# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0001193125-25-188410
**Filing Date:** 2025-8
**Character Count:** 22189
**Document Hash:** 0b7c08b5558494d69ca327e099bdb437
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-188410.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001193125-25-188410

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-216479
- **FILM NUMBER:** 251254094

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

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

## Series and Classes Contracts Data

### Morningstar U.S. Equity Fund (Series ID: S000057727)

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

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| | |
|:---|:---|
| **Morningstar**<br> **Funds Trust** | **Morningstar U.S. Equity Fund** MSTQX<br>Summary Prospectus<br> August 31, 2025 |

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

**Investment Objective** 

The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund** 

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

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| | |
|:---|:---|
| **Shareholder Fees**<br> (Fees paid directly from your investment) | **Institutional** |
| Sales Charge (Load) Imposed on Purchases |  |
| Sales Charge (Load) Imposed on Reinvested Dividends |  |
| Redemption Fee |  |
| Exchange Fee |  |
| Account Service Fee |  |
| **Annual Fund Operating Expenses**<br> (Expenses that you pay each year as a percentage of the value of your investment) | **Institutional** |
| Management Fees | 0.67% |
| Distribution (12b-1) Fees |  |
| Other Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Accounting Fees | 0.10%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | 0.10% |
| Total Other Expenses | 0.20% |
| Acquired Fund Fees and Expenses | 0.01%<sup>2</sup> |
| Total Annual Fund Operating Expenses | 0.88% |
| Fee Waivers and Expense Reimbursement | -0.03%<sup>3</sup> |
| Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement | 0.85%<sup>3</sup> |

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

![LOGO](g46424g49i93.jpg)

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

<sup>3</sup> Morningstar Investment Management LLC ("Morningstar" or "adviser" or "we") has contractually agreed, through at least August 31, 2026, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares' Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.84% (the Expense Limitation Agreement). Prior to August 31, 2026, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust's board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. 

**Example** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Institutional | $87 | $278 | $485 | $1082 |

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**Portfolio Turnover** 

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the Fund's fiscal year ended April 30, 2025, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.

**Principal Investment Strategies** 

In seeking long-term capital appreciation, the Fund will normally invest at least 80% of its assets in equity securities of U.S.-based companies, and may invest up to 100% of its assets in such securities. The Fund seeks to provide broad U.S. equity exposure across market capitalizations and investment styles and has the flexibility to invest in large-cap, mid-cap, and small-cap common stocks across the growth and value style spectrum. The Fund may use quantitative models to select equity securities based on certain shared characteristics as determined by the Fund's adviser. The Fund may also invest in master limited partnerships and non-U.S. companies. The Fund may invest in derivatives, including futures and forward foreign currency contracts, for risk management purposes or as part of its investment strategies.

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

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**Principal Risks** 

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

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

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

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

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

*Master Limited Partnership (MLP) Risk—*MLPs are subject to, among other risks, cash flow risks, tax risk, deferred tax risk and capital market risk. Cash flow risk is the risk that MLPs will not make distributions to holders (including the Fund) at anticipated levels or that such distributions will not have the expected tax character. MLPs also are subject to tax risk, which is the risk that an MLP might lose its partnership status for tax purposes. Deferred tax risk is the risk that the Fund incurs a current tax liability on that portion of an MLP's income and gains that is not offset by tax deductions and losses. Capital markets risk is the risk that MLPs will be unable to raise capital to meet their obligations as they come due or execute their growth strategies, complete future acquisitions, take advantage of other business opportunities or respond to competitive pressures.

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

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

*Quantitative Models Risk*—Morningstar may utilize quantitative models in managing all or a portion of the Fund. Such quantitative models may not perform as expected and may cause the Fund to underperform other investment strategies that do not use quantitative models. Flaws or errors in the quantitative model's assumptions, design, execution, or data inputs may adversely affect Fund performance. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues

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with the design, coding, implementation, or maintenance of the technology used in the quantitative model. Quantitative models may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models by Morningstar will enable the Fund to achieve its objective.

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

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

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

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

or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.

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

**Performance** 

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

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**Calendar Year Total Return—Institutional** 

**Morningstar U.S. Equity Fund % Total Return**![LOGO](g46424g00a07.jpg)

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| | | |
|:---|:---|:---|
| **Year-to-Date Return as of** | June 30, 2025 | 4.95% |
| **Best Quarter** | 2Q 2020 | 23.05% |
| **Worst Quarter** | 1Q 2020 | -26.9% |

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| | | | |
|:---|:---|:---|:---|
| **Morningstar U.S. Equity Fund**<br> **Average Annual Total Return** (For the period ended December 31, 2024) | **1 Year** | **5 Years** | **Since**<br> **Inception**<br> **11/2/2018** |
| Institutional |  |  |  |
| Return Before Taxes | 18.84% | 11.72% | 11.58% |
| Return After Taxes on Distributions | 15.97% | 9.41% | 9.58% |
| Return After Taxes on Distributions and Sale of Fund Shares | 13.03% | 8.81% | 8.83% |
| Morningstar U.S. Market Index<sup>1</sup><br> (reflects no deduction for fees, expenses, or taxes) | 24.09% | 13.96% | 14.65% |

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<sup>1</sup> The Morningstar U.S. Market Index is a diversified, broad-based securities market index that measures the performance of large-, mid- and small-cap stocks in the U.S., representing the top 97% of the investable universe by market capitalization. 

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Fund Management** 

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

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

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**Subadvisers and Portfolio Managers** 

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

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Position with Subadviser** | **Start Date with the Fund** |
| *ClearBridge Investments, LLC* | *ClearBridge Investments, LLC* | *ClearBridge Investments, LLC* |
| Margaret B. Vitrano | Managing Director and Portfolio Manager | Since Inception<br> (November 2018) |
| Erica Furfaro | Director and Portfolio Manager | December 2024 |
| *Massachusetts Financial Services Company, d/b/a MFS Investment Management* | *Massachusetts Financial Services Company, d/b/a MFS Investment Management* | *Massachusetts Financial Services Company, d/b/a MFS Investment Management* |
| Nevin Chitkara | Investment Officer and Portfolio Manager | Since Inception<br> (November 2018) |
| Katherine A. Cannan | Investment Officer and Equity Analyst | January 2020 |
| Thomas P. Crowley | Portfolio Manager | December 2024 |
| *Wasatch Advisors, LP d/b/a Wasatch Global Investors* | *Wasatch Advisors, LP d/b/a Wasatch Global Investors* | *Wasatch Advisors, LP d/b/a Wasatch Global Investors* |
| Paul S. Lambert | Portfolio Manager | Since Inception<br> (November 2018) |
| Michael K. Valentine | Portfolio Manager | Since Inception<br> (November 2018) |
| Kipling Weisel | Associate Portfolio Manager | January 2025 |

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**Purchase and Sale of Fund Shares** 

Fund shares are available through investment platforms provided by financial institutions on a stand-alone basis and/or as part of a model portfolio ("Solutions"). Such Solutions include, but are not limited to, investment advisory programs provided by unaffiliated financial advisers, managed account advisory services that certain third party retirement plan sponsors (e.g., employers) and/or retirement plan recordkeepers make available to their retirement plan participants and solutions provided in model portfolio marketplaces. There are no initial or subsequent minimum purchase amounts for the Institutional shares. Orders to sell or "redeem" shares must be placed through the financial institution providing the Solution to you and may trigger a purchase or sale of the Fund's underlying investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange (NYSE) is open. At any time that an investor in the Fund ceases to be eligible for a Solution, the provider of that Solution may direct the redemption of that investor's Fund shares and no further purchases will be allowed.

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

**Tax Information** 

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