%** | **Leisure Products – 0.3%** |
| BRP, Inc. | 10779 | 813541 |
| &nbsp;&nbsp; Fusheng Precision Co. Ltd. <br> (Taiwan)<br>| 83736 | 712648 |
| Shimano, Inc. (Japan) | 11166 | 1272785 |
|  |  | **2798974** |
| **Machinery – 3.6%** | **Machinery – 3.6%** | **Machinery – 3.6%** |
| &nbsp;&nbsp; Atlas Copco AB, Class A <br> (Sweden)<br>| 353447 | 7288854 |
| CNH Industrial N.V. | 269588 | 2900767 |
| Daifuku Co. Ltd. (Japan) | 77600 | 2783760 |
| &nbsp;&nbsp; Epiroc AB, Class A <br> (Sweden)<br>| 281026 | 7878055 |
| FANUC Corp. (Japan) | 58147 | 2334869 |
| &nbsp;&nbsp; Haitian International <br> Holdings Ltd. (China)<br>| 87452 | 270532 |
| Hoshizaki Corp. (Japan) | 39500 | 1302122 |
| Keyence Corp. (Japan) | 4600 | 1687558 |
| Kubota Corp. (Japan) | 154368 | 2365175 |
| Omron Corp. (Japan) | 62108 | 1584671 |
| SMC Corp. (Japan) | 6700 | 2604768 |
| &nbsp;&nbsp; Techtronic Industries Co. <br> Ltd. (Hong Kong)<br>| 171000 | 2334407 |
| &nbsp;&nbsp; Yaskawa Electric Corp. <br> (Japan)<br>| 36339 | 1159915 |
|  |  | **36495453** |
| **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** |
| Alcon A.G.<sup>(d)</sup> <br>| 34590 | 2801098 |
| &nbsp;&nbsp; Alcon A.G. (SIX Swiss <br> Exchange)<sup>(d)</sup> <br>| 15448 | 1250398 |
| &nbsp;&nbsp; Coloplast A/S, Class B <br> (Denmark)<br>| 46471 | 3961420 |
| Hoya Corp. (Japan) | 11438 | 1918792 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; Koninklijke Philips N.V. <br> (Netherlands)<br>| 92939 | $2668821 |
| Olympus Corp. (Japan) | 98969 | 1182137 |
| &nbsp;&nbsp; Shenzhen Mindray <br> Bio-Medical <br> Electronics Co. Ltd., <br> Class A (China)<br>| 43400 | 1179236 |
| &nbsp;&nbsp; Siemens Healthineers A.G. <br> (Germany)<sup>(b)</sup> <br>| 96195 | 4801432 |
| &nbsp;&nbsp; Sonova Holding A.G. <br> (Switzerland)<sup>(a)</sup> <br>| 5729 | 1567932 |
| Sysmex Corp. (Japan) | 169400 | 1602908 |
|  |  | **22934174** |
| **Metals & Mining – 2.9%** | **Metals & Mining – 2.9%** | **Metals & Mining – 2.9%** |
| &nbsp;&nbsp; China Shenhua Energy Co. <br> Ltd., Class H (China)<br>| 465959 | 2563758 |
| &nbsp;&nbsp; Exxaro Resources Ltd. <br> (South Africa)<br>| 24987 | 285219 |
| Fortescue Ltd. (Australia) | 150356 | 2177286 |
| Glencore PLC (Australia)\* | 738828 | 5036854 |
| &nbsp;&nbsp; Indo Tambangraya Megah <br> Tbk PT (Indonesia)<br>| 405900 | 531625 |
| &nbsp;&nbsp; Kinetic Development <br> Group Ltd. (China)<br>| 1597937 | 357327 |
| &nbsp;&nbsp; Kumba Iron Ore Ltd. (South <br> Africa)<br>| 182319 | 4063133 |
| Rio Tinto PLC (Australia) | 57202 | 5218787 |
| &nbsp;&nbsp; Shougang Fushan <br> Resources Group Ltd. <br> (China)<br>| 5679464 | 2393410 |
| &nbsp;&nbsp; United Tractors Tbk PT <br> (Indonesia)<br>| 445700 | 694337 |
| Vale S.A. (Brazil) | 273416 | 4370292 |
| Vale S.A. ADR (Brazil) | 111938 | 1798844 |
|  |  | **29490872** |
| **Oil & Gas Supply Chain – 3.6%** | **Oil & Gas Supply Chain – 3.6%** | **Oil & Gas Supply Chain – 3.6%** |
| &nbsp;&nbsp; Beach Energy Ltd. <br> (Australia)<sup>(d)</sup> <br>| 297020 | 254589 |
| Eni S.p.A. (Italy) | 69290 | 1416228 |
| Gazprom PJSC (Russia)<sup>(c)\*</sup> <br>| 421794 |  |
| &nbsp;&nbsp; Gaztransport Et Technigaz <br> S.A. (France)<br>| 4776 | 1028982 |
| LUKOIL PJSC (Russia)<sup>(c)\*</sup> <br>| 13736 |  |
| &nbsp;&nbsp; MOL Hungarian Oil & Gas <br> PLC (Hungary)<br>| 113846 | 1390395 |
| &nbsp;&nbsp; Parex Resources, Inc. <br> (Canada)<br>| 296229 | 4394540 |
| &nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras ADR (Brazil)<br>| 233161 | 3576690 |
| &nbsp;&nbsp; Petronas Gas Bhd. <br> (Malaysia)<br>| 467800 | 2181168 |
| PRIO S.A. (Brazil)\* | 128400 | 1240877 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; PTT Exploration & <br> Production PCL <br> (Thailand)<sup>(a)</sup> <br>| 168500 | $658133 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC <br> (Russia)<sup>(c)\*</sup> <br>| 210931 |  |
| Shell PLC | 280328 | 10775672 |
| TotalEnergies S.E. (France) | 65100 | 4734643 |
| &nbsp;&nbsp; United Energy Group Ltd. <br> (Iraq)<br>| 10453252 | 860843 |
| Vibra Energia S.A. (Brazil) | 341505 | 1859777 |
| &nbsp;&nbsp; Woodside Energy <br> Group Ltd. (Australia)<br>| 72752 | 1284546 |
|  |  | **35657083** |
| **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** | **Oil, Gas Services & Equipment – 0.1%** |
| SLB Ltd. | 24704 | **1195179** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; Metropole Television S.A. <br> (France)<sup>(d)</sup> <br>| 70338 | **1007550** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp; Big Yellow Group PLC <br> (United Kingdom)<br>| 126800 | 1794957 |
| &nbsp;&nbsp; Shurgard Self Storage Ltd. <br> (Belgium)<br>| 29892 | 1085013 |
|  |  | **2879970** |
| **Real Estate Owners & Developers – 0.3%** | **Real Estate Owners & Developers – 0.3%** | **Real Estate Owners & Developers – 0.3%** |
| &nbsp;&nbsp; Emaar Development PJSC <br> (United Arab Emirates)<br>| 620631 | 2906699 |
| &nbsp;&nbsp; Mitsubishi Estate Co. Ltd. <br> (Japan)<br>| 3700 | 94298 |
|  |  | **3000997** |
| **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** | **Real Estate Services – 0.2%** |
| &nbsp;&nbsp; Country Garden Services <br> Holdings Co. Ltd. (China)<br>| 2851160 | **2357562** |
| **Retail - Consumer Staples – 0.9%** | **Retail - Consumer Staples – 0.9%** | **Retail - Consumer Staples – 0.9%** |
| &nbsp;&nbsp; Alimentation <br> Couche-Tard, Inc. <br> (Canada)<br>| 47123 | 2451579 |
| &nbsp;&nbsp; BIM Birlesik Magazalar <br> A.S. (Turkey)<br>| 77797 | 1187238 |
| &nbsp;&nbsp; DaShenLin Pharmaceutical <br> Group Co. Ltd., Class A <br> (China)<br>| 347939 | 999746 |
| &nbsp;&nbsp; Koninklijke Ahold Delhaize <br> N.V. (Netherlands)<br>| 23438 | 916430 |
| Sundrug Co. Ltd. (Japan) | 27700 | 737426 |
| &nbsp;&nbsp; Wal-Mart de Mexico S.A.B. <br> de C.V. (Mexico)<br>| 818325 | 2596950 |
|  |  | **8889369** |

---

------

**Morningstar Funds Trust** January 31, 2026 (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%** |
| &nbsp;&nbsp; Astra International Tbk PT <br> (Indonesia)<br>| 3768100 | $1428755 |
| &nbsp;&nbsp; Chengdu Fusen <br> Noble-House <br> Industrial Co. Ltd., Class A <br> (China)<br>| 827647 | 1393974 |
| JUMBO S.A. (Greece) | 6380 | 189366 |
| Moncler S.p.A. (Italy) | 5307 | 309206 |
| &nbsp;&nbsp; Mr Price Group Ltd. (South <br> Africa)<br>| 70537 | 774578 |
| Pandora A/S (Denmark) | 14231 | 1151909 |
| &nbsp;&nbsp; Truworths <br> International Ltd. (South <br> Africa)<br>| 509934 | 1897209 |
| USS Co. Ltd. (Japan) | 197300 | 2180034 |
|  |  | **9325031** |
| **Semiconductors – 8.4%** | **Semiconductors – 8.4%** | **Semiconductors – 8.4%** |
| &nbsp;&nbsp; ASE Technology <br> Holding Co. Ltd. (Taiwan)<br>| 325000 | 3021561 |
| &nbsp;&nbsp; ASM International N.V. <br> (Netherlands)<br>| 2298 | 1929938 |
| &nbsp;&nbsp; ASML Holding N.V. <br> (Netherlands)<br>| 10876 | 15595163 |
| &nbsp;&nbsp; ASML Holding N.V. ADR <br> (Netherlands)<sup>(a)</sup> <br>| 1129 | 1606567 |
| ASMPT Ltd. (Hong Kong) | 78900 | 1052209 |
| &nbsp;&nbsp; DB HiTek Co. Ltd. (South <br> Korea)<br>| 36956 | 2696343 |
| Disco Corp. (Japan) | 8100 | 3452630 |
| &nbsp;&nbsp; Globalwafers Co. Ltd. <br> (Taiwan)<br>| 78000 | 1226365 |
| &nbsp;&nbsp; Greatek Electronics, Inc. <br> (Taiwan)<br>| 346103 | 982330 |
| &nbsp;&nbsp; Infineon Technologies A.G. <br> (Germany)<br>| 17223 | 841904 |
| &nbsp;&nbsp; Japan Material Co. Ltd. <br> (Japan)<br>| 24400 | 282958 |
| Lasertec Corp. (Japan) | 16400 | 3767695 |
| MediaTek, Inc. (Taiwan) | 41000 | 2274292 |
| &nbsp;&nbsp; Novatek <br> Microelectronics Corp. <br> (Taiwan)<br>| 66000 | 783130 |
| &nbsp;&nbsp; Powertech Technology, Inc. <br> (Taiwan)<br>| 168661 | 1335552 |
| &nbsp;&nbsp; SK Hynix, Inc. (South <br> Korea)<br>| 6843 | 4272615 |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> (Taiwan)<br>| 233133 | 12891308 |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 60523 | 20006483 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| Tokyo Electron Ltd. (Japan) | 22008 | $5864231 |
| &nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. <br> (Japan)<br>| 6100 | 552664 |
|  |  | **84435938** |
| **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** |
| &nbsp;&nbsp; Dassault Systemes S.E. <br> (France)<br>| 170455 | 4688335 |
| Nice Ltd. ADR (Israel)<sup>(d)\*</sup> <br>| 15876 | 1689365 |
| Obic Co. Ltd. (Japan) | 52600 | 1461962 |
| SAP S.E. (Germany) | 4185 | 836031 |
| &nbsp;&nbsp; Shopify, Inc., Class A <br> (Canada)\*<br>| 13964 | 1832298 |
|  |  | **10507991** |
| **Specialty Finance – 1.6%** | **Specialty Finance – 1.6%** | **Specialty Finance – 1.6%** |
| &nbsp;&nbsp; Adyen N.V. <br> (Netherlands)<sup>(b)\*</sup> <br>| 2223 | 3296365 |
| Edenred S.E. (France) | 79496 | 1665109 |
| Experian PLC | 69672 | 2638809 |
| Nexi S.p.A. (Italy)<sup>(b)(d)</sup> <br>| 332317 | 1418817 |
| Plus500 Ltd. (Israel) | 41560 | 2392256 |
| &nbsp;&nbsp; Zenkoku Hosho Co. Ltd. <br> (Japan)<br>| 207600 | 4127420 |
|  |  | **15538776** |
| **Steel – 0.3%** | **Steel – 0.3%** | **Steel – 0.3%** |
| &nbsp;&nbsp; Maruichi Steel Tube Ltd. <br> (Japan)<br>| 27800 | 275467 |
| &nbsp;&nbsp; Ternium S.A. ADR <br> (Mexico)<sup>(d)</sup> <br>| 21638 | 905334 |
| &nbsp;&nbsp; thyssenkrupp A.G. <br> (Germany)<br>| 98113 | 1307919 |
| &nbsp;&nbsp; Tokyo Steel <br> Manufacturing Co. Ltd. <br> (Japan)<br>| 92300 | 901193 |
|  |  | **3389913** |
| **Technology Hardware – 4.7%** | **Technology Hardware – 4.7%** | **Technology Hardware – 4.7%** |
| Advantech Co. Ltd. (Taiwan) | 141210 | 1332628 |
| &nbsp;&nbsp; Brother Industries Ltd. <br> (Japan)<br>| 156600 | 3192698 |
| &nbsp;&nbsp; Delta Electronics, Inc. <br> (Taiwan)<br>| 167000 | 6373112 |
| &nbsp;&nbsp; Inaba Denki Sangyo Co. <br> Ltd. (Japan)<br>| 80300 | 1337497 |
| &nbsp;&nbsp; Largan Precision Co. Ltd. <br> (Taiwan)<br>| 37794 | 2880558 |
| &nbsp;&nbsp; Lenovo Group Ltd. <br> (China)<sup>(d)</sup> <br>| 854000 | 962213 |
| &nbsp;&nbsp; Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 144426 | 2934095 |
| &nbsp;&nbsp; Quanta Computer, Inc. <br> (Taiwan)<br>| 206000 | 1813453 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Technology Hardware (Continued)** | **Technology Hardware (Continued)** | **Technology Hardware (Continued)** |
| &nbsp;&nbsp; Samsung Electronics Co. <br> Ltd. (South Korea)<br>| 37545 | $4147776 |
| &nbsp;&nbsp; Samsung Electronics Co. <br> Ltd. GDR (South Korea)<sup>(a)</sup> <br>| 3457 | 9516848 |
| Sony Group Corp. (Japan) | 313071 | 6902561 |
| TDK Corp. (Japan) | 89649 | 1156762 |
| Wiwynn Corp. (Taiwan) | 18000 | 2017659 |
| Yageo Corp. (Taiwan) | 97744 | 853342 |
| &nbsp;&nbsp; Yealink Network <br> Technology Corp. Ltd., <br> Class A (China)<br>| 281900 | 1553371 |
|  |  | **46974573** |
| **Telecommunications – 1.9%** | **Telecommunications – 1.9%** | **Telecommunications – 1.9%** |
| &nbsp;&nbsp; America Movil S.A.B. de <br> C.V. ADR (Mexico)<br>| 68415 | 1416191 |
| &nbsp;&nbsp; America Movil S.A.B. de <br> C.V., Series B (Mexico)<br>| 1206916 | 1247938 |
| &nbsp;&nbsp; Chunghwa Telecom Co. Ltd. <br> (Taiwan)<br>| 700424 | 2970109 |
| &nbsp;&nbsp; CITIC Telecom <br> International <br> Holdings Ltd. (China)<br>| 827822 | 272473 |
| Elisa OYJ (Finland) | 37394 | 1654126 |
| KT Corp. (South Korea) | 25639 | 1014372 |
| &nbsp;&nbsp; Mobile TeleSystems PJSC <br> ADR (Russia)<sup>(c)\*</sup> <br>| 138416 |  |
| &nbsp;&nbsp; Rogers <br> Communications Inc., <br> Class B (Canada)<br>| 67489 | 2547597 |
| &nbsp;&nbsp; Saudi Telecom Co. (Saudi <br> Arabia)<br>| 27874 | 330886 |
| &nbsp;&nbsp; Telkom Indonesia Persero <br> Tbk PT (Indonesia)<br>| 20100600 | 4296713 |
| &nbsp;&nbsp; Telkom Indonesia Persero <br> Tbk PT ADR (Indonesia)<sup>(d)</sup> <br>| 79630 | 1681786 |
| &nbsp;&nbsp; Vodacom Group Ltd. (South <br> Africa)<br>| 163842 | 1527079 |
|  |  | **18959270** |
| **Tobacco & Cannabis – 0.6%** | **Tobacco & Cannabis – 0.6%** | **Tobacco & Cannabis – 0.6%** |
| &nbsp;&nbsp; British American Tobacco <br> PLC (United Kingdom)<br>| 31941 | 1929671 |
| &nbsp;&nbsp; Imperial Brands PLC <br> (United Kingdom)<br>| 56828 | 2393470 |
| KT&G Corp. (South Korea) | 18281 | 1954596 |
|  |  | **6277737** |
| **Transportation & Logistics – 2.1%** | **Transportation & Logistics – 2.1%** | **Transportation & Logistics – 2.1%** |
| &nbsp;&nbsp; Canadian National <br> Railway Co. (Canada)<br>| 22631 | 2177555 |
| &nbsp;&nbsp; Canadian National <br> Railway Co. (TSX Toronto <br> Exchange) (Canada)<br>| 37233 | 3581795 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| &nbsp;&nbsp; Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 3177 | $236166 |
| DSV A/S (Denmark) | 9730 | 2735931 |
| &nbsp;&nbsp; Fujian Expressway <br> Development Co. Ltd., <br> Class A (China)<br>| 1993900 | 1094328 |
| &nbsp;&nbsp; Grupo Aeroportuario del <br> Pacifico S.A.B. de C.V. ADR <br> (Mexico)<br>| 6446 | 1772070 |
| InPost S.A. (Poland)<sup>(d)\*</sup> <br>| 84398 | 1322839 |
| &nbsp;&nbsp; International Container <br> Terminal Services, Inc. <br> (Philippines)<br>| 106830 | 1170103 |
| &nbsp;&nbsp; Motiva Infraestrutura de <br> Mobilidade S.A. (Brazil)<br>| 355260 | 1136778 |
| &nbsp;&nbsp; Ryanair Holdings PLC ADR <br> (Italy)<br>| 47834 | 3377080 |
| &nbsp;&nbsp; SF Holding Co. Ltd., Class A <br> (China)<br>| 401300 | 2161753 |
|  |  | **20766398** |
| **Transportation Equipment – 0.6%** | **Transportation Equipment – 0.6%** | **Transportation Equipment – 0.6%** |
| &nbsp;&nbsp; Daimler Truck Holding A.G. <br> (Germany)<br>| 45171 | 2187133 |
| &nbsp;&nbsp; Knorr-Bremse A.G. <br> (Germany)<br>| 11288 | 1314322 |
| Volvo AB, Class B (Sweden) | 35350 | 1284528 |
| &nbsp;&nbsp; Weichai Power Co. Ltd., <br> Class H (China)<br>| 448000 | 1518555 |
|  |  | **6304538** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Dongsuh Cos., Inc. (South <br> Korea)<br>| 36711 | **662360** |
| **Wholesale - Discretionary – 0.4%** | **Wholesale - Discretionary – 0.4%** | **Wholesale - Discretionary – 0.4%** |
| &nbsp;&nbsp; Bunzl PLC (United <br> Kingdom)<br>| 138594 | 3886602 |
| &nbsp;&nbsp; Xinhua Winshare <br> Publishing and Media Co. <br> Ltd., Class H (China)<br>| 191578 | 268338 |
|  |  | **4154940** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $825,611,090) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $825,611,090) | **968750741** |
| **Master Limited Partnerships – 0.4%** | **Master Limited Partnerships – 0.4%** | **Master Limited Partnerships – 0.4%** |
| **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** |
| &nbsp;&nbsp; Isramco Negev 2 L.P. <br> (Israel)<br>| 363600 | 263194 |
| &nbsp;&nbsp; Newmed Energy L.P. <br> (Israel)<br>| 599102 | 3825057 |
| &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $3,004,662) | &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $3,004,662) | **4088251** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** | **Preferred Stocks – 0.6%** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp; Dr. Ing hc F Porsche A.G., <br> 3.64% (Germany)<sup>(b)(e)</sup> <br>| 23984 | **$1167131** |
| **Banking – 0.2%** | **Banking – 0.2%** | **Banking – 0.2%** |
| &nbsp;&nbsp; Banco Bradesco S.A. <br> (Brazil)\*<br>| 383191 | **1547254** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp; Henkel A.G. & Co. KGaA, <br> 2.75% (Germany)<sup>(e)</sup> <br>| 13987 | **1228786** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| &nbsp;&nbsp; Samsung Electronics Co. <br> Ltd., 1.42% (South <br> Korea)<sup>(e)</sup> <br>| 29575 | **2395607** |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $4,706,949) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $4,706,949) | **6338778** |
| **Investment Companies – 0.2%** | **Investment Companies – 0.2%** | **Investment Companies – 0.2%** |
| &nbsp;&nbsp; iShares Core MSCI Total <br> International Stock ETF<sup>(d)</sup> <br>| 23543 | 2104980 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $1,948,500) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $1,948,500) | **2104980** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short-Term Investments – 2.9%** | **Short-Term Investments – 2.9%** | **Short-Term Investments – 2.9%** |
| **Money Market Funds – 2.9%** | **Money Market Funds – 2.9%** | **Money Market Funds – 2.9%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(f)</sup> <br>| 19307616 | $19307616 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 3.81%<sup>(f)(g)</sup> <br>| 9796656 | 9796656 |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $29,104,272) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $29,104,272) | **29104272** |
| &nbsp;&nbsp; **Total Investments – 100.7%** <br>(Cost $864,375,473) | &nbsp;&nbsp; **Total Investments – 100.7%** <br>(Cost $864,375,473) | **1010387022** |
| Liabilities less Other Assets – (0.7)% | Liabilities less Other Assets – (0.7)% | (7471909)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1002915113** |

---

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

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

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

---

| | |
|:---|:---|
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |
| <sup>(a)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <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 January 31, 2026, these securities had a total value of $14,556,664 or 1.45% of net <br> assets.<br>|
| <sup>(c)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3). |
| <sup>(d)</sup> <br>| Security either partially or fully on loan. As of January 31, 2026, the total value of securities on loan is $21,002,491. |
| <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 January 31, 2026 is disclosed. |
| <sup>(g)</sup> <br>| Security purchased with the cash proceeds from securities loaned. As of January 31, 2026, total cash collateral has a value of $9,796,656 and <br> total non-cash collateral has a value of $13,594,405.<br>|
| \* | Non-Income Producing Security |

---

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| 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 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar International Equity Fund

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| Euro | 20.8 |
| British Pound | 11.7 |
| Japanese Yen | 11.7 |
| U.S. Dollar | 8.3 |
| Hong Kong Dollar | 7.6 |
| All other currencies less than 5% | 39.9 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

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

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| Japan | 11.7 |
| United States | 9.5 |
| China | 9.0 |
| United Kingdom | 7.8 |
| France | 7.3 |
| Taiwan | 6.4 |
| Germany | 5.1 |
| All other countries less than 5%<sup>(b)</sup> <br>| 43.2 |
| **Total** | **100.0** |

---

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

---

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

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $179016575 | &nbsp;&nbsp; $789734166 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $968750741 |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships | &nbsp;&nbsp; — | &nbsp;&nbsp; 4088251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4088251 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 6338778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6338778 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 2104980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2104980 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 29104272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29104272 |
| **Total Investments** | &nbsp;&nbsp; $210225827 | &nbsp;&nbsp; $800161195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1010387022 |

---

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

\*Includes securities determined to have no value as of January 31, 2026. <br>

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar Global Income Fund

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Asset-Backed Securities – 3.3%** | **Asset-Backed Securities – 3.3%** | **Asset-Backed Securities – 3.3%** |
| **Other – 3.1%** | **Other – 3.1%** | **Other – 3.1%** |
| &nbsp;&nbsp; 720 East CLO VII Ltd., Series <br> 2025-7A, Class E, (3M <br> CME Term SOFR + 4.75%), <br> 8.42%, 4/20/37<sup>(b)(c)</sup> <br>| $150000 | $150337 |
| &nbsp;&nbsp; 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 | 126028 |
| &nbsp;&nbsp; AMMC CLO 24 Ltd., Series <br> 2021-24A, Class DR, (3M <br> CME Term SOFR + 2.95%, <br> 2.95% Floor), 6.62%, <br> 1/20/35<sup>(b)(c)</sup> <br>| 150000 | 150071 |
| &nbsp;&nbsp; AMMC CLO 30 Ltd., Series <br> 2024-30A, Class D1R, (3M <br> CME Term SOFR + 2.65%), <br> 6.29%, 4/15/39<sup>(b)(c)(d)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; Arbor Realty Commercial <br> Real Estate Notes LLC, <br> Series 2025-FL1, Class A, <br> (1M CME Term SOFR + <br> 1.35%), 5.03%, <br> 8/20/42<sup>(b)(c)</sup> <br>| 150000 | 149914 |
| &nbsp;&nbsp; Bain Capital Credit <br> CLO Ltd., Series 2022-2A, <br> Class D1R, (3M CME Term <br> SOFR + 3.20%), 6.87%, <br> 4/22/35<sup>(b)(c)</sup> <br>| 250000 | 251193 |
| &nbsp;&nbsp; Black Diamond CLO Ltd., <br> Series 2021-1A, Class CR, <br> (3M CME Term SOFR + <br> 3.90%), 7.57%, <br> 11/22/34<sup>(b)(c)</sup> <br>| 150000 | 150027 |
| &nbsp;&nbsp; Blueberry Park CLO Ltd., <br> Series 2024-1A, Class D1, <br> (3M CME Term SOFR + <br> 2.90%, 2.90% Floor), <br> 6.57%, 10/20/37<sup>(b)(c)</sup> <br>| 110000 | 111365 |
| &nbsp;&nbsp; BlueMountain CLO <br> XXIX Ltd., Series <br> 2020-29A, Class ER, (3M <br> CME Term SOFR + 7.12%, <br> 6.86% Floor), 10.79%, <br> 7/25/34<sup>(b)(c)</sup> <br>| 250000 | 246480 |
| &nbsp;&nbsp; CIFC Funding Ltd., Series <br> 2017-3A, Class D1R, (3M <br> CME Term SOFR + 3.70%, <br> 3.70% Floor), 7.37%, <br> 4/20/37<sup>(b)(c)</sup> <br>| 210000 | 211266 |
| &nbsp;&nbsp; Columbia Cent CLO 35 Ltd., <br> Series 2025-35A, <br> Class D1A, (3M CME Term <br> SOFR + 3.50%), 7.17%, <br> 7/25/36<sup>(b)(c)</sup> <br>| 100000 | 100759 |
| &nbsp;&nbsp; Dwight Issuer LLC, Series <br> 2025-FL1, Class A, (1M <br> CME Term SOFR + 1.66%), <br> 5.34%, 6/18/42<sup>(b)(c)</sup> <br>| 100000 | 100005 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Galaxy XXII CLO Ltd., Series <br> 2016-22A, Class DR4, (3M <br> CME Term SOFR + 2.50%), <br> 4.30%, 4/16/34<sup>(b)(c)(d)</sup> <br>| $100000 | $100000 |
| &nbsp;&nbsp; Goldentree Loan <br> Management U.S. CLO 1 <br> Ltd., Series 2017-1A, <br> Class ER3, (3M CME Term <br> SOFR + 4.50%), 8.17%, <br> 4/20/34<sup>(b)(c)</sup> <br>| 150000 | 148248 |
| &nbsp;&nbsp; GoodLeap Sustainable <br> Home Solutions Trust, <br> Series 2021-3CS, Class C, <br> 3.50%, 5/20/48<sup>(b)</sup> <br>| 422232 | 177072 |
| &nbsp;&nbsp; Greywolf CLO IV Ltd., Series <br> 2019-1A, Class CR2, (3M <br> CME Term SOFR + 3.50%), <br> 7.17%, 4/17/34<sup>(b)(c)</sup> <br>| 100000 | 100006 |
| &nbsp;&nbsp; Jamestown CLO IX Ltd., <br> Series 2016-9A, <br> Class CR3, (3M CME Term <br> SOFR + 3.25%), 6.92%, <br> 7/25/34<sup>(b)(c)</sup> <br>| 150000 | 150224 |
| &nbsp;&nbsp; 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 | 100995 |
| &nbsp;&nbsp; Nassau Ltd., Series <br> 2021-IA, Class DR, (3M <br> CME Term SOFR + 3.60%), <br> 7.27%, 8/26/34<sup>(b)(c)</sup> <br>| 150000 | 150530 |
| &nbsp;&nbsp; National Collegiate Student <br> Loan Trust, Series 2007-2, <br> Class A4, (1M CME Term <br> SOFR + 0.40%), 4.08%, <br> 1/25/33<sup>(c)</sup> <br>| 158283 | 155732 |
| &nbsp;&nbsp; New Mountain CLO 5 Ltd., <br> Series 5A, Class D1R, (3M <br> CME Term SOFR + 3.15%), <br> 6.82%, 7/20/36<sup>(b)(c)</sup> <br>| 100000 | 100637 |
| &nbsp;&nbsp; Palmer Square CLO Ltd., <br> Series 2022-3A, <br> Class D1R, (3M CME Term <br> SOFR + 2.95%, 2.95% <br> Floor), 6.62%, 7/20/37<sup>(b)(c)</sup> <br>| 150000 | 151859 |
| &nbsp;&nbsp; Palmer Square <br> Loan Funding Ltd., Series <br> 2022-3A, Class CR, (3M <br> CME Term SOFR + 3.00%, <br> 3.00% Floor), 6.67%, <br> 4/15/31<sup>(b)(c)</sup> <br>| 160000 | 160698 |
| &nbsp;&nbsp; Pioneer Aircraft <br> Finance Ltd., Series <br> 2019-1, Class A, 3.97%, <br> 6/15/44<sup>(b)</sup> <br>| 55154 | 54807 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; RR 18 Ltd., Series <br> 2021-18A, Class DR, (3M <br> CME Term SOFR + 4.90%), <br> 8.57%, 7/15/40<sup>(b)(c)</sup> <br>| $150000 | $151870 |
| &nbsp;&nbsp; SMB Private Education <br> Loan Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D1, <br> 3.86%, 1/15/53<sup>(b)</sup> <br>| 135505 | 122876 |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class D, <br> 7.51%, 7/05/53<sup>(b)</sup> <br>| 100000 | 103173 |
| &nbsp;&nbsp; Stonepeak ABS, Series <br> 2021-1A, Class A, 2.68%, <br> 2/28/33<sup>(b)</sup> <br>| 140507 | 137230 |
| &nbsp;&nbsp; Symphony CLO XXV Ltd., <br> Series 2021-25A, Class D, <br> (3M CME Term SOFR + <br> 3.86%, 3.60% Floor), <br> 7.53%, 4/19/34<sup>(b)(c)</sup> <br>| 250000 | 245267 |
| &nbsp;&nbsp; Trinitas CLO XXVII Ltd., <br> Series 2024-27A, <br> Class D1, (3M CME Term <br> SOFR + 4.30%, 4.30% <br> Floor), 7.97%, 4/18/37<sup>(b)(c)</sup> <br>| 160000 | 160210 |
| &nbsp;&nbsp; Valley Stream Park <br> CLO Ltd., Series 2022-1A, <br> Class DRR, (3M CME Term <br> SOFR + 2.70%, 2.70% <br> Floor), 6.37%, 1/20/37<sup>(b)(c)</sup> <br>| 120000 | 120150 |
|  |  | **4439029** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp; Capital Four U.S. CLO I Ltd., <br> Series 2021-1A, Class DR, <br> (3M CME Term SOFR + <br> 3.25%), 7.18%, <br> 1/18/35<sup>(b)(c)(d)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; MF1 LLC, Series 2022-FL9, <br> Class A, (1M CME Term <br> SOFR + 2.15%, 2.15% <br> Floor), 5.82%, 6/19/37<sup>(b)(c)</sup> <br>| 176970 | 177085 |
|  |  | **277085** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $4,860,469) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $4,860,469) | **4716114** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 46.6%** | **Common Stocks – 46.6%** | **Common Stocks – 46.6%** |
| **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** |
| &nbsp;&nbsp; BAE Systems PLC (United <br> Kingdom)<br>| 78271 | 2124819 |
| &nbsp;&nbsp; Huntington Ingalls <br> Industries, Inc.<br>| 1029 | 432705 |
| Lockheed Martin Corp. | 512 | 324720 |
|  |  | **2882244** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Asset Management – 0.7%** | **Asset Management – 0.7%** | **Asset Management – 0.7%** |
| BlackRock, Inc. | 306 | $342396 |
| Blackstone, Inc. | 1056 | 150395 |
| &nbsp;&nbsp; Macquarie Korea <br> Infrastructure Fund <br> (South Korea)<br>| 25661 | 199440 |
| T. Rowe Price Group, Inc. | 3035 | 320739 |
|  |  | **1012970** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| &nbsp;&nbsp; Hyundai Motor Co. (South <br> Korea)<br>| 1300 | **452537** |
| **Banking – 4.3%** | **Banking – 4.3%** | **Banking – 4.3%** |
| &nbsp;&nbsp; Bank Polska Kasa Opieki <br> S.A. (Poland)<br>| 21348 | 1298343 |
| JP Morgan Chase & Co. | 4812 | 1471943 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.<br>| 1350 | 301455 |
| Truist Financial Corp. | 3669 | 188660 |
| U.S. Bancorp | 8156 | 457633 |
| UniCredit S.p.A. (Italy) | 28050 | 2444447 |
|  |  | **6162481** |
| **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** |
| Coca-Cola (The) Co. | 10533 | 787973 |
| PepsiCo, Inc. | 3825 | 587635 |
|  |  | **1375608** |
| **Biotechnology & Pharmaceuticals – 5.0%** | **Biotechnology & Pharmaceuticals – 5.0%** | **Biotechnology & Pharmaceuticals – 5.0%** |
| AbbVie, Inc. | 1950 | 434870 |
| Amgen, Inc. | 1249 | 427008 |
| Bristol-Myers Squibb Co. | 5906 | 325125 |
| Gilead Sciences, Inc. | 3226 | 457931 |
| Johnson & Johnson | 12274 | 2789266 |
| Novartis A.G. ADR<sup>(e)</sup> <br>| 14602 | 2171025 |
| Pfizer, Inc. | 21179 | 559973 |
|  |  | **7165198** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| Comcast Corp., Class A | 25018 | **744285** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| &nbsp;&nbsp; Air Products and <br> Chemicals, Inc.<br>| 2056 | 560260 |
| &nbsp;&nbsp; International Flavors & <br> Fragrances, Inc.<br>| 4512 | 314983 |
|  |  | **875243** |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| &nbsp;&nbsp; Cie de Saint-Gobain S.A. <br> (France)<br>| 11910 | **1175583** |
| **Consumer Services – 0.0%**<sup>(f)</sup> | **Consumer Services – 0.0%**<sup>(f)</sup> | **Consumer Services – 0.0%**<sup>(f)</sup> |
| WW International, Inc.<sup>(e)\*</sup> <br>| 787 | **15937** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Amcor PLC<sup>(e)</sup> <br>| 11052 | **$489051** |
| **Diversified Industrials – 1.9%** | **Diversified Industrials – 1.9%** | **Diversified Industrials – 1.9%** |
| Emerson Electric Co. | 1440 | 211622 |
| &nbsp;&nbsp; Honeywell <br> International, Inc.<br>| 1219 | 277347 |
| Siemens A.G. (Germany)<sup>(g)</sup> <br>| 7612 | 2301339 |
|  |  | **2790308** |
| **Electric Utilities – 2.8%** | **Electric Utilities – 2.8%** | **Electric Utilities – 2.8%** |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.<br>| 3265 | 391065 |
| Dominion Energy, Inc. | 4492 | 270284 |
| Enel S.p.A. (Italy) | 147966 | 1634812 |
| &nbsp;&nbsp; National Grid PLC (United <br> Kingdom)<br>| 99966 | 1698378 |
|  |  | **3994539** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp; Johnson Controls <br> International PLC<br>| 6458 | **770181** |
| **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** |
| Vinci S.A. (France) | 2365 | **340051** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| &nbsp;&nbsp; Mondelez <br> International, Inc., Class A<br>| 7516 | **439460** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| NiSource, Inc. | 5223 | **231327** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| CVS Health Corp. | 3140 | **233993** |
| **Home & Office Products – 0.5%** | **Home & Office Products – 0.5%** | **Home & Office Products – 0.5%** |
| &nbsp;&nbsp; Midea Group Co. Ltd., <br> Class H (China)<br>| 61111 | **669804** |
| **Household Products – 0.9%** | **Household Products – 0.9%** | **Household Products – 0.9%** |
| Kenvue, Inc. | 18893 | 328738 |
| Kimberly-Clark Corp. | 2630 | 262974 |
| Procter & Gamble (The) Co. | 4794 | 727585 |
|  |  | **1319297** |
| **Institutional Financial Services – 1.6%** | **Institutional Financial Services – 1.6%** | **Institutional Financial Services – 1.6%** |
| CME Group, Inc. | 2112 | 610495 |
| Morgan Stanley | 7837 | 1432603 |
| Northern Trust Corp. | 1425 | 212938 |
|  |  | **2256036** |
| **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** |
| &nbsp;&nbsp; MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 59432 | 1514184 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; NN Group N.V. <br> (Netherlands)<br>| 21540 | $1707417 |
| &nbsp;&nbsp; Zurich Insurance Group <br> A.G. (Switzerland)<br>| 1155 | 821692 |
|  |  | **4043293** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| 1196 | **366813** |
| **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** |
| McDonald's Corp. | 1324 | 417060 |
| OPAP S.A. (Greece) | 78339 | 1578606 |
| Starbucks Corp. | 2796 | 257092 |
|  |  | **2252758** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| Hasbro, Inc. | 3045 | **271949** |
| **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** |
| Baxter International, Inc. | 15198 | 305024 |
| Medtronic PLC | 5361 | 551968 |
|  |  | **856992** |
| **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** |
| Rio Tinto Ltd. (Australia)<sup>(e)</sup> <br>| 23672 | **2466263** |
| **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** | **Oil & Gas Supply Chain – 4.2%** |
| Chevron Corp. | 12735 | 2252822 |
| Enbridge, Inc. (Canada) | 24349 | 1188615 |
| Exxon Mobil Corp. | 5442 | 769499 |
| Gazprom PJSC (Russia)<sup>(h)\*</sup> <br>| 33780 |  |
| LUKOIL PJSC (Russia)<sup>(h)\*</sup> <br>| 1232 |  |
| ONEOK, Inc. | 5490 | 434753 |
| &nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras (Brazil)\*<br>| 194158 | 1490103 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC <br> (Russia)<sup>(h)\*</sup> <br>| 17410 |  |
|  |  | **6135792** |
| **Real Estate Investment Trusts – 2.7%** | **Real Estate Investment Trusts – 2.7%** | **Real Estate Investment Trusts – 2.7%** |
| Crown Castle, Inc. | 5544 | 481275 |
| &nbsp;&nbsp; Federal Realty Investment <br> Trust<br>| 4265 | 431447 |
| &nbsp;&nbsp; Prologis Property Mexico <br> S.A. de C.V. (Mexico)<br>| 273756 | 1254741 |
| Realty Income Corp. | 4011 | 245313 |
| Simon Property Group, Inc. | 1205 | 230528 |
| Ventas, Inc. | 2828 | 219651 |
| VICI Properties, Inc. | 39470 | 1108318 |
|  |  | **3971273** |
| **Semiconductors – 3.3%** | **Semiconductors – 3.3%** | **Semiconductors – 3.3%** |
| &nbsp;&nbsp; ASE Technology <br> Holding Co. Ltd. (Taiwan)<br>| 150770 | 1401725 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| MediaTek, Inc. (Taiwan) | 28031 | $1554895 |
| QUALCOMM, Inc. | 8162 | 1237277 |
| Texas Instruments, Inc. | 2683 | 578321 |
|  |  | **4772218** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Western Union (The) Co.<sup>(e)</sup> <br>| 17198 | **161145** |
| **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** |
| Cisco Systems, Inc. | 2774 | 217260 |
| NetApp, Inc. | 949 | 91436 |
| &nbsp;&nbsp; Quanta Computer, Inc. <br> (Taiwan)<br>| 10000 | 88032 |
|  |  | **396728** |
| **Telecommunications – 1.6%** | **Telecommunications – 1.6%** | **Telecommunications – 1.6%** |
| &nbsp;&nbsp; Altice Financing S.A. <br> (France)\*<br>| 3803 | 69872 |
| Softbank Corp. (Japan) | 1148211 | 1560716 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 15878 | 706889 |
|  |  | **2337477** |
| **Tobacco & Cannabis – 1.7%** | **Tobacco & Cannabis – 1.7%** | **Tobacco & Cannabis – 1.7%** |
| &nbsp;&nbsp; British American Tobacco <br> PLC ADR (United <br> Kingdom)<br>| 30347 | 1841456 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.<br>| 3646 | 654238 |
|  |  | **2495694** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp; Spirit Aviation <br> Holdings, Inc.\*<br>| 8659 | 2598 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| 2109 | 224018 |
|  |  | **226616** |
| **Transportation Equipment – 0.6%** | **Transportation Equipment – 0.6%** | **Transportation Equipment – 0.6%** |
| Volvo AB, Class B (Sweden) | 24480 | **889540** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| Sysco Corp. | 3015 | **252808** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $55,347,936) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $55,347,936) | **67293492** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Convertible Bonds – 0.0%**<sup>(f)</sup>  | **Convertible Bonds – 0.0%**<sup>(f)</sup>  | **Convertible Bonds – 0.0%**<sup>(f)</sup>  |
| **Electrical Equipment – 0.0%**<sup>(f)</sup> | **Electrical Equipment – 0.0%**<sup>(f)</sup> | **Electrical Equipment – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; BWX Technologies, Inc., <br> 0.00%, 11/01/30<sup>(b)(e)(i)</sup> <br>| $30000 | **30930** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Technology Hardware – 0.0%**<sup>(f)</sup> | **Technology Hardware – 0.0%**<sup>(f)</sup> | **Technology Hardware – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Super Micro <br> Computer, Inc., 3.50%, <br> 3/01/29<br>| $29000 | **$26465** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $61,542) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $61,542) | **57395** |
| **Corporate Bonds – 9.2%** | **Corporate Bonds – 9.2%** | **Corporate Bonds – 9.2%** |
| **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** |
| Neptune Bidco U.S., Inc., |  |  |
| &nbsp;&nbsp; 10.38%, 5/15/31<sup>(b)(e)</sup> <br>| 40000 | 42292 |
| &nbsp;&nbsp; 9.50%, 2/15/33<sup>(b)</sup> <br>| 70000 | 71278 |
|  |  | **113570** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp; AAR Escrow Issuer LLC, <br> 6.75%, 3/15/29<sup>(b)</sup> <br>| 30000 | 31050 |
| Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp; 6.13%, 3/15/30<sup>(b)</sup> <br>| 50000 | 51397 |
| &nbsp;&nbsp; 6.25%, 3/15/33<sup>(b)</sup> <br>| 20000 | 20723 |
|  |  | **103170** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| &nbsp;&nbsp; American Axle & <br> Manufacturing, Inc., <br> 7.75%, 10/15/33<sup>(b)</sup> <br>| 110000 | 113160 |
| &nbsp;&nbsp; PM General Purchaser LLC, <br> 9.50%, 10/01/28<sup>(b)</sup> <br>| 300000 | 273957 |
|  |  | **387117** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| &nbsp;&nbsp; Citigroup, Inc., (5Y <br> U.S. Treasury CMT + <br> 3.00%), 6.63%, 2/15/31<sup>(j)(k)</sup> <br>| 110000 | **112010** |
| **Beverages – 0.0%**<sup>(f)</sup> | **Beverages – 0.0%**<sup>(f)</sup> | **Beverages – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Primo Water <br> Holdings, Inc./Triton <br> Water Holdings, Inc., <br> 6.25%, 4/01/29<sup>(b)</sup> <br>| 50000 | **50042** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp; 1261229 B.C. Ltd., 10.00%, <br> 4/15/32<sup>(b)(e)</sup> <br>| 200000 | **205251** |
| **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 7.00%, 2/01/33<sup>(b)</sup> <br>| 210000 | 212028 |
| &nbsp;&nbsp; 7.38%, 2/01/36<sup>(b)</sup> <br>| 120000 | 120144 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp; 11.75%, 1/31/29<sup>(b)</sup> <br>| 390000 | 284375 |
| &nbsp;&nbsp; 6.50%, 2/01/29<sup>(b)</sup> <br>| 400000 | 256119 |
| &nbsp;&nbsp; Directv Financing LLC, <br> 8.88%, 2/01/30<sup>(b)</sup> <br>| 70000 | 70876 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| &nbsp;&nbsp; Directv <br> Financing LLC/Directv <br> Financing <br> Co-Obligor, Inc., 10.00%, <br> 2/15/31<sup>(b)</sup> <br>| $50000 | $51504 |
| &nbsp;&nbsp; DISH Network Corp., <br> 11.75%, 11/15/27<sup>(b)</sup> <br>| 160000 | 165593 |
|  |  | **1160639** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; Celanese U.S. Holdings <br> LLC, 7.00%, 2/15/31<br>| 10000 | 10229 |
| Qnity Electronics, Inc., |  |  |
| &nbsp;&nbsp; 5.75%, 8/15/32<sup>(b)</sup> <br>| 60000 | 61123 |
| &nbsp;&nbsp; 6.25%, 8/15/33<sup>(b)</sup> <br>| 50000 | 51604 |
|  |  | **122956** |
| **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** |
| CoreCivic, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 10/15/27 | 170000 | 169792 |
| &nbsp;&nbsp; 8.25%, 4/15/29 | 40000 | 41896 |
| &nbsp;&nbsp; GEO Group (The), Inc., <br> 10.25%, 4/15/31<br>| 90000 | 98201 |
| &nbsp;&nbsp; GFL Environmental <br> Holdings U.S., Inc., 5.50%, <br> 2/01/34<sup>(b)</sup> <br>| 40000 | 40092 |
| &nbsp;&nbsp; RR Donnelley & Sons Co., <br> 9.50%, 8/01/29<sup>(b)</sup> <br>| 130000 | 135291 |
| TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.88%, 5/15/28<sup>(b)</sup> <br>| 90000 | 90623 |
| &nbsp;&nbsp; 10.50%, 5/15/29<sup>(b)</sup> <br>| 80000 | 82273 |
|  |  | **658168** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp; Advanced Drainage <br> Systems, Inc., 5.00%, <br> 9/30/27<sup>(b)</sup> <br>| 60000 | 59923 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(b)</sup> <br>| 70000 | 72596 |
|  |  | **132519** |
| **Consumer Non-Cyclical – 0.0%**<sup>(f)</sup> | **Consumer Non-Cyclical – 0.0%**<sup>(f)</sup> | **Consumer Non-Cyclical – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; TEAM Services <br> Holding, Inc., 9.00%, <br> 2/15/33<sup>(b)(d)</sup> <br>| 70000 | **70000** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp; Carriage Services, Inc., <br> 4.25%, 5/15/29<sup>(b)</sup> <br>| 110000 | **105913** |
| **Diversified Industrials – 0.0%**<sup>(f)</sup> | **Diversified Industrials – 0.0%**<sup>(f)</sup> | **Diversified Industrials – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Vortex Opco LLC, 8.00%, <br> 4/30/30<sup>(b)(l)</sup> <br>| 107217 | **268** |
| **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** |
| &nbsp;&nbsp; Lightning Power LLC, <br> 7.25%, 8/15/32<sup>(b)</sup> <br>| 200000 | 212879 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| NRG Energy, Inc., |  |  |
| &nbsp;&nbsp; 5.75%, 1/15/34<sup>(b)</sup> <br>| $40000 | $40265 |
| &nbsp;&nbsp; 6.25%, 11/01/34<sup>(b)</sup> <br>| 60000 | 61596 |
| &nbsp;&nbsp; 6.00%, 1/15/36<sup>(b)</sup> <br>| 210000 | 212192 |
| &nbsp;&nbsp; Talen Energy Supply LLC, <br> 6.50%, 2/01/36<sup>(b)</sup> <br>| 70000 | 71767 |
| Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp; 4.38%, 5/01/29<sup>(b)</sup> <br>| 30000 | 29624 |
| &nbsp;&nbsp; 6.88%, 4/15/32<sup>(b)</sup> <br>| 70000 | 73552 |
|  |  | **701875** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp; Alpha Generation LLC, <br> 6.75%, 10/15/32<sup>(b)</sup> <br>| 120000 | **124416** |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| &nbsp;&nbsp; Railworks Holdings <br> L.P./Railworks Rally, Inc., <br> 8.25%, 11/15/28<sup>(b)</sup> <br>| 90000 | 91396 |
| &nbsp;&nbsp; TopBuild Corp., 5.63%, <br> 1/31/34<sup>(b)</sup> <br>| 120000 | 121081 |
| &nbsp;&nbsp; Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(b)</sup> <br>| 180000 | 198722 |
|  |  | **411199** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| &nbsp;&nbsp; AMC Networks, Inc., <br> 10.25%, 1/15/29<sup>(b)</sup> <br>| 40000 | 41708 |
| &nbsp;&nbsp; Univision <br> Communications, Inc., <br> 9.38%, 8/01/32<sup>(b)</sup> <br>| 40000 | 43066 |
| &nbsp;&nbsp; Versant Media Group, Inc., <br> 7.25%, 1/30/31<sup>(b)(e)</sup> <br>| 40000 | 40992 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc., 4.28%, <br> 3/15/32<br>| 58000 | 51040 |
|  |  | **176806** |
| **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** |
| &nbsp;&nbsp; Akumin, Inc., (100% Cash), <br> 9.00%, 8/01/27<sup>(b)(m)</sup> <br>| 250000 | 245000 |
| &nbsp;&nbsp; CHS/Community Health <br> Systems, Inc.,<br>|  |  |
| &nbsp;&nbsp; 6.88%, 4/15/29<sup>(b)</sup> <br>| 180000 | 165519 |
| &nbsp;&nbsp; 6.13%, 4/01/30<sup>(b)</sup> <br>| 30000 | 24689 |
| &nbsp;&nbsp; 5.25%, 5/15/30<sup>(b)</sup> <br>| 100000 | 94291 |
| &nbsp;&nbsp; 9.75%, 1/15/34<sup>(b)</sup> <br>| 90000 | 93833 |
| &nbsp;&nbsp; Claritev Corp., (100% Cash), <br> 6.75%, 3/31/31<sup>(b)(m)</sup> <br>| 101289 | 77739 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 9.88%, 8/15/30<sup>(b)</sup> <br>| 120000 | 128740 |
| &nbsp;&nbsp; MPH Acquisition <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (100% Cash), 11.50%, <br> 12/31/30<sup>(b)(m)</sup> <br>| 18722 | 19658 |
| &nbsp;&nbsp; 5.75%, 12/31/30<sup>(b)(e)</sup> <br>| 11644 | 9956 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| &nbsp;&nbsp; Sotera Health <br> Holdings LLC, 7.38%, <br> 6/01/31<sup>(b)</sup> <br>| $60000 | $63133 |
| &nbsp;&nbsp; U.S. Renal Care, Inc., <br> 10.63%, 6/28/28<sup>(b)</sup> <br>| 52500 | 44756 |
|  |  | **967314** |
| **Home Construction – 0.0%**<sup>(f)</sup> | **Home Construction – 0.0%**<sup>(f)</sup> | **Home Construction – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Dream Finders Homes, Inc., <br> 6.88%, 9/15/30<sup>(b)</sup> <br>| 70000 | **70900** |
| **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** |
| &nbsp;&nbsp; Park-Ohio Industries, Inc., <br> 8.50%, 8/01/30<sup>(b)</sup> <br>| 100000 | **102694** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| EquipmentShare.com, Inc., |  |  |
| &nbsp;&nbsp; 9.00%, 5/15/28<sup>(b)</sup> <br>| 80000 | 83603 |
| &nbsp;&nbsp; 8.63%, 5/15/32<sup>(b)</sup> <br>| 60000 | 64142 |
| &nbsp;&nbsp; Herc Holdings, Inc., 7.25%, <br> 6/15/33<sup>(b)</sup> <br>| 70000 | 74082 |
|  |  | **221827** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| &nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.13%, 4/30/31<sup>(b)</sup> <br>| 50000 | 52570 |
| &nbsp;&nbsp; 6.75%, 5/01/33<sup>(b)</sup> <br>| 50000 | 52007 |
| &nbsp;&nbsp; Stonex Escrow Issuer LLC, <br> 6.88%, 7/15/32<sup>(b)</sup> <br>| 50000 | 51585 |
| &nbsp;&nbsp; VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 20000 | 20952 |
|  |  | **177114** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| &nbsp;&nbsp; APH Somerset Investor 2 <br> LLC/APH2 Somerset <br> Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, <br> 7.88%, 11/01/29<sup>(b)</sup> <br>| 20000 | 20303 |
| &nbsp;&nbsp; Asurion LLC & Asurion <br> Co-Issuer, Inc.,<br>|  |  |
| &nbsp;&nbsp; 8.00%, 12/31/32<sup>(b)</sup> <br>| 140000 | 146273 |
| &nbsp;&nbsp; 8.38%, 2/01/34<sup>(b)</sup> <br>| 40000 | 40438 |
|  |  | **207014** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Getty Images, Inc., |  |  |
| &nbsp;&nbsp; 11.25%, 2/21/30<sup>(b)</sup> <br>| 30000 | 26853 |
| &nbsp;&nbsp; 10.50%, 11/15/30<sup>(b)(e)</sup> <br>| 40000 | 40503 |
| &nbsp;&nbsp; Meta Platforms, Inc., 5.50%, <br> 11/15/45<br>| 130000 | 125012 |
|  |  | **192368** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** |
| Carnival Corp., |  |  |
| &nbsp;&nbsp; 5.13%, 5/01/29<sup>(b)</sup> <br>| $40000 | $40469 |
| &nbsp;&nbsp; 6.13%, 2/15/33<sup>(b)</sup> <br>| 70000 | 72010 |
| &nbsp;&nbsp; Full House Resorts, Inc., <br> 8.25%, 2/15/28<sup>(b)(e)</sup> <br>| 190000 | 173138 |
| &nbsp;&nbsp; Kingpin Intermediate <br> Holdings LLC, 7.25%, <br> 10/15/32<sup>(b)(e)</sup> <br>| 10000 | 9566 |
| &nbsp;&nbsp; Light & Wonder <br> International, Inc., 6.25%, <br> 10/01/33<sup>(b)</sup> <br>| 60000 | 60750 |
| &nbsp;&nbsp; NCL Corp. Ltd., 6.75%, <br> 2/01/32<sup>(b)</sup> <br>| 120000 | 122977 |
| &nbsp;&nbsp; Rivers Enterprise <br> Lender LLC/Rivers <br> Enterprise Lender Corp., <br> 6.25%, 10/15/30<sup>(b)</sup> <br>| 90000 | 91364 |
| &nbsp;&nbsp; Six Flags <br> Entertainment Corp./Canada's <br> Wonderland Co./Millennium <br> Operations LLC, 8.63%, <br> 1/15/32<sup>(b)</sup> <br>| 30000 | 30614 |
| Viking Cruises Ltd., |  |  |
| &nbsp;&nbsp; 7.00%, 2/15/29<sup>(b)</sup> <br>| 130000 | 130524 |
| &nbsp;&nbsp; 5.88%, 10/15/33<sup>(b)</sup> <br>| 80000 | 81103 |
| &nbsp;&nbsp; Wynn Resorts <br> Finance LLC/Wynn <br> Resorts Capital Corp., <br> 7.13%, 2/15/31<sup>(b)</sup> <br>| 50000 | 53871 |
|  |  | **866386** |
| **Machinery – 0.0%**<sup>(f)</sup> | **Machinery – 0.0%**<sup>(f)</sup> | **Machinery – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Columbus McKinnon Corp., <br> 7.13%, 2/01/33<sup>(b)</sup> <br>| 20000 | **20104** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp; Medline Borrower <br> L.P./Medline <br> Co-Issuer, Inc., 6.25%, <br> 4/01/29<sup>(b)</sup> <br>| 80000 | **82569** |
| **Oil & Gas Supply Chain – 1.6%** | **Oil & Gas Supply Chain – 1.6%** | **Oil & Gas Supply Chain – 1.6%** |
| &nbsp;&nbsp; Antero Midstream Partners <br> L.P./Antero Midstream <br> Finance Corp., 5.75%, <br> 10/15/33<sup>(b)</sup> <br>| 50000 | 50545 |
| &nbsp;&nbsp; Blue Racer <br> Midstream LLC/Blue <br> Racer Finance Corp., <br> 7.25%, 7/15/32<sup>(b)</sup> <br>| 50000 | 53011 |
| Chord Energy Corp., |  |  |
| &nbsp;&nbsp; 6.00%, 10/01/30<sup>(b)</sup> <br>| 50000 | 50975 |
| &nbsp;&nbsp; 6.75%, 3/15/33<sup>(b)</sup> <br>| 60000 | 62200 |
| &nbsp;&nbsp; Crescent Energy <br> Finance LLC, 8.38%, <br> 1/15/34<sup>(b)(e)</sup> <br>| 110000 | 111041 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; Granite Ridge <br> Resources, Inc., 8.88%, <br> 11/04/29<sup>(b)</sup> <br>| $130000 | $124800 |
| &nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| &nbsp;&nbsp; 7.38%, 7/15/32<sup>(b)</sup> <br>| 50000 | 52815 |
| &nbsp;&nbsp; 6.63%, 1/15/34<sup>(b)</sup> <br>| 60000 | 61584 |
| &nbsp;&nbsp; New Generation Gas <br> Gathering LLC, 10.34%, <br> 9/30/29<sup>(h)</sup> <br>| 189189 | 196775 |
| &nbsp;&nbsp; Northern Oil & Gas, Inc., <br> 7.88%, 10/15/33<sup>(b)</sup> <br>| 80000 | 80770 |
| &nbsp;&nbsp; Occidental <br> Petroleum Corp., 4.40%, <br> 8/15/49<br>| 60000 | 44961 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF <br> Finance Corp., 6.00%, <br> 2/15/28<br>| 110000 | 109838 |
| &nbsp;&nbsp; Permian Resources <br> Operating LLC,<br>|  |  |
| &nbsp;&nbsp; 7.00%, 1/15/32<sup>(b)</sup> <br>| 150000 | 157245 |
| &nbsp;&nbsp; 6.25%, 2/01/33<sup>(b)</sup> <br>| 90000 | 92714 |
| &nbsp;&nbsp; Range Resources Corp., <br> 4.75%, 2/15/30<sup>(b)</sup> <br>| 90000 | 88765 |
| &nbsp;&nbsp; Rockies Express <br> Pipeline LLC,<br>|  |  |
| &nbsp;&nbsp; 7.50%, 7/15/38<sup>(b)</sup> <br>| 40000 | 43786 |
| &nbsp;&nbsp; 6.88%, 4/15/40<sup>(b)</sup> <br>| 80000 | 81898 |
| Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 4.23%), 7.88%, <br> 9/18/30<sup>(b)(j)(k)</sup> <br>| 127000 | 130814 |
| &nbsp;&nbsp; 5.63%, 3/15/31<sup>(b)</sup> <br>| 80000 | 80490 |
| &nbsp;&nbsp; Tallgrass Energy Partners <br> L.P./Tallgrass Energy <br> Finance Corp., 6.00%, <br> 12/31/30<sup>(b)</sup> <br>| 50000 | 50739 |
| &nbsp;&nbsp; Venture Global Calcasieu <br> Pass LLC, 3.88%, <br> 11/01/33<sup>(b)</sup> <br>| 140000 | 121484 |
| Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp; 9.50%, 2/01/29<sup>(b)</sup> <br>| 90000 | 95838 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 5.44%), 9.00%, <br> 9/30/29<sup>(b)(e)(j)(k)</sup> <br>| 170000 | 149553 |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| &nbsp;&nbsp; 6.13%, 12/15/30<sup>(b)</sup> <br>| 10000 | 10293 |
| &nbsp;&nbsp; 6.50%, 6/15/34<sup>(b)</sup> <br>| 10000 | 10356 |
| &nbsp;&nbsp; 6.75%, 1/15/36<sup>(b)</sup> <br>| 240000 | 251582 |
|  |  | **2364872** |
| **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** |
| &nbsp;&nbsp; Nabors Industries, Inc., <br> 8.88%, 8/15/31<sup>(b)</sup> <br>| 120000 | 122019 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** | **Oil, Gas Services & Equipment (Continued)** |
| &nbsp;&nbsp; Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(b)</sup> <br>| $70000 | $72972 |
| &nbsp;&nbsp; WBI Operating LLC, 6.50%, <br> 10/15/33<sup>(b)</sup> <br>| 60000 | 60567 |
|  |  | **255558** |
| **Publishing & Broadcasting – 0.3%** | **Publishing & Broadcasting – 0.3%** | **Publishing & Broadcasting – 0.3%** |
| &nbsp;&nbsp; Clear Channel Outdoor <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.50%, 6/01/29<sup>(b)</sup> <br>| 160000 | 158323 |
| &nbsp;&nbsp; 7.13%, 2/15/31<sup>(b)</sup> <br>| 50000 | 52140 |
| Gray Media, Inc., |  |  |
| &nbsp;&nbsp; 9.63%, 7/15/32<sup>(b)</sup> <br>| 90000 | 92786 |
| &nbsp;&nbsp; 7.25%, 8/15/33<sup>(b)</sup> <br>| 50000 | 51189 |
| &nbsp;&nbsp; iHeartCommunications, Inc., <br> 9.13%, 5/01/29<sup>(b)</sup> <br>| 28500 | 26932 |
|  |  | **381370** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp; Diversified Healthcare <br> Trust, 7.25%, 10/15/30<sup>(b)</sup> <br>| 50000 | 51498 |
| Millrose Properties, Inc., |  |  |
| &nbsp;&nbsp; 6.38%, 8/01/30<sup>(b)</sup> <br>| 100000 | 102069 |
| &nbsp;&nbsp; 6.25%, 9/15/32<sup>(b)</sup> <br>| 30000 | 30338 |
| &nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/15/27 | 140000 | 136885 |
| &nbsp;&nbsp; 4.63%, 8/01/29 | 20000 | 17147 |
| &nbsp;&nbsp; 8.50%, 2/15/32<sup>(b)</sup> <br>| 60000 | 64281 |
|  |  | **402218** |
| **Real Estate Owners & Developers – 0.0%**<sup>(f)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(f)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Five Point Operating Co. <br> L.P., 8.00%, 10/01/30<sup>(b)</sup> <br>| 70000 | **72754** |
| **Real Estate Services – 0.0%**<sup>(f)</sup> | **Real Estate Services – 0.0%**<sup>(f)</sup> | **Real Estate Services – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Cushman & Wakefield <br> U.S. Borrower LLC, 6.75%, <br> 5/15/28<sup>(b)</sup> <br>| 30000 | **30188** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| Michaels (The) Cos., Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 5/01/28<sup>(b)</sup> <br>| 40000 | 39564 |
| &nbsp;&nbsp; 7.88%, 5/01/29<sup>(b)</sup> <br>| 20000 | 19486 |
| &nbsp;&nbsp; Petco Health & <br> Wellness Co., Inc., 8.25%, <br> 2/01/31<sup>(b)(d)</sup> <br>| 50000 | 50131 |
|  |  | **109181** |
| **Semiconductors – 0.0%**<sup>(f)</sup> | **Semiconductors – 0.0%**<sup>(f)</sup> | **Semiconductors – 0.0%**<sup>(f)</sup> |
| Intel Corp., 5.70%, 2/10/53 | 30000 | **28322** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| &nbsp;&nbsp; Citrix Systems, Inc., 4.50%, <br> 12/01/27<br>| 50000 | 48094 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp; 8.25%, 6/30/32<sup>(b)</sup> <br>| $40000 | $40683 |
| &nbsp;&nbsp; 6.63%, 8/15/33<sup>(b)(e)</sup> <br>| 40000 | 38343 |
| &nbsp;&nbsp; CoreWeave, Inc., 9.25%, <br> 6/01/30<sup>(b)</sup> <br>| 60000 | 59064 |
| &nbsp;&nbsp; Gen Digital, Inc., 6.25%, <br> 4/01/33<sup>(b)</sup> <br>| 80000 | 80386 |
|  |  | **266570** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| Arbor Realty SR, Inc., |  |  |
| &nbsp;&nbsp; 8.50%, 12/15/28<sup>(b)(e)</sup> <br>| 40000 | 38978 |
| &nbsp;&nbsp; 7.88%, 7/15/30<sup>(b)</sup> <br>| 50000 | 45867 |
| &nbsp;&nbsp; Block, Inc., 6.00%, <br> 8/15/33<sup>(b)</sup> <br>| 100000 | 102148 |
| &nbsp;&nbsp; FirstCash, Inc., 5.63%, <br> 1/01/30<sup>(b)</sup> <br>| 50000 | 50234 |
| &nbsp;&nbsp; LD Holdings Group LLC, <br> 6.13%, 4/01/28<sup>(b)</sup> <br>| 70000 | 66335 |
| &nbsp;&nbsp; Midcap Financial Issuer <br> Trust, (3M CME Term <br> SOFR + 3.75%), 7.42%, <br> 1/15/56<sup>(b)(c)</sup> <br>| 200000 | 198506 |
| &nbsp;&nbsp; Rocket Cos, Inc., 6.13%, <br> 8/01/30<sup>(b)</sup> <br>| 60000 | 61429 |
| &nbsp;&nbsp; Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 3.63%, 3/01/29<sup>(b)</sup> <br>| 70000 | 67610 |
| &nbsp;&nbsp; Starwood Property <br> Trust, Inc., 7.25%, <br> 4/01/29<sup>(b)</sup> <br>| 50000 | 52731 |
|  |  | **683838** |
| **Telecommunications – 0.4%** | **Telecommunications – 0.4%** | **Telecommunications – 0.4%** |
| &nbsp;&nbsp; APLD ComputeCo LLC, <br> 9.25%, 12/15/30<sup>(b)</sup> <br>| 80000 | 83099 |
| &nbsp;&nbsp; EchoStar Corp., 10.75%, <br> 11/30/29<sup>(n)</sup> <br>| 194800 | 213544 |
| Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp; 6.88%, 6/30/33<sup>(b)</sup> <br>| 50000 | 51524 |
| &nbsp;&nbsp; 8.50%, 1/15/36<sup>(b)</sup> <br>| 60000 | 61424 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti <br> Group Finance 2019, <br> Inc./CSL Capital LLC,<br>|  |  |
| &nbsp;&nbsp; 6.50%, 2/15/29<sup>(b)</sup> <br>| 20000 | 19452 |
| &nbsp;&nbsp; 8.63%, 6/15/32<sup>(b)(d)</sup> <br>| 30000 | 30225 |
| &nbsp;&nbsp; Viasat, Inc., 5.63%, <br> 4/15/27<sup>(b)</sup> <br>| 50000 | 50027 |
| &nbsp;&nbsp; WULF Compute LLC, 7.75%, <br> 10/15/30<sup>(b)</sup> <br>| 60000 | 62581 |
|  |  | **571876** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| American Airlines, Inc., |  |  |  |
| &nbsp;&nbsp; 7.25%, 2/15/28<sup>(b)</sup> <br>|  | $40000 | $40723 |
| &nbsp;&nbsp; 8.50%, 5/15/29<sup>(b)</sup> <br>|  | 70000 | 73045 |
| &nbsp;&nbsp; American <br> Airlines, Inc./Aadvantage <br> Loyalty IP Ltd., 5.75%, <br> 4/20/29<sup>(b)</sup> <br>|  | 10000 | 10104 |
| &nbsp;&nbsp; Carriage Purchaser, Inc., <br> 7.88%, 10/15/29<sup>(b)</sup> <br>|  | 200000 | 197982 |
| &nbsp;&nbsp; Spirit Loyalty <br> Cayman Ltd./Spirit IP <br> Cayman Ltd., 11.00%, <br> 3/12/30<sup>(b)(o)</sup> <br>|  | 163884 | 7375 |
| &nbsp;&nbsp; United Airlines <br> Holdings, Inc., 5.38%, <br> 3/01/31<br>|  | 40000 | 40397 |
|  |  |  | **369626** |
| **Transportation Equipment – 0.0%**<sup>(f)</sup> | **Transportation Equipment – 0.0%**<sup>(f)</sup> | **Transportation Equipment – 0.0%**<sup>(f)</sup> | **Transportation Equipment – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; JB Poindexter & Co., Inc., <br> 8.75%, 12/15/31<sup>(b)</sup> <br>|  | 60000 | **62329** |
| **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** |
| &nbsp;&nbsp; American News Co. LLC, <br> 11.00%, 12/01/31<sup>(b)(m)</sup> <br>|  | 117854 | **131407** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $13,297,152) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $13,297,152) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $13,297,152) | **13274318** |
| **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(f)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(f)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(f)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(f)</sup>  |
| **Sovereign Government – 0.0%**<sup>(f)</sup> | **Sovereign Government – 0.0%**<sup>(f)</sup> | **Sovereign Government – 0.0%**<sup>(f)</sup> | **Sovereign Government – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Uruguay Government <br> International Bond, <br> 3.40%, 5/16/45<br>| UYU | 60000 | **1694** |
| &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,667) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,667) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,667) | **1694** |
| **Foreign Issuer Bonds – 4.7%** | **Foreign Issuer Bonds – 4.7%** | **Foreign Issuer Bonds – 4.7%** | **Foreign Issuer Bonds – 4.7%** |
| **Angola – 0.3%** | **Angola – 0.3%** | **Angola – 0.3%** | **Angola – 0.3%** |
| &nbsp;&nbsp; Angolan Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 8.00%, 11/26/29<sup>(b)</sup> <br>|  | 280000 | 274615 |
| &nbsp;&nbsp; 8.75%, 4/14/32<sup>(b)</sup> <br>|  | 210000 | 205418 |
|  |  |  | **480033** |
| **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** | **Argentina – 0.1%** |
| &nbsp;&nbsp; Provincia de Buenos Aires, <br> 6.63%, 9/01/37<sup>(b)</sup> <br>|  | 183680 | **148322** |
| **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie F, 10.00%, <br> 1/01/31<br>| BRL | 1998000 | **339149** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Canada – 0.3%** | **Canada – 0.3%** | **Canada – 0.3%** |
| &nbsp;&nbsp; Bausch Health Cos., Inc., <br> 6.25%, 2/15/29<sup>(b)(e)</sup> <br>| $10000 | $7911 |
| Bombardier, Inc., |  |  |
| &nbsp;&nbsp; 7.00%, 6/01/32<sup>(b)</sup> <br>| 80000 | 83977 |
| &nbsp;&nbsp; 6.75%, 6/15/33<sup>(b)</sup> <br>| 10000 | 10504 |
| &nbsp;&nbsp; Capstone Copper Corp., <br> 6.75%, 3/31/33<sup>(b)</sup> <br>| 30000 | 31087 |
| &nbsp;&nbsp; Empire Communities Corp., <br> 9.75%, 5/01/29<sup>(b)</sup> <br>| 50000 | 51666 |
| &nbsp;&nbsp; Hudbay Minerals, Inc., <br> 6.13%, 4/01/29<sup>(b)</sup> <br>| 50000 | 50457 |
| &nbsp;&nbsp; TransAlta Corp., 6.50%, <br> 3/15/40<br>| 30000 | 30130 |
| &nbsp;&nbsp; Vermilion Energy, Inc., <br> 7.25%, 2/15/33<sup>(b)(e)</sup> <br>| 100000 | 96845 |
| &nbsp;&nbsp; Wrangler Holdco Corp., <br> 6.63%, 4/01/32<sup>(b)</sup> <br>| 100000 | 104058 |
|  |  | **466635** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp; Latam Airlines Group S.A., <br> 7.88%, 4/15/30<sup>(b)(e)</sup> <br>| 100000 | **104918** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| &nbsp;&nbsp; Ecopetrol S.A., 8.38%, <br> 1/19/36<br>| 150000 | **155193** |
| **France – 0.4%** | **France – 0.4%** | **France – 0.4%** |
| &nbsp;&nbsp; Altice France S.A., 6.88%, <br> 7/15/32<sup>(b)</sup> <br>| 640245 | **625227** |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| &nbsp;&nbsp; ZF North America <br> Capital, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.50%, 3/24/31<sup>(b)</sup> <br>| 160000 | 163998 |
| &nbsp;&nbsp; 6.88%, 4/23/32<sup>(b)</sup> <br>| 150000 | 149575 |
|  |  | **313573** |
| **Hong Kong – 0.1%** | **Hong Kong – 0.1%** | **Hong Kong – 0.1%** |
| &nbsp;&nbsp; Melco Resorts Finance Ltd., <br> 6.50%, 9/24/33<sup>(b)</sup> <br>| 200000 | **199527** |
| **Ireland – 0.3%** | **Ireland – 0.3%** | **Ireland – 0.3%** |
| &nbsp;&nbsp; AerCap Ireland Capital <br> DAC/AerCap Global <br> Aviation Trust, (5Y <br> U.S. Treasury CMT + <br> 2.72%), 6.95%, 3/10/55<sup>(k)</sup> <br>| 150000 | 157029 |
| &nbsp;&nbsp; Flutter Treasury DAC, <br> 5.88%, 6/04/31<sup>(b)</sup> <br>| 200000 | 202591 |
|  |  | **359620** |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Netherlands III <br> B.V., 4.10%, 10/01/46<br>| 280000 | **214198** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** | **Italy – 0.3%** |
| &nbsp;&nbsp; Intesa Sanpaolo S.p.A., <br> 7.80%, 11/28/53<sup>(b)</sup> <br>|  | $400000 | **$492054** |
| **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** |
| &nbsp;&nbsp; Ivory Coast Government <br> International Bond, <br> 7.63%, 1/30/33<sup>(b)</sup> <br>|  | 300000 | **320147** |
| **Jamaica – 0.0%**<sup>(f)</sup> | **Jamaica – 0.0%**<sup>(f)</sup> | **Jamaica – 0.0%**<sup>(f)</sup> | **Jamaica – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Jamaica Government <br> International Bond, <br> 9.63%, 11/03/30<br>| JMD | 10000000 | **67048** |
| **Jordan – 0.2%** | **Jordan – 0.2%** | **Jordan – 0.2%** | **Jordan – 0.2%** |
| &nbsp;&nbsp; Jordan Government <br> International Bond, <br> 7.75%, 1/15/28<sup>(b)</sup> <br>|  | 230000 | **239689** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| &nbsp;&nbsp; MEGlobal Canada ULC, <br> 5.88%, 5/18/30<sup>(b)</sup> <br>|  | 210000 | **220293** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| &nbsp;&nbsp; Banco Mercantil del Norte <br> S.A., (10Y U.S. Treasury <br> CMT + 5.47%), 7.50%, <br> 6/27/29<sup>(b)(j)(k)</sup> <br>|  | 250000 | 258388 |
| &nbsp;&nbsp; Mexico Government <br> International Bond, <br> 4.75%, 3/08/44<br>|  | 150000 | 122677 |
|  |  |  | **381065** |
| **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 | **214028** |
| **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** | **Peru – 0.1%** |
| &nbsp;&nbsp; Petroleos del Peru S.A., <br> 5.63%, 6/19/47<sup>(b)</sup> <br>|  | 250000 | **167843** |
| **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> | **Romania – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Romanian Government <br> International Bond, <br> 7.50%, 2/10/37<sup>(b)</sup> <br>|  | 60000 | **66638** |
| **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** |
| &nbsp;&nbsp; Inter-American <br> Development Bank, <br> 7.35%, 10/06/30<br>| INR | 18000000 | **198102** |
| **Switzerland – 0.2%** | **Switzerland – 0.2%** | **Switzerland – 0.2%** | **Switzerland – 0.2%** |
| &nbsp;&nbsp; UBS Group A.G., (5Y USD <br> SOFR ICE IBA Swap Rate <br> + 3.32%), 7.00%, <br> 1/08/36<sup>(b)(j)(k)</sup> <br>|  | 220000 | **222707** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| &nbsp;&nbsp; Turk Telekomunikasyon <br> A.S., 7.38%, 5/20/29<sup>(b)</sup> <br>|  | 200000 | **208204** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom – 0.1%** | **United Kingdom – 0.1%** | **United Kingdom – 0.1%** |
| &nbsp;&nbsp; Marks & Spencer PLC, <br> 7.13%, 12/01/37<sup>(b)</sup> <br>| $100000 | **$109492** |
| **Zambia – 0.4%** | **Zambia – 0.4%** | **Zambia – 0.4%** |
| &nbsp;&nbsp; First Quantum <br> Minerals Ltd.,<br>|  |  |
| &nbsp;&nbsp; 8.00%, 3/01/33<sup>(b)</sup> <br>| 230000 | 246804 |
| &nbsp;&nbsp; 7.25%, 2/15/34<sup>(b)</sup> <br>| 260000 | 273155 |
|  |  | **519959** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $6,665,666) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $6,665,666) | **6833664** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Master Limited Partnerships – 2.1%** | **Master Limited Partnerships – 2.1%** | **Master Limited Partnerships – 2.1%** |
| **Oil & Gas Supply Chain – 2.1%** | **Oil & Gas Supply Chain – 2.1%** | **Oil & Gas Supply Chain – 2.1%** |
| Energy Transfer L.P. | 69686 | 1285707 |
| &nbsp;&nbsp; Enterprise Products <br> Partners L.P.<br>| 52727 | 1750009 |
| &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $2,537,906) | &nbsp;&nbsp; **Total Master Limited Partnerships** <br>(Cost $2,537,906) | **3035716** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Mortgage-Backed Securities – 6.0%** | **Mortgage-Backed Securities – 6.0%** | **Mortgage-Backed Securities – 6.0%** |
| **Commercial Mortgage-Backed Securities – 3.0%** | **Commercial Mortgage-Backed Securities – 3.0%** | **Commercial Mortgage-Backed Securities – 3.0%** |
| BANK, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-BNK44, <br> Class D, 4.00%, <br> 11/15/32<sup>(b)</sup> <br>| $190000 | 148965 |
| &nbsp;&nbsp;&nbsp; Series 2024-BNK48, <br> Class A5, 5.05%, <br> 10/15/57<br>| 190000 | 193261 |
| &nbsp;&nbsp; Bank of America Merrill <br> Lynch Commercial <br> Mortgage Trust, <br>Series 2017-BNK3, <br> Class D, 3.25%, 2/15/50<sup>(b)</sup> <br>| 110000 | 102289 |
| &nbsp;&nbsp; BFLD Commercial <br> Mortgage Trust, <br>Series 2024-UNIV, <br> Class D, (1M CME Term <br> SOFR + 2.69%, 2.69% <br> Floor), 6.37%, <br> 11/15/29<sup>(b)(c)</sup> <br>| 250000 | 251484 |
| &nbsp;&nbsp; BX Commercial Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E, <br> (1M CME Term SOFR + <br> 2.20%, 2.15% Floor), <br> 5.88%, 4/15/34<sup>(b)(c)</sup> <br>| 300000 | 295125 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| &nbsp;&nbsp; BX Commercial Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, <br> Class A, (1M CME Term <br> SOFR + 0.96%, 0.85% <br> Floor), 4.64%, <br> 11/15/38<sup>(b)(c)</sup> <br>| $148248 | $148248 |
| &nbsp;&nbsp;&nbsp; Series 2024-BI02, Class D, <br> 7.71%, 8/13/41<sup>(b)(p)</sup> <br>| 100000 | 97244 |
| &nbsp;&nbsp;&nbsp; Series 2025-COPT, <br> Class A, (1M CME Term <br> SOFR + 1.75%), 5.43%, <br> 8/15/42<sup>(b)(c)</sup> <br>| 100000 | 100375 |
| &nbsp;&nbsp; BX Trust, <br>Series 2021-SDMF, <br> Class F, (1M CME Term <br> SOFR + 2.05%, 1.94% <br> Floor), 5.73%, 9/15/34<sup>(b)(c)</sup> <br>| 194875 | 194631 |
| &nbsp;&nbsp; BXHPP Trust, <br>Series 2021-FILM, <br> Class C, (1M CME Term <br> SOFR + 1.21%, 1.10% <br> Floor), 4.89%, 8/15/36<sup>(b)(c)</sup> <br>| 270000 | 249558 |
| &nbsp;&nbsp; BXMT Ltd., <br>Series 2026-FL6, Class A, <br> (1M CME Term SOFR + <br> 1.45%), 5.15%, <br> 8/19/43<sup>(b)(c)(d)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; Citigroup Commercial <br> Mortgage Trust, <br>Series 2017-P8, Class A3, <br> 3.20%, 9/15/50<br>| 250000 | 246719 |
| &nbsp;&nbsp; Extended Stay America <br> Trust, <br>Series 2025-ESH, Class D, <br> (1M CME Term SOFR + <br> 2.60%), 6.28%, <br> 10/15/42<sup>(b)(c)</sup> <br>| 100000 | 100875 |
| &nbsp;&nbsp; GS Mortgage Securities <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC32, <br> Class D, 3.35%, 7/10/48<br>| 3841 | 3754 |
| &nbsp;&nbsp;&nbsp; Series 2017-GS6, <br> Class A2, 3.16%, 5/10/50<br>| 184774 | 182561 |
| &nbsp;&nbsp; HIH Trust, <br>Series 2024-61P, Class F, <br> (1M CME Term SOFR + <br> 5.44%, 5.44% Floor), <br> 9.12%, 10/15/41<sup>(b)(c)</sup> <br>| 195121 | 196645 |
| &nbsp;&nbsp; KIND Trust, <br>Series 2021-KIND, Class E, <br> (1M CME Term SOFR + <br> 3.36%, 3.25% Floor), <br> 7.05%, 8/15/38<sup>(b)(c)</sup> <br>| 158697 | 158085 |
| &nbsp;&nbsp; KREF Ltd., <br>Series 2022-FL3, Class D, <br> (1M CME Term SOFR + <br> 2.80%, 2.80% Floor), <br> 6.47%, 2/17/39<sup>(b)(c)</sup> <br>| 150000 | 148577 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; MAD Commercial <br> Mortgage Trust, <br>Series 2025-11MD, <br> Class A, 4.91%, <br> 10/15/42<sup>(b)(p)</sup> <br>| $100000 | $100604 |
| MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-FL17, Class A, <br> (1M CME Term SOFR + <br> 1.32%), 5.00%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 120000 | 119746 |
| &nbsp;&nbsp;&nbsp; Series 2025-FL17, Class D, <br> (1M CME Term SOFR + <br> 2.74%), 6.42%, <br> 2/18/40<sup>(b)(c)</sup> <br>| 100000 | 99496 |
| &nbsp;&nbsp;&nbsp; Series 2026-FL21, Class A, <br> (1M CME Term SOFR + <br> 1.35%), 5.03%, <br> 2/18/41<sup>(b)(c)(d)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; MHC Commercial <br> Mortgage Trust, <br>Series 2021-MHC, Class F, <br> (1M CME Term SOFR + <br> 2.72%, 2.60% Floor), <br> 6.40%, 4/15/38<sup>(b)(c)</sup> <br>| 160000 | 160000 |
| &nbsp;&nbsp; Morgan Stanley Capital I <br> Trust, <br>Series 2021-230P, Class B, <br> (1M CME Term SOFR + <br> 1.56%, 1.45% Floor), <br> 5.24%, 12/15/38<sup>(b)(c)</sup> <br>| 110000 | 105053 |
| &nbsp;&nbsp; MSWF Commercial <br> Mortgage Trust, <br>Series 2023-2, Class C, <br> 7.02%, 12/15/56<sup>(p)</sup> <br>| 90000 | 96672 |
| &nbsp;&nbsp; MTN Commercial <br> Mortgage Trust, <br>Series 2022-LPFL, Class F, <br> (1M CME Term SOFR + <br> 5.29%, 5.29% Floor), <br> 8.98%, 3/15/39<sup>(b)(c)</sup> <br>| 200000 | 200489 |
| &nbsp;&nbsp; RIDE, <br>Series 2025-SHRE, <br> Class D, 6.75%, <br> 2/14/47<sup>(b)(p)</sup> <br>| 200000 | 205806 |
| &nbsp;&nbsp; SMRT, <br>Series 2022-MINI, Class F, <br> (1M CME Term SOFR + <br> 3.35%, 3.35% Floor), <br> 7.03%, 1/15/39<sup>(b)(c)</sup> <br>| 210000 | 207375 |
|  |  | **4313637** |
| **Federal Home Loan Mortgage Corporation – 0.3%** | **Federal Home Loan Mortgage Corporation – 0.3%** | **Federal Home Loan Mortgage Corporation – 0.3%** |
| &nbsp;&nbsp; MSCR Trust, <br>Series 2025-MN12, <br> Class M2, (30D Average <br> SOFR + 2.75%), 6.45%, <br> 11/25/45<sup>(b)(c)</sup> <br>| 110000 | 110025 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp; 2.00%, 9/01/41 - 5/01/51 | $277245 | $234872 |
| &nbsp;&nbsp; 4.00%, 6/01/52 | 77604 | 74425 |
|  |  | **419322** |
| **Federal National Mortgage Association – 0.4%** | **Federal National Mortgage Association – 0.4%** | **Federal National Mortgage Association – 0.4%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.50%, 1/01/50 | 79369 | 74116 |
| &nbsp;&nbsp; 2.50%, 5/01/51 - 1/01/52 | 211747 | 181836 |
| &nbsp;&nbsp; 3.00%, 5/01/52 | 159292 | 141492 |
| &nbsp;&nbsp; 4.50%, 7/01/52 | 102998 | 101906 |
| &nbsp;&nbsp; 5.50%, 6/01/55 | 99999 | 101449 |
|  |  | **600799** |
| **Government National Mortgage Association II – 0.0%**<sup>(f)</sup> | **Government National Mortgage Association II – 0.0%**<sup>(f)</sup> | **Government National Mortgage Association II – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Pool, <br>5.50%, 5/20/53<br>| 75036 | **76622** |
| **Whole Loan – 2.3%** | **Whole Loan – 2.3%** | **Whole Loan – 2.3%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, <br>Series 2022-3, Class A3, <br> 4.13%, 1/25/67<sup>(b)(p)</sup> <br>| 122020 | 115060 |
| &nbsp;&nbsp; BRAVO Residential <br> Funding Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, <br> Class A1, 3.63%, <br> 9/25/61<sup>(b)(p)</sup> <br>| 135991 | 135097 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, <br> Class A1, 4.27%, <br> 11/25/61<sup>(b)(p)</sup> <br>| 95349 | 95733 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, <br> Class A3, 5.24%, <br> 11/25/61<sup>(b)</sup> <br>| 119186 | 119374 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, <br> Class A3, (Step to 7.59% <br> on 3/25/28), 6.59%, <br> 2/25/64<sup>(b)(q)</sup> <br>| 105249 | 106650 |
| &nbsp;&nbsp; CAFL Issuer LLC, <br>Series 2023-RTL1, <br> Class A1, (Step to 9.05% <br> on 7/28/26), 7.55%, <br> 12/28/30<sup>(b)(q)</sup> <br>| 141825 | 142178 |
| COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, <br> 3.90%, 2/25/67<sup>(b)(p)</sup> <br>| 169709 | 167400 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1, <br> 6.59%, 2/25/69<sup>(b)</sup> <br>| 160000 | 161692 |
| &nbsp;&nbsp; CSMC Trust, <br>Series 2020-RPL4, <br> Class A1, 2.00%, <br> 1/25/60<sup>(b)</sup> <br>| 148703 | 135027 |
| &nbsp;&nbsp; FHLMC Seasoned Credit <br> Risk Transfer Trust, <br>Series 2022-1, Class M, <br> 4.50%, 11/25/61<sup>(b)</sup> <br>| 130000 | 121962 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class <br> 1M2, (30D Average <br> SOFR + 3.60%), 7.30%, <br> 7/25/42<sup>(b)(c)</sup> <br>| $200000 | $207272 |
| &nbsp;&nbsp;&nbsp; Series 2024-R01, Class <br> 1B1, (30D Average SOFR <br> + 2.70%), 6.40%, <br> 1/25/44<sup>(b)(c)</sup> <br>| 200000 | 206370 |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust, <br>Series 2022-NQM1, <br> Class A4, 4.00%, <br> 5/25/62<sup>(b)</sup> <br>| 166571 | 157075 |
| &nbsp;&nbsp; LHOME Mortgage Trust, <br>Series 2024-RTL1, <br> Class A1, (Step to 8.52% <br> on 9/25/26), 7.02%, <br> 1/25/29<sup>(b)(q)</sup> <br>| 160000 | 160902 |
| &nbsp;&nbsp; New Residential Mortgage <br> Loan Trust, <br>Series 2022-NQM2, <br> Class A1, 3.08%, <br> 3/27/62<sup>(b)(p)</sup> <br>| 178706 | 169843 |
| &nbsp;&nbsp; OBX Trust, <br>Series 2024-NQM3, <br> Class M1, 6.85%, <br> 12/25/63<sup>(b)</sup> <br>| 200000 | 202383 |
| &nbsp;&nbsp; Saluda Grade Alternative <br> Mortgage Trust, <br>Series 2024-RTL4, <br> Class A1, (Step to 8.50% <br> on 8/25/26), 7.50%, <br> 2/25/30<sup>(b)(q)</sup> <br>| 160000 | 160035 |
| &nbsp;&nbsp; SG Residential Mortgage <br> Trust, <br>Series 2022-1, Class A1, <br> 3.17%, 3/27/62<sup>(b)(p)</sup> <br>| 191009 | 181257 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, <br>Series 2015-5, Class B3, <br> 4.01%, 5/25/55<sup>(b)(p)</sup> <br>| 220000 | 212216 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class A3, <br> (Step to 7.97% on <br> 1/25/28), 6.97%, <br> 12/25/68<sup>(b)(q)</sup> <br>| 48325 | 48877 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, <br> (Step to 7.12% on <br> 2/25/28), 6.12%, <br> 1/25/69<sup>(b)(q)</sup> <br>| 101263 | 101941 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A3, <br> (Step to 7.85% on <br> 5/25/28), 6.85%, <br> 4/25/69<sup>(b)(q)</sup> <br>| $78143 | $79404 |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, <br> (Step to 7.67% on <br> 6/25/28), 6.67%, <br> 6/25/69<sup>(b)(q)</sup> <br>| 118332 | 120064 |
|  |  | **3307812** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $8,692,643) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $8,692,643) | **8718192** |
| **Term Loans – 4.8%**<sup>(c)</sup>  | **Term Loans – 4.8%**<sup>(c)</sup>  | **Term Loans – 4.8%**<sup>(c)</sup>  |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| &nbsp;&nbsp; ABG Intermediate Holdings <br> 2 LLC, 2025 Delayed Draw <br> Term Loan, (1M USD CME <br> Term SOFR + 2.25%), <br> 5.92%, 2/13/32<br>| 93505 | **93131** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp; First Eagle Holdings, Inc., <br> Delayed Draw Term Loan, <br> 8/16/32<sup>(r)(s)</sup> <br>| 13125 | 13125 |
| &nbsp;&nbsp; First Eagle Holdings, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.50%), 7.17%, 8/16/32<br>| 76875 | 76155 |
| &nbsp;&nbsp; Focus Financial <br> Partners LLC, Tranche C <br> Term Loan, (1M USD CME <br> Term SOFR + 2.50%), <br> 6.17%, 9/15/31<br>| 9900 | 9831 |
| &nbsp;&nbsp; Nexus Buyer LLC, <br> Amendment No. 10 Term <br> Loan, (1M USD CME Term <br> SOFR + 4.00%), 7.67%, <br> 7/31/31<br>| 39900 | 39202 |
|  |  | **138313** |
| **Automotive – 0.0%**<sup>(f)</sup> | **Automotive – 0.0%**<sup>(f)</sup> | **Automotive – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Clarios Global L.P., <br> Amendment No. 6 Dollar <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 6.42%, 1/28/32<br>| 29925 | 29934 |
| &nbsp;&nbsp; First Brands Group LLC, <br> 2021 Term Loan, (1M USD <br> CME Term SOFR + 7.00%, <br> 1.00% Floor), 10.81%, <br> 3/30/27<br>| 10345 | 28 |
| &nbsp;&nbsp; First Brands Group LLC, DIP <br> Term Loan, (1M USD CME <br> Term SOFR + 1.55%, <br> 1.00% Floor), 5.24%, <br> 6/29/26<br>| 21911 | 2958 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Automotive (Continued)** | **Automotive (Continued)** | **Automotive (Continued)** |
| &nbsp;&nbsp; First Brands Group LLC, <br> Incremental Term Loan <br> Senior Secured, 3/30/27<sup>(s)</sup> <br>| $98997 | $264 |
| &nbsp;&nbsp; First Brands Group LLC, <br> Roll-up Loan, (1M USD <br> CME Term SOFR + 7.00%, <br> 1.00% Floor), 10.69%, <br> 6/29/26<br>| 617 | 3 |
|  |  | **33187** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp; Celsius, Inc., 2025 <br> Refinancing Term Loan, <br> (3M USD CME Term SOFR <br> + 2.50%), 6.17%, 4/01/32<br>| 69825 | 70122 |
| &nbsp;&nbsp; Primo Brands Corp., 2025 <br> Refinancing Term Loan, <br> (3M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 5.92%, 3/31/28<br>| 166418 | 166286 |
|  |  | **236408** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| &nbsp;&nbsp; Virgin Media Bristol LLC, <br> Facility Y, (6M USD CME <br> Term SOFR + 3.18%), <br> 7.05%, 3/31/31<br>| 100000 | **98052** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; A-AP Buyer, Inc., Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 2.75%), <br> 6.42%, 9/09/31<br>| 59400 | 59474 |
| &nbsp;&nbsp; Hexion, Inc., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1M USD CME Term SOFR <br> + 4.00%, 0.50% Floor), <br> 7.67%, 3/15/29<br>| 40181 | 39296 |
| &nbsp;&nbsp; 3/15/29<sup>(s)</sup> <br>| 23244 | 22732 |
| &nbsp;&nbsp; Natgasoline LLC, 2025 Term <br> Loan, (1M USD CME Term <br> SOFR + 5.50%), 9.17%, <br> 3/29/30<br>| 39250 | 39103 |
|  |  | **160605** |
| **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** |
| &nbsp;&nbsp; Prime Security Services <br> Borrower LLC, 2024-1 <br> Refinancing Term B-1 <br> Loan, (1M USD CME Term <br> SOFR + 2.00%), 5.69%, <br> 10/13/30<br>| 79628 | 79412 |
| &nbsp;&nbsp; Pye-Barker Fire & <br> Safety LLC, Closing Date <br> Term Loan, (3M USD CME <br> Term SOFR + 2.50%), <br> 6.21%, 12/16/32<br>| 43500 | 43482 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| &nbsp;&nbsp; Pye-Barker Fire & <br> Safety LLC, Initial Delayed <br> Draw Term Loan, <br> 12/16/32<sup>(r)(s)</sup> <br>| $6500 | $6497 |
| &nbsp;&nbsp; Ryan LLC, 2025 <br> Refinancing Term Loan, <br> (1M USD CME Term SOFR <br> + 3.50%, 0.50% Floor), <br> 7.17%, 11/05/32<br>| 147403 | 145053 |
|  |  | **274444** |
| **Communications – 0.0%**<sup>(f)</sup> | **Communications – 0.0%**<sup>(f)</sup> | **Communications – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Univision <br> Communications, Inc., <br> 2024 Replacement <br> Converted First-Lien Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%, 0.50% <br> Floor), 7.29%, 1/31/29<br>| 19700 | **19663** |
| **Construction Materials – 0.0%**<sup>(f)</sup> | **Construction Materials – 0.0%**<sup>(f)</sup> | **Construction Materials – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; HP PHRG Borrower LLC, <br> Closing Date Term Loan, <br> (3M USD CME Term SOFR <br> + 4.00%), 7.67%, 2/20/32<br>| 59700 | **58307** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| &nbsp;&nbsp; Harbor Freight Tools <br> USA, Inc., Replacement <br> Term Loan, (1M USD CME <br> Term SOFR + 2.25%), <br> 5.92%, 6/11/31<br>| 93265 | 92041 |
| &nbsp;&nbsp; Spencer Spirit IH LLC, <br> Initial Term Loan, (1M <br> USD CME Term SOFR + <br> 4.00%), 7.67%, 7/15/31<br>| 117903 | 117977 |
|  |  | **210018** |
| **Consumer Non-Cyclical – 0.0%**<sup>(f)</sup> | **Consumer Non-Cyclical – 0.0%**<sup>(f)</sup> | **Consumer Non-Cyclical – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; 1261229 B.C. Ltd., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 6.25%), <br> 9.92%, 10/08/30<br>| 39800 | **38760** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp; Catawba Nation Gaming <br> Authority, Initial Term B <br> Loan, (3M USD CME Term <br> SOFR + 4.75%), 8.42%, <br> 3/29/32<br>| 70000 | 71330 |
| &nbsp;&nbsp; WW International, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 6.80%), 10.49%, 6/24/30<br>| 130232 | 114727 |
|  |  | **186057** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc., 2025 <br> Incremental Closing Date <br> Term B Loan, (1M USD <br> CME Term SOFR + 3.25%, <br> 0.50% Floor), 6.92%, <br> 4/01/32<br>| $67096 | $66702 |
| &nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc., 2025 <br> Incremental Delayed <br> Draw Term B Loan, <br> 4/01/32<sup>(s)</sup> <br>| 1386 | 1378 |
|  |  | **68080** |
| **Electric Utilities – 0.0%**<sup>(f)</sup> | **Electric Utilities – 0.0%**<sup>(f)</sup> | **Electric Utilities – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Talen Energy Supply LLC, <br> 2025-1 Incremental Term <br> B Loan, (3M USD CME <br> Term SOFR + 2.00%), <br> 5.67%, 11/25/32<br>| 40000 | **39970** |
| **Engineering & Construction – 0.0%**<sup>(f)</sup> | **Engineering & Construction – 0.0%**<sup>(f)</sup> | **Engineering & Construction – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Osmose Utilities <br> Services, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%, 0.50% <br> Floor), 7.04%, 6/23/28<br>| 39896 | **38774** |
| **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** | **Entertainment Content – 0.1%** |
| &nbsp;&nbsp; Allen Media LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 5.50%), <br> 9.32%, 2/10/27<br>| 76041 | 46908 |
| &nbsp;&nbsp; Versant Media Group, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.50%), 7.16%, 1/30/31<br>| 70000 | 69878 |
|  |  | **116786** |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| &nbsp;&nbsp; Aveanna Healthcare LLC, <br> 2025 Incremental Term <br> Loan, (1M USD CME Term <br> SOFR + 3.75%), 7.42%, <br> 9/17/32<br>| 79800 | 79656 |
| &nbsp;&nbsp; Global Medical <br> Response, Inc., Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 3.50%), <br> 7.17%, 10/01/32<br>| 132370 | 132676 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 2024-1 Refinancing Term <br> Loan, (3M USD CME Term <br> SOFR + 3.75%), 7.42%, <br> 5/17/31<br>| 93503 | 93406 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 2024-2 Refinancing Term <br> Loan, (3M USD CME Term <br> SOFR + 3.50%), 7.15%, <br> 5/17/31<br>| 39501 | 39369 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| &nbsp;&nbsp; MPH Acquisition <br> Holdings LLC, Exchange <br> First Out Term Loan, (3M <br> USD CME Term SOFR + <br> 3.75%, 0.50% Floor), <br> 7.42%, 12/31/30<br>| $14729 | $14674 |
| &nbsp;&nbsp; MPH Acquisition <br> Holdings LLC, Second Out <br> Term Loan, (3M USD CME <br> Term SOFR + 4.60%, <br> 0.50% Floor), 8.53%, <br> 12/31/30<br>| 122098 | 112102 |
| &nbsp;&nbsp; Sonrava Health <br> Holdings LLC, Second-Out <br> Term Loan, (3M USD <br> PRIME + 7.50%, 0.75% <br> Floor), 14.25%, 8/18/28<br>| 325165 | 13820 |
| &nbsp;&nbsp; Sotera Health <br> Holdings LLC, 2025 <br> Refinancing Term Loan, <br> (1M USD CME Term SOFR <br> + 2.50%), 6.17%, 5/30/31<br>| 188091 | 188561 |
| &nbsp;&nbsp; TEAM Services Group LLC, <br> Incremental Term Loan, <br> (3M USD CME Term SOFR <br> + 5.25%), 8.92%, 12/20/27<br>| 29700 | 29638 |
| &nbsp;&nbsp; TEAM Services Group LLC, <br> Term Loan, (3M USD CME <br> Term SOFR + 5.00%, <br> 1.00% Floor), 8.93%, <br> 12/20/27<br>| 39380 | 39281 |
| &nbsp;&nbsp; TEAM Services <br> Holding, Inc., Term Loan, <br> 1/31/33<sup>(s)</sup> <br>| 70000 | 70000 |
|  |  | **813183** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp; Opal U.S. LLC, Facility B-4, <br> (3M USD CME Term SOFR <br> + 3.00%), 6.69%, 4/28/32<br>| 169575 | **169470** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| &nbsp;&nbsp; Ascensus Group <br> Holdings, Inc., <br> Amendment No. 4 <br> Replacement Term Loan, <br> (1M USD CME Term SOFR <br> + 3.00%, 0.50% Floor), <br> 6.67%, 11/24/32<br>| 110000 | 109541 |
| &nbsp;&nbsp; Contingent Roll-Up Term <br> Loan<sup>(s)</sup> <br>| 89077 | 36317 |
| &nbsp;&nbsp; Jane Street Group LLC, <br> Seventh Amendment <br> Extended Term Loan, (3M <br> USD CME Term SOFR + <br> 2.00%), 5.82%, 12/15/31<br>| 93474 | 92679 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| &nbsp;&nbsp; Spirit Airlines LLC, New <br> Money Term Loan<sup>(s)</sup> <br>| $76937 | $76937 |
| &nbsp;&nbsp; VFH Parent LLC, Term B-2 <br> Loan, (1M USD CME Term <br> SOFR + 2.50%), 6.17%, <br> 6/21/31<br>| 150000 | 149562 |
|  |  | **465036** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| &nbsp;&nbsp; AmWINS Group, Inc., 2026 <br> Refinancing Term Loan, <br> (1M USD CME Term SOFR <br> + 2.00%, 0.75% Floor), <br> 5.67%, 1/30/32<br>| 93503 | 93282 |
| &nbsp;&nbsp; Sedgwick Claims <br> Management <br> Services, Inc. (Lightning <br> Cayman Merger <br> Sub, Ltd.), 2024 Term <br> Loan, (1M USD CME Term <br> SOFR + 2.50%), 6.17%, <br> 7/31/31<br>| 92676 | 92256 |
|  |  | **185538** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| &nbsp;&nbsp; Diamond Sports Net LLC, <br> Term Loan, (3M USD PIK <br> Interest + 15.00%), <br> 15.00%, 1/02/28<br>| 52712 | 14195 |
| &nbsp;&nbsp; MH Sub I LLC (Micro <br> Holding Corp.), 2023 May <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 4.25%, 0.50% Floor), <br> 7.92%, 5/03/28<br>| 99450 | 89931 |
| &nbsp;&nbsp; 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), 7.92%, 12/31/31<br>| 67314 | 54945 |
|  |  | **159071** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| &nbsp;&nbsp; Nielsen Consumer, Inc., <br> Thirteenth Amendment <br> Dollar Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 2.25%, 0.50% <br> Floor), 5.92%, 10/31/30<br>| 89053 | 88274 |
| &nbsp;&nbsp; UST Global, Inc., Initial <br> Term Loan, (1M USD CME <br> Term SOFR + 3.00%, <br> 0.50% Floor), 6.67%, <br> 11/20/28<br>| 76278 | 75133 |
| &nbsp;&nbsp; X Corp., Tranche B-3 Term <br> Loan, (6M USD FIXED + <br> 9.50%), 9.50%, 10/26/29<br>| 90000 | 93038 |
|  |  | **256445** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** |
| &nbsp;&nbsp; Allwyn International AG, <br> Facility B-2, (3M USD CME <br> Term SOFR + 2.00%), <br> 5.67%, 6/02/31<br>| $108360 | $103665 |
| &nbsp;&nbsp; Endeavor Group <br> Holdings, Inc., Term Loan <br> B, (1M USD CME Term <br> SOFR + 2.75%), 6.42%, <br> 3/24/32<br>| 99500 | 99425 |
| &nbsp;&nbsp; Kingpin Intermediate <br> Holdings LLC, <br> Amendment No. 15 Term <br> Loan, (1M USD CME Term <br> SOFR + 3.25%), 6.92%, <br> 9/22/32<br>| 150000 | 146813 |
| &nbsp;&nbsp; Peninsula Pacific <br> Entertainment <br> Development LLC, Closing <br> Date Term B Facility Loan, <br> (3M USD CME Term SOFR <br> + 4.75%), 8.42%, 10/01/32<br>| 81345 | 81549 |
| &nbsp;&nbsp; Peninsula Pacific <br> Entertainment <br> Development LLC, <br> Delayed Draw Term Loan, <br> 10/01/32<sup>(r)(s)</sup> <br>| 19062 | 19109 |
| &nbsp;&nbsp; TKO Worldwide <br> Holdings LLC, Additional <br> Term B-5 Loan, (3M USD <br> CME Term SOFR + 2.00%), <br> 5.87%, 11/21/31<br>| 63656 | 63733 |
|  |  | **514294** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; Dynamo Midco B.V., Facility <br> B-1, (1M USD CME Term <br> SOFR + 3.25%), 6.94%, <br> 9/30/31<br>| 138253 | 138340 |
| &nbsp;&nbsp; Madison IAQ LLC, 2025 <br> Repriced Incremental <br> Term Loan, (6M USD CME <br> Term SOFR + 2.75%, <br> 0.50% Floor), 6.38%, <br> 11/08/32<br>| 57291 | 57345 |
|  |  | **195685** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp; Hologic, Inc., Term Loan B, <br> 1/14/33<sup>(s)</sup> <br>| 90000 | 89314 |
| &nbsp;&nbsp; Medline Borrower L.P., <br> 2028 Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 1.75%, 0.50% <br> Floor), 5.42%, 10/23/28<br>| 17367 | 17409 |
|  |  | **106723** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Publishing & Broadcasting – 0.0%**<sup>(f)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(f)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Gray Television, Inc., Term F <br> Loan, (1M USD CME Term <br> SOFR + 5.25%), 8.95%, <br> 6/04/29<br>| $1000 | $999 |
| &nbsp;&nbsp; Learfield <br> Communications LLC, <br> 2024 Refinancing Term <br> Loan, (1M USD CME Term <br> SOFR + 4.75%), 8.42%, <br> 6/30/28<br>| 7993 | 8007 |
|  |  | **9006** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| &nbsp;&nbsp; Peer Holding III B.V., <br> Additional Facility 3, (3M <br> USD CME Term SOFR + <br> 2.25%), 5.92%, 9/29/32<br>| 30000 | 29963 |
| &nbsp;&nbsp; Peer Holding III B.V., <br> Facility B-4B, (3M USD <br> CME Term SOFR + 2.50%), <br> 6.17%, 10/28/30<br>| 93498 | 93381 |
| &nbsp;&nbsp; Peer Holding III B.V., <br> Facility B-5B, (3M USD <br> CME Term SOFR + 2.50%), <br> 6.17%, 7/01/31<br>| 89100 | 88989 |
| &nbsp;&nbsp; Petco Health and Wellness <br> Company, Inc., 2026 Term <br> Loan, 2/03/31<sup>(s)</sup> <br>| 80000 | 78100 |
| &nbsp;&nbsp; Petco Health and Wellness <br> Company, Inc., Initial <br> Term Loan<sup>(s)</sup> <br>| 58243 | 58090 |
| &nbsp;&nbsp; Thermostat Purchaser <br> III, Inc., Initial Term B-1 <br> Loan, (3M USD CME Term <br> SOFR + 4.25%, 0.75% <br> Floor), 7.92%, 8/31/28<br>| 76409 | 75423 |
|  |  | **423946** |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| &nbsp;&nbsp; Calabrio, Inc., First Out <br> Term Loan, (3M USD CME <br> Term SOFR + 4.00%), <br> 7.84%, 11/26/32<br>| 30000 | 27488 |
| &nbsp;&nbsp; Cloud Software Group, Inc., <br> Tenth Amendment <br> Tranche B-2 Term Loan, <br> 3/21/31<sup>(s)</sup> <br>| 70000 | 67791 |
| &nbsp;&nbsp; Cloudera, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.75%, 0.50% <br> Floor), 7.52%, 10/08/28<br>| 88588 | 75742 |
| &nbsp;&nbsp; Cotiviti, Inc., Amendment 2 <br> Term Loan, (1M USD CME <br> Term SOFR + 2.75%), <br> 6.45%, 3/26/32<br>| 119400 | 110206 |
| &nbsp;&nbsp; Cotiviti, Inc., Initial Floating <br> Rate Term Loan, (1M USD <br> CME Term SOFR + 2.75%), <br> 6.45%, 5/01/31<br>| 147806 | 136445 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| &nbsp;&nbsp; Dawn Bidco LLC, Term <br> Loan, 8/20/32<sup>(s)</sup> <br>| $120000 | $116400 |
| &nbsp;&nbsp; Dayforce, Inc., First <br> Amendment Refinancing <br> Term Loan, (3M USD CME <br> Term SOFR + 2.00%), <br> 5.67%, 3/01/31<br>| 28280 | 28209 |
| &nbsp;&nbsp; DCert Buyer, Inc., First <br> Amendment Refinancing <br> Loan, (1M USD CME Term <br> SOFR + 7.00%), 10.67%, <br> 2/19/29<br>| 94212 | 83848 |
| &nbsp;&nbsp; Modena Buyer LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 4.25%), <br> 7.92%, 7/01/31<br>| 93503 | 88906 |
| &nbsp;&nbsp; Red Planet Borrower LLC, <br> Fourth Amendment <br> Incremental Term Loan, <br> (1M USD CME Term SOFR <br> + 4.00%, 0.50% Floor), <br> 7.67%, 9/08/32<br>| 80000 | 79550 |
| &nbsp;&nbsp; Relativity Intermediate <br> HoldCo LLC, Term Loan, <br> 1/30/33<sup>(s)</sup> <br>| 20000 | 19825 |
| &nbsp;&nbsp; Starlight Parent LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 4.00%), <br> 7.70%, 4/16/32<br>| 117470 | 108073 |
| &nbsp;&nbsp; X.AI LLC, Initial Fixed Rate <br> Term Loan, (3M USD <br> FIXED + 12.50%), 12.50%, <br> 6/28/30<br>| 129350 | 139914 |
|  |  | **1082397** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| &nbsp;&nbsp; Blackhawk Network <br> Holdings, Inc., Additional <br> Term B-2 Loan, (3M USD <br> CME Term SOFR + 4.00%, <br> 1.00% Floor), 7.67%, <br> 3/12/29<br>| 98505 | 98484 |
| &nbsp;&nbsp; CFC Bidco 2022 Ltd., Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 3.50%), <br> 7.16%, 7/01/32<br>| 110000 | 104500 |
| &nbsp;&nbsp; Evertec Group LLC, <br> Incremental Term B Loan, <br> (1M USD CME Term SOFR <br> + 2.25%, 0.50% Floor), <br> 5.92%, 10/30/30<br>| 92000 | 92268 |
| &nbsp;&nbsp; KREF Holdings X LLC, 2025 <br> Replacement Term Loan, <br> (1M USD CME Term SOFR <br> + 2.50%), 6.18%, 3/05/32<br>| 129101 | 128940 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; Starwood Property <br> Mortgage LLC, 2025 <br> Repricing Term Loan, (1M <br> USD CME Term SOFR + <br> 1.75%, 0.50% Floor), <br> 5.42%, 11/18/27<br>| $46753 | $46636 |
| &nbsp;&nbsp; Starwood Property <br> Mortgage LLC, <br> Incremental Term B-2 <br> Loan, (1M USD CME Term <br> SOFR + 2.25%), 5.92%, <br> 9/24/32<br>| 49875 | 50000 |
|  |  | **520828** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| &nbsp;&nbsp; QualityTech L.P., Term Loan, <br> (1M USD CME Term SOFR <br> + 3.50%), 7.18%, 11/04/31<br>| 138950 | **138950** |
| **Transportation & Logistics – 0.0%**<sup>(f)</sup> | **Transportation & Logistics – 0.0%**<sup>(f)</sup> | **Transportation & Logistics – 0.0%**<sup>(f)</sup> |
| &nbsp;&nbsp; Spirit Airlines LLC, Initial <br> Draw New Money Term <br> Loan, (1M USD CME Term <br> SOFR + 8.00%, 3.00% <br> Floor), 11.68%, 7/14/26<br>| 35902 | 35408 |
| &nbsp;&nbsp; Spirit Airlines LLC, Second <br> Draw New Money Term <br> Loan, (1M USD CME Term <br> SOFR + 8.00%, 3.00% <br> Floor), 11.68%, 7/14/26<br>| 8984 | 8860 |
| &nbsp;&nbsp; Spirit Airlines LLC, Third <br> Draw New Money Term <br> Loan, (1M USD CME Term <br> SOFR + 8.00%, 3.00% <br> Floor), 11.68%, 7/14/26<br>| 17923 | 17677 |
|  |  | **61945** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $7,437,249) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $7,437,249) | **6913072** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Warrants – 0.1%** | **Warrants – 0.1%** | **Warrants – 0.1%** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Spirit Airlines LLC\* | 6153 | **86142** |
| &nbsp;&nbsp; **Total Warrants** <br>(Cost $74,902) | &nbsp;&nbsp; **Total Warrants** <br>(Cost $74,902) | **86142** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Investment Companies – 18.4%** | **Investment Companies – 18.4%** | **Investment Companies – 18.4%** |
| Schwab U.S. REIT ETF | 130569 | $2795482 |
| &nbsp;&nbsp; Vanguard <br> Intermediate-Term <br> Treasury ETF<br>| 68022 | 4074518 |
| &nbsp;&nbsp; Vanguard Long-Term <br> Treasury ETF<br>| 181237 | 10100338 |
| &nbsp;&nbsp; Vanguard Total <br> International Bond ETF<br>| 196909 | 9563870 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $26,682,707) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $26,682,707) | **26534208** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 6.6%** | **Short-Term Investments – 6.6%** | **Short-Term Investments – 6.6%** |
| **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** |
| &nbsp;&nbsp; DISH DBS Corp., 5.25%, <br> 12/01/26<sup>(b)</sup> <br>| 80000 | 77749 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P., (3M CME <br> Term SOFR + 4.37%), <br> 8.22%, 3/05/26<sup>(c)(j)</sup> <br>| 130000 | 129758 |
|  |  | **207507** |
| **Money Market Funds – 6.4%** | **Money Market Funds – 6.4%** | **Money Market Funds – 6.4%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 3.81%<sup>(t)(u)</sup> <br>| 3162899 | 3162899 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(t)</sup> <br>| 6106477 | 6106477 |
|  |  | **9269376** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $9,459,473) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $9,459,473) | **9476883** |
| &nbsp;&nbsp; **Total Investments – 101.8%** <br>(Cost $135,119,312) | &nbsp;&nbsp; **Total Investments – 101.8%** <br>(Cost $135,119,312) | **146940890** |
| Liabilities less Other Assets – (1.8)%<sup>(v)</sup>  | Liabilities less Other Assets – (1.8)%<sup>(v)</sup>  | (2606948)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$144333942** |

---

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

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

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

---

| | |
|:---|:---|
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |
| <sup>(a)</sup> <br>| Par value is in USD unless otherwise indicated. |
| <sup>(b)</sup> <br>| Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from <br> registration, normally to qualified institutional buyers. As of January 31, 2026, these securities had a total value of $29,057,881 or 20.13% of <br> net assets.<br>|
| <sup>(c)</sup> <br>| Variable or floating rate security. Rate as of January 31, 2026 is disclosed. |
| <sup>(d)</sup> <br>| When-Issued Security. Coupon rate was not yet in effect at January 31, 2026. |

---

------

**Morningstar Funds Trust** January 31, 2026 (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>(e)</sup> Security either partially or fully on loan. As of January 31, 2026, the total value of securities on loan is $5,811,121.

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

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

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

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

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

<sup>(k)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2026 is disclosed. 

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

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

<sup>(n)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At January 31, 2026, the value of restricted securities (excluding 144A issues) amounted to $213,544 or 0.15% of net assets. 

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

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| EchoStar Corp., 10.75%, 11/30/29 | 11/7/2024 | $191921 |

---

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

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

<sup>(p)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2026 is disclosed. 

<sup>(q)</sup> Step coupon bond. Rate as of January 31, 2026 is disclosed.

<sup>(r)</sup> Unfunded loan commitment. As of January 31, 2026, total value of unfunded loan commitment is $38,732.

<sup>(s)</sup> Position is unsettled. Contract rate was not determined at January 31, 2026 and does not take effect until settlement date.

<sup>(t)</sup> 7-day current yield as of January 31, 2026 is disclosed.

<sup>(u)</sup> Security purchased with the cash proceeds from securities loaned. As of January 31, 2026, total cash collateral has a value of $3,162,899 and total non-cash collateral has a value of $2,840,441. 

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

\* Non-Income Producing Security

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| 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 |
| AG | Assured Guaranty |
| 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 |
| CR | Custodial Receipts |
| DIP | Debtor-in-Possession |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| IBA | ICE Benchmark Administration |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| INR | Indian Rupee |
| JMD | Jamaican Dollar |
| L.P. | Limited Partnership |
| LLC | Limited Liability Company |
| MXN | Mexican Peso |
| PIK | Payment In Kind |
| 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 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <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; 3/06/2026 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 303853 | &nbsp;&nbsp; $(1149)<br>|
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3/16/2026 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 608063 | &nbsp;&nbsp; (2209)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1842000 | &nbsp;&nbsp; (26883)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 234875 | &nbsp;&nbsp; (5391)<br>|
| Long Gilt | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3/27/2026 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 248629 | &nbsp;&nbsp; 1702 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1667938 | &nbsp;&nbsp; (1496)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5882203 | &nbsp;&nbsp; (22422)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$(57848)**<br>|
| **Short Contracts** |  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 447313 | &nbsp;&nbsp; $5031 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 228313 | &nbsp;&nbsp; 1500 |
| CME 3-Month SOFR | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 3/16/2027 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 726187 | &nbsp;&nbsp; 225 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$6756** |
|  |  |  |  |  | &nbsp;&nbsp; **$(51092)**<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** |
| **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>|
| 4/16/26 | Australian Dollars | &nbsp;&nbsp; 267279 | U.S. Dollars | &nbsp;&nbsp; 180123 | JPMorgan Chase | &nbsp;&nbsp; $5949 |
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 206216 | Indian Rupees | &nbsp;&nbsp; 18690377 | Citibank | &nbsp;&nbsp; 3692 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $9641 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 109630 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 759775 | JPMorgan Chase | &nbsp;&nbsp; $(1)<br>|
| 4/16/26 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 380000 | U.S. Dollars | &nbsp;&nbsp; 54912 | JPMorgan Chase | &nbsp;&nbsp; (80)<br>|
| 4/16/26 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 379775 | U.S. Dollars | &nbsp;&nbsp; 54882 | Citibank | &nbsp;&nbsp; (84)<br>|
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 72774 | Euro | &nbsp;&nbsp; 61391 | BNP Paribas | &nbsp;&nbsp; (257)<br>|
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 27544 | Australian Dollars | &nbsp;&nbsp; 40000 | Citibank | &nbsp;&nbsp; (303)<br>|
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 179598 | Euro | &nbsp;&nbsp; 152588 | Citibank | &nbsp;&nbsp; (1923)<br>|
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 158431 | British Pounds | &nbsp;&nbsp; 117642 | JPMorgan Chase | &nbsp;&nbsp; (2526)<br>|
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 193822 | Australian Dollars | &nbsp;&nbsp; 283529 | JPMorgan Chase | &nbsp;&nbsp; (3562)<br>|
| 4/16/26 | U.S. Dollars | &nbsp;&nbsp; 119457 | Mexican Pesos | &nbsp;&nbsp; 2166356 | Morgan Stanley | &nbsp;&nbsp; (3630)<br>|
| 3/03/26 | U.S. Dollars | &nbsp;&nbsp; 274254 | Brazilian Reals | &nbsp;&nbsp; 1508080 | Goldman Sachs | &nbsp;&nbsp; (10421)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(22787)<br>|
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp; **$(13146)**<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.90% (Monthly) | 11/16/2029 | MXN | 20240000 | $59816 | $— | $59816 |
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.89% (Monthly) | 11/10/2034 | MXN | 3550000 | 12487 |  | 12487 |
| **Total** |  |  |  |  | **$72303** | **$—** | **$72303** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day Brazil CETIP <br> Interbank Deposit Rate <br>(At Maturity)<br>| 10.26% (At Maturity) | JPMorgan Chase | 1/02/2029 | BRL | 3493323 | $(88281)<br>| $— | $(88281)<br>|
| &nbsp;&nbsp; 1-Day Brazil CETIP <br> Interbank Deposit Rate <br>(At Maturity)<br>| 13.30% (At Maturity) | JPMorgan Chase | 1/02/2031 | BRL | 1441860 | 4003 |  | 4003 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** |
| **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Counterparty** | **Maturity**<br> **Date**<br>|  | **Notional**<br> **Amount**<br>| **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day Brazil CETIP <br> Interbank Deposit Rate <br>(At Maturity)<br>| 13.25% (At Maturity) | JPMorgan Chase | 1/02/2031 | BRL | 887813 | $2066 | $— | $2066 |
| **Total** |  |  |  |  |  | **$(82212)**<br>| **$—** | **$(82212)**<br>|

---

**Credit Default Swap Contracts outstanding - Buy Protection as of January 31, 2026:** <br>**Centrally Cleared** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; MGM Resorts International, 4.75%, Due: 10/15/2028 (Pay <br> Quarterly)<br>| 5.00% | 6/20/2030 | USD | 75000 | $(10109)<br>| $(8892)<br>| $(1217)<br>|
| &nbsp;&nbsp; Markit CDX North America High Yield Index Series 45 (Pay <br> Quarterly)<br>| 5.00% | 12/20/2030 | USD | 209583 | (18723)<br>| (14964)<br>| (3759)<br>|
| **Total** |  |  |  |  | **$(28832)**<br>| **$(23856)**<br>| **$(4976)**<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Caesars Entertainment, Inc., 4.63%, <br> Due: 10/15/2029 (Pay Quarterly)<br>| 2.55% | 5.00% | 6/20/2030 | USD | 75000 | $7538 | $7273 | $265 |
| **Total** |  |  |  |  |  | **$7538** | **$7273** | **$265** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day USD SOFR <br>+ 0.04% (At Maturity)<br>| Western Asset Management <br>Emerging Markets Frontier Custom Basket<br>| 4/09/2026 | JPMorgan Chase | USD | 516000 | $329 | $— | $329 |
| **Total** |  |  |  |  |  | **$329** | **$—** | **$329** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Income Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4716114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4716114 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 40879603 | &nbsp;&nbsp; 26413889 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 67293492 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 57395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57395 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 13077543 | &nbsp;&nbsp; 196775 | &nbsp;&nbsp; 13274318 |
| &nbsp;&nbsp;&nbsp; Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1694 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 6833664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6833664 |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships | &nbsp;&nbsp; 3035716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3035716 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 8718192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8718192 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 6913072 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6913072 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86142 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 26534208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26534208 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 9269376 | &nbsp;&nbsp; 207507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9476883 |
| **Total Investments** | &nbsp;&nbsp; $79718903 | &nbsp;&nbsp; $67025212 | &nbsp;&nbsp; $196775 | &nbsp;&nbsp; $146940890 |

---

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

\*Includes securities determined to have no value as of January 31, 2026. <br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $8458 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8458 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9641 |
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 78966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78966 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $8458 | &nbsp;&nbsp; $88607 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $97065 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(59550)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59550)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (22787)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (22787)<br>|
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (93257)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (93257)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(59550)<br>| &nbsp;&nbsp; $(116044)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(175594)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $(51092)<br>| &nbsp;&nbsp; $(27437)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(78529)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar Total Return Bond Fund

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 115.1%** | **Long Positions – 115.1%** | **Long Positions – 115.1%** |
| **Asset-Backed Securities – 9.0%** | **Asset-Backed Securities – 9.0%** | **Asset-Backed Securities – 9.0%** |
| **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; DB Master Finance LLC, <br> Series 2025-1A, <br> Class A2II, 5.17%, <br> 8/20/55<sup>(c)</sup> <br>| $150000 | **$149661** |
| **Consumer Services – 0.2%** | **Consumer Services – 0.2%** | **Consumer Services – 0.2%** |
| &nbsp;&nbsp; Avis Budget Rental <br> Car Funding AESOP LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br> 5.12%, 8/20/31<sup>(c)</sup> <br>| 1000000 | 1025660 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, <br> 5.51%, 8/20/31<sup>(c)</sup> <br>| 600000 | 614758 |
|  |  | **1640418** |
| **Leisure Facilities & Services – 0.0%**<sup>(b)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(b)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Five Guys Holdings, Inc., <br> Series 2023-1A, Class A2, <br> 7.55%, 1/26/54<sup>(c)</sup> <br>| 296250 | **304419** |
| **Other – 8.6%** | **Other – 8.6%** | **Other – 8.6%** |
| &nbsp;&nbsp; 1988 CLO 3 Ltd., Series <br> 2023-3A, Class A1R, (3M <br> CME Term SOFR + 1.25%), <br> 4.92%, 10/15/38<sup>(c)(d)</sup> <br>| 250000 | 250168 |
| &nbsp;&nbsp; A10 Issuer LLC, Series <br> 2025-FL6, Class AS, (1M <br> CME Term SOFR + 1.89%), <br> 5.64%, 5/15/42<sup>(c)(d)</sup> <br>| 300000 | 300326 |
| &nbsp;&nbsp; AASET, Series 2025-1A, <br> Class A, 5.94%, 2/16/50<sup>(c)</sup> <br>| 251553 | 256413 |
| &nbsp;&nbsp; AASET MT-1 Ltd., Series <br> 2025-2A, Class A, 5.52%, <br> 2/16/50<sup>(c)</sup> <br>| 526885 | 531666 |
| &nbsp;&nbsp; ACREC LLC, Series <br> 2026-FL4, Class B, (1M <br> CME Term SOFR + 1.80%), <br> 5.60%, 1/18/43<sup>(c)(d)</sup> <br>| 250000 | 250631 |
| Affirm Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br> 4.99%, 2/15/33<sup>(c)</sup> <br>| 304000 | 307058 |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A, <br> 4.37%, 2/15/34<sup>(c)</sup> <br>| 133000 | 133068 |
| AGL CLO 42 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-42A, <br> Class A1, (3M CME Term <br> SOFR + 1.30%), 4.97%, <br> 7/22/38<sup>(c)(d)</sup> <br>| 250000 | 251253 |
| &nbsp;&nbsp;&nbsp; Series 2025-42A, Class B, <br> (3M CME Term SOFR + <br> 1.65%), 5.32%, <br> 7/22/38<sup>(c)(d)</sup> <br>| 2800000 | 2818231 |
| &nbsp;&nbsp;&nbsp; Series 2025-42A, Class C, <br> (3M CME Term SOFR + <br> 1.80%), 5.47%, <br> 7/22/38<sup>(c)(d)</sup> <br>| 350000 | 352912 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; AGL Core CLO 38 Ltd., <br> Series 2025-38A, <br> Class A1, (3M CME Term <br> SOFR + 1.24%), 4.91%, <br> 1/20/38<sup>(c)(d)</sup> <br>| $250000 | $250841 |
| &nbsp;&nbsp; Arbor Realty Commercial <br> Real Estate Notes LLC, <br> Series 2025-FL1, Class A, <br> (1M CME Term SOFR + <br> 1.35%), 5.03%, <br> 8/20/42<sup>(c)(d)</sup> <br>| 180000 | 179897 |
| &nbsp;&nbsp; Ares Direct Lending CLO 6 <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1, <br> (3M CME Term SOFR + <br> 1.45%), 5.20%, <br> 10/16/37<sup>(c)(d)</sup> <br>| 400000 | 399972 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, <br> (3M CME Term SOFR + <br> 1.80%), 5.55%, <br> 10/16/37<sup>(c)(d)</sup> <br>| 750000 | 750445 |
| &nbsp;&nbsp; Ares Direct Lending CLO 7 <br> LLC, Series 2025-3A, <br> Class B, (3M CME Term <br> SOFR + 1.85%), 5.58%, <br> 1/20/38<sup>(c)(d)</sup> <br>| 250000 | 250168 |
| &nbsp;&nbsp; BCC Middle Market <br> CLO LLC, Series 2019-1A, <br> Class A1RR, (3M CME <br> Term SOFR + 1.45%), <br> 5.12%, 7/15/36<sup>(c)(d)</sup> <br>| 1650000 | 1649879 |
| &nbsp;&nbsp; BDS LLC, Series 2025-FL15, <br> Class AS, (1M CME Term <br> SOFR + 1.65%), 5.33%, <br> 3/19/43<sup>(c)(d)</sup> <br>| 850000 | 850691 |
| &nbsp;&nbsp; Benefit Street Partners CLO <br> X Ltd., Series 2016-10A, <br> Class A1R3, (3M CME <br> Term SOFR + 1.30%), <br> 4.97%, 7/20/38<sup>(c)(d)</sup> <br>| 322000 | 323557 |
| &nbsp;&nbsp; Benefit Street Partners CLO <br> XX Ltd., Series 2020-20A, <br> Class ARR, (3M CME Term <br> SOFR + 1.29%), 4.96%, <br> 7/15/37<sup>(c)(d)</sup> <br>| 250000 | 251248 |
| &nbsp;&nbsp; Benefit Street Partners CLO <br> XXV Ltd., Series 2021-25A, <br> Class A1R, (3M CME Term <br> SOFR + 1.00%), 4.67%, <br> 1/15/35<sup>(c)(d)</sup> <br>| 250000 | 250137 |
| &nbsp;&nbsp; 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)(d)</sup> <br>| 250000 | 250933 |
| &nbsp;&nbsp; Blue Stream Issuer LLC, <br> Series 2024-1A, Class A2, <br> 5.41%, 11/20/54<sup>(c)</sup> <br>| 1000000 | 1010918 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; BlueMountain CLO Ltd., <br> Series 2018-3A, Class BR, <br> (3M CME Term SOFR + <br> 1.85%, 1.85% Floor), <br> 5.52%, 10/25/30<sup>(c)(d)</sup> <br>| $250000 | $250625 |
| &nbsp;&nbsp; BSPRT Issuer LLC, Series <br> 2025-FL12, Class B, (1M <br> CME Term SOFR + 1.95%), <br> 5.62%, 1/17/43<sup>(c)(d)</sup> <br>| 150000 | 150741 |
| &nbsp;&nbsp; BXMT Ltd., Series <br> 2025-FL5, Class A, (1M <br> CME Term SOFR + 1.64%), <br> 5.31%, 10/18/42<sup>(c)(d)</sup> <br>| 116000 | 116143 |
| &nbsp;&nbsp; Canyon Capital CLO Ltd., <br> Series 2019-2A, <br> Class AR2, (3M CME Term <br> SOFR + 1.01%), 4.68%, <br> 10/15/34<sup>(c)(d)</sup> <br>| 250000 | 250321 |
| &nbsp;&nbsp; Canyon CLO Ltd., Series <br> 2020-3A, Class A1R, (3M <br> CME Term SOFR + 1.40%, <br> 1.40% Floor), 5.07%, <br> 10/15/37<sup>(c)(d)</sup> <br>| 330000 | 331220 |
| &nbsp;&nbsp; CARS-DB4 L.P., Series <br> 2020-1A, Class A6, 3.81%, <br> 2/15/50<sup>(c)</sup> <br>| 244219 | 231151 |
| &nbsp;&nbsp; Carva CLO VIII-C Ltd., <br> Series 2022-2A, <br> Class A1R, (3M CME Term <br> SOFR + 1.42%, 1.42% <br> Floor), 5.09%, <br> 10/22/37<sup>(c)(d)</sup> <br>| 250000 | 251005 |
| &nbsp;&nbsp; Castlelake Aircraft <br> Structured Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br> 5.47%, 8/15/50<sup>(c)</sup> <br>| 1644816 | 1658494 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A, <br> 5.09%, 11/15/50<sup>(c)</sup> <br>| 542792 | 542207 |
| &nbsp;&nbsp; Cerberus Loan Funding 50 <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br> (3M CME Term SOFR + <br> 1.65%), 5.32%, <br> 7/15/37<sup>(c)(d)</sup> <br>| 800000 | 804269 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, <br> (3M CME Term SOFR + <br> 1.95%), 5.62%, <br> 7/15/37<sup>(c)(d)</sup> <br>| 800000 | 801392 |
| &nbsp;&nbsp; Cerberus Loan Funding 51 <br> LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br> (3M CME Term SOFR + <br> 1.52%), 5.19%, <br> 10/15/37<sup>(c)(d)</sup> <br>| 500000 | 502501 |
| &nbsp;&nbsp;&nbsp; Series 2025-2B, Class B, <br> (3M CME Term SOFR + <br> 1.85%), 5.52%, <br> 10/15/37<sup>(c)(d)</sup> <br>| 500000 | 500430 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Cerberus Loan Funding 52 <br> LLC, Series 2025-3A, <br> Class A, (3M CME Term <br> SOFR + 1.52%), 5.19%, <br> 10/15/37<sup>(c)(d)</sup> <br>| $400000 | $402001 |
| &nbsp;&nbsp; Cerberus Loan Funding 53 <br> LLC, Series 2025-4A, <br> Class C, (3M CME Term <br> SOFR + 2.00%), 5.68%, <br> 1/15/38<sup>(c)(d)</sup> <br>| 250000 | 250247 |
| CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-4A, <br> Class A1R, (3M CME <br> Term SOFR + 1.21%, <br> 0.95% Floor), 4.88%, <br> 10/24/30<sup>(c)(d)</sup> <br>| 2819 | 2819 |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, <br> Class A1R, (3M CME <br> Term SOFR + 0.97%), <br> 4.64%, 4/19/35<sup>(c)(d)</sup> <br>| 320000 | 320382 |
| &nbsp;&nbsp; Citigroup Mortgage Loan <br> Trust, Inc., Series <br> 2007-WFH4, Class M3A, <br> (1M CME Term SOFR + <br> 3.86%, 3.75% Floor), <br> 7.54%, 7/25/37<sup>(d)</sup> <br>| 500000 | 495136 |
| &nbsp;&nbsp; CLI Funding IX LLC, Series <br> 2025-1A, Class A, 5.35%, <br> 6/20/50<sup>(c)</sup> <br>| 800771 | 811328 |
| &nbsp;&nbsp; Compass Datacenters <br> Issuer II LLC, Series <br> 2025-1A, Class A1, 5.32%, <br> 5/25/50<sup>(c)</sup> <br>| 1000000 | 1007130 |
| &nbsp;&nbsp; CWABS Asset-Backed <br> Certificates Trust, Series <br> 2006-14, Class M1, (1M <br> CME Term SOFR + 0.55%, <br> 0.44% Floor), 4.22%, <br> 2/25/37<sup>(d)</sup> <br>| 110266 | 116831 |
| &nbsp;&nbsp; DB Master Finance LLC, <br> Series 2021-1A, <br> Class A23, 2.79%, <br> 11/20/51<sup>(c)</sup> <br>| 816000 | 726000 |
| &nbsp;&nbsp; Dewolf Park CLO Ltd., <br> Series 2017-1A, Class AR, <br> (3M CME Term SOFR + <br> 1.18%, 0.90% Floor), <br> 4.85%, 10/15/30<sup>(c)(d)</sup> <br>| 17534 | 17534 |
| &nbsp;&nbsp; Diameter Capital CLO 10 <br> Ltd., Series 2025-10A, <br> Class A, (3M CME Term <br> SOFR + 1.31%), 4.98%, <br> 4/20/38<sup>(c)(d)</sup> <br>| 750000 | 753539 |
| &nbsp;&nbsp; Diameter Capital CLO 4 <br> Ltd., Series 2022-4A, <br> Class ARR, (3M CME Term <br> SOFR + 1.23%), 4.90%, <br> 1/15/39<sup>(c)(d)</sup> <br>| 250000 | 251125 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Dryden 40 Senior <br> Loan Fund, Series <br> 2015-40A, Class AR2, (3M <br> CME Term SOFR + 1.15%, <br> 1.15% Floor), 5.00%, <br> 8/15/31<sup>(c)(d)</sup> <br>| $84070 | $84072 |
| &nbsp;&nbsp; EFMT, Series 2025-CES4, <br> Class A1, (Step to 6.43% <br> on 8/25/29), 5.43%, <br> 6/25/60<sup>(c)(e)</sup> <br>| 912919 | 921656 |
| &nbsp;&nbsp; Eldridge CLO Ltd., Series <br> 2025-1A, Class B, (3M <br> CME Term SOFR + 1.65%), <br> 5.57%, 10/20/38<sup>(c)(d)</sup> <br>| 400000 | 401037 |
| FIGRE Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A, <br> 5.83%, 1/25/55<sup>(c)</sup> <br>| 707201 | 719249 |
| &nbsp;&nbsp;&nbsp; Series 2025-PF1, Class A, <br> 5.76%, 6/25/55<sup>(c)</sup> <br>| 660208 | 669289 |
| &nbsp;&nbsp;&nbsp; Series 2025-PF1, Class B, <br> 5.91%, 6/25/55<sup>(c)</sup> <br>| 602646 | 612224 |
| &nbsp;&nbsp;&nbsp; Series 2025-PF2, Class A, <br> 5.02%, 10/25/55<sup>(c)</sup> <br>| 278719 | 279655 |
| &nbsp;&nbsp;&nbsp; Series 2026-HE1, Class A, <br> 4.98%, 1/25/56<sup>(c)(f)</sup> <br>| 224000 | 224214 |
| &nbsp;&nbsp; First Franklin Mortgage <br> Loan Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-FF4, <br> Class M1, (1M CME Term <br> SOFR + 1.91%, 1.80% <br> Floor), 5.61%, 10/25/33<sup>(d)</sup> <br>| 170654 | 170710 |
| &nbsp;&nbsp;&nbsp; Series 2006-FF13, <br> Class A1, (1M CME Term <br> SOFR + 0.35%, 0.24% <br> Floor), 4.03%, 10/25/36<sup>(d)</sup> <br>| 24443 | 15716 |
| &nbsp;&nbsp;&nbsp; Series 2006-FF13, <br> Class A2C, (1M CME <br> Term SOFR + 0.43%, <br> 0.32% Floor), 4.11%, <br> 10/25/36<sup>(d)</sup> <br>| 14261 | 9376 |
| &nbsp;&nbsp; FNA 8 LLC, Series 2025-1, <br> Class A, 5.62%, 3/15/45<sup>(c)</sup> <br>| 80895 | 81357 |
| &nbsp;&nbsp; Galaxy XXII CLO Ltd., Series <br> 2016-22A, Class AR4, (3M <br> CME Term SOFR + 1.02%), <br> 4.30%, 4/16/34<sup>(c)(d)(f)</sup> <br>| 250000 | 250000 |
| &nbsp;&nbsp; GoldenTree Loan <br> Management U.S. CLO 23 <br> Ltd., Series 2024-23A, <br> Class B, (3M CME Term <br> SOFR + 1.60%, 1.60% <br> Floor), 5.27%, 1/20/39<sup>(c)(d)</sup> <br>| 610000 | 613776 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 16M-R3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-16A, <br> Class A1R3, (3M CME <br> Term SOFR + 1.63%), <br> 5.49%, 8/09/39<sup>(c)(d)</sup> <br>| 1500000 | 1500593 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 16M-R3,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-16A, <br> Class BR3, (3M CME <br> Term SOFR + 1.95%), <br> 5.81%, 8/09/39<sup>(c)(d)</sup> <br>| $1600000 | $1601518 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 49M Ltd., Series <br> 2020-49A, Class A1R2, <br> (3M CME Term SOFR + <br> 1.52%), 5.19%, <br> 7/20/38<sup>(c)(d)</sup> <br>| 850000 | 850095 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 54M L.P, Series 2021-54A, <br> Class A2R, (3M CME Term <br> SOFR + 1.70%), 5.60%, <br> 8/05/37<sup>(c)(d)</sup> <br>| 800000 | 800386 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 69M, Series 2023-69A, <br> Class BR, (3M CME Term <br> SOFR + 1.70%), 5.57%, <br> 11/09/38<sup>(c)(d)</sup> <br>| 1100000 | 1100343 |
| &nbsp;&nbsp; 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)(d)</sup> <br>| 400000 | 400118 |
| &nbsp;&nbsp; GoodLeap Home <br> Improvement Solutions <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br> 5.35%, 10/20/46<sup>(c)</sup> <br>| 100222 | 101492 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br> 5.38%, 2/20/49<sup>(c)</sup> <br>| 212380 | 215313 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, <br> 6.27%, 2/20/49<sup>(c)</sup> <br>| 41496 | 42454 |
| &nbsp;&nbsp; GreenSky Home <br> Improvement Issuer Trust, <br> Series 2025-2A, Class B, <br> 5.07%, 6/25/60<sup>(c)</sup> <br>| 850000 | 859087 |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, <br> Class A1, (30D Average <br> SOFR + 1.55%), 5.25%, <br> 10/25/55<sup>(c)(d)</sup> <br>| 436136 | 438517 |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, <br> Class A1, (Step to 5.90% <br> on 2/25/30), 4.90%, <br> 5/25/56<sup>(c)(e)</sup> <br>| 233433 | 233743 |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, <br> Class A2, (Step to 6.27% <br> on 2/25/30), 5.27%, <br> 5/25/56<sup>(c)(e)</sup> <br>| 100000 | 100190 |
| &nbsp;&nbsp; GSAA Home Equity Trust, <br> Series 2006-4, Class 1A1, <br> 4.14%, 3/25/36<sup>(g)</sup> <br>| 39470 | 27217 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; HLEND CLO LLC, Series <br> 2025-4A, Class B, (3M <br> CME Term SOFR + 1.85%), <br> 6.07%, 8/15/37<sup>(c)(d)</sup> <br>| $1650000 | $1651226 |
| &nbsp;&nbsp; Hotwire Funding LLC, <br> Series 2024-1A, Class A2, <br> 5.89%, 6/20/54<sup>(c)</sup> <br>| 800000 | 812747 |
| &nbsp;&nbsp; HPS Private Credit CLO LLC, <br> Series 2025-3A, Class B, <br> (3M CME Term SOFR + <br> 2.05%), 5.72%, <br> 7/20/37<sup>(c)(d)</sup> <br>| 3250000 | 3254041 |
| &nbsp;&nbsp; Huntington Bank Auto <br> Credit-Linked Notes,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B2, <br> (30D Average SOFR + <br> 1.35%), 5.05%, <br> 10/20/32<sup>(c)(d)</sup> <br>| 132450 | 132896 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B2, <br> (30D Average SOFR + <br> 1.20%), 4.90%, <br> 9/20/33<sup>(c)(d)</sup> <br>| 213334 | 213932 |
| &nbsp;&nbsp; JCP Direct Lending <br> CLO LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, <br> Class A1R, (3M CME <br> Term SOFR + 1.65%), <br> 5.32%, 7/20/37<sup>(c)(d)</sup> <br>| 350000 | 349978 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class AJR, <br> (3M CME Term SOFR + <br> 1.78%), 5.45%, <br> 7/20/37<sup>(c)(d)</sup> <br>| 1000000 | 1000658 |
| &nbsp;&nbsp; Jefferies Credit Partners <br> Direct Lending CLO Ltd., <br> Series 2025-1A, Class B, <br> (3M CME Term SOFR + <br> 1.75%), 5.51%, <br> 10/15/37<sup>(c)(d)</sup> <br>| 250000 | 250116 |
| &nbsp;&nbsp; Jersey Mike's Funding LLC, <br> 5.48%, 2/15/56<sup>(c)(f)</sup> <br>| 313000 | 313000 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, <br> Series 2026-CES1, <br> Class A1B, (Step to 5.96% <br> on 2/25/30), 4.96%, <br> 6/25/56<sup>(c)(e)</sup> <br>| 500000 | 500344 |
| &nbsp;&nbsp; Kinetic ABS Issuer LLC, <br> Series 2026-1A, Class A2, <br> 5.22%, 2/25/56<sup>(c)</sup> <br>| 250000 | 250156 |
| &nbsp;&nbsp; KKR CLO 16 Ltd., Series 16, <br> Class A2R3, (3M CME <br> Term SOFR + 1.60%), <br> 5.27%, 10/20/34<sup>(c)(d)</sup> <br>| 300000 | 299039 |
| &nbsp;&nbsp; Lendmark Funding Trust, <br> Series 2025-1A, Class A, <br> 4.94%, 9/20/34<sup>(c)</sup> <br>| 145000 | 146475 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Long Beach Mortgage Loan <br> Trust, Series 2006-6, Class <br> 2A3, (1M CME Term SOFR <br> + 0.41%, 0.30% Floor), <br> 4.09%, 7/25/36<sup>(d)</sup> <br>| $690866 | $270662 |
| &nbsp;&nbsp; Lyra Music Assets <br> Delaware L.P., Series <br> 2025-1A, Class A2, 5.60%, <br> 9/20/65<sup>(c)</sup> <br>| 92616 | 93532 |
| &nbsp;&nbsp; Madison Park Funding <br> LXV Ltd., Series 2025-65A, <br> Class C, (3M CME Term <br> SOFR + 1.80%), 5.47%, <br> 7/16/38<sup>(c)(d)</sup> <br>| 800000 | 806630 |
| &nbsp;&nbsp; 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)(d)</sup> <br>| 250000 | 252500 |
| MAPS Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br> 2.52%, 6/15/46<sup>(c)</sup> <br>| 1445489 | 1391170 |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A, <br> 5.20%, 1/15/51<sup>(c)(f)</sup> <br>| 400000 | 399996 |
| &nbsp;&nbsp; Mariner Finance Issuance <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-BA, Class A, <br> 4.91%, 11/20/38<sup>(c)</sup> <br>| 134000 | 135749 |
| &nbsp;&nbsp;&nbsp; Series 2055-AA, Class A, <br> 4.98%, 5/20/38<sup>(c)</sup> <br>| 219000 | 222002 |
| &nbsp;&nbsp; MFA Trust, Series <br> 2024-NPL1, Class A1, <br> (Step to 0.36% on <br> 2/25/26), 6.33%, <br> 9/25/54<sup>(c)(e)</sup> <br>| 87699 | 87833 |
| &nbsp;&nbsp; Morgan Stanley ABS <br> Capital I, Inc. Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE8, <br> Class A2FP, (1M CME <br> Term SOFR + 0.18%, <br> 0.07% Floor), 3.86%, <br> 10/25/36<sup>(d)</sup> <br>| 28950 | 12607 |
| &nbsp;&nbsp;&nbsp; Series 2007-HE2, <br> Class A2B, (1M CME <br> Term SOFR + 0.20%, <br> 0.09% Floor), 3.88%, <br> 1/25/37<sup>(d)</sup> <br>| 1741299 | 799006 |
| &nbsp;&nbsp; Navigator Aviation Ltd., <br> Series 2025-1, Class A, <br> 5.11%, 10/15/50<sup>(c)</sup> <br>| 246246 | 244341 |
| Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-AA, <br> Class A1B, (30D Average <br> SOFR + 1.10%), 4.81%, <br> 3/15/57<sup>(c)(d)</sup> <br>| 90204 | 89937 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, <br> Class A1B, (30D Average <br> SOFR + 1.35%), 5.06%, <br> 5/17/55<sup>(c)(d)</sup> <br>| $215230 | $216492 |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, Class B, <br> 4.98%, 5/17/55<sup>(c)</sup> <br>| 160000 | 160097 |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, Class C, <br> 5.38%, 5/17/55<sup>(c)</sup> <br>| 120000 | 120031 |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, Class D, <br> 6.04%, 5/17/55<sup>(c)</sup> <br>| 100000 | 99437 |
| &nbsp;&nbsp; Neuberger Berman CLO <br> 32R Ltd., Series <br> 2019-32RA, Class B, (3M <br> CME Term SOFR + 1.65%), <br> 5.32%, 7/20/39<sup>(c)(d)</sup> <br>| 800000 | 806058 |
| &nbsp;&nbsp; Obsidian Issuer LLC, Series <br> 2025-1A, Class A, 6.75%, <br> 5/15/55<sup>(c)</sup> <br>| 900000 | 909281 |
| &nbsp;&nbsp; OCP Aegis CLO Ltd., Series <br> 2024-39A, Class A1, (3M <br> CME Term SOFR + 1.22%, <br> 1.22% Floor), 4.89%, <br> 1/16/37<sup>(c)(d)</sup> <br>| 250000 | 250270 |
| &nbsp;&nbsp; Octagon Investment <br> Partners 41 Ltd., Series <br> 2019-2A, Class A1R2, (3M <br> CME Term SOFR + 1.09%), <br> 4.76%, 10/15/33<sup>(c)(d)</sup> <br>| 250000 | 250275 |
| &nbsp;&nbsp; OHS Issuer LLC, Series <br> 2026-1, Class A2, 5.98%, <br> 2/25/61<sup>(c)(f)</sup> <br>| 175000 | 173223 |
| &nbsp;&nbsp; Option One Mortgage Loan <br> Trust, Series 2007-FXD1, <br> Class 3A4, (Step to 3.93% <br> on 3/25/26), 5.86%, <br> 1/25/37<sup>(e)</sup> <br>| 23023 | 22681 |
| &nbsp;&nbsp; Owl Rock CLO VII LLC, <br> Series 2022-7A, Class AR, <br> (3M CME Term SOFR + <br> 1.40%), 5.07%, <br> 4/20/38<sup>(c)(d)</sup> <br>| 500000 | 501917 |
| &nbsp;&nbsp; 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)(d)</sup> <br>| 300000 | 299997 |
| &nbsp;&nbsp; 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)(d)</sup> <br>| 250000 | 251123 |
| PFP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class A, <br> (1M CME Term SOFR + <br> 1.49%), 5.16%, <br> 12/18/42<sup>(c)(d)</sup> <br>| 1500000 | 1500975 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| PFP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class AS, <br> (1M CME Term SOFR + <br> 1.74%), 5.42%, <br> 12/18/42<sup>(c)(d)</sup> <br>| $1000000 | $1001968 |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class B, <br> (1M CME Term SOFR + <br> 2.04%), 5.72%, <br> 12/18/42<sup>(c)(d)</sup> <br>| 200000 | 200015 |
| &nbsp;&nbsp; Phantom Aviation, Series <br> 2026-1, Class A, 5.24%, <br> 1/15/51<sup>(c)(f)</sup> <br>| 300000 | 304118 |
| &nbsp;&nbsp; Planet Fitness Master <br> Issuer LLC, Series <br> 2024-1A, Class A2II, <br> 6.24%, 6/05/54<sup>(c)</sup> <br>| 197500 | 204511 |
| &nbsp;&nbsp; QTS Issuer ABS I LLC, <br> Series 2025-1A, Class A2, <br> 5.44%, 5/25/55<sup>(c)</sup> <br>| 1600000 | 1609906 |
| QTS Issuer ABS II LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class B, <br> 6.73%, 1/05/56<sup>(c)</sup> <br>| 32000 | 32339 |
| &nbsp;&nbsp;&nbsp; Series 2026-2A, Class A2, <br> 5.85%, 1/05/56<sup>(c)</sup> <br>| 52000 | 52135 |
| RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, <br> Class A1A, (Step to <br> 6.47% on 7/25/29), <br> 5.47%, 6/25/55<sup>(c)(e)</sup> <br>| 1440910 | 1456962 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, <br> Class A1B, (Step to <br> 6.48% on 8/25/29), <br> 5.48%, 7/25/55<sup>(c)(e)</sup> <br>| 706890 | 714018 |
| &nbsp;&nbsp; Regatta 32 Funding Ltd., <br> Series 2025-4A, Class A1, <br> (3M CME Term SOFR + <br> 1.34%), 5.01%, <br> 7/25/38<sup>(c)(d)</sup> <br>| 250000 | 251410 |
| &nbsp;&nbsp; Regatta IX Funding Ltd., <br> Series 2017-1A, <br> Class B1R, (3M CME Term <br> SOFR + 2.00%, 2.00% <br> Floor), 5.67%, 4/17/37<sup>(c)(d)</sup> <br>| 360000 | 361891 |
| &nbsp;&nbsp; Republic Finance Issuance <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, <br> 5.42%, 11/20/37<sup>(c)</sup> <br>| 212000 | 215814 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class B, <br> 5.86%, 11/20/37<sup>(c)</sup> <br>| 100000 | 102297 |
| &nbsp;&nbsp; Retained Vantage Data <br> Centers Issuer LLC, Series <br> 2025-1A, Class A2A, <br> 5.09%, 8/15/50<sup>(c)</sup> <br>| 128000 | 126535 |
| &nbsp;&nbsp; Sagard-Halseypoint CLO 8 <br> Ltd., Series 2024-8A, <br> Class A1, (3M CME Term <br> SOFR + 1.39%), 5.06%, <br> 1/30/38<sup>(c)(d)</sup> <br>| 250000 | 250923 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Saluda Grade Alternative <br> Mortgage Trust, Series <br> 2025-LOC4, Class A1A, <br> (30D Average SOFR + <br> 1.75%), 5.45%, <br> 6/25/55<sup>(c)(d)</sup> <br>|  | $692809 | $697706 |
| &nbsp;&nbsp; Secucor Finance DAC, <br> Series 2025-1, Class D, <br> (1M Euribor + 3.40%), <br> 5.39%, 9/20/36<sup>(d)</sup> <br>| EUR | 100000 | 118348 |
| &nbsp;&nbsp; Service Experts Issuer LLC, <br> Series 2025-1A, Class A, <br> 5.38%, 1/20/37<sup>(c)</sup> <br>|  | 367490 | 368009 |
| &nbsp;&nbsp; SERVPRO Master <br> Issuer LLC,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, <br> 6.17%, 1/25/54<sup>(c)</sup> <br>|  | 833000 | 861104 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, <br> 5.53%, 10/25/55<sup>(c)</sup> <br>|  | 548625 | 549207 |
| &nbsp;&nbsp; Silver Point CLO Ltd., Series <br> 2024-7A, Class A1, (3M <br> CME Term SOFR + 1.36%, <br> 1.36% Floor), 5.03%, <br> 1/15/38<sup>(c)(d)</sup> <br>|  | 250000 | 250982 |
| &nbsp;&nbsp; Silver Point SCF CLO V Ltd., <br> Series 2025-1A, Class A1, <br> (3M CME Term SOFR + <br> 1.50%), 5.17%, <br> 4/20/38<sup>(c)(d)</sup> <br>|  | 250000 | 249999 |
| Slam Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br> 2.43%, 6/15/46<sup>(c)</sup> <br>|  | 711100 | 679785 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br> 5.34%, 9/15/49<sup>(c)</sup> <br>|  | 91406 | 92455 |
| &nbsp;&nbsp; SoFi Consumer Loan <br> Program Trust, Series <br> 2025-1, Class A, 4.80%, <br> 2/27/34<sup>(c)</sup> <br>|  | 241210 | 242467 |
| &nbsp;&nbsp; Sound Point CLO Ltd., <br> Series 2025-1RA, Class C, <br> (3M CME Term SOFR + <br> 2.10%), 5.99%, <br> 2/20/38<sup>(c)(d)</sup> <br>|  | 1000000 | 1002515 |
| &nbsp;&nbsp; SSI ABS Issuer LLC, Series <br> 2025-1, Class A, 6.15%, <br> 7/25/65<sup>(c)</sup> <br>|  | 241102 | 243169 |
| &nbsp;&nbsp; Stack Infrastructure <br> Issuer LLC, Series 2025-1, <br> Class A, 5.00%, 5/25/50<sup>(c)</sup> <br>|  | 1300000 | 1283994 |
| STAR Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-SFR6, <br> Class A, (1M CME Term <br> SOFR + 1.40%), 5.08%, <br> 8/17/42<sup>(c)(d)</sup> <br>|  | 500000 | 500751 |
| &nbsp;&nbsp;&nbsp; Series 2025-SFR6, <br> Class B, (1M CME Term <br> SOFR + 1.65%), 5.33%, <br> 8/17/42<sup>(c)(d)</sup> <br>|  | 500000 | 501557 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; 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>|  | $293125 | $255649 |
| &nbsp;&nbsp; STORE Master <br> Funding LLC, Series <br> 2025-1A, Class A5, 5.17%, <br> 10/20/55<sup>(c)</sup> <br>|  | 599000 | 594625 |
| &nbsp;&nbsp; Stream Innovations Issuer <br> Trust, Series 2025-1A, <br> Class A, 5.05%, 9/15/45<sup>(c)</sup> <br>|  | 75914 | 76632 |
| &nbsp;&nbsp; Sycamore Tree CLO Ltd., <br> Series 2021-1A, Class AR, <br> (3M CME Term SOFR + <br> 1.39%, 1.39% Floor), <br> 5.06%, 1/20/38<sup>(c)(d)</sup> <br>|  | 250000 | 251126 |
| Taco Bell Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, <br> 4.82%, 8/25/55<sup>(c)</sup> <br>|  | 250000 | 248736 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, <br> Class A2II, 5.05%, <br> 8/25/55<sup>(c)</sup> <br>|  | 250000 | 249437 |
| &nbsp;&nbsp; TCW CLO Ltd., Series <br> 2024-2A, Class C, (3M <br> CME Term SOFR + 2.15%, <br> 2.15% Floor), 5.82%, <br> 7/17/37<sup>(c)(d)</sup> <br>|  | 300000 | 301183 |
| &nbsp;&nbsp; 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)(e)</sup> <br>|  | 450000 | 455795 |
| &nbsp;&nbsp; Tricon Residential Trust, <br> Series 2025-SFR2, <br> Class B, 5.42%, 8/09/44<sup>(c)</sup> <br>|  | 999006 | 1005353 |
| &nbsp;&nbsp; Trimaran CAVU Ltd., Series <br> 2024-1A, Class A, (3M <br> CME Term SOFR + 1.38%, <br> 1.38% Floor), 5.05%, <br> 1/25/38<sup>(c)(d)</sup> <br>|  | 250000 | 251134 |
| &nbsp;&nbsp; Triton Container Finance <br> IX LLC, Series 2025-1A, <br> Class A, 5.43%, 6/20/50<sup>(c)</sup> <br>|  | 758000 | 761097 |
| &nbsp;&nbsp; Unity-Peace Park CLO Ltd., <br> Series 2022-1A, Class DR, <br> (3M CME Term SOFR + <br> 2.85%), 6.51%, <br> 4/20/35<sup>(c)(d)(f)</sup> <br>|  | 250000 | 250000 |
| &nbsp;&nbsp; UPX HIL Issuer Trust, Series <br> 2025-1, Class A, 5.16%, <br> 1/25/47<sup>(c)</sup> <br>|  | 145805 | 146589 |
| &nbsp;&nbsp; Vantage Data Centers <br> Germany Borrower Lux <br> S.a.r.l., Series 2025-1X, <br> Class A2, 4.29%, 6/28/50<br>| EUR | 171000 | 204581 |
| &nbsp;&nbsp; Vantage Data Centers LLC, <br> Series 2025-1A, Class A2, <br> 5.13%, 8/15/55<sup>(h)</sup> <br>|  | 850000 | 843235 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; 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)(e)</sup> <br>|  | $1304248 | $1313555 |
| &nbsp;&nbsp; Voya CLO Ltd., Series <br> 2015-3A, Class A3R4, (3M <br> CME Term SOFR + 1.45%), <br> 5.12%, 10/20/31<sup>(c)(d)</sup> <br>|  | 250000 | 250062 |
| &nbsp;&nbsp; WaMu Asset-Backed <br> Certificates Trust, Series <br> 2007-HE2, Class 2A3, (1M <br> CME Term SOFR + 0.61%, <br> 0.36% Floor), 4.29%, <br> 4/25/37<sup>(d)</sup> <br>|  | 8686334 | 3139127 |
| &nbsp;&nbsp; Warwick Capital CLO 5 Ltd., <br> Series 2024-5A, Class A1, <br> (3M CME Term SOFR + <br> 1.36%, 1.36% Floor), <br> 5.03%, 1/20/38<sup>(c)(d)</sup> <br>|  | 321000 | 322278 |
| &nbsp;&nbsp; Washington Mutural <br> Asset-Backed Certificates <br> Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE1, Class <br> 2A1, (1M CME Term <br> SOFR + 0.23%, 0.12% <br> Floor), 3.73%, 11/25/36<sup>(d)</sup> <br>|  | 4031 | 1262 |
| &nbsp;&nbsp;&nbsp; Series 2007-HE1, Class <br> 2A2, (1M CME Term <br> SOFR + 0.45%, 0.34% <br> Floor), 3.73%, 11/25/36<sup>(d)</sup> <br>|  | 35556 | 11176 |
| &nbsp;&nbsp; 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)(d)</sup> <br>|  | 250000 | 251275 |
| Wendy's Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, <br> Class A2II, 4.54%, <br> 3/15/52<sup>(c)</sup> <br>|  | 144717 | 140202 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, <br> 5.42%, 12/15/55<sup>(c)</sup> <br>|  | 200000 | 200216 |
| &nbsp;&nbsp; Wingstop Funding LLC, <br> Series 2024-1A, Class A2, <br> 5.86%, 12/05/54<sup>(c)</sup> <br>|  | 500000 | 513732 |
|  |  |  | **82845757** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| Dowson PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class E, <br> (SONIO/N Index + <br> 3.95%), 7.68%, 8/20/31<sup>(d)</sup> <br>| GBP | 116000 | 158643 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class F, <br> (SONIO/N Index + <br> 6.95%), 10.68%, <br> 8/20/31<sup>(d)</sup> <br>|  | 170000 | 230269 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; Neuberger Berman CLO <br> XXI Ltd., Series 2016-21A, <br> Class A1R3, (3M CME <br> Term SOFR + 1.32%, <br> 1.32% Floor), 4.99%, <br> 1/20/39<sup>(c)(d)</sup> <br>| $340000 | $341360 |
| &nbsp;&nbsp; Textainer Marine <br> Containers VII Ltd., Series <br> 2021-3A, Class A, 1.94%, <br> 8/20/46<sup>(c)</sup> <br>| 970000 | 869560 |
|  |  | **1599832** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $86,421,983) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $86,421,983) | **86540087** |
| **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> |
| &nbsp;&nbsp; WOM Chile Holdco S.p.A., <br> 5.00%, 4/01/32<sup>(c)(i)</sup> <br>| 219015 | **199523** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $193,251) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $193,251) | **199523** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **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%<sup>(j)</sup> <br>| 800 | **59776** |
| &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $40,000) | &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $40,000) | **59776** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 14.7%** | **Corporate Bonds – 14.7%** | **Corporate Bonds – 14.7%** | **Corporate Bonds – 14.7%** |
| **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** |
| AppLovin Corp., |  |  |  |
| &nbsp;&nbsp; 5.38%, 12/01/31 |  | $180000 | 186047 |
| &nbsp;&nbsp; 5.95%, 12/01/54 |  | 344000 | 340221 |
| &nbsp;&nbsp; Summer BC Holdco B <br> S.a.r.l., (3M Euribor + <br> 4.25%), 6.31%, 2/15/30<sup>(d)</sup> <br>| EUR | 100000 | 111850 |
|  |  |  | **638118** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Boeing (The) Co., |  |  |  |
| &nbsp;&nbsp; 5.81%, 5/01/50 |  | 303000 | 299260 |
| &nbsp;&nbsp; 7.01%, 5/01/64 |  | 158000 | 180414 |
| &nbsp;&nbsp; Lockheed Martin Corp., <br> 4.45%, 5/15/28<br>|  | 227000 | 229904 |
| &nbsp;&nbsp; Northrop Grumman Corp., <br> 4.03%, 10/15/47<br>|  | 32000 | 25863 |
| RTX Corp., 4.70%, 12/15/41 |  | 113000 | 104850 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| &nbsp;&nbsp; Textron, Inc., 3.38%, <br> 3/01/28<br>|  | $37000 | $36511 |
| &nbsp;&nbsp; TransDigm, Inc., 6.75%, <br> 8/15/28<sup>(c)</sup> <br>|  | 120000 | 122020 |
|  |  |  | **998822** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| &nbsp;&nbsp; Apollo Management <br> Holdings L.P., 2.65%, <br> 6/05/30<sup>(c)(j)</sup> <br>|  | 360000 | 335109 |
| &nbsp;&nbsp; Carlyle Group (The), Inc., <br> 5.05%, 9/19/35<br>|  | 350000 | 344492 |
| &nbsp;&nbsp; Dyal Capital Partners IV, <br> Issuer A, 5.94%, 8/22/45<br>|  | 338000 | 323774 |
| &nbsp;&nbsp; Dyal Capital Partners IV, <br> Issuer B, 5.94%, 8/22/45<br>|  | 312000 | 298827 |
| &nbsp;&nbsp; KKR Group Finance Co. <br> VIII LLC, 3.50%, 8/25/50<sup>(c)</sup> <br>|  | 500000 | 348895 |
| &nbsp;&nbsp; Nuveen LLC, 5.85%, <br> 4/15/34<sup>(c)</sup> <br>|  | 320000 | 335544 |
| &nbsp;&nbsp; Prime Investments <br> Group Ltd., 11.00%, <br> 5/01/30<sup>(c)</sup> <br>|  | 115170 | 114946 |
| TPG Operating Group II L.P., |  |  |  |
| &nbsp;&nbsp; 5.88%, 3/05/34 |  | 247000 | 256706 |
| &nbsp;&nbsp; 5.38%, 1/15/36 |  | 577000 | 572888 |
|  |  |  | **2931181** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co., 4.75%, <br> 6/15/31<sup>(j)</sup> <br>| EUR | 100000 | 120685 |
| Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp; 5.92%, 3/20/28 |  | 200000 | 205034 |
| &nbsp;&nbsp; 4.97%, 4/06/29 |  | 200000 | 201071 |
| &nbsp;&nbsp; General Motors <br> Financial Co., Inc., 5.05%, <br> 4/04/28<br>|  | 438000 | 446622 |
| &nbsp;&nbsp; Nissan Motor <br> Acceptance Co. LLC, <br> 6.13%, 9/30/30<sup>(c)</sup> <br>|  | 100000 | 99722 |
| &nbsp;&nbsp; Toyota Motor Credit Corp., <br> 4.63%, 1/12/28<br>|  | 515000 | 523082 |
|  |  |  | **1596216** |
| **Banking – 0.9%** | **Banking – 0.9%** | **Banking – 0.9%** | **Banking – 0.9%** |
| Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 5.93%, <br> 9/15/27<sup>(k)</sup> <br>|  | 38000 | 38449 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(k)</sup> <br>|  | 333000 | 329373 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, <br> 9/15/29<sup>(k)</sup> <br>|  | 40000 | 41716 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.68%), 6.63%, <br> 5/01/30<sup>(k)(l)</sup> <br>| $800000 | $831213 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.35%), 6.25%, <br> 7/26/30<sup>(k)(l)</sup> <br>| 25000 | 25446 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(k)</sup> <br>| 569000 | 520389 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(k)</sup> <br>| 67000 | 66690 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.47%, <br> 1/23/35<sup>(k)</sup> <br>| 240000 | 248851 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.70%), 5.74%, <br> 2/12/36<sup>(k)</sup> <br>| 350000 | 361888 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 2.83%, <br> 10/24/51<sup>(k)</sup> <br>| 40000 | 25373 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.69%), 7.13%, <br> 8/15/29<sup>(k)(l)</sup> <br>| 400000 | 413991 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.57%), 6.75%, <br> 2/15/30<sup>(k)(l)</sup> <br>| 400000 | 407902 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.89%), 6.88%, <br> 8/15/30<sup>(k)(l)</sup> <br>| 325000 | 332006 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(k)</sup> <br>| 116000 | 116960 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 2.98%, <br> 11/05/30<sup>(k)</sup> <br>| 274000 | 261138 |
| &nbsp;&nbsp; 5.92%, 12/11/30<sup>(d)</sup> <br>| 398000 | 398000 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 2.67%, <br> 1/29/31<sup>(k)</sup> <br>| 35000 | 32790 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 3.00%), 6.63%, <br> 2/15/31<sup>(k)(l)</sup> <br>| 320000 | 325848 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 4.95%, <br> 5/07/31<sup>(k)</sup> <br>| 70000 | 71434 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 3.06%, <br> 1/25/33<sup>(k)</sup> <br>| 36000 | 32963 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.94%), 3.79%, <br> 3/17/33<sup>(k)</sup> <br>| 370000 | 352051 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 5.83%, <br> 2/13/35<sup>(k)</sup> <br>| 63000 | 65138 |
| &nbsp;&nbsp; Fifth Third Bancorp, (SOFR <br> + 1.24%), 5.14%, 1/29/37<sup>(k)</sup> <br>| 40000 | 39725 |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.57%, <br> 4/22/28<sup>(k)</sup> <br>| 309000 | 314826 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 4.51%, <br> 10/22/28<sup>(k)</sup> <br>| 304000 | 306810 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 2.07%, <br> 6/01/29<sup>(k)</sup> <br>| 240000 | 229511 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.01%, <br> 1/23/30<sup>(k)</sup> <br>| 307000 | 314785 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(k)</sup> <br>| $297000 | $304846 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(k)</sup> <br>| 249000 | 256917 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.84%), 4.35%, <br> 1/22/32<sup>(j)(k)</sup> <br>| 57000 | 56850 |
| &nbsp;&nbsp; KeyCorp., (SOFR + 1.37%), <br> 5.31%, 1/28/37<sup>(k)</sup> <br>| 29000 | 29033 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc., (5Y <br> U.S. Treasury CMT + <br> 1.17%), 5.42%, 1/25/41<sup>(k)</sup> <br>| 52000 | 51952 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.37%), 4.12%, <br> 6/06/28<sup>(k)</sup> <br>| 171000 | 171454 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.97%), 4.60%, <br> 1/27/32<sup>(k)</sup> <br>| 69000 | 69176 |
| &nbsp;&nbsp; U.S. Bancorp, (SOFR + <br> 0.87%), 4.48%, 1/26/32<sup>(j)(k)</sup> <br>| 100000 | 100218 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(k)</sup> <br>| 382000 | 394667 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.02%), 5.39%, <br> 4/24/34<sup>(k)</sup> <br>| 384000 | 397133 |
| &nbsp;&nbsp; 5.61%, 1/15/44 | 215000 | 213115 |
|  |  | **8550627** |
| **Beverages – 0.0%**<sup>(b)</sup> | **Beverages – 0.0%**<sup>(b)</sup> | **Beverages – 0.0%**<sup>(b)</sup> |
| PepsiCo, Inc., |  |  |
| &nbsp;&nbsp; 4.45%, 5/15/28 | 364000 | 369677 |
| &nbsp;&nbsp; 2.88%, 10/15/49 | 19000 | 12515 |
|  |  | **382192** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp; 4.55%, 3/15/35 | 71000 | 69831 |
| &nbsp;&nbsp; 5.35%, 3/15/44 | 164000 | 162206 |
| &nbsp;&nbsp; 4.88%, 11/14/48 | 204000 | 185044 |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp; 4.05%, 8/18/29 | 560000 | 559824 |
| &nbsp;&nbsp; 5.60%, 3/02/43 | 100000 | 100747 |
| &nbsp;&nbsp; 4.66%, 6/15/51 | 95000 | 81422 |
| &nbsp;&nbsp; 3.00%, 1/15/52 | 43000 | 27861 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co., <br> 4.63%, 5/15/44<br>| 721000 | 647286 |
| &nbsp;&nbsp; Eli Lilly & Co., 4.60%, <br> 8/14/34<br>| 227000 | 227217 |
| &nbsp;&nbsp; Gilead Sciences, Inc., <br> 4.75%, 3/01/46<br>| 259000 | 234759 |
| Johnson & Johnson, |  |  |
| &nbsp;&nbsp; 3.55%, 3/01/36 | 42000 | 38493 |
| &nbsp;&nbsp; 3.70%, 3/01/46 | 50000 | 40326 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Merck & Co., Inc., |  |  |
| &nbsp;&nbsp; 4.30%, 5/17/30 | $100000 | $100864 |
| &nbsp;&nbsp; 4.75%, 12/04/35 | 240000 | 237947 |
| &nbsp;&nbsp; 4.15%, 5/18/43 | 100000 | 85901 |
| Pfizer, Inc., 2.70%, 5/28/50 | 95000 | 59468 |
| Wyeth LLC, 6.00%, 2/15/36 | 257000 | 277586 |
|  |  | **3136782** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp., <br> 4.75%, 2/01/32<sup>(c)</sup> <br>| 100000 | 91339 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 4/01/48 | 50000 | 43017 |
| &nbsp;&nbsp; 4.80%, 3/01/50 | 71000 | 53803 |
| &nbsp;&nbsp; 3.90%, 6/01/52 | 363000 | 237032 |
| &nbsp;&nbsp; 5.25%, 4/01/53 | 48000 | 38337 |
| &nbsp;&nbsp; 3.95%, 6/30/62 | 279000 | 170300 |
| Comcast Corp., |  |  |
| &nbsp;&nbsp; 3.15%, 2/15/28 | 105000 | 103477 |
| &nbsp;&nbsp; 1.50%, 2/15/31<sup>(j)</sup> <br>| 116000 | 101249 |
| &nbsp;&nbsp; 4.40%, 8/15/35<sup>(j)</sup> <br>| 117000 | 111234 |
| &nbsp;&nbsp; 3.75%, 4/01/40 | 50000 | 41084 |
| &nbsp;&nbsp; 2.99%, 11/01/63 | 12000 | 6495 |
| Cox Communications, Inc., |  |  |
| &nbsp;&nbsp; 2.95%, 10/01/50<sup>(c)</sup> <br>| 160000 | 89813 |
| &nbsp;&nbsp; 5.80%, 12/15/53<sup>(c)</sup> <br>| 75000 | 64196 |
| &nbsp;&nbsp; Directv <br> Financing LLC/Directv <br> Financing <br> Co-Obligor, Inc., 10.00%, <br> 2/15/31<sup>(c)(j)</sup> <br>| 100000 | 103009 |
| &nbsp;&nbsp; Sirius XM Radio LLC, <br> 5.00%, 8/01/27<sup>(c)</sup> <br>| 100000 | 99826 |
|  |  | **1354211** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; Chemours (The) Co., 8.00%, <br> 1/15/33<sup>(c)(j)</sup> <br>| 100000 | 100263 |
| &nbsp;&nbsp; Dow Chemical (The) Co., <br> 6.90%, 5/15/53<sup>(j)</sup> <br>| 200000 | 207611 |
| &nbsp;&nbsp; FMC Corp., (5Y <br> U.S. Treasury CMT + <br> 4.37%), 8.45%, <br> 11/01/55<sup>(j)(k)</sup> <br>| 103000 | 82609 |
| &nbsp;&nbsp; SCIH Salt Holdings, Inc., <br> 4.88%, 5/01/28<sup>(c)</sup> <br>| 111000 | 110731 |
|  |  | **501214** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> | **Commercial Support Services – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Allied Universal <br> Holdco LLC, 7.88%, <br> 2/15/31<sup>(c)(j)</sup> <br>| $100000 | **$105242** |
| **Construction Materials – 0.0%**<sup>(b)</sup> | **Construction Materials – 0.0%**<sup>(b)</sup> | **Construction Materials – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Smyrna Ready Mix <br> Concrete LLC, 8.88%, <br> 11/15/31<sup>(c)(j)</sup> <br>| 100000 | **106610** |
| **Containers & Packaging – 0.0%**<sup>(b)</sup> | **Containers & Packaging – 0.0%**<sup>(b)</sup> | **Containers & Packaging – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Ardagh Group S.A., 9.50%, <br> 12/01/30<br>| 19000 | 20531 |
| &nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc., 8.75%, <br> 4/15/30<sup>(c)</sup> <br>| 100000 | 100071 |
| &nbsp;&nbsp; Sealed Air Corp., 7.25%, <br> 2/15/31<sup>(c)(j)</sup> <br>| 100000 | 104128 |
|  |  | **224730** |
| **Diversified Industrials – 0.0%**<sup>(b)</sup> | **Diversified Industrials – 0.0%**<sup>(b)</sup> | **Diversified Industrials – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Honeywell <br> International, Inc., 4.65%, <br> 7/30/27<br>| 100000 | **101236** |
| **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp; 3.45%, 4/13/29 | 284000 | 281125 |
| &nbsp;&nbsp; 4.65%, 11/20/35<sup>(j)</sup> <br>| 425000 | 420825 |
| &nbsp;&nbsp; 4.95%, 12/05/44<sup>(j)</sup> <br>| 164000 | 156852 |
| &nbsp;&nbsp; 3.95%, 4/13/52 | 295000 | 229990 |
| &nbsp;&nbsp; 5.45%, 11/20/55 | 100000 | 97387 |
| &nbsp;&nbsp; 5.55%, 11/20/65 | 227000 | 220243 |
|  |  | **1406422** |
| **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** |
| &nbsp;&nbsp; AEP Texas, Inc., 3.45%, <br> 5/15/51<br>| 174000 | 117996 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, <br> 3.15%, 9/15/49<br>| 211000 | 142089 |
| &nbsp;&nbsp; Alabama Power Co., 6.00%, <br> 3/01/39<br>| 28000 | 30017 |
| Allete, Inc., 5.79%, 7/09/37 | 300000 | 300000 |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.94%), 6.05%, 3/15/56<sup>(k)</sup> <br>| 130000 | 129095 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.13%), 5.80%, 3/15/56<sup>(k)</sup> <br>| 130000 | 130026 |
| &nbsp;&nbsp; Baltimore Gas and <br> Electric Co., 3.75%, <br> 8/15/47<br>| 30000 | 23036 |
| &nbsp;&nbsp; Berkshire Hathaway <br> Energy Co., 5.15%, <br> 11/15/43<sup>(j)</sup> <br>| 125000 | 119583 |
| &nbsp;&nbsp; CMS Energy Corp., (5Y <br> U.S. Treasury CMT + <br> 1.96%), 6.50%, 6/01/55<sup>(k)</sup> <br>| 330000 | 340842 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Consolidated Edison Co. of <br> New York, Inc., 4.45%, <br> 3/15/44<br>| $208000 | $180784 |
| &nbsp;&nbsp; Continuum Energy Pte. <br> Ltd., 12.85%, 9/11/27<sup>(c)(m)</sup> <br>| 227020 | 226180 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.51%), 7.00%, 6/01/54<sup>(k)</sup> <br>| 180000 | 194645 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.26%), 6.00%, 2/15/56<sup>(k)</sup> <br>| 150000 | 151617 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.01%), 6.20%, 2/15/56<sup>(k)</sup> <br>| 225000 | 225779 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp; 3.75%, 6/01/45 | 349000 | 274752 |
| &nbsp;&nbsp; 3.70%, 12/01/47 | 41000 | 31219 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp; 3.95%, 8/15/47 | 88000 | 67673 |
| &nbsp;&nbsp; 3.50%, 6/15/51 | 95000 | 65750 |
| &nbsp;&nbsp; 5.00%, 8/15/52 | 114000 | 100303 |
| &nbsp;&nbsp; 5.80%, 6/15/54 | 146000 | 144265 |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp; 2.13%, 6/01/30 | 249000 | 228233 |
| &nbsp;&nbsp; 5.55%, 3/15/54 | 29000 | 28296 |
| &nbsp;&nbsp; Duke Energy Progress LLC, <br> 2.50%, 8/15/50<br>| 415000 | 242375 |
| FirstEnergy Corp., |  |  |
| &nbsp;&nbsp; 2.65%, 3/01/30 | 84000 | 78543 |
| &nbsp;&nbsp; 4.85%, 7/15/47 | 237000 | 209678 |
| &nbsp;&nbsp; 3.40%, 3/01/50 | 579000 | 401413 |
| &nbsp;&nbsp; FirstEnergy <br> Transmission LLC,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 1/15/33 | 276000 | 275329 |
| &nbsp;&nbsp; 5.00%, 1/15/35 | 330000 | 329935 |
| &nbsp;&nbsp; 5.45%, 7/15/44<sup>(c)</sup> <br>| 79000 | 76219 |
| &nbsp;&nbsp; 4.55%, 4/01/49<sup>(c)</sup> <br>| 200000 | 170638 |
| &nbsp;&nbsp; Florida Power & Light Co., <br> 2.88%, 12/04/51<br>| 24000 | 15329 |
| &nbsp;&nbsp; Georgia Power Co., 3.70%, <br> 1/30/50<br>| 29000 | 21670 |
| &nbsp;&nbsp; MidAmerican Energy Co., <br> 3.15%, 4/15/50<br>| 51000 | 34421 |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.69%, 9/01/27 | 120000 | 121373 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.05%), 6.38%, 8/15/55<sup>(k)</sup> <br>| 307000 | 317072 |
| NRG Energy, Inc., |  |  |
| &nbsp;&nbsp; 2.45%, 12/02/27<sup>(c)</sup> <br>| 350000 | 338350 |
| &nbsp;&nbsp; 4.45%, 6/15/29<sup>(c)</sup> <br>| 185000 | 184163 |
| &nbsp;&nbsp; 7.00%, 3/15/33<sup>(c)</sup> <br>| 428000 | 471015 |
| Ohio Power Co., |  |  |
| &nbsp;&nbsp; 2.60%, 4/01/30 | 18000 | 16847 |
| &nbsp;&nbsp; 1.63%, 1/15/31 | 26000 | 22797 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Ohio Power Co., |  |  |
| &nbsp;&nbsp; 4.00%, 6/01/49 | $147000 | $113062 |
| Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp; 6.95%, 3/15/34 | 436000 | 483265 |
| &nbsp;&nbsp; 4.75%, 2/15/44 | 281000 | 238919 |
| &nbsp;&nbsp; 4.30%, 3/15/45 | 22000 | 17495 |
| &nbsp;&nbsp; 4.25%, 3/15/46 | 215000 | 167655 |
| &nbsp;&nbsp; 4.00%, 12/01/46 | 91000 | 68439 |
| &nbsp;&nbsp; 4.95%, 7/01/50 | 148000 | 125504 |
| &nbsp;&nbsp; 3.50%, 8/01/50 | 501000 | 338924 |
| &nbsp;&nbsp; 5.25%, 3/01/52 | 152000 | 132895 |
| &nbsp;&nbsp; 6.75%, 1/15/53 | 158000 | 168375 |
| &nbsp;&nbsp; 5.90%, 10/01/54 | 205000 | 197108 |
| &nbsp;&nbsp; 6.15%, 3/01/55 | 256000 | 254144 |
| &nbsp;&nbsp; 6.10%, 10/15/55 | 389000 | 383085 |
| &nbsp;&nbsp; PacifiCorp, (5Y <br> U.S. Treasury CMT + <br> 3.32%), 7.38%, 9/15/55<sup>(j)(k)</sup> <br>| 165000 | 169456 |
| PECO Energy Co., |  |  |
| &nbsp;&nbsp; 4.88%, 9/15/35 | 241000 | 241835 |
| &nbsp;&nbsp; 3.05%, 3/15/51 | 11000 | 7197 |
| PG&E Corp., |  |  |
| &nbsp;&nbsp; 5.25%, 7/01/30 | 691000 | 686813 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 3.88%), 7.38%, 3/15/55<sup>(k)</sup> <br>| 384000 | 396307 |
| &nbsp;&nbsp; Pinnacle West <br> Capital Corp., 5.15%, <br> 5/15/30<br>| 294000 | 302817 |
| &nbsp;&nbsp; Sierra Pacific Power Co., <br> (5Y U.S. Treasury CMT + <br> 2.55%), 6.20%, 12/15/55<sup>(k)</sup> <br>| 100000 | 99506 |
| Southern (The) Co., |  |  |
| &nbsp;&nbsp; 5.70%, 10/15/32 | 143000 | 151507 |
| &nbsp;&nbsp; 4.25%, 7/01/36 | 28000 | 26157 |
| &nbsp;&nbsp; Southern California <br> Edison Co.,<br>|  |  |
| &nbsp;&nbsp; 4.50%, 9/01/40 | 100000 | 87253 |
| &nbsp;&nbsp; 5.70%, 3/01/53 | 460000 | 432715 |
| &nbsp;&nbsp; Southwestern Public <br> Service Co., 3.70%, <br> 8/15/47<br>| 1150000 | 864224 |
| Tennessee Valley Authority, |  |  |
| &nbsp;&nbsp; 5.25%, 2/01/55 | 175000 | 173420 |
| &nbsp;&nbsp; 4.63%, 9/15/60 | 50000 | 44190 |
| &nbsp;&nbsp; 4.25%, 9/15/65 | 3950000 | 3246013 |
| Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp; 4.60%, 10/15/30<sup>(c)</sup> <br>| 70000 | 69777 |
| &nbsp;&nbsp; 7.75%, 10/15/31<sup>(c)</sup> <br>| 100000 | 105812 |
| &nbsp;&nbsp; 6.00%, 4/15/34<sup>(c)</sup> <br>| 366000 | 383694 |
| &nbsp;&nbsp; 5.70%, 12/30/34<sup>(c)</sup> <br>| 125000 | 128148 |
| &nbsp;&nbsp; 5.35%, 1/31/36<sup>(c)</sup> <br>| 25000 | 24866 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; WEC Energy Group, Inc., <br> (5Y U.S. Treasury CMT + <br> 1.91%), 5.63%, 5/15/56<sup>(k)</sup> <br>| $150000 | $150802 |
|  |  | **17060726** |
| **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** | **Electric, Gas Marketing & Trading – 0.1%** |
| &nbsp;&nbsp; Evergy Metro, Inc., 5.13%, <br> 8/15/35<br>| 875000 | **883667** |
| **Electrical Equipment – 0.0%**<sup>(b)</sup> | **Electrical Equipment – 0.0%**<sup>(b)</sup> | **Electrical Equipment – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; EMRLD Borrower <br> L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/30<sup>(c)</sup> <br>| 100000 | 103508 |
| &nbsp;&nbsp; Vontier Corp., 2.95%, <br> 4/01/31<sup>(j)</sup> <br>| 89000 | 81628 |
|  |  | **185136** |
| **Engineering & Construction – 0.0%**<sup>(b)</sup> | **Engineering & Construction – 0.0%**<sup>(b)</sup> | **Engineering & Construction – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; LBJ Infrastructure <br> Group LLC, 3.80%, <br> 12/31/57<sup>(c)(j)</sup> <br>| 500000 | **351919** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| &nbsp;&nbsp; Discovery <br> Communications LLC,<br>|  |  |
| &nbsp;&nbsp; 3.95%, 3/20/28 | 714000 | 701505 |
| &nbsp;&nbsp; 6.35%, 6/01/40 | 100000 | 82531 |
| Paramount Global, |  |  |
| &nbsp;&nbsp; 3.38%, 2/15/28 | 57000 | 55376 |
| &nbsp;&nbsp; 5.25%, 4/01/44 | 25000 | 18224 |
| &nbsp;&nbsp; 4.90%, 8/15/44 | 21000 | 14961 |
| &nbsp;&nbsp; Walt Disney (The) Co., <br> 3.50%, 5/13/40<br>| 100000 | 83267 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc., 3.76%, <br> 3/15/27<br>| 2066000 | 2050732 |
|  |  | **3006596** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| &nbsp;&nbsp; JBS N.V./JBS U.S.A. Foods <br> Group Holdings, Inc./JBS <br> U.S.A. Food Co. Holdings, <br> 5.50%, 1/15/36<br>| 525000 | **532838** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| &nbsp;&nbsp; AmeriGas Partners <br> L.P./AmeriGas <br> Finance Corp., 9.50%, <br> 6/01/30<sup>(c)</sup> <br>| 59000 | 63234 |
| &nbsp;&nbsp; Hope Gas Holdings LLC, <br> 6.18%, 9/01/37<br>| 300000 | 304725 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** |
| &nbsp;&nbsp; NiSource, Inc., (5Y <br> U.S. Treasury CMT + <br> 2.04%), 5.75%, 7/15/56<sup>(j)(k)</sup> <br>| $150000 | $150856 |
| &nbsp;&nbsp; Spire, Inc., (5Y U.S. Treasury <br> CMT + 2.56%), 6.25%, <br> 6/01/56<sup>(k)</sup> <br>| 200000 | 199305 |
|  |  | **718120** |
| **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** |
| &nbsp;&nbsp; Centene Corp., 2.50%, <br> 3/01/31<br>| 428000 | 370128 |
| &nbsp;&nbsp; CHS/Community Health <br> Systems, Inc., 9.75%, <br> 1/15/34<sup>(c)</sup> <br>| 100000 | 104258 |
| Cigna Group (The), |  |  |
| &nbsp;&nbsp; 2.40%, 3/15/30 | 104000 | 96783 |
| &nbsp;&nbsp; 3.20%, 3/15/40 | 135000 | 105728 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; 4.30%, 3/25/28 | 100000 | 100327 |
| &nbsp;&nbsp; 5.13%, 2/21/30 | 100000 | 102593 |
| &nbsp;&nbsp; 5.45%, 9/15/35 | 93000 | 94625 |
| &nbsp;&nbsp; 6.00%, 6/01/44 | 111000 | 111269 |
| &nbsp;&nbsp; 5.88%, 6/01/53 | 100000 | 96508 |
| &nbsp;&nbsp; 6.20%, 9/15/55 | 50000 | 50498 |
| &nbsp;&nbsp; DaVita, Inc., 4.63%, <br> 6/01/30<sup>(c)</sup> <br>| 100000 | 96222 |
| Elevance Health, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 12/01/47 | 115000 | 94875 |
| &nbsp;&nbsp; 4.55%, 5/15/52 | 63000 | 51839 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp; 5.45%, 4/01/31 | 171000 | 177781 |
| &nbsp;&nbsp; 7.50%, 11/06/33 | 15000 | 17175 |
| &nbsp;&nbsp; 5.60%, 4/01/34 | 18000 | 18695 |
| &nbsp;&nbsp; 5.45%, 9/15/34 | 65000 | 66717 |
| &nbsp;&nbsp; 5.75%, 3/01/35 | 115000 | 120262 |
| &nbsp;&nbsp; 3.50%, 7/15/51 | 108000 | 73296 |
| &nbsp;&nbsp; 6.20%, 3/01/55 | 96000 | 97717 |
| &nbsp;&nbsp; 6.10%, 4/01/64 | 79000 | 78424 |
| &nbsp;&nbsp; Highmark, Inc., 2.55%, <br> 5/10/31<sup>(c)</sup> <br>| 390000 | 347281 |
| &nbsp;&nbsp; IQVIA, Inc., 6.25%, <br> 6/01/32<sup>(c)</sup> <br>| 700000 | 727265 |
| &nbsp;&nbsp; Tenet Healthcare Corp., <br> 4.63%, 6/15/28<br>| 117000 | 116673 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp; 5.80%, 3/15/36 | 137000 | 144967 |
| &nbsp;&nbsp; 3.50%, 8/15/39 | 245000 | 202311 |
| &nbsp;&nbsp; 3.88%, 8/15/59 | 224000 | 159957 |
| &nbsp;&nbsp; Universal Health <br> Services, Inc., 2.65%, <br> 10/15/30<br>| 370000 | 337368 |
|  |  | **4161542** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Household Products – 0.0%**<sup>(b)</sup> | **Household Products – 0.0%**<sup>(b)</sup> | **Household Products – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Edgewell Personal Care Co., <br> 4.13%, 4/01/29<sup>(c)</sup> <br>| $100000 | **$95867** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| &nbsp;&nbsp; Bank of New York Mellon <br> (The) Corp., (5Y <br> U.S. Treasury CMT + <br> 2.27%), 5.95%, <br> 12/20/30<sup>(k)(l)</sup> <br>| 880000 | 894002 |
| &nbsp;&nbsp; Citadel Securities Global <br> Holdings LLC, 6.20%, <br> 6/18/35<sup>(c)</sup> <br>| 250000 | 262833 |
| &nbsp;&nbsp; Evercore, Inc., 5.47%, <br> 7/24/32<sup>(h)</sup> <br>| 800000 | 832040 |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 1.54%, <br> 9/10/27<sup>(k)</sup> <br>| 17000 | 16747 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.94%, <br> 4/23/28<sup>(k)</sup> <br>| 73000 | 73788 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 4.48%, <br> 8/23/28<sup>(k)</sup> <br>| 81000 | 81506 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.56%), 4.22%, 5/01/29<sup>(k)</sup> <br>| 373000 | 373884 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 4.52%, <br> 1/21/32<sup>(k)</sup> <br>| 304000 | 303885 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 1.99%, <br> 1/27/32<sup>(k)</sup> <br>| 597000 | 529877 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 5.07%, <br> 1/21/37<sup>(k)</sup> <br>| 101000 | 100567 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.18%), 5.39%, 2/02/41<sup>(k)</sup> <br>| 350000 | 346737 |
| &nbsp;&nbsp; GS Finance Corp., 5.95%, <br> 1/15/31<sup>(d)</sup> <br>| 840000 | 840000 |
| &nbsp;&nbsp; Intercontinental <br> Exchange, Inc., 3.63%, <br> 9/01/28<br>| 540000 | 535807 |
| &nbsp;&nbsp; Jefferies Financial <br> Group, Inc., 6.20%, <br> 4/14/34<br>| 800000 | 841328 |
| &nbsp;&nbsp; Lazard Group LLC, 5.63%, <br> 8/01/35<br>| 550000 | 563534 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 4.99%, <br> 4/12/29<sup>(k)</sup> <br>| 357000 | 363531 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, <br> 4/20/29<sup>(k)</sup> <br>| 127000 | 129791 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 4.13%, <br> 10/18/29<sup>(k)</sup> <br>| 340000 | 339741 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 5.04%, <br> 7/19/30<sup>(k)</sup> <br>| 253000 | 259200 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.23%, <br> 1/15/31<sup>(k)</sup> <br>| 413000 | 425190 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(k)</sup> <br>| 41000 | 36384 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.94%, <br> 1/21/33<sup>(k)</sup> <br>| 67000 | 61068 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(k)</sup> <br>| $137000 | $140563 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.83%, <br> 4/19/35<sup>(k)</sup> <br>| 320000 | 338481 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.80%), 5.94%, 2/07/39<sup>(k)</sup> <br>| 320000 | 334866 |
| &nbsp;&nbsp; Resurgent Trade & <br> Investment Ltd., 9.52%, <br> 12/01/27<br>| 258000 | 258000 |
| &nbsp;&nbsp; Thor FinanceCo LLC, 5.22%, <br> 10/30/30<br>| 300000 | 299142 |
| &nbsp;&nbsp; VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(c)</sup> <br>| 520000 | 544748 |
|  |  | **10127240** |
| **Insurance – 1.5%** | **Insurance – 1.5%** | **Insurance – 1.5%** |
| &nbsp;&nbsp; 200 Park Funding Trust, <br> 5.74%, 2/15/55<sup>(c)</sup> <br>| 500000 | 497622 |
| &nbsp;&nbsp; Accident Fund <br> Insurance Co. of America, <br> 8.50%, 8/01/32<sup>(c)(j)</sup> <br>| 360000 | 363455 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer, <br> 7.38%, 10/01/32<sup>(c)(j)</sup> <br>| 100000 | 103522 |
| &nbsp;&nbsp; American National Global <br> Funding, 5.25%, 6/03/30<sup>(c)</sup> <br>| 350000 | 355360 |
| &nbsp;&nbsp; American National <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/27 | 495000 | 498635 |
| &nbsp;&nbsp; 6.00%, 7/15/35 | 75000 | 75605 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 3.18%), 7.00%, <br> 12/01/55<sup>(k)</sup> <br>| 275000 | 277725 |
| &nbsp;&nbsp; Americo Life, Inc., 3.45%, <br> 4/15/31<sup>(c)</sup> <br>| 370000 | 334971 |
| AmFam Holdings, Inc., |  |  |
| &nbsp;&nbsp; 2.81%, 3/11/31<sup>(c)</sup> <br>| 390000 | 343924 |
| &nbsp;&nbsp; 3.83%, 3/11/51<sup>(c)</sup> <br>| 200000 | 135927 |
| &nbsp;&nbsp; Assured Guaranty <br> U.S. Holdings, Inc., 3.60%, <br> 9/15/51<br>| 500000 | 351684 |
| &nbsp;&nbsp; Athene Global Funding, <br> 5.03%, 7/17/30<sup>(c)</sup> <br>| 500000 | 504225 |
| &nbsp;&nbsp; Beacon Funding Trust, <br> 6.27%, 8/15/54<sup>(c)</sup> <br>| 340000 | 345587 |
| &nbsp;&nbsp; Belrose Funding Trust II, <br> 6.79%, 5/15/55<sup>(c)</sup> <br>| 320000 | 335497 |
| &nbsp;&nbsp; CNO Financial Group, Inc., <br> 6.45%, 6/15/34<br>| 320000 | 338215 |
| &nbsp;&nbsp; Corebridge Financial, Inc., <br> (5Y U.S. Treasury CMT + <br> 3.18%), 6.88%, <br> 12/01/30<sup>(k)(l)</sup> <br>| 18000 | 18701 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; Corebridge Global Funding, <br> 4.55%, 1/09/31<sup>(c)</sup> <br>| $350000 | $349232 |
| &nbsp;&nbsp; Corebridge Life <br> Holdings, Inc., 8.13%, <br> 3/15/46<sup>(c)</sup> <br>| 270000 | 321349 |
| &nbsp;&nbsp; Enstar Group Ltd., (5Y <br> U.S. Treasury CMT + <br> 3.19%), 7.50%, <br> 4/01/45<sup>(c)(k)</sup> <br>| 320000 | 333181 |
| &nbsp;&nbsp; Equitable Holdings, Inc., <br> (5Y U.S. Treasury CMT + <br> 2.39%), 6.70%, 3/28/55<sup>(j)(k)</sup> <br>| 410000 | 430550 |
| &nbsp;&nbsp; Farmers Insurance <br> Exchange, (10Y <br> U.S. Treasury CMT + <br> 3.86%), 7.00%, <br> 10/15/64<sup>(c)(k)</sup> <br>| 330000 | 336396 |
| &nbsp;&nbsp; Fortitude Group <br> Holdings LLC, 6.25%, <br> 4/01/30<sup>(c)</sup> <br>| 320000 | 331914 |
| &nbsp;&nbsp; GA Global Funding Trust, <br> 4.50%, 9/18/30<sup>(c)</sup> <br>| 150000 | 148021 |
| &nbsp;&nbsp; Global Atlantic Fin Co., (5Y <br> U.S. Treasury CMT + <br> 3.55%), 7.25%, <br> 3/01/56<sup>(c)(k)</sup> <br>| 490000 | 494018 |
| &nbsp;&nbsp; Globe Life, Inc., 5.85%, <br> 9/15/34<br>| 320000 | 336556 |
| &nbsp;&nbsp; Hanover Insurance Group <br> (The), Inc., 5.50%, 9/01/35<br>| 200000 | 202457 |
| &nbsp;&nbsp; HUB International Ltd., <br> 7.25%, 6/15/30<sup>(c)</sup> <br>| 100000 | 104335 |
| &nbsp;&nbsp; Jackson National Life <br> Global Funding, 4.70%, <br> 6/05/28<sup>(c)</sup> <br>| 1198000 | 1212714 |
| &nbsp;&nbsp; Maple Grove Funding Trust <br> I, 4.16%, 8/15/51<sup>(c)</sup> <br>| 700000 | 505654 |
| &nbsp;&nbsp; Marsh & McLennan Cos., <br> Inc., 4.55%, 11/08/27<br>| 178000 | 179950 |
| &nbsp;&nbsp; MetLife, Inc., (5Y <br> U.S. Treasury CMT + <br> 2.08%), 6.35%, 3/15/55<sup>(k)</sup> <br>| 480000 | 504126 |
| &nbsp;&nbsp; Mutual of Omaha <br> Insurance Co., (10Y <br> U.S. Treasury CMT + <br> 2.95%), 6.14%, <br> 1/16/64<sup>(c)(k)</sup> <br>| 330000 | 340594 |
| &nbsp;&nbsp; Nassau Cos. of New York <br> (The), 7.88%, 7/15/30<sup>(c)</sup> <br>| 141000 | 134396 |
| &nbsp;&nbsp; Nationwide Mutual <br> Insurance Co., 4.35%, <br> 4/30/50<sup>(c)</sup> <br>| 650000 | 508838 |
| &nbsp;&nbsp; Omnis Funding Trust, <br> 6.72%, 5/15/55<sup>(c)</sup> <br>| 400000 | 420276 |
| &nbsp;&nbsp; PartnerRe Finance B LLC, <br> (5Y U.S. Treasury CMT + <br> 3.82%), 4.50%, 10/01/50<sup>(k)</sup> <br>| 590000 | 557394 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; Penn Mutual Life Insurance <br> (The) Co., 3.80%, <br> 4/29/61<sup>(c)(j)</sup> <br>|  | $510000 | $338535 |
| &nbsp;&nbsp; Prudential Financial, Inc., <br> (5Y U.S. Treasury CMT + <br> 3.04%), 3.70%, 10/01/50<sup>(k)</sup> <br>|  | 360000 | 335990 |
| &nbsp;&nbsp; Reinsurance Group of <br> America, Inc., 5.75%, <br> 9/15/34<br>|  | 320000 | 332794 |
| &nbsp;&nbsp; Symetra Life Insurance Co., <br> 6.55%, 10/01/55<sup>(c)</sup> <br>|  | 150000 | 154851 |
| &nbsp;&nbsp; Trustage Financial <br> Group, Inc., 4.63%, <br> 4/15/32<sup>(c)</sup> <br>|  | 350000 | 340820 |
|  |  |  | **14135596** |
| **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** |
| Alphabet, Inc., |  |  |  |
| &nbsp;&nbsp; 4.10%, 11/15/30<sup>(j)</sup> <br>|  | 383000 | 383308 |
| &nbsp;&nbsp; 5.35%, 11/15/45 |  | 100000 | 98656 |
| &nbsp;&nbsp; 4.38%, 11/06/64 | EUR | 100000 | 113114 |
| &nbsp;&nbsp; 5.70%, 11/15/75 |  | 423000 | 415298 |
| &nbsp;&nbsp; Beignet Investor LLC, <br> 6.58%, 5/30/49<sup>(c)</sup> <br>|  | 960000 | 999568 |
| Meta Platforms, Inc., |  |  |  |
| &nbsp;&nbsp; 4.45%, 8/15/52 |  | 527000 | 423012 |
| &nbsp;&nbsp; 4.65%, 8/15/62 |  | 284000 | 226514 |
|  |  |  | **2659470** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| Gartner, Inc., |  |  |  |
| &nbsp;&nbsp; 4.50%, 7/01/28<sup>(c)</sup> <br>|  | 659000 | 657376 |
| &nbsp;&nbsp; 3.63%, 6/15/29<sup>(c)</sup> <br>|  | 196000 | 189249 |
| &nbsp;&nbsp; 3.75%, 10/01/30<sup>(c)</sup> <br>|  | 72000 | 68256 |
| &nbsp;&nbsp; International Business <br> Machines Corp.,<br>|  |  |  |
| &nbsp;&nbsp; 4.95%, 2/03/36 |  | 100000 | 99673 |
| &nbsp;&nbsp; 2.95%, 5/15/50 |  | 203000 | 129334 |
| &nbsp;&nbsp; 5.80%, 2/03/56 |  | 100000 | 99686 |
| &nbsp;&nbsp; QTS Thunder Managing <br> Issuer LLC, 5.42%, 8/21/32<br>|  | 1625000 | 1625000 |
|  |  |  | **2868574** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| &nbsp;&nbsp; Caesars <br> Entertainment, Inc., <br> 6.00%, 10/15/32<sup>(c)(j)</sup> <br>|  | 100000 | 97286 |
| &nbsp;&nbsp; Carnival Corp., 5.75%, <br> 8/01/32<sup>(c)</sup> <br>|  | 215000 | 220810 |
| &nbsp;&nbsp; Churchill Downs, Inc., <br> 5.75%, 4/01/30<sup>(c)</sup> <br>|  | 100000 | 100542 |
| &nbsp;&nbsp; Live Nation <br> Entertainment, Inc., <br> 4.75%, 10/15/27<sup>(c)(j)</sup> <br>|  | 100000 | 99969 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| &nbsp;&nbsp; McDonald's Corp., 5.20%, <br> 5/17/34<br>| $269000 | $278801 |
| &nbsp;&nbsp; Six Flags <br> Entertainment Corp., <br> 7.25%, 5/15/31<sup>(c)(j)</sup> <br>| 100000 | 98687 |
| &nbsp;&nbsp; Six Flags <br> Entertainment Corp./Six <br> Flags Theme <br> Parks, Inc./Canada's <br> Wonderland Co., 6.63%, <br> 5/01/32<sup>(c)(j)</sup> <br>| 900000 | 919659 |
|  |  | **1815754** |
| **Leisure Products – 0.0%**<sup>(b)</sup> | **Leisure Products – 0.0%**<sup>(b)</sup> | **Leisure Products – 0.0%**<sup>(b)</sup> |
| Polaris, Inc., |  |  |
| &nbsp;&nbsp; 6.95%, 3/15/29 | 310000 | 329587 |
| &nbsp;&nbsp; 5.60%, 3/01/31 | 100000 | 101546 |
|  |  | **431133** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; Entegris, Inc., 4.75%, <br> 4/15/29<sup>(c)</sup> <br>| 540000 | 539592 |
| Flowserve Corp., |  |  |
| &nbsp;&nbsp; 3.50%, 10/01/30 | 106000 | 101260 |
| &nbsp;&nbsp; 2.80%, 1/15/32 | 62000 | 55681 |
| &nbsp;&nbsp; John Deere Capital Corp., <br> 2.35%, 3/08/27<br>| 100000 | 98576 |
|  |  | **795109** |
| **Medical Equipment & Devices – 0.0%**<sup>(b)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(b)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Becton Dickinson & Co., <br> 5.08%, 6/07/29<br>| 68000 | 69929 |
| &nbsp;&nbsp; Medline Borrower <br> L.P./Medline <br> Co-Issuer, Inc., 6.25%, <br> 4/01/29<sup>(c)</sup> <br>| 110000 | 113532 |
|  |  | **183461** |
| **Oil & Gas Supply Chain – 3.0%** | **Oil & Gas Supply Chain – 3.0%** | **Oil & Gas Supply Chain – 3.0%** |
| Antero Resources Corp., |  |  |
| &nbsp;&nbsp; 7.63%, 2/01/29<sup>(c)</sup> <br>| 110000 | 111666 |
| &nbsp;&nbsp; 5.38%, 3/01/30<sup>(c)</sup> <br>| 862000 | 874253 |
| &nbsp;&nbsp; Boardwalk Pipelines L.P., <br> 5.63%, 8/01/34<br>| 330000 | 344328 |
| &nbsp;&nbsp; BP Capital Markets <br> America, Inc., 5.23%, <br> 11/17/34<sup>(j)</sup> <br>| 74000 | 76284 |
| &nbsp;&nbsp; BP Capital Markets PLC, <br> (5Y U.S. Treasury CMT + <br> 1.92%), 6.13%, <br> 3/18/35<sup>(j)(k)(l)</sup> <br>| 830000 | 853799 |
| &nbsp;&nbsp; Cameron LNG LLC, 3.40%, <br> 1/15/38<sup>(c)</sup> <br>| 447000 | 390359 |
| &nbsp;&nbsp; Cheniere Corpus Christi <br> Holdings LLC, 2.74%, <br> 12/31/39<br>| 521000 | 446104 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; Cheniere Energy Partners <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 3/01/31 | $134000 | $130477 |
| &nbsp;&nbsp; 3.25%, 1/31/32 | 148000 | 136588 |
| &nbsp;&nbsp; 5.95%, 6/30/33 | 320000 | 339037 |
| &nbsp;&nbsp; 5.75%, 8/15/34 | 184000 | 191795 |
| &nbsp;&nbsp; 5.55%, 10/30/35<sup>(c)</sup> <br>| 50000 | 51140 |
| &nbsp;&nbsp; Cheniere Energy, Inc., <br> 5.65%, 4/15/34<br>| 1083000 | 1122840 |
| &nbsp;&nbsp; CNX Resources Corp., <br> 7.25%, 3/01/32<sup>(c)</sup> <br>| 145000 | 151702 |
| &nbsp;&nbsp; ConocoPhillips Co., 3.80%, <br> 3/15/52<br>| 165000 | 122083 |
| Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp; 3.50%, 12/01/29 | 1017000 | 987853 |
| &nbsp;&nbsp; 3.13%, 3/24/31 | 666000 | 624020 |
| &nbsp;&nbsp; DT Midstream, Inc., 5.80%, <br> 12/15/34<sup>(c)</sup> <br>| 360000 | 373401 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp; 7.38%, 2/01/31<sup>(c)(j)</sup> <br>| 294000 | 305144 |
| &nbsp;&nbsp; 5.95%, 5/15/54 | 111000 | 105829 |
| &nbsp;&nbsp; 6.20%, 4/01/55 | 340000 | 336183 |
| &nbsp;&nbsp; Enterprise Products <br> Operating LLC, 3.20%, <br> 2/15/52<br>| 211000 | 139788 |
| EQT Corp., |  |  |
| &nbsp;&nbsp; 6.50%, 7/01/27 | 225000 | 229771 |
| &nbsp;&nbsp; 3.90%, 10/01/27 | 608000 | 605689 |
| &nbsp;&nbsp; 5.70%, 4/01/28 | 390000 | 402293 |
| &nbsp;&nbsp; 5.50%, 7/15/28 | 31000 | 31754 |
| &nbsp;&nbsp; 5.00%, 1/15/29 | 674000 | 685880 |
| &nbsp;&nbsp; 4.50%, 1/15/29 | 910000 | 913958 |
| &nbsp;&nbsp; 7.00%, 2/01/30 | 483000 | 524481 |
| &nbsp;&nbsp; 7.50%, 6/01/30 | 1157000 | 1273425 |
| &nbsp;&nbsp; 4.75%, 1/15/31 | 1781000 | 1789039 |
| &nbsp;&nbsp; 3.63%, 5/15/31<sup>(c)</sup> <br>| 1108000 | 1047640 |
| Expand Energy Corp., |  |  |
| &nbsp;&nbsp; 5.88%, 2/01/29<sup>(c)</sup> <br>| 83000 | 83004 |
| &nbsp;&nbsp; 5.38%, 2/01/29 | 377000 | 377227 |
| &nbsp;&nbsp; 6.75%, 4/15/29<sup>(c)</sup> <br>| 317000 | 318690 |
| &nbsp;&nbsp; 5.38%, 3/15/30 | 219000 | 222897 |
| &nbsp;&nbsp; 4.75%, 2/01/32 | 86000 | 85213 |
| &nbsp;&nbsp; 5.70%, 1/15/35 | 1018000 | 1052679 |
| &nbsp;&nbsp; Florida Gas <br> Transmission Co. LLC, <br> 5.75%, 7/15/35<sup>(c)</sup> <br>| 200000 | 207159 |
| &nbsp;&nbsp; Genesis Energy <br> L.P./Genesis Energy <br> Finance Corp., 8.00%, <br> 5/15/33<sup>(j)</sup> <br>| 100000 | 104366 |
| &nbsp;&nbsp; Gulfstream Natural Gas <br> System LLC, 5.60%, <br> 7/23/35<sup>(c)(j)</sup> <br>| 325000 | 332485 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| HF Sinclair Corp., |  |  |
| &nbsp;&nbsp; 5.50%, 9/01/32 | $200000 | $204508 |
| &nbsp;&nbsp; 6.25%, 1/15/35 | 330000 | 345030 |
| &nbsp;&nbsp; Kinder Morgan Energy <br> Partners L.P., 5.80%, <br> 3/15/35<br>| 320000 | 337194 |
| &nbsp;&nbsp; Kinder Morgan, Inc., 5.30%, <br> 12/01/34<br>| 215000 | 219682 |
| &nbsp;&nbsp; Midwest Connector <br> Capital Co. LLC, 4.63%, <br> 4/01/29<sup>(c)</sup> <br>| 330000 | 330280 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp; 5.40%, 9/15/35 | 525000 | 529328 |
| &nbsp;&nbsp; 4.95%, 3/14/52 | 530000 | 447075 |
| &nbsp;&nbsp; 6.20%, 9/15/55 | 325000 | 325017 |
| &nbsp;&nbsp; NGPL PipeCo LLC, 3.25%, <br> 7/15/31<sup>(c)</sup> <br>| 446000 | 410996 |
| ONEOK, Inc., |  |  |
| &nbsp;&nbsp; 5.40%, 10/15/35 | 275000 | 277346 |
| &nbsp;&nbsp; 7.15%, 1/15/51 | 300000 | 333843 |
| &nbsp;&nbsp; 6.25%, 10/15/55<sup>(j)</sup> <br>| 738000 | 741976 |
| Phillips 66 Co., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.28%), 5.88%, 3/15/56<sup>(k)</sup> <br>| 87000 | 86663 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.17%), 6.20%, <br> 3/15/56<sup>(j)(k)</sup> <br>| 50000 | 50271 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.70%, 9/15/34 | 420000 | 433119 |
| &nbsp;&nbsp; 5.60%, 1/15/36 | 375000 | 380464 |
| &nbsp;&nbsp; 4.70%, 6/15/44 | 100000 | 85699 |
| &nbsp;&nbsp; Rockies Express <br> Pipeline LLC, 6.88%, <br> 4/15/40<sup>(c)</sup> <br>| 400000 | 409490 |
| &nbsp;&nbsp; Sabine Pass <br> Liquefaction LLC,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 3/15/27 | 355000 | 357148 |
| &nbsp;&nbsp; 4.50%, 5/15/30<sup>(j)</sup> <br>| 494000 | 496553 |
| &nbsp;&nbsp; 5.90%, 9/15/37 | 236291 | 248391 |
| &nbsp;&nbsp; Sunoco L.P., 6.63%, <br> 8/15/32<sup>(c)</sup> <br>| 100000 | 103133 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp; 4.20%, 2/01/33 | 228000 | 218113 |
| &nbsp;&nbsp; 5.65%, 2/15/36 | 350000 | 359450 |
| &nbsp;&nbsp; 5.40%, 7/30/36 | 250000 | 250429 |
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp., <br> 4.88%, 2/01/31<br>| 261000 | 263435 |
| Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp; 9.50%, 2/01/29<sup>(c)(j)</sup> <br>| 510000 | 543084 |
| &nbsp;&nbsp; 9.88%, 2/01/32<sup>(c)(j)</sup> <br>| 101000 | 106787 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC, <br> 6.75%, 1/15/36<sup>(c)</sup> <br>|  | $200000 | $209652 |
| Viper Energy Partners LLC, |  |  |  |
| &nbsp;&nbsp; 4.90%, 8/01/30<sup>(j)</sup> <br>|  | 468000 | 473883 |
| &nbsp;&nbsp; 5.70%, 8/01/35 |  | 436000 | 443874 |
|  |  |  | **28524236** |
| **Publishing & Broadcasting – 0.0%**<sup>(b)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(b)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(b)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; McGraw-Hill <br> Education, Inc., 7.38%, <br> 9/01/31<sup>(c)(j)</sup> <br>|  | 100000 | 105131 |
| &nbsp;&nbsp; Nexstar Media, Inc., 4.75%, <br> 11/01/28<sup>(c)</sup> <br>|  | 104000 | 103372 |
|  |  |  | **208503** |
| **Real Estate Investment Trusts – 0.6%** | **Real Estate Investment Trusts – 0.6%** | **Real Estate Investment Trusts – 0.6%** | **Real Estate Investment Trusts – 0.6%** |
| &nbsp;&nbsp; American Tower Corp., <br> 5.35%, 3/15/35<sup>(j)</sup> <br>|  | 473000 | 484624 |
| &nbsp;&nbsp; Equinix Europe 2 <br> Financing Corp. LLC, <br> 5.50%, 6/15/34<br>|  | 27000 | 27887 |
| Equinix, Inc., |  |  |  |
| &nbsp;&nbsp; 2.50%, 5/15/31 |  | 547000 | 495715 |
| &nbsp;&nbsp; 3.90%, 4/15/32 |  | 246000 | 236721 |
| &nbsp;&nbsp; 3.40%, 2/15/52 |  | 85000 | 57891 |
| Extra Space Storage L.P., |  |  |  |
| &nbsp;&nbsp; 3.90%, 4/01/29 |  | 17000 | 16813 |
| &nbsp;&nbsp; 4.00%, 6/15/29 |  | 17000 | 16879 |
| &nbsp;&nbsp; 5.50%, 7/01/30 |  | 237000 | 246614 |
| &nbsp;&nbsp; 2.20%, 10/15/30 |  | 77000 | 69776 |
| &nbsp;&nbsp; GLP Capital L.P./GLP <br> Financing II, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 5.75%, 6/01/28 |  | 216000 | 221328 |
| &nbsp;&nbsp; 5.30%, 1/15/29 |  | 24000 | 24458 |
| &nbsp;&nbsp; 4.00%, 1/15/30 |  | 33000 | 32110 |
| &nbsp;&nbsp; 4.00%, 1/15/31 |  | 350000 | 334735 |
| &nbsp;&nbsp; 3.25%, 1/15/32 |  | 14000 | 12674 |
| &nbsp;&nbsp; 5.25%, 2/15/33 |  | 210000 | 210391 |
| &nbsp;&nbsp; 5.75%, 11/01/37 |  | 525000 | 520790 |
| &nbsp;&nbsp; Host Hotels & Resorts L.P., <br> 5.70%, 7/01/34<br>|  | 830000 | 856568 |
| Iron Mountain, Inc., |  |  |  |
| &nbsp;&nbsp; 5.25%, 7/15/30<sup>(c)</sup> <br>|  | 100000 | 99020 |
| &nbsp;&nbsp; 4.75%, 1/15/34 | EUR | 100000 | 115905 |
| &nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 7.00%, 2/15/32<br>| EUR | 100000 | 124283 |
| &nbsp;&nbsp; Safehold GL Holdings LLC, <br> 5.65%, 1/15/35<br>|  | 330000 | 339696 |
| &nbsp;&nbsp; Service Properties Trust, <br> 4.95%, 10/01/29<sup>(j)</sup> <br>|  | 100000 | 88203 |
| Store Capital LLC, |  |  |  |
| &nbsp;&nbsp; 4.63%, 3/15/29 |  | 340000 | 339218 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Store Capital LLC, |  |  |
| &nbsp;&nbsp; 2.75%, 11/18/30 | $98000 | $89269 |
| &nbsp;&nbsp; VICI Properties L.P./VICI <br> Note Co., Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.75%, 2/15/27<sup>(c)</sup> <br>| 138000 | 137212 |
| &nbsp;&nbsp; 4.50%, 1/15/28<sup>(c)</sup> <br>| 20000 | 20057 |
| &nbsp;&nbsp; 3.88%, 2/15/29<sup>(c)</sup> <br>| 615000 | 604752 |
|  |  | **5823589** |
| **Real Estate Investment Trusts – 0.0%**<sup>(b)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(b)</sup> | **Real Estate Investment Trusts – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; 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> |
| &nbsp;&nbsp; CoStar Group, Inc., 2.80%, <br> 7/15/30<sup>(c)</sup> <br>| 115000 | **105869** |
| **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** | **Renewable Energy – 0.1%** |
| &nbsp;&nbsp; MN8 Portfolio IV LLC, <br> 6.31%, 6/30/45<br>| 900000 | **905140** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Walmart, Inc., 5.25%, <br> 9/01/35<br>| 823000 | **868475** |
| **Retail - Discretionary – 0.0%**<sup>(b)</sup> | **Retail - Discretionary – 0.0%**<sup>(b)</sup> | **Retail - Discretionary – 0.0%**<sup>(b)</sup> |
| Home Depot (The), Inc., |  |  |
| &nbsp;&nbsp; 4.90%, 4/15/29<sup>(j)</sup> <br>| 99000 | 101848 |
| &nbsp;&nbsp; 4.40%, 3/15/45 | 70000 | 60962 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp; 3.35%, 4/01/27 | 107000 | 106369 |
| &nbsp;&nbsp; 3.70%, 4/15/46 | 111000 | 84611 |
|  |  | **353790** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp; 2.45%, 2/15/31 | 300000 | 274547 |
| &nbsp;&nbsp; 5.15%, 11/15/31 | 38000 | 39395 |
| &nbsp;&nbsp; 4.55%, 2/15/32 | 34000 | 33984 |
| &nbsp;&nbsp; 3.42%, 4/15/33 | 241000 | 222692 |
| &nbsp;&nbsp; 3.47%, 4/15/34 | 302000 | 274557 |
| &nbsp;&nbsp; 4.80%, 10/15/34 | 134000 | 133789 |
| &nbsp;&nbsp; 4.90%, 2/15/38 | 50000 | 48939 |
| Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp; 5.90%, 1/25/33<sup>(c)</sup> <br>| 200000 | 209770 |
| &nbsp;&nbsp; 5.88%, 1/25/34<sup>(c)</sup> <br>| 650000 | 671882 |
| &nbsp;&nbsp; 6.40%, 1/25/38<sup>(c)</sup> <br>| 200000 | 214092 |
| Intel Corp., |  |  |
| &nbsp;&nbsp; 3.15%, 5/11/27 | 82000 | 81165 |
| &nbsp;&nbsp; 2.80%, 8/12/41 | 38000 | 26851 |
| &nbsp;&nbsp; 4.95%, 3/25/60 | 100000 | 82070 |
|  |  | **2313733** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| &nbsp;&nbsp; Atlassian Corp., 5.50%, <br> 5/15/34<br>| $320000 | $326878 |
| &nbsp;&nbsp; Cloud Software Group, Inc., <br> 6.63%, 8/15/33<sup>(c)(j)</sup> <br>| 100000 | 95859 |
| Microsoft Corp., |  |  |
| &nbsp;&nbsp; 3.75%, 2/12/45 | 100000 | 81968 |
| &nbsp;&nbsp; 2.92%, 3/17/52 | 447000 | 291165 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; 2.88%, 3/25/31 | 100000 | 89837 |
| &nbsp;&nbsp; 4.80%, 9/26/32 | 175000 | 169421 |
| &nbsp;&nbsp; 4.70%, 9/27/34 | 41000 | 38055 |
| &nbsp;&nbsp; 5.20%, 9/26/35 | 450000 | 428848 |
| &nbsp;&nbsp; 5.88%, 9/26/45 | 541000 | 486407 |
| &nbsp;&nbsp; 6.00%, 8/03/55 | 226000 | 197810 |
| &nbsp;&nbsp; 5.95%, 9/26/55 | 1163000 | 1025503 |
| &nbsp;&nbsp; 4.10%, 3/25/61 | 64000 | 41078 |
| &nbsp;&nbsp; 5.50%, 9/27/64 | 144000 | 114131 |
| &nbsp;&nbsp; 6.13%, 8/03/65<sup>(j)</sup> <br>| 119000 | 103824 |
| &nbsp;&nbsp; 6.10%, 9/26/65 | 303000 | 263983 |
|  |  | **3754767** |
| **Specialty Finance – 0.8%** | **Specialty Finance – 0.8%** | **Specialty Finance – 0.8%** |
| American Express Co., |  |  |
| &nbsp;&nbsp; 3.30%, 5/03/27 | 100000 | 99452 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.24%), 4.80%, <br> 10/24/36<sup>(k)</sup> <br>| 317000 | 310750 |
| &nbsp;&nbsp; AT&T Reign II <br> Multi-Property <br> Lease-Backed <br> Pass-Through Trust, <br> 6.09%, 12/15/44<sup>(c)</sup> <br>| 418458 | 420497 |
| &nbsp;&nbsp; Capital One <br> Financial Corp.,<br>|  |  |
| &nbsp;&nbsp; 3.80%, 1/31/28 | 406000 | 404021 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 6.05%, <br> 2/01/35<sup>(k)</sup> <br>| 320000 | 336099 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, <br> 9/11/36<sup>(k)</sup> <br>| 150000 | 147911 |
| &nbsp;&nbsp; Equitable America Global <br> Funding, 4.95%, 6/09/30<sup>(c)</sup> <br>| 400000 | 406969 |
| &nbsp;&nbsp; First American <br> Financial Corp., 4.00%, <br> 5/15/30<br>| 460000 | 445119 |
| &nbsp;&nbsp; Flourishing Trade & <br> Investment Ltd., 11.04%, <br> 4/01/30<sup>(c)</sup> <br>| 449380 | 449380 |
| &nbsp;&nbsp; Freedom Mortgage <br> Holdings LLC, 6.88%, <br> 5/01/31<sup>(c)</sup> <br>| 100000 | 99237 |
| Global Payments, Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 11/15/30 | 150000 | 149965 |
| &nbsp;&nbsp; 5.20%, 11/15/32 | 275000 | 275344 |
| &nbsp;&nbsp; 5.55%, 11/15/35 | 125000 | 123952 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN <br> Co-Issuer Corp., 5.00%, <br> 8/15/28<sup>(c)</sup> <br>|  | $570000 | $552658 |
| MSCI, Inc., 5.25%, 9/01/35 |  | 175000 | 175605 |
| &nbsp;&nbsp; OneMain Finance Corp., <br> 6.13%, 5/15/30<sup>(j)</sup> <br>|  | 350000 | 356788 |
| &nbsp;&nbsp; PennyMac Financial <br> Services, Inc., 6.75%, <br> 2/15/34<sup>(c)</sup> <br>|  | 150000 | 151370 |
| &nbsp;&nbsp; Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 5.25%, 7/01/29<sup>(c)</sup> <br>|  | 320000 | 328954 |
| Rocket Cos, Inc., |  |  |  |
| &nbsp;&nbsp; 6.13%, 8/01/30<sup>(c)</sup> <br>|  | 100000 | 102381 |
| &nbsp;&nbsp; 6.38%, 8/01/33<sup>(c)(j)</sup> <br>|  | 150000 | 155619 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 <br> Payments Finance <br> Sub, Inc., 5.50%, 5/15/33<br>| EUR | 100000 | 120935 |
| &nbsp;&nbsp; Stewart Information <br> Services Corp., 3.60%, <br> 11/15/31<br>|  | 370000 | 334331 |
| Synchrony Financial, |  |  |  |
| &nbsp;&nbsp; 3.95%, 12/01/27 |  | 30000 | 29855 |
| &nbsp;&nbsp; 5.15%, 3/19/29 |  | 209000 | 212162 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.45%, <br> 3/06/31<sup>(k)</sup> <br>|  | 526000 | 536183 |
| &nbsp;&nbsp; 2.88%, 10/28/31 |  | 213000 | 190224 |
| &nbsp;&nbsp; United Wholesale <br> Mortgage LLC, 5.50%, <br> 4/15/29<sup>(c)(j)</sup> <br>|  | 570000 | 563163 |
|  |  |  | **7478924** |
| **Steel – 0.0%**<sup>(b)</sup> | **Steel – 0.0%**<sup>(b)</sup> | **Steel – 0.0%**<sup>(b)</sup> | **Steel – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., <br> 7.63%, 1/15/34<sup>(c)</sup> <br>|  | 100000 | **104733** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Apple, Inc., |  |  |  |
| &nbsp;&nbsp; 1.25%, 8/20/30 |  | 100000 | 88727 |
| &nbsp;&nbsp; 4.45%, 5/06/44<sup>(j)</sup> <br>|  | 100000 | 91366 |
| &nbsp;&nbsp; 3.85%, 8/04/46 |  | 132000 | 106692 |
| &nbsp;&nbsp; 2.65%, 2/08/51 |  | 150000 | 92574 |
| &nbsp;&nbsp; 2.55%, 8/20/60<sup>(j)</sup> <br>|  | 177000 | 97261 |
| &nbsp;&nbsp; Cisco Systems, Inc., 4.55%, <br> 2/24/28<br>|  | 253000 | 257024 |
| &nbsp;&nbsp; Dell <br> International LLC/EMC Corp., <br> 4.50%, 2/15/31<br>|  | 257000 | 256327 |
| &nbsp;&nbsp; Motorola Solutions, Inc., <br> 5.60%, 6/01/32<br>|  | 75000 | 78872 |
| &nbsp;&nbsp; TD SYNNEX Corp., 5.30%, <br> 10/10/35<br>|  | 320000 | 317170 |
|  |  |  | **1386013** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Telecommunications – 0.4%** | **Telecommunications – 0.4%** | **Telecommunications – 0.4%** |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp; 4.30%, 2/15/30<sup>(c)</sup> <br>| $105000 | $105105 |
| &nbsp;&nbsp; 5.45%, 3/01/47 | 28000 | 26394 |
| &nbsp;&nbsp; 3.50%, 9/15/53 | 111000 | 74142 |
| &nbsp;&nbsp; 6.05%, 8/15/56 | 231000 | 231194 |
| &nbsp;&nbsp; 3.80%, 12/01/57 | 97000 | 66773 |
| &nbsp;&nbsp; 3.65%, 9/15/59 | 601000 | 396565 |
| &nbsp;&nbsp; Frontier Communications <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/01/28<sup>(c)</sup> <br>| 263000 | 263009 |
| &nbsp;&nbsp; 5.88%, 11/01/29 | 174260 | 175846 |
| &nbsp;&nbsp; 6.00%, 1/15/30<sup>(c)</sup> <br>| 100000 | 100877 |
| &nbsp;&nbsp; 8.63%, 3/15/31<sup>(c)</sup> <br>| 83000 | 86776 |
| &nbsp;&nbsp; T-Mobile U.S.A., Inc., 3.40%, <br> 10/15/52<br>| 100000 | 67015 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp; 2.70%, 3/15/32 | 97000 | 87224 |
| &nbsp;&nbsp; 5.80%, 9/15/62 | 301000 | 295078 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.36%, 3/15/32 | 834000 | 735266 |
| &nbsp;&nbsp; 4.78%, 2/15/35 | 130000 | 127585 |
| &nbsp;&nbsp; 2.85%, 9/03/41 | 100000 | 71944 |
| &nbsp;&nbsp; 5.75%, 11/30/45 | 225000 | 223608 |
| &nbsp;&nbsp; 5.50%, 2/23/54<sup>(j)</sup> <br>| 144000 | 137831 |
| &nbsp;&nbsp; 5.88%, 11/30/55 | 274000 | 270469 |
| &nbsp;&nbsp; 6.00%, 11/30/65 | 244000 | 241369 |
|  |  | **3784070** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Altria Group, Inc., |  |  |
| &nbsp;&nbsp; 3.40%, 2/04/41 | 200000 | 154079 |
| &nbsp;&nbsp; 4.45%, 5/06/50 | 430000 | 343941 |
| &nbsp;&nbsp; 6.20%, 2/14/59 | 158000 | 157682 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc., 3.13%, <br> 8/17/27<br>| 178000 | 176182 |
|  |  | **831884** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| Aitx Finco LLC, |  |  |
| &nbsp;&nbsp; 5.38%, 10/23/30 | 300000 | 300000 |
| &nbsp;&nbsp; 5.67%, 10/23/32 | 400000 | 400000 |
| &nbsp;&nbsp; American <br> Airlines, Inc./Aadvantage <br> Loyalty IP Ltd., 5.75%, <br> 4/20/29<sup>(c)</sup> <br>| 100000 | 101040 |
| &nbsp;&nbsp; AS Mileage Plan IP Ltd., <br> 5.31%, 10/20/31<sup>(c)(j)</sup> <br>| 340000 | 343952 |
| &nbsp;&nbsp; Burlington Northern Santa <br> Fe LLC, 5.15%, 9/01/43<br>| 100000 | 96895 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| &nbsp;&nbsp; Delta Air Lines Pass <br> Through Trust, Series <br> 2015-1, Class AA, 3.63%, <br> 7/30/27<br>|  | $40641 | $40208 |
| FedEx Corp., |  |  |  |
| &nbsp;&nbsp; 4.10%, 2/01/45 |  | 25000 | 20104 |
| &nbsp;&nbsp; 4.75%, 11/15/45 |  | 400000 | 350411 |
| &nbsp;&nbsp; GXO Logistics, Inc., 6.25%, <br> 5/06/29<br>|  | 320000 | 337553 |
| &nbsp;&nbsp; Union Pacific Corp., 4.05%, <br> 3/01/46<br>|  | 110000 | 89631 |
| &nbsp;&nbsp; United Airlines Pass <br> Through Trust, Series <br> 2023-1, Class A, 5.80%, <br> 1/15/36<br>|  | 309614 | 323684 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> 5.25%, 5/14/35<sup>(j)</sup> <br>|  | 175000 | 181293 |
|  |  |  | **2584771** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $139,445,763) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $139,445,763) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $139,445,763) | **141474848** |
| **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(b)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(b)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(b)</sup>  | **Foreign Government Inflation-Linked Bonds** <br> **– 0.0%**<sup>(b)</sup>  |
| **Sovereign Government – 0.0%**<sup>(b)</sup> | **Sovereign Government – 0.0%**<sup>(b)</sup> | **Sovereign Government – 0.0%**<sup>(b)</sup> | **Sovereign Government – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Republic of Poland <br> Government Bond, 2.00%, <br> 8/25/36<br>| PLN | 118000 | **33090** |
| &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $31,349) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $31,349) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $31,349) | **33090** |
| **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> |
| &nbsp;&nbsp; Argentine Republic <br> Government International <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 1.00%, 7/09/29 |  | 2100 | 1848 |
| &nbsp;&nbsp;&nbsp; (Step to 4.75% on <br> 7/09/27), 4.13%, <br> 7/09/35<sup>(e)</sup> <br>|  | 33000 | 25526 |
| &nbsp;&nbsp;&nbsp; (Step to 4.88% on <br> 7/09/29), 3.50%, <br> 7/09/41<sup>(e)</sup> <br>|  | 21000 | 15183 |
| Telecom Argentina S.A., |  |  |  |
| &nbsp;&nbsp; 9.25%, 5/28/33<sup>(c)</sup> <br>|  | 2000 | 2111 |
| &nbsp;&nbsp; 8.50%, 1/20/36<sup>(c)</sup> <br>|  | 17000 | 17157 |
| &nbsp;&nbsp; Vista Energy Argentina <br> S.A.U., 7.63%, 12/10/35<sup>(c)</sup> <br>|  | 16000 | 16012 |
| YPF S.A., 9.50%, 1/17/31<sup>(c)</sup> <br>|  | 16000 | 16963 |
|  |  |  | **94800** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** | **Australia – 0.4%** |
| &nbsp;&nbsp; AusNet Services Holdings <br> Pty. Ltd.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (3M Australian BBSW + <br> 1.77%), 5.62%, 2/04/56<sup>(d)</sup> <br>| AUD | 130000 | $91199 |
| &nbsp;&nbsp;&nbsp; (3M Australian BBSW + <br> 1.77%), 6.50%, 2/04/56<sup>(k)</sup> <br>| AUD | 100000 | 70379 |
| &nbsp;&nbsp; Australia & New Zealand <br> Banking Group Ltd.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.70%), 2.57%, <br> 11/25/35<sup>(c)(k)</sup> <br>|  | $380000 | 343175 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.35%), 5.82%, <br> 6/18/36<sup>(c)(j)(k)</sup> <br>|  | 450000 | 467280 |
| &nbsp;&nbsp; Commonwealth Bank of <br> Australia, (1Y <br> U.S. Treasury CMT + <br> 1.32%), 5.93%, <br> 3/14/46<sup>(c)(k)</sup> <br>|  | 350000 | 359445 |
| Glencore Funding LLC, |  |  |  |
| &nbsp;&nbsp; 6.38%, 10/06/30<sup>(c)</sup> <br>|  | 60000 | 64690 |
| &nbsp;&nbsp; 2.63%, 9/23/31<sup>(c)</sup> <br>|  | 22000 | 19928 |
| &nbsp;&nbsp; Macquarie Bank Ltd., (1Y <br> U.S. Treasury CMT + <br> 1.45%), 5.64%, <br> 8/13/36<sup>(c)(j)(k)</sup> <br>|  | 950000 | 964209 |
| &nbsp;&nbsp; Macquarie Group Ltd., <br> (SOFR + 1.53%), 2.87%, <br> 1/14/33<sup>(c)(k)</sup> <br>|  | 290000 | 262547 |
| &nbsp;&nbsp; Mineral Resources Ltd., <br> 7.00%, 4/01/31<sup>(c)(j)</sup> <br>|  | 100000 | 105096 |
| &nbsp;&nbsp; National Australia <br> Bank Ltd., (1Y <br> U.S. Treasury CMT + <br> 1.30%), 5.90%, <br> 1/14/36<sup>(c)(k)</sup> <br>|  | 810000 | 850030 |
| &nbsp;&nbsp; Tabcorp Finance Pty. Ltd., <br> 5.99%, 5/28/31<br>| AUD | 250000 | 173114 |
| &nbsp;&nbsp; Westpac Banking Corp., <br> 3.13%, 11/18/41<sup>(j)</sup> <br>|  | 470000 | 355188 |
|  |  |  | **4126280** |
| **Barbados – 0.0%**<sup>(b)</sup> | **Barbados – 0.0%**<sup>(b)</sup> | **Barbados – 0.0%**<sup>(b)</sup> | **Barbados – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Barbados Government <br> International Bond, <br> 8.00%, 6/26/35<sup>(c)</sup> <br>|  | 15000 | **16075** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| &nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 5.00%, 6/15/34<sup>(j)</sup> <br>|  | 306000 | 314835 |
| &nbsp;&nbsp; 5.45%, 1/23/39 |  | 103000 | 106143 |
|  |  |  | **420978** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie B, 6.00%, <br> 8/15/30<br>| BRL | 242000 | $198810 |
| &nbsp;&nbsp; Embraer Netherlands <br> Finance B.V., 5.98%, <br> 2/11/35<br>|  | $16000 | 16932 |
| &nbsp;&nbsp; Raizen Fuels Finance S.A., <br> 6.45%, 3/05/34<br>|  | 307000 | 251740 |
| Samarco Mineracao S.A., |  |  |  |
| &nbsp;&nbsp;&nbsp; (100% Cash), 9.50%, <br> 6/30/31<sup>(i)(j)</sup> <br>|  | 128583 | 129087 |
| &nbsp;&nbsp; 9.50%, 6/30/31<sup>(c)(i)(j)</sup> <br>|  | 8000 | 8031 |
| &nbsp;&nbsp; Vale Overseas Ltd., 6.40%, <br> 6/28/54<br>|  | 8000 | 8226 |
|  |  |  | **612826** |
| **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** | **Canada – 0.4%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New Red <br> Finance, Inc., 3.88%, <br> 1/15/28<sup>(c)</sup> <br>|  | 100000 | 98508 |
| Air Canada, 4.63%, 8/15/29 | CAD | 480000 | 354364 |
| &nbsp;&nbsp; Ascot Group Ltd., (5Y <br> U.S. Treasury CMT + <br> 2.38%), 6.35%, <br> 6/15/35<sup>(c)(k)</sup> <br>|  | 320000 | 328834 |
| &nbsp;&nbsp; Bank of Nova Scotia (The), <br> (SOFR + 1.05%), 4.81%, <br> 2/02/34<sup>(f)(k)</sup> <br>|  | 100000 | 100107 |
| &nbsp;&nbsp; Brookfield Capital <br> Finance LLC, 6.09%, <br> 6/14/33<br>|  | 310000 | 330799 |
| Brookfield Finance, Inc., |  |  |  |
| &nbsp;&nbsp; 5.33%, 1/15/36 |  | 175000 | 175393 |
| &nbsp;&nbsp; 3.63%, 2/15/52 |  | 490000 | 346462 |
| Enbridge, Inc., |  |  |  |
| &nbsp;&nbsp; 3.70%, 7/15/27 |  | 241000 | 240011 |
| &nbsp;&nbsp; 5.63%, 4/05/34 |  | 320000 | 333215 |
| &nbsp;&nbsp; Fairfax Financial <br> Holdings Ltd., 5.75%, <br> 5/20/35<br>|  | 320000 | 333245 |
| &nbsp;&nbsp; Rogers <br> Communications, Inc., <br> 4.55%, 3/15/52<br>|  | 335000 | 270175 |
| TELUS Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.71%), 7.00%, <br> 10/15/55<sup>(j)(k)</sup> <br>|  | 150000 | 156876 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.77%), 6.63%, <br> 10/15/55<sup>(k)</sup> <br>|  | 150000 | 153410 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| &nbsp;&nbsp; Triton Container <br> International Ltd., 3.15%, <br> 6/15/31<sup>(c)</sup> <br>|  | $380000 | $347573 |
| &nbsp;&nbsp; Triton Container <br> International Ltd./TAL <br> International <br> Container Corp., 5.15%, <br> 2/15/33<br>|  | 240000 | 238901 |
|  |  |  | **3807873** |
| **Chile – 0.0%**<sup>(b)</sup> | **Chile – 0.0%**<sup>(b)</sup> | **Chile – 0.0%**<sup>(b)</sup> | **Chile – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Corp Nacional del Cobre de <br> Chile, 6.78%, 1/13/55<sup>(c)</sup> <br>|  | 300000 | 321594 |
| &nbsp;&nbsp; WOM Mobile S.A., 11.00%, <br> 4/01/31<sup>(c)(i)</sup> <br>|  | 3097 | 3092 |
|  |  |  | **324686** |
| **China – 0.0%**<sup>(b)</sup> | **China – 0.0%**<sup>(b)</sup> | **China – 0.0%**<sup>(b)</sup> | **China – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; China Government Bond, <br> 2.11%, 8/25/34<br>| CNH | 400000 | **59150** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Colombian TES, |  |  |  |
| &nbsp;&nbsp; 5.75%, 11/03/27 | COP | 847700000 | 207762 |
| &nbsp;&nbsp; 12.50%, 2/27/30 | COP | 178300000 | 47807 |
| &nbsp;&nbsp; 7.75%, 9/18/30 | COP | 939400000 | 210066 |
| &nbsp;&nbsp; 7.25%, 10/26/50 | COP | 135200000 | 22391 |
| Ecopetrol S.A., |  |  |  |
| &nbsp;&nbsp; 7.75%, 2/01/32 |  | 8000 | 8215 |
| &nbsp;&nbsp; 8.88%, 1/13/33 |  | 3000 | 3224 |
| &nbsp;&nbsp; SURA Asset Management <br> S.A., 6.35%, 5/13/32<sup>(c)(j)</sup> <br>|  | 297000 | 314716 |
|  |  |  | **814181** |
| **Czech Republic – 0.0%**<sup>(b)</sup> | **Czech Republic – 0.0%**<sup>(b)</sup> | **Czech Republic – 0.0%**<sup>(b)</sup> | **Czech Republic – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Czech Republic <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.75%, 7/23/29 | CZK | 1680000 | 79793 |
| &nbsp;&nbsp; 4.50%, 11/11/32 | CZK | 1690000 | 84431 |
| &nbsp;&nbsp; 4.20%, 12/04/36 | CZK | 530000 | 25308 |
|  |  |  | **189532** |
| **Ecuador – 0.0%**<sup>(b)</sup> | **Ecuador – 0.0%**<sup>(b)</sup> | **Ecuador – 0.0%**<sup>(b)</sup> | **Ecuador – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Ecuador Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.90%, 7/31/35 |  | 11000 | 10021 |
| &nbsp;&nbsp;&nbsp; (Step to 5.50% on <br> 7/31/26), 5.00%, <br> 7/31/40<sup>(e)</sup> <br>|  | 21000 | 17325 |
|  |  |  | **27346** |
| **Egypt – 0.0%**<sup>(b)</sup> | **Egypt – 0.0%**<sup>(b)</sup> | **Egypt – 0.0%**<sup>(b)</sup> | **Egypt – 0.0%**<sup>(b)</sup> |
| Egypt Government Bond, |  |  |  |
| &nbsp;&nbsp; 24.46%, 10/01/27 | EGP | 2060000 | 44950 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Egypt (Continued)** | **Egypt (Continued)** | **Egypt (Continued)** | **Egypt (Continued)** |
| Egypt Government Bond, |  |  |  |
| &nbsp;&nbsp; 24.44%, 8/05/28 | EGP | 500000 | $11199 |
| &nbsp;&nbsp; 23.38%, 8/26/28 | EGP | 1438000 | 31451 |
|  |  |  | **87600** |
| **Finland – 0.0%**<sup>(b)</sup> | **Finland – 0.0%**<sup>(b)</sup> | **Finland – 0.0%**<sup>(b)</sup> | **Finland – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Citycon Treasury B.V., <br> 5.38%, 7/08/31<br>| EUR | 100000 | 113265 |
| &nbsp;&nbsp; Mehilainen Yhtiot Oy, <br> 5.13%, 6/30/32<br>| EUR | 100000 | 120543 |
|  |  |  | **233808** |
| **France – 0.6%** | **France – 0.6%** | **France – 0.6%** | **France – 0.6%** |
| &nbsp;&nbsp; Atos S.E., (Step to 9.73% on <br> 12/18/26), 9.36%, <br> 12/18/29<sup>(e)</sup> <br>| EUR | 93547 | 126217 |
| BNP Paribas S.A., |  |  |  |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.39%), 2.87%, <br> 4/19/32<sup>(c)(k)</sup> <br>|  | $330000 | 301950 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 4.92%, <br> 1/15/34<sup>(c)(k)</sup> <br>|  | 250000 | 248737 |
| &nbsp;&nbsp;&nbsp; (3M Euribor + 1.05%), <br> 3.74%, 4/20/34<sup>(k)</sup> <br>| EUR | 300000 | 357509 |
| &nbsp;&nbsp; BPCE S.A., (SOFR + 1.31%), <br> 2.28%, 1/20/32<sup>(c)(k)</sup> <br>|  | 1200000 | 1068926 |
| Credit Agricole S.A., |  |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.22%, <br> 5/27/31<sup>(c)(k)</sup> <br>|  | 800000 | 821756 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 5.26%, <br> 1/12/37<sup>(c)(k)</sup> <br>|  | 250000 | 249909 |
| &nbsp;&nbsp; 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 | 118817 |
| &nbsp;&nbsp; Goldstory SAS, 6.75%, <br> 2/01/30<sup>(j)</sup> <br>| EUR | 100000 | 116855 |
| IPD 3 B.V., 5.50%, 6/15/31 | EUR | 100000 | 118369 |
| &nbsp;&nbsp; Kapla Holding SAS, 5.00%, <br> 4/30/31<br>| EUR | 100000 | 120493 |
| Loxam SAS, 4.25%, 2/15/31 | EUR | 100000 | 119328 |
| &nbsp;&nbsp; New Immo Holding S.A., <br> 4.95%, 11/14/30<br>| EUR | 100000 | 120639 |
| &nbsp;&nbsp; Paprec Holding S.A., 4.13%, <br> 7/15/30<sup>(j)</sup> <br>| EUR | 100000 | 119526 |
| &nbsp;&nbsp; RCI Banque S.A., (Euribor <br> ICE Swap Rate 5Y + <br> 2.20%), 4.75%, 3/24/37<sup>(k)</sup> <br>| EUR | 100000 | 121769 |
| &nbsp;&nbsp; Renault S.A., 3.88%, <br> 9/30/30<br>| EUR | 100000 | 119932 |
| Societe Generale S.A., |  |  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.50%), 5.52%, <br> 1/19/28<sup>(c)(k)</sup> <br>|  | 400000 | 405134 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.60%), 5.40%, <br> 4/10/37<sup>(c)(k)</sup> <br>|  | 250000 | 248810 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **France (Continued)** | **France (Continued)** | **France (Continued)** | **France (Continued)** |
| &nbsp;&nbsp; Sodexo, Inc., 5.80%, <br> 8/15/35<sup>(c)</sup> <br>|  | $800000 | $832543 |
| &nbsp;&nbsp; Worldline S.A., 0.88%, <br> 6/30/27<br>| EUR | 100000 | 109010 |
|  |  |  | **5846229** |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| &nbsp;&nbsp; Allianz S.E., (5Y <br> U.S. Treasury CMT + <br> 2.17%), 3.20%, <br> 10/30/27<sup>(c)(k)(l)</sup> <br>|  | 800000 | 762490 |
| &nbsp;&nbsp; Alstria Office A.G., 5.50%, <br> 3/20/31<br>| EUR | 100000 | 121952 |
| &nbsp;&nbsp; APCOA GmbH, 6.00%, <br> 4/15/31<br>| EUR | 100000 | 120576 |
| &nbsp;&nbsp; Aroundtown Finance <br> S.a.r.l., (Euribor ICE Swap <br> Rate 5Y + 3.43%), 5.25%, <br> 4/30/31<sup>(k)(l)</sup> <br>| EUR | 100000 | 117474 |
| &nbsp;&nbsp; Gruenenthal GmbH, 4.63%, <br> 11/15/31<br>| EUR | 100000 | 120250 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen, (5Y <br> U.S. Treasury CMT + <br> 3.98%), 5.88%, <br> 5/23/42<sup>(c)(k)</sup> <br>|  | 400000 | 418117 |
| &nbsp;&nbsp; Nidda Healthcare Holding <br> GmbH, (3M Euribor + <br> 3.25%), 5.28%, 10/15/32<sup>(d)</sup> <br>| EUR | 100000 | 119275 |
| &nbsp;&nbsp; Progroup A.G., 5.38%, <br> 4/15/31<br>| EUR | 100000 | 121574 |
| &nbsp;&nbsp; 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 | 125599 |
| &nbsp;&nbsp; ZF Europe Finance B.V., <br> 7.00%, 6/12/30<br>| EUR | 200000 | 253451 |
|  |  |  | **2280758** |
| **Ghana – 0.0%**<sup>(b)</sup> | **Ghana – 0.0%**<sup>(b)</sup> | **Ghana – 0.0%**<sup>(b)</sup> | **Ghana – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Ghana Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/35<sup>(e)</sup> <br>|  | 10000 | 9155 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/35<sup>(c)(e)</sup> <br>|  | 16000 | 14588 |
|  |  |  | **23743** |
| **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> |
| &nbsp;&nbsp; Link Finance Cayman 2009 <br> (The) Ltd., 4.88%, 2/02/36<br>|  | 200000 | 199012 |
| &nbsp;&nbsp; Melco Resorts Finance Ltd., <br> 5.75%, 7/21/28<br>|  | 200000 | 199980 |
|  |  |  | **398992** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Hungary – 0.0%**<sup>(b)</sup> | **Hungary – 0.0%**<sup>(b)</sup> | **Hungary – 0.0%**<sup>(b)</sup> | **Hungary – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Hungary Government <br> Bond, 7.00%, 10/24/35<br>| HUF | 18440000 | $59135 |
| &nbsp;&nbsp; Hungary Government <br> International Bond, <br> 4.00%, 7/25/29<br>| EUR | 12000 | 14673 |
| &nbsp;&nbsp; MVM Energetika Zrt., <br> 6.50%, 3/13/31<br>|  | $298000 | 315531 |
|  |  |  | **389339** |
| **India – 0.3%** | **India – 0.3%** | **India – 0.3%** | **India – 0.3%** |
| &nbsp;&nbsp; Biocon Biologics Global <br> PLC, 6.67%, 10/09/29<sup>(j)</sup> <br>|  | 200000 | 203071 |
| &nbsp;&nbsp; Continuum Green Energy <br> India Pvt./Co-Issuers, <br> 7.50%, 6/26/33<br>|  | 376300 | 394132 |
| &nbsp;&nbsp; India Clean Energy <br> Holdings, 4.50%, 4/18/27<br>|  | 400000 | 392614 |
| &nbsp;&nbsp; India Green Power <br> Holdings, 4.00%, 2/22/27<br>|  | 216650 | 212631 |
| &nbsp;&nbsp; IRB Infrastructure <br> Developers Ltd., 7.11%, <br> 3/11/32<br>|  | 400000 | 417735 |
| &nbsp;&nbsp; Muthoot Finance Ltd., <br> 5.75%, 8/04/30<br>|  | 200000 | 199835 |
| &nbsp;&nbsp; ReNew Pvt. Ltd., 5.88%, <br> 3/05/27<br>|  | 400000 | 398938 |
| &nbsp;&nbsp; Vedanta Resources <br> Finance II PLC, 10.88%, <br> 9/17/29<br>|  | 200000 | 214251 |
|  |  |  | **2433207** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| &nbsp;&nbsp; Indonesia Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.85%, 2/14/30 |  | 400000 | 378317 |
| &nbsp;&nbsp; 3.05%, 3/12/51 |  | 222000 | 142979 |
| Indonesia Treasury Bond, |  |  |  |
| &nbsp;&nbsp; 7.00%, 5/15/27 | IDR | 1749000000 | 106732 |
| &nbsp;&nbsp; 8.25%, 6/15/32 | IDR | 47000000 | 3124 |
| &nbsp;&nbsp; 7.00%, 2/15/33 | IDR | 359000000 | 22158 |
| &nbsp;&nbsp; 6.63%, 5/15/33 | IDR | 241000000 | 14582 |
| &nbsp;&nbsp; 6.75%, 7/15/35 | IDR | 278000000 | 17010 |
| &nbsp;&nbsp; Medco Laurel Tree Pte. Ltd., <br> 6.95%, 11/12/28<br>|  | 200000 | 201152 |
| &nbsp;&nbsp; Minejesa Capital B.V., <br> 5.63%, 8/10/37<br>|  | 200000 | 197540 |
|  |  |  | **1083594** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| &nbsp;&nbsp; Flutter Treasury DAC, <br> 6.38%, 4/29/29<sup>(c)</sup> <br>|  | 320000 | 329902 |
| &nbsp;&nbsp; ION Platform Finance <br> S.a.r.l., 6.50%, 9/30/30<br>| EUR | 100000 | 109026 |
|  |  |  | **438928** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Israel – 0.0%**<sup>(b)</sup> | **Israel – 0.0%**<sup>(b)</sup> | **Israel – 0.0%**<sup>(b)</sup> | **Israel – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Energean Israel <br> Finance Ltd., 8.50%, <br> 9/30/33<sup>(c)</sup> <br>|  | $16094 | **$17243** |
| **Italy – 0.0%**<sup>(b)</sup> | **Italy – 0.0%**<sup>(b)</sup> | **Italy – 0.0%**<sup>(b)</sup> | **Italy – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Dolcetto Holdco S.p.A., <br> 5.63%, 7/14/32<br>| EUR | 100000 | 120845 |
| &nbsp;&nbsp; Duomo Bidco S.p.A., (3M <br> Euribor + 3.25%), 5.31%, <br> 1/15/32<sup>(d)</sup> <br>| EUR | 100000 | 119045 |
| &nbsp;&nbsp; Multiversity S.p.A., 7.13%, <br> 5/17/31<br>| EUR | 100000 | 125060 |
|  |  |  | **364950** |
| **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** |
| &nbsp;&nbsp; Dai-ichi Life Insurance <br> (The) Co. Ltd., (5Y <br> U.S. Treasury CMT + <br> 2.52%), 6.20%, <br> 1/16/35<sup>(c)(k)(l)</sup> <br>|  | 330000 | 342390 |
| &nbsp;&nbsp; Japan Government Thirty <br> Year Bond,<br>|  |  |  |
| &nbsp;&nbsp; 1.40%, 9/20/52 | JPY | 13000000 | 52347 |
| &nbsp;&nbsp; 2.30%, 12/20/54 | JPY | 136250000 | 677124 |
| &nbsp;&nbsp; 2.40%, 3/20/55 | JPY | 84100000 | 427561 |
| &nbsp;&nbsp; 3.20%, 9/20/55 | JPY | 15400000 | 92694 |
| &nbsp;&nbsp; Meiji Yasuda Life <br> Insurance Co., (5Y <br> U.S. Treasury CMT + <br> 2.91%), 6.10%, <br> 6/11/55<sup>(c)(k)</sup> <br>|  | 550000 | 566129 |
| &nbsp;&nbsp; Nippon Life Insurance Co., <br> (5Y U.S. Treasury CMT + <br> 2.65%), 2.75%, <br> 1/21/51<sup>(c)(k)</sup> <br>|  | 1190000 | 1072049 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd., <br> 6.38%, 7/17/33<br>| EUR | 100000 | 123038 |
| &nbsp;&nbsp; NTT Finance Corp., 5.50%, <br> 7/16/35<sup>(c)</sup> <br>|  | 200000 | 206603 |
| &nbsp;&nbsp; Rakuten Group, Inc., 9.75%, <br> 4/15/29<br>|  | 400000 | 448142 |
| &nbsp;&nbsp; SoftBank Corp., 5.33%, <br> 7/09/35<sup>(c)(j)</sup> <br>|  | 350000 | 350534 |
| &nbsp;&nbsp; SoftBank Group Corp., <br> 5.25%, 10/10/29<br>| EUR | 100000 | 120988 |
| &nbsp;&nbsp; Sumitomo Life <br> Insurance Co.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.65%), 5.88%, <br> 9/10/55<sup>(c)(k)</sup> <br>|  | 200000 | 201182 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.75%), 3.38%, <br> 4/15/81<sup>(c)(j)(k)</sup> <br>|  | 360000 | 335405 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group, Inc., (SOFR + <br> 1.36%), 5.57%, 1/15/47<sup>(k)</sup> <br>|  | 200000 | 199830 |
|  |  |  | **5216016** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Lebanon – 0.0%**<sup>(b)</sup> | **Lebanon – 0.0%**<sup>(b)</sup> | **Lebanon – 0.0%**<sup>(b)</sup> | **Lebanon – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Lebanon Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.25%, 11/04/24<sup>(n)</sup> <br>|  | $18000 | $5266 |
| &nbsp;&nbsp; 6.85%, 3/23/27<sup>(n)</sup> <br>|  | 31000 | 9098 |
| &nbsp;&nbsp; 6.65%, 11/03/28<sup>(n)</sup> <br>|  | 32000 | 9493 |
|  |  |  | **23857** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp; Adler Financing S.a.r.l., <br> 8.25%, 12/31/28<sup>(i)</sup> <br>| EUR | 78532 | 103198 |
| &nbsp;&nbsp; Essendi S.A., 5.63%, <br> 5/15/32<br>| EUR | 100000 | 122208 |
| &nbsp;&nbsp; Terminal Invest Ltd., 5.63%, <br> 7/09/32<br>|  | 600000 | 626824 |
| Vivion Investments S.a.r.l., |  |  |  |
| &nbsp;&nbsp; 6.50%, 2/28/29<sup>(i)</sup> <br>| EUR | 100000 | 119059 |
| &nbsp;&nbsp; 5.63%, 6/08/30 | EUR | 100000 | 117040 |
| &nbsp;&nbsp;&nbsp; (Euribor ICE Swap Rate 5Y <br> + 6.16%), 8.13%, <br> 3/08/31<sup>(k)(l)</sup> <br>| EUR | 100000 | 112104 |
|  |  |  | **1200433** |
| **Macau – 0.0%**<sup>(b)</sup> | **Macau – 0.0%**<sup>(b)</sup> | **Macau – 0.0%**<sup>(b)</sup> | **Macau – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; SJM International Ltd., <br> 6.50%, 1/15/31<sup>(j)</sup> <br>|  | 200000 | 198810 |
| &nbsp;&nbsp; Wynn Macau Ltd., 5.63%, <br> 8/26/28<br>|  | 200000 | 199590 |
|  |  |  | **398400** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| &nbsp;&nbsp; Becle S.A.B. de C.V., 2.50%, <br> 10/14/31<sup>(c)</sup> <br>|  | 400000 | 347105 |
| &nbsp;&nbsp; Eagle Funding Luxco <br> S.a.r.l., 5.50%, 8/17/30<sup>(c)</sup> <br>|  | 450000 | 457119 |
| Mexican Bonos, |  |  |  |
| &nbsp;&nbsp; 8.50%, 3/01/29 | MXN | 2230800 | 129797 |
| &nbsp;&nbsp; 8.50%, 5/31/29 | MXN | 52700 | 3065 |
| &nbsp;&nbsp; 7.50%, 5/26/33 | MXN | 4987600 | 269693 |
| &nbsp;&nbsp; 8.00%, 2/21/36 | MXN | 750000 | 40540 |
| &nbsp;&nbsp; Mexico Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.66%, 5/24/31 |  | 568000 | 503305 |
| &nbsp;&nbsp; 5.38%, 5/16/40 | EUR | 100000 | 118075 |
| &nbsp;&nbsp; 4.50%, 1/31/50 |  | 420000 | 316176 |
| Petroleos Mexicanos, |  |  |  |
| &nbsp;&nbsp; 6.84%, 1/23/30 |  | 54000 | 55390 |
| &nbsp;&nbsp; 5.95%, 1/28/31 |  | 66000 | 64384 |
| &nbsp;&nbsp; 6.70%, 2/16/32 |  | 10000 | 9984 |
| &nbsp;&nbsp; 6.38%, 1/23/45 |  | 42000 | 34162 |
| &nbsp;&nbsp; Trust 2401, 7.70%, <br> 1/23/32<sup>(c)</sup> <br>|  | 293000 | 321670 |
|  |  |  | **2670465** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| Sunrise FinCo I B.V., |  |  |  |
| &nbsp;&nbsp; 4.88%, 7/15/31<sup>(c)</sup> <br>|  | $590000 | $565114 |
| &nbsp;&nbsp; 4.63%, 5/15/32 | EUR | 100000 | 120154 |
| &nbsp;&nbsp; VZ Secured Financing B.V., <br> 5.25%, 1/15/33<br>| EUR | 100000 | 115219 |
|  |  |  | **800487** |
| **Panama – 0.0%**<sup>(b)</sup> | **Panama – 0.0%**<sup>(b)</sup> | **Panama – 0.0%**<sup>(b)</sup> | **Panama – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Panama Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.88%, 3/17/28 |  | 200000 | 196260 |
| &nbsp;&nbsp; 4.50%, 4/01/56 |  | 247000 | 181422 |
|  |  |  | **377682** |
| **Peru – 0.0%**<sup>(b)</sup> | **Peru – 0.0%**<sup>(b)</sup> | **Peru – 0.0%**<sup>(b)</sup> | **Peru – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Peruvian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 7.60%, 8/12/39<sup>(c)</sup> <br>| PEN | 57000 | 18638 |
| &nbsp;&nbsp; 7.60%, 8/12/39 | PEN | 147000 | 48065 |
| &nbsp;&nbsp; 3.55%, 3/10/51 |  | 180000 | 124524 |
|  |  |  | **191227** |
| **Philippines – 0.2%** | **Philippines – 0.2%** | **Philippines – 0.2%** | **Philippines – 0.2%** |
| &nbsp;&nbsp; Philippine Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.25%, 2/28/29 | PHP | 3155000 | 55030 |
| &nbsp;&nbsp; 6.38%, 7/27/30 | PHP | 4420000 | 77344 |
| &nbsp;&nbsp; 6.00%, 8/20/30 | PHP | 28710000 | 496371 |
| &nbsp;&nbsp; 6.38%, 4/28/35 | PHP | 11080000 | 194627 |
| &nbsp;&nbsp; Philippine Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.00%, 2/01/28<sup>(j)</sup> <br>|  | 200000 | 196253 |
| &nbsp;&nbsp; 3.20%, 7/06/46 |  | 267000 | 188765 |
| &nbsp;&nbsp; San Miguel Global Power <br> Holdings Corp., (5Y <br> U.S. Treasury CMT + <br> 7.12%), 8.38%, <br> 10/20/30<sup>(k)(l)</sup> <br>|  | 200000 | 203155 |
|  |  |  | **1411545** |
| **Poland – 0.1%** | **Poland – 0.1%** | **Poland – 0.1%** | **Poland – 0.1%** |
| &nbsp;&nbsp; Republic of Poland <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 5.75%, 4/25/29 | PLN | 442000 | 131338 |
| &nbsp;&nbsp; 4.75%, 7/25/29 | PLN | 247000 | 71317 |
| &nbsp;&nbsp; 5.00%, 1/25/30 | PLN | 230000 | 66877 |
| &nbsp;&nbsp; 5.00%, 10/25/34 | PLN | 283000 | 79881 |
| &nbsp;&nbsp; 5.00%, 10/25/35 | PLN | 492000 | 137901 |
|  |  |  | **487314** |
| **Romania – 0.0%**<sup>(b)</sup> | **Romania – 0.0%**<sup>(b)</sup> | **Romania – 0.0%**<sup>(b)</sup> | **Romania – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Romanian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 5.25%, 5/30/32 | EUR | 15000 | 18581 |
| &nbsp;&nbsp; 5.38%, 6/07/33<sup>(c)</sup> <br>| EUR | 4000 | 4902 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** | **Romania (Continued)** |
| &nbsp;&nbsp; Romanian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.13%, 10/07/37<sup>(c)</sup> <br>| EUR | 4000 | $4938 |
| &nbsp;&nbsp; 6.50%, 10/07/45<sup>(c)</sup> <br>| EUR | 3000 | 3715 |
|  |  |  | **32136** |
| **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** | **Saudi Arabia – 0.1%** |
| &nbsp;&nbsp; Avilease Capital Ltd., <br> 4.75%, 11/12/30<sup>(c)</sup> <br>|  | $200000 | 198578 |
| &nbsp;&nbsp; Greensaif Pipelines Bidco <br> S.a.r.l., 6.10%, 8/23/42<sup>(c)</sup> <br>|  | 500000 | 516654 |
|  |  |  | **715232** |
| **Singapore – 0.1%** | **Singapore – 0.1%** | **Singapore – 0.1%** | **Singapore – 0.1%** |
| &nbsp;&nbsp; GLP Pte. Ltd., 9.75%, <br> 5/20/28<br>|  | 200000 | 204534 |
| &nbsp;&nbsp; Puma International <br> Financing S.A., 7.75%, <br> 4/25/29<br>|  | 200000 | 207172 |
| &nbsp;&nbsp; United Overseas Bank Ltd., <br> (7Y SGD Swap Rate + <br> 0.94%), 3.00%, 1/21/33<sup>(k)(l)</sup> <br>| SGD | 250000 | 197032 |
|  |  |  | **608738** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| &nbsp;&nbsp; Republic of South Africa <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 8.00%, 1/31/30 | ZAR | 4763515 | 302664 |
| &nbsp;&nbsp; 7.00%, 2/28/31 | ZAR | 6086829 | 370255 |
| &nbsp;&nbsp; 8.50%, 1/31/37 | ZAR | 3791671 | 235722 |
| &nbsp;&nbsp; Republic of South Africa <br> Government International <br> Bond, 7.10%, 11/19/36<br>|  | 200000 | 212297 |
|  |  |  | **1120938** |
| **Spain – 0.0%**<sup>(b)</sup> | **Spain – 0.0%**<sup>(b)</sup> | **Spain – 0.0%**<sup>(b)</sup> | **Spain – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Cellnex Finance Co. S.A., <br> 3.88%, 1/19/36<br>| EUR | 100000 | 117280 |
| Grifols S.A., 7.50%, 5/01/30 | EUR | 100000 | 124412 |
| &nbsp;&nbsp; Telefonica Emisiones S.A., <br> (Euribor ICE Swap Rate 5Y <br> + 1.84%), 4.38%, <br> 1/19/31<sup>(k)(l)</sup> <br>| EUR | 100000 | 118788 |
|  |  |  | **360480** |
| **Sri Lanka – 0.0%**<sup>(b)</sup> | **Sri Lanka – 0.0%**<sup>(b)</sup> | **Sri Lanka – 0.0%**<sup>(b)</sup> | **Sri Lanka – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Sri Lanka Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.00%, 4/15/28 |  | 2920 | 2844 |
| &nbsp;&nbsp;&nbsp; (Step to 5.10% on <br> 12/15/27), 3.60%, <br> 6/15/35<sup>(e)</sup> <br>|  | 12000 | 9840 |
|  |  |  | **12684** |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)(j)</sup> <br>|  | $320000 | $329331 |
| &nbsp;&nbsp; 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 | 125691 |
|  |  |  | **455022** |
| **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** |
| &nbsp;&nbsp; Allwyn Entertainment <br> Financing UK PLC, 4.13%, <br> 2/15/31<br>| EUR | 100000 | 117422 |
| &nbsp;&nbsp; Argentum Netherlands B.V. <br> for Swiss Re Ltd., (3M <br> USD LIBOR + 3.78%), <br> 5.63%, 8/15/52<sup>(k)</sup> <br>|  | 330000 | 334239 |
|  |  |  | **451661** |
| **Thailand – 0.1%** | **Thailand – 0.1%** | **Thailand – 0.1%** | **Thailand – 0.1%** |
| &nbsp;&nbsp; Thailand Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.50%, 11/17/29 | THB | 8327000 | 276083 |
| &nbsp;&nbsp; 2.41%, 3/17/35 | THB | 2542000 | 84087 |
| &nbsp;&nbsp; 2.98%, 6/17/45 | THB | 2300000 | 75164 |
| &nbsp;&nbsp; 4.00%, 6/17/55 | THB | 59000 | 2277 |
|  |  |  | **437611** |
| **Turkey – 0.0%**<sup>(b)</sup> | **Turkey – 0.0%**<sup>(b)</sup> | **Turkey – 0.0%**<sup>(b)</sup> | **Turkey – 0.0%**<sup>(b)</sup> |
| Turkiye Government Bond, |  |  |  |
| &nbsp;&nbsp; 31.08%, 11/08/28 | TRY | 638109 | 14688 |
| &nbsp;&nbsp; 30.00%, 9/12/29 | TRY | 732830 | 16637 |
| &nbsp;&nbsp; 26.20%, 10/05/33 | TRY | 760000 | 16425 |
|  |  |  | **47750** |
| **Ukraine – 0.0%**<sup>(b)</sup> | **Ukraine – 0.0%**<sup>(b)</sup> | **Ukraine – 0.0%**<sup>(b)</sup> | **Ukraine – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Ukraine Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/29<sup>(c)(e)</sup> <br>|  | 15000 | 11641 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/29<sup>(e)</sup> <br>|  | 13000 | 10089 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 28.48%, <br> 2/01/30<sup>(c)(e)</sup> <br>|  | 1000 | 634 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 21.67%, <br> 2/01/35<sup>(c)(e)</sup> <br>|  | 2000 | 1131 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/36<sup>(e)</sup> <br>|  | 14000 | 8515 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Ukraine (Continued)** | **Ukraine (Continued)** | **Ukraine (Continued)** | **Ukraine (Continued)** |
| &nbsp;&nbsp; Ukraine Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 21.31%, <br> 2/01/36<sup>(e)</sup> <br>|  | $18000 | $10133 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/36<sup>(c)(e)</sup> <br>|  | 2000 | 1217 |
|  |  |  | **43360** |
| **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> |
| &nbsp;&nbsp; DAE Funding LLC, 4.95%, <br> 1/15/33<sup>(c)(j)</sup> <br>|  | 240000 | 236858 |
| &nbsp;&nbsp; DP World Ltd., 6.85%, <br> 7/02/37<br>|  | 100000 | 111148 |
|  |  |  | **348006** |
| **United Kingdom – 0.7%** | **United Kingdom – 0.7%** | **United Kingdom – 0.7%** | **United Kingdom – 0.7%** |
| &nbsp;&nbsp; Albion Financing 1 <br> S.a.r.l./Aggreko <br> Holdings, Inc., 5.38%, <br> 5/21/30<sup>(j)</sup> <br>| EUR | 100000 | 122562 |
| &nbsp;&nbsp; Avianca Midco 2 PLC, <br> 9.00%, 12/01/28<sup>(c)</sup> <br>|  | 13018 | 13262 |
| BAT Capital Corp., |  |  |  |
| &nbsp;&nbsp; 7.08%, 8/02/43 |  | 270000 | 303103 |
| &nbsp;&nbsp; 4.54%, 8/15/47 |  | 35000 | 29068 |
| &nbsp;&nbsp; 4.76%, 9/06/49 |  | 87000 | 73631 |
| &nbsp;&nbsp; 5.65%, 3/16/52 |  | 102000 | 96607 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC, <br> 8.00%, 7/01/31<sup>(j)</sup> <br>| EUR | 100000 | 112453 |
| &nbsp;&nbsp; Brightstar Lottery <br> PLC/Brightstar Global <br> Solutions Corp., 5.75%, <br> 1/15/33<sup>(c)</sup> <br>|  | 200000 | 198824 |
| &nbsp;&nbsp; CD&R Firefly Bidco PLC, <br> 8.63%, 4/30/29<br>| GBP | 100000 | 143617 |
| &nbsp;&nbsp; ContourGlobal Power <br> Holdings S.A., 5.00%, <br> 2/28/30<br>| EUR | 100000 | 122074 |
| &nbsp;&nbsp; Deuce Finco PLC, 7.00%, <br> 11/20/31<br>| GBP | 100000 | 139108 |
| &nbsp;&nbsp; Edge Finco PLC, 8.13%, <br> 8/15/31<br>| GBP | 100000 | 146458 |
| &nbsp;&nbsp; Fidelis Insurance <br> Holdings Ltd., (5Y <br> U.S. Treasury CMT + <br> 4.28%), 7.75%, 6/15/55<sup>(k)</sup> <br>|  | 325000 | 351242 |
| &nbsp;&nbsp; Froneri Lux FinCo S.A.R.L., <br> 4.75%, 8/01/32<br>| EUR | 100000 | 119632 |
| &nbsp;&nbsp; Garfunkelux Holdco 3 S.A., <br> 9.00%, 9/01/28<br>| EUR | 8753 | 10190 |
| &nbsp;&nbsp; Heathrow Finance PLC, <br> 6.63%, 3/01/31<br>| GBP | 100000 | 139774 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| HSBC Holdings PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 5.13%, <br> 11/19/28<sup>(k)</sup> <br>|  | $537000 | $546722 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.13%, <br> 3/03/31<sup>(k)</sup> <br>|  | 320000 | 327977 |
| &nbsp;&nbsp; Insured Lending 1 Ltd., <br> 6.50%, 2/04/32<sup>(c)</sup> <br>| EUR | 350000 | 415553 |
| &nbsp;&nbsp; Ithaca Energy North Sea <br> PLC, 5.50%, 10/01/31<br>| EUR | 100000 | 119880 |
| &nbsp;&nbsp; Nationwide Building <br> Society, (SOFR + 1.65%), <br> 5.54%, 7/14/36<sup>(c)(k)</sup> <br>|  | 200000 | 205737 |
| &nbsp;&nbsp; NatWest Group PLC, (1Y <br> U.S. Treasury CMT + <br> 1.05%), 5.12%, 5/23/31<sup>(k)</sup> <br>|  | 800000 | 820658 |
| &nbsp;&nbsp; OEG Finance PLC, 7.25%, <br> 9/27/29<br>| EUR | 100000 | 124212 |
| &nbsp;&nbsp; Reynolds American, Inc., <br> 8.13%, 5/01/40<br>|  | 205000 | 242787 |
| &nbsp;&nbsp; Santander UK Group <br> Holdings PLC, (SOFR <br> Index + 1.58%), 5.14%, <br> 9/22/36<sup>(k)</sup> <br>|  | 200000 | 198367 |
| Standard Chartered PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.15%), 5.01%, <br> 10/15/30<sup>(c)(k)</sup> <br>|  | 596000 | 608475 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 3.85%), 4.64%, <br> 4/01/31<sup>(c)(k)</sup> <br>|  | 214000 | 215635 |
| &nbsp;&nbsp; Vmed O2 UK Financing I <br> PLC, 5.63%, 4/15/32<br>| EUR | 100000 | 117197 |
| &nbsp;&nbsp; WPP Finance 2013, 3.63%, <br> 6/09/31<br>| EUR | 300000 | 352095 |
|  |  |  | **6416900** |
| **Uruguay – 0.0%**<sup>(b)</sup> | **Uruguay – 0.0%**<sup>(b)</sup> | **Uruguay – 0.0%**<sup>(b)</sup> | **Uruguay – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Uruguay Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 8.00%, 10/29/35 | UYU | 720000 | 19437 |
| &nbsp;&nbsp; 5.10%, 6/18/50 |  | 267641 | 249214 |
|  |  |  | **268651** |
| **Venezuela – 0.0%**<sup>(b)</sup> | **Venezuela – 0.0%**<sup>(b)</sup> | **Venezuela – 0.0%**<sup>(b)</sup> | **Venezuela – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Petroleos de Venezuela <br> S.A., 9.75%, 5/17/35<sup>(n)</sup> <br>|  | 20000 | 7400 |
| &nbsp;&nbsp; Venezuela Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 9.25%, 9/15/27<sup>(n)</sup> <br>|  | 10000 | 4276 |
| &nbsp;&nbsp; 11.95%, 8/05/31<sup>(n)</sup> <br>|  | 33000 | 14441 |
|  |  |  | **26117** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Vietnam – 0.0%**<sup>(b)</sup> | **Vietnam – 0.0%**<sup>(b)</sup> | **Vietnam – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Mong Duong Finance <br> Holdings B.V., 5.13%, <br> 5/07/29<br>| $144845 | **$144515** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $48,109,765) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $48,109,765) | **48359345** |
| **Mortgage-Backed Securities – 33.7%** | **Mortgage-Backed Securities – 33.7%** | **Mortgage-Backed Securities – 33.7%** |
| **Commercial Mortgage-Backed Securities – 1.9%** | **Commercial Mortgage-Backed Securities – 1.9%** | **Commercial Mortgage-Backed Securities – 1.9%** |
| 1301 Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1301, <br> Class A, 5.06%, <br> 8/11/30<sup>(c)(g)</sup> <br>| 10000 | 10158 |
| &nbsp;&nbsp;&nbsp; Series 2025-1301, Class E, <br> 7.24%, 8/11/30<sup>(c)(g)</sup> <br>| 13000 | 13523 |
| &nbsp;&nbsp;&nbsp; Series 2025-1301, Class F, <br> 8.10%, 8/11/30<sup>(c)(g)</sup> <br>| 163000 | 167138 |
| &nbsp;&nbsp; 1345T, Series 2025-AOA, <br> Class A, (1M CME Term <br> SOFR + 1.60%, 1.60% <br> Floor), 5.28%, 6/15/42<sup>(c)(d)</sup> <br>| 250000 | 250937 |
| &nbsp;&nbsp; 245 Park Avenue Trust, <br> Series 2017-245P, Class E, <br> 3.66%, 6/05/37<sup>(c)(g)</sup> <br>| 740000 | 712592 |
| &nbsp;&nbsp; ACRES Commercial Realty <br> Issuer LLC, Series <br> 2026-FL4, Class B, (1M <br> CME Term SOFR + 1.95%), <br> 5.62%, 8/18/44<sup>(c)(d)(f)</sup> <br>| 200000 | 200088 |
| &nbsp;&nbsp; ACRES LLC, Series <br> 2025-FL3, Class A, (1M <br> CME Term SOFR + 1.62%), <br> 5.29%, 8/18/40<sup>(c)(d)</sup> <br>| 200000 | 200445 |
| &nbsp;&nbsp; Atrium Hotel Portfolio <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ATRM, <br> Class A, 5.41%, <br> 11/10/29<sup>(c)(g)</sup> <br>| 150000 | 153224 |
| &nbsp;&nbsp;&nbsp; Series 2024-ATRM, <br> Class E, 9.21%, <br> 11/10/29<sup>(c)(g)</sup> <br>| 30000 | 30951 |
| &nbsp;&nbsp;&nbsp; Series 2025-ATRM, <br> Class A, (1M CME Term <br> SOFR + 1.65%), 5.33%, <br> 8/15/30<sup>(c)(d)</sup> <br>| 49000 | 49141 |
| &nbsp;&nbsp;&nbsp; Series 2025-ATRM, <br> Class F, (1M CME Term <br> SOFR + 5.50%), 9.18%, <br> 8/15/30<sup>(c)(d)</sup> <br>| 53000 | 52899 |
| &nbsp;&nbsp;&nbsp; Series 2025-ATRM, <br> Class G, (1M CME Term <br> SOFR + 6.75%), 10.43%, <br> 8/15/30<sup>(c)(d)</sup> <br>| 11000 | 10980 |
| BAHA Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-MAR, Class C, <br> 7.52%, 12/10/41<sup>(c)(g)</sup> <br>| 430000 | 451699 |
| &nbsp;&nbsp;&nbsp; Series 2024-MAR, Class D, <br> 9.20%, 12/10/41<sup>(c)(g)</sup> <br>| 200000 | 213875 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; BANK, Series 2021-BN35, <br> Class C, 2.90%, 6/15/64<br>| $32000 | $27198 |
| &nbsp;&nbsp; Bayview Commercial Asset <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1A, Class A1, <br> (1M CME Term SOFR + <br> 0.52%), 4.19%, <br> 4/25/36<sup>(c)(d)</sup> <br>| 160789 | 152310 |
| &nbsp;&nbsp;&nbsp; Series 2007-4A, Class A1, <br> (1M CME Term SOFR + <br> 0.79%, 0.68% Floor), <br> 4.46%, 9/25/37<sup>(c)(d)</sup> <br>| 156107 | 148190 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, <br> Class A5, 5.59%, 7/15/58<br>| 58000 | 61131 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, <br> Class AS, 5.84%, 7/15/58<br>| 16000 | 16636 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class D, <br> 4.50%, 7/15/58<sup>(c)</sup> <br>| 25000 | 21044 |
| &nbsp;&nbsp; BDS LLC, Series 2025-FL16, <br> Class B, (1M CME Term <br> SOFR + 1.85%), 5.58%, <br> 7/19/43<sup>(c)(d)</sup> <br>| 150000 | 150319 |
| &nbsp;&nbsp; Benchmark Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-B9, Class XA, <br> 1.01%, 3/15/52<sup>(g)(o)</sup> <br>| 1568949 | 38116 |
| &nbsp;&nbsp;&nbsp; Series 2020-B21, <br> Class A5, 1.98%, <br> 12/17/53<br>| 16000 | 14193 |
| &nbsp;&nbsp; BFLD Commercial <br> Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-UNIV, <br> Class A, (1M CME Term <br> SOFR + 1.49%, 1.49% <br> Floor), 5.17%, <br> 11/15/29<sup>(c)(d)</sup> <br>| 80000 | 80175 |
| &nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class E, <br> (1M CME Term SOFR + <br> 3.64%, 3.64% Floor), <br> 7.32%, 11/15/29<sup>(c)(d)</sup> <br>| 50000 | 50344 |
| &nbsp;&nbsp;&nbsp; Series 2025-660F, Class A, <br> (1M CME Term SOFR + <br> 1.50%), 5.18%, <br> 11/15/42<sup>(c)(d)</sup> <br>| 100000 | 100344 |
| &nbsp;&nbsp; BHMS Commercial <br> Mortgage Trust, Series <br> 2025-ATLS, Class A, (1M <br> CME Term SOFR + 1.85%), <br> 5.53%, 8/15/42<sup>(c)(d)</sup> <br>| 622000 | 625887 |
| &nbsp;&nbsp; BPR Commercial Mortgage <br> Trust, Series 2024-PARK, <br> Class A, 5.22%, <br> 11/05/39<sup>(c)(g)</sup> <br>| 110000 | 112231 |
| &nbsp;&nbsp; BPR Trust, Series <br> 2024-PMDW, Class A, <br> 5.36%, 11/05/29<sup>(c)</sup> <br>| 70000 | 71582 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| &nbsp;&nbsp; BRSP Ltd., Series 2026-FL3, <br> Class B, 5.65%, <br> 8/19/43<sup>(c)(f)(g)</sup> <br>| $350000 | $350000 |
| &nbsp;&nbsp; BSPRT Issuer LLC, series <br> 2025-FL12, Class AS, (1M <br> CME Term SOFR + 1.65%), <br> 5.32%, 1/17/43<sup>(c)(d)</sup> <br>| 150000 | 150193 |
| &nbsp;&nbsp; BX Commercial Mortgage <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-PURE, <br> Class A, (CORRA Index + <br> 1.90%, 1.90% Floor), <br> 4.18%, 11/15/29<sup>(c)(d)</sup> <br>CAD | 24940 | 18509 |
| &nbsp;&nbsp;&nbsp; Series 2025-JDI, Class A, <br> (1M CME Term SOFR + <br> 1.40%), 5.08%, <br> 11/15/42<sup>(c)(d)</sup> <br>| 258330 | 258814 |
| &nbsp;&nbsp;&nbsp; Series 2025-SPOT, <br> Class A, (1M CME Term <br> SOFR + 1.44%, 1.44% <br> Floor), 5.12%, <br> 4/15/40<sup>(c)(d)</sup> <br>| 90664 | 90834 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, <br> (1M CME Term SOFR + <br> 1.49%, 1.49% Floor), <br> 5.17%, 6/15/41<sup>(c)(d)</sup> <br>| 100000 | 100125 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, <br> (1M CME Term SOFR + <br> 1.44%, 1.44% Floor), <br> 5.12%, 3/15/42<sup>(c)(d)</sup> <br>| 512000 | 512640 |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, <br> Class A, (1M CME Term <br> SOFR + 1.70%), 5.38%, <br> 12/15/44<sup>(c)(d)</sup> <br>| 400000 | 401872 |
| &nbsp;&nbsp; BXP Trust, Series 2017-GM, <br> Class D, 3.42%, <br> 6/13/39<sup>(c)(g)</sup> <br>| 370000 | 360005 |
| &nbsp;&nbsp; CENT, Series 2025-CITY, <br> Class A, 5.09%, <br> 7/10/40<sup>(c)(g)</sup> <br>| 170000 | 172444 |
| &nbsp;&nbsp; CFK Trust, Series 2019-FAX, <br> Class D, 4.64%, <br> 1/15/39<sup>(c)(g)</sup> <br>| 100000 | 96473 |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CBM, <br> Class A2, 5.87%, <br> 12/10/41<sup>(c)</sup> <br>| 110000 | 111684 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, <br> Class A, 5.50%, <br> 8/10/40<sup>(c)</sup> <br>| 36000 | 36004 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, <br> Class E, 8.47%, <br> 8/10/40<sup>(c)(g)</sup> <br>| 30000 | 29916 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, Class F, <br> 9.46%, 8/10/40<sup>(c)(g)</sup> <br>| 18000 | 17951 |
| &nbsp;&nbsp;&nbsp; Series 2025-SBX, Class B, <br> 5.73%, 8/10/41<sup>(c)(g)</sup> <br>| 14000 | 14045 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; CSTL Commercial <br> Mortgage Trust, Series <br> 2026-GATE3, Class E, <br> 6.34%, 2/10/43<sup>(c)(f)(g)</sup> <br>| $300000 | $300607 |
| &nbsp;&nbsp; DBGS Mortgage Trust, <br> Series 2019-1735, Class X, <br> 0.29%, 4/10/37<sup>(c)(g)(o)</sup> <br>| 13945000 | 108837 |
| DK Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-LXP, Class A, <br> (1M CME Term SOFR + <br> 1.59%), 5.27%, <br> 8/15/37<sup>(c)(d)</sup> <br>| 44000 | 44082 |
| &nbsp;&nbsp;&nbsp; Series 2025-LXP, Class D, <br> (1M CME Term SOFR + <br> 2.89%), 6.57%, <br> 8/15/37<sup>(c)(d)</sup> <br>| 10000 | 10031 |
| &nbsp;&nbsp; Fontainbleau Miami Beach <br> Mortgage Trust, Series <br> 2024-FBLU, Class G, (1M <br> CME Term SOFR + 5.65%, <br> 5.65% Floor), 9.33%, <br> 12/15/29<sup>(c)(d)</sup> <br>| 100000 | 101325 |
| FS Rialto Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL9, Class A, <br> (1M CME Term SOFR + <br> 1.63%, 1.63% Floor), <br> 5.31%, 10/19/39<sup>(c)(d)</sup> <br>| 100000 | 100398 |
| &nbsp;&nbsp;&nbsp; Series 2025-FL10, Class A, <br> (1M CME Term SOFR + <br> 1.39%), 5.06%, <br> 8/19/42<sup>(c)(d)</sup> <br>| 850000 | 849807 |
| &nbsp;&nbsp;&nbsp; Series 2026-FL11, Class A, <br> (1M CME Term SOFR + <br> 1.45%), 5.10%, <br> 1/19/44<sup>(c)(d)(f)</sup> <br>| 198000 | 198082 |
| &nbsp;&nbsp; GGP, Series 2026-TY, <br> Class A, 4.67%, <br> 3/05/43<sup>(c)(f)(g)</sup> <br>| 525000 | 525000 |
| &nbsp;&nbsp; GMAC Commercial <br> Mortgage Asset Corp., <br> Series TR-1, Class A, <br> 7.15%, 8/10/36<sup>(c)</sup> <br>| 142899 | 153617 |
| &nbsp;&nbsp; GS Mortgage <br> Securities Corp. Trust, <br> Series 2023-SHIP, Class E, <br> 7.43%, 9/10/38<sup>(c)(g)</sup> <br>| 32000 | 32116 |
| &nbsp;&nbsp; HONO Mortgage Trust, <br> Series 2021-LULU, <br> Class A, (1M CME Term <br> SOFR + 1.26%, 1.15% <br> Floor), 4.95%, <br> 10/15/36<sup>(c)(d)</sup> <br>| 210300 | 208197 |
| &nbsp;&nbsp; JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class A, <br> 5.17%, 11/09/39<sup>(c)(g)</sup> <br>| 510000 | 514428 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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)** |
| &nbsp;&nbsp; JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class D, <br> 6.48%, 11/09/39<sup>(c)(g)</sup> <br>|  | $140000 | $141266 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class E, <br> 7.25%, 11/09/39<sup>(c)(g)</sup> <br>|  | 435000 | 438862 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class F, <br> 8.22%, 11/09/39<sup>(c)(g)</sup> <br>|  | 372000 | 375228 |
| &nbsp;&nbsp; JW Commercial Mortgage <br> Trust, Series 2024-MRCO, <br> Class A, (1M CME Term <br> SOFR + 1.62%, 1.62% <br> Floor), 5.30%, 6/15/39<sup>(c)(d)</sup> <br>|  | 100000 | 100250 |
| &nbsp;&nbsp; KSL Commercial Mortgage <br> Trust, Series 2024-HT2, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.22%, <br> 12/15/39<sup>(c)(d)</sup> <br>|  | 97091 | 97091 |
| &nbsp;&nbsp; Lagarino European Loan <br> Conduit No. 40 DAC, (3M <br> Euribor + 3.55%), 5.55%, <br> 6/22/37<sup>(d)</sup> <br>| EUR | 127447 | 151621 |
| &nbsp;&nbsp; Last Mile Logistics Pan <br> Euro Finance DAC, Series <br> 1X, Class E, (3M Euribor + <br> 2.70%, 2.70% Floor), <br> 4.76%, 8/17/33<sup>(d)</sup> <br>|  | 191462 | 226889 |
| &nbsp;&nbsp; Last Mile Securities PE <br> DAC, Series 2021-1X, <br> Class D, (3M Euribor + <br> 2.35%, 2.35% Floor), <br> 4.41%, 8/17/31<sup>(d)</sup> <br>|  | 194960 | 231325 |
| LoanCore Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRE9, <br> Class AS, (1M CME Term <br> SOFR + 1.70%), 5.38%, <br> 8/18/42<sup>(c)(d)</sup> <br>|  | 350000 | 350441 |
| &nbsp;&nbsp;&nbsp; Series 2025-CRE9, <br> Class B, (1M CME Term <br> SOFR + 1.95%), 5.63%, <br> 8/18/42<sup>(c)(d)</sup> <br>|  | 150000 | 150188 |
| &nbsp;&nbsp; LRECS LLC, Series <br> 2025-CRE1, Class AS, (1M <br> CME Term SOFR + 1.75%), <br> 5.75%, 8/19/43<sup>(c)(d)</sup> <br>|  | 150000 | 150266 |
| &nbsp;&nbsp; MCR Mortgage Trust, <br> Series 2024-HF1, Class A, <br> (1M CME Term SOFR + <br> 1.79%, 1.79% Floor), <br> 5.47%, 12/15/41<sup>(c)(d)</sup> <br>|  | 295988 | 296543 |
| &nbsp;&nbsp; MF1 LLC, Series 2026-FL21, <br> Class A, (1M CME Term <br> SOFR + 1.35%), 5.03%, <br> 2/18/41<sup>(c)(d)(f)</sup> <br>|  | 164000 | 164000 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; MILE Trust, Series <br> 2025-STNE, Class B, (1M <br> CME Term SOFR + 1.70%, <br> 1.70% Floor), 5.38%, <br> 7/15/30<sup>(c)(d)</sup> <br>| $850000 | $851062 |
| &nbsp;&nbsp; Morgan Stanley Capital I <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-L2, Class XA, <br> 0.99%, 3/15/52<sup>(g)(o)</sup> <br>| 2310179 | 58322 |
| &nbsp;&nbsp;&nbsp; Series 2021-230P, Class B, <br> (1M CME Term SOFR + <br> 1.56%, 1.45% Floor), <br> 5.24%, 12/15/38<sup>(c)(d)</sup> <br>| 10000 | 9550 |
| &nbsp;&nbsp; MSWF Commercial <br> Mortgage Trust, Series <br> 2023-2, Class XA, 0.91%, <br> 12/15/56<sup>(g)(o)</sup> <br>| 973947 | 53680 |
| &nbsp;&nbsp; NCMF Trust, Series <br> 2025-MFS, Class E, 7.53%, <br> 6/10/33<sup>(c)(g)</sup> <br>| 500000 | 507996 |
| &nbsp;&nbsp; ORL Trust, Series <br> 2024-GLKS, Class A, (1M <br> CME Term SOFR + 1.49%, <br> 1.49% Floor), 5.17%, <br> 12/15/39<sup>(c)(d)</sup> <br>| 100000 | 100250 |
| &nbsp;&nbsp; PENN Commercial <br> Mortgage Trust, Series <br> 2025-P11, Class A, 5.52%, <br> 8/10/42<sup>(c)(g)</sup> <br>| 21000 | 21597 |
| &nbsp;&nbsp; PFP Ltd., Series 2026-13, <br> Class B, (1M CME Term <br> SOFR + 1.85%), 5.60%, <br> 8/18/43<sup>(c)(d)</sup> <br>| 100000 | 100264 |
| &nbsp;&nbsp; ROCK Trust, Series <br> 2024-CNTR, Class E, <br> 8.82%, 11/13/41<sup>(c)</sup> <br>| 100000 | 106308 |
| &nbsp;&nbsp; RWC Commercial <br> Mortgage Trust, Series <br> 2025-1, Class A, 5.01%, <br> 6/25/40<sup>(c)</sup> <br>| 335755 | 336416 |
| &nbsp;&nbsp; SCG Commercial Mortgage <br> Trust, Series 2025-FLWR, <br> Class A, (1M CME Term <br> SOFR + 1.25%), 4.93%, <br> 8/15/30<sup>(c)(d)</sup> <br>| 48000 | 48120 |
| &nbsp;&nbsp; SELF Commerical <br> Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-STRG, <br> Class A, (1M CME Term <br> SOFR + 1.54%, 1.54% <br> Floor), 5.22%, <br> 11/15/34<sup>(c)(d)</sup> <br>| 18833 | 18845 |
| &nbsp;&nbsp;&nbsp; Series 2024-STRG, <br> Class E, (1M CME Term <br> SOFR + 4.19%, 4.19% <br> Floor), 7.87%, <br> 11/15/34<sup>(c)(d)</sup> <br>| 70000 | 70175 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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)** |
| &nbsp;&nbsp; SELF Commerical <br> Mortgage Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-STRG, <br> Class F, (1M CME Term <br> SOFR + 5.19%, 5.19% <br> Floor), 8.87%, <br> 11/15/34<sup>(c)(d)</sup> <br>|  | $70000 | $69937 |
| &nbsp;&nbsp; STWD Ltd., Series <br> 2021-FL2, Class AS, (1M <br> CME Term SOFR + 1.56%, <br> 1.45% Floor), 5.24%, <br> 4/18/38<sup>(c)(d)</sup> <br>|  | 850000 | 849872 |
| &nbsp;&nbsp; Taurus UK DAC, Series <br> 2025-UK2X, Class D, <br> (SONIO/N Index + 3.20%), <br> 7.05%, 2/18/35<sup>(d)</sup> <br>| GBP | 143977 | 197501 |
| &nbsp;&nbsp; THE Trust, Series 2023-MIC, <br> Class A, 8.44%, <br> 12/05/38<sup>(c)(g)</sup> <br>|  | 30000 | 32394 |
| &nbsp;&nbsp; TRTX Issuer Ltd., Series <br> 2025-FL7, Class AS, (1M <br> CME Term SOFR + 1.70%), <br> 5.38%, 6/18/43<sup>(c)(d)</sup> <br>|  | 250000 | 249999 |
| &nbsp;&nbsp; UK Logistics DAC, Series <br> 2025-1X, Class D, <br> (SONIO/N Index + 4.00%), <br> 7.86%, 5/17/35<sup>(d)</sup> <br>| GBP | 113425 | 155777 |
| &nbsp;&nbsp; VDCM Commercial <br> Mortgage Trust, Series <br> 2025-AZ, Class A, 5.23%, <br> 7/13/44<sup>(c)(g)</sup> <br>|  | 1000000 | 1010131 |
| VEGAS, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-GCS, Class C, <br> 6.22%, 7/10/36<sup>(c)(g)</sup> <br>|  | 140000 | 143167 |
| &nbsp;&nbsp;&nbsp; Series 2024-GCS, Class D, <br> 6.22%, 7/10/36<sup>(c)(g)</sup> <br>|  | 244000 | 246891 |
| &nbsp;&nbsp; Velocity Commercial <br> Capital Loan Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, <br> 6.55%, 1/25/54<sup>(c)</sup> <br>|  | 54704 | 56099 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class M3, <br> 6.92%, 12/25/54<sup>(c)(g)</sup> <br>|  | 99181 | 100019 |
|  |  |  | **18323728** |
| **Federal Home Loan Mortgage Corporation – 2.7%** | **Federal Home Loan Mortgage Corporation – 2.7%** | **Federal Home Loan Mortgage Corporation – 2.7%** | **Federal Home Loan Mortgage Corporation – 2.7%** |
| &nbsp;&nbsp; Multiclass Certificates, <br> Series 2024-P015, <br> Class A1, 4.30%, <br> 11/25/32<sup>(g)</sup> <br>|  | 26460 | 26301 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.50%, 1/01/34 - 2/01/48 | $249511 | $239176 |
| &nbsp;&nbsp; 2.00%, 9/01/35 - 2/01/52 | 5041912 | 4250414 |
| &nbsp;&nbsp; 1.50%, 4/01/36 - 6/01/51 | 891065 | 737257 |
| &nbsp;&nbsp; 3.00%, 9/01/37 - 8/01/52 | 3790069 | 3439565 |
| &nbsp;&nbsp; 4.50%, 1/01/49 - 2/01/53 | 437302 | 434489 |
| &nbsp;&nbsp; 4.00%, 6/01/49 - 6/01/52 | 562488 | 545759 |
| &nbsp;&nbsp; 2.50%, 7/01/50 - 4/01/52 | 3148053 | 2729822 |
| &nbsp;&nbsp; 5.00%, 6/01/52 - 11/01/53 | 2395672 | 2410772 |
| &nbsp;&nbsp; 6.00%, 11/01/52 - 5/01/55 | 1552583 | 1604640 |
| &nbsp;&nbsp; 5.50%, 1/01/53 - 1/01/55 | 1322035 | 1353220 |
| &nbsp;&nbsp; 6.50%, 9/01/53 - 11/01/53 | 84273 | 88104 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/53 - <br> 11/01/55<sup>(f)</sup> <br>| 124405 | 127992 |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 5112, Class KI, <br> 3.50%, 6/25/51<sup>(o)</sup> <br>| 324009 | 59923 |
| &nbsp;&nbsp;&nbsp; Series 5468, Class WF, <br> (30D Average SOFR + <br> 1.10%, 1.10% Floor, <br> 6.50% Cap), 4.80%, <br> 11/25/54<sup>(d)</sup> <br>| 161713 | 162665 |
| &nbsp;&nbsp;&nbsp; Series 5471, Class FM, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.10%, <br> 11/25/54<sup>(d)</sup> <br>| 885787 | 895848 |
| &nbsp;&nbsp;&nbsp; Series 5478, Class FD, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.10%, <br> 2/25/54<sup>(d)</sup> <br>| 89269 | 90282 |
| &nbsp;&nbsp;&nbsp; Series 5482, Class FB, <br> (30D Average SOFR + <br> 1.50%, 1.50% Floor, <br> 6.50% Cap), 5.20%, <br> 12/25/54<sup>(d)</sup> <br>| 150386 | 152350 |
| &nbsp;&nbsp;&nbsp; Series 5499, Class B, <br> 5.50%, 7/25/53<br>| 592424 | 600304 |
| &nbsp;&nbsp;&nbsp; Series 5500, Class DF, <br> (30D Average SOFR + <br> 1.35%, 1.35% Floor, <br> 6.50% Cap), 5.05%, <br> 10/25/54<sup>(d)</sup> <br>| 110339 | 111516 |
| &nbsp;&nbsp;&nbsp; Series 5502, Class EF, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.10%, <br> 2/25/55<sup>(d)</sup> <br>| 87696 | 88704 |
| &nbsp;&nbsp;&nbsp; Series 5503, Class FB, <br> (30D Average SOFR + <br> 1.35%, 1.35% Floor, <br> 6.50% Cap), 5.05%, <br> 2/25/55<sup>(d)</sup> <br>| 67175 | 67967 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 5508, Class FE, <br> (30D Average SOFR + <br> 1.60%, 1.60% Floor, <br> 6.50% Cap), 5.30%, <br> 2/25/55<sup>(d)</sup> <br>| $123715 | $125543 |
| &nbsp;&nbsp;&nbsp; Series 5508, Class FG, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.10%, <br> 2/25/55<sup>(d)</sup> <br>| 214649 | 217051 |
| &nbsp;&nbsp;&nbsp; Series 5513, Class FD, <br> (30D Average SOFR + <br> 1.35%, 1.35% Floor, <br> 6.50% Cap), 5.05%, <br> 1/25/55<sup>(d)</sup> <br>| 834115 | 843495 |
| &nbsp;&nbsp;&nbsp; Series 5516, Class FC, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.10%, <br> 3/25/55<sup>(d)</sup> <br>| 1974150 | 1994070 |
| &nbsp;&nbsp;&nbsp; Series 5543, Class FH, <br> (30D Average SOFR + <br> 1.50%, 1.50% Floor, <br> 6.50% Cap), 5.20%, <br> 6/25/55<sup>(d)</sup> <br>| 120294 | 121906 |
| &nbsp;&nbsp;&nbsp; Series 5554, Class A, <br> 5.25%, 4/25/53<br>| 390469 | 395286 |
| &nbsp;&nbsp;&nbsp; Series 5563, Class FA, <br> (30D Average SOFR + <br> 1.35%), 5.05%, 8/25/55<sup>(d)</sup> <br>| 172433 | 174538 |
| &nbsp;&nbsp;&nbsp; Series 5564, Class CA, <br> 5.00%, 2/25/52<br>| 260759 | 260803 |
| &nbsp;&nbsp;&nbsp; Series 5566, Class EA, <br> 5.00%, 11/25/51<br>| 688932 | 690090 |
| &nbsp;&nbsp;&nbsp; Series 5571, Class BA, <br> 5.00%, 10/25/51<br>| 629792 | 630583 |
| &nbsp;&nbsp;&nbsp; Series 5574, Class FB, <br> (30D Average SOFR + <br> 1.35%), 5.05%, 9/25/55<sup>(d)</sup> <br>| 103231 | 104426 |
|  |  | **25774861** |
| **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, |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/32 - <br> 12/01/32<br>| 338724 | 330609 |
| &nbsp;&nbsp; 4.50%, 4/01/47 - 4/01/49 | 403729 | 403347 |
| &nbsp;&nbsp; 5.00%, 11/01/48 | 22075 | 22530 |
| &nbsp;&nbsp; 3.50%, 4/01/49 | 1656466 | 1570639 |
|  |  | **2327125** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Federal National Mortgage Association – 10.4%** | **Federal National Mortgage Association – 10.4%** | **Federal National Mortgage Association – 10.4%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.00%, 9/01/28 - 7/01/52 | $18681978 | $16673418 |
| &nbsp;&nbsp; 2.50%, 12/01/33 - 2/01/52 | 21985577 | 18959319 |
| &nbsp;&nbsp; 3.50%, 1/01/34 - 1/01/51 | 755879 | 714404 |
| &nbsp;&nbsp; 2.00%, 9/01/35 - 4/01/52 | 11483912 | 9638012 |
| &nbsp;&nbsp; 1.50%, 3/01/36 - 3/01/51 | 3519374 | 2955310 |
| &nbsp;&nbsp; 4.50%, 11/01/43 - 9/01/53 | 1498264 | 1494969 |
| &nbsp;&nbsp; 4.00%, 7/01/44 - 5/01/52 | 2671374 | 2592362 |
| &nbsp;&nbsp; 5.00%, 8/01/48 - 6/01/55 | 7361224 | 7373628 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/52 - <br> 11/01/55<br>| 20015021 | 20319790 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 - <br> 11/01/55<br>| 12579179 | 12902970 |
| &nbsp;&nbsp; 6.50%, 1/01/53 - 7/01/54 | 1326789 | 1378922 |
| &nbsp;&nbsp; 6.00%, 1/01/54 - 7/01/55<sup>(f)</sup> <br>| 245336 | 251761 |
| &nbsp;&nbsp; 5.69%, 7/01/55 | 398804 | 401448 |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-35, Class FC, <br> (30D Average SOFR + <br> 1.10%, 1.10% Floor, <br> 7.00% Cap), 4.80%, <br> 8/25/53<sup>(d)</sup> <br>| 173001 | 174121 |
| &nbsp;&nbsp;&nbsp; Series 2023-68, Class FB, <br> (30D Average SOFR + <br> 1.05%, 1.05% Floor, <br> 7.00% Cap), 4.75%, <br> 1/25/54<sup>(d)</sup> <br>| 178334 | 179319 |
| &nbsp;&nbsp;&nbsp; Series 2024-63, Class FH, <br> (30D Average SOFR + <br> 1.10%, 1.10% Floor, <br> 7.00% Cap), 4.80%, <br> 9/25/54<sup>(d)</sup> <br>| 128293 | 129125 |
| &nbsp;&nbsp;&nbsp; Series 2024-88, Class FC, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.10%, <br> 12/25/54<sup>(d)</sup> <br>| 103872 | 105015 |
| &nbsp;&nbsp;&nbsp; Series 2024-96, Class FA, <br> (30D Average SOFR + <br> 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.10%, <br> 12/25/54<sup>(d)</sup> <br>| 179223 | 181273 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class FX, <br> (30D Average SOFR + <br> 1.35%, 1.35% Floor, <br> 6.50% Cap), 5.05%, <br> 2/25/55<sup>(d)</sup> <br>| 137257 | 138780 |
| &nbsp;&nbsp;&nbsp; Series 2025-13, Class FB, <br> (30D Average SOFR + <br> 1.30%, 1.30% Floor, <br> 6.50% Cap), 5.00%, <br> 3/25/55<sup>(d)</sup> <br>| 157985 | 159537 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class FG, <br> (30D Average SOFR + <br> 1.45%, 1.45% Floor, <br> 6.50% Cap), 5.15%, <br> 2/25/55<sup>(d)</sup> <br>| $229148 | $232147 |
| &nbsp;&nbsp;&nbsp; Series 2025-35, Class FJ, <br> (30D Average SOFR + <br> 1.60%, 1.60% Floor, <br> 6.50% Cap), 5.30%, <br> 5/25/55<sup>(d)</sup> <br>| 308455 | 312857 |
| &nbsp;&nbsp;&nbsp; Series 2025-52, Class GA, <br> 5.00%, 1/25/53<br>| 615431 | 618718 |
| &nbsp;&nbsp;&nbsp; Series 2025-63, Class DF, <br> (30D Average SOFR + <br> 1.40%), 5.10%, 8/25/55<sup>(d)</sup> <br>| 80259 | 81279 |
| &nbsp;&nbsp;&nbsp; Series 2025-64, Class BA, <br> 5.00%, 5/25/52<br>| 352028 | 352048 |
| &nbsp;&nbsp;&nbsp; Series 2025-65, Class BA, <br> 5.00%, 11/25/53<br>| 649718 | 650113 |
| &nbsp;&nbsp;&nbsp; Series 2025-68, Class CA, <br> 5.00%, 1/25/53<br>| 366329 | 366377 |
| &nbsp;&nbsp;&nbsp; Series 2025-69, Class DA, <br> 5.00%, 10/25/51<br>| 846146 | 848844 |
| &nbsp;&nbsp;&nbsp; Series 2025-9, Class FG, <br> (30D Average SOFR + <br> 1.35%, 1.35% Floor, <br> 6.50% Cap), 5.05%, <br> 3/25/55<sup>(d)</sup> <br>| 66432 | 67153 |
|  |  | **100253019** |
| **Government National Mortgage Association – 1.7%** | **Government National Mortgage Association – 1.7%** | **Government National Mortgage Association – 1.7%** |
| Pool, |  |  |
| &nbsp;&nbsp; 6.50%, 2/01/54<sup>(f)</sup> <br>| 659000 | 681437 |
| &nbsp;&nbsp; 2.00%, 2/01/55<sup>(f)</sup> <br>| 1676000 | 1393538 |
| &nbsp;&nbsp; 3.00%, 2/01/55<sup>(f)</sup> <br>| 827000 | 746574 |
| &nbsp;&nbsp; 3.50%, 2/01/55<sup>(f)</sup> <br>| 52000 | 47629 |
| &nbsp;&nbsp; 4.00%, 2/01/55<sup>(f)</sup> <br>| 538000 | 508669 |
| &nbsp;&nbsp; 4.50%, 2/01/55<sup>(f)</sup> <br>| 1553000 | 1516301 |
| &nbsp;&nbsp; 5.00%, 2/01/55 - 3/01/55<sup>(f)</sup> <br>| 4794000 | 4786751 |
| &nbsp;&nbsp; 5.50%, 2/01/55<sup>(f)</sup> <br>| 2577000 | 2605148 |
| &nbsp;&nbsp; 6.00%, 2/01/55 - 3/01/55<sup>(f)</sup> <br>| 1500000 | 1529636 |
| &nbsp;&nbsp; 2.50%, 2/01/56<sup>(f)</sup> <br>| 1050000 | 909317 |
| &nbsp;&nbsp;&nbsp; Series 2021-58, Class IY, <br> 3.00%, 2/20/51<sup>(o)</sup> <br>| 590390 | 100589 |
| &nbsp;&nbsp;&nbsp; Series 2021-67, Class QI, <br> 3.00%, 4/20/51<sup>(o)</sup> <br>| 59725 | 10135 |
| &nbsp;&nbsp;&nbsp; Series 2021-76, Class JI, <br> 3.00%, 8/20/50<sup>(o)</sup> <br>| 61338 | 10390 |
| &nbsp;&nbsp;&nbsp; Series 2021-78, Class IP, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 554919 | 92277 |
| &nbsp;&nbsp;&nbsp; Series 2021-83, Class PI, <br> 3.00%, 5/20/51<sup>(o)</sup> <br>| 199570 | 33254 |
| &nbsp;&nbsp;&nbsp; Series 2021-96, Class MI, <br> 3.00%, 6/20/51<sup>(o)</sup> <br>| 107252 | 18215 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-97, Class LI, <br> 3.00%, 8/20/50<sup>(o)</sup> <br>| $712073 | $120929 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class CT, <br> 5.00%, 1/20/55<br>| 100294 | 100040 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class MT, <br> 5.00%, 1/20/55<br>| 241650 | 241612 |
| &nbsp;&nbsp;&nbsp; Series 2025-117, <br> Class NB, 5.25%, 3/20/52<br>| 609868 | 616748 |
| &nbsp;&nbsp;&nbsp; Series 2025-126, <br> Class AD, 5.00%, 5/16/65<br>| 53846 | 53795 |
| &nbsp;&nbsp;&nbsp; Series 2025-128, <br> Class AG, 4.75%, 7/16/66<br>| 80652 | 79168 |
| &nbsp;&nbsp;&nbsp; Series 2025-128, Column <br> AD, 5.00%, 10/16/56<br>| 81524 | 81982 |
| &nbsp;&nbsp;&nbsp; Series 2025-129, <br> Class AB, 4.75%, 8/16/54<br>| 39737 | 39573 |
| &nbsp;&nbsp;&nbsp; Series 2025-130, <br> Class AL, 4.75%, <br> 10/16/31<br>| 39755 | 39576 |
| &nbsp;&nbsp;&nbsp; Series 2025-88, Class AT, <br> 5.00%, 6/16/58<br>| 38940 | 39067 |
| &nbsp;&nbsp;&nbsp; Series 2025-9, Class FE, <br> (30D Average SOFR + <br> 1.25%, 1.25% Floor, <br> 6.50% Cap), 4.95%, <br> 1/20/55<sup>(d)</sup> <br>| 66612 | 67118 |
|  |  | **16469468** |
| **Government National Mortgage Association II – 0.9%** | **Government National Mortgage Association II – 0.9%** | **Government National Mortgage Association II – 0.9%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.50%, 4/20/45 - 9/20/52 | 1838249 | 1712040 |
| &nbsp;&nbsp; 4.00%, 3/20/47 - 12/20/52 | 862237 | 824916 |
| &nbsp;&nbsp; 4.50%, 4/20/47 - 8/20/50 | 121718 | 121364 |
| &nbsp;&nbsp; 3.00%, 4/20/50 - 1/20/52 | 1624458 | 1469777 |
| &nbsp;&nbsp; 2.00%, 8/20/50 - 2/20/51 | 1715955 | 1428421 |
| &nbsp;&nbsp; 2.50%, 4/20/51 - 1/20/53 | 2331460 | 2021035 |
| &nbsp;&nbsp; 5.00%, 11/20/52 | 1082899 | 1090214 |
|  |  | **8667767** |
| **Uniform Mortgage-Backed Securities – 12.4%** | **Uniform Mortgage-Backed Securities – 12.4%** | **Uniform Mortgage-Backed Securities – 12.4%** |
| Pool, |  |  |
| &nbsp;&nbsp; 4.00%, 2/01/40<sup>(f)</sup> <br>| 150000 | 147941 |
| &nbsp;&nbsp; 4.50%, 2/01/40 - 2/01/54<sup>(f)</sup> <br>| 7648000 | 7640506 |
| &nbsp;&nbsp; 1.50%, 2/01/41<sup>(f)</sup> <br>| 125000 | 112797 |
| &nbsp;&nbsp; 3.00%, 3/01/52 - 2/01/53<sup>(f)</sup> <br>| 11810854 | 10464335 |
| &nbsp;&nbsp; 2.00%, 2/01/53<sup>(f)</sup> <br>| 874000 | 708846 |
| &nbsp;&nbsp; 2.50%, 2/01/53<sup>(f)</sup> <br>| 1148600 | 974786 |
| &nbsp;&nbsp; 3.50%, 2/01/53 - 3/01/53<sup>(f)</sup> <br>| 32173000 | 29722060 |
| &nbsp;&nbsp; 5.50%, 2/01/53 - 4/01/54<sup>(f)</sup> <br>| 39827652 | 40376582 |
| &nbsp;&nbsp; 5.00%, 3/01/53 - 4/01/53<sup>(f)</sup> <br>| 24020846 | 23976101 |
| &nbsp;&nbsp; 6.00%, 2/01/54<sup>(f)</sup> <br>| 5095261 | 5217442 |
|  |  | **119341396** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan – 3.5%** | **Whole Loan – 3.5%** | **Whole Loan – 3.5%** | **Whole Loan – 3.5%** |
| A&D Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, <br> Class M1, 6.52%, <br> 11/25/69<sup>(c)</sup> <br>|  | $201500 | $204148 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, <br> Class A1, 4.91%, <br> 2/25/71<sup>(c)(g)</sup> <br>|  | 154992 | 154762 |
| &nbsp;&nbsp; ACRA Trust, Series <br> 2024-NQM1, Class A1, <br> (Step to 6.61% on <br> 11/25/28), 5.61%, <br> 10/25/64<sup>(c)(e)</sup> <br>|  | 134850 | 136009 |
| &nbsp;&nbsp; Anchor Mortgage Trust, <br> Series 2025-RTL1, <br> Class A1, (Step to 6.72% <br> on 11/01/27), 5.72%, <br> 5/25/40<sup>(c)(e)</sup> <br>|  | 800000 | 804523 |
| Angel Oak Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class A1, <br> (Step to 4.77% on <br> 3/25/26), 4.80%, <br> 11/25/67<sup>(c)(e)</sup> <br>|  | 96596 | 96423 |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, <br> (Step to 6.35% on <br> 11/25/28), 5.35%, <br> 10/25/69<sup>(c)(e)</sup> <br>|  | 39849 | 40128 |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A1, <br> (Step to 6.70% on <br> 11/25/28), 5.70%, <br> 8/25/69<sup>(c)(e)</sup> <br>|  | 314625 | 318153 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, <br> (Step to 6.69% on <br> 2/25/29), 5.69%, <br> 1/25/70<sup>(c)(e)</sup> <br>|  | 160792 | 162640 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br> (Step to 6.41% on <br> 8/25/29), 5.41%, <br> 7/25/70<sup>(c)(e)</sup> <br>|  | 105106 | 106085 |
| &nbsp;&nbsp; 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)(e)</sup> <br>|  | 350000 | 351408 |
| &nbsp;&nbsp; ATLX Trust, Series <br> 2024-RPL2, Class A1, <br> (Step to 4.04% on <br> 11/25/28), 3.85%, <br> 4/25/63<sup>(c)(e)</sup> <br>|  | 268920 | 263050 |
| &nbsp;&nbsp; Braccan Mortgage Funding <br> PLC, Series 2024-1, <br> Class X, (SONIO/N Index + <br> 4.34%), 8.20%, 1/15/67<sup>(d)</sup> <br>| GBP | 77445 | 106501 |
| &nbsp;&nbsp; BRAVO, Series 2024-NQM6, <br> Class A3, (Step to 6.71% <br> on 9/25/28), 5.71%, <br> 8/01/64<sup>(c)(e)</sup> <br>|  | 553911 | 557447 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; BRAVO Residential <br> Funding Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM6, <br> Class B1, 8.00%, <br> 9/25/63<sup>(c)(g)</sup> <br>| $100000 | $100997 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, <br> Class A2, (Step to 6.66% <br> on 8/25/29), 5.66%, <br> 7/25/65<sup>(c)(e)</sup> <br>| 766974 | 775172 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM8, <br> Class A2, (Step to 6.29% <br> on 9/25/29), 5.29%, <br> 6/25/65<sup>(c)(e)</sup> <br>| 753385 | 757261 |
| &nbsp;&nbsp; CAFL Issuer L.P., Series <br> 2025-RRTL2, Class A1, <br> (Step to 5.55% on <br> 3/28/26), 5.18%, <br> 11/28/40<sup>(c)(e)</sup> <br>| 200000 | 200781 |
| &nbsp;&nbsp; CAFL Issuer LLC, Series <br> 2024-RTL1, Class A1, <br> (Step to 8.25% on <br> 6/28/27), 6.75%, <br> 11/28/31<sup>(c)(e)</sup> <br>| 100000 | 101319 |
| &nbsp;&nbsp; CHL Mortgage <br> Pass-Through Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A6, <br> 6.00%, 12/25/36<br>| 5091 | 2206 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class A1, <br> 5.75%, 7/25/37<br>| 24730 | 10950 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class A11, <br> 5.75%, 7/25/37<br>| 13512 | 5983 |
| &nbsp;&nbsp; CIM Trust, Series 2025-I1, <br> Class M1, 6.44%, <br> 10/25/69<sup>(c)</sup> <br>| 900000 | 913425 |
| COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, <br> 1.73%, 11/26/66<sup>(c)</sup> <br>| 53784 | 49584 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, <br> (Step to 6.39% on <br> 11/25/28), 5.39%, <br> 11/25/69<sup>(c)(e)</sup> <br>| 77006 | 77604 |
| &nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, <br> 5.05%, 11/25/70<sup>(c)(g)</sup> <br>| 185425 | 186283 |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br> (Step to 6.47% on <br> 9/25/29), 5.47%, <br> 6/25/70<sup>(c)(e)</sup> <br>| 105666 | 106850 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br> (Step to 6.48% on <br> 9/25/29), 5.48%, <br> 8/25/70<sup>(c)(e)</sup> <br>| 94173 | 95272 |
| Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-H2, <br> Class A1A, (Step to <br> 8.14% on 11/25/27), <br> 7.14%, 11/25/68<sup>(c)(e)</sup> <br>| 47760 | 48338 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-H6, Class A2, <br> (Step to 6.54% on <br> 8/25/29), 5.54%, <br> 7/25/70<sup>(c)(e)</sup> <br>| $373906 | $377124 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, <br> Class A2, (Step to 5.95% <br> on 2/25/30), 4.95%, <br> 2/25/61<sup>(c)(e)(f)</sup> <br>| 350000 | 349994 |
| CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-SPT1, <br> Class PT, 6.44%, <br> 4/25/65<sup>(c)(g)</sup> <br>| 110419 | 111880 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM3, <br> Class A1B, 4.27%, <br> 3/25/67<sup>(c)(g)</sup> <br>| 111000 | 110637 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM6, <br> Class PT, 8.85%, <br> 12/25/67<sup>(c)(g)</sup> <br>| 93131 | 94362 |
| &nbsp;&nbsp; Deephaven Residential <br> Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, <br> (Step to 6.74% on <br> 11/25/28), 5.74%, <br> 7/25/69<sup>(c)(e)</sup> <br>| 115979 | 117364 |
| &nbsp;&nbsp;&nbsp; Series 2026-INV1, <br> Class A1, 4.80%, <br> 12/25/70<sup>(c)(f)(g)</sup> <br>| 300624 | 301011 |
| EFMT, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class A1A, (Step to <br> 6.71% on 11/25/28), <br> 5.71%, 11/25/69<sup>(c)(e)</sup> <br>| 285633 | 288884 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV1, <br> Class A1, (Step to 6.63% <br> on 3/25/29), 5.63%, <br> 3/25/70<sup>(c)(e)</sup> <br>| 148247 | 150145 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV3, <br> Class A1, (Step to 6.44% <br> on 8/25/29), 5.44%, <br> 7/25/70<sup>(c)(e)</sup> <br>| 110985 | 112310 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, <br> Class A1, 4.77%, <br> 2/25/71<sup>(c)(g)</sup> <br>| 434078 | 434077 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, <br> Class A1LC, (Step to <br> 5.96% on 2/25/30), <br> 4.96%, 2/25/71<sup>(c)(e)</sup> <br>| 165000 | 164999 |
| GCAT Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV3, <br> Class A5, 6.00%, <br> 8/25/55<sup>(c)(g)</sup> <br>| 354396 | 361919 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, <br> Class A1, (Step to 6.60% <br> on 6/25/29), 5.60%, <br> 4/25/70<sup>(c)(e)</sup> <br>| 1275558 | 1292408 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| GCAT Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, <br> Class A3, (Step to 7.01% <br> on 6/25/29), 6.01%, <br> 4/25/70<sup>(c)(e)</sup> <br>|  | $637781 | $646260 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, (Step to 6.55% <br> on 7/25/29), 5.55%, <br> 5/25/70<sup>(c)(e)</sup> <br>|  | 1464223 | 1482431 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, <br> Class A1, (Step to 6.53% <br> on 8/25/29), 5.53%, <br> 6/25/70<sup>(c)(e)</sup> <br>|  | 152799 | 154744 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, <br> Class A2, (Step to 6.73% <br> on 8/25/29), 5.73%, <br> 6/25/70<sup>(c)(e)</sup> <br>|  | 449408 | 454768 |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust, Series <br> 2022-NQM1, Class A4, <br> 4.00%, 5/25/62<sup>(c)</sup> <br>|  | 64066 | 60413 |
| &nbsp;&nbsp; GSR Mortgage Loan Trust, <br> Series 2007-1F, Class 2A4, <br> 5.50%, 1/25/37<br>|  | 30524 | 73421 |
| Homes Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, <br> Class A1, (Step to 6.72% <br> on 12/25/28), 5.72%, <br> 10/25/69<sup>(c)(e)</sup> <br>|  | 81150 | 82112 |
| &nbsp;&nbsp;&nbsp; Series 2025-AFC2, <br> Class A1B, (Step to <br> 6.57% on 7/25/29), <br> 5.57%, 6/25/60<sup>(c)(e)</sup> <br>|  | 700276 | 707354 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, <br> Class A1, (Step to 6.43% <br> on 5/25/29), 5.43%, <br> 2/25/70<sup>(c)(e)</sup> <br>|  | 86130 | 86959 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, <br> Class A3, (Step to 6.68% <br> on 8/25/29), 5.68%, <br> 8/25/70<sup>(c)(e)</sup> <br>|  | 922920 | 932147 |
| &nbsp;&nbsp; Household Capital, Series <br> 2025-1, Class A, (3M <br> Australian BBSW + <br> 1.90%), 5.63%, 7/21/87<sup>(d)</sup> <br>| AUD | 58248 | 40625 |
| &nbsp;&nbsp; Impac Secured Assets <br> Trust, Series 2006-3, <br> Class A1, (1M CME Term <br> SOFR + 0.45%, 0.34% <br> Floor), 4.13%, 11/25/36<sup>(d)</sup> <br>|  | 84048 | 77658 |
| &nbsp;&nbsp; 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> 4.15%, 2/25/37<sup>(d)</sup> <br>|  | 8504 | 8295 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| JP Morgan Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-VIS2, <br> Class B1, 7.72%, <br> 11/25/64<sup>(c)(g)</sup> <br>|  | $25000 | $25465 |
| &nbsp;&nbsp;&nbsp; Series 2025-VIS1, <br> Class M1, 6.41%, <br> 8/25/55<sup>(c)(g)</sup> <br>|  | 150000 | 152394 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, <br> Class A1LC, (Step to <br> 5.93% on 2/25/30), <br> 4.93%, 6/25/66<sup>(c)(e)</sup> <br>|  | 85000 | 85132 |
| &nbsp;&nbsp; Jupiter Mortgage No. 1 PLC, <br> Series 1X, Class DR, <br> (SONIO/N Index + 3.00%), <br> 6.74%, 7/20/55<sup>(d)</sup> <br>| GBP | 100000 | 138323 |
| LHOME Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-RTL3, <br> Class A1, (Step to 6.24% <br> on 2/25/28), 5.24%, <br> 8/25/40<sup>(c)(e)</sup> <br>|  | 250000 | 251600 |
| &nbsp;&nbsp;&nbsp; Series 2026-RTL1, <br> Class A1, (Step to 5.91% <br> on 8/25/28), 4.91%, <br> 1/25/41<sup>(c)(e)(f)</sup> <br>|  | 350000 | 349997 |
| &nbsp;&nbsp; MASTR Asset <br> Securitization Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A4, <br> 6.50%, 11/25/37<br>|  | 562796 | 91544 |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A2, <br> 6.25%, 1/25/38<br>|  | 289476 | 144664 |
| &nbsp;&nbsp; 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)(e)</sup> <br>|  | 224823 | 226571 |
| &nbsp;&nbsp; Morgan Stanley <br> Residential Mortgage <br> Loan Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-DSC2, <br> Class A1, 5.44%, <br> 7/25/70<sup>(c)(g)</sup> <br>|  | 111362 | 112609 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, <br> Class M1, 6.50%, <br> 11/25/69<sup>(c)</sup> <br>|  | 182800 | 185594 |
| &nbsp;&nbsp; Mortimer PLC, Series <br> 2025-1, Class X, (SONIO/N <br> Index + 3.87%), 7.78%, <br> 9/22/70<sup>(d)</sup> <br>| GBP | 130000 | 178107 |
| &nbsp;&nbsp; New Residential Mortgage <br> Loan Trust,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class A1, (Step to 6.63% <br> on 1/25/34), 5.64%, <br> 1/25/65<sup>(c)(e)</sup> <br>|  | 124803 | 127043 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class M1, 6.47%, <br> 1/25/65<sup>(c)</sup> <br>|  | 501164 | 517600 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; New Residential Mortgage <br> Loan Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, <br> Class B1, 7.17%, <br> 11/25/64<sup>(c)(g)</sup> <br>| $100000 | $102495 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, 5.53%, <br> 5/25/65<sup>(c)(g)</sup> <br>| 654210 | 664171 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A3, (Step to 6.99% <br> on 2/25/29), 5.99%, <br> 5/25/65<sup>(c)(e)</sup> <br>| 654210 | 664139 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, <br> Class A1, 5.35%, <br> 7/25/65<sup>(c)(g)</sup> <br>| 90336 | 91286 |
| NYMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CP1, <br> Class A1, 3.75%, <br> 11/25/69<sup>(c)(g)</sup> <br>| 799008 | 777416 |
| &nbsp;&nbsp;&nbsp; Series 2026-INV1, <br> Class A1, 4.77%, <br> 2/25/61<sup>(c)(g)</sup> <br>| 274000 | 274552 |
| &nbsp;&nbsp;&nbsp; Series 2026-INV1, <br> Class A1LC, (Step to <br> 5.95% on 2/25/30), <br> 4.95%, 2/25/61<sup>(c)(e)</sup> <br>| 100000 | 100285 |
| &nbsp;&nbsp;&nbsp; Series 2026-INV1, <br> Class B1, 6.47%, <br> 2/25/61<sup>(c)(g)</sup> <br>| 180000 | 180112 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, <br> Class A3, (Step to 6.87% <br> on 12/25/28), 5.87%, <br> 10/25/64<sup>(c)(e)</sup> <br>| 551674 | 556417 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, <br> Class A3, (Step to 6.71% <br> on 6/25/29), 5.71%, <br> 5/25/65<sup>(c)(e)</sup> <br>| 669425 | 674971 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, <br> Class A3, (Step to 6.82% <br> on 8/25/29), 5.82%, <br> 5/25/65<sup>(c)(e)</sup> <br>| 669774 | 675921 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, (Step to 6.65% <br> on 3/25/29), 5.65%, <br> 12/01/64<sup>(c)(e)</sup> <br>| 89893 | 91063 |
| PMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV7, <br> Class A7, 6.00%, <br> 6/25/56<sup>(c)(g)</sup> <br>| 683940 | 695882 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV8, <br> Class A7, 6.00%, <br> 7/25/56<sup>(c)(g)</sup> <br>| 800235 | 816345 |
| &nbsp;&nbsp; PRKCM Trust, Series <br> 2023-AFC1, Class B1, <br> 7.44%, 2/25/58<sup>(c)(g)</sup> <br>| 226000 | 225105 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; Provident Funding <br> Mortgage Trust, Series <br> 2025-4, Class A4, 5.50%, <br> 9/25/55<sup>(c)</sup> <br>| $234331 | $235958 |
| &nbsp;&nbsp; PRPM, Series 2025-3, <br> Class A1, (Step to 9.26% <br> on 6/25/28), 6.26%, <br> 5/25/30<sup>(c)(e)</sup> <br>| 709824 | 710553 |
| PRPM LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, <br> (Step to 5.73% on <br> 3/25/26), 5.93%, <br> 7/25/30<sup>(c)(e)</sup> <br>| 762458 | 762662 |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF3, <br> Class A1, (Step to 6.25% <br> on 8/25/29), 5.25%, <br> 7/25/55<sup>(c)(e)</sup> <br>| 415558 | 418923 |
| PRPM Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, <br> Class B1, 7.48%, <br> 12/25/68<sup>(c)(g)</sup> <br>| 100000 | 101149 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, <br> Class A1, (Step to 6.80% <br> on 3/25/29), 5.80%, <br> 11/25/69<sup>(c)(e)</sup> <br>| 77095 | 77944 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, <br> Class A1, 5.61%, <br> 5/25/70<sup>(c)(g)</sup> <br>| 104889 | 105965 |
| &nbsp;&nbsp; RFMSI Trust, Series <br> 006-SA4, Class 2A1, <br> 5.54%, 11/25/36<sup>(g)</sup> <br>| 17372 | 14674 |
| &nbsp;&nbsp; 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)(e)</sup> <br>| 450000 | 450453 |
| &nbsp;&nbsp; Santander Mortgage Asset <br> Receivable Trust, Series <br> 2025-NQM6, Class A1, <br> 5.14%, 11/25/65<sup>(c)(g)</sup> <br>| 96458 | 96990 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A5, <br> 5.50%, 6/25/55<sup>(c)(g)</sup> <br>| 733822 | 737632 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A11, <br> 5.50%, 8/25/31<sup>(c)(g)(l)</sup> <br>| 551089 | 553479 |
| &nbsp;&nbsp; SG Residential Mortgage <br> Trust, Series 2025-1, <br> Class ALCF, 5.23%, <br> 12/25/65<sup>(c)</sup> <br>| 250000 | 251833 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, <br> Series 2025-1, Class A1B, <br> 4.75%, 6/25/65<sup>(c)(g)</sup> <br>| 902236 | 905410 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, <br> 1.82%, 11/25/66<sup>(c)(g)</sup> <br>| 54406 | 50824 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class B1, <br> 7.47%, 3/25/68<sup>(c)(g)</sup> <br>| $100000 | $99899 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, <br> (Step to 6.43% on <br> 7/25/29), 5.43%, <br> 6/25/70<sup>(c)(e)</sup> <br>| 105625 | 106735 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A2, <br> (Step to 6.58% on <br> 7/25/29), 5.58%, <br> 6/25/70<sup>(c)(e)</sup> <br>| 692625 | 698838 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A3, <br> (Step to 6.68% on <br> 7/25/29), 5.68%, <br> 6/25/70<sup>(c)(e)</sup> <br>| 692625 | 698398 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, <br> (Step to 6.42% on <br> 8/25/29), 5.42%, <br> 7/25/70<sup>(c)(e)</sup> <br>| 250474 | 253226 |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A3, <br> 5.54%, 8/25/70<sup>(c)(g)</sup> <br>| 955652 | 962113 |
| &nbsp;&nbsp; Vista Point Securitization <br> Trust, Series 2020-2, <br> Class B2, 5.16%, <br> 4/25/65<sup>(c)(g)</sup> <br>| 142800 | 138964 |
| &nbsp;&nbsp; Voyager OPTONE Delaware <br> Trust, Series 2009-1, <br> Class SAA7, 2.76%, <br> 2/25/38<sup>(c)(g)(o)</sup> <br>| 158800 | 34418 |
| &nbsp;&nbsp; WaMu Mortgage <br> Pass-Through Certificates <br> Trust, Series 2006-AR13, <br> Class 1A, (12MTA + 0.88%, <br> 0.88% Floor), 4.55%, <br> 10/25/46<sup>(d)</sup> <br>| 216732 | 192294 |
|  |  | **33643740** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $326,768,558) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $326,768,558) | **324801104** |
| **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** | **Municipal Bonds – 0.3%** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| &nbsp;&nbsp; Bay Area Toll Authority Toll <br> Bridge Subordinate <br> Revenue Bonds, Series <br> S1, Build America Bonds, <br> 7.04%, 4/01/50<br>| 160000 | 181917 |
| &nbsp;&nbsp; California State Taxable GO <br> Unlimited Refunding <br> Bonds, Prerefunded, <br> 4.60%, 4/01/28<sup>(p)</sup> <br>| 325000 | 330442 |
| &nbsp;&nbsp; California State Various <br> Purpose Taxable GO <br> Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| &nbsp;&nbsp; 7.50%, 4/01/34 | 65000 | 75393 |
| &nbsp;&nbsp; 7.55%, 4/01/39 | 40000 | 48088 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; Los Angeles Community <br> College District GO <br> Unlimited Bonds, Build <br> America Bonds, 6.60%, <br> 8/01/42<br>| $45000 | $48686 |
| &nbsp;&nbsp; University of California <br> Taxable General Revenue <br> Bonds, Series AD, 4.86%, <br> 5/15/12<sup>(q)</sup> <br>| 25000 | 20714 |
|  |  | **705240** |
| **Georgia – 0.0%**<sup>(b)</sup> | **Georgia – 0.0%**<sup>(b)</sup> | **Georgia – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Municipal Electric <br> Authority of Georgia <br> Taxable Revenue Bonds, <br> Build America Bonds, <br> 6.64%, 4/01/57<br>| 38000 | **41042** |
| **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** |
| &nbsp;&nbsp; Idaho State Housing & <br> Finance Association SFM <br> Taxable Revenue Bond, <br> Series D (GNMA, FNMA, <br> FHLMC Insured), 6.01%, <br> 7/01/45<br>| 850000 | **866902** |
| **Illinois – 0.0%**<sup>(b)</sup> | **Illinois – 0.0%**<sup>(b)</sup> | **Illinois – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Illinois State Taxable <br> Pension GO Unlimited <br> Bonds, 5.10%, 6/01/33<br>| 261765 | **267933** |
| **Louisiana – 0.0%**<sup>(b)</sup> | **Louisiana – 0.0%**<sup>(b)</sup> | **Louisiana – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; 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 | **69848** |
| **New Jersey – 0.0%**<sup>(b)</sup> | **New Jersey – 0.0%**<sup>(b)</sup> | **New Jersey – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; New Jersey State Turnpike <br> Authority Taxable <br> Revenue Bonds, Build <br> America Bonds, 7.41%, <br> 1/01/40<br>| 106000 | **125814** |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| &nbsp;&nbsp; Metropolitan <br> Transportation Authority <br> Revenue Bonds, Build <br> America Bonds, 6.67%, <br> 11/15/39<br>| 70000 | 75778 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Second General <br> Resolution Taxable <br> Revenue Bonds, 5.88%, <br> 6/15/44<br>| $30000 | $30339 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Taxable Revenue Bonds, <br> Build America Bonds, <br> 6.01%, 6/15/42<br>| 95000 | 97820 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Personal <br> Income TRB, Build <br> America Bonds, 5.39%, <br> 3/15/40<br>| 30000 | 30201 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 165th <br> Taxable Revenue Bonds, <br> 5.65%, 11/01/40<br>| 65000 | 69163 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 168th <br> Revenue Bonds, 4.93%, <br> 10/01/51<br>| 85000 | 79066 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated Taxable <br> Revenue Bonds, Series <br> 181, 4.96%, 8/01/46<br>| 60000 | 56025 |
|  |  | **438392** |
| **Ohio – 0.0%**<sup>(b)</sup> | **Ohio – 0.0%**<sup>(b)</sup> | **Ohio – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; American Municipal <br> Power-Ohio, Inc., Taxable <br> Revenue Bonds, Series B, <br> Combined Hydroelectric <br> Projects, 8.08%, 2/15/50<br>| 75000 | **93893** |
| **Texas – 0.0%**<sup>(b)</sup> | **Texas – 0.0%**<sup>(b)</sup> | **Texas – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; San Antonio Electric & Gas <br> Junior Lien Revenue <br> Bonds, Build America <br> Bonds, 5.81%, 2/01/41<br>| 75000 | 76886 |
| &nbsp;&nbsp; Texas State Taxable GO <br> Unlimited Bonds, Build <br> America Bonds, 5.52%, <br> 4/01/39<br>| 89044 | 91009 |
|  |  | **167895** |
| &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $2,995,238) | &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $2,995,238) | **2776959** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **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> |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc., 6.50%<br>| 500 | **$12810** |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $10,650) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $10,650) | **12810** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Term Loans – 1.3%**<sup>(d)</sup>  | **Term Loans – 1.3%**<sup>(d)</sup>  | **Term Loans – 1.3%**<sup>(d)</sup>  |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| &nbsp;&nbsp; BlackRock Secondaries & <br> Liquidity Solutions - C <br> L.P., Project ONYX II, (3M <br> USD CME SOFR + 2.60%), <br> 6.16%, 6/15/30<br>| $900000 | 900000 |
| &nbsp;&nbsp; Blue Owl GP Stake, 5.45%, <br> 10/30/32<br>| 350000 | 346618 |
| &nbsp;&nbsp; Ceamer Finance IV LLC, <br> (6M USD CME Term SOFR <br> + 2.50%), 6.13%, 12/15/40<br>| 250000 | 250000 |
| &nbsp;&nbsp; HarbourVest Structured <br> Solutions IV Term Loan, <br> 9/20/26<sup>(r)</sup> <br>| 378299 | 378299 |
| &nbsp;&nbsp; MG Azalea L.P., Term Loan, <br> (1M USD CME Term SOFR <br> + 2.10%), 6.45%, 6/24/32<br>| 1197112 | 1197112 |
|  |  | **3072029** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp; Aramark Intermediate <br> HoldCo Corp., U.S. Term <br> B-10 Loan, (1M USD CME <br> Term SOFR + 1.75%), <br> 5.42%, 6/22/30<br>| 596834 | **597431** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| &nbsp;&nbsp; Burlington Coat Factory <br> Warehouse Corp., Term <br> B-7 Loan, (1M USD CME <br> Term SOFR + 1.75%), <br> 5.42%, 9/24/31<br>| 793970 | **793970** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp; NRG Energy, Inc., 2024 New <br> Term Loan, (1M USD CME <br> Term SOFR + 1.75%), <br> 5.52%, 4/16/31<br>| 746202 | **746576** |
| **Engineering & Construction – 0.0%**<sup>(b)</sup> | **Engineering & Construction – 0.0%**<sup>(b)</sup> | **Engineering & Construction – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Dycom Industries, Inc., <br> Senior Secured Term Loan <br> B, 1/20/33<sup>(r)</sup> <br>| 300000 | **300564** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| &nbsp;&nbsp; Meade Pipeline Co. LLC, <br> Initial Loan, (3M USD CME <br> Term SOFR + 2.00%), <br> 5.69%, 9/22/32<br>|  | $900000 | **$900567** |
| **Industrial Support Services – 0.0%**<sup>(b)</sup> | **Industrial Support Services – 0.0%**<sup>(b)</sup> | **Industrial Support Services – 0.0%**<sup>(b)</sup> | **Industrial Support Services – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Herc Holdings, Inc., <br> Amendment No. 1 Term <br> Loan, (1M USD CME Term <br> SOFR + 1.75%), 5.42%, <br> 6/02/32<br>|  | 400000 | **400168** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| &nbsp;&nbsp; DraftKings, Inc., Term Loan <br> B, (1M USD CME Term <br> SOFR + 1.75%), 5.42%, <br> 3/04/32<br>|  | 497815 | 497815 |
| &nbsp;&nbsp; Entain PLC, Facility B-5, <br> (3M USD CME Term SOFR <br> + 2.25%), 5.92%, 7/31/32<br>|  | 324188 | 323377 |
| &nbsp;&nbsp; Flutter Entertainment PLC, <br> 2024 Refinancing Term B <br> Loan, (3M USD CME Term <br> SOFR + 1.75%, 0.50% <br> Floor), 5.42%, 11/30/30<br>|  | 89316 | 89093 |
| &nbsp;&nbsp; Flutter Entertainment PLC, <br> Third Incremental Term B <br> Loan, (3M USD CME Term <br> SOFR + 2.00%, 0.50% <br> Floor), 5.67%, 6/04/32<br>|  | 447750 | 445883 |
| &nbsp;&nbsp; PCI Gaming Authority Term <br> B Facility Loan, (1M USD <br> CME Term SOFR + 2.00%), <br> 5.67%, 7/18/31<br>|  | 124432 | 124024 |
|  |  |  | **1480192** |
| **Machinery – 0.0%**<sup>(b)</sup> | **Machinery – 0.0%**<sup>(b)</sup> | **Machinery – 0.0%**<sup>(b)</sup> | **Machinery – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Crane Holdings Co., New <br> Term Loan B, (1M USD <br> Euribor + 2.75%), 4.69%, <br> 12/10/32<br>| EUR | 260768 | **311290** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| &nbsp;&nbsp; Novelis Holdings, Inc., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 1.75%), 5.42%, 3/11/32<br>|  | 895489 | **895113** |
| **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** |
| &nbsp;&nbsp; Colossus AcquireCo LLC, <br> Initial Term Loan, (3M <br> USD SOFR + 1.75%), <br> 5.41%, 7/30/32<br>|  | 798000 | **794672** |
| **Software – 0.0%**<sup>(b)</sup> | **Software – 0.0%**<sup>(b)</sup> | **Software – 0.0%**<sup>(b)</sup> | **Software – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; ConnectWise LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 3.50%, <br> 0.50% Floor), 7.43%, <br> 9/29/28<br>|  | 22617 | **21750** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp; IMC Financing LLC, Term <br> Loan, (1M USD CME Term <br> SOFR + 3.00%), 6.67%, <br> 6/18/32<sup>(h)</sup> <br>|  | $298500 | $299246 |
| &nbsp;&nbsp; Midcap Funding XLVI Trust <br> Loan, (1M USD CME Term <br> SOFR + 2.50%, 1.00% <br> Floor), 6.19%, 4/23/27<br>|  | 250000 | 244063 |
|  |  |  | **543309** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| &nbsp;&nbsp; Crane Next Co., Second <br> Initial Term B Loan, <br> 12/10/32<sup>(r)</sup> <br>| EUR | 739232 | **882452** |
| **Transportation & Logistics – 0.0%**<sup>(b)</sup> | **Transportation & Logistics – 0.0%**<sup>(b)</sup> | **Transportation & Logistics – 0.0%**<sup>(b)</sup> | **Transportation & Logistics – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Air Canada Term Loan, (3M <br> USD CME Term SOFR + <br> 1.75%), 5.42%, 3/21/31<br>|  | 100000 | **99875** |
| **Transportation Equipment – 0.0%**<sup>(b)</sup> | **Transportation Equipment – 0.0%**<sup>(b)</sup> | **Transportation Equipment – 0.0%**<sup>(b)</sup> | **Transportation Equipment – 0.0%**<sup>(b)</sup> |
| &nbsp;&nbsp; Allison Transmission, Inc., <br> 2026 Term Loan, (1M USD <br> CME Term SOFR + 1.75%), <br> 5.42%, 1/02/33<br>|  | 400000 | **400800** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $12,207,464) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $12,207,464) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $12,207,464) | **12240758** |
| **U.S. Government Obligations – 13.4%** | **U.S. Government Obligations – 13.4%** | **U.S. Government Obligations – 13.4%** | **U.S. Government Obligations – 13.4%** |
| **U.S. Treasury Bonds – 5.4%** | **U.S. Treasury Bonds – 5.4%** | **U.S. Treasury Bonds – 5.4%** | **U.S. Treasury Bonds – 5.4%** |
| &nbsp;&nbsp; 4.25%, 5/15/39 |  | 64000 | 62465 |
| &nbsp;&nbsp; 4.38%, 11/15/39 |  | 18814000 | 18477406 |
| &nbsp;&nbsp; 1.13%, 5/15/40 |  | 1173000 | 741144 |
| &nbsp;&nbsp; 1.13%, 8/15/40 |  | 1173000 | 733721 |
| &nbsp;&nbsp; 4.25%, 11/15/40 |  | 1012700 | 972944 |
| &nbsp;&nbsp; 1.38%, 11/15/40 |  | 1173000 | 758784 |
| &nbsp;&nbsp; 1.88%, 2/15/41 |  | 1663700 | 1158221 |
| &nbsp;&nbsp; 3.75%, 8/15/41 |  | 1029000 | 924050 |
| &nbsp;&nbsp; 1.75%, 8/15/41 |  | 13080000 | 8796811 |
| &nbsp;&nbsp; 3.88%, 2/15/43 |  | 652500 | 584982 |
| &nbsp;&nbsp; 3.63%, 8/15/43 |  | 1009600 | 869163 |
| &nbsp;&nbsp; 3.75%, 11/15/43 |  | 1009600 | 882177 |
| &nbsp;&nbsp; 4.13%, 8/15/44 |  | 325700 | 297837 |
| &nbsp;&nbsp; 4.63%, 11/15/44 |  | 388000 | 378573 |
| &nbsp;&nbsp; 2.50%, 2/15/45 |  | 2508200 | 1771416 |
| &nbsp;&nbsp; 2.75%, 11/15/47 |  | 2328600 | 1653397 |
| &nbsp;&nbsp; 3.00%, 2/15/48 |  | 1233000 | 914636 |
| &nbsp;&nbsp; 2.25%, 8/15/49 |  | 1230000 | 768606 |
| &nbsp;&nbsp; 1.38%, 8/15/50 |  | 389000 | 190777 |
| &nbsp;&nbsp; 1.63%, 11/15/50 |  | 251800 | 131713 |
| &nbsp;&nbsp; 2.38%, 5/15/51<sup>(j)</sup> <br>|  | 391300 | 245663 |
| &nbsp;&nbsp; 2.00%, 8/15/51 |  | 389000 | 222125 |
| &nbsp;&nbsp; 1.88%, 11/15/51 |  | 1164000 | 640928 |
| &nbsp;&nbsp; 2.25%, 2/15/52 |  | 1286200 | 777196 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; 3.00%, 8/15/52 | $26000 | $18537 |
| &nbsp;&nbsp; 3.63%, 2/15/53 | 41000 | 33032 |
| &nbsp;&nbsp; 3.63%, 5/15/53 | 35500 | 28576 |
| &nbsp;&nbsp; 4.63%, 2/15/55 | 19000 | 18201 |
| &nbsp;&nbsp; 4.75%, 5/15/55 | 223000 | 218017 |
| &nbsp;&nbsp; 4.63%, 11/15/55<sup>(j)</sup> <br>| 174000 | 166768 |
| &nbsp;&nbsp; 2.38%, 2/15/55<sup>(j)(s)</sup> <br>| 1350000 | 1313525 |
| &nbsp;&nbsp; 0.00%, 5/15/45<sup>(s)(t)</sup> <br>| 8000000 | 3088029 |
| &nbsp;&nbsp; 0.00%, 5/15/55<sup>(t)</sup> <br>| 18250000 | 4284370 |
|  |  | **52123790** |
| **U.S. Treasury Notes – 8.0%** | **U.S. Treasury Notes – 8.0%** | **U.S. Treasury Notes – 8.0%** |
| &nbsp;&nbsp; 1.25%, 4/15/28 | 1280000 | 1389927 |
| &nbsp;&nbsp; 2.13%, 4/15/29 | 2870000 | 3100653 |
| &nbsp;&nbsp; 1.63%, 10/15/29 | 3420000 | 3593412 |
| &nbsp;&nbsp; 1.63%, 4/15/30 | 3803000 | 3930242 |
| &nbsp;&nbsp; 1.38%, 7/15/33 | 260000 | 272886 |
| &nbsp;&nbsp; 2.13%, 1/15/35 | 8180000 | 8606244 |
| &nbsp;&nbsp; 1.88%, 7/15/35<sup>(j)</sup> <br>| 4965000 | 5027239 |
| &nbsp;&nbsp; 1.88%, 2/28/27 | 4000 | 3930 |
| &nbsp;&nbsp; 4.25%, 3/15/27 | 1032700 | 1040486 |
| &nbsp;&nbsp; 3.75%, 4/30/27 | 111000 | 111286 |
| &nbsp;&nbsp; 0.50%, 5/31/27 | 688000 | 661233 |
| &nbsp;&nbsp; 3.25%, 6/30/27 | 4439000 | 4422007 |
| &nbsp;&nbsp; 4.38%, 7/15/27 | 24000 | 24283 |
| &nbsp;&nbsp; 2.25%, 8/15/27 | 1202400 | 1179573 |
| &nbsp;&nbsp; 3.13%, 8/31/27 | 6000 | 5963 |
| &nbsp;&nbsp; 3.38%, 9/15/27 | 100000 | 99746 |
| &nbsp;&nbsp; 0.38%, 9/30/27 | 970000 | 921159 |
| &nbsp;&nbsp; 4.13%, 9/30/27 | 1104000 | 1114393 |
| &nbsp;&nbsp; 4.13%, 10/31/27 | 1096600 | 1107266 |
| &nbsp;&nbsp; 0.63%, 11/30/27 | 12000 | 11389 |
| &nbsp;&nbsp; 3.88%, 11/30/27 | 1275500 | 1283023 |
| &nbsp;&nbsp; 4.00%, 2/29/28 | 14000 | 14125 |
| &nbsp;&nbsp; 1.25%, 3/31/28 | 1046700 | 996941 |
| &nbsp;&nbsp; 3.50%, 4/30/28 | 61000 | 60919 |
| &nbsp;&nbsp; 1.25%, 5/31/28 | 1210800 | 1148747 |
| &nbsp;&nbsp; 1.13%, 8/31/28 | 1195200 | 1123535 |
| &nbsp;&nbsp; 4.38%, 8/31/28 | 1223100 | 1246654 |
| &nbsp;&nbsp; 1.25%, 9/30/28 | 1168700 | 1099902 |
| &nbsp;&nbsp; 1.38%, 12/31/28 | 4000 | 3756 |
| &nbsp;&nbsp; 3.75%, 12/31/28 | 1174700 | 1179380 |
| &nbsp;&nbsp; 3.50%, 1/15/29<sup>(j)</sup> <br>| 293000 | 292153 |
| &nbsp;&nbsp; 2.38%, 3/31/29 | 697500 | 671507 |
| &nbsp;&nbsp; 3.25%, 6/30/29 | 1253600 | 1237391 |
| &nbsp;&nbsp; 4.25%, 6/30/29 | 2000 | 2038 |
| &nbsp;&nbsp; 4.00%, 2/28/30 | 1408000 | 1422245 |
| &nbsp;&nbsp; 3.75%, 5/31/30 | 1046000 | 1045796 |
| &nbsp;&nbsp; 4.00%, 5/31/30 | 8650000 | 8735486 |
| &nbsp;&nbsp; 3.88%, 6/30/30 | 31000 | 31147 |
| &nbsp;&nbsp; 4.00%, 7/31/30 | 175000 | 176702 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** | **U.S. Treasury Notes (Continued)** |
| &nbsp;&nbsp; 4.88%, 10/31/30 | $844300 | $883910 |
| &nbsp;&nbsp; 3.75%, 12/31/30<sup>(j)</sup> <br>| 13000 | 12968 |
| &nbsp;&nbsp; 3.63%, 12/31/30<sup>(j)</sup> <br>| 6000000 | 5952656 |
| &nbsp;&nbsp; 4.25%, 6/30/31 | 1278500 | 1302572 |
| &nbsp;&nbsp; 3.63%, 9/30/31 | 1068200 | 1053637 |
| &nbsp;&nbsp; 4.13%, 11/30/31 | 13000 | 13142 |
| &nbsp;&nbsp; 4.50%, 12/31/31 | 487100 | 501922 |
| &nbsp;&nbsp; 4.13%, 2/29/32 | 29000 | 29282 |
| &nbsp;&nbsp; 4.00%, 4/30/32 | 1500000 | 1503340 |
| &nbsp;&nbsp; 2.88%, 5/15/32 | 43600 | 40969 |
| &nbsp;&nbsp; 4.13%, 5/31/32 | 1250000 | 1260693 |
| &nbsp;&nbsp; 4.00%, 6/30/32 | 118000 | 118171 |
| &nbsp;&nbsp; 4.00%, 7/31/32 | 54000 | 54049 |
| &nbsp;&nbsp; 3.75%, 10/31/32 | 31000 | 30518 |
| &nbsp;&nbsp; 3.75%, 11/30/32 | 6000 | 5903 |
| &nbsp;&nbsp; 3.88%, 12/31/32<sup>(j)</sup> <br>| 43000 | 42617 |
| &nbsp;&nbsp; 4.00%, 2/15/34 | 1061800 | 1053007 |
| &nbsp;&nbsp; 3.88%, 8/15/34 | 16000 | 15668 |
| &nbsp;&nbsp; 4.63%, 2/15/35 | 149000 | 153691 |
| &nbsp;&nbsp; 4.25%, 5/15/35 | 729000 | 730595 |
| &nbsp;&nbsp; 4.00%, 11/15/35 | 3905000 | 3825070 |
|  |  | **76979144** |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $130,508,219) | &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $130,508,219) | **129102934** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Investment Companies – 33.9%** | **Investment Companies – 33.9%** | **Investment Companies – 33.9%** |
| &nbsp;&nbsp; BlackRock Allocation <br> Target Shares - BATS, <br> Series A<br>| 5928904 | 56858191 |
| &nbsp;&nbsp; iShares U.S. Treasury Bond <br> ETF<sup>(u)</sup> <br>| 10701492 | 246508868 |
| &nbsp;&nbsp; Vanguard Total <br> International Bond ETF<br>| 478796 | 23255122 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $326,108,026) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $326,108,026) | **326622181** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 3.8%** | **Short-Term Investments – 3.8%** | **Short-Term Investments – 3.8%** |
| **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** | **Corporate Bonds – 0.2%** |
| &nbsp;&nbsp; Diamondback Energy, Inc., <br> 3.25%, 12/01/26<br>| $990000 | 984336 |
| EQT Corp., 3.13%, 5/15/26<sup>(c)</sup> <br>| 268000 | 267149 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| &nbsp;&nbsp; Paramount Global, 3.70%, <br> 10/04/26<br>|  | $84000 | $82693 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, <br> 5.05%, 12/30/26<sup>(c)</sup> <br>|  | 135000 | 136214 |
|  |  |  | **1470392** |
| **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** | **Foreign Issuer Bonds – 0.1%** |
| &nbsp;&nbsp; Brazil Letras do Tesouro <br> Nacional,<br>|  |  |  |
| &nbsp;&nbsp; 0.00%, 4/01/26<sup>(t)</sup> <br>| BRL | 1507000 | 280180 |
| &nbsp;&nbsp; 0.00%, 7/01/26<sup>(t)</sup> <br>|  | 349000 | 62853 |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie F, 10.00%, <br> 1/01/27<br>|  | 1119000 | 206938 |
| &nbsp;&nbsp; Diamond II Ltd., 7.95%, <br> 7/28/26<br>|  | 450000 | 449990 |
| &nbsp;&nbsp; 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 | 117963 |
| &nbsp;&nbsp; Mexican Bonos, 7.00%, <br> 9/03/26<br>| MXN | 4043300 | 231148 |
| &nbsp;&nbsp; Petroleos de Venezuela <br> S.A., 6.00%, 11/15/26<sup>(n)</sup> <br>|  | 18000 | 5400 |
|  |  |  | **1354472** |
| **Money Market Funds – 2.0%** | **Money Market Funds – 2.0%** | **Money Market Funds – 2.0%** | **Money Market Funds – 2.0%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 3.81%<sup>(v)(w)</sup> <br>|  | 8782508 | 8782508 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(v)</sup> <br>|  | 10690387 | 10690387 |
|  |  |  | **19472895** |
| **Mortgage-Backed Securities – 0.2%** | **Mortgage-Backed Securities – 0.2%** | **Mortgage-Backed Securities – 0.2%** | **Mortgage-Backed Securities – 0.2%** |
| &nbsp;&nbsp; Petroleos Mexicanos, <br> 7.50%, 3/20/26<sup>(c)</sup> <br>|  | 422000 | 422322 |
| &nbsp;&nbsp; Station Place <br> Securitization Trust, <br> Series 2025-SP2, <br> Class A1, (1M CME Term <br> SOFR + 1.15%), 4.82%, <br> 9/25/26<sup>(c)(d)</sup> <br>|  | 1750000 | 1750000 |
|  |  |  | **2172322** |
| **U.S. Government Obligations – 1.3%** | **U.S. Government Obligations – 1.3%** | **U.S. Government Obligations – 1.3%** | **U.S. Government Obligations – 1.3%** |
| U.S. Treasury Notes, |  |  |  |
| &nbsp;&nbsp; 4.63%, 3/15/26 |  | 2108000 | 2109762 |
| &nbsp;&nbsp; 0.63%, 7/31/26<sup>(j)</sup> <br>|  | 1589100 | 1565760 |
| &nbsp;&nbsp; 4.63%, 10/15/26 |  | 53000 | 53359 |
| &nbsp;&nbsp; 2.00%, 11/15/26 |  | 1185800 | 1171181 |
| &nbsp;&nbsp; 4.25%, 11/30/26 |  | 4778000 | 4803159 |
| &nbsp;&nbsp; 4.38%, 12/15/26 |  | 1752700 | 1764451 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **U.S. Government Obligations (Continued)** | **U.S. Government Obligations (Continued)** | **U.S. Government Obligations (Continued)** |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp; 4.25%, 12/31/26 | $156000 | $156940 |
| &nbsp;&nbsp; 4.00%, 1/15/27<sup>(j)</sup> <br>| 1032700 | 1036928 |
|  |  | **12661540** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $37,051,027) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $37,051,027) | **37131621** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **Purchased Options – 0.0%**<sup>(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> |
| &nbsp;&nbsp; 3-Month SOFR Future, Strike <br> Price USD 97.50, Expires <br> 9/11/26<br>| 218 | $52731475 | 17712 |
| &nbsp;&nbsp; 3-Month SOFR Future, Strike <br> Price USD 97.50, Expires <br> 3/12/27<br>| 156 | 37759800 | 35100 |
| &nbsp;&nbsp; U.S. Treasury Long Bond <br> Future, Strike Price USD <br> 116.00, Expires 2/20/26<br>| 1 | 115125 | 512 |
| &nbsp;&nbsp; U.S. Treasury Long Bond <br> Future, Strike Price USD <br> 117.00, Expires 2/20/26<br>| 1 | 115125 | 344 |
|  |  |  | **53668** |
| **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> |
| &nbsp;&nbsp; Brazilian Real vs. U.S. Dollar, <br> Strike Price BRL 5.45, <br> Expires 4/27/26, <br> Counterparty: UBS<br>| 2 | 146000 | 2657 |
| &nbsp;&nbsp; Brazilian Real vs. U.S. Dollar, <br> Strike Price BRL 5.55, <br> Expires 2/06/26, <br> Counterparty: Barclays<br>| 4 | 114079 | 38 |
| &nbsp;&nbsp; Chilean Peso vs. U.S. Dollar, <br> Strike Price CLP 910.00, <br> Expires 4/13/26, <br> Counterparty: HSBC<br>| 2 | 54000 | 436 |
| &nbsp;&nbsp; Colombian Pesos vs. <br> U.S. Dollar, Strike Price <br> COP 3,920.00, Expires <br> 5/27/26, Counterparty: UBS<br>| 3 | 121252 | 2580 |
| &nbsp;&nbsp; Colombian Pesos vs. <br> U.S. Dollar, Strike Price <br> COP 3,920.00, Expires <br> 5/27/26, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 2100 | 45 |
| &nbsp;&nbsp; U.S. Dollar vs. Australian <br> Dollar, Strike Price USD <br> 0.69, Expires 7/06/26, <br> Counterparty: Goldman <br> Sachs<br>| 3 | 138322 <br><sup>(x)</sup><br>| 3280 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Call Options - Over the Counter (Continued)** | **Call Options - Over the Counter (Continued)** | **Call Options - Over the Counter (Continued)** | **Call Options - Over the Counter (Continued)** |
| &nbsp;&nbsp; U.S. Dollar vs. British Pound, <br> Strike Price USD 1.35, <br> Expires 2/13/26, <br> Counterparty: JPMorgan <br> Chase<br>| 1 | $27000 <br><sup>(y)</sup><br>| $671 |
| &nbsp;&nbsp; U.S. Dollar vs. Euro, Strike <br> Price USD 1.18, Expires <br> 2/10/26, <br> Counterparty: HSBC<br>| 2 | 153333 <br><sup>(z)</sup><br>| 1973 |
| &nbsp;&nbsp; U.S. Dollar vs. Euro, Strike <br> Price USD 1.19, Expires <br> 2/10/26, <br> Counterparty: JPMorgan <br> Chase<br>| 2 | 116000 <br><sup>(z)</sup><br>| 746 |
| &nbsp;&nbsp; U.S. Dollar vs. Euro, Strike <br> Price USD 1.20, Expires <br> 2/25/26, <br> Counterparty: Citibank<br>| 2 | 91000 <br><sup>(z)</sup><br>| 406 |
| &nbsp;&nbsp; U.S. Dollar vs. Euro, Strike <br> Price USD 1.22, Expires <br> 2/26/26, <br> Counterparty: HSBC<br>| 1 | 252000 <br><sup>(z)</sup><br>| 453 |
| &nbsp;&nbsp; U.S. Dollar vs. Thai Baht, <br> Strike Price THB 31.30, <br> Expires 3/19/26, <br> Counterparty: HSBC<br>| 2 | 72000 | 1150 |
| &nbsp;&nbsp; U.S. Dollar vs. Thai Baht, <br> Strike Price THB 32.00, <br> Expires 3/12/26, <br> Counterparty: JPMorgan <br> Chase<br>| 2 | 73000 | 424 |
| &nbsp;&nbsp; U.S. Dollar vs. Thai Baht, <br> Strike Price THB 32.70, <br> Expires 3/12/26, <br> Counterparty: Standard <br> Chartered Bank<br>| 2 | 146000 | 277 |
|  |  |  | **15136** |
| **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> |
| &nbsp;&nbsp; Markit iTraxx Europe <br> Crossover (Pay Quarterly): <br> Credit Default Swap <br> Maturing 12/20/2030, <br> Strike Price EUR 262.50, <br> Expires 2/18/26, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 153000 <br><sup>(z)</sup><br>| 316 |
| &nbsp;&nbsp; Markit iTraxx Europe <br> Crossover (Pay Quarterly): <br> Credit Default Swap <br> Maturing 12/20/2030, <br> Strike Price EUR 262.50, <br> Expires 3/18/26, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 152000 <br><sup>(z)</sup><br>| 826 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Number of**<br> **Contracts** | **Notional**<br> **Amount**<br>| **Value** |
| **Call Swaptions - Over the Counter (Continued)** | **Call Swaptions - Over the Counter (Continued)** | **Call Swaptions - Over the Counter (Continued)** | **Call Swaptions - Over the Counter (Continued)** |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 3.35% <br> (Annually): Interest Rate <br> Swap Maturing 9/23/2031, <br> Strike Price USD 3.35, <br> Expires 9/21/26, <br> Counterparty: Barclays<br>| 1 | $10000000 | $61485 |
| &nbsp;&nbsp; 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 | 2911 |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 3.57% <br> (Annually): Interest Rate <br> Swap Maturing 2/09/2036, <br> Strike Price USD 3.57, <br> Expires 2/05/26, <br> Counterparty: Deutsche <br> Bank<br>| 1 | 593780 |  |
| &nbsp;&nbsp; Pay 1-Day USD SOFR <br> (Annually); Receive 3.77% <br> (Annually): Interest Rate <br> Swap Maturing 2/09/2056, <br> Strike Price USD 3.77, <br> Expires 2/05/26, <br> Counterparty: Deutsche <br> Bank<br>| 1 | 395400 |  |
| &nbsp;&nbsp; Pay 1-Day USD SOFR (At <br> Maturity); Receive 3.00% <br> (At Maturity): Interest Rate <br> Swap Maturing 6/10/2027, <br> Strike Price USD 3.00, <br> Expires 6/08/26, <br> Counterparty: Goldman <br> Sachs<br>| 1 | 14715375 | 7261 |
|  |  |  | **72799** |
| **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> |
| &nbsp;&nbsp; Czech Koruna vs. Euro, <br> Strike Price CZK 23.85, <br> Expires 2/05/26, <br> Counterparty: Bank of <br> America<br>| 4 | 6548 <br><sup>(z)</sup><br>| 4 |
| &nbsp;&nbsp; Czech Koruna vs. U.S. Dollar, <br> Strike Price CZK 20.00, <br> Expires 2/05/26, <br> Counterparty: Bank of <br> America<br>| 4 | 5708 | 95 |
| &nbsp;&nbsp; Hungarian Forint vs. Euro, <br> Strike Price HUF 375.00, <br> Expires 7/21/26, <br> Counterparty: Barclays<br>| 2 | 12000 <br><sup>(z)</sup><br>| 1322 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; Indian Rupee vs. U.S. Dollar, <br> Strike Price INR 88.15, <br> Expires 2/27/26, <br> Counterparty: Bank of <br> America<br>| 4 | $11238 | $52 |
| &nbsp;&nbsp; Indian Rupee vs. U.S. Dollar, <br> Strike Price INR 92.40, <br> Expires 1/08/27, <br> Counterparty: HSBC<br>| 2 | 180000 | 1843 |
| &nbsp;&nbsp; Japanese Yen vs. U.S. Dollar, <br> Strike Price JPY 159.00, <br> Expires 4/16/26, <br> Counterparty: BNP Paribas<br>| 1 | 253000 | 220 |
| &nbsp;&nbsp; South Korean Won vs. <br> U.S. Dollar, Strike Price <br> KRW 1,400.00, Expires <br> 4/03/26, Counterparty: BNP <br> Paribas<br>| 1 | 3000 | 517 |
| &nbsp;&nbsp; Turkish Lira vs. U.S. Dollar, <br> Strike Price TRY 45.25, <br> Expires 3/25/26, <br> Counterparty: Goldman <br> Sachs<br>| 2 | 45000 | 722 |
| &nbsp;&nbsp; Turkish Lira vs. U.S. Dollar, <br> Strike Price TRY 45.25, <br> Expires 3/25/26, <br> Counterparty: Bank of <br> America<br>| 2 | 45000 | 722 |
| &nbsp;&nbsp; U.S. Dollar vs. Australian <br> Dollar, Strike Price USD <br> 0.69, Expires 2/26/26, <br> Counterparty: Barclays<br>| 2 | 207000 <br><sup>(x)</sup><br>| 1088 |
| &nbsp;&nbsp; U.S. Dollar vs. British Pound, <br> Strike Price USD 1.36, <br> Expires 2/25/26, <br> Counterparty: Citibank<br>| 2 | 133000 <br><sup>(y)</sup><br>| 696 |
| &nbsp;&nbsp; U.S. Dollar vs. British Pound, <br> Strike Price USD 1.37, <br> Expires 2/26/26, <br> Counterparty: Societe <br> General<br>| 2 | 40000 <br><sup>(y)</sup><br>| 364 |
|  |  |  | **7645** |
| &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $354,852) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $354,852) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $354,852) | **149248** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Total Long Positions** – **115.1%** <br>(Cost $1,110,246,145) | **1109504284** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Short Positions – (3.9)%**<sup>(aa)</sup>  | **Short Positions – (3.9)%**<sup>(aa)</sup>  | **Short Positions – (3.9)%**<sup>(aa)</sup>  |
| **Mortgage-Backed Securities – (3.9)%** | **Mortgage-Backed Securities – (3.9)%** | **Mortgage-Backed Securities – (3.9)%** |
| **Uniform Mortgage-Backed Securities – (3.9)%** | **Uniform Mortgage-Backed Securities – (3.9)%** | **Uniform Mortgage-Backed Securities – (3.9)%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.00%, 2/01/40<sup>(f)</sup> <br>| (159000)<br>| (152682)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Uniform Mortgage-Backed Securities (Continued)** | **Uniform Mortgage-Backed Securities (Continued)** | **Uniform Mortgage-Backed Securities (Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp; 2.00%, 2/01/41<sup>(f)</sup> <br>| $(544000)<br>| $(502429)<br>|
| &nbsp;&nbsp; 2.50%, 2/01/41<sup>(f)</sup> <br>| (6000)<br>| (5665)<br>|
| &nbsp;&nbsp; 3.50%, 2/01/41<sup>(f)</sup> <br>| (32000)<br>| (31018)<br>|
| &nbsp;&nbsp; 4.00%, 2/01/53<sup>(f)</sup> <br>| (2287000)<br>| (2183926)<br>|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.00%, 2/01/53 - 3/01/53<sup>(f)</sup> <br>| (27030000)<br>| (27008937)<br>|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.50%, 2/01/54 - 3/01/55<sup>(f)</sup> <br>| (7209000)<br>| (7465961)<br>|
|  |  | **(37350618)**<br>|
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Proceeds $37,403,783) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Proceeds $37,403,783) | **(37350618)**<br>|
| &nbsp;&nbsp; **Total Short Positions – (3.9)%** <br>(Proceeds $37,403,783) | &nbsp;&nbsp; **Total Short Positions – (3.9)%** <br>(Proceeds $37,403,783) | **(37350618)**<br>|
| &nbsp;&nbsp; **Total Written Options** – **(0.1)%** <br>(Premiums Received $1,163,209) | &nbsp;&nbsp; **Total Written Options** – **(0.1)%** <br>(Premiums Received $1,163,209) | (864814)<br>|
| Liabilities less Other Assets – (11.1)%<sup>(ab)</sup>  | Liabilities less Other Assets – (11.1)%<sup>(ab)</sup>  | (106955314)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$964333538** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

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

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

<sup>(b)</sup> 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 January 31, 2026, these securities had a total value of $184,886,742 or 19.17% of net assets. 

<sup>(d)</sup> Variable or floating rate security. Rate as of January 31, 2026 is disclosed.

<sup>(e)</sup> Step coupon bond. Rate as of January 31, 2026 is disclosed.

<sup>(f)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2026.

<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 January 31, 2026 is disclosed. 

<sup>(h)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At January 31, 2026, the value of restricted securities (excluding 144A issues) amounted to $1,974,521 or 0.20% of net assets. 

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

---

| | | |
|:---|:---|:---|
| **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, 6.67%, 6/18/32 | 6/02/2025 | 297008 |
| Vantage Data Centers LLC, 5.13%, 8/15/55 | 8/07/2025 | 850000 |

---

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

<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. As of January 31, 2026, the total value of securities on loan is $21,733,694.

<sup>(k)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2026 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> Issuer has defaulted on terms of debt obligation. Income is not being accrued.

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

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

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

<sup>(r)</sup> Position is unsettled. Contract rate was not determined at January 31, 2026 and does not take effect until settlement date.

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

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

<sup>(u)</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>(v)</sup> 7-day current yield as of January 31, 2026 is disclosed.

<sup>(w)</sup> Security purchased with the cash proceeds from securities loaned. As of January 31, 2026, total cash collateral has a value of $8,782,508 and total non-cash collateral has a value of $13,505,448. 

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

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

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

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

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

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| 1M | 1 Month |
| 1Y | 1 Year |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| 10Y | 10 Year |
| 12MTA | 12 Month Treasury Average |
| 30D | 30 Day |
| ABS | Asset-Backed Security |
| AUD | Australian Dollar |
| BATS | Better Alternative Trading System |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | |
|:---|:---|
| BBSW | Bank Bill Swap Rate |
| BRL | Brazilian Real |
| BUBOR | Budapest Interbank Offered Rate |
| CAD | Canadian Dollar |
| CDX | Credit Default Swap Index |
| CETIP | Câmara de Custódia e Liquidação |
| CLICP | Sinacofi Chile Interbank Rate |
| CLO | Collateralized Loan Obligation |
| CLP | Chilean Peso |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNH | Chinese Yuan Renminbi |
| CNRR | China Fixing Repo Rate |
| COOVI | Columbian Overnight Index Average |
| COP | Colombian Peso |
| CORRA | Canadian Overnight Repo Rate Average |
| CZK | Czech Republic Koruna |
| EGP | Egyptian Pound |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| GO | Government Obligation |
| HUF | Hungarian Forint |
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JIBAR | Johannesburg Interbank Average Rate |
| JPY | Japanese Yen |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| KRW | South Korean Won |
| KSDA | Korea Securities Dealers Association |
| L.P. | Limited Partnership |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| MIBOR | Mumbai Interbank Offered Rate |
| MXN | Mexican Peso |
| PEN | Peruvian Nuevo Sole |
| PHP | Philippine Peso |
| PLC | Public Limited Company |
| PLN | Polish Zloty |
| PRBOR | Prague Interbank Offered Rate |
| SFM | Single Family Mortgage |
| SGD | Singapore Dollar |
| SOFR | United States Secured Overnight Financing Rate |
| TAIBOR | Taipei Interbank Offered Rate |
| THB | Thai Baht |
| TIIE | Tasa de Interés Interbancaria de Equilibrio |
| TONAR | Tokyo Overnight Average Rate |
| TRB | Tax Revenue Bonds |
| TRY | Turkish Lira |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | |
|:---|:---|
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| UYU | Uruguay Peso |
| WIBOR | Warsaw Interbank Offered Rate |
| ZAR | South African Rand |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <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; 3 | &nbsp;&nbsp; 3/06/2026 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 455779 | &nbsp;&nbsp; $2535 |
| 10-Year Australian Treasury Bond | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 3/16/2026 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 1672174 | &nbsp;&nbsp; (6931)<br>|
| 3-Year Australian Treasury Bond | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 3/16/2026 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 3940040 | &nbsp;&nbsp; (10482)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1726875 | &nbsp;&nbsp; (1656)<br>|
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3082219 | &nbsp;&nbsp; 1474 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7163687 | &nbsp;&nbsp; (78080)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 26061523 | &nbsp;&nbsp; (17827)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 34530711 | &nbsp;&nbsp; (123395)<br>|
| CME 3-Month SOFR | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1690063 | &nbsp;&nbsp; (1575)<br>|
| CME 3-Month SOFR | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 3/16/2027 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 51801375 | &nbsp;&nbsp; (11675)<br>|
| CME 3-Month SOFR | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 3/14/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4593012 | &nbsp;&nbsp; 12 |
| CME 3-Month SOFR | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 3/21/2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4581850 | &nbsp;&nbsp; (685)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$(248285)**<br>|
| **Short Contracts** |  |  |  |  |  |
| 30-Year Euro-Buxl | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 3/06/2026 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 130246 | &nbsp;&nbsp; $2279 |
| Euro-Bobl | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 3/06/2026 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 414671 | &nbsp;&nbsp; (1943)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 111828 | &nbsp;&nbsp; 16 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$352** |
|  |  |  |  |  | &nbsp;&nbsp; **$(247933)**<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** |
| **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>|
| 3/18/26 | Brazilian Reals | &nbsp;&nbsp; 3844546 | U.S. Dollars | &nbsp;&nbsp; 691714 | Goldman Sachs | &nbsp;&nbsp; $31121 |
| 3/18/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 8896264 | U.S. Dollars | &nbsp;&nbsp; 518786 | Citibank | &nbsp;&nbsp; 30051 |
| 3/18/26 | Mexican Pesos | &nbsp;&nbsp; 9559255 | U.S. Dollars | &nbsp;&nbsp; 518786 | Goldman Sachs | &nbsp;&nbsp; 25897 |
| 2/03/26 | Brazilian Reals | &nbsp;&nbsp; 1514097 | U.S. Dollars | &nbsp;&nbsp; 269235 | Citibank | &nbsp;&nbsp; 18284 |
| 2/25/26 | Malaysian Ringgit | &nbsp;&nbsp; 2128936 | U.S. Dollars | &nbsp;&nbsp; 525291 | Barclays | &nbsp;&nbsp; 15175 |
| 8/18/26 | Mexican Pesos | &nbsp;&nbsp; 3987709 | U.S. Dollars | &nbsp;&nbsp; 211767 | Morgan Stanley | &nbsp;&nbsp; 12048 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 2/25/26 | Mexican Pesos | &nbsp;&nbsp; 7103812 | U.S. Dollars | &nbsp;&nbsp; 394624 | Bank of America | &nbsp;&nbsp; $11007 |
| 2/25/26 | Polish Zloty | &nbsp;&nbsp; 1561962 | U.S. Dollars | &nbsp;&nbsp; 432814 | HSBC | &nbsp;&nbsp; 6773 |
| 2/25/26 | Chilean Pesos | &nbsp;&nbsp; 186605466 | U.S. Dollars | &nbsp;&nbsp; 207866 | Goldman Sachs | &nbsp;&nbsp; 5636 |
| 3/03/26 | U.S. Dollars | &nbsp;&nbsp; 426859 | Brazilian Reals | &nbsp;&nbsp; 2232600 | Citibank | &nbsp;&nbsp; 5419 |
| 3/18/26 | Brazilian Reals | &nbsp;&nbsp; 764072 | U.S. Dollars | &nbsp;&nbsp; 138286 | Bank of America | &nbsp;&nbsp; 5371 |
| 2/03/26 | U.S. Dollars | &nbsp;&nbsp; 408396 | Brazilian Reals | &nbsp;&nbsp; 2122842 | Citibank | &nbsp;&nbsp; 5279 |
| 2/03/26 | Brazilian Reals | &nbsp;&nbsp; 558344 | U.S. Dollars | &nbsp;&nbsp; 101159 | Barclays | &nbsp;&nbsp; 4868 |
| 3/18/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1718978 | U.S. Dollars | &nbsp;&nbsp; 101214 | Bank of America | &nbsp;&nbsp; 4835 |
| 2/25/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 4246450 | U.S. Dollars | &nbsp;&nbsp; 258057 | RBS | &nbsp;&nbsp; 4366 |
| 2/25/26 | Hungarian Forints | &nbsp;&nbsp; 45422260 | U.S. Dollars | &nbsp;&nbsp; 136655 | HSBC | &nbsp;&nbsp; 4253 |
| 2/25/26 | Mexican Pesos | &nbsp;&nbsp; 2502047 | U.S. Dollars | &nbsp;&nbsp; 139000 | Morgan Stanley | &nbsp;&nbsp; 3868 |
| 3/18/26 | Mexican Pesos | &nbsp;&nbsp; 1841730 | U.S. Dollars | &nbsp;&nbsp; 101214 | Bank of America | &nbsp;&nbsp; 3727 |
| 2/25/26 | Czech Koruna | &nbsp;&nbsp; 5313502 | U.S. Dollars | &nbsp;&nbsp; 255412 | RBS | &nbsp;&nbsp; 3425 |
| 12/16/26 | U.S. Dollars | &nbsp;&nbsp; 867224 | Hong Kong Dollars | &nbsp;&nbsp; 6700000 | Citibank | &nbsp;&nbsp; 3108 |
| 2/03/26 | Brazilian Reals | &nbsp;&nbsp; 602025 | U.S. Dollars | &nbsp;&nbsp; 111400 | Goldman Sachs | &nbsp;&nbsp; 2922 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 1263957 | Japanese Yen | &nbsp;&nbsp; 194436472 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 2778 |
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 368273 | Thai Baht | &nbsp;&nbsp; 11434490 | JPMorgan Chase | &nbsp;&nbsp; 2710 |
| 2/25/26 | Australian Dollars | &nbsp;&nbsp; 104649 | U.S. Dollars | &nbsp;&nbsp; 70200 | HSBC | &nbsp;&nbsp; 2670 |
| 2/25/26 | Colombian Pesos | &nbsp;&nbsp; 484359756 | U.S. Dollars | &nbsp;&nbsp; 128107 | Morgan Stanley | &nbsp;&nbsp; 2323 |
| 2/25/26 | Euro | &nbsp;&nbsp; 134500 | U.S. Dollars | &nbsp;&nbsp; 157352 | BNP Paribas | &nbsp;&nbsp; 2254 |
| 3/18/26 | Japanese Yen | &nbsp;&nbsp; 125539000 | U.S. Dollars | &nbsp;&nbsp; 812147 | Morgan Stanley | &nbsp;&nbsp; 2141 |
| 3/18/26 | Malaysian Ringgit | &nbsp;&nbsp; 249850 | U.S. Dollars | &nbsp;&nbsp; 61696 | Morgan Stanley | &nbsp;&nbsp; 1785 |
| 3/18/26 | Malaysian Ringgit | &nbsp;&nbsp; 250150 | U.S. Dollars | &nbsp;&nbsp; 61857 | Barclays | &nbsp;&nbsp; 1700 |
| 2/25/26 | Mexican Pesos | &nbsp;&nbsp; 939425 | U.S. Dollars | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 1642 |
| 2/25/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 7804881209 | U.S. Dollars | &nbsp;&nbsp; 463671 | Citibank | &nbsp;&nbsp; 1398 |
| 8/18/26 | Mexican Pesos | &nbsp;&nbsp; 781600 | U.S. Dollars | &nbsp;&nbsp; 42548 | Goldman Sachs | &nbsp;&nbsp; 1320 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 156465 | Australian Dollars | &nbsp;&nbsp; 223000 | RBS | &nbsp;&nbsp; 1198 |
| 2/25/26 | Czech Koruna | &nbsp;&nbsp; 1664053 | U.S. Dollars | &nbsp;&nbsp; 80000 | HSBC | &nbsp;&nbsp; 1061 |
| 2/12/26 | U.S. Dollars | &nbsp;&nbsp; 309319 | Euro | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; 965 |
| 4/27/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1730915585 | U.S. Dollars | &nbsp;&nbsp; 101984 | HSBC | &nbsp;&nbsp; 954 |
| 2/25/26 | Romanian Leu | &nbsp;&nbsp; 267116 | U.S. Dollars | &nbsp;&nbsp; 61146 | Goldman Sachs | &nbsp;&nbsp; 935 |
| 2/25/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 888598 | U.S. Dollars | &nbsp;&nbsp; 54000 | Goldman Sachs | &nbsp;&nbsp; 914 |
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 73000 | Mexican Pesos | &nbsp;&nbsp; 1262900 | Morgan Stanley | &nbsp;&nbsp; 888 |
| 3/18/26 | Singapore Dollars | &nbsp;&nbsp; 70000 | U.S. Dollars | &nbsp;&nbsp; 54573 | State Street | &nbsp;&nbsp; 630 |
| 2/25/26 | Japanese Yen | &nbsp;&nbsp; 8432802 | U.S. Dollars | &nbsp;&nbsp; 54000 | Citibank | &nbsp;&nbsp; 598 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 6/02/26 | Brazilian Reals | &nbsp;&nbsp; 111405 | U.S. Dollars | &nbsp;&nbsp; 20045 | Societe Generale | &nbsp;&nbsp; $542 |
| 2/25/26 | Korean Won | &nbsp;&nbsp; 138230679 | U.S. Dollars | &nbsp;&nbsp; 94981 | Barclays | &nbsp;&nbsp; 503 |
| 7/28/26 | Nigerian Naira | &nbsp;&nbsp; 44902125 | U.S. Dollars | &nbsp;&nbsp; 30060 | Citibank | &nbsp;&nbsp; 453 |
| 3/25/26 | U.S. Dollars | &nbsp;&nbsp; 152546 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 2555229557 | Bank of America | &nbsp;&nbsp; 413 |
| 2/26/26 | Mexican Pesos | &nbsp;&nbsp; 214195 | U.S. Dollars | &nbsp;&nbsp; 11824 | Goldman Sachs | &nbsp;&nbsp; 405 |
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 73000 | Mexican Pesos | &nbsp;&nbsp; 1272222 | Barclays | &nbsp;&nbsp; 356 |
| 3/18/26 | Singapore Dollars | &nbsp;&nbsp; 40000 | U.S. Dollars | &nbsp;&nbsp; 31191 | Bank of America | &nbsp;&nbsp; 354 |
| 7/07/26 | U.S. Dollars | &nbsp;&nbsp; 26727 | Colombian Pesos | &nbsp;&nbsp; 101057049 | Citibank | &nbsp;&nbsp; 352 |
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 54911 | Euro | &nbsp;&nbsp; 46000 | Citibank | &nbsp;&nbsp; 324 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 121455 | Euro | &nbsp;&nbsp; 102000 | State Street | &nbsp;&nbsp; 283 |
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 59428 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 992788376 | Morgan Stanley | &nbsp;&nbsp; 270 |
| 4/20/26 | Egyptian Pounds | &nbsp;&nbsp; 2243353 | U.S. Dollars | &nbsp;&nbsp; 45643 | Societe Generale | &nbsp;&nbsp; 257 |
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 59174 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 198919 | Societe Generale | &nbsp;&nbsp; 244 |
| 4/27/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 397145130 | U.S. Dollars | &nbsp;&nbsp; 23388 | Societe Generale | &nbsp;&nbsp; 231 |
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 73000 | Singapore Dollars | &nbsp;&nbsp; 92420 | JPMorgan Chase | &nbsp;&nbsp; 230 |
| 7/07/26 | U.S. Dollars | &nbsp;&nbsp; 25345 | Colombian Pesos | &nbsp;&nbsp; 96297516 | State Street | &nbsp;&nbsp; 212 |
| 3/25/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 2555229557 | U.S. Dollars | &nbsp;&nbsp; 151952 | Societe Generale | &nbsp;&nbsp; 181 |
| 3/25/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 2673426000 | U.S. Dollars | &nbsp;&nbsp; 159000 | JPMorgan Chase | &nbsp;&nbsp; 170 |
| 2/25/26 | Philippine Pesos | &nbsp;&nbsp; 1133470 | U.S. Dollars | &nbsp;&nbsp; 19119 | HSBC | &nbsp;&nbsp; 107 |
| 2/12/26 | Colombian Pesos | &nbsp;&nbsp; 347308814 | U.S. Dollars | &nbsp;&nbsp; 93642 | Citibank | &nbsp;&nbsp; 102 |
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 63626 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 214191 | Goldman Sachs | &nbsp;&nbsp; 89 |
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 31432 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 105810 | Citibank | &nbsp;&nbsp; 46 |
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 31801 | Barclays | &nbsp;&nbsp; 35 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 142373 | Philippine Pesos | &nbsp;&nbsp; 8400000 | Deutsche Bank | &nbsp;&nbsp; 27 |
| 2/25/26 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 3092672 | U.S. Dollars | &nbsp;&nbsp; 444857 | Societe Generale | &nbsp;&nbsp; 22 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 35086 | Thai Baht | &nbsp;&nbsp; 1100000 | UBS | &nbsp;&nbsp; 20 |
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 4072 | Turkish Lira | &nbsp;&nbsp; 188433 | Barclays | &nbsp;&nbsp; 12 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 2788 | Australian Dollars | &nbsp;&nbsp; 4000 | Morgan Stanley | &nbsp;&nbsp; 3 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $244540 |
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 60431 | &nbsp;&nbsp; Chinese Offshore <br> Yuan<br>| &nbsp;&nbsp; 418616 | Morgan Stanley | &nbsp;&nbsp; $(6)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 32105 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 108280 | Barclays | &nbsp;&nbsp; $(15)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 610879 | Mexican Pesos | &nbsp;&nbsp; 10762688 | Morgan Stanley | &nbsp;&nbsp; (17)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 19119 | Philippine Pesos | &nbsp;&nbsp; 1129168 | JPMorgan Chase | &nbsp;&nbsp; (33)<br>|
| 2/25/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 31739 | U.S. Dollars | &nbsp;&nbsp; 2000 | JPMorgan Chase | &nbsp;&nbsp; (39)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 63000 | Malaysian Ringgit | &nbsp;&nbsp; 248378 | Barclays | &nbsp;&nbsp; (55)<br>|
| 4/27/26 | Turkish Lira | &nbsp;&nbsp; 889629 | U.S. Dollars | &nbsp;&nbsp; 19224 | Barclays | &nbsp;&nbsp; (55)<br>|
| 2/25/26 | Chilean Pesos | &nbsp;&nbsp; 14801900 | U.S. Dollars | &nbsp;&nbsp; 17000 | Citibank | &nbsp;&nbsp; (65)<br>|
| 7/07/26 | U.S. Dollars | &nbsp;&nbsp; 5235 | Colombian Pesos | &nbsp;&nbsp; 20318727 | Barclays | &nbsp;&nbsp; (67)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 14000 | Turkish Lira | &nbsp;&nbsp; 622965 | Barclays | &nbsp;&nbsp; (70)<br>|
| 7/07/26 | U.S. Dollars | &nbsp;&nbsp; 13988 | Colombian Pesos | &nbsp;&nbsp; 53875413 | BNP Paribas | &nbsp;&nbsp; (73)<br>|
| 2/03/26 | U.S. Dollars | &nbsp;&nbsp; 9000 | Brazilian Reals | &nbsp;&nbsp; 47790 | BNP Paribas | &nbsp;&nbsp; (75)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 2642 | Mexican Pesos | &nbsp;&nbsp; 48000 | Morgan Stanley | &nbsp;&nbsp; (93)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 235477 | Colombian Pesos | &nbsp;&nbsp; 887453273 | Morgan Stanley | &nbsp;&nbsp; (99)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 47888 | Japanese Yen | &nbsp;&nbsp; 7402000 | JPMorgan Chase | &nbsp;&nbsp; (124)<br>|
| 2/25/26 | Colombian Pesos | &nbsp;&nbsp; 266832000 | U.S. Dollars | &nbsp;&nbsp; 72000 | Citibank | &nbsp;&nbsp; (146)<br>|
| 2/25/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 790507 | U.S. Dollars | &nbsp;&nbsp; 49000 | Citibank | &nbsp;&nbsp; (148)<br>|
| 2/26/26 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 112320 | U.S. Dollars | &nbsp;&nbsp; 33499 | Societe Generale | &nbsp;&nbsp; (182)<br>|
| 3/03/26 | Brazilian Reals | &nbsp;&nbsp; 88570 | U.S. Dollars | &nbsp;&nbsp; 17000 | Goldman Sachs | &nbsp;&nbsp; (281)<br>|
| 2/25/26 | Korean Won | &nbsp;&nbsp; 51685200 | U.S. Dollars | &nbsp;&nbsp; 36000 | Societe Generale | &nbsp;&nbsp; (298)<br>|
| 4/27/26 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 197947 | U.S. Dollars | &nbsp;&nbsp; 58941 | Societe Generale | &nbsp;&nbsp; (300)<br>|
| 2/25/26 | Colombian Pesos | &nbsp;&nbsp; 125695500 | British Pounds | &nbsp;&nbsp; 25000 | Morgan Stanley | &nbsp;&nbsp; (360)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 26326 | Euro | &nbsp;&nbsp; 22502 | RBS | &nbsp;&nbsp; (377)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 24000 | Colombian Pesos | &nbsp;&nbsp; 90741600 | Morgan Stanley | &nbsp;&nbsp; (435)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 26000 | Japanese Yen | &nbsp;&nbsp; 4091719 | BNY Mellon | &nbsp;&nbsp; (492)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 83036 | Czech Koruna | &nbsp;&nbsp; 1714000 | HSBC | &nbsp;&nbsp; (523)<br>|
| 7/07/26 | U.S. Dollars | &nbsp;&nbsp; 40216 | Colombian Pesos | &nbsp;&nbsp; 156118670 | JPMorgan Chase | &nbsp;&nbsp; (529)<br>|
| 2/25/26 | Euro | &nbsp;&nbsp; 27088 | Hungarian Forints | &nbsp;&nbsp; 10532633 | BNY Mellon | &nbsp;&nbsp; (530)<br>|
| 2/25/26 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 212493 | U.S. Dollars | &nbsp;&nbsp; 63626 | Citibank | &nbsp;&nbsp; (593)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 49056 | Australian Dollars | &nbsp;&nbsp; 71324 | HSBC | &nbsp;&nbsp; (608)<br>|
| 2/03/26 | U.S. Dollars | &nbsp;&nbsp; 18704 | Brazilian Reals | &nbsp;&nbsp; 101735 | Barclays | &nbsp;&nbsp; (615)<br>|
| 6/02/26 | U.S. Dollars | &nbsp;&nbsp; 20275 | Brazilian Reals | &nbsp;&nbsp; 113044 | State Street | &nbsp;&nbsp; (616)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 67647 | Singapore Dollars | &nbsp;&nbsp; 86704 | State Street | &nbsp;&nbsp; (623)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 57214 | Hungarian Forints | &nbsp;&nbsp; 18723055 | HSBC | &nbsp;&nbsp; (636)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 106532 | Philippine Pesos | &nbsp;&nbsp; 6333726 | Citibank | &nbsp;&nbsp; (640)<br>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 46029 | Euro | &nbsp;&nbsp; 39342 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; (658)<br>|
| 2/25/26 | Hungarian Forints | &nbsp;&nbsp; 20085030 | U.S. Dollars | &nbsp;&nbsp; 63000 | Deutsche Bank | &nbsp;&nbsp; (693)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** |
| **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 5/04/26 | &nbsp;&nbsp; Peruvian Nuevo <br>Soles<br>| &nbsp;&nbsp; 244104 | U.S. Dollars | &nbsp;&nbsp; 73000 | Citibank | &nbsp;&nbsp; $(695)<br>|
| 4/23/26 | Argentine Pesos | &nbsp;&nbsp; 18735557 | U.S. Dollars | &nbsp;&nbsp; 12082 | Citibank | &nbsp;&nbsp; (739)<br>|
| 2/25/26 | Brazilian Reals | &nbsp;&nbsp; 244527 | U.S. Dollars | &nbsp;&nbsp; 47000 | Goldman Sachs | &nbsp;&nbsp; (780)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 16600 | Australian Dollars | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (806)<br>|
| 2/04/26 | U.S. Dollars | &nbsp;&nbsp; 22574 | Turkish Lira | &nbsp;&nbsp; 1020731 | Goldman Sachs | &nbsp;&nbsp; (831)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 295290 | Philippine Pesos | &nbsp;&nbsp; 17500833 | HSBC | &nbsp;&nbsp; (838)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 117932 | Euro | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; Standard Chartered <br> Bank<br>| &nbsp;&nbsp; (864)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 120305 | Euro | &nbsp;&nbsp; 102000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (867)<br>|
| 6/02/26 | U.S. Dollars | &nbsp;&nbsp; 29373 | Brazilian Reals | &nbsp;&nbsp; 163914 | Deutsche Bank | &nbsp;&nbsp; (918)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 136141 | Thai Baht | &nbsp;&nbsp; 4300000 | BNP Paribas | &nbsp;&nbsp; (936)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 891178 | Morgan Stanley | &nbsp;&nbsp; (1073)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 276887 | Philippine Pesos | &nbsp;&nbsp; 16405720 | Bank of America | &nbsp;&nbsp; (1123)<br>|
| 2/03/26 | U.S. Dollars | &nbsp;&nbsp; 34341 | Brazilian Reals | &nbsp;&nbsp; 186849 | Morgan Stanley | &nbsp;&nbsp; (1141)<br>|
| 2/04/26 | Australian Dollars | &nbsp;&nbsp; 223000 | U.S. Dollars | &nbsp;&nbsp; 156477 | RBS | &nbsp;&nbsp; (1192)<br>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 103012 | Czech Koruna | &nbsp;&nbsp; 2141277 | Goldman Sachs | &nbsp;&nbsp; (1298)<br>|
| 4/28/26 | U.S. Dollars | &nbsp;&nbsp; 656564 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 10697692 | Wells Fargo | &nbsp;&nbsp; (1474)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 54453 | Japanese Yen | &nbsp;&nbsp; 8627773 | UBS | &nbsp;&nbsp; (1510)<br>|
| 2/25/26 | U.S. Dollars | &nbsp;&nbsp; 86275 | Euro | &nbsp;&nbsp; 74000 | State Street | &nbsp;&nbsp; (1538)<br>|
| 3/18/26 | Colombian Pesos | &nbsp;&nbsp; 586948500 | U.S. Dollars | &nbsp;&nbsp; 159000 | JPMorgan Chase | &nbsp;&nbsp; (1673)<br>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 116202 | Euro | &nbsp;&nbsp; 99354 | Morgan Stanley | &nbsp;&nbsp; (1702)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 195345 | Singapore Dollars | &nbsp;&nbsp; 250000 | State Street | &nbsp;&nbsp; (1810)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 237195 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 4020319909 | BNP Paribas | &nbsp;&nbsp; (1893)<br>|
| 3/18/26 | Taiwan Dollars | &nbsp;&nbsp; 4400000 | U.S. Dollars | &nbsp;&nbsp; 141021 | BNP Paribas | &nbsp;&nbsp; (2022)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 194726 | Singapore Dollars | &nbsp;&nbsp; 250000 | Citibank | &nbsp;&nbsp; (2429)<br>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 131680 | Polish Zloty | &nbsp;&nbsp; 477637 | Goldman Sachs | &nbsp;&nbsp; (2742)<br>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 80956 | Mexican Pesos | &nbsp;&nbsp; 1466530 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (2776)<br>|
| 3/18/26 | Brazilian Reals | &nbsp;&nbsp; 894732 | U.S. Dollars | &nbsp;&nbsp; 171000 | Goldman Sachs | &nbsp;&nbsp; (2776)<br>|
| 2/03/26 | U.S. Dollars | &nbsp;&nbsp; 96040 | Brazilian Reals | &nbsp;&nbsp; 520972 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (2890)<br>|
| 4/27/26 | U.S. Dollars | &nbsp;&nbsp; 382453 | Polish Zloty | &nbsp;&nbsp; 1369331 | RBS | &nbsp;&nbsp; (2926)<br>|
| 2/25/26 | Thai Baht | &nbsp;&nbsp; 14073653 | U.S. Dollars | &nbsp;&nbsp; 451216 | HSBC | &nbsp;&nbsp; (3213)<br>|
| 4/02/26 | U.S. Dollars | &nbsp;&nbsp; 89858 | Brazilian Reals | &nbsp;&nbsp; 499000 | JPMorgan Chase | &nbsp;&nbsp; (3594)<br>|
| 3/18/26 | Mexican Pesos | &nbsp;&nbsp; 3060594 | U.S. Dollars | &nbsp;&nbsp; 178000 | Citibank | &nbsp;&nbsp; (3608)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 825099 | Japanese Yen | &nbsp;&nbsp; 127767000 | HSBC | &nbsp;&nbsp; (3640)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 181593 | Euro | &nbsp;&nbsp; 156000 | Deutsche Bank | &nbsp;&nbsp; (3728)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 3/23/26 | U.S. Dollars | &nbsp;&nbsp; 267685 | Mexican Pesos | &nbsp;&nbsp; 4769309 | Morgan Stanley | &nbsp;&nbsp; $(3925)<br>|
| 3/03/26 | U.S. Dollars | &nbsp;&nbsp; 62452 | Brazilian Reals | &nbsp;&nbsp; 352304 | Barclays | &nbsp;&nbsp; (4051)<br>|
| 3/18/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 2503692 | U.S. Dollars | &nbsp;&nbsp; 159000 | Morgan Stanley | &nbsp;&nbsp; (4540)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 122127 | Malaysian Ringgit | &nbsp;&nbsp; 500000 | Barclays | &nbsp;&nbsp; (4911)<br>|
| 3/03/26 | Brazilian Reals | &nbsp;&nbsp; 2136033 | U.S. Dollars | &nbsp;&nbsp; 408396 | Citibank | &nbsp;&nbsp; (5185)<br>|
| 2/03/26 | Brazilian Reals | &nbsp;&nbsp; 2232601 | U.S. Dollars | &nbsp;&nbsp; 429511 | Citibank | &nbsp;&nbsp; (5552)<br>|
| 4/02/26 | U.S. Dollars | &nbsp;&nbsp; 127029 | Brazilian Reals | &nbsp;&nbsp; 708154 | Citibank | &nbsp;&nbsp; (5593)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 127075 | Australian Dollars | &nbsp;&nbsp; 191000 | HSBC | &nbsp;&nbsp; (5912)<br>|
| 2/12/26 | U.S. Dollars | &nbsp;&nbsp; 427658 | Euro | &nbsp;&nbsp; 366000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (6409)<br>|
| 2/12/26 | U.S. Dollars | &nbsp;&nbsp; 355016 | Canadian Dollars | &nbsp;&nbsp; 492000 | &nbsp;&nbsp; Toronto-Dominion <br> Bank<br>| &nbsp;&nbsp; (6482)<br>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 148842 | Colombian Pesos | &nbsp;&nbsp; 578273972 | Citibank | &nbsp;&nbsp; (6849)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 345857 | Brazilian Reals | &nbsp;&nbsp; 1892702 | Citibank | &nbsp;&nbsp; (10001)<br>|
| 2/25/26 | Indian Rupees | &nbsp;&nbsp; 53623051 | U.S. Dollars | &nbsp;&nbsp; 594260 | JPMorgan Chase | &nbsp;&nbsp; (10727)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 327736 | Brazilian Reals | &nbsp;&nbsp; 1804000 | Goldman Sachs | &nbsp;&nbsp; (11444)<br>|
| 2/26/26 | U.S. Dollars | &nbsp;&nbsp; 210476 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 3595792 | State Street | &nbsp;&nbsp; (11722)<br>|
| 2/03/26 | U.S. Dollars | &nbsp;&nbsp; 314994 | Brazilian Reals | &nbsp;&nbsp; 1771431 | Citibank | &nbsp;&nbsp; (21392)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 1695782 | British Pounds | &nbsp;&nbsp; 1267000 | HSBC | &nbsp;&nbsp; (37813)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 7441590 | Euro | &nbsp;&nbsp; 6304000 | Wells Fargo | &nbsp;&nbsp; (47302)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(283024)<br>|
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp; **$(38484)**<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <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; 52731475 | 98.00 | &nbsp;&nbsp; 9/11/2026 | &nbsp;&nbsp; $(10900)<br>|
| 3-Month SOFR Future | 156 | USD | &nbsp;&nbsp; 37759800 | 98.00 | &nbsp;&nbsp; 3/12/2027 | &nbsp;&nbsp; (17550)<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 $85,138)** | &nbsp;&nbsp; **$(28450)**<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Option Contracts outstanding at January 31, 2026:** <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. Euro | HSBC | &nbsp;&nbsp; 2 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 51631 | &nbsp;&nbsp; BRL | 6.45 | &nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp; $(412)<br>|
| Brazilian Real vs. Euro | Barclays | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; BRL | 6.45 | &nbsp;&nbsp; 3/05/2026 | &nbsp;&nbsp; (35)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** |
| **Description** | **Counterparty** | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Expiration**<br> **Date**<br>| **Value** |
| Brazilian Real vs. U.S. Dollar | Barclays | &nbsp;&nbsp; 4 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 171018 | &nbsp;&nbsp; BRL | 5.75 | &nbsp;&nbsp; 2/6/2026 | &nbsp;&nbsp; $(11)<br>|
| Brazilian Real vs. U.S. Dollar | Citibank | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 345857 | &nbsp;&nbsp; BRL | 5.45 | &nbsp;&nbsp; 3/12/2026 | &nbsp;&nbsp; (2833)<br>|
| Brazilian Real vs. U.S. Dollar | JPMorgan Chase | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 747000 | &nbsp;&nbsp; BRL | 5.70 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (2315)<br>|
| Brazilian Real vs. U.S. Dollar | UBS | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 218000 | &nbsp;&nbsp; BRL | 5.70 | &nbsp;&nbsp; 4/27/2026 | &nbsp;&nbsp; (1786)<br>|
| Canadian Dollar vs. <br> U.S. Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 760058 | &nbsp;&nbsp; CAD | 1.37 | &nbsp;&nbsp; 2/27/2026 | &nbsp;&nbsp; (2808)<br>|
| Chilean Peso vs. U.S. Dollar | Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 523000 | &nbsp;&nbsp; CLP | 920.00 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (1879)<br>|
| Chinese Yuan vs. U.S. Dollar | Barclays | &nbsp;&nbsp; 4 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 115360 | &nbsp;&nbsp; CNH | 6.98 | &nbsp;&nbsp; 2/5/2026 | &nbsp;&nbsp; (49)<br>|
| Colombian Pesos vs. <br> U.S. Dollar<br>| UBS | &nbsp;&nbsp; 3 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 177428 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 4200.00 | &nbsp;&nbsp; 5/27/2026 | &nbsp;&nbsp; (1370)<br>|
| Colombian Pesos vs. <br> U.S. Dollar<br>| Morgan Stanley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 4200.00 | &nbsp;&nbsp; 5/27/2026 | &nbsp;&nbsp; (24)<br>|
| Mexican Peso vs. U.S. Dollar | JPMorgan Chase | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 747000 | &nbsp;&nbsp; MXN | 18.50 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (1855)<br>|
| Mexican Peso vs. U.S. Dollar | JPMorgan Chase | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; MXN | 18.00 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (379)<br>|
| South African Rand vs. <br> U.S. Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 739000 | &nbsp;&nbsp; ZAR | 17.00 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (3483)<br>|
| Turkish Lira vs. U.S. Dollar | Goldman Sachs | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; TRY | 47.50 | &nbsp;&nbsp; 3/25/2026 | &nbsp;&nbsp; (464)<br>|
| Turkish Lira vs. U.S. Dollar | Bank of America | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; TRY | 47.50 | &nbsp;&nbsp; 3/25/2026 | &nbsp;&nbsp; (464)<br>|
| U.S. Dollar vs. Euro | HSBC | &nbsp;&nbsp; 2 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; USD | 1.19 | &nbsp;&nbsp; 2/10/2026 | &nbsp;&nbsp; (1479)<br>|
| U.S. Dollar vs. Euro | Citibank | &nbsp;&nbsp; 2 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 181000 | &nbsp;&nbsp; USD | 1.22 | &nbsp;&nbsp; 2/25/2026 | &nbsp;&nbsp; (272)<br>|
| U.S. Dollar vs. Euro | HSBC | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 504000 | &nbsp;&nbsp; USD | 1.24 | &nbsp;&nbsp; 2/26/2026 | &nbsp;&nbsp; (316)<br>|
| U.S. Dollar vs. Euro | Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 634649 | &nbsp;&nbsp; USD | 1.22 | &nbsp;&nbsp; 2/27/2026 | &nbsp;&nbsp; (1214)<br>|
| U.S. Dollar vs. Thai Baht | JPMorgan Chase | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 146000 | &nbsp;&nbsp; THB | 32.70 | &nbsp;&nbsp; 3/12/2026 | &nbsp;&nbsp; (277)<br>|
| U.S. Dollar vs. Thai Baht | HSBC | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 109000 | &nbsp;&nbsp; THB | 31.90 | &nbsp;&nbsp; 3/19/2026 | &nbsp;&nbsp; (828)<br>|
| U.S. Dollar vs. <br>Australian Dollar<br>| Goldman Sachs | &nbsp;&nbsp; 3 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 277644 | &nbsp;&nbsp; USD | 0.73 | &nbsp;&nbsp; 7/6/2026 | &nbsp;&nbsp; (2021)<br>|
| **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | **Total Written OTC Call Options Contracts (Premiums Received $34,725)** | &nbsp;&nbsp; **$(26574)**<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Option Contracts outstanding at January 31, 2026:** <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 | Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp; BRL | 5.29 | &nbsp;&nbsp; 3/04/2026 | &nbsp;&nbsp; $(15690)<br>|
| Brazilian Real vs. U.S. Dollar | Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 830000 | &nbsp;&nbsp; BRL | 5.25 | &nbsp;&nbsp; 3/12/2026 | &nbsp;&nbsp; (8503)<br>|
| Brazilian Real vs. U.S. Dollar | JPMorgan Chase | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 747000 | &nbsp;&nbsp; BRL | 5.30 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (11584)<br>|
| Canadian Dollar vs. <br> U.S. Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 760058 | &nbsp;&nbsp; CAD | 1.34 | &nbsp;&nbsp; 2/27/2026 | &nbsp;&nbsp; (1411)<br>|
| Chilean Peso vs. U.S. Dollar | Bank of America | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 37781 | &nbsp;&nbsp; CLP | 880.00 | &nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp; (560)<br>|
| Chilean Peso vs. U.S. Dollar | HSBC | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; CLP | 850.00 | &nbsp;&nbsp; 4/13/2026 | &nbsp;&nbsp; (467)<br>|
| Chinese Yuan vs. U.S. Dollar | Barclays | &nbsp;&nbsp; 4 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 115360 | &nbsp;&nbsp; CNH | 6.98 | &nbsp;&nbsp; 2/05/2026 | &nbsp;&nbsp; (327)<br>|
| Mexican Peso vs. U.S. Dollar | Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; MXN | 17.65 | &nbsp;&nbsp; 3/12/2026 | &nbsp;&nbsp; (10241)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Option Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** |
| **Description** | **Counterparty** | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Expiration**<br> **Date**<br>| **Value** |
| Mexican Peso vs. U.S. Dollar | JPMorgan Chase | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 747000 | &nbsp;&nbsp; MXN | 17.40 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; $(6777)<br>|
| Mexican Peso vs. U.S. Dollar | JPMorgan Chase | &nbsp;&nbsp; 2 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; MXN | 17.50 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (763)<br>|
| South African Rand vs. <br> U.S. Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; ZAR | 16.35 | &nbsp;&nbsp; 3/12/2026 | &nbsp;&nbsp; (13310)<br>|
| South African Rand vs. <br> U.S. Dollar<br>| Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 739000 | &nbsp;&nbsp; ZAR | 16.00 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (7797)<br>|
| South Korean Won vs. <br> U.S. Dollar<br>| BNP Paribas | &nbsp;&nbsp; 1 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 1365.00 | &nbsp;&nbsp; 4/03/2026 | &nbsp;&nbsp; (182)<br>|
| U.S. Dollar vs. British Pound | JPMorgan Chase | &nbsp;&nbsp; 1 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; USD | 1.32 | &nbsp;&nbsp; 2/13/2026 | &nbsp;&nbsp; (5)<br>|
| U.S. Dollar vs. Euro | Bank of America | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 634649 | &nbsp;&nbsp; USD | 1.18 | &nbsp;&nbsp; 2/27/2026 | &nbsp;&nbsp; (4262)<br>|
| **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | **Total Written OTC Put Options Contracts (Premiums Received $33,164)** | &nbsp;&nbsp; **$(81879)**<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:** <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** |
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 11/10/2037<br>| 3.87% (Annually) | 1-Day USD SOFR (Annually) | Bank of America | 11/08/2027 | 3.87<br> %<br>| 1530000 | $(35176)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 11/30/2037<br>| 3.86% (Annually) | 1-Day USD SOFR (Annually) | Deutsche Bank | 11/26/2027 | 3.86 | 2896290 | (65335)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 12/18/2036<br>| 3.20% (Annually) | 1-Day USD SOFR (Annually) | Citibank | 12/16/2026 | 3.20 | 581000 | (2321)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 12/20/2037<br>| 4.03% (Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 12/16/2027 | 4.03 | 1510000 | (43673)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/02/2038<br>| 4.10% (Annually) | 1-Day USD SOFR (Annually) | Deutsche Bank | 1/31/2028 | 4.10 | 1707000 | (56380)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/18/2031<br>| 2.85% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 2/13/2026 | 2.85 | 1640625 | —<br> \*<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/18/2031<br>| 2.85% (Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 2/13/2026 | 2.85 | 1640625 | —<br> \*<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/18/2031<br>| 2.86% (Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 2/13/2026 | 2.86 | 1640625 | —<br> \*<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/19/2036<br>| 3.60% (Annually) | 1-Day USD SOFR (Annually) | Nomura | 2/17/2026 | 3.60 | 772000 | (126)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<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** |
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/20/2031<br>| 2.94% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 2/18/2026 | 2.94<br> %<br>| 1640625 | $(3)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/20/2031<br>| 2.94% (Annually) | 1-Day USD SOFR (Annually) | Toronto-Dominion <br>Bank<br>| 2/18/2026 | 2.94 | 1640625 | (3)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/23/2031<br>| 2.93% (Annually) | 1-Day USD SOFR (Annually) | Barclays | 2/19/2026 | 2.93 | 1640625 | (4)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/23/2031<br>| 2.93% (Annually) | 1-Day USD SOFR (Annually) | Toronto-Dominion <br>Bank<br>| 2/19/2026 | 2.93 | 1640625 | (4)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 2/24/2031<br>| 2.89% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 2/20/2026 | 2.89 | 1640625 | (3)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 3/09/2031<br>| 3.82% (Annually) | 1-Day USD SOFR (Semi-Annually) | JPMorgan Chase | 3/05/2026 | 3.82 | 988000 | (498)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 4/23/2056<br>| 4.30% (Annually) | 1-Day USD SOFR (Annually) | Goldman Sachs | 4/23/2026 | 4.30 | 235400 | (1528)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 5/04/2056<br>| 3.25% (Annually) | 1-Day USD SOFR (Annually) | Bank of America | 4/30/2026 | 3.25 | 2972000 | (723)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 6/10/2027<br>| 2.50% (At Maturity) | 1-Day USD SOFR (At Maturity) | Goldman Sachs | 6/08/2026 | 2.50 | 14715375 | (1759)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 8/17/2028<br>| 2.64% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 8/13/2026 | 2.64 | 2296875 | (1610)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 8/17/2028<br>| 2.64% (Annually) | 1-Day USD SOFR (Annually) | Morgan Stanley | 8/13/2026 | 2.64 | 2296875 | (1610)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 8/18/2028<br>| 2.69% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 8/14/2026 | 2.69 | 2625000 | (2074)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 8/18/2028<br>| 2.69% (Annually) | 1-Day USD SOFR (Annually) | Toronto-Dominion <br>Bank<br>| 8/14/2026 | 2.69 | 2625000 | (2074)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 8/21/2028<br>| 2.71% (Annually) | 1-Day USD SOFR (Annually) | Barclays | 8/19/2026 | 2.71 | 1640625 | (1431)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 8/21/2028<br>| 2.71% (Annually) | 1-Day USD SOFR (Annually) | BNP Paribas | 8/19/2026 | 2.71 | 1640625 | (1431)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Call Interest Rate Swaption Contracts outstanding at January 31, 2026:**<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** |
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing <br> 9/23/2031<br>| 2.85% (Annually) | 1-Day USD SOFR (Annually) | Barclays | 9/21/2026 | 2.85<br> %<br>| 10000000 | $(17635)<br>|
| **Total Written OTC Call Swaptions Contracts (Premiums Received $424,875)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $424,875)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $424,875)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $424,875)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $424,875)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $424,875)** | **Total Written OTC Call Swaptions Contracts (Premiums Received $424,875)** | **$(235401)**<br>|

---

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

\* Amount rounds to less than one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:** <br>**Over the Counter** |
| **Description** | **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| **Exercise** <br>**Rate**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value** |
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 10/06/2029<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.05% (Annually) | Goldman Sachs | 10/04/2027 | 4.05<br> %<br>| USD | 21172000 | $(68456)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 10/23/2028<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.85% (Annually) | Goldman Sachs | 10/21/2026 | 3.85 | USD | 13614000 | (13788)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 11/10/2037<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.87% (Annually) | Bank of America | 11/08/2027 | 3.87 | USD | 1530000 | (60669)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 11/30/2037<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.86% (Annually) | Deutsche Bank | 11/26/2027 | 3.86 | USD | 2896290 | (119102)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 12/10/2029<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.00% (Annually) | Nomura | 12/08/2027 | 4.00 | USD | 6195947 | (25174)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 12/18/2036<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.60% (Annually) | Citibank | 12/16/2026 | 4.60 | USD | 581000 | (3516)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 12/20/2029<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.50% (Annually) | Deutsche Bank | 12/16/2027 | 4.50 | USD | 9372000 | (20010)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 12/20/2037<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.03% (Annually) | Morgan Stanley | 12/16/2027 | 4.03 | USD | 1510000 | (52142)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 2/02/2038<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.10% (Annually) | Deutsche Bank | 1/31/2028 | 4.10 | USD | 1707000 | (56380)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 2/04/2036<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.96% (Annually) | Bank of America | 2/02/2026 | 3.96 | USD | 1055000 | (56)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 2/04/2056<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.30% (Annually) | Goldman Sachs | 2/02/2026 | 4.30 | USD | 467000 | (100)<br>|
| &nbsp;&nbsp; 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 | 1640625 | (7)<br>|
| &nbsp;&nbsp; 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 | (9)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 2/18/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.85% (Annually) | Morgan Stanley | 2/13/2026 | 3.85 | USD | 1640625 | (9)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 2/19/2036<br>| 1-Day USD SOFR <br> (Annually)<br>| 4.00% (Annually) | Nomura | 2/17/2026 | 4.00 | USD | 772000 | (660)<br>|
| &nbsp;&nbsp; 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 | (6)<br>|
| &nbsp;&nbsp; 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 | (6)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** | **Written Put Interest Rate Swaption Contracts outstanding at January 31, 2026:**<br> **Over the Counter (continued)** |
| **Description** | **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| **Exercise**<br> **Rate**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Value** |
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 2/23/2031<br>| 1-Day USD SOFR <br> (Annually)<br>| 3.93% (Annually) | Toronto-Dominion <br>Bank<br>| 2/19/2026 | 3.93<br> %<br>| USD | 1640625 | $(10)<br>|
| &nbsp;&nbsp; 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 | (11)<br>|
| &nbsp;&nbsp; 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 | (26)<br>|
| &nbsp;&nbsp; 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 | (16805)<br>|
| &nbsp;&nbsp; Interest Rate Swap <br> Maturing 6/10/2027<br>| 1-Day USD SOFR (At <br> Maturity)<br>| 3.50% (At Maturity) | Goldman Sachs | 6/08/2026 | 3.50 | USD | 14715375 | (7028)<br>|
| &nbsp;&nbsp; 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 | (2766)<br>|
| &nbsp;&nbsp; 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 | (2766)<br>|
| &nbsp;&nbsp; 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 | USD | 2625000 | (2684)<br>|
| &nbsp;&nbsp; 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 | (2684)<br>|
| &nbsp;&nbsp; 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 | (1590)<br>|
| &nbsp;&nbsp; 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 | (1590)<br>|
| &nbsp;&nbsp; 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 | (33629)<br>|
| **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **Total Written OTC Put Swaptions Contracts (Premiums Received $584,380)** | **$(491679)**<br>|

---

**Written Put Credit Default Swaptions outstanding at January 31, 2026:** <br>**Over the Counter** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | &nbsp;&nbsp; **Exercise** <br>**Price** | **Expiration** <br>**Date**<br>| **Value** |
| Markit iTraxx Europe Crossover (Pay <br> Quarterly): Credit Default Swap <br> Maturing 12/20/2030<br>| Morgan Stanley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 115000 | 287.50 | &nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp; $(112)<br>|
| Markit iTraxx Europe Crossover (Pay <br> Quarterly): Credit Default Swap <br> Maturing 12/20/2030<br>| Morgan Stanley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 228000 | 287.50 | &nbsp;&nbsp; 3/18/2026 | &nbsp;&nbsp; (719)<br>|
| **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $927)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $927)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $927)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $927)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $927)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $927)** | **Total Written OTC Call Credit Default Swaption Contracts (Premiums Received $927)** | &nbsp;&nbsp; **$(831)**<br>|

---

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

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br>(At Maturity)<br>| 3.60% (At Maturity) | 3/18/2026 | USD | 133234000 | $(6580)<br>| $— | $(6580)<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br>(At Maturity)<br>| 3.59% (At Maturity) | 3/18/2026 | USD | 80610000 | (5350)<br>|  | (5350)<br>|
| &nbsp;&nbsp; 1-Day U.S. Federal Funds Rate <br>(At Maturity)<br>| 3.62% (At Maturity) | 3/18/2026 | USD | 30907000 | (1044)<br>|  | (1044)<br>|
| 1-Day USD SOFR (At Maturity) | 3.80% (At Maturity) | 5/16/2026 | USD | 7578000 | (20414)<br>|  | (20414)<br>|
| 1-Day USD SOFR (At Maturity) | 3.90% (At Maturity) | 5/16/2026 | USD | 5815000 | (9802)<br>|  | (9802)<br>|
| 3.79% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 7578000 | 20895 |  | 20895 |
| 3.81% (At Maturity) | 1-Day USD SOFR (At Maturity) | 5/16/2026 | USD | 5815000 | 14844 | 1032 | 13812 |
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 6.98% (Monthly) | 11/05/2026 | MXN | 1301595 | 34 |  | 34 |
| 4.00% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 12/17/2026 | PLN | 394000 | (293)<br>| (37)<br>| (256)<br>|
| 6.66% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 12/17/2026 | ZAR | 5268018 | (396)<br>|  | (396)<br>|
| 6.72% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 12/17/2026 | ZAR | 3917000 | (441)<br>| (108)<br>| (333)<br>|
| 13.70% (At Maturity) | 1-Day Brazil CETIP Interbank <br> Deposit Rate (At Maturity)<br>| 1/04/2027 | BRL | 146659 | (31)<br>|  | (31)<br>|
| 13.86% (At Maturity) | 1-Day Brazil CETIP Interbank <br> Deposit Rate (At Maturity)<br>| 1/04/2027 | BRL | 103000 | (23)<br>|  | (23)<br>|
| 13.88% (At Maturity) | 1-Day Brazil CETIP Interbank <br> Deposit Rate (At Maturity)<br>| 1/04/2027 | BRL | 872644 | (226)<br>|  | (226)<br>|
| 1.00% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 538261739 | 1834 |  | 1834 |
| 1.02% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 570293188 | 1180 |  | 1180 |
| 1.03% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 3/12/2027 | JPY | 1317226437 | 2048 |  | 2048 |
| 0.68% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 482733887 | 13270 |  | 13270 |
| 0.69% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 488377358 | 13363 |  | 13363 |
| 0.86% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 4/21/2027 | JPY | 200000000 | 3259 |  | 3259 |
| 0.70% (At Maturity) | 1-Day JPY TONAR (At Maturity) | 5/11/2027 | JPY | 385492528 | 10947 |  | 10947 |
| 3M MYR KLIBOR (Quarterly) | 3.26% (Quarterly) | 6/18/2027 | MYR | 2450000 | (344)<br>|  | (344)<br>|
| 1-Day USD SOFR (Annually) | 3.67% (Annually) | 7/21/2027 | USD | 7500000 | 10078 | 128 | 9950 |
| 1-Day JPY TONAR (At Maturity) | 1.01% (At Maturity) | 9/11/2027 | JPY | 256845000 | (4969)<br>|  | (4969)<br>|
| 1-Day USD SOFR (At Maturity) | 3.23% (At Maturity) | 12/11/2027 | USD | 7299000 | (767)<br>|  | (767)<br>|
| 1-Day INR MIBOR (At Maturity) | 5.61% (At Maturity) | 12/16/2027 | INR | 123864324 | (4209)<br>|  | (4209)<br>|
| 3.88% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 12/17/2027 | PLN | 770895 | (1105)<br>| (86)<br>| (1019)<br>|
| 3.95% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 12/17/2027 | PLN | 443000 | (801)<br>| (102)<br>| (699)<br>|
| 6.55% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 12/17/2027 | ZAR | 1353757 | (289)<br>|  | (289)<br>|
| 6M HUF BUBOR (Semi-Annually) | 6.25% (Annually) | 12/17/2027 | HUF | 55111806 | 832 |  | 832 |
| 3M TWD TAIBOR (Quarterly) | 2.02% (Quarterly) | 3/17/2028 | TWD | 26692216 | (459)<br>|  | (459)<br>|
| 3M TWD TAIBOR (Quarterly) | 2.00% (Quarterly) | 3/17/2028 | TWD | 5566353 | (123)<br>|  | (123)<br>|
| 3M TWD TAIBOR (Quarterly) | 2.01% (Quarterly) | 3/17/2028 | TWD | 5561431 | (111)<br>|  | (111)<br>|
| 3.49% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 3/18/2028 | PLN | 92055 | 34 |  | 34 |
| 6M HUF BUBOR (Semi-Annually) | 5.76% (Annually) | 3/18/2028 | HUF | 6615883 | (34)<br>|  | (34)<br>|
| 7-Day CNY CNRR (Quarterly) | 1.51% (Quarterly) | 6/17/2028 | CNY | 2561177 | (144)<br>|  | (144)<br>|
| 7-Day CNY CNRR (Quarterly) | 1.49% (Quarterly) | 6/17/2028 | CNY | 1903892 | (197)<br>|  | (197)<br>|
| 7-Day CNY CNRR (Quarterly) | 1.50% (Quarterly) | 6/17/2028 | CNY | 1901038 | (175)<br>|  | (175)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** | **Interest Rate Swap Contracts outstanding at January 31, 2026:**<br> **Centrally Cleared (continued)** |
| **Pay Rate Index/**<br> **Pay Rate**<br>| **Receive Rate Index/**<br> **Receive Rate**<br>| **Maturity**<br> **Date**<br>|  | **Notional**<br> **Amount**<br>| **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 1-Day USD SOFR (Annually) | 3.49% (Annually) | 6/27/2028 | USD | 24750000 | $(34496)<br>| $(19812)<br>| $(14684)<br>|
| 1-Day USD SOFR (Annually) | 3.39% (Annually) | 8/07/2028 | USD | 5000000 | (16231)<br>|  | (16231)<br>|
| 1-Day USD SOFR (Annually) | 3.41% (Annually) | 8/14/2028 | USD | 4250000 | (10341)<br>|  | (10341)<br>|
| 3M KRW KSDA (Quarterly) | 2.69% (Quarterly) | 12/17/2028 | KRW | 462672526 | (4771)<br>|  | (4771)<br>|
| 7-Day CNY CNRR (Quarterly) | 1.54% (Quarterly) | 12/17/2028 | CNY | 1783963 | (120)<br>|  | (120)<br>|
| &nbsp;&nbsp; 1-Day Brazil CETIP Interbank <br> Deposit Rate (At Maturity)<br>| 13.02% (At Maturity) | 1/02/2029 | BRL | 415000 | 493 |  | 493 |
| 7-Day CNY CNRR (Quarterly) | 1.56% (Quarterly) | 3/18/2029 | CNY | 160242 | (1)<br>|  | (1)<br>|
| 3.39% (Quarterly) | 3M MYR KLIBOR (Quarterly) | 6/18/2029 | MYR | 840000 | 331 |  | 331 |
| 3.48% (Quarterly) | 3M MYR KLIBOR (Quarterly) | 6/18/2029 | MYR | 840000 | (246)<br>|  | (246)<br>|
| 6M EUR EURIBOR (Semi-Annually) | 2.31% (Annually) | 2/03/2030 | EUR | 114755 | (561)<br>| 27 | (588)<br>|
| 6M EUR EURIBOR (Semi-Annually) | 2.43% (Annually) | 2/03/2030 | EUR | 19285 | 10 |  | 10 |
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 7.28% (Monthly) | 10/31/2030 | MXN | 2808842 | (1518)<br>|  | (1518)<br>|
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 7.32% (Monthly) | 11/05/2030 | MXN | 528000 | (239)<br>|  | (239)<br>|
| 1-Day INR MIBOR (Semi-Annually) | 5.71% (Semi-Annually) | 12/17/2030 | INR | 8337000 | (1594)<br>|  | (1594)<br>|
| 3M KRW KSDA (Quarterly) | 2.95% (Quarterly) | 12/17/2030 | KRW | 137933767 | (1830)<br>|  | (1830)<br>|
| 3M KRW KSDA (Quarterly) | 2.94% (Quarterly) | 12/17/2030 | KRW | 57939233 | (788)<br>|  | (788)<br>|
| 4.00% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 12/17/2030 | PLN | 11670 | (29)<br>| (4)<br>| (25)<br>|
| 4.05% (Semi-Annually) | 6M PLN WIBOR (Semi-Annually) | 12/17/2030 | PLN | 350000 | (1086)<br>| (32)<br>| (1054)<br>|
| 6.86% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 12/17/2030 | ZAR | 3987285 | (2958)<br>|  | (2958)<br>|
| 6.87% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 12/17/2030 | ZAR | 1893000 | (1429)<br>|  | (1429)<br>|
| 6M CZK PRBOR (Semi-Annually) | 3.89% (Annually) | 12/17/2030 | CZK | 7216103 | 4608 |  | 4608 |
| 6M CZK PRBOR (Semi-Annually) | 3.91% (Annually) | 12/17/2030 | CZK | 4796000 | 3280 |  | 3280 |
| 6M HUF BUBOR (Semi-Annually) | 6.29% (Annually) | 12/17/2030 | HUF | 8118150 | 303 |  | 303 |
| 7-Day CNY CNRR (Quarterly) | 1.58% (Quarterly) | 12/17/2030 | CNY | 1486431 | (474)<br>|  | (474)<br>|
| &nbsp;&nbsp; 1-Day Brazil CETIP Interbank <br> Deposit Rate (At Maturity)<br>| 13.24% (At Maturity) | 1/02/2031 | BRL | 263000 | 598 |  | 598 |
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 7.53% (Monthly) | 1/03/2031 | MXN | 449583 | (5)<br>|  | (5)<br>|
| 1.61% (Quarterly) | 7-Day CNY CNRR (Quarterly) | 3/18/2031 | CNY | 228660 | 50 |  | 50 |
| 1.62% (Quarterly) | 7-Day CNY CNRR (Quarterly) | 3/18/2031 | CNY | 2905612 | 319 |  | 319 |
| 6.69% (Quarterly) | 3M ZAR JIBAR (Quarterly) | 3/18/2031 | ZAR | 612674 | (120)<br>|  | (120)<br>|
| 6M CZK PRBOR (Semi-Annually) | 3.74% (Annually) | 3/18/2031 | CZK | 1073236 | 290 |  | 290 |
| 6M HUF BUBOR (Semi-Annually) | 5.98% (Annually) | 3/18/2031 | HUF | 1364358 |  |  |  |
| 7-Day CNY CNRR (Quarterly) | 1.64% (Quarterly) | 3/18/2031 | CNY | 129554 | (2)<br>|  | (2)<br>|
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.27% (Monthly) | 12/05/2035 | MXN | 807478 | 829 |  | 829 |
| &nbsp;&nbsp; 1-Day MXN TIIE Funding Rate <br> (Monthly)<br>| 8.00% (Monthly) | 12/28/2035 | MXN | 89154 | (5)<br>|  | (5)<br>|
| &nbsp;&nbsp; 1-Day GBP Sterling Overnight <br> Index Average Rate (Annually)<br>| 4.45% (Annually) | 12/04/2055 | GBP | 235400 | (7388)<br>|  | (7388)<br>|
| **Total** |  |  |  |  | **$(40830)**<br>| **$(18994)**<br>| **$(21836)**<br>|

---

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

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** | **Interest Rate Swap Contracts outstanding at January 31, 2026:** <br>**Over the Counter** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Counterparty** | **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; 1-Day COP COOVI <br> (Quarterly)<br>| 9.54% (Quarterly) | Morgan Stanley | 12/17/2027 | COP | 532883247 | $(3588)<br>| $— | $(3588)<br>|
| &nbsp;&nbsp; 1-Day COP COOVI <br> (Quarterly)<br>| 9.31% (Quarterly) | Goldman Sachs | 12/17/2027 | COP | 270385079 | (2124)<br>|  | (2124)<br>|
| &nbsp;&nbsp; 1-Day COP COOVI <br> (Quarterly)<br>| 9.37% (Quarterly) | Goldman Sachs | 12/17/2027 | COP | 268405051 | (2030)<br>|  | (2030)<br>|
| 4.44% (Semi-Annually) | 1-Day CLP CLICP <br> (Semi-Annually)<br>| Goldman Sachs | 12/17/2027 | CLP | 129274306 | (209)<br>|  | (209)<br>|
| 4.44% (Semi-Annually) | 1-Day CLP CLICP <br> (Semi-Annually)<br>| Bank of America | 12/17/2027 | CLP | 128590000 | (208)<br>|  | (208)<br>|
| &nbsp;&nbsp; 1-Day COP COOVI <br> (Quarterly)<br>| 10.78% (Quarterly) | Goldman Sachs | 3/18/2028 | COP | 86423273 | (173)<br>|  | (173)<br>|
| 9.36% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Goldman Sachs | 12/17/2029 | COP | 150050358 | 2026 |  | 2026 |
| 9.42% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Goldman Sachs | 12/17/2029 | COP | 149610330 | 1941 |  | 1941 |
| 9.54% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Morgan Stanley | 12/17/2029 | COP | 293398225 | 3499 |  | 3499 |
| 9.99% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Goldman Sachs | 1/20/2030 | COP | 344496000 | 1134 |  | 1134 |
| 10.60% (Quarterly) | 1-Day COP COOVI <br> (Quarterly)<br>| Goldman Sachs | 3/18/2030 | COP | 47802285 | 173 |  | 173 |
| &nbsp;&nbsp; 1-Day COP COOVI <br> (Quarterly)<br>| 10.23% (Quarterly) | Goldman Sachs | 1/20/2033 | COP | 99269000 | (789)<br>|  | (789)<br>|
| **Total** |  |  |  |  |  | **$(348)**<br>| **$—** | **$(348)**<br>|

---

**Credit Default Swap Contracts outstanding - Buy Protection as of January 31, 2026:** <br>**Centrally Cleared** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Federal Republic of Brazil, 3.75%, Due: 9/12/2031 (Pay <br> Quarterly)<br>| 1.00% | 12/20/2030 | USD | 164000 | $1924 | $2892 | $(968)<br>|
| &nbsp;&nbsp; Kingdom of Morocco, 3.00%, Due: 12/15/2032 (Pay <br> Quarterly)<br>| 1.00% | 12/20/2030 | USD | 29000 | (332)<br>| (348)<br>| 16 |
| &nbsp;&nbsp; Markit CDX North America Investment Grade Index Series <br> 45 (Pay Quarterly)<br>| 1.00% | 12/20/2030 | USD | 7100000 | (167985)<br>| (152143)<br>| (15842)<br>|
| &nbsp;&nbsp; Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay <br> Quarterly)<br>| 1.00% | 12/20/2030 | USD | 19000 | 835 | 677 | 158 |
| &nbsp;&nbsp; United Mexican States, 4.15%, Due: 3/28/2027 (Pay <br> Quarterly)<br>| 1.00% | 12/20/2030 | USD | 81000 | (506)<br>| (142)<br>| (364)<br>|
| **Total** |  |  |  |  | **$(166064)**<br>| **$(149064)**<br>| **$(17000)**<br>|

---

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

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Markit iTraxx Asia Ex Japan Investment Grade <br> Index Series 44 (Pay Quarterly)<br>| 0.67% | 1.00% | 12/20/2030 | USD | 248000 | $3932 | $3669 | $263 |
| &nbsp;&nbsp; Markit iTraxx Europe Crossover Index Series 44 <br> (Pay Quarterly)<br>| 2.47% | 5.00% | 12/20/2030 | EUR | 1317000 | 177251 | 151627 | 25624 |
| &nbsp;&nbsp; Saudi International Bond, 4.75%, <br> Due: 1/16/2030 (Pay Quarterly)<br>| 0.73% | 1.00% | 12/20/2030 | USD | 58000 | 760 | 852 | (92)<br>|
| **Total** |  |  |  |  |  | **$181943** | **$156148** | **$25795** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Buy Protection at January 31, 2026:** <br>**Over the Counter** |
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Republic of Argentina, 1.00%, <br> Due: 7/09/2029 (Pay Quarterly)<br>| 5.00% | 12/20/2027 | Barclays | USD | 3000 | $(68)<br>| $64 | $(132)<br>|
| &nbsp;&nbsp; American Electric Power, 3.20%, <br> Due: 11/13/2027 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Bank of America | USD | 703000 | (19141)<br>| (15188)<br>| (3953)<br>|
| &nbsp;&nbsp; American Express Co., 4.05%, <br> Due: 5/03/2029 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 360000 | (10259)<br>| (7937)<br>| (2322)<br>|
| &nbsp;&nbsp; Dominion Energy, Inc., 4.25%, <br> Due: 6/01/2028 (Pay Quarterly)<br>| 1.00% | 12/20/2029 | Goldman Sachs | USD | 346000 | (8969)<br>| (7240)<br>| (1729)<br>|
| &nbsp;&nbsp; Oman Government International Bond, <br> 4.75%, Due: 6/15/2026 (Pay Quarterly)<br>| 1.00% | 12/20/2030 | Barclays | USD | 29000 | (305)<br>| (322)<br>| 17 |
| &nbsp;&nbsp; Republic of Indonesia, 2.15%, <br> Due: 7/28/2031 (Pay Quarterly)<br>| 1.00% | 12/20/2030 | BNP Paribas | USD | 165333 | (1914)<br>| (1727)<br>| (187)<br>|
| &nbsp;&nbsp; Republic of Indonesia, 2.15%, <br> Due: 7/28/2031 (Pay Quarterly)<br>| 1.00% | 12/20/2030 | Deutsche Bank | USD | 82667 | (957)<br>| (891)<br>| (66)<br>|
| **Total** |  |  |  |  |  | **$(41613)**<br>| **$(33241)**<br>| **$(8372)**<br>|

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:** <br>**Over the Counter** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** |  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; PacifiCorp, 3.30%, <br> Due: 3/15/2051 (Pay <br> Quarterly)<br>| 0.28% | 0.13% | 09/29/2027 | JPMorgan Chase | USD | 142500 | $(319)<br>| $(35)<br>| $(284)<br>|
| &nbsp;&nbsp; Markit iTraxx Europe <br> Crossover Index Series 42 <br> (Pay Quarterly)<br>| 3.07% | 5.00% | 12/20/2029 | BNP Paribas | EUR | 51586 | 4657 | 3953 | 704 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<br> **Over the Counter (continued)** | **Credit Default Swap Contracts outstanding - Sell Protection at January 31, 2026:**<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>|
| &nbsp;&nbsp; Markit iTraxx Europe <br> Crossover Index Series 44 <br> (Pay Quarterly)<br>| 1.97% | 5.00% | 12/20/2030 | Goldman Sachs | EUR | 53000 | $9078 | $7925 | $1153 |
| &nbsp;&nbsp; Altice France S.A., 4.75%, <br> Due: 10/15/2030 (Pay <br> Quarterly)<br>| 2.74% | 5.00% | 06/20/2027 | JPMorgan Chase | EUR | 13000 | 556 | 297 | 259 |
| &nbsp;&nbsp; Altice France S.A., 4.75%, <br> Due: 10/15/2030 (Pay <br> Quarterly)<br>| 2.74% | 5.00% | 06/20/2027 | Morgan Stanley | EUR | 12000 | 514 | 366 | 148 |
| **Total** |  |  |  |  |  |  | **$14486** | **$12506** | **$1980** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** | **Inflation Swap Contracts outstanding at January 31, 2026:** <br>**Centrally Cleared** |
| **Pay Rate Index/** <br>**Pay Rate**<br>| **Receive Rate Index/** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 2.43% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 4/15/2030 | USD | 1515379 | $4641 | $— | $4641 |
| 2.63% (At Maturity) | 1-Day U.S. Consumer Price Index (At <br> Maturity)<br>| 9/09/2030 | USD | 2056000 | (10085)<br>|  | (10085)<br>|
| **Total** |  |  |  |  | **$(5444)**<br>| **$—** | **$(5444)**<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <br>**Over the Counter** | **Total Return Swap Contracts outstanding as of January 31, 2026:** <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) | 3/20/2026 | Morgan Stanley | USD | 5242000 | $(35069)<br>| $25129 | $(60198)<br>|
| iBoxx USD Liquid High Yield Index | 1-Day USD SOFR (At Maturity) | 3/20/2026 | Bank of America | USD | 3490000 | (19745)<br>| 16730 | (36475)<br>|
| iBoxx USD Liquid High Yield Index | 1-Day USD SOFR (At Maturity) | 3/20/2026 | JPMorgan Chase | USD | 915000 | (5236)<br>| 4386 | (9622)<br>|
| **Total** |  |  |  |  |  | **$(60050)**<br>| **$46245** | **$(106295)**<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Total Return Bond Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86540087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86540087 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 199523 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199523 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 59776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59776 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 141248668 | &nbsp;&nbsp; 226180 | &nbsp;&nbsp; 141474848 |
| &nbsp;&nbsp;&nbsp; Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 33090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33090 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 48359345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48359345 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 324801104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 324801104 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 12810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12810 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2776959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2776959 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 12240758 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12240758 |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 129102934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129102934 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 326622181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 326622181 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 19472895 | &nbsp;&nbsp; 17658726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37131621 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; 53668 | &nbsp;&nbsp; 95580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149248 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $346208520 | &nbsp;&nbsp; $763069584 | &nbsp;&nbsp; $226180 | &nbsp;&nbsp; $1109504284 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37350618)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37350618)<br>|
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37350618)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37350618)<br>|
| **Net Investments** | &nbsp;&nbsp; $346208520 | &nbsp;&nbsp; $725718966 | &nbsp;&nbsp; $226180 | &nbsp;&nbsp; $1072153666 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Total Return Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $6316 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6316 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 244540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 244540 |
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 144325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144325 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $6316 | &nbsp;&nbsp; $388865 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $395181 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(254249)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(254249)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (283024)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (283024)<br>|
| &nbsp;&nbsp;&nbsp; Written Options  | &nbsp;&nbsp; (28450)<br>| &nbsp;&nbsp; (836365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (864815)<br>|
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (275845)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (275845)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(282699)<br>| &nbsp;&nbsp; $(1395234)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1677933)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $(276383)<br>| &nbsp;&nbsp; $(1006369)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1282752)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar Municipal Bond Fund

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Municipal Bonds – 91.0%** | **Municipal Bonds – 91.0%** | **Municipal Bonds – 91.0%** |
| **Alabama – 2.5%** | **Alabama – 2.5%** | **Alabama – 2.5%** |
| &nbsp;&nbsp; Alabama State University <br> Revenue Bonds (AG <br> Insured), 5.75%, 9/01/50<br>| $100000 | $108428 |
| &nbsp;&nbsp; Birmingham Jefferson Civic <br> Center Authority Special <br> Tax Bonds, Series A, <br> 5.00%, 7/01/48<br>| 250000 | 251125 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Gas Project <br> Revenue Bonds, Series C, <br> 5.50%, 6/01/32<sup>(a)(b)(c)</sup> <br>| 1250000 | 1377388 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Gas Project <br> Revenue Bonds, Series <br> C-1, 5.25%, 6/01/29<sup>(a)(b)(c)</sup> <br>| 1030000 | 1085890 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Gas Supply <br> Revenue Refunding <br> Bonds, 4.00%, <br> 12/01/31<sup>(a)(b)(c)</sup> <br>| 500000 | 511496 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Project Variable <br> Revenue Bonds, Series <br> B-2, (SIFMA Municipal <br> Swap Index Yield + <br> 0.65%), 2.93%, <br> 10/01/27<sup>(a)(c)</sup> <br>| 250000 | 247232 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Revenue Bonds, <br> Series B, Gas Project, <br> 5.00%, 10/01/35<br>| 500000 | 521346 |
| &nbsp;&nbsp; Black Belt Energy Gas <br> District Revenue Bonds, <br> Series F, Gas Project, <br> 5.00%, 12/01/35<br>| 350000 | 377754 |
| &nbsp;&nbsp; Lower Alabama Gas <br> District Revenue <br> Refunding Bonds, Series <br> A, Gas Project, 5.00%, <br> 12/01/33<br>| 150000 | 159633 |
| &nbsp;&nbsp; Southeast Alabama State <br> Gas Supply District <br> Revenue Refunding <br> Bonds, Series 2024-B, <br> Project No. 2, 5.00%, <br> 5/01/32<sup>(a)(b)(c)</sup> <br>| 350000 | 374672 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Commodity Supply <br> Revenue Bonds, Series B, <br> Project No. 6, 5.00%, <br> 6/01/30<br>| 475000 | 506143 |
| &nbsp;&nbsp; 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 | 156198 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Alabama (Continued)** | **Alabama (Continued)** | **Alabama (Continued)** |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District <br> Energy Supply Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/01/30 | $175000 | $187606 |
| &nbsp;&nbsp; 5.00%, 6/01/31 | 325000 | 350904 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Gas <br> Supply Revenue Bonds, <br> Series F,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 11/01/35 | 500000 | 554269 |
| &nbsp;&nbsp; 5.25%, 11/01/35<sup>(a)(b)(c)</sup> <br>| 500000 | 549108 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative Revenue <br> Bonds, Series D, 5.00%, <br> 9/01/35<br>| 100000 | 110211 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative Revenue <br> Bonds, Series E, 5.00%, <br> 10/01/30<br>| 500000 | 542853 |
| &nbsp;&nbsp; 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 | 261569 |
| &nbsp;&nbsp; University of South <br> Alabama University <br> Revenue Bonds (BAM <br> Insured), 5.00%, 4/01/27<br>| 375000 | 386142 |
|  |  | **8619967** |
| **Alaska – 0.3%** | **Alaska – 0.3%** | **Alaska – 0.3%** |
| &nbsp;&nbsp; Alaska State Municipal <br> Bond Bank Authority <br> Revenue Bonds, Series 2 <br> (AMT), 5.00%, 12/01/29<br>| 590000 | 631650 |
| &nbsp;&nbsp; Alaska State Railroad Corp., <br> Cruise Port Revenue <br> Bonds (AMT) (AG <br> Insured), 5.50%, 10/01/31<br>| 200000 | 225432 |
|  |  | **857082** |
| **Arizona – 1.4%** | **Arizona – 1.4%** | **Arizona – 1.4%** |
| &nbsp;&nbsp; Arizona State IDA <br> Education Revenue <br> Bonds, Series B, Jerome <br> Facilities Project, Social <br> Bonds, 4.00%, 7/01/51<br>| 175000 | 145260 |
| &nbsp;&nbsp; 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 | 996790 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Arizona (Continued)** | **Arizona (Continued)** | **Arizona (Continued)** |
| &nbsp;&nbsp; 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 | $1018750 |
| &nbsp;&nbsp; Chandler IDA Variable <br> Revenue Bonds (AMT), <br> Intel Corp., Project,<br>|  |  |
| &nbsp;&nbsp; 4.10%, 6/15/28<sup>(a)(b)(c)</sup> <br>| 1130000 | 1144064 |
| &nbsp;&nbsp; 4.00%, 6/01/29<sup>(a)(b)(c)</sup> <br>| 500000 | 510004 |
| &nbsp;&nbsp; Maricopa County IDA <br> Revenue Bonds, Series A, <br> Banner Health, 4.00%, <br> 1/01/41<br>| 250000 | 247646 |
| &nbsp;&nbsp; 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 | 238033 |
| &nbsp;&nbsp; Sierra Vista IDA Education <br> Facility Revenue Bonds, <br> Wake Preparatory <br> Academy, 6.25%, 6/15/45<br>| 250000 | 255712 |
| &nbsp;&nbsp; Yuma Arizona IDA Hospital <br> Revenue Refunding <br> Bonds, Yuma Regional <br> Medical Center (AGC <br> Insured), 4.00%, 8/01/49<br>| 350000 | 317716 |
|  |  | **4873975** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| &nbsp;&nbsp; Springdale Sales & Use <br> Revenue Bonds, Series B <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 8/01/28 | 125000 | 132814 |
| &nbsp;&nbsp; 5.00%, 8/01/29 | 120000 | 130181 |
| &nbsp;&nbsp; Springdale Water & Sewer <br> Revenue Bonds, 5.00%, <br> 9/01/30<br>| 150000 | 166877 |
|  |  | **429872** |
| **California – 5.5%** | **California – 5.5%** | **California – 5.5%** |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Sustainable <br> Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/32<sup>(a)(b)(c)</sup> <br>| 1000000 | 1055273 |
| &nbsp;&nbsp; 5.00%, 8/01/33<sup>(a)(b)(c)</sup> <br>| 150000 | 164535 |
| &nbsp;&nbsp; 5.00%, 12/01/35 | 775000 | 861617 |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Sustainable <br> Revenue Bonds, Series <br> B-1, Clean Energy Project, <br> 4.00%, 8/01/31<sup>(a)(b)(c)</sup> <br>| 500000 | 506062 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Variable <br> Revenue Bonds, Clean <br> Energy Project, Green <br> Bonds, 5.00%, 10/01/30<br>| $450000 | $478035 |
| &nbsp;&nbsp; California Community <br> Choice Financing <br> Authority Variable <br> Sustainable Revenue <br> Bonds, Clean Energy <br> Project, 5.00%, <br> 11/01/35<sup>(a)(b)(c)</sup> <br>| 300000 | 327633 |
| &nbsp;&nbsp; California Housing Finance <br> Agency Municipal <br> Certificates Revenue <br> Bonds, Series 2, Class A, <br> 4.00%, 3/20/33<br>| 212961 | 218807 |
| &nbsp;&nbsp; California PFA Revenue <br> Refunding Bonds, Henry <br> Mayo Newhall Hospital, <br> 5.00%, 10/15/47<br>| 580000 | 574806 |
| &nbsp;&nbsp; California State Health <br> Facilities Financing <br> Authority Revenue Bonds, <br> Episcopal Communities & <br> Services, 5.00%, 11/15/30<br>| 200000 | 217447 |
| &nbsp;&nbsp; California State <br> Infrastructure & <br> Economic Development <br> Bank Revenue Refunding <br> Bonds, Los Angeles <br> County Museum of <br> Natural History <br> Foundation, 3.00%, <br> 7/01/50<br>| 1250000 | 920180 |
| &nbsp;&nbsp; California State Municipal <br> Finance Authority <br> Refunding COPS, Series <br> A, Palomar Health (AGM <br> Insured), 5.25%, 11/01/52<br>| 110000 | 110821 |
| &nbsp;&nbsp; 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 | 290287 |
| &nbsp;&nbsp; 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 | 465344 |
| &nbsp;&nbsp; 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 | 499887 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; California State Municipal <br> Finance Authority <br> Student Housing Revenue <br> Bonds, Series A-P3, <br> Claremont Colleges <br> Project, 5.00%, 7/01/30<sup>(d)</sup> <br>| $320000 | $328356 |
| &nbsp;&nbsp; California State School <br> Finance Authority Charter <br> Revenue Bonds, Fortune <br> School of Education, <br> 5.13%, 6/01/59<sup>(d)</sup> <br>| 250000 | 223615 |
| &nbsp;&nbsp; California State School <br> Finance Authority Charter <br> School Revenue Bonds, <br> Series A, John Adams <br> Academies, 5.00%, <br> 7/01/52<sup>(d)</sup> <br>| 520000 | 478494 |
| &nbsp;&nbsp; California State School <br> Finance Authority <br> Educational Facilities <br> Revenue Refunding <br> Bonds, New Designs <br> Charter School, 5.00%, <br> 6/01/64<sup>(d)</sup> <br>| 100000 | 92075 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Lancer <br> Educational Standard <br> Housing Project, 5.00%, <br> 6/01/34<sup>(d)</sup> <br>| 375000 | 387784 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Loma <br> Linda University Medical, <br> 5.50%, 12/01/58<sup>(d)</sup> <br>| 500000 | 505101 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Series A, <br> Enloe Medical Center <br> (AGM Insured), 5.25%, <br> 8/15/52<br>| 450000 | 458296 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Revenue Bonds, Series A, <br> Loma Linda University <br> Medical Center, 5.25%, <br> 12/01/56<sup>(d)</sup> <br>| 250000 | 250104 |
| &nbsp;&nbsp; California Statewide <br> Communities <br> Development Authority <br> Special Assessment <br> Revenue Bonds, <br> Statewide Community <br> Infrastructure Program, <br> 5.25%, 9/02/43<br>| 200000 | 205522 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; California Tobacco <br> Securitization Agency <br> Tobacco Settlement <br> Senior Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 6/01/40<br>| $300000 | $285458 |
| &nbsp;&nbsp; Central Valley Energy <br> Authority Commodity <br> Supply Variable Revenue <br> Bonds, 5.00%, <br> 8/01/35<sup>(a)(b)(c)</sup> <br>| 650000 | 702497 |
| &nbsp;&nbsp; Compton Community <br> Redevelopment Agency <br> Successor Agency Tax <br> Allocation Revenue <br> Refunding Bonds, Series <br> A (AGM Insured), 5.00%, <br> 8/01/42<br>| 250000 | 271244 |
| &nbsp;&nbsp; CSCDA Community <br> Improvement Authority <br> Essential Housing <br> Mezzanine Lien Revenue <br> Bonds, City of Orange, <br> 4.00%, 3/01/57<sup>(d)</sup> <br>| 200000 | 147414 |
| &nbsp;&nbsp; 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 | 104873 |
| &nbsp;&nbsp; Lodi Unified School District <br> GO Unlimited Bonds, <br> 3.00%, 8/01/46<br>| 400000 | 315852 |
| &nbsp;&nbsp; Los Angeles Department of <br> Airports Senior Revenue <br> Bonds (AMT), Private <br> Activity, 5.00%, 5/15/47<br>| 250000 | 257089 |
| &nbsp;&nbsp; Los Angeles Department of <br> Airports Subordinate <br> Revenue Bonds (AMT), <br> Los Angeles International <br> Airport, 5.00%, 5/15/46<br>| 280000 | 280238 |
| &nbsp;&nbsp; Los Angeles Department of <br> Airports Subordinate <br> Revenue Bonds, Series A <br> (AMT), Private Activity, <br> 4.00%, 5/15/41<br>| 1000000 | 997318 |
| &nbsp;&nbsp; Los Angeles Waterworks <br> Department of Water & <br> Power Revenue <br> Refunding Bonds, Series <br> C, 5.00%, 7/01/43<br>| 300000 | 327428 |
| &nbsp;&nbsp; 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 | 517064 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **California (Continued)** | **California (Continued)** | **California (Continued)** |
| &nbsp;&nbsp; Pittsburg PFA Water <br> Revenue Bonds, Series A <br> (AGM Insured), 4.13%, <br> 8/01/47<br>| $250000 | $245881 |
| &nbsp;&nbsp; Riverside Unified School <br> District Special Tax <br> Bonds, Community <br> Facilities District No. 38, <br> 5.00%, 9/01/45<br>| 100000 | 102295 |
| &nbsp;&nbsp; Sacramento County Airport <br> System Subordinate <br> Revenue Bonds, Series D <br> (AMT) (AG Insured), <br> 5.25%, 7/01/50<br>| 280000 | 292064 |
| &nbsp;&nbsp; Sacramento Railyards <br> Community Facilities <br> District No. 2018 Special <br> Tax Bonds, 5.25%, <br> 9/01/47<sup>(d)</sup> <br>| 550000 | 551381 |
| &nbsp;&nbsp; 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 | 195959 |
| &nbsp;&nbsp; San Francisco California <br> City & County Airport <br> Commission International <br> Airport Revenue Bonds, <br> Series A (AMT), 5.25%, <br> 5/01/42<br>| 480000 | 488130 |
| &nbsp;&nbsp; San Francisco City & <br> County Public Utilities <br> Commission Water <br> Revenue Refunding <br> Bonds, 4.00%, 11/01/39<br>| 385000 | 385543 |
| &nbsp;&nbsp; San Joaquin Valley Clean <br> Energy Authority Variable <br> Sustainable Revenue <br> Bonds, Clean Energy <br> Project, 5.50%, <br> 7/01/35<sup>(a)(b)(c)</sup> <br>| 500000 | 562059 |
| &nbsp;&nbsp; Southern California Public <br> Power Authority Revenue <br> Bonds, Series A, Clean <br> Energy Project, 5.00%, <br> 9/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1066645 |
| &nbsp;&nbsp; Tobacco Securitization <br> Authority of Southern <br> California Tobacco <br> Settlement Revenue <br> Refunding Bonds, San <br> Diego Asset Securities, <br> 5.00%, 6/01/35<br>| 100000 | 105098 |
| &nbsp;&nbsp; Washington Township <br> Health Care District 2020 <br> Election GO Unlimited <br> Bonds, Series B, 5.50%, <br> 8/01/53<br>| 750000 | 806024 |
|  |  | **18627635** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado – 3.6%** | **Colorado – 3.6%** | **Colorado – 3.6%** |
| &nbsp;&nbsp; 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 | $169091 |
| &nbsp;&nbsp; Baseline Metropolitan <br> District No. 1 Special GO <br> Unlimited Revenue <br> Refunding Bonds, Series <br> A (AGC Insured), 4.00%, <br> 12/01/46<br>| 360000 | 340761 |
| &nbsp;&nbsp; Colorado Educational & <br> Cultural Authority <br> Revenue Refunding <br> Bonds, Ascent Classical <br> Academy, 5.75%, <br> 4/01/59<sup>(d)</sup> <br>| 100000 | 97428 |
| &nbsp;&nbsp; Colorado Educational & <br> Cultural Authority <br> Revenue Refunding <br> Bonds, Prospect Ridge <br> Academy Project (Moral <br> Obligation Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 3/15/29 | 590000 | 624892 |
| &nbsp;&nbsp; 5.00%, 3/15/30 | 310000 | 332972 |
| &nbsp;&nbsp; 5.00%, 3/15/35 | 590000 | 622910 |
| &nbsp;&nbsp; Colorado High <br> Performance <br> Transportation Enterprise <br> Revenue Bonds, C-470 <br> Express Lane, 5.00%, <br> 12/31/56<br>| 1000000 | 974672 |
| &nbsp;&nbsp; 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 | 243637 |
| &nbsp;&nbsp; Colorado Springs School <br> District No. 11 COPS <br> (BAM Insured), 5.00%, <br> 12/15/43<br>| 400000 | 426632 |
| Colorado State COPS, |  |  |
| &nbsp;&nbsp; 6.00%, 12/15/40 | 1000000 | 1165302 |
| &nbsp;&nbsp; 6.00%, 12/15/41 | 500000 | 580475 |
| &nbsp;&nbsp; Colorado State COPS, <br> Series A,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 12/15/36 | 200000 | 209829 |
| &nbsp;&nbsp; 4.00%, 12/15/40 | 375000 | 380482 |
| &nbsp;&nbsp; Colorado State Health <br> Facilities Authority <br> Revenue Bonds, Series A, <br> Craig Hospital Project, <br> 5.25%, 12/01/50<br>| 250000 | 258000 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| &nbsp;&nbsp; Colorado State Health <br> Facilities Authority <br> Revenue Bonds, Series B, <br> Craig Hospital Project, <br> 5.00%, 12/01/32<br>| $250000 | $279550 |
| &nbsp;&nbsp; Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series 2019-A, <br> AdventHealth Obligated <br> Group, 4.00%, 11/15/43<br>| 500000 | 470995 |
| &nbsp;&nbsp; Colorado State Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, Sanford <br> Health, 4.00%, 11/01/39<br>| 200000 | 200295 |
| &nbsp;&nbsp; Colorado State HFA MFH <br> Variable Revenue Bonds, <br> Albion Apartments <br> Project, 3.38%, <br> 7/01/28<sup>(a)(b)(c)</sup> <br>| 100000 | 101138 |
| &nbsp;&nbsp; Denver City & County <br> Airport Revenue <br> Refunding Bonds, Series <br> D (AMT), 5.75%, 11/15/41<br>| 325000 | 364159 |
| &nbsp;&nbsp; Denver City & County <br> Airport System <br> Subordinate Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.25%, 12/01/43<br>| 500000 | 514726 |
| &nbsp;&nbsp; Denver Convention Center <br> Hotel Authority Senior <br> Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/36 | 500000 | 504130 |
| &nbsp;&nbsp; 5.00%, 12/01/40 | 250000 | 251146 |
| &nbsp;&nbsp; Denver Health & Hospital <br> Authority Healthcare <br> Revenue Bonds, Series A, <br> 4.00%, 12/01/27<br>| 180000 | 180090 |
| &nbsp;&nbsp; Midtown Clear Creek <br> Metropolitan District <br> Refunding GO Limited <br> Bonds, Series A (BAM <br> Insured), 5.00%, 12/01/53<br>| 845000 | 878816 |
| &nbsp;&nbsp; Public Authority for <br> Colorado State Energy <br> Natural Gas Purchase <br> Revenue Bonds, 6.50%, <br> 11/15/38<br>| 250000 | 304722 |
| &nbsp;&nbsp; Thornton Development <br> Authority Tax Increment <br> Allocation Bonds, East <br> 144th Avenue & I-25 <br> Project, 5.00%, 12/01/29<br>| 1320000 | 1425541 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado (Continued)** | **Colorado (Continued)** | **Colorado (Continued)** |
| &nbsp;&nbsp; Trails at Crowfoot <br> Metropolitan District No. <br> 3 GO Limited Refunding <br> Bonds, Series A (AGC <br> Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/27 | $100000 | $103941 |
| &nbsp;&nbsp; 5.00%, 12/01/29 | 130000 | 140246 |
| &nbsp;&nbsp; 5.00%, 12/01/31 | 150000 | 166629 |
|  |  | **12313207** |
| **Connecticut – 0.7%** | **Connecticut – 0.7%** | **Connecticut – 0.7%** |
| &nbsp;&nbsp; Connecticut State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series K, Sacred Heart <br> University, 5.00%, 7/01/27<br>| 400000 | 413109 |
| &nbsp;&nbsp; Connecticut State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Forward Delivery, <br> Stamford Hospital Issue, <br> 4.00%, 7/01/42<br>| 250000 | 238071 |
| &nbsp;&nbsp; Connecticut State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Hartford HealthCare <br> Issue,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/45<sup>(f)</sup> <br>| 700000 | 734873 |
| &nbsp;&nbsp; 5.50%, 7/01/51<sup>(f)</sup> <br>| 150000 | 160156 |
| &nbsp;&nbsp; Connecticut State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> F, Masonicare Issue, <br> 5.00%, 7/01/27<br>| 220000 | 221459 |
| &nbsp;&nbsp; Connecticut State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> University of Hartford,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 7/01/39 | 120000 | 105594 |
| &nbsp;&nbsp; 4.00%, 7/01/49 | 100000 | 75160 |
| &nbsp;&nbsp; Hamden Revenue <br> Refunding Bonds, <br> Whitney Center Project, <br> 5.00%, 1/01/40<br>| 125000 | 125189 |
| &nbsp;&nbsp; West Haven City GO <br> Unlimited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 255000 | 261515 |
|  |  | **2335126** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Delaware – 0.5%** | **Delaware – 0.5%** | **Delaware – 0.5%** |
| &nbsp;&nbsp; Bridgeville Special Tax <br> Obligation Bonds, <br> Heritage Shores Special <br> Development, 5.25%, <br> 7/01/44<sup>(d)</sup> <br>| $100000 | $100512 |
| &nbsp;&nbsp; Delaware State <br> Transportation Authority <br> System Senior Revenue <br> Bonds, 3.00%, 7/01/43<br>| 1500000 | 1298272 |
| &nbsp;&nbsp; Kent County Student <br> Housing & Dining <br> Facilities Revenue Bonds, <br> CHF-Dover LLC-Delaware <br> State University Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/32 | 250000 | 253712 |
| &nbsp;&nbsp; 5.00%, 7/01/48 | 100000 | 93853 |
|  |  | **1746349** |
| **District of Columbia – 1.4%** | **District of Columbia – 1.4%** | **District of Columbia – 1.4%** |
| &nbsp;&nbsp; District of Columbia <br> Hospital Revenue <br> Refunding Bonds, <br> Children's Hospital, <br> 5.00%, 7/15/44<br>| 300000 | 300099 |
| &nbsp;&nbsp; District of Columbia <br> Income Tax Secured <br> Revenue Bonds, Series A, <br> 5.25%, 5/01/48<br>| 500000 | 528984 |
| &nbsp;&nbsp; District of Columbia <br> Revenue Bonds, Ingleside <br> Rock Creek Project, <br> 5.00%, 7/01/52<br>| 400000 | 371278 |
| &nbsp;&nbsp; District of Columbia <br> Revenue Bonds, KIPP DC <br> Project, 4.00%, 7/01/39<br>| 100000 | 97700 |
| &nbsp;&nbsp; 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 | 247108 |
| &nbsp;&nbsp; Metropolitan Washington <br> Airports Authority Dulles <br> Toll Road Subordinate <br> Lien Revenue Refunding <br> Bonds, Dulles Metrorail & <br> Capital Improvement <br> Projects, Series B, 4.00%, <br> 10/01/35<br>| 350000 | 357040 |
| &nbsp;&nbsp; Metropolitan Washington <br> Airports Authority System <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/46 | 500000 | 509100 |
| &nbsp;&nbsp; 5.25%, 10/01/48 | 1000000 | 1033561 |
| &nbsp;&nbsp; 4.00%, 10/01/51 | 500000 | 439960 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **District of Columbia (Continued)** | **District of Columbia (Continued)** | **District of Columbia (Continued)** |
| &nbsp;&nbsp; Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Series A, Green <br> Bonds, 5.50%, 7/15/51<br>| $525000 | $557190 |
| &nbsp;&nbsp; Washington Metropolitan <br> Area Transit Authority <br> Dedicated Revenue <br> Bonds, Sustainability <br> Financed Bonds, 5.25%, <br> 7/15/53<br>| 450000 | 469009 |
|  |  | **4911029** |
| **Florida – 4.4%** | **Florida – 4.4%** | **Florida – 4.4%** |
| &nbsp;&nbsp; Alachua County Health <br> Facilities Authority <br> Revenue Bonds, Shands <br> Teaching Hospital & <br> Clinics, 5.00%, 12/01/44<br>| 500000 | 500181 |
| &nbsp;&nbsp; Ave Maria Stewardship <br> Community District <br> Capital Improvement <br> Special Assessment <br> Revenue Bonds, Phase 5 <br> Master Improvements <br> Project, 5.60%, 6/01/56<br>| 100000 | 98823 |
| &nbsp;&nbsp; Broward County Airport <br> System Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/36<br>| 750000 | 791770 |
| &nbsp;&nbsp; Capital Trust Authority <br> Educational Facilities <br> Revenue Bonds, Florida <br> Institute of Technology, <br> 5.00%, 7/01/45<sup>(d)</sup> <br>| 100000 | 96894 |
| &nbsp;&nbsp; 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 | 275162 |
| &nbsp;&nbsp; Florida Development <br> Finance Corp., Healthcare <br> Facilities Revenue Bonds, <br> Series A, Tampa General <br> Hospital Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 8/01/29<sup>(f)</sup> <br>| 190000 | 205316 |
| &nbsp;&nbsp; 5.00%, 8/01/30<sup>(f)</sup> <br>| 175000 | 192516 |
| &nbsp;&nbsp; 5.00%, 8/01/31<sup>(f)</sup> <br>| 190000 | 212015 |
| &nbsp;&nbsp; Florida Development <br> Finance Corp., Healthcare <br> Facilities Variable <br> Revenue Bonds, Series B, <br> Tampa General Hospital <br> Project, 5.00%, <br> 10/01/31<sup>(a)(b)(c)(f)</sup> <br>| 500000 | 553135 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| &nbsp;&nbsp; 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 | $599073 |
| &nbsp;&nbsp; Greater Orlando Aviation <br> Authority Airport <br> Facilities Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/49<br>| 500000 | 503551 |
| &nbsp;&nbsp; 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 | 335650 |
| &nbsp;&nbsp; Hillsborough County IDA <br> Health System Revenue <br> Refunding Bonds, <br> BayCare Health System, <br> 4.13%, 11/15/51<br>| 330000 | 299718 |
| &nbsp;&nbsp; KD52 Community <br> Development District No.1 <br> Special Assessment <br> Revenue Bonds, 6.13%, <br> 5/01/56<br>| 100000 | 99630 |
| &nbsp;&nbsp; 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 | 103829 |
| &nbsp;&nbsp; Lakewood Ranch <br> Stewardship District <br> Utility Revenue Bonds, <br> System Acquisition <br> Project (AGM Insured), <br> 5.25%, 10/01/48<br>| 350000 | 365948 |
| &nbsp;&nbsp; Lee County IDA Healthcare <br> Facilities Revenue Bonds, <br> Shell Point/Waterside <br> Health Project, 5.00%, <br> 11/15/39<br>| 300000 | 309379 |
| &nbsp;&nbsp; Lee County Local Optional <br> Gas TRB, 5.25%, 8/01/49<br>| 355000 | 366636 |
| &nbsp;&nbsp; Lee County School Board <br> COPS, Series A, 5.25%, <br> 8/01/47<br>| 690000 | 732894 |
| &nbsp;&nbsp; Miami Beach <br> Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic <br> Convention (AG Insured), <br> 5.00%, 2/01/41<br>| 250000 | 270931 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| &nbsp;&nbsp; Miami-Dade County <br> Aviation Revenue Bonds, <br> Series A (AMT), 5.00%, <br> 10/01/49<br>| $500000 | $501386 |
| &nbsp;&nbsp; Miami-Dade County <br> Aviation Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, 10/01/34<br>| 325000 | 372882 |
| &nbsp;&nbsp; Miami-Dade County <br> Expressway Authority Toll <br> System Revenue Bonds, <br> Series A, 5.00%, 7/01/28<br>| 250000 | 250480 |
| &nbsp;&nbsp; Miami-Dade County GO <br> Unlimited Bonds, Public <br> Health Trust Program, <br> 4.00%, 7/01/42<br>| 250000 | 250859 |
| &nbsp;&nbsp; Miami-Dade County <br> Seaport Subordinate <br> Revenue Refunding <br> Bonds, Subseries B-1 <br> (AMT), 4.00%, 10/01/46<br>| 500000 | 449736 |
| &nbsp;&nbsp; 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 | 276121 |
| &nbsp;&nbsp; Palm Beach County Health <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Acts Retirement - <br> Life Communities, 5.00%, <br> 11/15/32<br>| 500000 | 507259 |
| &nbsp;&nbsp; Polk County Utility System <br> Revenue Refunding <br> Bonds, 4.00%, 10/01/43<br>| 400000 | 397194 |
| &nbsp;&nbsp; Saint John County School <br> Board COPS, Series A <br> (AGM Insured), 5.25%, <br> 7/01/46<br>| 500000 | 530854 |
| &nbsp;&nbsp; Sarasota County Public <br> Hospital District Revenue <br> Bonds, Sarasota <br> Memorial Hospital <br> Project, 5.00%, 7/01/52<br>| 250000 | 253523 |
| &nbsp;&nbsp; South Broward Hospital <br> District Revenue Bonds, <br> South Broward Hospital <br> District Obligated Group, <br> 4.00%, 5/01/48<br>| 500000 | 464259 |
| &nbsp;&nbsp; South Broward Hospital <br> District Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 5/01/44<br>| 500000 | 474609 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Florida (Continued)** | **Florida (Continued)** | **Florida (Continued)** |
| &nbsp;&nbsp; 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 | $807398 |
| &nbsp;&nbsp; Tampa Health System <br> Revenue Bonds, Series A, <br> BayCare, 4.00%, 11/15/46<br>| 415000 | 366188 |
| &nbsp;&nbsp; Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center, 5.00%, <br> 7/01/27<br>| 125000 | 128973 |
| &nbsp;&nbsp; Village Community <br> Development District No. <br> 14 Special Assessment <br> Revenue Bonds, 5.50%, <br> 5/01/53<br>| 230000 | 233514 |
| &nbsp;&nbsp; Village Community <br> Development District No. <br> 15 Special Assessment <br> Revenue Bonds, 4.20%, <br> 5/01/39<sup>(d)</sup> <br>| 250000 | 250204 |
| &nbsp;&nbsp; Village Community <br> Development District No. <br> 16 Special Assessment <br> Revenue Bonds, 4.88%, <br> 5/01/45<br>| 250000 | 250659 |
| &nbsp;&nbsp; Volusia County Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Embry-Riddle <br> Aeronautical, 5.00%, <br> 10/15/44<br>| 500000 | 517397 |
| &nbsp;&nbsp; Wildwood Utility <br> Dependent District Senior <br> Lien Revenue Bonds, <br> South Sumter Utility <br> Project (BAM Insured), <br> 5.00%, 10/01/41<br>| 465000 | 497855 |
| &nbsp;&nbsp; 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 | 440718 |
|  |  | **15135119** |
| **Georgia – 3.8%** | **Georgia – 3.8%** | **Georgia – 3.8%** |
| &nbsp;&nbsp; Atlanta Airport Passenger <br> Facility Charge <br> Subordinate Revenue <br> Bonds, Series C, 5.00%, <br> 7/01/40<br>| 365000 | 401223 |
| &nbsp;&nbsp; Atlanta Airport Sustainable <br> Revenue Bonds, Series <br> B-1 (AMT), 5.25%, 7/01/45<br>| 100000 | 106113 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| &nbsp;&nbsp; Atlanta Development <br> Authority Senior Lien <br> Revenue Bonds, Series <br> A-1, 5.00%, 7/01/30<br>| $200000 | $200513 |
| &nbsp;&nbsp; Atlanta Development <br> Authority Student <br> Housing Revenue Bonds, <br> PRG - CAU Properties LLC <br> Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/35<sup>(d)</sup> <br>| 125000 | 131666 |
| &nbsp;&nbsp; 6.00%, 7/01/45<sup>(d)</sup> <br>| 100000 | 104701 |
| &nbsp;&nbsp; 6.00%, 7/01/55<sup>(d)</sup> <br>| 135000 | 139094 |
| &nbsp;&nbsp; Atlanta Development <br> Authority Tax Allocation <br> Bonds, Westside Gulch <br> Area Project, Series A, <br> 5.50%, 4/01/39<sup>(d)</sup> <br>| 250000 | 259054 |
| &nbsp;&nbsp; Bartow County <br> Development Authority <br> Revenue Refunding <br> Bonds, Georgia Power <br> Company Plant Bowen <br> Project, 1.80%, <br> 9/01/29<sup>(b)(c)</sup> <br>| 250000 | 233636 |
| &nbsp;&nbsp; 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 | 578809 |
| &nbsp;&nbsp; City of Atlanta Airport <br> Passenger Facility Charge <br> Subordinate Lien Green <br> Revenue Bonds (AMT), <br> 5.25%, 7/01/41<br>| 500000 | 548366 |
| &nbsp;&nbsp; Fulton County <br> Development Authority <br> Transportation Corp., Toll <br> Revenue Refunding <br> Bonds, Robert W. <br> Woodruff Arts <br> Center, Inc., Project, <br> 5.00%, 3/15/32<br>| 200000 | 213041 |
| &nbsp;&nbsp; Gainesville & Hall County <br> Hospital Authority <br> Revenue Refunding <br> Bonds, Northeast Georgia <br> Health System, Inc., <br> Project, 5.00%, 2/15/37<br>| 500000 | 508731 |
| &nbsp;&nbsp; Geo L. Smith II Congress <br> Center Authority <br> Convention Center Hotel <br> First Tier Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 1/01/36 | 500000 | 504718 |
| &nbsp;&nbsp; 4.00%, 1/01/54 | 250000 | 211382 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| &nbsp;&nbsp; Georgia State Housing & <br> Finance Authority <br> Revenue Bonds, Series A, <br> 4.70%, 12/01/54<br>| $265000 | $262418 |
| &nbsp;&nbsp; Georgia State Ports <br> Authority Revenue Bonds, <br> 5.00%, 7/01/47<br>| 1000000 | 1043933 |
| &nbsp;&nbsp; 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 | 530450 |
| &nbsp;&nbsp; Griffin-Spalding County <br> Hospital Authority <br> Revenue Anticipation <br> Certificates Bonds, <br> Wellstar, 5.00%, 4/01/35<br>| 150000 | 153437 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1061627 |
| &nbsp;&nbsp; 5.00%, 9/01/31<sup>(a)(b)(c)</sup> <br>| 250000 | 270266 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/01/29<sup>(a)(b)(c)</sup> <br>| 700000 | 733878 |
| &nbsp;&nbsp; 5.00%, 3/01/30<sup>(a)(b)(c)</sup> <br>| 335000 | 354709 |
| &nbsp;&nbsp; 5.00%, 3/01/32<sup>(a)(b)(c)</sup> <br>| 750000 | 811353 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series C, <br> 4.00%, 11/01/27<sup>(a)(b)(c)(d)</sup> <br>| 350000 | 350077 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series D, <br> 5.00%, 12/01/30<sup>(a)(b)(c)</sup> <br>| 250000 | 264851 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series E, <br> 5.00%, 12/01/32<sup>(a)(b)(c)</sup> <br>| 500000 | 538517 |
| &nbsp;&nbsp; Main Street Natural <br> Gas, Inc., Gas Supply <br> Revenue Bonds, Series <br> E-1, 5.00%, 6/01/31<sup>(a)(b)(c)</sup> <br>| 150000 | 160677 |
| &nbsp;&nbsp; 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 | 268598 |
| &nbsp;&nbsp; Municipal Electric <br> Authority of Georgia <br> Revenue Bonds, Plant <br> Vogtle Units 3&4 Project <br> (AGM Insured), 5.00%, <br> 7/01/55<br>| 250000 | 253092 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Georgia (Continued)** | **Georgia (Continued)** | **Georgia (Continued)** |
| &nbsp;&nbsp; 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 | $250238 |
| &nbsp;&nbsp; Private Colleges & <br> Universities Authority <br> Revenue Refunding <br> Bonds, Series A, Emory <br> University,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 9/01/43 | 1000000 | 1111534 |
| &nbsp;&nbsp; 5.25%, 9/01/44 | 250000 | 275425 |
| &nbsp;&nbsp; Savannah Georgia Center <br> Authority Convention <br> Center Hotel First Tier <br> Revenue Bonds, 5.25%, <br> 6/01/61<br>| 100000 | 98605 |
| &nbsp;&nbsp; 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 | 98724 |
|  |  | **13033456** |
| **Guam – 0.1%** | **Guam – 0.1%** | **Guam – 0.1%** |
| &nbsp;&nbsp; Guam Government <br> Business Privilege Tax <br> Revenue Refunding <br> Bonds, Series F, 4.00%, <br> 1/01/42<br>| 250000 | **243788** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| &nbsp;&nbsp; Honolulu City & County <br> Wastewater System <br> Sustainable Revenue <br> Bonds, Senior Series A, <br> 5.25%, 7/01/54<br>| 600000 | **641081** |
| **Idaho – 0.5%** | **Idaho – 0.5%** | **Idaho – 0.5%** |
| &nbsp;&nbsp; Idaho State Health <br> Facilities Authority <br> Variable Revenue Bonds, <br> St. Luke's Health System <br> Project (TD Bank N.A. <br> LOC), 3.20%, 3/01/60<sup>(c)(g)</sup> <br>| 200000 | 200000 |
| &nbsp;&nbsp; Idaho State Housing & <br> Finance Association SFM <br> Revenue Bonds, Series A <br> (GNMA, FNMA, FHLMC <br> Insured), 6.00%, 7/01/54<br>| 460000 | 511786 |
| &nbsp;&nbsp; Southern Idaho Regional <br> Solid Waste District <br> RANS, USDA Takeout <br> Loan, 4.00%, 3/01/28<br>| 1000000 | 1014221 |
|  |  | **1726007** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois – 5.9%** | **Illinois – 5.9%** | **Illinois – 5.9%** |
| &nbsp;&nbsp; Chicago Board of <br> Education GO Unlimited <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/38 | $500000 | $502007 |
| &nbsp;&nbsp; 5.00%, 12/01/42 | 250000 | 247092 |
| &nbsp;&nbsp; Chicago Board of <br> Education GO Unlimited <br> Bonds, Series D, 5.00%, <br> 12/01/46<br>| 350000 | 333702 |
| &nbsp;&nbsp; Chicago Board of <br> Education GO Unlimited <br> Refunding Bonds, <br> Dedicated, Series D, <br> 5.00%, 12/01/31<br>| 750000 | 758921 |
| &nbsp;&nbsp; Chicago Board of <br> Education GO Unlimited <br> Refunding Bonds, Series <br> B,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 12/01/30 | 350000 | 368535 |
| &nbsp;&nbsp; 5.00%, 12/01/32 | 300000 | 305804 |
| &nbsp;&nbsp; Chicago City Colleges <br> Capital Appreciation GO <br> Unlimited Bonds (NATL <br> Insured), 0.00%, 1/01/30<sup>(e)</sup> <br>| 750000 | 661132 |
| &nbsp;&nbsp; Chicago GO Unlimited <br> Bonds, Series A, Chicago <br> Works, 5.50%, 1/01/39<br>| 250000 | 266283 |
| &nbsp;&nbsp; Chicago GO Unlimited <br> Bonds, Series B, 5.00%, <br> 1/01/32<br>| 1000000 | 1069501 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 5.00%, 1/01/31<br>| 500000 | 551136 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Revenue Refunding <br> Bonds, Series D, 5.00%, <br> 1/01/45<br>| 500000 | 529729 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds (AMT), <br> 5.00%, 1/01/28<br>| 680000 | 709236 |
| &nbsp;&nbsp; Chicago O'Hare <br> International Airport <br> Senior Lien Revenue <br> Refunding Bonds, Series <br> A (AMT), 5.00%, 1/01/31<br>| 250000 | 264781 |
| &nbsp;&nbsp; Chicago Refunding GO <br> Unlimited Bonds, Series <br> B, 5.00%, 1/01/31<br>| 1000000 | 1061715 |
| &nbsp;&nbsp; Chicago Special <br> Assessment Refunding <br> Bonds, Lakeshore East <br> Project, 2.87%, 12/01/27<sup>(d)</sup> <br>| 254000 | 249398 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| &nbsp;&nbsp; Cook County Community <br> College District No. 508 <br> GO Unlimited Refunding <br> Bonds, City Colleges of <br> Chicago (BAM Insured), <br> 5.00%, 12/01/42<br>| $250000 | $266926 |
| &nbsp;&nbsp; Cook County Sales Tax <br> Revenue Refunding <br> Bonds, 5.00%, 11/15/45<br>| 1000000 | 1050545 |
| &nbsp;&nbsp; Du Page & Will Counties <br> Community School <br> District No. 204 Indian <br> Prairie GO Unlimited <br> Bonds, 5.00%, 1/15/45<br>| 500000 | 522399 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue Bonds, <br> Series A, The University of <br> Chicago, 5.25%, 5/15/48<br>| 100000 | 105005 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue Bonds, <br> The Chicago School, <br> 5.25%, 4/01/43<br>| 250000 | 255838 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 7/15/39<br>| 250000 | 251478 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Bradley University <br> Project, 4.00%, 8/01/43<br>| 250000 | 217933 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Lutheran Communities, <br> 5.00%, 11/01/40<br>| 350000 | 242375 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> A, The Carle Foundation, <br> 5.00%, 2/15/45<br>| 250000 | 250269 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Field Museum of <br> Natural History, (SOFR + <br> 1.20%), 3.70%, <br> 9/01/28<sup>(a)(c)</sup> <br>| 240000 | 240710 |
| &nbsp;&nbsp; Illinois State GO Unlimited <br> Bonds, Series A, 5.00%, <br> 5/01/32<br>| 500000 | 523843 |
| &nbsp;&nbsp; Illinois State GO Unlimited <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/31 | 250000 | 274604 |
| &nbsp;&nbsp; 5.50%, 5/01/47 | 100000 | 105033 |
| &nbsp;&nbsp; 5.25%, 5/01/47 | 100000 | 103832 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| &nbsp;&nbsp; Illinois State HDA MFH <br> Variable Revenue Bonds, <br> Hope Manor Village Joliet <br> (Housing & Urban <br> Development Section 8 <br> Program), 3.15%, <br> 2/01/28<sup>(a)(b)(c)</sup> <br>| $500000 | $504172 |
| &nbsp;&nbsp; Illinois State HDA Revenue <br> Refunding Bonds, Series <br> H, Social Bonds (GNMA, <br> FNMA, FHLMC Insured), <br> 5.75%, 10/01/53<br>| 190000 | 204319 |
| &nbsp;&nbsp; Illinois State Refunding GO <br> Unlimited Bonds, 5.00%, <br> 2/01/39<br>| 200000 | 219575 |
| &nbsp;&nbsp; Illinois State Sales Tax <br> Revenue Refunding <br> Bonds, Subseries D (BAM, <br> TCRS Insured), 3.00%, <br> 6/15/31<br>| 390000 | 387981 |
| &nbsp;&nbsp; Illinois State Toll Highway <br> Authority Revenue Bonds, <br> Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/01/40 | 400000 | 400482 |
| &nbsp;&nbsp; 4.00%, 1/01/46 | 250000 | 227028 |
| &nbsp;&nbsp; Illinois State Toll Highway <br> Authority Senior Revenue <br> Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/01/40 | 500000 | 537617 |
| &nbsp;&nbsp; 5.00%, 1/01/45 | 250000 | 260635 |
| &nbsp;&nbsp; Illinois State University <br> Revenue Refunding <br> Bonds,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 4/01/31 | 220000 | 243917 |
| &nbsp;&nbsp; 5.00%, 4/01/32 | 225000 | 252331 |
| &nbsp;&nbsp; Joliet Waterworks & <br> Sewage Revenue Bonds <br> (BAM Insured), 5.25%, <br> 1/01/50<br>| 500000 | 519389 |
| &nbsp;&nbsp; Metropolitan Pier & <br> Exposition Authority <br> Revenue Refunding <br> Bonds, McCormick Place <br> Expansion,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/42 | 500000 | 516687 |
| &nbsp;&nbsp; 4.00%, 12/15/42 | 250000 | 243011 |
| &nbsp;&nbsp; Naperville GO Unlimited <br> Bonds, 4.00%, 12/01/41<br>| 145000 | 149794 |
| &nbsp;&nbsp; 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 | 361607 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Illinois (Continued)** | **Illinois (Continued)** | **Illinois (Continued)** |
| &nbsp;&nbsp; Regional Transportation <br> Authority Revenue Bonds, <br> Series B (NATL Insured), <br> 5.50%, 6/01/27<br>| $190000 | $194816 |
| &nbsp;&nbsp; Sales Tax <br> Securitization Corp., <br> Second Lien Revenue <br> Refunding Bonds, Series <br> A, 4.00%, 1/01/38<br>| 250000 | 251385 |
| &nbsp;&nbsp; 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 | 250539 |
| &nbsp;&nbsp; Waukegan City Lake <br> County Water & Sewer <br> System Revenue <br> Refunding Bonds (AGM <br> Insured),<br>|  |  |
| &nbsp;&nbsp; 4.00%, 12/30/38 | 500000 | 509102 |
| &nbsp;&nbsp; 4.00%, 12/30/40 | 500000 | 504725 |
| &nbsp;&nbsp; Waukegan GO Unlimited <br> Bonds, Series A (AGM <br> Insured), 5.00%, 12/30/32<br>| 250000 | 250361 |
| &nbsp;&nbsp; Will County Community <br> High School District No. <br> 210 Lincoln-Way <br> Refunding GO Unlimited <br> Refunding Bonds (AGM <br> Insured), 4.00%, 1/01/34<br>| 650000 | 660558 |
| &nbsp;&nbsp; Will County Community <br> Unit School District No. <br> 201 GO Limited Bonds, <br> Series C, Crete-Monee <br> (AG Insured), 4.00%, <br> 1/01/36<br>| 250000 | 250126 |
|  |  | **20189919** |
| **Indiana – 2.0%** | **Indiana – 2.0%** | **Indiana – 2.0%** |
| &nbsp;&nbsp; Indiana Bond Bank <br> Revenue CABS, <br> Hamilton Co., Projects,<br>|  |  |
| &nbsp;&nbsp; 0.00%, 7/15/28<sup>(e)</sup> <br>| 900000 | 830004 |
| &nbsp;&nbsp; 0.00%, 1/15/29<sup>(e)</sup> <br>| 560000 | 507343 |
| &nbsp;&nbsp; Indiana Finance Authority <br> Educational Facilities <br> Revenue Refunding <br> Bonds, Series A, DePauw <br> University Project, 5.50%, <br> 7/01/52<br>| 255000 | 258302 |
| &nbsp;&nbsp; Indiana State Finance <br> Authority Health System <br> Revenue Refunding <br> Bonds, Series C, Indiana <br> University Health, 5.25%, <br> 10/01/44<br>| 150000 | 163590 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| &nbsp;&nbsp; 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 | $1295839 |
| &nbsp;&nbsp; Indiana State Finance <br> Authority Revenue <br> Refunding Bonds, <br> Ascension Senior Credit <br> Group, 5.00%, 11/15/43<br>| 100000 | 107712 |
| &nbsp;&nbsp; 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 | 151724 |
| &nbsp;&nbsp; Ips Multi-School <br> Building Corp., <br> Sustainable Revenue <br> Bonds, First Mortgage <br> (State Intercept Program), <br> 5.00%, 7/15/44<br>| 250000 | 263922 |
| &nbsp;&nbsp; Tippecanoe County School <br> Building Corp., Revenue <br> Bonds, Series B (State <br> Intercept Program), <br> 5.00%, 7/15/29<br>| 195000 | 210959 |
| &nbsp;&nbsp; Valparaiso Exempt <br> Facilities Revenue <br> Refunding Bonds (AMT), <br> Pratt Paper LLC,<br>|  |  |
| &nbsp;&nbsp; 4.88%, 1/01/44<sup>(d)</sup> <br>| 250000 | 254345 |
| &nbsp;&nbsp; 5.00%, 1/01/54<sup>(d)</sup> <br>| 250000 | 245336 |
| &nbsp;&nbsp; Vanderburgh County <br> Redevelopment District <br> Tax Increment Allocation <br> Revenue Bonds (State <br> Intercept Program), <br> 5.00%, 2/01/31<sup>(f)</sup> <br>| 250000 | 272570 |
| &nbsp;&nbsp; Vanderburgh County <br> Redevelopment District <br> Tax Increment Allocation <br> Revenue Refunding <br> Bonds (State Intercept <br> Program), 5.00%, <br> 2/01/30<sup>(f)</sup> <br>| 270000 | 290114 |
| &nbsp;&nbsp; Westfield Washington <br> Multi-School <br> Building Corp., Revenue <br> Bonds, First Mortgage <br> (BAM State Intercept <br> Program),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/15/28 | 215000 | 224380 |
| &nbsp;&nbsp; 5.00%, 7/15/28 | 315000 | 332207 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Indiana (Continued)** | **Indiana (Continued)** | **Indiana (Continued)** |
| &nbsp;&nbsp; Westfield Washington <br> Multi-School <br> Building Corp., Revenue <br> Bonds, Series B (BAM <br> State Intercept Program),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/15/27 | $375000 | $387887 |
| &nbsp;&nbsp; 5.00%, 1/15/28 | 455000 | 476090 |
| &nbsp;&nbsp; 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 | 525832 |
|  |  | **6798156** |
| **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** |
| &nbsp;&nbsp; Andover GO Unlimited <br> Temporary Notes, Series <br> A, 3.50%, 10/01/28<br>| 1000000 | **1006415** |
| **Kentucky – 1.8%** | **Kentucky – 1.8%** | **Kentucky – 1.8%** |
| &nbsp;&nbsp; Fayette County School <br> District Finance Corp., <br> Revenue Bonds, Series A <br> (State Intercept Program), <br> 4.00%, 5/01/38<br>| 250000 | 250022 |
| &nbsp;&nbsp; Kenton County Airport <br> Board Revenue <br> Refunding Bonds, 5.00%, <br> 1/01/32<br>| 400000 | 400749 |
| &nbsp;&nbsp; Kentucky Bond <br> Development Corp., <br> Educational Facilities <br> Revenue Refunding <br> Bonds, Transylvania <br> University Project, 5.00%, <br> 3/01/27<br>| 155000 | 158461 |
| &nbsp;&nbsp; Kentucky State Economic <br> Development Finance <br> Authority Revenue Bonds, <br> Owensboro Health, 5.25%, <br> 6/01/50<br>| 250000 | 248666 |
| &nbsp;&nbsp; Kentucky State Economic <br> Development Finance <br> Authority Revenue <br> Refunding Bonds, <br> Masonic Home <br> Independent Living,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/15/36 | 200000 | 194399 |
| &nbsp;&nbsp; 5.00%, 5/15/46 | 100000 | 82999 |
| &nbsp;&nbsp; Kentucky State Economic <br> Development Finance <br> Authority Revenue <br> Refunding Bonds, Series <br> B, Owensboro Health, <br> 5.00%, 6/01/40<br>| 300000 | 300889 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Kentucky (Continued)** | **Kentucky (Continued)** | **Kentucky (Continued)** |
| &nbsp;&nbsp; Kentucky State Public <br> Energy Authority Gas <br> Supply Revenue <br> Refunding Bonds, Series <br> A-1, 5.25%, 2/01/32<sup>(a)(b)(c)</sup> <br>| $1775000 | $1918334 |
| &nbsp;&nbsp; Kentucky State Public <br> Energy Authority Gas <br> Supply Revenue <br> Refunding Bonds, Series <br> C, 5.00%, 5/01/36<br>| 250000 | 271004 |
| &nbsp;&nbsp; Louisville & Jefferson <br> County Metro <br> Government PCR <br> Refunding Bonds (AMT), <br> Louisville Gas & Electric, <br> 1.35%, 11/01/27<br>| 1500000 | 1449002 |
| &nbsp;&nbsp; Rural Water Financing <br> Agency Public Project <br> Revenue Bonds, Public <br> Project Construction, <br> 3.70%, 5/01/27<br>| 1000000 | 998477 |
|  |  | **6273002** |
| **Louisiana – 1.4%** | **Louisiana – 1.4%** | **Louisiana – 1.4%** |
| &nbsp;&nbsp; East Baton Rouge Parish <br> Sewerage Commission <br> Variable Revenue <br> Refunding Bonds, Series <br> A, 1.30%, 2/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 474666 |
| &nbsp;&nbsp; Louisiana Public Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Ochsner Clinic <br> Foundation Project, <br> 5.00%, 5/15/28<br>| 500000 | 525705 |
| &nbsp;&nbsp; Louisiana State Gasoline & <br> Fuels Tax Second Lien <br> Variable Revenue <br> Refunding Bonds, Series <br> A-2 (TD Bank N.A. LOC), <br> 3.20%, 5/01/43<sup>(c)(g)</sup> <br>| 150000 | 150000 |
| &nbsp;&nbsp; Louisiana State Gasoline & <br> Fuels Tax Second Lien <br> Variable Revenue <br> Refunding Bonds, Series <br> C (TD Bank N.A. LOC), <br> 3.20%, 5/01/43<sup>(c)(g)</sup> <br>| 805000 | 805000 |
| &nbsp;&nbsp; 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 | 409942 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Louisiana (Continued)** | **Louisiana (Continued)** | **Louisiana (Continued)** |
| &nbsp;&nbsp; Louisiana State Offshore <br> Terminal Authority <br> Deepwater Port Variable <br> Revenue Refunding <br> Bonds, Series C, Loop LLC <br> Project, 4.20%, <br> 9/01/28<sup>(a)(b)(c)</sup> <br>| $300000 | $307540 |
| &nbsp;&nbsp; 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 | 314796 |
| &nbsp;&nbsp; Louisiana State Public <br> Facilities Authority Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Pro USA Inc., <br> Project, 6.75%, <br> 10/01/28<sup>(a)(b)(c)(d)</sup> <br>| 200000 | 210842 |
| &nbsp;&nbsp; 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 | 255176 |
| &nbsp;&nbsp; Saint John The Baptist <br> Parish Variable Revenue <br> Refunding Bonds, <br> Marathon Oil Corp., <br> 3.30%, 7/03/28<sup>(a)(b)(c)</sup> <br>| 100000 | 101198 |
| &nbsp;&nbsp; Shreveport Water & Sewer <br> Revenue Refunding <br> Bonds (AG Insured), <br> 5.00%, 12/01/34<br>| 500000 | 567528 |
| &nbsp;&nbsp; Terrebonne Parish Hospital <br> Service District No. 1 <br> Revenue Refunding <br> Bonds, Terrebonne <br> General Health System <br> Project, 5.00%, 4/01/32<br>| 510000 | 568621 |
|  |  | **4691014** |
| **Maine – 0.3%** | **Maine – 0.3%** | **Maine – 0.3%** |
| &nbsp;&nbsp; Maine Health & Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series A, 5.00%, 7/01/27<br>| 215000 | 222137 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maine (Continued)** | **Maine (Continued)** | **Maine (Continued)** |
| &nbsp;&nbsp; Maine State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A (State <br> Intercept State Resource <br> Fund Guaranty Program), <br> Prerefunded, 5.00%, <br> 7/01/27<sup>(h)</sup> <br>| $30000 | $31036 |
| &nbsp;&nbsp; Maine State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A (State <br> Intercept State Resource <br> Fund Guaranty Program), <br> Unrefunded Balance, <br> 5.00%, 7/01/28<br>| 620000 | 639970 |
|  |  | **893143** |
| **Maryland – 1.9%** | **Maryland – 1.9%** | **Maryland – 1.9%** |
| &nbsp;&nbsp; Baltimore Convention <br> Center Hotel Revenue <br> Refunding Bonds, <br> Convention Center Hotel, <br> 5.00%, 9/01/39<br>| 500000 | 503470 |
| &nbsp;&nbsp; Baltimore Special <br> Obligation Revenue <br> Bonds, City-Wide <br> Affordable Housing <br> Program, 5.25%, <br> 6/01/55<sup>(d)</sup> <br>| 100000 | 98138 |
| &nbsp;&nbsp; Chestertown Economic <br> Development Project <br> Revenue Refunding <br> Bonds, Washington <br> College Project, 6.50%, <br> 3/01/55<br>| 100000 | 98087 |
| &nbsp;&nbsp; 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 | 512578 |
| &nbsp;&nbsp; Maryland State Economic <br> Development Corp., <br> Private Activity Revenue <br> Bonds (AMT), Purple Line <br> Light Rail Project, Green <br> Bonds,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 11/12/28 | 1320000 | 1328461 |
| &nbsp;&nbsp; 5.25%, 6/30/55 | 1000000 | 991924 |
| &nbsp;&nbsp; Maryland State Economic <br> Development Corp., <br> Revenue Bonds (AMT), <br> Seagirt Marine Terminal <br> Projects, 5.00%, 6/01/44<br>| 500000 | 506196 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maryland (Continued)** | **Maryland (Continued)** | **Maryland (Continued)** |
| &nbsp;&nbsp; Maryland State Economic <br> Development Corp., <br> Senior Lien Revenue <br> Bonds, Annapolis <br> Mobility & Resilience, <br> 5.00%, 12/31/42<br>| $145000 | $150036 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Bonds, Adventist <br> Healthcare Obligated, <br> 5.50%, 1/01/31<br>| 400000 | 409227 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, <br> Broadmead Issue, 4.00%, <br> 7/01/35<br>| 285000 | 289104 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Series A, Mercy <br> Medical Center, 4.00%, <br> 7/01/42<br>| 120000 | 116166 |
| &nbsp;&nbsp; Maryland State Health & <br> Higher Educational <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Stevenson <br> University Project, 4.00%, <br> 6/01/51<br>| 500000 | 420107 |
| &nbsp;&nbsp; Montgomery County GO <br> Unlimited Refunding <br> Bonds, Series A, <br> Consolidated Public <br> Improvement Project, <br> 2.00%, 8/01/41<br>| 1000000 | 753922 |
| &nbsp;&nbsp; Montgomery County <br> Housing Opportunities <br> Commission Multifamily <br> & Reconstruction <br> Development Revenue <br> Bonds, Series C (FHA 542 <br> (C) Insured), 2.85%, <br> 1/01/51<br>| 250000 | 172348 |
| &nbsp;&nbsp; Washington County <br> Economic Development <br> Revenue Refunding <br> Bonds, Homewood <br> Maryland Obligated <br> Group Project, 4.00%, <br> 5/01/42<br>| 225000 | 217741 |
|  |  | **6567505** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Massachusetts – 0.6%** | **Massachusetts – 0.6%** | **Massachusetts – 0.6%** |
| &nbsp;&nbsp; Massachusetts State <br> Development Finance <br> Agency Revenue Bonds, <br> UMass Boston Student <br> Housing Project, 5.00%, <br> 10/01/48<br>| $500000 | $471751 |
| &nbsp;&nbsp; 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 | 536860 |
| &nbsp;&nbsp; Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Series <br> F, Lahey Clinic Obligated <br> Group, 5.00%, 8/15/45<br>| 250000 | 250064 |
| &nbsp;&nbsp; Massachusetts State <br> Educational Financing <br> Authority Senior Revenue <br> Refunding Bonds, Series <br> B (AMT), 5.00%, 7/01/28<br>| 280000 | 292389 |
| &nbsp;&nbsp; Massachusetts State Port <br> Authority Revenue Bonds, <br> Series B (AMT), 4.00%, <br> 7/01/46<br>| 250000 | 228387 |
| &nbsp;&nbsp; Massachusetts State Port <br> Authority Revenue Bonds, <br> Series E (AMT), 5.00%, <br> 7/01/27<br>| 365000 | 376978 |
|  |  | **2156429** |
| **Michigan – 2.2%** | **Michigan – 2.2%** | **Michigan – 2.2%** |
| &nbsp;&nbsp; Detroit GO Unlimited <br> Bonds, 5.00%, 4/01/27<br>| 50000 | 51166 |
| &nbsp;&nbsp; Detroit GO Unlimited <br> Bonds, Series A, Social <br> Bonds, 4.00%, 4/01/40<br>| 250000 | 247947 |
| &nbsp;&nbsp; Grand Rapids Economic <br> Development Corp., <br> Revenue Bonds, Beacon <br> Hill at Eastgate Project, <br> 6.13%, 11/01/60<br>| 100000 | 99976 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Limited <br> Obligation Revenue <br> Refunding Bonds, <br> Lawrence Technological <br> University, 4.00%, 2/01/27<br>| 95000 | 95044 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Limited <br> Obligation Revenue <br> Refunding Bonds, <br> University of Detroit <br> Mercy, 5.63%, 11/01/52<br>| 300000 | 303092 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Michigan (Continued)** | **Michigan (Continued)** | **Michigan (Continued)** |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Revenue <br> Refunding Bonds, Trinity <br> Health Credit Group,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 12/01/35 | $515000 | $525927 |
| &nbsp;&nbsp; 4.00%, 12/01/40 | 500000 | 495958 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Revenue <br> Refunding Bonds, Trinity <br> Health Credit Group, <br> Unrefunded Balance, <br> 5.00%, 12/01/46<br>| 365000 | 367272 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, Beaumont <br> Spectrum, (SIFMA <br> Municipal Swap Index <br> Yield + 0.75%), 3.03%, <br> 4/15/27<sup>(a)(c)</sup> <br>| 1500000 | 1496344 |
| &nbsp;&nbsp; Michigan State Finance <br> Authority Variable <br> Revenue Refunding <br> Bonds, McLaren Health <br> Care, 1.20%, <br> 4/13/28<sup>(a)(b)(c)</sup> <br>| 500000 | 477238 |
| &nbsp;&nbsp; Michigan State Strategic <br> Fund Limited Obligation <br> Variable Revenue Bonds <br> (AMT), Consumers <br> Energy Co., 3.35%, <br> 10/01/27<sup>(a)(b)(c)</sup> <br>| 1000000 | 1002293 |
| &nbsp;&nbsp; Michigan State Trunk Line <br> Revenue Bonds, <br> Rebuilding Michigan <br> Program, 5.50%, 11/15/49<br>| 1000000 | 1078660 |
| &nbsp;&nbsp; Okemos Public School <br> District GO Unlimited <br> Bonds, Series II (Q-SBLF <br> Insured), 5.00%, 5/01/49<br>| 500000 | 521708 |
| &nbsp;&nbsp; Wayne County Airport <br> Authority Revenue <br> Refunding Bonds (AMT), <br> Detroit Metropolitan, <br> 5.00%, 12/01/33<br>| 470000 | 533054 |
| &nbsp;&nbsp; Wayne State University <br> Revenue Refunding <br> Bonds, Series A (BAM, <br> TCRS Insured), 5.00%, <br> 11/15/27<br>| 300000 | 302186 |
|  |  | **7597865** |
| **Minnesota – 1.0%** | **Minnesota – 1.0%** | **Minnesota – 1.0%** |
| &nbsp;&nbsp; Center City Health Care <br> Facilities Revenue <br> Refunding Bonds, <br> Hazelden Betty Ford <br> Foundation, 5.00%, <br> 11/01/31<br>| 210000 | 231175 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Minnesota (Continued)** | **Minnesota (Continued)** | **Minnesota (Continued)** |
| &nbsp;&nbsp; Cologne Charter School <br> Lease Revenue Bonds, <br> Academy Project A, <br> 5.00%, 7/01/29<br>| $250000 | $250162 |
| &nbsp;&nbsp; Gibbon Independent <br> School District No. 2365 <br> GO Unlimited Bonds, <br> Series A (School District <br> Credit Program), 6.00%, <br> 2/01/28<br>| 200000 | 213997 |
| &nbsp;&nbsp; Minneapolis Health Care <br> System Revenue <br> Refunding Bonds, <br> Fairview Health Services, <br> Series A, 5.00%, 11/15/27<br>| 585000 | 585492 |
| &nbsp;&nbsp; Rochester Health Care <br> Facilities Variable <br> Revenue Bonds, Series C, <br> Mayo Clinic, 2.65%, <br> 11/15/64<sup>(c)(g)</sup> <br>| 2000000 | 2000000 |
|  |  | **3280826** |
| **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** |
| &nbsp;&nbsp; Mississippi Alcoholic <br> Beverage Control <br> Revenue Bonds, ABC <br> Warehouse Construction <br> Project, 5.00%, 10/01/44<br>| 250000 | 266760 |
| &nbsp;&nbsp; Mississippi State Hospital <br> Equipment & Facilities <br> Authority Adjustable <br> Revenue Refunding <br> Bonds, North Mississippi <br> Health, 5.00%, <br> 3/01/27<sup>(a)(b)(c)</sup> <br>| 265000 | 269934 |
| &nbsp;&nbsp; Warren County Gulf <br> Opportunity Zone <br> Revenue Refunding <br> Bonds, International <br> Paper Company Project,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 9/01/32 | 100000 | 104290 |
| &nbsp;&nbsp; 4.20%, 5/01/34 | 250000 | 263741 |
|  |  | **904725** |
| **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** |
| &nbsp;&nbsp; Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/27<br>| 225000 | 230892 |
| &nbsp;&nbsp; Kansas City IDA Economic <br> Activity TRB, Historic <br> Northeast Redevelopment <br> Plan, 5.00%, 6/01/46<sup>(d)</sup> <br>| 200000 | 198744 |
| &nbsp;&nbsp; Kansas City Industrial <br> Development Authority <br> Revenue Refunding <br> Bonds, Platte Purchase <br> Project A, 6.00%, <br> 1/01/48<sup>(d)</sup> <br>| 100000 | 101326 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Missouri (Continued)** | **Missouri (Continued)** | **Missouri (Continued)** |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Health Facilities <br> Revenue Bonds, Mercy <br> Health, 3.00%, 6/01/53<br>| $970000 | $690419 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Lutheran Senior Services <br> Project, Series 2025-A, <br> 5.00%, 2/01/29<br>| 875000 | 916989 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/15/27 | 215000 | 218919 |
| &nbsp;&nbsp; 5.00%, 2/15/28 | 250000 | 258848 |
| &nbsp;&nbsp; Phelps County Hospital <br> Revenue Bonds, Phelps <br> Health, 6.00%, 12/01/55<br>| 150000 | 159408 |
|  |  | **2775545** |
| **Montana – 0.2%** | **Montana – 0.2%** | **Montana – 0.2%** |
| &nbsp;&nbsp; Montana State Facility <br> Finance Authority <br> Revenue Refunding <br> Bonds, Billings Clinic <br> Obligated Group, 5.00%, <br> 8/15/30<br>| 675000 | **744899** |
| **Nebraska – 0.7%** | **Nebraska – 0.7%** | **Nebraska – 0.7%** |
| &nbsp;&nbsp; Central Plains Energy <br> Project Gas Supply <br> Revenue Bonds, <br> Subseries A-1, 5.00%, <br> 8/01/31<sup>(a)(b)(c)</sup> <br>| 1250000 | 1342778 |
| &nbsp;&nbsp; Lincoln MFH Variable <br> Revenue Bonds, Central <br> at South Haymarket, <br> 3.37%, 7/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 1011578 |
|  |  | **2354356** |
| **Nevada – 0.4%** | **Nevada – 0.4%** | **Nevada – 0.4%** |
| &nbsp;&nbsp; Clark County PCR <br> Refunding Bonds, <br> Southern California <br> Edison Company, 2.10%, <br> 6/01/31<br>| 250000 | 230558 |
| &nbsp;&nbsp; Clark County Stadium <br> Improvement GO Limited <br> Bonds, Series A, 5.00%, <br> 5/01/48<br>| 500000 | 508796 |
| &nbsp;&nbsp; Las Vegas Convention & <br> Visitors Authority <br> Convention Center <br> Expansion Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/43 | 250000 | 256913 |
| &nbsp;&nbsp; 4.00%, 7/01/49 | 150000 | 134958 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Nevada (Continued)** | **Nevada (Continued)** | **Nevada (Continued)** |
| &nbsp;&nbsp; Las Vegas Special <br> Improvement District No. <br> 814 Summerlin Village 21 <br> & 24A Special <br> Assessment Bonds, <br> 4.00%, 6/01/49<br>| $90000 | $75649 |
| &nbsp;&nbsp; Las Vegas Valley Water <br> District GO Limited <br> Bonds, Series A, 4.00%, <br> 6/01/46<br>| 250000 | 240147 |
|  |  | **1447021** |
| **New Hampshire – 0.6%** | **New Hampshire – 0.6%** | **New Hampshire – 0.6%** |
| &nbsp;&nbsp; National Finance Authority <br> Affordable Housing <br> Certificates Revenue <br> Bonds, 4.75%, 6/20/41<br>| 199569 | 208427 |
| &nbsp;&nbsp; National Finance Authority <br> Municipal Certificates <br> Revenue Bonds, Series <br> 1-A, 4.13%, 1/20/34<br>| 836544 | 858534 |
| &nbsp;&nbsp; National Finance Authority <br> Municipal Certificates <br> Variable Sustainable <br> Revenue Bonds (Housing <br> & Urban Development <br> Section 8 Program), <br> 4.80%, 2/20/41<br>| 99874 | 101230 |
| &nbsp;&nbsp; New Hampshire State <br> Health & Education <br> Facilities Authority <br> Revenue Refunding <br> Bonds, Kendal at Hanover <br> Issue, 5.00%, 10/01/36<br>| 180000 | 181562 |
| &nbsp;&nbsp; New Hampshire State <br> Health & Education <br> Facilities Authority <br> Revenue Refunding <br> Bonds, University of New <br> Hampshire, 5.00%, <br> 7/01/40<br>| 455000 | 455449 |
| &nbsp;&nbsp; New Hampshire State <br> Health & Educational <br> Facilities Authority <br> Revenue Bonds, <br> Dartmouth Hitchcock <br> Obligated Group, 4.00%, <br> 8/01/43<br>| 250000 | 234219 |
|  |  | **2039421** |
| **New Jersey – 1.2%** | **New Jersey – 1.2%** | **New Jersey – 1.2%** |
| &nbsp;&nbsp; New Jersey State EDA <br> Energy Facility Revenue <br> Bonds, Series A (AMT), <br> UMM Energy Partners,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/37 | 190000 | 190071 |
| &nbsp;&nbsp; 5.13%, 6/15/43 | 350000 | 350007 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New Jersey (Continued)** | **New Jersey (Continued)** | **New Jersey (Continued)** |
| &nbsp;&nbsp; New Jersey State EDA <br> Motor Vehicle Surcharge <br> Revenue Refunding <br> Bonds, Subseries A, <br> 3.38%, 7/01/30<br>| $250000 | $250219 |
| &nbsp;&nbsp; New Jersey State EDA <br> Private Activity Revenue <br> Bonds (AMT), The <br> Goethals Project, 5.38%, <br> 1/01/43<br>| 100000 | 100114 |
| &nbsp;&nbsp; New Jersey State EDA <br> Revenue Bonds, Portal <br> North Bridge Project NJ <br> Transit, 5.25%, 11/01/41<br>| 235000 | 258174 |
| &nbsp;&nbsp; New Jersey State EDA <br> Revenue Bonds, Provident <br> Group Rowan <br> Properties LLC, 5.00%, <br> 1/01/48<br>| 125000 | 119639 |
| &nbsp;&nbsp; New Jersey State EDA <br> Revenue Refunding <br> Bonds, Cranes Mill <br> Project, 5.00%, 1/01/49<br>| 260000 | 249646 |
| &nbsp;&nbsp; New Jersey State EDA <br> Water Facilities Revenue <br> Refunding Bonds (AMT), <br> New Jersey American <br> Water Co., Inc., Project, <br> 2.20%, 12/03/29<sup>(a)(b)(c)</sup> <br>| 775000 | 735069 |
| &nbsp;&nbsp; New Jersey State GO <br> Unlimited Bonds, 2.00%, <br> 6/01/37<br>| 1175000 | 985100 |
| &nbsp;&nbsp; New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series A, 4.00%, 6/15/42<br>| 250000 | 248443 |
| &nbsp;&nbsp; New Jersey State <br> Transportation Trust Fund <br> Authority Revenue Bonds, <br> Series AA, 5.00%, 6/15/40<br>| 500000 | 534263 |
|  |  | **4020745** |
| **New York – 7.6%** | **New York – 7.6%** | **New York – 7.6%** |
| &nbsp;&nbsp; Build Resource Corp., <br> Revenue Bonds, Friends <br> of Hellenic Classical <br> Charter Schools, Inc., <br> 4.00%, 12/01/31<sup>(d)</sup> <br>| 500000 | 495724 |
| &nbsp;&nbsp; Hempstead Town Local <br> Develop Corp., Education <br> Revenue Refunding <br> Bonds, Academy Charter <br> School Project, 5.66%, <br> 2/01/44<br>| 250000 | 240645 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; Hempstead Town Local <br> Development Corp., <br> Education Revenue <br> Bonds, Academy Charter <br> School Project, 4.60%, <br> 2/01/51<br>| $250000 | $193693 |
| &nbsp;&nbsp; Hempstead Town Local <br> Development Corp., <br> Revenue Refunding <br> Bonds, Adelphi University <br> Project, 5.00%, 6/01/27<br>| 300000 | 309176 |
| &nbsp;&nbsp; Hudson Yards <br> Infrastructure Corp., <br> Second Indenture <br> Revenue Refunding <br> Bonds, Series A (AGM <br> Insured), 4.00%, 2/15/47<br>| 250000 | 230295 |
| &nbsp;&nbsp; Liberty Development Corp., <br> Revenue Refunding <br> Bonds, Goldman Sachs <br> Headquarters, 5.25%, <br> 10/01/35<br>| 250000 | 295236 |
| &nbsp;&nbsp; Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Climate Bond <br> Certified,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 11/15/29 | 340000 | 373111 |
| &nbsp;&nbsp; 5.00%, 11/15/31 | 1000000 | 1137710 |
| &nbsp;&nbsp; Metropolitan <br> Transportation Authority <br> Revenue Refunding <br> Bonds, Series D (BAM, <br> TCRS Insured), 4.00%, <br> 11/15/42<br>| 300000 | 292457 |
| &nbsp;&nbsp; New York City Housing <br> Development Corp., MFH <br> Sustainable <br> Neighborhood Revenue <br> Bonds, 3.95%, 11/01/43<br>| 275000 | 267751 |
| &nbsp;&nbsp; New York City Housing <br> Development Corp., MFH <br> Variable Sustainable <br> Revenue Bonds, 3.75%, <br> 7/02/29<sup>(a)(b)(c)</sup> <br>| 100000 | 101980 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Revenue Bonds, Second <br> General Resolution, <br> Series CC-1, 5.00%, <br> 6/15/49<br>| 250000 | 257310 |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Revenue Bonds, Series <br> AA-1, 5.25%, 6/15/52<br>| 250000 | 262503 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; New York City Municipal <br> Water Finance Authority <br> Water & Sewer System <br> Revenue Bonds, Series <br> BB-1, 5.25%, 6/15/54<br>| $500000 | $522305 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Adjustable Future Tax <br> Secured Subordinate <br> Revenue Bonds, 3.25%, <br> 8/01/42<sup>(c)(g)</sup> <br>| 1000000 | 1000000 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Revenue Bonds, <br> Subseries B-1, 4.00%, <br> 8/01/42<br>| 295000 | 290023 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Fiscal 2026,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/01/46<sup>(f)</sup> <br>| 250000 | 263914 |
| &nbsp;&nbsp; 5.50%, 2/01/48<sup>(f)</sup> <br>| 665000 | 722169 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series D, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 5/01/45 | 1000000 | 1080381 |
| &nbsp;&nbsp; 5.50%, 5/01/52 | 250000 | 266472 |
| &nbsp;&nbsp; New York City Transitional <br> Finance Authority <br> Subordinate Revenue <br> Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| &nbsp;&nbsp; 5.25%, 11/01/45 | 200000 | 216865 |
| &nbsp;&nbsp; 5.00%, 11/01/50 | 250000 | 257306 |
| &nbsp;&nbsp; New York GO Unlimited <br> Bonds, Series A-1, 5.25%, <br> 9/01/42<br>| 250000 | 271985 |
| &nbsp;&nbsp; New York GO Unlimited <br> Bonds, Series D, <br> Subseries D1, 5.00%, <br> 12/01/42<br>| 250000 | 258986 |
| &nbsp;&nbsp; New York Multi Modal GO <br> Unlimited Bonds, Series <br> E, Fiscal 2025, 5.00%, <br> 8/01/44<br>| 640000 | 683466 |
| &nbsp;&nbsp; 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 | 600037 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Non State <br> Supported Debt Revenue <br> Bonds, Mount Sinai <br> Obligated Group, 5.25%, <br> 7/01/50<br>| $350000 | $349537 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Non State <br> Supported Debt Revenue <br> Bonds, White Plains <br> Hospital Obligated Group, <br> 5.25%, 10/01/49<br>| 100000 | 100786 |
| &nbsp;&nbsp; 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 | 256152 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Revenues Non <br> State Supported Debt <br> Revenue Bonds, Series A, <br> Pace University, 5.25%, <br> 5/01/29<br>| 250000 | 266233 |
| &nbsp;&nbsp; New York State Dormitory <br> Authority Sales Tax <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 3/15/45<br>| 100000 | 107319 |
| &nbsp;&nbsp; New York State Energy <br> Research & Development <br> Authority PCR Refunding <br> Bonds, New York Electric <br> & Gas, Series C, 4.00%, <br> 4/01/34<br>| 250000 | 261282 |
| &nbsp;&nbsp; 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 | 1015498 |
| &nbsp;&nbsp; New York State Liberty <br> Development Corp., <br> Revenue Refunding <br> Bonds, 4 World Trade <br> Center Project, Green <br> Bonds, 1.20%, 11/15/28<br>| 500000 | 465493 |
| &nbsp;&nbsp; New York State Liberty <br> Development Corp., <br> Revenue Refunding <br> Bonds, Class 2, 3 World <br> Trade Center Project,<br>|  |  |
| &nbsp;&nbsp; 5.15%, 11/15/34<sup>(d)</sup> <br>| 500000 | 500508 |
| &nbsp;&nbsp; 5.38%, 11/15/40<sup>(d)</sup> <br>| 150000 | 150008 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; 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 | $1522476 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities Revenue <br> Bonds (AMT), Delta Air <br> Lines Inc., Laguardia,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/35 | 500000 | 530862 |
| &nbsp;&nbsp; 5.00%, 10/01/40 | 250000 | 257356 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities Revenue <br> Bonds (AMT), Delta Air <br> Lines, Inc., 5.00%, 1/01/30<br>| 345000 | 357291 |
| &nbsp;&nbsp; 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 | 265419 |
| &nbsp;&nbsp; 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 | 250007 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport,<br>|  |  |
| &nbsp;&nbsp; 5.50%, 6/30/39 | 250000 | 277832 |
| &nbsp;&nbsp; 5.50%, 6/30/54 | 335000 | 339967 |
| &nbsp;&nbsp; 6.00%, 6/30/55 | 100000 | 105982 |
| &nbsp;&nbsp; 6.00%, 6/30/59 | 175000 | 184729 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Bonds (AMT), John F. <br> Kennedy International <br> Airport (AGM Insured), <br> 5.00%, 6/30/49<br>| 250000 | 250179 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities <br> Sustainable Revenue <br> Refunding Bonds (AMT), <br> JFK Airport (AGC Insured), <br> 5.25%, 12/31/54<br>| $325000 | $330185 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facility Revenue <br> Refunding Bonds (AMT), <br> John F. Kennedy <br> International Airport <br> Project, 5.38%, 8/01/36<br>| 250000 | 261914 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facility Revenue <br> Refunding Bonds (AMT), <br> Terminal 4 John F. <br> Kennedy International <br> Airport Project, 5.00%, <br> 12/01/33<br>| 250000 | 269521 |
| &nbsp;&nbsp; New York State Urban <br> Development Corp., <br> Personal Income TRB, <br> Series A,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 3/15/38 | 500000 | 508551 |
| &nbsp;&nbsp; 5.00%, 3/15/41 | 250000 | 267803 |
| &nbsp;&nbsp; New York State Urban <br> Development Corp., <br> Revenue Refunding <br> Bonds, Series E Group 3, <br> 4.00%, 3/15/43<br>| 500000 | 493829 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 183rd <br> Revenue Bonds, 4.00%, <br> 12/15/39<br>| 440000 | 440003 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated 211th <br> Revenue Refunding <br> Bonds, 5.00%, 9/01/48<br>| 830000 | 850292 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Bonds, Series 221 (AMT), <br> 4.00%, 7/15/40<br>| 500000 | 500299 |
| &nbsp;&nbsp; Port Authority of New York <br> & New Jersey <br> Consolidated Revenue <br> Refunding Bonds (AMT), <br> 5.50%, 8/01/52<br>| 600000 | 630069 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **New York (Continued)** | **New York (Continued)** | **New York (Continued)** |
| &nbsp;&nbsp; Triborough Bridge & Tunnel <br> Authority General <br> Variable Refunding <br> Revenue Bonds, <br> Subseries B-2 (Bank of <br> America N.A. LOC), 2.28%, <br> 1/01/32<sup>(c)(g)</sup> <br>| $1600000 | $1600000 |
| &nbsp;&nbsp; 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 | 258920 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel <br> Authority Payroll Mobility <br> Tax Senior Lien Revenue <br> Bonds, Series C, 5.00%, <br> 5/15/47<br>| 255000 | 264099 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel <br> Authority Revenue Bonds, <br> Series A, MTA Bridges & <br> Tunnels, 5.00%, 11/15/45<br>| 250000 | 266474 |
| &nbsp;&nbsp; Troy Capital <br> Resource Corp., Revenue <br> Bonds, Rensselaer <br> Polytechnic Institute <br> Project, 4.00%, 9/01/33<br>| 100000 | 103108 |
| &nbsp;&nbsp; Yonkers Economic <br> Development Corp., <br> Educational Revenue <br> Bonds, Charter School <br> Educational Excellence <br> Project, 5.00%, 10/15/49<br>| 100000 | 91161 |
|  |  | **25842644** |
| **North Carolina – 2.1%** | **North Carolina – 2.1%** | **North Carolina – 2.1%** |
| &nbsp;&nbsp; Charlotte-Mecklenburg <br> Hospital Authority Health <br> Care System Variable <br> Revenue Refunding <br> Bonds, 3.20%, 1/15/38<sup>(c)(g)</sup> <br>| 220000 | 220000 |
| &nbsp;&nbsp; Columbus County <br> Industrial Facilities & <br> Pollution Control <br> Financing Authority <br> Recovery Zone Facility <br> Revenue Refunding <br> Bonds, International <br> Paper Company Project, <br> 4.20%, 5/01/34<br>| 250000 | 263742 |
| &nbsp;&nbsp; Forsyth County GO <br> Unlimited Bonds, Series <br> B, 2.00%, 3/01/37<br>| 1000000 | 853539 |
| &nbsp;&nbsp; Greater Asheville Regional <br> Airport Authority Airport <br> System Revenue Bonds <br> (AMT) (AGM Insured), <br> 5.25%, 7/01/48<br>| 250000 | 256981 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| &nbsp;&nbsp; Greater Asheville Regional <br> Airport Authority Airport <br> System Revenue Bonds, <br> Series A (AMT) (AGM <br> Insured), 5.50%, 7/01/47<br>| $1000000 | $1046203 |
| &nbsp;&nbsp; North Carolina State <br> Capital Facilities Finance <br> Agency Revenue <br> Refunding Bonds, The Arc <br> of North Carolina <br> (Housing & Urban <br> Development Section 8 <br> Program),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/28 | 300000 | 304031 |
| &nbsp;&nbsp; 5.00%, 10/01/34 | 250000 | 252011 |
| &nbsp;&nbsp; North Carolina State <br> Housing Finance Agency <br> Home Ownership <br> Revenue Bonds, Series <br> 54-A (GNMA, FNMA, <br> FHLMC Insured), 4.80%, <br> 1/01/55<br>| 200000 | 198356 |
| &nbsp;&nbsp; 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<br>| 100000 | 99485 |
| &nbsp;&nbsp; North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Revenue Bonds, <br> The Forest at Duke <br> Project,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 9/01/33 | 180000 | 184259 |
| &nbsp;&nbsp; 4.00%, 9/01/34 | 185000 | 188699 |
| &nbsp;&nbsp; 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 | 525310 |
| &nbsp;&nbsp; North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Revenue <br> Refunding Bonds, Series <br> A, Sharon Towers, 5.00%, <br> 7/01/49<br>| 100000 | 94917 |
| &nbsp;&nbsp; North Carolina State <br> Medical Care <br> Commission Retirement <br> Facilities Tax-Exempt <br> Revenue Bonds, First <br> Mortgage, Twin Lakes <br> Community, 3.90%, <br> 1/01/29<br>| 680000 | 680446 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **North Carolina (Continued)** | **North Carolina (Continued)** | **North Carolina (Continued)** |
| &nbsp;&nbsp; North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Bonds, <br> Triangle Expressway, <br> 4.00%, 1/01/55<br>| $225000 | $193729 |
| &nbsp;&nbsp; North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Bonds, <br> Triangle Expressway <br> (AGM Insured), 5.00%, <br> 1/01/49<br>| 500000 | 506740 |
| &nbsp;&nbsp; North Carolina State <br> Turnpike Authority Senior <br> Lien Revenue Refunding <br> Bonds, 5.00%, 1/01/40<br>| 550000 | 568933 |
| &nbsp;&nbsp; Union County GO Unlimited <br> Bonds, Series C, 2.50%, <br> 9/01/38<br>| 590000 | 522613 |
|  |  | **6959994** |
| **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** |
| &nbsp;&nbsp; City of Grand Forks Health <br> Care System Revenue <br> Bonds, Altru Health <br> System, Series A (AGM <br> Insured), 5.00%, 12/01/29<br>| 125000 | 134537 |
| &nbsp;&nbsp; University of North Dakota <br> COPS, Infrastructure <br> Energy Improvement, <br> 5.00%, 4/01/48<br>| 500000 | 506451 |
|  |  | **640988** |
| **Ohio – 2.3%** | **Ohio – 2.3%** | **Ohio – 2.3%** |
| &nbsp;&nbsp; Akron Bath Copley Joint <br> Township Hospital <br> District Revenue <br> Refunding Bonds, <br> Summa Health Obligated <br> Group Hospital, Escrowed <br> to Maturity, 5.00%, <br> 11/15/27<br>| 370000 | 386740 |
| &nbsp;&nbsp; American Municipal <br> Power-Ohio Inc., Revenue <br> Bonds, AMP Michigan Cat <br> Peaking Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/15/29 | 205000 | 219147 |
| &nbsp;&nbsp; 5.00%, 2/15/30 | 290000 | 315700 |
| &nbsp;&nbsp; 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 | 740183 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facilities <br> Revenue Bonds, <br> Cleveland Museum of <br> Natural History Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/27 | $125000 | $129058 |
| &nbsp;&nbsp; 5.00%, 7/01/28 | 155000 | 163509 |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facilities <br> Revenue Refunding <br> Bonds, Playhouse Square <br> Foundation Project, <br> 5.50%, 12/01/43<br>| 175000 | 177522 |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Financing Senior Tax <br> Increment Allocation <br> Revenue Refunding <br> Bonds, Flats East Bank <br> Project, 4.00%, 12/01/55<sup>(d)</sup> <br>| 250000 | 190601 |
| &nbsp;&nbsp; Conotton Valley Union <br> Local School District <br> COPS, School Facilities <br> Project (FHLMC Insured), <br> 4.00%, 12/01/42<br>| 500000 | 494223 |
| &nbsp;&nbsp; Franklin County <br> Convention Facilities <br> Authority Hotel Project <br> Revenue Bonds, Greater <br> Columbus Convention <br> Center,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/34 | 170000 | 176170 |
| &nbsp;&nbsp; 5.00%, 12/01/36 | 305000 | 314269 |
| &nbsp;&nbsp; Hamilton County Hospital <br> Facilities Revenue Bonds, <br> Cincinnati Children's <br> Hospital Project, 5.00%, <br> 11/15/41<br>| 250000 | 292308 |
| &nbsp;&nbsp; Marion County Health Care <br> Facilities Revenue <br> Refunding Bonds, United <br> Church Homes, Inc., <br> 5.13%, 12/01/49<br>| 100000 | 76104 |
| &nbsp;&nbsp; Miami Valley Career <br> Technology Center GO <br> Unlimited Bonds, 4.00%, <br> 12/01/37<br>| 250000 | 252461 |
| &nbsp;&nbsp; Middleburg Heights <br> Hospital Revenue <br> Refunding Bonds, <br> Southwest General Health <br> Center, 4.00%, 8/01/41<br>| 500000 | 476862 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ohio (Continued)** | **Ohio (Continued)** | **Ohio (Continued)** |
| &nbsp;&nbsp; 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 | $941244 |
| &nbsp;&nbsp; Ohio State Air Quality <br> Development Authority <br> Variable Revenue <br> Refunding Bonds (AMT), <br> Duke Energy Corp., <br> Project, 4.25%, <br> 6/01/27<sup>(a)(b)(c)</sup> <br>| 250000 | 253997 |
| &nbsp;&nbsp; Ohio State Higher <br> Educational Facilities <br> Commission Revenue <br> Refunding Bonds, <br> Otterbein University 2022 <br> Project, 4.00%, 12/01/46<br>| 500000 | 416707 |
| &nbsp;&nbsp; Ohio State Higher <br> Educational Facilities <br> Commission Revenue <br> Refunding Bonds, Xavier <br> University 2020 Project, <br> 5.00%, 5/01/35<br>| 880000 | 917793 |
| &nbsp;&nbsp; Ohio State Hospital <br> Revenue Refunding <br> Bonds, University <br> Hospitals Health, 5.00%, <br> 1/15/28<br>| 600000 | 625617 |
| &nbsp;&nbsp; Summit County <br> Development Finance <br> Authority Housing <br> Revenue Bonds, <br> PRG-Akron Properties LLC <br> University of Akron <br> Project (BAM Insured), <br> 5.50%, 7/01/60<br>| 100000 | 104336 |
|  |  | **7664551** |
| **Oklahoma – 2.8%** | **Oklahoma – 2.8%** | **Oklahoma – 2.8%** |
| &nbsp;&nbsp; Caddo County Educational <br> Facilities Authority Lease <br> Revenue Bonds, Hinton <br> Public Schools Project, <br> 4.00%, 9/01/31<br>| 890000 | 900376 |
| &nbsp;&nbsp; Carter County Public <br> Facilities Authority <br> Educational Facilities <br> Lease Revenue Bonds, <br> 5.00%, 9/01/28<br>| 1230000 | 1282409 |
| &nbsp;&nbsp; Creek County Educational <br> Facilities Authority Lease <br> Revenue Bonds, Sapulpa <br> Public Schools Project <br> (BAM Insured), 4.13%, <br> 9/01/48<br>| 250000 | 236711 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |
| &nbsp;&nbsp; McIntosh County <br> Educational Facilities <br> Authority Lease Revenue <br> Bonds, Eufaula Public <br> Schools Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 9/01/30 | $455000 | $489614 |
| &nbsp;&nbsp; 5.00%, 9/01/31 | 200000 | 217557 |
| &nbsp;&nbsp; Murray County Educational <br> Facilities Authority Lease <br> Revenue Bonds, Davis <br> Public Schools Project, <br> 5.00%, 9/01/29<br>| 595000 | 626554 |
| &nbsp;&nbsp; Oklahoma City Water <br> Utilities Trust Utility <br> System Revenue Bonds, <br> 5.25%, 7/01/64<br>| 500000 | 526711 |
| &nbsp;&nbsp; Oklahoma County Finance <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Western Heights <br> Public Schools, 5.00%, <br> 9/01/31<br>| 1000000 | 1066228 |
| &nbsp;&nbsp; Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project, 2.00%, 12/01/47<br>| 8975 | 458 |
| &nbsp;&nbsp; Oklahoma County Finance <br> Authority Revenue Bonds, <br> Exchange-Epworth Villa <br> Project-B, 5.88%, 12/01/47<br>| 43620 | 23640 |
| &nbsp;&nbsp; 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 | 630455 |
| &nbsp;&nbsp; Oklahoma State Turnpike <br> Authority Second Senior <br> Revenue Bonds, Series C, <br> 5.00%, 1/01/47<br>| 1000000 | 1007982 |
| &nbsp;&nbsp; Oklahoma State Turnpike <br> Authority Senior Lien <br> Revenue Bonds, 5.50%, <br> 1/01/53<br>| 475000 | 503988 |
| &nbsp;&nbsp; Oklahoma State Water <br> Resources Board <br> Revolving Fund Revenue <br> Bonds, Drinking Water <br> Program 2019 Master <br> Trust, 4.00%, 4/01/48<br>| 300000 | 282830 |
| &nbsp;&nbsp; Texas County Development <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Guymon Public <br> Schools Project, 5.00%, <br> 10/01/29<br>| 720000 | 781735 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Oklahoma (Continued)** | **Oklahoma (Continued)** | **Oklahoma (Continued)** |
| &nbsp;&nbsp; Tulsa County Industrial <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Glenpool Public <br> Schools Project, 5.00%, <br> 9/01/29<br>| $370000 | $400916 |
| &nbsp;&nbsp; Washington County <br> Educational Facilities <br> Authority Lease Revenue <br> Bonds, Dewey Public <br> Schools Project, 5.00%, <br> 9/01/29<br>| 435000 | 461693 |
|  |  | **9439857** |
| **Oregon – 0.9%** | **Oregon – 0.9%** | **Oregon – 0.9%** |
| &nbsp;&nbsp; Medford Hospital Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Asante Projects, 5.00%, <br> 8/15/45<br>| 500000 | 510850 |
| &nbsp;&nbsp; Oregon State Business <br> Development <br> Commission Variable <br> Revenue Bonds, Series <br> 232, Intel Corp., Project, <br> 3.80%, 6/15/28<sup>(a)(b)(c)</sup> <br>| 500000 | 508021 |
| &nbsp;&nbsp; Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Samaritan Health <br> Services, 5.00%, 10/01/30<br>| 300000 | 321730 |
| &nbsp;&nbsp; Oregon State Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Legacy Health Project, <br> 5.00%, 6/01/46<br>| 500000 | 500606 |
| &nbsp;&nbsp; Port of Morrow GO Limited <br> Refunding Bonds, Series <br> D, 4.00%, 12/01/27<br>| 240000 | 243916 |
| &nbsp;&nbsp; Port of Portland Airport <br> Revenue Refunding <br> Bonds, Series 30B (AMT), <br> 5.00%, 7/01/27<br>| 500000 | 515963 |
| &nbsp;&nbsp; Port of Portland Airport <br> Sustainable Revenue <br> Bonds, Series 30 (AMT), <br> 5.25%, 7/01/49<br>| 250000 | 260082 |
| &nbsp;&nbsp; Salem Hospital Facility <br> Authority Revenue <br> Refunding Bonds, Capital <br> Manor Project, 5.00%, <br> 5/15/27<br>| 260000 | 265161 |
|  |  | **3126329** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania – 4.3%** | **Pennsylvania – 4.3%** | **Pennsylvania – 4.3%** |
| &nbsp;&nbsp; Allentown Neighborhood <br> Improvement Zone <br> Development Authority <br> Tax Revenue Refunding <br> Bonds, Forward Delivery, <br> 5.00%, 5/01/42<br>| $250000 | $259890 |
| &nbsp;&nbsp; Chester County IDA <br> Revenue Bonds, Avon <br> Grove Charter School, <br> 5.00%, 3/01/27<br>| 500000 | 504127 |
| &nbsp;&nbsp; Chester County IDA <br> Sustainable Revenue <br> Bonds, Longwood <br> Gardens, 4.00%, 12/01/51<br>| 805000 | 722722 |
| &nbsp;&nbsp; Commonwealth Financing <br> Authority Tobacco Master <br> Settlement Payment <br> Revenue Bonds (AG <br> Insured), 4.00%, 6/01/39<br>| 500000 | 499835 |
| &nbsp;&nbsp; Cumberland County <br> Municipal Authority <br> Revenue Bonds, Penn <br> State Health, 4.00%, <br> 11/01/44<br>| 500000 | 459838 |
| &nbsp;&nbsp; Cumberland County <br> Municipal Authority <br> Revenue Refunding <br> Bonds, Asbury <br> Pennsylvania Obligated, <br> 4.50%, 1/01/40<sup>(d)</sup> <br>| 185000 | 180838 |
| &nbsp;&nbsp; Doylestown Hospital <br> Authority Revenue <br> Refunding Bonds, <br> Doylestown Hospital, <br> Unrefunded Balance, <br> 5.00%, 7/01/41<br>| 350000 | 352004 |
| &nbsp;&nbsp; Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 2/15/39 | 250000 | 247778 |
| &nbsp;&nbsp; 4.00%, 2/15/47 | 500000 | 446042 |
| &nbsp;&nbsp; Geisinger Authority Health <br> System Revenue <br> Refunding Bonds, <br> Geisinger Health System <br> Obligation, 4.00%, <br> 4/01/39<br>| 340000 | 340197 |
| &nbsp;&nbsp; Lancaster County Hospital <br> Authority Revenue <br> Refunding Bonds, <br> Masonic Villages Project, <br> 5.00%, 11/01/30<br>| 470000 | 504983 |
| &nbsp;&nbsp; Lancaster Municipal <br> Authority Healthcare <br> Facilities Revenue <br> Refunding Bonds, Garden <br> Spot Village Project, <br> 5.00%, 5/01/30<br>| 200000 | 214837 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| &nbsp;&nbsp; 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 | $699701 |
| &nbsp;&nbsp; Montgomery County IDA <br> Revenue Bonds, Acts <br> Retirement-Life <br> Communities, 5.00%, <br> 11/15/45<br>| 500000 | 506682 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> Parking System Revenue <br> Refunding Bonds, Senior <br> Insured Capitol Region <br> (AGM Insured), 5.00%, <br> 1/01/40<br>| 500000 | 540373 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> Revenue Bonds (AMT), <br> Pennsylvania Bridges <br> FINCO LP-P3 Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/31/34 | 250000 | 251051 |
| &nbsp;&nbsp; 4.13%, 12/31/38 | 295000 | 287287 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> Tax-Exempt Private <br> Activity Revenue Bonds <br> (AMT), The PennDOT <br> Major Bridges, 5.75%, <br> 6/30/48<br>| 575000 | 603138 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> 4.00%, 3/15/40<br>| 500000 | 496465 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-1, 4.00%, 4/15/45<br>| 500000 | 449649 |
| &nbsp;&nbsp; Pennsylvania State <br> Economic Development <br> Financing Authority <br> UPMC Revenue Bonds, <br> Series A-2, 4.00%, 5/15/48<br>| 250000 | 219606 |
| &nbsp;&nbsp; Pennsylvania State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series AT-1, Unrefunded <br> Balance, 4.00%, 6/15/35<br>| 500000 | 500321 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| &nbsp;&nbsp; Pennsylvania State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Trustees of the University <br> of Pennsylvania, Series A, <br> 4.00%, 2/15/43<br>| $585000 | $580513 |
| &nbsp;&nbsp; Pennsylvania State <br> Turnpike Commission <br> Revenue Refunding <br> Bonds, Series B, 5.25%, <br> 12/01/52<br>| 250000 | 262120 |
| &nbsp;&nbsp; Pennsylvania State <br> Turnpike Commission <br> Revenue Refunding <br> Bonds, Series C, 5.00%, <br> 12/01/46<br>| 250000 | 260245 |
| &nbsp;&nbsp; Pennsylvania State <br> Turnpike Commission <br> Subordinate Revenue <br> Bonds, Series A (AGM <br> Insured), 4.00%, 12/01/49<br>| 350000 | 323899 |
| &nbsp;&nbsp; Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series B (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/30 | 475000 | 489385 |
| &nbsp;&nbsp; 5.00%, 7/01/33 | 400000 | 409865 |
| &nbsp;&nbsp; 5.00%, 7/01/35 | 155000 | 158288 |
| &nbsp;&nbsp; Philadelphia Airport <br> Revenue Refunding <br> Bonds, Series C (AMT), <br> 4.00%, 7/01/40<br>| 250000 | 245380 |
| &nbsp;&nbsp; Philadelphia School <br> District GO Limited <br> Bonds, Series A (BAM, <br> TCRS Insured State Aid <br> Withholding),<br>|  |  |
| &nbsp;&nbsp; 4.00%, 9/01/39 | 500000 | 514444 |
| &nbsp;&nbsp; 4.00%, 9/01/40 | 500000 | 507996 |
| &nbsp;&nbsp; Philadelphia School <br> District GO Limited <br> Bonds, Series A (State Aid <br> Withholding), 5.00%, <br> 9/01/44<br>| 500000 | 516841 |
| &nbsp;&nbsp; Phoenixville Area School <br> District GO Limited Bonds <br> (State Aid Withholding), <br> 4.00%, 11/15/40<br>| 250000 | 253574 |
| &nbsp;&nbsp; Southcentral General <br> Authority Revenue Bonds, <br> York College of <br> Pennsylvania Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/01/27 | 300000 | 307675 |
| &nbsp;&nbsp; 5.00%, 5/01/28 | 215000 | 224569 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Pennsylvania (Continued)** | **Pennsylvania (Continued)** | **Pennsylvania (Continued)** |
| &nbsp;&nbsp; Southeastern Pennsylvania <br> Transportation Authority <br> Revenue Bonds, Asset <br> Improvement Program, <br> 5.25%, 6/01/47<br>| $250000 | $262127 |
| &nbsp;&nbsp; West Cornwall Township <br> Municipal Authority <br> Healthcare Facilities <br> Revenue Refunding <br> Bonds, Lebanon Valley <br> Brethren Home Project, <br> 4.00%, 11/15/27<br>| 130000 | 130400 |
|  |  | **14734685** |
| **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth Aqueduct <br> & Sewer Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 7/01/30<sup>(d)</sup> <br>| 250000 | 264481 |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth Notes,<br>|  |  |
| &nbsp;&nbsp; 2.41%, 11/01/43<sup>(b)(c)</sup> <br>| 185812 | 121707 |
| &nbsp;&nbsp; 1.60%, 11/01/51<sup>(b)(c)</sup> <br>| 1104314 | 734369 |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited Bonds, Series <br> A1,<br>|  |  |
| &nbsp;&nbsp; 5.63%, 7/01/27 | 309847 | 316823 |
| &nbsp;&nbsp; 5.63%, 7/01/29 | 1058875 | 1125006 |
| &nbsp;&nbsp; 5.75%, 7/01/31 | 57185 | 63130 |
| &nbsp;&nbsp; 4.00%, 7/01/33 | 54226 | 54803 |
| &nbsp;&nbsp; 4.00%, 7/01/35 | 48742 | 48946 |
| &nbsp;&nbsp; 4.00%, 7/01/37 | 106285 | 104457 |
| &nbsp;&nbsp; 4.00%, 7/01/41 | 56878 | 53397 |
| &nbsp;&nbsp; Puerto Rico <br> Commonwealth <br> Restructured GO <br> Unlimited CABS, Series A, <br> 0.00%, 7/01/33<sup>(e)</sup> <br>| 69785 | 51075 |
| &nbsp;&nbsp; Puerto Rico Sales Tax <br> Financing Corp., <br> Restructured CABS, <br> Series A-1,<br>|  |  |
| &nbsp;&nbsp; 0.00%, 7/01/27<sup>(e)</sup> <br>| 160000 | 152726 |
| &nbsp;&nbsp; 0.00%, 7/01/33<sup>(e)</sup> <br>| 500000 | 382328 |
| &nbsp;&nbsp; 0.00%, 7/01/46<sup>(e)</sup> <br>| 875000 | 303171 |
| &nbsp;&nbsp; Puerto Rico Sales Tax <br> Financing Corp., <br> Restructured TRB, Series <br> A-1,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 7/01/53 | 1011000 | 975138 |
| &nbsp;&nbsp; 5.00%, 7/01/58 | 157000 | 153664 |
|  |  | **4905221** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
| &nbsp;&nbsp; Rhode Island <br> Commerce Corp., First <br> Lien Special Facility <br> Revenue Refunding <br> Bonds, Rhode Island <br> Airport Corp., <br> International, 5.00%, <br> 7/01/31<br>| $500000 | **$522273** |
| **South Carolina – 0.6%** | **South Carolina – 0.6%** | **South Carolina – 0.6%** |
| &nbsp;&nbsp; Connector 2000 <br> Association, Inc., Toll <br> Road Revenue CABS, <br> Senior Series A-1,<br>|  |  |
| &nbsp;&nbsp; 0.00%, 1/01/32<sup>(e)</sup> <br>| 300991 | 217334 |
| &nbsp;&nbsp; 0.00%, 1/01/42<sup>(e)</sup> <br>| 228148 | 80578 |
| &nbsp;&nbsp; 0.00%, 7/22/51<sup>(e)</sup> <br>| 262488 | 42319 |
| &nbsp;&nbsp; South Carolina State Jobs <br> EDA Economic <br> Development Revenue <br> Bonds, Bishop Garden <br> Episcopal Retirement <br> Community, 5.13%, <br> 4/01/46<br>| 250000 | 250618 |
| &nbsp;&nbsp; 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 | 300668 |
| &nbsp;&nbsp; South Carolina State Jobs <br> EDA Hospital Revenue <br> Refunding Bonds, Prisma <br> Health Obligated Group, <br> 5.00%, 5/01/38<br>| 400000 | 414092 |
| &nbsp;&nbsp; South Carolina State <br> Jobs-Economic <br> Development Authority <br> Educational Facilities <br> Revenue Bonds, <br> American Leadership <br> Academy-Lexington, <br> 5.50%, 6/15/33<br>| 125000 | 124895 |
| &nbsp;&nbsp; South Carolina State Public <br> Service Authority <br> Revenue Bonds, Series E, <br> Santee Cooper, 5.75%, <br> 12/01/47<br>| 250000 | 270338 |
| &nbsp;&nbsp; South Carolina State Public <br> Service Authority <br> Revenue Refunding <br> Bonds, Series A, 4.00%, <br> 12/01/36<br>| 350000 | 359088 |
|  |  | **2059930** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
| &nbsp;&nbsp; South Dakota State Health <br> & Educational Facilities <br> Authority Revenue <br> Refunding Bonds, Series <br> A, Avera Health, 4.25%, <br> 7/01/49<br>| $475000 | **$457967** |
| **Tennessee – 1.6%** | **Tennessee – 1.6%** | **Tennessee – 1.6%** |
| &nbsp;&nbsp; Knox County Health <br> Educational & Housing <br> Facility Board Student <br> Housing Revenue Bonds, <br> University of Tennessee <br> Project, Series A-1 (BAM <br> Insured), 5.50%, 7/01/54<br>| 250000 | 262756 |
| &nbsp;&nbsp; Metropolitan Government <br> Nashville & Davidson <br> County Health & <br> Educational Facilities <br> Board Revenue Bonds, <br> Vanderbilt University <br> Medical Center, 5.00%, <br> 7/01/40<br>| 400000 | 401931 |
| &nbsp;&nbsp; Metropolitan Nashville <br> Airport Authority Revenue <br> Bonds, Series B (AMT), <br> 5.25%, 7/01/51<sup>(f)</sup> <br>| 525000 | 547214 |
| &nbsp;&nbsp; Shelby County Health, <br> Educational & Housing <br> Facilities Board Revenue <br> Refunding Bonds, <br> Methodist Le Bonheur <br> Healthcare, 5.00%, <br> 5/01/29<br>| 535000 | 547788 |
| &nbsp;&nbsp; Shelby County Health, <br> Educational & Housing <br> Facilities Board Revenue <br> Refunding Bonds, <br> Methodist Le Bonheur <br> Healthcare (AG Insured), <br> 5.00%, 6/01/35<br>| 250000 | 283294 |
| &nbsp;&nbsp; Tennergy Corp., Gas <br> Revenue Bonds, Series A, <br> 4.00%, 9/01/28<sup>(a)(b)(c)</sup> <br>| 500000 | 509335 |
| &nbsp;&nbsp; Tennessee State Energy <br> Acquisition Corp., Gas <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 12/01/35<br>| 1225000 | 1319440 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Tennessee (Continued)** | **Tennessee (Continued)** | **Tennessee (Continued)** |
| &nbsp;&nbsp; Tennessee State Energy <br> Acquisition Corp., <br> Revenue Bonds, Series A, <br> Gas Project, 5.00%, <br> 11/01/34<br>| $500000 | $543480 |
| &nbsp;&nbsp; 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 | 1036367 |
|  |  | **5451605** |
| **Texas – 11.9%** | **Texas – 11.9%** | **Texas – 11.9%** |
| &nbsp;&nbsp; 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 | 700125 |
| &nbsp;&nbsp; Arlington Higher Education <br> Finance Corp., Revenue <br> Bonds, Riverwalk <br> Education Foundation <br> (PSF, Gtd), 5.00%, 8/15/47<br>| 500000 | 514653 |
| &nbsp;&nbsp; Austin Convention <br> Enterprises, Inc., <br> Convention Center <br> Revenue Refunding <br> Bonds, First Tier, 5.00%, <br> 1/01/32<br>| 625000 | 630231 |
| &nbsp;&nbsp; Beaumont Waterworks & <br> Sewer System Revenue <br> Bonds (BAM Insured), <br> 5.00%, 9/01/44<br>| 500000 | 529210 |
| &nbsp;&nbsp; Bexar County Hospital <br> District Certificates GO <br> Limited Bonds, 4.00%, <br> 2/15/43<br>| 250000 | 243285 |
| &nbsp;&nbsp; Board of Managers Joint <br> Guadalupe County-City of <br> Seguin Hospital <br> Mortgage Revenue <br> Refunding Bonds, 5.00%, <br> 12/01/40<br>| 200000 | 199999 |
| &nbsp;&nbsp; Burleson Independent <br> School District GO <br> Unlimited Refunding <br> Bonds, Series A (PSF, Gtd), <br> 4.00%, 8/01/40<br>| 325000 | 323411 |
| &nbsp;&nbsp; Central Texas Regional <br> Mobility Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 1/01/49<br>| 500000 | 509708 |
| &nbsp;&nbsp; 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 | 535761 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Education <br> Revenue Refunding <br> Bonds, International <br> Leadership of Texas (PSF, <br> Gtd),<br>|  |  |
| &nbsp;&nbsp; 4.38%, 2/15/42 | $500000 | $511675 |
| &nbsp;&nbsp; 5.25%, 2/15/43 | 200000 | 215262 |
| &nbsp;&nbsp; 5.25%, 2/15/44 | 450000 | 481902 |
| &nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Revenue <br> Refunding Bonds, <br> International Leadership <br> of Texas (PSF, Gtd),<br>|  |  |
| &nbsp;&nbsp; 5.25%, 2/15/45 | 250000 | 265080 |
| &nbsp;&nbsp; 4.13%, 8/15/49 | 200000 | 190997 |
| &nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Variable <br> Revenue Bonds, <br> International Leadership <br> of Texas, Inc. (PSF, Gtd), <br> 4.00%, 2/15/30<sup>(a)(b)(c)</sup> <br>| 1500000 | 1575840 |
| &nbsp;&nbsp; Clifton Higher Educational <br> Finance Corp., Revenue <br> Refunding Bonds, Idea <br> Public School (PSF, Gtd), <br> 4.00%, 8/15/44<br>| 1000000 | 963007 |
| &nbsp;&nbsp; Dallas Refunding GO <br> Limited Bonds, Series B <br> (AGM-CR Insured), 4.00%, <br> 2/15/43<br>| 415000 | 408312 |
| &nbsp;&nbsp; Dallas Senior Lien Special <br> Tax Variable Revenue <br> Bonds, Fair Park Venue <br> Project, 6.25%, <br> 8/15/28<sup>(a)(b)(c)(d)</sup> <br>| 250000 | 250326 |
| &nbsp;&nbsp; Dallas-Fort Worth <br> International Airport <br> Revenue, Series A-1 <br> (AMT), 5.25%, 11/01/42<br>| 300000 | 329032 |
| &nbsp;&nbsp; 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 | 1065640 |
| &nbsp;&nbsp; Denton County Permanent <br> Improvement GO Limited <br> Bonds, 4.00%, 7/15/43<br>| 285000 | 286105 |
| &nbsp;&nbsp; Denton County Special <br> Assessment Revenue <br> Bonds, Green Meadows <br> Public Improvement <br> District, 6.13%, <br> 12/31/55<sup>(d)</sup> <br>| 100000 | 102808 |
| &nbsp;&nbsp; El Paso Texas Airport <br> Revenue Bonds (AMT), <br> 5.00%, 8/15/27<br>| 375000 | 387996 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Fort Bend Independent <br> School District Refunding <br> GO Unlimited Bonds, <br> Series A (PSF, Gtd), 5.00%, <br> 8/15/31<br>| $500000 | $565874 |
| &nbsp;&nbsp; Grand Parkway <br> Transportation Corp., <br> System Toll Revenue <br> Refunding Bonds, First <br> Tier, 4.00%, 10/01/45<br>| 265000 | 251875 |
| &nbsp;&nbsp; Greater Texoma Utility <br> Authority Contract <br> Revenue Bonds (BAM <br> Insured), 5.00%, 10/01/50<br>| 250000 | 258549 |
| &nbsp;&nbsp; Greater Texoma Utility <br> Authority Contract <br> Revenue Bonds, Series A, <br> City of Sherman Project <br> (BAM Insured),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/29 | 350000 | 381819 |
| &nbsp;&nbsp; 4.00%, 10/01/43 | 250000 | 247029 |
| &nbsp;&nbsp; Harris County Cultural <br> Education Facilities <br> Finance Corp., Revenue <br> Refunding Bonds, <br> Memorial Hermann <br> Health System, 5.00%, <br> 7/01/29<br>| 255000 | 275993 |
| &nbsp;&nbsp; Harris County Cultural <br> Education Facilities <br> Finance Corp., Revenue <br> Refunding Bonds, Texas <br> Children's Hospital,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/01/31 | 545000 | 617360 |
| &nbsp;&nbsp; 4.00%, 10/01/38 | 350000 | 353825 |
| &nbsp;&nbsp; Harris County Cultural <br> Education Facilities <br> Finance Corp., Variable <br> Revenue Refunding <br> Bonds, Memorial <br> Hermann Health, 5.00%, <br> 12/01/28<sup>(a)(b)(c)</sup> <br>| 570000 | 602285 |
| &nbsp;&nbsp; Harris County Cultural <br> Education Facilities <br> Finance Corp., Variable <br> Revenue Refunding <br> Bonds, Texas Children's <br> Hospital, 5.00%, <br> 10/01/31<sup>(a)(b)(c)</sup> <br>| 615000 | 685071 |
| &nbsp;&nbsp; Harris County Flood <br> Control District GO <br> Limited Bonds, Series A, <br> Sustainability Bonds, <br> 4.00%, 9/15/43<br>| 250000 | 250739 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Harris County Health <br> Facilities <br> Development Corp., <br> Variable Revenue <br> Refunding Bonds, <br> Methodist Hospital, <br> 3.25%, 12/01/41<sup>(c)(g)</sup> <br>| $880000 | $880000 |
| &nbsp;&nbsp; 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 | 239360 |
| &nbsp;&nbsp; Housing Options, Inc., <br> Multifamily Variable <br> Revenue Bonds, The <br> Culbreath, 3.75%, <br> 11/01/28<sup>(a)(b)(c)</sup> <br>| 1000000 | 1019279 |
| &nbsp;&nbsp; Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines Inc., Terminal, <br> 5.25%, 7/15/33<br>| 250000 | 270729 |
| &nbsp;&nbsp; Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., <br> Improvement Projects, <br> 5.00%, 7/15/27<br>| 175000 | 178084 |
| &nbsp;&nbsp; Houston Airport System <br> Revenue Refunding <br> Bonds (AMT), United <br> Airlines, Inc., Terminal, <br> 5.00%, 7/01/27<br>| 125000 | 127109 |
| &nbsp;&nbsp; Houston Airport System <br> Special Facilities Revenue <br> Bonds (AMT), United <br> Airlines, Inc., 5.00%, <br> 7/15/28<br>| 500000 | 514731 |
| &nbsp;&nbsp; Houston Airport System <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/30 | 750000 | 817763 |
| &nbsp;&nbsp; 5.50%, 7/01/43 | 125000 | 137989 |
| &nbsp;&nbsp; Houston Airport System <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT) <br> (AGM Insured), 5.25%, <br> 7/01/43<br>| 400000 | 428229 |
| &nbsp;&nbsp; Houston Hotel Occupancy <br> Tax & Special Revenue <br> Refunding Bonds, <br> Convention & <br> Entertainment, 5.00%, <br> 9/01/36<br>| 510000 | 534241 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Kilgore Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 3.00%, 2/15/41<br>| $730000 | $654728 |
| &nbsp;&nbsp; Las Varas Public <br> Facility Corp., MFH <br> Variable Revenue Bonds, <br> Series A, Central at <br> Commerce, 3.35%, <br> 11/01/29<sup>(a)(b)(c)</sup> <br>| 500000 | 500369 |
| &nbsp;&nbsp; Leander Independent <br> School District GO <br> Unlimited Refunding <br> Bonds, Series A (PSF, Gtd), <br> 5.00%, 8/15/41<br>| 125000 | 140346 |
| &nbsp;&nbsp; Matagorda County <br> Navigation District No. 1 <br> Revenue Refunding <br> Bonds (AMBAC Insured), <br> 4.40%, 5/01/30<br>| 500000 | 525066 |
| &nbsp;&nbsp; Midland Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), Prerefunded,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/15/28<sup>(h)</sup> <br>| 40000 | 42100 |
| &nbsp;&nbsp; 5.00%, 2/15/28<sup>(h)</sup> <br>| 170000 | 178926 |
| &nbsp;&nbsp; Midland Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), Unrefunded <br> Balance, 5.00%, 2/15/50<br>| 290000 | 293501 |
| &nbsp;&nbsp; Montgomery County Toll <br> Road Authority Senior <br> Lien Revenue Bonds, <br> 5.00%, 9/15/37<br>| 500000 | 500563 |
| &nbsp;&nbsp; New Hope Cultural <br> Education Facilities <br> Finance Corp., Retirement <br> Facilities Revenue <br> Refunding Bonds, Brazos <br> Presbyterian Homes, <br> 5.00%, 1/01/29<br>| 640000 | 668852 |
| &nbsp;&nbsp; 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 | 94431 |
| &nbsp;&nbsp; Northeast Texas Regional <br> Mobility Authority <br> Subordinate Lien <br> Revenue Refunding <br> Bonds, Series B, 5.25%, <br> 1/01/46<br>| 350000 | 365734 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; 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 | $501019 |
| &nbsp;&nbsp; Northwest Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 5.25%, 2/15/55<br>| 250000 | 263449 |
| &nbsp;&nbsp; Pasadena Independent <br> School District GO <br> Unlimited Bonds, Series A <br> (PSF, Gtd), 4.00%, 2/15/32<br>| 700000 | 700614 |
| &nbsp;&nbsp; Plano GO Limited <br> Refunding Bonds, 4.00%, <br> 9/01/43<br>| 300000 | 302253 |
| &nbsp;&nbsp; Port Arthur Certificates GO <br> Limited Bonds (BAM <br> Insured), 5.00%, 2/15/27<br>| 345000 | 353660 |
| &nbsp;&nbsp; Port Beaumont Navigation <br> District Dock & Wharf <br> Facility Revenue <br> Refunding Bonds (AMT), <br> Jefferson Gulf Coast <br> Energy Project, 4.00%, <br> 1/01/50<sup>(d)</sup> <br>| 375000 | 290291 |
| &nbsp;&nbsp; Prosper Independent <br> School District GO <br> Unlimited Bonds (PSF, <br> Gtd), 4.00%, 2/15/54<br>| 1225000 | 1106564 |
| &nbsp;&nbsp; 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 | 1109307 |
| &nbsp;&nbsp; San Antonio Airport <br> System Subordinate Lien <br> Revenue Refunding <br> Bonds, Series A (AMT), <br> 5.00%, 7/01/30<br>| 250000 | 266282 |
| &nbsp;&nbsp; San Antonio Electric & Gas <br> Junior Lien Variable <br> Revenue Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; 2.90%, 12/01/27<sup>(a)(b)(c)(f)</sup> <br>| 500000 | 500296 |
| &nbsp;&nbsp; 3.00%, 12/01/29<sup>(a)(b)(c)(f)</sup> <br>| 1000000 | 1001693 |
| &nbsp;&nbsp; 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)</sup> <br>| 1000000 | 1008819 |
| &nbsp;&nbsp; San Antonio Water Junior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 5/15/43<br>| 500000 | 513771 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; Tarrant County Cultural <br> Education Facilities <br> Finance Corp., Hospital <br> Revenue Refunding <br> Bonds, Baylor Scott & <br> White Health, 5.00%, <br> 11/15/45<sup>(f)</sup> <br>| $100000 | $106457 |
| &nbsp;&nbsp; Texas City Industrial <br> Development Corp., <br> Revenue Bonds, Series <br> 2012, NRG Energy Project, <br> 4.13%, 12/01/45<br>| 545000 | 482410 |
| &nbsp;&nbsp; Texas State Municipal Gas <br> Acquisition & <br> Supply Corp., IV Revenue <br> Bonds, Series A, 5.50%, <br> 1/01/30<sup>(a)(b)(c)</sup> <br>| 1000000 | 1067647 |
| &nbsp;&nbsp; Texas State Municipal Gas <br> Acquisition & <br> Supply Corp., V Gas <br> Supply Revenue Bonds, <br> 5.00%, 1/01/34<sup>(a)(b)(c)</sup> <br>| 600000 | 649175 |
| &nbsp;&nbsp; Texas State PFA Lease <br> Revenue Refunding <br> Bonds, 4.00%, 2/01/36<br>| 250000 | 254192 |
| &nbsp;&nbsp; Texas State Private Activity <br> Bond Surface <br> Transportation Corp., <br> Senior Lien Revenue <br> Refunding Bonds, North <br> Tarrant Express, 4.00%, <br> 12/31/38<br>| 750000 | 750998 |
| &nbsp;&nbsp; Texas State Private Activity <br> Surface <br> Transportation Corp., <br> Senior Lien Revenue <br> Refunding Bonds (AMT), <br> 5.50%, 6/30/42<br>| 1000000 | 1054017 |
| &nbsp;&nbsp; Texas State Transportation <br> Commission First Tier Toll <br> Revenue CABS, 0.00%, <br> 8/01/29<sup>(e)</sup> <br>| 480000 | 428592 |
| &nbsp;&nbsp; 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 | 270595 |
| &nbsp;&nbsp; Texas State Water <br> Development Board <br> Revenue Bonds, State <br> Water Implementation <br> Fund, 4.00%, 10/15/38<br>| 510000 | 519198 |
| &nbsp;&nbsp; University of Houston <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 2/15/47<br>| 250000 | 258774 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Texas (Continued)** | **Texas (Continued)** | **Texas (Continued)** |
| &nbsp;&nbsp; University of North Texas <br> Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 4/15/27<br>| $1000000 | $1032018 |
| &nbsp;&nbsp; University of Texas <br> Revenue Bonds, Series B, <br> 5.00%, 8/15/42<br>| 150000 | 167036 |
| &nbsp;&nbsp; Upper Trinity Regional <br> Water District Revenue <br> Refunding Bonds (BAM <br> Insured), 4.25%, 8/01/49<br>| 500000 | 477756 |
| &nbsp;&nbsp; Waller Independent School <br> District GO Unlimited <br> Bonds (BAM Insured), <br> 5.00%, 2/15/44<br>| 235000 | 248327 |
|  |  | **40508124** |
| **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** |
| &nbsp;&nbsp; Black Desert Public <br> Infrastructure District <br> Special Assessment <br> Bonds, Black Desert <br> Assessment Area, 5.63%, <br> 12/01/53<sup>(d)</sup> <br>| 100000 | 100561 |
| &nbsp;&nbsp; Cache County School <br> District Building GO <br> Unlimited Refunding <br> Bonds (School Board <br> Guaranty Program), <br> 4.00%, 6/15/30<br>| 925000 | 930540 |
| &nbsp;&nbsp; Downtown Revitalization <br> Public Infrastructure <br> District First Lien Sales <br> Revenue Bonds, SEG <br> Redevelopment Project <br> (AG Insured), 5.00%, <br> 6/01/38<br>| 100000 | 106615 |
| &nbsp;&nbsp; Downtown Revitalization <br> Public Infrastructure <br> District Sales Subordinate <br> Revenue Bonds Bond, <br> 5.00%, 7/15/35<sup>(d)</sup> <br>| 100000 | 100792 |
| &nbsp;&nbsp; Mida Mountain Village <br> Public Infrastructure <br> District Tax Allocation <br> Subordinate Revenue <br> Bonds, Series 2, 5.50%, <br> 6/15/39<sup>(d)</sup> <br>| 500000 | 516711 |
| &nbsp;&nbsp; Utah County Hospital <br> Revenue Bonds, Series A, <br> IHC Health Services Inc., <br> 4.00%, 5/15/45<br>| 500000 | 467513 |
| &nbsp;&nbsp; Utah State Municipal <br> Power Agency Power <br> Supply System Revenue <br> Bonds, Series B, 5.00%, <br> 7/01/38<br>| 500000 | 502524 |
|  |  | **2725256** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Virginia – 1.6%** | **Virginia – 1.6%** | **Virginia – 1.6%** |
| &nbsp;&nbsp; Fairfax County GO <br> Unlimited Bonds, Series A <br> (State Aid Withholding), <br> 2.00%, 10/01/41<br>| $1000000 | $737388 |
| &nbsp;&nbsp; Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System, 4.00%, 5/15/48<br>| 250000 | 229136 |
| &nbsp;&nbsp; Fairfax County IDA Health <br> Care Revenue Refunding <br> Bonds, Inova Health <br> System Project, 3.50%, <br> 5/15/39<br>| 525000 | 522793 |
| &nbsp;&nbsp; Newport News EDA <br> Residential Care Facilities <br> Revenue Refunding <br> Bonds, Lifespire of <br> Virginia, 5.00%, 12/01/38<br>| 825000 | 825722 |
| &nbsp;&nbsp; Virginia State <br> Commonwealth <br> Transportation Board <br> Capital Projects Revenue <br> Bonds, 3.00%, 5/15/37<br>| 1000000 | 966051 |
| &nbsp;&nbsp; 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 | 283684 |
| &nbsp;&nbsp; Virginia State Small <br> Business Financing <br> Authority Senior Lien <br> Revenue Refunding <br> Bonds (AMT), 95 Express <br> Lanes,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 7/01/38 | 910000 | 960040 |
| &nbsp;&nbsp; 4.00%, 7/01/39 | 240000 | 237021 |
| &nbsp;&nbsp; 4.00%, 1/01/40 | 280000 | 273534 |
| &nbsp;&nbsp; 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 | 504817 |
|  |  | **5540186** |
| **Washington – 2.9%** | **Washington – 2.9%** | **Washington – 2.9%** |
| &nbsp;&nbsp; Energy Northwest Electric <br> Revenue Refunding <br> Bonds, Columbia <br> Generating Station, <br> 4.00%, 7/01/42<br>| 1515000 | 1532433 |
| &nbsp;&nbsp; King County Sewer Junior <br> Lien Variable Revenue <br> Refunding Bonds, 3.20%, <br> 1/01/42<sup>(c)(g)</sup> <br>| 150000 | 150000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |
| &nbsp;&nbsp; King County Sewer <br> Revenue Refunding <br> Bonds, Unrefunded <br> Balance, 5.00%, 7/01/42<br>| $120000 | $122274 |
| &nbsp;&nbsp; King County Tax Refunding <br> GO Limited Bonds, 4.00%, <br> 7/01/29<br>| 500000 | 509810 |
| &nbsp;&nbsp; Port of Seattle GO Limited <br> Bonds, Series B (AMT), <br> 5.00%, 6/01/49<br>| 325000 | 331738 |
| &nbsp;&nbsp; Port of Seattle Intermediate <br> Lien Revenue Bonds <br> (AMT), 5.00%, 4/01/44<br>| 500000 | 509256 |
| &nbsp;&nbsp; Port of Seattle Intermediate <br> Lien Revenue Bonds, <br> Series C (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.00%, 5/01/28 | 250000 | 257027 |
| &nbsp;&nbsp; 5.25%, 5/01/42 | 745000 | 757264 |
| &nbsp;&nbsp; Port of Seattle Intermediate <br> Lien Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| &nbsp;&nbsp; 5.25%, 7/01/43 | 315000 | 342276 |
| &nbsp;&nbsp; 5.25%, 7/01/44 | 365000 | 392743 |
| &nbsp;&nbsp; 5.00%, 8/01/47 | 250000 | 255033 |
| &nbsp;&nbsp; 5.25%, 7/01/49 | 585000 | 607352 |
| &nbsp;&nbsp; Seattle Municipal Light & <br> Power Revenue <br> Refunding Bonds, 4.00%, <br> 9/01/40<br>| 500000 | 500011 |
| &nbsp;&nbsp; Skagit County Public <br> Hospital District No. 1 <br> Revenue Improvement & <br> Refunding Bonds, Skagit <br> Regional Health,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 12/01/27 | 500000 | 507125 |
| &nbsp;&nbsp; 5.00%, 12/01/28 | 440000 | 445961 |
| &nbsp;&nbsp; Washington Housing <br> Finance Commission <br> Revenue Bonds, 4.08%, <br> 8/20/63<sup>(i)</sup> <br>| 99608 | 95506 |
| &nbsp;&nbsp; Washington State Health <br> Care Facilities Authority <br> Revenue Bonds, Seattle <br> Cancer Care Alliance, <br> 4.00%, 12/01/40<sup>(d)</sup> <br>| 350000 | 347367 |
| &nbsp;&nbsp; Washington State Health <br> Care Facilities Authority <br> Revenue Bonds, Series A, <br> Providence Health & <br> Services, 4.00%, 10/01/34<br>| 500000 | 500872 |
| &nbsp;&nbsp; Washington State Higher <br> Educational Facilities <br> Authority Revenue Bonds, <br> Seattle University Project, <br> 4.00%, 5/01/50<br>| 250000 | 216072 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Washington (Continued)** | **Washington (Continued)** | **Washington (Continued)** |
| &nbsp;&nbsp; Washington State Housing <br> Finance Commission <br> Municipal Certificates <br> Revenue Bonds, Series <br> 2025-1 Class A-1, 4.08%, <br> 11/20/41<sup>(i)</sup> <br>| $124511 | $120802 |
| &nbsp;&nbsp; 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 | 525438 |
| &nbsp;&nbsp; Washington State Housing <br> Finance Commission <br> Nonprofit Revenue Bonds, <br> Radford Court & <br> Nordheim Court, 5.50%, <br> 7/01/59<br>| 400000 | 392872 |
| &nbsp;&nbsp; Washington State Motor <br> Vehicle Fuel Tax & Vehicle <br> GO Unlimited Bonds, <br> 5.00%, 6/01/50<br>| 460000 | 481936 |
|  |  | **9901168** |
| **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** |
| &nbsp;&nbsp; West Virginia State EDA <br> Solid Waste Disposal <br> Facilities Variable <br> Revenue Refunding <br> Bonds, Series 2015-A, <br> Appalachian Power <br> Company - Amos Project, <br> 3.38%, 6/15/28<sup>(a)(b)(c)</sup> <br>| 500000 | 506623 |
| &nbsp;&nbsp; West Virginia State <br> Housing Development <br> Fund Sustainable <br> Revenue Bonds, Series A, <br> 4.40%, 11/01/44<br>| 500000 | 500707 |
|  |  | **1007330** |
| **Wisconsin – 2.8%** | **Wisconsin – 2.8%** | **Wisconsin – 2.8%** |
| &nbsp;&nbsp; Buffalo County GO <br> Unlimited Bonds, <br> Promissory Notes, 4.00%, <br> 9/01/27<br>| 565000 | 573708 |
| &nbsp;&nbsp; Milwaukee County Airport <br> Revenue Bonds, Series A <br> (AMT), 5.00%, 12/01/27<br>| 715000 | 744419 |
| &nbsp;&nbsp; Milwaukee Metropolitan <br> Sewerage District GO <br> Unlimited Bonds, Green <br> Bonds, Climate Bond <br> Certified, 4.00%, 10/01/43<br>| 500000 | 502954 |
| &nbsp;&nbsp; Milwaukee Redevelopment <br> Authority Lease Revenue <br> Bonds, Milwaukee Public <br> Schools, 5.00%, 11/15/31<br>| 570000 | 579210 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| &nbsp;&nbsp; PFA Education Revenue <br> Bonds, North Carolina <br> Leadership Academy, <br> 5.00%, 6/15/49<sup>(d)</sup> <br>| $100000 | $91803 |
| &nbsp;&nbsp; PFA Education Revenue <br> Bonds, Pinecrest <br> Academy, 4.00%, <br> 7/15/33<sup>(d)</sup> <br>| 100000 | 100416 |
| &nbsp;&nbsp; PFA Educational Revenue <br> Bonds, Piedmont <br> Community Charter <br> School,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/39 | 490000 | 499982 |
| &nbsp;&nbsp; 5.00%, 6/15/49 | 150000 | 144420 |
| &nbsp;&nbsp; PFA Exempt Facilities <br> Revenue Refunding <br> Bonds (AMT), National <br> Gypsum Co., 4.00%, <br> 8/01/35<br>| 370000 | 366372 |
| &nbsp;&nbsp; PFA Project Revenue <br> Bonds, CFP3 - Eastern <br> Michigan University <br> Housing Project (BAM <br> Insured), 5.50%, 7/01/52<br>| 250000 | 261422 |
| &nbsp;&nbsp; PFA Revenue Bonds, <br> Roseman University, <br> Unrefunded Balance, <br> 5.00%, 4/01/50<sup>(d)</sup> <br>| 250000 | 231649 |
| &nbsp;&nbsp; PFA Senior Lien Toll <br> Revenue Bonds (AMT), <br> Georgia SR 400 Express,<br>|  |  |
| &nbsp;&nbsp; 6.50%, 6/30/60 | 100000 | 110398 |
| &nbsp;&nbsp; 5.75%, 6/30/60 | 200000 | 207122 |
| &nbsp;&nbsp; 6.50%, 12/31/65 | 125000 | 137998 |
| &nbsp;&nbsp; 5.75%, 12/31/65 | 350000 | 361938 |
| &nbsp;&nbsp; PFA Solid Waste Disposal <br> Revenue Refunding <br> Bonds (AMT), Waste <br> Management, Inc., <br> Project, 2.88%, 5/01/27<br>| 495000 | 492528 |
| &nbsp;&nbsp; PFA Student Housing <br> Revenue Bonds, <br> PRG-Oxford <br> Properties LLC Project <br> (BAM Insured), 5.00%, <br> 7/01/45<br>| 100000 | 102863 |
| &nbsp;&nbsp; PFA Student Housing <br> Revenue Bonds, Senior <br> Series 2025-A, KSU Bixby <br> Real Estate Foundation, <br> 5.25%, 6/15/55<br>| 100000 | 100228 |
| &nbsp;&nbsp; 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 | 201823 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| &nbsp;&nbsp; PFA Variable Revenue <br> Refunding Bonds, <br> Providence St. Joseph, <br> Prerefunded, 4.00%, <br> 10/01/30<sup>(a)(b)(c)(h)</sup> <br>| $145000 | $154732 |
| &nbsp;&nbsp; PFA Variable Revenue <br> Refunding Bonds, <br> Providence St. Joseph, <br> Unrefunded Balance, <br> 4.00%, 10/01/30<sup>(a)(b)(c)</sup> <br>| 225000 | 233603 |
| &nbsp;&nbsp; Slinger Redevelopment <br> Authority Revenue Bonds, <br> Series A, Police Station <br> Project,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 3/01/29 | 110000 | 117325 |
| &nbsp;&nbsp; 5.00%, 3/01/31 | 50000 | 55213 |
| &nbsp;&nbsp; 5.00%, 3/01/32 | 45000 | 50361 |
| &nbsp;&nbsp; University Hospitals & <br> Clinics Authority Variable <br> Revenue Refunding <br> Bonds, 3.20%, 4/01/48<sup>(c)(g)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; University Hospitals & <br> Clinics Authority Variable <br> Revenue Refunding <br> Bonds, Series C, 3.20%, <br> 4/01/54<sup>(c)(g)</sup> <br>| 750000 | 750000 |
| &nbsp;&nbsp; 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 | 99689 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Series A, UnityPoint <br> Health, 5.00%, 12/01/28<br>| 590000 | 591825 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue Bonds, <br> Three Pillars Senior Living <br> Communities,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 8/15/27 | 100000 | 100374 |
| &nbsp;&nbsp; 4.00%, 8/15/31 | 375000 | 378335 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Ascension Health Credit <br> Group, 4.00%, 11/15/39<br>| 290000 | 286943 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Benevolent Corp., Cedar <br> Community, 5.00%, <br> 6/01/41<br>| 250000 | 249877 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Wisconsin (Continued)** | **Wisconsin (Continued)** | **Wisconsin (Continued)** |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Froedtert Health, Inc., <br> Series A, 4.00%, 4/01/41<br>| $350000 | $347966 |
| &nbsp;&nbsp; Wisconsin State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> ThedaCare Inc., 4.00%, <br> 12/15/49<br>| 350000 | 311384 |
|  |  | **9638880** |
| &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $314,582,651) | &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $314,582,651) | **310361667** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 9.8%** | **Short-Term Investments – 9.8%** | **Short-Term Investments – 9.8%** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| &nbsp;&nbsp; Central Southwest <br> Community College <br> District COPS, 5.00%, <br> 3/01/26<br>| 225000 | 225438 |
| &nbsp;&nbsp; Northern University Board <br> of Trustees Revenue <br> Bonds, Auxiliary Facilities <br> System (BAM Insured), <br> 5.00%, 10/01/26<br>| 250000 | 253578 |
| &nbsp;&nbsp; University of West Alabama <br> University Revenue <br> Refunding Bonds (AGM <br> Insured), 5.00%, 1/01/27<br>| 505000 | 514135 |
|  |  | **993151** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp; Long Island Power <br> Authority Electric System <br> Variable Revenue <br> Refunding Bonds, Series <br> B, 1.50%, 9/01/26<sup>(a)(b)(c)</sup> <br>| 500000 | **495852** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| &nbsp;&nbsp; Akron Bath Copley Joint <br> Township Hospital <br> District Revenue <br> Refunding Bonds, <br> Summa Health Obligated <br> Group Hospital, Escrowed <br> to Maturity, 5.00%, <br> 11/15/26<br>| 350000 | 357019 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| &nbsp;&nbsp; King County Public <br> Hospital District No. 1 GO <br> Limited Tax Refunding <br> Bonds, Valley Medical <br> Center, 5.00%, 12/01/26<br>| 550000 | $560788 |
|  |  | **917807** |
| **Local – 2.5%** | **Local – 2.5%** | **Local – 2.5%** |
| &nbsp;&nbsp; Cambridge School District <br> TRANS, 4.00%, 9/02/26<br>| 500000 | 503553 |
| &nbsp;&nbsp; Chicago Refunding GO <br> Unlimited Refunding <br> Bonds, Series A, Partially <br> Escrowed to Maturity, <br> 5.00%, 1/01/27<br>| 250000 | 253306 |
| &nbsp;&nbsp; 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 | 789239 |
| &nbsp;&nbsp; Hudson GO Limited BANS, <br> 5.00%, 6/11/26<br>| 500000 | 502566 |
| &nbsp;&nbsp; Iowa City Community <br> School District GO <br> Unlimited Bonds, 5.00%, <br> 6/01/26<br>| 500000 | 504041 |
| &nbsp;&nbsp; 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 | 1007818 |
| &nbsp;&nbsp; Kermit Independent School <br> District GO Unlimited <br> Bonds (PSF, Gtd), 5.00%, <br> 2/15/26<br>| 325000 | 325302 |
| &nbsp;&nbsp; Knox Middle School <br> Building Corp., Revenue <br> Bonds (State Intercept <br> Program), 5.00%, 1/15/27<br>| 440000 | 450299 |
| &nbsp;&nbsp; Lakeland Hospital System <br> Revenue Refunding <br> Bonds, Lakeland Regional <br> Health Systems, 5.00%, <br> 11/15/26<br>| 425000 | 432873 |
| &nbsp;&nbsp; Laurel Highlands School <br> District GO Limited <br> Refunding Bonds (BAM <br> State Aid Withholding), <br> 4.00%, 2/01/26<br>| 350000 | 350000 |
| &nbsp;&nbsp; Leon County School <br> District Sales TRB, 4.00%, <br> 9/01/26<br>| 800000 | 800938 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Local (Continued)** | **Local (Continued)** | **Local (Continued)** |
| &nbsp;&nbsp; Macoupin Country <br> Community Unit School <br> District No. 7 GO <br> Unlimited Refunding <br> Bonds, Series D (AGM <br> Insured), 4.00%, 12/01/26<br>| 250000 | $250301 |
| &nbsp;&nbsp; Milwaukee Corp., Purpose <br> GO Unlimited Bonds, <br> Series B3, 4.00%, 4/01/26<br>| 1000000 | 1001152 |
| &nbsp;&nbsp; Mount Vernon GO Limited <br> BANS, 5.00%, 5/29/26<sup>(d)</sup> <br>| 1000000 | 1004418 |
| &nbsp;&nbsp; Tampa Hospital Revenue <br> Bonds, H. Lee Moffitt <br> Cancer Center, 5.00%, <br> 7/01/26<br>| 125000 | 126089 |
| &nbsp;&nbsp; Whiting Environmental <br> Facilities Revenue <br> Refunding Bonds (AMT), <br> BP Products North <br> America, 5.00%, <br> 6/05/26<sup>(a)(b)(c)</sup> <br>| 150000 | 151132 |
|  |  | **8453027** |
| **Money Market Fund – 1.1%** | **Money Market Fund – 1.1%** | **Money Market Fund – 1.1%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(j)</sup> <br>| 3719702 | **3719702** |
| **Municipal Bonds – 2.1%** | **Municipal Bonds – 2.1%** | **Municipal Bonds – 2.1%** |
| &nbsp;&nbsp; Austin Airport System <br> Revenue Bonds, Series B <br> (AMT), 5.00%, 11/15/26<br>| 595000 | 605648 |
| &nbsp;&nbsp; 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 | 251895 |
| &nbsp;&nbsp; Colorado Educational & <br> Cultural Authority <br> Revenue Refunding <br> Bonds, Prospect Ridge <br> Academy Project (Moral <br> Obligation Insured), <br> 5.00%, 3/15/26<br>| 510000 | 511240 |
| &nbsp;&nbsp; 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 | 200625 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; 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 | $760000 |
| &nbsp;&nbsp; Guam Government <br> Waterworks Authority <br> Water & Wastewater <br> System Revenue <br> Refunding Bonds, 5.00%, <br> 7/01/26<br>| 560000 | 564979 |
| &nbsp;&nbsp; Metropolitan Pier & <br> Exposition Authority <br> Dedicated Capital <br> Appreciation Tax Revenue <br> Refunding Bonds, Series <br> B, McCormick Project <br> (AGM Insured), 0.00%, <br> 6/15/26<sup>(e)</sup> <br>| 250000 | 247571 |
| &nbsp;&nbsp; Mission Economic <br> Development Corp., Solid <br> Waste Disposal Variable <br> Revenue Bonds (AMT), <br> Waste Management Inc., <br> Project, 4.00%, <br> 7/01/26<sup>(a)(b)(c)</sup> <br>| 1000000 | 1001087 |
| &nbsp;&nbsp; Muskogee Industrial Trust <br> Educational Facilities <br> Lease Revenue Bonds, <br> Muskogee Public Schools <br> Project, 5.00%, 9/01/26<br>| 150000 | 151626 |
| &nbsp;&nbsp; Niagara Frontier <br> Transportation Authority <br> Revenue Refunding <br> Bonds (AMT), Buffalo <br> Niagara International <br> Airport, 5.00%, 4/01/26<br>| 250000 | 250916 |
| &nbsp;&nbsp; Osceola County Florida <br> Transportation Revenue <br> Refunding CABS, Series <br> A-2, 0.00%, 10/01/26<sup>(e)</sup> <br>| 275000 | 268951 |
| &nbsp;&nbsp; PFA Pollution Control <br> Variable Revenue <br> Refunding Bonds, Duke <br> Energy Progress Project, <br> 3.30%, 10/01/26<sup>(a)(b)(c)</sup> <br>| 500000 | 501462 |
| &nbsp;&nbsp; South Dakota State Board <br> of Regents Housing & <br> Auxiliary Facilities <br> System Revenue <br> Refunding Bonds, 4.00%, <br> 4/01/26<br>| 375000 | 375979 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| &nbsp;&nbsp; Sublette County Hospital <br> District Revenue Bonds, <br> Series A, Hospital <br> Construction Project, <br> 5.00%, 6/15/26<br>| 500000 | $500223 |
| &nbsp;&nbsp; Tulsa County Industrial <br> Authority Educational <br> Facilities Lease Revenue <br> Bonds, Berryhill Public <br> Schools Project, 4.00%, <br> 9/01/26<br>| 500000 | 503689 |
| &nbsp;&nbsp; Waukegan City Lake <br> County Water & Sewer <br> System Revenue <br> Refunding Bonds (AGM <br> Insured), 5.00%, 12/30/26<br>| 200000 | 204293 |
| &nbsp;&nbsp; West Cornwall Township <br> Municipal Authority <br> Healthcare Facilities <br> Revenue Refunding <br> Bonds, Lebanon Valley <br> Brethren Home Project, <br> 4.00%, 11/15/26<br>| 125000 | 125112 |
|  |  | **7025296** |
| **Regional – 3.0%** | **Regional – 3.0%** | **Regional – 3.0%** |
| &nbsp;&nbsp; Cleveland-Cuyahoga <br> County Port Authority <br> Cultural Facilities <br> Revenue Bonds, <br> Cleveland Museum of <br> Natural History Project, <br> 5.00%, 7/01/26<br>| 125000 | 126191 |
| &nbsp;&nbsp; Honolulu City & County <br> Multifamily Variable <br> Revenue Bonds, <br> Maunakea Tower <br> Apartments (Housing & <br> Urban Development <br> Section 8 Program), <br> 5.00%, 6/01/26<sup>(a)(b)(c)</sup> <br>| 135000 | 135953 |
| &nbsp;&nbsp; Illinois State Finance <br> Authority Variable <br> Revenue Bonds, Series <br> B-2, 5.00%, <br> 11/15/26<sup>(a)(b)(c)</sup> <br>| 1925000 | 1935642 |
| &nbsp;&nbsp; Illinois State HDA MFH <br> Variable Revenue Bonds, <br> 6900 Crandon (FHA <br> Insured, Housing & Urban <br> Development Section 8 <br> Program), 5.00%, <br> 2/01/26<sup>(a)(b)(c)</sup> <br>| 400000 | 400000 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Regional (Continued)** | **Regional (Continued)** | **Regional (Continued)** |
| &nbsp;&nbsp; Illinois State HDA MFH <br> Variable Revenue Bonds, <br> South Shore HHDC <br> (Housing & Urban <br> Development Section 8 <br> Program), 5.00%, <br> 2/01/26<sup>(a)(b)(c)</sup> <br>| 670000 | $670000 |
| &nbsp;&nbsp; Illinois State Refunding GO <br> Unlimited Bonds, Series <br> D, 5.00%, 7/01/26<br>| 1500000 | 1515171 |
| &nbsp;&nbsp; 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 | 414898 |
| &nbsp;&nbsp; Massachusetts State <br> Development Finance <br> Agency Revenue <br> Refunding Bonds, Lasell <br> University, 4.00%, 7/01/26<br>| 240000 | 240058 |
| &nbsp;&nbsp; Michigan State Hospital <br> Finance Authority <br> Revenue Refunding <br> Bonds, Ascension Senior, <br> Prerefunded, 5.00%, <br> 11/15/26<sup>(h)</sup> <br>| 420000 | 428589 |
| &nbsp;&nbsp; Michigan State Strategic <br> Fund Limited Obligation <br> Variable Revenue Bonds <br> (AMT), Green Bonds, <br> 4.00%, 10/01/26<sup>(a)(b)(c)</sup> <br>| 100000 | 99932 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, 5.00%, <br> 2/15/26<br>| 200000 | 200086 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Bethesda Health <br> Group, Inc., 4.00%, <br> 8/01/26<br>| 200000 | 200024 |
| &nbsp;&nbsp; Missouri State Health & <br> Educational Facilities <br> Authority Revenue <br> Refunding Bonds, <br> Webster University <br> Project, 5.00%, 4/01/26<br>| 500000 | 498499 |
| &nbsp;&nbsp; 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 | 1003497 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Regional (Continued)** | **Regional (Continued)** | **Regional (Continued)** |
| &nbsp;&nbsp; New York State <br> Environmental <br> Facilities Corp., Solid <br> Waste Disposal Variable <br> Revenue Refunding <br> Bonds (AMT), Waste <br> Management Inc., 3.40%, <br> 5/01/26<sup>(a)(b)(c)</sup> <br>| 250000 | $250000 |
| &nbsp;&nbsp; New York State <br> Transportation <br> Development Corp., <br> Special Facilities Revenue <br> Bonds (AMT), Delta Air <br> Lines, Inc., 5.00%, 1/01/27<br>| 635000 | 645680 |
| &nbsp;&nbsp; North Carolina State <br> Capital Facilities Finance <br> Agency Educational <br> Facilities Revenue <br> Refunding Bonds, High <br> Point University, 5.00%, <br> 5/01/26<br>| 275000 | 276415 |
| &nbsp;&nbsp; Ohio State Hospital <br> Revenue Refunding <br> Bonds, Premier Health <br> Partners Obligated Group, <br> 5.00%, 11/15/26<br>| 145000 | 147002 |
| &nbsp;&nbsp; Saint John The Baptist <br> Parish Variable Revenue <br> Refunding Bonds, <br> Marathon Oil Corp., <br> Project, 2.38%, <br> 7/01/26<sup>(a)(b)(c)</sup> <br>| 125000 | 124752 |
| &nbsp;&nbsp; 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 | 1003731 |
|  |  | **10316120** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp; Washington State Housing <br> Finance Commission <br> Nonprofit Revenue <br> Refunding Bonds, <br> Emerald Heights Project, <br> Series A, 5.00%, 7/01/26<br>| 285000 | **287107** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| &nbsp;&nbsp; Metropolitan Nashville <br> Airport Authority Revenue <br> Bonds, Series B (AMT), <br> 5.00%, 7/01/26<br>| 600000 | 605624 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| &nbsp;&nbsp; Port of Morrow GO Limited <br> Refunding Bonds, Series <br> D, 4.00%, 12/01/26<br>| 170000 | $171179 |
|  |  | **776803** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| &nbsp;&nbsp; North East Regional <br> Mobility Authority Senior <br> Lien Revenue Refunding <br> Bonds, Series A, 5.00%, <br> 1/01/27<br>| 360000 | **367751** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $33,390,368) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $33,390,368) | **33352616** |
| &nbsp;&nbsp; **Total Investments – 100.8%** <br>(Cost $347,973,019) | &nbsp;&nbsp; **Total Investments – 100.8%** <br>(Cost $347,973,019) | **343714283** |
| Liabilities less Other Assets – (0.8)% | Liabilities less Other Assets – (0.8)% | (2611259)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$341103024** |

---

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

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

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

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

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

<sup>(c)</sup> Variable or floating rate security. Rate as of January 31, 2026 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 January 31, 2026, these securities had a total value of $13,401,559 or 3.93% of net assets. 

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

<sup>(f)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2026.

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

<sup>(i)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2026 is disclosed. 

<sup>(j)</sup> 7-day current yield as of January 31, 2026 is disclosed.

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| AGC | Assured Guaranty Corporation |
| AGM | Assured Guaranty Municipal Corporation |
| AMBAC | American Municipal Bond Assurance Corporation |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BANS | Bond Anticipation Notes |
| CABS | Capital Appreciation Bonds |
| COPS | Certificates of Participation |
| CR | Custodial Receipts |
| EDA | Economic Development Administration |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

---

| | |
|:---|:---|
| GNMA | Government National Mortgage Association |
| GO | Government Obligation |
| GTD | Guaranteed |
| HDA | Housing Development Authority |
| HFA | Housing Finance Authority |
| HHDC | Hispanic Housing Development Corporation |
| IDA | Industrial Development Association |
| L.P. | Limited Partnership |
| L3C | Low-Profit Limited Liability Company |
| LLC | Limited Liability Company |
| LOC | Letter of Credit |
| MFH | Multifamily Housing |
| MTA | Metropolitan Transportation Authority |
| N.A. | National Association |
| NATL | National Interstate Insurance |
| P3 | Public-Private Partnership |
| PCR | Pollution Control Revenue |
| PFA | Public Finance Authority |
| PSF | Permanent School Fund |
| Q-SBLF | Qualified School Bond Loan Fund |
| RANS | Revenue Anticipation Notes |
| RNG | Renewable Natural Gas |
| 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 |
| USDA | United States Department of Agriculture |

---

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

---

| | |
|:---|:---|
| **Municipal Issue Type (%)**<sup>(a),(b)</sup> <br>|  |
| Revenue Bonds | 82.3 |
| General Obligation Unlimited Bonds | 10.4 |
| General Obligation Limited Bonds | 2.4 |
| Certificates of Participation | 1.6 |
| Tax Allocation Bonds | 1.1 |
| Special Tax Bonds | 0.5 |
| Special Assessment Bonds | 0.5 |
| General Obligation Limited Notes | 0.5 |
| Revenue Notes | 0.4 |
| **Total** | **99.7** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Sector Diversification (%)**<sup>(a)</sup> <br>|  |
| General | 20.1 |
| Medical | 14.7 |
| Airport | 8.3 |
| Development | 8.2 |
| Transportation | 8.2 |
| General Obligation | 7.1 |
| School District | 5.6 |
| Education | 5.6 |
| All other sectors less than 5%<sup>(b)</sup> <br>| 22.2 |
| **Total** | **100.0** |

---

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

---

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

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Municipal Bond Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Municipal Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $310361667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $310361667 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 3719702 | &nbsp;&nbsp; 29632914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33352616 |
| **Total Investments** | &nbsp;&nbsp; $3719702 | &nbsp;&nbsp; $339994581 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $343714283 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar Defensive Bond Fund

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities – 6.2%** | **Asset-Backed Securities – 6.2%** | **Asset-Backed Securities – 6.2%** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| &nbsp;&nbsp; Avis Budget Rental <br> Car Funding AESOP LLC, <br> Series 2024-1A, Class A, <br> 5.36%, 6/20/30<sup>(a)</sup> <br>| $125000 | **$129050** |
| **Other – 6.1%** | **Other – 6.1%** | **Other – 6.1%** |
| &nbsp;&nbsp; ABPCI Direct Lending Fund <br> ABS I Ltd., Series <br> 2020-1A, Class B, 4.94%, <br> 12/20/30<sup>(a)</sup> <br>| 474413 | 467618 |
| &nbsp;&nbsp; ABPCI Direct Lending Fund <br> ABS II LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1, <br> (3M CME Term SOFR + <br> 2.10%, 2.10% Floor), <br> 5.77%, 3/01/32<sup>(a)(b)</sup> <br>| 170025 | 168093 |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, <br> 8.24%, 3/01/32<sup>(a)</sup> <br>| 709700 | 684281 |
| &nbsp;&nbsp; Avis Budget Rental <br> Car Funding AESOP LLC, <br> Series 2024-3A, Class A, <br> 5.23%, 12/20/30<sup>(a)</sup> <br>| 467000 | 479835 |
| &nbsp;&nbsp; Barings Equipment <br> Finance LLC, Series <br> 2026-A, Class A4, 4.24%, <br> 11/13/45<sup>(a)(c)</sup> <br>| 100000 | 100094 |
| &nbsp;&nbsp; Cerberus Loan Funding <br> XL LLC, Series 2023-1A, <br> Class A, (3M CME Term <br> SOFR + 2.40%, 2.40% <br> Floor), 6.07%, 3/22/35<sup>(a)(b)</sup> <br>| 250000 | 251011 |
| &nbsp;&nbsp; Cerberus Loan Funding <br> XLI LLC, Series 2023-2A, <br> Class A1, (3M CME Term <br> SOFR + 2.55%, 2.55% <br> Floor), 6.22%, 7/15/35<sup>(a)(b)</sup> <br>| 419000 | 421465 |
| &nbsp;&nbsp; Cerberus Loan Funding <br> XLIII LLC, Series 2023-4A, <br> Class A, (3M CME Term <br> SOFR + 2.43%, 2.43% <br> Floor), 6.10%, <br> 10/15/35<sup>(a)(b)</sup> <br>| 451000 | 457627 |
| &nbsp;&nbsp; Ford Credit Floorplan <br> Master Owner Trust, <br> Series 2024-4, Class A, <br> 4.40%, 9/15/31<sup>(a)</sup> <br>| 197000 | 199142 |
| &nbsp;&nbsp; Golub Capital Partners <br> ABS Funding Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2, <br> 3.21%, 1/22/29<sup>(a)</sup> <br>| 44266 | 44079 |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class B, <br> 4.50%, 1/22/29<sup>(a)</sup> <br>| 117959 | 115111 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, <br> 2.77%, 4/20/29<sup>(a)</sup> <br>| 79559 | 79130 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br> 3.82%, 4/20/29<sup>(a)</sup> <br>| 211695 | 209219 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Golub Capital Partners <br> ABS Funding Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, <br> 3.99%, 10/19/29<sup>(a)</sup> <br>| $670670 | $652279 |
| &nbsp;&nbsp; Golub Capital Partners CLO <br> 46M Ltd., Series <br> 2019-46A, Class A1R, (3M <br> CME Term SOFR + 1.81%, <br> 1.81% Floor), 5.48%, <br> 4/20/37<sup>(a)(b)</sup> <br>| 343000 | 343304 |
| &nbsp;&nbsp; GreatAmerica Leasing <br> Receivables Funding LLC, <br> Series 2025-2, Class A4, <br> 4.29%, 9/15/32<sup>(a)</sup> <br>| 100000 | 100637 |
| &nbsp;&nbsp; MMAF Equipment <br> Finance LLC, Series <br> 2024-A, Class A4, 5.10%, <br> 7/13/49<sup>(a)</sup> <br>| 132000 | 136108 |
| &nbsp;&nbsp; Monroe Capital <br> ABS Funding Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, <br> 2.82%, 4/22/31<sup>(a)</sup> <br>| 147350 | 145125 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br> 3.91%, 4/22/31<sup>(a)</sup> <br>| 89048 | 88420 |
| Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR3, <br> Class A, 3.00%, <br> 6/17/41<sup>(a)</sup> <br>| 130578 | 124626 |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR4, <br> Class A, 3.10%, <br> 7/17/41<sup>(a)</sup> <br>| 600133 | 575579 |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR5, <br> Class A, 3.00%, <br> 8/09/29<sup>(a)</sup> <br>| 104414 | 99258 |
| &nbsp;&nbsp;&nbsp; Series 2025-SFR3, <br> Class A, 3.39%, <br> 7/17/42<sup>(a)</sup> <br>| 100000 | 95218 |
| &nbsp;&nbsp; SpringCastle America <br> Funding LLC, Series <br> 2020-AA, Class A, 1.97%, <br> 9/25/37<sup>(a)</sup> <br>| 121380 | 114741 |
| VCP RRL ABS I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br> 2.15%, 10/20/31<sup>(a)</sup> <br>| 98214 | 97160 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br> 2.85%, 10/20/31<sup>(a)</sup> <br>| 90592 | 81685 |
| &nbsp;&nbsp; Verizon Master Trust, <br> Series 2024-7, Class A, <br> 4.35%, 8/20/32<sup>(a)</sup> <br>| 233000 | 235132 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Other (Continued)** | **Other (Continued)** | **Other (Continued)** |
| &nbsp;&nbsp; Volvo Financial <br> Equipment LLC, Series <br> 2025-2A, Class A4, 4.06%, <br> 6/15/33<sup>(a)</sup> <br>| $100000 | $99776 |
| &nbsp;&nbsp; WEPCO Environmental <br> Trust Finance I LLC, Series <br> 2021-1, Class A, 1.58%, <br> 12/15/35<br>| 66351 | 59801 |
|  |  | **6725554** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $6,877,286) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $6,877,286) | **6854604** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 1.6%** | **Common Stocks – 1.6%** | **Common Stocks – 1.6%** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| &nbsp;&nbsp; Copper Property CTL Pass <br> Through Trust<br>| 25536 | **279873** |
| **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> |
| Uniti Group, Inc.\* | 3665 | **30493** |
| **Transportation & Logistics – 1.3%** | **Transportation & Logistics – 1.3%** | **Transportation & Logistics – 1.3%** |
| PHI Group, Inc. | 44387 | **1420384** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $890,459) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $890,459) | **1730750** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** | **Convertible Bonds – 0.1%** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| &nbsp;&nbsp; EchoStar Corp., (100% <br> Cash), 3.88%, 11/30/30<sup>(e)</sup> <br>| $27000 | **93639** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $25,118) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $25,118) | **93639** |
| **Corporate Bonds – 3.3%** | **Corporate Bonds – 3.3%** | **Corporate Bonds – 3.3%** |
| **Asset Management – 1.0%** | **Asset Management – 1.0%** | **Asset Management – 1.0%** |
| &nbsp;&nbsp; Blue Owl Credit <br> Income Corp., 7.95%, <br> 6/13/28<br>| 468000 | 494594 |
| &nbsp;&nbsp; HPS Corporate Lending <br> Fund, 6.75%, 1/30/29<sup>(f)</sup> <br>| 207000 | 215824 |
| &nbsp;&nbsp; Oaktree Strategic Credit <br> Fund, 8.40%, 11/14/28<sup>(f)</sup> <br>| 313000 | 337195 |
|  |  | **1047613** |
| **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** | **Commercial Support Services – 0.2%** |
| &nbsp;&nbsp; VT Topco, Inc., 8.50%, <br> 8/15/30<sup>(a)(f)</sup> <br>| 164000 | **168024** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** |
| &nbsp;&nbsp; Centerpoint Energy <br> Restoration Bond Co. <br> II LLC, 4.26%, 12/15/34<br>| $321000 | $320512 |
| &nbsp;&nbsp; PG&E Recovery <br> Funding LLC, 4.84%, <br> 6/01/33<br>| 281195 | 286684 |
| &nbsp;&nbsp; SCE Recovery Funding LLC, <br> 4.45%, 3/15/36<br>| 312000 | 313295 |
| &nbsp;&nbsp; Texas Electric Market <br> Stabilization Funding N <br> LLC, 4.27%, 8/01/34<sup>(a)</sup> <br>| 79539 | 79037 |
| &nbsp;&nbsp; Virginia Power Fuel <br> Securitization LLC, 4.88%, <br> 5/01/31<br>| 424000 | 433875 |
|  |  | **1433403** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| &nbsp;&nbsp; Kansas Gas Service <br> Securitization I LLC, <br> 5.49%, 8/01/32<br>| 351477 | **365822** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| &nbsp;&nbsp; Heartland <br> Dental LLC/Heartland <br> Dental Finance Corp., <br> 10.50%, 4/30/28<sup>(a)</sup> <br>| 79000 | **82297** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| &nbsp;&nbsp; Midcap Financial Issuer <br> Trust, 6.50%, 5/01/28<sup>(a)</sup> <br>| 461000 | **461862** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $3,465,881) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $3,465,881) | **3559021** |
| **Mortgage-Backed Securities – 24.1%** | **Mortgage-Backed Securities – 24.1%** | **Mortgage-Backed Securities – 24.1%** |
| **Commercial Mortgage-Backed Securities – 2.3%** | **Commercial Mortgage-Backed Securities – 2.3%** | **Commercial Mortgage-Backed Securities – 2.3%** |
| &nbsp;&nbsp; Arbor Multifamily <br> Mortgage Securities <br> Trust, <br>Series 2020-MF1, <br> Class A5, 2.76%, <br> 5/15/53<sup>(a)</sup> <br>| 540000 | 508180 |
| &nbsp;&nbsp; BANK5, <br>Series 2025-5YR18, <br> Class A3, 5.15%, 12/15/58<br>| 145000 | 149090 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, <br>Series 2025-5C36, <br> Class A3, 5.52%, 8/15/58<br>| 100000 | 104278 |
| &nbsp;&nbsp; Benchmark Mortgage <br> Trust, <br>Series 2024-V11, Class A3, <br> 5.91%, 11/15/57<br>| 126000 | 132489 |
| BMO Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C7, <br> Class A3, 5.57%, <br> 11/15/57<br>| 126000 | 130768 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| BMO Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C13, <br> Class A3, 5.23%, <br> 12/15/58<br>| $100000 | $103001 |
| &nbsp;&nbsp; BX Trust, <br>Series 2019-OC11, <br> Class A, 3.20%, <br> 12/09/41<sup>(a)</sup> <br>| 418000 | 398124 |
| &nbsp;&nbsp; CHI Commercial Mortgage <br> Trust, <br>Series 2025-SFT, Class A, <br> 5.48%, 4/15/42<sup>(a)(g)</sup> <br>| 291000 | 298537 |
| &nbsp;&nbsp; ROCK Trust, <br>Series 2024-CNTR, <br> Class A, 5.39%, <br> 11/13/41<sup>(a)</sup> <br>| 209000 | 215000 |
| &nbsp;&nbsp; SLG Office Trust, <br>Series 2021-OVA, Class A, <br> 2.59%, 7/15/41<sup>(a)</sup> <br>| 455000 | 408093 |
| &nbsp;&nbsp; WHARF Commercial <br> Mortgage Trust, <br>Series 2025-DC, Class A, <br> 5.35%, 7/15/40<sup>(a)(g)</sup> <br>| 100000 | 103062 |
|  |  | **2550622** |
| **Federal Home Loan Mortgage Corporation – 9.9%** | **Federal Home Loan Mortgage Corporation – 9.9%** | **Federal Home Loan Mortgage Corporation – 9.9%** |
| &nbsp;&nbsp; Multifamily Structured <br> Pass Through Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K097, Class A2, <br> 2.51%, 7/25/29<br>| 359000 | 342664 |
| &nbsp;&nbsp;&nbsp; Series K099, Class A2, <br> 2.60%, 9/25/29<br>| 155000 | 148255 |
| &nbsp;&nbsp;&nbsp; Series K101, Class A2, <br> 2.52%, 10/25/29<br>| 404000 | 384772 |
| &nbsp;&nbsp;&nbsp; Series K102, Class A2, <br> 2.54%, 10/25/29<br>| 271000 | 258349 |
| &nbsp;&nbsp;&nbsp; Series K103, Class A2, <br> 2.65%, 11/25/29<br>| 382000 | 364953 |
| &nbsp;&nbsp;&nbsp; Series K104, Class A2, <br> 2.25%, 1/25/30<br>| 118000 | 110925 |
| &nbsp;&nbsp;&nbsp; Series K105, Class A2, <br> 1.87%, 1/25/30<br>| 100000 | 92498 |
| &nbsp;&nbsp;&nbsp; Series K106, Class A2, <br> 2.07%, 1/25/30<br>| 100000 | 93143 |
| &nbsp;&nbsp;&nbsp; Series K107, Class A2, <br> 1.64%, 1/25/30<br>| 100000 | 91811 |
| &nbsp;&nbsp;&nbsp; Series K108, Class A2, <br> 1.52%, 3/25/30<br>| 100000 | 91082 |
| &nbsp;&nbsp;&nbsp; Series K109, Class A2, <br> 1.56%, 4/25/30<br>| 151000 | 137197 |
| &nbsp;&nbsp;&nbsp; Series K111, Class A2, <br> 1.35%, 5/25/30<br>| 100000 | 89868 |
| &nbsp;&nbsp;&nbsp; Series K114, Class A2, <br> 1.37%, 6/25/30<br>| 100000 | 89509 |
| &nbsp;&nbsp;&nbsp; Series K116, Class A2, <br> 1.38%, 7/25/30<br>| 100000 | 89420 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** | **Federal Home Loan Mortgage Corporation (Continued)** |
| &nbsp;&nbsp; Multifamily Structured <br> Pass Through Certificates,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K117, Class A2, <br> 1.41%, 8/25/30<br>| $493000 | $440304 |
| &nbsp;&nbsp;&nbsp; Series K120, Class A2, <br> 1.50%, 10/25/30<br>| 140000 | 124867 |
| &nbsp;&nbsp;&nbsp; Series K151, Class A3, <br> 3.51%, 4/25/30<br>| 183000 | 179126 |
| &nbsp;&nbsp;&nbsp; Series K751, Class A2, <br> 4.41%, 3/25/30<br>| 504000 | 510862 |
| &nbsp;&nbsp;&nbsp; Series K752, Class A2, <br> 4.28%, 7/25/30<br>| 136000 | 137210 |
| &nbsp;&nbsp;&nbsp; Series K754, Class A2, <br> 4.94%, 11/25/30<br>| 545000 | 564226 |
| Pool, |  |  |
| &nbsp;&nbsp; 1.50%, 11/01/35 - 1/01/42 | 5211856 | 4530962 |
| &nbsp;&nbsp; 1.00%, 7/01/36 - 10/01/36 | 144255 | 126623 |
| &nbsp;&nbsp; 2.00%, 8/01/40 - 8/01/42 | 836669 | 734799 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/40 - <br> 11/01/40<br>| 157630 | 155183 |
| &nbsp;&nbsp;&nbsp; (2.13% - 30D Average <br> SOFR, 2.13% Floor, <br> 6.66% Cap), 1.66%, <br> 9/01/51<sup>(b)</sup> <br>| 74331 | 67419 |
| &nbsp;&nbsp;&nbsp; (30D Average SOFR + <br> 2.13%, 2.13% Floor, <br> 7.56% Cap), 2.55%, <br> 3/01/52<sup>(b)</sup> <br>| 87495 | 81265 |
| &nbsp;&nbsp;&nbsp; (30D Average SOFR + <br> 2.14%, 2.14% Floor, <br> 7.54% Cap), 2.54%, <br> 5/01/52<sup>(b)</sup> <br>| 63455 | 58869 |
| &nbsp;&nbsp;&nbsp; (2.18% - 30D Average <br> SOFR, 2.18% Floor, <br> 7.16% Cap), 2.16%, <br> 7/01/52<sup>(b)</sup> <br>| 619333 | 567478 |
| &nbsp;&nbsp;&nbsp; (30D Average SOFR + <br> 2.22%, 2.22% Floor, <br> 8.31% Cap), 3.31%, <br> 11/01/52<sup>(b)</sup> <br>| 76448 | 73370 |
| &nbsp;&nbsp;&nbsp; (2.18% - 30D Average <br> SOFR, 2.18% Floor, <br> 7.17% Cap), 2.17%, <br> 5/01/53<sup>(b)</sup> <br>| 91975 | 84289 |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits, <br>Series 4162, Class P, <br> 3.00%, 2/15/33<br>| 44647 | 43817 |
|  |  | **10865115** |
| **Federal National Mortgage Association – 8.1%** | **Federal National Mortgage Association – 8.1%** | **Federal National Mortgage Association – 8.1%** |
| &nbsp;&nbsp; Interest STRIP, <br>Series 284, Class 1, 0.00%, <br> 7/25/27<sup>(h)</sup> <br>| 10528 | 10279 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** | **Federal National Mortgage Association (Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp; 1.50%, 12/01/35 - 3/01/42 | $5195434 | $4559517 |
| &nbsp;&nbsp; 1.00%, 4/01/36 - 3/01/37 | 2107280 | 1849643 |
| &nbsp;&nbsp; 2.00%, 11/01/40 - 8/01/42 | 1299589 | 1141323 |
| &nbsp;&nbsp; 2.50%, 5/01/41 | 120952 | 109548 |
| &nbsp;&nbsp; 3.50%, 4/01/44 | 239765 | 228406 |
| &nbsp;&nbsp; 4.00%, 6/01/45 - 3/01/48 | 620236 | 609516 |
| &nbsp;&nbsp;&nbsp; (2.08% - 30D Average <br> SOFR, 2.07% Floor, <br> 6.97% Cap), 1.97%, <br> 8/01/51<sup>(b)</sup> <br>| 188452 | 173714 |
| &nbsp;&nbsp;&nbsp; (2.33% - 30D Average <br> SOFR, 2.33% Floor, <br> 6.89% Cap), 1.89%, <br> 4/01/52<sup>(b)</sup> <br>| 179853 | 164313 |
| &nbsp;&nbsp; Real Estate Mortgage <br> Investment Conduits, <br>Series 2012-144, <br> Class PD, 3.50%, 4/25/42<br>| 46791 | 46617 |
|  |  | **8892876** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| Pool, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-150, Class IO, <br> 0.44%, 11/16/52<sup>(g)(i)</sup> <br>| 465665 | 4148 |
| &nbsp;&nbsp;&nbsp; Series 2015-108, Class IO, <br> 0.34%, 10/16/56<sup>(g)(i)</sup> <br>| 36102 | 114 |
| &nbsp;&nbsp;&nbsp; Series 2015-7, Class IO, <br> 0.49%, 1/16/57<sup>(g)(i)</sup> <br>| 856289 | 21341 |
| &nbsp;&nbsp;&nbsp; Series 2020-42, Class IO, <br> 0.94%, 3/16/62<sup>(g)(i)</sup> <br>| 1346674 | 88771 |
| &nbsp;&nbsp;&nbsp; Series 2020-43, Class IO, <br> 1.26%, 11/16/61<sup>(g)(i)</sup> <br>| 858638 | 65141 |
| &nbsp;&nbsp;&nbsp; Series 2020-71, Class IO, <br> 1.10%, 1/16/62<sup>(g)(i)</sup> <br>| 1030257 | 69032 |
| &nbsp;&nbsp;&nbsp; Series 2020-75, Class IO, <br> 0.87%, 2/16/62<sup>(g)(i)</sup> <br>| 2037564 | 121789 |
|  |  | **370336** |
| **Whole Loan – 3.5%** | **Whole Loan – 3.5%** | **Whole Loan – 3.5%** |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Corp. Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class A8, <br> 2.50%, 9/25/51<sup>(a)(g)</sup> <br>| 58969 | 53544 |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ5, Class A8, <br> 2.50%, 10/25/51<sup>(a)(g)</sup> <br>| 213600 | 193745 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ2, <br> Class A24, 3.00%, <br> 6/25/52<sup>(a)</sup> <br>| 106216 | 97427 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ4, <br> Class A22, 2.50%, <br> 9/25/52<sup>(a)(g)</sup> <br>| 184086 | 165144 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; GS Mortgage-Backed <br> Securities Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ10, <br> Class A8, 2.50%, <br> 3/25/52<sup>(a)(g)</sup> <br>| $66048 | $59564 |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ6, Class A8, <br> 2.50%, 11/25/51<sup>(a)(g)</sup> <br>| 122205 | 110623 |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ7, Class A8, <br> 2.50%, 1/25/52<sup>(a)</sup> <br>| 222976 | 201436 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ3, <br> Class A22, 2.50%, <br> 8/25/52<sup>(a)(g)</sup> <br>| 69302 | 62402 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ3, <br> Class A24, 3.00%, <br> 8/25/52<sup>(a)(g)</sup> <br>| 69302 | 63519 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ5, <br> Class A22, 2.50%, <br> 10/25/52<sup>(a)(g)</sup> <br>| 549482 | 491946 |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ6, <br> Class A15, 2.50%, <br> 1/25/53<sup>(a)(g)</sup> <br>| 273193 | 244828 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-10, Class A4, <br> 2.50%, 12/25/51<sup>(a)(g)</sup> <br>| 327183 | 295833 |
| &nbsp;&nbsp;&nbsp; Series 2021-10, <br> Class A4A, 2.00%, <br> 12/25/51<sup>(a)(g)</sup> <br>| 121879 | 108075 |
| &nbsp;&nbsp;&nbsp; Series 2021-11, Class A4, <br> 2.50%, 1/25/52<sup>(a)(g)</sup> <br>| 406555 | 368480 |
| &nbsp;&nbsp;&nbsp; Series 2021-13, Class A4, <br> 2.50%, 4/25/52<sup>(a)(g)</sup> <br>| 319527 | 290182 |
| &nbsp;&nbsp;&nbsp; Series 2021-15,Class A4, <br> 2.50%, 6/25/52<sup>(a)(g)</sup> <br>| 65706 | 59283 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A4, <br> 2.50%, 10/25/51<sup>(a)(g)</sup> <br>| 81951 | 74512 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A4, <br> 2.50%, 11/25/51<sup>(a)(g)</sup> <br>| 68984 | 62637 |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A4, <br> 2.50%, 12/25/51<sup>(a)(g)</sup> <br>| 68158 | 61871 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A4A, <br> 2.50%, 8/25/52<sup>(a)(g)</sup> <br>| 69482 | 62502 |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A4, <br> 3.00%, 5/25/54<sup>(a)</sup> <br>| 217844 | 199400 |
| &nbsp;&nbsp; JP Morgan Seasoned <br> Mortgage Trust, <br>Series 2025-1, Class A4, <br> 3.70%, 1/25/63<sup>(a)(g)</sup> <br>| 143171 | 134559 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; PRET Trust, <br>Series 2024-RPL1, <br> Class A1, 3.90%, <br> 10/25/63<sup>(a)(g)</sup> <br>| $76982 | $74499 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, <br>Series 2025-S1, Class A4, <br> 2.50%, 9/25/54<sup>(a)(g)</sup> <br>| 279383 | 250772 |
|  |  | **3786783** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $26,392,634) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $26,392,634) | **26465732** |
| **Municipal Bonds – 0.1%** | **Municipal Bonds – 0.1%** | **Municipal Bonds – 0.1%** |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| &nbsp;&nbsp; Texas Natural Gas <br> Securitization <br> Finance Corp., Taxable <br> Customer Rate Relief <br> Revenue Bonds, 5.10%, <br> 4/01/35<br>| 83731 | **86327** |
| &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $83,731) | &nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $83,731) | **86327** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Preferred Stocks – 0.0%**<sup>(d)</sup>  | **Preferred Stocks – 0.0%**<sup>(d)</sup>  | **Preferred Stocks – 0.0%**<sup>(d)</sup>  |
| **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; Uniti Group, Inc., <br> 11.00%<sup>(j)(k)\*</sup> <br>| 23 | **23381** |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $23,381) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $23,381) | **23381** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **Term Loans – 0.0%**<sup>(b)(d)</sup>  | **Term Loans – 0.0%**<sup>(b)(d)</sup>  | **Term Loans – 0.0%**<sup>(b)(d)</sup>  |
| **Retail - Discretionary – 0.0%**<sup>(d)</sup> | **Retail - Discretionary – 0.0%**<sup>(d)</sup> | **Retail - Discretionary – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; J.C. Penney Corp., Inc., Term <br> Loan<sup>(j)(k)(l)</sup> <br>| $225538 | **23** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $—) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $—) | **23** |
| **U.S. Government Obligations – 4.9%** | **U.S. Government Obligations – 4.9%** | **U.S. Government Obligations – 4.9%** |
| **U.S. Treasury Notes – 4.9%** | **U.S. Treasury Notes – 4.9%** | **U.S. Treasury Notes – 4.9%** |
| &nbsp;&nbsp; 3.63%, 8/31/30 | 1887000 | 1875059 |
| &nbsp;&nbsp; 4.63%, 9/30/30 | 883000 | 914457 |
| &nbsp;&nbsp; 3.63%, 9/30/30 | 943000 | 936664 |
| &nbsp;&nbsp; 3.63%, 10/31/30 | 1169000 | 1160689 |
| &nbsp;&nbsp; 3.50%, 11/30/30 | 518000 | 511323 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $5,363,825) | &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $5,363,825) | **5398192** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Warrants – 0.0%**<sup>(d)</sup>  | **Warrants – 0.0%**<sup>(d)</sup>  | **Warrants – 0.0%**<sup>(d)</sup>  |
| **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> | **Telecommunications – 0.0%**<sup>(d)</sup> |
| &nbsp;&nbsp; Windstream <br> Parent, Inc.<sup>(j)(k)\*</sup> <br>| 714 | **$5941** |
| &nbsp;&nbsp; **Total Warrants** <br>(Cost $—) | &nbsp;&nbsp; **Total Warrants** <br>(Cost $—) | **5941** |
| **Investment Companies – 53.3%** | **Investment Companies – 53.3%** | **Investment Companies – 53.3%** |
| &nbsp;&nbsp; iShares Ultra Short <br> Duration Bond Active <br> ETF<sup>(f)</sup> <br>| 258872 | 13137754 |
| &nbsp;&nbsp; Schwab Short-Term <br> U.S. Treasury ETF<sup>(f)(m)</sup> <br>| 1612960 | 39388483 |
| &nbsp;&nbsp; Vanguard Short-Term <br> Inflation-Protected <br> Securities ETF<br>| 121257 | 6030111 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $58,295,104) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $58,295,104) | **58556348** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 18.4%** | **Short-Term Investments – 18.4%** | **Short-Term Investments – 18.4%** |
| **Money Market Funds – 17.3%** | **Money Market Funds – 17.3%** | **Money Market Funds – 17.3%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 3.81%<sup>(n)(o)</sup> <br>| 13321880 | 13321880 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(n)</sup> <br>| 5750311 | 5750311 |
|  |  | **19072191** |
| **U.S. Treasury Bills – 1.1%** | **U.S. Treasury Bills – 1.1%** | **U.S. Treasury Bills – 1.1%** |
| U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp; 3.38%, 2/05/26<sup>(f)(p)</sup> <br>| 924000 | 923724 |
| &nbsp;&nbsp; 3.45%, 2/19/26<sup>(p)</sup> <br>| 258000 | 257561 |
|  |  | **1181285** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $20,253,361) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $20,253,361) | **20253476** |
| &nbsp;&nbsp; **Total Investments – 112.0%** <br>(Cost $121,670,780) | &nbsp;&nbsp; **Total Investments – 112.0%** <br>(Cost $121,670,780) | **123027434** |
| Liabilities less Other Assets – (12.0)% | Liabilities less Other Assets – (12.0)% | (13141648)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$109885786** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

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

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

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

<sup>(a)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026, these securities had a total value of $13,303,802 or 12.11% of net assets. 

<sup>(b)</sup> Variable or floating rate security. Rate as of January 31, 2026 is disclosed.

<sup>(c)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2026.

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

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

<sup>(f)</sup> Security either partially or fully on loan. As of January 31, 2026, the total value of securities on loan is $20,756,248.

<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 January 31, 2026 is disclosed. 

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

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

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

<sup>(k)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At January 31, 2026, the value of restricted securities (excluding 144A issues) amounted to $29,344 or 0.03% of net assets. 

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

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| J.C. Penney Corp., Inc., Term Loan | 2/12/21-4/29/22 | $— |
| Uniti Group, Inc., 11.00% | 8/4/25 | 23381 |
| Windstream Parent, Inc. | 8/4/25 |  |

---

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

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

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

<sup>(n)</sup> 7-day current yield as of January 31, 2026 is disclosed.

<sup>(o)</sup> Security purchased with the cash proceeds from securities loaned. As of January 31, 2026, total cash collateral has a value of $13,321,880 and total non-cash collateral has a value of $7,894,979. 

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

\* Non-Income Producing Security

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| 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 |
| PJ | Prime Jumbo |
| RPL | Reperforming Loan |
| SFR | Single-Family Rental |
| SOFR | United States Secured Overnight Financing Rate |
| STRIP | Separate Trading of Registered Interest and Principal |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Defensive Bond Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Defensive Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6854604 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6854604 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 1450877 | &nbsp;&nbsp; 279873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1730750 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 93639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93639 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3559021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3559021 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 26465732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26465732 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23381 | &nbsp;&nbsp; 23381 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 86327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86327 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5398192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5398192 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5941 | &nbsp;&nbsp; 5941 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 58556348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58556348 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 19072191 | &nbsp;&nbsp; 1181285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20253476 |
| **Total Investments** | &nbsp;&nbsp; $79079416 | &nbsp;&nbsp; $43918673 | &nbsp;&nbsp; $29345 | &nbsp;&nbsp; $123027434 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar Multisector Bond Fund

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 1.5%** | **Common Stocks – 1.5%** | **Common Stocks – 1.5%** |
| **Aerospace & Defense – 0.0%**<sup>(a)</sup> | **Aerospace & Defense – 0.0%**<sup>(a)</sup> | **Aerospace & Defense – 0.0%**<sup>(a)</sup> |
| General Electric Co. | 130 | $39883 |
| Howmet Aerospace, Inc. | 127 | 26426 |
|  |  | **66309** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| Citigroup, Inc. | 207 | 23952 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.<br>| 182 | 40641 |
| U.S. Bancorp | 1246 | 69913 |
|  |  | **134506** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| AbbVie, Inc. | 226 | 50400 |
| &nbsp;&nbsp; BioMarin <br> Pharmaceutical, Inc.\*<br>| 2939 | 166171 |
| Bristol-Myers Squibb Co. | 1409 | 77565 |
| Gilead Sciences, Inc. | 403 | 57206 |
| Merck & Co., Inc. | 873 | 96266 |
|  |  | **447608** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Comcast Corp., Class A | 2186 | 65034 |
| &nbsp;&nbsp; Optimum <br> Communications, Inc., <br> Class A\*<br>| 16055 | 24564 |
|  |  | **89598** |
| **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> | **Chemicals – 0.0%**<sup>(a)</sup> |
| Corteva, Inc. | 946 | **68869** |
| **Containers & Packaging – 0.0%**<sup>(a)</sup> | **Containers & Packaging – 0.0%**<sup>(a)</sup> | **Containers & Packaging – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Packaging Corp. of <br> America<br>| 231 | **51409** |
| **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> | **Diversified Industrials – 0.0%**<sup>(a)</sup> |
| Emerson Electric Co. | 351 | **51583** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| Duke Energy Corp. | 582 | 70626 |
| NRG Energy, Inc. | 170 | 25947 |
|  |  | **96573** |
| **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 | 180 | **25934** |
| **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Mcdermott <br> International Ltd.\*<br>| 15 | **392** |
| **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> |
| Cencora, Inc. | 73 | 26223 |
| Elevance Health, Inc. | 75 | 25931 |
| UnitedHealth Group, Inc. | 67 | 19224 |
|  |  | **71378** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Colgate-Palmolive Co. | 566 | $51104 |
| Kimberly-Clark Corp. | 919 | 91891 |
| Procter & Gamble (The) Co. | 479 | 72698 |
|  |  | **215693** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| CME Group, Inc. | 178 | 51452 |
| Morgan Stanley | 441 | 80615 |
|  |  | **132067** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Alphabet, Inc., Class A | 210 | 70980 |
| Booking Holdings, Inc. | 13 | 65024 |
|  |  | **136004** |
| **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Royal Caribbean <br> Cruises Ltd.<br>| 222 | **72072** |
| **Metals & Mining – 0.0%**<sup>(a)</sup> | **Metals & Mining – 0.0%**<sup>(a)</sup> | **Metals & Mining – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Kinross Gold Corp. <br> (Canada)<br>| 433 | **13665** |
| **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** | **Oil & Gas Supply Chain – 0.1%** |
| Battalion Oil Corp.\* | 363 | 1383 |
| Exxon Mobil Corp. | 639 | 90354 |
| Williams (The) Cos., Inc. | 607 | 40827 |
|  |  | **132564** |
| **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. | 335 | **64089** |
| **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Kaisa Group Holdings Ltd. <br> (China)\*<br>| 8282 | 99 |
| &nbsp;&nbsp; Times China Holdings Ltd. <br> (China)\*<br>| 46884 | 561 |
| &nbsp;&nbsp; Yuzhou Group Holdings Co. <br> Ltd. (China)\*<br>| 15113 | 215 |
|  |  | **875** |
| **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. | 70 | **65818** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| TJX (The) Cos., Inc. | 525 | **78650** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp; ASML Holding N.V. ADR <br> (Netherlands)<sup>(b)</sup> <br>| 26 | 36998 |
| Broadcom, Inc. | 192 | 63610 |
| Lam Research Corp. | 74 | 17276 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR (Taiwan)<br>| 102 | $33717 |
| Wolfspeed, Inc.\* | 1462 | 22895 |
|  |  | **174496** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Microsoft Corp. | 186 | 80034 |
| Salesforce, Inc. | 411 | 87251 |
| SAP S.E. ADR (Germany) | 338 | 67952 |
|  |  | **235237** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Mastercard, Inc., Class A | 138 | 74353 |
| Moody's Corp. | 103 | 53103 |
|  |  | **127456** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Apple, Inc. | 250 | 64870 |
| Garmin Ltd. | 309 | 62307 |
|  |  | **127177** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| 687 | **72973** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $2,951,051) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $2,951,051) | **2752995** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> <br>|  |
| **Convertible Bonds – 0.5%** | **Convertible Bonds – 0.5%** | **Convertible Bonds – 0.5%** |
| **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; IREN Ltd., 0.00%, <br> 7/01/31<sup>(d)(e)</sup> <br>| $15000 | **13838** |
| **Biotechnology & Pharmaceuticals – 0.0%**<sup>(a)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(a)</sup> | **Biotechnology & Pharmaceuticals – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Zoetis, Inc., 0.25%, <br> 6/15/29<sup>(d)</sup> <br>| 6000 | **6135** |
| **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> | **Electric Utilities – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Evergy, Inc., 4.50%, <br> 12/15/27<br>| 7000 | 8890 |
| &nbsp;&nbsp; FirstEnergy Corp., 3.88%, <br> 1/15/31<sup>(d)</sup> <br>| 12000 | 13242 |
| &nbsp;&nbsp; Pinnacle West <br> Capital Corp., 4.75%, <br> 6/15/27<br>| 11000 | 12012 |
|  |  | **34144** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> | **Electrical Equipment – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Advanced Energy <br> Industries, Inc., 2.50%, <br> 9/15/28<br>| $8000 | $15548 |
| Itron, Inc., 1.38%, 7/15/30 | 12000 | 12750 |
|  |  | **28298** |
| **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 | 10000 | 12336 |
| &nbsp;&nbsp; Granite Construction, Inc., <br> 3.75%, 5/15/28<br>| 3000 | 7953 |
| &nbsp;&nbsp; Tetra Tech, Inc., 2.25%, <br> 8/15/28<br>| 3000 | 3477 |
|  |  | **23766** |
| **Food – 0.0%**<sup>(a)</sup> | **Food – 0.0%**<sup>(a)</sup> | **Food – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Post Holdings, Inc., 2.50%, <br> 8/15/27<br>| 11000 | **12078** |
| **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 | 6000 | **9069** |
| **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> | **Internet Media & Services – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; DoorDash, Inc., 0.00%, <br> 5/15/30<sup>(d)(e)</sup> <br>| 13000 | 13006 |
| &nbsp;&nbsp; Lyft, Inc., 0.00%, <br> 9/15/30<sup>(d)(e)</sup> <br>| 10000 | 10495 |
| &nbsp;&nbsp; MakeMyTrip Ltd., 0.00%, <br> 7/01/30<sup>(d)(e)</sup> <br>| 9000 | 8281 |
| &nbsp;&nbsp; Uber Technologies, Inc., <br> 0.88%, 12/01/28<br>| 13000 | 16653 |
|  |  | **48435** |
| **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> | **Leisure Facilities & Services – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; NCL Corp. Ltd., 0.88%, <br> 4/15/30<sup>(d)</sup> <br>| 11000 | **12166** |
| **Oil & Gas Supply Chain – 0.0%**<sup>(a)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(a)</sup> | **Oil & Gas Supply Chain – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Northern Oil & Gas, Inc., <br> 3.63%, 4/15/29<br>| 4000 | **4047** |
| **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Sunac China Holdings Ltd., <br> 0.00%, 6/23/28<sup>(d)(e)</sup> <br>| 81177 | 20974 |
| Times China Holdings Ltd., |  |  |
| &nbsp;&nbsp; 0.00%, 3/30/27<sup>(d)(e)</sup> <br>| 16324 | 123 |
| &nbsp;&nbsp; 0.00%, 3/30/27<sup>(d)(e)</sup> <br>| 82937 | 459 |
|  |  | **21556** |
| **Real Estate Services – 0.0%**<sup>(a)</sup> | **Real Estate Services – 0.0%**<sup>(a)</sup> | **Real Estate Services – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Compass, Inc., 0.25%, <br> 4/15/31<sup>(d)</sup> <br>| 8000 | **8610** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> | **Retail - Discretionary – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Burlington Stores, Inc., <br> 1.25%, 12/15/27<br>| $11000 | $16649 |
| &nbsp;&nbsp; Freshpet, Inc., 3.00%, <br> 4/01/28<br>| 3000 | 3711 |
|  |  | **20360** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp; Nova Ltd., 0.00%, <br> 9/15/30<sup>(d)(e)</sup> <br>| 9000 | 14432 |
| Wolfspeed, Inc., |  |  |
| &nbsp;&nbsp; 2.50%, 6/15/31 | 20000 | 27150 |
| &nbsp;&nbsp; 2.50%, 6/15/31<sup>(d)</sup> <br>| 13000 | 17647 |
|  |  | **59229** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| &nbsp;&nbsp; Cloudflare, Inc., 0.00%, <br> 6/15/30<sup>(d)(e)</sup> <br>| 7000 | 7371 |
| &nbsp;&nbsp; Guidewire Software, Inc., <br> 1.25%, 11/01/29<br>| 16000 | 15472 |
| &nbsp;&nbsp; Nutanix, Inc., 0.50%, <br> 12/15/29<br>| 15000 | 13635 |
| &nbsp;&nbsp; Rubrik, Inc., 0.00%, <br> 6/15/30<sup>(d)(e)</sup> <br>| 18000 | 16164 |
| &nbsp;&nbsp; Snowflake, Inc., 0.00%, <br> 10/01/29<sup>(e)</sup> <br>| 11000 | 15477 |
| &nbsp;&nbsp; Wix.com Ltd., 0.00%, <br> 9/15/30<sup>(d)(e)</sup> <br>| 10000 | 8810 |
| &nbsp;&nbsp; Zscaler, Inc., 0.00%, <br> 7/15/28<sup>(d)(e)</sup> <br>| 15000 | 13945 |
|  |  | **90874** |
| **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> | **Specialty Finance – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Euronet Worldwide, Inc., <br> 0.63%, 10/01/30<sup>(d)</sup> <br>| 13000 | **11643** |
| **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> | **Technology Hardware – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; InterDigital, Inc., 3.50%, <br> 6/01/27<br>| 3000 | 12675 |
| &nbsp;&nbsp; Lumentum Holdings, Inc., <br> 0.38%, 3/15/32<sup>(d)</sup> <br>| 2000 | 4533 |
| &nbsp;&nbsp; Seagate HDD Cayman, <br> 3.50%, 6/01/28<br>| 4000 | 19838 |
|  |  | **37046** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| &nbsp;&nbsp; EchoStar Corp., (100% <br> Cash), 3.88%, 11/30/30<sup>(f)</sup> <br>| 132346 | **458992** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $589,188) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $589,188) | **900286** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Convertible Preferred Stocks – 0.0%**<sup>(a)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(a)</sup>  | **Convertible Preferred Stocks – 0.0%**<sup>(a)</sup>  |
| **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> | **Asset Management – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Apollo Global <br> Management, Inc., 6.75%<br>| 50 | **$3468** |
| **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% | 308 | **12308** |
| &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $16,344) | &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $16,344) | **15776** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> <br>|  |
| **Corporate Bonds – 44.5%** | **Corporate Bonds – 44.5%** | **Corporate Bonds – 44.5%** |
| **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** |
| &nbsp;&nbsp; Dotdash Meredith, Inc., <br> 7.63%, 6/15/32<sup>(d)</sup> <br>| $305000 | 278062 |
| &nbsp;&nbsp; Neptune Bidco U.S., Inc., <br> 9.29%, 4/15/29<sup>(d)</sup> <br>| 190000 | 195093 |
|  |  | **473155** |
| **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |
| Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp; 6.13%, 3/15/30<sup>(d)</sup> <br>| 148000 | 152136 |
| &nbsp;&nbsp; 6.25%, 3/15/33<sup>(d)</sup> <br>| 45000 | 46627 |
| &nbsp;&nbsp; Boeing (The) Co., 5.93%, <br> 5/01/60<br>| 102000 | 100374 |
| General Electric Co., |  |  |
| &nbsp;&nbsp; 4.30%, 7/29/30 | 87000 | 87592 |
| &nbsp;&nbsp; 4.90%, 1/29/36 | 66000 | 66758 |
| Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp; 4.55%, 11/15/32 | 90000 | 90434 |
| &nbsp;&nbsp; 5.95%, 2/01/37 | 17000 | 18366 |
| L3Harris Technologies, Inc., |  |  |
| &nbsp;&nbsp; 5.40%, 7/31/33 | 66000 | 68721 |
| &nbsp;&nbsp; 5.35%, 6/01/34 | 72000 | 74193 |
| Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 8/15/35 | 118000 | 120251 |
| &nbsp;&nbsp; 5.20%, 2/15/64 | 63000 | 58512 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/15/28<sup>(d)</sup> <br>| 300000 | 305049 |
| &nbsp;&nbsp; 4.63%, 1/15/29 | 205000 | 203761 |
| &nbsp;&nbsp; 6.38%, 3/01/29<sup>(d)</sup> <br>| 235000 | 241656 |
| &nbsp;&nbsp; 6.38%, 5/31/33<sup>(d)</sup> <br>| 70000 | 71261 |
| &nbsp;&nbsp; 6.25%, 1/31/34<sup>(d)</sup> <br>| 175000 | 180857 |
|  |  | **1886548** |
| **Asset Management – 0.7%** | **Asset Management – 0.7%** | **Asset Management – 0.7%** |
| &nbsp;&nbsp; Citadel L.P., 6.38%, <br> 1/23/32<sup>(d)</sup> <br>| 67000 | 71099 |
| &nbsp;&nbsp; Icahn Enterprises <br> L.P./Icahn Enterprises <br> Finance Corp., 5.25%, <br> 5/15/27<br>| 70000 | 69250 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| &nbsp;&nbsp; KKR & Co., Inc., 5.10%, <br> 8/07/35<br>| $100000 | $99016 |
| Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/01/32<sup>(d)</sup> <br>| 375000 | 388637 |
| &nbsp;&nbsp; 8.00%, 8/01/33<sup>(d)</sup> <br>| 374000 | 387662 |
| &nbsp;&nbsp; Raymond James <br> Financial, Inc., 5.65%, <br> 9/11/55<br>| 135000 | 132073 |
| &nbsp;&nbsp; TPG Operating Group II L.P., <br> 5.88%, 3/05/34<br>| 144000 | 149659 |
|  |  | **1297396** |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| &nbsp;&nbsp; American Axle & <br> Manufacturing, Inc., <br> 5.00%, 10/01/29<br>| 45000 | 43904 |
| &nbsp;&nbsp; American Honda <br> Finance Corp., 4.45%, <br> 1/08/31<br>| 107000 | 107001 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, <br> 4.00%, 11/13/30<br>| 200000 | 190249 |
| General Motors Co., |  |  |
| &nbsp;&nbsp; 6.25%, 4/15/35 | 35000 | 37162 |
| &nbsp;&nbsp; 6.25%, 10/02/43 | 32000 | 32645 |
| &nbsp;&nbsp; General Motors <br> Financial Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.60%), <br> 5.75%, 9/30/27<sup>(g)(h)</sup> <br>| 270000 | 268451 |
| &nbsp;&nbsp; 2.35%, 1/08/31 | 86000 | 77530 |
| &nbsp;&nbsp; 6.10%, 1/07/34 | 71000 | 75287 |
| &nbsp;&nbsp; 5.90%, 1/07/35 | 49000 | 51028 |
| Hyundai Capital America, |  |  |
| &nbsp;&nbsp; 5.68%, 6/26/28<sup>(d)</sup> <br>| 53000 | 54731 |
| &nbsp;&nbsp; 6.10%, 9/21/28<sup>(d)</sup> <br>| 86000 | 89850 |
| &nbsp;&nbsp; 5.15%, 3/27/30<sup>(d)</sup> <br>| 54000 | 55400 |
| &nbsp;&nbsp; 4.50%, 9/18/30<sup>(d)</sup> <br>| 55000 | 55020 |
| &nbsp;&nbsp; 5.40%, 3/29/32<sup>(d)</sup> <br>| 88000 | 91369 |
| &nbsp;&nbsp; Nissan Motor <br> Acceptance Co. LLC, <br> 5.63%, 9/29/28<sup>(d)</sup> <br>| 189000 | 189648 |
| Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp; 4.80%, 5/15/30 | 83000 | 84963 |
| &nbsp;&nbsp; 5.55%, 11/20/30 | 62000 | 65540 |
| &nbsp;&nbsp; 4.60%, 10/10/31 | 66000 | 66849 |
|  |  | **1636627** |
| **Banking – 2.9%** | **Banking – 2.9%** | **Banking – 2.9%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.45%), 2.88%, <br> 10/22/30<sup>(h)</sup> <br>| 40000 | 38143 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.25%), 2.50%, 2/13/31<sup>(h)</sup> <br>| 9000 | 8390 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.15%), 2.59%, <br> 4/29/31<sup>(h)</sup> <br>| 106000 | 98866 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(h)</sup> <br>| $177000 | $162421 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.30%, <br> 7/21/32<sup>(h)</sup> <br>| 91000 | 81319 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(h)</sup> <br>| 184000 | 168280 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.57%, <br> 4/27/33<sup>(h)</sup> <br>| 61000 | 60718 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.87%, <br> 9/15/34<sup>(h)</sup> <br>| 70000 | 74351 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.52%, <br> 10/25/35<sup>(h)</sup> <br>| 71000 | 72463 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.51%, <br> 1/24/36<sup>(h)</sup> <br>| 46000 | 47752 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.70%), 5.74%, <br> 2/12/36<sup>(h)</sup> <br>| 76000 | 78581 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.64%), 5.46%, <br> 5/09/36<sup>(h)</sup> <br>| 123000 | 127241 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, <br> 6/19/41<sup>(h)</sup> <br>| 7000 | 5130 |
| &nbsp;&nbsp; Citigroup, Inc., (5Y <br> U.S. Treasury CMT + <br> 2.89%), 6.88%, <br> 8/15/30<sup>(g)(h)</sup> <br>| 48000 | 49035 |
| &nbsp;&nbsp; Citizens Financial <br> Group, Inc., (5Y <br> U.S. Treasury CMT + <br> 1.45%), 5.30%, 1/29/36<sup>(h)</sup> <br>| 95000 | 95452 |
| &nbsp;&nbsp; Fifth Third Bancorp, (SOFR <br> + 0.95%), 4.57%, <br> 4/29/32<sup>(h)</sup> <br>| 130000 | 129883 |
| &nbsp;&nbsp; Huntington <br> Bancshares, Inc., (5Y <br> U.S. Treasury CMT + <br> 1.35%), 5.61%, 1/28/41<sup>(h)</sup> <br>| 221000 | 219931 |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.59%), 4.45%, <br> 12/05/29<sup>(h)</sup> <br>| 148000 | 149466 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.01%, <br> 1/23/30<sup>(h)</sup> <br>| 67000 | 68699 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.00%, <br> 7/22/30<sup>(h)</sup> <br>| 60000 | 61585 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.51%), 2.74%, <br> 10/15/30<sup>(h)</sup> <br>| 25000 | 23760 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 4.60%, <br> 10/22/30<sup>(h)</sup> <br>| 67000 | 67963 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 5.14%, <br> 1/24/31<sup>(h)</sup> <br>| 25000 | 25795 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.26%, <br> 10/22/31<sup>(h)</sup> <br>| 55000 | 54724 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.95%, <br> 2/04/32<sup>(h)</sup> <br>| 20000 | 17811 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.81%), 6.25%, <br> 10/23/34<sup>(h)</sup> <br>| 39000 | 42553 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.77%, <br> 4/22/35<sup>(h)</sup> <br>| $56000 | $59298 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.57%, <br> 4/22/36<sup>(h)</sup> <br>| 57000 | 59471 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 4.81%, <br> 10/22/36<sup>(h)</sup> <br>| 454000 | 447547 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 4.90%, <br> 1/22/37<sup>(h)</sup> <br>| 441000 | 437645 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.30%), 5.19%, <br> 2/05/37<sup>(h)</sup> <br>| 254000 | 252960 |
| &nbsp;&nbsp; KeyCorp., (SOFR + 1.37%), <br> 5.31%, 1/28/37<sup>(h)</sup> <br>| 145000 | 145165 |
| &nbsp;&nbsp; M&T Bank Corp., (5Y <br> U.S. Treasury CMT + <br> 1.43%), 5.40%, 7/30/35<sup>(h)</sup> <br>| 245000 | 247552 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 2.14%), <br> 6.04%, 10/28/33<sup>(h)</sup> <br>| 66000 | 71052 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.37%, <br> 7/21/36<sup>(h)</sup> <br>| 7000 | 7167 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.17%), 5.42%, 1/25/41<sup>(h)</sup> <br>| 161000 | 160850 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.97%), 4.60%, <br> 1/27/32<sup>(h)</sup> <br>| 120000 | 120306 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.40%), 4.96%, <br> 10/23/36<sup>(h)</sup> <br>| 218000 | 214638 |
| &nbsp;&nbsp; U.S. Bancorp, (5Y <br> U.S. Treasury CMT + <br> 0.95%), 2.49%, 11/03/36<sup>(h)</sup> <br>| 115000 | 100680 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 6.30%, <br> 10/23/29<sup>(h)</sup> <br>| 60000 | 63364 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.74%), 4.18%, <br> 1/23/30<sup>(h)</sup> <br>| 100000 | 100084 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 5.15%, <br> 4/23/31<sup>(h)</sup> <br>| 115000 | 118417 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 6.49%, <br> 10/23/34<sup>(h)</sup> <br>| 18000 | 19805 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.50%, <br> 1/23/35<sup>(h)</sup> <br>| 53000 | 54985 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.61%, <br> 4/23/36<sup>(h)</sup> <br>| 236000 | 246017 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.96%, <br> 1/23/37<sup>(h)</sup> <br>| 219000 | 217212 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 3.07%, <br> 4/30/41<sup>(h)</sup> <br>| 21000 | 16206 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.23%), 5.43%, <br> 1/23/47<sup>(h)</sup> <br>| 186000 | 182300 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 4.50%), 5.01%, 4/04/51<sup>(h)</sup> <br>| 48000 | 43855 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, <br> 4/25/53<sup>(h)</sup> <br>| 41000 | 35134 |
|  |  | **5452022** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals – 0.9%** | **Biotechnology & Pharmaceuticals – 0.9%** | **Biotechnology & Pharmaceuticals – 0.9%** |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp; 3.20%, 11/21/29 | $74000 | $71792 |
| &nbsp;&nbsp; 4.88%, 3/15/30 | 81000 | 83373 |
| &nbsp;&nbsp; 5.05%, 3/15/34 | 85000 | 87134 |
| &nbsp;&nbsp; 4.05%, 11/21/39 | 66000 | 58743 |
| &nbsp;&nbsp; 5.35%, 3/15/44 | 41000 | 40552 |
| &nbsp;&nbsp; 5.60%, 3/15/55 | 72000 | 71984 |
| &nbsp;&nbsp; 5.50%, 3/15/64 | 65000 | 62949 |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp; 2.45%, 2/21/30 | 28000 | 26180 |
| &nbsp;&nbsp; 5.25%, 3/02/30 | 41000 | 42541 |
| &nbsp;&nbsp; 3.15%, 2/21/40 | 82000 | 64618 |
| &nbsp;&nbsp; 5.75%, 3/02/63 | 93000 | 90925 |
| Eli Lilly & Co., |  |  |
| &nbsp;&nbsp; 4.75%, 2/12/30 | 74000 | 75970 |
| &nbsp;&nbsp; 5.55%, 3/15/37 | 46000 | 49068 |
| &nbsp;&nbsp; 5.00%, 2/09/54 | 46000 | 42520 |
| &nbsp;&nbsp; 5.05%, 8/14/54 | 29000 | 27015 |
| &nbsp;&nbsp; 5.55%, 10/15/55 | 27000 | 27034 |
| &nbsp;&nbsp; 5.60%, 2/12/65 | 45000 | 44743 |
| &nbsp;&nbsp; 5.65%, 10/15/65 | 8000 | 7998 |
| Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp; 4.80%, 11/15/29 | 85000 | 87316 |
| &nbsp;&nbsp; 5.55%, 10/15/53 | 31000 | 30798 |
| &nbsp;&nbsp; 5.50%, 11/15/54 | 81000 | 79792 |
| Johnson & Johnson, |  |  |
| &nbsp;&nbsp; 3.63%, 3/03/37 | 46000 | 41591 |
| &nbsp;&nbsp; 5.85%, 7/15/38 | 34000 | 37224 |
| &nbsp;&nbsp; 2.10%, 9/01/40 | 33000 | 23219 |
| Merck & Co., Inc., |  |  |
| &nbsp;&nbsp; 4.15%, 3/15/31 | 93000 | 92664 |
| &nbsp;&nbsp; 4.75%, 12/04/35 | 56000 | 55521 |
| &nbsp;&nbsp; 5.55%, 12/04/55 | 28000 | 27510 |
| &nbsp;&nbsp; 5.70%, 12/04/65 | 39000 | 38428 |
| &nbsp;&nbsp; Pfizer Investment <br> Enterprises Pte. Ltd., <br> 5.34%, 5/19/63<br>| 128000 | 119060 |
| Pfizer, Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 11/15/35 | 37000 | 37048 |
| &nbsp;&nbsp; 5.60%, 11/15/55 | 13000 | 12917 |
| Royalty Pharma PLC, |  |  |
| &nbsp;&nbsp; 2.20%, 9/02/30 | 40000 | 36386 |
| &nbsp;&nbsp; 5.20%, 9/25/35 | 55000 | 55286 |
|  |  | **1749899** |
| **Cable & Satellite – 2.2%** | **Cable & Satellite – 2.2%** | **Cable & Satellite – 2.2%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 2/01/28<sup>(d)</sup> <br>| 245000 | 243651 |
| &nbsp;&nbsp; 4.75%, 3/01/30<sup>(d)</sup> <br>| 953000 | 910402 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications <br> Operating Capital,<br>|  |  |
| &nbsp;&nbsp; 4.80%, 3/01/50 | $98000 | $74263 |
| &nbsp;&nbsp; 3.90%, 6/01/52 | 103000 | 67257 |
| &nbsp;&nbsp; 6.70%, 12/01/55 | 43000 | 41522 |
| &nbsp;&nbsp; 4.40%, 12/01/61 | 24000 | 15831 |
| Comcast Corp., |  |  |
| &nbsp;&nbsp; 3.20%, 7/15/36 | 43000 | 36510 |
| &nbsp;&nbsp; 3.25%, 11/01/39 | 58000 | 45249 |
| &nbsp;&nbsp; 2.89%, 11/01/51 | 24000 | 14127 |
| &nbsp;&nbsp; 5.65%, 6/01/54 | 23000 | 21560 |
| &nbsp;&nbsp; 6.05%, 5/15/55 | 46000 | 45567 |
| &nbsp;&nbsp; 5.50%, 5/15/64 | 37000 | 33194 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp; 5.38%, 2/01/28<sup>(d)</sup> <br>| 400000 | 298539 |
| &nbsp;&nbsp; 11.25%, 5/15/28<sup>(d)</sup> <br>| 710000 | 569055 |
| &nbsp;&nbsp; 5.75%, 1/15/30<sup>(d)</sup> <br>| 900000 | 353749 |
| &nbsp;&nbsp; 4.63%, 12/01/30<sup>(d)</sup> <br>| 200000 | 74612 |
| Directv Financing LLC, |  |  |
| &nbsp;&nbsp; 8.88%, 2/01/30<sup>(d)</sup> <br>| 370000 | 374834 |
| &nbsp;&nbsp; 8.88%, 2/01/30<sup>(d)</sup> <br>| 45000 | 45563 |
| &nbsp;&nbsp; Directv <br> Financing LLC/Directv <br> Financing <br> Co-Obligor, Inc., 10.00%, <br> 2/15/31<sup>(d)</sup> <br>| 625000 | 643806 |
| &nbsp;&nbsp; DISH DBS Corp., 5.75%, <br> 12/01/28<sup>(d)</sup> <br>| 190000 | 183868 |
| &nbsp;&nbsp; DISH Network Corp., <br> 11.75%, 11/15/27<sup>(d)</sup> <br>| 55000 | 56923 |
| &nbsp;&nbsp; Time Warner Cable LLC, <br> 5.88%, 11/15/40<br>| 30000 | 27190 |
|  |  | **4177272** |
| **Chemicals – 1.0%** | **Chemicals – 1.0%** | **Chemicals – 1.0%** |
| &nbsp;&nbsp; Ashland, Inc., 3.38%, <br> 9/01/31<sup>(d)</sup> <br>| 545000 | 499848 |
| &nbsp;&nbsp; CF Industries, Inc., 5.30%, <br> 11/26/35<br>| 82000 | 82319 |
| Chemours (The) Co., |  |  |
| &nbsp;&nbsp; 5.75%, 11/15/28<sup>(d)</sup> <br>| 470000 | 466106 |
| &nbsp;&nbsp; 4.63%, 11/15/29<sup>(d)</sup> <br>| 97000 | 90451 |
| Dow Chemical (The) Co., |  |  |
| &nbsp;&nbsp; 5.65%, 3/15/36 | 25000 | 24980 |
| &nbsp;&nbsp; 4.38%, 11/15/42 | 59000 | 47101 |
| &nbsp;&nbsp; 6.90%, 5/15/53 | 31000 | 32180 |
| &nbsp;&nbsp; Mosaic (The) Co., 4.60%, <br> 11/15/30<br>| 40000 | 40109 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
| &nbsp;&nbsp; Perimeter Holdings LLC, <br> 6.25%, 1/15/34<sup>(d)</sup> <br>| $336000 | $336013 |
| &nbsp;&nbsp; SK Invictus Intermediate II <br> S.a.r.l., 5.00%, 10/30/29<sup>(d)</sup> <br>| 329000 | 323736 |
|  |  | **1942843** |
| **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** |
| Clean Harbors, Inc., |  |  |
| &nbsp;&nbsp; 5.13%, 7/15/29<sup>(d)</sup> <br>| 90000 | 90091 |
| &nbsp;&nbsp; 6.38%, 2/01/31<sup>(d)</sup> <br>| 10000 | 10239 |
| GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp; 4.00%, 8/01/28<sup>(d)</sup> <br>| 85000 | 83656 |
| &nbsp;&nbsp; 4.38%, 8/15/29<sup>(d)</sup> <br>| 70000 | 68567 |
| &nbsp;&nbsp; 6.75%, 1/15/31<sup>(d)</sup> <br>| 105000 | 109844 |
| Rollins, Inc., 5.25%, 2/24/35 | 70000 | 71030 |
| &nbsp;&nbsp; Sabre Financial <br> Borrower LLC, 11.13%, <br> 6/15/29<sup>(d)</sup> <br>| 327000 | 330715 |
| TriNet Group, Inc., |  |  |
| &nbsp;&nbsp; 3.50%, 3/01/29<sup>(d)</sup> <br>| 440000 | 415839 |
| &nbsp;&nbsp; 7.13%, 8/15/31<sup>(d)</sup> <br>| 25000 | 25721 |
| &nbsp;&nbsp; Waste Management, Inc., <br> 4.95%, 3/15/35<br>| 166000 | 168163 |
|  |  | **1373865** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| &nbsp;&nbsp; Amrize Finance U.S. LLC, <br> 4.95%, 4/07/30<br>| 63000 | 64494 |
| CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp; 5.00%, 2/09/36 | 35000 | 34962 |
| &nbsp;&nbsp; 5.60%, 2/09/56 | 75000 | 73777 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., <br> 6.38%, 3/01/32<sup>(d)</sup> <br>| 218000 | 226086 |
|  |  | **399319** |
| **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** |
| &nbsp;&nbsp; TEAM Services <br> Holding, Inc., 9.00%, <br> 2/15/33<sup>(d)(i)</sup> <br>| 253000 | **253000** |
| **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** |
| &nbsp;&nbsp; AptarGroup, Inc., 4.75%, <br> 3/30/31<br>| 40000 | 40244 |
| &nbsp;&nbsp; Ardagh Metal Packaging <br> Finance U.S.A. <br> LLC/Ardagh Metal <br> Packaging Finance PLC, <br> 3.25%, 9/01/28<sup>(d)</sup> <br>| 200000 | 192372 |
| Ball Corp., 5.50%, 9/15/33 | 858000 | 872072 |
| &nbsp;&nbsp; Packaging Corp. of <br> America, 5.70%, 12/01/33<br>| 44000 | 46367 |
|  |  | **1151055** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| &nbsp;&nbsp; Honeywell <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 2/01/32 | $88000 | $89901 |
| &nbsp;&nbsp; 5.00%, 3/01/35 | 40000 | 40719 |
|  |  | **130620** |
| **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp; 4.10%, 11/20/30 | 140000 | 140013 |
| &nbsp;&nbsp; 4.35%, 3/20/33 | 84000 | 83626 |
| &nbsp;&nbsp; 4.65%, 11/20/35 | 96000 | 95057 |
| &nbsp;&nbsp; 5.45%, 11/20/55 | 44000 | 42850 |
| &nbsp;&nbsp; 5.55%, 11/20/65 | 47000 | 45601 |
| &nbsp;&nbsp; Wayfair LLC, 7.75%, <br> 9/15/30<sup>(d)</sup> <br>| 123000 | 130764 |
|  |  | **537911** |
| **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** |
| &nbsp;&nbsp; AEP Texas, Inc., 5.85%, <br> 10/15/55<br>| 91000 | 89470 |
| &nbsp;&nbsp; AES (The) Corp., 5.80%, <br> 3/15/32<br>| 40000 | 41351 |
| Alabama Power Co., |  |  |
| &nbsp;&nbsp; 5.85%, 11/15/33 | 36000 | 38528 |
| &nbsp;&nbsp; 3.75%, 3/01/45 | 33000 | 25984 |
| &nbsp;&nbsp; 4.30%, 7/15/48 | 30000 | 24820 |
| &nbsp;&nbsp; 3.45%, 10/01/49 | 26000 | 18656 |
| Ameren Corp., |  |  |
| &nbsp;&nbsp; 1.75%, 3/15/28 | 48000 | 45729 |
| &nbsp;&nbsp; 5.00%, 1/15/29 | 41000 | 42005 |
| &nbsp;&nbsp; CMS Energy Corp., (5Y <br> U.S. Treasury CMT + <br> 4.12%), 4.75%, 6/01/50<sup>(h)</sup> <br>| 70000 | 69145 |
| Commonwealth Edison Co., |  |  |
| &nbsp;&nbsp; 5.90%, 3/15/36 | 43000 | 46051 |
| &nbsp;&nbsp; 5.95%, 6/01/55 | 30000 | 30987 |
| &nbsp;&nbsp; Consolidated Edison Co. of <br> New York, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 11/15/55 | 43000 | 42965 |
| &nbsp;&nbsp; 4.00%, 11/15/57 | 24000 | 17872 |
| &nbsp;&nbsp; DTE Electric Co., 5.85%, <br> 5/15/55<br>| 49000 | 50442 |
| &nbsp;&nbsp; DTE Energy Co., 5.85%, <br> 6/01/34<br>| 48000 | 51035 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp; 4.25%, 12/15/41 | 18000 | 15883 |
| &nbsp;&nbsp; 3.75%, 6/01/45 | 6000 | 4724 |
| Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp; 2.40%, 12/15/31 | 35000 | 31605 |
| &nbsp;&nbsp; 5.88%, 11/15/33 | 29000 | 31159 |
| &nbsp;&nbsp; 5.95%, 11/15/52 | 29000 | 30017 |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 4/01/33 | 22000 | 22737 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp; 3.70%, 6/15/46 | $44000 | $33636 |
| &nbsp;&nbsp; 4.30%, 2/01/49 | 35000 | 28728 |
| Entergy Arkansas LLC, |  |  |
| &nbsp;&nbsp; 4.95%, 1/15/36 | 38000 | 37918 |
| &nbsp;&nbsp; 5.75%, 1/15/56 | 68000 | 68079 |
| &nbsp;&nbsp; Entergy Texas, Inc., 5.80%, <br> 9/01/53<br>| 20000 | 19942 |
| Eversource Energy, |  |  |
| &nbsp;&nbsp; 5.45%, 3/01/28 | 114000 | 117016 |
| &nbsp;&nbsp; 5.95%, 2/01/29 | 47000 | 49160 |
| &nbsp;&nbsp; 5.13%, 5/15/33 | 34000 | 34323 |
| Exelon Corp., |  |  |
| &nbsp;&nbsp; 5.15%, 3/15/28 | 40000 | 40910 |
| &nbsp;&nbsp; 4.95%, 6/15/35 | 48000 | 47661 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania <br> Electric Co., 5.20%, <br> 4/01/28<sup>(d)</sup> <br>| 36000 | 36787 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp; 5.40%, 9/01/35 | 24000 | 24776 |
| &nbsp;&nbsp; 5.65%, 2/01/37 | 20000 | 21371 |
| &nbsp;&nbsp; 5.60%, 2/15/66 | 47000 | 46183 |
| &nbsp;&nbsp; Indiana Michigan <br> Power Co., 6.05%, 3/15/37<br>| 33000 | 35820 |
| &nbsp;&nbsp; IPALCO Enterprises, Inc., <br> 4.25%, 5/01/30<br>| 52000 | 50968 |
| &nbsp;&nbsp; Liberty Utilities Co., 5.87%, <br> 1/31/34<sup>(d)</sup> <br>| 85000 | 88835 |
| MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp; 4.80%, 9/15/43 | 15000 | 13679 |
| &nbsp;&nbsp; 4.40%, 10/15/44 | 23000 | 19839 |
| &nbsp;&nbsp; Mississippi Power Co., <br> 4.25%, 3/15/42<br>| 26000 | 22346 |
| &nbsp;&nbsp; Monongahela Power Co., <br> 5.85%, 2/15/34<sup>(d)</sup> <br>| 56000 | 59311 |
| &nbsp;&nbsp; National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.95%, 2/07/30 | 29000 | 29792 |
| &nbsp;&nbsp; 4.30%, 12/10/30 | 66000 | 65920 |
| &nbsp;&nbsp; 1.65%, 6/15/31 | 37000 | 32192 |
| &nbsp;&nbsp; 2.75%, 4/15/32 | 24000 | 21803 |
| &nbsp;&nbsp; 4.02%, 11/01/32 | 41000 | 39882 |
| &nbsp;&nbsp; 4.15%, 12/15/32 | 39000 | 38195 |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.25%, 6/01/30 | 54000 | 49661 |
| &nbsp;&nbsp; 5.30%, 3/15/32 | 53000 | 55053 |
| &nbsp;&nbsp; 5.45%, 3/15/35 | 32000 | 32970 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.05%), 6.38%, 8/15/55<sup>(h)</sup> <br>| 60000 | 61968 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Niagara Mohawk <br> Power Corp.,<br>|  |  |
| &nbsp;&nbsp; 1.96%, 6/27/30<sup>(d)</sup> <br>| $48000 | $43487 |
| &nbsp;&nbsp; 4.65%, 10/03/30<sup>(d)</sup> <br>| 95000 | 95651 |
| NRG Energy, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 6/15/29<sup>(d)</sup> <br>| 10000 | 10030 |
| &nbsp;&nbsp; 6.00%, 2/01/33<sup>(d)</sup> <br>| 125000 | 127399 |
| &nbsp;&nbsp; 5.75%, 1/15/34<sup>(d)</sup> <br>| 97000 | 97643 |
| NSTAR Electric Co., |  |  |
| &nbsp;&nbsp; 5.40%, 6/01/34 | 24000 | 24851 |
| &nbsp;&nbsp; 5.20%, 3/01/35 | 96000 | 97665 |
| &nbsp;&nbsp; 5.50%, 3/15/40 | 46000 | 46408 |
| &nbsp;&nbsp; Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| &nbsp;&nbsp; 5.55%, 6/15/54 | 63000 | 61312 |
| &nbsp;&nbsp; 5.80%, 4/01/55<sup>(d)</sup> <br>| 72000 | 72288 |
| Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp; 6.00%, 8/15/35 | 66000 | 69072 |
| &nbsp;&nbsp; 4.45%, 4/15/42 | 52000 | 43242 |
| &nbsp;&nbsp; 4.30%, 3/15/45 | 46000 | 36581 |
| &nbsp;&nbsp; 4.95%, 7/01/50 | 72000 | 61056 |
| &nbsp;&nbsp; 6.75%, 1/15/53 | 53000 | 56480 |
| &nbsp;&nbsp; 6.15%, 3/01/55 | 34000 | 33754 |
| PacifiCorp, 4.10%, 2/01/42 | 71000 | 57040 |
| PECO Energy Co., |  |  |
| &nbsp;&nbsp; 4.90%, 6/15/33 | 26000 | 26512 |
| &nbsp;&nbsp; 5.25%, 9/15/54 | 50000 | 47166 |
| PSEG Power LLC, |  |  |
| &nbsp;&nbsp; 5.20%, 5/15/30<sup>(d)</sup> <br>| 59000 | 60525 |
| &nbsp;&nbsp; 5.75%, 5/15/35<sup>(d)</sup> <br>| 67000 | 69228 |
| &nbsp;&nbsp; Public Service Co. of New <br> Hampshire, 3.60%, <br> 7/01/49<br>| 37000 | 27383 |
| &nbsp;&nbsp; Public Service Electric and <br> Gas Co.,<br>|  |  |
| &nbsp;&nbsp; 5.20%, 3/01/34 | 44000 | 45293 |
| &nbsp;&nbsp; 4.85%, 8/01/34 | 23000 | 23131 |
| &nbsp;&nbsp; 5.50%, 3/01/40 | 36000 | 36639 |
| &nbsp;&nbsp; 3.80%, 3/01/46 | 5000 | 3935 |
| &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc., 2.45%, <br> 11/15/31<br>| 120000 | 107637 |
| &nbsp;&nbsp; San Diego Gas & <br> Electric Co., 5.40%, <br> 4/15/35<br>| 62000 | 63934 |
| &nbsp;&nbsp; Southern California <br> Edison Co.,<br>|  |  |
| &nbsp;&nbsp; 4.05%, 3/15/42 | 60000 | 48039 |
| &nbsp;&nbsp; 4.00%, 4/01/47 | 33000 | 24913 |
| &nbsp;&nbsp; Southwestern Electric <br> Power Co., 5.30%, 4/01/33<br>| 34000 | 34800 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Southwestern Public <br> Service Co.,<br>|  |  |
| &nbsp;&nbsp; 5.30%, 5/15/35 | $60000 | $61150 |
| &nbsp;&nbsp; 6.00%, 6/01/54 | 25000 | 25505 |
| &nbsp;&nbsp; Talen Energy Supply LLC, <br> 6.25%, 2/01/34<sup>(d)</sup> <br>| 324000 | 328361 |
| &nbsp;&nbsp; Trans-Allegheny Interstate <br> Line Co., 5.00%, 1/15/31<sup>(d)</sup> <br>| 88000 | 90458 |
| &nbsp;&nbsp; Tucson Electric Power Co., <br> 5.90%, 4/15/55<br>| 83000 | 84528 |
| &nbsp;&nbsp; Virginia Electric and <br> Power Co.,<br>|  |  |
| &nbsp;&nbsp; 5.70%, 8/15/53 | 15000 | 14801 |
| &nbsp;&nbsp; 5.65%, 3/15/55 | 30000 | 29484 |
| &nbsp;&nbsp; 5.60%, 9/15/55 | 72000 | 70050 |
| &nbsp;&nbsp; VoltaGrid LLC, 7.38%, <br> 11/01/30<sup>(d)</sup> <br>| 364000 | 368663 |
| &nbsp;&nbsp; Wisconsin Electric <br> Power Co., 3.95%, 3/01/29<br>| 96000 | 95934 |
| &nbsp;&nbsp; Xcel Energy, Inc., 5.60%, <br> 4/15/35<br>| 50000 | 51640 |
|  |  | **4969557** |
| **Electric, Gas Marketing & Trading – 0.0%** | **Electric, Gas Marketing & Trading – 0.0%** | **Electric, Gas Marketing & Trading – 0.0%** |
| &nbsp;&nbsp; Jersey Central Power & <br> Light Co., 5.10%, 1/15/35<br>| 86000 | **87129** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| Amphenol Corp., |  |  |
| &nbsp;&nbsp; 4.40%, 2/15/33 | 55000 | 54369 |
| &nbsp;&nbsp; 5.30%, 11/15/55 | 69000 | 65820 |
| &nbsp;&nbsp; Johnson Controls <br> International PLC, 4.95%, <br> 7/02/64<br>| 35000 | 30120 |
| &nbsp;&nbsp; Molex Electronic <br> Technologies LLC, 5.25%, <br> 4/30/32<sup>(d)</sup> <br>| 117000 | 119925 |
| Sensata Technologies, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 2/15/30<sup>(d)</sup> <br>| 20000 | 19557 |
| &nbsp;&nbsp; 3.75%, 2/15/31<sup>(d)</sup> <br>| 395000 | 370158 |
| &nbsp;&nbsp; 6.63%, 7/15/32<sup>(d)</sup> <br>| 230000 | 240268 |
|  |  | **900217** |
| **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** |
| Arcosa, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 4/15/29<sup>(d)</sup> <br>| 75000 | 73727 |
| &nbsp;&nbsp; 6.88%, 8/15/32<sup>(d)</sup> <br>| 90000 | 94805 |
| &nbsp;&nbsp; Brundage-Bone Concrete <br> Pumping Holdings, Inc., <br> 7.50%, 2/01/32<sup>(d)</sup> <br>| 123000 | 123814 |
| &nbsp;&nbsp; Installed Building <br> Products, Inc., 5.63%, <br> 2/01/34<sup>(d)</sup> <br>| 225000 | 226293 |
| Quanta Services, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 1/15/31 | 37000 | 37055 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** |
| Quanta Services, Inc., |  |  |
| &nbsp;&nbsp; 5.10%, 8/09/35 | $80000 | $79956 |
| &nbsp;&nbsp; TopBuild Corp., 5.63%, <br> 1/31/34<sup>(d)</sup> <br>| 482000 | 486342 |
|  |  | **1121992** |
| **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** | **Entertainment Content – 0.8%** |
| &nbsp;&nbsp; Discovery <br> Communications LLC,<br>|  |  |
| &nbsp;&nbsp; 3.63%, 5/15/30 | 245000 | 226333 |
| &nbsp;&nbsp; 6.35%, 6/01/40 | 215000 | 177442 |
| Paramount Global, |  |  |
| &nbsp;&nbsp; 3.70%, 6/01/28 | 65000 | 63347 |
| &nbsp;&nbsp; 5.25%, 4/01/44 | 45000 | 32803 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 4.00%), 6.38%, 3/30/62<sup>(h)</sup> <br>| 484000 | 455154 |
| &nbsp;&nbsp; Time Warner Cable <br> Enterprises LLC, 8.38%, <br> 7/15/33<br>| 16000 | 18399 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.28%, 3/15/32 | 586000 | 515680 |
| &nbsp;&nbsp; 5.05%, 3/15/42 | 135000 | 94837 |
|  |  | **1583995** |
| **Food – 0.6%** | **Food – 0.6%** | **Food – 0.6%** |
| &nbsp;&nbsp; HLF Financing S.a.r.l. <br> LLC/Herbalife <br> International, Inc., 4.88%, <br> 6/01/29<sup>(d)</sup> <br>| 70000 | 66429 |
| &nbsp;&nbsp; Lamb Weston <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.88%, 5/15/28<sup>(d)</sup> <br>| 50000 | 50085 |
| &nbsp;&nbsp; 4.13%, 1/31/30<sup>(d)</sup> <br>| 45000 | 43443 |
| &nbsp;&nbsp; 4.38%, 1/31/32<sup>(d)</sup> <br>| 362000 | 344883 |
| Mars, Inc., |  |  |
| &nbsp;&nbsp; 4.80%, 3/01/30<sup>(d)</sup> <br>| 27000 | 27586 |
| &nbsp;&nbsp; 5.00%, 3/01/32<sup>(d)</sup> <br>| 81000 | 83238 |
| &nbsp;&nbsp; 5.20%, 3/01/35<sup>(d)</sup> <br>| 125000 | 127981 |
| &nbsp;&nbsp; 5.65%, 5/01/45<sup>(d)</sup> <br>| 33000 | 33287 |
| &nbsp;&nbsp; 5.70%, 5/01/55<sup>(d)</sup> <br>| 41000 | 40864 |
| &nbsp;&nbsp; 5.80%, 5/01/65<sup>(d)</sup> <br>| 47000 | 47160 |
| Post Holdings, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 4/15/30<sup>(d)</sup> <br>| 70000 | 68356 |
| &nbsp;&nbsp; 4.50%, 9/15/31<sup>(d)</sup> <br>| 204000 | 193262 |
| &nbsp;&nbsp; 6.38%, 3/01/33<sup>(d)</sup> <br>| 20000 | 20153 |
|  |  | **1146727** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| &nbsp;&nbsp; Atmos Energy Corp., 5.45%, <br> 1/15/56<br>| 60000 | 57969 |
| &nbsp;&nbsp; Essential Utilities, Inc., <br> 5.25%, 8/15/35<br>| 159000 | 161377 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** | **Gas & Water Utilities (Continued)** |
| &nbsp;&nbsp; NiSource, Inc., 5.85%, <br> 4/01/55<br>| $95000 | $94469 |
| &nbsp;&nbsp; South Jersey <br> Industries, Inc., 5.02%, <br> 4/15/31<br>| 62000 | 53458 |
| &nbsp;&nbsp; Southern California <br> Gas Co.,<br>|  |  |
| &nbsp;&nbsp; 5.45%, 6/15/35 | 53000 | 55007 |
| &nbsp;&nbsp; 6.00%, 6/15/55 | 45000 | 46104 |
| &nbsp;&nbsp; Spire, Inc., (5Y U.S. Treasury <br> CMT + 2.33%), 6.45%, <br> 6/01/56<sup>(h)</sup> <br>| 79000 | 79765 |
|  |  | **548149** |
| **Health Care Facilities & Services – 2.2%** | **Health Care Facilities & Services – 2.2%** | **Health Care Facilities & Services – 2.2%** |
| &nbsp;&nbsp; Accendra Health, Inc., <br> 6.63%, 4/01/30<sup>(d)</sup> <br>| 60000 | 33749 |
| Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp; 5.00%, 11/15/29 | 43000 | 44184 |
| &nbsp;&nbsp; 4.50%, 9/15/30 | 57000 | 57439 |
| &nbsp;&nbsp; 5.15%, 9/15/35 | 55000 | 55733 |
| Centene Corp., |  |  |
| &nbsp;&nbsp; 3.00%, 10/15/30 | 110000 | 98518 |
| &nbsp;&nbsp; 2.50%, 3/01/31 | 39000 | 33727 |
| Cigna Group (The), |  |  |
| &nbsp;&nbsp; 5.25%, 1/15/36 | 136000 | 137896 |
| &nbsp;&nbsp; 4.80%, 8/15/38 | 92000 | 87649 |
| &nbsp;&nbsp; 5.60%, 2/15/54 | 70000 | 67508 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; 5.13%, 2/21/30 | 29000 | 29752 |
| &nbsp;&nbsp; 1.75%, 8/21/30 | 25000 | 22220 |
| &nbsp;&nbsp; 5.05%, 3/25/48 | 45000 | 39573 |
| &nbsp;&nbsp; 5.88%, 6/01/53 | 20000 | 19301 |
| &nbsp;&nbsp; 6.20%, 9/15/55 | 123000 | 124224 |
| &nbsp;&nbsp; 6.25%, 9/15/65 | 60000 | 59893 |
| DaVita, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 6/01/30<sup>(d)</sup> <br>| 35000 | 33678 |
| &nbsp;&nbsp; 3.75%, 2/15/31<sup>(d)</sup> <br>| 180000 | 165112 |
| Elevance Health, Inc., |  |  |
| &nbsp;&nbsp; 2.88%, 9/15/29 | 45000 | 42998 |
| &nbsp;&nbsp; 4.60%, 9/15/32 | 60000 | 59929 |
| &nbsp;&nbsp; HAH Group Holding Co. <br> LLC, 9.75%, 10/01/31<sup>(d)</sup> <br>| 175000 | 165274 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp; 5.63%, 9/01/28 | 60000 | 61831 |
| &nbsp;&nbsp; 3.38%, 3/15/29 | 36000 | 35183 |
| &nbsp;&nbsp; 4.13%, 6/15/29 | 66000 | 65854 |
| &nbsp;&nbsp; 3.50%, 9/01/30 | 31000 | 29805 |
| &nbsp;&nbsp; 2.38%, 7/15/31 | 24000 | 21495 |
| &nbsp;&nbsp; 5.50%, 3/01/32 | 39000 | 40664 |
| &nbsp;&nbsp; 5.45%, 9/15/34 | 109000 | 111879 |
| &nbsp;&nbsp; 5.75%, 3/01/35 | 16000 | 16732 |
| &nbsp;&nbsp; 5.13%, 6/15/39 | 48000 | 46325 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| HCA, Inc., |  |  |
| &nbsp;&nbsp; 6.00%, 4/01/54 | $49000 | $48611 |
| &nbsp;&nbsp; 6.20%, 3/01/55 | 42000 | 42751 |
| &nbsp;&nbsp; Laboratory Corp. of <br> America Holdings, 4.35%, <br> 4/01/30<br>| 80000 | 80118 |
| &nbsp;&nbsp; LifePoint Health, Inc., <br> 5.38%, 1/15/29<sup>(d)</sup> <br>| 215000 | 208765 |
| &nbsp;&nbsp; McKesson Corp., 4.95%, <br> 5/30/32<br>| 42000 | 43191 |
| Molina Healthcare, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 6/15/28 | 185000 | 181712 |
| &nbsp;&nbsp; 3.88%, 11/15/30<sup>(d)</sup> <br>| 310000 | 285936 |
| &nbsp;&nbsp; 6.50%, 2/15/31<sup>(d)</sup> <br>| 220000 | 225467 |
| &nbsp;&nbsp; 3.88%, 5/15/32<sup>(d)</sup> <br>| 326000 | 293351 |
| &nbsp;&nbsp; 6.25%, 1/15/33<sup>(d)</sup> <br>| 120000 | 120847 |
| &nbsp;&nbsp; Radiology Partners, Inc., <br> 8.50%, 7/15/32<sup>(d)</sup> <br>| 272000 | 285592 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp; 2.88%, 8/15/29 | 28000 | 26913 |
| &nbsp;&nbsp; 4.80%, 1/15/30 | 59000 | 60334 |
| &nbsp;&nbsp; 4.65%, 1/15/31 | 27000 | 27337 |
| &nbsp;&nbsp; 3.50%, 8/15/39 | 32000 | 26424 |
| &nbsp;&nbsp; 2.75%, 5/15/40 | 36000 | 26605 |
| &nbsp;&nbsp; 3.05%, 5/15/41 | 18000 | 13542 |
| &nbsp;&nbsp; 3.25%, 5/15/51 | 30000 | 20179 |
| &nbsp;&nbsp; 5.38%, 4/15/54 | 38000 | 35637 |
| &nbsp;&nbsp; 5.63%, 7/15/54 | 85000 | 82768 |
| &nbsp;&nbsp; 5.20%, 4/15/63 | 45000 | 40067 |
| &nbsp;&nbsp; 5.50%, 4/15/64 | 43000 | 40175 |
|  |  | **4024447** |
| **Home Construction – 0.8%** | **Home Construction – 0.8%** | **Home Construction – 0.8%** |
| DR Horton, Inc., |  |  |
| &nbsp;&nbsp; 4.85%, 10/15/30 | 76000 | 77747 |
| &nbsp;&nbsp; 5.50%, 10/15/35 | 82000 | 84948 |
| &nbsp;&nbsp; Mohawk Industries, Inc., <br> 5.85%, 9/18/28<br>| 84000 | 87572 |
| &nbsp;&nbsp; Taylor Morrison <br> Communities, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 1/15/28<sup>(d)</sup> <br>| 95000 | 96814 |
| &nbsp;&nbsp; 5.13%, 8/01/30<sup>(d)</sup> <br>| 300000 | 301917 |
| &nbsp;&nbsp; 5.75%, 11/15/32<sup>(d)</sup> <br>| 740000 | 759551 |
|  |  | **1408549** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Resideo Funding, Inc., |  |  |
| &nbsp;&nbsp; 4.00%, 9/01/29<sup>(d)</sup> <br>| 509000 | 490305 |
| &nbsp;&nbsp; 6.50%, 7/15/32<sup>(d)</sup> <br>| 185000 | 187916 |
| &nbsp;&nbsp; United Rentals North <br> America, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 7/15/30 | 30000 | 28986 |
| &nbsp;&nbsp; 3.88%, 2/15/31 | 365000 | 347952 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Industrial Support Services (Continued)** | **Industrial Support Services (Continued)** | **Industrial Support Services (Continued)** |
| &nbsp;&nbsp; United Rentals North <br> America, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.75%, 1/15/32 | $52000 | $48592 |
| &nbsp;&nbsp; 6.13%, 3/15/34<sup>(d)</sup> <br>| 10000 | 10391 |
|  |  | **1114142** |
| **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** |
| &nbsp;&nbsp; Bank of New York Mellon <br> (The) Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.63%), 4.03%, <br> 1/22/30<sup>(h)</sup> <br>| 95000 | 94914 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 5.32%, <br> 6/06/36<sup>(h)</sup> <br>| 211000 | 217464 |
| &nbsp;&nbsp; Goldman Sachs Capital I, <br> 6.35%, 2/15/34<br>| 50000 | 53314 |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 5.73%, <br> 4/25/30<sup>(h)</sup> <br>| 40000 | 41764 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 5.05%, <br> 7/23/30<sup>(h)</sup> <br>| 15000 | 15362 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 4.52%, <br> 1/21/32<sup>(h)</sup> <br>| 45000 | 44983 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.33%, <br> 7/23/35<sup>(h)</sup> <br>| 49000 | 50069 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.54%, <br> 1/28/36<sup>(h)</sup> <br>| 68000 | 70296 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 5.07%, <br> 1/21/37<sup>(h)</sup> <br>| 108000 | 107537 |
| &nbsp;&nbsp; 6.25%, 2/01/41 | 8000 | 8696 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.18%), 5.39%, 2/02/41<sup>(h)</sup> <br>| 56000 | 55478 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.54%, <br> 1/21/47<sup>(h)</sup> <br>| 74000 | 72894 |
| &nbsp;&nbsp; Intercontinental <br> Exchange, Inc., 4.20%, <br> 3/15/31<br>| 70000 | 69829 |
| &nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.13%, 4/30/31<sup>(d)</sup> <br>| 65000 | 68342 |
| &nbsp;&nbsp; 6.75%, 5/01/33<sup>(d)</sup> <br>| 165000 | 171623 |
| LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 11/15/27<sup>(d)</sup> <br>| 43000 | 42800 |
| &nbsp;&nbsp; 5.65%, 3/15/35 | 80000 | 81523 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 4.99%, <br> 4/12/29<sup>(h)</sup> <br>| 120000 | 122195 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.65%, <br> 10/18/30<sup>(h)</sup> <br>| 125000 | 126532 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 4.36%, <br> 10/22/31<sup>(h)</sup> <br>| 55000 | 54695 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.95%), 4.49%, <br> 1/16/32<sup>(h)</sup> <br>| 95000 | 94937 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(h)</sup> <br>| 18000 | 16157 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 6.63%, <br> 11/01/34<sup>(h)</sup> <br>| $57000 | $63350 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.47%, <br> 1/18/35<sup>(h)</sup> <br>| 95000 | 98273 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.66%, <br> 4/17/36<sup>(h)</sup> <br>| 79000 | 82530 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 4.89%, <br> 10/22/36<sup>(h)</sup> <br>| 16000 | 15751 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 5.07%, <br> 1/30/37<sup>(h)</sup> <br>| 210000 | 209024 |
| Northern Trust Corp., |  |  |
| &nbsp;&nbsp; 4.15%, 11/19/30 | 100000 | 100003 |
| &nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.13%), <br> 3.38%, 5/08/32<sup>(h)</sup> <br>| 54000 | 53288 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.05%), 5.12%, <br> 11/19/40<sup>(h)</sup> <br>| 164000 | 163186 |
| State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 4.68%, <br> 10/22/32<sup>(h)</sup> <br>| 82000 | 83202 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.03%, <br> 11/01/34<sup>(h)</sup> <br>| 74000 | 70265 |
|  |  | **2620276** |
| **Insurance – 2.2%** | **Insurance – 2.2%** | **Insurance – 2.2%** |
| &nbsp;&nbsp; Alleghany Corp., 4.90%, <br> 9/15/44<br>| 26000 | 23924 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer,<br>|  |  |
| &nbsp;&nbsp; 7.00%, 1/15/31<sup>(d)</sup> <br>| 265000 | 274741 |
| &nbsp;&nbsp; 6.50%, 10/01/31<sup>(d)</sup> <br>| 634000 | 651657 |
| &nbsp;&nbsp; American International <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.40%, 6/30/30 | 54000 | 52246 |
| &nbsp;&nbsp; 5.45%, 5/07/35 | 127000 | 131596 |
| &nbsp;&nbsp; 4.75%, 4/01/48 | 38000 | 33912 |
| &nbsp;&nbsp; APH Somerset Investor 2 <br> LLC/APH2 Somerset <br> Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, <br> 7.88%, 11/01/29<sup>(d)</sup> <br>| 483000 | 490327 |
| &nbsp;&nbsp; Assurant, Inc., 5.55%, <br> 2/15/36<br>| 66000 | 66944 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group <br> Holdings Finance, 7.13%, <br> 5/15/31<sup>(d)</sup> <br>| 628000 | 645788 |
| &nbsp;&nbsp; Chubb INA Holdings LLC, <br> 4.90%, 8/15/35<br>| 272000 | 272235 |
| Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp; 3.90%, 4/05/32 | 109000 | 103818 |
| &nbsp;&nbsp; 6.05%, 9/15/33 | 128000 | 136779 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| &nbsp;&nbsp; Hartford Insurance Group <br> (The), Inc., (3M CME Term <br> SOFR + 2.39%), 6.24%, <br> 2/12/47<sup>(d)(j)</sup> <br>| $87000 | $82868 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., <br> 4.30%, 2/01/61<sup>(d)</sup> <br>| 266000 | 177732 |
| &nbsp;&nbsp; Panther Escrow Issuer LLC, <br> 7.13%, 6/01/31<sup>(d)</sup> <br>| 291000 | 299708 |
| &nbsp;&nbsp; Ryan Specialty LLC, 5.88%, <br> 8/01/32<sup>(d)</sup> <br>| 337000 | 342599 |
| &nbsp;&nbsp; Symetra Life Insurance Co., <br> 6.55%, 10/01/55<sup>(d)</sup> <br>| 114000 | 117687 |
| &nbsp;&nbsp; Wynnton Funding Trust, <br> 5.25%, 8/15/35<sup>(d)</sup> <br>| 100000 | 100385 |
| &nbsp;&nbsp; Wynnton Funding Trust II, <br> 5.99%, 8/15/55<sup>(d)</sup> <br>| 100000 | 101096 |
|  |  | **4106042** |
| **Internet Media & Services – 0.7%** | **Internet Media & Services – 0.7%** | **Internet Media & Services – 0.7%** |
| Alphabet, Inc., |  |  |
| &nbsp;&nbsp; 4.10%, 11/15/30 | 110000 | 110088 |
| &nbsp;&nbsp; 4.38%, 11/15/32 | 70000 | 70235 |
| &nbsp;&nbsp; 4.70%, 11/15/35 | 60000 | 59729 |
| &nbsp;&nbsp; 5.45%, 11/15/55 | 24000 | 23407 |
| &nbsp;&nbsp; 5.70%, 11/15/75 | 36000 | 35345 |
| &nbsp;&nbsp; Beignet Investor LLC, <br> 6.58%, 5/30/49<sup>(d)</sup> <br>| 62000 | 64555 |
| &nbsp;&nbsp; Go Daddy Operating Co. <br> LLC/GD Finance Co., Inc., <br> 3.50%, 3/01/29<sup>(d)</sup> <br>| 109000 | 103576 |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp; 4.20%, 11/15/30 | 175000 | 174686 |
| &nbsp;&nbsp; 4.60%, 11/15/32 | 50000 | 50125 |
| &nbsp;&nbsp; 5.50%, 11/15/45 | 34000 | 32696 |
| &nbsp;&nbsp; 5.63%, 11/15/55 | 38000 | 36156 |
| &nbsp;&nbsp; 5.75%, 11/15/65 | 50000 | 47276 |
| Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp; 4.30%, 1/15/30 | 55000 | 55179 |
| &nbsp;&nbsp; 4.15%, 1/15/31 | 40000 | 39647 |
| &nbsp;&nbsp; 4.80%, 9/15/35 | 24000 | 23744 |
| &nbsp;&nbsp; Ziff Davis, Inc., 4.63%, <br> 10/15/30<sup>(d)</sup> <br>| 352000 | 332822 |
|  |  | **1259266** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp; International Business <br> Machines Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.95%, 2/03/36 | 100000 | 99673 |
| &nbsp;&nbsp; 5.80%, 2/03/56 | 100000 | 99686 |
| &nbsp;&nbsp; Science Applications <br> International Corp., <br> 5.88%, 11/01/33<sup>(d)</sup> <br>| 300000 | 302361 |
|  |  | **501720** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Leisure Facilities & Services – 1.9%** | **Leisure Facilities & Services – 1.9%** | **Leisure Facilities & Services – 1.9%** |
| &nbsp;&nbsp; Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(d)</sup> <br>| $300000 | $310048 |
| &nbsp;&nbsp; Hilton Domestic <br> Operating Co., Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 5/01/31<sup>(d)</sup> <br>| 70000 | 66818 |
| &nbsp;&nbsp; 3.63%, 2/15/32<sup>(d)</sup> <br>| 397000 | 367522 |
| &nbsp;&nbsp; 5.50%, 3/31/34<sup>(d)</sup> <br>| 90000 | 90434 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc., 6.63%, <br> 1/15/32<sup>(d)</sup> <br>| 642000 | 656240 |
| &nbsp;&nbsp; Kingpin Intermediate <br> Holdings LLC, 7.25%, <br> 10/15/32<sup>(d)</sup> <br>| 350000 | 334823 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, <br> 7.00%, 9/15/30<sup>(d)</sup> <br>| 346000 | 361202 |
| Marriott International, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 10/15/31 | 110000 | 110201 |
| &nbsp;&nbsp; 5.25%, 10/15/35 | 66000 | 66885 |
| &nbsp;&nbsp; Marriott Ownership <br> Resorts, Inc., 4.50%, <br> 6/15/29<sup>(d)</sup> <br>| 487000 | 464597 |
| &nbsp;&nbsp; Royal Caribbean <br> Cruises Ltd., 6.25%, <br> 3/15/32<sup>(d)</sup> <br>| 91000 | 94365 |
| Travel + Leisure Co., |  |  |
| &nbsp;&nbsp; 6.00%, 4/01/27 | 5000 | 5063 |
| &nbsp;&nbsp; 4.50%, 12/01/29<sup>(d)</sup> <br>| 85000 | 82859 |
| &nbsp;&nbsp; 4.63%, 3/01/30<sup>(d)</sup> <br>| 95000 | 92721 |
| Yum! Brands, Inc., |  |  |
| &nbsp;&nbsp; 3.63%, 3/15/31 | 300000 | 283604 |
| &nbsp;&nbsp; 4.63%, 1/31/32 | 95000 | 92888 |
|  |  | **3480270** |
| **Leisure Products – 0.0%**<sup>(a)</sup> | **Leisure Products – 0.0%**<sup>(a)</sup> | **Leisure Products – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Acushnet Co., 5.63%, <br> 12/01/33<sup>(d)</sup> <br>| 80000 | **80752** |
| **Machinery – 0.5%** | **Machinery – 0.5%** | **Machinery – 0.5%** |
| &nbsp;&nbsp; Caterpillar Financial <br> Services Corp., 4.15%, <br> 1/08/31<br>| 105000 | 104930 |
| &nbsp;&nbsp; CNH Industrial Capital LLC, <br> 4.38%, 3/07/31<br>| 125000 | 123958 |
| Entegris, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 4/15/28<sup>(d)</sup> <br>| 65000 | 64513 |
| &nbsp;&nbsp; 3.63%, 5/01/29<sup>(d)</sup> <br>| 25000 | 24091 |
| &nbsp;&nbsp; Esab Corp., 6.25%, <br> 4/15/29<sup>(d)</sup> <br>| 224000 | 230167 |
| &nbsp;&nbsp; GrafTech Finance, Inc., <br> 4.63%, 12/23/29<sup>(d)</sup> <br>| 130000 | 96228 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Machinery (Continued)** | **Machinery (Continued)** | **Machinery (Continued)** |
| &nbsp;&nbsp; GrafTech Global <br> Enterprises, Inc., 9.88%, <br> 12/23/29<sup>(d)</sup> <br>| $10000 | $8506 |
| John Deere Capital Corp., |  |  |
| &nbsp;&nbsp; 4.55%, 6/05/30 | 54000 | 54915 |
| &nbsp;&nbsp; 4.90%, 3/07/31 | 73000 | 75288 |
| &nbsp;&nbsp; 5.10%, 4/11/34 | 61000 | 62845 |
|  |  | **845441** |
| **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** |
| &nbsp;&nbsp; Avantor Funding, Inc., <br> 3.88%, 11/01/29<sup>(d)</sup> <br>| 175000 | 168042 |
| &nbsp;&nbsp; GE HealthCare <br> Technologies, Inc., 4.80%, <br> 1/15/31<br>| 12000 | 12183 |
| &nbsp;&nbsp; Hologic, Inc., 3.25%, <br> 2/15/29<sup>(d)</sup> <br>| 195000 | 194288 |
| Solventum Corp., |  |  |
| &nbsp;&nbsp; 5.40%, 3/01/29 | 30000 | 31090 |
| &nbsp;&nbsp; 5.90%, 4/30/54 | 19000 | 19092 |
| &nbsp;&nbsp; Zimmer Biomet <br> Holdings, Inc., 5.05%, <br> 2/19/30<br>| 41000 | 42232 |
|  |  | **466927** |
| **Oil & Gas Supply Chain – 5.4%** | **Oil & Gas Supply Chain – 5.4%** | **Oil & Gas Supply Chain – 5.4%** |
| &nbsp;&nbsp; Antero Midstream Partners <br> L.P./Antero Midstream <br> Finance Corp., 5.75%, <br> 7/01/34<sup>(d)</sup> <br>| 555000 | 560598 |
| &nbsp;&nbsp; BP Capital Markets <br> America, Inc., 3.00%, <br> 2/24/50<br>| 34000 | 22282 |
| Chord Energy Corp., |  |  |
| &nbsp;&nbsp; 6.00%, 10/01/30<sup>(d)</sup> <br>| 122000 | 124379 |
| &nbsp;&nbsp; 6.75%, 3/15/33<sup>(d)</sup> <br>| 679000 | 703900 |
| &nbsp;&nbsp; CQP Holdco L.P./BIP-V <br> Chinook Holdco LLC, <br> 5.50%, 6/15/31<sup>(d)</sup> <br>| 502000 | 499199 |
| &nbsp;&nbsp; Crescent Energy <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp; 7.63%, 4/01/32<sup>(d)</sup> <br>| 224000 | 222182 |
| &nbsp;&nbsp; 7.38%, 1/15/33<sup>(d)</sup> <br>| 45000 | 43550 |
| &nbsp;&nbsp; CVR Energy, Inc., 7.88%, <br> 2/15/34<sup>(d)(i)</sup> <br>| 270000 | 267810 |
| &nbsp;&nbsp; Eastern Gas Transmission & <br> Storage, Inc., 3.00%, <br> 11/15/29<br>| 111000 | 106620 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp; 4.55%, 1/15/31 | 23000 | 22977 |
| &nbsp;&nbsp; 5.70%, 4/01/35 | 40000 | 41420 |
| &nbsp;&nbsp; 5.35%, 1/15/36 | 20000 | 19978 |
| &nbsp;&nbsp; 5.95%, 10/01/43 | 48000 | 47575 |
| &nbsp;&nbsp; 6.00%, 6/15/48 | 71000 | 69220 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 4.02%), 8.00%, 5/15/54<sup>(h)</sup> <br>| $300000 | $320577 |
| &nbsp;&nbsp; 6.05%, 9/01/54 | 81000 | 78391 |
| &nbsp;&nbsp; Enterprise Products <br> Operating LLC,<br>|  |  |
| &nbsp;&nbsp; 4.60%, 1/15/31 | 62000 | 62779 |
| &nbsp;&nbsp; 4.85%, 1/31/34 | 22000 | 22170 |
| &nbsp;&nbsp; 4.95%, 2/15/35 | 41000 | 41458 |
| &nbsp;&nbsp; 5.20%, 1/15/36 | 183000 | 186192 |
| &nbsp;&nbsp; 5.55%, 2/16/55 | 32000 | 31125 |
| &nbsp;&nbsp; 3.95%, 1/31/60 | 67000 | 48955 |
| EOG Resources, Inc., |  |  |
| &nbsp;&nbsp; 4.40%, 1/15/31 | 120000 | 120204 |
| &nbsp;&nbsp; 5.35%, 1/15/36 | 276000 | 283359 |
| &nbsp;&nbsp; Exxon Mobil Corp., 4.23%, <br> 3/19/40<br>| 87000 | 79433 |
| &nbsp;&nbsp; Kinder Morgan, Inc., 5.30%, <br> 12/01/34<br>| 100000 | 102178 |
| Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp; 5.70%, 3/01/35 | 74000 | 76470 |
| &nbsp;&nbsp; 5.00%, 9/15/54 | 35000 | 29483 |
| &nbsp;&nbsp; Matador Resources Co., <br> 6.25%, 4/15/33<sup>(d)</sup> <br>| 300000 | 302354 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp; 2.65%, 8/15/30 | 56000 | 51906 |
| &nbsp;&nbsp; 4.80%, 2/15/31 | 65000 | 65705 |
| &nbsp;&nbsp; 5.50%, 6/01/34 | 31000 | 31673 |
| &nbsp;&nbsp; 5.40%, 9/15/35 | 64000 | 64528 |
| &nbsp;&nbsp; Murphy Oil U.S.A., Inc., <br> 3.75%, 2/15/31<sup>(d)</sup> <br>| 246000 | 231066 |
| &nbsp;&nbsp; Northern Oil & Gas, Inc., <br> 8.75%, 6/15/31<sup>(d)</sup> <br>| 345000 | 356640 |
| &nbsp;&nbsp; Occidental <br> Petroleum Corp., 6.45%, <br> 9/15/36<br>| 123000 | 131203 |
| ONEOK, Inc., |  |  |
| &nbsp;&nbsp; 5.70%, 11/01/54 | 107000 | 99980 |
| &nbsp;&nbsp; 6.25%, 10/15/55 | 116000 | 116625 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF <br> Finance Corp., 9.88%, <br> 3/15/30<sup>(d)</sup> <br>| 268000 | 284206 |
| SM Energy Co., |  |  |
| &nbsp;&nbsp; 8.38%, 7/01/28<sup>(d)</sup> <br>| 145000 | 149248 |
| &nbsp;&nbsp; 6.75%, 8/01/29<sup>(d)</sup> <br>| 161000 | 162833 |
| &nbsp;&nbsp; 8.63%, 11/01/30<sup>(d)</sup> <br>| 346000 | 365939 |
| &nbsp;&nbsp; 8.75%, 7/01/31<sup>(d)</sup> <br>| 292000 | 306705 |
| Sunoco L.P., |  |  |
| &nbsp;&nbsp; 5.63%, 3/15/31<sup>(d)</sup> <br>| 197000 | 198207 |
| &nbsp;&nbsp; 7.25%, 5/01/32<sup>(d)</sup> <br>| 113000 | 119511 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp; 4.90%, 9/15/30 | 42000 | 42837 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp; 5.50%, 2/15/35 | $32000 | $32781 |
| &nbsp;&nbsp; 6.25%, 7/01/52 | 106000 | 107274 |
| &nbsp;&nbsp; 6.13%, 5/15/55 | 39000 | 38996 |
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp., <br> 4.88%, 2/01/31<br>| 33000 | 33308 |
| &nbsp;&nbsp; Transcontinental Gas Pipe <br> Line Co. LLC,<br>|  |  |
| &nbsp;&nbsp; 3.25%, 5/15/30 | 54000 | 51900 |
| &nbsp;&nbsp; 5.10%, 3/15/36<sup>(d)</sup> <br>| 105000 | 105395 |
| &nbsp;&nbsp; Valero Energy Corp., 5.15%, <br> 2/15/30<br>| 99000 | 101962 |
| &nbsp;&nbsp; Venture Global Calcasieu <br> Pass LLC,<br>|  |  |
| &nbsp;&nbsp; 4.13%, 8/15/31<sup>(d)</sup> <br>| 34000 | 31373 |
| &nbsp;&nbsp; 3.88%, 11/01/33<sup>(d)</sup> <br>| 9000 | 7810 |
| &nbsp;&nbsp; Venture Global LNG, Inc., <br> (5Y U.S. Treasury CMT + <br> 5.44%), 9.00%, <br> 9/30/29<sup>(d)(g)(h)</sup> <br>| 593000 | 521676 |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| &nbsp;&nbsp; 6.13%, 12/15/30<sup>(d)</sup> <br>| 33000 | 33967 |
| &nbsp;&nbsp; 7.50%, 5/01/33<sup>(d)</sup> <br>| 523000 | 573400 |
| &nbsp;&nbsp; 6.50%, 1/15/34<sup>(d)</sup> <br>| 400000 | 415119 |
| &nbsp;&nbsp; 6.50%, 6/15/34<sup>(d)</sup> <br>| 21000 | 21748 |
| &nbsp;&nbsp; 7.75%, 5/01/35<sup>(d)</sup> <br>| 135000 | 150539 |
| &nbsp;&nbsp; 6.75%, 1/15/36<sup>(d)</sup> <br>| 315000 | 330202 |
| &nbsp;&nbsp; Viper Energy Partners LLC, <br> 4.90%, 8/01/30<br>| 92000 | 93156 |
| Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 6/30/30 | 64000 | 64691 |
| &nbsp;&nbsp; 5.15%, 3/15/36 | 48000 | 47787 |
| &nbsp;&nbsp; 5.95%, 3/15/56 | 52000 | 52014 |
|  |  | **10130728** |
| **Oil, Gas Services & Equipment – 0.7%** | **Oil, Gas Services & Equipment – 0.7%** | **Oil, Gas Services & Equipment – 0.7%** |
| &nbsp;&nbsp; Oceaneering <br> International, Inc., 6.00%, <br> 2/01/28<br>| 258000 | 262149 |
| &nbsp;&nbsp; Transocean <br> International Ltd., 8.75%, <br> 2/15/30<sup>(d)</sup> <br>| 94500 | 98510 |
| &nbsp;&nbsp; WBI Operating LLC, 6.25%, <br> 10/15/30<sup>(d)</sup> <br>| 494000 | 497705 |
| &nbsp;&nbsp; Weatherford <br> International Ltd., 6.75%, <br> 10/15/33<sup>(d)</sup> <br>| 426000 | 441221 |
|  |  | **1299585** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp; 9.13%, 5/01/29<sup>(d)</sup> <br>| 17000 | 16065 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Publishing & Broadcasting (Continued)** | **Publishing & Broadcasting (Continued)** | **Publishing & Broadcasting (Continued)** |
| iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp; 7.75%, 8/15/30<sup>(d)</sup> <br>| $155750 | $133345 |
| &nbsp;&nbsp; 7.00%, 1/15/31<sup>(d)</sup> <br>| 48000 | 38520 |
|  |  | **187930** |
| **Real Estate Investment Trusts – 1.2%** | **Real Estate Investment Trusts – 1.2%** | **Real Estate Investment Trusts – 1.2%** |
| &nbsp;&nbsp; American Homes 4 Rent <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 4.95%, 6/15/30 | 53000 | 53686 |
| &nbsp;&nbsp; 5.50%, 2/01/34 | 61000 | 62449 |
| &nbsp;&nbsp; American Tower Corp., <br> 4.70%, 12/15/32<br>| 93000 | 93083 |
| Broadstone Net Lease LLC, |  |  |
| &nbsp;&nbsp; 2.60%, 9/15/31 | 105000 | 93162 |
| &nbsp;&nbsp; 5.00%, 11/01/32 | 14000 | 14019 |
| &nbsp;&nbsp; First Industrial L.P., 5.25%, <br> 1/15/31<br>| 147000 | 149699 |
| &nbsp;&nbsp; GLP Capital L.P./GLP <br> Financing II, Inc., 5.75%, <br> 11/01/37<br>| 86000 | 85310 |
| &nbsp;&nbsp; Invitation Homes <br> Operating Partnership <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 2.30%, 11/15/28 | 161000 | 153067 |
| &nbsp;&nbsp; 2.00%, 8/15/31 | 69000 | 60092 |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 9/15/29<sup>(d)</sup> <br>| 190000 | 187586 |
| &nbsp;&nbsp; 5.25%, 7/15/30<sup>(d)</sup> <br>| 90000 | 89118 |
| &nbsp;&nbsp; 4.50%, 2/15/31<sup>(d)</sup> <br>| 366000 | 349756 |
| Kilroy Realty L.P., |  |  |
| &nbsp;&nbsp; 5.88%, 10/15/35 | 55000 | 55423 |
| &nbsp;&nbsp; 6.25%, 1/15/36 | 33000 | 34091 |
| &nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 2/15/32<sup>(d)</sup> <br>| 155000 | 166060 |
| &nbsp;&nbsp; National Health <br> Investors, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.00%, 2/01/31 | 52000 | 47397 |
| &nbsp;&nbsp; 5.35%, 2/01/33 | 120000 | 120177 |
| &nbsp;&nbsp; Phillips Edison Grocery <br> Center Operating <br> Partnership I L.P., 5.25%, <br> 8/15/32<br>| 85000 | 87010 |
| &nbsp;&nbsp; Rexford Industrial Realty <br> L.P.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/15/28 | 80000 | 81407 |
| &nbsp;&nbsp; 2.13%, 12/01/30 | 71000 | 63541 |
| &nbsp;&nbsp; 2.15%, 9/01/31 | 108000 | 94725 |
| &nbsp;&nbsp; Simon Property Group L.P., <br> 4.30%, 1/15/31<br>| 94000 | 93755 |
| &nbsp;&nbsp; Welltower OP LLC, 5.13%, <br> 3/15/43<br>| 25000 | 23556 |
|  |  | **2258169** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| &nbsp;&nbsp; Dollar General Corp., 3.50%, <br> 4/03/30<br>| $75000 | $72421 |
| Kroger (The) Co., |  |  |
| &nbsp;&nbsp; 5.00%, 9/15/34 | 18000 | 18017 |
| &nbsp;&nbsp; 5.50%, 9/15/54 | 56000 | 53431 |
| &nbsp;&nbsp; 5.65%, 9/15/64 | 46000 | 43777 |
| Walmart, Inc., |  |  |
| &nbsp;&nbsp; 4.90%, 4/28/35 | 236000 | 241630 |
| &nbsp;&nbsp; 2.50%, 9/22/41 | 30000 | 21700 |
|  |  | **450976** |
| **Retail - Discretionary – 0.6%** | **Retail - Discretionary – 0.6%** | **Retail - Discretionary – 0.6%** |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., <br> 4.35%, 3/15/31<br>| 150000 | 149459 |
| Home Depot (The), Inc., |  |  |
| &nbsp;&nbsp; 4.95%, 6/25/34 | 75000 | 76463 |
| &nbsp;&nbsp; 4.65%, 9/15/35 | 85000 | 84052 |
| &nbsp;&nbsp; 3.30%, 4/15/40 | 65000 | 53011 |
| &nbsp;&nbsp; 3.63%, 4/15/52 | 21000 | 15435 |
| &nbsp;&nbsp; 4.95%, 9/15/52 | 20000 | 18306 |
| &nbsp;&nbsp; 5.30%, 6/25/54 | 24000 | 23039 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp; 4.85%, 10/15/35 | 60000 | 59379 |
| &nbsp;&nbsp; 2.80%, 9/15/41 | 30000 | 21631 |
| &nbsp;&nbsp; 4.25%, 4/01/52 | 26000 | 20649 |
| &nbsp;&nbsp; 4.45%, 4/01/62 | 86000 | 67497 |
| &nbsp;&nbsp; 5.80%, 9/15/62 | 30000 | 29506 |
| &nbsp;&nbsp; PetSmart LLC/PetSmart <br> Finance Corp., 7.50%, <br> 9/15/32<sup>(d)</sup> <br>| 565000 | 579385 |
|  |  | **1197812** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp; 5.15%, 11/15/31 | 46000 | 47689 |
| &nbsp;&nbsp; 5.20%, 4/15/32 | 21000 | 21745 |
| &nbsp;&nbsp; 4.80%, 10/15/34 | 33000 | 32948 |
| &nbsp;&nbsp; 4.80%, 2/15/36 | 92000 | 90813 |
| &nbsp;&nbsp; 3.19%, 11/15/36<sup>(d)</sup> <br>| 227000 | 192377 |
| &nbsp;&nbsp; 4.93%, 5/15/37<sup>(d)</sup> <br>| 50000 | 49238 |
| &nbsp;&nbsp; 4.90%, 2/15/38 | 35000 | 34257 |
| Intel Corp., |  |  |
| &nbsp;&nbsp; 2.45%, 11/15/29 | 55000 | 51515 |
| &nbsp;&nbsp; 2.00%, 8/12/31 | 65000 | 57168 |
| &nbsp;&nbsp; 2.80%, 8/12/41 | 100000 | 70662 |
| &nbsp;&nbsp; 5.70%, 2/10/53 | 63000 | 59475 |
| Marvell Technology, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 7/15/30 | 26000 | 26320 |
| &nbsp;&nbsp; 2.95%, 4/15/31 | 37000 | 34293 |
| Micron Technology, Inc., |  |  |
| &nbsp;&nbsp; 5.88%, 9/15/33 | 163000 | 173392 |
| &nbsp;&nbsp; 5.80%, 1/15/35 | 59000 | 62526 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
| QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 5/20/32 | $94000 | $95829 |
| &nbsp;&nbsp; 6.00%, 5/20/53 | 46000 | 48250 |
|  |  | **1148497** |
| **Software – 0.3%** | **Software – 0.3%** | **Software – 0.3%** |
| &nbsp;&nbsp; GoTo Group, Inc., 5.50%, <br> 5/01/28<sup>(d)</sup> <br>| 113361 | 94657 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; 2.88%, 3/25/31 | 96000 | 86244 |
| &nbsp;&nbsp; 5.50%, 8/03/35 | 30000 | 29248 |
| &nbsp;&nbsp; 5.88%, 9/26/45 | 80000 | 71927 |
| &nbsp;&nbsp; 4.00%, 11/15/47 | 29000 | 19868 |
| &nbsp;&nbsp; 5.38%, 9/27/54 | 51000 | 40976 |
| &nbsp;&nbsp; 6.00%, 8/03/55 | 53000 | 46389 |
| &nbsp;&nbsp; 5.95%, 9/26/55 | 67000 | 59079 |
| &nbsp;&nbsp; 5.50%, 9/27/64 | 83000 | 65784 |
| &nbsp;&nbsp; 6.10%, 9/26/65 | 14000 | 12197 |
| &nbsp;&nbsp; Workday, Inc., 3.80%, <br> 4/01/32<br>| 121000 | 115576 |
|  |  | **641945** |
| **Specialty Finance – 2.1%** | **Specialty Finance – 2.1%** | **Specialty Finance – 2.1%** |
| &nbsp;&nbsp; Atlas Warehouse <br> Lending Co. L.P.,<br>|  |  |
| &nbsp;&nbsp; 4.63%, 11/15/28<sup>(d)</sup> <br>| 254000 | 255130 |
| &nbsp;&nbsp; 4.95%, 11/15/30<sup>(d)</sup> <br>| 250000 | 251058 |
| Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp; 4.80%, 10/24/30<sup>(d)</sup> <br>| 65000 | 65159 |
| &nbsp;&nbsp; 4.88%, 1/28/33<sup>(d)</sup> <br>| 50000 | 49284 |
| Azorra Finance Ltd., |  |  |
| &nbsp;&nbsp; 7.75%, 4/15/30<sup>(d)</sup> <br>| 215000 | 226264 |
| &nbsp;&nbsp; 7.25%, 1/15/31<sup>(d)</sup> <br>| 414000 | 433598 |
| &nbsp;&nbsp; Burford Capital Global <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp; 7.50%, 7/15/33<sup>(d)</sup> <br>| 204000 | 196949 |
| &nbsp;&nbsp; 8.50%, 1/15/34<sup>(d)</sup> <br>| 265000 | 265596 |
| &nbsp;&nbsp; Equifax, Inc., 5.10%, <br> 6/01/28<br>| 114000 | 116459 |
| &nbsp;&nbsp; Fair Isaac Corp., 6.00%, <br> 5/15/33<sup>(d)</sup> <br>| 541000 | 551244 |
| &nbsp;&nbsp; Freedom Mortgage <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 9.25%, 2/01/29<sup>(d)</sup> <br>| 250000 | 261719 |
| &nbsp;&nbsp; 9.13%, 5/15/31<sup>(d)</sup> <br>| 205000 | 216740 |
| &nbsp;&nbsp; 8.38%, 4/01/32<sup>(d)</sup> <br>| 80000 | 83686 |
| &nbsp;&nbsp; 7.88%, 4/01/33<sup>(d)</sup> <br>| 70000 | 71403 |
| MSCI, Inc., |  |  |
| &nbsp;&nbsp; 3.63%, 9/01/30<sup>(d)</sup> <br>| 62000 | 59259 |
| &nbsp;&nbsp; 3.63%, 11/01/31<sup>(d)</sup> <br>| 66000 | 61972 |
| &nbsp;&nbsp; 5.25%, 9/01/35 | 89000 | 89308 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 5.25%, 2/01/30<sup>(d)</sup> <br>| $78000 | $80347 |
| S&P Global, Inc., |  |  |
| &nbsp;&nbsp; 4.25%, 1/15/31<sup>(d)</sup> <br>| 100000 | 99831 |
| &nbsp;&nbsp; 4.80%, 12/04/35<sup>(d)</sup> <br>| 75000 | 74398 |
| &nbsp;&nbsp; Synchrony Financial, <br> 7.25%, 2/02/33<br>| 401000 | 425893 |
|  |  | **3935297** |
| **Steel – 0.6%** | **Steel – 0.6%** | **Steel – 0.6%** |
| &nbsp;&nbsp; Carpenter <br> Technology Corp., 5.63%, <br> 3/01/34<sup>(d)</sup> <br>| 180000 | 182659 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., <br> 6.88%, 11/01/29<sup>(d)</sup> <br>| 95000 | 98725 |
| Commercial Metals Co., |  |  |
| &nbsp;&nbsp; 4.13%, 1/15/30 | 295000 | 286210 |
| &nbsp;&nbsp; 3.88%, 2/15/31 | 95000 | 90175 |
| &nbsp;&nbsp; 4.38%, 3/15/32 | 235000 | 224573 |
| &nbsp;&nbsp; 5.75%, 11/15/33<sup>(d)</sup> <br>| 53000 | 53885 |
| &nbsp;&nbsp; 6.00%, 12/15/35<sup>(d)</sup> <br>| 77000 | 78671 |
| Nucor Corp., 5.10%, 6/01/35 | 88000 | 89661 |
| &nbsp;&nbsp; Steel Dynamics, Inc., <br> 5.25%, 5/15/35<br>| 90000 | 91403 |
|  |  | **1195962** |
| **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** |
| &nbsp;&nbsp; Cisco Systems, Inc., 4.95%, <br> 2/26/31<br>| 74000 | 76568 |
| &nbsp;&nbsp; Dell <br> International LLC/EMC Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.30%, 4/01/32 | 93000 | 95561 |
| &nbsp;&nbsp; 4.75%, 10/06/32 | 75000 | 74814 |
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co., 4.40%, <br> 10/15/30<br>| 55000 | 54730 |
| &nbsp;&nbsp; Imola Merger Corp., 4.75%, <br> 5/15/29<sup>(d)</sup> <br>| 357000 | 351262 |
| Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp; 4.85%, 8/15/30 | 54000 | 55066 |
| &nbsp;&nbsp; 5.55%, 8/15/35 | 47000 | 48779 |
| &nbsp;&nbsp; Seagate Data Storage <br> Technology Pte. Ltd.,<br>|  |  |
| &nbsp;&nbsp; 4.09%, 6/01/29<sup>(d)</sup> <br>| 90000 | 88216 |
| &nbsp;&nbsp; 8.25%, 12/15/29<sup>(d)</sup> <br>| 95000 | 100346 |
| &nbsp;&nbsp; 5.88%, 7/15/30<sup>(d)</sup> <br>| 235000 | 242092 |
| &nbsp;&nbsp; 4.13%, 1/15/31<sup>(d)</sup> <br>| 116000 | 110514 |
| &nbsp;&nbsp; 9.63%, 12/01/32<sup>(d)</sup> <br>| 3825 | 4324 |
| &nbsp;&nbsp; 5.75%, 12/01/34<sup>(d)</sup> <br>| 45000 | 45959 |
| &nbsp;&nbsp; Zebra Technologies Corp., <br> 6.50%, 6/01/32<sup>(d)</sup> <br>| 321000 | 330642 |
|  |  | **1678873** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Telecommunications – 2.4%** | **Telecommunications – 2.4%** | **Telecommunications – 2.4%** |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp; 4.55%, 11/01/32 | $70000 | $69502 |
| &nbsp;&nbsp; 4.90%, 11/01/35 | 133000 | 130947 |
| &nbsp;&nbsp; 3.50%, 6/01/41 | 119000 | 93525 |
| &nbsp;&nbsp; 5.55%, 11/01/45 | 70000 | 67392 |
| &nbsp;&nbsp; 5.70%, 11/01/54 | 40000 | 38194 |
| &nbsp;&nbsp; 3.55%, 9/15/55 | 211000 | 140142 |
| &nbsp;&nbsp; 3.65%, 9/15/59 | 46000 | 30353 |
| &nbsp;&nbsp; C&W Senior Finance Ltd., <br> 9.00%, 1/15/33<sup>(d)</sup> <br>| 200000 | 208007 |
| EchoStar Corp., |  |  |
| &nbsp;&nbsp; 10.75%, 11/30/29 | 1153598 | 1264597 |
| &nbsp;&nbsp;&nbsp; (100% Cash), 6.75%, <br> 11/30/30<sup>(f)</sup> <br>| 75630 | 76971 |
| &nbsp;&nbsp; Flash Compute LLC, 7.25%, <br> 12/31/30<sup>(d)</sup> <br>| 501000 | 502700 |
| &nbsp;&nbsp; Level 3 Financing, Inc., <br> 4.25%, 7/01/28<sup>(d)</sup> <br>| 300000 | 288750 |
| &nbsp;&nbsp; Sable International <br> Finance Ltd., 7.13%, <br> 10/15/32<sup>(d)</sup> <br>| 200000 | 202199 |
| Sprint Capital Corp., |  |  |
| &nbsp;&nbsp; 6.88%, 11/15/28 | 60000 | 64370 |
| &nbsp;&nbsp; 8.75%, 3/15/32 | 122000 | 147745 |
| T-Mobile U.S.A., Inc., |  |  |
| &nbsp;&nbsp; 3.38%, 4/15/29 | 60000 | 58570 |
| &nbsp;&nbsp; 2.55%, 2/15/31 | 55000 | 50313 |
| &nbsp;&nbsp; 3.50%, 4/15/31 | 116000 | 110796 |
| &nbsp;&nbsp; 5.13%, 5/15/32 | 50000 | 51393 |
| &nbsp;&nbsp; 6.70%, 12/15/33 | 84000 | 93718 |
| &nbsp;&nbsp; 4.95%, 11/15/35 | 50000 | 49565 |
| &nbsp;&nbsp; 5.00%, 2/15/36 | 17000 | 16827 |
| &nbsp;&nbsp; 5.75%, 1/15/54 | 21000 | 20479 |
| &nbsp;&nbsp; 5.25%, 6/15/55 | 24000 | 21717 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.,<br>|  |  |
| &nbsp;&nbsp; 1.75%, 1/20/31 | 20000 | 17643 |
| &nbsp;&nbsp; 2.55%, 3/21/31 | 19000 | 17360 |
| &nbsp;&nbsp; 2.36%, 3/15/32 | 116000 | 102267 |
| &nbsp;&nbsp; 4.75%, 1/15/33 | 156000 | 156042 |
| &nbsp;&nbsp; 6.55%, 9/15/43 | 65000 | 71179 |
| &nbsp;&nbsp; 3.88%, 3/01/52 | 88000 | 65112 |
| &nbsp;&nbsp; WULF Compute LLC, 7.75%, <br> 10/15/30<sup>(d)</sup> <br>| 326000 | 340024 |
|  |  | **4568399** |
| **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.38%, 4/30/30 | 68000 | 68403 |
| &nbsp;&nbsp; 4.75%, 11/01/31 | 59000 | 60111 |
| &nbsp;&nbsp; 5.25%, 2/13/34 | 228000 | 235367 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.88%, 4/30/35 | $88000 | $87934 |
| &nbsp;&nbsp; 4.63%, 10/29/35 | 65000 | 63479 |
|  |  | **515294** |
| **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** |
| &nbsp;&nbsp; American Airlines Pass <br> Through Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, Class AA, <br> 3.60%, 9/22/27<br>| 120981 | 119821 |
| &nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, <br> 3.58%, 1/15/28<br>| 1644 | 1620 |
| &nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, <br> 3.20%, 6/15/28<br>| 32147 | 31453 |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class AA, <br> 3.35%, 10/15/29<br>| 40398 | 39199 |
| &nbsp;&nbsp; Burlington Northern Santa <br> Fe LLC,<br>|  |  |
| &nbsp;&nbsp; 4.40%, 3/15/42 | 68000 | 60822 |
| &nbsp;&nbsp; 4.55%, 9/01/44 | 25000 | 22249 |
| &nbsp;&nbsp; 3.90%, 8/01/46 | 51000 | 40837 |
| &nbsp;&nbsp; 5.20%, 4/15/54 | 55000 | 51815 |
| &nbsp;&nbsp; 5.50%, 3/15/55 | 25000 | 24620 |
| &nbsp;&nbsp; 5.55%, 3/15/56 | 69000 | 68258 |
| CSX Corp., |  |  |
| &nbsp;&nbsp; 4.25%, 11/01/66 | 28000 | 21558 |
| &nbsp;&nbsp; 4.65%, 3/01/68 | 82000 | 67279 |
| &nbsp;&nbsp; Federal Express Corp. Pass <br> Through Trusts, Series <br> 2020-1, Class AA, 1.88%, <br> 2/20/34<br>| 30771 | 26933 |
| FedEx Corp., 4.55%, 4/01/46 | 75000 | 63905 |
| &nbsp;&nbsp; Fedex Freight Holding Co., <br> Inc., 5.25%, 3/15/36<sup>(d)(i)</sup> <br>| 55000 | 54497 |
| &nbsp;&nbsp; Norfolk Southern Corp., <br> 3.95%, 10/01/42<br>| 51000 | 42499 |
| Ryder System, Inc., |  |  |
| &nbsp;&nbsp; 5.38%, 3/15/29 | 9000 | 9306 |
| &nbsp;&nbsp; 5.50%, 6/01/29 | 52000 | 53983 |
| &nbsp;&nbsp; 4.95%, 9/01/29 | 45000 | 46016 |
| &nbsp;&nbsp; Union Pacific Corp., 3.55%, <br> 8/15/39<br>| 22000 | 18732 |
| &nbsp;&nbsp; United Airlines Pass <br> Through Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A, <br> 5.88%, 10/15/27<br>| 24746 | 25360 |
| &nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, <br> 2.88%, 10/07/28<br>| 1807 | 1742 |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, <br> 3.50%, 3/01/30<br>| 28626 | 28164 |
|  |  | **920668** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| Bunge Ltd. Finance Corp., |  |  |  |
| &nbsp;&nbsp; 4.20%, 9/17/29 |  | $16000 | $16019 |
| &nbsp;&nbsp; 4.65%, 9/17/34 |  | 16000 | 15705 |
| &nbsp;&nbsp; 5.15%, 8/04/35 |  | 70000 | 71020 |
| &nbsp;&nbsp; Performance Food <br> Group, Inc., 4.25%, <br> 8/01/29<sup>(d)</sup> <br>|  | 439000 | 429848 |
|  |  |  | **532592** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $83,161,947) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $83,161,947) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $83,161,947) | **83389857** |
| **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%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie B, 6.00%, <br> 5/15/35<br>| BRL | 1974000 | **1562142** |
| &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,513,629) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,513,629) | &nbsp;&nbsp; **Total Foreign Government Inflation-Linked Bonds** <br>(Cost $1,513,629) | **1562142** |
| **Foreign Issuer Bonds – 43.3%** | **Foreign Issuer Bonds – 43.3%** | **Foreign Issuer Bonds – 43.3%** | **Foreign Issuer Bonds – 43.3%** |
| **Angola – 0.8%** | **Angola – 0.8%** | **Angola – 0.8%** | **Angola – 0.8%** |
| &nbsp;&nbsp; Angolan Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 8.25%, 5/09/28 |  | 200000 | 201351 |
| &nbsp;&nbsp; 8.00%, 11/26/29 |  | 200000 | 196153 |
| &nbsp;&nbsp; 9.24%, 1/15/31<sup>(d)</sup> <br>|  | 200000 | 201255 |
| &nbsp;&nbsp; 8.75%, 4/14/32 |  | 265000 | 259218 |
| &nbsp;&nbsp; 9.88%, 10/15/35 |  | 200000 | 201012 |
| &nbsp;&nbsp; 9.38%, 5/08/48 |  | 200000 | 177776 |
| &nbsp;&nbsp; 9.13%, 11/26/49 |  | 200000 | 173107 |
|  |  |  | **1409872** |
| **Argentina – 1.1%** | **Argentina – 1.1%** | **Argentina – 1.1%** | **Argentina – 1.1%** |
| &nbsp;&nbsp; Argentine Republic <br> Government International <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 1.75% on <br> 7/09/27), 0.75%, <br> 7/09/30<sup>(k)</sup> <br>|  | 350132 | 296211 |
| &nbsp;&nbsp;&nbsp; (Step to 4.75% on <br> 7/09/27), 4.13%, <br> 7/09/35<sup>(k)</sup> <br>|  | 510356 | 394760 |
| &nbsp;&nbsp; 5.00%, 1/09/38 |  | 438141 | 352485 |
| &nbsp;&nbsp;&nbsp; (Step to 4.88% on <br> 7/09/29), 3.50%, <br> 7/09/41<sup>(k)</sup> <br>|  | 817477 | 591036 |
| &nbsp;&nbsp;&nbsp; (Step to 4.38% on <br> 7/09/27), 4.13%, <br> 7/09/46<sup>(k)</sup> <br>|  | 178643 | 130856 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Argentina (Continued)** | **Argentina (Continued)** | **Argentina (Continued)** | **Argentina (Continued)** |
| &nbsp;&nbsp; Province of Santa Fe, <br> 8.10%, 12/11/34<sup>(d)</sup> <br>|  | $200000 | $194710 |
| &nbsp;&nbsp; Provincia de Buenos Aires, <br> 6.63%, 9/01/37<br>|  | 138103 | 111518 |
|  |  |  | **2071576** |
| **Australia – 0.5%** | **Australia – 0.5%** | **Australia – 0.5%** | **Australia – 0.5%** |
| &nbsp;&nbsp; BHP Billiton Finance U.S.A. <br> Ltd.,<br>|  |  |  |
| &nbsp;&nbsp; 5.00%, 2/21/30 |  | 81000 | 83436 |
| &nbsp;&nbsp; 5.30%, 2/21/35 |  | 80000 | 82600 |
| &nbsp;&nbsp; 5.75%, 9/05/55 |  | 74000 | 75738 |
| &nbsp;&nbsp; Fortescue Treasury Pty. Ltd., <br> 4.38%, 4/01/31<sup>(d)</sup> <br>|  | 128000 | 123674 |
| &nbsp;&nbsp; Mineral Resources Ltd., <br> 9.25%, 10/01/28<sup>(d)</sup> <br>|  | 455000 | 477936 |
| &nbsp;&nbsp; Woodside Finance Ltd., <br> 5.40%, 5/19/30<br>|  | 83000 | 85407 |
|  |  |  | **928791** |
| **Bahrain – 0.3%** | **Bahrain – 0.3%** | **Bahrain – 0.3%** | **Bahrain – 0.3%** |
| &nbsp;&nbsp; Bahrain Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.75%, 9/20/29 |  | 200000 | 204542 |
| &nbsp;&nbsp; 7.10%, 2/03/38<sup>(d)</sup> <br>|  | 300000 | 299767 |
|  |  |  | **504309** |
| **Belgium – 0.2%** | **Belgium – 0.2%** | **Belgium – 0.2%** | **Belgium – 0.2%** |
| &nbsp;&nbsp; Anheuser-Busch Cos. <br> LLC/Anheuser-Busch <br> InBev Worldwide, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 4.70%, 2/01/36 |  | 156000 | 153842 |
| &nbsp;&nbsp; 4.90%, 2/01/46 |  | 165000 | 152256 |
| &nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide, Inc., 4.95%, <br> 1/15/42<br>|  | 60000 | 57355 |
|  |  |  | **363453** |
| **Brazil – 2.7%** | **Brazil – 2.7%** | **Brazil – 2.7%** | **Brazil – 2.7%** |
| Aegea Finance S.a.r.l., |  |  |  |
| &nbsp;&nbsp; 9.00%, 1/20/31<sup>(d)</sup> <br>|  | 200000 | 212553 |
| &nbsp;&nbsp; 7.63%, 1/20/36<sup>(d)</sup> <br>|  | 200000 | 195184 |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional Serie F, 10.00%, <br> 1/01/31<br>| BRL | 14476000 | 2457219 |
| &nbsp;&nbsp; Brazilian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.00%, 10/20/33 |  | 200000 | 202120 |
| &nbsp;&nbsp; 6.13%, 3/15/34 |  | 200000 | 202180 |
| &nbsp;&nbsp; 6.63%, 3/15/35 |  | 400000 | 411000 |
| &nbsp;&nbsp; 5.00%, 1/27/45 |  | 200000 | 159672 |
| CSN Resources S.A., |  |  |  |
| &nbsp;&nbsp; 8.88%, 12/05/30 |  | 200000 | 192912 |
| &nbsp;&nbsp; 4.63%, 6/10/31<sup>(d)</sup> <br>|  | 200000 | 156803 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** |
| &nbsp;&nbsp; Embraer Netherlands <br> Finance B.V., 5.40%, <br> 1/09/38<br>| $155000 | $152760 |
| &nbsp;&nbsp; Samarco Mineracao S.A., <br> 9.50%, 6/30/31<sup>(d)(f)</sup> <br>| 260947 | 261969 |
| &nbsp;&nbsp; Yinson Bergenia <br> Production B.V., 8.50%, <br> 1/31/45<sup>(d)</sup> <br>| 197340 | 214527 |
| &nbsp;&nbsp; Yinson Boronia Production <br> B.V., 8.95%, 7/31/42<sup>(d)</sup> <br>| 301153 | 334198 |
|  |  | **5153097** |
| **Canada – 2.3%** | **Canada – 2.3%** | **Canada – 2.3%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New Red <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.88%, 1/15/28<sup>(d)</sup> <br>| 435000 | 428510 |
| &nbsp;&nbsp; 4.38%, 1/15/28<sup>(d)</sup> <br>| 98000 | 97421 |
| &nbsp;&nbsp; 3.50%, 2/15/29<sup>(d)</sup> <br>| 40000 | 38549 |
| &nbsp;&nbsp; 6.13%, 6/15/29<sup>(d)</sup> <br>| 110000 | 112768 |
| &nbsp;&nbsp; 5.63%, 9/15/29<sup>(d)</sup> <br>| 10000 | 10169 |
| &nbsp;&nbsp; 4.00%, 10/15/30<sup>(d)</sup> <br>| 500000 | 477063 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.08%), <br> 4.35%, 9/22/31<sup>(h)</sup> <br>| 85000 | 84865 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.97%), 4.44%, <br> 1/14/32<sup>(h)</sup> <br>| 65000 | 64862 |
| &nbsp;&nbsp; Bank of Nova Scotia (The), <br> (SOFR + 1.05%), 4.81%, <br> 2/02/34<sup>(h)(i)</sup> <br>| 55000 | 55059 |
| Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 6/01/28<sup>(d)</sup> <br>| 465000 | 430118 |
| &nbsp;&nbsp; 11.00%, 9/30/28<sup>(d)</sup> <br>| 160000 | 166333 |
| &nbsp;&nbsp; Brookfield Asset <br> Management Ltd., 5.30%, <br> 1/15/36<br>| 70000 | 69901 |
| &nbsp;&nbsp; Canadian National <br> Railway Co., 4.20%, <br> 3/12/31<br>| 105000 | 104640 |
| Cenovus Energy, Inc., |  |  |
| &nbsp;&nbsp; 4.65%, 3/20/31 | 40000 | 39958 |
| &nbsp;&nbsp; 5.40%, 3/20/36 | 75000 | 74908 |
| &nbsp;&nbsp; Jones Deslauriers <br> Insurance <br> Management, Inc., 6.88%, <br> 10/01/33<sup>(d)</sup> <br>| 166000 | 161806 |
| &nbsp;&nbsp; Manulife Financial Corp., <br> 4.99%, 12/11/35<br>| 131000 | 130808 |
| &nbsp;&nbsp; Mattamy Group Corp., <br> 6.00%, 12/15/33<sup>(d)</sup> <br>| 220000 | 216165 |
| Nutrien Ltd., 2.95%, 5/13/30 | 158000 | 149491 |
| &nbsp;&nbsp; Open Text Corp., 3.88%, <br> 12/01/29<sup>(d)</sup> <br>| 136000 | 126232 |
| Open Text Holdings, Inc., |  |  |
| &nbsp;&nbsp; 4.13%, 2/15/30<sup>(d)</sup> <br>| 621000 | 576853 |
| &nbsp;&nbsp; 4.13%, 12/01/31<sup>(d)</sup> <br>| 45000 | 40427 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.08%), <br> 4.65%, 10/18/30<sup>(h)</sup> <br>|  | $87000 | $88265 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 4.70%, <br> 8/06/31<sup>(h)</sup> <br>|  | 78000 | 78999 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.45%), 6.50%, 5/24/86<sup>(h)</sup> <br>|  | 200000 | 199857 |
| &nbsp;&nbsp; Saturn Oil & Gas, Inc., <br> 9.63%, 6/15/29<sup>(d)</sup> <br>|  | 162000 | 165735 |
| &nbsp;&nbsp; Toronto-Dominion Bank <br> (The), 4.93%, 10/15/35<br>|  | 81000 | 80785 |
|  |  |  | **4270547** |
| **Chile – 1.2%** | **Chile – 1.2%** | **Chile – 1.2%** | **Chile – 1.2%** |
| &nbsp;&nbsp; Antofagasta PLC, 6.25%, <br> 5/02/34<sup>(d)</sup> <br>|  | 200000 | 214059 |
| &nbsp;&nbsp; Bonos de la Tesoreria de la <br> Republica en pesos,<br>|  |  |  |
| &nbsp;&nbsp; 5.00%, 10/01/28<sup>(d)</sup> <br>| CLP | 225000000 | 260423 |
| &nbsp;&nbsp; 6.00%, 4/01/33<sup>(d)</sup> <br>| CLP | 140000000 | 167761 |
| &nbsp;&nbsp; 5.00%, 3/01/35 | CLP | 355000000 | 398517 |
| &nbsp;&nbsp; Chile Government <br> International Bond, <br> 4.95%, 1/05/36<br>|  | 200000 | 201090 |
| &nbsp;&nbsp; Corp Nacional del Cobre de <br> Chile,<br>|  |  |  |
| &nbsp;&nbsp; 5.95%, 1/08/34 |  | 300000 | 313916 |
| &nbsp;&nbsp; 6.30%, 9/08/53 |  | 200000 | 204138 |
| &nbsp;&nbsp; Latam Airlines Group S.A., <br> 7.63%, 1/07/31<sup>(d)</sup> <br>|  | 200000 | 209750 |
| &nbsp;&nbsp; Sociedad Quimica y Minera <br> de Chile S.A., (5Y <br> U.S. Treasury CMT + <br> 1.92%), 5.63%, <br> 4/22/56<sup>(d)(h)</sup> <br>|  | 200000 | 199622 |
|  |  |  | **2169276** |
| **China – 0.7%** | **China – 0.7%** | **China – 0.7%** | **China – 0.7%** |
| &nbsp;&nbsp; China Evergrande Group, <br> 8.75%, 6/28/25<sup>(l)</sup> <br>|  | 200000 | 2000 |
| China Government Bond, |  |  |  |
| &nbsp;&nbsp; 2.11%, 8/25/34 | CNY | 1290000 | 191088 |
| &nbsp;&nbsp; 2.57%, 5/20/54 | CNY | 7220000 | 1091172 |
| Kaisa Group Holdings Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp; (100% Cash), 7.72%, <br> 12/28/27<sup>(d)(f)</sup> <br>|  | 7686 | 173 |
| &nbsp;&nbsp; 0.00%, 12/31/27<sup>(d)(e)</sup> <br>|  | 8353 | 26 |
| &nbsp;&nbsp;&nbsp; (100% Cash), 6.25%, <br> 12/28/28<sup>(d)(f)</sup> <br>|  | 10024 | 150 |
| &nbsp;&nbsp; 6.25%, 12/28/28<sup>(d)(f)</sup> <br>|  | 1214 | 18 |
| &nbsp;&nbsp; 0.00%, 12/31/28<sup>(d)(e)</sup> <br>|  | 13365 | 29 |
| &nbsp;&nbsp; 6.50%, 12/28/29<sup>(d)(f)</sup> <br>|  | 18814 | 271 |
| &nbsp;&nbsp; 0.00%, 12/31/29<sup>(d)(e)</sup> <br>|  | 13365 | 102 |
| &nbsp;&nbsp; 6.75%, 12/28/30<sup>(d)(f)</sup> <br>|  | 22676 | 414 |
| &nbsp;&nbsp; 0.00%, 12/31/30<sup>(d)(e)</sup> <br>|  | 16707 | 48 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **China (Continued)** | **China (Continued)** | **China (Continued)** | **China (Continued)** |
| Kaisa Group Holdings Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp; (100% Cash), 7.00%, <br> 12/28/31<sup>(d)(f)</sup> <br>|  | $34166 | $513 |
| &nbsp;&nbsp; 0.00%, 12/31/31<sup>(d)(e)</sup> <br>|  | 16707 | 219 |
| &nbsp;&nbsp; 7.25%, 12/28/32<sup>(d)(f)</sup> <br>|  | 32152 | 405 |
| &nbsp;&nbsp; 0.00%, 12/31/32<sup>(d)(e)</sup> <br>|  | 31520 | 218 |
| Times China Holdings Ltd., |  |  |  |
| &nbsp;&nbsp; 4.00%, 3/30/29<sup>(d)(f)</sup> <br>|  | 18298 | 335 |
| &nbsp;&nbsp; 4.20%, 9/30/32<sup>(d)(f)</sup> <br>|  | 67857 | 848 |
| &nbsp;&nbsp; Yuzhou Group Holdings Co. <br> Ltd.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (100% Cash), 7.00%, <br> 6/30/27<sup>(f)</sup> <br>|  | 16240 | 1624 |
| &nbsp;&nbsp; 4.00%, 6/30/28<sup>(f)</sup> <br>|  | 13634 | 324 |
| &nbsp;&nbsp; 4.50%, 6/30/29<sup>(f)</sup> <br>|  | 23801 | 476 |
| &nbsp;&nbsp; 5.00%, 6/30/30<sup>(f)</sup> <br>|  | 31847 | 637 |
| &nbsp;&nbsp; 5.50%, 6/30/31<sup>(f)</sup> <br>|  | 44786 | 448 |
| &nbsp;&nbsp; 1.00%, 6/30/34<sup>(f)</sup> <br>|  | 11686 | 15 |
|  |  |  | **1291553** |
| **Colombia – 2.6%** | **Colombia – 2.6%** | **Colombia – 2.6%** | **Colombia – 2.6%** |
| &nbsp;&nbsp; Banco Davivienda S.A., (5Y <br> U.S. Treasury CMT + <br> 4.59%), 8.13%, <br> 7/02/35<sup>(d)(h)</sup> <br>|  | 200000 | 208500 |
| &nbsp;&nbsp; Colombia Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 7.38%, 4/25/30 |  | 200000 | 209100 |
| &nbsp;&nbsp; 6.50%, 1/21/33 |  | 310000 | 307040 |
| &nbsp;&nbsp; 7.75%, 11/07/36 |  | 650000 | 679055 |
| &nbsp;&nbsp; 8.38%, 11/07/54 |  | 400000 | 422500 |
| Colombian TES, |  |  |  |
| &nbsp;&nbsp; 7.00%, 6/30/32 | COP | 1173900000 | 240059 |
| &nbsp;&nbsp; 13.25%, 2/09/33 | COP | 1485600000 | 411254 |
| &nbsp;&nbsp; 7.25%, 10/18/34 | COP | 208400000 | 40873 |
| &nbsp;&nbsp; 6.25%, 7/09/36 | COP | 2777800000 | 486685 |
| &nbsp;&nbsp; 9.25%, 5/28/42 | COP | 1969800000 | 415410 |
| Ecopetrol S.A., |  |  |  |
| &nbsp;&nbsp; 7.75%, 2/01/32 |  | 105000 | 107819 |
| &nbsp;&nbsp; 8.38%, 1/19/36 |  | 401000 | 414883 |
| &nbsp;&nbsp; 5.88%, 5/28/45 |  | 195000 | 147360 |
| &nbsp;&nbsp; EnfraGen Energia Sur <br> S.A./EnfraGen Spain <br> S.A./Prime Energia S.p.A., <br> 5.38%, 12/30/30<br>|  | 200000 | 186563 |
| &nbsp;&nbsp; EnfraGen Energia Sur <br> S.A.U./EnfraGen Chile <br> S.p.A./EnfraGen Spain <br> S.A.U., 8.50%, 6/30/32<sup>(d)</sup> <br>|  | 200000 | 207293 |
| &nbsp;&nbsp; Geopark Ltd., 8.75%, <br> 1/31/30<sup>(d)</sup> <br>|  | 200000 | 186656 |
| &nbsp;&nbsp; Termocandelaria Power <br> S.A., 7.75%, 9/17/31<sup>(d)</sup> <br>|  | 200000 | 207464 |
|  |  |  | **4878514** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** |
| &nbsp;&nbsp; Costa Rica Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.55%, 4/03/34<sup>(d)</sup> <br>|  | $200000 | $216524 |
| &nbsp;&nbsp; 7.30%, 11/13/54<sup>(d)</sup> <br>|  | 200000 | 222222 |
|  |  |  | **438746** |
| **Czech Republic – 1.3%** | **Czech Republic – 1.3%** | **Czech Republic – 1.3%** | **Czech Republic – 1.3%** |
| &nbsp;&nbsp; Czech Republic <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.75%, 7/23/29 | CZK | 5050000 | 239856 |
| &nbsp;&nbsp; 0.95%, 5/15/30 | CZK | 10910000 | 475971 |
| &nbsp;&nbsp; 5.00%, 9/30/30 | CZK | 9510000 | 488463 |
| &nbsp;&nbsp; 1.20%, 3/13/31 | CZK | 6210000 | 266659 |
| &nbsp;&nbsp; 1.75%, 6/23/32 | CZK | 5220000 | 222807 |
| &nbsp;&nbsp; 3.50%, 5/30/35 | CZK | 16490000 | 755101 |
|  |  |  | **2448857** |
| **Dominican Republic – 0.6%** | **Dominican Republic – 0.6%** | **Dominican Republic – 0.6%** | **Dominican Republic – 0.6%** |
| &nbsp;&nbsp; Dominican Republic <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.50%, 1/30/30<sup>(d)</sup> <br>|  | 280000 | 272440 |
| &nbsp;&nbsp; 6.00%, 2/22/33 |  | 210000 | 213780 |
| &nbsp;&nbsp; 6.95%, 3/15/37<sup>(d)</sup> <br>|  | 200000 | 213500 |
| &nbsp;&nbsp; 6.85%, 1/27/45 |  | 200000 | 206700 |
| &nbsp;&nbsp; 5.88%, 1/30/60 |  | 250000 | 221875 |
|  |  |  | **1128295** |
| **Ecuador – 0.4%** | **Ecuador – 0.4%** | **Ecuador – 0.4%** | **Ecuador – 0.4%** |
| &nbsp;&nbsp; Ecuador Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 0.00%, 7/31/30<sup>(e)</sup> <br>|  | 105700 | 88788 |
| &nbsp;&nbsp; 8.75%, 1/29/34<sup>(d)</sup> <br>|  | 200000 | 202000 |
| &nbsp;&nbsp; 6.90%, 7/31/35<sup>(d)</sup> <br>|  | 259752 | 236634 |
| &nbsp;&nbsp; 9.25%, 1/29/39<sup>(d)</sup> <br>|  | 200000 | 204500 |
| &nbsp;&nbsp;&nbsp; (Step to 5.50% on <br> 7/31/26), 5.00%, <br> 7/31/40<sup>(k)</sup> <br>|  | 114300 | 94298 |
|  |  |  | **826220** |
| **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** |
| &nbsp;&nbsp; El Salvador Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 8.25%, 4/10/32 |  | 34000 | 36540 |
| &nbsp;&nbsp; 7.63%, 2/01/41 |  | 150000 | 149625 |
|  |  |  | **186165** |
| **France – 0.4%** | **France – 0.4%** | **France – 0.4%** | **France – 0.4%** |
| &nbsp;&nbsp; Banque Federative du <br> Credit Mutuel S.A., 4.54%, <br> 1/15/31<sup>(d)</sup> <br>|  | 200000 | 199538 |
| &nbsp;&nbsp; BNP Paribas S.A., 5.89%, <br> 12/05/34<sup>(d)(j)</sup> <br>|  | 200000 | 212119 |
| &nbsp;&nbsp; Orange S.A., 5.00%, <br> 1/13/36<sup>(d)</sup> <br>|  | 201000 | 199350 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **France (Continued)** | **France (Continued)** | **France (Continued)** | **France (Continued)** |
| &nbsp;&nbsp; TotalEnergies Capital S.A., <br> 5.64%, 4/05/64<br>|  | $50000 | $48699 |
| &nbsp;&nbsp; TotalEnergies Capital U.S.A. <br> LLC,<br>|  |  |  |
| &nbsp;&nbsp; 4.57%, 1/13/33 |  | 57000 | 57012 |
| &nbsp;&nbsp; 4.86%, 1/13/36 |  | 55000 | 54692 |
|  |  |  | **771410** |
| **Gabon – 0.3%** | **Gabon – 0.3%** | **Gabon – 0.3%** | **Gabon – 0.3%** |
| &nbsp;&nbsp; Gabon Government <br> International Bond, <br> 6.63%, 2/06/31<br>|  | 575000 | **489419** |
| **Germany – 0.5%** | **Germany – 0.5%** | **Germany – 0.5%** | **Germany – 0.5%** |
| Deutsche Bank A.G., |  |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 5.30%, <br> 5/09/31<sup>(h)</sup> <br>|  | 150000 | 153704 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.47%, <br> 12/10/31<sup>(h)</sup> <br>|  | 150000 | 149833 |
| &nbsp;&nbsp; EMD Finance LLC, 5.00%, <br> 10/15/35<sup>(d)</sup> <br>|  | 150000 | 149492 |
| &nbsp;&nbsp; ZF North America <br> Capital, Inc.,<br>|  |  |  |
| &nbsp;&nbsp; 6.75%, 4/23/30<sup>(d)</sup> <br>|  | 302000 | 302796 |
| &nbsp;&nbsp; 6.88%, 4/23/32<sup>(d)</sup> <br>|  | 225000 | 224362 |
|  |  |  | **980187** |
| **Ghana – 0.2%** | **Ghana – 0.2%** | **Ghana – 0.2%** | **Ghana – 0.2%** |
| &nbsp;&nbsp; Ghana Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/29<sup>(k)</sup> <br>|  | 70481 | 69202 |
| &nbsp;&nbsp; 0.00%, 1/03/30<sup>(e)</sup> <br>|  | 36446 | 31912 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 7/03/28), 5.00%, <br> 7/03/35<sup>(k)</sup> <br>|  | 237320 | 217270 |
|  |  |  | **318384** |
| **Guatemala – 0.3%** | **Guatemala – 0.3%** | **Guatemala – 0.3%** | **Guatemala – 0.3%** |
| &nbsp;&nbsp; Energuate Trust 2.0, 6.35%, <br> 9/15/35<sup>(d)</sup> <br>|  | 200000 | 199871 |
| &nbsp;&nbsp; Guatemala Government <br> Bond, 6.55%, 2/06/37<sup>(d)</sup> <br>|  | 200000 | 212270 |
| &nbsp;&nbsp; Threelands Energy Ltd. <br> S.a.r.l., 7.45%, 10/20/35<sup>(d)</sup> <br>|  | 200000 | 202980 |
|  |  |  | **615121** |
| **Honduras – 0.1%** | **Honduras – 0.1%** | **Honduras – 0.1%** | **Honduras – 0.1%** |
| &nbsp;&nbsp; Honduras Government <br> International Bond, <br> 8.63%, 11/27/34<sup>(d)</sup> <br>|  | 150000 | **172520** |
| **Hungary – 0.6%** | **Hungary – 0.6%** | **Hungary – 0.6%** | **Hungary – 0.6%** |
| &nbsp;&nbsp; Hungary Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.25%, 10/22/31 | HUF | 59400000 | 158574 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Hungary (Continued)** | **Hungary (Continued)** | **Hungary (Continued)** | **Hungary (Continued)** |
| &nbsp;&nbsp; Hungary Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 2.25%, 4/20/33 | HUF | 116230000 | $277473 |
| &nbsp;&nbsp; 7.00%, 10/24/35 | HUF | 126650000 | 406219 |
| &nbsp;&nbsp; Hungary Government <br> International Bond, <br> 6.00%, 9/26/35<br>|  | $346000 | 356917 |
|  |  |  | **1199183** |
| **India – 2.0%** | **India – 2.0%** | **India – 2.0%** | **India – 2.0%** |
| India Government Bond, |  |  |  |
| &nbsp;&nbsp; 7.17%, 4/17/30 | INR | 3000000 | 33561 |
| &nbsp;&nbsp; 7.18%, 8/14/33 | INR | 125260000 | 1398020 |
| &nbsp;&nbsp; 7.10%, 4/08/34 | INR | 56470000 | 627839 |
| &nbsp;&nbsp; 6.79%, 10/07/34 | INR | 89040000 | 971218 |
| &nbsp;&nbsp; 7.09%, 8/05/54 | INR | 40880000 | 429044 |
| &nbsp;&nbsp; Vedanta Resources <br> Finance II PLC, 9.13%, <br> 10/15/32<sup>(d)</sup> <br>|  | 200000 | 209507 |
|  |  |  | **3669189** |
| **Indonesia – 1.4%** | **Indonesia – 1.4%** | **Indonesia – 1.4%** | **Indonesia – 1.4%** |
| &nbsp;&nbsp; Freeport Indonesia PT, <br> 5.32%, 4/14/32<sup>(d)</sup> <br>|  | 200000 | 203650 |
| &nbsp;&nbsp; Indika Energy Tbk PT, <br> 8.75%, 5/07/29<br>|  | 250000 | 250128 |
| &nbsp;&nbsp; Indonesia Government <br> International Bond, <br> 5.65%, 1/11/53<br>|  | 250000 | 246960 |
| Indonesia Treasury Bond, |  |  |  |
| &nbsp;&nbsp; 6.50%, 7/15/30 | IDR | 11800000000 | 722571 |
| &nbsp;&nbsp; 6.75%, 7/15/35 | IDR | 4330000000 | 264949 |
| &nbsp;&nbsp; 7.13%, 8/15/40 | IDR | 4853000000 | 305410 |
| &nbsp;&nbsp; 7.13%, 8/15/45 | IDR | 1781000000 | 111977 |
| &nbsp;&nbsp; 6.88%, 7/15/54 | IDR | 4170000000 | 252160 |
| &nbsp;&nbsp; Perusahaan Penerbit SBSN <br> Indonesia III, 5.60%, <br> 11/15/33<sup>(d)</sup> <br>|  | 200000 | 209271 |
|  |  |  | **2567076** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| GGAM Finance Ltd., |  |  |  |
| &nbsp;&nbsp; 6.88%, 4/15/29<sup>(d)</sup> <br>|  | 25000 | 25865 |
| &nbsp;&nbsp; 5.88%, 3/15/30<sup>(d)</sup> <br>|  | 240000 | 243672 |
|  |  |  | **269537** |
| **Israel – 0.6%** | **Israel – 0.6%** | **Israel – 0.6%** | **Israel – 0.6%** |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Co. LLC, 6.15%, <br> 2/01/36<br>|  | 61000 | 64170 |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Netherlands III <br> B.V.,<br>|  |  |  |
| &nbsp;&nbsp; 7.88%, 9/15/29 |  | 200000 | 219196 |
| &nbsp;&nbsp; 4.10%, 10/01/46 |  | 917000 | 701498 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Israel (Continued)** | **Israel (Continued)** | **Israel (Continued)** |
| &nbsp;&nbsp; Teva Pharmaceutical <br> Finance Netherlands IV <br> B.V., 5.75%, 12/01/30<br>| $200000 | $207097 |
|  |  | **1191961** |
| **Italy – 0.1%** | **Italy – 0.1%** | **Italy – 0.1%** |
| Fibercop S.p.A., |  |  |
| &nbsp;&nbsp; 6.38%, 11/15/33<sup>(d)</sup> <br>| 59000 | 59753 |
| &nbsp;&nbsp; 6.00%, 9/30/34<sup>(d)</sup> <br>| 9000 | 8740 |
| &nbsp;&nbsp; 7.20%, 7/18/36<sup>(d)</sup> <br>| 59000 | 59697 |
|  |  | **128190** |
| **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
| &nbsp;&nbsp; Ivory Coast Government <br> International Bond, <br> 5.75%, 12/31/32<br>| 125083 | **124846** |
| **Jamaica – 0.2%** | **Jamaica – 0.2%** | **Jamaica – 0.2%** |
| &nbsp;&nbsp; Digicel International <br> Finance Ltd./Difl U.S. LLC, <br> 8.63%, 8/01/32<sup>(d)</sup> <br>| 200000 | 207945 |
| &nbsp;&nbsp; Montego Bay Airport <br> Revenue Finance Ltd., <br> 6.60%, 6/15/35<sup>(d)</sup> <br>| 200000 | 199840 |
|  |  | **407785** |
| **Japan – 0.7%** | **Japan – 0.7%** | **Japan – 0.7%** |
| &nbsp;&nbsp; Honda Motor Co. Ltd., <br> 4.69%, 7/08/30<br>| 99000 | 100075 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.27%), 5.62%, 4/24/36<sup>(h)</sup> <br>| 200000 | 208950 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 0.90%), 5.06%, 1/14/37<sup>(h)</sup> <br>| 200000 | 199723 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd., <br> 4.35%, 9/17/27<sup>(d)</sup> <br>| 201000 | 198811 |
| &nbsp;&nbsp; NTT Finance Corp., 5.17%, <br> 7/16/32<sup>(d)</sup> <br>| 200000 | 205293 |
| &nbsp;&nbsp; SoftBank Corp., 5.33%, <br> 7/09/35<sup>(d)</sup> <br>| 200000 | 200306 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. <br> Ltd., 5.30%, 7/05/34<br>| 200000 | 205499 |
|  |  | **1318657** |
| **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** | **Kazakhstan – 0.1%** |
| &nbsp;&nbsp; ForteBank JSC, 7.75%, <br> 2/04/30<sup>(d)</sup> <br>| 200000 | **206652** |
| **Kenya – 0.2%** | **Kenya – 0.2%** | **Kenya – 0.2%** |
| &nbsp;&nbsp; Republic of Kenya <br> Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp; 8.80%, 10/09/38 | 200000 | 202277 |
| &nbsp;&nbsp; 8.25%, 2/28/48 | 200000 | 191941 |
|  |  | **394218** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Kuwait – 0.1%** | **Kuwait – 0.1%** | **Kuwait – 0.1%** | **Kuwait – 0.1%** |
| &nbsp;&nbsp; Kuwait International <br> Government Bond, 4.65%, <br> 10/09/35<sup>(d)</sup> <br>|  | $200000 | **$197181** |
| **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** | **Lebanon – 0.1%** |
| &nbsp;&nbsp; Lebanon Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.10%, 10/04/22<sup>(l)</sup> <br>|  | 200000 | 58400 |
| &nbsp;&nbsp; 6.00%, 1/27/23<sup>(l)</sup> <br>|  | 245000 | 71565 |
| &nbsp;&nbsp; 6.65%, 4/22/24<sup>(l)</sup> <br>|  | 178000 | 51620 |
| &nbsp;&nbsp; 6.20%, 2/26/25<sup>(l)</sup> <br>|  | 139000 | 40990 |
|  |  |  | **222575** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp; Altice Financing S.A., <br> 5.00%, 1/15/28<sup>(d)</sup> <br>|  | 240000 | **174235** |
| **Malaysia – 1.8%** | **Malaysia – 1.8%** | **Malaysia – 1.8%** | **Malaysia – 1.8%** |
| &nbsp;&nbsp; Malaysia Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.73%, 6/15/28 | MYR | 1610000 | 414822 |
| &nbsp;&nbsp; 3.89%, 8/15/29 | MYR | 2583000 | 670792 |
| &nbsp;&nbsp; 4.76%, 4/07/37 | MYR | 2369000 | 661284 |
| &nbsp;&nbsp; 4.89%, 6/08/38 | MYR | 2185000 | 617056 |
| &nbsp;&nbsp; 4.05%, 4/18/39 | MYR | 1259000 | 328437 |
| &nbsp;&nbsp; 3.76%, 5/22/40 | MYR | 778000 | 196661 |
| &nbsp;&nbsp; 4.18%, 5/16/44 | MYR | 319000 | 83702 |
| &nbsp;&nbsp; Malaysia Government <br> Investment Issue, 3.47%, <br> 10/15/30<br>| MYR | 1720000 | 439611 |
|  |  |  | **3412365** |
| **Mexico – 2.4%** | **Mexico – 2.4%** | **Mexico – 2.4%** | **Mexico – 2.4%** |
| &nbsp;&nbsp; Cemex S.A.B. de C.V., (5Y <br> U.S. Treasury CMT + <br> 3.52%), 7.20%, <br> 6/10/30<sup>(d)(g)(h)</sup> <br>|  | 200000 | 209700 |
| &nbsp;&nbsp; Grupo Televisa S.A.B., <br> 6.13%, 1/31/46<br>|  | 200000 | 157399 |
| Mexican Bonos, |  |  |  |
| &nbsp;&nbsp; 7.75%, 5/29/31 | MXN | 4748600 | 265448 |
| &nbsp;&nbsp; 7.50%, 5/26/33 | MXN | 13813800 | 746950 |
| &nbsp;&nbsp; 7.75%, 11/23/34 | MXN | 11849900 | 640538 |
| &nbsp;&nbsp; 10.00%, 11/20/36 | MXN | 5754400 | 356692 |
| &nbsp;&nbsp; 8.50%, 11/18/38 | MXN | 10499200 | 576403 |
| &nbsp;&nbsp; 7.75%, 11/13/42 | MXN | 5936800 | 296818 |
| &nbsp;&nbsp; Mexico Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.35%, 2/09/35 |  | 400000 | 415880 |
| &nbsp;&nbsp; 6.88%, 5/13/37 |  | 500000 | 528625 |
| &nbsp;&nbsp; Orbia Advance Corp. S.A.B. <br> de C.V., 5.88%, 9/17/44<br>|  | 200000 | 164630 |
| Petroleos Mexicanos, |  |  |  |
| &nbsp;&nbsp; 5.95%, 1/28/31 |  | 50000 | 48776 |
| &nbsp;&nbsp; 6.70%, 2/16/32 |  | 27000 | 26956 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** | **Mexico (Continued)** |
| Petroleos Mexicanos, |  |  |  |
| &nbsp;&nbsp; 6.63%, 6/15/35 |  | $39000 | $37160 |
| &nbsp;&nbsp; 6.38%, 1/23/45 |  | 12000 | 9761 |
| &nbsp;&nbsp; 6.75%, 9/21/47 |  | 44000 | 36281 |
| &nbsp;&nbsp; 7.69%, 1/23/50 |  | 20000 | 17992 |
|  |  |  | **4536009** |
| **Mongolia – 0.1%** | **Mongolia – 0.1%** | **Mongolia – 0.1%** | **Mongolia – 0.1%** |
| &nbsp;&nbsp; Mongolian Mining Corp., <br> 8.44%, 4/03/30<br>|  | 200000 | **206457** |
| **Morocco – 0.2%** | **Morocco – 0.2%** | **Morocco – 0.2%** | **Morocco – 0.2%** |
| OCP S.A., 6.70%, 3/01/36 |  | 375000 | **397411** |
| **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** |
| &nbsp;&nbsp; Equinor ASA, 4.75%, <br> 11/14/35<br>|  | 130000 | **129048** |
| **Panama – 0.3%** | **Panama – 0.3%** | **Panama – 0.3%** | **Panama – 0.3%** |
| &nbsp;&nbsp; Panama Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.16%, 1/23/30 |  | 200000 | 187360 |
| &nbsp;&nbsp; 7.88%, 3/01/57 |  | 325000 | 373961 |
|  |  |  | **561321** |
| **Peru – 0.8%** | **Peru – 0.8%** | **Peru – 0.8%** | **Peru – 0.8%** |
| &nbsp;&nbsp; Banco de Credito del Peru <br> S.A., (5Y U.S. Treasury <br> CMT + 2.24%), 5.80%, <br> 3/10/35<sup>(d)(h)</sup> <br>|  | 200000 | 203400 |
| &nbsp;&nbsp; Peru Government Bond, <br> 6.85%, 8/12/35<sup>(d)</sup> <br>| PEN | 2300000 | 735731 |
| &nbsp;&nbsp; Peruvian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 5.38%, 2/08/35 |  | 210000 | 213885 |
| &nbsp;&nbsp; 6.55%, 3/14/37 |  | 79000 | 86797 |
| &nbsp;&nbsp; 6.20%, 6/30/55 |  | 90000 | 91998 |
| &nbsp;&nbsp; Volcan Cia Minera S.A.A., <br> 8.50%, 10/28/32<sup>(d)</sup> <br>|  | 200000 | 206980 |
|  |  |  | **1538791** |
| **Philippines – 0.2%** | **Philippines – 0.2%** | **Philippines – 0.2%** | **Philippines – 0.2%** |
| &nbsp;&nbsp; Philippine Government <br> International Bond, <br> 5.50%, 1/17/48<br>|  | 400000 | **394188** |
| **Poland – 1.8%** | **Poland – 1.8%** | **Poland – 1.8%** | **Poland – 1.8%** |
| &nbsp;&nbsp; Bank Gospodarstwa <br> Krajowego, 5.75%, <br> 7/09/34<sup>(d)</sup> <br>|  | 200000 | 210087 |
| &nbsp;&nbsp; Republic of Poland <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 1.25%, 10/25/30 | PLN | 2014000 | 495299 |
| &nbsp;&nbsp; 1.75%, 4/25/32 | PLN | 3728000 | 891182 |
| &nbsp;&nbsp; 5.00%, 10/25/34 | PLN | 2752000 | 776793 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Poland (Continued)** | **Poland (Continued)** | **Poland (Continued)** | **Poland (Continued)** |
| &nbsp;&nbsp; Republic of Poland <br> Government International <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.63%, 3/18/29 |  | $357000 | $363617 |
| &nbsp;&nbsp; 4.88%, 2/12/30 |  | 174000 | 178839 |
| &nbsp;&nbsp; 5.50%, 3/18/54 |  | 403000 | 382297 |
|  |  |  | **3298114** |
| **Romania – 1.6%** | **Romania – 1.6%** | **Romania – 1.6%** | **Romania – 1.6%** |
| &nbsp;&nbsp; Romania Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 5.00%, 2/12/29 | RON | 470000 | 106115 |
| &nbsp;&nbsp; 7.35%, 4/28/31 | RON | 1605000 | 390548 |
| &nbsp;&nbsp; 6.70%, 2/25/32 | RON | 955000 | 225024 |
| &nbsp;&nbsp; 7.20%, 10/30/33 | RON | 545000 | 131414 |
| &nbsp;&nbsp; 4.75%, 10/11/34 | RON | 780000 | 159651 |
| &nbsp;&nbsp; Romanian Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 6.63%, 2/17/28<sup>(d)</sup> <br>|  | 110000 | 114581 |
| &nbsp;&nbsp; 5.88%, 1/30/29<sup>(d)</sup> <br>|  | 268000 | 276596 |
| &nbsp;&nbsp; 5.75%, 9/16/30<sup>(d)</sup> <br>|  | 260000 | 268177 |
| &nbsp;&nbsp; 7.13%, 1/17/33<sup>(d)</sup> <br>|  | 308000 | 336352 |
| &nbsp;&nbsp; 6.38%, 1/30/34<sup>(d)</sup> <br>|  | 288000 | 299786 |
| &nbsp;&nbsp; 5.75%, 3/24/35 |  | 68000 | 67440 |
| &nbsp;&nbsp; 7.50%, 2/10/37 |  | 96000 | 106621 |
| &nbsp;&nbsp; 4.00%, 2/14/51 |  | 104000 | 72520 |
| &nbsp;&nbsp; 7.63%, 1/17/53<sup>(d)</sup> <br>|  | 320000 | 355960 |
|  |  |  | **2910785** |
| **Saudi Arabia – 1.2%** | **Saudi Arabia – 1.2%** | **Saudi Arabia – 1.2%** | **Saudi Arabia – 1.2%** |
| &nbsp;&nbsp; Avilease Capital Ltd., <br> 4.75%, 11/12/30<sup>(d)</sup> <br>|  | 200000 | 198578 |
| Saudi Arabian Oil Co., |  |  |  |
| &nbsp;&nbsp; 2.25%, 11/24/30 |  | 200000 | 180236 |
| &nbsp;&nbsp; 5.25%, 7/17/34<sup>(d)</sup> <br>|  | 404000 | 411295 |
| &nbsp;&nbsp; Saudi Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.38%, 1/12/31<sup>(d)</sup> <br>|  | 401000 | 399123 |
| &nbsp;&nbsp; 5.00%, 1/16/34 |  | 830000 | 841769 |
| &nbsp;&nbsp; 3.75%, 3/05/37<sup>(d)</sup> <br>| EUR | 200000 | 233714 |
|  |  |  | **2264715** |
| **Senegal – 0.3%** | **Senegal – 0.3%** | **Senegal – 0.3%** | **Senegal – 0.3%** |
| &nbsp;&nbsp; Senegal Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 7.75%, 6/10/31 |  | 434000 | 263161 |
| &nbsp;&nbsp; 6.25%, 5/23/33 |  | 400000 | 230329 |
|  |  |  | **493490** |
| **South Africa – 2.2%** | **South Africa – 2.2%** | **South Africa – 2.2%** | **South Africa – 2.2%** |
| &nbsp;&nbsp; Eskom Holdings, 8.45%, <br> 8/10/28<br>|  | 400000 | 429088 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** |
| &nbsp;&nbsp; Republic of South Africa <br> Government Bond,<br>|  |  |  |
| &nbsp;&nbsp; 7.00%, 2/28/31 | ZAR | 5411193 | $329157 |
| &nbsp;&nbsp; 8.25%, 3/31/32 | ZAR | 5528933 | 351957 |
| &nbsp;&nbsp; 8.88%, 2/28/35 | ZAR | 12756786 | 831903 |
| &nbsp;&nbsp; 8.50%, 1/31/37 | ZAR | 12160510 | 755999 |
| &nbsp;&nbsp; 9.00%, 1/31/40 | ZAR | 6206227 | 392488 |
| &nbsp;&nbsp; 8.75%, 1/31/44 | ZAR | 7461447 | 454468 |
| &nbsp;&nbsp; Republic of South Africa <br> Government International <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 4.85%, 9/30/29 |  | $100000 | 99694 |
| &nbsp;&nbsp; 5.65%, 9/27/47 |  | 250000 | 206583 |
| &nbsp;&nbsp; 7.25%, 12/11/55<sup>(d)</sup> <br>|  | 250000 | 242713 |
|  |  |  | **4094050** |
| **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** | **Spain – 0.1%** |
| &nbsp;&nbsp; Banco Santander S.A., <br> 5.44%, 7/15/31<br>|  | 200000 | **209570** |
| **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** | **Sri Lanka – 0.2%** |
| &nbsp;&nbsp; Sri Lanka Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 3.35% on <br> 7/15/27), 3.10%, <br> 1/15/30<sup>(d)(k)</sup> <br>|  | 108618 | 107050 |
| &nbsp;&nbsp;&nbsp; (Step to 3.85% on <br> 11/15/27), 3.60%, <br> 5/15/36<sup>(d)(k)</sup> <br>|  | 245179 | 242174 |
| &nbsp;&nbsp;&nbsp; (Step to 3.85% on <br> 8/15/27), 3.60%, <br> 2/15/38<sup>(k)</sup> <br>|  | 60000 | 59400 |
|  |  |  | **408624** |
| **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** | **Supranational – 0.1%** |
| &nbsp;&nbsp; Banque Ouest Africaine de <br> Developpement, 6.25%, <br> 10/14/40<sup>(d)</sup> <br>| EUR | 165000 | **190746** |
| **Sweden – 0.1%** | **Sweden – 0.1%** | **Sweden – 0.1%** | **Sweden – 0.1%** |
| EQT AB, 5.85%, 5/08/35<sup>(d)</sup> <br>|  | 200000 | **205832** |
| **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** | **Switzerland – 0.1%** |
| &nbsp;&nbsp; Tyco Electronics Group <br> S.A., 4.88%, 2/09/36<sup>(i)</sup> <br>|  | 82000 | 81628 |
| &nbsp;&nbsp; UBS Group A.G., (SOFR + <br> 1.29%), 4.84%, <br> 11/06/33<sup>(d)(h)</sup> <br>|  | 200000 | 200090 |
|  |  |  | **281718** |
| **Thailand – 0.8%** | **Thailand – 0.8%** | **Thailand – 0.8%** | **Thailand – 0.8%** |
| &nbsp;&nbsp; Thailand Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.39%, 6/17/37 | THB | 14769000 | 529015 |
| &nbsp;&nbsp; 3.30%, 6/17/38 | THB | 4435000 | 156889 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup> | **Value** |
| **Thailand (Continued)** | **Thailand (Continued)** | **Thailand (Continued)** | **Thailand (Continued)** |
| &nbsp;&nbsp; Thailand Government <br> Bond,<br>|  |  |  |
| &nbsp;&nbsp; 3.45%, 6/17/43 | THB | 14027000 | $491579 |
| &nbsp;&nbsp; 2.98%, 6/17/45 | THB | 10800000 | 352945 |
|  |  |  | **1530428** |
| **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** | **Trinidad and Tobago – 0.1%** |
| &nbsp;&nbsp; Port of Spain Waterfront <br> Development, 7.88%, <br> 2/19/40<sup>(d)</sup> <br>|  | $193333 | **194783** |
| **Turkey – 1.8%** | **Turkey – 1.8%** | **Turkey – 1.8%** | **Turkey – 1.8%** |
| &nbsp;&nbsp; Akbank T.A.S., (5Y <br> U.S. Treasury CMT + <br> 5.27%), 9.37%, <br> 3/14/29<sup>(d)(g)(h)</sup> <br>|  | 200000 | 208228 |
| &nbsp;&nbsp; Aydem Yenilenebilir Enerji <br> A.S., 9.88%, 9/30/30<br>|  | 200000 | 200693 |
| &nbsp;&nbsp; Istanbul Metropolitan <br> Municipality, 10.50%, <br> 12/06/28<sup>(d)</sup> <br>|  | 200000 | 219616 |
| &nbsp;&nbsp; Limak Cimento Sanayi ve <br> Ticaret AS, 9.75%, 7/25/29<br>|  | 200000 | 203481 |
| &nbsp;&nbsp; TC Ziraat Bankasi A.S., (5Y <br> U.S. Treasury CMT + <br> 4.62%), 8.38%, <br> 11/05/30<sup>(d)(g)(h)</sup> <br>|  | 225000 | 228391 |
| &nbsp;&nbsp; Turkiye Government Bond, <br> 37.84%, 7/14/27<br>| TRY | 66416734 | 1626459 |
| &nbsp;&nbsp; Turkiye Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp; 9.38%, 3/14/29 |  | 200000 | 223112 |
| &nbsp;&nbsp; 6.88%, 1/14/38 |  | 200000 | 198080 |
| &nbsp;&nbsp; Zorlu Enerji Elektrik Uretim <br> A.S., 11.00%, 4/23/30<sup>(d)</sup> <br>|  | 200000 | 186333 |
|  |  |  | **3294393** |
| **Ukraine – 0.8%** | **Ukraine – 0.8%** | **Ukraine – 0.8%** | **Ukraine – 0.8%** |
| &nbsp;&nbsp; Ukraine Government <br> International Bond,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/29<sup>(k)</sup> <br>|  | 63000 | 48893 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 28.48%, <br> 2/01/30<sup>(k)</sup> <br>|  | 123100 | 78092 |
| &nbsp;&nbsp;&nbsp; (Step to 5.50% on <br> 2/01/27), 4.00%, <br> 2/01/32<sup>(d)(k)</sup> <br>|  | 280900 | 223877 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 26.76%, <br> 2/01/34<sup>(d)(k)</sup> <br>|  | 264749 | 129233 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/34<sup>(d)(k)</sup> <br>|  | 330761 | 208296 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Ukraine (Continued)** | **Ukraine (Continued)** | **Ukraine (Continued)** |
| &nbsp;&nbsp; Ukraine Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 21.67%, <br> 2/01/35<sup>(k)</sup> <br>| $147902 | $83602 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 21.67%, <br> 2/01/35<sup>(d)(k)</sup> <br>| 66550 | 37618 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/35<sup>(d)(k)</sup> <br>| 412202 | 254997 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 21.31%, <br> 2/01/36<sup>(k)</sup> <br>| 347447 | 195595 |
| &nbsp;&nbsp;&nbsp; (Step to 3.00% on <br> 2/01/27), 23.54%, <br> 2/01/36<sup>(d)(k)</sup> <br>| 95796 | 53928 |
| &nbsp;&nbsp;&nbsp; (Step to 6.00% on <br> 2/01/27), 4.50%, <br> 2/01/36<sup>(d)(k)</sup> <br>| 196636 | 119601 |
|  |  | **1433732** |
| **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** |
| Adnoc Murban Rsc Ltd., |  |  |
| &nbsp;&nbsp; 4.50%, 9/11/34<sup>(d)</sup> <br>| 400000 | 392666 |
| &nbsp;&nbsp; 5.13%, 9/11/54<sup>(d)</sup> <br>| 225000 | 209199 |
| &nbsp;&nbsp; Galaxy Pipeline Assets <br> Bidco Ltd.,<br>|  |  |
| &nbsp;&nbsp; 2.63%, 3/31/36<sup>(d)</sup> <br>| 200000 | 176036 |
| &nbsp;&nbsp; 2.94%, 9/30/40<sup>(d)</sup> <br>| 194936 | 165173 |
| MDGH GMTN RSC Ltd., |  |  |
| &nbsp;&nbsp; 5.50%, 4/28/33 | 200000 | 209689 |
| &nbsp;&nbsp; 5.88%, 5/01/34 | 200000 | 215320 |
|  |  | **1368083** |
| **United Kingdom – 1.3%** | **United Kingdom – 1.3%** | **United Kingdom – 1.3%** |
| &nbsp;&nbsp; Ardonagh Finco Ltd., <br> 7.75%, 2/15/31<sup>(d)</sup> <br>| 740000 | 764996 |
| &nbsp;&nbsp; Avianca Midco 2 PLC, <br> 9.50%, 1/28/31<sup>(d)</sup> <br>| 200000 | 204000 |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp; 4.63%, 3/22/33 | 80000 | 79267 |
| &nbsp;&nbsp; 7.08%, 8/02/43 | 41000 | 46027 |
| &nbsp;&nbsp; 3.98%, 9/25/50 | 50000 | 36877 |
| &nbsp;&nbsp; Global Auto <br> Holdings Ltd./AAG FH <br> UK Ltd.,<br>|  |  |
| &nbsp;&nbsp; 8.38%, 1/15/29<sup>(d)</sup> <br>| 400000 | 397588 |
| &nbsp;&nbsp; 11.50%, 8/15/29<sup>(d)</sup> <br>| 200000 | 212000 |
| &nbsp;&nbsp; Howden UK Refinance <br> PLC/Howden UK <br> Refinance 2 PLC/Howden <br> U.S. Refinance LLC, 8.13%, <br> 2/15/32<sup>(d)</sup> <br>| 225000 | 229261 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| &nbsp;&nbsp; Lloyds Banking Group PLC, <br> (1Y U.S. Treasury CMT + <br> 0.97%), 4.94%, 11/04/36<sup>(h)</sup> <br>| $200000 | $196970 |
| &nbsp;&nbsp; National Grid PLC, 5.60%, <br> 6/12/28<br>| 45000 | 46520 |
| &nbsp;&nbsp; Santander UK Group <br> Holdings PLC, (SOFR <br> Index + 1.52%), 5.69%, <br> 4/15/31<sup>(h)</sup> <br>| 200000 | 208561 |
| &nbsp;&nbsp; Smith & Nephew PLC, <br> 2.03%, 10/14/30<br>| 75000 | 67501 |
|  |  | **2489568** |
| **Uruguay – 0.2%** | **Uruguay – 0.2%** | **Uruguay – 0.2%** |
| &nbsp;&nbsp; Uruguay Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 5.44%, 2/14/37 | 200000 | 206320 |
| &nbsp;&nbsp; 4.98%, 4/20/55 | 246832 | 222457 |
|  |  | **428777** |
| **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** | **Uzbekistan – 0.2%** |
| &nbsp;&nbsp; Republic of Uzbekistan <br> International Bond, <br> 3.90%, 10/19/31<br>| 200000 | 185669 |
| &nbsp;&nbsp; Uzbekneftegaz JSC, 8.75%, <br> 5/07/30<sup>(d)</sup> <br>| 200000 | 216306 |
|  |  | **401975** |
| **Venezuela – 0.5%** | **Venezuela – 0.5%** | **Venezuela – 0.5%** |
| &nbsp;&nbsp; Petroleos de Venezuela <br> S.A.,<br>|  |  |
| &nbsp;&nbsp; 9.00%, 11/17/21<sup>(l)</sup> <br>| 185101 | 66174 |
| &nbsp;&nbsp; 6.00%, 5/16/24<sup>(l)</sup> <br>| 340653 | 103218 |
| &nbsp;&nbsp; 5.38%, 4/12/27<sup>(l)</sup> <br>| 361000 | 104690 |
| &nbsp;&nbsp; Venezuela Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp; 7.75%, 10/13/19<sup>(l)</sup> <br>| 93400 | 32232 |
| &nbsp;&nbsp; 8.25%, 10/13/24<sup>(l)</sup> <br>| 259100 | 94598 |
| &nbsp;&nbsp; 9.25%, 9/15/27<sup>(l)</sup> <br>| 293700 | 125586 |
| &nbsp;&nbsp; 9.25%, 5/07/28<sup>(l)</sup> <br>| 494800 | 199206 |
| &nbsp;&nbsp; 11.95%, 8/05/31<sup>(l)</sup> <br>| 290700 | 127210 |
|  |  | **852914** |
| **Zambia – 0.1%** | **Zambia – 0.1%** | **Zambia – 0.1%** |
| &nbsp;&nbsp; Zambia Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (Step to 7.50% on <br> 6/30/31), 5.75%, <br> 6/30/33<sup>(k)</sup> <br>| 47373 | 46297 |
| &nbsp;&nbsp; 0.50%, 12/31/53 | 77000 | 55339 |
|  |  | **101636** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $77,318,055) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $77,318,055) | **81117120** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Mortgage-Backed Securities – 0.1%** | **Mortgage-Backed Securities – 0.1%** | **Mortgage-Backed Securities – 0.1%** |
| **Commercial Mortgage-Backed Securities – 0.1%** | **Commercial Mortgage-Backed Securities – 0.1%** | **Commercial Mortgage-Backed Securities – 0.1%** |
| &nbsp;&nbsp; GS Mortgage Securities <br> Trust, <br>Series 2014-GC22, <br> Class D, 4.57%, <br> 6/10/47<sup>(d)(m)</sup> <br>| $50000 | $6499 |
| &nbsp;&nbsp; Morgan Stanley Bank of <br> America Merrill Lynch <br> Trust, <br>Series 2013-C11, Class B, <br> 4.08%, 8/15/46<sup>(m)</sup> <br>| 110000 | 68476 |
| &nbsp;&nbsp; MSBAM Commercial <br> Mortgage Securities <br> Trust, <br>Series 2012-CKSV, <br> Class C, 4.28%, <br> 10/15/30<sup>(d)(m)</sup> <br>| 100000 | 45002 |
| &nbsp;&nbsp; WFRBS Commercial <br> Mortgage Trust, <br>Series 2011-C3, Class D, <br> 5.85%, 3/15/44<sup>(d)(m)</sup> <br>| 56647 | 20394 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $272,645) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $272,645) | **140371** |
| **Term Loans – 2.2%**<sup>(j)</sup>  | **Term Loans – 2.2%**<sup>(j)</sup>  | **Term Loans – 2.2%**<sup>(j)</sup>  |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| &nbsp;&nbsp; Inception Holdco S.a.r.l. <br> Facility B-9, (3M USD CME <br> Term SOFR + 3.25%), <br> 6.92%, 4/18/31<br>| 203474 | **204491** |
| **Automotive – 0.0%**<sup>(a)</sup> | **Automotive – 0.0%**<sup>(a)</sup> | **Automotive – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; First Brands Group LLC, <br> 2021 Term Loan, (1M USD <br> CME Term SOFR + 7.00%, <br> 1.00% Floor), 10.81%, <br> 3/30/27<br>| 50462 | 135 |
| &nbsp;&nbsp; First Brands Group LLC, DIP <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1M USD CME Term SOFR <br> + 1.55%, 1.00% Floor), <br> 5.24%, 6/29/26<br>| 21804 | 2944 |
| &nbsp;&nbsp; 6/29/26<sup>(n)</sup> <br>| 11152 | 1505 |
| &nbsp;&nbsp; First Brands Group LLC, <br> Incremental Term Loan <br> Senior Secured, 3/30/27<sup>(n)</sup> <br>| 65578 | 175 |
| &nbsp;&nbsp; First Brands Group LLC, <br> Roll-up Loan, (1M USD <br> CME Term SOFR + 7.00%, <br> 1.00% Floor), 10.69%, <br> 6/29/26<br>| 1149 | 5 |
|  |  | **4764** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp; Dechra Pharmaceuticals <br> Holdings Ltd., Facility B-1, <br> (6M USD CME Term SOFR <br> + 3.00%), 6.64%, 1/27/32<br>| $129317 | **$129704** |
| **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** | **Consumer Cyclical – 0.2%** |
| &nbsp;&nbsp; Horizon Midco 2 Ltd., Term <br> B Loan, (6M USD CME <br> Term SOFR + 4.50%), <br> 8.20%, 10/31/31<br>| 311937 | **305699** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| &nbsp;&nbsp; GrafTech Global <br> Enterprises, Inc., Delayed <br> Draw Term Loan, <br> 12/21/29<sup>(n)(o)</sup> <br>| 70299 | 71295 |
| &nbsp;&nbsp; GrafTech Global <br> Enterprises, Inc., Term <br> Loan, (3M USD CME Term <br> SOFR + 6.00%, 2.00% <br> Floor), 9.67%, 12/21/29<br>| 123022 | 124765 |
|  |  | **196060** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| &nbsp;&nbsp; Hanger, Inc., Delayed Draw <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1M USD CME Term SOFR <br> + 3.50%), 7.17%, <br> 10/23/31<br>| 7758 | 7771 |
| &nbsp;&nbsp; 10/23/31<sup>(n)(o)</sup> <br>| 11219 | 11237 |
| &nbsp;&nbsp; Hanger, Inc., Initial Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%), 7.17%, <br> 10/23/31<br>| 103529 | 103702 |
| &nbsp;&nbsp; IVC Acquisition Ltd., <br> Facility B-12, (3M USD <br> CME Term SOFR + 3.75%), <br> 7.42%, 12/12/28<br>| 104265 | 104213 |
| &nbsp;&nbsp; U.S. Fertility <br> Enterprises LLC, Delayed <br> Draw Term Loan, <br> 12/30/32<sup>(n)(o)</sup> <br>| 43421 | 43573 |
| &nbsp;&nbsp; U.S. Fertility <br> Enterprises LLC, Initial <br> Term Loan, (3M USD CME <br> Term SOFR + 3.50%), <br> 7.17%, 12/30/32<br>| 286579 | 287582 |
|  |  | **558078** |
| **Home Construction – 0.0%**<sup>(a)</sup> | **Home Construction – 0.0%**<sup>(a)</sup> | **Home Construction – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Chariot Buyer LLC, <br> Refinancing Term Loan, <br> 9/08/32<sup>(n)</sup> <br>| 80000 | **79882** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| &nbsp;&nbsp; Asurion LLC, New B-11 <br> Term Loan, (1M USD CME <br> Term SOFR + 4.25%), <br> 8.02%, 8/19/28<br>| $151138 | $151304 |
| &nbsp;&nbsp; CRC Insurance Group LLC, <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%), 8.42%, 5/06/32<br>| 135050 | 135387 |
|  |  | **286691** |
| **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** |
| &nbsp;&nbsp; Stubhub Holdco Sub LLC, <br> Extended USD Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1M USD CME Term SOFR <br> + 4.75%), 8.42%, 3/15/30<br>| 569930 | 568151 |
| &nbsp;&nbsp; 3/15/30<sup>(n)</sup> <br>| 17493 | 17439 |
|  |  | **585590** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| &nbsp;&nbsp; Bausch + Lomb Corp., <br> Fourth Amendment Term <br> Loan, (1M USD CME Term <br> SOFR + 3.75%), 7.42%, <br> 1/15/31<br>| 313580 | **315540** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| &nbsp;&nbsp; Evergreen Acqco 1 L.P., <br> Initial Term Loan, (3M <br> USD CME Term SOFR + <br> 3.00%), 6.70%, 9/17/32<br>| 165467 | **165591** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| &nbsp;&nbsp; Dawn Bidco LLC, Term <br> Loan, 8/20/32<sup>(n)</sup> <br>| 493000 | 478210 |
| &nbsp;&nbsp; GoTo Group, Inc., Exchange <br> First Out Term Loan, (3M <br> USD CME Term SOFR + <br> 4.75%), 8.57%, 4/28/28<br>| 73070 | 61745 |
| &nbsp;&nbsp; Mermaid Bidco, Inc., <br> Facility B, (3M USD CME <br> Term SOFR + 3.25%), <br> 7.15%, 7/03/31<br>| 178640 | 175290 |
| &nbsp;&nbsp; Project Alpha Intermediate <br> Holding, Inc., Second <br> Amendment Refinancing <br> Term Loan, (3M USD CME <br> Term SOFR + 3.25%, <br> 0.50% Floor), 6.92%, <br> 10/26/30<br>| 104754 | 96963 |
|  |  | **812208** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(c)</sup> | **Value** |
| **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
| &nbsp;&nbsp; Darktrace Finco U.S. LLC, <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (3M USD CME Term SOFR <br> + 3.25%), 6.90%, <br> 10/09/31<br>| $54862 | $53353 |
| &nbsp;&nbsp;&nbsp; (3M USD CME Term SOFR <br> + 5.25%), 8.90%, <br> 10/09/32<br>| 210000 | 206938 |
|  |  | **260291** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| &nbsp;&nbsp; Crown Subsea <br> Communications <br> Holding, Inc., 2025 Term <br> Loan, (1M USD CME Term <br> SOFR + 3.50%, 0.75% <br> Floor), 7.17%, 1/30/31<br>| 104735 | 104899 |
| &nbsp;&nbsp; Crown Subsea <br> Communications <br> Holding, Inc., Term Loan <br> B, 1/30/31<sup>(n)</sup> <br>| 104736 | 104899 |
|  |  | **209798** |
| &nbsp;&nbsp; **Total Term Loans** <br>(Cost $4,206,355) | &nbsp;&nbsp; **Total Term Loans** <br>(Cost $4,206,355) | **4114387** |
| **U.S. Government Obligations – 0.8%** | **U.S. Government Obligations – 0.8%** | **U.S. Government Obligations – 0.8%** |
| **U.S. Treasury Bonds – 0.3%** | **U.S. Treasury Bonds – 0.3%** | **U.S. Treasury Bonds – 0.3%** |
| &nbsp;&nbsp; 4.63%, 11/15/45 | 215400 | 209510 |
| &nbsp;&nbsp; 4.75%, 8/15/55 | 363500 | 355492 |
|  |  | **565002** |
| **U.S. Treasury Notes – 0.5%** | **U.S. Treasury Notes – 0.5%** | **U.S. Treasury Notes – 0.5%** |
| &nbsp;&nbsp; 3.50%, 1/31/28 | 4800 | 4797 |
| &nbsp;&nbsp; 3.50%, 1/15/29 | 289100 | 288264 |
| &nbsp;&nbsp; 3.75%, 1/31/31 | 491900 | 490670 |
| &nbsp;&nbsp; 3.88%, 12/31/32<sup>(i)</sup> <br>| 75000 | 74332 |
| &nbsp;&nbsp; 4.00%, 1/31/33 | 74900 | 74771 |
| &nbsp;&nbsp; 4.00%, 11/15/35 | 58000 | 56813 |
|  |  | **989647** |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $1,557,481) | &nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $1,557,481) | **1554649** |

---

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

---

| | |
|:---|:---|
|  | **Number** <br>**of Shares**<br>|
| **Warrants – 0.0%**<sup>(a)</sup>  | **Warrants – 0.0%**<sup>(a)</sup>  |
| **Engineering & Construction – 0.0%**<sup>(a)</sup> | **Engineering & Construction – 0.0%**<sup>(a)</sup> |
| &nbsp;&nbsp; Mcdermott <br> International Ltd.<sup>(p)\*</sup> <br>| 4298 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** | **Engineering & Construction (Continued)** |
| &nbsp;&nbsp; Mcdermott <br> International Ltd. (OTC <br> Markets)<sup>(p)\*</sup> <br>| 3868 | $— |
| &nbsp;&nbsp; **Total Warrants** <br>(Cost $6,000) | &nbsp;&nbsp; **Total Warrants** <br>(Cost $6,000) | **—** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 5.9%** | **Short-Term Investments – 5.9%** | **Short-Term Investments – 5.9%** | **Short-Term Investments – 5.9%** |
| **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> |
| &nbsp;&nbsp; Spotify U.S.A., Inc., 0.00%, <br> 3/15/26<sup>(e)</sup> <br>|  | 4000 | 4036 |
| &nbsp;&nbsp; Sunac China Holdings Ltd., <br> 0.00%, 6/23/26<sup>(d)(e)</sup> <br>|  | 109862 | 19901 |
|  |  |  | **23937** |
| **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** |
| DISH DBS Corp., |  |  |  |
| &nbsp;&nbsp; 7.75%, 7/01/26 |  | 425000 | 416130 |
| &nbsp;&nbsp; 5.25%, 12/01/26<sup>(d)</sup> <br>|  | 595000 | 578258 |
| &nbsp;&nbsp; Travel + Leisure Co., 6.63%, <br> 7/31/26<sup>(d)</sup> <br>|  | 145000 | 145552 |
| &nbsp;&nbsp; United Airlines Pass <br> Through Trust, Series <br> 2014-2, Class A, 3.75%, <br> 9/03/26<br>|  | 59227 | 59091 |
|  |  |  | **1199031** |
| **Foreign Issuer Bonds – 2.6%** | **Foreign Issuer Bonds – 2.6%** | **Foreign Issuer Bonds – 2.6%** | **Foreign Issuer Bonds – 2.6%** |
| Egypt Treasury Bills, |  |  |  |
| &nbsp;&nbsp; 22.45%, 4/14/26<sup>(q)</sup> <br>| EGP | 11000000 | 224327 |
| &nbsp;&nbsp; 22.66%, 4/28/26<sup>(q)</sup> <br>| EGP | 53925000 | 1089811 |
| &nbsp;&nbsp; 22.63%, 5/05/26<sup>(q)</sup> <br>| EGP | 7275000 | 146442 |
| &nbsp;&nbsp; 21.71%, 6/02/26<sup>(q)</sup> <br>| EGP | 6200000 | 122567 |
| &nbsp;&nbsp; 21.43%, 8/04/26<sup>(q)</sup> <br>| EGP | 37850000 | 721120 |
| &nbsp;&nbsp; Ghana Government <br> International Bond, <br> 0.00%, 7/03/26<sup>(e)</sup> <br>|  | 7400 | 7222 |
| &nbsp;&nbsp; Kaisa Group Holdings Ltd., <br> 0.00%, 12/31/26<sup>(d)(e)</sup> <br>|  | 6682 | 33 |
| Nigeria OMO Bills, |  |  |  |
| &nbsp;&nbsp; 22.36%, 3/17/26<sup>(q)</sup> <br>| NGN | 1850000000 | 1301877 |
| &nbsp;&nbsp; 17.37%, 6/23/26<sup>(q)</sup> <br>| NGN | 1250000000 | 836236 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par**<sup>(c)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** | **Foreign Issuer Bonds (Continued)** |
| &nbsp;&nbsp; Turkiye Government Bond, <br> 36.00%, 8/12/26<br>| TRY | 10700000 | $250450 |
| &nbsp;&nbsp; Venezuela Government <br> International Bond, <br> 11.75%, 10/21/26<sup>(l)</sup> <br>|  | 220900 | 97218 |
|  |  |  | **4797303** |
| **Money Market Fund – 2.2%** | **Money Market Fund – 2.2%** | **Money Market Fund – 2.2%** | **Money Market Fund – 2.2%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(r)</sup> <br>|  | 4094894 | **4094894** |
| **U.S. Treasury Bills – 0.5%** | **U.S. Treasury Bills – 0.5%** | **U.S. Treasury Bills – 0.5%** | **U.S. Treasury Bills – 0.5%** |
| U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp; 3.47%, 3/03/26<sup>(q)</sup> <br>|  | 845000 | 842532 |
| &nbsp;&nbsp; 3.44%, 4/07/26<sup>(q)(s)</sup> <br>|  | 167000 | 165932 |
|  |  |  | **1008464** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $10,899,914) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $10,899,914) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $10,899,914) | **11123629** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>|  |
| **Purchased Options – 0.0%**<sup>(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> |
| &nbsp;&nbsp;&nbsp; Brazilian Real vs. Euro, Strike <br> Price BRL 6.11, Expires <br> 12/15/26, <br> Counterparty: Bank of <br> America<br>| 1 | 1600000 <br><sup>(t)</sup><br>| 29985 |
| &nbsp;&nbsp;&nbsp; South Korean Won vs. <br> U.S. Dollar, Strike Price KRW <br> 1,460.00, Expires 3/16/26, <br> Counterparty: Morgan <br> Stanley<br>| 1 | 1100000 | 18535 |
| &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $41,214) | &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $41,214) | &nbsp;&nbsp; **Total Purchased Options**<br> (Premiums Paid $41,214) | **48520** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Total Investments – 99.6%** <br>(Cost $182,533,823) | **186719732** |
| Other Assets less Liabilities – 0.4%<sup>(u)</sup>  | 755585 |
| **NET ASSETS – 100.0%** | **$187475317** |

---

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

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

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

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

<sup>(b)</sup> 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 January 31, 2026, these securities had a total value of $69,113,955 or 36.87% of net assets. 

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

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

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

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

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

<sup>(h)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2026 is disclosed. 

<sup>(i)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2026.

<sup>(j)</sup> Variable or floating rate security. Rate as of January 31, 2026 is disclosed.

<sup>(k)</sup> Step coupon bond. Rate as of January 31, 2026 is disclosed.

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

<sup>(m)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of January 31, 2026 is disclosed. 

<sup>(n)</sup> Position is unsettled. Contract rate was not determined at January 31, 2026 and does not take effect until settlement date.

<sup>(o)</sup> Unfunded loan commitment. As of January 31, 2026, total value of unfunded loan commitment is $126,105.

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

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

<sup>(r)</sup> 7-day current yield as of January 31, 2026 is disclosed.

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

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

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

\* Non-Income Producing Security

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| 1Y | 1 Year |
| 1M | 1 Month |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| CDX | Credit Default Swap Index |
| CLP | Chilean Peso |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CNY | Chinese Offshore Yuan |
| COP | Colombian Peso |
| CZK | Czech Republic Koruna |
| DIP | Debtor-in-Possession |
| EGP | Egyptian Pound |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| 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 |
| OTC | Over-the-Counter |
| PEN | Peruvian Nuevo Sole |
| PLC | Public Limited Company |
| PLN | Polish Zloty |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | |
|:---|:---|
| RON | Romania New Leu |
| S&P | Standards & Poor's |
| SOFR | United States Secured Overnight Financing Rate |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Value/** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** |  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 223656 | &nbsp;&nbsp; $32 |
| U.S. Treasury Long Bond | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2647875 | &nbsp;&nbsp; (26656)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 352312 | &nbsp;&nbsp; (1656)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12509532 | &nbsp;&nbsp; (15546)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$(43826)**<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 345375 | &nbsp;&nbsp; $6566 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; (72)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8219250 | &nbsp;&nbsp; 98305 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; (36)<br>| &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3921469 | &nbsp;&nbsp; 5757 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$110628** |
|  |  |  |  |  | &nbsp;&nbsp; **$66802** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** |
| **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>|
| 2/19/26 | Malaysian Ringgit | &nbsp;&nbsp; 4194024 | U.S. Dollars | &nbsp;&nbsp; 1012431 | Goldman Sachs | &nbsp;&nbsp; $52101 |
| 2/24/26 | Thai Baht | &nbsp;&nbsp; 76159806 | U.S. Dollars | &nbsp;&nbsp; 2382020 | Citibank | &nbsp;&nbsp; 42202 |
| 9/15/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 17863964 | U.S. Dollars | &nbsp;&nbsp; 2564118 | BNP Paribas | &nbsp;&nbsp; 33979 |
| 4/07/26 | Mexican Pesos | &nbsp;&nbsp; 18113447 | U.S. Dollars | &nbsp;&nbsp; 1000721 | Bank of America | &nbsp;&nbsp; 29283 |
| 2/09/26 | Polish Zloty | &nbsp;&nbsp; 1117000 | U.S. Dollars | &nbsp;&nbsp; 301356 | Barclays | &nbsp;&nbsp; 13019 |
| 3/09/26 | Polish Zloty | &nbsp;&nbsp; 1840000 | U.S. Dollars | &nbsp;&nbsp; 505868 | Citibank | &nbsp;&nbsp; 11962 |
| 2/27/26 | Malaysian Ringgit | &nbsp;&nbsp; 1591181 | U.S. Dollars | &nbsp;&nbsp; 393389 | Barclays | &nbsp;&nbsp; 10582 |
| 2/24/26 | Thai Baht | &nbsp;&nbsp; 36000000 | U.S. Dollars | &nbsp;&nbsp; 1135647 | Deutsche Bank | &nbsp;&nbsp; 10260 |
| 2/19/26 | Singapore Dollars | &nbsp;&nbsp; 497958 | U.S. Dollars | &nbsp;&nbsp; 383409 | BNP Paribas | &nbsp;&nbsp; 8524 |
| 4/20/26 | Czech Koruna | &nbsp;&nbsp; 5900000 | U.S. Dollars | &nbsp;&nbsp; 282372 | Barclays | &nbsp;&nbsp; 5232 |
| 3/16/26 | U.S. Dollars | &nbsp;&nbsp; 2679295 | Thai Baht | &nbsp;&nbsp; 83914180 | Barclays | &nbsp;&nbsp; 4613 |
| 2/06/26 | Turkish Lira | &nbsp;&nbsp; 20635965 | U.S. Dollars | &nbsp;&nbsp; 468220 | Bank of America | &nbsp;&nbsp; 4283 |
| 2/02/26 | U.S. Dollars | &nbsp;&nbsp; 798992 | Indonesian Rupiahs | &nbsp;&nbsp; 13354357955 | Deutsche Bank | &nbsp;&nbsp; 3380 |
| 4/20/26 | Czech Koruna | &nbsp;&nbsp; 5934000 | U.S. Dollars | &nbsp;&nbsp; 286206 | Citibank | &nbsp;&nbsp; 3055 |
| 3/05/26 | Romanian Leu | &nbsp;&nbsp; 627364 | U.S. Dollars | &nbsp;&nbsp; 143002 | ING | &nbsp;&nbsp; 2751 |
| 3/19/26 | U.S. Dollars | &nbsp;&nbsp; 790440 | Peruvian Nuevo Soles | &nbsp;&nbsp; 2658092 | Barclays | &nbsp;&nbsp; 2341 |
| 4/07/26 | U.S. Dollars | &nbsp;&nbsp; 169954 | Mexican Pesos | &nbsp;&nbsp; 2954615 | State Street | &nbsp;&nbsp; 1943 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 3/19/26 | Peruvian Nuevo Soles | &nbsp;&nbsp; 2658093 | U.S. Dollars | &nbsp;&nbsp; 787000 | UBS | &nbsp;&nbsp; $1100 |
| 2/19/26 | Indonesian Rupiahs | &nbsp;&nbsp; 13163996892 | U.S. Dollars | &nbsp;&nbsp; 783557 | State Street | &nbsp;&nbsp; 819 |
| 2/02/26 | Indonesian Rupiahs | &nbsp;&nbsp; 13354357955 | U.S. Dollars | &nbsp;&nbsp; 795565 | Deutsche Bank | &nbsp;&nbsp; 47 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $241476 |
| 2/02/26 | U.S. Dollars | &nbsp;&nbsp; 795565 | Indonesian Rupiahs | &nbsp;&nbsp; 13354357955 | State Street | &nbsp;&nbsp; $(47)<br>|
| 2/02/26 | U.S. Dollars | &nbsp;&nbsp; 18132 | Egyptian Pounds | &nbsp;&nbsp; 854978 | Northern Trust | &nbsp;&nbsp; (86)<br>|
| 2/24/26 | Thai Baht | &nbsp;&nbsp; 34579247 | U.S. Dollars | &nbsp;&nbsp; 1101496 | Morgan Stanley | &nbsp;&nbsp; (814)<br>|
| 2/19/26 | Indonesian Rupiahs | &nbsp;&nbsp; 6958444248 | U.S. Dollars | &nbsp;&nbsp; 416436 | Morgan Stanley | &nbsp;&nbsp; (1818)<br>|
| 2/02/26 | Indonesian Rupiahs | &nbsp;&nbsp; 13354357955 | U.S. Dollars | &nbsp;&nbsp; 798321 | State Street | &nbsp;&nbsp; (2708)<br>|
| 3/02/26 | Indonesian Rupiahs | &nbsp;&nbsp; 13354357955 | U.S. Dollars | &nbsp;&nbsp; 798634 | Deutsche Bank | &nbsp;&nbsp; (2855)<br>|
| 3/09/26 | U.S. Dollars | &nbsp;&nbsp; 378926 | Philippine Pesos | &nbsp;&nbsp; 22536215 | Morgan Stanley | &nbsp;&nbsp; (3110)<br>|
| 3/05/26 | U.S. Dollars | &nbsp;&nbsp; 431065 | Euro | &nbsp;&nbsp; 366000 | BNP Paribas | &nbsp;&nbsp; (3418)<br>|
| 2/24/26 | U.S. Dollars | &nbsp;&nbsp; 520669 | Thai Baht | &nbsp;&nbsp; 16484388 | Bank of America | &nbsp;&nbsp; (4041)<br>|
| 2/19/26 | U.S. Dollars | &nbsp;&nbsp; 385078 | Singapore Dollars | &nbsp;&nbsp; 498032 | Bank of America | &nbsp;&nbsp; (6913)<br>|
| 2/24/26 | U.S. Dollars | &nbsp;&nbsp; 376901 | Colombian Pesos | &nbsp;&nbsp; 1430401996 | Citibank | &nbsp;&nbsp; (8352)<br>|
| 2/09/26 | U.S. Dollars | &nbsp;&nbsp; 319140 | Brazilian Reals | &nbsp;&nbsp; 1730000 | BNP Paribas | &nbsp;&nbsp; (8963)<br>|
| 2/09/26 | U.S. Dollars | &nbsp;&nbsp; 379279 | Brazilian Reals | &nbsp;&nbsp; 2050000 | Citibank | &nbsp;&nbsp; (9514)<br>|
| 2/24/26 | U.S. Dollars | &nbsp;&nbsp; 240033 | Colombian Pesos | &nbsp;&nbsp; 927930745 | Barclays | &nbsp;&nbsp; (9888)<br>|
| 2/24/26 | U.S. Dollars | &nbsp;&nbsp; 376350 | Colombian Pesos | &nbsp;&nbsp; 1452921296 | State Street | &nbsp;&nbsp; (14968)<br>|
| 2/19/26 | U.S. Dollars | &nbsp;&nbsp; 1008873 | Malaysian Ringgit | &nbsp;&nbsp; 4169468 | Barclays | &nbsp;&nbsp; (49427)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(126922)<br>|
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | &nbsp;&nbsp; **$114554** |

---

**Credit Default Swap Contracts outstanding - Buy Protection as of January 31, 2026:** <br>**Centrally Cleared** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Pay Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Markit CDX North America Investment Grade Index Series 45 <br> (Pay Quarterly)<br>| 1.00% | 12/20/2030 | USD | 435000 | $(10315)<br>| $(9796)<br>| $(519)<br>|
| **Total** |  |  |  |  | **$(10315)**<br>| **$(9796)**<br>| **$(519)**<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Multisector Bond Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $2752335 | &nbsp;&nbsp; $660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2752995 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 900286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 900286 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 15776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15776 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 83389857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83389857 |
| &nbsp;&nbsp;&nbsp; Foreign Government Inflation-Linked Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1562142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1562142 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 81117120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81117120 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 140371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 140371 |
| &nbsp;&nbsp;&nbsp; Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 4114387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4114387 |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1554649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1554649 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 4094894 | &nbsp;&nbsp; 7028735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11123629 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 48520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48520 |
| **Total Investments** | &nbsp;&nbsp; $6863005 | &nbsp;&nbsp; $179856727 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186719732 |

---

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

\*Includes securities determined to have no value as of January 31, 2026. <br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Multisector Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $110660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110660 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 241476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 241476 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $110660 | &nbsp;&nbsp; $241476 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $352136 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(43858)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43858)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (126922)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (126922)<br>|
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (519)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (519)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(43858)<br>| &nbsp;&nbsp; $(127441)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(171299)<br>|
| **Net Derivative Financial Instruments** | &nbsp;&nbsp; $66802 | &nbsp;&nbsp; $114035 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180837 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar Global Opportunistic Equity Fund

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Common Stocks – 34.5%** | **Common Stocks – 34.5%** | **Common Stocks – 34.5%** |
| **Advertising & Marketing – 1.3%** | **Advertising & Marketing – 1.3%** | **Advertising & Marketing – 1.3%** |
| Dentsu Group, Inc. (Japan)\* | 2100 | $40764 |
| Omnicom Group, Inc. | 66825 | 5148198 |
| WPP PLC (United Kingdom) | 3737 | 15502 |
|  |  | **5204464** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp; BAE Systems PLC (United <br> Kingdom)<br>| 4944 | 134214 |
| &nbsp;&nbsp; Rolls-Royce Holdings PLC <br> (United Kingdom)<br>| 8332 | 139286 |
|  |  | **273500** |
| **Apparel & Textile Products – 0.5%** | **Apparel & Textile Products – 0.5%** | **Apparel & Textile Products – 0.5%** |
| &nbsp;&nbsp; Burberry Group PLC <br> (United Kingdom)\*<br>| 2667 | 40296 |
| &nbsp;&nbsp; Cie Financiere Richemont <br> S.A., Class A <br> (Switzerland)<sup>(a)</sup> <br>| 505 | 98025 |
| Kering S.A. (France) | 1011 | 315612 |
| &nbsp;&nbsp; LVMH Moet Hennessy <br> Louis Vuitton S.E. (France)<br>| 478 | 308503 |
| NIKE, Inc., Class B | 5044 | 311770 |
| Puma S.E. (Germany) | 9196 | 235069 |
| PVH Corp. | 1288 | 80320 |
| Samsonite Group S.A.<sup>(b)</sup> <br>| 96000 | 243904 |
| &nbsp;&nbsp; Swatch Group (The) A.G. <br> (Bearer) (Switzerland)<br>| 735 | 173414 |
|  |  | **1806913** |
| **Asset Management – 0.0%**<sup>(c)</sup> | **Asset Management – 0.0%**<sup>(c)</sup> | **Asset Management – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; 3i Group PLC (United <br> Kingdom)<br>| 893 | 41023 |
| &nbsp;&nbsp; St. James's Place PLC <br> (United Kingdom)<br>| 1650 | 34461 |
|  |  | **75484** |
| **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** |
| &nbsp;&nbsp; Bayerische Motoren Werke <br> A.G. (Germany)<br>| 1138 | 117192 |
| Bridgestone Corp. (Japan) | 8400 | 189120 |
| Denso Corp. (Japan) | 7900 | 109611 |
| &nbsp;&nbsp; Honda Motor Co. Ltd. <br> (Japan)<br>| 24700 | 248421 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. <br> (Japan)\*<br>| 22600 | 55084 |
| &nbsp;&nbsp; Stanley Electric Co. Ltd. <br> (Japan)<br>| 4700 | 92591 |
| &nbsp;&nbsp; Sumitomo Electric <br> Industries Ltd. (Japan)<br>| 1200 | 52535 |
| Toyota Motor Corp. (Japan) | 25000 | 566638 |
| Volkswagen A.G. (Germany) | 1200 | 145641 |
|  |  | **1576833** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Banking – 0.5%** | **Banking – 0.5%** | **Banking – 0.5%** |
| &nbsp;&nbsp; Barclays PLC (United <br> Kingdom)<br>| 17692 | $118077 |
| &nbsp;&nbsp; HSBC Holdings PLC <br> (United Kingdom)<br>| 29358 | 517902 |
| &nbsp;&nbsp; Lloyds Banking Group PLC <br> (United Kingdom)<br>| 108650 | 162237 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc. (Japan)<br>| 22900 | 414727 |
| &nbsp;&nbsp; Mizuho Financial <br> Group, Inc. (Japan)<br>| 2900 | 125912 |
| &nbsp;&nbsp; NatWest Group PLC (United <br> Kingdom)<br>| 9313 | 84886 |
| &nbsp;&nbsp; Resona Holdings, Inc. <br> (Japan)<br>| 5700 | 66463 |
| &nbsp;&nbsp; Standard Chartered PLC <br> (United Kingdom)<br>| 4583 | 117263 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group, Inc. (Japan)<br>| 9400 | 330790 |
| &nbsp;&nbsp; Sumitomo Mitsui Trust <br> Group, Inc. (Japan)<br>| 5300 | 177014 |
|  |  | **2115271** |
| **Beverages – 1.1%** | **Beverages – 1.1%** | **Beverages – 1.1%** |
| &nbsp;&nbsp; Asahi Group Holdings Ltd. <br> (Japan)<br>| 10600 | 110970 |
| &nbsp;&nbsp; Brown-Forman Corp., <br> Class B<sup>(d)</sup> <br>| 18001 | 492688 |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> Class A<br>| 2033 | 318571 |
| &nbsp;&nbsp; Diageo PLC (United <br> Kingdom)<br>| 146410 | 3368938 |
| &nbsp;&nbsp; Kirin Holdings Co. Ltd. <br> (Japan)<br>| 6100 | 94838 |
|  |  | **4386005** |
| **Biotechnology & Pharmaceuticals – 0.8%** | **Biotechnology & Pharmaceuticals – 0.8%** | **Biotechnology & Pharmaceuticals – 0.8%** |
| &nbsp;&nbsp; Astellas Pharma, Inc. <br> (Japan)<br>| 7900 | 109888 |
| &nbsp;&nbsp; AstraZeneca PLC (United <br> Kingdom)<br>| 2715 | 505843 |
| &nbsp;&nbsp; Chugai Pharmaceutical Co. <br> Ltd. (Japan)<br>| 1800 | 102817 |
| CSL Ltd. (Australia) | 13758 | 1733643 |
| &nbsp;&nbsp; Daiichi Sankyo Co. Ltd. <br> (Japan)<br>| 8600 | 157549 |
| GSK PLC | 8570 | 221634 |
| &nbsp;&nbsp; Ono Pharmaceutical Co. <br> Ltd. (Japan)<br>| 3700 | 55124 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. <br> Ltd. (Japan)<br>| 5300 | 180411 |
|  |  | **3066909** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Comcast Corp., Class A | 18217 | **541956** |

---

------

**Morningstar Funds Trust** January 31, 2026 (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) | 2000 | $44447 |
| &nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. <br> (Japan)<br>| 8500 | 279519 |
| &nbsp;&nbsp; Toray Industries, Inc. <br> (Japan)<br>| 8700 | 64173 |
|  |  | **388139** |
| **Commercial Support Services – 2.1%** | **Commercial Support Services – 2.1%** | **Commercial Support Services – 2.1%** |
| &nbsp;&nbsp; Compass Group PLC <br> (United Kingdom)<br>| 2460 | 73764 |
| H&R Block, Inc. | 111997 | 4418282 |
| Paychex, Inc. | 16697 | 1721962 |
| &nbsp;&nbsp; Recruit Holdings Co. Ltd. <br> (Japan)<br>| 3700 | 194893 |
| &nbsp;&nbsp; RELX PLC (United <br> Kingdom)<br>| 3660 | 129754 |
| &nbsp;&nbsp; Rentokil Initial PLC (United <br> Kingdom)<br>| 7728 | 47966 |
| Secom Co. Ltd. (Japan) | 46615 | 1707675 |
|  |  | **8294296** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| Hitachi Ltd. (Japan) | 7800 | 270661 |
| &nbsp;&nbsp; Sumitomo Heavy <br> Industries Ltd. (Japan)<br>| 1800 | 56042 |
|  |  | **326703** |
| **E-Commerce Discretionary – 0.7%** | **E-Commerce Discretionary – 0.7%** | **E-Commerce Discretionary – 0.7%** |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (China)<br>| 79900 | 1699760 |
| &nbsp;&nbsp; JD.com, Inc., Class A <br> (China)<br>| 47250 | 673815 |
| &nbsp;&nbsp; PDD Holdings, Inc. ADR <br> (China)\*<br>| 3034 | 306586 |
|  |  | **2680161** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp; Chubu Electric Power Co., <br> Inc. (Japan)<br>| 2900 | 42133 |
| &nbsp;&nbsp; National Grid PLC (United <br> Kingdom)<br>| 6209 | 105488 |
| SSE PLC (United Kingdom) | 2837 | 94295 |
|  |  | **241916** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp; Daikin Industries Ltd. <br> (Japan)<br>| 1100 | 131813 |
| &nbsp;&nbsp; Mitsubishi Electric Corp. <br> (Japan)<br>| 3600 | 112543 |
|  |  | **244356** |
| **Entertainment Content – 0.4%** | **Entertainment Content – 0.4%** | **Entertainment Content – 0.4%** |
| NetEase, Inc. (China) | 12700 | 329312 |
| Netflix, Inc.\* | 7677 | 640953 |
| Nexon Co. Ltd. (Japan) | 2500 | 59810 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Entertainment Content (Continued)** | **Entertainment Content (Continued)** | **Entertainment Content (Continued)** |
| &nbsp;&nbsp; Square Enix Holdings Co. <br> Ltd. (Japan)<br>| 2100 | $36285 |
| Walt Disney (The) Co. | 6326 | 713573 |
|  |  | **1779933** |
| **Food – 0.5%** | **Food – 0.5%** | **Food – 0.5%** |
| &nbsp;&nbsp; Kerry Group PLC, Class A <br> (Ireland)<br>| 22040 | 1959179 |
| &nbsp;&nbsp; Magnum Ice Cream <br> (The) Co. N.V. <br> (Netherlands)\*<br>| 1020 | 18110 |
| &nbsp;&nbsp; MEIJI Holdings Co. Ltd. <br> (Japan)<br>| 4600 | 107688 |
| &nbsp;&nbsp; Yamazaki Baking Co. Ltd. <br> (Japan)<br>| 2486 | 52672 |
|  |  | **2137649** |
| **Gas & Water Utilities – 1.9%** | **Gas & Water Utilities – 1.9%** | **Gas & Water Utilities – 1.9%** |
| Osaka Gas Co. Ltd. (Japan) | 1400 | 52560 |
| &nbsp;&nbsp; Severn Trent PLC (United <br> Kingdom)<br>| 77615 | 3117467 |
| Snam S.p.A. (Italy) | 254989 | 1752460 |
| &nbsp;&nbsp; United Utilities Group PLC <br> (United Kingdom)<br>| 152778 | 2616405 |
|  |  | **7538892** |
| **Health Care Facilities & Services – 0.0%**<sup>(c)</sup> | **Health Care Facilities & Services – 0.0%**<sup>(c)</sup> | **Health Care Facilities & Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Alfresa Holdings Corp. <br> (Japan)<br>| 3800 | **61199** |
| **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Berkeley Group Holdings <br> PLC (United Kingdom)<br>| 548 | 30961 |
| Sekisui House Ltd. (Japan) | 2261 | 50391 |
|  |  | **81352** |
| **Household Products – 0.9%** | **Household Products – 0.9%** | **Household Products – 0.9%** |
| &nbsp;&nbsp; Estee Lauder (The) Cos., <br> Inc., Class A<br>| 2817 | 324744 |
| Haleon PLC | 10390 | 54339 |
| Kao Corp. (Japan) | 3600 | 144009 |
| &nbsp;&nbsp; Reckitt Benckiser Group <br> PLC (United Kingdom)<br>| 1957 | 163135 |
| Unicharm Corp. (Japan) | 428900 | 2603442 |
| &nbsp;&nbsp; Unilever PLC (United <br> Kingdom)<br>| 4536 | 308581 |
|  |  | **3598250** |
| **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Ashtead Group PLC (United <br> Kingdom)<br>| 630 | **40559** |
| **Institutional Financial Services – 0.0%**<sup>(c)</sup> | **Institutional Financial Services – 0.0%**<sup>(c)</sup> | **Institutional Financial Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Daiwa Securities <br> Group, Inc. (Japan)<br>| 5400 | 52620 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| &nbsp;&nbsp; Japan Exchange Group, Inc. <br> (Japan)<br>| 4300 | $46922 |
| &nbsp;&nbsp; London Stock Exchange <br> Group PLC (United <br> Kingdom)<br>| 994 | 110873 |
|  |  | **210415** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| &nbsp;&nbsp; Aviva PLC (United <br> Kingdom)<br>| 5363 | 46754 |
| &nbsp;&nbsp; Dai-ichi Life Holdings, Inc. <br> (Japan)<br>| 11600 | 102012 |
| &nbsp;&nbsp; Legal & General Group PLC <br> (United Kingdom)<br>| 10687 | 38803 |
| &nbsp;&nbsp; MS&AD Insurance Group <br> Holdings, Inc. (Japan)<br>| 4800 | 122292 |
| &nbsp;&nbsp; Prudential PLC (Hong <br> Kong)<br>| 6409 | 105270 |
| &nbsp;&nbsp; Sompo Holdings, Inc. <br> (Japan)<br>| 1600 | 55175 |
| &nbsp;&nbsp; Tokio Marine Holdings, Inc. <br> (Japan)<br>| 4000 | 149090 |
|  |  | **619396** |
| **Internet Media & Services – 3.3%** | **Internet Media & Services – 3.3%** | **Internet Media & Services – 3.3%** |
| Alphabet, Inc., Class A | 18179 | 6144502 |
| &nbsp;&nbsp; Baidu, Inc., Class A <br> (China)\*<br>| 47200 | 904709 |
| Meituan, Class B (China)<sup>(b)\*</sup> <br>| 52870 | 653605 |
| &nbsp;&nbsp; Meta Platforms, Inc., <br> Class A<br>| 3849 | 2757808 |
| &nbsp;&nbsp; Tencent Holdings Ltd. <br> (China)<br>| 20000 | 1537236 |
| &nbsp;&nbsp; Tencent Music <br> Entertainment Group ADR <br> (China)<br>| 16754 | 281132 |
| Trip.com Group Ltd. (China) | 10150 | 622963 |
|  |  | **12901955** |
| **Leisure Facilities & Services – 2.4%** | **Leisure Facilities & Services – 2.4%** | **Leisure Facilities & Services – 2.4%** |
| Brightstar Lottery PLC<sup>(d)</sup> <br>| 352650 | 5106372 |
| Carnival Corp.\* | 2479 | 74420 |
| &nbsp;&nbsp; Entain PLC (United <br> Kingdom)<br>| 2131 | 17679 |
| FDJ UNITED (France) | 163368 | 4323688 |
| &nbsp;&nbsp; InterContinental Hotels <br> Group PLC (United <br> Kingdom)<br>| 267 | 36072 |
| Las Vegas Sands Corp. | 859 | 45295 |
|  |  | **9603526** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| Hasbro, Inc. | 1083 | 96723 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Leisure Products (Continued)** | **Leisure Products (Continued)** | **Leisure Products (Continued)** |
| Mattel, Inc.\* | 8937 | $186694 |
| Shimano, Inc. (Japan) | 800 | 91190 |
|  |  | **374607** |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| FANUC Corp. (Japan) | 5300 | 212819 |
| Keyence Corp. (Japan) | 400 | 146744 |
| Komatsu Ltd. (Japan) | 3000 | 114826 |
| Nabtesco Corp. (Japan) | 2638 | 71484 |
| SMC Corp. (Japan) | 400 | 155509 |
| &nbsp;&nbsp; Smiths Group PLC (United <br> Kingdom)<br>| 1296 | 44507 |
|  |  | **745889** |
| **Medical Equipment & Devices – 2.8%** | **Medical Equipment & Devices – 2.8%** | **Medical Equipment & Devices – 2.8%** |
| Baxter International, Inc. | 200880 | 4031661 |
| &nbsp;&nbsp; Carl Zeiss Meditec A.G. <br> (Bearer) (Germany)<br>| 82239 | 2729473 |
| DENTSPLY SIRONA, Inc. | 324663 | 4048548 |
| &nbsp;&nbsp; FUJIFILM Holdings Corp. <br> (Japan)<br>| 4700 | 93884 |
| Hoya Corp. (Japan) | 900 | 150980 |
| Olympus Corp. (Japan) | 11000 | 131390 |
| &nbsp;&nbsp; Smith & Nephew PLC <br> (United Kingdom)<br>| 2930 | 49937 |
|  |  | **11235873** |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| &nbsp;&nbsp; Anglo American PLC <br> (South Africa)<br>| 1649 | 76460 |
| Cameco Corp. (Canada) | 3238 | 400478 |
| Glencore PLC (Australia)\* | 27246 | 185746 |
| Rio Tinto PLC (Australia) | 2761 | 251898 |
| &nbsp;&nbsp; Sumitomo Metal <br> Mining Co. Ltd. (Japan)<br>| 1500 | 84763 |
|  |  | **999345** |
| **Oil & Gas Supply Chain – 3.9%** | **Oil & Gas Supply Chain – 3.9%** | **Oil & Gas Supply Chain – 3.9%** |
| BP PLC | 260817 | 1653725 |
| &nbsp;&nbsp; Canadian Natural <br> Resources Ltd. (Canada)<br>| 20643 | 767565 |
| &nbsp;&nbsp; Cenovus Energy, Inc. <br> (Canada)<br>| 14714 | 290357 |
| Chevron Corp. | 3474 | 614551 |
| &nbsp;&nbsp; China Petroleum & <br> Chemical Corp., Class H <br> (China)<br>| 518250 | 356662 |
| &nbsp;&nbsp; ENEOS Holdings, Inc. <br> (Japan)<br>| 7500 | 63389 |
| Eni S.p.A. (Italy) | 28100 | 574340 |
| Equinor ASA (Norway) | 15399 | 413903 |
| Exxon Mobil Corp. | 6739 | 952895 |
| &nbsp;&nbsp; Galp Energia SGPS S.A. <br> (Portugal)<br>| 6650 | 132319 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| Gazprom PJSC (Russia)<sup>(e)\*</sup> <br>| 100532 | $— |
| Imperial Oil Ltd. (Canada) | 1610 | 162661 |
| Inpex Corp. (Japan) | 17200 | 385353 |
| LUKOIL PJSC (Russia)<sup>(e)\*</sup> <br>| 3271 |  |
| Neste OYJ (Finland) | 6368 | 162670 |
| &nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras ADR (Brazil)<br>| 71312 | 1093926 |
| Repsol S.A. (Spain) | 22159 | 436557 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC <br> (Russia)<sup>(e)\*</sup> <br>| 48304 |  |
| Santos Ltd. (Australia) | 71076 | 346620 |
| Shell PLC | 88104 | 3386675 |
| &nbsp;&nbsp; Suncor Energy, Inc. <br> (Canada)<br>| 11911 | 629556 |
| TotalEnergies S.E. (France) | 30870 | 2245137 |
| &nbsp;&nbsp; Woodside Energy <br> Group Ltd. (Australia)<br>| 31341 | 553373 |
|  |  | **15222234** |
| **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Informa PLC (United <br> Kingdom)<br>| 3132 | **37796** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| &nbsp;&nbsp; Mitsubishi Estate Co. Ltd. <br> (Japan)<br>| 8000 | 203888 |
| &nbsp;&nbsp; Mitsui Fudosan Co. Ltd. <br> (Japan)<br>| 4400 | 50454 |
| &nbsp;&nbsp; Sumitomo Realty & <br> Development Co. Ltd. <br> (Japan)<br>| 2600 | 72402 |
|  |  | **326744** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| &nbsp;&nbsp; Alibaba Health Information <br> Technology Ltd. <br> (China)<sup>(d)\*</sup> <br>| 372000 | 308532 |
| &nbsp;&nbsp; Seven & i Holdings Co. Ltd. <br> (Japan)<br>| 7000 | 100244 |
| Target Corp. | 1278 | 134791 |
| &nbsp;&nbsp; Tesco PLC (United <br> Kingdom)<br>| 15527 | 90349 |
|  |  | **633916** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| &nbsp;&nbsp; Fast Retailing Co. Ltd. <br> (Japan)<br>| 300 | 114460 |
| RH<sup>(d)\*</sup> <br>| 687 | 136596 |
|  |  | **251056** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Tokyo Electron Ltd. (Japan) | 1400 | **373043** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software – 1.3%** | **Software – 1.3%** | **Software – 1.3%** |
| Adobe, Inc.\* | 5328 | $1562436 |
| Nice Ltd. ADR (Israel)<sup>(d)\*</sup> <br>| 32280 | 3434915 |
|  |  | **4997351** |
| **Specialty Finance – 5.1%** | **Specialty Finance – 5.1%** | **Specialty Finance – 5.1%** |
| Edenred S.E. (France) | 235013 | 4922540 |
| Experian PLC | 1622 | 61433 |
| Fiserv, Inc.\* | 80434 | 5126059 |
| Nexi S.p.A. (Italy)<sup>(b)(d)</sup> <br>| 1161261 | 4957966 |
| ORIX Corp. (Japan) | 2800 | 85331 |
| PayPal Holdings, Inc. | 64696 | 3408832 |
| Visa, Inc., Class A | 5355 | 1723399 |
|  |  | **20285560** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Mitsui & Co. Ltd. (Japan) | 8400 | **274386** |
| **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** |
| &nbsp;&nbsp; Casio Computer Co. Ltd. <br> (Japan)<br>| 7200 | 70394 |
| Kyocera Corp. (Japan) | 7400 | 111021 |
| &nbsp;&nbsp; Murata Manufacturing Co. <br> Ltd. (Japan)<br>| 10000 | 203156 |
| Nintendo Co. Ltd. (Japan) | 2400 | 148621 |
| &nbsp;&nbsp; Panasonic Holdings Corp. <br> (Japan)<br>| 8500 | 116541 |
| Sony Group Corp. (Japan) | 13500 | 297647 |
| TDK Corp. (Japan) | 4600 | 59355 |
|  |  | **1006735** |
| **Telecommunications – 1.3%** | **Telecommunications – 1.3%** | **Telecommunications – 1.3%** |
| &nbsp;&nbsp; BT Group PLC (United <br> Kingdom)<br>| 13201 | 34699 |
| KDDI Corp. (Japan) | 9500 | 160398 |
| NTT, Inc. (Japan) | 93600 | 94057 |
| SES S.A. (Luxembourg) | 436192 | 3572648 |
| Softbank Corp. (Japan) | 31600 | 42953 |
| &nbsp;&nbsp; SoftBank Group Corp. <br> (Japan)<br>| 7600 | 207536 |
| T-Mobile U.S., Inc. | 1011 | 199379 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 18589 | 827582 |
| &nbsp;&nbsp; Vodafone Group PLC <br> (United Kingdom)<br>| 49968 | 73589 |
|  |  | **5212841** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| &nbsp;&nbsp; British American Tobacco <br> PLC (United Kingdom)<br>| 4479 | **270593** |
| **Transportation & Logistics – 0.0%**<sup>(c)</sup> | **Transportation & Logistics – 0.0%**<sup>(c)</sup> | **Transportation & Logistics – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; East Japan Railway Co. <br> (Japan)<br>| 5500 | **138073** |

---

------

**Morningstar Funds Trust** January 31, 2026 (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) | 18500 | $236847 |
| Mitsubishi Corp. (Japan) | 7200 | 191278 |
|  |  | **428125** |
| **Wholesale - Discretionary – 0.9%** | **Wholesale - Discretionary – 0.9%** | **Wholesale - Discretionary – 0.9%** |
| &nbsp;&nbsp; Bunzl PLC (United <br> Kingdom)<br>| 129199 | **3623138** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $140,094,013) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $140,094,013) | **136233337** |
| **Preferred Stocks – 1.0%** | **Preferred Stocks – 1.0%** | **Preferred Stocks – 1.0%** |
| **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Dr. Ing hc F Porsche A.G., <br> 3.64% (Germany)<sup>(b)(f)</sup> <br>| 1953 | **95039** |
| **Household Products – 1.0%** | **Household Products – 1.0%** | **Household Products – 1.0%** |
| &nbsp;&nbsp; Henkel A.G. & Co. KGaA, <br> 2.75% (Germany)<sup>(f)</sup> <br>| 43054 | **3782381** |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $3,539,775) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $3,539,775) | **3877420** |
| **Investment Companies – 62.8%** | **Investment Companies – 62.8%** | **Investment Companies – 62.8%** |
| &nbsp;&nbsp; Fidelity MSCI Information <br> Technology Index ETF<sup>(d)</sup> <br>| 113289 | 25258915 |
| Franklin FTSE Brazil ETF<sup>(d)</sup> <br>| 338367 | 7592956 |
| &nbsp;&nbsp; iShares Global Consumer <br> Staples ETF<sup>(d)</sup> <br>| 376180 | 25610334 |
| &nbsp;&nbsp; iShares MSCI South Korea <br> ETF (South Korea)<sup>(d)</sup> <br>| 30304 | 3709513 |
| &nbsp;&nbsp; Schwab Fundamental <br> Emerging Markets Equity <br> ETF<sup>(d)</sup> <br>| 841087 | 32659408 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| Schwab U.S. REIT ETF | 574446 | $12298889 |
| &nbsp;&nbsp; State Street SPDR Portfolio <br> S&P 600 Small Cap ETF<br>| 303464 | 15009329 |
| &nbsp;&nbsp; VanEck Morningstar Wide <br> Moat ETF<sup>(d)</sup> <br>| 68417 | 7166681 |
| Vanguard Health Care ETF | 56514 | 16235342 |
| &nbsp;&nbsp; Vanguard Total Stock <br> Market ETF<sup>(d)</sup> <br>| 246248 | 83864681 |
| &nbsp;&nbsp; Vanguard Total World Stock <br> ETF<sup>(d)</sup> <br>| 126388 | 18383135 |
| &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $203,624,695) | &nbsp;&nbsp; **Total Investment Companies** <br>(Cost $203,624,695) | **247789183** |

---

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments – 11.9%** | **Short-Term Investments – 11.9%** | **Short-Term Investments – 11.9%** |
| **Money Market Funds – 11.9%** | **Money Market Funds – 11.9%** | **Money Market Funds – 11.9%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Liquid Assets <br> Portfolio, 3.81%<sup>(g)(h)</sup> <br>| 42210439 | 42210439 |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(g)</sup> <br>| 4603640 | 4603640 |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $46,814,079) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $46,814,079) | **46814079** |
| &nbsp;&nbsp; **Total Investments – 110.2%** <br>(Cost $394,072,562) | &nbsp;&nbsp; **Total Investments – 110.2%** <br>(Cost $394,072,562) | **434714019** |
| Liabilities less Other Assets – (10.2)% | Liabilities less Other Assets – (10.2)% | (40384277)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$394329742** |

---

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

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

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

---

| | |
|:---|:---|
| All securities are United States companies, unless noted otherwise in parentheses. | All securities are United States companies, unless noted otherwise in parentheses. |
| <sup>(a)</sup> <br>| Security sold outside United States without registration under the Securities Act of 1933. |
| <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 January 31, 2026, these securities had a total value of $5,950,514 or 1.51% of net <br> assets.<br>|
| <sup>(c)</sup> <br>| Amount rounds to less than 0.05%. |
| <sup>(d)</sup> <br>| Security either partially or fully on loan. As of January 31, 2026, the total value of securities on loan is $76,680,915. |
| <sup>(e)</sup> <br>| Investment is valued using significant unobservable inputs (Level 3). |
| <sup>(f)</sup> <br>| Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(g)</sup> <br>| 7-day current yield as of January 31, 2026 is disclosed. |
| <sup>(h)</sup> <br>| Security purchased with the cash proceeds from securities loaned. As of January 31, 2026, total cash collateral has a value of $42,210,439 and <br> total non-cash collateral has a value of $37,328,557.<br>|
| \* | Non-Income Producing Security |

---

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

**Abbreviations:**<br>

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

ADR American Depositary Receipt <br> ETF Exchange-Traded Fund <br> FTSE Financial Times Stock Exchange

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Global Opportunistic Equity Fund

---

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

---

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

---

| | |
|:---|:---|
| **Concentration by Currency (%)**<sup>(a)</sup> <br>|  |
| U.S. Dollar | 77.5 |
| Euro | 8.3 |
| British Pound | 5.7 |
| All other currencies less than 5% | 8.5 |
| **Total** | **100.0** |
| <sup>(a)</sup> Percentages shown are based on Net Assets. |  |

---

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

---

| | |
|:---|:---|
| **Country Diversification (%)**<sup>(a)</sup> <br>|  |
| United States | 88.4 |
| All other countries less than 5%<sup>(b)</sup> <br>| 11.6 |
| **Total** | **100.0** |

---

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

---

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

---

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Global Opportunistic Equity Fund**  | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $62187396 | &nbsp;&nbsp; $74045941 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $136233337 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 3877420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3877420 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 247789183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 247789183 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 46814079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46814079 |
| **Total Investments** | &nbsp;&nbsp; $356790658 | &nbsp;&nbsp; $77923361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $434714019 |

---

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

\*Includes securities determined to have no value as of January 31, 2026. <br>

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments**

Morningstar Alternatives Fund

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>| **Value** |
| **Long Positions – 104.0%** | **Long Positions – 104.0%** | **Long Positions – 104.0%** |
| **Asset-Backed Securities – 1.0%** | **Asset-Backed Securities – 1.0%** | **Asset-Backed Securities – 1.0%** |
| **Other – 1.0%** | **Other – 1.0%** | **Other – 1.0%** |
| &nbsp;&nbsp; Affirm Asset Securitization <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, <br> 6.89%, 2/15/29<sup>(b)</sup> <br>| $300000 | $300574 |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class C, <br> 6.57%, 5/15/29<sup>(b)</sup> <br>| 164513 | 164604 |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class B, <br> 5.19%, 4/15/30<sup>(b)</sup> <br>| 125000 | 125299 |
| &nbsp;&nbsp;&nbsp; Series 2025-X2, Class C, <br> 4.93%, 10/15/30<sup>(b)</sup> <br>| 250000 | 250486 |
| &nbsp;&nbsp; Affirm Master Trust, Series <br> 2025-2A, Class C, 5.26%, <br> 7/15/33<sup>(b)</sup> <br>| 875000 | 881779 |
| &nbsp;&nbsp; Carvana Auto Receivables <br> Trust, Series 2021-N2, <br> Class B, 0.75%, 3/10/28<br>| 13022 | 12775 |
| &nbsp;&nbsp; NetCredit Combined <br> Receivables LLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, <br> 8.31%, 10/21/30<sup>(b)</sup> <br>| 231923 | 235002 |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A, <br> 7.29%, 10/20/31<sup>(b)</sup> <br>| 104443 | 105862 |
| &nbsp;&nbsp; Sunbit Asset Securitization <br> Trust, Series 2025-1, <br> Class A, 5.36%, 7/15/30<sup>(b)</sup> <br>| 330000 | 331046 |
|  |  | **2407427** |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $2,393,760) | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $2,393,760) | **2407427** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Common Stocks – 24.8%** | **Common Stocks – 24.8%** | **Common Stocks – 24.8%** |
| **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> |
| Omnicom Group, Inc. | 1311 | **100999** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Axon Enterprise, Inc.\* | 9 | 4352 |
| Curtiss-Wright Corp. | 7 | 4597 |
| General Dynamics Corp. | 24 | 8426 |
| General Electric Co. | 71 | 21782 |
| HEICO Corp. | 15 | 4964 |
| Howmet Aerospace, Inc. | 36 | 7491 |
| &nbsp;&nbsp; Huntington Ingalls <br> Industries, Inc.<br>| 10 | 4205 |
| &nbsp;&nbsp; Kratos Defense & Security <br> Solutions, Inc.\*<br>| 44 | 4533 |
| L3Harris Technologies, Inc. | 20 | 6857 |
| Loar Holdings, Inc.\* | 44 | 3018 |
| Lockheed Martin Corp. | 219 | 138894 |
| Northrop Grumman Corp. | 13 | 8999 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| RTX Corp. | 94 | $18887 |
| TransDigm Group, Inc. | 5 | 7138 |
| Woodward, Inc. | 12 | 3814 |
|  |  | **247957** |
| **Apparel & Textile Products – 0.0%**<sup>(c)</sup> | **Apparel & Textile Products – 0.0%**<sup>(c)</sup> | **Apparel & Textile Products – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Gildan Activewear, Inc. <br> (Canada)<br>| 53 | **3444** |
| **Asset Management – 1.7%** | **Asset Management – 1.7%** | **Asset Management – 1.7%** |
| DigitalBridge Group, Inc.<sup>(d)</sup> <br>| 90426 | 1391656 |
| &nbsp;&nbsp; Janus Henderson Group <br> PLC<sup>(d)</sup> <br>| 62272 | 2997151 |
| &nbsp;&nbsp; LPL Financial <br> Holdings, Inc.<br>| 12 | 4374 |
|  |  | **4393181** |
| **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> | **Automotive – 0.0%**<sup>(c)</sup> |
| Gentex Corp. | 125 | 2876 |
| Tesla, Inc.\* | 162 | 69727 |
|  |  | **72603** |
| **Banking – 1.3%** | **Banking – 1.3%** | **Banking – 1.3%** |
| Cadence Bank | 21553 | 907597 |
| Comerica, Inc. | 27625 | 2449509 |
|  |  | **3357106** |
| **Beverages – 0.5%** | **Beverages – 0.5%** | **Beverages – 0.5%** |
| Coca-Cola (The) Co. | 298 | 22293 |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> Class A<br>| 29 | 4544 |
| &nbsp;&nbsp; JDE Peet's N.V. <br> (Netherlands)<br>| 26560 | 999909 |
| Keurig Dr. Pepper, Inc. | 177 | 4857 |
| Monster Beverage Corp.\* | 93 | 7511 |
| PepsiCo, Inc. | 852 | 130893 |
|  |  | **1170007** |
| **Biotechnology & Pharmaceuticals – 2.4%** | **Biotechnology & Pharmaceuticals – 2.4%** | **Biotechnology & Pharmaceuticals – 2.4%** |
| AbbVie, Inc. | 466 | 103923 |
| ADMA Biologics, Inc.\* | 156 | 2699 |
| &nbsp;&nbsp; Alnylam <br> Pharmaceuticals, Inc.\*<br>| 14 | 4733 |
| Amgen, Inc. | 310 | 105983 |
| &nbsp;&nbsp; Amicus <br> Therapeutics, Inc.<sup>(d)(e)\*</sup> <br>| 64453 | 921033 |
| &nbsp;&nbsp; Avadel Pharmaceuticals <br> PLC\*<br>| 64443 | 1388747 |
| Avidity Biosciences, Inc.<sup>(d)\*</sup> <br>| 21182 | 1537178 |
| &nbsp;&nbsp; BioMarin <br> Pharmaceutical, Inc.\*<br>| 56 | 3166 |
| Bristol-Myers Squibb Co. | 1918 | 105586 |
| &nbsp;&nbsp; Dynavax <br> Technologies Corp.\*<br>| 57400 | 888839 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** | **Biotechnology & Pharmaceuticals (Continued)** |
| Eli Lilly & Co. | 58 | $60155 |
| Exelixis, Inc.\* | 74 | 3061 |
| Gilead Sciences, Inc. | 954 | 135420 |
| Incyte Corp.\* | 37 | 3703 |
| Insmed, Inc.\* | 28 | 4392 |
| Johnson & Johnson | 668 | 151803 |
| Merck & Co., Inc. | 811 | 89429 |
| &nbsp;&nbsp; Neurocrine <br> Biosciences, Inc.\*<br>| 25 | 3402 |
| &nbsp;&nbsp; Protagonist <br> Therapeutics, Inc.\*<br>| 35 | 2863 |
| RAPT Therapeutics, Inc.<sup>(e)\*</sup> <br>| 300 | 17304 |
| &nbsp;&nbsp; Regeneron <br> Pharmaceuticals, Inc.<br>| 10 | 7414 |
| Roivant Sciences Ltd.\* | 162 | 3502 |
| United Therapeutics Corp.\* | 8 | 3756 |
| Ventyx Biosciences, Inc.<sup>(d)\*</sup> <br>| 33232 | 463586 |
| &nbsp;&nbsp; Vertex <br> Pharmaceuticals, Inc.\*<br>| 20 | 9398 |
| Zoetis, Inc. | 48 | 5991 |
|  |  | **6027066** |
| **Cable & Satellite – 0.0%**<sup>(c)</sup> | **Cable & Satellite – 0.0%**<sup>(c)</sup> | **Cable & Satellite – 0.0%**<sup>(c)</sup> |
| Comcast Corp., Class A | 3199 | **95170** |
| **Chemicals – 0.0%**<sup>(c)</sup> | **Chemicals – 0.0%**<sup>(c)</sup> | **Chemicals – 0.0%**<sup>(c)</sup> |
| Avery Dennison Corp. | 19 | 3524 |
| Corteva, Inc. | 79 | 5751 |
| Ecolab, Inc. | 26 | 7332 |
| Linde PLC | 34 | 15537 |
| NewMarket Corp. | 4 | 2683 |
| RPM International, Inc. | 32 | 3423 |
| Sherwin-Williams (The) Co. | 23 | 8157 |
|  |  | **46407** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp; Automatic Data <br> Processing, Inc.<br>| 390 | 96260 |
| &nbsp;&nbsp; Casella Waste <br> Systems, Inc., Class A\*<br>| 29 | 2925 |
| Cintas Corp. | 38 | 7273 |
| Clean Harbors, Inc.\* | 14 | 3639 |
| GFL Environmental, Inc. | 82 | 3522 |
| H&R Block, Inc. | 1879 | 74126 |
| Paychex, Inc. | 302 | 31145 |
| Republic Services, Inc. | 31 | 6668 |
| Rollins, Inc. | 72 | 4560 |
| &nbsp;&nbsp; Thomson Reuters Corp. <br> (Canada)<br>| 46 | 5089 |
| Waste Connections, Inc. | 30 | 5028 |
| Waste Management, Inc. | 36 | 8001 |
|  |  | **248236** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Construction Materials – 0.0%**<sup>(c)</sup> | **Construction Materials – 0.0%**<sup>(c)</sup> | **Construction Materials – 0.0%**<sup>(c)</sup> |
| CRH PLC | 61 | $7467 |
| Eagle Materials, Inc. | 14 | 2853 |
| &nbsp;&nbsp; Martin Marietta <br> Materials, Inc.<br>| 8 | 5216 |
| &nbsp;&nbsp; Simpson <br> Manufacturing Co., Inc.<br>| 18 | 3182 |
| Vulcan Materials Co. | 17 | 5109 |
|  |  | **23827** |
| **Consumer Services – 0.0%**<sup>(c)</sup> | **Consumer Services – 0.0%**<sup>(c)</sup> | **Consumer Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Grand Canyon <br> Education, Inc.\*<br>| 18 | 3129 |
| Service Corp. International | 107 | 8606 |
|  |  | **11735** |
| **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** |
| AptarGroup, Inc. | 26 | 3248 |
| Ardagh Holdings S.A.<sup>(b)\*</sup> <br>| 1000 | 8742 |
| &nbsp;&nbsp; Packaging Corp. of <br> America<br>| 18 | 4006 |
| Sealed Air Corp.<sup>(d)</sup> <br>| 53826 | 2254233 |
|  |  | **2270229** |
| **Diversified Industrials – 0.0%**<sup>(c)</sup> | **Diversified Industrials – 0.0%**<sup>(c)</sup> | **Diversified Industrials – 0.0%**<sup>(c)</sup> |
| Dover Corp. | 21 | 4231 |
| &nbsp;&nbsp; Honeywell <br> International, Inc.<br>| 51 | 11604 |
| Illinois Tool Works, Inc. | 27 | 7054 |
| ITT, Inc. | 20 | 3646 |
| Parker-Hannifin Corp. | 10 | 9358 |
|  |  | **35893** |
| **E-Commerce Discretionary – 0.0%**<sup>(c)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(c)</sup> | **E-Commerce Discretionary – 0.0%**<sup>(c)</sup> |
| Amazon.com, Inc.\* | 294 | **70354** |
| **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** | **Electric Utilities – 1.4%** |
| Alliant Energy Corp. | 56 | 3691 |
| Ameren Corp. | 77 | 7953 |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.<br>| 914 | 109474 |
| CenterPoint Energy, Inc. | 108 | 4287 |
| CMS Energy Corp. | 1242 | 88791 |
| Consolidated Edison, Inc. | 1099 | 117186 |
| Dominion Energy, Inc. | 396 | 23827 |
| DTE Energy Co. | 33 | 4435 |
| Duke Energy Corp. | 955 | 115889 |
| Emera, Inc. (Canada) | 72 | 3568 |
| Entergy Corp. | 55 | 5274 |
| Evergy, Inc. | 489 | 37521 |
| Exelon Corp. | 2229 | 99815 |
| FirstEnergy Corp. | 2312 | 109450 |
| Fortis, Inc. (Canada) | 81 | 4320 |
| IDACORP, Inc. | 149 | 19786 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| NextEra Energy, Inc. | 159 | $13976 |
| OGE Energy Corp. | 1008 | 44029 |
| Ormat Technologies, Inc. | 27 | 3373 |
| Pinnacle West Capital Corp. | 238 | 22267 |
| PPL Corp. | 119 | 4314 |
| &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc.<br>| 63 | 5189 |
| Sempra | 69 | 6004 |
| Southern (The) Co. | 1285 | 114763 |
| TXNM Energy, Inc.<sup>(d)</sup> <br>| 41024 | 2417134 |
| WEC Energy Group, Inc. | 1019 | 112773 |
| Xcel Energy, Inc. | 108 | 8214 |
|  |  | **3507303** |
| **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> | **Electrical Equipment – 0.0%**<sup>(c)</sup> |
| Allegion PLC | 22 | 3639 |
| AMETEK, Inc. | 26 | 5823 |
| Amphenol Corp., Class A | 92 | 13255 |
| Badger Meter, Inc. | 16 | 2345 |
| BWX Technologies, Inc. | 20 | 4109 |
| Eaton Corp. PLC | 31 | 10894 |
| Hubbell, Inc. | 9 | 4391 |
| Lennox International, Inc. | 7 | 3466 |
| nVent Electric PLC | 34 | 3817 |
| Otis Worldwide Corp. | 53 | 4527 |
| Rockwell Automation, Inc. | 13 | 5481 |
| SPX Technologies, Inc.\* | 16 | 3335 |
| Trane Technologies PLC | 21 | 8832 |
| Trimble, Inc.\* | 46 | 3110 |
|  |  | **77024** |
| **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> | **Engineering & Construction – 0.0%**<sup>(c)</sup> |
| Dycom Industries, Inc.\* | 9 | 3280 |
| Ferrovial S.E. | 85 | 5779 |
| Jacobs Solutions, Inc. | 27 | 3652 |
| Quanta Services, Inc. | 15 | 7119 |
| Stantec, Inc. (Canada) | 34 | 3369 |
|  |  | **23199** |
| **Entertainment Content – 3.0%** | **Entertainment Content – 3.0%** | **Entertainment Content – 3.0%** |
| Electronic Arts, Inc.<sup>(d)</sup> <br>| 16560 | 3376915 |
| Fox Corp., Class A | 61 | 4440 |
| Netflix, Inc.\* | 307 | 25631 |
| TEGNA, Inc. | 95393 | 1827730 |
| Walt Disney (The) Co. | 130 | 14664 |
| &nbsp;&nbsp; Warner Bros. <br> Discovery, Inc.<sup>(e)\*</sup> <br>| 88986 | 2450674 |
| &nbsp;&nbsp; Warner Music Group Corp., <br> Class A<br>| 177 | 5307 |
|  |  | **7705361** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| Campbell's (The) Co. | 1520 | $42529 |
| General Mills, Inc. | 2471 | 114308 |
| Hershey (The) Co. | 484 | 94259 |
| Hormel Foods Corp. | 4712 | 115962 |
| Ingredion, Inc. | 28 | 3307 |
| Kraft Heinz (The) Co. | 182 | 4321 |
| &nbsp;&nbsp; McCormick & Co., Inc. (Non <br> Voting)<br>| 54 | 3339 |
| &nbsp;&nbsp; Mondelez <br> International, Inc., Class A<br>| 1995 | 116648 |
| Post Holdings, Inc.\* | 29 | 2967 |
| TreeHouse Foods, Inc.\* | 8976 | 221169 |
| Tyson Foods, Inc., Class A | 670 | 43771 |
|  |  | **762580** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| &nbsp;&nbsp; American Water Works Co., <br> Inc.<br>| 755 | 97493 |
| Atmos Energy Corp. | 81 | 13474 |
| National Fuel Gas Co. | 39 | 3266 |
| NiSource, Inc. | 91 | 4030 |
| ONE Gas, Inc. | 30 | 2387 |
|  |  | **120650** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| Chemed Corp. | 7 | 2990 |
| Cigna Group (The) | 188 | 51533 |
| CVS Health Corp. | 395 | 29435 |
| Encompass Health Corp. | 31 | 2930 |
| Ensign Group (The), Inc. | 18 | 3090 |
| HCA Healthcare, Inc. | 19 | 9277 |
| Labcorp Holdings, Inc. | 15 | 4073 |
| Quest Diagnostics, Inc. | 594 | 111096 |
|  |  | **214424** |
| **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> | **Home Construction – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Armstrong World <br> Industries, Inc.<br>| 17 | 3123 |
| DR Horton, Inc. | 36 | 5358 |
| Masco Corp. | 52 | 3437 |
| NVR, Inc.\* | 1 | 7636 |
| PulteGroup, Inc. | 34 | 4253 |
|  |  | **23807** |
| **Household Products – 0.6%** | **Household Products – 0.6%** | **Household Products – 0.6%** |
| Church & Dwight Co., Inc. | 45 | 4331 |
| Colgate-Palmolive Co. | 1105 | 99770 |
| Kenvue, Inc.<sup>(e)</sup> <br>| 73798 | 1284085 |
| Kimberly-Clark Corp. | 1115 | 111489 |
| Procter & Gamble (The) Co. | 906 | 137504 |
|  |  | **1637179** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Industrial Intermediate Products – 1.1%** | **Industrial Intermediate Products – 1.1%** | **Industrial Intermediate Products – 1.1%** |
| Chart Industries, Inc.<sup>(d)\*</sup> <br>| 13249 | $2747048 |
| Enpro, Inc. | 13 | 3104 |
| Mueller Industries, Inc. | 29 | 3948 |
| RBC Bearings, Inc.\* | 8 | 3997 |
| Valmont Industries, Inc. | 8 | 3565 |
|  |  | **2761662** |
| **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> | **Industrial Support Services – 0.0%**<sup>(c)</sup> |
| API Group Corp.\* | 91 | 3783 |
| &nbsp;&nbsp; Applied Industrial <br> Technologies, Inc.<br>| 12 | 3125 |
| Fastenal Co. | 132 | 5723 |
| &nbsp;&nbsp; MSC Industrial Direct Co., <br> Inc., Class A<br>| 35 | 2952 |
| RB Global, Inc. (Canada) | 36 | 4089 |
| Watsco, Inc. | 10 | 3864 |
| WW Grainger, Inc. | 5 | 5400 |
|  |  | **28936** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| &nbsp;&nbsp; American Financial <br> Group, Inc.<br>| 7 | 912 |
| &nbsp;&nbsp; Aspen Insurance <br> Holdings Ltd., Class A<sup>(d)\*</sup> <br>| 43229 | 1613738 |
| &nbsp;&nbsp; Berkshire Hathaway, Inc., <br> Class B\*<br>| 136 | 65352 |
| &nbsp;&nbsp; Hartford Insurance Group <br> (The), Inc.<br>| 194 | 26202 |
| &nbsp;&nbsp; Old Republic <br> International Corp.<br>| 2045 | 80103 |
|  |  | **1786307** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Alphabet, Inc., Class A | 227 | 76726 |
| Booking Holdings, Inc. | 2 | 10004 |
| DoorDash, Inc., Class A\* | 37 | 7571 |
| &nbsp;&nbsp; Meta Platforms, Inc., <br> Class A<br>| 106 | 75949 |
| Reddit, Inc., Class A\* | 22 | 3966 |
| Spotify Technology S.A.\* | 18 | 9006 |
| Uber Technologies, Inc.\* | 149 | 11928 |
| VeriSign, Inc. | 16 | 3908 |
|  |  | **199058** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Amdocs Ltd. | 1313 | 107587 |
| CGI, Inc. (Canada) | 41 | 3517 |
| &nbsp;&nbsp; Cognizant Technology <br> Solutions Corp., Class A<br>| 58 | 4760 |
| ExlService Holdings, Inc.\* | 71 | 2780 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **IT Services (Continued)** | **IT Services (Continued)** | **IT Services (Continued)** |
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| 63 | $19322 |
| Leidos Holdings, Inc. | 22 | 4142 |
|  |  | **142108** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| &nbsp;&nbsp; Chipotle Mexican <br> Grill, Inc.\*<br>| 150 | 5831 |
| Darden Restaurants, Inc. | 420 | 83727 |
| &nbsp;&nbsp; Hilton Worldwide <br> Holdings, Inc.<br>| 22 | 6567 |
| &nbsp;&nbsp; Madison Square Garden <br> Sports Corp.\*<br>| 12 | 3403 |
| &nbsp;&nbsp; Marriott International, Inc., <br> Class A<br>| 24 | 7567 |
| McDonald's Corp. | 51 | 16065 |
| &nbsp;&nbsp; Restaurant Brands <br> International, Inc. <br> (Canada)<br>| 65 | 4355 |
| Texas Roadhouse, Inc. | 19 | 3417 |
| TKO Group Holdings, Inc. | 24 | 4862 |
| Vail Resorts, Inc. | 146 | 19428 |
| Viking Holdings Ltd.\* | 62 | 4473 |
| Yum! Brands, Inc. | 34 | 5287 |
|  |  | **164982** |
| **Machinery – 0.0%**<sup>(c)</sup> | **Machinery – 0.0%**<sup>(c)</sup> | **Machinery – 0.0%**<sup>(c)</sup> |
| CSW Industrials, Inc. | 10 | 2700 |
| Donaldson Co., Inc. | 36 | 3670 |
| Federal Signal Corp. | 28 | 3027 |
| Graco, Inc. | 41 | 3581 |
| IDEX Corp. | 19 | 3772 |
| Ingersoll Rand, Inc. | 56 | 4821 |
| &nbsp;&nbsp; Lincoln Electric <br> Holdings, Inc.<br>| 14 | 3715 |
| Nordson Corp. | 14 | 3843 |
| Pentair PLC | 34 | 3583 |
| Snap-on, Inc. | 11 | 4027 |
| Veralto Corp. | 41 | 4058 |
| &nbsp;&nbsp; Watts Water <br> Technologies, Inc., Class A<br>| 11 | 3292 |
| Xylem, Inc. | 33 | 4550 |
| &nbsp;&nbsp; Zurn Elkay Water <br> Solutions Corp.<br>| 67 | 3089 |
|  |  | **51728** |
| **Medical Equipment & Devices – 3.6%** | **Medical Equipment & Devices – 3.6%** | **Medical Equipment & Devices – 3.6%** |
| Abbott Laboratories | 942 | 102961 |
| Agilent Technologies, Inc. | 35 | 4685 |
| Alcon A.G. | 63 | 5102 |
| Becton Dickinson & Co. | 30 | 6104 |
| Bio-Techne Corp. | 52 | 3333 |
| Boston Scientific Corp.\* | 114 | 10662 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| Cooper (The) Cos., Inc.\* | 43 | $3499 |
| Danaher Corp. | 54 | 11820 |
| &nbsp;&nbsp; Edwards <br> Lifesciences Corp.\*<br>| 64 | 5207 |
| Exact Sciences Corp.\* | 31405 | 3213988 |
| Glaukos Corp.\* | 27 | 3223 |
| &nbsp;&nbsp; Globus Medical, Inc., <br> Class A\*<br>| 37 | 3355 |
| Hologic, Inc.<sup>(e)\*</sup> <br>| 42847 | 3210526 |
| IDEXX Laboratories, Inc.\* | 8 | 5364 |
| Intuitive Surgical, Inc.\* | 25 | 12605 |
| Medtronic PLC | 1141 | 117477 |
| &nbsp;&nbsp; Merit Medical <br> Systems, Inc.\*<br>| 32 | 2595 |
| &nbsp;&nbsp; Mettler-Toledo <br> International, Inc.\*<br>| 3 | 4120 |
| Natera, Inc.\* | 19 | 4392 |
| Penumbra, Inc.<sup>(d)\*</sup> <br>| 6548 | 2345297 |
| QIAGEN N.V. | 70 | 3757 |
| ResMed, Inc. | 19 | 4908 |
| STERIS PLC | 16 | 4202 |
| Stryker Corp. | 29 | 10717 |
| &nbsp;&nbsp; Thermo Fisher <br> Scientific, Inc.<br>| 27 | 15622 |
| Waters Corp.\* | 10 | 3707 |
| &nbsp;&nbsp; West Pharmaceutical <br> Services, Inc.<br>| 14 | 3236 |
|  |  | **9122464** |
| **Metals & Mining – 0.0%**<sup>(c)</sup> | **Metals & Mining – 0.0%**<sup>(c)</sup> | **Metals & Mining – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Agnico Eagle Mines Ltd. <br> (Canada)<br>| 44 | 8382 |
| &nbsp;&nbsp; Alamos Gold, Inc., Class A <br> (Canada)<br>| 90 | 3321 |
| &nbsp;&nbsp; Barrick Mining Corp. <br> (Canada)<br>| 154 | 7052 |
| Cameco Corp. (Canada) | 54 | 6663 |
| &nbsp;&nbsp; Franco-Nevada Corp. <br> (Canada)<br>| 24 | 5624 |
| Hecla Mining Co. | 156 | 3513 |
| OR Royalties, Inc. (Canada) | 82 | 3234 |
| Royal Gold, Inc. | 16 | 4213 |
| Uranium Energy Corp.\* | 245 | 4224 |
|  |  | **46226** |
| **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** |
| Antero Midstream Corp. | 183 | 3444 |
| Cheniere Energy, Inc. | 27 | 5711 |
| Chevron Corp. | 813 | 143820 |
| Coterra Energy, Inc. | 140 | 4039 |
| DT Midstream, Inc. | 473 | 59607 |
| Enbridge, Inc. (Canada) | 190 | 9280 |
| EOG Resources, Inc. | 58 | 6503 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Expand Energy Corp. | 38 | $4272 |
| Exxon Mobil Corp. | 1148 | 162327 |
| Kinder Morgan, Inc. | 4131 | 125954 |
| &nbsp;&nbsp; Pembina Pipeline Corp. <br> (Canada)<br>| 108 | 4491 |
| TC Energy Corp. (Canada) | 113 | 6630 |
| Williams (The) Cos., Inc. | 1875 | 126112 |
|  |  | **662190** |
| **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> | **Publishing & Broadcasting – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; New York Times (The) Co., <br> Class A<br>| 48 | 3519 |
| News Corp., Class A | 134 | 3622 |
|  |  | **7141** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| Alexander & Baldwin, Inc. | 19802 | 410693 |
| &nbsp;&nbsp; American Homes 4 Rent, <br> Class A<br>| 272 | 8519 |
| Camden Property Trust | 185 | 20174 |
| Equity Residential | 218 | 13586 |
| Essex Property Trust, Inc. | 38 | 9571 |
| &nbsp;&nbsp; Lamar Advertising Co., <br> Class A<br>| 80 | 10265 |
| &nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc.<br>| 666 | 89444 |
| Public Storage | 352 | 97219 |
| Regency Centers Corp. | 1499 | 109232 |
| &nbsp;&nbsp; Ryman Hospitality <br> Properties, Inc.<br>| 24 | 2273 |
| Simon Property Group, Inc. | 179 | 34245 |
| UDR, Inc. | 341 | 12668 |
|  |  | **817889** |
| **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> | **Real Estate Services – 0.0%**<sup>(c)</sup> |
| CoStar Group, Inc.\* | 64 | **3936** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Albertsons Cos., Inc., <br> Class A<br>| 237 | 3946 |
| &nbsp;&nbsp; BJ's Wholesale Club <br> Holdings, Inc.\*<br>| 38 | 3513 |
| Casey's General Stores, Inc. | 7 | 4245 |
| Costco Wholesale Corp. | 29 | 27267 |
| Kroger (The) Co. | 1661 | 104394 |
| Walmart, Inc. | 497 | 59213 |
|  |  | **202578** |
| **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** | **Retail - Discretionary – 0.1%** |
| AutoZone, Inc.\* | 2 | 7409 |
| Ferguson Enterprises, Inc. | 24 | 6059 |
| Genuine Parts Co. | 454 | 63101 |
| Home Depot (The), Inc. | 67 | 25097 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** | **Retail - Discretionary (Continued)** |
| Lowe's Cos., Inc. | 44 | $11751 |
| O'Reilly Automotive, Inc.\* | 80 | 7873 |
| Ross Stores, Inc. | 34 | 6414 |
| TJX (The) Cos., Inc. | 83 | 12434 |
| Tractor Supply Co. | 84 | 4274 |
|  |  | **144412** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Applied Materials, Inc. | 55 | 17728 |
| Broadcom, Inc. | 202 | 66923 |
| Lam Research Corp. | 85 | 19844 |
| &nbsp;&nbsp; MACOM Technology <br> Solutions Holdings, Inc.\*<br>| 19 | 4162 |
| NVIDIA Corp. | 379 | 72438 |
| QUALCOMM, Inc. | 92 | 13946 |
| Skyworks Solutions, Inc. | 17 | 948 |
| Teradyne, Inc. | 22 | 5303 |
|  |  | **201292** |
| **Software – 3.8%** | **Software – 3.8%** | **Software – 3.8%** |
| Appfolio, Inc., Class A\* | 13 | 2468 |
| &nbsp;&nbsp; Cadence Design <br> Systems, Inc.\*<br>| 24 | 7113 |
| &nbsp;&nbsp; Clearwater Analytics <br> Holdings, Inc., Class A<sup>(d)\*</sup> <br>| 95643 | 2304040 |
| Confluent, Inc., Class A<sup>(e)\*</sup> <br>| 60534 | 1848708 |
| CyberArk Software Ltd.\* | 8472 | 3649992 |
| &nbsp;&nbsp; Descartes Systems Group <br> (The), Inc. (Canada)\*<br>| 35 | 2617 |
| Doximity, Inc., Class A\* | 71 | 2660 |
| Fortinet, Inc.\* | 77 | 6257 |
| Gen Digital, Inc. | 106 | 2543 |
| Guidewire Software, Inc.\* | 18 | 2534 |
| Intuit, Inc. | 20 | 9978 |
| &nbsp;&nbsp; Manhattan <br> Associates, Inc.\*<br>| 19 | 2869 |
| Microsoft Corp. | 143 | 61532 |
| Onestream, Inc.<sup>(d)\*</sup> <br>| 68391 | 1614712 |
| &nbsp;&nbsp; Palantir Technologies, Inc., <br> Class A\*<br>| 151 | 22135 |
| &nbsp;&nbsp; Pivotal Software <br> Escrow, Inc., Class A\*<br>| 21925 |  |
| PTC, Inc.\* | 22 | 3435 |
| Roper Technologies, Inc. | 12 | 4455 |
| ServiceNow, Inc.\* | 79 | 9244 |
| &nbsp;&nbsp; Shopify, Inc., Class A <br> (Canada)\*<br>| 92 | 12073 |
| Tyler Technologies, Inc.\* | 8 | 2955 |
| &nbsp;&nbsp; Veeva Systems, Inc., <br> Class A\*<br>| 20 | 4078 |
|  |  | **9576398** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| Air Lease Corp. | 25024 | $1617301 |
| &nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc.<br>| 10 | 1971 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.<br>| 11 | 2798 |
| &nbsp;&nbsp; Jack Henry & <br> Associates, Inc.<br>| 18 | 3226 |
| Mastercard, Inc., Class A | 57 | 30711 |
| Moody's Corp. | 16 | 8249 |
| MSCI, Inc. | 9 | 5483 |
| S&P Global, Inc. | 23 | 12139 |
| Verisk Analytics, Inc. | 20 | 4349 |
| Visa, Inc., Class A | 124 | 39907 |
|  |  | **1726134** |
| **Steel – 0.0%**<sup>(c)</sup> | **Steel – 0.0%**<sup>(c)</sup> | **Steel – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Carpenter <br> Technology Corp.<br>| 11 | 3496 |
| Reliance, Inc. | 12 | 3954 |
|  |  | **7450** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| Apple, Inc. | 264 | 68503 |
| Arista Networks, Inc.\* | 99 | 14032 |
| Cisco Systems, Inc. | 1662 | 130168 |
| Corning, Inc. | 80 | 8260 |
| Garmin Ltd. | 24 | 4839 |
| Motorola Solutions, Inc. | 17 | 6843 |
| &nbsp;&nbsp; Teledyne <br> Technologies, Inc.\*<br>| 8 | 4963 |
|  |  | **237608** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| AT&T, Inc. | 4833 | 126673 |
| &nbsp;&nbsp; GCI Liberty Escrow, Inc., <br> Class C<sup>(f)\*</sup> <br>| 31520 |  |
| &nbsp;&nbsp; Rogers <br> Communications Inc., <br> Class B (Canada)<br>| 105 | 3970 |
| TELUS Corp. (Canada) | 295 | 4118 |
| T-Mobile U.S., Inc. | 390 | 76912 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.<br>| 320 | 14246 |
|  |  | **225919** |
| **Tobacco & Cannabis – 0.0%**<sup>(c)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(c)</sup> | **Tobacco & Cannabis – 0.0%**<sup>(c)</sup> |
| Altria Group, Inc. | 150 | 9298 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.<br>| 113 | 20277 |
|  |  | **29575** |
| **Transportation & Logistics – 1.0%** | **Transportation & Logistics – 1.0%** | **Transportation & Logistics – 1.0%** |
| &nbsp;&nbsp; Canadian National <br> Railway Co. (Canada)<br>| 63 | 6062 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** | **Transportation & Logistics (Continued)** |
| &nbsp;&nbsp; Canadian Pacific Kansas <br> City Ltd. (Canada)<br>| 89 | $6616 |
| &nbsp;&nbsp; CH Robinson <br> Worldwide, Inc.<br>| 23 | 4484 |
| CSX Corp. | 184 | 6948 |
| &nbsp;&nbsp; Expeditors International of <br> Washington, Inc.<br>| 25 | 4013 |
| Kirby Corp.\* | 27 | 3177 |
| Norfolk Southern Corp.<sup>(d)</sup> <br>| 8548 | 2489519 |
| &nbsp;&nbsp; Old Dominion Freight <br> Line, Inc.<br>| 28 | 4850 |
| Union Pacific Corp. | 396 | 93100 |
|  |  | **2618769** |
| **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Allison Transmission <br> Holdings, Inc.<br>| 31 | 3370 |
| Cummins, Inc. | 13 | 7524 |
| &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp.<br>| 22 | 5063 |
|  |  | **15957** |
| **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Performance Food <br> Group Co.\*<br>| 39 | 3723 |
| Sysco Corp. | 1245 | 104393 |
| U.S. Foods Holding Corp.\* | 48 | 4014 |
|  |  | **112130** |
| **Wholesale - Discretionary – 0.0%**<sup>(c)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(c)</sup> | **Wholesale - Discretionary – 0.0%**<sup>(c)</sup> |
| Copart, Inc.\* | 124 | **5032** |
| &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $61,778,216) | &nbsp;&nbsp; **Total Common Stocks** <br>(Cost $61,778,216) | **63143622** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Convertible Bonds – 22.4%** | **Convertible Bonds – 22.4%** | **Convertible Bonds – 22.4%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp; Joby Aviation, Inc., 0.75%, <br> 2/15/32<br>| $175000 | **178281** |
| **Asset Management – 1.0%** | **Asset Management – 1.0%** | **Asset Management – 1.0%** |
| &nbsp;&nbsp; Capital Southwest Corp., <br> 5.13%, 11/15/29<sup>(d)</sup> <br>| 483000 | 483000 |
| IREN Ltd., |  |  |
| &nbsp;&nbsp; 0.00%, 7/01/31<sup>(b)(g)</sup> <br>| 155000 | 142988 |
| &nbsp;&nbsp; 0.25%, 6/01/32<sup>(b)</sup> <br>| 124000 | 152651 |
| &nbsp;&nbsp; 1.00%, 6/01/33<sup>(b)(d)</sup> <br>| 155000 | 189797 |
| &nbsp;&nbsp; Terawulf, Inc., 2.75%, <br> 2/01/30<sup>(b)(d)</sup> <br>| 461000 | 843538 |
| &nbsp;&nbsp; WisdomTree, Inc., 4.63%, <br> 8/15/30<sup>(b)(d)</sup> <br>| 639000 | 741879 |
|  |  | **2553853** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Biotechnology & Pharmaceuticals – 2.3%** | **Biotechnology & Pharmaceuticals – 2.3%** | **Biotechnology & Pharmaceuticals – 2.3%** |
| &nbsp;&nbsp; Arrowhead <br> Pharmaceuticals, Inc., <br> 0.00%, 1/15/32<sup>(g)</sup> <br>| $50000 | $56054 |
| &nbsp;&nbsp; Ascendis Pharma A/S, <br> 2.25%, 4/01/28<sup>(d)</sup> <br>| 378000 | 558306 |
| &nbsp;&nbsp; Bridgebio Pharma, Inc., <br> 2.25%, 2/01/29<sup>(d)</sup> <br>| 899000 | 1020814 |
| &nbsp;&nbsp; Celcuity, Inc., 2.75%, <br> 8/01/31<sup>(d)</sup> <br>| 72000 | 168879 |
| &nbsp;&nbsp; Cogent Biosciences, Inc., <br> 1.63%, 11/15/31<sup>(d)</sup> <br>| 31000 | 37138 |
| &nbsp;&nbsp; Collegium <br> Pharmaceutical, Inc., <br> 2.88%, 2/15/29<sup>(d)</sup> <br>| 808000 | 1144774 |
| &nbsp;&nbsp; Ionis Pharmaceuticals, Inc., <br> 1.75%, 6/15/28<sup>(d)</sup> <br>| 228000 | 373867 |
| &nbsp;&nbsp; Jazz Investments I Ltd., <br> 3.13%, 9/15/30<br>| 1059000 | 1378818 |
| &nbsp;&nbsp; Mirum <br> Pharmaceuticals, Inc., <br> 4.00%, 5/01/29<sup>(d)</sup> <br>| 155000 | 512081 |
| &nbsp;&nbsp; Pacira BioSciences, Inc., <br> 2.13%, 5/15/29<sup>(d)</sup> <br>| 700000 | 662695 |
|  |  | **5913426** |
| **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** | **Cable & Satellite – 0.8%** |
| &nbsp;&nbsp; Liberty Broadband Corp., <br> 3.13%, 3/31/53<sup>(b)</sup> <br>| 842000 | 836948 |
| &nbsp;&nbsp; Sirius XM Holdings, Inc., <br> 3.75%, 3/15/28<sup>(d)</sup> <br>| 1280000 | 1298560 |
|  |  | **2135508** |
| **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** | **Commercial Support Services – 0.7%** |
| &nbsp;&nbsp; Alarm.com Holdings, Inc., <br> 2.25%, 6/01/29<br>| 727000 | 687742 |
| &nbsp;&nbsp; CSG Systems <br> International, Inc., 3.88%, <br> 9/15/28<sup>(d)</sup> <br>| 799000 | 969986 |
|  |  | **1657728** |
| **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** |
| &nbsp;&nbsp; Wayfair, Inc., 3.50%, <br> 11/15/28<sup>(d)</sup> <br>| 306000 | **721242** |
| **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** |
| &nbsp;&nbsp; PG&E Corp., 4.25%, <br> 12/01/27<sup>(d)</sup> <br>| 1313000 | **1333351** |
| **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** |
| &nbsp;&nbsp; Bloom Energy Corp., 0.00%, <br> 11/15/30<sup>(b)(d)(g)</sup> <br>| 314000 | 354506 |
| &nbsp;&nbsp; BWX Technologies, Inc., <br> 0.00%, 11/01/30<sup>(b)(d)(g)</sup> <br>| 157000 | 161867 |
| OSI Systems, Inc., |  |  |
| &nbsp;&nbsp; 2.25%, 8/01/29 | 524000 | 770280 |
| &nbsp;&nbsp; 0.50%, 2/01/31<sup>(b)</sup> <br>| 158000 | 156752 |
|  |  | **1443405** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** | **Entertainment Content – 0.6%** |
| &nbsp;&nbsp; Sphere Entertainment Co., <br> 3.50%, 12/01/28<sup>(d)</sup> <br>| $592000 | **$1631552** |
| **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** | **Health Care Facilities & Services – 0.3%** |
| &nbsp;&nbsp; Oscar Health, Inc., 2.25%, <br> 9/01/30<sup>(b)(d)</sup> <br>| 156000 | 154331 |
| &nbsp;&nbsp; Teladoc Health, Inc., 1.25%, <br> 6/01/27<sup>(d)</sup> <br>| 507000 | 486213 |
|  |  | **640544** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| &nbsp;&nbsp; Oddity Finance LLC, 0.00%, <br> 6/15/30<sup>(b)(d)(g)</sup> <br>| 250000 | 207473 |
| &nbsp;&nbsp; Spectrum Brands, Inc., <br> 3.38%, 6/01/29<sup>(d)</sup> <br>| 737000 | 711205 |
|  |  | **918678** |
| **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** |
| Snap, Inc., 0.50%, 5/01/30<sup>(d)</sup> <br>| 991000 | 853438 |
| &nbsp;&nbsp; Ziff Davis, Inc., 3.63%, <br> 3/01/28<sup>(b)</sup> <br>| 224000 | 218960 |
|  |  | **1072398** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| &nbsp;&nbsp; Parsons Corp., 2.63%, <br> 3/01/29<sup>(d)</sup> <br>| 316000 | **338209** |
| **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** |
| &nbsp;&nbsp; Cheesecake Factory <br> (The), Inc., 2.00%, <br> 3/15/30<sup>(b)(d)</sup> <br>| 834000 | 878202 |
| &nbsp;&nbsp; DraftKings Holdings, Inc., <br> 0.00%, 3/15/28<sup>(d)(g)</sup> <br>| 769000 | 696352 |
| &nbsp;&nbsp; Live Nation <br> Entertainment, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.13%, 1/15/29<sup>(d)</sup> <br>| 862000 | 1268519 |
| &nbsp;&nbsp; 2.88%, 10/15/31<sup>(b)</sup> <br>| 113000 | 112752 |
| &nbsp;&nbsp; Marriott Vacations <br> Worldwide Corp., 3.25%, <br> 12/15/27<sup>(d)</sup> <br>| 857000 | 823149 |
| &nbsp;&nbsp; NCL Corp. Ltd., 0.75%, <br> 9/15/30<sup>(b)(d)</sup> <br>| 439000 | 427203 |
|  |  | **4206177** |
| **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** |
| &nbsp;&nbsp; CONMED Corp., 2.25%, <br> 6/15/27<sup>(d)</sup> <br>| 905000 | 876945 |
| &nbsp;&nbsp; Dexcom, Inc., 0.38%, <br> 5/15/28<sup>(d)</sup> <br>| 327000 | 305091 |
| &nbsp;&nbsp; Enovis Corp., 3.88%, <br> 10/15/28<sup>(d)</sup> <br>| 1148000 | 1111264 |
| Exact Sciences Corp., |  |  |
| &nbsp;&nbsp; 0.38%, 3/15/27<sup>(d)</sup> <br>| 102000 | 106685 |
| &nbsp;&nbsp; 2.00%, 3/01/30<sup>(b)(d)</sup> <br>| 543000 | 754607 |
| &nbsp;&nbsp; Guardant Health, Inc., <br> 0.00%, 5/15/33<sup>(b)(d)(g)</sup> <br>| 47000 | 55758 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** | **Medical Equipment & Devices (Continued)** |
| &nbsp;&nbsp; Haemonetics Corp., 2.50%, <br> 6/01/29<sup>(d)</sup> <br>| $606000 | $597213 |
| &nbsp;&nbsp; Integer Holdings Corp., <br> 1.88%, 3/15/30<sup>(b)(d)</sup> <br>| 754000 | 717808 |
| &nbsp;&nbsp; LeMaitre Vascular, Inc., <br> 2.50%, 2/01/30<br>| 434000 | 440727 |
| &nbsp;&nbsp; Omnicell, Inc., 1.00%, <br> 12/01/29<br>| 775000 | 862187 |
|  |  | **5828285** |
| **Metals & Mining – 1.8%** | **Metals & Mining – 1.8%** | **Metals & Mining – 1.8%** |
| &nbsp;&nbsp; Centrus Energy Corp., <br> 2.25%, 11/01/30<br>| 254000 | 777367 |
| &nbsp;&nbsp; Century Aluminum Co., <br> 2.75%, 5/01/28<sup>(d)</sup> <br>| 393000 | 954597 |
| &nbsp;&nbsp; Equinox Gold Corp., 4.75%, <br> 10/15/28<sup>(d)</sup> <br>| 653000 | 1563935 |
| &nbsp;&nbsp; Fortuna Mining Corp., <br> 3.75%, 6/30/29<br>| 434000 | 733026 |
| &nbsp;&nbsp; Peabody Energy Corp., <br> 3.25%, 3/01/28<sup>(d)</sup> <br>| 328000 | 640584 |
|  |  | **4669509** |
| **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** |
| &nbsp;&nbsp; Pebblebrook Hotel Trust, <br> 1.63%, 1/15/30<sup>(b)(d)</sup> <br>| 389000 | **381609** |
| **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** |
| &nbsp;&nbsp; Compass, Inc., 0.25%, <br> 4/15/31<sup>(b)</sup> <br>| 154000 | **165743** |
| **Renewable Energy – 1.0%** | **Renewable Energy – 1.0%** | **Renewable Energy – 1.0%** |
| &nbsp;&nbsp; Array Technologies, Inc., <br> 1.00%, 12/01/28<sup>(d)</sup> <br>| 785000 | 762510 |
| &nbsp;&nbsp; Canadian Solar, Inc., 3.25%, <br> 1/15/31<sup>(b)</sup> <br>| 439000 | 442732 |
| &nbsp;&nbsp; Eos Energy <br> Enterprises, Inc., 1.75%, <br> 12/01/31<sup>(b)(d)</sup> <br>| 234000 | 275731 |
| &nbsp;&nbsp; Plug Power, Inc., 6.75%, <br> 12/01/33<sup>(b)(d)</sup> <br>| 158000 | 179827 |
| &nbsp;&nbsp; SolarEdge <br> Technologies, Inc., 2.25%, <br> 7/01/29<sup>(d)</sup> <br>| 236000 | 286740 |
| &nbsp;&nbsp; Sunrun, Inc., 4.00%, <br> 3/01/30<sup>(d)</sup> <br>| 317000 | 459650 |
| &nbsp;&nbsp; T1 Energy, Inc., 5.25%, <br> 12/01/30<sup>(d)</sup> <br>| 75000 | 115343 |
|  |  | **2522533** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Hims & Hers Health, Inc., <br> 0.00%, 5/15/30<sup>(b)(d)(g)</sup> <br>| 192000 | **161587** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| &nbsp;&nbsp; GameStop Corp., 0.00%, <br> 6/15/32<sup>(b)(d)(g)</sup> <br>| 408000 | **439416** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| &nbsp;&nbsp; Cohu, Inc., 1.50%, <br> 1/15/31<sup>(b)(d)</sup> <br>| $77000 | $98953 |
| MKS, Inc., 1.25%, 6/01/30<sup>(d)</sup> <br>| 598000 | 1005802 |
| &nbsp;&nbsp; ON Semiconductor Corp., <br> 0.50%, 3/01/29<sup>(d)</sup> <br>| 743000 | 725747 |
|  |  | **1830502** |
| **Software – 3.0%** | **Software – 3.0%** | **Software – 3.0%** |
| &nbsp;&nbsp; Alignment Healthcare, Inc., <br> 4.25%, 11/15/29<br>| 265000 | 440066 |
| &nbsp;&nbsp; Bentley Systems, Inc., <br> 0.38%, 7/01/27<sup>(d)</sup> <br>| 657000 | 627106 |
| &nbsp;&nbsp; Check Point Software <br> Technologies Ltd., 0.00%, <br> 12/15/30<sup>(b)(d)(g)</sup> <br>| 405000 | 400944 |
| &nbsp;&nbsp; Commvault Systems, Inc., <br> 0.00%, 9/15/30<sup>(b)(g)</sup> <br>| 355000 | 298377 |
| &nbsp;&nbsp; DigitalOcean <br> Holdings, Inc., 0.00%, <br> 8/15/30<sup>(b)(d)(g)</sup> <br>| 320000 | 506240 |
| Evolent Health, Inc., |  |  |
| &nbsp;&nbsp; 3.50%, 12/01/29<sup>(d)</sup> <br>| 739000 | 495130 |
| &nbsp;&nbsp; 4.50%, 8/15/31<sup>(b)</sup> <br>| 79000 | 50116 |
| &nbsp;&nbsp; Five9, Inc., 1.00%, <br> 3/15/29<sup>(d)</sup> <br>| 409000 | 368509 |
| &nbsp;&nbsp; Nebius Group N.V., 1.00%, <br> 9/15/30<sup>(b)(d)</sup> <br>| 384000 | 382848 |
| &nbsp;&nbsp; Pagaya Technologies Ltd., <br> 6.13%, 10/01/29<br>| 383000 | 657917 |
| &nbsp;&nbsp; Planet Labs PBC, 0.50%, <br> 10/15/30<sup>(b)(d)</sup> <br>| 157000 | 357764 |
| &nbsp;&nbsp; Progress Software Corp., <br> 3.50%, 3/01/30<sup>(d)</sup> <br>| 702000 | 706563 |
| &nbsp;&nbsp; Rapid7, Inc., 1.25%, <br> 3/15/29<sup>(d)</sup> <br>| 606000 | 549187 |
| &nbsp;&nbsp; Strategy, Inc., 0.00%, <br> 12/01/29<sup>(g)</sup> <br>| 883000 | 744281 |
| &nbsp;&nbsp; Tempus AI, Inc., 0.75%, <br> 7/15/30<sup>(b)(d)</sup> <br>| 179000 | 193948 |
| &nbsp;&nbsp; Unity Software, Inc., 0.00%, <br> 3/15/30<sup>(b)(d)(g)</sup> <br>| 317000 | 356241 |
| &nbsp;&nbsp; Wix.com Ltd., 0.00%, <br> 9/15/30<sup>(b)(d)(g)</sup> <br>| 665000 | 585865 |
|  |  | **7721102** |
| **Specialty Finance – 1.5%** | **Specialty Finance – 1.5%** | **Specialty Finance – 1.5%** |
| &nbsp;&nbsp; Blackstone Mortgage <br> Trust, Inc., 5.50%, <br> 3/15/27<sup>(d)</sup> <br>| 875000 | 862313 |
| &nbsp;&nbsp; Block, Inc., 0.25%, <br> 11/01/27<sup>(d)</sup> <br>| 400000 | 370800 |
| &nbsp;&nbsp; EZCORP, Inc., 3.75%, <br> 12/15/29<sup>(b)(d)</sup> <br>| 248000 | 501456 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; PennyMac Corp., 8.50%, <br> 6/01/29<br>| $298000 | $310456 |
| &nbsp;&nbsp; Redwood Trust, Inc., 7.75%, <br> 6/15/27<sup>(d)</sup> <br>| 1662000 | 1678620 |
|  |  | **3723645** |
| **Technology Hardware – 1.4%** | **Technology Hardware – 1.4%** | **Technology Hardware – 1.4%** |
| &nbsp;&nbsp; ADTRAN Holdings, Inc., <br> 3.75%, 9/15/30<sup>(b)(d)</sup> <br>| 156000 | 172458 |
| &nbsp;&nbsp; Applied <br> Optoelectronics, Inc., <br> 2.75%, 1/15/30<sup>(d)</sup> <br>| 367000 | 487009 |
| &nbsp;&nbsp; Super Micro <br> Computer, Inc., 3.50%, <br> 3/01/29<br>| 525000 | 479115 |
| &nbsp;&nbsp; Western Digital Corp., <br> 3.00%, 11/15/28<sup>(d)</sup> <br>| 377000 | 2504375 |
|  |  | **3642957** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| AST SpaceMobile, Inc., |  |  |
| &nbsp;&nbsp; 2.38%, 10/15/32<sup>(b)(d)</sup> <br>| 193000 | 349909 |
| &nbsp;&nbsp; 2.00%, 1/15/36<sup>(b)</sup> <br>| 121000 | 164826 |
| &nbsp;&nbsp; BlackSky Technology, Inc., <br> 8.25%, 8/01/33<sup>(b)(d)</sup> <br>| 148000 | 169978 |
|  |  | **684713** |
| **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** |
| &nbsp;&nbsp; Greenbrier (The) Cos., Inc., <br> 2.88%, 4/15/28<sup>(d)</sup> <br>| 562000 | **634105** |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $47,079,339) | &nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $47,079,339) | **57150058** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>|  |
| **Convertible Preferred Stocks – 2.7%** | **Convertible Preferred Stocks – 2.7%** | **Convertible Preferred Stocks – 2.7%** |
| **Asset Management – 0.8%** | **Asset Management – 0.8%** | **Asset Management – 0.8%** |
| &nbsp;&nbsp; Apollo Global <br> Management, Inc., 6.75%<br>| 11036 | 765567 |
| &nbsp;&nbsp; Ares Management Corp., <br> 6.75%<br>| 15778 | 754662 |
| KKR & Co., Inc, 6.25% | 11336 | 554784 |
|  |  | **2075013** |
| **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** |
| Albemarle Corp., 7.25% | 25957 | 1799858 |
| &nbsp;&nbsp; Lyondellbasell Advanced <br> Polymers, Inc., 6.00%<br>| 669 | 588720 |
|  |  | **2388578** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| Southern (The) Co. \* | 2429 | **124486** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| &nbsp;&nbsp; BrightSpring Health <br> Services, Inc., 6.75%<br>| 2735 | **$364931** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| Bruker Corp., 6.38% | 937 | **324998** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp; Shift4 Payments, Inc., <br> 6.00%<br>| 4839 | **363603** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co., 7.63%<br>| 10710 | 648705 |
| NCR Voyix Corp., 5.50%<sup>(h)</sup> <br>| 571 | 582591 |
|  |  | **1231296** |
| &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $5,812,840) | &nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $5,812,840) | **6872905** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> <br>|  |
| **Corporate Bonds – 21.2%** | **Corporate Bonds – 21.2%** | **Corporate Bonds – 21.2%** |
| **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> | **Advertising & Marketing – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; AppLovin Corp., 5.13%, <br> 12/01/29<br>| $60000 | 61546 |
| &nbsp;&nbsp; Omnicom Group, Inc., <br> 2.40%, 3/01/31<br>| 5000 | 4502 |
|  |  | **66048** |
| **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
| Boeing (The) Co., |  |  |
| &nbsp;&nbsp; 3.25%, 2/01/28 | 50000 | 49270 |
| &nbsp;&nbsp; 6.30%, 5/01/29 | 50000 | 53111 |
| &nbsp;&nbsp; 5.15%, 5/01/30 | 50000 | 51388 |
| &nbsp;&nbsp; General Dynamics Corp., <br> 3.75%, 5/15/28<br>| 70000 | 70116 |
| &nbsp;&nbsp; Hexcel Corp., 4.20%, <br> 2/15/27<br>| 60000 | 59909 |
| Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp; 4.40%, 8/15/30 | 40000 | 40405 |
| &nbsp;&nbsp; 4.75%, 2/15/34 | 130000 | 131680 |
| &nbsp;&nbsp; 5.00%, 8/15/35 | 130000 | 132480 |
| &nbsp;&nbsp; Moog, Inc., 4.25%, <br> 12/15/27<sup>(b)</sup> <br>| 2000 | 1989 |
| RTX Corp., |  |  |
| &nbsp;&nbsp; 4.13%, 11/16/28 | 30000 | 30140 |
| &nbsp;&nbsp; 5.75%, 1/15/29 | 15000 | 15718 |
| &nbsp;&nbsp; 6.00%, 3/15/31 | 30000 | 32276 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/15/28<sup>(b)</sup> <br>| 30000 | 30505 |
| &nbsp;&nbsp; 6.38%, 3/01/29<sup>(b)</sup> <br>| 63000 | 64784 |
| &nbsp;&nbsp; 6.88%, 12/15/30<sup>(b)</sup> <br>| 60000 | 62495 |
| &nbsp;&nbsp; 6.38%, 5/31/33<sup>(b)</sup> <br>| 33000 | 33594 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp; 6.25%, 1/31/34<sup>(b)</sup> <br>| $5000 | $5167 |
| &nbsp;&nbsp; 6.75%, 1/31/34<sup>(b)</sup> <br>| 10000 | 10350 |
|  |  | **875377** |
| **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** |
| &nbsp;&nbsp; Ralph Lauren Corp., 5.00%, <br> 6/15/32<br>| 200000 | 205881 |
| &nbsp;&nbsp; Tapestry, Inc., 5.10%, <br> 3/11/30<br>| 130000 | 133272 |
| &nbsp;&nbsp; Under Armour, Inc., 7.25%, <br> 7/15/30<sup>(b)</sup> <br>| 6000 | 6128 |
| VF Corp., 2.95%, 4/23/30 | 61000 | 55639 |
|  |  | **400920** |
| **Asset Management – 0.5%** | **Asset Management – 0.5%** | **Asset Management – 0.5%** |
| Ameriprise Financial, Inc., |  |  |
| &nbsp;&nbsp; 5.70%, 12/15/28 | 100000 | 104695 |
| &nbsp;&nbsp; 5.15%, 5/15/33 | 185000 | 191341 |
| &nbsp;&nbsp; Apollo Global <br> Management, Inc., 4.60%, <br> 1/15/31<br>| 80000 | 80377 |
| Ares Capital Corp., |  |  |
| &nbsp;&nbsp; 5.88%, 3/01/29 | 60000 | 61566 |
| &nbsp;&nbsp; 5.50%, 9/01/30 | 60000 | 60316 |
| &nbsp;&nbsp; 5.10%, 1/15/31 | 100000 | 98299 |
| &nbsp;&nbsp; Blackstone Secured <br> Lending Fund,<br>|  |  |
| &nbsp;&nbsp; 5.88%, 11/15/27 | 10000 | 10200 |
| &nbsp;&nbsp; 5.35%, 4/13/28 | 40000 | 40345 |
| &nbsp;&nbsp; 5.30%, 6/30/30 | 30000 | 29764 |
| &nbsp;&nbsp; Blue Owl Finance LLC, <br> 6.25%, 4/18/34<br>| 70000 | 72137 |
| &nbsp;&nbsp; Charles Schwab <br> (The) Corp.,<br>|  |  |
| &nbsp;&nbsp; 3.20%, 1/25/28 | 2000 | 1977 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.21%), 5.64%, <br> 5/19/29<sup>(i)</sup> <br>| 90000 | 93403 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 6.20%, <br> 11/17/29<sup>(i)</sup> <br>| 38000 | 40144 |
| &nbsp;&nbsp; 2.30%, 5/13/31 | 4000 | 3628 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.94%), 4.34%, <br> 11/14/31<sup>(i)</sup> <br>| 130000 | 129890 |
| &nbsp;&nbsp; 1.95%, 12/01/31 | 34000 | 29900 |
| &nbsp;&nbsp; 2.90%, 3/03/32 | 2000 | 1834 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.01%), 6.14%, <br> 8/24/34<sup>(i)</sup> <br>| 40000 | 43437 |
| FS KKR Capital Corp., |  |  |
| &nbsp;&nbsp; 3.25%, 7/15/27 | 10000 | 9683 |
| &nbsp;&nbsp; 3.13%, 10/12/28 | 20000 | 18456 |
| &nbsp;&nbsp; 6.13%, 1/15/30 | 30000 | 29297 |
| Golub Capital BDC, Inc., |  |  |
| &nbsp;&nbsp; 7.05%, 12/05/28 | 40000 | 42102 |
| &nbsp;&nbsp; 6.00%, 7/15/29 | 20000 | 20466 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| &nbsp;&nbsp; Icahn Enterprises <br> L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 9.75%, 1/15/29 | $49000 | $49299 |
| &nbsp;&nbsp; 10.00%, 11/15/29<sup>(b)</sup> <br>| 82000 | 82770 |
| Main Street Capital Corp., |  |  |
| &nbsp;&nbsp; 6.50%, 6/04/27 | 20000 | 20411 |
| &nbsp;&nbsp; 5.40%, 8/15/28 | 20000 | 20122 |
| Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 8/01/32<sup>(b)</sup> <br>| 5000 | 5182 |
| &nbsp;&nbsp; 8.00%, 8/01/33<sup>(b)</sup> <br>| 5000 | 5183 |
|  |  | **1396224** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| &nbsp;&nbsp; American Honda <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.55%, 7/09/27 | 60000 | 60549 |
| &nbsp;&nbsp; 4.55%, 3/03/28 | 60000 | 60666 |
| Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp; 5.92%, 3/20/28 | 160000 | 164027 |
| &nbsp;&nbsp; 5.30%, 9/06/29 | 160000 | 162109 |
| &nbsp;&nbsp; 4.00%, 11/13/30 | 60000 | 57075 |
| &nbsp;&nbsp; 5.75%, 4/06/33 | 200000 | 201865 |
| &nbsp;&nbsp; Garrett Motion <br> Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 5/31/32<sup>(b)</sup> <br>| 87000 | 92107 |
| General Motors Co., |  |  |
| &nbsp;&nbsp; 6.80%, 10/01/27 | 40000 | 41581 |
| &nbsp;&nbsp; 5.63%, 4/15/30 | 40000 | 41663 |
| &nbsp;&nbsp; General Motors <br> Financial Co., Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.35%, 2/26/27 | 170000 | 167039 |
| &nbsp;&nbsp; 5.00%, 7/15/27 | 60000 | 60745 |
| &nbsp;&nbsp; 5.80%, 6/23/28 | 40000 | 41440 |
| &nbsp;&nbsp; 4.20%, 10/27/28 | 55000 | 55141 |
| &nbsp;&nbsp; 4.90%, 10/06/29 | 60000 | 60966 |
| &nbsp;&nbsp; Nissan Motor <br> Acceptance Co. LLC,<br>|  |  |
| &nbsp;&nbsp; 5.63%, 9/29/28<sup>(b)</sup> <br>| 10000 | 10034 |
| &nbsp;&nbsp; 6.13%, 9/30/30<sup>(b)</sup> <br>| 25000 | 24931 |
| Phinia, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 4/15/29<sup>(b)</sup> <br>| 22000 | 22742 |
| &nbsp;&nbsp; 6.63%, 10/15/32<sup>(b)</sup> <br>| 48000 | 49970 |
|  |  | **1374650** |
| **Banking – 2.8%** | **Banking – 2.8%** | **Banking – 2.8%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, <br> 2/04/28<sup>(i)</sup> <br>| 25000 | 24648 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 4.95%, <br> 7/22/28<sup>(i)</sup> <br>| 165000 | 167273 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 6.20%, <br> 11/10/28<sup>(i)</sup> <br>| 185000 | 191961 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.30%), 3.42%, <br> 12/20/28<sup>(i)</sup> <br>| $55000 | $54401 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, <br> 4/25/29<sup>(i)</sup> <br>| 60000 | 61460 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.47%), 3.97%, 2/07/30<sup>(i)</sup> <br>| 60000 | 59714 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 5.16%, <br> 1/24/31<sup>(i)</sup> <br>| 80000 | 82491 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.25%), 2.50%, 2/13/31<sup>(i)</sup> <br>| 275000 | 256365 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, <br> 4/22/32<sup>(i)</sup> <br>| 50000 | 45882 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.57%, <br> 10/20/32<sup>(i)</sup> <br>| 30000 | 27067 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, <br> 2/04/33<sup>(i)</sup> <br>| 50000 | 45728 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.29%, <br> 4/25/34<sup>(i)</sup> <br>| 80000 | 82181 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; 4.45%, 9/29/27 | 100000 | 100645 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.64%, <br> 5/07/28<sup>(i)</sup> <br>| 140000 | 141074 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.45%), 4.08%, 4/23/29<sup>(i)</sup> <br>| 60000 | 60040 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.17%, <br> 2/13/30<sup>(i)</sup> <br>| 110000 | 113025 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, <br> 9/19/30<sup>(i)</sup> <br>| 60000 | 60496 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.11%), 2.57%, <br> 6/03/31<sup>(i)</sup> <br>| 375000 | 347680 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 4.50%, <br> 9/11/31<sup>(i)</sup> <br>| 100000 | 100080 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.28%), 5.59%, <br> 11/19/34<sup>(i)</sup> <br>| 20000 | 20583 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.17%, <br> 9/11/36<sup>(i)</sup> <br>| 150000 | 150638 |
| Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 2.19%), <br> 6.36%, 10/27/28<sup>(i)</sup> <br>| 40000 | 41528 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.34%, <br> 7/27/29<sup>(i)</sup> <br>| 30000 | 31540 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 4.90%, <br> 9/06/30<sup>(i)</sup> <br>| 20000 | 20348 |
| &nbsp;&nbsp; First Citizens <br> BancShares, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 5.23%, <br> 3/12/31<sup>(i)</sup> <br>| 10000 | 10147 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.85%), 5.60%, 9/05/35<sup>(i)</sup> <br>| 10000 | 10010 |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 0.70%), 1.04%, 2/04/27<sup>(i)</sup> <br>| 205000 | 204967 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| JP Morgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.47%, <br> 9/22/27<sup>(i)</sup> <br>| $95000 | $93499 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.57%, <br> 4/22/28<sup>(i)</sup> <br>| 60000 | 61131 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 4.85%, <br> 7/25/28<sup>(i)</sup> <br>| 240000 | 242941 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 4.92%, <br> 1/24/29<sup>(i)</sup> <br>| 300000 | 305417 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.38%), 4.01%, 4/23/29<sup>(i)</sup> <br>| 60000 | 59963 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.16%), 5.58%, <br> 4/22/30<sup>(i)</sup> <br>| 60000 | 62513 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 3.79%), 4.49%, 3/24/31<sup>(i)</sup> <br>| 60000 | 60452 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 5.10%, <br> 4/22/31<sup>(i)</sup> <br>| 60000 | 61883 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.11%), 1.76%, <br> 11/19/31<sup>(i)</sup> <br>| 100000 | 88936 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.96%, <br> 1/25/33<sup>(i)</sup> <br>| 45000 | 41269 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 4.91%, <br> 7/25/33<sup>(i)</sup> <br>| 75000 | 76204 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.35%, <br> 6/01/34<sup>(i)</sup> <br>| 134000 | 138591 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.29%, <br> 7/22/35<sup>(i)</sup> <br>| 57000 | 58513 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.95%, <br> 10/22/35<sup>(i)</sup> <br>| 35000 | 35147 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.64%), 5.58%, <br> 7/23/36<sup>(i)</sup> <br>| 60000 | 61636 |
| M&T Bank Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.80%), 7.41%, <br> 10/30/29<sup>(i)</sup> <br>| 270000 | 292675 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.40%), 5.18%, <br> 7/08/31<sup>(i)</sup> <br>| 30000 | 30773 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.43%), 5.40%, 7/30/35<sup>(i)</sup> <br>| 20000 | 20208 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 5.39%, <br> 1/16/36<sup>(i)</sup> <br>| 100000 | 101401 |
| &nbsp;&nbsp; Manufacturers & Traders <br> Trust Co., (SOFR + 0.95%), <br> 4.76%, 7/06/28<sup>(i)</sup> <br>| 80000 | 80748 |
| &nbsp;&nbsp; Morgan Stanley Private <br> Bank N.A., (SOFR + <br> 0.76%), 4.21%, 2/08/30<sup>(i)</sup> <br>| 250000 | 250094 |
| &nbsp;&nbsp; PNC Bank N.A., (SOFR + <br> 0.73%), 4.43%, 7/21/28<sup>(i)</sup> <br>| 160000 | 161105 |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.73%), <br> 6.62%, 10/20/27<sup>(i)</sup> <br>| 180000 | 183325 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.58%, <br> 6/12/29<sup>(i)</sup> <br>| 60000 | 62110 |
| &nbsp;&nbsp; 2.55%, 1/22/30 | 180000 | 169460 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Banking (Continued)** | **Banking (Continued)** | **Banking (Continued)** |
| &nbsp;&nbsp; PNC Financial Services <br> Group (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.60%), 5.40%, <br> 7/23/35<sup>(i)</sup> <br>| $23000 | $23685 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.37%, <br> 7/21/36<sup>(i)</sup> <br>| 40000 | 40956 |
| Regions Financial Corp., |  |  |
| &nbsp;&nbsp; 1.80%, 8/12/28 | 20000 | 18945 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.72%, <br> 6/06/30<sup>(i)</sup> <br>| 20000 | 20882 |
| &nbsp;&nbsp; Santander Holdings U.S.A., <br> Inc., (SOFR + 2.36%), <br> 6.50%, 3/09/29<sup>(i)</sup> <br>| 40000 | 41721 |
| &nbsp;&nbsp; Synchrony Bank, 5.63%, <br> 8/23/27<br>| 50000 | 50916 |
| Truist Bank, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 4.42%, <br> 7/24/28<sup>(i)</sup> <br>| 100000 | 100560 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.66%), 4.14%, <br> 1/27/29<sup>(i)</sup> <br>| 190000 | 190215 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.89%, <br> 6/07/29<sup>(i)</sup> <br>| 36000 | 34263 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.71%, <br> 1/24/35<sup>(i)</sup> <br>| 65000 | 68072 |
| &nbsp;&nbsp; U.S. Bancorp, (SOFR + <br> 1.41%), 5.42%, 2/12/36<sup>(i)</sup> <br>| 155000 | 160430 |
| &nbsp;&nbsp; U.S. Bank N.A., (SOFR + <br> 0.91%), 4.73%, 5/15/28<sup>(i)</sup> <br>| 190000 | 191832 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.71%, <br> 4/22/28<sup>(i)</sup> <br>| 60000 | 61201 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.57%), 3.58%, 5/22/28<sup>(i)</sup> <br>| 1000 | 995 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.98%), 4.81%, <br> 7/25/28<sup>(i)</sup> <br>| 236000 | 238729 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.37%), 4.97%, <br> 4/23/29<sup>(i)</sup> <br>| 130000 | 132473 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 5.20%, <br> 1/23/30<sup>(i)</sup> <br>| 60000 | 61782 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.43%), 2.88%, <br> 10/30/30<sup>(i)</sup> <br>| 165000 | 157212 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, <br> 1/24/31<sup>(i)</sup> <br>| 104000 | 107449 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.26%), 2.57%, 2/11/31<sup>(i)</sup> <br>| 180000 | 168218 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 3.35%, <br> 3/02/33<sup>(i)</sup> <br>| 1000 | 932 |
|  |  | **7183434** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp; Coca-Cola (The) Co., 5.00%, <br> 5/13/34<br>| 90000 | 93430 |
| &nbsp;&nbsp; Constellation Brands, Inc., <br> 4.35%, 5/09/27<br>| 65000 | 65252 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
| &nbsp;&nbsp; Pepsico Singapore <br> Financing I Pte. Ltd., <br> 4.55%, 2/16/29<br>| $60000 | $61037 |
| &nbsp;&nbsp; Primo Water <br> Holdings, Inc./Triton <br> Water Holdings, Inc., <br> 4.38%, 4/30/29<sup>(b)</sup> <br>| 29000 | 28352 |
|  |  | **248071** |
| **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** | **Biotechnology & Pharmaceuticals – 0.4%** |
| AbbVie, Inc., 5.05%, 3/15/34 | 105000 | 107636 |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp; 5.15%, 3/02/28 | 50000 | 51184 |
| &nbsp;&nbsp; 5.25%, 3/02/30 | 108000 | 112059 |
| &nbsp;&nbsp; Amneal <br> Pharmaceuticals LLC, <br> 6.88%, 8/01/32<sup>(b)</sup> <br>| 10000 | 10530 |
| Eli Lilly & Co., |  |  |
| &nbsp;&nbsp; 4.70%, 2/27/33 | 8000 | 8147 |
| &nbsp;&nbsp; 5.10%, 2/12/35 | 80000 | 82460 |
| &nbsp;&nbsp; Jazz Securities DAC, 4.38%, <br> 1/15/29<sup>(b)</sup> <br>| 49000 | 48212 |
| &nbsp;&nbsp; Merck & Co., Inc., 4.50%, <br> 5/17/33<br>| 60000 | 60320 |
| &nbsp;&nbsp; Novartis Capital Corp., <br> 2.20%, 8/14/30<br>| 10000 | 9254 |
| &nbsp;&nbsp; Pfizer Investment <br> Enterprises Pte. Ltd.,<br>|  |  |
| &nbsp;&nbsp; 4.45%, 5/19/28 | 60000 | 60630 |
| &nbsp;&nbsp; 4.65%, 5/19/30 | 40000 | 40774 |
| &nbsp;&nbsp; Regeneron <br> Pharmaceuticals, Inc., <br> 1.75%, 9/15/30<br>| 170000 | 152064 |
| &nbsp;&nbsp; Royalty Pharma PLC, <br> 1.75%, 9/02/27<br>| 60000 | 57903 |
| Zoetis, Inc., |  |  |
| &nbsp;&nbsp; 3.00%, 9/12/27 | 140000 | 138191 |
| &nbsp;&nbsp; 2.00%, 5/15/30 | 20000 | 18313 |
|  |  | **957677** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 6.38%, 9/01/29<sup>(b)</sup> <br>| 14000 | 14134 |
| &nbsp;&nbsp; 7.38%, 3/01/31<sup>(b)</sup> <br>| 228000 | 234524 |
| &nbsp;&nbsp; 4.50%, 5/01/32 | 66000 | 59228 |
| &nbsp;&nbsp; 7.00%, 2/01/33<sup>(b)</sup> <br>| 20000 | 20193 |
| &nbsp;&nbsp; 4.50%, 6/01/33<sup>(b)</sup> <br>| 86000 | 75247 |
| &nbsp;&nbsp; 7.38%, 2/01/36<sup>(b)</sup> <br>| 27000 | 27032 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp; 5.50%, 4/15/27<sup>(b)</sup> <br>| 34000 | 30010 |
| &nbsp;&nbsp; 11.25%, 5/15/28<sup>(b)</sup> <br>| 38000 | 30457 |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp; 7.38%, 7/01/28 | 10000 | 9606 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** | **Cable & Satellite (Continued)** |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp; 5.13%, 6/01/29 | $15000 | $13275 |
| &nbsp;&nbsp; DISH Network Corp., <br> 11.75%, 11/15/27<sup>(b)</sup> <br>| 43000 | 44503 |
| &nbsp;&nbsp; Sirius XM Radio LLC, <br> 4.13%, 7/01/30<sup>(b)</sup> <br>| 51000 | 48094 |
|  |  | **606303** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| &nbsp;&nbsp; Celanese U.S. Holdings <br> LLC,<br>|  |  |
| &nbsp;&nbsp; 7.20%, 11/15/33 | 33000 | 34911 |
| &nbsp;&nbsp; 7.38%, 2/15/34 | 41000 | 41721 |
| &nbsp;&nbsp; CVR Partners L.P./CVR <br> Nitrogen Finance Corp., <br> 6.13%, 6/15/28<sup>(b)</sup> <br>| 67000 | 66997 |
| Ecolab, Inc., 2.13%, 2/01/32 | 20000 | 17682 |
| &nbsp;&nbsp; FMC Corp., (5Y <br> U.S. Treasury CMT + <br> 4.37%), 8.45%, 11/01/55<sup>(i)</sup> <br>| 63000 | 50528 |
| &nbsp;&nbsp; LSB Industries, Inc., 6.25%, <br> 10/15/28<sup>(b)</sup> <br>| 45000 | 45048 |
| &nbsp;&nbsp; LYB International Finance II <br> B.V., 3.50%, 3/02/27<br>| 30000 | 29842 |
| &nbsp;&nbsp; Perimeter Holdings LLC, <br> 6.25%, 1/15/34<sup>(b)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; Rain Carbon, Inc., 12.25%, <br> 9/01/29<sup>(b)</sup> <br>| 36000 | 38252 |
| Sherwin-Williams (The) Co., |  |  |
| &nbsp;&nbsp; 4.30%, 8/15/28 | 60000 | 60415 |
| &nbsp;&nbsp; 2.30%, 5/15/30 | 50000 | 46134 |
| &nbsp;&nbsp; 4.80%, 9/01/31 | 60000 | 61363 |
| &nbsp;&nbsp; SK Invictus Intermediate II <br> S.a.r.l., 5.00%, 10/30/29<sup>(b)</sup> <br>| 85000 | 83640 |
| &nbsp;&nbsp; Tronox, Inc., 4.63%, <br> 3/15/29<sup>(b)</sup> <br>| 11000 | 8455 |
|  |  | **594988** |
| **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** |
| ADT Security (The) Corp., |  |  |
| &nbsp;&nbsp; 4.13%, 8/01/29<sup>(b)</sup> <br>| 40000 | 38971 |
| &nbsp;&nbsp; 4.88%, 7/15/32<sup>(b)</sup> <br>| 42000 | 40671 |
| &nbsp;&nbsp; 5.88%, 10/15/33<sup>(b)</sup> <br>| 20000 | 20275 |
| &nbsp;&nbsp; Automatic Data <br> Processing, Inc., 4.75%, <br> 5/08/32<br>| 40000 | 40929 |
| &nbsp;&nbsp; Cintas Corp. No. 2, 4.00%, <br> 5/01/32<br>| 60000 | 58758 |
| Deluxe Corp., |  |  |
| &nbsp;&nbsp; 8.00%, 6/01/29<sup>(b)</sup> <br>| 58000 | 58997 |
| &nbsp;&nbsp; 8.13%, 9/15/29<sup>(b)</sup> <br>| 53000 | 55612 |
| &nbsp;&nbsp; Republic Services, Inc., <br> 5.20%, 11/15/34<br>| 85000 | 87687 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** | **Commercial Support Services (Continued)** |
| &nbsp;&nbsp; TriNet Group, Inc., 3.50%, <br> 3/01/29<sup>(b)</sup> <br>| $48000 | $45364 |
| Waste Connections, Inc., |  |  |
| &nbsp;&nbsp; 2.60%, 2/01/30 | 5000 | 4726 |
| &nbsp;&nbsp; 3.20%, 6/01/32 | 55000 | 51209 |
| &nbsp;&nbsp; Waste Management, Inc., <br> 4.95%, 7/03/31<br>| 125000 | 129308 |
| Williams Scotsman, Inc., |  |  |
| &nbsp;&nbsp; 6.63%, 6/15/29<sup>(b)</sup> <br>| 6000 | 6203 |
| &nbsp;&nbsp; 6.63%, 4/15/30<sup>(b)</sup> <br>| 5000 | 5181 |
| &nbsp;&nbsp; 7.38%, 10/01/31<sup>(b)</sup> <br>| 19000 | 19809 |
|  |  | **663700** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| &nbsp;&nbsp; Carlisle Cos., Inc., 5.25%, <br> 9/15/35<br>| 25000 | 25459 |
| &nbsp;&nbsp; CRH America Finance, Inc., <br> 5.50%, 1/09/35<br>| 200000 | 208023 |
| CRH SMW Finance DAC, |  |  |
| &nbsp;&nbsp; 5.20%, 5/21/29 | 130000 | 134227 |
| &nbsp;&nbsp; 5.13%, 1/09/30 | 60000 | 61813 |
| &nbsp;&nbsp; Eagle Materials, Inc., <br> 2.50%, 7/01/31<br>| 88000 | 79852 |
| &nbsp;&nbsp; Martin Marietta <br> Materials, Inc.,<br>|  |  |
| &nbsp;&nbsp; 3.50%, 12/15/27 | 40000 | 39669 |
| &nbsp;&nbsp; 5.15%, 12/01/34 | 25000 | 25477 |
|  |  | **574520** |
| **Consumer Services – 0.0%**<sup>(c)</sup> | **Consumer Services – 0.0%**<sup>(c)</sup> | **Consumer Services – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; PROG Holdings, Inc., 6.00%, <br> 11/15/29<sup>(b)</sup> <br>| 30000 | **29692** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp; Amcor Flexibles North <br> America, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.80%, 3/17/28 | 20000 | 20289 |
| &nbsp;&nbsp; 5.10%, 3/17/30 | 50000 | 51386 |
| &nbsp;&nbsp; Ardagh Metal Packaging <br> Finance U.S.A. <br> LLC/Ardagh Metal <br> Packaging Finance PLC, <br> 4.00%, 9/01/29<sup>(b)</sup> <br>| 70000 | 66493 |
| &nbsp;&nbsp; Owens-Brockway Glass <br> Container, Inc., 7.25%, <br> 5/15/31<sup>(b)</sup> <br>| 53000 | 53941 |
| &nbsp;&nbsp; Packaging Corp. of <br> America, 5.70%, 12/01/33<br>| 165000 | 173877 |
|  |  | **365986** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| 3M Co., 4.80%, 3/15/30 | 40000 | 40846 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Diversified Industrials (Continued)** | **Diversified Industrials (Continued)** | **Diversified Industrials (Continued)** |
| &nbsp;&nbsp; Honeywell <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.70%, 2/01/30 | $60000 | $61325 |
| &nbsp;&nbsp; 4.50%, 1/15/34 | 80000 | 79328 |
|  |  | **181499** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| &nbsp;&nbsp; Amazon.com, Inc., 4.10%, <br> 11/20/30<br>| 50000 | 50005 |
| Wayfair LLC, |  |  |
| &nbsp;&nbsp; 7.25%, 10/31/29<sup>(b)</sup> <br>| 89000 | 93057 |
| &nbsp;&nbsp; 7.75%, 9/15/30<sup>(b)</sup> <br>| 54000 | 57408 |
|  |  | **200470** |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| AEP Texas, Inc., |  |  |
| &nbsp;&nbsp; 3.95%, 6/01/28 | 50000 | 49880 |
| &nbsp;&nbsp; 5.45%, 5/15/29 | 40000 | 41481 |
| AES (The) Corp., |  |  |
| &nbsp;&nbsp; 5.45%, 6/01/28 | 30000 | 30800 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.89%), 6.95%, 7/15/55<sup>(i)</sup> <br>| 119000 | 116332 |
| &nbsp;&nbsp; Alabama Power Co., 3.05%, <br> 3/15/32<br>| 100000 | 92645 |
| &nbsp;&nbsp; Alliant Energy Corp., (5Y <br> U.S. Treasury CMT + <br> 2.08%), 5.75%, 4/01/56<sup>(i)</sup> <br>| 30000 | 29782 |
| &nbsp;&nbsp; Ameren Corp., 5.00%, <br> 1/15/29<br>| 100000 | 102450 |
| &nbsp;&nbsp; American Electric <br> Power Co., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.75%), 7.05%, <br> 12/15/54<sup>(i)</sup> <br>| 40000 | 41874 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.13%), 5.80%, 3/15/56<sup>(i)</sup> <br>| 40000 | 40008 |
| &nbsp;&nbsp; Appalachian Power Co., <br> 4.50%, 8/01/32<br>| 50000 | 49543 |
| &nbsp;&nbsp; Arizona Public Service Co., <br> 2.20%, 12/15/31<br>| 10000 | 8795 |
| &nbsp;&nbsp; CenterPoint Energy <br> Houston Electric LLC,<br>|  |  |
| &nbsp;&nbsp; 4.80%, 3/15/30 | 100000 | 102329 |
| &nbsp;&nbsp; 4.45%, 10/01/32 | 30000 | 29872 |
| CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 3.25%), 7.00%, 2/15/55<sup>(i)</sup> <br>| 30000 | 31453 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.59%), 6.70%, 5/15/55<sup>(i)</sup> <br>| 30000 | 30803 |
| &nbsp;&nbsp; CMS Energy Corp., (5Y <br> U.S. Treasury CMT + <br> 4.12%), 4.75%, 6/01/50<sup>(i)</sup> <br>| 20000 | 19756 |
| &nbsp;&nbsp; Commonwealth Edison Co., <br> 5.30%, 6/01/34<br>| 50000 | 51888 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Consolidated Edison Co. of <br> New York, Inc., 5.38%, <br> 5/15/34<br>| $50000 | $51749 |
| &nbsp;&nbsp; Consumers Energy Co., <br> 4.50%, 1/15/31<br>| 120000 | 121185 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp; 3.38%, 4/01/30 | 50000 | 48272 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.39%), 6.88%, 2/01/55<sup>(i)</sup> <br>| 30000 | 31243 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.26%), 6.00%, 2/15/56<sup>(i)</sup> <br>| 30000 | 30323 |
| &nbsp;&nbsp; DTE Electric Co., 5.20%, <br> 4/01/33<br>| 50000 | 51910 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, <br> 4.95%, 1/15/33<br>| 70000 | 71855 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp; 3.15%, 8/15/27 | 60000 | 59313 |
| &nbsp;&nbsp; 4.85%, 1/05/29 | 40000 | 40854 |
| &nbsp;&nbsp; Duke Energy Ohio, Inc., <br> 5.30%, 6/15/35<br>| 40000 | 41101 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp; 3.40%, 4/01/32 | 20000 | 18923 |
| &nbsp;&nbsp; 5.25%, 3/15/33 | 10000 | 10359 |
| &nbsp;&nbsp; Edison International, <br> 5.75%, 6/15/27<br>| 20000 | 20348 |
| &nbsp;&nbsp; Entergy Arkansas LLC, <br> 5.45%, 6/01/34<br>| 60000 | 62632 |
| Entergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.67%), 7.13%, <br> 12/01/54<sup>(i)</sup> <br>| 30000 | 31408 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.18%), 5.88%, 6/15/56<sup>(i)</sup> <br>| 30000 | 30029 |
| &nbsp;&nbsp; Entergy Louisiana LLC, <br> 1.60%, 12/15/30<br>| 90000 | 79573 |
| &nbsp;&nbsp; EUSHI Finance, Inc., (5Y <br> U.S. Treasury CMT + <br> 2.51%), 6.25%, 4/01/56<sup>(i)</sup> <br>| 39000 | 39164 |
| &nbsp;&nbsp; Evergy Kansas Central, Inc., <br> 5.90%, 11/15/33<br>| 10000 | 10686 |
| &nbsp;&nbsp; Evergy, Inc., (5Y <br> U.S. Treasury CMT + <br> 2.56%), 6.65%, 6/01/55<sup>(i)</sup> <br>| 30000 | 30867 |
| &nbsp;&nbsp; Eversource Energy, 5.13%, <br> 5/15/33<br>| 50000 | 50475 |
| &nbsp;&nbsp; Exelon Corp., 5.15%, <br> 3/15/28<br>| 40000 | 40910 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp; 2.45%, 2/03/32 | 30000 | 27038 |
| &nbsp;&nbsp; 4.80%, 5/15/33 | 15000 | 15233 |
| &nbsp;&nbsp; 4.70%, 2/15/36 | 20000 | 19767 |
| Georgia Power Co., |  |  |
| &nbsp;&nbsp; 4.65%, 5/16/28 | 30000 | 30448 |
| &nbsp;&nbsp; 4.70%, 5/15/32 | 20000 | 20268 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Interstate Power and <br> Light Co., 5.70%, 10/15/33<br>| $14000 | $14719 |
| &nbsp;&nbsp; ITC Holdings Corp., 3.35%, <br> 11/15/27<br>| 10000 | 9904 |
| &nbsp;&nbsp; National Rural Utilities <br> Cooperative <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.12%, 9/16/27 | 20000 | 20081 |
| &nbsp;&nbsp; 4.15%, 8/25/28 | 20000 | 20096 |
| &nbsp;&nbsp; 4.95%, 2/07/30 | 30000 | 30819 |
| &nbsp;&nbsp; 2.40%, 3/15/30 | 50000 | 46619 |
| &nbsp;&nbsp; Nevada Power Co., (5Y <br> U.S. Treasury CMT + <br> 1.94%), 6.25%, 5/15/55<sup>(i)</sup> <br>| 30000 | 30336 |
| &nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.69%, 9/01/27 | 60000 | 60687 |
| &nbsp;&nbsp; 2.25%, 6/01/30 | 20000 | 18393 |
| &nbsp;&nbsp; 5.30%, 3/15/32 | 25000 | 25969 |
| &nbsp;&nbsp; 5.25%, 3/15/34 | 50000 | 51213 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.36%), 6.70%, 9/01/54<sup>(i)</sup> <br>| 30000 | 30974 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.55%), 3.80%, 3/15/82<sup>(i)</sup> <br>| 30000 | 29493 |
| &nbsp;&nbsp; Ohio Power Co., 5.65%, <br> 6/01/34<br>| 5000 | 5207 |
| &nbsp;&nbsp; Oncor Electric Delivery Co. <br> LLC,<br>|  |  |
| &nbsp;&nbsp; 4.30%, 5/15/28 | 25000 | 25198 |
| &nbsp;&nbsp; 5.65%, 11/15/33 | 10000 | 10586 |
| Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp; 3.30%, 12/01/27 | 60000 | 59159 |
| &nbsp;&nbsp; 4.20%, 3/01/29 | 10000 | 9951 |
| &nbsp;&nbsp; 4.55%, 7/01/30 | 20000 | 19945 |
| &nbsp;&nbsp; 2.50%, 2/01/31 | 80000 | 72335 |
| &nbsp;&nbsp; 6.40%, 6/15/33 | 29000 | 31249 |
| PacifiCorp, |  |  |
| &nbsp;&nbsp; 5.10%, 2/15/29 | 20000 | 20466 |
| &nbsp;&nbsp; 2.70%, 9/15/30 | 20000 | 18461 |
| &nbsp;&nbsp; 5.30%, 2/15/31 | 10000 | 10290 |
| &nbsp;&nbsp; PECO Energy Co., 4.90%, <br> 6/15/33<br>| 40000 | 40788 |
| PG&E Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 7/01/28 | 7000 | 6985 |
| &nbsp;&nbsp; 5.25%, 7/01/30 | 120000 | 119273 |
| PPL Electric Utilities Corp., |  |  |
| &nbsp;&nbsp; 5.00%, 5/15/33 | 10000 | 10214 |
| &nbsp;&nbsp; 4.85%, 2/15/34 | 25000 | 25200 |
| &nbsp;&nbsp; Public Service Co. of <br> Colorado,<br>|  |  |
| &nbsp;&nbsp; 4.10%, 6/01/32 | 25000 | 24549 |
| &nbsp;&nbsp; 5.35%, 5/15/34 | 30000 | 30807 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Public Service Co. of <br> Oklahoma, 5.20%, 1/15/35<br>| $20000 | $20163 |
| &nbsp;&nbsp; Public Service Electric and <br> Gas Co.,<br>|  |  |
| &nbsp;&nbsp; 4.65%, 3/15/33 | 10000 | 10039 |
| &nbsp;&nbsp; 5.20%, 8/01/33 | 20000 | 20699 |
| &nbsp;&nbsp; 4.85%, 8/01/34 | 10000 | 10057 |
| &nbsp;&nbsp; 5.05%, 3/01/35 | 50000 | 50939 |
| &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.85%, 11/15/27 | 40000 | 41209 |
| &nbsp;&nbsp; 5.20%, 4/01/29 | 60000 | 61720 |
| &nbsp;&nbsp; 1.60%, 8/15/30 | 10000 | 8873 |
| &nbsp;&nbsp; San Diego Gas & <br> Electric Co., 4.95%, <br> 8/15/28<br>| 45000 | 46120 |
| Sempra, |  |  |
| &nbsp;&nbsp; 3.70%, 4/01/29 | 100000 | 98524 |
| &nbsp;&nbsp; 5.50%, 8/01/33 | 10000 | 10409 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.87%), 4.13%, 4/01/52<sup>(i)</sup> <br>| 30000 | 29722 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.79%), 6.88%, <br> 10/01/54<sup>(i)</sup> <br>| 30000 | 30752 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.35%), 6.63%, 4/01/55<sup>(i)</sup> <br>| 30000 | 30432 |
| &nbsp;&nbsp; Sierra Pacific Power Co., <br> (5Y U.S. Treasury CMT + <br> 2.55%), 6.20%, 12/15/55<sup>(i)</sup> <br>| 30000 | 29852 |
| &nbsp;&nbsp; Southern (The) Co., 5.20%, <br> 6/15/33<br>| 50000 | 51282 |
| &nbsp;&nbsp; Southwestern Electric <br> Power Co., 5.30%, 4/01/33<br>| 10000 | 10235 |
| &nbsp;&nbsp; System Energy <br> Resources, Inc., 5.30%, <br> 12/15/34<br>| 120000 | 121196 |
| Talen Energy Supply LLC, |  |  |
| &nbsp;&nbsp; 8.63%, 6/01/30<sup>(b)</sup> <br>| 20000 | 21102 |
| &nbsp;&nbsp; 6.25%, 2/01/34<sup>(b)</sup> <br>| 28000 | 28377 |
| &nbsp;&nbsp; 6.50%, 2/01/36<sup>(b)</sup> <br>| 30000 | 30757 |
| &nbsp;&nbsp; Tampa Electric Co., 5.15%, <br> 3/01/35<br>| 90000 | 91048 |
| &nbsp;&nbsp; Union Electric Co., 2.95%, <br> 3/15/30<br>| 70000 | 66707 |
| &nbsp;&nbsp; Virginia Electric and <br> Power Co.,<br>|  |  |
| &nbsp;&nbsp; 2.30%, 11/15/31 | 45000 | 40120 |
| &nbsp;&nbsp; 5.15%, 3/15/35 | 20000 | 20284 |
| &nbsp;&nbsp; WEC Energy Group, Inc., <br> (5Y U.S. Treasury CMT + <br> 1.91%), 5.63%, 5/15/56<sup>(i)</sup> <br>| 30000 | 30160 |
| &nbsp;&nbsp; Wisconsin Electric <br> Power Co., 1.70%, 6/15/28<br>| 10000 | 9520 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Electric Utilities (Continued)** | **Electric Utilities (Continued)** | **Electric Utilities (Continued)** |
| &nbsp;&nbsp; Wisconsin Power and <br> Light Co., 1.95%, 9/16/31<br>| $5000 | $4378 |
| &nbsp;&nbsp; Xcel Energy, Inc., 4.60%, <br> 6/01/32<br>| 10000 | 9951 |
|  |  | **3920217** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp; Amphenol Corp., 4.13%, <br> 11/15/30<br>| 95000 | 94406 |
| &nbsp;&nbsp; Johnson Controls <br> International PLC/Tyco <br> Fire & Security Finance <br> SCA,<br>|  |  |
| &nbsp;&nbsp; 5.50%, 4/19/29 | 20000 | 20837 |
| &nbsp;&nbsp; 1.75%, 9/15/30 | 20000 | 17869 |
| &nbsp;&nbsp; Keysight Technologies, Inc., <br> 4.95%, 10/15/34<br>| 25000 | 25146 |
| &nbsp;&nbsp; Vertiv Group Corp., 4.13%, <br> 11/15/28<sup>(b)</sup> <br>| 41000 | 40375 |
| &nbsp;&nbsp; WESCO Distribution, Inc., <br> 6.38%, 3/15/33<sup>(b)</sup> <br>| 16000 | 16660 |
|  |  | **215293** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp; Dycom Industries, Inc., <br> 4.50%, 4/15/29<sup>(b)</sup> <br>| 20000 | 19687 |
| Quanta Services, Inc., |  |  |
| &nbsp;&nbsp; 2.90%, 10/01/30 | 110000 | 103114 |
| &nbsp;&nbsp; 2.35%, 1/15/32 | 30000 | 26559 |
| &nbsp;&nbsp; Tutor Perini Corp., 11.88%, <br> 4/30/29<sup>(b)</sup> <br>| 22000 | 24288 |
|  |  | **173648** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| &nbsp;&nbsp; Discovery <br> Communications LLC,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 9/20/37 | 74000 | 57164 |
| &nbsp;&nbsp; 6.35%, 6/01/40 | 40000 | 33012 |
| Fox Corp., |  |  |
| &nbsp;&nbsp; 4.71%, 1/25/29 | 50000 | 50736 |
| &nbsp;&nbsp; 3.50%, 4/08/30 | 40000 | 38781 |
| TEGNA, Inc., 5.00%, 9/15/29 | 305000 | 302877 |
| &nbsp;&nbsp; Versant Media Group, Inc., <br> 7.25%, 1/30/31<sup>(b)</sup> <br>| 5000 | 5124 |
| &nbsp;&nbsp; Warnermedia <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.28%, 3/15/32 | 66000 | 58080 |
| &nbsp;&nbsp; 5.05%, 3/15/42 | 64000 | 44960 |
|  |  | **590734** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Conagra Brands, Inc., |  |  |
| &nbsp;&nbsp; 1.38%, 11/01/27 | 20000 | 19084 |
| &nbsp;&nbsp; 5.00%, 8/01/30 | 20000 | 20214 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| &nbsp;&nbsp; Hershey (The) Co., 4.50%, <br> 5/04/33<br>| $52000 | $52028 |
| &nbsp;&nbsp; Mondelez <br> International, Inc., 2.63%, <br> 3/17/27<br>| 40000 | 39433 |
| Post Holdings, Inc., |  |  |
| &nbsp;&nbsp; 6.38%, 3/01/33<sup>(b)</sup> <br>| 42000 | 42322 |
| &nbsp;&nbsp; 6.25%, 10/15/34<sup>(b)</sup> <br>| 14000 | 14100 |
|  |  | **187181** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp; American Water <br> Capital Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.45%, 6/01/32 | 30000 | 29984 |
| &nbsp;&nbsp; 5.15%, 3/01/34 | 5000 | 5130 |
| &nbsp;&nbsp; AmeriGas Partners <br> L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 5/20/27 | 48000 | 48337 |
| &nbsp;&nbsp; 9.38%, 6/01/28<sup>(b)</sup> <br>| 48000 | 49632 |
| &nbsp;&nbsp; 9.50%, 6/01/30<sup>(b)</sup> <br>| 18000 | 19292 |
| &nbsp;&nbsp; Atmos Energy Corp., 5.90%, <br> 11/15/33<br>| 10000 | 10808 |
| &nbsp;&nbsp; CenterPoint Energy <br> Resources Corp., 5.25%, <br> 3/01/28<br>| 50000 | 51253 |
| &nbsp;&nbsp; Essential Utilities, Inc., <br> 5.38%, 1/15/34<br>| 25000 | 25729 |
| National Fuel Gas Co., |  |  |
| &nbsp;&nbsp; 3.95%, 9/15/27 | 40000 | 39864 |
| &nbsp;&nbsp; 5.95%, 3/15/35 | 45000 | 47164 |
| &nbsp;&nbsp; NiSource, Inc., (5Y <br> U.S. Treasury CMT + <br> 2.45%), 6.95%, 11/30/54<sup>(i)</sup> <br>| 30000 | 31245 |
| &nbsp;&nbsp; ONE Gas, Inc., 4.25%, <br> 9/01/32<br>| 25000 | 24631 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., <br> Inc., 5.40%, 6/15/33<br>| 100000 | 103751 |
| &nbsp;&nbsp; Southern California <br> Gas Co., 5.20%, 6/01/33<br>| 30000 | 30867 |
| &nbsp;&nbsp; Southern Co. Gas <br> Capital Corp., 5.75%, <br> 9/15/33<br>| 10000 | 10575 |
| &nbsp;&nbsp; Southwest Gas Corp., <br> 4.05%, 3/15/32<br>| 25000 | 24181 |
|  |  | **552443** |
| **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** | **Health Care Facilities & Services – 0.7%** |
| Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp; 5.13%, 2/15/29 | 60000 | 61759 |
| &nbsp;&nbsp; 5.35%, 11/15/34 | 110000 | 113063 |
| Cencora, Inc., |  |  |
| &nbsp;&nbsp; 2.70%, 3/15/31 | 90000 | 82984 |
| &nbsp;&nbsp; 5.15%, 2/15/35 | 20000 | 20411 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** | **Health Care Facilities & Services (Continued)** |
| &nbsp;&nbsp; Centene Corp., 4.25%, <br> 12/15/27<br>| $20000 | $19881 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc., 4.25%, <br> 5/01/28<sup>(b)</sup> <br>| 32000 | 31548 |
| &nbsp;&nbsp; Cigna Group (The), 4.38%, <br> 10/15/28<br>| 30000 | 30247 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; 1.30%, 8/21/27 | 40000 | 38359 |
| &nbsp;&nbsp; 4.30%, 3/25/28 | 60000 | 60196 |
| &nbsp;&nbsp; 3.25%, 8/15/29 | 40000 | 38651 |
| &nbsp;&nbsp; 5.45%, 9/15/35 | 100000 | 101747 |
| DaVita, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 6/01/30<sup>(b)</sup> <br>| 71000 | 68317 |
| &nbsp;&nbsp; 3.75%, 2/15/31<sup>(b)</sup> <br>| 28000 | 25684 |
| &nbsp;&nbsp; 6.88%, 9/01/32<sup>(b)</sup> <br>| 47000 | 48412 |
| &nbsp;&nbsp; 6.75%, 7/15/33<sup>(b)</sup> <br>| 15000 | 15396 |
| &nbsp;&nbsp; Fortrea Holdings, Inc., <br> 7.50%, 7/01/30<sup>(b)</sup> <br>| 57000 | 57989 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp; 5.00%, 3/01/28 | 60000 | 61132 |
| &nbsp;&nbsp; 5.88%, 2/01/29 | 60000 | 62525 |
| &nbsp;&nbsp; 3.50%, 9/01/30 | 90000 | 86530 |
| &nbsp;&nbsp; 5.45%, 4/01/31 | 111000 | 115402 |
| &nbsp;&nbsp; 3.63%, 3/15/32 | 91000 | 85864 |
| &nbsp;&nbsp; 5.60%, 4/01/34 | 179000 | 185909 |
| &nbsp;&nbsp; Humana, Inc., 5.75%, <br> 3/01/28<br>| 20000 | 20589 |
| &nbsp;&nbsp; Laboratory Corp. of <br> America Holdings,<br>|  |  |
| &nbsp;&nbsp; 3.60%, 9/01/27 | 30000 | 29839 |
| &nbsp;&nbsp; 2.95%, 12/01/29 | 30000 | 28667 |
| &nbsp;&nbsp; Select Medical Corp., <br> 6.25%, 12/01/32<sup>(b)</sup> <br>| 29000 | 28144 |
| Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp; 4.63%, 6/15/28 | 19000 | 18947 |
| &nbsp;&nbsp; 4.38%, 1/15/30 | 28000 | 27514 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp; 2.00%, 5/15/30 | 125000 | 114037 |
| &nbsp;&nbsp; 4.50%, 4/15/33 | 21000 | 20728 |
| &nbsp;&nbsp; Universal Health <br> Services, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.63%, 10/15/29 | 40000 | 40241 |
| &nbsp;&nbsp; 2.65%, 10/15/30 | 22000 | 20060 |
| &nbsp;&nbsp; 2.65%, 1/15/32 | 68000 | 60169 |
|  |  | **1820941** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| HNI Corp., 5.13%, 1/18/29<sup>(b)</sup> <br>| 22000 | 21727 |
| &nbsp;&nbsp; Somnigroup <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 4/15/29<sup>(b)</sup> <br>| 36000 | 34926 |
| &nbsp;&nbsp; 3.88%, 10/15/31<sup>(b)</sup> <br>| 52000 | 48524 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Home & Office Products (Continued)** | **Home & Office Products (Continued)** | **Home & Office Products (Continued)** |
| Whirlpool Corp., |  |  |
| &nbsp;&nbsp; 6.13%, 6/15/30 | $15000 | $15039 |
| &nbsp;&nbsp; 6.50%, 6/15/33 | 31000 | 30591 |
| &nbsp;&nbsp; 4.50%, 6/01/46 | 57000 | 41348 |
| &nbsp;&nbsp; 4.60%, 5/15/50 | 46000 | 33316 |
|  |  | **225471** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp; Century Communities, Inc., <br> 6.63%, 9/15/33<sup>(b)</sup> <br>| 10000 | 10128 |
| &nbsp;&nbsp; DR Horton, Inc., 1.40%, <br> 10/15/27<br>| 50000 | 47921 |
| &nbsp;&nbsp; Forestar Group, Inc., 6.50%, <br> 3/15/33<sup>(b)</sup> <br>| 19000 | 19426 |
| &nbsp;&nbsp; Lennar Corp., 5.00%, <br> 6/15/27<br>| 35000 | 35274 |
| &nbsp;&nbsp; Masco Corp., 3.50%, <br> 11/15/27<br>| 45000 | 44623 |
| NVR, Inc., 3.00%, 5/15/30 | 135000 | 128232 |
| Toll Brothers Finance Corp., |  |  |
| &nbsp;&nbsp; 4.35%, 2/15/28 | 60000 | 60309 |
| &nbsp;&nbsp; 3.80%, 11/01/29 | 50000 | 49299 |
|  |  | **395212** |
| **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** | **Industrial Intermediate Products – 0.2%** |
| &nbsp;&nbsp; Chart Industries, Inc., <br> 7.50%, 1/01/30<sup>(b)</sup> <br>| 593000 | 616996 |
| &nbsp;&nbsp; Enpro, Inc., 6.13%, <br> 6/01/33<sup>(b)</sup> <br>| 5000 | 5141 |
| &nbsp;&nbsp; Park-Ohio Industries, Inc., <br> 8.50%, 8/01/30<sup>(b)</sup> <br>| 13000 | 13350 |
|  |  | **635487** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| &nbsp;&nbsp; NESCO Holdings II, Inc., <br> 5.50%, 4/15/29<sup>(b)</sup> <br>| 34000 | 33504 |
| &nbsp;&nbsp; United Rentals North <br> America, Inc., 5.38%, <br> 11/15/33<sup>(b)</sup> <br>| 8000 | 7995 |
| &nbsp;&nbsp; WW Grainger, Inc., 4.45%, <br> 9/15/34<br>| 185000 | 182772 |
|  |  | **224271** |
| **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** | **Institutional Financial Services – 1.3%** |
| &nbsp;&nbsp; Bank of New York Mellon <br> (The) Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.68%), 4.44%, <br> 6/09/28<sup>(i)</sup> <br>| 10000 | 10075 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.80%), <br> 5.80%, 10/25/28<sup>(i)</sup> <br>| 20000 | 20638 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 4.54%, <br> 2/01/29<sup>(i)</sup> <br>| 50000 | 50588 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.60%), 6.32%, <br> 10/25/29<sup>(i)</sup> <br>| 20000 | 21184 |
| BGC Group, Inc., |  |  |
| &nbsp;&nbsp; 8.00%, 5/25/28 | 30000 | 32080 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| BGC Group, Inc., |  |  |
| &nbsp;&nbsp; 6.60%, 6/10/29 | $20000 | $20914 |
| &nbsp;&nbsp; 6.15%, 4/02/30 | 20000 | 20646 |
| &nbsp;&nbsp; CBOE Global Markets, Inc., <br> 3.00%, 3/16/32<br>| 100000 | 92798 |
| Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp; 3.38%, 10/01/28<sup>(b)</sup> <br>| 110000 | 105027 |
| &nbsp;&nbsp; 3.63%, 10/01/31<sup>(b)</sup> <br>| 12000 | 10602 |
| &nbsp;&nbsp; Goldman Sachs Group <br> (The), Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.43%, <br> 3/09/27<sup>(i)</sup> <br>| 160000 | 159565 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.94%, <br> 4/23/28<sup>(i)</sup> <br>| 20000 | 20216 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 4.48%, <br> 8/23/28<sup>(i)</sup> <br>| 60000 | 60375 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.42%), 3.81%, 4/23/29<sup>(i)</sup> <br>| 50000 | 49700 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.77%), 6.48%, <br> 10/24/29<sup>(i)</sup> <br>| 130000 | 137627 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 5.73%, <br> 4/25/30<sup>(i)</sup> <br>| 130000 | 135734 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, <br> 4/23/31<sup>(i)</sup> <br>| 60000 | 61803 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, <br> 7/21/32<sup>(i)</sup> <br>| 205000 | 183323 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 5.07%, <br> 1/21/37<sup>(i)</sup> <br>| 115000 | 114507 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 1.18%), 5.39%, 2/02/41<sup>(i)</sup> <br>| 175000 | 173368 |
| &nbsp;&nbsp; Intercontinental <br> Exchange, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.00%, 9/15/27 | 20000 | 20049 |
| &nbsp;&nbsp; 2.10%, 6/15/30 | 50000 | 45916 |
| &nbsp;&nbsp; 1.85%, 9/15/32 | 125000 | 106549 |
| &nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc., 6.75%, <br> 5/01/33<sup>(b)</sup> <br>| 22000 | 22883 |
| LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp; 4.90%, 4/03/28 | 50000 | 50755 |
| &nbsp;&nbsp; 5.15%, 6/15/30 | 40000 | 40797 |
| &nbsp;&nbsp; 5.65%, 3/15/35 | 80000 | 81523 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; 3.95%, 4/23/27 | 12000 | 11998 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.21%, <br> 4/20/28<sup>(i)</sup> <br>| 60000 | 60136 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 6.30%, <br> 10/18/28<sup>(i)</sup> <br>| 60000 | 62236 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 4.99%, <br> 4/12/29<sup>(i)</sup> <br>| 60000 | 61098 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 4.24%, <br> 1/09/30<sup>(i)</sup> <br>| 60000 | 60114 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.23%, <br> 1/15/31<sup>(i)</sup> <br>| 60000 | 61771 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** | **Institutional Financial Services (Continued)** |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 2.70%, <br> 1/22/31<sup>(i)</sup> <br>| $37000 | $34720 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 5.19%, <br> 4/17/31<sup>(i)</sup> <br>| 60000 | 61762 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 1.79%, <br> 2/13/32<sup>(i)</sup> <br>| 414000 | 363488 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.24%, <br> 7/21/32<sup>(i)</sup> <br>| 53000 | 47032 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, <br> 10/20/32<sup>(i)</sup> <br>| 223000 | 200168 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 5.25%, <br> 4/21/34<sup>(i)</sup> <br>| 110000 | 112861 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.32%, <br> 7/19/35<sup>(i)</sup> <br>| 70000 | 71779 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.59%, <br> 1/18/36<sup>(i)</sup> <br>| 35000 | 36438 |
| &nbsp;&nbsp; Stonex Escrow Issuer LLC, <br> 6.88%, 7/15/32<sup>(b)</sup> <br>| 39000 | 40236 |
| &nbsp;&nbsp; StoneX Group, Inc., 7.88%, <br> 3/01/31<sup>(b)</sup> <br>| 73000 | 77663 |
| &nbsp;&nbsp; VFH Parent LLC/Valor <br> Co-Issuer, Inc., 7.50%, <br> 6/15/31<sup>(b)</sup> <br>| 52000 | 54475 |
|  |  | **3267217** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| &nbsp;&nbsp; Acrisure LLC/Acrisure <br> Finance, Inc., 6.75%, <br> 7/01/32<sup>(b)</sup> <br>| 10000 | 10252 |
| &nbsp;&nbsp; Allstate (The) Corp., 5.05%, <br> 6/24/29<br>| 65000 | 67019 |
| &nbsp;&nbsp; American International <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.85%, 5/07/30 | 60000 | 61454 |
| &nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.87%), <br> 5.75%, 4/01/48<sup>(i)</sup> <br>| 20000 | 20399 |
| &nbsp;&nbsp; American National <br> Group, Inc., 5.75%, <br> 10/01/29<br>| 50000 | 51745 |
| Aon Corp., 2.80%, 5/15/30 | 20000 | 18882 |
| Arthur J Gallagher & Co., |  |  |
| &nbsp;&nbsp; 2.40%, 11/09/31 | 20000 | 17858 |
| &nbsp;&nbsp; 5.50%, 3/02/33 | 30000 | 31161 |
| &nbsp;&nbsp; 6.50%, 2/15/34 | 125000 | 137443 |
| &nbsp;&nbsp; Assurant, Inc., 4.90%, <br> 3/27/28<br>| 65000 | 65732 |
| &nbsp;&nbsp; Assured Guaranty <br> U.S. Holdings, Inc., 6.13%, <br> 9/15/28<br>| 58000 | 60869 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin <br> Insurance Group <br> Holdings Finance, 7.13%, <br> 5/15/31<sup>(b)</sup> <br>| 54000 | 55530 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| Brown & Brown, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 3/15/29 | $90000 | $90576 |
| &nbsp;&nbsp; 4.20%, 3/17/32 | 75000 | 72488 |
| CNA Financial Corp., |  |  |
| &nbsp;&nbsp; 3.45%, 8/15/27 | 20000 | 19814 |
| &nbsp;&nbsp; 5.20%, 8/15/35 | 100000 | 100258 |
| &nbsp;&nbsp; Corebridge Financial, Inc., <br> (5Y U.S. Treasury CMT + <br> 3.85%), 6.88%, 12/15/52<sup>(i)</sup> <br>| 30000 | 30811 |
| &nbsp;&nbsp; Marsh & McLennan Cos., <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.55%, 11/08/27 | 20000 | 20219 |
| &nbsp;&nbsp; 2.38%, 12/15/31 | 410000 | 367972 |
| &nbsp;&nbsp; 5.75%, 11/01/32 | 50000 | 53389 |
| &nbsp;&nbsp; Principal Financial <br> Group, Inc., 5.38%, <br> 3/15/33<br>| 18000 | 18658 |
| &nbsp;&nbsp; Progressive (The) Corp., <br> 3.20%, 3/26/30<br>| 32000 | 30920 |
| Prudential Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.38%), <br> 4.50%, 9/15/47<sup>(i)</sup> <br>| 30000 | 29642 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 3.04%), 3.70%, <br> 10/01/50<sup>(i)</sup> <br>| 30000 | 27999 |
| &nbsp;&nbsp; RenaissanceRe <br> Finance, Inc., 3.45%, <br> 7/01/27<br>| 40000 | 39734 |
| &nbsp;&nbsp; Unum Group, 4.00%, <br> 6/15/29<br>| 135000 | 133638 |
| &nbsp;&nbsp; Willis North America, Inc., <br> 5.35%, 5/15/33<br>| 140000 | 143990 |
|  |  | **1778452** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| Alphabet, Inc., |  |  |
| &nbsp;&nbsp; 4.10%, 11/15/30 | 40000 | 40032 |
| &nbsp;&nbsp; 4.50%, 5/15/35 | 25000 | 24738 |
| &nbsp;&nbsp; Getty Images, Inc., 11.25%, <br> 2/21/30<sup>(b)</sup> <br>| 13000 | 11636 |
| &nbsp;&nbsp; Match Group Holdings <br> II LLC, 4.13%, 8/01/30<sup>(b)</sup> <br>| 22000 | 20736 |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp; 4.80%, 5/15/30 | 80000 | 82199 |
| &nbsp;&nbsp; 4.60%, 11/15/32 | 35000 | 35088 |
| &nbsp;&nbsp; Uber Technologies, Inc., <br> 4.80%, 9/15/34<br>| 50000 | 49737 |
| VeriSign, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 7/15/27 | 20000 | 20003 |
| &nbsp;&nbsp; 2.70%, 6/15/31 | 150000 | 136479 |
| &nbsp;&nbsp; 5.25%, 6/01/32 | 30000 | 30754 |
|  |  | **451402** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| &nbsp;&nbsp; Accenture Capital, Inc., <br> 4.50%, 10/04/34<br>| $10000 | $9835 |
| &nbsp;&nbsp; Amdocs Ltd., 2.54%, <br> 6/15/30<br>| 30000 | 27566 |
| &nbsp;&nbsp; ASGN, Inc., 4.63%, <br> 5/15/28<sup>(b)</sup> <br>| 21000 | 20682 |
| &nbsp;&nbsp; CACI International, Inc., <br> 6.38%, 6/15/33<sup>(b)</sup> <br>| 13000 | 13488 |
| &nbsp;&nbsp; International Business <br> Machines Corp.,<br>|  |  |
| &nbsp;&nbsp; 2.20%, 2/09/27 | 100000 | 98446 |
| &nbsp;&nbsp; 4.15%, 7/27/27 | 285000 | 286427 |
| Leidos, Inc., |  |  |
| &nbsp;&nbsp; 4.38%, 5/15/30 | 30000 | 29973 |
| &nbsp;&nbsp; 2.30%, 2/15/31 | 60000 | 54074 |
|  |  | **540491** |
| **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** | **Leisure Facilities & Services – 0.6%** |
| Darden Restaurants, Inc., |  |  |
| &nbsp;&nbsp; 4.35%, 10/15/27 | 40000 | 40212 |
| &nbsp;&nbsp; 4.55%, 10/15/29 | 80000 | 80776 |
| &nbsp;&nbsp; 6.30%, 10/10/33 | 30000 | 32618 |
| &nbsp;&nbsp; Genting New <br> York LLC/GENNY <br> Capital, Inc., 7.25%, <br> 10/01/29<sup>(b)</sup> <br>| 53000 | 54775 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton <br> Grand Vacations <br> Borrower, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 6/01/29<sup>(b)</sup> <br>| 25000 | 24307 |
| &nbsp;&nbsp; 4.88%, 7/01/31<sup>(b)</sup> <br>| 50000 | 46636 |
| &nbsp;&nbsp; 6.63%, 1/15/32<sup>(b)</sup> <br>| 5000 | 5111 |
| Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp; 5.05%, 3/30/28 | 20000 | 20380 |
| &nbsp;&nbsp; 5.38%, 12/15/31 | 90000 | 92733 |
| Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp; 5.90%, 6/01/27 | 20000 | 20367 |
| &nbsp;&nbsp; 5.63%, 6/15/28 | 60000 | 61429 |
| &nbsp;&nbsp; 6.00%, 8/15/29 | 25000 | 26064 |
| &nbsp;&nbsp; Life Time, Inc., 6.00%, <br> 11/15/31<sup>(b)</sup> <br>| 24000 | 24607 |
| &nbsp;&nbsp; Light & Wonder <br> International, Inc., 6.25%, <br> 10/01/33<sup>(b)</sup> <br>| 10000 | 10125 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, <br> 7.00%, 9/15/30<sup>(b)</sup> <br>| 32000 | 33406 |
| &nbsp;&nbsp; Live Nation <br> Entertainment, Inc., <br> 3.75%, 1/15/28<sup>(b)</sup> <br>| 19000 | 18735 |
| Marriott International, Inc., |  |  |
| &nbsp;&nbsp; 5.00%, 10/15/27 | 55000 | 55856 |
| &nbsp;&nbsp; 5.55%, 10/15/28 | 30000 | 31153 |
| &nbsp;&nbsp; 4.90%, 4/15/29 | 40000 | 40891 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** | **Leisure Facilities & Services (Continued)** |
| Marriott International, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 6/15/30 | $40000 | $40529 |
| &nbsp;&nbsp; 2.85%, 4/15/31 | 100000 | 92804 |
| &nbsp;&nbsp; 5.10%, 4/15/32 | 30000 | 30861 |
| &nbsp;&nbsp; 5.30%, 5/15/34 | 35000 | 35882 |
| &nbsp;&nbsp; McDonald's Corp., 4.60%, <br> 9/09/32<br>| 284000 | 288696 |
| &nbsp;&nbsp; Premier Entertainment <br> Sub LLC/Premier <br> Entertainment <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.63%, 9/01/29<sup>(b)</sup> <br>| 121000 | 89349 |
| &nbsp;&nbsp; 5.88%, 9/01/31<sup>(b)</sup> <br>| 53000 | 34010 |
| &nbsp;&nbsp; Royal Caribbean <br> Cruises Ltd., 5.38%, <br> 1/15/36<br>| 45000 | 45094 |
| &nbsp;&nbsp; Station Casinos LLC, 4.63%, <br> 12/01/31<sup>(b)</sup> <br>| 27000 | 25920 |
|  |  | **1403326** |
| **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> | **Leisure Products – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Patrick Industries, Inc., <br> 6.38%, 11/01/32<sup>(b)</sup> <br>| 39000 | **39916** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| Eaton Corp., 4.15%, 3/15/33 | 20000 | 19655 |
| IDEX Corp., 2.63%, 6/15/31 | 50000 | 45628 |
| &nbsp;&nbsp; Pentair Finance S.a.r.l., <br> 4.50%, 7/01/29<br>| 60000 | 60228 |
|  |  | **125511** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp; Bausch + Lomb Corp., <br> 8.38%, 10/01/28<sup>(b)</sup> <br>| 26000 | 27105 |
| &nbsp;&nbsp; Edwards <br> Lifesciences Corp., 4.30%, <br> 6/15/28<br>| 70000 | 70459 |
| &nbsp;&nbsp; Zimmer Biomet <br> Holdings, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.70%, 2/19/27 | 150000 | 151238 |
| &nbsp;&nbsp; 5.35%, 12/01/28 | 30000 | 31037 |
|  |  | **279839** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| &nbsp;&nbsp; Freeport-McMoRan, Inc., <br> 4.13%, 3/01/28<br>| 35000 | 34940 |
| &nbsp;&nbsp; Newmont Corp./Newcrest <br> Finance Pty. Ltd., 3.25%, <br> 5/13/30<br>| 40000 | 38566 |
| Novelis Corp., |  |  |
| &nbsp;&nbsp; 4.75%, 1/30/30<sup>(b)</sup> <br>| 79000 | 76577 |
| &nbsp;&nbsp; 6.88%, 1/30/30<sup>(b)</sup> <br>| 68000 | 70479 |
| &nbsp;&nbsp; 6.38%, 8/15/33<sup>(b)</sup> <br>| 17000 | 17317 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Metals & Mining (Continued)** | **Metals & Mining (Continued)** | **Metals & Mining (Continued)** |
| &nbsp;&nbsp; SunCoke Energy, Inc., <br> 4.88%, 6/30/29<sup>(b)</sup> <br>| $56000 | $52807 |
|  |  | **290686** |
| **Oil & Gas Supply Chain – 1.8%** | **Oil & Gas Supply Chain – 1.8%** | **Oil & Gas Supply Chain – 1.8%** |
| &nbsp;&nbsp; BKV Upstream <br> Midstream LLC, 7.50%, <br> 10/15/30<sup>(b)</sup> <br>| 39000 | 39497 |
| California Resources Corp., |  |  |
| &nbsp;&nbsp; 8.25%, 6/15/29<sup>(b)</sup> <br>| 105000 | 110437 |
| &nbsp;&nbsp; 7.00%, 1/15/34<sup>(b)</sup> <br>| 10000 | 10087 |
| &nbsp;&nbsp; Cheniere Corpus Christi <br> Holdings LLC, 5.13%, <br> 6/30/27<br>| 41000 | 41390 |
| &nbsp;&nbsp; Cheniere Energy Partners <br> L.P., 5.55%, 10/30/35<sup>(b)</sup> <br>| 30000 | 30684 |
| Cheniere Energy, Inc., |  |  |
| &nbsp;&nbsp; 4.63%, 10/15/28 | 40000 | 40000 |
| &nbsp;&nbsp; 5.65%, 4/15/34 | 30000 | 31104 |
| &nbsp;&nbsp; Chevron U.S.A., Inc., 4.98%, <br> 4/15/35<br>| 190000 | 193907 |
| Chord Energy Corp., |  |  |
| &nbsp;&nbsp; 6.00%, 10/01/30<sup>(b)</sup> <br>| 10000 | 10195 |
| &nbsp;&nbsp; 6.75%, 3/15/33<sup>(b)</sup> <br>| 45000 | 46650 |
| &nbsp;&nbsp; CNX Midstream Partners <br> L.P., 4.75%, 4/15/30<sup>(b)</sup> <br>| 5000 | 4858 |
| CNX Resources Corp., |  |  |
| &nbsp;&nbsp; 6.00%, 1/15/29<sup>(b)</sup> <br>| 2000 | 2012 |
| &nbsp;&nbsp; 7.38%, 1/15/31<sup>(b)</sup> <br>| 18000 | 18642 |
| &nbsp;&nbsp; 7.25%, 3/01/32<sup>(b)</sup> <br>| 27000 | 28248 |
| Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp; 6.75%, 3/01/29<sup>(b)</sup> <br>| 96000 | 96612 |
| &nbsp;&nbsp; 6.75%, 3/01/29<sup>(b)</sup> <br>| 29000 | 29036 |
| &nbsp;&nbsp; ConocoPhillips Co., 5.05%, <br> 9/15/33<br>| 20000 | 20518 |
| &nbsp;&nbsp; Coterra Energy, Inc., 4.38%, <br> 3/15/29<br>| 20000 | 20125 |
| &nbsp;&nbsp; Crescent Energy <br> Finance LLC, 7.88%, <br> 4/15/32<sup>(b)</sup> <br>| 49000 | 48752 |
| CVR Energy, Inc., |  |  |
| &nbsp;&nbsp; 8.50%, 1/15/29<sup>(b)</sup> <br>| 62000 | 64619 |
| &nbsp;&nbsp; 7.50%, 2/15/31<sup>(b)(j)</sup> <br>| 15000 | 14968 |
| &nbsp;&nbsp; 7.88%, 2/15/34<sup>(b)(j)</sup> <br>| 25000 | 24797 |
| &nbsp;&nbsp; DCP Midstream Operating <br> L.P., 3.25%, 2/15/32<br>| 5000 | 4602 |
| &nbsp;&nbsp; Delek Logistics Partners <br> L.P./Delek Logistics <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 8.63%, 3/15/29<sup>(b)</sup> <br>| 104000 | 108766 |
| &nbsp;&nbsp; 7.38%, 6/30/33<sup>(b)</sup> <br>| 10000 | 10283 |
| &nbsp;&nbsp; Diamondback Energy, Inc., <br> 5.40%, 4/18/34<br>| 105000 | 107527 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp; 5.25%, 4/15/29 | $40000 | $41148 |
| &nbsp;&nbsp; 5.20%, 4/01/30 | 30000 | 30955 |
| &nbsp;&nbsp; 3.75%, 5/15/30 | 40000 | 38977 |
| &nbsp;&nbsp; 4.55%, 1/15/31 | 40000 | 39960 |
| &nbsp;&nbsp; 5.75%, 2/15/33 | 10000 | 10486 |
| &nbsp;&nbsp; 6.55%, 12/01/33 | 65000 | 71126 |
| &nbsp;&nbsp; Enterprise Products <br> Operating LLC, (3M CME <br> Term SOFR + 3.29%), <br> 5.25%, 8/16/77<sup>(i)</sup> <br>| 60000 | 59765 |
| EQT Corp., |  |  |
| &nbsp;&nbsp; 3.90%, 10/01/27 | 40000 | 39848 |
| &nbsp;&nbsp; 4.75%, 1/15/31 | 40000 | 40180 |
| &nbsp;&nbsp; Genesis Energy <br> L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 8.25%, 1/15/29 | 20000 | 20849 |
| &nbsp;&nbsp; 8.88%, 4/15/30 | 13000 | 13681 |
| &nbsp;&nbsp; 7.88%, 5/15/32 | 48000 | 50089 |
| &nbsp;&nbsp; 8.00%, 5/15/33 | 19000 | 19830 |
| &nbsp;&nbsp; Global Partners L.P./GLP <br> Finance Corp., 8.25%, <br> 1/15/32<sup>(b)</sup> <br>| 47000 | 49540 |
| &nbsp;&nbsp; Gulfport Energy <br> Operating Corp., 6.75%, <br> 9/01/29<sup>(b)</sup> <br>| 69000 | 71159 |
| Hess Corp., 4.30%, 4/01/27 | 50000 | 50206 |
| HF Sinclair Corp., |  |  |
| &nbsp;&nbsp; 4.50%, 10/01/30 | 10000 | 9879 |
| &nbsp;&nbsp; 5.75%, 1/15/31 | 20000 | 20733 |
| &nbsp;&nbsp; Kinder Morgan, Inc., 5.00%, <br> 2/01/29<br>| 120000 | 123139 |
| &nbsp;&nbsp; Magnolia Oil & Gas <br> Operating LLC/Magnolia <br> Oil & Gas Finance Corp., <br> 6.88%, 12/01/32<sup>(b)</sup> <br>| 13000 | 13500 |
| &nbsp;&nbsp; Marathon Petroleum Corp., <br> 5.70%, 3/01/35<br>| 70000 | 72336 |
| &nbsp;&nbsp; Matador Resources Co., <br> 6.88%, 4/15/28<sup>(b)</sup> <br>| 13000 | 13283 |
| MPLX L.P., |  |  |
| &nbsp;&nbsp; 4.13%, 3/01/27 | 180000 | 180144 |
| &nbsp;&nbsp; 4.25%, 12/01/27 | 110000 | 110307 |
| &nbsp;&nbsp; 4.80%, 2/15/29 | 20000 | 20307 |
| &nbsp;&nbsp; 2.65%, 8/15/30 | 140000 | 129765 |
| &nbsp;&nbsp; 5.40%, 9/15/35 | 130000 | 131072 |
| &nbsp;&nbsp; NGL Energy <br> Operating LLC/NGL <br> Energy Finance Corp., <br> 8.13%, 2/15/29<sup>(b)</sup> <br>| 90000 | 93396 |
| Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp; 8.75%, 6/15/31<sup>(b)</sup> <br>| 37000 | 38248 |
| &nbsp;&nbsp; 7.88%, 10/15/33<sup>(b)</sup> <br>| 12000 | 12115 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| &nbsp;&nbsp; Occidental <br> Petroleum Corp., 8.88%, <br> 7/15/30<br>| $20000 | $23079 |
| Phillips 66, 2.15%, 12/15/30 | 20000 | 18041 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P., 5.95%, <br> 6/15/35<br>| 60000 | 62563 |
| &nbsp;&nbsp; Plains All American <br> Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 3.55%, 12/15/29 | 42000 | 40910 |
| &nbsp;&nbsp; 5.70%, 9/15/34 | 20000 | 20625 |
| &nbsp;&nbsp; Summit Midstream <br> Holdings LLC, 8.63%, <br> 10/31/29<sup>(b)</sup> <br>| 41000 | 42835 |
| Sunoco L.P., |  |  |
| &nbsp;&nbsp; 7.00%, 5/01/29<sup>(b)</sup> <br>| 28000 | 29115 |
| &nbsp;&nbsp; 6.63%, 8/15/32<sup>(b)</sup> <br>| 44000 | 45379 |
| Talos Production, Inc., |  |  |
| &nbsp;&nbsp; 9.00%, 2/01/29<sup>(b)</sup> <br>| 54000 | 56265 |
| &nbsp;&nbsp; 9.38%, 2/01/31<sup>(b)</sup> <br>| 49000 | 51908 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp; 5.20%, 7/01/27 | 190000 | 192851 |
| &nbsp;&nbsp; 4.35%, 1/15/29 | 40000 | 40195 |
| &nbsp;&nbsp; 5.50%, 2/15/35 | 110000 | 112686 |
| &nbsp;&nbsp; 5.55%, 8/15/35 | 75000 | 76812 |
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 1/15/28 | 46000 | 46060 |
| &nbsp;&nbsp; 4.88%, 2/01/31 | 20000 | 20187 |
| Valero Energy Corp., |  |  |
| &nbsp;&nbsp; 2.15%, 9/15/27 | 30000 | 29138 |
| &nbsp;&nbsp; 5.15%, 2/15/30 | 20000 | 20598 |
| Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp; 9.50%, 2/01/29<sup>(b)</sup> <br>| 13000 | 13843 |
| &nbsp;&nbsp; 8.38%, 6/01/31<sup>(b)</sup> <br>| 50000 | 51141 |
| &nbsp;&nbsp; 9.88%, 2/01/32<sup>(b)</sup> <br>| 48000 | 50750 |
| &nbsp;&nbsp; Venture Global <br> Plaquemines LNG LLC,<br>|  |  |
| &nbsp;&nbsp; 7.75%, 5/01/35<sup>(b)</sup> <br>| 46000 | 51295 |
| &nbsp;&nbsp; 6.75%, 1/15/36<sup>(b)</sup> <br>| 27000 | 28303 |
| &nbsp;&nbsp; Western Midstream <br> Operating L.P.,<br>|  |  |
| &nbsp;&nbsp; 4.50%, 3/01/28 | 10000 | 10049 |
| &nbsp;&nbsp; 6.35%, 1/15/29 | 20000 | 21096 |
| &nbsp;&nbsp; 4.05%, 2/01/30 | 20000 | 19623 |
| &nbsp;&nbsp; 4.80%, 3/01/31 | 120000 | 120058 |
| &nbsp;&nbsp; 6.15%, 4/01/33 | 30000 | 31706 |
| &nbsp;&nbsp; 5.50%, 12/15/35 | 210000 | 209093 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** | **Oil & Gas Supply Chain (Continued)** |
| Williams (The) Cos., Inc., |  |  |
| &nbsp;&nbsp; 3.75%, 6/15/27 | $40000 | $39895 |
| &nbsp;&nbsp; 2.60%, 3/15/31 | 125000 | 114414 |
|  |  | **4464852** |
| **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** | **Oil, Gas Services & Equipment – 0.2%** |
| Bristow Group, Inc., |  |  |
| &nbsp;&nbsp; 6.88%, 3/01/28<sup>(b)</sup> <br>| 6000 | 6006 |
| &nbsp;&nbsp; 6.75%, 2/01/33<sup>(b)</sup> <br>| 25000 | 25293 |
| &nbsp;&nbsp; Diamond Foreign <br> Asset Co./Diamond <br> Finance LLC, 8.50%, <br> 10/01/30<sup>(b)</sup> <br>| 60000 | 63800 |
| &nbsp;&nbsp; Noble Finance II LLC, <br> 8.00%, 4/15/30<sup>(b)</sup> <br>| 96000 | 100076 |
| &nbsp;&nbsp; Tidewater, Inc., 9.13%, <br> 7/15/30<sup>(b)</sup> <br>| 68000 | 73554 |
| &nbsp;&nbsp; Transocean <br> International Ltd., 8.50%, <br> 5/15/31<sup>(b)</sup> <br>| 47000 | 47841 |
| &nbsp;&nbsp; U.S.A. Compression <br> Partners L.P./U.S.A. <br> Compression <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 7.13%, 3/15/29<sup>(b)</sup> <br>| 35000 | 36240 |
| &nbsp;&nbsp; 6.25%, 10/01/33<sup>(b)</sup> <br>| 10000 | 10130 |
| &nbsp;&nbsp; Valaris Ltd., 8.38%, <br> 4/30/30<sup>(b)</sup> <br>| 50000 | 52245 |
|  |  | **415185** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; Clear Channel Outdoor <br> Holdings, Inc., 7.50%, <br> 6/01/29<sup>(b)</sup> <br>| 102000 | 100931 |
| &nbsp;&nbsp; McGraw-Hill <br> Education, Inc., 7.38%, <br> 9/01/31<sup>(b)</sup> <br>| 33000 | 34693 |
| Nexstar Media, Inc., |  |  |
| &nbsp;&nbsp; 5.63%, 7/15/27<sup>(b)</sup> <br>| 13000 | 13003 |
| &nbsp;&nbsp; 4.75%, 11/01/28<sup>(b)</sup> <br>| 79000 | 78523 |
| &nbsp;&nbsp; Sinclair Television <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.50%, 3/01/30<sup>(b)</sup> <br>| 36000 | 31730 |
| &nbsp;&nbsp; 4.38%, 12/31/32<sup>(b)</sup> <br>| 21000 | 16564 |
| &nbsp;&nbsp; 9.75%, 2/15/33<sup>(b)</sup> <br>| 26000 | 28600 |
|  |  | **304044** |
| **Real Estate Investment Trusts – 1.1%** | **Real Estate Investment Trusts – 1.1%** | **Real Estate Investment Trusts – 1.1%** |
| &nbsp;&nbsp; American Homes 4 Rent <br> L.P., 4.25%, 2/15/28<br>| 30000 | 30006 |
| American Tower Corp., |  |  |
| &nbsp;&nbsp; 3.55%, 7/15/27 | 40000 | 39717 |
| &nbsp;&nbsp; 5.50%, 3/15/28 | 40000 | 41122 |
| &nbsp;&nbsp; 5.80%, 11/15/28 | 55000 | 57432 |
| &nbsp;&nbsp; 5.20%, 2/15/29 | 40000 | 41135 |

---

------

**Morningstar Funds Trust** January 31, 2026 (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)** |
| American Tower Corp., |  |  |
| &nbsp;&nbsp; 5.40%, 1/31/35 | $10000 | $10277 |
| Crown Castle, Inc., |  |  |
| &nbsp;&nbsp; 3.65%, 9/01/27 | 140000 | 139017 |
| &nbsp;&nbsp; 3.80%, 2/15/28 | 17000 | 16890 |
| &nbsp;&nbsp; 4.80%, 9/01/28 | 40000 | 40607 |
| &nbsp;&nbsp; 2.10%, 4/01/31 | 80000 | 70667 |
| &nbsp;&nbsp; Diversified Healthcare <br> Trust,<br>|  |  |
| &nbsp;&nbsp; 7.25%, 10/15/30<sup>(b)</sup> <br>| 5000 | 5150 |
| &nbsp;&nbsp; 4.38%, 3/01/31 | 55000 | 49074 |
| &nbsp;&nbsp; ERP Operating L.P., 4.65%, <br> 9/15/34<br>| 40000 | 39502 |
| &nbsp;&nbsp; GLP Capital L.P./GLP <br> Financing II, Inc.,<br>|  |  |
| &nbsp;&nbsp; 5.75%, 6/01/28 | 60000 | 61480 |
| &nbsp;&nbsp; 4.00%, 1/15/30 | 40000 | 38921 |
| &nbsp;&nbsp; 5.25%, 2/15/33 | 100000 | 100186 |
| Host Hotels & Resorts L.P., |  |  |
| &nbsp;&nbsp; 4.25%, 12/15/28 | 20000 | 20044 |
| &nbsp;&nbsp; 3.38%, 12/15/29 | 30000 | 28877 |
| &nbsp;&nbsp; 3.50%, 9/15/30 | 40000 | 38106 |
| &nbsp;&nbsp; 5.50%, 4/15/35 | 20000 | 20271 |
| &nbsp;&nbsp; Iron Mountain Information <br> Management <br> Services, Inc., 5.00%, <br> 7/15/32<sup>(b)</sup> <br>| 41000 | 39212 |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp; 5.25%, 3/15/28<sup>(b)</sup> <br>| 17000 | 16995 |
| &nbsp;&nbsp; 5.63%, 7/15/32<sup>(b)</sup> <br>| 41000 | 40486 |
| &nbsp;&nbsp; Mid-America Apartments <br> L.P., 3.95%, 3/15/29<br>| 40000 | 39820 |
| Millrose Properties, Inc., |  |  |
| &nbsp;&nbsp; 6.38%, 8/01/30<sup>(b)</sup> <br>| 43000 | 43889 |
| &nbsp;&nbsp; 6.25%, 9/15/32<sup>(b)</sup> <br>| 32000 | 32361 |
| &nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 5.00%, 10/15/27 | 27000 | 26399 |
| &nbsp;&nbsp; 4.63%, 8/01/29 | 120000 | 102885 |
| &nbsp;&nbsp; 3.50%, 3/15/31 | 5000 | 3705 |
| &nbsp;&nbsp; 8.50%, 2/15/32<sup>(b)</sup> <br>| 5000 | 5357 |
| &nbsp;&nbsp; National Health <br> Investors, Inc., 5.35%, <br> 2/01/33<br>| 200000 | 200296 |
| &nbsp;&nbsp; Omega Healthcare <br> Investors, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 1/15/28 | 20000 | 20168 |
| &nbsp;&nbsp; 5.20%, 7/01/30 | 240000 | 244032 |
| &nbsp;&nbsp; Park Intermediate <br> Holdings LLC/PK Dome, <br> 4.88%, 5/15/29<sup>(b)</sup> <br>| 40000 | 39130 |
| Prologis L.P., |  |  |
| &nbsp;&nbsp; 4.88%, 6/15/28 | 20000 | 20453 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** | **Real Estate Investment Trusts (Continued)** |
| Prologis L.P., |  |  |
| &nbsp;&nbsp; 4.75%, 6/15/33 | $40000 | $40222 |
| &nbsp;&nbsp; Realty Income Corp., 4.75%, <br> 2/15/29<br>| 90000 | 91706 |
| &nbsp;&nbsp; RLJ Lodging Trust L.P., <br> 4.00%, 9/15/29<sup>(b)</sup> <br>| 40000 | 37958 |
| Simon Property Group L.P., |  |  |
| &nbsp;&nbsp; 4.38%, 10/01/30 | 100000 | 100480 |
| &nbsp;&nbsp; 5.50%, 3/08/33 | 40000 | 41995 |
| &nbsp;&nbsp; 4.75%, 9/26/34 | 50000 | 49584 |
| &nbsp;&nbsp; Sun Communities <br> Operating L.P., 2.30%, <br> 11/01/28<br>| 40000 | 38087 |
| &nbsp;&nbsp; Ventas Realty L.P., 5.10%, <br> 7/15/32<br>| 80000 | 82340 |
| VICI Properties L.P., |  |  |
| &nbsp;&nbsp; 4.75%, 2/15/28 | 60000 | 60592 |
| &nbsp;&nbsp; 4.95%, 2/15/30 | 60000 | 60729 |
| &nbsp;&nbsp; 5.63%, 4/01/35 | 40000 | 40761 |
| &nbsp;&nbsp; VICI Properties L.P./VICI <br> Note Co., Inc., 4.13%, <br> 8/15/30<sup>(b)</sup> <br>| 50000 | 48524 |
| Welltower OP LLC, |  |  |
| &nbsp;&nbsp; 4.50%, 7/01/30 | 120000 | 121203 |
| &nbsp;&nbsp; 3.85%, 6/15/32 | 70000 | 67622 |
| &nbsp;&nbsp; 5.13%, 7/01/35 | 80000 | 81232 |
|  |  | **2726704** |
| **Real Estate Owners & Developers – 0.0%**<sup>(c)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(c)</sup> | **Real Estate Owners & Developers – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Howard Hughes <br> (The) Corp.,<br>|  |  |
| &nbsp;&nbsp; 4.13%, 2/01/29<sup>(b)</sup> <br>| 33000 | 31915 |
| &nbsp;&nbsp; 4.38%, 2/01/31<sup>(b)</sup> <br>| 40000 | 37882 |
|  |  | **69797** |
| **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, <br> 4/15/30<sup>(b)</sup> <br>| 64000 | 64798 |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Realogy <br> Co-Issuer Corp., 9.75%, <br> 4/15/30<sup>(b)</sup> <br>| 54000 | 58939 |
| CBRE Services, Inc., |  |  |
| &nbsp;&nbsp; 5.50%, 4/01/29 | 40000 | 41457 |
| &nbsp;&nbsp; 4.80%, 6/15/30 | 40000 | 40576 |
| &nbsp;&nbsp; 4.90%, 1/15/33 | 80000 | 80314 |
|  |  | **286084** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Retail - Consumer Staples – 0.0%**<sup>(c)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(c)</sup> | **Retail - Consumer Staples – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Albertsons Cos., <br> Inc./Safeway, Inc./New <br> Albertsons <br> L.P./Albertsons LLC, <br> 5.75%, 3/31/34<sup>(b)(j)</sup> <br>| $35000 | $34422 |
| &nbsp;&nbsp; Arko Corp., 5.13%, <br> 11/15/29<sup>(b)</sup> <br>| 15000 | 13072 |
| &nbsp;&nbsp; Kroger (The) Co., 5.00%, <br> 9/15/34<br>| 50000 | 50045 |
|  |  | **97539** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| Advance Auto Parts, Inc., |  |  |
| &nbsp;&nbsp; 7.00%, 8/01/30<sup>(b)</sup> <br>| 48000 | 48814 |
| &nbsp;&nbsp; 7.38%, 8/01/33<sup>(b)</sup> <br>| 35000 | 35525 |
| AutoZone, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 2/01/28 | 40000 | 40378 |
| &nbsp;&nbsp; 5.40%, 7/15/34 | 20000 | 20612 |
| &nbsp;&nbsp; Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc.,<br>|  |  |
| &nbsp;&nbsp; 8.25%, 1/15/30<sup>(b)</sup> <br>| 28000 | 28980 |
| &nbsp;&nbsp; 8.00%, 2/15/31<sup>(b)</sup> <br>| 36000 | 36802 |
| &nbsp;&nbsp; 8.38%, 6/15/32<sup>(b)</sup> <br>| 46000 | 47321 |
| Builders FirstSource, Inc., |  |  |
| &nbsp;&nbsp; 6.38%, 6/15/32<sup>(b)</sup> <br>| 31000 | 31948 |
| &nbsp;&nbsp; 6.75%, 5/15/35<sup>(b)</sup> <br>| 51000 | 53582 |
| &nbsp;&nbsp; Dick's Sporting Goods, Inc., <br> 4.00%, 10/01/29<sup>(b)</sup> <br>| 30000 | 29581 |
| Gap (The), Inc., |  |  |
| &nbsp;&nbsp; 3.63%, 10/01/29<sup>(b)</sup> <br>| 39000 | 37091 |
| &nbsp;&nbsp; 3.88%, 10/01/31<sup>(b)</sup> <br>| 47000 | 43572 |
| &nbsp;&nbsp; Home Depot (The), Inc., <br> 4.90%, 4/15/29<br>| 60000 | 61726 |
| Kohl's Corp., |  |  |
| &nbsp;&nbsp; 10.00%, 6/01/30<sup>(b)</sup> <br>| 27000 | 29578 |
| &nbsp;&nbsp; 5.13%, 5/01/31 | 71000 | 60782 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp; 3.35%, 4/01/27 | 25000 | 24853 |
| &nbsp;&nbsp; 3.10%, 5/03/27 | 45000 | 44575 |
| &nbsp;&nbsp; 3.95%, 10/15/27 | 20000 | 20049 |
| &nbsp;&nbsp; 4.00%, 10/15/28 | 20000 | 20023 |
| &nbsp;&nbsp; 2.63%, 4/01/31 | 10000 | 9196 |
| &nbsp;&nbsp; Macy's Retail <br> Holdings LLC,<br>|  |  |
| &nbsp;&nbsp; 6.13%, 3/15/32<sup>(b)</sup> <br>| 32000 | 32344 |
| &nbsp;&nbsp; 7.38%, 8/01/33<sup>(b)</sup> <br>| 35000 | 36959 |
| &nbsp;&nbsp; Petco Health & <br> Wellness Co., Inc., 8.25%, <br> 2/01/31<sup>(b)(j)</sup> <br>| 10000 | 10026 |
| &nbsp;&nbsp; QXO Building <br> Products, Inc., 6.75%, <br> 4/30/32<sup>(b)</sup> <br>| 75000 | 77286 |
|  |  | **881603** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Semiconductors – 0.3%** | **Semiconductors – 0.3%** | **Semiconductors – 0.3%** |
| Analog Devices, Inc., |  |  |
| &nbsp;&nbsp; 1.70%, 10/01/28 | $40000 | $37834 |
| &nbsp;&nbsp; 2.10%, 10/01/31 | 30000 | 26671 |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp; 1.95%, 2/15/28 | 60000 | 57797 |
| &nbsp;&nbsp; 4.00%, 4/15/29<sup>(b)</sup> <br>| 5000 | 4986 |
| &nbsp;&nbsp; 4.35%, 2/15/30 | 40000 | 40226 |
| &nbsp;&nbsp; 5.05%, 4/15/30 | 66000 | 68011 |
| &nbsp;&nbsp; 4.30%, 1/15/31 | 60000 | 59963 |
| &nbsp;&nbsp; 4.95%, 1/15/36 | 45000 | 44955 |
| Intel Corp., |  |  |
| &nbsp;&nbsp; 3.75%, 3/25/27 | 50000 | 49855 |
| &nbsp;&nbsp; 3.75%, 8/05/27 | 40000 | 39840 |
| &nbsp;&nbsp; 2.45%, 11/15/29 | 40000 | 37466 |
| &nbsp;&nbsp; Lam Research Corp., 4.00%, <br> 3/15/29<br>| 50000 | 50047 |
| &nbsp;&nbsp; Micron Technology, Inc., <br> 5.30%, 1/15/31<br>| 60000 | 62318 |
| Texas Instruments, Inc., |  |  |
| &nbsp;&nbsp; 1.90%, 9/15/31 | 54000 | 47960 |
| &nbsp;&nbsp; 4.90%, 3/14/33 | 25000 | 25773 |
| &nbsp;&nbsp; 4.85%, 2/08/34 | 60000 | 61469 |
|  |  | **715171** |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| &nbsp;&nbsp; Autodesk, Inc., 5.30%, <br> 6/15/35<br>| 50000 | 51016 |
| CoreWeave, Inc., |  |  |
| &nbsp;&nbsp; 9.25%, 6/01/30<sup>(b)</sup> <br>| 98000 | 96471 |
| &nbsp;&nbsp; 9.00%, 2/01/31<sup>(b)</sup> <br>| 42000 | 40835 |
| &nbsp;&nbsp; Fortinet, Inc., 2.20%, <br> 3/15/31<br>| 10000 | 8967 |
| &nbsp;&nbsp; Gen Digital, Inc., 6.75%, <br> 9/30/27<sup>(b)</sup> <br>| 34000 | 34284 |
| Intuit, Inc., 5.20%, 9/15/33 | 100000 | 103722 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; 3.25%, 11/15/27 | 20000 | 19616 |
| &nbsp;&nbsp; 2.30%, 3/25/28 | 40000 | 38211 |
| &nbsp;&nbsp; 4.20%, 9/27/29 | 20000 | 19675 |
| &nbsp;&nbsp; 2.95%, 4/01/30 | 20000 | 18479 |
| &nbsp;&nbsp; 4.45%, 9/26/30 | 75000 | 73208 |
| &nbsp;&nbsp; 5.25%, 2/03/32 | 60000 | 59926 |
| &nbsp;&nbsp; 4.80%, 9/26/32 | 45000 | 43565 |
| &nbsp;&nbsp; 5.50%, 8/03/35 | 95000 | 92620 |
| &nbsp;&nbsp; 5.20%, 9/26/35 | 110000 | 104829 |
| Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 10/15/29 | 60000 | 60607 |
| &nbsp;&nbsp; 5.10%, 9/15/35 | 20000 | 19970 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| &nbsp;&nbsp; ServiceNow, Inc., 1.40%, <br> 9/01/30<br>| $40000 | $35267 |
| &nbsp;&nbsp; ZoomInfo <br> Technologies LLC/ZoomInfo <br> Finance Corp., 3.88%, <br> 2/01/29<sup>(b)</sup> <br>| 32000 | 29250 |
|  |  | **950518** |
| **Specialty Finance – 1.6%** | **Specialty Finance – 1.6%** | **Specialty Finance – 1.6%** |
| &nbsp;&nbsp; Air Lease Corp., 5.30%, <br> 2/01/28<br>| 20000 | 20401 |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; 4.75%, 6/09/27 | 30000 | 30252 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.96%), <br> 5.74%, 5/15/29<sup>(i)</sup> <br>| 100000 | 102682 |
| &nbsp;&nbsp;&nbsp; (SOFR + 3.26%), 6.99%, <br> 6/13/29<sup>(i)</sup> <br>| 30000 | 31639 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.73%), <br> 5.54%, 1/17/31<sup>(i)</sup> <br>| 30000 | 30715 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.55%, <br> 7/31/33<sup>(i)</sup> <br>| 190000 | 191219 |
| American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 4.92%, <br> 7/20/33<sup>(i)</sup> <br>| 255000 | 258324 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.32%), <br> 5.44%, 1/30/36<sup>(i)</sup> <br>| 90000 | 92902 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.24%), 4.80%, <br> 10/24/36<sup>(i)</sup> <br>| 135000 | 132338 |
| &nbsp;&nbsp; Apollo Commercial Real <br> Estate Finance, Inc., <br> 4.63%, 6/15/29<sup>(b)</sup> <br>| 36000 | 35869 |
| &nbsp;&nbsp; Blackstone Mortgage <br> Trust, Inc., 7.75%, <br> 12/01/29<sup>(b)</sup> <br>| 40000 | 42877 |
| &nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.90%, 12/01/29 | 20000 | 19012 |
| &nbsp;&nbsp; 2.60%, 5/01/31 | 10000 | 9085 |
| &nbsp;&nbsp; Burford Capital Global <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp; 6.25%, 4/15/28<sup>(b)</sup> <br>| 14000 | 13973 |
| &nbsp;&nbsp; 6.88%, 4/15/30<sup>(b)</sup> <br>| 35000 | 34226 |
| &nbsp;&nbsp; 9.25%, 7/01/31<sup>(b)</sup> <br>| 61000 | 62785 |
| &nbsp;&nbsp; 7.50%, 7/15/33<sup>(b)</sup> <br>| 13000 | 12551 |
| &nbsp;&nbsp; Capital One <br> Financial Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.44%), 7.15%, <br> 10/29/27<sup>(i)</sup> <br>| 110000 | 112368 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 4.93%, <br> 5/10/28<sup>(i)</sup> <br>| 30000 | 30310 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 5.47%, <br> 2/01/29<sup>(i)</sup> <br>| 100000 | 102492 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.64%), 6.31%, <br> 6/08/29<sup>(i)</sup> <br>| 118000 | 123517 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; Capital One <br> Financial Corp.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.46%, <br> 7/26/30<sup>(i)</sup> <br>| $120000 | $124091 |
| &nbsp;&nbsp;&nbsp; (SOFR + 3.07%), 7.62%, <br> 10/30/31<sup>(i)</sup> <br>| 20000 | 22450 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 5.88%, <br> 7/26/35<sup>(i)</sup> <br>| 150000 | 156461 |
| Credit Acceptance Corp., |  |  |
| &nbsp;&nbsp; 9.25%, 12/15/28<sup>(b)</sup> <br>| 39000 | 40867 |
| &nbsp;&nbsp; 6.63%, 3/15/30<sup>(b)</sup> <br>| 31000 | 31030 |
| &nbsp;&nbsp; Enact Holdings, Inc., 6.25%, <br> 5/28/29<br>| 50000 | 52400 |
| Enova International, Inc., |  |  |
| &nbsp;&nbsp; 11.25%, 12/15/28<sup>(b)</sup> <br>| 13000 | 13763 |
| &nbsp;&nbsp; 9.13%, 8/01/29<sup>(b)</sup> <br>| 20000 | 21162 |
| &nbsp;&nbsp; Equifax, Inc., 4.80%, <br> 9/15/29<br>| 65000 | 66097 |
| &nbsp;&nbsp; EZCORP, Inc., 7.38%, <br> 4/01/32<sup>(b)</sup> <br>| 15000 | 15979 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.,<br>|  |  |
| &nbsp;&nbsp; 2.90%, 3/01/27 | 150000 | 148195 |
| &nbsp;&nbsp; 3.45%, 3/01/32 | 72000 | 66946 |
| &nbsp;&nbsp; Fair Isaac Corp., 6.00%, <br> 5/15/33<sup>(b)</sup> <br>| 18000 | 18341 |
| &nbsp;&nbsp; Fidelity National <br> Financial, Inc., 4.50%, <br> 8/15/28<br>| 20000 | 20142 |
| FirstCash, Inc., |  |  |
| &nbsp;&nbsp; 5.63%, 1/01/30<sup>(b)</sup> <br>| 11000 | 11051 |
| &nbsp;&nbsp; 6.88%, 3/01/32<sup>(b)</sup> <br>| 19000 | 19751 |
| Fiserv, Inc., |  |  |
| &nbsp;&nbsp; 5.38%, 8/21/28 | 30000 | 30805 |
| &nbsp;&nbsp; 5.60%, 3/02/33 | 150000 | 154309 |
| &nbsp;&nbsp; 5.45%, 3/15/34 | 30000 | 30332 |
| &nbsp;&nbsp; FTAI Aviation Investors LLC, <br> 7.88%, 12/01/30<sup>(b)</sup> <br>| 10000 | 10603 |
| &nbsp;&nbsp; LD Holdings Group LLC, <br> 6.13%, 4/01/28<sup>(b)</sup> <br>| 27000 | 25586 |
| Mastercard, Inc., |  |  |
| &nbsp;&nbsp; 1.90%, 3/15/31 | 22000 | 19778 |
| &nbsp;&nbsp; 4.95%, 3/15/32 | 90000 | 93212 |
| &nbsp;&nbsp; 4.55%, 1/15/35 | 50000 | 49694 |
| &nbsp;&nbsp; MGIC Investment Corp., <br> 5.25%, 8/15/28<br>| 7000 | 6996 |
| OneMain Finance Corp., |  |  |
| &nbsp;&nbsp; 7.88%, 3/15/30 | 72000 | 75950 |
| &nbsp;&nbsp; 7.50%, 5/15/31 | 78000 | 81771 |
| &nbsp;&nbsp; 7.13%, 11/15/31 | 15000 | 15543 |
| &nbsp;&nbsp; 6.75%, 9/15/33 | 25000 | 25277 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Specialty Finance (Continued)** | **Specialty Finance (Continued)** | **Specialty Finance (Continued)** |
| &nbsp;&nbsp; PennyMac Financial <br> Services, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.13%, 11/15/30<sup>(b)</sup> <br>| $38000 | $39231 |
| &nbsp;&nbsp; 5.75%, 9/15/31<sup>(b)</sup> <br>| 59000 | 58266 |
| &nbsp;&nbsp; 6.88%, 5/15/32<sup>(b)</sup> <br>| 47000 | 48032 |
| &nbsp;&nbsp; 6.88%, 2/15/33<sup>(b)</sup> <br>| 22000 | 22440 |
| &nbsp;&nbsp; 6.75%, 2/15/34<sup>(b)</sup> <br>| 5000 | 5046 |
| Rithm Capital Corp., |  |  |
| &nbsp;&nbsp; 8.00%, 4/01/29<sup>(b)</sup> <br>| 78000 | 79688 |
| &nbsp;&nbsp; 8.00%, 7/15/30<sup>(b)</sup> <br>| 15000 | 15338 |
| Rocket Cos, Inc., |  |  |
| &nbsp;&nbsp; 6.50%, 8/01/29<sup>(b)</sup> <br>| 39000 | 40116 |
| &nbsp;&nbsp; 6.13%, 8/01/30<sup>(b)</sup> <br>| 15000 | 15357 |
| &nbsp;&nbsp; 6.38%, 8/01/33<sup>(b)</sup> <br>| 15000 | 15562 |
| &nbsp;&nbsp; Rocket <br> Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 3.88%, 3/01/31<sup>(b)</sup> <br>| 54000 | 50691 |
| S&P Global, Inc., |  |  |
| &nbsp;&nbsp; 4.25%, 5/01/29 | 30000 | 30163 |
| &nbsp;&nbsp; 1.25%, 8/15/30 | 110000 | 96789 |
| &nbsp;&nbsp; 4.25%, 1/15/31<sup>(b)</sup> <br>| 60000 | 59898 |
| &nbsp;&nbsp; 2.90%, 3/01/32 | 90000 | 82823 |
| &nbsp;&nbsp; 4.80%, 12/04/35<sup>(b)</sup> <br>| 50000 | 49599 |
| SLM Corp., 6.50%, 1/31/30 | 34000 | 35083 |
| &nbsp;&nbsp; Starwood Property <br> Trust, Inc.,<br>|  |  |
| &nbsp;&nbsp; 7.25%, 4/01/29<sup>(b)</sup> <br>| 49000 | 51677 |
| &nbsp;&nbsp; 6.00%, 4/15/30<sup>(b)</sup> <br>| 13000 | 13362 |
| &nbsp;&nbsp; 6.50%, 10/15/30<sup>(b)</sup> <br>| 20000 | 20829 |
| Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 2.13%), <br> 5.94%, 8/02/30<sup>(i)</sup> <br>| 30000 | 31072 |
| &nbsp;&nbsp; 7.25%, 2/02/33 | 51000 | 54166 |
| &nbsp;&nbsp; United Wholesale <br> Mortgage LLC, 5.50%, <br> 4/15/29<sup>(b)</sup> <br>| 70000 | 69160 |
| UWM Holdings LLC, |  |  |
| &nbsp;&nbsp; 6.63%, 2/01/30<sup>(b)</sup> <br>| 81000 | 81699 |
| &nbsp;&nbsp; 6.25%, 3/15/31<sup>(b)</sup> <br>| 15000 | 14905 |
| &nbsp;&nbsp; Velocity Commercial <br> Capital LLC, 9.38%, <br> 2/15/31<sup>(b)</sup> <br>| 20000 | 20300 |
|  |  | **4039411** |
| **Steel – 0.1%** | **Steel – 0.1%** | **Steel – 0.1%** |
| Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp; 7.50%, 9/15/31<sup>(b)</sup> <br>| 50000 | 52764 |
| &nbsp;&nbsp; 7.38%, 5/01/33<sup>(b)</sup> <br>| 58000 | 60525 |
| &nbsp;&nbsp; 7.63%, 1/15/34<sup>(b)</sup> <br>| 81000 | 84834 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Steel (Continued)** | **Steel (Continued)** | **Steel (Continued)** |
| &nbsp;&nbsp; Reliance, Inc., 2.15%, <br> 8/15/30<br>| $40000 | $36387 |
| &nbsp;&nbsp; Steel Dynamics, Inc., <br> 4.00%, 12/15/28<br>| 60000 | 59914 |
|  |  | **294424** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Apple, Inc., 3.35%, 8/08/32 | 25000 | 23938 |
| &nbsp;&nbsp; CDW LLC/CDW <br> Finance Corp.,<br>|  |  |
| &nbsp;&nbsp; 3.28%, 12/01/28 | 40000 | 38965 |
| &nbsp;&nbsp; 5.10%, 3/01/30 | 60000 | 61201 |
| Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp; 4.85%, 2/26/29 | 40000 | 41023 |
| &nbsp;&nbsp; 4.95%, 2/24/32 | 60000 | 61883 |
| &nbsp;&nbsp; 5.05%, 2/26/34 | 45000 | 46138 |
| &nbsp;&nbsp; Diebold Nixdorf, Inc., <br> 7.75%, 3/31/30<sup>(b)</sup> <br>| 61000 | 64604 |
| Jabil, Inc., |  |  |
| &nbsp;&nbsp; 4.25%, 5/15/27 | 70000 | 70190 |
| &nbsp;&nbsp; 5.45%, 2/01/29 | 30000 | 31020 |
| &nbsp;&nbsp; 4.75%, 2/01/33 | 40000 | 39401 |
| Motorola Solutions, Inc., |  |  |
| &nbsp;&nbsp; 4.60%, 5/23/29 | 180000 | 182172 |
| &nbsp;&nbsp; 4.85%, 8/15/30 | 60000 | 61185 |
| &nbsp;&nbsp; 2.75%, 5/24/31 | 40000 | 36740 |
| &nbsp;&nbsp; 5.60%, 6/01/32 | 50000 | 52582 |
| &nbsp;&nbsp; 5.40%, 4/15/34 | 70000 | 72077 |
| &nbsp;&nbsp; 5.55%, 8/15/35 | 60000 | 62271 |
| &nbsp;&nbsp; NCR Atleos Corp., 9.50%, <br> 4/01/29<sup>(b)</sup> <br>| 41000 | 43940 |
| NetApp, Inc., |  |  |
| &nbsp;&nbsp; 2.38%, 6/22/27 | 20000 | 19565 |
| &nbsp;&nbsp; 2.70%, 6/22/30 | 20000 | 18633 |
| &nbsp;&nbsp; 5.70%, 3/17/35 | 44000 | 45775 |
| &nbsp;&nbsp; TD SYNNEX Corp., 4.30%, <br> 1/17/29<br>| 20000 | 20006 |
| &nbsp;&nbsp; Teledyne FLIR LLC, 2.50%, <br> 8/01/30<br>| 40000 | 37049 |
| &nbsp;&nbsp; Teledyne <br> Technologies, Inc., 2.75%, <br> 4/01/31<br>| 30000 | 27806 |
| &nbsp;&nbsp; Western Digital Corp., <br> 3.10%, 2/01/32<br>| 20000 | 18456 |
|  |  | **1176620** |
| **Telecommunications – 1.2%** | **Telecommunications – 1.2%** | **Telecommunications – 1.2%** |
| &nbsp;&nbsp; APLD ComputeCo LLC, <br> 9.25%, 12/15/30<sup>(b)</sup> <br>| 38000 | 39472 |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp; 4.35%, 3/01/29 | 2000 | 2014 |
| &nbsp;&nbsp; 4.55%, 11/01/32 | 200000 | 198577 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
| &nbsp;&nbsp; Cipher Compute LLC, <br> 7.13%, 11/15/30<sup>(b)</sup> <br>| $101000 | $104072 |
| &nbsp;&nbsp; EchoStar Corp., 10.75%, <br> 11/30/29<br>| 70000 | 76735 |
| &nbsp;&nbsp; Flash Compute LLC, 7.25%, <br> 12/31/30<sup>(b)</sup> <br>| 25000 | 25085 |
| &nbsp;&nbsp; Frontier Communications <br> Holdings LLC, 8.75%, <br> 5/15/30<sup>(b)</sup> <br>| 1318000 | 1359108 |
| GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> <br>| 68000 | 66595 |
| Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp; 6.88%, 6/30/33<sup>(b)</sup> <br>| 66000 | 68012 |
| &nbsp;&nbsp; 8.50%, 1/15/36<sup>(b)</sup> <br>| 25000 | 25593 |
| Lumen Technologies, Inc., |  |  |
| &nbsp;&nbsp; 4.13%, 4/15/30<sup>(b)</sup> <br>| 267 | 267 |
| &nbsp;&nbsp; 10.00%, 10/15/32<sup>(b)</sup> <br>| 6000 | 6000 |
| Sprint Capital Corp., |  |  |
| &nbsp;&nbsp; 6.88%, 11/15/28 | 60000 | 64370 |
| &nbsp;&nbsp; 8.75%, 3/15/32 | 30000 | 36331 |
| T-Mobile U.S.A., Inc., |  |  |
| &nbsp;&nbsp; 2.05%, 2/15/28 | 60000 | 57724 |
| &nbsp;&nbsp; 2.63%, 2/15/29 | 40000 | 38308 |
| &nbsp;&nbsp; 3.88%, 4/15/30 | 40000 | 39315 |
| &nbsp;&nbsp; 2.88%, 2/15/31 | 99000 | 92012 |
| &nbsp;&nbsp; 5.15%, 4/15/34 | 45000 | 45755 |
| &nbsp;&nbsp; 4.70%, 1/15/35 | 160000 | 156562 |
| &nbsp;&nbsp; 5.30%, 5/15/35 | 90000 | 91767 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti <br> Group Finance 2019, <br> Inc./CSL Capital LLC, <br> 8.63%, 6/15/32<sup>(b)</sup> <br>| 33000 | 33319 |
| &nbsp;&nbsp; Uniti Services LLC, 7.50%, <br> 10/15/33<sup>(b)</sup> <br>| 51000 | 52655 |
| &nbsp;&nbsp; Verizon <br> Communications, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 1/15/33 | 45000 | 45012 |
| &nbsp;&nbsp; 5.25%, 4/02/35 | 95000 | 96238 |
| Viasat, Inc., |  |  |
| &nbsp;&nbsp; 6.50%, 7/15/28<sup>(b)</sup> <br>| 22000 | 21716 |
| &nbsp;&nbsp; 7.50%, 5/30/31<sup>(b)</sup> <br>| 69000 | 67006 |
| &nbsp;&nbsp; Windstream <br> Services LLC/Windstream <br> Escrow Finance Corp., <br> 8.25%, 10/01/31<sup>(b)</sup> <br>| 82000 | 85897 |
| &nbsp;&nbsp; WULF Compute LLC, 7.75%, <br> 10/15/30<sup>(b)</sup> <br>| 78000 | 81356 |
|  |  | **3076873** |
| **Tobacco & Cannabis – 0.6%** | **Tobacco & Cannabis – 0.6%** | **Tobacco & Cannabis – 0.6%** |
| Altria Group, Inc., |  |  |
| &nbsp;&nbsp; 4.88%, 2/04/28 | 60000 | 61062 |
| &nbsp;&nbsp; 6.20%, 11/01/28 | 110000 | 115904 |
| &nbsp;&nbsp; 4.80%, 2/14/29 | 60000 | 61036 |
| &nbsp;&nbsp; 3.40%, 5/06/30 | 30000 | 28932 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** | **Tobacco & Cannabis (Continued)** |
| Altria Group, Inc., |  |  |
| &nbsp;&nbsp; 4.50%, 8/06/30 | $40000 | $40289 |
| &nbsp;&nbsp; 2.45%, 2/04/32 | 190000 | 168149 |
| &nbsp;&nbsp; 6.88%, 11/01/33 | 110000 | 123714 |
| &nbsp;&nbsp; 5.25%, 8/06/35 | 125000 | 126160 |
| &nbsp;&nbsp; Philip Morris <br> International, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.13%, 4/28/28 | 60000 | 60296 |
| &nbsp;&nbsp; 3.38%, 8/15/29 | 15000 | 14661 |
| &nbsp;&nbsp; 5.63%, 11/17/29 | 204000 | 214578 |
| &nbsp;&nbsp; 5.13%, 2/15/30 | 80000 | 82584 |
| &nbsp;&nbsp; 2.10%, 5/01/30 | 60000 | 55007 |
| &nbsp;&nbsp; 4.00%, 10/29/30 | 40000 | 39569 |
| &nbsp;&nbsp; 5.75%, 11/17/32 | 25000 | 26668 |
| &nbsp;&nbsp; 5.38%, 2/15/33 | 50000 | 52037 |
| &nbsp;&nbsp; 5.63%, 9/07/33 | 90000 | 95230 |
| &nbsp;&nbsp; 4.90%, 11/01/34 | 100000 | 100563 |
| &nbsp;&nbsp; Turning Point Brands, Inc., <br> 7.63%, 3/15/32<sup>(b)</sup> <br>| 13000 | 13944 |
|  |  | **1480383** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| American Airlines, Inc., |  |  |
| &nbsp;&nbsp; 7.25%, 2/15/28<sup>(b)</sup> <br>| 29000 | 29524 |
| &nbsp;&nbsp; 8.50%, 5/15/29<sup>(b)</sup> <br>| 20000 | 20870 |
| &nbsp;&nbsp; JetBlue <br> Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 9/20/31<sup>(b)</sup> <br>| 93000 | 93406 |
| &nbsp;&nbsp; United Parcel Service, Inc., <br> 4.45%, 4/01/30<br>| 15000 | 15257 |
|  |  | **159057** |
| **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> | **Transportation Equipment – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp., <br> 5.61%, 3/11/34<br>| 60000 | **62753** |
| **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> | **Wholesale - Consumer Staples – 0.0%**<sup>(c)</sup> |
| Sysco Corp., 5.75%, 1/17/29 | 60000 | **62739** |
| &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $53,457,983) | &nbsp;&nbsp; **Total Corporate Bonds** <br>(Cost $53,457,983) | **54101054** |
| **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** | **Foreign Issuer Bonds – 5.0%** |
| **Australia – 0.2%** | **Australia – 0.2%** | **Australia – 0.2%** |
| &nbsp;&nbsp; BHP Billiton Finance U.S.A. <br> Ltd.,<br>|  |  |
| &nbsp;&nbsp; 4.75%, 2/28/28 | 320000 | 325370 |
| &nbsp;&nbsp; 5.00%, 2/21/30 | 20000 | 20602 |
| Fortescue Treasury Pty. Ltd., |  |  |
| &nbsp;&nbsp; 4.38%, 4/01/31<sup>(b)</sup> <br>| 12000 | 11594 |
| &nbsp;&nbsp; 6.13%, 4/15/32<sup>(b)</sup> <br>| 51000 | 53113 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** |
| &nbsp;&nbsp; Mineral Resources Ltd., <br> 7.00%, 4/01/31<sup>(b)</sup> <br>| $32000 | $33631 |
| &nbsp;&nbsp; Rio Tinto Finance U.S.A. <br> Ltd., 7.13%, 7/15/28<br>| 8000 | 8588 |
| &nbsp;&nbsp; Rio Tinto Finance U.S.A. <br> PLC, 5.25%, 3/14/35<br>| 110000 | 113089 |
|  |  | **565987** |
| **Austria – 0.0%**<sup>(c)</sup> | **Austria – 0.0%**<sup>(c)</sup> | **Austria – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; ams-OSRAM A.G., 12.25%, <br> 3/30/29<sup>(b)</sup> <br>| 17000 | **18064** |
| **Bermuda – 0.1%** | **Bermuda – 0.1%** | **Bermuda – 0.1%** |
| &nbsp;&nbsp; RenaissanceRe <br> Holdings Ltd.,<br>|  |  |
| &nbsp;&nbsp; 3.60%, 4/15/29 | 60000 | 58819 |
| &nbsp;&nbsp; 5.75%, 6/05/33 | 81000 | 84633 |
|  |  | **143452** |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| &nbsp;&nbsp; Karoon U.S.A. Finance, Inc., <br> 10.50%, 5/14/29<sup>(b)</sup> <br>| 18000 | 18593 |
| &nbsp;&nbsp; Klabin Austria GmbH, <br> 7.00%, 4/03/49<sup>(b)</sup> <br>| 13000 | 13442 |
| &nbsp;&nbsp; Suzano Austria GmbH, <br> 6.00%, 1/15/29<br>| 100000 | 103290 |
| &nbsp;&nbsp; Vale Overseas Ltd., 3.75%, <br> 7/08/30<br>| 60000 | 57920 |
|  |  | **193245** |
| **Canada – 0.9%** | **Canada – 0.9%** | **Canada – 0.9%** |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; 5.72%, 9/25/28 | 50000 | 52102 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 3.45%), 7.70%, 5/26/84<sup>(i)</sup> <br>| 80000 | 85069 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.98%), 6.88%, <br> 11/26/85<sup>(i)</sup> <br>| 80000 | 82368 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.76%), 4.04%, <br> 9/15/28<sup>(i)</sup> <br>| 60000 | 60034 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 4.39%), 8.63%, <br> 10/27/82<sup>(i)</sup> <br>| 80000 | 84720 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 4.02%), 8.00%, 1/27/84<sup>(i)</sup> <br>| 80000 | 85655 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., <br> 5.25%, 1/30/30<sup>(b)</sup> <br>| 58000 | 41253 |
| &nbsp;&nbsp; Brookfield Finance, Inc., <br> 5.33%, 1/15/36<br>| 70000 | 70157 |
| &nbsp;&nbsp; Brookfield Residential <br> Properties, Inc./Brookfield <br> Residential U.S. LLC,<br>|  |  |
| &nbsp;&nbsp; 6.25%, 9/15/27<sup>(b)</sup> <br>| 3000 | 3000 |
| &nbsp;&nbsp; 4.88%, 2/15/30<sup>(b)</sup> <br>| 48000 | 44810 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.63%, <br> 9/11/30<sup>(i)</sup> <br>| $25000 | $25339 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.83%), 6.95%, 1/28/85<sup>(i)</sup> <br>| 80000 | 82534 |
| &nbsp;&nbsp; Canadian National <br> Railway Co., 3.85%, <br> 8/05/32<br>| 60000 | 58172 |
| CGI, Inc., 4.95%, 3/14/30 | 100000 | 101374 |
| &nbsp;&nbsp; Champion Iron <br> Canada, Inc., 7.88%, <br> 7/15/32<sup>(b)</sup> <br>| 48000 | 51346 |
| Enbridge, Inc., |  |  |
| &nbsp;&nbsp; 5.63%, 4/05/34 | 35000 | 36445 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 3.12%), 7.38%, 3/15/55<sup>(i)</sup> <br>| 30000 | 31865 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 3.68%), 5.50%, 7/15/77<sup>(i)</sup> <br>| 30000 | 29986 |
| &nbsp;&nbsp; Enerflex, Inc., 6.88%, <br> 1/15/31<sup>(b)</sup> <br>| 15000 | 15502 |
| &nbsp;&nbsp; Fairfax Financial <br> Holdings Ltd.,<br>|  |  |
| &nbsp;&nbsp; 3.38%, 3/03/31 | 25000 | 23630 |
| &nbsp;&nbsp; 5.63%, 8/16/32 | 70000 | 73070 |
| &nbsp;&nbsp; 6.00%, 12/07/33 | 181000 | 191877 |
| &nbsp;&nbsp; New Flyer Holdings, Inc., <br> 9.25%, 7/01/30<sup>(b)</sup> <br>| 40000 | 43095 |
| &nbsp;&nbsp; New Gold, Inc., 6.88%, <br> 4/01/32<sup>(b)</sup> <br>| 5000 | 5312 |
| Open Text Holdings, Inc., |  |  |
| &nbsp;&nbsp; 4.13%, 2/15/30<sup>(b)</sup> <br>| 66000 | 61308 |
| &nbsp;&nbsp; 4.13%, 12/01/31<sup>(b)</sup> <br>| 37000 | 33240 |
| &nbsp;&nbsp; RB Global Holdings, Inc., <br> 6.75%, 3/15/28<sup>(b)</sup> <br>| 20000 | 20372 |
| &nbsp;&nbsp; Rogers <br> Communications, Inc., (5Y <br> U.S. Treasury CMT + <br> 2.62%), 7.13%, 4/15/55<sup>(i)</sup> <br>| 49000 | 51384 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; 5.20%, 8/01/28 | 40000 | 41231 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.70%), 4.00%, <br> 11/03/28<sup>(i)</sup> <br>| 40000 | 40021 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.83%), 4.97%, <br> 1/24/29<sup>(i)</sup> <br>| 80000 | 81560 |
| &nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 4.50%, <br> 8/06/29<sup>(i)</sup> <br>| 60000 | 60635 |
| &nbsp;&nbsp;&nbsp; (SOFR Index + 1.13%), <br> 4.97%, 5/02/31<sup>(i)</sup> <br>| 40000 | 40966 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.89%), 7.50%, 5/02/84<sup>(i)</sup> <br>| 80000 | 84229 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.82%), 6.75%, 8/24/85<sup>(i)</sup> <br>| 80000 | 82730 |
| &nbsp;&nbsp; Taseko Mines Ltd., 8.25%, <br> 5/01/30<sup>(b)</sup> <br>| 57000 | 60502 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| &nbsp;&nbsp; Toronto-Dominion Bank <br> (The),<br>|  |  |
| &nbsp;&nbsp; 4.69%, 9/15/27 | $100000 | $101213 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 4.08%), 8.13%, <br> 10/31/82<sup>(i)</sup> <br>| 80000 | 83816 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.98%), 7.25%, 7/31/84<sup>(i)</sup> <br>| 80000 | 83752 |
| &nbsp;&nbsp; TransCanada <br> PipeLines Ltd.,<br>|  |  |
| &nbsp;&nbsp; 4.25%, 5/15/28 | 30000 | 30109 |
| &nbsp;&nbsp; 4.10%, 4/15/30 | 20000 | 19786 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.61%), 7.00%, 6/01/65<sup>(i)</sup> <br>| 30000 | 30996 |
|  |  | **2386565** |
| **Colombia – 0.0%**<sup>(c)</sup> | **Colombia – 0.0%**<sup>(c)</sup> | **Colombia – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Aris Mining Corp., 8.00%, <br> 10/31/29<sup>(b)</sup> <br>| 38000 | **39852** |
| **Congo – 0.0%**<sup>(c)</sup> | **Congo – 0.0%**<sup>(c)</sup> | **Congo – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Ivanhoe Mines Ltd., 7.88%, <br> 1/23/30<sup>(b)</sup> <br>| 62000 | **64596** |
| **Denmark – 0.0%**<sup>(c)</sup> | **Denmark – 0.0%**<sup>(c)</sup> | **Denmark – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Genmab A.S./Genmab <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp; 6.25%, 12/15/32<sup>(b)</sup> <br>| 11000 | 11275 |
| &nbsp;&nbsp; 7.25%, 12/15/33<sup>(b)</sup> <br>| 50000 | 52918 |
|  |  | **64193** |
| **Finland – 0.0%**<sup>(c)</sup> | **Finland – 0.0%**<sup>(c)</sup> | **Finland – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Amer Sports Co., 6.75%, <br> 2/16/31<sup>(b)</sup> <br>| 25000 | **26040** |
| **France – 0.0%**<sup>(c)</sup> | **France – 0.0%**<sup>(c)</sup> | **France – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Viridien, 10.00%, <br> 10/15/30<sup>(b)</sup> <br>| 12000 | **12916** |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |
| &nbsp;&nbsp; Deutsche Bank A.G., (SOFR <br> + 3.18%), 6.72%, 1/18/29<sup>(i)</sup> <br>| 100000 | 104747 |
| &nbsp;&nbsp; IHO Verwaltungs GmbH, <br> (100% Cash), 7.75%, <br> 11/15/30<sup>(b)(h)</sup> <br>| 43000 | 45207 |
|  |  | **149954** |
| **Greece – 0.0%**<sup>(c)</sup> | **Greece – 0.0%**<sup>(c)</sup> | **Greece – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Danaos Corp., 6.88%, <br> 10/15/32<sup>(b)</sup> <br>| 41000 | **42347** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| &nbsp;&nbsp; Millicom International <br> Cellular S.A.,<br>|  |  |
| &nbsp;&nbsp; 4.50%, 4/27/31<sup>(b)</sup> <br>| 67000 | 62383 |
| &nbsp;&nbsp; 7.38%, 4/02/32<sup>(b)</sup> <br>| 102000 | 106119 |
|  |  | **168502** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Hong Kong – 0.0%**<sup>(c)</sup> | **Hong Kong – 0.0%**<sup>(c)</sup> | **Hong Kong – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Prudential Funding Asia <br> PLC, 3.63%, 3/24/32<br>| $100000 | **$95581** |
| **India – 0.0%**<sup>(c)</sup> | **India – 0.0%**<sup>(c)</sup> | **India – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Biocon Biologics Global <br> PLC, 6.67%, 10/09/29<sup>(b)</sup> <br>| 43000 | **43660** |
| **Indonesia – 0.0%**<sup>(c)</sup> | **Indonesia – 0.0%**<sup>(c)</sup> | **Indonesia – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Nickel Industries Ltd., <br> 9.00%, 9/30/30<sup>(b)</sup> <br>| 52000 | **54595** |
| **Ireland – 0.2%** | **Ireland – 0.2%** | **Ireland – 0.2%** |
| &nbsp;&nbsp; AerCap Ireland Capital <br> DAC/AerCap Global <br> Aviation Trust,<br>|  |  |
| &nbsp;&nbsp; 4.63%, 10/15/27 | 130000 | 131057 |
| &nbsp;&nbsp; 4.88%, 4/01/28 | 10000 | 10161 |
| &nbsp;&nbsp; 4.95%, 9/10/34 | 300000 | 298014 |
| &nbsp;&nbsp;&nbsp; (5Y U.S. Treasury CMT + <br> 2.72%), 6.95%, 3/10/55<sup>(i)</sup> <br>| 80000 | 83749 |
|  |  | **522981** |
| **Ivory Coast – 0.0%**<sup>(c)</sup> | **Ivory Coast – 0.0%**<sup>(c)</sup> | **Ivory Coast – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Endeavour Mining PLC, <br> 7.00%, 5/28/30<sup>(b)</sup> <br>| 44000 | **45419** |
| **Japan – 0.9%** | **Japan – 0.9%** | **Japan – 0.9%** |
| Honda Motor Co. Ltd., |  |  |
| &nbsp;&nbsp; 2.53%, 3/10/27 | 70000 | 69024 |
| &nbsp;&nbsp; 4.69%, 7/08/30 | 130000 | 131412 |
| &nbsp;&nbsp; 5.34%, 7/08/35 | 120000 | 122444 |
| Kioxia Holdings Corp., |  |  |
| &nbsp;&nbsp; 6.25%, 7/24/30<sup>(b)</sup> <br>| 65000 | 67149 |
| &nbsp;&nbsp; 6.63%, 7/24/33<sup>(b)</sup> <br>| 14000 | 14619 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 0.83%), 2.34%, 1/19/28<sup>(i)</sup> <br>| 275000 | 270753 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.95%), 5.02%, 7/20/28<sup>(i)</sup> <br>| 100000 | 101482 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 0.82%), 5.26%, 4/17/30<sup>(i)</sup> <br>| 160000 | 164976 |
| &nbsp;&nbsp; Mizuho Financial <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.65%), 5.78%, 7/06/29<sup>(i)</sup> <br>| 100000 | 103913 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.08%), 5.38%, 7/10/30<sup>(i)</sup> <br>| 190000 | 196664 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 0.92%), 4.71%, 7/08/31<sup>(i)</sup> <br>| 200000 | 202436 |
| Nissan Motor Co. Ltd., |  |  |
| &nbsp;&nbsp; 7.50%, 7/17/30<sup>(b)</sup> <br>| 26000 | 27299 |
| &nbsp;&nbsp; 7.75%, 7/17/32<sup>(b)</sup> <br>| 60000 | 63323 |
| &nbsp;&nbsp; 8.13%, 7/17/35<sup>(b)</sup> <br>| 95000 | 101453 |
| &nbsp;&nbsp; Nomura Holdings, Inc., <br> 5.84%, 1/18/28<br>| 100000 | 103128 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** |
| Rakuten Group, Inc., |  |  |
| &nbsp;&nbsp; 11.25%, 2/15/27<sup>(b)</sup> <br>| $13000 | $13848 |
| &nbsp;&nbsp; 9.75%, 4/15/29<sup>(b)</sup> <br>| 132000 | 147887 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group, Inc.,<br>|  |  |
| &nbsp;&nbsp; 4.11%, 1/15/29 | 160000 | 160044 |
| &nbsp;&nbsp; 5.71%, 1/13/30 | 160000 | 168250 |
|  |  | **2230104** |
| **Jersey, C.I. – 0.1%** | **Jersey, C.I. – 0.1%** | **Jersey, C.I. – 0.1%** |
| &nbsp;&nbsp; Aston Martin Capital <br> Holdings Ltd., 10.00%, <br> 3/31/29<sup>(b)</sup> <br>| 115000 | **102642** |
| **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** |
| &nbsp;&nbsp; America Movil S.A.B. de <br> C.V., 3.63%, 4/22/29<br>| 100000 | 97938 |
| &nbsp;&nbsp; Borr IHC Ltd./Borr <br> Finance LLC,<br>|  |  |
| &nbsp;&nbsp; 10.00%, 11/15/28<sup>(b)</sup> <br>| 20488 | 21024 |
| &nbsp;&nbsp; 10.38%, 11/15/30<sup>(b)</sup> <br>| 31602 | 32212 |
|  |  | **151174** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| &nbsp;&nbsp; ING Groep N.V., (SOFR <br> Index + 1.23%), 5.07%, <br> 3/25/31<sup>(i)</sup> <br>| 200000 | **204817** |
| **Nigeria – 0.0%**<sup>(c)</sup> | **Nigeria – 0.0%**<sup>(c)</sup> | **Nigeria – 0.0%**<sup>(c)</sup> |
| IHS Holding Ltd., |  |  |
| &nbsp;&nbsp; 7.88%, 5/29/30<sup>(b)</sup> <br>| 26000 | 26766 |
| &nbsp;&nbsp; 8.25%, 11/29/31<sup>(b)</sup> <br>| 31000 | 32377 |
|  |  | **59143** |
| **Norway – 0.0%**<sup>(c)</sup> | **Norway – 0.0%**<sup>(c)</sup> | **Norway – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Seadrill Finance Ltd., <br> 8.38%, 8/01/30<sup>(b)</sup> <br>| 29000 | **30380** |
| **South Africa – 0.0%**<sup>(c)</sup> | **South Africa – 0.0%**<sup>(c)</sup> | **South Africa – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Stillwater Mining Co., <br> 4.50%, 11/16/29<sup>(b)</sup> <br>| 24000 | **23091** |
| **Spain – 0.6%** | **Spain – 0.6%** | **Spain – 0.6%** |
| Banco Santander S.A., |  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 0.95%), 5.37%, 7/15/28<sup>(i)</sup> <br>| 200000 | 203647 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 1.45%), 5.54%, 3/14/30<sup>(i)</sup> <br>| 1200000 | 1242995 |
| &nbsp;&nbsp; Grifols S.A., 4.75%, <br> 10/15/28<sup>(b)</sup> <br>| 51000 | 50245 |
|  |  | **1496887** |
| **Taiwan – 0.0%**<sup>(c)</sup> | **Taiwan – 0.0%**<sup>(c)</sup> | **Taiwan – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; TSMC Arizona Corp., 4.13%, <br> 4/22/29<br>| 50000 | **50285** |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Tanzania, United Republic of – 0.0%**<sup>(c)</sup> | **Tanzania, United Republic of – 0.0%**<sup>(c)</sup> | **Tanzania, United Republic of – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; HTA Group Ltd., 7.50%, <br> 6/04/29<sup>(b)</sup> <br>| $43000 | **$44361** |
| **Turkey – 0.0%**<sup>(c)</sup> | **Turkey – 0.0%**<sup>(c)</sup> | **Turkey – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Eldorado Gold Corp., 6.25%, <br> 9/01/29<sup>(b)</sup> <br>| 25000 | 25125 |
| Sisecam UK PLC, |  |  |
| &nbsp;&nbsp; 8.25%, 5/02/29<sup>(b)</sup> <br>| 30000 | 30903 |
| &nbsp;&nbsp; 8.63%, 5/02/32<sup>(b)</sup> <br>| 42000 | 43480 |
|  |  | **99508** |
| **United Kingdom – 1.4%** | **United Kingdom – 1.4%** | **United Kingdom – 1.4%** |
| Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 2.65%), 5.50%, 8/09/28<sup>(i)</sup> <br>| 130000 | 132735 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.84%, <br> 9/10/28<sup>(i)</sup> <br>| 200000 | 202318 |
| &nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.90%), <br> 4.97%, 5/16/29<sup>(i)</sup> <br>| 130000 | 132249 |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp; 3.56%, 8/15/27 | 60000 | 59618 |
| &nbsp;&nbsp; 6.34%, 8/02/30 | 96000 | 103758 |
| &nbsp;&nbsp; 4.63%, 3/22/33 | 120000 | 118901 |
| &nbsp;&nbsp; 5.63%, 8/15/35 | 120000 | 124614 |
| &nbsp;&nbsp; BAT International Finance <br> PLC,<br>|  |  |
| &nbsp;&nbsp; 4.45%, 3/16/28 | 80000 | 80662 |
| &nbsp;&nbsp; 5.93%, 2/02/29 | 60000 | 62980 |
| &nbsp;&nbsp; Belron UK Finance PLC, <br> 5.75%, 10/15/29<sup>(b)</sup> <br>| 28000 | 28533 |
| &nbsp;&nbsp; Connect Finco <br> S.a.r.l./Connect U.S. Finco <br> LLC, 9.00%, 9/15/29<sup>(b)</sup> <br>| 42000 | 44577 |
| &nbsp;&nbsp; Diageo Capital PLC, 5.50%, <br> 1/24/33<br>| 260000 | 273007 |
| &nbsp;&nbsp; Diageo Investment Corp., <br> 5.13%, 8/15/30<br>| 30000 | 31052 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 5.60%, <br> 5/17/28<sup>(i)</sup> <br>| 110000 | 112094 |
| &nbsp;&nbsp;&nbsp; (SOFR + 3.35%), 7.39%, <br> 11/03/28<sup>(i)</sup> <br>| 160000 | 168848 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.97%), 6.16%, <br> 3/09/29<sup>(i)</sup> <br>| 200000 | 207927 |
| &nbsp;&nbsp;&nbsp; (3M CME Term SOFR + <br> 1.80%), 4.58%, 6/19/29<sup>(i)</sup> <br>| 160000 | 161509 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.29%, <br> 11/19/30<sup>(i)</sup> <br>| 400000 | 413200 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.13%, <br> 3/03/31<sup>(i)</sup> <br>| 160000 | 163989 |
| &nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 4.62%, <br> 11/06/31<sup>(i)</sup> <br>| 160000 | 160676 |
| &nbsp;&nbsp; Ithaca Energy North Sea <br> PLC, 8.13%, 10/15/29<sup>(b)</sup> <br>| 99000 | 103189 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| &nbsp;&nbsp; Jaguar Land Rover <br> Automotive PLC, 4.50%, <br> 10/01/27<sup>(b)</sup> <br>| $19000 | $18821 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 0.85%), 5.09%, <br> 11/26/28<sup>(i)</sup> <br>| 60000 | 61088 |
| &nbsp;&nbsp;&nbsp; (1Y U.S. Treasury CMT + <br> 0.82%), 4.43%, <br> 11/04/31<sup>(i)</sup> <br>| 250000 | 249175 |
| &nbsp;&nbsp; nVent Finance S.a.r.l., <br> 4.55%, 4/15/28<br>| 40000 | 40190 |
| &nbsp;&nbsp; RELX Capital, Inc., 4.75%, <br> 3/27/30<br>| 60000 | 61111 |
| &nbsp;&nbsp; Santander UK Group <br> Holdings PLC,<br>|  |  |
| &nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.40%), <br> 3.82%, 11/03/28<sup>(i)</sup> <br>| 60000 | 59703 |
| &nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.53%, <br> 1/10/29<sup>(i)</sup> <br>| 30000 | 31317 |
| &nbsp;&nbsp; Zegona Finance PLC, <br> 8.63%, 7/15/29<sup>(b)</sup> <br>| 71000 | 74851 |
|  |  | **3482692** |
| **Zambia – 0.1%** | **Zambia – 0.1%** | **Zambia – 0.1%** |
| &nbsp;&nbsp; First Quantum <br> Minerals Ltd.,<br>|  |  |
| &nbsp;&nbsp; 9.38%, 3/01/29<sup>(b)</sup> <br>| 44000 | 46160 |
| &nbsp;&nbsp; 8.63%, 6/01/31<sup>(b)</sup> <br>| 73000 | 76683 |
| &nbsp;&nbsp; 8.00%, 3/01/33<sup>(b)</sup> <br>| 36000 | 38630 |
| &nbsp;&nbsp; 7.25%, 2/15/34<sup>(b)</sup> <br>| 14000 | 14708 |
|  |  | **176181** |
| &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $12,673,096) | &nbsp;&nbsp; **Total Foreign Issuer Bonds** <br>(Cost $12,673,096) | **12789214** |
| **Mortgage-Backed Securities – 15.3%** | **Mortgage-Backed Securities – 15.3%** | **Mortgage-Backed Securities – 15.3%** |
| **Federal Home Loan Mortgage Corporation – 0.1%** | **Federal Home Loan Mortgage Corporation – 0.1%** | **Federal Home Loan Mortgage Corporation – 0.1%** |
| &nbsp;&nbsp; Pool, <br>6.00%, 9/01/55<br>| 200250 | 208375 |
| **Federal National Mortgage Association – 0.5%** | **Federal National Mortgage Association – 0.5%** | **Federal National Mortgage Association – 0.5%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.00%, 10/01/37 | 33548 | 32220 |
| &nbsp;&nbsp; 4.50%, 1/01/49 | 6548 | 6510 |
| &nbsp;&nbsp; 3.50%, 6/01/50 | 454489 | 426489 |
| &nbsp;&nbsp; 2.50%, 11/01/50 | 58282 | 49992 |
| &nbsp;&nbsp; 5.00%, 1/01/55 | 198281 | 199919 |
| &nbsp;&nbsp; 5.50%, 9/01/55 | 581985 | 594216 |
|  |  | **1309346** |
| **Government National Mortgage Association – 1.2%** | **Government National Mortgage Association – 1.2%** | **Government National Mortgage Association – 1.2%** |
| Pool, |  |  |
| &nbsp;&nbsp; 6.50%, 2/01/54<sup>(j)</sup> <br>| 75000 | 77553 |
| &nbsp;&nbsp; 2.00%, 2/01/55<sup>(j)</sup> <br>| 925000 | 769107 |
| &nbsp;&nbsp; 3.00%, 2/01/55<sup>(j)</sup> <br>| 425000 | 383669 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** | **Government National Mortgage Association** <br> **(Continued)** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.50%, 2/01/55<sup>(j)</sup> <br>| $300000 | $274785 |
| &nbsp;&nbsp; 4.00%, 2/01/55<sup>(j)</sup> <br>| 150000 | 141822 |
| &nbsp;&nbsp; 4.50%, 2/01/55<sup>(j)</sup> <br>| 225000 | 219683 |
| &nbsp;&nbsp; 5.00%, 2/01/55<sup>(j)</sup> <br>| 150000 | 149964 |
| &nbsp;&nbsp; 5.50%, 2/01/55<sup>(j)</sup> <br>| 375000 | 379096 |
| &nbsp;&nbsp; 6.00%, 2/01/55<sup>(j)</sup> <br>| 325000 | 332433 |
| &nbsp;&nbsp; 2.50%, 2/01/56<sup>(j)</sup> <br>| 300000 | 259805 |
|  |  | **2987917** |
| **Government National Mortgage Association II – 0.1%** | **Government National Mortgage Association II – 0.1%** | **Government National Mortgage Association II – 0.1%** |
| Pool, |  |  |
| &nbsp;&nbsp; 2.50%, 12/20/46 - 1/20/51 | 136411 | 116965 |
| &nbsp;&nbsp; 5.00%, 2/20/55 | 116080 | 116192 |
|  |  | **233157** |
| **Uniform Mortgage-Backed Securities – 2.7%** | **Uniform Mortgage-Backed Securities – 2.7%** | **Uniform Mortgage-Backed Securities – 2.7%** |
| Pool, |  |  |
| &nbsp;&nbsp; 3.00%, 2/01/40 - 2/01/53<sup>(j)</sup> <br>| 875000 | 782821 |
| &nbsp;&nbsp; 4.00%, 2/01/40 - 2/01/53<sup>(j)</sup> <br>| 700000 | 670803 |
| &nbsp;&nbsp; 2.00%, 2/01/41 - 2/01/53<sup>(j)</sup> <br>| 2275000 | 1890128 |
| &nbsp;&nbsp; 2.50%, 2/01/41 - 2/01/53<sup>(j)</sup> <br>| 2015000 | 1753059 |
| &nbsp;&nbsp; 3.50%, 2/01/41 - 2/01/53<sup>(j)</sup> <br>| 150000 | 139837 |
| &nbsp;&nbsp; 5.00%, 2/01/53<sup>(j)</sup> <br>| 400000 | 399890 |
| &nbsp;&nbsp; 5.50%, 2/01/53<sup>(j)</sup> <br>| 75000 | 76043 |
| &nbsp;&nbsp; 4.50%, 2/01/54<sup>(j)</sup> <br>| 375000 | 367356 |
| &nbsp;&nbsp; 6.00%, 2/01/54<sup>(j)</sup> <br>| 425000 | 435191 |
| &nbsp;&nbsp; 6.50%, 2/01/54<sup>(j)</sup> <br>| 375000 | 388330 |
|  |  | **6903458** |
| **Whole Loan – 10.7%** | **Whole Loan – 10.7%** | **Whole Loan – 10.7%** |
| &nbsp;&nbsp; FHLMC STACR REMIC <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-HQA5, <br> Class B1, (30D Average <br> SOFR + 4.00%), 7.70%, <br> 11/25/50<sup>(b)(k)</sup> <br>| 250000 | 273727 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA1, <br> Class B1, (30D Average <br> SOFR + 2.65%), 6.35%, <br> 1/25/51<sup>(b)(k)</sup> <br>| 700000 | 738697 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA1, <br> Class B2, (30D Average <br> SOFR + 4.75%), 8.45%, <br> 1/25/51<sup>(b)(k)</sup> <br>| 887000 | 991023 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA2, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.10%, <br> 8/25/33<sup>(b)(k)</sup> <br>| 700000 | 775984 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA2, <br> Class B2, (30D Average <br> SOFR + 6.00%), 9.70%, <br> 8/25/33<sup>(b)(k)</sup> <br>| 150000 | 187407 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; FHLMC STACR REMIC <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA3, <br> Class B1, (30D Average <br> SOFR + 3.50%), 7.20%, <br> 10/25/33<sup>(b)(k)</sup> <br>| $250000 | $281845 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA5, <br> Class B1, (30D Average <br> SOFR + 3.05%), 6.75%, <br> 1/25/34<sup>(b)(k)</sup> <br>| 784414 | 833829 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA5, <br> Class B2, (30D Average <br> SOFR + 5.50%), 9.20%, <br> 1/25/34<sup>(b)(k)</sup> <br>| 750000 | 908437 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA6, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.10%, <br> 10/25/41<sup>(b)(k)</sup> <br>| 780000 | 793650 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA1, <br> Class B1, (30D Average <br> SOFR + 3.00%), 6.70%, <br> 8/25/33<sup>(b)(k)</sup> <br>| 629000 | 691528 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA2, <br> Class B1, (30D Average <br> SOFR + 3.15%), 6.85%, <br> 12/25/33<sup>(b)(k)</sup> <br>| 400000 | 446652 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA2, <br> Class B2, (30D Average <br> SOFR + 5.45%), 9.15%, <br> 12/25/33<sup>(b)(k)</sup> <br>| 200000 | 242180 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA3, <br> Class B1, (30D Average <br> SOFR + 3.35%), 7.05%, <br> 9/25/41<sup>(b)(k)</sup> <br>| 800000 | 811248 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA3, <br> Class M2, (30D Average <br> SOFR + 2.10%), 5.80%, <br> 9/25/41<sup>(b)(k)</sup> <br>| 355000 | 357422 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA4, <br> Class B1, (30D Average <br> SOFR + 3.75%), 7.45%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 750000 | 766824 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA1, <br> Class B1, (30D Average <br> SOFR + 3.40%), 7.10%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 250000 | 255078 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA2, <br> Class M2, (30D Average <br> SOFR + 3.75%), 7.45%, <br> 2/25/42<sup>(b)(k)</sup> <br>| 300000 | 308673 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3. <br> Class M2, (30D Average <br> SOFR + 4.35%), 8.05%, <br> 4/25/42<sup>(b)(k)</sup> <br>| 521000 | 541707 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, <br> Class M2, (30D Average <br> SOFR + 5.25%), 8.95%, <br> 5/25/42<sup>(b)(k)</sup> <br>| 550000 | 579790 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; FHLMC STACR REMIC <br> Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA7, <br> Class M2, (30D Average <br> SOFR + 7.00%), 10.70%, <br> 3/25/52<sup>(b)(k)</sup> <br>| $500000 | $548290 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA1, <br> Class M2, (30D Average <br> SOFR + 5.25%), 8.95%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 1288000 | 1346359 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA2, <br> Class M2, (30D Average <br> SOFR + 6.00%), 9.70%, <br> 7/25/42<sup>(b)(k)</sup> <br>| 485000 | 519134 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA3, <br> Class M2, (30D Average <br> SOFR + 3.35%), 7.05%, <br> 11/25/43<sup>(b)(k)</sup> <br>| 500000 | 525625 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA7, <br> Class B1, (30D Average <br> SOFR + 3.65%), 7.35%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 860000 | 877742 |
| &nbsp;&nbsp; FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-R06, Class <br> 2B1, (30D Average SOFR <br> + 3.86%), 7.56%, <br> 9/25/39<sup>(b)(k)</sup> <br>| 705581 | 716835 |
| &nbsp;&nbsp;&nbsp; Series 2020-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.36%), 7.06%, <br> 1/25/40<sup>(b)(k)</sup> <br>| 100870 | 102819 |
| &nbsp;&nbsp;&nbsp; Series 2020-R02, Class <br> 2B1, (30D Average SOFR <br> + 3.11%), 6.81%, <br> 1/25/40<sup>(b)(k)</sup> <br>| 640000 | 650371 |
| &nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class <br> 1M2, (30D Average <br> SOFR + 3.76%), 7.46%, <br> 2/25/40<sup>(b)(k)</sup> <br>| 675000 | 695150 |
| &nbsp;&nbsp;&nbsp; Series 2021-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.10%), 6.80%, <br> 10/25/41<sup>(b)(k)</sup> <br>| 855200 | 868028 |
| &nbsp;&nbsp;&nbsp; Series 2021-R02, Class <br> 2B1, (30D Average SOFR <br> + 3.30%), 7.00%, <br> 11/25/41<sup>(b)(k)</sup> <br>| 750000 | 763509 |
| &nbsp;&nbsp;&nbsp; Series 2021-R03, Class <br> 1B1, (30D Average SOFR <br> + 2.75%), 6.45%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 900000 | 913500 |
| &nbsp;&nbsp;&nbsp; Series 2022-R01, Class <br> 1B1, (30D Average SOFR <br> + 3.15%), 6.85%, <br> 12/25/41<sup>(b)(k)</sup> <br>| 1034000 | 1053438 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup> | **Value** |
| **Whole Loan (Continued)** | **Whole Loan (Continued)** | **Whole Loan (Continued)** |
| &nbsp;&nbsp; FNMA Connecticut Avenue <br> Securities,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class <br> 2B1, (30D Average SOFR <br> + 4.50%), 8.20%, <br> 1/25/42<sup>(b)(k)</sup> <br>| $1886000 | $1947295 |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 6.70%, <br> 1/25/42<sup>(b)(k)</sup> <br>| 1016743 | 1033662 |
| &nbsp;&nbsp;&nbsp; Series 2022-R03, Class <br> 1B1, (30D Average SOFR <br> + 6.25%), 9.95%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 635000 | 672016 |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class <br> 1B1, (30D Average SOFR <br> + 5.25%), 8.95%, <br> 3/25/42<sup>(b)(k)</sup> <br>| 250000 | 261847 |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class <br> 2B2, (30D Average SOFR <br> + 7.00%), 10.70%, <br> 4/25/42<sup>(b)(k)</sup> <br>| 312638 | 333213 |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class <br> 2M2, (30D Average <br> SOFR + 3.00%), 6.70%, <br> 4/25/42<sup>(b)(k)</sup> <br>| 540000 | 551788 |
| &nbsp;&nbsp;&nbsp; Series 2022-R06, Class <br> 1B1, (30D Average SOFR <br> + 6.35%), 10.05%, <br> 5/25/42<sup>(b)(k)</sup> <br>| 290000 | 308811 |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class <br> 1B1, (30D Average SOFR <br> + 6.80%), 10.50%, <br> 6/25/42<sup>(b)(k)</sup> <br>| 500000 | 537500 |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class <br> 1B1, (30D Average SOFR <br> + 5.60%), 9.30%, <br> 7/25/42<sup>(b)(k)</sup> <br>| 235000 | 249836 |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class <br> 1M2, (30D Average <br> SOFR + 3.75%), 7.45%, <br> 12/25/42<sup>(b)(k)</sup> <br>| 440000 | 459936 |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class <br> 1B1, (30D Average SOFR <br> + 2.50%), 6.20%, <br> 2/25/44<sup>(b)(k)</sup> <br>| 345000 | 353273 |
| &nbsp;&nbsp;&nbsp; Series 2024-R06, Class <br> 1B1, (30D Average SOFR <br> + 2.05%), 5.75%, <br> 9/25/44<sup>(b)(k)</sup> <br>| 250000 | 250937 |
|  |  | **27326615** |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $38,845,927) | &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>(Cost $38,845,927) | **38968868** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Preferred Stocks – 1.2%** | **Preferred Stocks – 1.2%** | **Preferred Stocks – 1.2%** |
| **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** |
| &nbsp;&nbsp; Adamas Trust, Inc., (3M <br> USD LIBOR + 6.43%), <br> 11.28%<sup>(k)</sup> <br>| 2103 | $53332 |
| &nbsp;&nbsp; Adamas Trust, Inc. <br> (NASDAQ Exchange), <br> (SOFR + 6.13%), 6.88%<sup>(k)</sup> <br>| 21682 | 502372 |
| &nbsp;&nbsp; AGNC Investment Corp., <br> (3M CME Term SOFR + <br> 4.96%), 8.62%<sup>(k)</sup> <br>| 23314 | 585648 |
| &nbsp;&nbsp; AGNC Investment Corp. <br> (NASDAQ Exchange), (3M <br> CME Term SOFR + 5.25%), <br> 8.92%<sup>(k)</sup> <br>| 3228 | 82249 |
| &nbsp;&nbsp; MFA Financial, Inc., (3M <br> CME Term SOFR + 5.61%), <br> 9.27%<sup>(k)</sup> <br>| 31438 | 729362 |
| &nbsp;&nbsp; Redwood Trust, Inc., (5Y <br> U.S. Treasury CMT + <br> 6.28%), 10.00%<sup>(k)</sup> <br>| 7133 | 176185 |
| &nbsp;&nbsp; Rithm Capital Corp., (3M <br> CME Term SOFR + 5.90%), <br> 9.75%<sup>(k)</sup> <br>| 5335 | 134122 |
| &nbsp;&nbsp; Rithm Capital Corp. (New <br> York Exchange), (3M CME <br> Term SOFR + 5.23%), <br> 9.08%<sup>(k)</sup> <br>| 28302 | 693682 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $2,641,822) | &nbsp;&nbsp; **Total Preferred Stocks** <br>(Cost $2,641,822) | **2956952** |
| **Rights – 0.1%** | **Rights – 0.1%** | **Rights – 0.1%** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp; Akero Therapeutics, Inc. <br> CVR<sup>(f)(l)\*</sup> <br>| 23378 | 15401 |
| &nbsp;&nbsp; Albireo Pharma, Inc. <br> CVR<sup>(f)(l)\*</sup> <br>| 21904 | 62153 |
| &nbsp;&nbsp; Concert <br> Pharmaceuticals, Inc. <br> CVR<sup>(f)(l)\*</sup> <br>| 97290 | 47468 |
| Metsera, Inc. CVR<sup>(f)(l)\*</sup> <br>| 12220 | 61111 |
|  |  | **186133** |
| **Forestry, Paper & Wood Products – 0.0%**<sup>(c)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(c)</sup> | **Forestry, Paper & Wood Products – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Resolute Forest <br> Products, Inc. CVR<sup>(f)(l)\*</sup> <br>| 44100 | **65140** |
| **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> | **Medical Equipment & Devices – 0.0%**<sup>(c)</sup> |
| ABIOMED, Inc. CVR<sup>(f)(l)\*</sup> <br>| 8954 | **14326** |
| &nbsp;&nbsp; **Total Rights** <br>(Cost $—) | &nbsp;&nbsp; **Total Rights** <br>(Cost $—) | **265599** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Warrants – 0.0%**<sup>(c)</sup>  | **Warrants – 0.0%**<sup>(c)</sup>  | **Warrants – 0.0%**<sup>(c)</sup>  |
| **Retail - Discretionary – 0.0%**<sup>(c)</sup> | **Retail - Discretionary – 0.0%**<sup>(c)</sup> | **Retail - Discretionary – 0.0%**<sup>(c)</sup> |
| GameStop Corp.\* | 383 | **$1495** |
| &nbsp;&nbsp; **Total Warrants** <br>(Cost $—) | &nbsp;&nbsp; **Total Warrants** <br>(Cost $—) | **1495** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>|  |
| **Short-Term Investments – 10.3%** | **Short-Term Investments – 10.3%** | **Short-Term Investments – 10.3%** |
| **Convertible Bonds – 2.3%** | **Convertible Bonds – 2.3%** | **Convertible Bonds – 2.3%** |
| &nbsp;&nbsp; Affirm Holdings, Inc., <br> 0.00%, 11/15/26<sup>(g)</sup> <br>| $325000 | 313625 |
| &nbsp;&nbsp; Cable One, Inc., 0.00%, <br> 3/15/26<sup>(g)</sup> <br>| 472000 | 463740 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., <br> 4.25%, 8/15/26<sup>(d)</sup> <br>| 623000 | 694645 |
| &nbsp;&nbsp; Dayforce, Inc., 0.25%, <br> 3/15/26<sup>(d)</sup> <br>| 331000 | 329014 |
| &nbsp;&nbsp; Duke Energy Corp., 4.13%, <br> 4/15/26<sup>(d)</sup> <br>| 673000 | 698910 |
| &nbsp;&nbsp; Enphase Energy, Inc., <br> 0.00%, 3/01/26<sup>(g)</sup> <br>| 252000 | 251055 |
| &nbsp;&nbsp; Haemonetics Corp., 0.00%, <br> 3/01/26<sup>(g)</sup> <br>| 390000 | 388050 |
| &nbsp;&nbsp; Jamf Holding Corp., 0.13%, <br> 9/01/26<br>| 79000 | 78408 |
| &nbsp;&nbsp; Mitek Systems, Inc., 0.75%, <br> 2/01/26<br>| 141000 | 140859 |
| &nbsp;&nbsp; Pebblebrook Hotel Trust, <br> 1.75%, 12/15/26<sup>(d)</sup> <br>| 238000 | 231260 |
| &nbsp;&nbsp; Peloton Interactive, Inc., <br> 0.00%, 2/15/26<sup>(g)</sup> <br>| 126000 | 125685 |
| &nbsp;&nbsp; PennyMac Corp., 5.50%, <br> 3/15/26<sup>(d)</sup> <br>| 741000 | 736183 |
| &nbsp;&nbsp; Summit Hotel <br> Properties, Inc., 1.50%, <br> 2/15/26<sup>(d)</sup> <br>| 1156000 | 1147908 |
| &nbsp;&nbsp; Ziff Davis, Inc., 1.75%, <br> 11/01/26<br>| 417000 | 406575 |
|  |  | **6005917** |
| **Corporate Bonds – 0.7%** | **Corporate Bonds – 0.7%** | **Corporate Bonds – 0.7%** |
| &nbsp;&nbsp; Ares Capital Corp., 2.15%, <br> 7/15/26<br>| 48000 | 47545 |
| AT&T, Inc., 1.70%, 3/25/26 | 373000 | 371870 |
| &nbsp;&nbsp; AutoZone, Inc., 5.05%, <br> 7/15/26<br>| 120000 | 120570 |
| &nbsp;&nbsp; Black Hills Corp., 3.15%, <br> 1/15/27<br>| 20000 | 19832 |
| &nbsp;&nbsp; Brookfield Property <br> REIT, Inc./BPR <br> Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco <br> LL, 5.75%, 5/15/26<sup>(b)</sup> <br>| 17000 | 16941 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**<sup>(a)</sup>**/Number**<br> **of Shares**<br>| **Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| &nbsp;&nbsp; Cardinal Health, Inc., <br> 4.70%, 11/15/26<br>| $70000 | $70444 |
| &nbsp;&nbsp; Charles Schwab <br> (The) Corp.,<br>|  |  |
| &nbsp;&nbsp; 1.15%, 5/13/26 | 50000 | 49645 |
| &nbsp;&nbsp; 5.88%, 8/24/26 | 75000 | 75754 |
| &nbsp;&nbsp; DISH DBS Corp., 5.25%, <br> 12/01/26<sup>(b)</sup> <br>| 27000 | 26240 |
| &nbsp;&nbsp; Duke Energy Corp., 2.65%, <br> 9/01/26<br>| 100000 | 99287 |
| &nbsp;&nbsp; Equinix, Inc., 1.45%, <br> 5/15/26<br>| 70000 | 69491 |
| &nbsp;&nbsp; FS KKR Capital Corp., <br> 2.63%, 1/15/27<br>| 235000 | 229519 |
| &nbsp;&nbsp; Golub Capital BDC, Inc., <br> 2.50%, 8/24/26<br>| 10000 | 9886 |
| &nbsp;&nbsp; Hyatt Hotels Corp., 5.75%, <br> 1/30/27<br>| 30000 | 30466 |
| Jabil, Inc., 1.70%, 4/15/26 | 65000 | 64700 |
| &nbsp;&nbsp; Kinder Morgan, Inc., 1.75%, <br> 11/15/26<br>| 60000 | 58997 |
| &nbsp;&nbsp; Nissan Motor <br> Acceptance Co. LLC, <br> 6.95%, 9/15/26<sup>(b)</sup> <br>| 9000 | 9102 |
| &nbsp;&nbsp; Oracle Corp., 1.65%, <br> 3/25/26<br>| 180000 | 179363 |
| &nbsp;&nbsp; PPG Industries, Inc., 1.20%, <br> 3/15/26<br>| 165000 | 164461 |
| &nbsp;&nbsp; PPL Capital Funding, Inc., <br> 3.10%, 5/15/26<br>| 20000 | 19953 |
| &nbsp;&nbsp; Simon Property Group L.P., <br> 1.38%, 1/15/27<br>| 10000 | 9781 |
| &nbsp;&nbsp; WEC Energy Group, Inc., <br> 5.60%, 9/12/26<br>| 7000 | 7061 |
|  |  | **1750908** |
| **Foreign Issuer Bonds – 0.0%** | **Foreign Issuer Bonds – 0.0%** | **Foreign Issuer Bonds – 0.0%** |
| &nbsp;&nbsp; Bank of Nova Scotia (The), <br> 1.35%, 6/24/26<br>| 44000 | **43580** |
| **Money Market Fund – 7.2%** | **Money Market Fund – 7.2%** | **Money Market Fund – 7.2%** |
| &nbsp;&nbsp; Northern Institutional <br> Funds - Treasury Portfolio <br> (Premier), 3.54%<sup>(m)</sup> <br>| 18299792 | **18299792** |
| **U.S. Treasury Bills – 0.1%** | **U.S. Treasury Bills – 0.1%** | **U.S. Treasury Bills – 0.1%** |
| &nbsp;&nbsp; U.S. Treasury Bill, 3.52%, <br> 4/28/26<sup>(n)</sup> <br>| 200000 | **198322** |
| &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $26,223,086) | &nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $26,223,086) | **26298519** |

---

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

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts** | **Number of** <br>**Contracts** | **Notional** <br>**Amount**<br>| **Value** |
| **Purchased Options – 0.0%**<sup>(c)</sup>  | **Purchased Options – 0.0%**<sup>(c)</sup>  | **Purchased Options – 0.0%**<sup>(c)</sup>  | **Purchased Options – 0.0%**<sup>(c)</sup>  |
| **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Call Options - Exchange Traded – 0.0%**<sup>(c)</sup> |
| Amicus Therapeutics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp; Strike Price USD 14.00, <br> Expires 2/20/26<br>| 221 | 315809 | $9945 |
| &nbsp;&nbsp;&nbsp; Strike Price USD 15.00, <br> Expires 2/20/26<br>| 175 | 250075 | 875 |
| Kenvue, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp; Strike Price USD 19.00, <br> Expires 3/20/26<br>| 56 | 97440 | 1064 |
| &nbsp;&nbsp;&nbsp; Strike Price USD 20.00, <br> Expires 3/20/26<br>| 56 | 97440 | 224 |
|  |  |  | **12108** |
| **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> | **Put Options - Exchange Traded – 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Confluent, Inc., Class A, <br> Strike Price USD 30.00, <br> Expires 3/20/26<br>| 74 | 225996 | 1186 |
| &nbsp;&nbsp; Hillenbrand, Inc., Strike <br> Price USD 25.00, Expires <br> 4/17/26<br>| 267 | 851997 | 1335 |
| &nbsp;&nbsp; Hologic, Inc., Strike Price <br> USD 72.50, Expires 3/20/26<br>| 50 | 374650 | 1000 |
| &nbsp;&nbsp; Kenvue, Inc., Strike Price <br> USD 16.00, Expires 5/15/26<br>| 74 | 128760 | 4263 |
| RAPT Therapeutics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp; Strike Price USD 45.00, <br> Expires 3/20/26<br>| 2 | 11536 | 15 |
| &nbsp;&nbsp;&nbsp; Strike Price USD 50.00, <br> Expires 3/20/26<br>| 1 | 5768 | 10 |
| &nbsp;&nbsp; Warner Bros. Discovery, Inc., <br> Strike Price USD 27.00, <br> Expires 3/20/26<br>| 890 | 2451060 | 80990 |
|  |  |  | **88799** |
| &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $108,790) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $108,790) | &nbsp;&nbsp; **Total Purchased Options** <br>(Premiums Paid $108,790) | **100907** |
| &nbsp;&nbsp; **Total Long Positions – 104.0%** <br>(Cost $251,014,859) | &nbsp;&nbsp; **Total Long Positions – 104.0%** <br>(Cost $251,014,859) | &nbsp;&nbsp; **Total Long Positions – 104.0%** <br>(Cost $251,014,859) | **265056620** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Value** |
| **Short Positions – (16.6)%**<sup>(o)</sup> | **Short Positions – (16.6)%**<sup>(o)</sup> | **Short Positions – (16.6)%**<sup>(o)</sup> |
| **Common Stocks – (16.6)%** | **Common Stocks – (16.6)%** | **Common Stocks – (16.6)%** |
| **Aerospace & Defense – (0.0)%**<sup>(c)</sup> | **Aerospace & Defense – (0.0)%**<sup>(c)</sup> | **Aerospace & Defense – (0.0)%**<sup>(c)</sup> |
| Joby Aviation, Inc. | (3500)<br>| **(36995)**<br>|
| **Asset Management – (1.7)%** | **Asset Management – (1.7)%** | **Asset Management – (1.7)%** |
| &nbsp;&nbsp; Affiliated Managers <br> Group, Inc.<br>| (3802)<br>| (1190368)<br>|
| &nbsp;&nbsp; Apollo Global <br> Management, Inc.<br>| (5017)<br>| (674987)<br>|
| &nbsp;&nbsp; Ares Management Corp., <br> Class A<br>| (4464)<br>| (668127)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Asset Management (Continued)** | **Asset Management (Continued)** | **Asset Management (Continued)** |
| IREN Ltd. (Australia) | (6012)<br>| $(323085)<br>|
| KKR & Co., Inc. | (3915)<br>| (447328)<br>|
| Terawulf, Inc. | (46116)<br>| (616571)<br>|
| WisdomTree, Inc. | (20600)<br>| (333720)<br>|
|  |  | **(4254186)**<br>|
| **Banking – (1.4)%** | **Banking – (1.4)%** | **Banking – (1.4)%** |
| Fifth Third Bancorp | (51556)<br>| (2589142)<br>|
| &nbsp;&nbsp; Huntington <br> Bancshares, Inc.<br>| (53343)<br>| (932436)<br>|
|  |  | **(3521578)**<br>|
| **Biotechnology & Pharmaceuticals – (1.4)%** | **Biotechnology & Pharmaceuticals – (1.4)%** | **Biotechnology & Pharmaceuticals – (1.4)%** |
| &nbsp;&nbsp; Arrowhead <br> Pharmaceuticals, Inc.<br>| (385)<br>| (26692)<br>|
| &nbsp;&nbsp; Ascendis Pharma A/S ADR <br> (Denmark)<br>| (1752)<br>| (396127)<br>|
| Bridgebio Pharma, Inc. | (4916)<br>| (379859)<br>|
| Celcuity, Inc. | (1162)<br>| (127146)<br>|
| Cogent Biosciences, Inc. | (483)<br>| (17345)<br>|
| &nbsp;&nbsp; Collegium <br> Pharmaceutical, Inc.<br>| (17604)<br>| (808376)<br>|
| Ionis Pharmaceuticals, Inc. | (3499)<br>| (289262)<br>|
| Jazz Pharmaceuticals PLC | (4958)<br>| (815542)<br>|
| &nbsp;&nbsp; Mirum <br> Pharmaceuticals, Inc.<br>| (4628)<br>| (477702)<br>|
| Pacira BioSciences, Inc. | (8324)<br>| (170975)<br>|
|  |  | **(3509026)**<br>|
| **Cable & Satellite – (0.1)%** | **Cable & Satellite – (0.1)%** | **Cable & Satellite – (0.1)%** |
| Sirius XM Holdings, Inc. | (12978)<br>| **(264102)**<br>|
| **Chemicals – (0.7)%** | **Chemicals – (0.7)%** | **Chemicals – (0.7)%** |
| Albemarle Corp. | (10037)<br>| **(1712613)**<br>|
| **Commercial Support Services – (0.3)%** | **Commercial Support Services – (0.3)%** | **Commercial Support Services – (0.3)%** |
| Alarm.com Holdings, Inc. | (2774)<br>| (135315)<br>|
| &nbsp;&nbsp; CSG Systems <br> International, Inc.<br>| (6997)<br>| (558011)<br>|
|  |  | **(693326)**<br>|
| **E-Commerce Discretionary – (0.3)%** | **E-Commerce Discretionary – (0.3)%** | **E-Commerce Discretionary – (0.3)%** |
| Wayfair, Inc., Class A | (6213)<br>| **(642983)**<br>|
| **Electric Utilities – (0.4)%** | **Electric Utilities – (0.4)%** | **Electric Utilities – (0.4)%** |
| CenterPoint Energy, Inc. | (11620)<br>| (461198)<br>|
| Duke Energy Corp. | (3079)<br>| (373636)<br>|
| PG&E Corp. | (12135)<br>| (187122)<br>|
| Southern (The) Co. | (690)<br>| (61624)<br>|
|  |  | **(1083580)**<br>|
| **Electrical Equipment – (0.4)%** | **Electrical Equipment – (0.4)%** | **Electrical Equipment – (0.4)%** |
| &nbsp;&nbsp; Bloom Energy Corp., <br> Class A<br>| (1259)<br>| (190575)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** |
| BWX Technologies, Inc. | (361)<br>| $(74160)<br>|
| OSI Systems, Inc. | (2528)<br>| (632354)<br>|
|  |  | **(897089)**<br>|
| **Entertainment Content – (0.6)%** | **Entertainment Content – (0.6)%** | **Entertainment Content – (0.6)%** |
| Sphere Entertainment Co. | (15669)<br>| **(1496546)**<br>|
| **Health Care Facilities & Services – (0.1)%** | **Health Care Facilities & Services – (0.1)%** | **Health Care Facilities & Services – (0.1)%** |
| &nbsp;&nbsp; BrightSpring Health <br> Services, Inc.<br>| (7745)<br>| (304146)<br>|
| Oscar Health, Inc., Class A | (4111)<br>| (58993)<br>|
|  |  | **(363139)**<br>|
| **Household Products – (0.1)%** | **Household Products – (0.1)%** | **Household Products – (0.1)%** |
| &nbsp;&nbsp; Oddity Tech Ltd., Class A <br> (Israel)<br>| (1081)<br>| (35500)<br>|
| &nbsp;&nbsp; Spectrum Brands <br> Holdings, Inc.<br>| (1493)<br>| (95119)<br>|
|  |  | **(130619)**<br>|
| **Internet Media & Services – (0.0)%**<sup>(c)</sup> | **Internet Media & Services – (0.0)%**<sup>(c)</sup> | **Internet Media & Services – (0.0)%**<sup>(c)</sup> |
| Snap, Inc., Class A | (16843)<br>| (116722)<br>|
| Ziff Davis, Inc. | (116)<br>| (4434)<br>|
|  |  | **(121156)**<br>|
| **IT Services – (0.0)%**<sup>(c)</sup> | **IT Services – (0.0)%**<sup>(c)</sup> | **IT Services – (0.0)%**<sup>(c)</sup> |
| Parsons Corp. | (1483)<br>| **(103899)**<br>|
| **Leisure Facilities & Services – (0.6)%** | **Leisure Facilities & Services – (0.6)%** | **Leisure Facilities & Services – (0.6)%** |
| &nbsp;&nbsp; Cheesecake Factory <br> (The), Inc.<br>| (6753)<br>| (391404)<br>|
| DraftKings, Inc., Class A | (960)<br>| (26409)<br>|
| &nbsp;&nbsp; Live Nation <br> Entertainment, Inc.<br>| (6762)<br>| (983533)<br>|
| &nbsp;&nbsp; Norwegian Cruise Line <br> Holdings Ltd.<br>| (7632)<br>| (167599)<br>|
|  |  | **(1568945)**<br>|
| **Medical Equipment & Devices – (0.9)%** | **Medical Equipment & Devices – (0.9)%** | **Medical Equipment & Devices – (0.9)%** |
| Boston Scientific Corp. | (6769)<br>| (633105)<br>|
| Bruker Corp. | (5840)<br>| (258654)<br>|
| CONMED Corp. | (329)<br>| (12630)<br>|
| Dexcom, Inc. | (337)<br>| (24614)<br>|
| Enovis Corp. | (3907)<br>| (86110)<br>|
| Exact Sciences Corp. | (4053)<br>| (414784)<br>|
| Guardant Health, Inc. | (282)<br>| (32159)<br>|
| Haemonetics Corp. | (2089)<br>| (139253)<br>|
| Integer Holdings Corp. | (1389)<br>| (120649)<br>|
| LeMaitre Vascular, Inc. | (1918)<br>| (162972)<br>|
| Omnicell, Inc. | (8778)<br>| (425733)<br>|
| Tempus AI, Inc. | (1450)<br>| (86739)<br>|
|  |  | **(2397402)**<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Metals & Mining – (1.6)%** | **Metals & Mining – (1.6)%** | **Metals & Mining – (1.6)%** |
| &nbsp;&nbsp; Centrus Energy Corp., <br> Class A<br>| (2571)<br>| $(715458)<br>|
| Century Aluminum Co. | (19586)<br>| (887833)<br>|
| &nbsp;&nbsp; Equinox Gold Corp. <br> (Canada)<br>| (96379)<br>| (1378220)<br>|
| &nbsp;&nbsp; Fortuna Mining Corp. <br> (Canada)<br>| (57362)<br>| (561000)<br>|
| Peabody Energy Corp. | (15548)<br>| (548223)<br>|
|  |  | **(4090734)**<br>|
| **Real Estate Investment Trusts – (0.1)%** | **Real Estate Investment Trusts – (0.1)%** | **Real Estate Investment Trusts – (0.1)%** |
| Pebblebrook Hotel Trust | (15084)<br>| **(172259)**<br>|
| **Real Estate Services – (0.0)%**<sup>(c)</sup> | **Real Estate Services – (0.0)%**<sup>(c)</sup> | **Real Estate Services – (0.0)%**<sup>(c)</sup> |
| Compass, Inc., Class A | (6682)<br>| **(83659)**<br>|
| **Renewable Energy – (0.4)%** | **Renewable Energy – (0.4)%** | **Renewable Energy – (0.4)%** |
| Array Technologies, Inc. | (13104)<br>| (148403)<br>|
| &nbsp;&nbsp; Canadian Solar, Inc. <br> (Canada)<br>| (11320)<br>| (216495)<br>|
| &nbsp;&nbsp; Eos Energy <br> Enterprises, Inc.<br>| (11584)<br>| (169590)<br>|
| Plug Power, Inc. | (37641)<br>| (79611)<br>|
| &nbsp;&nbsp; SolarEdge <br> Technologies, Inc.<br>| (4714)<br>| (145898)<br>|
| Sunrun, Inc. | (16532)<br>| (314108)<br>|
| T1 Energy, Inc. (Norway) | (9133)<br>| (76078)<br>|
|  |  | **(1150183)**<br>|
| **Retail - Consumer Staples – (0.0)%**<sup>(c)</sup> | **Retail - Consumer Staples – (0.0)%**<sup>(c)</sup> | **Retail - Consumer Staples – (0.0)%**<sup>(c)</sup> |
| Hims & Hers Health, Inc. | (1535)<br>| **(41583)**<br>|
| **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** | **Retail - Discretionary – (0.1)%** |
| GameStop Corp., Class A | (9563)<br>| **(228364)**<br>|
| **Semiconductors – (0.4)%** | **Semiconductors – (0.4)%** | **Semiconductors – (0.4)%** |
| Cohu, Inc. | (2191)<br>| (62531)<br>|
| MKS, Inc. | (3224)<br>| (758962)<br>|
| ON Semiconductor Corp. | (3121)<br>| (186917)<br>|
|  |  | **(1008410)**<br>|
| **Software – (2.2)%** | **Software – (2.2)%** | **Software – (2.2)%** |
| Alignment Healthcare, Inc. | (13550)<br>| (305281)<br>|
| &nbsp;&nbsp; Check Point Software <br> Technologies Ltd. (Israel)<br>| (802)<br>| (143967)<br>|
| Commvault Systems, Inc. | (674)<br>| (57762)<br>|
| DigitalOcean Holdings, Inc. | (6760)<br>| (373490)<br>|
| Evolent Health, Inc., Class A | (4638)<br>| (14888)<br>|
| Five9, Inc. | (625)<br>| (11037)<br>|
| &nbsp;&nbsp; Nebius Group N.V. <br> (Netherlands)<br>| (1889)<br>| (160924)<br>|
| &nbsp;&nbsp; Pagaya Technologies Ltd., <br> Class A<br>| (23616)<br>| (457914)<br>|
| Palo Alto Networks, Inc. | (18642)<br>| (3299075)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| Planet Labs PBC | (11853)<br>| $(295969)<br>|
| Progress Software Corp. | (4343)<br>| (177716)<br>|
| Rapid7, Inc. | (1043)<br>| (12433)<br>|
| Strategy, Inc. | (518)<br>| (77550)<br>|
| Unity Software, Inc. | (6320)<br>| (183912)<br>|
| Wix.com Ltd. (Israel) | (1476)<br>| (128176)<br>|
|  |  | **(5700094)**<br>|
| **Specialty Finance – (0.3)%** | **Specialty Finance – (0.3)%** | **Specialty Finance – (0.3)%** |
| Block, Inc. | (64)<br>| (3867)<br>|
| EZCORP, Inc., Class A | (20268)<br>| (434749)<br>|
| &nbsp;&nbsp; Shift4 Payments, Inc., <br> Class A<br>| (4248)<br>| (250802)<br>|
|  |  | **(689418)**<br>|
| **Technology Hardware – (1.4)%** | **Technology Hardware – (1.4)%** | **Technology Hardware – (1.4)%** |
| ADTRAN Holdings, Inc. | (9629)<br>| (88780)<br>|
| &nbsp;&nbsp; Applied <br> Optoelectronics, Inc.<br>| (6369)<br>| (277752)<br>|
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co.<br>| (24306)<br>| (523065)<br>|
| NCR Voyix Corp. | (16510)<br>| (163779)<br>|
| Super Micro Computer, Inc. | (2957)<br>| (86078)<br>|
| Western Digital Corp. | (9781)<br>| (2447500)<br>|
|  |  | **(3586954)**<br>|
| **Telecommunications – (0.2)%** | **Telecommunications – (0.2)%** | **Telecommunications – (0.2)%** |
| AST SpaceMobile, Inc. | (3374)<br>| (375222)<br>|
| BlackSky Technology, Inc. | (2766)<br>| (61046)<br>|
|  |  | **(436268)**<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Value** |
| **Transportation & Logistics – (0.8)%** | **Transportation & Logistics – (0.8)%** | **Transportation & Logistics – (0.8)%** |
| Union Pacific Corp. | (8548)<br>| **$(2009635)**<br>|
| **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** | **Transportation Equipment – (0.1)%** |
| Greenbrier (The) Cos., Inc. | (5333)<br>| **(268890)**<br>|
| &nbsp;&nbsp; **Total Common Stocks** <br>(Proceeds $32,764,546) | &nbsp;&nbsp; **Total Common Stocks** <br>(Proceeds $32,764,546) | **(42263635)**<br>|
| **Rights – 0.0%**<sup>(c)</sup>  | **Rights – 0.0%**<sup>(c)</sup>  | **Rights – 0.0%**<sup>(c)</sup>  |
| **Biotechnology & Pharmaceuticals — 0.0%**<sup>(c)</sup> | **Biotechnology & Pharmaceuticals — 0.0%**<sup>(c)</sup> | **Biotechnology & Pharmaceuticals — 0.0%**<sup>(c)</sup> |
| &nbsp;&nbsp; Ligand <br> Pharmaceuticals, Inc. CVR <br> (Switzerland Exchange)<sup>(f)</sup> <br>| (52)<br>|  |
| &nbsp;&nbsp; Ligand <br> Pharmaceuticals, Inc. <br> CVR<sup>(f)</sup> <br>| (52)<br>|  |
| &nbsp;&nbsp; **Total Rights** <br>(Proceeds $—) | &nbsp;&nbsp; **Total Rights** <br>(Proceeds $—) | **—** |
| &nbsp;&nbsp; **Total Short Positions – (16.6)%** <br>(Proceeds $32,764,546) | &nbsp;&nbsp; **Total Short Positions – (16.6)%** <br>(Proceeds $32,764,546) | **(42263635)**<br>|
| &nbsp;&nbsp; **Total Written Options – (0.0)%**<sup>(c)</sup> <br>(Premiums Received $2,421) | &nbsp;&nbsp; **Total Written Options – (0.0)%**<sup>(c)</sup> <br>(Premiums Received $2,421) | (2421)<br>|
| Other Assets less Liabilities – 12.6%<sup>(p)</sup>  | Other Assets less Liabilities – 12.6%<sup>(p)</sup>  | 32239330 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$255029894** |
| *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* | *Percentages shown are based on Net Assets.* |
| &nbsp;&nbsp; All securities are United States companies, unless noted otherwise in <br> parentheses. | &nbsp;&nbsp; All securities are United States companies, unless noted otherwise in <br> parentheses. | &nbsp;&nbsp; All securities are United States companies, unless noted otherwise in <br> parentheses. |

---

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

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

<sup>(b)</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026, these securities had a total value of $57,611,266 or 22.59% of net assets. 

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

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

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

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

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

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

<sup>(i)</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of January 31, 2026 is disclosed. 

<sup>(j)</sup> When-Issued Security. Coupon rate was not yet in effect at January 31, 2026.

<sup>(k)</sup> Variable or floating rate security. Rate as of January 31, 2026 is disclosed.

<sup>(l)</sup> Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At January 31, 2026, the value of restricted securities (excluding 144A issues) amounted to $265,599 or 0.10% of net assets. 

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

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| ABIOMED, Inc. CVR | 12/23/2022 | $— |
| Akero Therapeutics, Inc. CVR | 12/10/2025 |  |
| Albireo Pharma, Inc. CVR | 3/03/2023 |  |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br> **Date**<br>| **Acquisition** <br> **Cost**<br>|
| Concert Pharmaceuticals, Inc. CVR | 3/07/2023 | $— |
| Metsera, Inc. CVR | 11/14/2025 |  |
| Resolute Forest Products, Inc. CVR | 3/01/2023 |  |

---

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

<sup>(m)</sup> 7-day current yield as of January 31, 2026 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, swap and written options contracts.

\* Non-Income Producing Security

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

**Abbreviations:**<br>

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

---

| | |
|:---|:---|
| 1Y | 1 Year |
| 3M | 3 Month |
| 5Y | 5 Year |
| 30D | 30 Day |
| ADR | American Depositary Receipt |
| BDC | Business Development Company |
| CAD | Canadian Dollar |
| CDX | Credit Default Swap Index |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| CVR | Contingent Value Right |
| 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 |
| N.A. | National Association |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | United States Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |
| USD | United States Dollar |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Futures Contracts outstanding at January 31, 2026:** <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; 6 | &nbsp;&nbsp; 3/06/2026 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 911558 | &nbsp;&nbsp; $1287 |
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5936125 | &nbsp;&nbsp; (80424)<br>|
| Long Gilt | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3/27/2026 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 372944 | &nbsp;&nbsp; (1886)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts outstanding at January 31, 2026:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2026:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2026:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2026:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2026:**<br> **Exchange Traded (continued)** | **Futures Contracts outstanding at January 31, 2026:**<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>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 42740898 | &nbsp;&nbsp; $(67484)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7951867 | &nbsp;&nbsp; (57508)<br>|
| **Total Long Contracts**  |  |  |  |  | &nbsp;&nbsp; **$(206015)**<br>|
| **Short Contracts** |  |  |  |  |  |
| 10-Year Canadian Government Bond | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 1333823 | &nbsp;&nbsp; $(861)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; (117)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 13083891 | &nbsp;&nbsp; 61073 |
| U.S. Treasury Long Bond | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3453750 | &nbsp;&nbsp; 34248 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 587187 | &nbsp;&nbsp; 17373 |
| **Total Short Contracts** |  |  |  |  | &nbsp;&nbsp; **$111833** |
|  |  |  |  |  | &nbsp;&nbsp; **$(94182)**<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026:** |
| **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>|
| 3/18/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 11013500 | U.S. Dollars | &nbsp;&nbsp; 644439 | Citibank | &nbsp;&nbsp; $35017 |
| 3/18/26 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 1049000 | U.S. Dollars | &nbsp;&nbsp; 608836 | Bank of America | &nbsp;&nbsp; 23857 |
| 3/18/26 | Chilean Pesos | &nbsp;&nbsp; 380812350 | U.S. Dollars | &nbsp;&nbsp; 411987 | Morgan Stanley | &nbsp;&nbsp; 23679 |
| 3/16/26 | British Pounds | &nbsp;&nbsp; 1007500 | U.S. Dollars | &nbsp;&nbsp; 1356297 | Northern Trust | &nbsp;&nbsp; 22238 |
| 3/18/26 | Swedish Krona | &nbsp;&nbsp; 5729400 | Euro | &nbsp;&nbsp; 527999 | Societe Generale | &nbsp;&nbsp; 17488 |
| 3/18/26 | Brazilian Reals | &nbsp;&nbsp; 2065700 | U.S. Dollars | &nbsp;&nbsp; 371520 | Goldman Sachs | &nbsp;&nbsp; 16864 |
| 3/18/26 | Mexican Pesos | &nbsp;&nbsp; 8662000 | U.S. Dollars | &nbsp;&nbsp; 477340 | Morgan Stanley | &nbsp;&nbsp; 16219 |
| 3/18/26 | Euro | &nbsp;&nbsp; 730700 | U.S. Dollars | &nbsp;&nbsp; 854799 | Citibank | &nbsp;&nbsp; 13242 |
| 3/18/26 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 434000 | U.S. Dollars | &nbsp;&nbsp; 250667 | Morgan Stanley | &nbsp;&nbsp; 11096 |
| 3/18/26 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 396634 | U.S. Dollars | &nbsp;&nbsp; 229573 | Barclays | &nbsp;&nbsp; 9654 |
| 3/18/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 3538000 | U.S. Dollars | &nbsp;&nbsp; 209545 | Barclays | &nbsp;&nbsp; 8725 |
| 3/18/26 | Canadian Dollars | &nbsp;&nbsp; 858600 | U.S. Dollars | &nbsp;&nbsp; 623455 | Morgan Stanley | &nbsp;&nbsp; 8295 |
| 3/18/26 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 583760 | U.S. Dollars | &nbsp;&nbsp; 398457 | Morgan Stanley | &nbsp;&nbsp; 7997 |
| 3/18/26 | British Pounds | &nbsp;&nbsp; 250000 | U.S. Dollars | &nbsp;&nbsp; 334430 | Bank of America | &nbsp;&nbsp; 7637 |
| 3/18/26 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 666240 | U.S. Dollars | &nbsp;&nbsp; 456398 | JPMorgan Chase | &nbsp;&nbsp; 7483 |
| 3/18/26 | Canadian Dollars | &nbsp;&nbsp; 684000 | U.S. Dollars | &nbsp;&nbsp; 496506 | JPMorgan Chase | &nbsp;&nbsp; 6775 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 3/18/26 | Canadian Dollars | &nbsp;&nbsp; 1165500 | U.S. Dollars | &nbsp;&nbsp; 851534 | Citibank | &nbsp;&nbsp; $6030 |
| 3/18/26 | Swiss Francs | &nbsp;&nbsp; 258000 | Euro | &nbsp;&nbsp; 277895 | Barclays | &nbsp;&nbsp; 5291 |
| 3/18/26 | British Pounds | &nbsp;&nbsp; 152000 | U.S. Dollars | &nbsp;&nbsp; 202902 | Morgan Stanley | &nbsp;&nbsp; 5075 |
| 3/18/26 | Colombian Pesos | &nbsp;&nbsp; 406086700 | U.S. Dollars | &nbsp;&nbsp; 103799 | Bank of America | &nbsp;&nbsp; 5050 |
| 3/18/26 | Norwegian Krone | &nbsp;&nbsp; 1859000 | Euro | &nbsp;&nbsp; 158309 | Goldman Sachs | &nbsp;&nbsp; 4926 |
| 3/18/26 | Euro | &nbsp;&nbsp; 248000 | U.S. Dollars | &nbsp;&nbsp; 289936 | JPMorgan Chase | &nbsp;&nbsp; 4678 |
| 3/18/26 | British Pounds | &nbsp;&nbsp; 202000 | U.S. Dollars | &nbsp;&nbsp; 271720 | Barclays | &nbsp;&nbsp; 4670 |
| 3/18/26 | Chilean Pesos | &nbsp;&nbsp; 75474000 | U.S. Dollars | &nbsp;&nbsp; 81744 | Citibank | &nbsp;&nbsp; 4602 |
| 3/18/26 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 172900 | U.S. Dollars | &nbsp;&nbsp; 99821 | Citibank | &nbsp;&nbsp; 4462 |
| 3/18/26 | Singapore Dollars | &nbsp;&nbsp; 343050 | U.S. Dollars | &nbsp;&nbsp; 266453 | Societe Generale | &nbsp;&nbsp; 4083 |
| 3/18/26 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 181367 | U.S. Dollars | &nbsp;&nbsp; 105329 | Goldman Sachs | &nbsp;&nbsp; 4061 |
| 3/18/26 | British Pounds | &nbsp;&nbsp; 106000 | U.S. Dollars | &nbsp;&nbsp; 141289 | Societe Generale | &nbsp;&nbsp; 3748 |
| 3/18/26 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 113000 | U.S. Dollars | &nbsp;&nbsp; 75069 | Bank of America | &nbsp;&nbsp; 3610 |
| 3/18/26 | Swiss Francs | &nbsp;&nbsp; 197000 | Euro | &nbsp;&nbsp; 212613 | JPMorgan Chase | &nbsp;&nbsp; 3538 |
| 3/18/26 | Colombian Pesos | &nbsp;&nbsp; 936427000 | U.S. Dollars | &nbsp;&nbsp; 247479 | Goldman Sachs | &nbsp;&nbsp; 3524 |
| 3/18/26 | Swedish Krona | &nbsp;&nbsp; 3054848 | Euro | &nbsp;&nbsp; 286513 | Morgan Stanley | &nbsp;&nbsp; 3396 |
| 3/18/26 | Mexican Pesos | &nbsp;&nbsp; 1899000 | U.S. Dollars | &nbsp;&nbsp; 104928 | Goldman Sachs | &nbsp;&nbsp; 3276 |
| 3/18/26 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 946000 | U.S. Dollars | &nbsp;&nbsp; 55199 | Morgan Stanley | &nbsp;&nbsp; 3163 |
| 3/18/26 | Thai Baht | &nbsp;&nbsp; 8497720 | U.S. Dollars | &nbsp;&nbsp; 268077 | Goldman Sachs | &nbsp;&nbsp; 2817 |
| 3/18/26 | Euro | &nbsp;&nbsp; 221000 | U.S. Dollars | &nbsp;&nbsp; 259823 | Societe Generale | &nbsp;&nbsp; 2717 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 225957 | Euro | &nbsp;&nbsp; 188000 | Morgan Stanley | &nbsp;&nbsp; 2621 |
| 3/18/26 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 69026750 | Euro | &nbsp;&nbsp; 178167 | JPMorgan Chase | &nbsp;&nbsp; 2177 |
| 3/25/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 3473254000 | U.S. Dollars | &nbsp;&nbsp; 204670 | Societe Generale | &nbsp;&nbsp; 2120 |
| 3/18/26 | British Pounds | &nbsp;&nbsp; 97000 | U.S. Dollars | &nbsp;&nbsp; 130860 | Goldman Sachs | &nbsp;&nbsp; 1862 |
| 3/18/26 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 107658000 | Euro | &nbsp;&nbsp; 279236 | Morgan Stanley | &nbsp;&nbsp; 1782 |
| 3/18/26 | Korean Won | &nbsp;&nbsp; 243868000 | U.S. Dollars | &nbsp;&nbsp; 166606 | JPMorgan Chase | &nbsp;&nbsp; 1754 |
| 3/18/26 | British Pounds | &nbsp;&nbsp; 71000 | U.S. Dollars | &nbsp;&nbsp; 95686 | Citibank | &nbsp;&nbsp; 1461 |
| 3/18/26 | Korean Won | &nbsp;&nbsp; 195274000 | U.S. Dollars | &nbsp;&nbsp; 133428 | Citibank | &nbsp;&nbsp; 1384 |
| 3/18/26 | Swedish Krona | &nbsp;&nbsp; 400000 | U.S. Dollars | &nbsp;&nbsp; 43723 | Barclays | &nbsp;&nbsp; 1289 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 414492 | Singapore Dollars | &nbsp;&nbsp; 524000 | Morgan Stanley | &nbsp;&nbsp; 1256 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 152787 | Indian Rupees | &nbsp;&nbsp; 13949000 | Bank of America | &nbsp;&nbsp; 1238 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 69363 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1105000 | Barclays | &nbsp;&nbsp; 1192 |
| 3/18/26 | Brazilian Reals | &nbsp;&nbsp; 276000 | U.S. Dollars | &nbsp;&nbsp; 50704 | Deutsche Bank | &nbsp;&nbsp; 1188 |
| 3/18/26 | Swedish Krona | &nbsp;&nbsp; 464000 | Euro | &nbsp;&nbsp; 42986 | Goldman Sachs | &nbsp;&nbsp; 1149 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 109274 | Mexican Pesos | &nbsp;&nbsp; 1898000 | Morgan Stanley | &nbsp;&nbsp; 1126 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 3/18/26 | Canadian Dollars | &nbsp;&nbsp; 183000 | U.S. Dollars | &nbsp;&nbsp; 133538 | Barclays | &nbsp;&nbsp; $1112 |
| 3/18/26 | Euro | &nbsp;&nbsp; 348829 | Czech Koruna | &nbsp;&nbsp; 8485000 | Barclays | &nbsp;&nbsp; 962 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 82204 | Japanese Yen | &nbsp;&nbsp; 12528000 | JPMorgan Chase | &nbsp;&nbsp; 943 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 193530 | Thai Baht | &nbsp;&nbsp; 6042000 | Barclays | &nbsp;&nbsp; 920 |
| 3/18/26 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 20254000 | Euro | &nbsp;&nbsp; 52069 | Goldman Sachs | &nbsp;&nbsp; 887 |
| 3/18/26 | Mexican Pesos | &nbsp;&nbsp; 380000 | U.S. Dollars | &nbsp;&nbsp; 20952 | Barclays | &nbsp;&nbsp; 700 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 329162 | Thai Baht | &nbsp;&nbsp; 10304000 | Goldman Sachs | &nbsp;&nbsp; 686 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 66960 | Thai Baht | &nbsp;&nbsp; 2080000 | Citibank | &nbsp;&nbsp; 653 |
| 3/18/26 | Mexican Pesos | &nbsp;&nbsp; 345000 | U.S. Dollars | &nbsp;&nbsp; 19008 | JPMorgan Chase | &nbsp;&nbsp; 650 |
| 3/18/26 | Swedish Krona | &nbsp;&nbsp; 411152 | Euro | &nbsp;&nbsp; 38492 | JPMorgan Chase | &nbsp;&nbsp; 540 |
| 3/18/26 | Euro | &nbsp;&nbsp; 21000 | U.S. Dollars | &nbsp;&nbsp; 24454 | Barclays | &nbsp;&nbsp; 493 |
| 3/18/26 | Japanese Yen | &nbsp;&nbsp; 8850000 | U.S. Dollars | &nbsp;&nbsp; 57046 | JPMorgan Chase | &nbsp;&nbsp; 358 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 72471 | Japanese Yen | &nbsp;&nbsp; 11120000 | Morgan Stanley | &nbsp;&nbsp; 343 |
| 3/25/26 | U.S. Dollars | &nbsp;&nbsp; 63735 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1064821000 | Societe Generale | &nbsp;&nbsp; 338 |
| 3/18/26 | Euro | &nbsp;&nbsp; 88294 | Czech Koruna | &nbsp;&nbsp; 2146000 | JPMorgan Chase | &nbsp;&nbsp; 325 |
| 3/25/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 845175000 | U.S. Dollars | &nbsp;&nbsp; 50008 | Morgan Stanley | &nbsp;&nbsp; 312 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 56683 | Hong Kong Dollars | &nbsp;&nbsp; 440000 | JPMorgan Chase | &nbsp;&nbsp; 273 |
| 3/18/26 | Euro | &nbsp;&nbsp; 49356 | Czech Koruna | &nbsp;&nbsp; 1198000 | Deutsche Bank | &nbsp;&nbsp; 260 |
| 3/18/26 | Polish Zloty | &nbsp;&nbsp; 246000 | Euro | &nbsp;&nbsp; 58066 | Morgan Stanley | &nbsp;&nbsp; 251 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 77474 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 111000 | JPMorgan Chase | &nbsp;&nbsp; 189 |
| 3/18/26 | Euro | &nbsp;&nbsp; 61986 | Polish Zloty | &nbsp;&nbsp; 261000 | Citibank | &nbsp;&nbsp; 184 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 69037 | Euro | &nbsp;&nbsp; 58000 | Barclays | &nbsp;&nbsp; 135 |
| 3/18/26 | Euro | &nbsp;&nbsp; 69992 | Polish Zloty | &nbsp;&nbsp; 295000 | Bank of America | &nbsp;&nbsp; 126 |
| 3/18/26 | Philippine Pesos | &nbsp;&nbsp; 6517000 | U.S. Dollars | &nbsp;&nbsp; 110317 | Bank of America | &nbsp;&nbsp; 119 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 87364 | Taiwan Dollars | &nbsp;&nbsp; 2761750 | Goldman Sachs | &nbsp;&nbsp; 118 |
| 3/18/26 | Polish Zloty | &nbsp;&nbsp; 386000 | Euro | &nbsp;&nbsp; 91369 | Goldman Sachs | &nbsp;&nbsp; 89 |
| 3/25/26 | U.S. Dollars | &nbsp;&nbsp; 14552 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 243706913 | Goldman Sachs | &nbsp;&nbsp; 42 |
| 3/18/26 | Euro | &nbsp;&nbsp; 58197 | Swedish Krona | &nbsp;&nbsp; 614000 | Goldman Sachs | &nbsp;&nbsp; 42 |
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 106834 | Thai Baht | &nbsp;&nbsp; 3350000 | JPMorgan Chase | &nbsp;&nbsp; 41 |
| 3/18/26 | Philippine Pesos | &nbsp;&nbsp; 4432000 | U.S. Dollars | &nbsp;&nbsp; 75074 | Barclays | &nbsp;&nbsp; 30 |
| **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | **Total Unrealized Appreciation** | &nbsp;&nbsp; $354703 |
| 3/18/26 | Euro | &nbsp;&nbsp; 80676 | Czech Koruna | &nbsp;&nbsp; 1967000 | Morgan Stanley | &nbsp;&nbsp; $(3)<br>|
| 3/18/26 | Swedish Krona | &nbsp;&nbsp; 648900 | Euro | &nbsp;&nbsp; 61470 | Goldman Sachs | &nbsp;&nbsp; (3)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 7330 | Canadian Dollars | &nbsp;&nbsp; 10000 | Barclays | &nbsp;&nbsp; (28)<br>|
| 3/25/26 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 1784286000 | U.S. Dollars | &nbsp;&nbsp; 106264 | Deutsche Bank | &nbsp;&nbsp; (32)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 44733 | Polish Zloty | &nbsp;&nbsp; 189000 | Barclays | &nbsp;&nbsp; (49)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 3/18/26 | Taiwan Dollars | &nbsp;&nbsp; 1919000 | U.S. Dollars | &nbsp;&nbsp; 60686 | Bank of America | &nbsp;&nbsp; $(64)<br>|
| 3/18/26 | Swedish Krona | &nbsp;&nbsp; 1287000 | Euro | &nbsp;&nbsp; 121973 | Morgan Stanley | &nbsp;&nbsp; (72)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 53699 | Czech Koruna | &nbsp;&nbsp; 1311000 | Barclays | &nbsp;&nbsp; (86)<br>|
| 3/18/26 | Colombian Pesos | &nbsp;&nbsp; 428068000 | U.S. Dollars | &nbsp;&nbsp; 114856 | Goldman Sachs | &nbsp;&nbsp; (115)<br>|
| 3/18/26 | Korean Won | &nbsp;&nbsp; 82073000 | U.S. Dollars | &nbsp;&nbsp; 56786 | Bank of America | &nbsp;&nbsp; (125)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 7226 | Canadian Dollars | &nbsp;&nbsp; 10000 | Citibank | &nbsp;&nbsp; (132)<br>|
| 3/18/26 | Japanese Yen | &nbsp;&nbsp; 8499000 | U.S. Dollars | &nbsp;&nbsp; 55293 | JPMorgan Chase | &nbsp;&nbsp; (166)<br>|
| 3/18/26 | Japanese Yen | &nbsp;&nbsp; 22546000 | U.S. Dollars | &nbsp;&nbsp; 146418 | Bank of America | &nbsp;&nbsp; (178)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 72932 | Philippine Pesos | &nbsp;&nbsp; 4315000 | JPMorgan Chase | &nbsp;&nbsp; (190)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 29000 | U.S. Dollars | &nbsp;&nbsp; 34647 | Societe Generale | &nbsp;&nbsp; (197)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 67258 | Philippine Pesos | &nbsp;&nbsp; 3981000 | Barclays | &nbsp;&nbsp; (204)<br>|
| 3/18/26 | Philippine Pesos | &nbsp;&nbsp; 3522000 | U.S. Dollars | &nbsp;&nbsp; 59901 | JPMorgan Chase | &nbsp;&nbsp; (218)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 5395 | Norwegian Krone | &nbsp;&nbsp; 64000 | Deutsche Bank | &nbsp;&nbsp; (236)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 231168 | Thai Baht | &nbsp;&nbsp; 7260000 | JPMorgan Chase | &nbsp;&nbsp; (269)<br>|
| 3/18/26 | British Pounds | &nbsp;&nbsp; 128000 | U.S. Dollars | &nbsp;&nbsp; 175426 | JPMorgan Chase | &nbsp;&nbsp; (287)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 75642 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 126000 | Barclays | &nbsp;&nbsp; (354)<br>|
| 3/18/26 | Canadian Dollars | &nbsp;&nbsp; 141960 | U.S. Dollars | &nbsp;&nbsp; 104818 | Goldman Sachs | &nbsp;&nbsp; (365)<br>|
| 3/25/26 | U.S. Dollars | &nbsp;&nbsp; 58957 | &nbsp;&nbsp; Indonesian <br>Rupiahs<br>| &nbsp;&nbsp; 996426000 | Goldman Sachs | &nbsp;&nbsp; (369)<br>|
| 3/18/26 | Philippine Pesos | &nbsp;&nbsp; 5927000 | U.S. Dollars | &nbsp;&nbsp; 100816 | Bank of America | &nbsp;&nbsp; (378)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 121379 | Norwegian Krone | &nbsp;&nbsp; 1393000 | Goldman Sachs | &nbsp;&nbsp; (420)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 59062 | Canadian Dollars | &nbsp;&nbsp; 81000 | Societe Generale | &nbsp;&nbsp; (537)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 60266 | Philippine Pesos | &nbsp;&nbsp; 3589000 | Societe Generale | &nbsp;&nbsp; (553)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 91000 | U.S. Dollars | &nbsp;&nbsp; 108726 | Morgan Stanley | &nbsp;&nbsp; (622)<br>|
| 3/18/26 | Indian Rupees | &nbsp;&nbsp; 10012000 | U.S. Dollars | &nbsp;&nbsp; 109463 | Citibank | &nbsp;&nbsp; (687)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 108298 | Japanese Yen | &nbsp;&nbsp; 16821750 | JPMorgan Chase | &nbsp;&nbsp; (813)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 51072 | Korean Won | &nbsp;&nbsp; 75176000 | Deutsche Bank | &nbsp;&nbsp; (828)<br>|
| 3/18/26 | Czech Koruna | &nbsp;&nbsp; 7511180 | Euro | &nbsp;&nbsp; 308800 | Societe Generale | &nbsp;&nbsp; (858)<br>|
| 3/18/26 | Brazilian Reals | &nbsp;&nbsp; 369000 | U.S. Dollars | &nbsp;&nbsp; 70246 | Societe Generale | &nbsp;&nbsp; (868)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 38125 | Swiss Francs | &nbsp;&nbsp; 30000 | Societe Generale | &nbsp;&nbsp; (877)<br>|
| 3/18/26 | Taiwan Dollars | &nbsp;&nbsp; 2014000 | U.S. Dollars | &nbsp;&nbsp; 64564 | Barclays | &nbsp;&nbsp; (940)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 19934 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 30000 | Morgan Stanley | &nbsp;&nbsp; (954)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 100721 | Singapore Dollars | &nbsp;&nbsp; 129000 | JPMorgan Chase | &nbsp;&nbsp; (1011)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 105450 | Singapore Dollars | &nbsp;&nbsp; 135000 | Bank of America | &nbsp;&nbsp; (1014)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 66348 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1092000 | Deutsche Bank | &nbsp;&nbsp; (1021)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 116052 | Philippine Pesos | &nbsp;&nbsp; 6910000 | Bank of America | &nbsp;&nbsp; (1044)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 60464 | British Pounds | &nbsp;&nbsp; 45000 | Morgan Stanley | &nbsp;&nbsp; (1108)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 68048 | Korean Won | &nbsp;&nbsp; 100251000 | Societe Generale | &nbsp;&nbsp; (1163)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 68862 | Korean Won | &nbsp;&nbsp; 101489000 | Citibank | &nbsp;&nbsp; (1203)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 167369 | Euro | &nbsp;&nbsp; 142000 | Societe Generale | &nbsp;&nbsp; (1321)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 152388 | Philippine Pesos | &nbsp;&nbsp; 9072390 | Goldman Sachs | &nbsp;&nbsp; $(1352)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 65688 | Korean Won | &nbsp;&nbsp; 97113000 | Bank of America | &nbsp;&nbsp; (1356)<br>|
| 3/18/26 | Korean Won | &nbsp;&nbsp; 269725000 | U.S. Dollars | &nbsp;&nbsp; 187569 | Citibank | &nbsp;&nbsp; (1359)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 113471 | &nbsp;&nbsp; South African <br>Rand<br>| &nbsp;&nbsp; 1864000 | JPMorgan Chase | &nbsp;&nbsp; (1524)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 71475 | Japanese Yen | &nbsp;&nbsp; 11262000 | Goldman Sachs | &nbsp;&nbsp; (1574)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 45844 | Norwegian Krone | &nbsp;&nbsp; 540000 | Morgan Stanley | &nbsp;&nbsp; (1598)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 411222 | Swiss Francs | &nbsp;&nbsp; 377000 | Morgan Stanley | &nbsp;&nbsp; (1612)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 59219 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 101000 | Bank of America | &nbsp;&nbsp; (1699)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 111839 | British Pounds | &nbsp;&nbsp; 83000 | Bank of America | &nbsp;&nbsp; (1727)<br>|
| 3/18/26 | Indian Rupees | &nbsp;&nbsp; 11539000 | U.S. Dollars | &nbsp;&nbsp; 127193 | Bank of America | &nbsp;&nbsp; (1828)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 48578 | Norwegian Krone | &nbsp;&nbsp; 575000 | JPMorgan Chase | &nbsp;&nbsp; (1984)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 118056 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 45965000 | Royal Bank Of Canada | &nbsp;&nbsp; (2146)<br>|
| 3/18/26 | Taiwan Dollars | &nbsp;&nbsp; 4521950 | U.S. Dollars | &nbsp;&nbsp; 145102 | Goldman Sachs | &nbsp;&nbsp; (2250)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 53741 | Chilean Pesos | &nbsp;&nbsp; 49039000 | Citibank | &nbsp;&nbsp; (2361)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 120954 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 47147000 | Bank of America | &nbsp;&nbsp; (2364)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 125917 | Swiss Francs | &nbsp;&nbsp; 117000 | Barclays | &nbsp;&nbsp; (2524)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 51211 | Brazilian Reals | &nbsp;&nbsp; 286000 | Goldman Sachs | &nbsp;&nbsp; (2561)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 63601 | Brazilian Reals | &nbsp;&nbsp; 352000 | Societe Generale | &nbsp;&nbsp; (2580)<br>|
| 3/18/26 | Canadian Dollars | &nbsp;&nbsp; 671000 | U.S. Dollars | &nbsp;&nbsp; 496321 | Morgan Stanley | &nbsp;&nbsp; (2605)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 104849 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 41094930 | Morgan Stanley | &nbsp;&nbsp; (2748)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 100356 | Swedish Krona | &nbsp;&nbsp; 1085000 | Barclays | &nbsp;&nbsp; (2877)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 55521 | Brazilian Reals | &nbsp;&nbsp; 311000 | Barclays | &nbsp;&nbsp; (2952)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 303977 | Euro | &nbsp;&nbsp; 259000 | JPMorgan Chase | &nbsp;&nbsp; (3703)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 101804 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 151700 | Citibank | &nbsp;&nbsp; (3820)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 132478 | Swedish Krona | &nbsp;&nbsp; 1432578 | Citibank | &nbsp;&nbsp; (3830)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 78479 | Colombian Pesos | &nbsp;&nbsp; 307088000 | Bank of America | &nbsp;&nbsp; (3834)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 196276 | Canadian Dollars | &nbsp;&nbsp; 272000 | Morgan Stanley | &nbsp;&nbsp; (3859)<br>|
| 3/18/26 | Indian Rupees | &nbsp;&nbsp; 29117000 | U.S. Dollars | &nbsp;&nbsp; 320270 | Goldman Sachs | &nbsp;&nbsp; (3927)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 436077 | Singapore Dollars | &nbsp;&nbsp; 558000 | Morgan Stanley | &nbsp;&nbsp; (3972)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 203689 | Swiss Francs | &nbsp;&nbsp; 189700 | Societe Generale | &nbsp;&nbsp; (4649)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 307287 | &nbsp;&nbsp; Hungarian <br>Forints<br>| &nbsp;&nbsp; 119350000 | Barclays | &nbsp;&nbsp; (4679)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 276869 | British Pounds | &nbsp;&nbsp; 206000 | JPMorgan Chase | &nbsp;&nbsp; (4995)<br>|
| 3/18/26 | Indian Rupees | &nbsp;&nbsp; 36064350 | U.S. Dollars | &nbsp;&nbsp; 397465 | JPMorgan Chase | &nbsp;&nbsp; (5643)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 281608 | British Pounds | &nbsp;&nbsp; 210000 | Barclays | &nbsp;&nbsp; (5728)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 121754 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 184000 | JPMorgan Chase | &nbsp;&nbsp; (6359)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (continued)** | **Forward Foreign Currency Exchange Contracts outstanding at January 31, 2026: (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>|
| 3/18/26 | Euro | &nbsp;&nbsp; 792408 | Polish Zloty | &nbsp;&nbsp; 3367650 | Morgan Stanley | &nbsp;&nbsp; $(6408)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 447738 | Swedish Krona | &nbsp;&nbsp; 4789000 | Morgan Stanley | &nbsp;&nbsp; (7013)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 746101 | Euro | &nbsp;&nbsp; 634000 | Deutsche Bank | &nbsp;&nbsp; (7065)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 837125 | Euro | &nbsp;&nbsp; 711000 | Morgan Stanley | &nbsp;&nbsp; (7514)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 224368 | Colombian Pesos | &nbsp;&nbsp; 865711000 | Goldman Sachs | &nbsp;&nbsp; (7679)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 491662 | Swiss Francs | &nbsp;&nbsp; 455500 | JPMorgan Chase | &nbsp;&nbsp; (8107)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 838976 | Canadian Dollars | &nbsp;&nbsp; 1152000 | JPMorgan Chase | &nbsp;&nbsp; (8653)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 221811 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 332500 | Bank of America | &nbsp;&nbsp; (9698)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 373729 | British Pounds | &nbsp;&nbsp; 280470 | Societe Generale | &nbsp;&nbsp; (10029)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 254887 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 380800 | Goldman Sachs | &nbsp;&nbsp; (10252)<br>|
| 3/18/26 | Euro | &nbsp;&nbsp; 301430 | Swedish Krona | &nbsp;&nbsp; 3274422 | Goldman Sachs | &nbsp;&nbsp; (10385)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 662622 | British Pounds | &nbsp;&nbsp; 492000 | Citibank | &nbsp;&nbsp; (10565)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 400785 | &nbsp;&nbsp; New Zealand <br>Dollars<br>| &nbsp;&nbsp; 688790 | Morgan Stanley | &nbsp;&nbsp; (14653)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 330038 | Mexican Pesos | &nbsp;&nbsp; 6060750 | Societe Generale | &nbsp;&nbsp; (15302)<br>|
| 3/16/26 | U.S. Dollars | &nbsp;&nbsp; 998665 | Euro | &nbsp;&nbsp; 853900 | Northern Trust | &nbsp;&nbsp; (15622)<br>|
| 3/16/26 | U.S. Dollars | &nbsp;&nbsp; 1340779 | British Pounds | &nbsp;&nbsp; 1007500 | Northern Trust | &nbsp;&nbsp; (37757)<br>|
| 3/18/26 | U.S. Dollars | &nbsp;&nbsp; 1330324 | &nbsp;&nbsp; Australian <br>Dollars<br>| &nbsp;&nbsp; 2001550 | Deutsche Bank | &nbsp;&nbsp; (63289)<br>|
| **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | **Total Unrealized Depreciation** | &nbsp;&nbsp; $(376532)<br>|
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | &nbsp;&nbsp; **$(21829)**<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <br>**Exchange Traded** | **Written Call Option Contracts outstanding at January 31, 2026:** <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** |
| Kenvue, Inc. | 74 | USD | &nbsp;&nbsp; 128760 | 19.00 | &nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp; $(2421)<br>|
| **Total Written Call Options Contracts (Premiums Received $2,421)** | **Total Written Call Options Contracts (Premiums Received $2,421)** | **Total Written Call Options Contracts (Premiums Received $2,421)** | **Total Written Call Options Contracts (Premiums Received $2,421)** | **Total Written Call Options Contracts (Premiums Received $2,421)** | **Total Written Call Options Contracts (Premiums Received $2,421)** | &nbsp;&nbsp; **$(2421)**<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Long Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Long Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Long Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Long Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Long Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Long Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Long Contracts for Difference at January 31, 2026:** <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 | 553 | Monthly | $84493 | $(6884)<br>|
| Abbott Laboratories | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 271 | Monthly | 29620 | 869 |
| Adobe, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1444 | Monthly | 423407 | (9190)<br>|
| ADT, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 32806 | Monthly | 262204 | (6831)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<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>|
| Advanced Micro Devices, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1261 | Monthly | $298087 | $10680 |
| Alcoa Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2463 | Monthly | 139587 | (10878)<br>|
| Alcon A.G. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3083 | Monthly | 249263 | 3640 |
| &nbsp;&nbsp; Alexandria Real Estate <br> Equities, Inc.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3690 | Monthly | 201182 | 4616 |
| Allegheny Technologies, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3681 | Monthly | 442166 | (18967)<br>|
| Allegion PLC | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2727 | Monthly | 450692 | (4503)<br>|
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1998 | Monthly | 397048 | 6549 |
| Allstate (The) Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1687 | Monthly | 335479 | 5668 |
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7179 | Monthly | 444366 | 2283 |
| Altria Group, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 6667 | Monthly | 412996 | 5197 |
| American Airlines Group, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 9952 | Monthly | 131995 | (17024)<br>|
| &nbsp;&nbsp; American Electric <br>Power Co., Inc.<br>| U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 3143 | Monthly | 376193 | 7657 |
| American Express Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 647 | Monthly | 227639 | (5686)<br>|
| American Homes 4 Rent L.P. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2365 | Monthly | 73960 | (1058)<br>|
| &nbsp;&nbsp; American International <br> Group, Inc.<br>| U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 9315 | Monthly | 697032 | 22182 |
| American Tower Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2495 | Monthly | 446400 | 20139 |
| American Water Works Co., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 16 | Monthly | 2063 | (71)<br>|
| Aptiv PLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5616 | Monthly | 424770 | (36516)<br>|
| Aramark Services, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 10475 | Monthly | 402625 | (5756)<br>|
| Archer-Daniels-Midland Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2459 | Monthly | 165179 | 14713 |
| AutoZone, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 66 | Monthly | 243995 | 25272 |
| AutoZone, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 112 | Monthly | 414587 | (533)<br>|
| Ball Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 15016 | Monthly | 852738 | 12849 |
| Barrick Gold Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8494 | Monthly | 388378 | (35799)<br>|
| Bath & Body Works, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 18145 | Monthly | 395295 | (11378)<br>|
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6523 | Monthly | 423678 | (41921)<br>|
| Best Buy Co., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5836 | Monthly | 379385 | (17331)<br>|
| Block, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2973 | Monthly | 179370 | (13637)<br>|
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 8433 | Monthly | 398978 | (4022)<br>|
| BorgWarner, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 891 | Monthly | 42178 | (1125)<br>|
| Boyd Gaming Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2286 | Monthly | 192953 | (11782)<br>|
| Bristol-Myers Squibb Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5788 | Monthly | 318205 | (3049)<br>|
| Broadcom, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1200 | Monthly | 397290 | 6797 |
| &nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc.<br>| U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2191 | Monthly | 431560 | (26389)<br>|
| Builders FirstSource, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1621 | Monthly | 184999 | 4598 |
| Camden Property Trust | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4075 | Monthly | 443415 | (9634)<br>|
| Campbell's (The) Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 13881 | Monthly | 388285 | 12243 |
| Canadian Pacific Railway Ltd. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4977 | Monthly | 369319 | 9812 |
| Cardinal Health, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 905 | Monthly | 194287 | 3832 |
| Carlisle Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 245 | Monthly | 83384 | (6328)<br>|
| Carnival Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 13152 | Monthly | 393983 | (15330)<br>|
| Carnival Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 14704 | Monthly | 440800 | 10016 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<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>|
| Carrier Global Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 6322 | Monthly | $376407 | $13306 |
| Caterpillar, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 689 | Monthly | 452323 | 7762 |
| CF Industries Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4986 | Monthly | 463983 | 55509 |
| Cheniere Energy, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2185 | Monthly | 461842 | 10030 |
| Chord Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2321 | Monthly | 232241 | 18030 |
| Church & Dwight Co., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2158 | Monthly | 207294 | 22008 |
| Cigna Group (The) | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3059 | Monthly | 836663 | (31175)<br>|
| Cleveland-Cliffs, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 817 | Monthly | 11238 | (218)<br>|
| Coca-Cola Consolidated, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 347 | Monthly | 52759 | 733 |
| Colgate-Palmolive Co. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 4861 | Monthly | 438599 | 21646 |
| ConocoPhillips | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4131 | Monthly | 429716 | 21978 |
| Consolidated Edison, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3240 | Monthly | 344792 | 19388 |
| Corteva, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1078 | Monthly | 78347 | 1205 |
| Crocs, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 4832 | Monthly | 405191 | (11859)<br>|
| Crown Castle, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4838 | Monthly | 419334 | (18070)<br>|
| Crown Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4336 | Monthly | 452928 | 3772 |
| CubeSmart | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8417 | Monthly | 315420 | (13302)<br>|
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1693 | Monthly | 125974 | (10910)<br>|
| CVS Health Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2664 | Monthly | 198310 | (21950)<br>|
| DaVita, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4110 | Monthly | 448434 | (10183)<br>|
| DaVita, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3678 | Monthly | 401612 | 11777 |
| Devon Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3904 | Monthly | 156768 | 14975 |
| Dollar General Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2929 | Monthly | 419467 | (24759)<br>|
| Dollar Tree, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2598 | Monthly | 305334 | (16315)<br>|
| Dominion Energy, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 6731 | Monthly | 404718 | 1161 |
| Eastman Chemical Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 26 | Monthly | 1798 | 10 |
| Eaton Corp. PLC | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 344 | Monthly | 120772 | 5862 |
| eBay, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4549 | Monthly | 414307 | (22264)<br>|
| Enbridge, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 735 | Monthly | 35883 | 403 |
| Encompass Health Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3288 | Monthly | 310464 | (19584)<br>|
| EQT Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 10880 | Monthly | 627398 | 75142 |
| Equity Residential | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6222 | Monthly | 386941 | (3864)<br>|
| Equity Residential | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 229 | Monthly | 14250 | 242 |
| Essex Property Trust, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1581 | Monthly | 397635 | (3127)<br>|
| Eversource Energy | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6503 | Monthly | 448618 | 7871 |
| Exelon Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 7365 | Monthly | 329353 | 3922 |
| Fair Isaac Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 287 | Monthly | 419002 | (34606)<br>|
| FedEx Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1276 | Monthly | 410454 | 16339 |
| FedEx Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1412 | Monthly | 454706 | 17825 |
| &nbsp;&nbsp; Fidelity National Information <br> Services, Inc.<br>| U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1378 | Monthly | 76087 | (6262)<br>|
| Fiserv, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5958 | Monthly | 379156 | (18941)<br>|
| Gap (The), Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 9506 | Monthly | 265428 | (3043)<br>|
| Gap (The), Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 16390 | Monthly | 458277 | 13082 |
| General Electric Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 699 | Monthly | 214431 | 6098 |
| General Electric Co. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1217 | Monthly | 373302 | 13200 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<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>|
| General Mills, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8837 | Monthly | $408245 | $6127 |
| General Motors Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1280 | Monthly | 107520 | (1592)<br>|
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 9593 | Monthly | 377891 | (29230)<br>|
| H&R Block, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 7346 | Monthly | 289591 | (8022)<br>|
| Hasbro, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4948 | Monthly | 440920 | (144)<br>|
| HCA Healthcare, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 795 | Monthly | 387471 | 7730 |
| HCA Healthcare, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 745 | Monthly | 363539 | 14257 |
| Healthpeak Properties, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 969 | Monthly | 16687 | (593)<br>|
| HEICO Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 59 | Monthly | 19477 | (1223)<br>|
| Hershey (The) Co. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 863 | Monthly | 167947 | 3416 |
| HF Sinclair Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 5289 | Monthly | 274504 | 7454 |
| Home Depot (The), Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 990 | Monthly | 370136 | 11607 |
| Host Hotels & Resorts L.P. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 10240 | Monthly | 189465 | 708 |
| Host Hotels & Resorts L.P. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 14370 | Monthly | 265909 | 137 |
| HP, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6465 | Monthly | 125425 | (11047)<br>|
| Illumina, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1610 | Monthly | 232701 | (2096)<br>|
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1313 | Monthly | 402200 | 9360 |
| Invitation Homes, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 16459 | Monthly | 439026 | 266 |
| Jabil, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1809 | Monthly | 428224 | 24889 |
| JB Hunt Transport Services, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 729 | Monthly | 147739 | (989)<br>|
| &nbsp;&nbsp; Johnson Controls <br>International PLC<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3453 | Monthly | 411036 | 25159 |
| &nbsp;&nbsp; Johnson Controls <br>International PLC<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 178 | Monthly | 21209 | 817 |
| Kimberly-Clark Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4304 | Monthly | 429745 | (2626)<br>|
| Kinder Morgan, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 13799 | Monthly | 419955 | 41084 |
| Kinder Morgan, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7380 | Monthly | 224714 | 22428 |
| Kohl's Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6967 | Monthly | 121149 | (26330)<br>|
| Kraft Heinz (The) Co. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 16849 | Monthly | 399726 | 15486 |
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2945 | Monthly | 184741 | 7228 |
| Kroger (The) Co. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 6377 | Monthly | 400510 | 489 |
| Labcorp Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1704 | Monthly | 461767 | 26055 |
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3982 | Monthly | 182526 | 18069 |
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 8914 | Monthly | 408842 | 17386 |
| Lamb Weston Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 6065 | Monthly | 278366 | 10839 |
| Las Vegas Sands Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 8147 | Monthly | 429278 | (53744)<br>|
| Leidos Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 335 | Monthly | 63026 | (1780)<br>|
| Linde PLC | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 997 | Monthly | 454620 | 16249 |
| Lithia Motors, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 330 | Monthly | 106637 | (1915)<br>|
| Lumen Technologies, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 43772 | Monthly | 385319 | 26242 |
| Lumen Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 44100 | Monthly | 388680 | (3875)<br>|
| Macy's Retail Holdings LLC | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 15759 | Monthly | 315339 | (8470)<br>|
| Macy's Retail Holdings LLC | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 21450 | Monthly | 429140 | (10183)<br>|
| Marathon Petroleum Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 4712 | Monthly | 829625 | 2627 |
| Marsh & McLennan Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2176 | Monthly | 408966 | 11998 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<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>|
| Martin Marietta Materials, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 308 | Monthly | $200506 | $3096 |
| Masco Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 4698 | Monthly | 309954 | (24590)<br>|
| Match Group, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 13919 | Monthly | 432635 | (21158)<br>|
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 355 | Monthly | 111580 | 1928 |
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 242 | Monthly | 76199 | 796 |
| McDonald's Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 931 | Monthly | 293068 | 7351 |
| McKesson Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 56 | Monthly | 46545 | 358 |
| MetLife, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 372 | Monthly | 29342 | 381 |
| &nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3252 | Monthly | 436116 | (4246)<br>|
| Mohawk Industries, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1274 | Monthly | 150707 | (7980)<br>|
| &nbsp;&nbsp; Mondelez International, Inc., <br> Class A<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4714 | Monthly | 275093 | 19135 |
| Mosaic (The) Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7196 | Monthly | 197560 | (906)<br>|
| Motorola Solutions, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1069 | Monthly | 429970 | 4752 |
| MSCI, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 315 | Monthly | 191623 | 3471 |
| Murphy Oil U.S.A., Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 5 | Monthly | 2111 | (36)<br>|
| NetApp, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1931 | Monthly | 185871 | (9418)<br>|
| Netflix, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 4599 | Monthly | 383702 | (1588)<br>|
| Newmont Corp. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 2276 | Monthly | 255249 | (4692)<br>|
| Newmont Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 3105 | Monthly | 348556 | (29973)<br>|
| Northrop Grumman Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 405 | Monthly | 280163 | 8635 |
| NRG Energy, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2277 | Monthly | 347032 | (12381)<br>|
| Nutrien Ltd. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1696 | Monthly | 116518 | 15098 |
| Open Text Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2348 | Monthly | 59797 | (10428)<br>|
| Otis Worldwide Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 4958 | Monthly | 423190 | (24457)<br>|
| Ovintiv, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 5236 | Monthly | 227297 | 18118 |
| Owens Corning | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 106 | Monthly | 12683 | (538)<br>|
| Packaging Corp. of America | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1818 | Monthly | 403775 | 14003 |
| PayPal Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3424 | Monthly | 180154 | (15996)<br>|
| Pfizer, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 15455 | Monthly | 407811 | 16288 |
| Pilgrim's Pride Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 8832 | Monthly | 382284 | 42341 |
| Procter & Gamble (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2334 | Monthly | 353571 | 21073 |
| Progressive (The) Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 146 | Monthly | 30340 | 567 |
| Public Storage | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1500 | Monthly | 413376 | 6696 |
| Quest Diagnostics, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 4577 | Monthly | 854339 | 38722 |
| Regal Rexnord Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2726 | Monthly | 439926 | 6710 |
| Regency Centers Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 333 | Monthly | 24248 | 652 |
| &nbsp;&nbsp; Reinsurance Group of <br> America, Inc.<br>| U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1321 | Monthly | 267445 | 7564 |
| Rocket Co., Inc., Class A | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 18144 | Monthly | 324687 | (97445)<br>|
| Ross Stores, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 176 | Monthly | 33203 |  |
| Ryder System, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1547 | Monthly | 295461 | (4656)<br>|
| Seagate Technology, LLC | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1034 | Monthly | 421248 | 62289 |
| Sempra | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 4481 | Monthly | 389623 | 4913 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<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>|
| &nbsp;&nbsp; Service Corp., (U.S.) <br> International<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 779 | Monthly | $62517 | $586 |
| Sherwin-Williams (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1160 | Monthly | 410545 | 14432 |
| Sherwin-Williams (The) Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1015 | Monthly | 359411 | (1577)<br>|
| Sirius XM Holdings, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 19077 | Monthly | 387385 | (19543)<br>|
| Sirius XM Holdings, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 21031 | Monthly | 427667 | (6827)<br>|
| Skyworks Solutions, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1063 | Monthly | 59218 | (1695)<br>|
| Snap, Inc., Class A | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 54205 | Monthly | 375059 | (44566)<br>|
| Southern (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 487 | Monthly | 43486 | 499 |
| Southwest Airlines Co. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7651 | Monthly | 363258 | 37255 |
| Stanley Black & Decker, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 5467 | Monthly | 429705 | (27442)<br>|
| Sun Communities, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 3556 | Monthly | 452491 | (110)<br>|
| Sysco Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 341 | Monthly | 28587 | (31)<br>|
| Tapestry, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2765 | Monthly | 350648 | (6944)<br>|
| TC Energy Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 7732 | Monthly | 452991 | 32276 |
| TELUS Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 22078 | Monthly | 307594 | 11967 |
| Tenet Healthcare Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2267 | Monthly | 428162 | (29383)<br>|
| Tenet Healthcare Corp. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 2035 | Monthly | 384637 | (22029)<br>|
| T-Mobile U.S., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 1364 | Monthly | 268452 | 74 |
| T-Mobile U.S., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 476 | Monthly | 93843 | 5637 |
| TopBuild Corp. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 524 | Monthly | 245075 | (12514)<br>|
| TransDigm, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 122 | Monthly | 173871 | (1021)<br>|
| Transocean Ltd. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 105432 | Monthly | 523335 | 63303 |
| Travelers (The) Cos., Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 580 | Monthly | 164984 | 1544 |
| Twilio, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 3094 | Monthly | 372409 | (20577)<br>|
| Tyson Foods, Inc., Class A | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 6323 | Monthly | 412364 | 44594 |
| Uber Technologies, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 5229 | Monthly | 418270 | (13272)<br>|
| UDR, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 11854 | Monthly | 440045 | (5073)<br>|
| United Airlines Holdings, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3695 | Monthly | 377845 | (22344)<br>|
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 3750 | Monthly | 398030 | (11366)<br>|
| &nbsp;&nbsp; United Rentals North <br> America, Inc.<br>| U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 239 | Monthly | 186727 | (41760)<br>|
| &nbsp;&nbsp; Universal Health Services, Inc., <br> Class B<br>| U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1929 | Monthly | 387950 | (8933)<br>|
| Valero Energy Corp. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2142 | Monthly | 387779 | (20477)<br>|
| VeriSign, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1811 | Monthly | 441648 | (9863)<br>|
| Verisk Analytics, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1857 | Monthly | 403521 | (2233)<br>|
| Verizon Communications, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 1395 | Monthly | 62088 | 7102 |
| VICI Properties, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 15504 | Monthly | 435039 | (2343)<br>|
| Vistra Operations Co. LLC | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2450 | Monthly | 387680 | (4860)<br>|
| Walt Disney (The) Co. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2069 | Monthly | 232884 | (2303)<br>|
| WEC Energy Group, Inc. | U.S. Fed Funds + 0.20% | 8/19/2026 | Goldman Sachs | 1566 | Monthly | 173056 | 3678 |
| Weyerhaeuser Co. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 9392 | Monthly | 241918 | (9694)<br>|
| Williams (The) Cos., Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 21 | Monthly | 1410 | 126 |
| Workday, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2459 | Monthly | 431560 | (30253)<br>|

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Long Contracts for Difference at January 31, 2026:**<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>|
| WP Carey, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 1786 | Monthly | $124482 | $2052 |
| &nbsp;&nbsp; Wynn Resorts <br> Finance LLC/Wynn Resorts <br> Capital Corp.<br>| U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 3339 | Monthly | 358188 | (27375)<br>|
| Yum! Brands, Inc. | U.S. Fed Funds + 0.20% | 2/9/2026 | JPMorgan Chase | 2776 | Monthly | 430716 | 4656 |
| Yum! Brands, Inc. | U.S. Fed Funds + 0.20% | 1/25/2027 | Barclays | 2556 | Monthly | 397181 | 4921 |
| Zoetis, Inc. | U.S. Fed Funds + 0.20% | 8/18/2026 | Goldman Sachs | 3426 | Monthly | 426992 | (2217)<br>|
| **Total (Notional Payable $68,224,651)** | **Total (Notional Payable $68,224,651)** | **Total (Notional Payable $68,224,651)** |  | **$1221040** |  | **$68230258** | **$5608** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Short Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Short Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Short Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Short Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Short Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Short Contracts for Difference at January 31, 2026:** <br>**Over the Counter** | **Short Contracts for Difference at January 31, 2026:** <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>|
| Advance Auto Parts, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 9481 | Monthly | $(454367)<br>| $(52562)<br>|
| AES (The) Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 12592 | Monthly | (184473)<br>| (5415)<br>|
| Aflac, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 4030 | Monthly | (446843)<br>| (10246)<br>|
| AGCO Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1611 | Monthly | (182456)<br>| 22 |
| Albertsons Cos., Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 22576 | Monthly | (375454)<br>| 15629 |
| Alliant Energy Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1386 | Monthly | (91351)<br>| 1369 |
| &nbsp;&nbsp; Allison Transmission <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3666 | Monthly | (397905)<br>| (13892)<br>|
| Ally Financial, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 9343 | Monthly | (394532)<br>| 11347 |
| Amazon.com, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3497 | Monthly | (836304)<br>| (15422)<br>|
| Amcor PLC | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 431 | Monthly | (19059)<br>| (625)<br>|
| Americold Realty Trust, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 25816 | Monthly | (320160)<br>| 14650 |
| Amgen, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 995 | Monthly | (339750)<br>| (9936)<br>|
| Amkor Technology, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7727 | Monthly | (372713)<br>| 20904 |
| Anthem, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 236 | Monthly | (81535)<br>| 6313 |
| Apache Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3036 | Monthly | (80181)<br>| (1412)<br>|
| &nbsp;&nbsp; Apollo Global <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3150 | Monthly | (422950)<br>| 32822 |
| Arrow Electronics, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3082 | Monthly | (407869)<br>| (42646)<br>|
| Arthur J Gallagher & Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1130 | Monthly | (281217)<br>| 16564 |
| AT&T, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3854 | Monthly | (100889)<br>| (9434)<br>|
| AT&T, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 12525 | Monthly | (328099)<br>| (33024)<br>|
| AutoNation, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 479 | Monthly | (97976)<br>| 5153 |
| AutoNation, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 367 | Monthly | (75121)<br>| 3546 |
| Avis Budget Group, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1521 | Monthly | (174771)<br>| 15673 |
| Baker Hughes Co., Class A | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 8412 | Monthly | (471106)<br>| (12336)<br>|
| Baxter International, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 13723 | Monthly | (275175)<br>| (56)<br>|
| Baxter International, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 19825 | Monthly | (397632)<br>| (448)<br>|
| Biogen, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 2474 | Monthly | (444768)<br>| (14899)<br>|
| Boeing (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1646 | Monthly | (384174)<br>| 23669 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<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>|
| Boeing (The) Co. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1774 | Monthly | $(414317)<br>| $31684 |
| &nbsp;&nbsp; Booz Allen Hamilton <br> Holding Corp.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3445 | Monthly | (304413)<br>| 25313 |
| Boston Scientific Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2228 | Monthly | (208060)<br>| 5576 |
| &nbsp;&nbsp; Brookfield Asset <br> Management, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 9456 | Monthly | (429842)<br>| 16676 |
| Brown & Brown, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4115 | Monthly | (296246)<br>| 31925 |
| Brown-Forman Corp., Class B | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3374 | Monthly | (92346)<br>| (5668)<br>|
| Brown-Forman Corp., Class B | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 9557 | Monthly | (261219)<br>| 834 |
| Caesars Entertainment, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 22151 | Monthly | (458526)<br>| 60016 |
| &nbsp;&nbsp; Canadian Natural <br> Resources Ltd.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 10818 | Monthly | (402273)<br>| (17994)<br>|
| Capital One Financial Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1818 | Monthly | (398015)<br>| 25515 |
| Celanese Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1522 | Monthly | (67638)<br>| 5388 |
| Cenovus Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 11220 | Monthly | (221118)<br>| (14334)<br>|
| Centene Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 10340 | Monthly | (447637)<br>| 19931 |
| &nbsp;&nbsp; Charter <br> Communications, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2086 | Monthly | (429477)<br>| (24762)<br>|
| &nbsp;&nbsp; Charter <br> Communications, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 2331 | Monthly | (480177)<br>| (30842)<br>|
| Chevron Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2154 | Monthly | (380573)<br>| (22300)<br>|
| Chubb Ltd. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1276 | Monthly | (394528)<br>| (9936)<br>|
| Cisco Systems, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5854 | Monthly | (457926)<br>| (16555)<br>|
| Cisco Systems, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 5238 | Monthly | (409993)<br>| (19153)<br>|
| Coca-Cola (The) Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6321 | Monthly | (472300)<br>| (25958)<br>|
| Comcast Corp., Class A | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 10422 | Monthly | (309991)<br>| (5849)<br>|
| Comcast Corp., Class A | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 14869 | Monthly | (442080)<br>| (7830)<br>|
| Conagra Brands, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 22620 | Monthly | (418696)<br>| (40590)<br>|
| Conagra Brands, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 13784 | Monthly | (255142)<br>| (10799)<br>|
| ConocoPhillips | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 4118 | Monthly | (428962)<br>| (29456)<br>|
| &nbsp;&nbsp; Constellation Brands, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2002 | Monthly | (313713)<br>| (4627)<br>|
| Corning, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 309 | Monthly | (31885)<br>| (2752)<br>|
| Coterra Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2956 | Monthly | (85177)<br>| (9119)<br>|
| CSX Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 4652 | Monthly | (175660)<br>| (9211)<br>|
| Cummins, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 350 | Monthly | (202449)<br>| 1626 |
| Danaher Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3606 | Monthly | (787705)<br>| 60154 |
| Darden Restaurants, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 572 | Monthly | (113975)<br>| 1625 |
| Deere & Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 774 | Monthly | (407946)<br>| (19225)<br>|
| &nbsp;&nbsp; Dell Technologies, Inc., <br> Class C<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3392 | Monthly | (387496)<br>| 14428 |
| Delta Air Lines, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5699 | Monthly | (375003)<br>| 29177 |
| Devon Energy Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 6717 | Monthly | (269918)<br>| (14806)<br>|
| Dick's Sporting Goods, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2110 | Monthly | (425635)<br>| 22496 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<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>|
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 10630 | Monthly | $(292297)<br>| $(16768)<br>|
| Dow, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 13351 | Monthly | (367820)<br>| 5428 |
| DR Horton, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 3333 | Monthly | (495177)<br>| (4341)<br>|
| DuPont de Nemours, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 7808 | Monthly | (342770)<br>| 1272 |
| Edison International | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1365 | Monthly | (84847)<br>| (3479)<br>|
| Enbridge, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 7633 | Monthly | (372796)<br>| (24843)<br>|
| &nbsp;&nbsp; Estee Lauder (The) Cos., Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3693 | Monthly | (425149)<br>| 1946 |
| Expedia Group, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 325 | Monthly | (86073)<br>| 9568 |
| Expedia Group, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1385 | Monthly | (366561)<br>| 18967 |
| &nbsp;&nbsp; FactSet Research <br> Systems, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 258 | Monthly | (65574)<br>| 8933 |
| &nbsp;&nbsp; Fidelity National Information <br> Services, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 403 | Monthly | (21919)<br>| 193 |
| FirstEnergy Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 8687 | Monthly | (410742)<br>| (5996)<br>|
| Flex Ltd. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 317 | Monthly | (19970)<br>| 546 |
| FMC Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 20090 | Monthly | (317422)<br>| 4420 |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 6296 | Monthly | (87204)<br>| 3458 |
| Ford Motor Co. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 26792 | Monthly | (371873)<br>| (1995)<br>|
| &nbsp;&nbsp; Fortune Brands Home & <br> Security, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1045 | Monthly | (56510)<br>| 3154 |
| Fox Corp., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 698 | Monthly | (50694)<br>| 2138 |
| Freeport-McMoRan, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 6517 | Monthly | (392519)<br>| (1228)<br>|
| FTAI Aviation Ltd. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 818 | Monthly | (222595)<br>| 17480 |
| Gartner, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1800 | Monthly | (376767)<br>| 37817 |
| General Motors Co. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3192 | Monthly | (268128)<br>| (9708)<br>|
| Genuine Parts Co. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3364 | Monthly | (467258)<br>| (6594)<br>|
| Globe Life, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 659 | Monthly | (92343)<br>| (1197)<br>|
| &nbsp;&nbsp; Goodyear Tire & Rubber <br> (The) Co.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 11896 | Monthly | (111941)<br>| (2974)<br>|
| &nbsp;&nbsp; Graphic Packaging <br> Holding Co.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 16022 | Monthly | (234414)<br>| 12534 |
| Halliburton Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 13767 | Monthly | (460674)<br>| (14241)<br>|
| &nbsp;&nbsp; Hartford Insurance Group <br> (The), Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 488 | Monthly | (65854)<br>| (964)<br>|
| &nbsp;&nbsp; Hartford Insurance Group <br> (The), Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2498 | Monthly | (336936)<br>| (10148)<br>|
| &nbsp;&nbsp; Hewlett Packard <br> Enterprise Co.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 19136 | Monthly | (411551)<br>| (2470)<br>|
| &nbsp;&nbsp; Hilton Worldwide <br> Holdings, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1374 | Monthly | (409362)<br>| 448 |
| Home Depot (The), Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 82 | Monthly | (30713)<br>| 61 |
| Howmet Aerospace, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 648 | Monthly | (134831)<br>| 945 |
| Humana, Inc. | U.S. Fed Funds + (0.05)% | 2/9/2026 | JPMorgan Chase | 297 | Monthly | (57969)<br>| (349)<br>|
| Humana, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1916 | Monthly | (373398)<br>| 144612 |
| &nbsp;&nbsp; Huntington Ingalls <br> Industries, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 895 | Monthly | (376115)<br>| 2527 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<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>|
| Hyatt Hotels Corp., Class A | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1757 | Monthly | $(274139)<br>| $22987 |
| Hyatt Hotels Corp., Class A | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 834 | Monthly | (130243)<br>| 10303 |
| Hyatt Hotels Corp., Class A | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 118 | Monthly | (18438)<br>| 1083 |
| Intel Corp. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 9390 | Monthly | (436353)<br>| 16532 |
| &nbsp;&nbsp; International Business <br> Machines Corp.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1422 | Monthly | (435855)<br>| (16677)<br>|
| &nbsp;&nbsp; International Flavors & <br> Fragrances, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3117 | Monthly | (217298)<br>| 3479 |
| International Paper Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1606 | Monthly | (64617)<br>| 2964 |
| IQVIA Holdings, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 859 | Monthly | (197418)<br>| 9842 |
| Iron Mountain, Inc. | U.S. Fed Funds | 2/9/2026 | JPMorgan Chase | 233 | Monthly | (21466)<br>|  |
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 956 | Monthly | (87956)<br>| 636 |
| Iron Mountain, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3316 | Monthly | (305307)<br>| 5895 |
| KB Home | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2708 | Monthly | (155502)<br>| 506 |
| KKR & Co., Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3702 | Monthly | (422711)<br>| 31564 |
| Lennar Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 6546 | Monthly | (715272)<br>| 33971 |
| Lincoln National Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 8821 | Monthly | (366859)<br>| (3176)<br>|
| LKQ Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 12746 | Monthly | (418351)<br>| 8840 |
| Lockheed Martin Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 215 | Monthly | (136293)<br>| (10015)<br>|
| Lowe's Cos., Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1494 | Monthly | (398270)<br>| (12584)<br>|
| Lowe's Cos., Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1545 | Monthly | (412349)<br>| 12889 |
| &nbsp;&nbsp; LyondellBasell Industries <br> N.V., Class A<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 8809 | Monthly | (431344)<br>| 22326 |
| &nbsp;&nbsp; Marriott International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1341 | Monthly | (422224)<br>| 14660 |
| &nbsp;&nbsp; Marriott International, Inc., <br> Class A<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1249 | Monthly | (393549)<br>| 7764 |
| Matador Resources Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 741 | Monthly | (33494)<br>| (913)<br>|
| Merck & Co., Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4127 | Monthly | (454200)<br>| 3004 |
| MGM Resorts International | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 7061 | Monthly | (236693)<br>| 4675 |
| Molina Healthcare, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2332 | Monthly | (417972)<br>| 10311 |
| Murphy Oil Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 11959 | Monthly | (359100)<br>| 30829 |
| NextEra Energy, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 243 | Monthly | (21320)<br>| (2004)<br>|
| NextEra Energy, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 4818 | Monthly | (422994)<br>| (25898)<br>|
| &nbsp;&nbsp; Norwegian Cruise Line <br> Holdings Ltd.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 18539 | Monthly | (406246)<br>| 41716 |
| NRG Energy, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1699 | Monthly | (259145)<br>| (2443)<br>|
| Nucor Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2541 | Monthly | (450763)<br>| (22752)<br>|
| NXP Semiconductors N.V. | U.S. Fed Funds + (0.05)% | 2/9/2026 | JPMorgan Chase | 100 | Monthly | (22610)<br>| 332 |
| NXP Semiconductors N.V. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 276 | Monthly | (62360)<br>| 2381 |
| Occidental Petroleum Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 9247 | Monthly | (418960)<br>| (18872)<br>|
| &nbsp;&nbsp; Omega Healthcare <br> Investors, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 388 | Monthly | (17025)<br>| 46 |
| Omnicom Group, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1888 | Monthly | (145452)<br>| 3061 |
| Omnicom Group, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 5536 | Monthly | (425920)<br>| 21421 |
| OneMain Holdings, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 6050 | Monthly | (395727)<br>| 30468 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<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>|
| ONEOK, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 899 | Monthly | $(71154)<br>| $(845)<br>|
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2469 | Monthly | (405485)<br>| 60000 |
| Oracle Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 2210 | Monthly | (363469)<br>| 31160 |
| Ovintiv, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 9363 | Monthly | (406432)<br>| (37657)<br>|
| Parker-Hannifin Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 21 | Monthly | (19614)<br>| (578)<br>|
| PepsiCo, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 2804 | Monthly | (430519)<br>| (25250)<br>|
| Performance Food Group, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 113 | Monthly | (10771)<br>| 172 |
| PG&E Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 25691 | Monthly | (395906)<br>| (7771)<br>|
| &nbsp;&nbsp; Philip Morris <br> International, Inc.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1060 | Monthly | (190058)<br>| (9092)<br>|
| Post Holdings, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4002 | Monthly | (408954)<br>| (16299)<br>|
| &nbsp;&nbsp; Principal Financial <br> Group, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 193 | Monthly | (18268)<br>| (688)<br>|
| Prologis, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2904 | Monthly | (379146)<br>| 6360 |
| Prudential Financial, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 342 | Monthly | (37984)<br>| (480)<br>|
| Prudential Financial, Inc. | U.S. Fed Funds + (0.15)% | 8/19/2026 | Goldman Sachs | 3225 | Monthly | (357820)<br>| 17667 |
| PulteGroup, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 2784 | Monthly | (348029)<br>| 6642 |
| Quanta Services, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 928 | Monthly | (440172)<br>| (5039)<br>|
| &nbsp;&nbsp; Raymond James <br> Financial, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2551 | Monthly | (422536)<br>| 14872 |
| Raytheon Technologies Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 980 | Monthly | (196843)<br>| (3703)<br>|
| &nbsp;&nbsp; Roger Communications, Inc., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 8398 | Monthly | (317528)<br>| (6529)<br>|
| Royal Caribbean Cruises Ltd. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 130 | Monthly | (42141)<br>| (2994)<br>|
| Royal Caribbean Cruises Ltd. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1184 | Monthly | (384125)<br>| (45061)<br>|
| S&P Global, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 406 | Monthly | (213836)<br>| 6037 |
| Schlumberger Ltd. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 9288 | Monthly | (449353)<br>| (15144)<br>|
| Sempra | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 4997 | Monthly | (433958)<br>| 5389 |
| Simon Property Group, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1327 | Monthly | (253573)<br>| (11071)<br>|
| SLM Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5030 | Monthly | (136279)<br>| 4209 |
| &nbsp;&nbsp; Somnigroup <br> International, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3982 | Monthly | (349564)<br>| 27532 |
| Southern (The) Co. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3794 | Monthly | (338632)<br>| (6351)<br>|
| Southwest Airlines Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 992 | Monthly | (47140)<br>| (4563)<br>|
| Starbucks Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4749 | Monthly | (436096)<br>| 7719 |
| Steel Dynamics, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 1302 | Monthly | (233653)<br>| (1600)<br>|
| Synnex Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 111 | Monthly | (17612)<br>| (1229)<br>|
| Synopsys, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 895 | Monthly | (415996)<br>| 37830 |
| &nbsp;&nbsp; Take-Two Interactive <br> Software, Inc.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 579 | Monthly | (127465)<br>| 12498 |
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 2259 | Monthly | (454014)<br>| (40121)<br>|
| &nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources <br> Partners Finance Corp.<br>| U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 2037 | Monthly | (409396)<br>| (19187)<br>|
| Target Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 7647 | Monthly | (805420)<br>| 40303 |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<br> **Over the Counter (continued)** | **Short Contracts for Difference at January 31, 2026:**<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>|
| TC Energy Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 3278 | Monthly | $(192320)<br>| $(11192)<br>|
| Teledyne Technologies, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 416 | Monthly | (257946)<br>| (4682)<br>|
| Tesla, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 916 | Monthly | (393527)<br>| 5459 |
| Thermo Fisher Scientific, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 720 | Monthly | (415757)<br>| 21768 |
| Toll Brothers, Inc. | U.S. Fed Funds | 1/25/2027 | Barclays | 2856 | Monthly | (412388)<br>| 8449 |
| Union Pacific Corp. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 1608 | Monthly | (377538)<br>| (6878)<br>|
| &nbsp;&nbsp; United Parcel Service, Inc., <br> Class B<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 4103 | Monthly | (435216)<br>| 10452 |
| &nbsp;&nbsp; United Rentals North <br> America, Inc.<br>| U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 228 | Monthly | (178131)<br>| 31583 |
| UnitedHealth Group, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2804 | Monthly | (803057)<br>| 140718 |
| Ventas, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 2817 | Monthly | (218796)<br>| (3169)<br>|
| Verizon Communications, Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 4671 | Monthly | (207953)<br>| (23542)<br>|
| VF Corp. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 7817 | Monthly | (153030)<br>| 2841 |
| Viatris, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 34259 | Monthly | (447617)<br>| (14837)<br>|
| Walmart, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 1801 | Monthly | (214482)<br>| (2190)<br>|
| Walmart, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 3405 | Monthly | (405153)<br>| 328 |
| Welltower, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 2049 | Monthly | (385152)<br>| (3724)<br>|
| WESCO International, Inc. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 413 | Monthly | (119310)<br>| (8820)<br>|
| Western Union (The) Co. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 44351 | Monthly | (414727)<br>| 15929 |
| &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp.<br>| U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 569 | Monthly | (130875)<br>| 731 |
| Westlake Corp. | U.S. Fed Funds + (0.15)% | 2/9/2026 | JPMorgan Chase | 5098 | Monthly | (403591)<br>| 3209 |
| Whirlpool Corp. | U.S. Fed Funds + (0.89)% | 2/9/2026 | JPMorgan Chase | 314 | Monthly | (25117)<br>| 433 |
| Whirlpool Corp. | U.S. Fed Funds + (0.75)% | 1/25/2027 | Barclays | 10257 | Monthly | (820457)<br>| 87016 |
| Williams (The) Cos., Inc. | U.S. Fed Funds + (0.15)% | 1/25/2027 | Barclays | 6307 | Monthly | (423950)<br>| (21768)<br>|
| Xylem, Inc. | U.S. Fed Funds + (0.15)% | 8/18/2026 | Goldman Sachs | 777 | Monthly | (106972)<br>| 5545 |
| **Total (Notional Payable $60,294,458)** | **Total (Notional Payable $60,294,458)** | **Total (Notional Payable $60,294,458)** |  | **$1007928** |  | **$(59679451)**<br>| **$615006** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** | **Credit Default Swap Contracts outstanding - Sell Protection as of January 31, 2026:** <br>**Centrally Cleared** |
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>|  | **Notional** <br>**Amount**<br>| **Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp; Markit CDX North America High Yield Index <br> Series 45 (Pay Quarterly)<br>| 2.97% | 5.00% | 12/20/2030 | USD | 43369 | $3874 | $2984 | $890 |
| **Total** |  |  |  |  |  | **$3874** | **$2984** | **$890** |

---

------

**Morningstar Funds Trust** January 31, 2026 (unaudited)

------

**Schedule of Investments** (continued)

Morningstar Alternatives Fund

**Valuation Hierarchy**

The following is a summary of the inputs used, as of January 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Investments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2407427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2407427 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 62134971 | &nbsp;&nbsp; 1008651 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 63143622 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 57150058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57150058 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 5701594 | &nbsp;&nbsp; 1171311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6872905 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 54101054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54101054 |
| &nbsp;&nbsp;&nbsp; Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 12789214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12789214 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 38968868 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38968868 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 2956952 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2956952 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 265599 | &nbsp;&nbsp; 265599 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1495 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp; 18299792 | &nbsp;&nbsp; 7998727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26298519 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; 100907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100907 |
| **Total Assets – Investments at value** | &nbsp;&nbsp; $89195711 | &nbsp;&nbsp; $175595310 | &nbsp;&nbsp; $265599 | &nbsp;&nbsp; $265056620 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $(42263635)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42263635)<br>|
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| **Total Liabilities – Investments at value** | &nbsp;&nbsp; $(42263635)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42263635)<br>|
| **Net Investments** | &nbsp;&nbsp; $46932076 | &nbsp;&nbsp; $175595310 | &nbsp;&nbsp; $265599 | &nbsp;&nbsp; $222792985 |

---

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

\*Includes securities determined to have no value as of January 31, 2026. <br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morningstar Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| **Derivative Financial Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $113981 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $113981 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 354703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 354703 |
| &nbsp;&nbsp;&nbsp; Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3204442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3204442 |
| &nbsp;&nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 890 |
| **Total Assets - Derivative Financial Instruments** | &nbsp;&nbsp; $113981 | &nbsp;&nbsp; $3560035 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3674016 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $(208163)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(208163)<br>|
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (376532)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (376532)<br>|
| &nbsp;&nbsp;&nbsp; Written Options  | &nbsp;&nbsp; (2421)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2421)<br>|
| &nbsp;&nbsp;&nbsp; Contracts for Difference  | &nbsp;&nbsp; — | &nbsp;&nbsp; (2583828)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2583828)<br>|
| **Total Liabilities - Derivative Financial Instruments** | &nbsp;&nbsp; $(210584)<br>| &nbsp;&nbsp; $(2960360)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3170944)<br>|
| **Total Derivative Financial Instruments** | &nbsp;&nbsp; $(96603)<br>| &nbsp;&nbsp; $599675 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $503072 |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Morningstar Funds Trust

- **b. Investment Company Act file number:** 811-23235

- **c. CIK number of Registrant:** 0001699360

- **d. LEI of Registrant:** 254900AE65UZA65M0T82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 22 W. WASHINGTON STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60602

  - **Telephone number:** 312-696-6000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Morningstar International Equity Fund

- **b. EDGAR series identifier (if any):** S000057728

- **c. LEI of Series:** 254900MOGVG6VVUKZU31

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1005354484.67

**Total Liabilities:** $1952615.74

**Net Assets:** $1003401868.93

**Cash Not Reported:** $80769.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186139 | 0.40%                | 2.52%                | 5.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5498691.05              | $-2421569.44                               |
| Month 2  | $6926600.36              | $16483205.22                               |
| Month 3  | $25457688.68             | $33967195.14                               |

### Schedule of Portfolio Investments

| Name                                             | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ashtead Group PLC                                | Ashtead Group PLC ORD GBP0.10                                                | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     54133 | NS      | $3485066.29   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                             | Rentokil Initial PLC ORD GBP0.01                                             | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    196319 | NS      | $1218516.09   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                        | Bunzl PLC ORD GBP0.32142857                                                  | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |     70573 | NS      | $1979084.10   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                       | Diageo PLC ORD GBP0.28 101/108                                               | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     57197 | NS      | $1316120.11   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                      | Reckitt Benckiser Group PLC ORD GBP0.10                                      | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     41645 | NS      | $3471522.65   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                   | Prudential PLC GBP0.05                                                       | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    119370 | NS      | $1960681.88   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                    | Koninklijke Ahold Delhaize NV EUR0.01                                        | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     23438 | NS      | $916429.66    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                     | Glencore PLC ORD USD0.01                                                     | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    406510 | NS      | $2771323.86   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   6093217 | NS      | $6093217.19   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V          | Fomento Economico Mexicano S A B de C V SPON ADR RP 10 UTS(1B&2D-B&          | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     18127 | NS      | $1891733.72   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                  | AstraZeneca PLC SPON ADR EACH REP 0.50 ORD                                   | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     18100 | NS      | $1679137.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel N.V.                                  | Akzo Nobel N.V. EUR0.50(POST REV SPLIT)                                      | CUSIP: N01803308<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     37108 | NS      | $2599686.19   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC                               | Intertek Group PLC ORD GBP0.01                                               | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |     20700 | NS      | $1269897.04   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc.                          | KB Financial Group Inc. KRW5000                                              | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     27506 | NS      | $2574540.18   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal S.A.                                     | L'Oreal S.A. EUR0.20                                                         | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |      7034 | NS      | $3231697.83   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering S.A.                                      | Kering S.A. EUR4                                                             | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |      6842 | NS      | $2135922.15   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                       | Allianz SE NPV(REGD)(VINKULIERT)                                             | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      4021 | NS      | $1770535.63   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Thyssenkrupp AG                                  | Thyssenkrupp AG NPV                                                          | CUSIP: D8398Q119<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |     98113 | NS      | $1307919.15   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co. Ltd.                   | Techtronic Industries Co. Ltd. NPV                                           | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    171000 | NS      | $2334406.77   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.                    | Chugai Pharmaceutical Co Ltd. NPV                                            | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     93400 | NS      | $5335076.24   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                       | Symrise AG NPV (BR)                                                          | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     18763 | NS      | $1579602.78   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                           | Delta Electronics Inc. TWD10                                                 | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    167000 | NS      | $6373112.15   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                                    | Keyence Corp. NPV                                                            | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      4600 | NS      | $1687558.35   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                         | Volvo AB SER'B'NPV                                                           | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     38782 | NS      | $1409238.15   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                         | Mitsubishi Estate Co Ltd NPV                                                 | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |      6000 | NS      | $152915.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                        | Danone SA EUR0.25                                                            | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     25775 | NS      | $2019727.89   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide S.A.(L')                             | Air Liquide S.A.(L') EUR5.50                                                 | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     12045 | NS      | $2255576.35   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                        | SMC Corp. NPV                                                                | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      6700 | NS      | $2604768.23   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                 | Sony Group Corp. NPV                                                         | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    169800 | NS      | $3743734.96   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia                               | Sberbank of Russia RUB3(USD)                                                 | CUSIP: X76317100<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    405212 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kasikornbank Public Co Ltd.                      | Kasikornbank Public Co Ltd. THBH10(ALIEN)                                    | CUSIP: Y4591R118<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    171000 | NS      | $1023598.55   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Tingyi (Cayman Islands) Holding Corp.            | Tingyi (Cayman Islands) Holding Corp. ORD USD0.005                           | CUSIP: G8878S103<br>LEI: 5299009MPI9B60VN4P25 | Long             | EC               | CORP              | KY        |    736000 | NS      | $1115504.24   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CNH Industrial N.V.                              | CNH Industrial N.V. COM EUR0.01                                              | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |    269588 | NS      | $2900766.88   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                 | Roche Holding AG GENUSSCHEINE NPV                                            | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      2919 | NS      | $1327385.85   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | BNP Paribas SA EUR2                                                          | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     34593 | NS      | $3740629.90   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes                                | Dassault Systemes EUR0.10                                                    | CUSIP: F24571451<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |    109845 | NS      | $3021267.45   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                     | Unilever PLC ORD GBP0.035                                                    | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     36900 | NS      | $2510286.19   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     51253 | NS      | $51252.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lukoil PJSC                                      | Lukoil PJSC RUB0.025(RUB)                                                    | CUSIP: X6983S100<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |     13736 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     93585 | NS      | $93585.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd.                                   | Axis Bank Ltd. INR2                                                          | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    117984 | NS      | $1760243.30   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                             | Ryanair Holdings PLC ADS EACH REPR 5 ORD EUR0.01                             | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     12500 | NS      | $882500.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom Public Joint Stock Company               | Gazprom Public Joint Stock Company RUB5(RUB)                                 | CUSIP: X3123F106<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    421794 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rosneft Oil Company                              | Rosneft Oil Company RUB0.01(RUB)                                             | CUSIP: X7394C106<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |    210931 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Isramco Negev 2 LP                               | Isramco Negev 2 LP ORD ILS1.00 (LIMITED PARTNERSHIP)                         | CUSIP: M6143Z129<br>LEI: 213800N8SB4D3Y6BFI15 | Long             | EP               | CORP              | IL        |    363600 | NS      | $263194.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CGI Inc                                          | CGI Inc COM NPV SUB VTG SHS CL A                                             | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      9016 | NS      | $772714.87    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| USS Co Ltd.                                      | USS Co Ltd. NPV                                                              | CUSIP: J9446Z105<br>LEI: 5299000RRQD6UZXG4W72 | Long             | EC               | CORP              | JP        |    197300 | NS      | $2180034.25   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd.                          | Singapore Exchange Ltd. NPV                                                  | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     78000 | NS      | $1080776.91   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Technologies Engineering Ltd.          | Singapore Technologies Engineering Ltd. NPV                                  | CUSIP: Y7996W103<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    405700 | NS      | $3118854.48   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Greatek Electronics Inc                          | Greatek Electronics Inc TWD10                                                | CUSIP: Y2858G106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    346103 | NS      | $982329.69    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| China Medical System Holdings Limited            | China Medical System Holdings Limited USD0.005                               | CUSIP: G21108124<br>LEI: 529900Z57DVJXUBLHX66 | Long             | EC               | CORP              | KY        |    510000 | NS      | $914819.13    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                            | Tencent Holdings Ltd. HKD0.00002                                             | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      8800 | NS      | $676383.91    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev S.A.                                       | Ambev S.A. COM NPV                                                           | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   1015544 | NS      | $2863649.80   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                                  | Knorr-Bremse AG NPV                                                          | CUSIP: D4S43E114<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     11288 | NS      | $1314321.80   | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1421684 | NS      | $1421683.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                     | Infosys Ltd. SPON ADR EACH REP 1 ORD SHS                                     | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     77767 | NS      | $1367143.86   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Shougang Fushan Resources Gp Ltd                 | Shougang Fushan Resources Gp Ltd NPV                                         | CUSIP: Y7760F104<br>LEI: 529900OPUNJYLOX4OL37 | Long             | EC               | CORP              | HK        |   5679464 | NS      | $2393410.11   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Want Want China Holdings Ltd.                    | Want Want China Holdings Ltd. USD0.02                                        | CUSIP: G9431R103<br>LEI: 5299005HZCEKX4O1J230 | Long             | EC               | CORP              | KY        |    724839 | NS      | $437153.91    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| United Energy Group Ltd.                         | United Energy Group Ltd. HKD0.01                                             | CUSIP: G9231L108<br>LEI: 254900I49QKOOISW8F62 | Long             | EC               | CORP              | BM        |  10453252 | NS      | $860842.64    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Fusheng Precision Co Ltd                         | Fusheng Precision Co Ltd TWD10                                               | CUSIP: Y2676J100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     83736 | NS      | $712647.98    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.          | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O                     | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    177720 | NS      | $2003570.29   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile Telesystems Pjsc                          | Mobile Telesystems Pjsc SPONSORED ADR                                        | CUSIP: 607409109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |    138416 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BAE Systems PLC                                  | BAE Systems PLC ORD GBP0.025                                                 | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    192375 | NS      | $5222393.94   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                    | Rio Tinto PLC ORD GBP0.10                                                    | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     57202 | NS      | $5218786.97   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                         | Adyen NV EUR0.01                                                             | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       760 | NS      | $1126962.46   | 0.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Coloplast AS                                     | Coloplast AS SER'B'DKK1                                                      | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     13768 | NS      | $1173653.17   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                           | Petroleo Brasileiro SA SPON ADS EACH REP 2 ORD SHS                           | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     89486 | NS      | $1372715.24   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                         | SLB Ltd. COM USD0.01                                                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     24704 | NS      | $1195179.52   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT                 | Telkom Indonesia(Persero) Tbk PT ADR EA REP 100 SER'B'IDR250                 | CUSIP: 715684106<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |     79630 | NS      | $1681785.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Banco do Brasil SA                               | Banco do Brasil SA COM NPV                                                   | CUSIP: P11427112<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |    400800 | NS      | $1913848.08   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT                 | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                                 | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |  10625300 | NS      | $2271268.46   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                            | Tencent Holdings Ltd. HKD0.00002                                             | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     48400 | NS      | $3720111.51   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinetic Development Group Ltd                    | Kinetic Development Group Ltd USD0.001                                       | CUSIP: G52593103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1597937 | NS      | $357326.64    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Development PJSC                           | Emaar Development PJSC AED1                                                  | CUSIP: M4100K102<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    620631 | NS      | $2906699.31   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       500 | NS      | $499.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                             | Big Yellow Group PLC ORD GBP0.10                                             | CUSIP: G1093E108<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |    126800 | NS      | $1794956.36   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                | Ashtead Group PLC ORD GBP0.10                                                | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     25767 | NS      | $1658871.73   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                        | Bunzl PLC ORD GBP0.32142857                                                  | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |     68021 | NS      | $1907518.17   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                  | London Stock Exchange Group PLC ORD GBP0.06918604                            | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     17658 | NS      | $1969610.89   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                            | Tencent Holdings Ltd. HKD0.00002                                             | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     52515 | NS      | $4036397.85   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                | Compass Group PLC ORD GBP0.1105                                              | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     62488 | NS      | $1873730.29   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                       | Diageo PLC ORD GBP0.28 101/108                                               | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     69764 | NS      | $1605290.55   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                     | Experian PLC ORD USD0.10                                                     | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     69672 | NS      | $2638809.06   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     55820 | NS      | $55820.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                   | Credicorp Ltd. COM USD5                                                      | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     11348 | NS      | $4049306.84   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                                  | BAE Systems PLC ORD GBP0.025                                                 | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     19783 | NS      | $537048.05    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Taylor Wimpey PLC                                | Taylor Wimpey PLC ORD GBP0.01                                                | CUSIP: G86954107<br>LEI: 21380089BTRXTD8S3R66 | Long             | EC               | CORP              | GB        |    283398 | NS      | $414316.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.          | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O                     | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    226400 | NS      | $2552376.29   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     28324 | NS      | $9362781.44   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                      | Reckitt Benckiser Group PLC ORD GBP0.10                                      | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     12782 | NS      | $1065506.12   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Persimmon PLC                                    | Persimmon PLC ORD GBP0.10                                                    | CUSIP: G70202109<br>LEI: 213800XI72Y57UWN6F31 | Long             | EC               | CORP              | GB        |     65235 | NS      | $1256245.65   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Manulife Financial Corporation                   | Manulife Financial Corporation COM NPV                                       | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |    121253 | NS      | $4618949.88   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V          | Fomento Economico Mexicano S A B de C V SPON ADR RP 10 UTS(1B&2D-B&          | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     44056 | NS      | $4597684.16   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                   | Prudential PLC GBP0.05                                                       | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     86831 | NS      | $1426220.74   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                        | Nestle SA CHF0.10 (REGD)                                                     | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     42549 | NS      | $4060304.38   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc.                                     | NetEase Inc. SPON ADS EACH REP 25 ORD SH                                     | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     19048 | NS      | $2453953.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                   | HDFC Bank Ltd. SPON ADS EACH REP 3 ORD SHS                                   | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    176721 | NS      | $5722225.98   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                        | Nestle SA CHF0.10 (REGD)                                                     | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     50116 | NS      | $4782397.09   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| BRP Inc.                                         | BRP Inc. SUB VTG NPV                                                         | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |     10779 | NS      | $813540.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Limited                                     | Nice Limited ADR-EACH REPR 1 ORD ILS1                                        | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     15876 | NS      | $1689365.16   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Shopify Inc                                      | Shopify Inc COM NPV CL A                                                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     13964 | NS      | $1832297.49   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil S.A.B. de C.V.                     | America Movil S.A.B. de C.V. COM SER 'B' NPV                                 | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |   1206916 | NS      | $1247938.44   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Coloplast AS                                     | Coloplast AS SER'B'DKK1                                                      | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     11600 | NS      | $988842.01    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                         | AIA Group Ltd, Hong Kong NPV                                                 | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    556200 | NS      | $6417147.79   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis (Novozymes) B                          | Novonesis (Novozymes) B SER'B'DKK2                                           | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |      6739 | NS      | $412922.54    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                            | Schneider Electric SE EUR4.00                                                | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     10548 | NS      | $3024132.69   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                        | Safran SA EUR0.20                                                            | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      6351 | NS      | $2269158.07   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd.                              | Midea Group Co Ltd. CNY1 H                                                   | CUSIP: Y6S40V111<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    108695 | NS      | $1191346.14   | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Canadian National Railway Company                | Canadian National Railway Company COM NPV                                    | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     37233 | NS      | $3581794.64   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab As                                        | Genmab As DKK1                                                               | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      9255 | NS      | $3015144.59   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                          | Siemens Healthineers AG NPV                                                  | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |     49034 | NS      | $2447459.76   | 0.24%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                      | Bayerische Motoren Werke AG EUR1                                             | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     12242 | NS      | $1260685.52   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart De Mexico                               | Wal-Mart De Mexico COM NPV                                                   | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    404988 | NS      | $1285227.43   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                        | Vale S.A. COM NPV                                                            | CUSIP: P9661Q155<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    154946 | NS      | $2476662.87   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Winpak Ltd                                       | Winpak Ltd COM NPV                                                           | CUSIP: 97535P104<br>LEI: 549300FWDGJBHZHH8U59 | Long             | EC               | CORP              | CA        |     33156 | NS      | $1047287.89   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom S.A.U                            | Cellnex Telecom S.A.U EUR0.25                                                | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     41698 | NS      | $1289726.32   | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Quanta Computer Inc.                             | Quanta Computer Inc. TWD10                                                   | CUSIP: Y7174J106<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |    206000 | NS      | $1813453.52   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp.                                         | KT Corp. KRW5000                                                             | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |     25578 | NS      | $1011958.39   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                       | KT&G Corp. KRW5000                                                           | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      8269 | NS      | $884117.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC                               | Kingspan Group PLC ORD EUR0.13                                               | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |     22287 | NS      | $1940632.02   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                  | Kerry Group PLC 'A'ORD EUR0.125                                              | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     12908 | NS      | $1147417.74   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd.                                | Lenovo Group Ltd. NPV                                                        | CUSIP: Y5257Y107<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |    854000 | NS      | $962213.38    | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| Novatek Microelectronics Corp.                   | Novatek Microelectronics Corp. TWD10                                         | CUSIP: Y64153102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     66000 | NS      | $783130.35    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                  | Kerry Group PLC 'A'ORD EUR0.125                                              | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |      4973 | NS      | $442059.84    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                        | Thales SA EUR3                                                               | CUSIP: F9156M108<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |       849 | NS      | $259900.95    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UTD Tractors                                     | UTD Tractors IDR250                                                          | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    445700 | NS      | $694337.23    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| James Hardie Industries PLC                      | James Hardie Industries PLC CDI(CHESS DEPOSITARY INTERESTS)                  | CUSIP: G4253H119<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     83149 | NS      | $1894709.32   | 0.19%             |  |  |  | No            |                  2 | On Loan: —       |
| Coway Co Ltd.                                    | Coway Co Ltd. KRW500                                                         | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6103 | NS      | $353120.63    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Conch Cement Co Ltd.                       | Anhui Conch Cement Co Ltd. 'H'CNY1                                           | CUSIP: Y01373102<br>LEI: 300300JVKW56SSAEQZ33 | Long             | EC               | CORP              | CN        |    327500 | NS      | $1038606.87   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                        | Thales SA EUR3                                                               | CUSIP: F9156M108<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      4243 | NS      | $1298892.47   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                 | Pernod Ricard SA EUR1.55                                                     | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     26686 | NS      | $2386174.29   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd.                            | Weichai Power Co Ltd. 'H'CNY1                                                | CUSIP: Y9531A109<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |    448000 | NS      | $1518554.66   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                   | Tata Consultancy Services Ltd. INR1                                          | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     45686 | NS      | $1553693.86   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                           | Daiichi Sankyo Co Ltd. NPV                                                   | CUSIP: J11257102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |    130700 | NS      | $2394375.52   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanlam Ltd                                       | Sanlam Ltd ZAR0.01                                                           | CUSIP: S7302C137<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |    238632 | NS      | $1492027.05   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                            | Schneider Electric SE EUR4.00                                                | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      2268 | NS      | $650240.14    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                 | TotalEnergies SE EUR2.5                                                      | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     65100 | NS      | $4734643.04   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd.                                         | UPL Ltd. INR2                                                                | CUSIP: Y9305P100<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               | CORP              | IN        |    146531 | NS      | $1122721.80   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp.                    | China Construction Bank Corp. 'H'CNY1                                        | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   2503000 | NS      | $2527355.11   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production Public Co Ltd.      | PTT Exploration & Production Public Co Ltd. THB1(ALIEN)                      | CUSIP: Y7145P165<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |    168500 | NS      | $658133.51    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd.                     | China Merchants Bank Co Ltd. 'H'CNY1                                         | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    246613 | NS      | $1506706.03   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Kumba Iron Ore Ltd                               | Kumba Iron Ore Ltd ZAR0.01                                                   | CUSIP: S4341C103<br>LEI: 3789006C753402643048 | Long             | EC               | CORP              | ZA        |     35982 | NS      | $801889.34    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL Ltd.                                         | CSL Ltd. ORD NPV                                                             | CUSIP: Q3018U109<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     10655 | NS      | $1342634.85   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                       | Symrise AG NPV (BR)                                                          | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     15656 | NS      | $1318033.42   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                      | Fanuc Corp. NPV                                                              | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     43847 | NS      | $1760658.65   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal S.A.                                     | L'Oreal S.A. EUR0.20                                                         | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |      2445 | NS      | $1123329.71   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                               | Publicis Groupe SA EUR0.40                                                   | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     13846 | NS      | $1383884.23   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA Corp.                                       | HOYA Corp. NPV                                                               | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     11438 | NS      | $1918791.80   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd.                            | Hyundai Mobis Co Ltd. KRW5000                                                | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      4049 | NS      | $1265138.11   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                    | SK Hynix Inc. KRW5000                                                        | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      6843 | NS      | $4272615.06   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.                     | Murata Manufacturing Co Ltd. NPV                                             | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     56926 | NS      | $1156483.43   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Nedbank Group Ltd                                | Nedbank Group Ltd ZAR1                                                       | CUSIP: S5518R104<br>LEI: 3789009E42FA3CB31065 | Long             | EC               | CORP              | ZA        |     93567 | NS      | $1536922.87   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                                           | SKF AB SER'B'NPV                                                             | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |     72725 | NS      | $1901518.37   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Parex Resources Inc.                             | Parex Resources Inc. COM NPV                                                 | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    296229 | NS      | $4394540.30   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV                           | Koninklijke Philips NV EUR0.20                                               | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     92939 | NS      | $2668821.05   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp.                                    | Olympus Corp. NPV                                                            | CUSIP: J61240107<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |     98969 | NS      | $1182136.62   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp.                                      | Omron Corp. NPV                                                              | CUSIP: J61374120<br>LEI: 549300ZHW0TR2QZ0NY83 | Long             | EC               | CORP              | JP        |     53008 | NS      | $1352486.53   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                      | Samsung Electronics Co Ltd. KRW100                                           | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     37545 | NS      | $4147775.59   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc.                                     | Shimano Inc. NPV                                                             | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |     11166 | NS      | $1272785.27   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Healthcare Ltd.                            | Sonic Healthcare Ltd. NPV                                                    | CUSIP: Q8563C107<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |     81242 | NS      | $1299206.98   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                 | Sony Group Corp. NPV                                                         | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    143271 | NS      | $3158825.98   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                              | Tokyo Electron Ltd. NPV                                                      | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      7308 | NS      | $1947282.98   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                               | Toyota Motor Corp. NPV                                                       | CUSIP: J92676113<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    105873 | NS      | $2399665.24   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp.                                   | Unicharm Corp. NPV                                                           | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |    182880 | NS      | $1110089.64   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd.                        | United Overseas Bank Ltd. NPV                                                | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |     64465 | NS      | $1942921.00   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Yaskawa Electric Corp.                           | Yaskawa Electric Corp. NPV                                                   | CUSIP: J9690T102<br>LEI: 3538003K39GR98R0CK58 | Long             | EC               | CORP              | JP        |     36339 | NS      | $1159915.15   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev S.A.                                       | Ambev S.A. COM NPV                                                           | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   1170765 | NS      | $3301344.85   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                  | ICICI Bank Ltd. INR2                                                         | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     77621 | NS      | $1144337.55   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                  | B3 S.A. - Brasil, Bolsa, Balcao COM NPV                                      | CUSIP: P1909G107<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    680300 | NS      | $2091540.35   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp.                                      | NAVER Corp. KRW100                                                           | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      7244 | NS      | $1376952.00   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                    | Bank Mandiri (Persero) Tbk PT IDR125                                         | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   6831600 | NS      | $1965767.65   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | BNP Paribas SA EUR2                                                          | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     36343 | NS      | $3929861.90   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc.              | MS&AD Insurance Group Holdings Inc. NPV                                      | CUSIP: J4687C105<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |     51305 | NS      | $1307127.45   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd.                          | Kweichow Moutai Co Ltd. 'A'CNY1                                              | CUSIP: Y5070V116<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5900 | NS      | $1187327.53   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                         | Svenska Handelsbanken AB SER'A'NPV                                           | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |     94219 | NS      | $1485368.35   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                  | Nordea Bank ABP NPV                                                          | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |     93940 | NS      | $1814959.51   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexi S.p.A.                                      | Nexi S.p.A. NPV                                                              | CUSIP: T6S18J104<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |    332317 | NS      | $1418816.58   | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Compagnie Financiere Richemont Sa                | Compagnie Financiere Richemont Sa CHF1 (REGD)                                | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |      6473 | NS      | $1256472.14   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                     | UBS Group AG USD0.10 (REGD)                                                  | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     29854 | NS      | $1412553.88   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                   | ING Groep N.V. EUR0.01                                                       | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     48656 | NS      | $1434910.60   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corporation                               | Kubota Corporation NPV                                                       | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    154368 | NS      | $2365175.06   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing H C F Porsche AG                          | Dr Ing H C F Porsche AG NON-VTG PRF NPV                                      | CUSIP: D2R3HA114<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |     23984 | NS      | $1167131.08   | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Melrose Industries PLC                           | Melrose Industries PLC ORD GBP0.001                                          | CUSIP: G5973J210<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |    149010 | NS      | $1281178.26   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| DSM Firmenich AG                                 | DSM Firmenich AG EUR0.01                                                     | CUSIP: H0245V108<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |     16130 | NS      | $1271908.80   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                 | Novo Nordisk A/S SER'B'DKK0.1                                                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     44625 | NS      | $2649798.80   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                         | Bayer AG NPV (REGD)                                                          | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     52182 | NS      | $2759994.18   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Life Healthcare Group Holdings Ltd               | Life Healthcare Group Holdings Ltd ZAR0.000001                               | CUSIP: S4682C100<br>LEI: 529900NEEWARTDD80135 | Long             | EC               | CORP              | ZA        |    963564 | NS      | $663303.05    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon AB                                       | Hexagon AB SER'B'NPV                                                         | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    234109 | NS      | $2639587.86   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.          | Kimberly-Clark de Mexico S.A.B. de C.V. COM SER'A'NPV                        | CUSIP: P60694117<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    440507 | NS      | $975739.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                          | KB Financial Group Inc. KRW5000                                              | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     21146 | NS      | $1979249.13   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinopharm Group Co Ltd.                          | Sinopharm Group Co Ltd. 'H'SHS CNY1                                          | CUSIP: Y8008N107<br>LEI: 529900N54X78YH9JYK92 | Long             | EC               | CORP              | CN        |    573923 | NS      | $1531366.19   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Indus Towers Ltd.                                | Indus Towers Ltd. INR10                                                      | CUSIP: Y0R86J109<br>LEI: 335800L6DI4VHODGDK41 | Long             | EC               | CORP              | IN        |    409386 | NS      | $1985867.27   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Ternium SA                                       | Ternium SA ADS EACH REPR 10 ORD                                              | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |     21638 | NS      | $905333.92    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Aeroportuario Del Pacifico S.A.B. de C.V.  | Grupo Aeroportuario Del Pacifico S.A.B. de C.V. ADS EA REP 10 SER 'B' NPV    | CUSIP: 400506101<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |      6446 | NS      | $1772069.86   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial International Bank (Egypt) SAE        | Commercial International Bank (Egypt) SAE GDR EACH REPR 1 ORD EGP10 REG'S'   | CUSIP: 201712205<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |    474658 | NS      | $1257251.26   | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Infineon Technologies AG                         | Infineon Technologies AG ORD NPV (REGD)                                      | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      5232 | NS      | $255753.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BIM Birlesik Magaz                               | BIM Birlesik Magaz TRY1                                                      | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     77797 | NS      | $1187237.82   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Hengan International Group Co Ltd.               | Hengan International Group Co Ltd. HKD0.10                                   | CUSIP: G4402L151<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    251000 | NS      | $907320.39    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                | ASML Holding N.V. EUR0.09                                                    | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      6240 | NS      | $8947574.54   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| OBIC Co Ltd.                                     | OBIC Co Ltd. NPV                                                             | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     52600 | NS      | $1461962.01   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                          | DBS Group Holdings Ltd. NPV                                                  | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    153987 | NS      | $7157678.33   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                    | MediaTek Inc. TWD10                                                          | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     41000 | NS      | $2274291.97   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                  | Shinhan Financial Group Co Ltd. KRW5000                                      | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     36010 | NS      | $2104558.95   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                      | NAVER Corp. KRW100                                                           | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |     23540 | NS      | $4474523.77   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.  | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1                     | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    312000 | NS      | $2893909.68   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                         | M3, Inc. NPV                                                                 | CUSIP: J4697J108<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |    133900 | NS      | $1652197.46   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                                  | Daifuku Co Ltd. NPV                                                          | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |     77600 | NS      | $2783759.50   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCO Corp.                                      | DISCO Corp. NPV                                                              | CUSIP: J12327102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8100 | NS      | $3452629.85   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                      | Samsung Electronics Co Ltd. N/VTG PFD KRW100                                 | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     29575 | PA      | $2395606.75   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                          | IMCD NV EUR0.16                                                              | CUSIP: N4447S106<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |     15400 | NS      | $1439477.22   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Astra International Tbk PT                       | Astra International Tbk PT IDR50                                             | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |   3698900 | NS      | $1402516.88   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Gaztransport Et Technigaz SA                     | Gaztransport Et Technigaz SA EUR0.01                                         | CUSIP: F42674113<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |      4549 | NS      | $980075.34    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd.                                   | Axis Bank Ltd. INR2                                                          | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |     64405 | NS      | $960880.03    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                             | Ryanair Holdings PLC ADS EACH REPR 5 ORD EUR0.01                             | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     35334 | NS      | $2494580.40   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd.                              | Midea Group Co Ltd. A CNY1                                                   | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    125500 | NS      | $1399237.60   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd.                   | ASE Technology Holding Co Ltd. TWD10                                         | CUSIP: Y0249T100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    342000 | NS      | $3179611.56   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Natural Gas Co., Ltd.                        | ENN Natural Gas Co., Ltd. 'A'CNY1                                            | CUSIP: Y3119Q107<br>LEI: 300300KVDMGNQNP52Z98 | Long             | EC               | CORP              | CN        |    377176 | NS      | $1057201.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vibra Energia SA                                 | Vibra Energia SA COM NPV                                                     | CUSIP: P9785J111<br>LEI: 549300U7VLJ3SYVNY689 | Long             | EC               | CORP              | BR        |    341505 | NS      | $1859777.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D Or Sao Luiz SA                            | Rede D Or Sao Luiz SA COM NPV                                                | CUSIP: P79942101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     96400 | NS      | $774643.67    | 0.08%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Assa Abloy AB                                    | Assa Abloy AB SER'B'NPV                                                      | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |     72621 | NS      | $2936352.55   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd.                         | Haier Smart Home Co Ltd. 'A'CNY1                                             | CUSIP: Y7166P102<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |    633100 | NS      | $2283767.72   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie Brasil Energia SA                          | Engie Brasil Energia SA COM NPV                                              | CUSIP: P37625103<br>LEI: 52990057Q0EK2Q9YBC07 | Long             | EC               | CORP              | BR        |    138360 | NS      | $863115.06    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                       | National Bank of Greece SA EUR1.00 (POST CONS)                               | CUSIP: X56533189<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |    102293 | NS      | $1805926.34   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpost S.A                                       | Inpost S.A EUR0.01                                                           | CUSIP: L5125Z108<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |     84398 | NS      | $1322839.20   | 0.13%             |  |  |  | No            |                  2 | On Loan: —       |
| Huayu Automotive Systems Co Ltd.                 | Huayu Automotive Systems Co Ltd. 'A'CNY1                                     | CUSIP: Y3750U102<br>LEI: 3003001J2BNVV78BOT83 | Long             | EC               | CORP              | CN        |    288100 | NS      | $795962.84    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil S.A.B. de C.V.                     | America Movil S.A.B. de C.V. SPON ADS RP CL B                                | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     68415 | NS      | $1416190.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano S A                                       | Suzano S A COM NPV                                                           | CUSIP: P8T20U187<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |     92000 | NS      | $861655.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lasertec Corp.                                   | Lasertec Corp. NPV                                                           | CUSIP: J38702106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16400 | NS      | $3767694.70   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysmex Corp.                                     | Sysmex Corp. NPV                                                             | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |    169400 | NS      | $1602908.12   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bidvest Group Ltd.                               | Bidvest Group Ltd. ZAR0.05                                                   | CUSIP: S1201R162<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |    102137 | NS      | $1477889.17   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale S.A.                                        | Vale S.A. SPONS ADS REPR 1 COM NPV                                           | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    111938 | NS      | $1798843.66   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd.                                         | Sea Ltd. ADS EACH REP ONE CL A SHS                                           | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     11150 | NS      | $1298863.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                     | NetEase Inc. USD0.0001                                                       | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     32900 | NS      | $853099.78    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank PLC                                     | OTP Bank PLC HUF100                                                          | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |     16599 | NS      | $2088686.15   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Opap SA                                          | Opap SA EUR0.30 (CR)                                                         | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |     54890 | NS      | $1106085.75   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bosideng International Holdings Ltd.             | Bosideng International Holdings Ltd. USD0.00001                              | CUSIP: G12652106<br>LEI: 254900G7F1RDM4B3S169 | Long             | EC               | CORP              | KY        |   1382000 | NS      | $843429.72    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT Ltd.                                       | ASMPT Ltd. HKD0.10                                                           | CUSIP: G0535Q133<br>LEI: 529900PYFA1HFYKPT360 | Long             | EC               | CORP              | KY        |     79500 | NS      | $1060210.79   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Ltd.                         | Standard Bank Group Ltd. ZAR0.1                                              | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     99195 | NS      | $1823003.78   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Want Want China Holdings Ltd.                    | Want Want China Holdings Ltd. USD0.02                                        | CUSIP: G9431R103<br>LEI: 5299005HZCEKX4O1J230 | Long             | EC               | CORP              | KY        |   1367000 | NS      | $824444.32    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodacom Group Limited                            | Vodacom Group Limited ZAR0.01                                                | CUSIP: S9453B108<br>LEI: 37890012A8DC24B8D663 | Long             | EC               | CORP              | ZA        |    163842 | NS      | $1527078.95   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA                   | BB Seguridade Participacoes SA COM NPV                                       | CUSIP: P1R1WJ103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    267900 | NS      | $1904354.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                              | State Bank of India INR1                                                     | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |     75422 | NS      | $883994.48    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Globalwafers Co Ltd.                             | Globalwafers Co Ltd. TWD10                                                   | CUSIP: Y2722U109<br>LEI: 529900V6RTNF3U5EGX67 | Long             | EC               | CORP              | TW        |     78000 | NS      | $1226364.69   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                      | MOL Hungarian Oil & Gas PLC HUF125(POST SUBDIVISION)                         | CUSIP: X5S32S129<br>LEI: 213800R83KX5FQFGXS67 | Long             | EC               | CORP              | HU        |    113846 | NS      | $1390395.12   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp.                                     | Wiwynn Corp. TWD10                                                           | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     18000 | NS      | $2017658.57   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                       | Alibaba Group Holding Ltd. USD0.000003125                                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     66300 | NS      | $1410438.80   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc                       | Arcos Dorados Holdings Inc COM NPV CL 'A'                                    | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |     81636 | NS      | $667782.48    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Prio SA                                          | Prio SA COM NPV                                                              | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    123300 | NS      | $1191589.57   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel N.V.                                  | Akzo Nobel N.V. EUR0.50(POST REV SPLIT)                                      | CUSIP: N01803308<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     16906 | NS      | $1184388.67   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Woori Financial Group Inc.                       | Woori Financial Group Inc. KRW5000                                           | CUSIP: Y972JZ105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     66317 | NS      | $1387276.78   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                         | Alcon AG CHF0.04                                                             | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     15448 | NS      | $1250397.46   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                          | Croda International PLC ORD GBP0.10609756                                    | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     53299 | NS      | $1991777.89   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                        | Prosus NV EUR0.05 (N SHARES)                                                 | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     40274 | NS      | $2315806.48   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                | Compass Group PLC ORD GBP0.1105                                              | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     10700 | NS      | $320844.23    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5160705 | NS      | $5160704.91   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aumovio SE                                       | Aumovio SE NPV                                                               | CUSIP: D0R9B8108<br>LEI: 391200IGI9RQ7VTOK384 | Long             | EC               | CORP              | DE        |     13531 | NS      | $649274.98    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                           | Intesa Sanpaolo S.p.A. NPV                                                   | CUSIP: T55067101<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    187809 | NS      | $1329573.62   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                     | Capgemini SE EUR8                                                            | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     14828 | NS      | $2303948.91   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                 | Pernod Ricard SA EUR1.55                                                     | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     30218 | NS      | $2701994.11   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                   | Continental AG NPV                                                           | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     25663 | NS      | $2019403.81   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                        | Airbus SE EUR1                                                               | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     11078 | NS      | $2536308.59   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE              | LVMH Moet Hennessy Louis Vuitton SE EUR0.30                                  | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      4152 | NS      | $2679720.35   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                               | Publicis Groupe SA EUR0.40                                                   | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     20879 | NS      | $2086820.65   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                          | Siemens Healthineers AG NPV                                                  | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |     47161 | NS      | $2353971.73   | 0.23%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sanofi SA                                        | Sanofi SA EUR2                                                               | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     17700 | NS      | $1669530.24   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                      | Bayerische Motoren Werke AG EUR1                                             | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     26305 | NS      | $2708898.26   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                         | Accor SA EUR3                                                                | CUSIP: F00189120<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |     55517 | NS      | $3019079.53   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                         | Asahi Group Holdings Ltd NPV                                                 | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    179300 | NS      | $1877065.73   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                    | Bank Mandiri (Persero) Tbk PT IDR125                                         | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   7109200 | NS      | $2045646.02   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                       | Symrise AG NPV (BR)                                                          | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     29800 | NS      | $2508775.93   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Ltd.                                     | Fujitsu Ltd. NPV                                                             | CUSIP: J15708159<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     57800 | NS      | $1606018.23   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc.   | International Container Terminal Services Inc. PHP1                          | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |    106830 | NS      | $1170103.34   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                        | Kia Corp. KRW5000                                                            | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     15909 | NS      | $1692768.79   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV AS                                           | DSV AS DKK1                                                                  | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      9730 | NS      | $2735931.26   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                          | Fresenius SE & Co. KGaA NPV                                                  | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     36461 | NS      | $2039548.90   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                           | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    103945 | NS      | $5747736.18   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp.                                   | Unicharm Corp. NPV                                                           | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |     53800 | NS      | $326568.36    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Yageo Corp.                                      | Yageo Corp. TWD2.5                                                           | CUSIP: Y9723R100<br>LEI: 5493001P0TOZH7GGNQ21 | Long             | EC               | CORP              | TW        |     97744 | NS      | $853342.28    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                       | Edenred SA EUR2                                                              | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     70503 | NS      | $1476743.10   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                         | Daimler Truck Holding AG NPV                                                 | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |     45171 | NS      | $2187133.37   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    613261 | NS      | $613260.87    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |         0 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                          | GSK plc ORD GBP0.3125                                                        | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    100931 | NS      | $2610243.46   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                | Banco Bradesco SA PRF NPV                                                    | CUSIP: P1808G117<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |    383191 | PA      | $1547253.57   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                           | Mercedes-Benz Group AG ORD NPV(REGD)                                         | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |     19891 | NS      | $1359435.56   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                             | Henkel AG & Co. KGaA NON-VTG PRF NPV                                         | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |     13987 | PA      | $1228786.23   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.              | Hong Kong Exchanges & Clearing Ltd. NPV                                      | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     88364 | NS      | $4871605.62   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Bolsa Mexicana De Valores Sab De Cv              | Bolsa Mexicana De Valores Sab De Cv SER'A'NPV                                | CUSIP: P17330104<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |    879162 | NS      | $1763757.14   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kobayashi Pharmaceutical Co Ltd                  | Kobayashi Pharmaceutical Co Ltd NPV                                          | CUSIP: J3430E103<br>LEI: 529900WBSL04KD6TKP95 | Long             | EC               | CORP              | JP        |     26700 | NS      | $933785.84    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                       | KT&G Corp. KRW5000                                                           | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      9477 | NS      | $1013276.57   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantech Co Ltd.                                | Advantech Co Ltd. TWD10                                                      | CUSIP: Y0017P108<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |    141210 | NS      | $1332627.86   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Coway Co Ltd.                                    | Coway Co Ltd. KRW500                                                         | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10029 | NS      | $580279.67    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Comsys Holdings Corp.                            | Comsys Holdings Corp. NPV                                                    | CUSIP: J5890P106<br>LEI: 529900BXEDA1UA6QX260 | Long             | EC               | CORP              | JP        |     12700 | NS      | $396798.31    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.Com Inc.                                  | Kakaku.Com Inc. NPV                                                          | CUSIP: J29258100<br>LEI: 353800KA15Y0DCPWYY65 | Long             | EC               | CORP              | JP        |     29300 | NS      | $399891.63    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AVI Ltd                                          | AVI Ltd ZAR0.05                                                              | CUSIP: S0808A101<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |    241856 | NS      | $1609503.68   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc                         | Japan Exchange Group Inc NPV                                                 | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |    437600 | NS      | $4775188.60   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Pilot Corp (New)                                 | Pilot Corp (New) NPV                                                         | CUSIP: J6378K106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     43300 | NS      | $1361381.16   | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Tata Consultancy Services Ltd.                   | Tata Consultancy Services Ltd. INR1                                          | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     95626 | NS      | $3252058.15   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                   | Fortescue Ltd. NPV                                                           | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |    150356 | NS      | $2177285.60   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Ship Healthcare Holdings, Inc.                   | Ship Healthcare Holdings, Inc. NPV                                           | CUSIP: J7T445100<br>LEI: 353800BIFUE1L527TH13 | Long             | EC               | CORP              | JP        |     21900 | NS      | $360996.93    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bursa Malaysia Bhd                               | Bursa Malaysia Bhd MYR0.50                                                   | CUSIP: Y1028U102<br>LEI: 254900CXCSGW8M52ZU27 | Long             | EC               | CORP              | MY        |    957800 | NS      | $2192453.41   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Truworths International Ltd.                     | Truworths International Ltd. ZAR0.00015                                      | CUSIP: S8793H130<br>LEI: 37890099AFD770037522 | Long             | EC               | CORP              | ZA        |    509934 | NS      | $1897208.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| China Shenhua Energy Co Ltd.                     | China Shenhua Energy Co Ltd. 'H'CNY1                                         | CUSIP: Y1504C113<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |    465959 | NS      | $2563758.15   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Dong Suh                                         | Dong Suh KRW500                                                              | CUSIP: Y2096D105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     36711 | NS      | $662359.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kumba Iron Ore Ltd                               | Kumba Iron Ore Ltd ZAR0.01                                                   | CUSIP: S4341C103<br>LEI: 3789006C753402643048 | Long             | EC               | CORP              | ZA        |    146337 | NS      | $3261243.98   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| REA Group Ltd.                                   | REA Group Ltd. ORD NPV                                                       | CUSIP: Q8051B108<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |      3520 | NS      | $462822.95    | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Citic Telecom International Holdings Limited     | Citic Telecom International Holdings Limited NPV                             | CUSIP: Y1640H109<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    827822 | NS      | $272472.97    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruichi Steel Tube Ltd.                         | Maruichi Steel Tube Ltd. NPV                                                 | CUSIP: J40046104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27800 | NS      | $275466.77    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.                     | Murata Manufacturing Co Ltd. NPV                                             | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     87500 | NS      | $1777611.29   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp.                                      | Omron Corp. NPV                                                              | CUSIP: J61374120<br>LEI: 549300ZHW0TR2QZ0NY83 | Long             | EC               | CORP              | JP        |      9100 | NS      | $232184.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Xinhua Winshare Publishing & Media Co Ltd.       | Xinhua Winshare Publishing & Media Co Ltd. 'H'CNY1                           | CUSIP: Y9725X105<br>LEI: 529900GRONU6MXRSA398 | Long             | EC               | CORP              | CN        |    191578 | NS      | $268338.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Rinnai Corp                                      | Rinnai Corp NPV                                                              | CUSIP: J65199101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     33100 | NS      | $869384.89    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Secom Co                                  | Taiwan Secom Co TWD10                                                        | CUSIP: Y8461H100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    408201 | NS      | $1381344.21   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                        | Shell PLC ORD EUR0.07                                                        | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    118346 | NS      | $4549162.88   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                    | Schroders PLC ORD GBP0.20                                                    | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |    197054 | NS      | $1220500.05   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                | Bureau Veritas SA EUR0.12                                                    | CUSIP: F96888114<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |     58481 | NS      | $1882640.52   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group N.V                        | Universal Music Group N.V EUR10.00                                           | CUSIP: N90313102<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     51072 | NS      | $1252160.61   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                       | Woodside Energy Group Ltd. NPV                                               | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     72752 | NS      | $1284546.06   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                             | Rentokil Initial PLC ORD GBP0.01                                             | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    238241 | NS      | $1478718.27   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                       | Diageo PLC ORD GBP0.28 101/108                                               | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    167698 | NS      | $3858781.24   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                  | BAE Systems PLC ORD GBP0.025                                                 | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    110246 | NS      | $2992842.32   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                         | Relx PLC ORD GBP0.1444                                                       | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     35228 | NS      | $1248903.86   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                         | Adyen NV EUR0.01                                                             | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      1463 | NS      | $2169402.75   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alcon AG                                         | Alcon AG CHF0.04                                                             | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     35718 | NS      | $2892443.64   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5652074 | NS      | $5652073.87   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Nederland N.V.                               | ASR Nederland N.V. EUR0.16                                                   | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |     26625 | NS      | $1933792.70   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                           | Eurofins Scientific SE EUR0.01                                               | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     20783 | NS      | $1681200.13   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                      | Brenntag SE NPV                                                              | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |     42925 | NS      | $2611545.94   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Adidas AG                                        | Adidas AG NPV (REGD)                                                         | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     22400 | NS      | $3971600.84   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                | ASML Holding N.V. NY REGISTRY SHS                                            | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1129 | NS      | $1606567.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                        | Flutter Entertainment PLC ORD EUR0.09 (DI)                                   | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |      7658 | NS      | $1264718.70   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Alibaba Group Holding Ltd.                       | Alibaba Group Holding Ltd. USD0.000003125                                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    107500 | NS      | $2286910.58   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Financiere Richemont Sa                | Compagnie Financiere Richemont Sa CHF1 (REGD)                                | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     11210 | NS      | $2175969.85   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Country Garden Services Holdings Co Ltd.         | Country Garden Services Holdings Co Ltd. USD0.0001                           | CUSIP: G2453A108<br>LEI: 549300P2JRKENZSEBB42 | Long             | EC               | CORP              | HK        |   2851160 | NS      | $2357561.99   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Yealink Network Technology Corp Ltd.             | Yealink Network Technology Corp Ltd. A CNY1                                  | CUSIP: Y9750S104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    281900 | NS      | $1553371.38   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Xtb SA                                           | Xtb SA PLN0.05                                                               | CUSIP: X98169117<br>LEI: 259400AVUPSABLEXNT19 | Long             | EC               | CORP              | PL        |     25340 | NS      | $603931.20    | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    165401 | NS      | $165401.37    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                    | iShares Trust CORE MSCI TOTAL                                                | CUSIP: 46432F834<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     23543 | NS      | $2104979.63   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Jiangsu Yanghe Distillery Co Ltd.                | Jiangsu Yanghe Distillery Co Ltd. 'A'CNY1                                    | CUSIP: Y444AE101<br>LEI: 655600IQ7FXTTBKI8H68 | Long             | EC               | CORP              | CN        |     76600 | NS      | $608915.23    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Rightmove PLC                                    | Rightmove PLC ORD GBP0.001                                                   | CUSIP: G7565D106<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |    295452 | NS      | $2000035.97   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                        | Epiroc AB SER'A'NPV                                                          | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    160970 | NS      | $4512502.65   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Material Co Ltd.                           | Japan Material Co Ltd. NPV                                                   | CUSIP: J2789V104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     24400 | NS      | $282957.93    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmed Energy Limited Partnership                | Newmed Energy Limited Partnership ILS1                                       | CUSIP: M27612122<br>LEI: 254900EDPHTRQ6GMIQ78 | Long             | EP               | CORP              | IL        |    599102 | NS      | $3825057.29   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Exxaro Resources Ltd.                            | Exxaro Resources Ltd. ZAR0.01                                                | CUSIP: S26949107<br>LEI: 378900BC3D9BFF4E4A37 | Long             | EC               | CORP              | ZA        |     24987 | NS      | $285218.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Corp                                       | Orion Corp KRW500                                                            | CUSIP: Y6S90M128<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8205 | NS      | $667892.55    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Netwealth Group Ltd.                             | Netwealth Group Ltd. NPV                                                     | CUSIP: Q6625S102<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     37576 | NS      | $636681.16    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VZ Holdings                                      | VZ Holdings CHF0.05 (REGD)                                                   | CUSIP: H9239A111<br>LEI: 529900JMJUZCFUVQ0Q82 | Long             | EC               | CORP              | CH        |      6054 | NS      | $1186652.26   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Chengdu Fusen Noble-House Industria              | Chengdu Fusen Noble-House Industria A CNY1                                   | CUSIP: Y1308N109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    827647 | NS      | $1393974.06   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hansoh Pharmaceutical Group Co Ltd.              | Hansoh Pharmaceutical Group Co Ltd. HKD0.00001                               | CUSIP: G54958106<br>LEI: 254900Q6MR00EBXTPF42 | Long             | EC               | CORP              | KY        |    108351 | NS      | $533972.81    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Atlas Copco AB                                   | Atlas Copco AB SER'A'NPV                                                     | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    246561 | NS      | $5084629.77   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd.                                   | Credicorp Ltd. COM USD5                                                      | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      3337 | NS      | $1190741.71   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Company                | Canadian National Railway Company COM NPV                                    | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     22631 | NS      | $2177554.82   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                       | Haleon PLC ORD GBP0.01                                                       | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |    842854 | NS      | $4408045.60   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Motiva Infraestrutura De Mobilidade SA           | Motiva Infraestrutura De Mobilidade SA COM NPV                               | CUSIP: P6S8NQ100<br>LEI: 254900H4EUL83CCQ6781 | Long             | EC               | CORP              | BR        |    355260 | NS      | $1136778.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                | HSBC Holdings PLC ORD USD0.50                                                | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    111498 | NS      | $1966928.07   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                     | British American Tobacco PLC ORD GBP0.25                                     | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     31941 | NS      | $1929671.06   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                      | Reckitt Benckiser Group PLC ORD GBP0.10                                      | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     31086 | NS      | $2591325.56   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Sse PLC                                          | Sse PLC GBP0.50                                                              | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     39159 | NS      | $1301545.48   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group AG                             | Julius Baer Group AG CHF0.02 (REGD)                                          | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |     16635 | NS      | $1389527.38   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc.                                      | JD.com Inc. USD0.00002 A CLASS                                               | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    160641 | NS      | $2290843.60   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                     | Glencore PLC ORD USD0.01                                                     | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    345418 | NS      | $2354837.88   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast AS                                     | Coloplast AS SER'B'DKK1                                                      | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     21103 | NS      | $1798925.25   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Montreal                                 | Bank of Montreal COM NPV                                                     | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |      9571 | NS      | $1302960.58   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.          | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O                     | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    187128 | NS      | $2109633.70   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     32199 | NS      | $10643701.44  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc.                       | Rogers Communications Inc. CLASS'B'COM CAD1.62478                            | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |     67489 | NS      | $2547596.37   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                        | Vale S.A. COM NPV                                                            | CUSIP: P9661Q155<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    118470 | NS      | $1893629.07   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V          | Fomento Economico Mexicano S A B de C V UNITS (REP 1 SER 'B' SHS & 4 SER'D') | CUSIP: P4182H115<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |    268845 | NS      | $2805519.72   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                           | Petroleo Brasileiro SA SPON ADS EACH REP 2 ORD SHS                           | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    143675 | NS      | $2203974.50   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc                          | Magna International Inc COM NPV                                              | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     25922 | NS      | $1325179.32   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| The Toronto-Dominion Bank                        | The Toronto-Dominion Bank COM NPV                                            | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     21097 | NS      | $1971728.58   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Meiji Holdings Co Ltd.                           | Meiji Holdings Co Ltd. NPV                                                   | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |     56253 | NS      | $1316907.59   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Bayer AG                                         | Bayer AG NPV (REGD)                                                          | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     25436 | NS      | $1345353.04   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                     | Capgemini SE EUR8                                                            | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     12733 | NS      | $1978431.44   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                   | Continental AG NPV                                                           | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     18592 | NS      | $1462991.69   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                       | Merck KGaA NPV                                                               | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |      9614 | NS      | $1432416.67   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE              | LVMH Moet Hennessy Louis Vuitton SE EUR0.30                                  | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      5167 | NS      | $3334806.12   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                        | Safran SA EUR0.20                                                            | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      7251 | NS      | $2590720.38   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement S.A.                        | Veolia Environnement S.A. EUR5                                               | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     41247 | NS      | $1547059.69   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                           | RWE AG NPV                                                                   | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     20530 | NS      | $1303735.43   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA               | Banco Bilbao Vizcaya Argentaria SA EUR0.49                                   | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |     75644 | NS      | $1920122.92   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering S.A.                                      | Kering S.A. EUR4                                                             | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |      3659 | NS      | $1142259.45   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                           | ASM International N.V. EUR0.04                                               | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      2298 | NS      | $1929938.39   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc.                          | Yum China Holdings Inc. COM                                                  | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     63443 | NS      | $3154552.26   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd.                                     | Infosys Ltd. INR5                                                            | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     74096 | NS      | $1325302.07   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Ramsay Health Care Ltd.                          | Ramsay Health Care Ltd. NPV                                                  | CUSIP: Q7982Y104<br>LEI: 549300QBX122KF2JPI10 | Long             | EC               | CORP              | AU        |     54689 | NS      | $1379573.39   | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Singapore Technologies Engineering Ltd.          | Singapore Technologies Engineering Ltd. NPV                                  | CUSIP: Y7996W103<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    190760 | NS      | $1466484.30   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.             | Sumitomo Mitsui Financial Group Inc. NPV                                     | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     69088 | NS      | $2431237.88   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS Gas Berhad                              | PETRONAS Gas Berhad NPV                                                      | CUSIP: Y6885J116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    467800 | NS      | $2181167.94   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp.                                        | TDK Corp. NPV                                                                | CUSIP: J82141136<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     89649 | NS      | $1156761.66   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                           | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    129188 | NS      | $7143571.52   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Seimitsu Co Ltd                            | Tokyo Seimitsu Co Ltd NPV                                                    | CUSIP: J87903100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6100 | NS      | $552663.76    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                              | Tokyo Electron Ltd. NPV                                                      | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     14700 | NS      | $3916948.51   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc.                                     | NetEase Inc. USD0.0001                                                       | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    117970 | NS      | $3058972.07   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                       | Alibaba Group Holding Ltd. USD0.000003125                                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    195502 | NS      | $4159028.76   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc.                                       | Baidu Inc. USD0.000000625 A CLASS                                            | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |    131282 | NS      | $2516355.37   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB (publ)          | Skandinaviska Enskilda Banken AB (publ) SER'A'NPV                            | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    201519 | NS      | $4331538.17   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                      | Samsung Electronics Co Ltd. GDR EACH REP 25 COM STK KRW100(REG S)            | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      4023 | NS      | $11075001.11  | 1.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                         | AIA Group Ltd, Hong Kong NPV                                                 | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    285991 | NS      | $3299616.17   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                   | HDFC Bank Ltd. INR1                                                          | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    190238 | NS      | $1923548.82   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp.                                  | Hoshizaki Corp. NPV                                                          | CUSIP: J23254105<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |     39500 | NS      | $1302121.71   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                | ASML Holding N.V. EUR0.09                                                    | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3439 | NS      | $4931203.35   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd.                                         | ASX Ltd. NPV                                                                 | CUSIP: Q0604U105<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |     37668 | NS      | $1499351.52   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.  | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1                     | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    313748 | NS      | $2910122.99   | 0.29%             |  |  |  | No            |                  2 | On Loan: —       |
| Daikin Industries Ltd.                           | Daikin Industries Ltd. NPV                                                   | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     14784 | NS      | $1771572.31   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                      | Pandora A/S DKK1                                                             | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     12564 | NS      | $1016975.79   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                 | Roche Holding AG GENUSSCHEINE NPV                                            | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      5646 | NS      | $2567461.63   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                          | Eni SpA NPV                                                                  | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     69290 | NS      | $1416227.69   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.                 | Sumitomo Mitsui Trust Group Inc. NPV                                         | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     62849 | NS      | $2099081.14   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| DaShenLin Pharmaceutical Group Co Ltd.           | DaShenLin Pharmaceutical Group Co Ltd. A CNY1                                | CUSIP: Y19984106<br>LEI: 300300TO4U1GUOTTHK82 | Long             | EC               | CORP              | CN        |    347939 | NS      | $999745.71    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                                        | Epiroc AB SER'A'NPV                                                          | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    120056 | NS      | $3365552.70   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA               | Banco Bilbao Vizcaya Argentaria SA EUR0.49                                   | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    199799 | NS      | $5071633.45   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                       | Allianz SE NPV(REGD)(VINKULIERT)                                             | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     12104 | NS      | $5329660.10   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| S.F. Holding Co Ltd.                             | S.F. Holding Co Ltd. 'A'CNY1                                                 | CUSIP: Y7T80Y105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    401300 | NS      | $2161752.70   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.                    | Alimentation Couche-Tard Inc. COM                                            | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     47123 | NS      | $2451579.57   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                    | Bank Mandiri (Persero) Tbk PT IDR125                                         | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   5677000 | NS      | $1633535.77   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.  | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1                     | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    205000 | NS      | $1901447.06   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                     | 3i Group PLC ORD GBP0.738636                                                 | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     59853 | NS      | $2749594.58   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                              | Imperial Brands PLC GBP0.10                                                  | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |     56828 | NS      | $2393469.44   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| SGS SA                                           | SGS SA CHF0.04 (REGD)                                                        | CUSIP: H63838116<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |     15116 | NS      | $1819353.56   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Kalbe Farma Tbk PT                               | Kalbe Farma Tbk PT IDR10                                                     | CUSIP: Y71287208<br>LEI: 529900PRQI8S32HOE387 | Long             | EC               | CORP              | ID        |   4770000 | NS      | $325347.09    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                           | SAP SE ORD NPV                                                               | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      4185 | NS      | $836031.03    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                | Wolters Kluwer NV EUR0.12                                                    | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     12772 | NS      | $1199330.57   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Life Group Inc.                          | Daiichi Life Group Inc. NPV                                                  | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |    218115 | NS      | $1918134.44   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd.                          | ANZ Group Holdings Ltd. NPV                                                  | CUSIP: Q0429F119<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |     55539 | NS      | $1412931.67   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Chemical Co Ltd.                         | Sekisui Chemical Co Ltd. NPV                                                 | CUSIP: J70703137<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |    127500 | NS      | $2255142.59   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                      | Pandora A/S DKK1                                                             | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      1667 | NS      | $134933.03    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zenkoku Hosho Co Ltd                             | Zenkoku Hosho Co Ltd NPV                                                     | CUSIP: J98829104<br>LEI: 353800VOQEKTSCSL9O03 | Long             | EC               | CORP              | JP        |    207600 | NS      | $4127420.39   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd.                               | Shionogi & Co Ltd. NPV                                                       | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |    117600 | NS      | $2421288.50   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                 | Mercadolibre Inc COM USD0.001                                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1611 | NS      | $3460089.69   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Unicharm Corp.                                   | Unicharm Corp. NPV                                                           | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |    251400 | NS      | $1526009.05   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.          | Contemporary Amperex Technology Co Ltd. 'A' CNY1                             | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    103900 | NS      | $5233418.54   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                        | Shell PLC ORD EUR0.07                                                        | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    161982 | NS      | $6226509.55   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                     | Unilever PLC ORD GBP0.035                                                    | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     14204 | NS      | $966953.56    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                      | Novartis AG CHF0.49 (REGD)                                                   | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     16726 | NS      | $2481633.58   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                 | Roche Holding AG GENUSSCHEINE NPV                                            | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |     11864 | NS      | $5395034.49   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangdong South New Media Co Ltd                 | Guangdong South New Media Co Ltd A CNY1                                      | CUSIP: Y2936Y103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    234100 | NS      | $1540817.06   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                      | Novartis AG CHF0.49 (REGD)                                                   | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      4631 | NS      | $687100.63    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                    | Alfa Laval AB NPV                                                            | CUSIP: W04008152<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |     77647 | NS      | $4497492.47   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                | Sonova Holding AG CHF0.05 (REGD)                                             | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      5729 | NS      | $1567932.40   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd. | Shenzhen Mindray Bio-Medical Electronics Co Ltd. A CNY1                      | CUSIP: Y774E3101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     43400 | NS      | $1179236.45   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes                                | Dassault Systemes EUR0.10                                                    | CUSIP: F24571451<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     60610 | NS      | $1667067.42   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                   | Atlas Copco AB SER'A'NPV                                                     | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    106886 | NS      | $2204224.26   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                    | Alfa Laval AB NPV                                                            | CUSIP: W04008152<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |     10481 | NS      | $607083.58    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| EMS-Chemie Holding AG                            | EMS-Chemie Holding AG CHF0.01 (REGD)                                         | CUSIP: H22206199<br>LEI: 529900G1XFTGSE0DIX60 | Long             | EC               | CORP              | CH        |      3038 | NS      | $2361949.20   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Jumbo SA                                         | Jumbo SA EUR0.88                                                             | CUSIP: X4114P111<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |      6380 | NS      | $189365.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Indo Tambangraya Megah Tbk                       | Indo Tambangraya Megah Tbk IDR500                                            | CUSIP: Y71244100<br>LEI: 52990056ZNHB217ZKL92 | Long             | EC               | CORP              | ID        |    405900 | NS      | $531625.25    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                       | Edenred SA EUR2                                                              | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |      8993 | NS      | $188365.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                | Canadian Pacific Kansas City Ltd. COM                                        | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3177 | NS      | $236166.37    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                 | Novo Nordisk A/S SER'B'DKK0.1                                                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     66886 | NS      | $3971640.17   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds TREAS PRT PRMR                                  | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       116 | NS      | $115.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nien Made Enterprise Co Ltd.                     | Nien Made Enterprise Co Ltd. TWD10                                           | CUSIP: Y6349P112<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     33753 | NS      | $455405.11    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Plus500 Ltd.                                     | Plus500 Ltd. ORD ILS0.01 (DI)                                                | CUSIP: M7S2CK109<br>LEI: 549300X8NGW9C5OJZU13 | Long             | EC               | CORP              | IL        |     41560 | NS      | $2392255.45   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Moncler S.p.A.                                   | Moncler S.p.A. NPV                                                           | CUSIP: T6730E110<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |      5307 | NS      | $309205.62    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Consun Pharmaceutical Group Limited              | Consun Pharmaceutical Group Limited HKD0.1                                   | CUSIP: G2524A103<br>LEI: 300300LQFLNDZZHCNN43 | Long             | EC               | CORP              | KY        |    395292 | NS      | $913932.69    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                     | Capgemini SE EUR8                                                            | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |      2355 | NS      | $365915.81    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kunlun Energy Co Ltd.                            | Kunlun Energy Co Ltd. ORD HKD0.01                                            | CUSIP: G5320C108<br>LEI: 5299007GRIKP15GM4927 | Long             | EC               | CORP              | BM        |    258227 | NS      | $264574.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Elisa OYJ                                        | Elisa OYJ NPV                                                                | CUSIP: X1949T102<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |     37394 | NS      | $1654126.13   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropole Television-(M6)                        | Metropole Television-(M6) EUR0.40                                            | CUSIP: F62379114<br>LEI: 96950018NOMJX5XRH047 | Long             | EC               | CORP              | FR        |     70338 | NS      | $1007549.58   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| Azimut Holding SpA                               | Azimut Holding SpA NPV                                                       | CUSIP: T0783G106<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |     89139 | NS      | $3765583.89   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                         | Kone Oyj SER'B'NPV                                                           | CUSIP: X4551T105<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |     52573 | NS      | $3778153.70   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                       | Legrand SA EUR4                                                              | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     20779 | NS      | $3317534.05   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                | ASML Holding N.V. EUR0.09                                                    | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1197 | NS      | $1716385.70   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart De Mexico                               | Wal-Mart De Mexico COM NPV                                                   | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    413337 | NS      | $1311722.94   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch Inbev SA/NV                       | Anheuser-Busch Inbev SA/NV NPV                                               | CUSIP: B639CJ108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     35827 | NS      | $2578937.25   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd.                                         | ASX Ltd. NPV                                                                 | CUSIP: Q0604U105<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |     96702 | NS      | $3849163.49   | 0.38%             |  |  |  | No            |                  2 | On Loan: —       |
| S-1 Corporation                                  | S-1 Corporation KRW500                                                       | CUSIP: Y75435100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     26650 | NS      | $1475654.01   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd.                                     | Infosys Ltd. INR5                                                            | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     61985 | NS      | $1108681.29   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp.                                     | Otsuka Corp. NPV                                                             | CUSIP: J6243L115<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |     46600 | NS      | $923914.42    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Chunghwa Telecom Co Ltd.                         | Chunghwa Telecom Co Ltd. TWD10                                               | CUSIP: Y1613J108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    700424 | NS      | $2970109.36   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Largan Precision Co Ltd.                         | Largan Precision Co Ltd. TWD10                                               | CUSIP: Y52144105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     37794 | NS      | $2880557.91   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Beach Energy Ltd.                                | Beach Energy Ltd. NPV                                                        | CUSIP: Q13921103<br>LEI: 8Q9PJD25OKTQT5FHUF40 | Long             | EC               | CORP              | AU        |    297020 | NS      | $254588.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Powertech Technology Inc.                        | Powertech Technology Inc. TWD10                                              | CUSIP: Y7083Y103<br>LEI: 254900O6KNZXH2RI9Q14 | Long             | EC               | CORP              | TW        |    168661 | NS      | $1335552.28   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Brother Industries Ltd                           | Brother Industries Ltd NPV                                                   | CUSIP: 114813108<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |    156600 | NS      | $3192697.64   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd.                   | CSPC Pharmaceutical Group Ltd. NPV                                           | CUSIP: Y1837N109<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | HK        |    478166 | NS      | $586583.62    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Haitian International Holdings Limited           | Haitian International Holdings Limited HKD0.10                               | CUSIP: G4232C108<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | KY        |     87452 | NS      | $270531.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                      | Fanuc Corp. NPV                                                              | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     14300 | NS      | $574210.75    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Db Hitek Co Ltd                                  | Db Hitek Co Ltd KRW5000                                                      | CUSIP: Y3R69A103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     36956 | NS      | $2696342.65   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Inaba Denkisangyo                                | Inaba Denkisangyo NPV                                                        | CUSIP: J23683105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     80300 | NS      | $1337497.25   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Shurgard Self Storage Ltd                        | Shurgard Self Storage Ltd NPV                                                | CUSIP: G81317102<br>LEI: 549300J0UEIKU81XO336 | Long             | EC               | CORP              | GG        |     29892 | NS      | $1085013.30   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT                 | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                                 | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |   9475300 | NS      | $2025443.99   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Steel Mfg Co Ltd                           | Tokyo Steel Mfg Co Ltd NPV                                                   | CUSIP: J88204110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     92300 | NS      | $901193.06    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Mr Price Group Ltd.                              | Mr Price Group Ltd. ZAR0.00025                                               | CUSIP: S5256M135<br>LEI: 378900D3417C35C5D733 | Long             | EC               | CORP              | ZA        |     70537 | NS      | $774578.30    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                          | GSK plc ORD GBP0.3125                                                        | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    198889 | NS      | $5143600.19   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Human Soft Holding                               | Human Soft Holding KWD0.1                                                    | CUSIP: M5299Z107<br>LEI: N/A                  | Long             | EC               | CORP              | KW        |     78659 | NS      | $677732.69    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Company                            | Saudi Telecom Company SAR10                                                  | CUSIP: M8T596104<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |     27874 | NS      | $330886.41    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd.                          | Kweichow Moutai Co Ltd. 'A'CNY1                                              | CUSIP: Y5070V116<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1800 | NS      | $362235.52    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                 | Spirax Group PLC ORD GBP0.269230769                                          | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |      5437 | NS      | $541766.73    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Autotrader Group PLC                             | Autotrader Group PLC ORD GBP0.01                                             | CUSIP: G06708104<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     88144 | NS      | $649752.60    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin   | Compagnie Generale des Etablissements Michelin EUR0.50 (POST SUBDIVISION)    | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     58631 | NS      | $2177299.86   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Keli Sensing Technology (Ningbo) Co Ltd          | Keli Sensing Technology (Ningbo) Co Ltd A CNY1                               | CUSIP: Y459J0100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     23700 | NS      | $227389.53    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC                               | Intertek Group PLC ORD GBP0.01                                               | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |     41730 | NS      | $2560038.83   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheng De Lolo Co Ltd .                           | Cheng De Lolo Co Ltd . 'A'CNY1                                               | CUSIP: Y3120K107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    518351 | NS      | $638611.73    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Eclat Textile Co Ltd.                            | Eclat Textile Co Ltd. TWD10                                                  | CUSIP: Y2237Y109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     99801 | NS      | $1248513.89   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                        | Kia Corp. KRW5000                                                            | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      7796 | NS      | $829519.49    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Koito Manufacturing Co., Ltd.                    | Koito Manufacturing Co., Ltd. NPV                                            | CUSIP: J34899104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23800 | NS      | $372594.23    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                       | Geberit AG CHF0.10 (REGD)                                                    | CUSIP: H2942E124<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |      3816 | NS      | $2913862.36   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| NGK Insulators Ltd                               | NGK Insulators Ltd NPV                                                       | CUSIP: J49076110<br>LEI: 353800701BNCL25VYY16 | Long             | EC               | CORP              | JP        |     63000 | NS      | $1509353.57   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                           | SKF AB SER'B'NPV                                                             | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |    148236 | NS      | $3875881.42   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Nifco Inc                                        | Nifco Inc NPV                                                                | CUSIP: 654101104<br>LEI: 353800JMDOH68J9I5140 | Long             | EC               | CORP              | JP        |     49100 | NS      | $1528677.51   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Shinyaku Co                               | Nippon Shinyaku Co NPV                                                       | CUSIP: J55784102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     62900 | NS      | $2099595.86   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Sds Co Ltd                               | Samsung Sds Co Ltd KRW500                                                    | CUSIP: Y7T72C103<br>LEI: 988400G19T2TB4CAWX91 | Long             | EC               | CORP              | KR        |      4085 | NS      | $489841.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nohmi Bosai Ltd                                  | Nohmi Bosai Ltd NPV                                                          | CUSIP: J58966102<br>LEI: 353800GLN5G6LQ5TQ132 | Long             | EC               | CORP              | JP        |     26100 | NS      | $640613.78    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                     | Secom Co Ltd NPV                                                             | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |    117200 | NS      | $4293457.93   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Sundrug Co Ltd                                   | Sundrug Co Ltd NPV                                                           | CUSIP: J78089109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27700 | NS      | $737425.69    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Densetsu                                | Sumitomo Densetsu NPV                                                        | CUSIP: J77368108<br>LEI: 3538004TJPF8WYKHK431 | Long             | EC               | CORP              | JP        |     10200 | NS      | $640155.61    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Takuma Co Ltd                                    | Takuma Co Ltd NPV                                                            | CUSIP: J81539108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74400 | NS      | $1202699.63   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon M&A Center Holdings Inc.                   | Nihon M&A Center Holdings Inc. NPV                                           | CUSIP: J50883107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     92000 | NS      | $422524.39    | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Universal Robina Corp.                           | Universal Robina Corp. PHP1                                                  | CUSIP: Y9297P100<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |    174360 | NS      | $209914.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                    | Schroders PLC ORD GBP0.20                                                    | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |   1208119 | NS      | $7482767.64   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujian Expressway Development Co., Ltd.          | Fujian Expressway Development Co., Ltd. CLS'A'CNY1                           | CUSIP: Y26524101<br>LEI: 300300WS4FZ00N0HUK19 | Long             | EC               | CORP              | CN        |   1993900 | NS      | $1094327.75   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                     | Unilever PLC ORD GBP0.035                                                    | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      8715 | NS      | $592876.53    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    458976 | NS      | $458975.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2581223 | NS      | $2581223.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1479986 | NS      | $1479986.35   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                     | Northern Institutional Funds LIQ ASET PORTF                                  | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5276471 | NS      | $5276471.07   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** Morningstar Funds Trust

**Signature:** D. Scott Schilling

**Name of Signer:** D. Scott Schilling

**Title:** Chief Compliance Officer