N-CSRS

Statement of Shareholder Rights

Letter to Shareholders

Fund Information

N-CSRS 1 d84325dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23235

Morningstar Funds Trust

(Exact name of registrant as specified in charter)

Morningstar Funds Trust

22 W. Washington Street

Chicago, IL 60602

(Address of principal executive offices) (Zip code)

D. Scott Schilling

Morningstar Funds Trust

22 W. Washington Street

Chicago, IL 60602

With a copy to:

Eric S. Purple

Stradley Ronon Stevens & Young, LLP

2000 K Street N.W., Suite 700

Washington, District of Columbia, 20006

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 696-6000

Date of fiscal year end: April 30

Date of reporting period: October 31, 2020

Item 1. Reports to Stockholders.


		S E M I - A N N U A L R E P O R T		October 31, 2020 (unaudited)
		Morningstar Funds Trust		Morningstar U.S. Equity Fund Morningstar International Equity Fund Morningstar Global Income Fund Morningstar Total Return Bond Fund Morningstar Municipal Bond Fund Morningstar Defensive Bond Fund Morningstar Multisector Bond Fund Morningstar Unconstrained Allocation Fund Morningstar Alternatives Fund


				Important Notice Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (e.g., custodian, financial adviser through which you invest or sponsor of the investment advisory program). Instead, the reports will be made available on a website (http://connect.rightprospectus.com/Morningstar), and you will be notified by mail or by such other manner as you have agreed upon with your financial intermediary each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund on your financial intermediary electronically by contacting your financial intermediary. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary (including through an investment advisory program sponsored by Morningstar Investment Services LLC or another financial institution), you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will to apply to all Morningstar Funds held with your financial intermediary.

Morningstar Funds Trust October 31, 2020 (unaudited)

Introduction

Morningstar Investment Management LLC launched an open-end management investment company consisting of nine separate portfolios (each a fund) that span the investment opportunity set¹. Most of these Funds were designed to provide exposure to a broad asset class, such as U.S. equities, while our active management of each Fund’s asset allocation and active managers (known as “subadvisers”) will adjust exposures to subasset classes (such as small-cap value) based on our valuation views and those of the subadvisers.

Concept and Structure

We created the Morningstar Funds Trust using an open architecture, multimanager approach, hiring as active subadvisers both institutional managers and other managers whose mutual funds were previously used in Morningstar^® Managed Portfolios^SM. Our analysts and portfolio managers continually use research, data, and analysis from Morningstar, Inc. and its affiliates to study the subadvisers and their investments closely and determine which fit best with our investment philosophy and the investment objectives of each Morningstar Fund². We have selected managers we believed were independent, skilled investors in their respective asset classes.

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

How to Read This Report

This report outlines the structure and performance of the assets comprised by the Morningstar Funds Trust from May 1, 2020 through October 31, 2020. Included are fund holdings and positioning that may aid understanding of returns for the period.

Statements made within this report are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change views about individual holdings, sectors, and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Morningstar Funds’ future investment intent.

¹All references to “we” or “our” in this report, including the funds’ performance summaries, refer to Morningstar Investment Management LLC.

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

Morningstar Funds Trust October 31, 2020 (unaudited)

Table of Contents


Morningstar U.S. Equity Fund			3
Morningstar International Equity Fund			5
Morningstar Global Income Fund			7
Morningstar Total Return Bond Fund			9
Morningstar Municipal Bond Fund			12
Morningstar Defensive Bond Fund			15
Morningstar Multisector Bond Fund			18
Morningstar Unconstrained Allocation Fund			21
Morningstar Alternatives Fund			24


Schedules of Investments					28
Statements of Assets and Liabilities					220
Statements of Operations					224
Statements of Changes in Net Assets					227
Financial Highlights					232
Notes to Financial Statements					241
Fund Expenses					280
Privacy Policy					282
Board Approval of New Subadvisory Agreements					284
Liquidity Risk Management Program					288
Additional Information					289

Morningstar Funds Trust October 31, 2020 (unaudited)

Statement of Shareholder Rights

It is important to note that as a shareholder, you have certain rights and protections, chief among them an independent Board of Trustees (the “Trustees”), whose main role is to represent your interests.

The Trustees are responsible for the overall management of the Trust, including general supervision and review of the investment activities of each Fund. The Trustees, in turn, elect the officers of the Trust, who are responsible for administering the day-to-day operations of the Trust and its separate series, including the Funds.

The “Independent Trustees” are Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940 (e.g. not a Morningstar employee).

More information about the Trustees is available at

https://www.morningstar.com/company/morningstar-funds-governance.

The Board of Trustees for the Morningstar Funds Trust is committed to representing your interests as well as implementing and maintaining sound fund governance principles. If you have comments or questions with respect to your investment in the Morningstar Funds, you may direct them to the Board of Trustees in the following ways:

By email: BoardofTrustees.MorningstarFundsTrust@morningstar.com

By mail: Chair of the Board of Trustees of Morningstar Funds Trust

c/o D. Scott Schilling, Chief Compliance Officer

22 West Washington Street

Chicago, IL 60602

Morningstar Funds Trust October 31, 2020 (unaudited)

Letter to Shareholders

Dear Shareholders:

We are delighted to provide the semi-annual report for the Morningstar Funds Trust. This report features data for the six months ended October 31, 2020.

We offer the Morningstar Funds for use within our Morningstar^® Managed Portfolios^SM lineup. We designed the funds to reduce the overall costs of our portfolios and to allow our investment team greater control of asset allocation. Both these benefits show our commitment to putting investors first and empowering investor success.

The nine Morningstar Funds power a suite of multi-asset managed portfolios, from a traditional Asset Allocation series designed to align with a client’s risk tolerance, to our Outcome-Based portfolios like the U.S. Real Return series or our Absolute Return portfolio. Our outcome-based series is designed to fit with financial advisors who help their clients develop a goals-based financial plan. To learn more about the managed portfolios program, visit mp.morningstar.com.

As an investment management subsidiary of Morningstar, Inc., a leader in fund manager research for more than 35 years, we know we are held to the same high standards that Morningstar has set. We aim to do that in every way we handle the funds, in the composition of the funds’ board of trustees, in the transparency the funds provide by reporting sub-accounting fees in their prospectuses and in my letters accompanying the funds’ annual reports. We hope you’ll agree that the Morningstar Funds Trust offers mutual funds the Morningstar way.

Thank you for your trust in these funds. We look forward to staying focused on helping investors reach their financial goals.

Sincerely,

LOGO

Daniel Needham

President & Chief Investment Officer

Morningstar Investment Management LLC

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar U.S. Equity Fund


General Information
Net Asset Value Per Share			$10.33
Total Net Assets (millions)			$1,255
Net Expense Ratio^(a)			0.81%
Gross Expense Ratio^(a)			0.87%
Portfolio Turnover Rate			31%
Number of Companies			296
Fund Inception			November 2, 2018
No sales charges or distribution fees

Portfolio Characteristics
Weighted Average Market Capitalization (billions)			$34.46
Price-to-Earnings Ratio^(b)			20.79

Ten Largest Equities (%)^(c)(d)(e)
Amazon.com, Inc.			2.0
Facebook, Inc., Class A			1.3
Apple, Inc.			1.2
Thermo Fisher Scientific, Inc.			1.1
Archer-Daniels-Midland Co.			1.1
Microsoft Corp.			1.1
Johnson & Johnson			1.0
JPMorgan Chase & Co.			1.0
Comcast Corp., Class A			1.0
Visa, Inc., Class A			0.9

Asset Allocation^(c)

LOGO


Sector Diversification (%)^(c)(d)
Consumer, Noncyclical			17.5
Financial			17.5
Technology			12.3
Industrial			9.6
Consumer, Cyclical			9.0
Communications			7.5
Utilities			3.2
Basic Materials			3.0
Energy			0.9

* Includes, if any, cash, short-term investments, receivables, payables and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not. The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.85% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 0.85% (the Supplemental Expense Limitation Agreement).

^(b) Price-to-earnings (P/E) ratio is calculated using 12-month forward earnings estimates from third-party sources deemed reliable.

^(c) Percentages shown are based on Net Assets

^(d) Excludes Investment Companies and Other.

^(e) The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of current or future trading activity.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar U.S. Equity Fund

Investment Objective

Morningstar U.S. Equity Fund seeks long-term capital appreciation.

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 also invest in real estate investment trusts (REITs) 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. The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs), which could represent a significant percentage of assets. The Fund employs a multimanager, subadvised structure.

Investment Subadvisers:

ClearBridge Investments, LLC

Diversified large-cap growth equity across stable, cyclical and select growth companies.

Diamond Hill Capital Management, Inc.

Targeted exposure to U.S. mid-cap value companies.

Levin Easterly Partners LLC

Provides large-cap blend U.S equity exposure.

Massachusetts Financial Services Company, d/b/a MFS Investment Management

Provides large-cap value exposure, favoring higher-quality, value companies with stronger balance sheets and more consistent profitability.

Wasatch Advisors, Inc.

Small-/mid-cap growth companies with the potential to deliver more stable profits while avoiding earlier-stage companies that may lack a proven track record of revenues and earnings.

Westwood Management Corp.

Provides small-cap equity with an emphasis on value.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar International Equity Fund


General Information
Net Asset Value Per Share		$9.76
Total Net Assets (millions)		$814
Net Expense Ratio^(a)		0.90%
Gross Expense Ratio^(a)		1.08%
Portfolio Turnover Rate		18%
Number of Companies		235
Fund Inception		November 2, 2018
No sales charges or distribution fees

Portfolio Characteristics
Weighted Average Market Capitalization (billions)		$32.56
Price-to-Earnings Ratio^(b)		18.13
Countries Represented		41
Emerging Markets^(c)(d)		24.5%

Ten Largest Equities (%)^(c)(d)(e)
Lloyds Banking Group PLC		1.4
Tencent Holdings Ltd.		1.4
Glencore PLC		1.4
BNP Paribas S.A.		1.4
Allianz S.E.		1.3
Samsung Electronics Co. Ltd.		1.3
Intesa Sanpaolo S.p.A.		1.2
Daimler A.G.		1.2
CNH Industrial N.V.		1.1
Credit Suisse Group A.G.		1.1

Asset Allocation^(c)

LOGO


Sector Diversification (%)^(c)(d)
Financial		17.1
Consumer, Noncyclical		12.9
Consumer, Cyclical		10.0
Communications		8.1
Industrial		8.0
Technology		7.7
Basic Materials		4.6
Energy		1.4
Utilities		0.2
Diversified		0.1

Region Diversification (%)^(c)(d)
Europe (excluding United Kingdom)		28.7
Pacific (excluding Japan)		22.4
United Kingdom		8.3
Japan		4.3
Latin America		2.8
Africa		1.8
Canada		1.1
Middle East		0.5
United States		0.2

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not. The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 1.00% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 1.00% (the Supplemental Expense Limitation Agreement).

^(b) Price-to-earnings (P/E) ratio is calculated using 12-month forward earnings estimates from third-party sources deemed reliable.

^(c) Percentages shown are based on Net Assets.

^(d) Excludes Investment Companies and Other.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar International Equity Fund

Investment Objective

Morningstar International Equity Fund seeks long-term capital appreciation.

Investment Strategies

In seeking long-term capital appreciation, the Fund will normally invest at least 80% of its assets in equity securities. Under normal circumstances, the Fund will invest approximately 80-100% of its assets in securities of issuers domiciled outside of the United States. The Fund may invest in developed and emerging markets and will typically invest in a minimum of 10 countries. The Fund seeks to provide broad international 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 also invest in derivatives, including futures and forward foreign currency contracts, for risk management purposes or as part of its investment strategies. The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs), which could represent a significant percentage of assets. The Fund employs a multimanager, subadvised structure.

Investment Subadvisers:

Harding Loevner L.P.

Provides growth-leaning exposure to non-U.S. developed equity markets.

Harris Associates L.P.

Provides exposure to value-leaning, non-U.S. developed equity markets.

Lazard Asset Management LLC

Provides active equity exposure to emerging-markets value companies.

T. Rowe Price Associates, Inc.

Provides active exposure to emerging-markets growth companies.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar Global Income Fund


General Information
Net Asset Value Per Share		$9.91
Total Net Assets (millions)		$243
Net Expense Ratio^(a)		0.61%
Gross Expense Ratio^(a)		0.62%
Portfolio Turnover Rate		36%
Fund Inception		November 2, 2018
No sales charges or distribution fees

Equity Portfolio (42.2%)


Number of Common Stocks			37

Five Largest Sectors (%)^(b)(c)
Financial			9.7
Consumer, Noncyclical			6.8
Utilities			6.3
Industrial			5.2
Basic Materials			4.3

Ten Largest Equities (%)^(b)(c)(d)
Toyota Motor Corp. ADR			1.9
NextEra Energy, Inc.			1.7
Duke Energy Corp.			1.7
Xinyi Glass Holdings Ltd.			1.7
JPMorgan Chase & Co.			1.6
Iberdrola S.A.			1.6
Johnson Controls International PLC			1.5
Taiwan Semiconductor Manufacturing Co. Ltd.			1.5
Smurfit Kappa Group PLC			1.5
PLA Administradora Industrial S. de R.L. de C.V.			1.4

Asset Allocation^(b)

LOGO

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not.The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.89% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 0.75% (the Supplemental Expense Limitation Agreement).

^(b) Percentages shown are based on Net Assets.

^(c) Excludes Investment Companies and Other.

^(d) The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of current or future trading activity.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Global Income Fund

Investment Objective

Morningstar Global Income Fund seeks current income and long-term capital appreciation.

Investment Strategies

In seeking current income and long-term capital appreciation, the Fund has significant flexibility and invests across asset classes and geographies, according to the adviser’s assessment of their valuations, fundamental characteristics, and income levels. The Fund invests in investment companies such as open-, closed-end or ETFs which could represent a significant percentage of the Fund’s assets. The Fund may invest at least 20% (or, if market conditions are unfavorable, at least 10%) of assets in securities of issuers domiciled outside of the United States and may invest up to 100% assets in such securities.

The Fund invests in income-generating equity securities, which may include common stocks, convertible securities, preferred stocks, real estate investment trusts (REITs), and master limited partnerships (MLPs). The Fund may invest in companies of any size from any country, including emerging markets.

The Fund also invests in fixed-income securities of varying maturity, duration, and quality. These may include U.S. and non-U.S. corporate debt securities, U.S. and non-U.S. government debt securities, emerging-market debt securities, mortgage-backed and asset-backed securities, and floating-rate notes. The Fund may invest without limit in fixed-income securities that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.

Investment Subadviser:

Schafer Cullen Capital Management, Inc.

Global income that seeks exposure to attractively priced, high-quality, dividend-paying companies in the U.S. and international markets, including emerging markets.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar Total Return Bond Fund



General Information
Net Asset Value Per Share		$11.20
Total Net Assets (millions)		$608
Net Expense Ratio^(a)		0.52%
Gross Expense Ratio^(a)		0.75%
Portfolio Turnover Rate		226%
Number of Issuers		683
Fund Inception		November 2, 2018
No sales charges or distribution fees



Portfolio Characteristics
Effective Duration (years)^(b)		6.3
Non-USD Exposure^(c)(d)(e)		1.0%


Five Largest Issuers (%)^(c)(d)(f)
U.S. Treasury		14.0
Federal National Mortgage Association		10.6
Government National Mortgage Association		6.7
Federal Home Loan Mortgage Corporation		4.3
Bank of America Corp.		1.3

Credit Quality (%)^(c)(d)(g)
U.S. Treasury		14.0
U.S. Agency		23.0
AAA		5.6
AA		3.4
A		15.6
BBB		18.8
BB		2.0
B		0.7
CCC		0.4
CC		0.1
Not Rated		1.9

Asset Allocation^(c)

LOGO



Sector Diversification (%)^(c)(d)
Mortgage Securities		27.3
Government		18.4
Financial		10.5
Consumer, Noncyclical		5.6
Asset Backed Securities		5.0
Energy		4.2
Communications		3.8
Industrial		3.2
Technology		2.5
Consumer, Cyclical		2.0
Utilities		1.7
Basic Materials		1.3


Region Diversification (%)^(c)(d)
United States		70.9
Latin America		6.3
Europe (excluding United Kingdom)		4.0
Pacific (excluding Japan)		1.3
United Kingdom		1.3
Middle East		0.9
Canada		0.3
Japan		0.3
Africa		0.2

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not. The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.53% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 0.54% (the Supplemental Expense Limitation Agreement).

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Total Return Bond Fund

^(b) Effective duration is a measure of a Fund’s interest-rate sensitivity—the longer a Fund’s duration, the more sensitive the Fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration.

^(c) Percentages shown are based on Net Assets.

^(d) Excludes Investment Companies and Other.

^(e) Non-USD currency exposure for the Fund reflects the value of the portfolio’s non-U.S. dollar denominated investments, as well as the impact of currency derivatives.

^(f) The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security and is not indicative of current or future trading activity.

^(g) Credit quality ratings are based on the conservative average of Moody’s, S&P Global and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. If none of these three rating agencies has assigned a rating, the Fund will assign a rating of not rated. The ratings, expressed in S&P Global’s nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, expressed in S&P Global’s nomenclature, range from A1 to D (in default). The ratings represent the rating agencies’ opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Total Return Bond Fund

Investment Objective

Morningstar Total Return Bond Fund seeks to maximize total return while also generating income and preserving capital.

Investment Strategies

In seeking to maximize total return while also generating income and preserving capital, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality.

The Fund invests primarily in investment-grade fixed-income securities. These may include U.S. and non-U.S. investment-grade corporate debt securities, U.S. government debt securities including Treasury Inflation Protected Bond Securities and zero-coupon securities, non-U.S. government debt securities, emerging-market debt securities, and mortgage-backed and asset-backed securities. The Fund may also invest up to 20% of its assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.

In addition, the Fund may invest up to 15% of its assets in collateralized debt obligations (CDOs), of which 10% (as a percentage of the Fund’s assets) may be in collateralized loan obligations (CLOs). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer.

The Fund may invest up to 20% of its assets in securities denominated in foreign currencies. The Fund may also invest in securities acquired in a private placement, such as Rule 144A securities, as well as derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes or as part of its investment strategies. The Fund may also enter into reverse repurchase agreements and dollar rolls. The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs). The Fund employs a multimanager, subadvised structure.

Investment Subadvisers:

BlackRock Financial Management, Inc.

Core-plus total return objective; aims to primarily invest in investment-grade, domestic fixed-income securities with opportunistic, out-of-benchmark allocations and derivatives.

Western Asset Management Company

Provides core-bond exposure seeking exposure to investment-grade, domestic fixed-income securities.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar Municipal Bond Fund


General Information
Net Asset Value Per Share		$10.57
Total Net Assets (millions)		$353
Net Expense Ratio^(a)		0.58%
Gross Expense Ratio^(a)		0.66%
Portfolio Turnover Rate		36%
Number of Issuers		363
Fund Inception		November 2, 2018
No sales charges or distribution fees



Portfolio Characteristics
Effective Duration (years)^(b)		4.5

Five Largest Issuers (%)^(c)(d)(e)
New York State Dormitory Authority		1.7
Metropolitan Transportation Authority		1.4
Illinois Finance Authority		1.3
Washington State General Obligation Unlimited Bonds		1.2
California Infrastructure & Economic Development Bank		1.1

Credit Quality (%)^(c)(d)(f)
AAA		6.2
AA		30.1
A		38.1
BBB		13.1
BB		2.2
B		0.1
CCC		0.2
C		0.2
A1+ (Short Term)		0.2
A1 (Short Term)		1.4
A2 (Short Term)		1.3
Not Rated		3.0

Asset Allocation^(c)

LOGO


Sector Diversification (%)^(c)(d)
Medical		16.9
General		13.1
Transportation		11.7
General Obligation		8.4
Airport		7.5
Development		6.3
Multifamily Housing		6.1
Higher Education		5.4
Education		4.1
Power		3.5
School District		3.4
Water		3.1
Nursing Home		1.8
Utilities		1.3
Bond Banks		0.8
Tobacco Settlement		0.7
Housing		0.6
Single Family Housing		0.5
Pollution		0.4
Student Loan		0.4
Facilities		0.1

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not. The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.59% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 0.59% (the Supplemental Expense Limitation Agreement).

^(c) Percentages shown are based on Net Assets.

^(d) Excludes Investment Companies and Other.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Municipal Bond Fund

^(f) Credit quality ratings are based on the conservative average of Moody’s, S&P Global and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. If none of these three rating agencies has assigned a rating, the Fund will assign a rating of not rated. The ratings, expressed in S&P Global’s nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, expressed in S&P Global’s nomenclature, range from A1 to D (in default). The ratings represent the rating agencies’ opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Municipal Bond Fund

Investment Objective

Morningstar Municipal Bond Fund seeks to generate income exempt from federal income taxes as well as capital preservation.

Investment Strategies

In seeking income exempt from federal income taxes as well as capital preservation, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) from municipal issuers within the United States or its territories.

The Fund’s dividends are generally exempt from federal income tax, although a portion may be an item of tax preference for purposes of the federal alternative minimum tax (“Tax Preference Item”). A portion of the dividends may also be exempt from state and local income taxes, depending on where you live. Under normal market conditions, the Fund is not considered an optimal investment for tax-advantaged retirement accounts, such as 401(k) plan accounts or individual retirement accounts, or for investors in low tax brackets, because such investors may not take advantage of the tax benefits of the Fund.

The Fund intends to invest primarily in investment-grade municipal securities, but may invest up to 35% of assets in high-yield fixed-income securities that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality. The Fund may also invest in derivatives, including options, futures, swaps, and inverse floating-rate debt instruments (inverse floaters), for risk management purposes or as part of its investment strategies. The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs). The Fund employs a multimanager, subadvised structure.

Investment Subadvisers:

T. Rowe Price Associates, Inc.

Core-plus exposure to intermediate and long-term municipal bonds and derivatives, including both investment-grade and below-investment-grade securities.

Wells Capital Management, Inc.

Exposure to intermediate and short-term municipal bonds and derivatives, including investment-grade and below-investment-grade securities.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar Defensive Bond Fund


General Information
Net Asset Value Per Share		$10.31
Total Net Assets (millions)		$225
Net Expense Ratio^(a)		0.48%
Gross Expense Ratio^(a)		0.62%
Portfolio Turnover Rate		22%
Number of Issuers		135
Fund Inception		November 2, 2018
No sales charges or distribution fees

Asset Allocation^(c)

LOGO


Portfolio Characteristics
Effective Duration (years)^(b)		2.3
Non-USD Exposure^(c)(d)(e)		0.0%


Five Largest Issuers (%)^(c)(d)(f)
Cerberus		1.8
PFS Financing Corp.		1.5
Fortress Credit Opportunities		1.3
Verizon Owner Trust		1.2
Federal Home Loan Mortgage Corporation		1.0


Credit Quality (%)^(c)(d)(g)
U.S. Agency		2.3
AAA		19.6
AA		5.1
A		3.3
BBB		1.5
BB		2.9
B		1.4
CCC		0.5
Not Rated		5.7


Sector Diversification (%)^(c)(d)
Asset Backed Securities		31.0
Mortgage Securities		7.3
Communications		1.5
Consumer, Cyclical		1.1
Consumer, Noncyclical		0.7
Financial		0.3
Industrial		0.2
Energy		0.2


Region Diversification (%)^(c)(d)
United States		33.2
Latin America		8.5
Canada		0.5
Europe (excluding United Kingdom)		0.1

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not.The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.48% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 0.55% (the Supplemental Expense Limitation Agreement).

^(c) Percentages shown are based on Net Assets.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Defensive Bond Fund

^(d) Excludes Investment Companies and Other.

^(e) Non-USD currency exposure for the Fund reflects the value of the portfolio’s non-U.S. dollar denominated investments, as well as the impact of currency derivatives.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Defensive Bond Fund

Investment Objective

Morningstar Defensive Bond Fund seeks capital preservation.

Investment Strategies

In seeking capital preservation, the Fund will normally invest at least 80% of its assets in a diversified portfolio of debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. Under normal conditions, the Fund intends to pursue a defensive strategy of limiting its interest-rate sensitivity by maintaining a portfolio duration of three years or less.

The Fund invests primarily in short- and intermediate-term investment-grade fixed-income securities. These may include U.S. and non-U.S. investment-grade corporate debt securities, U.S. and non-U.S. government debt securities, and mortgage-backed and asset-backed securities. In most market environments, the Fund will not invest more than 20% of assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.

In addition, the Fund may invest a significant portion of its assets in collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer.

The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs), which could represent a significant percentage of assets. The Fund employs a multimanager, subadvised structure.

Investment Subadviser:

First Pacific Advisors, LP

Diversified portfolio of short-duration, fixed-income securities designed to anchor a portfolio of defensive assets.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar Multisector Bond Fund


General Information
Net Asset Value Per Share		$10.06
Total Net Assets (millions)		$254
Net Expense Ratio^(a)		0.79%
Gross Expense Ratio^(a)		0.91%
Portfolio Turnover Rate		54%
Number of Issuers		405
Fund Inception		November 2, 2018
No sales charges or distribution fees

Asset Allocation^(c)

LOGO


Portfolio Characteristics
Effective Duration (years)^(b)		5.4
Emerging Markets^(c)(d)		43.1%
Non-USD Exposure^(c)(d)(e)		34.6%


Five Largest Issuers (%)^(c)(d)(f)
Mexican Bonos Desarollo		4.3
Government of Indonesia		3.2
Japan Treasury Discount Bill		3.1
Korea Treasury Bond		2.3
Brazil Notas do Tesouro Nacional		2.2


Credit Quality (%)^(c)(d)(g)
AAA		0.7
AA		2.6
A		5.8
BBB		19.1
BB		27.0
B		15.2
CCC		6.4
Not Rated		13.6


Sector Diversification (%)^(c)(d)
Government		45.8
Communications		8.1
Financial		7.4
Energy		7.3
Consumer, Cyclical		6.1
Consumer, Noncyclical		6.0
Industrial		4.3
Basic Materials		2.9
Utilities		1.7
Technology		0.7
Mortgage Securities		0.1


Region Diversification (%)^(c)(d)
United States		28.2
Latin America		18.9
Pacific (excluding Japan)		15.5
Europe (excluding United Kingdom)		10.0
Africa		7.3
Middle East		5.9
Japan		3.1
Canada		1.1
United Kingdom		0.4

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not. The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.80% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, to waive all or a portion of its

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Multisector Bond Fund

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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 0.80% (the Supplemental Expense Limitation Agreement).

^(c) Percentages shown are based on Net Assets.

^(d) Excludes Common Stocks, Convertible Preferred Stocks, and Other.

^(e) Non-USD currency exposure for the Fund reflects the value of the portfolio’s non-U.S. dollar denominated investments, as well as the impact of currency derivatives.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Multisector Bond Fund

Investment Objective

Morningstar Multisector Bond Fund seeks total return through a combination of current income and capital appreciation.

Investment Strategies

In seeking total return through a combination of current income and capital appreciation, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality across various sectors of the fixed-income market. These may include U.S. and non-U.S. corporate debt securities, U.S. and non-U.S. government debt securities, emerging-market debt securities, mortgage-backed and asset-backed securities, municipal securities, and floating-rate notes.

The Fund may invest without limit in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality. The Fund may invest without limit in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers.

The Fund may invest in securities acquired in a private placement, such as Rule 144A securities, as well as derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes or as part of its investment strategies. Due to the opportunistic nature of its strategy, the Fund may also invest up to 20% of its assets in equity securities, including common stocks and convertible securities. The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs). The Fund employs a multimanager, subadvised structure.

Investment Subadvisers:

Franklin Advisers, Inc.

Benchmark-agnostic investment strategy with opportunistic exposure to interest rates, credit and currencies across both developed and emerging bond markets.

Loomis, Sayles & Company, L.P.

High-yield bond exposure with opportunistic bond allocations to bank loans, convertible bonds, investment-grade credit, agency and non-agency mortgage-backed securities.

TCW Investment Management Company LLC

Diversified, emerging-markets bond exposure across hard-currency, local-currency, and corporate emerging-markets debt.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar Unconstrained Allocation Fund


General Information
Net Asset Value Per Share		$9.93
Total Net Assets (millions)		$160
Net Expense Ratio^(a)		0.73%
Gross Expense Ratio^(a)		0.75%
Portfolio Turnover Rate		25%
Fund Inception		November 2, 2018
No sales charges or distribution fees

Asset Allocation^(b)

LOGO



Equity Portfolio (15.8%)


Number of Common Stocks		25


Five Largest Sectors (%)^(b)(c)
Consumer, Noncyclical		7.7
Communications		2.4
Utilities		1.6
Technology		1.5
Industrial		1.3


Ten Largest Equities (%)^(b)(c)(d)
H&R Block, Inc.		1.2
SES S.A.		1.0
Tapestry, Inc.		1.0
Stericycle, Inc.		0.9
McKesson Corp.		0.9
CVS Health Corp.		0.8
Omnicom Group, Inc.		0.8
Nielsen Holdings PLC		0.8
National Grid PLC		0.7
Bureau Veritas S.A.		0.7



Fixed Income Portfolio (13.0%)


Number of Issuers		48


Sector Diversification (%)^(b)(c)
Government		9.0
Financial		1.1
Energy		0.9
Industrial		0.6
Technology		0.6
Consumer, Cyclical		0.4
Consumer, Noncyclical		0.3
Mortgage Securities		0.1


Five Largest Issuers (%)^(b)(c)(d)
U.S. Treasury		4.2
Mexican Bonos Desarollo		1.5
Malaysia Government		0.6
Titulos De Tesoreria		0.6
Australia Government		0.5


Credit Quality (%)^(b)(c)(e)
U.S. Treasury		4.2
AAA		0.6
AA		0.5
A		2.1
BBB		4.1
BB		1.5

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not. The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 1.00% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 0.93% (the Supplemental Expense Limitation Agreement).

^(b) Percentages shown are based on Net Assets.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Unconstrained Allocation Fund

^(e) Credit quality ratings are based on the conservative average of Moody’s, S&P Global and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. If none of these three rating agencies has assigned a rating, the Fund will assign a rating of not rated. The ratings, expressed in S&P Global’s nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, expressed in S&P Global’s nomenclature, range from A1 to D (in default). The ratings represent the rating agencies’ opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Unconstrained Allocation Fund

Investment Objective

Morningstar Unconstrained Allocation Fund seeks long-term capital appreciation over a full market cycle.

Investment Strategies

In seeking long-term capital appreciation over a full market cycle, the Fund has significant flexibility and invests across asset classes and geographies according to the portfolio management team’s assessment of their valuations and fundamental characteristics.

The Fund invests in equity securities, which may include common stocks and real estate investment trusts (REITs). The Fund may invest in companies of any size from any country, including emerging markets.

To meet its objective, the Fund may also invest in fixed-income securities of varying maturity, duration, and quality. These may include U.S. and non-U.S. corporate debt securities, U.S. government debt securities including Treasury Inflation Protected Bond Securities and zero-coupon securities, non-U.S. government debt securities, emerging-market debt securities, and mortgage-backed and asset-backed securities. The Fund may invest without limit in fixed-income securities that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.

The Fund may also invest in derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes or as part of its investment strategies. The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs), which could represent a significant percentage of assets. The Fund employs a multimanager, subadvised structure.

Investment Subadviser:

Lazard Asset Management LLC

Anchor global equity exposure focused on quality, attractively valued stocks, which have appeal throughout a market cycle.

Brandywine Global Investment Management, LLC

Global fixed income strategy designed to serve as an anchor position.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information

Morningstar Alternatives Fund


General Information
Net Asset Value Per Share		$10.57
Total Net Assets (millions)		$225
Net Expense Ratio^(a)		1.27%
Gross Expense Ratio^(a)		1.37%
Portfolio Turnover Rate		179%
Fund Inception		November 2, 2018
No sales charges or distribution fees

Asset Allocation^(b)

LOGO


Allocation Strategy Type (%)^(b)
Global Macro		50.4
Convertible Arbitrage		20.2
Merger Arbitrage		13.3
Short-term investments and ETFs		16.1


Region Diversification (%)^(b)(c)
United States		72.9
United Kingdom		1.3
Canada		1.1
Pacific (excluding Japan)		0.9
Europe (excluding United Kingdom)		0.9
Japan		0.6
Latin America		0.3
Middle East		0.1

* Includes, if any, cash, short-term investments, receivables, payables, derivatives and investments rounding to less than 0.05%.

^(a) Net expense ratio reflects fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses whereas the gross expense ratio does not. The Adviser has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses (AFFE), short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 1.29% (the Base Expense Limitation Agreement). In addition to the Base Limitation Agreement, Morningstar has contractually agreed, through at least August 31, 2021, 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 Fund’s Total Annual Fund Operating Expenses (excluding the above listed expenses other than AFFE) do not exceed 1.20% (the Supplemental Expense Limitation Agreement).

^(b) Percentages shown are based on Net Assets.

^(c) Excludes Investment Companies and Other.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Alternatives Fund

Investment Objective

Morningstar Alternatives Fund seeks long-term capital appreciation and low sensitivity to traditional U.S. asset classes.

Investment Strategies

In seeking long-term capital appreciation and low sensitivity to traditional U.S. asset classes, the Fund allocates assets to strategies that provide alternative sources of return including (i) long/short macro strategies; (ii) long/short alpha strategies; (iii) merger arbitrage strategy; and (iv) convertible arbitrage strategy. The Fund will normally invest in both U.S. and non-U.S. securities, including securities of companies located in emerging markets. The Fund may invest in non-U.S. dollar denominated investments, including investments denominated in European and Asian currencies and in other non-U.S. and emerging market currencies. The Fund may also seek returns through core allocation across fixed income and equity markets.

In particular, the Fund has the latitude to invest in the following alternative strategies:

Long-Short Equity—Combines long equity positions with short equity positions (selling borrowed securities). Since the strategy is both long and short, total net exposure is typically less than 100%.

Convertible Arbitrage—Includes the purchase of convertible securities and the sale of the underlying common stock. These securities tend to be convertible bonds or convertible preferred stocks that may be converted into the stock of the same company.

Merger Arbitrage—Seeks to profit from the successful completion of corporate re-organizations. The process typically involves purchasing shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. Hedging strategies may be used to reduce market exposure and volatility.

Credit Arbitrage—Seeks to exploit the mispricing of different classes of securities that are usually of the same company, and may include investments in investment-grade and/or non-investment-grade corporate debt (otherwise known as junk bonds), credit derivatives, loans, equities, credit index securities, and private debt.

Global Macro—Establishes long (number of contracts bought exceeds number sold) with a short (number of contracts sold exceeds number bought) exposures around the globe to take advantage of what the subadvisers believe to be attractive opportunities. This strategy may include investments in fixed-income and equity securities and a wide variety of derivative instruments. Such investments will likely have significant exposure to foreign investments and may be concentrated in a geographic region or country.

Hedged Equity—Seeks to limit investment loss by creating a transaction that offsets an existing position in a contract that provides the right to buy or sell shares of a security at a specific price for a certain time. Specifically, this strategy attempts to reduce the systematic risk created by factors such as exposures to sectors, market-cap ranges, investment styles, currencies, and/or countries; the strategy strives to achieve this by matching short positions within each area against long positions. This strategy may be managed as beta neutral, dollar-neutral, or sector-neutral in order to achieve low beta exposures to certain market indexes.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Alternatives Fund

Market Neutral—Attempts to significantly reduce the systematic risk created by factors such as exposures to sectors, market-cap ranges, investment styles, currencies, and/or countries. This strategy seeks to achieve this by matching short positions within each area against long positions, and the strategy may be managed as beta-neutral, dollar-neutral, or sector-neutral. In attempting to significantly reduce systematic risk, issue selection may be emphasized, with profits dependent on the ability to sell short and buy long the chosen securities.

Nontraditional Bond—Pursues strategies that diverge in one or more ways from conventional practice in the broader bond-fund universe. In pursuing this strategy, the Fund may seek to avoid losses and produce returns uncorrelated with the overall bond market and may employ a variety of methods to achieve those aims, including investing tactically across a wide swath of individual sectors, including high-yield and foreign debt.

Debt Securities—Investment in debt securities may include U.S. Government and agency securities, foreign government and supranational debt securities, corporate bonds, mortgage-related securities and asset-backed securities, mortgage to-be-announced (“TBA”) securities, emerging market debt securities, preferred securities, structured products, credit-linked notes, mezzanine securities, senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt securities, and derivatives with similar economic characteristics. These debt securities may be of any credit quality, which may include investment grade securities and high yield securities, including unrated securities (commonly called “junk bonds”). The Fund may invest in fixed, variable and floating rate instruments, including participation and assignments, of any duration or maturity.

Equity Securities—Investment in equity securities may include common stock, preferred stock, securities convertible into common stock, including contingent convertible bonds which are securities convertible into equity if a pre-specified trigger event occurs, and non-convertible preferred stock.

Derivatives—Exposure to equity securities may be done through derivatives which at times may be significant. Types of derivatives include, but are not limited to, swaps, (including total return some of which may be referred to as contracts for difference), credit default, index and interest rate swaps; options; forward contracts; futures; options on futures and swaps; and foreign exchange transactions, for hedging purposes, as well as to enhance returns. Use of derivatives may be to maintain a portion of its portfolio long and short positions. Investments in indexed and inverse securities may also be made to provide a potential return based on a particular index of value or interest rates. This strategy may also include investments in repurchase agreements, reverse repurchase agreements and dollar rolls.

Short Sales—Short sales may be used for hedging purposes or to enhance total return. Short sales “against the box” may also be used. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the identical security at no additional cost.

Currency—The Fund may invest in non-U.S. dollar denominated investments, including investments denominated in European and Asian currencies and in other non-U.S. and emerging market currencies. As a result, the Fund may have significant exposure to foreign currencies and investments in non-U.S. dollar-based assets may be made on a currency hedged or unhedged basis.

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Information (continued)

Morningstar Alternatives Fund

The Fund may invest in derivatives, which at times may be significant, including swaps (including total return which may be referred to as contracts for difference), credit default, index and interest rate swaps; options, forward contracts, futures, options of futures and swaps, and foreign exchange transactions, for hedging purposes, as well as to enhance returns. The Fund may also invest in investment companies such as mutual funds and exchange traded funds (ETFs), which could represent a significant percentage of assets. The Fund employs a multi-manager, subadvised structure.

Investment Subadvisers:

BlackRock Financial Management, Inc.

Seeks to deliver equity upside participation, balanced returns through defensive alpha and diversified fixed income exposure. The systematic, credit-oriented approach can offer downside protection.

SSI Investment Management, LLC

Short-term cash exposure that pursues minimal correlation to broad markets and bond-like volatility through an unlevered convertible arbitrage strategy.

Water Island Capital, LLC

Seeks to provide cash-plus returns while remaining broadly uncorrelated to equity markets.

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar U.S. Equity Fund



	Number of Shares		Value

Common Stocks – 80.5%
Aerospace/Defense – 1.8%
Barnes Group, Inc.		41,677	$	1,529,546
Kaman Corp.		40,842		1,619,794
Lockheed Martin Corp.		7,280		2,548,946
Moog, Inc., Class A		28,642		1,786,974
Northrop Grumman Corp.		17,168		4,975,630
Raytheon Technologies Corp.		184,739		10,035,023
				22,495,913

Agriculture – 1.2%
Archer-Daniels-Midland Co.		291,738		13,489,965
Philip Morris International, Inc.		15,654		1,111,747
				14,601,712

Airlines – 0.3%
Alaska Air Group, Inc.		80,513		3,050,637
Allegiant Travel Co.		9,339		1,258,524
				4,309,161

Apparel – 0.7%
Carter’s, Inc.		16,802		1,368,523
Hanesbrands, Inc.		189,776		3,049,700
Oxford Industries, Inc.		42,850		1,764,135
VF Corp.		33,145		2,227,344
				8,409,702

Auto Manufacturers – 0.7%
General Motors Co.		254,342		8,782,429

Auto Parts & Equipment – 0.6%
Aptiv PLC		34,341		3,313,563
BorgWarner, Inc.		127,206		4,449,666
				7,763,229

Banks – 5.8%
Bank OZK		154,839		3,836,910
BankUnited, Inc.		95,391		2,408,623
BOK Financial Corp.		37,576		2,207,214
Citigroup, Inc.		203,291		8,420,313
City Union Bank Ltd. (India)		374,347		744,785
Columbia Banking System, Inc.		37,566		1,067,250
Eagle Bancorp, Inc.		19,096		571,352
First Republic Bank		42,327		5,339,128
Goldman Sachs Group (The), Inc.		31,955		6,040,773
Great Western Bancorp, Inc.		131,235		1,704,743
Hilltop Holdings, Inc.		83,662		1,908,330
International Bancshares Corp.		31,876		882,328



	Number of Shares		Value

Banks (Continued)
JPMorgan Chase & Co.		123,757	$	12,133,136
Morgan Stanley		141,228		6,800,128
PNC Financial Services Group (The), Inc.		21,034		2,353,284
Renasant Corp.		63,419		1,808,076
Sandy Spring Bancorp, Inc.		70,316		1,782,510
State Street Corp.		22,564		1,329,020
SVB Financial Group*		12,861		3,738,693
Truist Financial Corp.		55,122		2,321,739
Trustmark Corp.		42,271		988,719
U.S. Bancorp		87,488		3,407,657
Webster Financial Corp.		36,461		1,174,409
				72,969,120

Beverages – 1.7%
Anheuser-Busch InBev
S.A./N.V. ADR (Belgium)		42,007		2,180,583
Diageo PLC (United Kingdom)		96,166		3,107,881
Farmer Bros Co.*		269,218		934,187
Molson Coors Beverage Co., Class B		59,820		2,109,253
Monster Beverage Corp.*		50,112		3,837,076
PepsiCo, Inc.		13,012		1,734,370
Primo Water Corp.		607,083		7,606,750
				21,510,100

Biotechnology – 1.1%
Alexion Pharmaceuticals, Inc.*		32,166		3,703,593
Amgen, Inc.		27,591		5,985,592
BioMarin Pharmaceutical, Inc.*		31,588		2,351,095
Ligand Pharmaceuticals, Inc.*		14,578		1,201,956
				13,242,236

Building Materials – 0.8%
Johnson Controls International PLC		64,428		2,719,506
Masco Corp.		42,042		2,253,451
Trex Co., Inc.*		38,551		2,680,837
UFP Industries, Inc.		34,734		1,733,574
				9,387,368

Chemicals – 2.5%
Ashland Global Holdings, Inc.		54,187		3,780,627
Balchem Corp.		11,467		1,146,127
DuPont de Nemours, Inc.		135,762		7,722,143
Ecolab, Inc.		19,531		3,585,696
Innospec, Inc.		18,724		1,238,405
PPG Industries, Inc.		33,487		4,343,934

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar U.S. Equity Fund



	Number of Shares		Value

Chemicals (Continued)
Sherwin-Williams
(The) Co.		4,433	$	3,049,815
Stepan Co.		14,424		1,679,531
Valvoline, Inc.		124,447		2,447,872
W.R. Grace & Co.		48,421		2,105,829
				31,099,979

Commercial Services – 2.0%
Avalara, Inc.*		15,198		2,265,262
Cimpress PLC (Ireland)*		10,941		803,069
Equifax, Inc.		13,174		1,799,569
Euronet Worldwide, Inc.*		20,704		1,839,343
HealthEquity, Inc.*		29,087		1,497,690
IHS Markit Ltd.		63,510		5,136,054
Monro, Inc.		78,645		3,307,809
Moody’s Corp.		5,190		1,364,451
Paylocity Holding Corp.*		17,406		3,229,161
Repay Holdings Corp.*		74,376		1,675,691
Terminix Global Holdings, Inc.*		22,099		1,040,642
WEX, Inc.*		6,893		872,309
				24,831,050

Computers – 2.9%
Accenture PLC, Class A		27,193		5,898,434
Apple, Inc.		134,773		14,671,389
Check Point Software Technologies Ltd. (Israel)*		36,547		4,150,277
Cognizant Technology Solutions Corp., Class A		45,210		3,228,898
CyberArk Software Ltd.*		17,684		1,753,369
EPAM Systems, Inc.*		6,595		2,037,525
International Business Machines Corp.		46,108		5,148,419
				36,888,311

Cosmetics/Personal Care – 0.0%^(a)
Colgate-Palmolive Co.		7,009		552,940

Distribution/Wholesale – 1.1%
Avient Corp.		57,959		1,800,786
Pool Corp.		10,032		3,509,495
SiteOne Landscape Supply, Inc.*		7,051		842,524
W.W. Grainger, Inc.		12,469		4,364,399
WESCO International, Inc.*		64,782		2,671,610
				13,188,814

Diversified Financial Services – 3.1%
Aaron’s Holdings Co., Inc.		34,072		1,780,603
American Express Co.		55,452		5,059,440
BlackRock, Inc.		5,416		3,245,321
Cohen & Steers, Inc.		22,435		1,263,315



	Number of Shares		Value

Diversified Financial Services (Continued)
Discover Financial Services		37,396	$	2,431,114
Franklin Resources, Inc.		40,844		765,825
Hamilton Lane, Inc., Class A		38,307		2,669,998
Moelis & Co., Class A		48,030		1,786,716
Mr. Cooper Group, Inc.*		90,477		1,907,255
Nasdaq, Inc.		28,299		3,423,896
Piper Sandler Cos.		22,699		1,894,231
T. Rowe Price Group, Inc.		10,557		1,337,150
Visa, Inc., Class A		64,708		11,758,091
				39,322,955

Electric – 2.5%
American Electric
Power Co., Inc.		25,864		2,325,949
Avista Corp.		52,005		1,727,606
CenterPoint Energy, Inc.		409,443		8,651,531
Dominion Energy, Inc.		44,579		3,581,477
Duke Energy Corp.		64,348		5,927,094
NorthWestern Corp.		33,222		1,731,863
PNM Resources, Inc.		35,470		1,773,500
Southern (The) Co.		79,642		4,575,433
Xcel Energy, Inc.		22,404		1,568,952
				31,863,405

Electrical Component & Equipment – 0.2%
Novanta, Inc.*		27,269		2,964,686

Electronics – 0.9%
Avnet, Inc.		37,674		929,418
Honeywell
International, Inc.		37,161		6,129,707
Sensata Technologies
Holding PLC*		102,268		4,470,134
				11,529,259

Engineering & Construction – 0.1%
Comfort Systems USA, Inc.		35,008		1,603,366

Entertainment – 0.7%
Red Rock Resorts, Inc., Class A		249,968		4,779,388
Vail Resorts, Inc.		19,710		4,573,509
				9,352,897

Environmental Control – 0.2%
Stericycle, Inc.*		48,516		3,022,547

Food – 1.8%
Danone S.A. (France)		13,866		769,081
Flowers Foods, Inc.		67,878		1,600,563
Hostess Brands, Inc.*		144,680		1,828,755
J&J Snack Foods Corp.		13,185		1,787,490
JM Smucker (The) Co.		6,207		696,425

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar U.S. Equity Fund



	Number of Shares		Value

Food (Continued)
Nestle S.A. (Switzerland)^(b)		40,501	$	4,555,469
Post Holdings, Inc.*		81,374		6,990,027
TreeHouse Foods, Inc.*		97,159		3,773,656
				22,001,466

Forest Products & Paper – 0.5%
International Paper Co.		134,909		5,902,269

Gas – 0.7%
South Jersey Industries, Inc.		214,722		4,137,693
UGI Corp.		122,865		3,973,454
				8,111,147

Hand/Machine Tools – 0.6%
Colfax Corp.*		145,982		3,969,250
Stanley Black & Decker, Inc.		17,958		2,984,620
				6,953,870

Healthcare – Products – 3.4%
Abbott Laboratories		37,970		3,991,027
Alcon, Inc. (Switzerland)*		55,914		3,178,152
Boston Scientific Corp.*		152,551		5,227,923
CONMED Corp.		22,359		1,743,331
Danaher Corp.		22,040		5,059,062
Medtronic PLC		66,711		6,709,125
Merit Medical Systems, Inc.*		33,936		1,698,497
Patterson Cos., Inc.		35,561		884,580
Thermo Fisher Scientific, Inc.		29,330		13,876,609
				42,368,306

Healthcare – Services – 1.6%
Ensign Group (The), Inc.		45,499		2,677,161
ICON PLC (Ireland)*		15,472		2,789,602
Magellan Health, Inc.*		24,411		1,764,183
Medpace Holdings, Inc.*		23,445		2,600,988
Pennant Group (The), Inc.*		28,243		1,176,604
UnitedHealth Group, Inc.		28,688		8,753,856
				19,762,394

Home Builders – 0.6%
Century
Communities, Inc.*		45,353		1,761,510
Installed Building Products, Inc.*		13,291		1,203,367
NVR, Inc.*		1,252		4,949,269
				7,914,146

Household Products/Wares – 0.4%
Central Garden & Pet Co., Class A*		48,342		1,710,823



	Number of Shares		Value

Household Products/Wares (Continued)
Kimberly-Clark Corp.		16,366	$	2,169,968
Reckitt Benckiser Group PLC (United Kingdom)		13,638		1,201,352
				5,082,143

Insurance – 5.4%
American International Group, Inc.		346,906		10,924,070
Aon PLC, Class A		29,271		5,386,157
Argo Group International Holdings Ltd.		50,106		1,787,782
Berkshire Hathaway, Inc., Class B*		44,744		9,033,814
Brighthouse Financial, Inc.*		56,306		1,863,729
Chubb Ltd.		37,248		4,838,888
Enstar Group Ltd.*		7,702		1,323,743
Hartford Financial Services Group (The), Inc.		65,378		2,518,360
James River Group Holdings Ltd.		33,877		1,583,072
Loews Corp.		187,818		6,513,528
Marsh & McLennan Cos., Inc.		42,850		4,433,261
Mercury General Corp.		23,012		936,818
Reinsurance Group of America, Inc.		13,096		1,322,958
RenaissanceRe Holdings Ltd.		13,813		2,233,838
Travelers (The) Cos., Inc.		35,473		4,281,946
Voya Financial, Inc.		164,400		7,879,692
Willis Towers Watson PLC		6,387		1,165,500
				68,027,156

Internet – 5.0%
1-800-Flowers.com, Inc., Class A*		97,654		1,936,479
Alibaba Group Holding Ltd. ADR (China)*		17,614		5,366,809
Amazon.com, Inc.*		8,121		24,656,574
Booking Holdings, Inc.*		1,840		2,985,400
Facebook, Inc., Class A*		62,017		16,317,293
Open Lending Corp., Class A*		32,920		854,603
Palo Alto Networks, Inc.*		16,169		3,576,421
Proofpoint, Inc.*		19,070		1,825,762
Q2 Holdings, Inc.*		20,150		1,838,486
Uber Technologies, Inc.*		113,219		3,782,647
				63,140,474

Leisure Time – 0.4%
Callaway Golf Co.		94,012		1,456,246
Camping World Holdings, Inc., Class A		37,577		993,536

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar U.S. Equity Fund



	Number of Shares		Value

Leisure Time (Continued)
Planet Fitness, Inc., Class A*		17,823	$	1,056,369
YETI Holdings, Inc.*		36,986		1,830,067
				5,336,218

Lodging – 0.1%
Marriott International, Inc., Class A		7,706		715,733

Machinery – Diversified – 0.7%
Alamo Group, Inc.		7,250		872,393
Altra Industrial Motion Corp.		107,782		4,608,758
Columbus McKinnon Corp.		29,573		1,002,229
Kadant, Inc.		17,176		1,977,301
Otis Worldwide Corp.		12,429		761,649
				9,222,330

Media – 1.4%
Comcast Corp., Class A		284,018		11,996,920
Liberty Media Corp.-Liberty Formula One, Class C*		56,089		2,026,496
Walt Disney (The) Co.		32,810		3,978,212
				18,001,628

Metal Fabricate/Hardware – 0.3%
Helios Technologies, Inc.		36,177		1,513,646
RBC Bearings, Inc.*		14,021		1,669,200
				3,182,846

Miscellaneous Manufacturing – 2.4%
Eaton Corp. PLC		91,382		9,484,538
Fabrinet (Thailand)*		38,727		2,324,394
Federal Signal Corp.		60,111		1,723,983
Illinois Tool Works, Inc.		24,629		4,824,328
Parker-Hannifin Corp.		21,833		4,549,124
Textron, Inc.		115,952		4,151,082
Trane Technologies PLC		20,333		2,699,206
				29,756,655

Office Furnishings – 0.1%
Knoll, Inc.		139,056		1,593,582

Oil & Gas – 0.9%
Chevron Corp.		48,525		3,372,488
Cimarex Energy Co.		66,858		1,696,187
ConocoPhillips		42,549		1,217,752
EOG Resources, Inc.		22,346		765,127
Hess Corp.		84,711		3,152,943
PDC Energy, Inc.*		74,606		889,304
Pioneer Natural Resources Co.		9,434		750,569
				11,844,370



	Number of Shares		Value

Pharmaceuticals – 4.5%
AbbVie, Inc.		127,543	$	10,853,909
Cigna Corp.		36,851		6,153,011
Johnson & Johnson		95,817		13,137,469
McKesson Corp.		14,287		2,107,190
Merck & Co., Inc.		42,182		3,172,508
Neogen Corp.*		17,334		1,208,873
Pfizer, Inc.		309,921		10,995,997
Roche Holding A.G. (Genusschein) (Switzerland)		3,640		1,169,647
Zoetis, Inc.		45,470		7,209,269
				56,007,873

Real Estate – 0.1%
Jones Lang LaSalle, Inc.		11,221		1,266,402

Real Estate Investment Trusts – 2.5%
American Campus Communities, Inc.		33,960		1,272,142
Columbia Property Trust, Inc.		123,157		1,303,001
CubeSmart		180,733		6,132,271
Douglas Emmett, Inc.		81,009		1,911,812
Easterly Government Properties, Inc.		84,391		1,763,772
Equinix, Inc.		6,789		4,964,388
Mid-America Apartment Communities, Inc.		15,267		1,780,590
Monmouth Real Estate Investment Corp.		121,321		1,680,296
National Storage Affiliates Trust		107,312		3,636,804
PotlatchDeltic Corp.		40,638		1,688,509
Public Storage		4,108		941,020
Summit Hotel Properties, Inc.		151,166		798,156
Terreno Realty Corp.		15,718		884,609
UDR, Inc.		24,424		763,006
Weyerhaeuser Co.		64,087		1,748,934
				31,269,310

Retail – 3.6%
Advance Auto Parts, Inc.		38,231		5,630,662
Bloomin’ Brands, Inc.		125,505		1,754,560
Costco Wholesale Corp.		12,975		4,640,119
Five Below, Inc.*		18,558		2,474,524
Floor & Decor Holdings, Inc., Class A*		33,276		2,429,148
Home Depot (The), Inc.		19,832		5,289,393
Lowe’s Cos., Inc.		48,122		7,608,088
National Vision Holdings, Inc.*		37,294		1,504,067

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar U.S. Equity Fund



	Number of Shares		Value

Retail (Continued)
Ollie’s Bargain Outlet Holdings, Inc.*		16,946	$	1,475,827
Papa John’s International, Inc.		23,363		1,789,606
TJX (The) Cos., Inc.		67,088		3,408,070
Ulta Beauty, Inc.*		19,308		3,992,315
Walmart, Inc.		24,256		3,365,520
				45,361,899

Savings & Loans – 0.5%
Provident Financial Services, Inc.		64,619		876,880
Sterling Bancorp		273,945		3,665,384
Washington Federal, Inc.		85,438		1,818,975
				6,361,239

Semiconductors – 4.3%
Amkor Technology, Inc.*		157,637		1,867,998
Analog Devices, Inc.		14,067		1,667,361
ASML Holding N.V. (Netherlands)^(b)		5,470		1,975,819
Intel Corp.		258,236		11,434,690
Lattice Semiconductor Corp.*		57,717		2,014,323
Monolithic Power Systems, Inc.		8,937		2,856,265
NVIDIA Corp.		14,807		7,423,638
NXP Semiconductors N.V. (Netherlands)		59,755		8,074,096
QUALCOMM, Inc.		56,167		6,928,761
Texas Instruments, Inc.		66,191		9,570,557
				53,813,508

Software – 5.1%
Adobe, Inc.*		19,526		8,730,075
Akamai Technologies, Inc.*		48,608		4,623,593
Clarivate PLC (United Kingdom)*		44,724		1,241,091
Fidelity National Information Services, Inc.		55,966		6,972,804
Fiserv, Inc.*		33,914		3,237,770
Five9, Inc.*		17,612		2,672,093
Guidewire Software, Inc.*		13,971		1,342,753
HubSpot, Inc.*		7,460		2,163,922
Medallia, Inc.*		52,083		1,481,761
Microsoft Corp.		65,477		13,257,128
Nutanix, Inc., Class A*		62,849		1,529,745
salesforce.com, Inc.*		34,798		8,082,531
Splunk, Inc.*		26,587		5,265,289
VMware, Inc., Class A*		26,248		3,378,905
				63,979,460



	Number of Shares		Value

Telecommunications – 1.0%
CommScope Holding Co., Inc.*		110,178	$	980,584
Juniper Networks, Inc.		67,722		1,335,478
Verizon Communications, Inc.		60,160		3,428,518
Viavi Solutions, Inc.*		148,759		1,837,174
Vodafone Group PLC ADR (United Kingdom)		362,998		4,904,103
				12,485,857

Textiles – 0.1%
UniFirst Corp.		4,753		778,589

Transportation – 1.6%
C.H. Robinson Worldwide, Inc.		11,166		987,409
Canadian National Railway Co. (Canada)		15,898		1,581,056
Hub Group, Inc., Class A*		33,588		1,683,767
Kirby Corp.*		88,628		3,411,292
Old Dominion Freight Line, Inc.		7,033		1,338,872
Union Pacific Corp.		20,027		3,548,584
United Parcel Service, Inc., Class B		46,955		7,377,100
				19,928,080

Total Common Stocks (Cost $892,949,813)				1,009,860,129

Investment Companies – 17.7%
Energy Select Sector SPDR Fund		862,436		24,769,162
Global X MLP & Energy Infrastructure ETF		2,948,106		66,450,309
Vanguard Consumer Staples ETF		258,012		41,158,074
Vanguard Financials ETF		667,313		39,331,428
Vanguard Health Care ETF		253,829		50,296,217

Total Investment Companies (Cost $240,164,106)				222,005,190
Short-Term Investments – 1.8%
U.S. Government Agencies – 0.0%^(a)(c)
Federal Home Loan Bank Discount Notes, 0.00%, 11/2/20^(d)		683,000		683,000

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar U.S. Equity Fund



	Number of Shares		Value
Money Market Fund – 1.8%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(e)		22,291,162	$	22,291,162

Total Short-Term Investments (Cost $22,974,162)				22,974,162

Total Investments – 100.0% (Cost $1,156,088,081)				1,254,839,481

Liabilities less Other Assets – (0.0)%^(a)				(171,975	)

NET ASSETS – 100.0%			$	1,254,667,506

Percentages shown are based on Net Assets.

All securities are United States companies, unless noted otherwise in parentheses.

^(a)	Amount rounds to less than 0.05%.

^(b)	Security sold outside United States without registration under the Securities Act of 1933.

^(c)	The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

^(d)	Zero coupon bond.

^(e)	7-day current yield as of October 31, 2020 is disclosed.

^*	Non-Income Producing Security


Abbreviations:
ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
MLP		Master Limited Partnership
PLC		Public Limited Company
SPDR		Standard & Poor’s Depositary Receipt

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:


Morningstar U.S. Equity Fund	Level 1		Level 2		Level 3		Totals
Investments
Common Stocks		$ 998,311,914		$11,548,215		$—		1,009,860,129
Investment Companies		222,005,190		—		—		222,005,190
Short-Term Investments		22,291,162		683,000		—		22,974,162
Total Investments		$1,242,608,266		$12,231,215		$—		$1,254,839,481

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar International Equity Fund


	Number of Shares		Value

Common Stocks – 68.7%
Advertising – 1.2%
Publicis Groupe S.A. (France)		153,836	$	5,344,614
WPP PLC (United Kingdom)		514,400		4,108,661
				9,453,275

Aerospace/Defense – 0.1%
Rolls-Royce Holdings PLC (United Kingdom)*		908,216		840,615

Agriculture – 0.1%
KT&G Corp. (South Korea)		9,675		690,835

Airlines – 0.6%
Ryanair Holdings PLC (Ireland)*		14,200		195,666
Ryanair Holdings PLC ADR (Ireland)*		54,691		4,408,095
				4,603,761

Apparel – 0.4%
adidas A.G. (Germany)*		10,373		3,081,871

Auto Manufacturers – 3.1%
Bayerische Motoren Werke A.G. (Germany)		120,320		8,222,522
Daimler A.G. (Germany)^(a)		186,490		9,639,389
Maruti Suzuki India Ltd. (India)		2,788		261,860
Toyota Motor Corp. (Japan)		52,500		3,446,462
Volvo AB, Class B (Sweden)*		198,100		3,850,509
				25,420,742

Auto Parts & Equipment – 1.5%
Continental A.G. (Germany)		71,875		7,636,788
Hyundai Mobis Co. Ltd. (South Korea)		6,318		1,265,897
Valeo S.A. (France)		95,594		2,891,855
Weichai Power Co. Ltd., Class H (China)		456,000		864,705
				12,659,245

Banks – 10.9%
Al Rajhi Bank (Saudi Arabia)		18,277		320,675
Axis Bank Ltd. (India)*		909,762		6,030,472
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		719,129		2,074,798
Banco do Brasil S.A. (Brazil)*		274,300		1,422,185
Banco Santander Chile ADR (Chile)		32,485		450,892
Bank Central Asia Tbk PT (Indonesia)		267,500		526,348


	Number of Shares		Value

Banks (Continued)
Bank Mandiri Persero Tbk PT (Indonesia)		12,332,900	$	4,804,046
BNP Paribas S.A. (France)*		316,205		11,027,581
China Construction Bank Corp., Class H (China)		3,652,000		2,516,642
China Merchants Bank Co. Ltd., Class H (China)		373,613		1,946,126
Commercial International Bank Egypt S.A.E. GDR (Egypt)^(a)		240,111		926,201
Credicorp Ltd. (Peru)		4,727		542,092
Credit Suisse Group A.G. (Switzerland)^(a)		935,400		8,822,112
DBS Group Holdings Ltd. (Singapore)		249,300		3,713,538
First Abu Dhabi Bank PJSC (United Arab Emirates)		167,795		517,043
FirstRand Ltd. (South Africa)		134,675		312,625
Grupo Financiero Banorte S.A.B. de C.V., Class O (Mexico)*		113,523		506,295
HDFC Bank Ltd. (India)*		58,876		940,246
HDFC Bank Ltd. ADR (India)*		41,560		2,387,206
ICICI Bank Ltd. ADR (India)*		208,083		2,195,276
Intesa Sanpaolo S.p.A. (Italy)*		5,839,100		9,693,519
Kasikornbank PCL (Thailand)^(a)		244,200		595,940
Komercni banka A.S. (Czech Republic)*		8,246		167,444
Kotak Mahindra Bank Ltd. (India)*		9,895		206,494
Lloyds Banking Group PLC (United Kingdom)*		31,360,800		11,418,691
National Bank of Kuwait S.A.K.P. (Kuwait)		37,561		103,784
Natwest Group PLC (United Kingdom)*		2,777,353		4,478,087
Nedbank Group Ltd. (South Africa)		100,513		594,595
OTP Bank Nyrt. (Hungary)*		75,154		2,344,396
Sberbank of Russia PJSC (Russia)		346,405		876,085
Sberbank of Russia PJSC (Russia)		438,799		1,112,118
Sberbank of Russia PJSC ADR (Russia)		160,098		1,617,219
Shinhan Financial Group Co. Ltd. (South Korea)		51,694		1,402,576

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar International Equity Fund


	Number of Shares		Value

Banks (Continued)
Standard Bank Group Ltd. (South Africa)		101,589	$	664,279
Standard Chartered PLC (United Kingdom)*		247,068		1,129,054
				88,386,680

Beverages – 1.3%
Ambev S.A. ADR (Brazil)*		872,752		1,867,689
Anheuser-Busch InBev S.A./N.V. (Belgium)		55,015		2,845,718
China Resources Beer Holdings Co. Ltd. (China)		88,000		546,003
Diageo PLC (United Kingdom)		81,260		2,626,151
Fomento Economico Mexicano S.A.B. de C.V. ADR (Mexico)		31,500		1,693,755
Kweichow Moutai Co. Ltd., Class A (China)		3,100		774,960
				10,354,276

Building Materials – 0.6%
Anhui Conch Cement Co. Ltd., Class H (China)		356,500		2,230,083
LafargeHolcim Ltd. (Switzerland)^(a)*		58,005		2,489,554
				4,719,637

Chemicals – 1.3%
Air Liquide S.A. (France)		13,214		1,932,393
Linde PLC (United Kingdom)		13,051		2,860,324
Novozymes A/S, Class B (Denmark)		32,201		1,936,607
Symrise A.G. (Germany)		26,040		3,211,004
UPL Ltd. (India)		142,042		867,832
				10,808,160

Coal – 0.2%
China Shenhua Energy Co. Ltd., Class H (China)		587,500		1,017,927
Coal India Ltd. (India)		253,247		389,826
				1,407,753

Commercial Services – 2.8%
Adyen N.V. (Netherlands)^(b)*		2,970		4,991,810
Amadeus IT Group S.A. (Spain)		73,200		3,487,700
Ashtead Group PLC (United Kingdom)		95,650		3,456,536
Bidvest Group (The) Ltd. (South Africa)		90,971		748,053
Brambles Ltd. (Australia)		279,500		1,885,037


	Number of Shares		Value

Commercial Services (Continued)
Bureau Veritas S.A. (France)*		79,745	$	1,748,676
CCR S.A. (Brazil)		374,360		726,152
G4S PLC (United Kingdom)*		1,090,500		2,875,565
SGS S.A. (Switzerland)^(a)		683		1,706,006
StoneCo Ltd., Class A (Brazil)*		7,301		383,595
TAL Education Group ADR (China)*		9,784		650,245
				22,659,375

Computers – 0.8%
Check Point Software Technologies Ltd. (Israel)*		24,534		2,786,081
Infosys Ltd. (India)		67,978		973,931
Infosys Ltd. ADR (India)		92,676		1,322,486
Tata Consultancy Services Ltd. (India)		33,519		1,208,041
				6,290,539

Cosmetics/Personal Care – 2.2%
LG Household & Health Care Ltd. (South Korea)		1,602		2,124,059
L’Oreal S.A. (France)		18,624		6,019,008
Unicharm Corp. (Japan)		109,000		5,043,528
Unilever N.V. (United Kingdom)		29,183		1,645,155
Unilever PLC (United Kingdom)		49,736		2,834,399
				17,666,149

Distribution/Wholesale – 0.3%
Bunzl PLC (United Kingdom)		46,300		1,439,296
Ferguson PLC*		11,985		1,190,362
				2,629,658

Diversified Financial Services – 1.0%
B3 S.A. - Brasil Bolsa Balcao (Brazil)		53,700		475,518
Capitec Bank Holdings Ltd. (South Africa)*		4,746		333,547
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		5,100		244,386
Housing Development Finance Corp. Ltd. (India)		48,510		1,258,507
KB Financial Group, Inc. (South Korea)		42,103		1,506,016
Network International Holdings PLC (United Arab Emirates)^(b)*		62,225		178,549
Pagseguro Digital Ltd., Class A (Brazil)*		8,433		308,732

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar International Equity Fund


	Number of Shares		Value

Diversified Financial Services (Continued)
Schroders PLC (United Kingdom)		103,700	$	3,513,096
XP, Inc., Class A (Brazil)*		7,140		286,171
				8,104,522

Electric – 0.1%
Engie Brasil Energia S.A. (Brazil)		25,299		175,437
Power Grid Corp. of India Ltd. (India)		283,362		653,886
				829,323

Electrical Component & Equipment – 0.6%
Schneider Electric S.E. (France)		38,167		4,637,539

Electronics – 0.3%
AAC Technologies Holdings, Inc. (China)		124,153		652,596
Hangzhou Hikvision Digital Technology Co. Ltd., Class A (China)		97,430		655,281
Hon Hai Precision Industry Co. Ltd. (Taiwan)		425,000		1,152,655
				2,460,532

Engineering & Construction – 0.1%
Airports of Thailand PCL (Thailand)^(a)		126,600		210,205
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR (Mexico)*		3,238		373,503
Shanghai International Airport Co. Ltd., Class A (China)		23,000		227,664
				811,372

Food – 1.1%
BIM Birlesik Magazalar A.S. (Turkey)		23,962		189,455
China Mengniu Dairy Co. Ltd. (China)*		301,000		1,419,009
Magnit PJSC GDR (Russia)^(a)		46,057		635,695
Nestle S.A. ADR (Switzerland)		37,565		4,217,423
Shoprite Holdings Ltd. (South Africa)		149,366		1,183,180
Uni-President Enterprises Corp. (Taiwan)		48,000		102,891
Universal Robina Corp. (Philippines)		132,140		375,808
X5 Retail Group N.V. GDR (Russia)^(a)		14,055		494,027
				8,617,488


	Number of Shares		Value

Food Service – 0.3%
Compass Group PLC (United Kingdom)		207,800	$	2,844,314

Forest Products & Paper – 0.4%
Mondi PLC (United Kingdom)		28,851		546,822
UPM-Kymmene OYJ (Finland)		106,000		2,995,452
				3,542,274

Gas – 0.1%
ENN Energy Holdings Ltd. (China)		73,200		926,427

Healthcare – Products – 1.4%
Alcon, Inc. (Switzerland)*		45,293		2,574,454
EssilorLuxottica S.A. (France)*		16,785		2,072,259
Hengan International Group Co. Ltd. (China)		139,000		969,602
Sonova Holding A.G. (Switzerland)^(a)*		11,035		2,619,356
Sysmex Corp. (Japan)		33,100		3,109,042
				11,344,713

Healthcare – Services – 1.1%
Fresenius Medical Care A.G. & Co. KGaA (Germany)		39,000		2,978,124
Life Healthcare Group Holdings Ltd. (South Africa)		565,817		566,382
Lonza Group A.G. (Switzerland)^(a)		9,246		5,602,246
				9,146,752

Holding Companies – Diversified – 0.1%
Siam Cement (The) PCL (Thailand)^(a)		50,100		533,095

Home Furnishings – 0.2%
Coway Co. Ltd. (South Korea)*		17,121		1,048,362
Gree Electric Appliances, Inc. of Zhuhai, Class A (China)		57,500		504,386
Midea Group Co. Ltd., Class A (China)		33,300		388,836
				1,941,584

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar International Equity Fund


	Number of Shares		Value

Household Products/Wares – 0.2%
Henkel A.G. & Co. KGaA (Germany)		8,300	$	750,352
Kimberly-Clark de Mexico S.A.B. de C.V., Series A (Mexico)		384,700		574,561
				1,324,913

Insurance – 4.0%
AIA Group Ltd. (Hong Kong)		784,800		7,469,080
Allianz S.E. (Germany)^(a)		61,066		10,757,059
AMP Ltd. (Australia)		2,780,700		2,992,290
BB Seguridade Participacoes S.A. (Brazil)		229,000		945,860
Ping An Insurance Group Co. of China Ltd., Class H (China)		526,000		5,438,668
Porto Seguro S.A. (Brazil)		14,300		119,625
Prudential PLC (United Kingdom)		350,500		4,286,791
Sanlam Ltd. (South Africa)		234,483		683,966
				32,693,339

Internet – 5.2%
Alibaba Group Holding Ltd. (China)*		82,856		3,139,735
Alibaba Group Holding Ltd. ADR (China)		25,205		7,679,711
Baidu, Inc. ADR (China)*		28,422		3,781,547
Meituan, Class B (China)*		7,400		275,866
MercadoLibre, Inc. (Argentina)*		594		721,146
Naspers Ltd., Class N (South Africa)*		34,611		6,757,021
NAVER Corp. (South Korea)		14,761		3,776,912
Prosus N.V. (China)*		2,885		288,027
Tencent Holdings Ltd. (China)		147,500		11,269,834
Tencent Music Entertainment Group ADR (China)*		14,546		216,444
Trip.com Group Ltd. ADR (China)*		73,137		2,103,420
Yandex N.V., Class A (Russia)*		34,321		1,975,860
				41,985,523

Investment Management Companies – 0.7%
EXOR N.V. (Netherlands)		103,400		5,379,576

Iron/Steel – 0.4%
Novolipetsk Steel PJSC GDR (Russia)		11,721		272,261


	Number of Shares		Value

Iron/Steel (Continued)
Ternium S.A. ADR (Mexico)*		35,349	$	707,687
thyssenkrupp A.G. (Germany)*		548,300		2,617,175
				3,597,123

Leisure Time – 0.2%
Bajaj Auto Ltd. (India)		18,853		734,431
Hero MotoCorp Ltd. (India)		18,653		703,733
				1,438,164

Lodging – 0.6%
Accor S.A. (France)*		206,035		5,251,409

Machinery - Construction & Mining – 1.0%
Epiroc AB, Class A (Sweden)		160,632		2,398,495
Komatsu Ltd. (Japan)		262,900		5,927,205
				8,325,700

Machinery - Diversified – 3.0%
Atlas Copco AB, Class A (Sweden)		137,273		6,059,394
CNH Industrial N.V. (United Kingdom)*		1,139,886		8,838,309
FANUC Corp. (Japan)		9,300		1,964,391
Keyence Corp. (Japan)		9,800		4,447,461
Kubota Corp. (Japan)		179,600		3,121,101
				24,430,656

Media – 0.8%
Grupo Televisa S.A.B. ADR (Mexico)*		355,700		2,262,252
Liberty Global PLC, Class A (United Kingdom)*		166,600		3,162,068
Liberty Global PLC, Class C (United Kingdom)*		58,773		1,096,704
				6,521,024

Metal Fabricate/Hardware – 0.6%
Catcher Technology Co. Ltd. (Taiwan)		99,000		625,830
SKF AB, Class B (Sweden)		182,800		3,742,095
Tenaris S.A. ADR		17,750		169,690
				4,537,615

Mining – 2.2%
Alrosa PJSC (Russia)		280,422		252,397
Alrosa PJSC (Russia)		758,669		681,669
Anglo American PLC (South Africa)		32,953		773,182
Glencore PLC (Australia)*		5,551,089		11,197,862
Grupo Mexico S.A.B. de C.V., Series B (Mexico)		419,523		1,196,179

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar International Equity Fund


	Number of Shares		Value

Mining (Continued)
Rio Tinto PLC (Australia)		63,591	$	3,596,798
Southern Copper Corp. (Peru)		7,200		376,848
				18,074,935

Miscellaneous Manufacturing – 1.3%
Alfa Laval AB (Sweden)*		104,559		2,123,781
CRRC Corp. Ltd., Class H (China)		2,362,000		916,175
Largan Precision Co. Ltd. (Taiwan)		10,000		1,061,989
Orica Ltd. (Australia)		383,120		4,112,707
Smiths Group PLC (United Kingdom)		121,000		2,084,831
Sunny Optical Technology Group Co. Ltd. (China)		13,500		224,142
				10,523,625

Oil & Gas – 1.3%
Bharat Petroleum Corp. Ltd. (India)		127,853		611,204
Cenovus Energy, Inc. (Canada)		877,300		2,870,996
CNOOC Ltd. (China)		984,217		900,515
Galp Energia SGPS S.A. (Portugal)		80,680		655,218
LUKOIL PJSC ADR (Russia)		25,643		1,311,974
LUKOIL PJSC ADR (Russia)		32,860		1,678,820
Oil & Natural Gas Corp. Ltd. (India)		714,671		625,704
Royal Dutch Shell PLC, Class B (Netherlands)		147,928		1,783,914
				10,438,345

Pharmaceuticals – 2.7%
Bayer A.G. (Germany)^(a)		149,860		7,042,003
Chugai Pharmaceutical Co. Ltd. (Japan)		92,500		3,570,500
CSPC Pharmaceutical Group Ltd. (China)		316,160		335,739
Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		20,100		267,490
Novartis A.G. (Switzerland)^(a)		28,100		2,189,625
Roche Holding A.G. (Genusschein) (Switzerland)		17,945		5,766,294
Shionogi & Co. Ltd. (Japan)		32,200		1,518,872
Sino Biopharmaceutical Ltd. (Hong Kong)		365,500		370,250
Sinopharm Group Co. Ltd., Class H (China)		368,323		846,202
				21,906,975


	Number of Shares		Value

Real Estate – 0.1%
China Vanke Co. Ltd., Class H (China)		229,200	$	711,429
Greentown Service Group Co. Ltd. (China)		130,000		142,715
				854,144

Retail – 2.6%
Alimentation Couche-Tard, Inc., Class B (Canada)		65,173		2,007,091
Astra International Tbk PT (Indonesia)		3,207,500		1,171,293
Cie Financiere Richemont S.A. (Switzerland)^(a)		54,680		3,417,708
Clicks Group Ltd. (South Africa)		23,391		339,142
CP ALL PCL (Thailand)^(a)		502,800		865,842
Hennes & Mauritz AB, Class B (Sweden)		295,400		4,802,736
Lojas Renner S.A. (Brazil)		47,093		307,527
Nitori Holdings Co. Ltd. (Japan)		11,600		2,384,457
President Chain Store Corp. (Taiwan)		51,000		460,318
Raia Drogasil S.A. (Brazil)		164,140		690,550
SM Investments Corp. (Philippines)		39,460		773,854
Swatch Group (The) A.G. (Bearer) (Switzerland)		14,350		3,038,913
Wal-Mart de Mexico S.A.B. de C.V. (Mexico)		196,401		475,551
Yifeng Pharmacy Chain Co. Ltd., Class A (China)		30,328		462,190
Yum China Holdings, Inc. (China)		2,400		127,752
				21,324,924

Semiconductors – 5.0%
ASM Pacific Technology Ltd. (Hong Kong)		93,500		942,884
Globalwafers Co. Ltd. (Taiwan)		74,000		1,077,609
Infineon Technologies A.G. (Germany)		238,378		6,636,726
MediaTek, Inc. (Taiwan)		12,000		285,243
Novatek Microelectronics Corp. (Taiwan)		106,000		990,585
Samsung Electronics Co. Ltd. (South Korea)		186,575		9,378,310
Samsung Electronics Co. Ltd. GDR (South Korea)^(a)		2,385		3,008,847
SK Hynix, Inc. (South Korea)		49,485		3,510,608

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar International Equity Fund


	Number of Shares		Value

Semiconductors (Continued)
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		451,945	$	6,837,781
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		97,628		8,188,060
Vanguard International Semiconductor Corp. (Taiwan)		88,000		287,500
				41,144,153

Software – 1.4%
Dassault Systemes S.E. (France)		17,429		2,971,827
HCL Technologies Ltd. (India)		90,269		1,027,045
Mail.Ru Group Ltd. GDR (Russia)^(a)*		13,072		342,357
Open Text Corp. (Canada)		61,900		2,274,266
SAP S.E. ADR (Germany)		41,915		4,477,779
				11,093,274

Telecommunications – 1.0%
America Movil S.A.B. de C.V., Series L ADR (Mexico)		133,875		1,595,790
Bharti Infratel Ltd. (India)		251,814		630,075
China Mobile Ltd. ADR (China)		109,472		3,364,074
Mobile TeleSystems PJSC ADR (Russia)		146,619		1,146,561
Telekomunikasi Indonesia Persero Tbk PT ADR (Indonesia)		62,675		1,071,116
Vodacom Group Ltd. (South Africa)		82,534		621,975
				8,429,591

Transportation – 0.2%
Canadian National Railway Co. (Canada)		21,014		2,089,842

Total Common Stocks (Cost $535,577,522)				558,777,356

Preferred Stocks – 1.2%
Banks – 0.5%
Itau Unibanco Holding S.A., 0.77% (Brazil)^(c)		359,856		1,473,177
Itau Unibanco Holding S.A. ADR, 0.78% (Brazil)^(c)		600,501		2,456,049
				3,929,226

Chemicals – 0.1%
FUCHS PETROLUB S.E., 2.19% (Germany)^(c)		21,984		1,131,546


	Number of Shares		Value

Household Products/Wares – 0.1%
Henkel A.G. & Co. KGaA, 2.18% (Germany)^(c)		10,500	$	1,021,761

Semiconductors – 0.5%
Samsung Electronics Co. Ltd., 2.73% (South Korea)^(c)		14,245		633,688
Samsung Electronics Co. Ltd. GDR, 2.63% (South Korea)^(a)(c)		2,972		3,336,907
				3,970,595

Total Preferred Stocks (Cost $9,743,245)				10,053,128

Investment Companies – 28.4%
iShares Global Energy ETF		1,665,295		25,911,990
iShares MSCI Mexico ETF		469,972		16,054,244
iShares MSCI South Korea ETF		100,958		6,552,174
iShares MSCI United Kingdom ETF		2,426,983		59,072,766
JPMorgan BetaBuilders Japan ETF		4,095,585		99,604,627
Xtrackers MSCI Europe Hedged Equity ETF		913,944		23,780,823

Total Investment Companies (Cost $248,672,914)				230,976,624

Short-Term Investments – 1.3%
Money Market Fund – 1.3%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(d)		10,612,548		10,612,548

Total Short-Term Investments (Cost $10,612,548)				10,612,548

Rights – 0.2%
Aerospace/Defense – 0.2%
Rolls-Royce Holdings PLC (United Kingdom)		3,144,666		1,587,198

Total Rights (Cost $4,148,957)				1,587,198

Total Investments – 99.8% (Cost $808,755,186)				812,006,854

Other Assets less Liabilities – 0.2%^(e)				1,855,526

NET ASSETS – 100.0%			$	813,862,380

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar International Equity Fund

Percentages shown are based on Net Assets.

All securities are United States companies, unless noted otherwise in parentheses.

^(a)	Security sold outside United States without registration under the Securities Act of 1933.

^(b)

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. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Morningstar Funds Trust.

^(c)	Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

^(d)	7-day current yield as of October 31, 2020 is disclosed.

^(e)	Includes appreciation/ (depreciation) on forward foreign currency exchange contracts.

^*	Non-Income Producing Security


Abbreviations:
ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
GDR		Global Depositary Receipt
MSCI		Morgan Stanley Capital International
PCL		Public Company Limited
PJSC		Public Joint Stock Company
PLC		Public Limited Company


Concentration by Currency (%)
U.S. Dollar			39.5
Euro			19.0
British Pound			8.5
Hong Kong Dollar			5.7
All other currencies less than 5%			27.3
Total			100.0

Forward Foreign Currency Exchange Contracts outstanding at October 31, 2020:

Expiration

Date

Currency
Purchased

Amount
of Currency
Purchased

Currency
Sold

Amount
of Currency
Sold

Counterparty

Unrealized
Appreciation
(Depreciation)

12/16/20

U.S. Dollars

2,455,466

Swiss Francs

2,317,000

Northern Trust

$(75,202

)

Net Unrealized Depreciation

$(75,202

)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar International Equity Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:



Morningstar International Equity Fund	Level 1		Level 2			Level 3		Totals


Investments
Assets:
Common Stocks		$ 90,766,413		$468,010,943			$—		$558,777,356
Preferred Stocks		3,929,226		6,123,902			—		10,053,128
Investment Companies		230,976,624		—			—		230,976,624
Short-Term Investments		10,612,548		—			—		10,612,548

Rights		—		1,587,198			—		1,587,198


Total Investments		$336,284,811		$475,722,043			$—		$812,006,854



Morningstar International Equity Fund	Level 1		Level 2			Level 3		Totals


Derivative Financial Instruments
Liabilities:
Forward foreign currency exchange contracts		$—		$(75,202	)		$—		$(75,202	)


Total Derivative Financial Instruments		$—		$(75,202	)		$—		$(75,202	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar Global Income Fund


	Number of Shares		Value

Common Stocks – 42.2%
Aerospace/Defense – 1.2%
Raytheon Technologies Corp.		53,000	$	2,878,960

Agriculture – 1.0%
British American Tobacco PLC ADR (United Kingdom)		79,200		2,524,896

Auto Manufacturers – 1.9%
Toyota Motor Corp. ADR (Japan)		34,920		4,584,647

Auto Parts & Equipment – 1.2%
Cie Generale des Etablissements Michelin S.C.A. (France)		27,924		3,015,821

Banks – 2.4%
BNP Paribas S.A. (France)*		53,051		1,850,142
JPMorgan Chase & Co.		40,200		3,941,208
				5,791,350

Building Materials – 3.2%
Johnson Controls International PLC		87,625		3,698,651
Xinyi Glass Holdings Ltd. (Hong Kong)		1,847,765		4,057,761
				7,756,412

Computers – 0.5%
Quanta Computer, Inc. (Taiwan)		470,000		1,185,933

Cosmetics/Personal Care – 1.2%
Unilever N.V. (United Kingdom)^(a)		50,568		2,860,126

Electric – 6.3%
Duke Energy Corp.		44,692		4,116,580
Enel S.p.A. (Italy)		399,850		3,179,010
Iberdrola S.A. (Spain)		321,410		3,795,074
NextEra Energy, Inc.		56,520		4,137,829
				15,228,493

Forest Products & Paper – 2.7%
Smurfit Kappa Group PLC (Ireland)		95,800		3,609,659
UPM-Kymmene OYJ (Finland)		104,130		2,942,608
				6,552,267

Healthcare - Services – 1.2%
Sonic Healthcare Ltd. (Australia)		121,580		2,977,864


	Number of Shares		Value

Home Builders – 0.7%
Persimmon PLC (United Kingdom)		57,750	$	1,748,469

Insurance – 2.0%
Ping An Insurance Group Co. of China Ltd., Class H (China)		182,500		1,886,990
Zurich Insurance Group A.G. (Switzerland)		9,075		3,014,222
				4,901,212

Iron/Steel – 1.4%
Vale S.A. (Brazil)		318,050		3,345,152

Mining – 0.2%
MMC Norilsk Nickel PJSC ADR (Russia)		18,389		436,739

Oil & Gas – 0.1%
LUKOIL PJSC ADR (Russia)		4,485		229,139

Pharmaceuticals – 3.4%
GlaxoSmithKline PLC (United Kingdom)		139,300		2,326,101
Novartis A.G. ADR (Switzerland)		35,180		2,746,854
Sanofi ADR (France)		67,970		3,079,041
				8,151,996

Real Estate – 1.3%
Times China Holdings Ltd. (China)		2,354,000		3,144,743

Real Estate Investment Trusts – 4.0%
Ascendas Real Estate Investment Trust (Singapore)		1,333,550		2,813,953
Embassy Office Parks REIT (India)		552,800		2,566,927
Healthpeak Properties, Inc.		34,950		942,602
PLA Administradora Industrial S. de R.L. de C.V. (Mexico)		2,529,160		3,481,671
				9,805,153

Semiconductors – 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		241,055		3,647,084

Telecommunications – 4.0%
AT&T, Inc.		101,330		2,737,937
BCE, Inc. (Canada)		73,305		2,948,327
Cisco Systems, Inc.		64,870		2,328,833
Softbank Corp. (Japan)		152,195		1,771,165
				9,786,262

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Global Income Fund


	Number of Shares		Value

Transportation – 0.8%
Globaltrans Investment PLC GDR (Russia)^(a)		334,640	$	1,892,895

Total Common Stocks (Cost $99,910,647)				102,445,613

Investment Companies – 53.3%
Global X MLP & Energy Infrastructure ETF		488,956		11,021,068
Global X U.S. Preferred ETF		318,829		7,881,453
iShares Broad USD High Yield Corporate Bond ETF		831,553		32,862,975
iShares MSCI United Kingdom ETF		495,461		12,059,521
iShares STOXX Europe 600 Telecommunications UCITS ETF DE (Germany)		704,063		14,087,377
SPDR Bloomberg Barclays Convertible Securities ETF		109,429		7,540,752
Vanguard Intermediate-Term Corporate Bond ETF		107,138		10,227,394


	Number of Shares		Value

Vanguard Long-Term Corporate Bond ETF		167,274	$	17,677,516
Vanguard Long-Term Treasury ETF		167,687		16,138,197

Total Investment Companies (Cost $131,999,097)				129,496,253

Short-Term Investments – 4.1%
Money Market Fund – 4.1%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(b)		9,993,995		9,993,995

Total Short-Term Investments (Cost $9,993,995)				9,993,995

Total Investments – 99.6% (Cost $241,903,739)				241,935,861

Other Assets less Liabilities – 0.4%				1,050,022

NET ASSETS – 100.0%			$	242,985,883

Percentages shown are based on Net Assets.

All securities are United States companies, unless noted otherwise in parentheses.

^(a)	Security sold outside United States without registration under the Securities Act of 1933.

^(b)	7-day current yield as of October 31, 2020 is disclosed.

^*	Non-Income Producing Security


Abbreviations:
ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
GDR		Global Depositary Receipt
MLP		Master Limited Partnership
MSCI		Morgan Stanley Capital International
PJSC		Public Joint Stock Company
PLC		Public Limited Company
REIT		Real Estate Investment Trust
SPDR		Standard & Poor’s Depositary Receipt
UCITS		Undertakings for Collective Investment in Transferable Securities
USD		United States Dollar



Concentration by Currency (%)
U.S. Dollar			66.5
Euro			13.4
All other currencies less than 5%			20.1
Total			100.0


Country Diversification (%)
United States			57.7
Germany			5.8
All other countries less than 5%			36.5
Total			100.0

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Global Income Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:


Morningstar Global Income Fund	Level 1		Level 2		Level 3		Totals

Investments
Common Stocks		$ 51,019,192		$51,426,421		$—		$102,445,613
Investment Companies		129,496,253		—		—		129,496,253
Short-Term Investments		9,993,995		—		—		9,993,995

Total Investments		$190,509,440		$51,426,421		$—		$241,935,861

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar Total Return Bond Fund


	Par^(a)		Value

Long Positions – 109.9%
Asset-Backed Securities – 9.6%
Automobile – 0.2%
Avis Budget Rental Car Funding AESOP LLC,
Series 2019-2A, Class A, 3.35%, 9/22/25^(b)	$	740,000	$	781,772
Series 2020-2A, Class A, 2.02%, 2/20/27^(b)		730,000		736,795
				1,518,567

Commercial Mortgage-Backed Securities – 3.0%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 6/05/37^(b)(c)		880,000		808,947
AOA Mortgage Trust, Series 2015-1177, Class C, 3.01%, 12/13/29^(b)(c)		113,000		112,403
BANK,
Series 2017-BNK7, Class A5, 3.44%, 9/15/60		100,000		112,121
Series 2018-BN13, Class A5, 4.22%, 8/15/61		480,000		561,934
Bayview Commercial Asset Trust, Series 2006-1A, Class A1, (1M USD LIBOR + 0.27%), 0.42%, 4/25/36^(b)(d)		397,673		367,198
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T26, Class AM, 5.43%, 1/12/45^(c)		92,516		92,355
Benchmark Mortgage Trust,
Series 2020-IG1, Class AS, 2.91%, 9/15/43		720,000		760,613
Series 2018-B2, Class A5, 3.88%, 2/15/51		390,000		447,571
Series 2019-B9, Class XA, 1.04%, 3/15/52^(c)		2,885,110		203,487
Series 2019-B10, Class A4, 3.72%, 3/15/62		500,000		574,900
BHMS, Series 2018-ATLS, Class A, (1M USD LIBOR + 1.25%, 1.25% Floor), 1.40%, 7/15/35^(b)(d)		1,190,000		1,135,007


	Par^(a)		Value

Commercial Mortgage-Backed Securities (Continued)
BX Commercial Mortgage Trust, Series 2020-FOX, Class A, (1M USD LIBOR + 1.00%, 1.00% Floor), 11/15/32^(b)(d)(e)	$	1,020,000	$	1,020,000
BXP Trust, Series 2017-GM, Class D, 3.42%, 6/13/39^(b)(c)		370,000		380,820
CAMB Commercial Mortgage Trust,
Series 2019-LIFE, Class A, (1M USD LIBOR + 1.07%, 1.07% Floor), 1.22%, 12/15/37^(b)(d)		590,000		588,881
Series 2019-LIFE, Class D, (1M USD LIBOR + 1.75%, 1.75% Floor), 1.90%, 12/15/37^(b)(d)		100,000		99,912
CFK Trust, Series 2019-FAX, Class D, 4.64%, 1/15/39^(b)(c)		100,000		103,039
Citigroup Commercial Mortgage Trust,
Series 2019-SMRT, Class D, 4.74%, 1/10/36^(b)(c)		500,000		510,562
Series 2019-SMRT, Class E, 4.74%, 1/10/36^(b)(c)		500,000		500,272
Series 2019-SST2, Class A, (1M USD LIBOR + 0.92%, 0.92% Floor), 1.07%, 12/15/36^(b)(d)		300,000		294,838
Series 2016-P3, Class D, 2.80%, 4/15/49^(b)		62,515		38,557
Series 2016-C1, Class D, 4.95%, 5/10/49^(b)(c)		250,000		212,334
Series 2017-C4, Class A4, 3.47%, 10/12/50		420,000		469,014
Commercial Mortgage Trust, Series 2020-CX, Class A, 11/10/46^(b)(e)		290,000		298,705
CSMC OA LLC, Series 2014-USA, Class B, 4.18%, 9/15/37^(b)		530,000		480,102
DBGS Mortgage Trust, Series 2019-1735, Class X, 0.29%, 4/10/37^(b)(c)		13,945,000		339,184
Exantas Capital Corp. Ltd., Series 2019-RSO7, Class AS, (1M USD LIBOR + 1.50%, 1.50% Floor), 1.65%, 4/15/36^(b)(d)(f)		500,000		490,237

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Commercial Mortgage-Backed Securities (Continued)
GRACE Mortgage Trust, Series 2014-GRCE, Class F, 3.59%, 6/10/28^(b)(c)	$	100,000	$	99,637
GS Mortgage Securities Corp. Trust,
Series 2017-500K, Class E, (1M USD LIBOR + 1.50%, 1.75% Floor), 1.75%, 7/15/32^(b)(d)		110,000		107,649
Series 2020-DUNE, Class A, (1M USD LIBOR + 1.10%, 1.10% Floor), 1.25%, 12/15/36^(b)(d)		960,000		926,883
Series 2019-BOCA, Class A, (1M USD LIBOR + 1.20%, 1.20% Floor), 1.35%, 6/15/38^(b)(d)		100,000		97,760
Series 2019-BOCA, Class B, (1M USD LIBOR + 1.50%, 1.50% Floor), 1.65%, 6/15/38^(b)(d)		620,000		581,975
Series 2019-BOCA, Class C, (1M USD LIBOR + 1.73%, 1.73% Floor), 1.88%, 6/15/38^(b)(d)		530,000		492,188
GS Mortgage Securities Trust,
Series 2017-GS7, Class E, 3.00%, 8/10/50^(b)		70,000		51,543
Series 2017-GS8, Class A4, 3.47%, 11/10/50		240,000		269,836
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2020-MKST, Class D, (1M USD LIBOR + 1.50%, 1.50% Floor), 1.65%, 12/15/36^(b)(d)		710,000		633,436
Series 2017-JP6, Class A5, 3.49%, 7/15/50		235,000		263,211
LSTAR Commercial Mortgage Trust, Series 2015-3, Class AS, 3.20%, 4/20/48^(b)(c)		330,883		334,342
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A5, 3.63%, 10/15/48		450,000		496,537


	Par^(a)		Value

Commercial Mortgage-Backed Securities (Continued)
Morgan Stanley Capital I Trust,
Series 2019-BPR, Class A, (1M USD LIBOR + 1.40%, 1.40% Floor), 1.55%, 5/15/36^(b)(d)	$	410,000	$	392,684
Series 2019-L2, Class XA, 1.03%, 3/15/52^(c)		2,561,470		182,028
PFP Ltd., Series 2019-5, Class A, (1M USD LIBOR + 0.97%, 0.97% Floor), 1.12%, 4/14/36^(b)(d)(f)		245,165		241,212
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A, (1M USD LIBOR + 0.95%, 1.94% Floor), 1.94%, 6/15/33^(b)(d)		1,273,773		1,269,778
Wells Fargo Commercial Mortgage Trust,
Series 2015-C28, Class A4, 3.54%, 5/15/48		240,000		262,906
Series 2015-P2, Class D, 3.24%, 12/15/48^(b)		250,000		193,942
Series 2017-C38, Class A5, 3.45%, 7/15/50		315,000		352,486
				18,253,026

Home Equity – 0.1%
GSAA Home Equity Trust, Series 2006-4, Class 1A1, 3.52%, 3/25/36^(c)		64,033		50,866
Option One Mortgage Loan Trust, Series 2004-3, Class M1, (1M USD LIBOR + 0.78%, 0.52% Floor), 0.93%, 11/25/34^(d)		327,512		325,588
Renaissance Home Equity Loan Trust, Series 2005-2, Class AV3, (1M USD LIBOR + 0.37%, 0.37% Floor, 14.00% Cap), 0.52%, 8/25/35^(d)		369,591		348,035
				724,489

Other – 4.3%
AGL CLO 6 Ltd., Series 2020-6A, Class A1, (3M USD LIBOR + 1.95%, 1.95% Floor), 2.20%, 7/20/31^(b)(d)		290,000		284,630
AGL Core CLO 8 Ltd., Series 2020-8A, Class A1, (3M USD LIBOR + 1.50%, 1.50% Floor), 1.72%, 10/20/31^(b)(d)		180,000		177,674

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Other (Continued)
Ajax Mortgage Loan Trust,
Series 2018-G, Class A, 4.37%, 6/25/57^(b)(c)	$	66,273	$	66,272
Series 2019-A, Class A, 3.75%, 8/25/57^(b)(c)		332,701		338,329
Series 2018-F, Class A, 4.37%, 11/25/58^(b)(c)		165,790		172,713
Series 2019-B, Class A, 3.75%, 1/25/59^(b)(c)		409,521		416,423
Allegro CLO IV Ltd., Series 2016-1A, Class AR, (3M USD LIBOR + 1.15%), 1.39%, 1/15/30^(b)(d)		247,282		246,060
Allegro CLO XI Ltd., Series 2019-2A, Class A1A, (3M USD LIBOR + 1.39%, 1.39% Floor), 1.61%, 1/19/33^(b)(d)		250,000		248,121
ALM VII Ltd., Series 2012-7A, Class A1A2, (3M USD LIBOR + 1.17%, 1.17% Floor), 1.41%, 7/15/29^(b)(d)		250,000		247,904
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R7, Class M2, (1M USD LIBOR + 0.50%, 0.50% Floor), 0.65%, 9/25/35^(d)		284,766		284,238
AMMC CLO Ltd., Series 2017-21A, Class A, (3M USD LIBOR + 1.25%), 1.46%, 11/02/30^(b)(d)		250,000		247,097
Anchorage Capital CLO Ltd., Series 2013-1A, Class A1R, (3M USD LIBOR + 1.25%), 1.51%, 10/13/30^(b)(d)		500,000		496,915
Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3M USD LIBOR + 1.47%, 1.47% Floor), 1.68%, 4/24/29^(b)(d)		97,941		96,954
Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, 6/07/49^(b)		380,000		370,025
Atrium IX, (3M USD LIBOR + 1.24%), 1.49%, 5/28/30^(b)(d)		500,000		495,193
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, (3M USD LIBOR + 1.10%), 1.31%, 4/25/26^(b)(d)		51,569		51,507


	Par^(a)		Value

Other (Continued)
Babson CLO Ltd., Series 2015-IA, Class AR, (3M USD LIBOR + 0.99%, 0.99% Floor), 1.21%, 1/20/31^(b)(d)	$	250,000	$	242,906
Ballyrock CLO Ltd.,
Series 2019-2A, Class A1B, (3M USD LIBOR + 1.75%, 1.75% Floor), 2.00%, 11/20/30^(b)(d)		250,000		247,696
Series 2018-1A, Class A1, (3M USD LIBOR + 1.00%), 1.22%, 4/20/31^(b)(d)		250,000		246,297
Battalion CLO X Ltd.,
Series 2016-10A, Class A1R, (3M USD LIBOR + 1.25%, 1.25% Floor), 1.46%, 1/24/29^(b)(d)		310,000		310,000
Series 2016-10A, Class A2R, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.01%, 1/24/29^(b)(d)		260,000		260,000
Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1M USD LIBOR + 0.45%, 0.45% Floor), 0.60%, 9/25/37^(b)(d)		455,421		422,020
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24^(b)		424,302		429,085
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A2R, (3M USD LIBOR + 1.75%), 1.99%, 7/15/29^(b)(d)		500,000		496,988
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, (3M USD LIBOR + 1.25%, 1.25% Floor), 1.47%, 1/20/29^(b)(d)		500,000		497,485
BlueMountain CLO Ltd.,
Series 2013-1A, Class A1R2, (3M USD LIBOR + 1.23%, 1.23% Floor), 1.45%, 1/20/29^(b)(d)		489,384		487,830
Series 2015-3A, Class A1R, (3M USD LIBOR + 1.00%), 1.22%, 4/20/31^(b)(d)		250,000		246,593

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Other (Continued)
California Street CLO XII Ltd., Series 2013-12A, Class AR, (3M USD LIBOR + 1.03%), 1.27%, 10/15/25^(b)(d)	$	84,798	$	84,425
Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class A1R, (3M USD LIBOR + 1.00%), 1.22%, 7/28/28^(b)(d)		250,000		248,281
Series 2014-2RA, Class A1, (3M USD LIBOR + 1.05%), 1.33%, 5/15/31^(b)(d)		729,370		717,535
Series 2014-3RA, Class A1A, (3M USD LIBOR + 1.05%), 1.26%, 7/27/31^(b)(d)		247,958		244,282
Cerberus Loan Funding XXVIII L.P., Series 2020-1A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 2.06%, 10/15/31^(b)(d)		125,000		123,961
CIFC Funding Ltd., Series 2020-2A, Class A1, (3M USD LIBOR + 1.65%, 1.65% Floor), 1.93%, 8/24/32^(b)(d)		250,000		245,435
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class M3A, (1M USD LIBOR + 2.50%, 2.50% Floor), 2.65%, 7/25/37^(d)		500,000		506,225
Columbia Cent CLO 29 Ltd., Series 2020-29A, Class A1N, (3M USD LIBOR + 1.70%, 1.70% Floor), 1.92%, 7/20/31^(b)(d)		260,000		258,877
Cumberland Park CLO Ltd., Series 2015-2A, Class BR, (3M USD LIBOR + 1.40%), 1.62%, 7/20/28^(b)(d)		350,000		342,517
Cutwater Ltd., Series 2014-1A, Class A1AR, (3M USD LIBOR + 1.25%), 1.49%, 7/15/26^(b)(d)		119,596		119,409
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR, (3M USD LIBOR + 0.90%), 1.14%, 10/15/27^(b)(d)		420,708		416,445


	Par^(a)		Value

Other (Continued)
Elm CLO Ltd.,
Series 2014-1A, Class ARR, (3M USD LIBOR + 1.17%), 1.39%, 1/17/29^(b)(d)	$	250,000	$	248,063
Series 2014-1A, Class BRR, (3M USD LIBOR + 1.75%), 1.97%, 1/17/29^(b)(d)		250,000		248,462
First Franklin Mortgage Loan Trust,
Series 2003-FF4, Class M1, (1M USD LIBOR + 1.80%, 1.20% Floor), 1.95%, 10/25/33^(d)		395,365		396,857
Series 2006-FF13, Class A1, (1M USD LIBOR + 0.12%, 0.12% Floor), 0.27%, 10/25/36^(d)		32,646		25,747
Flatiron CLO 17 Ltd., Series 2017-1A, Class A, (3M USD LIBOR + 1.25%), 1.53%, 5/15/30^(b)(d)		300,000		298,053
Hildene Community Funding CDO Ltd., Series 2015-1A, Class AR, 11/01/35^(b)(e)		150,000		150,001
Home Equity Asset Trust, Series 2006-4, Class 2A4, (1M USD LIBOR + 0.28%, 0.28% Floor), 0.43%, 8/25/36^(d)		708,020		697,544
ICG U.S. CLO Ltd., Series 2015-2RA, Class A1, (3M USD LIBOR + 1.37%, 1.37% Floor), 1.60%, 1/16/33^(b)(d)		500,000		491,871
JFIN CLO Ltd., Series 2014-1A, Class AR, (3M USD LIBOR + 0.95%), 1.17%, 4/21/25^(b)(d)		68,183		68,036
KKR CLO 16 Ltd.,
Series 16, Class A2R, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.02%, 1/20/29^(b)(d)		250,000		247,168
Series 16, Class A1R, (3M USD LIBOR + 1.25%, 1.25% Floor), 1.47%, 1/20/29^(b)(d)		250,000		248,601
KKR CLO Ltd., Series 21, Class A, (3M USD LIBOR + 1.00%), 1.24%, 4/15/31^(b)(d)		250,000		244,745

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Other (Continued)
LCM Loan Income Fund I Income Note Issuer Ltd., Series 27A, Class A1, (3M USD LIBOR + 1.08%), 1.31%, 7/16/31^(b)(d)	$	250,000	$	245,990
LCM XXIV Ltd., Series 24A, Class A, (3M USD LIBOR + 1.31%, 1.31% Floor), 1.53%, 3/20/30^(b)(d)		750,000		745,506
Legacy Mortgage Asset Trust,
Series 2019-SL1, Class A, 4.00%, 12/28/54^(b)		223,417		225,518
Series 2019-GS5, Class A1, (Step to 6.20% on 8/25/22), 3.20%, 5/25/59^(b)(g)		865,180		873,022
Long Beach Mortgage Loan Trust, Series 2006-6, Class 2A3, (1M USD LIBOR + 0.15%, 0.15% Floor), 0.30%, 7/25/36^(d)		853,840		440,148
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (3M USD LIBOR + 1.16%), 1.37%, 7/23/29^(b)(d)		500,000		495,737
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (3M USD LIBOR + 0.95%, 0.95% Floor), 1.17%, 4/19/30^(b)(d)		500,000		493,804
Madison Park Funding XVI Ltd., Series 2015-16A, Class A1R, (3M USD LIBOR + 1.33%), 1.55%, 4/20/26^(b)(d)		265,913		265,218
Mariner CLO Ltd., Series 2017-4A, Class A, (3M USD LIBOR + 1.21%), 1.42%, 10/26/29^(b)(d)		250,000		248,302
Myers Park CLO Ltd., Series 2018-1A, Class B1, (3M USD LIBOR + 1.60%, 1.60% Floor), 1.82%, 10/20/30^(b)(d)		250,000		243,588
Oaktree CLO Ltd., Series 2015-1A, Class A1R, (3M USD LIBOR + 0.87%), 1.09%, 10/20/27^(b)(d)		385,631		383,525
Ocean Trails CLO IX, Series 2020-9A, Class A1, (3M USD LIBOR + 1.87%, 1.87% Floor), 2.15%, 10/15/29^(b)(d)		490,000		484,469


	Par^(a)		Value

Other (Continued)
OFSI Fund VI Ltd., Series 2014-6A, Class BR, (3M USD LIBOR + 1.50%), 1.74%, 3/20/25^(b)(d)	$	178,362	$	176,683
OHA Credit Funding 7 Ltd., Series 2020-7A, Class A, (3M USD LIBOR + 1.25%, 1.25% Floor), 10/19/32^(b)(d)(e)		150,000		150,000
Owl Rock CLO III Ltd., Series 2020-3A, Class A1L, (3M USD LIBOR + 1.80%), 2.07%, 4/20/32^(b)(d)		270,000		265,719
Palmer Square CLO Ltd., Series 2018-2A, Class A1A, (3M USD LIBOR + 1.10%), 1.33%, 7/16/31^(b)(d)		500,000		493,683
Riserva CLO Ltd., Series 2016-3A, Class AR, (3M USD LIBOR + 1.14%), 1.36%, 10/18/28^(b)(d)		250,000		249,160
RR 3 Ltd., Series 2018-3A, Class A1R2, (3M USD LIBOR + 1.09%, 1.09% Floor), 1.33%, 1/15/30^(b)(d)		250,000		247,636
SBA Small Business Investment Cos., Series 2019-10A, Class 1, 3.11%, 3/10/29		87,801		93,186
Silver Rock CLO I Ltd., Series 2020-1A, Class A, (3M USD LIBOR + 1.65%), 10/20/31^(b)(d)(e)		440,000		439,954
Sound Point CLO XXIII, Series 2019-2A, Class A1, (3M USD LIBOR + 1.40%, 1.40% Floor), 1.64%, 4/15/32^(b)(d)		250,000		248,893
Thacher Park CLO Ltd., Series 2014-1A, Class AR, (3M USD LIBOR + 1.16%), 1.38%, 10/20/26^(b)(d)		83,163		83,038
Towd Point Mortgage Trust, Series 2019-SJ2, Class M1, 4.50%, 11/25/58^(b)		500,000		519,779
United States Small Business Administration,
Series 2019-20D, Class 1, 2.98%, 4/01/39		46,319		48,785
Series 2019-25G, Class 1, 2.69%, 7/01/44		77,206		83,260

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Other (Continued)
Venture 31 CLO Ltd., Series 2018-31A, Class A1, (3M USD LIBOR + 1.03%, 1.03% Floor), 1.25%, 4/20/31^(b)(d)	$	410,000	$	403,519
Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, (Step to 6.97% on 3/25/22), 3.97%, 2/25/49^(b)(g)		78,738		78,865
Voya CLO Ltd., Series 2018-3A, Class A1A, (3M USD LIBOR + 1.15%, 1.15% Floor), 1.39%, 10/15/31^(b)(d)		290,000		287,146
Wellfleet CLO Ltd., Series 2020-2A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 2.05%, 7/15/31^(b)(d)		260,000		259,381
Westcott Park CLO Ltd., Series 2016-1A, Class AR, (3M USD LIBOR + 1.21%), 1.43%, 7/20/28^(b)(d)		500,000		497,767
Whitebox CLO II Ltd., Series 2020-2A, Class A1, (3M USD LIBOR + 1.75%, 1.75% Floor), 1.99%, 10/24/31^(b)(d)		280,000		279,995
York CLO-3 Ltd., Series 2016-1A, Class BR, (3M USD LIBOR + 1.75%), 1.97%, 10/20/29^(b)(d)		500,000		491,530
Zais CLO 13 Ltd., Series 2019-13A, Class A1A, (3M USD LIBOR + 1.49%), 1.73%, 7/15/32^(b)(d)		250,000		240,387
Zais CLO 5 Ltd., Series 2016-2A, Class A1, (3M USD LIBOR + 1.53%), 1.77%, 10/15/28^(b)(d)		488,192		483,831
				26,066,519

Student Loan – 0.4%
Navient Private Education Refinancing Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68^(b)		510,000		524,102
Navient Student Loan Trust,
Series 2017-1A, Class A3, (1M USD LIBOR + 1.15%), 1.30%, 7/26/66^(b)(d)		260,000		260,457


	Par^(a)		Value

Student Loan (Continued)
Navient Student Loan Trust,
Series 2017-2A, Class A, (1M USD LIBOR + 1.05%), 1.20%, 12/27/66^(b)(d)	$	117,298	$	116,754
SLM Student Loan Trust, Series 2006-10, Class A6, (3M USD LIBOR + 0.15%), 0.36%, 3/25/44^(d)		289,564		273,777
Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48^(b)		660,000		696,574
Sofi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 3.34%, 8/25/47^(b)		239,474		245,970
Series 2018-D, Class A2FX, 3.60%, 2/25/48^(b)		200,000		208,291
				2,325,925

Whole Loan – 1.6%
Adjustable Rate Mortgage Trust, Series 2005-9, Class 5A1, (1M USD LIBOR + 0.54%, 0.27% Floor, 11.00% Cap), 0.69%, 11/25/35^(d)		287,890		284,264
CSMC, Series 2019-NQM1, Class A2, (Step to 3.86% on 12/25/23), 2.86%, 10/25/59^(b)(g)		568,391		579,634
CSMC Trust, Series 2019-RPL8, Class A1, 3.32%, 10/25/58^(b)(c)		545,580		549,682
FHLMC Structured Agency Credit Risk Debt Notes, Series 2014-DN3, Class M3, (1M USD LIBOR + 4.00%), 4.15%, 8/25/24^(d)		116,011		116,886
FNMA Connecticut Avenue Securities,
Series 2014-C04, Class 1M2, (1M USD LIBOR + 4.90%), 5.05%, 11/25/24^(d)		172,836		179,118
Series 2016-C02, Class 1M2, (1M USD LIBOR + 6.00%), 6.15%, 9/25/28^(d)		362,451		381,368
Series 2016-C03, Class 1M2, (1M USD LIBOR + 5.30%), 5.45%, 10/25/28^(d)		322,997		340,841

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Whole Loan (Continued)
FNMA Connecticut Avenue Securities,
Series 2016-C04, Class 1M2, (1M USD LIBOR + 4.25%), 4.40%, 1/25/29^(d)	$	178,733	$	184,729
GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 1/25/37		421,588		474,587
Impac CMB Trust, Series 2007-A, Class A, (1M USD LIBOR + 0.50%, 0.25% Floor, 11.50% Cap), 0.65%, 5/25/37^(b)(d)		309,253		303,177
MASTR Asset Securitization Trust,
Series 2007-1, Class 1A4, 6.50%, 11/25/37		725,618		388,136
Series 2007-2, Class A2, 6.25%, 1/25/38		476,439		367,558
MCM Trust,
Series 2018-NPL2, Class A, (Step to 7.00% on 1/25/22), 4.00%, 10/25/28^(b)(g)		63,162		62,373
Series 2018-NPL2, Class B, 7.12%, 10/25/28^(b)(h)		511,405		227,929
Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 3.14%, 2/25/34^(c)		372,166		373,315
Morgan Stanley Resecuritization Trust, Series 2015-R2, Class 2A1, (12MTA + 1.09%, 1.09% Floor), 3.06%, 12/26/46^(b)(d)		224,005		224,410
New Residential Mortgage Loan Trust,
Series 2018-RPL1, Class M2, 3.50%, 12/25/57^(b)		280,000		288,575
Series 2018-3A, Class A1, 4.50%, 5/25/58^(b)(c)		1,083,450		1,171,083
Series 2019-NQM4, Class A1, 2.49%, 9/25/59^(b)		430,331		437,445
Series 2019-6A, Class A1B, 3.50%, 9/25/59^(b)(c)		548,871		578,907
Residential Mortgage Loan Trust,
Series 2019-2, Class A1, 2.91%, 5/25/59^(b)		423,734		431,274
Series 2020-2, Class A1, 1.66%, 5/25/60^(b)		586,963		590,657


	Par^(a)		Value

Whole Loan (Continued)
Thornburg Mortgage Securities Trust, Series 2004-2, Class A4, (1M USD LIBOR + 0.68%, 0.34% Floor, 11.50% Cap), 0.83%, 6/25/44^(d)	$	519,223	$	505,115
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 3.96%, 2/25/38^(b)(c)		196,395		67,053
WaMu Mortgage Pass-Through Certificates, Series 2006-AR13, Class 1A, (12MTA + 0.88%, 0.88% Floor), 1.76%, 10/25/46^(d)		389,964		352,893
				9,461,009

Total Asset-Backed Securities (Cost $58,431,403)				58,349,535


Corporate Bonds – 27.4%
Advertising – 0.0%⁽ⁱ⁾
Lamar Media Corp.,
5.75%, 2/01/26		29,000		30,006
3.75%, 2/15/28		5,000		4,980
Omnicom Group, Inc., 2.45%, 4/30/30		62,000		63,431
Outfront Media Capital LLC/Outfront Media Capital Corp.,
5.00%, 8/15/27^(b)		56,000		53,061
4.63%, 3/15/30^(b)		5,000		4,594
				156,072

Aerospace/Defense – 1.4%
Boeing (The) Co.,
4.51%, 5/01/23		50,000		52,968
4.87%, 5/01/25		431,000		468,687
3.10%, 5/01/26		40,000		40,546
2.70%, 2/01/27		30,000		29,199
2.80%, 3/01/27		40,000		38,957
3.20%, 3/01/29		130,000		127,183
5.15%, 5/01/30		170,000		187,872
3.25%, 2/01/35		290,000		269,383
5.70%, 5/01/40		140,000		162,395
3.75%, 2/01/50		50,000		44,711
5.80%, 5/01/50		330,000		388,644
5.93%, 5/01/60		210,000		248,992
General Dynamics Corp.,
3.75%, 5/15/28		34,000		39,568
3.63%, 4/01/30		171,000		203,016
4.25%, 4/01/40		10,000		12,705
4.25%, 4/01/50		382,000		496,303

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value
Aerospace/Defense (Continued)
L3Harris Technologies, Inc.,
3.95%, 5/28/24		$	115,000	$	126,022
3.85%, 12/15/26			145,000		164,972
4.40%, 6/15/28			377,000		445,227
5.05%, 4/27/45			20,000		26,625
Lockheed Martin Corp.,
3.55%, 1/15/26			120,000		135,663
3.60%, 3/01/35			222,000		264,147
6.15%, 9/01/36			22,000		32,253
3.80%, 3/01/45			63,000		75,184
4.70%, 5/15/46			12,000		16,183
2.80%, 6/15/50			135,000		139,514
Northrop Grumman Corp.,
2.93%, 1/15/25			149,000		161,317
3.25%, 1/15/28			844,000		943,104
4.03%, 10/15/47			88,000		106,066
5.25%, 5/01/50			550,000		789,989
Raytheon Technologies Corp.,
3.65%, 8/16/23			8,000		8,643
3.15%, 12/15/24^(b)			105,000		113,534
7.20%, 8/15/27^(b)			26,000		34,735
7.00%, 11/01/28^(b)			90,000		123,297
4.13%, 11/16/28			122,000		143,064
7.50%, 9/15/29			15,000		21,455
2.15%, 5/18/30	EUR		130,000		170,697
2.25%, 7/01/30			417,000		434,993
5.40%, 5/01/35			22,000		29,595
4.50%, 6/01/42			30,000		37,606
4.20%, 12/15/44^(b)			35,000		39,157
4.15%, 5/15/45			191,000		227,951
4.63%, 11/16/48			62,000		80,937
3.13%, 7/01/50			190,000		200,770
TransDigm, Inc.,
8.00%, 12/15/25^(b)			140,000		151,592
6.25%, 3/15/26^(b)			346,000		360,702
					8,416,123

Agriculture – 0.6%
Altria Group, Inc.,
3.49%, 2/14/22			100,000		103,803
2.85%, 8/09/22			70,000		72,872
4.00%, 1/31/24			80,000		87,690
3.80%, 2/14/24			40,000		43,527
2.35%, 5/06/25			30,000		31,638
4.40%, 2/14/26			533,000		613,330
4.80%, 2/14/29			458,000		537,937
3.12%, 6/15/31	EUR		105,000		143,116
5.80%, 2/14/39			313,000		398,554
5.95%, 2/14/49			285,000		378,202
6.20%, 2/14/59			60,000		81,305


		Par^(a)		Value
Agriculture (Continued)
Cargill, Inc., 1.38%, 7/23/23^(b)		$	110,000	$	112,520
Darling Ingredients, Inc., 5.25%, 4/15/27^(b)			23,000		24,380
Philip Morris International, Inc.,
2.50%, 8/22/22			330,000		342,921
1.13%, 5/01/23			70,000		71,229
2.10%, 5/01/30			70,000		71,499
1.45%, 8/01/39	EUR		200,000		233,389
4.50%, 3/20/42			60,000		73,745
					3,421,657

Airlines – 0.3%
Alaska Airlines Pass Through Trust, Series 2020-1, Class A, 4.80%, 8/15/27^(b)			305,000		317,200
American Airlines Pass Through Trust,
Series 2015-2, Class B, 4.40%, 9/22/23			17,973		12,440
Series 2016-1, Class B, 5.25%, 1/15/24			108,273		70,836
Series 2017-1, Class B, 4.95%, 2/15/25			15,323		10,623
Series 2016-3, Class B, 3.75%, 10/15/25			1,470		1,027
Series 2015-2, Class AA, 3.60%, 9/22/27			14,163		13,649
Series 2016-1, Class AA, 3.58%, 1/15/28			80,937		77,285
Series 2019-1, Class B, 3.85%, 2/15/28			75,194		47,084
Series 2016-2, Class AA, 3.20%, 6/15/28			24,960		23,006
Series 2016-3, Class AA, 3.00%, 10/15/28			39,449		36,543
Series 2017-1, Class AA, 3.65%, 2/15/29			21,548		20,326
Series 2019-1, Class AA, 3.15%, 2/15/32			72,392		66,365
Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 4/25/24			164,000		163,327
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/25^(b)			220,000		223,288
4.75%, 10/20/28^(b)			210,000		214,664
JetBlue Pass Through Trust, Series 2020-1, Class A, 4.00%, 11/15/32			145,000		148,824

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value
Airlines (Continued)
United Airlines Pass Through Trust,
Series 2014-2, Class B, 4.62%, 9/03/22	$	4,818	$	4,586
Series 2016-2, Class B, 3.65%, 10/07/25		2,972		2,292
Series 2016-1, Class B, 3.65%, 1/07/26		9,431		7,566
Series 2014-1, Class A, 4.00%, 4/11/26		97,529		93,596
Series 2020-1, Class A, 5.87%, 10/15/27		135,000		134,831
Series 2015-1, Class AA, 3.45%, 12/01/27		807		781
Series 2019-2, Class B, 3.50%, 5/01/28		58,315		46,698
Series 2016-1, Class AA, 3.10%, 7/07/28		2,525		2,424
Series 2016-2, Class AA, 2.88%, 10/07/28		18,511		17,495
Series 2018-1, Class AA, 3.50%, 3/01/30		16,348		15,618
Series 2019-2, Class AA, 2.70%, 5/01/32		59,114		55,342
				1,827,716

Apparel – 0.2%
Hanesbrands, Inc.,
4.63%, 5/15/24^(b)		39,000		40,620
4.87%, 5/15/26^(b)		8,000		8,600
NIKE, Inc.,
2.40%, 3/27/25		60,000		64,434
2.75%, 3/27/27		396,000		436,097
2.85%, 3/27/30		100,000		111,948
3.25%, 3/27/40		70,000		79,067
3.38%, 3/27/50		240,000		275,976
Under Armour, Inc., 3.25%, 6/15/26		5,000		4,831
William Carter (The) Co., 5.62%, 3/15/27^(b)		23,000		24,136
				1,045,709

Auto Manufacturers – 0.4%
General Motors Co.,
4.87%, 10/02/23		210,000		229,174
5.95%, 4/01/49		70,000		85,472
General Motors Financial Co., Inc.,
5.20%, 3/20/23		349,000		378,707
3.70%, 5/09/23		68,000		71,456
5.10%, 1/17/24		169,000		185,533
3.50%, 11/07/24		32,000		33,875
4.00%, 1/15/25		185,000		198,444
2.90%, 2/26/25		84,000		87,239


		Par^(a)		Value
Auto Manufacturers (Continued)
General Motors Financial Co., Inc.,
2.75%, 6/20/25		$	47,000	$	48,513
0.85%, 2/26/26	EUR		210,000		234,318
Hyundai Capital America,
3.95%, 2/01/22^(b)			247,000		255,963
2.38%, 2/10/23^(b)			245,000		251,899
Toyota Motor Credit Corp.,
2.15%, 2/13/30			100,000		105,014
					2,165,607

Auto Parts & Equipment – 0.0%⁽ⁱ⁾
American Axle & Manufacturing, Inc., 6.25%, 4/01/25			27,000		27,363

Banks – 5.8%
Bank of America Corp.,
(3M USD LIBOR + 0.37%), 2.74%, 1/23/22^(j)			281,000		282,463
(3M USD LIBOR + 0.63%), 3.50%, 5/17/22^(j)			50,000		50,824
3.30%, 1/11/23			270,000		286,247
(3M USD LIBOR + 1.02%), 2.88%, 4/24/23^(j)			10,000		10,329
(3M USD LIBOR + 0.79%), 3.00%, 12/20/23^(j)			141,000		147,814
(3M USD LIBOR + 0.94%), 3.86%, 7/23/24^(j)			195,000		211,242
4.20%, 8/26/24			60,000		66,862
3.95%, 4/21/25			160,000		178,593
(3M USD LIBOR + 0.87%), 2.46%, 10/22/25^(j)			206,000		217,567
4.45%, 3/03/26			176,000		202,488
(SOFR + 1.15%), 1.32%, 6/19/26^(j)			70,000		70,351
4.25%, 10/22/26			340,000		393,300
(3M USD LIBOR + 1.06%), 3.56%, 4/23/27^(j)			156,000		173,932
(3M USD LIBOR + 1.58%), 3.82%, 1/20/28^(j)			294,000		332,067
(3M USD LIBOR + 2.93%), 5.87%, 3/15/28^(j)(k)			131,000		140,989
(3M USD LIBOR + 1.51%), 3.71%, 4/24/28^(j)			391,000		439,362
(3M USD LIBOR + 1.37%), 3.59%, 7/21/28^(j)			239,000		267,195
(3M USD LIBOR + 1.04%), 3.42%, 12/20/28^(j)			911,000		1,012,048
(3M USD LIBOR + 1.07%), 3.97%, 3/05/29(j)			266,000		305,524
(3M USD LIBOR + 1.21%), 3.97%, 2/07/30^(j)			960,000		1,108,061
(3M USD LIBOR + 1.18%), 3.19%, 7/23/30^(j)			103,000		113,122

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value
Banks (Continued)
Bank of America Corp.,
(3M USD LIBOR + 1.19%), 2.88%, 10/22/30^(j)	$	21,000	$	22,571
(SOFR + 2.15%), 2.59%, 4/29/31^(j)		467,000		487,655
(3M USD LIBOR + 1.32%), 4.08%, 4/23/40^(j)		27,000		32,462
(SOFR + 1.93%), 2.68%, 6/19/41^(j)		265,000		267,555
5.00%, 1/21/44		170,000		232,019
(3M USD LIBOR + 1.52%), 4.33%, 3/15/50^(j)		30,000		37,932
(3M USD LIBOR + 3.15%), 4.08%, 3/20/51^(j)		450,000		548,895
Bank of New York Mellon (The) Corp., 1.60%, 4/24/25		60,000		62,098
(3M USD LIBOR + 3.13%), 4.63%, 9/20/26^(j)(k)		136,000		141,100
(3M USD LIBOR + 1.07%), 3.44%, 2/07/28^(j)		89,000		101,066
Citigroup, Inc.,
(SOFR + 1.67%), 1.68%, 5/15/24^(j)		120,000		122,896
4.40%, 6/10/25		196,000		221,781
5.50%, 9/13/25		120,000		142,254
(SOFR + 2.75%), 3.11%, 4/08/26^(j)		80,000		86,119
3.40%, 5/01/26		135,000		150,079
(3M USD LIBOR + 1.39%), 3.67%, 7/24/28^(j)		381,000		426,787
(3M USD LIBOR + 1.15%), 3.52%, 10/27/28^(j)		390,000		433,316
(3M USD LIBOR + 1.19%), 4.08%, 4/23/29^(j)		368,000		423,234
(3M USD LIBOR + 1.34%), 3.98%, 3/20/30^(j)		550,000		630,919
(SOFR + 1.42%), 2.98%, 11/05/30^(j)		361,000		388,121
(SOFR + 1.15%), 2.67%, 1/29/31^(j)		101,000		105,971
(SOFR + 3.91%), 4.41%, 3/31/31^(j)		319,000		378,765
(SOFR + 2.11%), 2.57%, 6/03/31^(j)		458,000		477,278
8.12%, 7/15/39		580,000		1,007,081
4.65%, 7/23/48		30,000		38,886
Citizens Financial Group, Inc., 3.25%, 4/30/30		58,000		63,285
Goldman Sachs Group (The), Inc.,
(3M USD LIBOR + 0.82%), 2.88%, 10/31/22^(j)		230,000		235,450
3.20%, 2/23/23		40,000		42,328


	Par^(a)		Value
Banks (Continued)
Goldman Sachs Group (The), Inc.,
3.63%, 2/20/24	$	120,000	$	130,338
3.85%, 7/08/24		30,000		32,879
3.50%, 1/23/25		217,000		237,211
3.50%, 4/01/25		706,000		777,903
3.50%, 11/16/26		40,000		44,286
3.85%, 1/26/27		213,000		239,707
(3M USD LIBOR + 1.51%), 3.69%, 6/05/28^(j)		484,000		545,740
(3M USD LIBOR + 1.30%), 4.22%, 5/01/29^(j)		1,530,000		1,785,317
5.15%, 5/22/45		110,000		146,391
4.75%, 10/21/45		460,000		605,303
JPMorgan Chase & Co., (SOFR + 1.46%), 1.51%, 6/01/24^(j)		310,000		316,722
(3M USD LIBOR + 1.00%), 4.02%, 12/05/24^(j)		1,156,000		1,273,280
(3M USD LIBOR + 1.16%), 3.22%, 3/01/25^(j)		40,000		43,061
3.90%, 7/15/25		112,000		126,670
(SOFR + 1.59%), 2.01%, 3/13/26^(j)		423,000		438,485
(SOFR + 1.85%), 2.08%, 4/22/26^(j)		360,000		376,438
2.95%, 10/01/26		95,000		104,681
(3M USD LIBOR + 1.25%), 3.96%, 1/29/27^(j)		464,000		528,709
(3M USD LIBOR + 1.34%), 3.78%, 2/01/28^(j)		636,000		722,787
(3M USD LIBOR + 1.38%), 3.54%, 5/01/28^(j)		387,000		434,548
(SOFR + 1.89%), 2.18%, 6/01/28^(j)		181,000		188,752
(3M USD LIBOR + 1.12%), 4.01%, 4/23/29^(j)		52,000		60,338
(3M USD LIBOR + 1.33%), 4.45%, 12/05/29^(j)		961,000		1,149,932
(SOFR + 3.79%), 4.49%, 3/24/31^(j)		42,000		50,805
(SOFR + 2.04%), 2.52%, 4/22/31^(j)		310,000		325,828
4.95%, 6/01/45		220,000		294,715
(SOFR + 2.44%), 3.11%, 4/22/51^(j)		240,000		253,532
KeyCorp,
4.15%, 10/29/25		18,000		20,690
4.10%, 4/30/28		2,000		2,333
Morgan Stanley,
3.88%, 4/29/24		273,000		301,702
3.70%, 10/23/24		41,000		45,563
(SOFR + 1.15%), 2.72%, 7/22/25^(j)		130,000		138,443

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value
Banks (Continued)
Morgan Stanley,
3.88%, 1/27/26	$	274,000	$	311,436
(SOFR + 1.99%), 2.19%, 4/28/26^(j)		688,000		720,626
3.63%, 1/20/27		543,000		616,781
(3M USD LIBOR + 1.34%), 3.59%, 7/22/28^(j)		23,000		25,875
(3M USD LIBOR + 1.14%), 3.77%, 1/24/29^(j)		258,000		293,914
(3M USD LIBOR + 1.63%), 4.43%, 1/23/30^(j)		416,000		498,507
(SOFR + 1.14%), 2.70%, 1/22/31^(j)		410,000		436,965
(SOFR + 3.12%), 3.62%, 4/01/31^(j)		457,000		523,088
(SOFR + 4.84%), 5.60%, 3/24/51^(j)		40,000		60,547
National Securities Clearing Corp., 1.20%, 4/23/23^(b)		250,000		254,766
Northern Trust Corp., 1.95%, 5/01/30		43,000		44,331
State Street Corp.,
(3M USD LIBOR + 2.54%), 5.62%, 12/15/23^(j)(k)		292,000		298,739
2.65%, 5/19/26		18,000		19,645
(SOFR + 2.65%), 3.15%, 3/30/31^(b)(j)		3,000		3,399
U.S. Bancorp, 1.45%, 5/12/25		250,000		257,655
Wells Fargo & Co.,
3.75%, 1/24/24		160,000		173,690
3.55%, 9/29/25		148,000		164,733
(3M USD LIBOR + 0.83%), 2.41%, 10/30/25^(j)		56,000		59,070
(3M USD LIBOR + 0.75%), 2.16%, 2/11/26^(j)		61,000		63,379
3.00%, 4/22/26		212,000		230,913
(SOFR + 2.00%), 2.19%, 4/30/26^(j)		200,000		207,939
3.00%, 10/23/26		81,000		88,410
4.30%, 7/22/27		270,000		309,921
(3M USD LIBOR + 1.31%), 3.58%, 5/22/28^(j)		424,000		470,712
(SOFR + 2.10%), 2.39%, 6/02/28^(j)		363,000		377,271
4.15%, 1/24/29		820,000		955,344
(3M USD LIBOR + 1.17%), 2.88%, 10/30/30^(j)		399,000		424,658
(3M USD LIBOR + 3.77%), 4.48%, 4/04/31^(j)		300,000		359,873
(SOFR + 2.53%), 3.07%, 4/30/41^(j)		310,000		320,733
4.40%, 6/14/46		40,000		47,087


	Par^(a)		Value
Banks (Continued)
Wells Fargo & Co., 4.75%, 12/07/46	$	370,000	$	455,318
(3M USD LIBOR + 4.24%), 5.01%, 4/04/51^(j)		1,000,000		1,352,884
				35,489,581

Beverages – 0.2%
Coca-Cola (The) Co., 2.95%, 3/25/25		40,000		43,962
3.38%, 3/25/27		280,000		319,669
1.45%, 6/01/27		120,000		123,147
2.50%, 6/01/40		127,000		133,795
2.60%, 6/01/50		80,000		80,216
2.50%, 3/15/51		60,000		59,131
2.75%, 6/01/60		115,000		115,392
Keurig Dr. Pepper, Inc., 3.20%, 5/01/30		105,000		117,117
PepsiCo, Inc.,
0.75%, 5/01/23		120,000		121,203
2.25%, 3/19/25		10,000		10,655
2.63%, 3/19/27		10,000		10,954
1.63%, 5/01/30		110,000		112,132
3.37%, 7/29/49		38,000		43,732
2.88%, 10/15/49		40,000		42,782
3.62%, 3/19/50		20,000		24,177
3.87%, 3/19/60		30,000		37,656
				1,395,720

Biotechnology – 0.2%
Amgen, Inc.,
2.45%, 2/21/30		71,000		74,836
4.40%, 5/01/45		201,000		245,281
Baxalta, Inc., 5.25%, 6/23/45		9,000		11,992
Biogen, Inc., 2.25%, 5/01/30		139,000		140,069
Gilead Sciences, Inc.,
1.20%, 10/01/27		25,000		24,874
4.80%, 4/01/44		25,000		31,775
4.50%, 2/01/45		77,000		95,124
4.75%, 3/01/46		207,000		262,975
				886,926

Building Materials – 0.2%
Carrier Global Corp.,
1.92%, 2/15/23^(b)		186,000		191,517
2.24%, 2/15/25^(b)		545,000		568,373
2.49%, 2/15/27^(b)		20,000		21,012
2.72%, 2/15/30^(b)		170,000		177,432
2.70%, 2/15/31^(b)		50,000		52,421
3.38%, 4/05/40^(b)		160,000		169,121
3.58%, 4/05/50^(b)		60,000		64,790

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value
Building Materials (Continued)
Johnson Controls International PLC, 4.63%, 7/02/44	$	20,000	$	24,516
Masonite International Corp., 5.38%, 2/01/28^(b)		23,000		24,380
Owens Corning, 3.95%, 8/15/29		16,000		17,921
Standard Industries, Inc.,
5.00%, 2/15/27^(b)		23,000		23,719
4.75%, 1/15/28^(b)		9,000		9,405
U.S. Concrete, Inc., 6.37%, 6/01/24		6,000		6,150
				1,350,757

Chemicals – 0.2%
Dow Chemical (The) Co.,
4.55%, 11/30/25		26,000		30,103
3.63%, 5/15/26		93,000		103,737
DuPont de Nemours, Inc., 4.49%, 11/15/25		214,000		247,030
Eastman Chemical Co., 4.50%, 12/01/28		16,000		18,670
Ecolab, Inc., 4.80%, 3/24/30		105,000		133,304
LYB International Finance III LLC, 4.20%, 5/01/50		48,000		52,318
RPM International, Inc., 4.25%, 1/15/48		3,000		3,126
Sherwin-Williams (The) Co.,
4.20%, 1/15/22		205,000		212,319
2.30%, 5/15/30		101,000		104,986
4.00%, 12/15/42		18,000		19,930
				925,523

Commercial Services – 0.2%
Cintas Corp. No. 2,
2.90%, 4/01/22		20,000		20,691
3.70%, 4/01/27		20,000		22,837
Claremont Mckenna College, 3.38%, 1/01/50		15,000		16,259
Global Payments, Inc.,
4.80%, 4/01/26		189,000		220,810
4.45%, 6/01/28		45,000		52,214
3.20%, 8/15/29		95,000		102,812
Herc Holdings, Inc., 5.50%, 7/15/27^(b)		50,000		51,381
Moody’s Corp.,
4.87%, 2/15/24		78,000		87,989
3.25%, 1/15/28		50,000		56,635
Nielsen (The) Co. Luxembourg S.a.r.l., 5.00%, 2/01/25^(b)		20,000		20,544


	Par^(a)		Value
Commercial Services (Continued)
PayPal Holdings, Inc.,
1.35%, 6/01/23	$	90,000	$	91,922
2.40%, 10/01/24		35,000		37,146
1.65%, 6/01/25		155,000		160,148
United Rentals North America, Inc.,
5.87%, 9/15/26		44,000		46,304
5.50%, 5/15/27		44,000		46,777
3.88%, 11/15/27		7,000		7,254
4.88%, 1/15/28		71,000		74,550
5.25%, 1/15/30		7,000		7,586
				1,123,859

Computers – 0.5%
Apple, Inc.,
1.13%, 5/11/25		260,000		264,928
2.45%, 8/04/26		100,000		108,481
2.90%, 9/12/27		250,000		278,572
3.85%, 5/04/43		231,000		283,425
3.75%, 11/13/47		33,000		39,913
2.55%, 8/20/60		90,000		86,686
Dell International LLC/EMC Corp.,
4.90%, 10/01/26^(b)		36,000		40,995
6.10%, 7/15/27^(b)		92,000		109,417
8.10%, 7/15/36^(b)		80,000		108,060
DXC Technology Co.,
4.00%, 4/15/23		117,000		123,916
4.13%, 4/15/25		20,000		21,534
Hewlett Packard Enterprise Co.,
4.40%, 10/15/22		30,000		31,967
4.65%, 10/01/24		239,000		269,764
HP, Inc., 6.00%, 9/15/41		10,000		12,187
International Business Machines Corp.,
3.00%, 5/15/24		270,000		291,860
3.30%, 5/15/26		260,000		291,712
3.50%, 5/15/29		100,000		114,321
1.95%, 5/15/30		277,000		281,357
2.85%, 5/15/40		100,000		103,260
Leidos, Inc., 4.37%, 5/15/30^(b)		181,000		210,610
Seagate HDD Cayman, 4.09%, 6/01/29^(b)		70,000		75,425
				3,148,390

Cosmetics/Personal Care – 0.0%⁽ⁱ⁾
Procter & Gamble (The) Co.,
2.80%, 3/25/27		20,000		22,217
3.00%, 3/25/30		60,000		69,009
				91,226

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value
Distribution/Wholesale – 0.0%⁽ⁱ⁾
American Builders & Contractors Supply Co., Inc.,
5.87%, 5/15/26^(b)	$	25,000	$	25,938
4.00%, 1/15/28^(b)		33,000		33,495
H&E Equipment Services, Inc., 5.62%, 9/01/25		81,000		84,037
HD Supply, Inc., 5.38%, 10/15/26^(b)		25,000		26,151
KAR Auction Services, Inc., 5.13%, 6/01/25^(b)		40,000		40,300
Performance Food Group, Inc., 5.50%, 10/15/27^(b)		44,000		45,100
				255,021

Diversified Financial Services – 0.6%
Air Lease Corp., 3.38%, 7/01/25		70,000		71,062
American Express Co.,
2.50%, 7/30/24		410,000		434,906
4.20%, 11/06/25		164,000		189,218
Capital One Financial Corp.,
3.50%, 6/15/23		40,000		42,783
3.90%, 1/29/24		79,000		86,167
Charles Schwab (The) Corp., 3.20%, 3/02/27		44,000		48,883
Discover Financial Services, 4.50%, 1/30/26		7,000		8,013
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		200,000		216,267
Intercontinental Exchange, Inc.,
3.75%, 9/21/28		99,000		114,408
2.10%, 6/15/30		69,000		70,845
1.85%, 9/15/32		89,000		88,113
International Lease Finance Corp., 5.87%, 8/15/22		230,000		245,424
Mastercard, Inc.,
2.95%, 6/01/29		153,000		171,633
3.35%, 3/26/30		202,000		234,356
3.85%, 3/26/50		300,000		373,443
Nationstar Mortgage Holdings, Inc., 9.12%, 7/15/26^(b)		33,000		35,289
Navient Corp.,
6.50%, 6/15/22		36,000		36,720
7.25%, 9/25/23		22,000		23,073
5.87%, 10/25/24		20,000		19,850


	Par^(a)		Value
Diversified Financial Services (Continued)
Navient Corp.,
6.75%, 6/25/25	$	21,000	$	21,315
6.75%, 6/15/26		20,000		20,150
Nuveen LLC, 4.00%, 11/01/28^(b)		100,000		117,760
Quicken Loans LLC, 5.25%, 1/15/28^(b)		44,000		45,991
Synchrony Financial, 4.50%, 7/23/25		2,000		2,223
USAA Capital Corp., 2.13%, 5/01/30^(b)		150,000		156,210
Vanguard Group (The), Inc., 3.05%, 8/22/50^(l)		170,000		154,869
Visa, Inc.,
3.15%, 12/14/25		230,000		255,846
4.15%, 12/14/35		159,000		203,236
4.30%, 12/14/45		170,000		222,382
				3,710,435

Electric – 1.6%
AEP Texas, Inc.,
3.95%, 6/01/28		163,000		188,820
3.45%, 1/15/50		28,000		30,064
AEP Transmission Co. LLC,
3.75%, 12/01/47		54,000		63,479
3.80%, 6/15/49		65,000		77,056
3.15%, 9/15/49		40,000		43,209
3.65%, 4/01/50		66,000		76,789
Alabama Power Co.,
3.55%, 12/01/23		10,000		10,900
3.75%, 3/01/45		106,000		122,435
3.70%, 12/01/47		25,000		28,949
4.30%, 7/15/48		52,000		65,380
Ameren Illinois Co.,
3.80%, 5/15/28		46,000		53,377
3.25%, 3/15/50		60,000		66,608
Baltimore Gas and Electric Co.,
3.50%, 8/15/46		49,000		54,910
3.75%, 8/15/47		62,000		71,605
3.20%, 9/15/49		40,000		42,617
CenterPoint Energy Houston Electric LLC,
3.55%, 8/01/42		23,000		26,128
4.50%, 4/01/44		8,000		10,293
4.25%, 2/01/49		2,000		2,538
Commonwealth Edison Co.,
2.95%, 8/15/27		11,000		12,142
4.60%, 8/15/43		5,000		6,351
Consolidated Edison Co. of New York, Inc., 3.35%, 4/01/30		50,000		57,382

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Electric (Continued)
Consolidated Edison Co. of New York, Inc., 3.95%, 4/01/50	$	20,000	$	23,614
Consumers Energy Co.,
3.75%, 2/15/50		53,000		63,909
3.10%, 8/15/50		107,000		116,356
3.50%, 8/01/51		75,000		87,792
Dayton Power & Light (The) Co., 3.95%, 6/15/49		81,000		85,550
DTE Electric Co.,
4.05%, 5/15/48		10,000		12,443
3.95%, 3/01/49		98,000		120,903
Duke Energy Carolinas LLC,
3.95%, 11/15/28		28,000		33,334
2.45%, 8/15/29		75,000		80,628
2.45%, 2/01/30		74,000		78,800
3.75%, 6/01/45		34,000		39,883
3.87%, 3/15/46		26,000		30,874
3.95%, 3/15/48		27,000		32,866
3.20%, 8/15/49		105,000		114,910
Duke Energy Florida LLC,
3.80%, 7/15/28		40,000		46,851
2.50%, 12/01/29		325,000		350,494
1.75%, 6/15/30		122,000		123,538
3.85%, 11/15/42		53,000		61,387
3.40%, 10/01/46		10,000		11,233
Duke Energy Ohio, Inc.,
3.65%, 2/01/29		224,000		258,489
2.13%, 6/01/30		14,000		14,540
Duke Energy Progress LLC,
3.70%, 9/01/28		159,000		184,736
3.45%, 3/15/29		84,000		96,212
4.10%, 5/15/42		113,000		137,727
4.20%, 8/15/45		22,000		26,996
Edison International, 3.13%, 11/15/22		15,000		15,475
Entergy Louisiana LLC,
5.40%, 11/01/24		18,000		21,234
4.20%, 9/01/48		96,000		120,244
Exelon Corp., 5.10%, 6/15/45		29,000		37,670
FirstEnergy Corp.,
4.25%, 3/15/23		110,000		115,915
2.05%, 3/01/25		22,000		22,022
1.60%, 1/15/26		40,000		38,948
3.90%, 7/15/27		340,000		363,134
2.65%, 3/01/30		111,000		108,135
2.25%, 9/01/30		56,000		52,863
7.37%, 11/15/31		410,000		550,054
4.85%, 7/15/47		90,000		97,842


	Par^(a)		Value

Electric (Continued)
FirstEnergy Transmission LLC,
4.35%, 1/15/25^(b)	$	285,000	$	311,139
4.55%, 4/01/49^(b)		126,000		138,060
Florida Power & Light Co.,
5.25%, 2/01/41		5,000		6,956
3.70%, 12/01/47		98,000		118,319
3.95%, 3/01/48		80,000		100,627
3.99%, 3/01/49		29,000		36,754
3.15%, 10/01/49		70,000		78,154
ITC Holdings Corp., 2.70%, 11/15/22		65,000		67,771
MidAmerican Energy Co.,
3.65%, 4/15/29		389,000		457,172
4.25%, 7/15/49		55,000		70,496
3.15%, 4/15/50		40,000		44,019
Northern States Power Co.,
3.40%, 8/15/42		78,000		87,967
2.90%, 3/01/50		50,000		52,685
NRG Energy, Inc.,
7.25%, 5/15/26		44,000		46,508
6.62%, 1/15/27		54,000		56,835
5.75%, 1/15/28		36,000		38,824
5.25%, 6/15/29^(b)		32,000		34,680
NSTAR Electric Co.,
3.20%, 5/15/27		7,000		7,784
3.95%, 4/01/30		28,000		33,674
Ohio Power Co.,
6.60%, 2/15/33		60,000		82,481
4.15%, 4/01/48		14,000		17,282
4.00%, 6/01/49		31,000		37,308
Oncor Electric Delivery Co. LLC,
3.70%, 11/15/28		75,000		87,634
5.75%, 3/15/29		44,000		57,410
5.30%, 6/01/42		16,000		22,318
3.80%, 6/01/49		20,000		24,191
3.10%, 9/15/49		34,000		37,295
5.35%, 10/01/52^(b)		27,000		40,099
Pacific Gas and Electric Co.,
1.75%, 6/16/22		160,000		160,015
2.10%, 8/01/27		50,000		48,274
2.50%, 2/01/31		60,000		56,728
3.30%, 8/01/40		20,000		18,206
3.50%, 8/01/50		20,000		18,076
Progress Energy, Inc., 7.75%, 3/01/31		180,000		262,722
Public Service Electric and Gas Co.,
2.25%, 9/15/26		82,000		88,203

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Electric (Continued)
Public Service Electric and Gas Co.,
3.65%, 9/01/28		$	3,000	$	3,497
3.20%, 5/15/29			80,000		90,899
2.05%, 8/01/50			25,000		22,377
Southern California Edison Co.,
1.85%, 2/01/22			24,643		24,659
3.70%, 8/01/25			165,000		182,340
4.20%, 3/01/29			16,000		18,314
2.25%, 6/01/30			150,000		151,400
3.60%, 2/01/45			23,000		23,072
Tampa Electric Co.,
4.35%, 5/15/44			75,000		92,826
4.45%, 6/15/49			17,000		22,021
Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25^(b)			299,000		329,084
Virginia Electric and Power Co.,
3.45%, 9/01/22			62,000		64,844
2.75%, 3/15/23			90,000		94,327
3.50%, 3/15/27			29,000		32,908
6.00%, 5/15/37			37,000		52,927
4.00%, 1/15/43			30,000		36,187
4.45%, 2/15/44			105,000		135,625
Vistra Operations Co. LLC,
5.50%, 9/01/26^(b)			44,000		45,540
5.62%, 2/15/27^(b)			58,000		60,465
5.00%, 7/31/27^(b)			56,000		58,520
4.30%, 7/15/29^(b)			219,000		237,344
					9,514,475

Electronics – 0.1%
Agilent Technologies, Inc.,
3.05%, 9/22/26			152,000		165,954
2.10%, 6/04/30			30,000		30,718
Honeywell International, Inc.,
1.35%, 6/01/25			70,000		71,867
0.75%, 3/10/32	EUR		105,000		125,351
Roper Technologies, Inc., 2.95%, 9/15/29			76,000		83,147
					477,037

Entertainment – 0.1%
Caesars Resort
Collection LLC/CRC
Finco, Inc., 5.25%, 10/15/25^(b)			68,000		64,580
Cedar Fair L.P., 5.25%, 7/15/29			45,000		40,837


	Par^(a)		Value

Entertainment (Continued)
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC,
5.50%, 5/01/25^(b)	$	27,000	$	27,337
5.37%, 4/15/27		43,000		39,829
Churchill Downs, Inc.,
5.50%, 4/01/27^(b)		50,000		51,781
4.75%, 1/15/28^(b)		25,000		25,375
Scientific Games International, Inc., 5.00%, 10/15/25^(b)		43,000		43,161
Six Flags Entertainment Corp.,
4.88%, 7/31/24^(b)		44,000		40,887
5.50%, 4/15/27^(b)		25,000		23,258
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(b)		37,000		35,427
				392,472

Environmental Control – 0.1%
Clean Harbors, Inc., 4.88%, 7/15/27^(b)		23,000		24,035
Republic Services, Inc., 2.50%, 8/15/24		70,000		74,364
2.90%, 7/01/26		41,000		45,010
3.95%, 5/15/28		178,000		206,996
2.30%, 3/01/30		82,000		86,464
Waste Management, Inc., 3.50%, 5/15/24		70,000		76,132
3.90%, 3/01/35		20,000		24,340
4.15%, 7/15/49		60,000		75,975
Waste Pro USA, Inc., 5.50%, 2/15/26^(b)		20,000		20,200
				633,516

Food – 0.3%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,
3.50%, 2/15/23^(b)		33,000		33,525
5.75%, 3/15/25		84,000		86,572
7.50%, 3/15/26^(b)		55,000		60,940
4.63%, 1/15/27^(b)		12,000		12,374
5.87%, 2/15/28^(b)		39,000		41,242
4.88%, 2/15/30^(b)		9,000		9,559
Hershey (The) Co., 0.90%, 6/01/25		30,000		30,310
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 6/15/25^(b)		35,000		35,980

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Food (Continued)
JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 2/15/28^(b)	$	43,000	$	47,293
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
6.50%, 4/15/29^(b)		66,000		74,176
5.50%, 1/15/30^(b)		11,000		11,963
Kraft Heinz Foods Co., 3.00%, 6/01/26		110,000		111,779
Lamb Weston Holdings, Inc.,
4.63%, 11/01/24^(b)		37,000		38,202
4.87%, 11/01/26^(b)		37,000		38,429
Mars, Inc.,
2.70%, 4/01/25^(b)		90,000		97,055
3.20%, 4/01/30^(b)		180,000		206,003
Mondelez International, Inc.,
2.13%, 4/13/23		20,000		20,730
1.50%, 5/04/25		250,000		256,738
2.75%, 4/13/30		77,000		82,996
Pilgrim’s Pride Corp., 5.87%, 9/30/27^(b)		73,000		77,116
Post Holdings, Inc.,
5.00%, 8/15/26^(b)		60,000		62,220
5.75%, 3/01/27^(b)		55,000		57,624
5.62%, 1/15/28^(b)		40,000		42,200
5.50%, 12/15/29^(b)		32,000		34,600
Simmons Foods, Inc., 5.75%, 11/01/24^(b)		21,000		20,764
				1,590,390

Food Service – 0.0%⁽ⁱ⁾
Aramark Services, Inc.,
4.75%, 6/01/26		22,000		21,862
5.00%, 2/01/28^(b)		51,000		51,452
				73,314

Forest Products & Paper – 0.1%
Georgia-Pacific LLC,
3.60%, 3/01/25^(b)		14,000		15,599
7.38%, 12/01/25		45,000		57,289
2.10%, 4/30/27^(b)		6,000		6,251
7.75%, 11/15/29		18,000		26,480
2.30%, 4/30/30^(b)		69,000		72,286
8.87%, 5/15/31		13,000		20,837
International Paper Co.,
6.00%, 11/15/41		38,000		52,225
4.40%, 8/15/47		31,000		38,071
				289,038


		Par^(a)		Value

Gas – 0.0%⁽ⁱ⁾
Atmos Energy Corp., 4.13%, 10/15/44		$	5,000	$	6,126
CenterPoint Energy Resources Corp., 1.75%, 10/01/30			140,000		140,584
Dominion Energy Gas Holdings LLC, 4.80%, 11/01/43			39,000		47,567
Piedmont Natural Gas Co., Inc., 3.35%, 6/01/50			20,000		21,378
					215,655

Hand/Machine Tools – 0.0%⁽ⁱ⁾
Colfax Corp., 6.00%, 2/15/24^(b)			27,000		28,086

Healthcare - Products – 0.2%
Abbott Laboratories,
3.75%, 11/30/26			390,000		452,700
4.90%, 11/30/46			10,000		14,078
Avantor, Inc., 6.00%, 10/01/24^(b)			53,000		55,380
Boston Scientific Corp.,
4.00%, 3/01/29			96,000		110,964
2.65%, 6/01/30			30,000		31,532
DH Europe Finance II S.a.r.l.,
1.35%, 9/18/39	EUR		135,000		163,383
1.80%, 9/18/49			100,000		125,418
Medtronic Global Holdings SCA,
1.50%, 7/02/39			100,000		124,241
1.75%, 7/02/49			100,000		126,024
Teleflex, Inc., 4.62%, 11/15/27			23,000		24,254
Thermo Fisher Scientific, Inc.,
2.60%, 10/01/29			29,000		31,515
4.50%, 3/25/30			75,000		92,994
1.88%, 10/01/49	EUR		100,000		124,901
					1,477,384

Healthcare - Services – 0.7%
Aetna, Inc.,
2.80%, 6/15/23			90,000		94,529
4.50%, 5/15/42			44,000		52,240
4.75%, 3/15/44			2,000		2,433
Anthem, Inc.,
2.95%, 12/01/22			30,000		31,433
3.65%, 12/01/27			150,000		169,593
4.10%, 3/01/28			81,000		93,355
Centene Corp.,
5.37%, 6/01/26^(b)			78,000		82,072
5.37%, 8/15/26^(b)			32,000		33,840

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Healthcare - Services (Continued)
Centene Corp.,
4.25%, 12/15/27	$	108,000	$	113,692
4.63%, 12/15/29		32,000		34,840
Charles River Laboratories International, Inc., 4.25%, 5/01/28^(b)		5,000		5,225
Charles River Laboratories, Inc., 5.50%, 4/01/26^(b)		18,000		18,810
Encompass Health Corp.,
4.50%, 2/01/28		20,000		20,482
4.75%, 2/01/30		20,000		20,832
HCA, Inc., 4.75%, 5/01/23		35,000		38,195
5.00%, 3/15/24		306,000		342,371
5.37%, 2/01/25		24,000		26,576
5.25%, 4/15/25		359,000		415,811
5.87%, 2/15/26		14,000		15,820
5.37%, 9/01/26		9,000		10,114
5.62%, 9/01/28		14,000		16,295
5.87%, 2/01/29		9,000		10,588
Humana, Inc.,
4.50%, 4/01/25		43,000		49,273
3.95%, 3/15/27		140,000		159,470
3.13%, 8/15/29		120,000		131,561
4.88%, 4/01/30		67,000		83,188
Molina Healthcare, Inc., 5.37%, 11/15/22		30,000		31,174
Select Medical Corp., 6.25%, 8/15/26^(b)		23,000		24,265
Tenet Healthcare Corp.,
4.63%, 7/15/24		62,000		63,048
4.63%, 9/01/24^(b)		25,000		25,594
5.12%, 5/01/25		117,000		115,795
4.88%, 1/01/26^(b)		90,000		91,299
6.25%, 2/01/27^(b)		129,000		133,941
5.12%, 11/01/27^(b)		14,000		14,416
UnitedHealth Group, Inc., 2.38%, 10/15/22		20,000		20,783
3.50%, 6/15/23		30,000		32,424
3.75%, 7/15/25		50,000		56,772
1.25%, 1/15/26		40,000		40,807
2.95%, 10/15/27		25,000		27,733
3.85%, 6/15/28		254,000		297,608
3.88%, 12/15/28		110,000		130,303
2.00%, 5/15/30		40,000		41,624
3.50%, 8/15/39		175,000		200,759
2.75%, 5/15/40		90,000		94,222
4.75%, 7/15/45		98,000		132,921
4.25%, 6/15/48		77,000		98,412
4.45%, 12/15/48		20,000		26,536
3.70%, 8/15/49		130,000		155,522


	Par^(a)		Value

Healthcare – Services (Continued)
UnitedHealth Group, Inc.,
2.90%, 5/15/50	$	100,000	$	104,569
3.88%, 8/15/59		70,000		85,141
3.13%, 5/15/60		20,000		21,484
				4,139,790

Home Builders – 0.0%⁽ⁱ⁾
Century Communities, Inc., 6.75%, 6/01/27		22,000		23,430
Lennar Corp.,
4.13%, 1/15/22		19,000		19,451
4.50%, 4/30/24		23,000		24,785
4.75%, 5/30/25		5,000		5,486
4.75%, 11/29/27		8,000		9,160
PulteGroup, Inc.,
5.50%, 3/01/26		6,000		6,930
5.00%, 1/15/27		5,000		5,725
Taylor Morrison Communities, Inc., 5.87%, 6/15/27^(b)		5,000		5,525
				100,492

Home Furnishings – 0.0%⁽ⁱ⁾
Tempur Sealy International, Inc., 5.50%, 6/15/26		50,000		51,999

Household Products/Wares – 0.0%⁽ⁱ⁾
Clorox (The) Co., 3.10%, 10/01/27		15,000		16,751
Kimberly-Clark Corp., 3.10%, 3/26/30		30,000		34,200
Spectrum Brands, Inc., 5.75%, 7/15/25		36,000		37,035
				87,986

Housewares – 0.0%⁽ⁱ⁾
Newell Brands, Inc.,
4.35%, 4/01/23		68,000		70,973
4.70%, 4/01/26		18,000		19,170
				90,143

Insurance – 0.3%
American International Group, Inc.,
2.50%, 6/30/25		60,000		64,324
4.20%, 4/01/28		40,000		46,568
3.40%, 6/30/30		90,000		100,069
Aon Corp.,
4.50%, 12/15/28		202,000		242,665
3.75%, 5/02/29		133,000		153,305
2.80%, 5/15/30		40,000		42,807
Aon PLC,
4.00%, 11/27/23		2,000		2,180

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Insurance (Continued)
Aon PLC, 4.60%, 6/14/44		$	15,000	$	19,158
Berkshire Hathaway Finance Corp., 4.25%, 1/15/49			150,000		190,585
Guardian Life Global Funding, 1.10%, 6/23/25^(b)			50,000		50,516
Hartford Financial Services Group (The), Inc., 5.95%, 10/15/36			20,000		26,851
Marsh & McLennan Cos., Inc.,
4.37%, 3/15/29			45,000		54,143
1.98%, 3/21/30	EUR		120,000		158,484
2.25%, 11/15/30			32,000		33,247
MassMutual Global Funding II, 0.85%, 6/09/23^(b)			330,000		333,168
MetLife, Inc., 6.40%, 12/15/36			100,000		124,097
Metropolitan Life Global Funding I, 0.90%, 6/08/23^(b)			250,000		252,720
New York Life Global Funding, 0.95%, 6/24/25^(b)			80,000		80,453
Principal Life Global Funding II, 1.25%, 6/23/25^(b)			40,000		40,672
Trinity Acquisition PLC, 4.40%, 3/15/26			9,000		10,382
Willis North America, Inc.,
3.60%, 5/15/24			42,000		45,826
5.05%, 9/15/48			19,000		25,685
					2,097,905

Internet – 0.4%
Alphabet, Inc.,
0.45%, 8/15/25			30,000		29,821
0.80%, 8/15/27			50,000		49,473
1.10%, 8/15/30			60,000		58,620
2.05%, 8/15/50			110,000		99,192
Amazon.com, Inc.,
0.80%, 6/03/25			130,000		130,967
1.20%, 6/03/27			160,000		161,659
3.15%, 8/22/27			140,000		158,709
1.50%, 6/03/30			150,000		151,738
3.88%, 8/22/37			130,000		159,448
4.05%, 8/22/47			140,000		179,592
2.50%, 6/03/50			390,000		386,513
4.25%, 8/22/57			240,000		317,619
Booking Holdings, Inc.,
4.10%, 4/13/25			197,000		220,753


	Par^(a)		Value

Internet (Continued)
E*TRADE Financial Corp., 3.80%, 8/24/27	$	10,000	$	11,322
Expedia Group, Inc.,
6.25%, 5/01/25^(b)		73,000		80,276
3.80%, 2/15/28		55,000		55,283
3.25%, 2/15/30		55,000		53,417
Netflix, Inc.,
5.50%, 2/15/22		24,000		25,215
4.87%, 4/15/28		14,000		15,746
6.37%, 5/15/29		7,000		8,575
5.38%, 11/15/29^(b)		8,000		9,370
4.88%, 6/15/30^(b)		9,000		10,271
				2,373,579

Iron/Steel – 0.0%⁽ⁱ⁾
Nucor Corp., 3.95%, 5/01/28		24,000		27,766
Steel Dynamics, Inc., 2.80%, 12/15/24		50,000		53,054
				80,820

Lodging – 0.1%
Boyd Gaming Corp.,
6.37%, 4/01/26		27,000		28,015
6.00%, 8/15/26		25,000		25,617
Hilton Domestic Operating Co., Inc.,
5.12%, 5/01/26		53,000		53,662
4.88%, 1/15/30		9,000		9,259
Hilton Worldwide
Finance LLC/Hilton Worldwide Finance Corp.,
4.63%, 4/01/25		39,000		39,361
4.88%, 4/01/27		25,000		25,291
Hyatt Hotels Corp., 5.37%, 4/23/25		23,000		24,944
Las Vegas Sands Corp.,
3.20%, 8/08/24		100,000		101,147
2.90%, 6/25/25		10,000		9,918
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 9/15/26		33,000		33,990
MGM Resorts International,
5.75%, 6/15/25		6,000		6,234
4.63%, 9/01/26		4,000		3,931
5.50%, 4/15/27		6,000		6,058
Station Casinos LLC, 5.00%, 10/01/25^(b)		22,000		21,890
Wyndham Hotels & Resorts, Inc., 5.37%, 4/15/26^(b)		23,000		23,288

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Lodging (Continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.50%, 3/01/25^(b)	$	91,000	$	87,132
5.25%, 5/15/27^(b)		45,000		41,850
				541,587

Machinery – Construction & Mining – 0.0%⁽ⁱ⁾
Terex Corp., 5.63%, 2/01/25^(b)		49,000		49,735

Machinery – Diversified – 0.1%
Deere & Co.,
3.10%, 4/15/30		30,000		34,028
3.75%, 4/15/50		310,000		383,966
Otis Worldwide Corp.,
2.06%, 4/05/25		50,000		52,509
2.29%, 4/05/27		70,000		74,246
2.56%, 2/15/30		210,000		223,549
				768,298

Media – 1.5%
AMC Networks, Inc.,
5.00%, 4/01/24		44,000		44,206
4.75%, 8/01/25		33,000		32,918
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 2/15/26^(b)		83,000		86,043
5.50%, 5/01/26^(b)		49,000		50,960
5.87%, 5/01/27^(b)		27,000		28,171
5.13%, 5/01/27^(b)		108,000		113,400
5.00%, 2/01/28^(b)		83,000		87,191
5.38%, 6/01/29^(b)		51,000		55,207
4.75%, 3/01/30^(b)		60,000		63,111
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.91%, 7/23/25		290,000		334,107
4.20%, 3/15/28		90,000		101,689
5.05%, 3/30/29		480,000		572,572
5.38%, 4/01/38		120,000		143,478
6.48%, 10/23/45		316,000		426,224
5.37%, 5/01/47		88,000		104,997
5.75%, 4/01/48		169,000		210,947
5.13%, 7/01/49		91,000		106,386
4.80%, 3/01/50		30,000		34,176
Clear Channel Worldwide Holdings, Inc., 5.13%, 8/15/27^(b)		51,000		49,470
Comcast Corp.,
3.10%, 4/01/25		10,000		10,984
3.95%, 10/15/25		160,000		183,332
3.15%, 3/01/26		50,000		55,469


	Par^(a)		Value

Media (Continued)
Comcast Corp.,
3.30%, 4/01/27	$	50,000	$	56,095
4.15%, 10/15/28		525,000		624,362
2.65%, 2/01/30		250,000		269,570
3.40%, 4/01/30		520,000		595,045
4.25%, 10/15/30		560,000		683,275
1.95%, 1/15/31		300,000		305,741
4.60%, 10/15/38		43,000		54,800
3.25%, 11/01/39		42,000		46,696
3.75%, 4/01/40		241,000		280,517
4.75%, 3/01/44		9,000		11,840
4.60%, 8/15/45		66,000		86,432
3.40%, 7/15/46		20,000		22,055
4.00%, 8/15/47		22,000		26,338
3.97%, 11/01/47		116,000		139,003
4.00%, 3/01/48		20,000		24,179
4.70%, 10/15/48		30,000		40,031
4.00%, 11/01/49		210,000		253,133
3.45%, 2/01/50		90,000		100,462
4.95%, 10/15/58		28,000		40,411
Cox Communications, Inc.,
3.25%, 12/15/22^(b)		40,000		42,117
3.15%, 8/15/24^(b)		206,000		221,949
3.85%, 2/01/25^(b)		90,000		99,304
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26^(b)		28,000		16,363
Discovery Communications LLC, 4.00%, 9/15/55^(b)		71,000		72,162
Fox Corp., 5.48%, 1/25/39		450,000		599,356
Gray Television, Inc.,
5.87%, 7/15/26^(b)		29,000		30,184
7.00%, 5/15/27^(b)		33,000		35,599
iHeartCommunications, Inc.,
6.37%, 5/01/26		36,000		37,485
5.25%, 8/15/27^(b)		32,000		31,586
4.75%, 1/15/28^(b)		5,000		4,775
Meredith Corp., 6.87%, 2/01/26		53,000		43,924
NBCUniversal Media LLC, 5.95%, 4/01/41		35,000		51,961
Nexstar Broadcasting, Inc., 5.63%, 7/15/27^(b)		47,000		48,997
Sirius XM Radio, Inc.,
3.88%, 8/01/22^(b)		35,000		35,262
4.63%, 7/15/24^(b)		64,000		65,997
5.37%, 7/15/26^(b)		35,000		36,451
5.00%, 8/01/27^(b)		67,000		70,182
5.50%, 7/01/29^(b)		54,000		58,776

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Media (Continued)
TEGNA, Inc.,
4.63%, 3/15/28^(b)	$	9,000	$	8,875
5.00%, 9/15/29		10,000		10,125
Time Warner Cable LLC,
6.55%, 5/01/37		60,000		78,391
5.87%, 11/15/40		130,000		160,892
Time Warner Entertainment Co. L.P., 8.37%, 7/15/33		170,000		259,883
TWDC Enterprises 18 Corp., 3.70%, 12/01/42		153,000		172,591
ViacomCBS, Inc.,
6.87%, 4/30/36		56,000		76,172
4.38%, 3/15/43		55,000		59,503
5.85%, 9/01/43		30,000		37,834
Walt Disney (The) Co.,
4.75%, 9/15/44		25,000		31,726
3.60%, 1/13/51		54,000		60,249
				9,113,694

Mining – 0.0%⁽ⁱ⁾
Freeport-McMoRan, Inc.,
5.00%, 9/01/27		5,000		5,214
5.25%, 9/01/29		5,000		5,400
Newmont Corp., 2.25%, 10/01/30		51,000		52,604
				63,218

Miscellaneous Manufacturing – 0.5%
3M Co.,
3.38%, 3/01/29		12,000		13,778
2.38%, 8/26/29		310,000		332,121
3.05%, 4/15/30		70,000		78,958
3.70%, 4/15/50		230,000		272,547
Eaton Corp.,
2.75%, 11/02/22		40,000		41,855
4.15%, 11/02/42		30,000		36,827
General Electric Co.,
3.10%, 1/09/23		240,000		251,580
3.45%, 5/01/27		20,000		21,210
3.63%, 5/01/30		40,000		42,242
6.75%, 3/15/32		20,000		25,764
5.87%, 1/14/38		202,000		243,293
6.87%, 1/10/39		800,000		1,059,392
4.25%, 5/01/40		60,000		63,243
4.35%, 5/01/50		60,000		63,923
Parker-Hannifin Corp.,
2.70%, 6/14/24		66,000		70,565
3.25%, 6/14/29		48,000		53,908
Textron, Inc.,
3.87%, 3/01/25		40,000		43,936
3.65%, 3/15/27		40,000		43,449


	Par^(a)		Value

Miscellaneous Manufacturing (Continued)
Textron, Inc.,
3.90%, 9/17/29	$	122,000	$	136,219
2.45%, 3/15/31		57,000		56,593
				2,951,403

Oil & Gas – 1.5%
Apache Corp.,
4.38%, 10/15/28		540,000		493,830
4.75%, 4/15/43		100,000		88,500
4.25%, 1/15/44		380,000		322,050
BP Capital Markets America, Inc.,
2.94%, 4/06/23		10,000		10,567
3.22%, 11/28/23		70,000		75,003
3.79%, 2/06/24		30,000		32,706
3.41%, 2/11/26		20,000		22,121
3.12%, 5/04/26		276,000		302,260
3.94%, 9/21/28		240,000		275,007
3.63%, 4/06/30		80,000		90,079
3.00%, 2/24/50		290,000		272,000
Chevron Corp.,
1.55%, 5/11/25		130,000		134,169
2.00%, 5/11/27		40,000		41,996
2.98%, 5/11/40		250,000		265,049
3.08%, 5/11/50		140,000		145,141
Chevron USA, Inc., 2.34%, 8/12/50		55,000		50,033
Cimarex Energy Co.,
3.90%, 5/15/27		270,000		283,668
4.38%, 3/15/29		160,000		172,416
Citgo Holding, Inc., 9.25%, 8/01/24^(b)		41,000		34,338
Concho Resources, Inc.,
3.75%, 10/01/27		375,000		415,575
4.30%, 8/15/28		210,000		241,082
Continental Resources, Inc.,
4.50%, 4/15/23		90,000		85,562
3.80%, 6/01/24		130,000		121,063
4.38%, 1/15/28		160,000		144,000
CrownRock L.P./CrownRock Finance, Inc., 5.62%, 10/15/25^(b)		24,000		23,601
Devon Energy Corp.,
5.85%, 12/15/25		90,000		100,460
5.60%, 7/15/41		180,000		185,210
5.00%, 6/15/45		150,000		145,023
Diamondback Energy, Inc.,
2.88%, 12/01/24		50,000		50,620
5.37%, 5/31/25		30,000		31,041
3.50%, 12/01/29		264,000		262,511

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Oil & Gas (Continued)
EOG Resources, Inc.,
4.15%, 1/15/26		$	208,000	$	238,671
4.38%, 4/15/30			270,000		317,721
3.90%, 4/01/35			188,000		210,321
4.95%, 4/15/50			170,000		211,017
Exxon Mobil Corp.,
1.57%, 4/15/23			10,000		10,275
2.99%, 3/19/25			300,000		326,304
3.04%, 3/01/26			70,000		77,141
2.44%, 8/16/29			240,000		254,864
3.48%, 3/19/30			120,000		135,640
1.41%, 6/26/39	EUR		130,000		151,278
4.11%, 3/01/46			20,000		23,003
4.33%, 3/19/50			10,000		12,069
3.45%, 4/15/51			130,000		136,191
Marathon Petroleum Corp.,
4.50%, 5/01/23			31,000		33,361
4.75%, 9/15/44			61,000		60,013
Matador Resources Co., 5.87%, 9/15/26			10,000		8,050
Noble Energy, Inc.,
3.85%, 1/15/28			240,000		274,249
6.00%, 3/01/41			70,000		98,330
4.95%, 8/15/47			20,000		26,179
Occidental Petroleum Corp.,
2.70%, 8/15/22			100,000		92,475
6.95%, 7/01/24			200,000		189,000
2.90%, 8/15/24			180,000		149,814
5.55%, 3/15/26			160,000		139,200
3.00%, 2/15/27			220,000		166,100
7.87%, 9/15/31			210,000		191,100
4.50%, 7/15/44			80,000		54,633
6.60%, 3/15/46			150,000		124,187
4.10%, 2/15/47			50,000		32,671
4.20%, 3/15/48			230,000		149,500
SM Energy Co., 10.00%, 1/15/25^(b)			7,000		6,663
Sunoco L.P./Sunoco Finance Corp.,
4.87%, 1/15/23			20,000		20,150
5.50%, 2/15/26			16,000		16,030
6.00%, 4/15/27			12,000		12,405
					8,865,286

Oil & Gas Services – 0.0%⁽ⁱ⁾
Halliburton Co., 3.80%, 11/15/25			5,000		5,420

Packaging & Containers – 0.0%⁽ⁱ⁾
Ball Corp., 5.25%, 7/01/25			9,000		10,179


	Par^(a)		Value

Packaging & Containers (Continued)
Ball Corp., 4.88%, 3/15/26	$	7,000	$	7,787
Owens-Brockway Glass Container, Inc., 5.87%, 8/15/23^(b)		29,000		30,512
				48,478

Pharmaceuticals – 2.1%
AbbVie, Inc.,
3.45%, 3/15/22^(b)		100,000		103,527
2.30%, 11/21/22^(b)		555,000		575,066
3.75%, 11/14/23		20,000		21,784
2.60%, 11/21/24^(b)		1,142,000		1,214,568
3.80%, 3/15/25^(b)		510,000		566,049
3.60%, 5/14/25		40,000		44,270
2.95%, 11/21/26^(b)		100,000		109,208
3.20%, 11/21/29^(b)		847,000		926,722
4.55%, 3/15/35^(b)		6,000		7,278
4.50%, 5/14/35		173,000		210,283
4.30%, 5/14/36		47,000		55,650
4.70%, 5/14/45		135,000		163,864
4.45%, 5/14/46		30,000		35,778
4.25%, 11/21/49^(b)		20,000		23,358
Allergan Funding SCS, 3.45%, 3/15/22		200,000		203,981
Bausch Health Americas, Inc.,
9.25%, 4/01/26^(b)		57,000		62,842
8.50%, 1/31/27^(b)		67,000		73,259
Bausch Health Cos., Inc.,
5.50%, 11/01/25^(b)		63,000		64,720
9.00%, 12/15/25^(b)		57,000		62,284
5.75%, 8/15/27^(b)		18,000		19,305
7.00%, 1/15/28^(b)		28,000		29,610
7.25%, 5/30/29^(b)		28,000		30,119
Becton Dickinson and Co.,
3.36%, 6/06/24		190,000		204,818
4.68%, 12/15/44		16,000		19,577
Bristol-Myers Squibb Co.,
2.60%, 5/16/22		110,000		113,800
2.90%, 7/26/24		300,000		323,746
3.88%, 8/15/25		170,000		193,345
3.20%, 6/15/26		160,000		179,102
3.40%, 7/26/29		360,000		416,856
5.00%, 8/15/45		144,000		198,338
Cigna Corp.,
3.75%, 7/15/23		187,000		202,305
4.12%, 11/15/25		20,000		22,875
4.37%, 10/15/28		840,000		996,008
4.90%, 12/15/48		100,000		129,253
CVS Health Corp., 4.10%, 3/25/25		159,000		179,260

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Pharmaceuticals (Continued)
CVS Health Corp.,
3.63%, 4/01/27	$	40,000	$	44,796
4.30%, 3/25/28		990,000		1,146,414
3.25%, 8/15/29		309,000		338,390
3.75%, 4/01/30		339,000		384,379
4.78%, 3/25/38		200,000		241,562
4.12%, 4/01/40		40,000		45,399
5.12%, 7/20/45		233,000		294,917
5.05%, 3/25/48		320,000		405,850
Elanco Animal Health, Inc.,
5.27%, 8/28/23		32,000		34,593
5.90%, 8/28/28		7,000		8,148
Johnson & Johnson,
0.55%, 9/01/25		80,000		80,523
0.95%, 9/01/27		150,000		149,606
3.63%, 3/03/37		70,000		83,486
2.10%, 9/01/40		100,000		97,287
3.70%, 3/01/46		36,000		44,554
Merck & Co., Inc.,
0.75%, 2/24/26		120,000		119,670
3.40%, 3/07/29		4,000		4,620
1.45%, 6/24/30		163,000		163,197
Pfizer, Inc.,
0.80%, 5/28/25		160,000		160,590
3.45%, 3/15/29		43,000		50,004
2.63%, 4/01/30		110,000		121,000
1.70%, 5/28/30		321,000		328,764
2.70%, 5/28/50		470,000		479,882
Shire Acquisitions Investments Ireland DAC, 2.88%, 9/23/23		59,000		62,564
Wyeth LLC, 5.95%, 4/01/37		44,000		64,613
				12,737,616

Pipelines – 1.7%
Boardwalk Pipelines L.P., 4.80%, 5/03/29		20,000		21,361
Buckeye Partners L.P., 3.95%, 12/01/26		5,000		4,638
Cameron LNG LLC,
2.90%, 7/15/31^(b)		40,000		43,321
3.30%, 1/15/35^(b)		540,000		600,451
3.40%, 1/15/38^(b)		129,000		139,018
Cheniere Corpus Christi Holdings LLC,
5.87%, 3/31/25		184,000		208,237
5.13%, 6/30/27		190,000		212,898
Cheniere Energy Partners L.P.,
5.25%, 10/01/25		30,000		30,516
5.62%, 10/01/26		22,000		22,585


	Par^(a)		Value

Pipelines (Continued)
Cheniere Energy Partners L.P., 4.50%, 10/01/29	$	14,000	$	14,273
DCP Midstream Operating L.P.,
5.38%, 7/15/25		7,000		7,350
5.13%, 5/15/29		5,000		4,974
Energy Transfer Operating L.P.,
3.60%, 2/01/23		108,000		111,286
4.20%, 9/15/23		58,000		61,123
4.50%, 4/15/24		113,000		119,911
4.05%, 3/15/25		120,000		126,248
2.90%, 5/15/25		412,000		414,588
4.95%, 6/15/28		20,000		21,492
5.25%, 4/15/29		60,000		65,004
3.75%, 5/15/30		370,000		363,059
6.50%, 2/01/42		92,000		98,125
6.25%, 4/15/49		20,000		21,119
Energy Transfer Partners L.P./Regency Energy Finance Corp.,
5.87%, 3/01/22		160,000		167,222
5.00%, 10/01/22		170,000		179,154
4.50%, 11/01/23		90,000		95,074
Enterprise Products Operating LLC,
4.15%, 10/16/28		270,000		311,351
3.13%, 7/31/29		40,000		43,126
2.80%, 1/31/30		550,000		576,077
6.87%, 3/01/33		2,000		2,659
7.55%, 4/15/38		10,000		14,151
4.85%, 8/15/42		49,000		55,922
4.45%, 2/15/43		26,000		27,992
4.85%, 3/15/44		14,000		15,818
5.10%, 2/15/45		131,000		154,054
4.80%, 2/01/49		10,000		11,586
4.20%, 1/31/50		30,000		32,438
3.70%, 1/31/51		70,000		69,231
3.95%, 1/31/60		60,000		58,805
Kinder Morgan Energy Partners L.P.,
4.25%, 9/01/24		100,000		110,383
6.95%, 1/15/38		85,000		109,506
5.50%, 3/01/44		56,000		64,345
Kinder Morgan, Inc.,
4.30%, 6/01/25		90,000		101,045
4.30%, 3/01/28		60,000		67,803
5.55%, 6/01/45		80,000		93,664
5.05%, 2/15/46		40,000		44,920
5.20%, 3/01/48		60,000		69,374

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Pipelines (Continued)
MPLX L.P.,
3.38%, 3/15/23	$	43,000	$	45,255
4.88%, 12/01/24		73,000		81,751
4.00%, 3/15/28		200,000		217,022
4.80%, 2/15/29		30,000		33,902
2.65%, 8/15/30		110,000		105,860
4.50%, 4/15/38		90,000		91,164
5.20%, 3/01/47		17,000		17,870
4.70%, 4/15/48		119,000		117,870
5.50%, 2/15/49		90,000		99,749
NGPL PipeCo LLC,
4.38%, 8/15/22^(b)		64,000		66,375
4.88%, 8/15/27^(b)		210,000		228,544
7.77%, 12/15/37^(b)		20,000		24,761
Northwest Pipeline LLC, 4.00%, 4/01/27		186,000		204,251
Sabine Pass Liquefaction LLC,
5.62%, 4/15/23		100,000		109,215
5.75%, 5/15/24		300,000		337,841
5.62%, 3/01/25		652,000		746,490
5.87%, 6/30/26		54,000		63,450
5.00%, 3/15/27		112,000		125,737
4.20%, 3/15/28		47,000		51,027
Southern Natural Gas Co. LLC, 8.00%, 3/01/32		80,000		111,949
Sunoco Logistics Partners Operations L.P.,
4.25%, 4/01/24		171,000		179,661
5.95%, 12/01/25		40,000		45,938
5.30%, 4/01/44		10,000		9,398
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.13%, 2/01/25		22,000		22,055
5.87%, 4/15/26		44,000		44,880
5.38%, 2/01/27		23,000		23,115
6.50%, 7/15/27		36,000		37,710
5.00%, 1/15/28		7,000		6,913
6.87%, 1/15/29		36,000		38,610
5.50%, 3/01/30^(b)		9,000		9,047
Tennessee Gas Pipeline Co. LLC, 2.90%, 3/01/30^(b)		380,000		387,523
Texas Eastern Transmission L.P.,
3.50%, 1/15/28^(b)		107,000		115,464
4.15%, 1/15/48^(b)		36,000		37,529
Transcontinental Gas Pipe Line Co. LLC,
7.85%, 2/01/26		582,000		746,240
4.00%, 3/15/28		113,000		126,333


		Par^(a)		Value

Pipelines (Continued)
Transcontinental Gas Pipe Line Co. LLC,
3.25%, 5/15/30^(b)		$	14,000	$	14,988
4.60%, 3/15/48			43,000		47,163
3.95%, 5/15/50^(b)			68,000		69,397
Western Midstream Operating L.P.,
(3M USD LIBOR + 1.85%), 2.07%, 1/13/23^(d)			40,000		37,213
4.10%, 2/01/25			50,000		47,106
4.65%, 7/01/26			90,000		86,400
Williams (The) Cos., Inc.,
3.60%, 3/15/22			150,000		155,083
4.85%, 3/01/48			110,000		120,373
					10,475,499

Real Estate – 0.0%⁽ⁱ⁾
Howard Hughes (The) Corp., 5.38%, 3/15/25^(b)			44,000		44,055

Real Estate Investment Trusts – 0.4%
American Tower Corp.,
5.00%, 2/15/24			126,000		142,438
3.38%, 5/15/24			50,000		54,032
2.40%, 3/15/25			163,000		172,484
1.30%, 9/15/25			72,000		72,598
3.95%, 3/15/29			53,000		60,506
3.80%, 8/15/29			58,000		66,000
1.88%, 10/15/30			48,000		47,338
Crown Castle International Corp.,
3.15%, 7/15/23			140,000		148,787
1.35%, 7/15/25			93,000		93,926
3.70%, 6/15/26			2,000		2,229
3.10%, 11/15/29			245,000		263,272
3.30%, 7/01/30			60,000		65,382
2.25%, 1/15/31			19,000		19,095
5.20%, 2/15/49			20,000		25,852
Digital Dutch Finco B.V.,
1.50%, 3/15/30	EUR		130,000		160,166
1.00%, 1/15/32			100,000		116,670
Equinix, Inc.,
2.63%, 11/18/24			30,000		31,888
1.25%, 7/15/25			56,000		56,359
1.00%, 9/15/25			202,000		201,142
ESH Hospitality, Inc.,
5.25%, 5/01/25^(b)			55,000		55,000
4.62%, 10/01/27^(b)			7,000		6,860

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Real Estate Investment Trusts (Continued)
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.,
5.62%, 5/01/24		$	92,000	$	96,848
4.50%, 9/01/26			25,000		25,625
5.75%, 2/01/27			40,000		43,165
MPT Operating Partnership L.P./MPT Finance Corp.,
5.25%, 8/01/26			5,000		5,188
5.00%, 10/15/27			62,000		64,880
4.62%, 8/01/29			8,000		8,376
Prologis Euro Finance LLC,
1.50%, 9/10/49	EUR		105,000		129,635
Realty Income Corp.,
4.12%, 10/15/26			35,000		40,705
3.00%, 1/15/27			15,000		16,204
3.25%, 1/15/31			50,000		54,693
RHP Hotel Properties L.P./RHP Finance Corp.,
4.75%, 10/15/27			34,000		31,420
Service Properties Trust, 4.35%, 10/01/24			20,000		17,700
VICI Properties L.P./VICI Note Co., Inc.,
3.50%, 2/15/25^(b)			32,000		32,118
4.25%, 12/01/26^(b)			11,000		11,185
3.75%, 2/15/27^(b)			7,000		7,018
4.62%, 12/01/29^(b)			9,000		9,351
4.13%, 8/15/30^(b)			9,000		9,112
					2,465,247

Retail – 0.7%
Beacon Roofing Supply, Inc., 4.87%, 11/01/25^(b)			50,000		49,050
Costco Wholesale Corp.,
1.38%, 6/20/27			190,000		193,606
1.60%, 4/20/30			120,000		121,220
1.75%, 4/20/32			90,000		91,647
Dollar General Corp.,
3.25%, 4/15/23			10,000		10,603
Home Depot (The), Inc.,
2.50%, 4/15/27			60,000		64,973
3.90%, 12/06/28			10,000		11,906
2.95%, 6/15/29			275,000		309,331
2.70%, 4/15/30			80,000		88,315
3.30%, 4/15/40			60,000		68,229
3.90%, 6/15/47			20,000		24,248
3.35%, 4/15/50			230,000		259,900
Lowe’s Cos., Inc.,
4.00%, 4/15/25			168,000		190,316
3.65%, 4/05/29			140,000		161,397


	Par^(a)		Value

Retail (Continued)
Lowe’s Cos., Inc.,
4.50%, 4/15/30	$	50,000	$	61,384
McDonald’s Corp.,
3.30%, 7/01/25		70,000		77,422
1.45%, 9/01/25		140,000		144,231
3.70%, 1/30/26		60,000		67,723
3.50%, 3/01/27		30,000		33,736
3.50%, 7/01/27		60,000		67,956
3.80%, 4/01/28		270,000		311,940
2.13%, 3/01/30		230,000		238,612
3.60%, 7/01/30		200,000		230,753
4.87%, 12/09/45		35,000		45,486
4.45%, 9/01/48		32,000		39,781
3.62%, 9/01/49		4,000		4,456
4.20%, 4/01/50		187,000		226,545
Starbucks Corp.,
2.25%, 3/12/30		79,000		81,108
2.55%, 11/15/30		146,000		154,048
Target Corp., 2.25%, 4/15/25		110,000		117,418
TJX (The) Cos., Inc.,
3.50%, 4/15/25		70,000		77,698
3.75%, 4/15/27		20,000		23,068
Walmart, Inc.,
3.40%, 6/26/23		40,000		43,143
3.55%, 6/26/25		30,000		33,890
3.70%, 6/26/28		380,000		444,733
				4,169,872

Semiconductors – 1.1%
Analog Devices, Inc., 3.90%, 12/15/25		16,000		18,238
Applied Materials, Inc.,
1.75%, 6/01/30		300,000		306,862
5.85%, 6/15/41		17,000		25,349
2.75%, 6/01/50		80,000		81,648
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 1/15/27		116,000		128,050
Broadcom, Inc.,
2.25%, 11/15/23		322,000		334,890
4.70%, 4/15/25		566,000		643,602
3.15%, 11/15/25		220,000		237,112
4.25%, 4/15/26		364,000		409,194
3.46%, 9/15/26		37,000		40,322
4.11%, 9/15/28		105,000		116,945
4.75%, 4/15/29		141,000		163,623
4.15%, 11/15/30		60,000		67,216
Intel Corp.,
3.70%, 7/29/25		20,000		22,592
4.60%, 3/25/40		50,000		65,685
3.73%, 12/08/47		34,000		39,965

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Semiconductors (Continued)
Intel Corp.,
4.75%, 3/25/50		$	553,000	$	754,279
4.95%, 3/25/60			120,000		174,139
KLA Corp.,
4.10%, 3/15/29			125,000		148,187
3.30%, 3/01/50			181,000		190,114
Lam Research Corp.,
3.75%, 3/15/26			161,000		184,867
4.87%, 3/15/49			112,000		155,622
Micron Technology, Inc., 2.50%, 4/24/23			100,000		104,073
NVIDIA Corp.,
3.20%, 9/16/26			117,000		131,467
2.85%, 4/01/30			252,000		279,235
3.50%, 4/01/40			150,000		173,832
3.50%, 4/01/50			634,000		736,239
3.70%, 4/01/60			100,000		116,814
QUALCOMM, Inc.,
4.80%, 5/20/45			50,000		67,314
4.30%, 5/20/47			94,000		119,695
Texas Instruments, Inc.,
2.90%, 11/03/27			390,000		433,216
1.75%, 5/04/30			91,000		92,892
					6,563,278

Shipbuilding – 0.0%⁽ⁱ⁾
Huntington Ingalls Industries, Inc.,
3.84%, 5/01/25^(b)			75,000		82,526
4.20%, 5/01/30^(b)			105,000		121,090
					203,616

Software – 0.8%
Activision Blizzard, Inc.,
1.35%, 9/15/30			108,000		104,367
2.50%, 9/15/50			75,000		67,562
Adobe, Inc., 2.30%, 2/01/30			360,000		385,961
Autodesk, Inc.,
3.50%, 6/15/27			226,000		254,405
2.85%, 1/15/30			3,000		3,298
Fidelity National Information Services, Inc.,
3.00%, 8/15/26			27,000		29,858
1.00%, 12/03/28	EUR		105,000		127,339
2.95%, 5/21/39			100,000		146,999
Fiserv, Inc.,
3.20%, 7/01/26			26,000		28,786
3.50%, 7/01/29			191,000		214,415
2.65%, 6/01/30			194,000		206,057
1.63%, 7/01/30	EUR		105,000		132,928


		Par^(a)		Value

Software (Continued)
Microsoft Corp.,
2.40%, 8/08/26		$	60,000	$	65,103
3.30%, 2/06/27			900,000		1,022,460
4.20%, 11/03/35			66,000		86,135
3.45%, 8/08/36			40,000		48,108
3.70%, 8/08/46			144,000		176,966
2.53%, 6/01/50			45,000		45,862
Oracle Corp.,
3.85%, 7/15/36			170,000		198,408
3.80%, 11/15/37			151,000		174,444
3.60%, 4/01/40			28,000		31,233
5.37%, 7/15/40			43,000		59,245
4.50%, 7/08/44			87,000		106,758
4.12%, 5/15/45			284,000		333,492
salesforce.com, Inc.,
3.70%, 4/11/28			430,000		505,028
					4,555,217

Telecommunications – 1.6%
AT&T, Inc.,
3.80%, 2/15/27			469,000		527,597
2.30%, 6/01/27			224,000		233,296
1.65%, 2/01/28			430,000		426,248
4.30%, 2/15/30^(b)			105,000		122,506
2.25%, 2/01/32			117,000		114,692
4.50%, 5/15/35			208,000		242,605
3.15%, 9/04/36	EUR		100,000		141,929
3.10%, 2/01/43			450,000		430,085
4.80%, 6/15/44			95,000		110,374
3.50%, 9/15/53^(b)			173,000		165,393
3.55%, 9/15/55^(b)			541,000		512,471
Corning, Inc.,
3.70%, 11/15/23			9,000		9,698
4.37%, 11/15/57			32,000		37,255
Level 3 Financing, Inc.,
5.25%, 3/15/26			33,000		34,069
4.62%, 9/15/27^(b)			9,000		9,180
Motorola Solutions, Inc.,
4.60%, 5/23/29			140,000		164,584
2.30%, 11/15/30			24,000		23,869
5.50%, 9/01/44			105,000		123,719
Sprint Corp.,
7.62%, 2/15/25			65,000		76,700
7.62%, 3/01/26			66,000		80,320
T-Mobile USA, Inc.,
3.50%, 4/15/25^(b)			461,000		505,076
3.75%, 4/15/27^(b)			391,000		436,610
2.05%, 2/15/28^(b)			30,000		30,450
3.88%, 4/15/30^(b)			445,000		499,895
2.55%, 2/15/31^(b)			148,000		150,827
2.25%, 11/15/31^(b)			175,000		172,853

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Telecommunications (Continued)
T-Mobile USA, Inc.,
3.00%, 2/15/41^(b)		$	90,000	$	87,287
3.30%, 2/15/51^(b)			20,000		19,269
Verizon Communications, Inc.,
3.38%, 2/15/25			190,000		211,052
2.63%, 8/15/26			10,000		10,869
4.13%, 3/16/27			368,000		432,126
3.00%, 3/22/27			222,000		244,680
4.33%, 9/21/28			250,000		300,091
3.88%, 2/08/29			420,000		491,548
4.02%, 12/03/29			85,000		100,531
3.15%, 3/22/30			90,000		100,124
1.50%, 9/18/30			60,000		58,913
4.50%, 8/10/33			1,125,000		1,398,075
4.40%, 11/01/34			85,000		104,994
4.27%, 1/15/36			176,000		215,133
2.88%, 1/15/38	EUR		100,000		149,025
4.81%, 3/15/39			61,000		79,215
3.85%, 11/01/42			60,000		71,028
4.12%, 8/15/46			70,000		84,680
4.86%, 8/21/46			87,000		115,616
4.52%, 9/15/48			40,000		51,426
4.00%, 3/22/50			190,000		228,934
2.99%, 10/30/56^(b)			53,741		54,433
					9,991,350

Toys/Games/Hobbies – 0.0%⁽ⁱ⁾
Hasbro, Inc., 2.60%, 11/19/22			175,000		181,375

Transportation – 0.6%
Burlington Northern Santa Fe LLC,
5.75%, 5/01/40			27,000		38,273
5.40%, 6/01/41			10,000		13,874
4.40%, 3/15/42			92,000		114,537
CSX Corp.,
4.25%, 3/15/29			159,000		189,814
6.15%, 5/01/37			5,000		7,085
4.75%, 5/30/42			44,000		55,634
4.30%, 3/01/48			33,000		40,432
4.75%, 11/15/48			76,000		99,571
FedEx Corp.,
3.90%, 2/01/35			54,000		62,949
3.88%, 8/01/42			14,000		15,479
4.10%, 4/15/43			32,000		36,324
4.55%, 4/01/46			31,000		37,560
5.25%, 5/15/50			83,000		111,707
Norfolk Southern Corp.,
2.90%, 6/15/26			193,000		212,233
2.55%, 11/01/29			5,000		5,367


	Par^(a)		Value

Transportation (Continued)
Norfolk Southern Corp.,
3.40%, 11/01/49	$	50,000	$	55,025
4.05%, 8/15/52		53,000		64,199
Ryder System, Inc., 4.62%, 6/01/25		315,000		362,341
Union Pacific Corp.,
3.25%, 1/15/25		105,000		114,945
3.25%, 8/15/25		27,000		29,719
2.75%, 3/01/26		53,000		57,418
2.15%, 2/05/27		120,000		127,071
3.95%, 9/10/28		220,000		257,854
2.40%, 2/05/30		220,000		234,268
3.38%, 2/01/35		23,000		26,099
3.55%, 8/15/39		41,000		46,043
3.95%, 8/15/59		38,000		43,661
3.84%, 3/20/60		220,000		248,655
4.37%, 11/15/65		42,000		50,895
3.75%, 2/05/70		130,000		142,368
United Parcel Service, Inc.,
3.40%, 3/15/29		52,000		59,597
2.50%, 9/01/29		28,000		30,273
4.45%, 4/01/30		202,000		250,752
5.20%, 4/01/40		134,000		182,320
XPO Logistics, Inc.,
6.12%, 9/01/23^(b)		18,000		18,225
6.75%, 8/15/24^(b)		46,000		48,677
				3,491,244

Trucking & Leasing – 0.0%⁽ⁱ⁾
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.25%, 1/17/23^(b)		4,000		4,304
2.70%, 3/14/23^(b)		10,000		10,438
2.70%, 11/01/24^(b)		25,000		26,560
3.95%, 3/10/25^(b)		30,000		33,452
4.00%, 7/15/25^(b)		94,000		106,031
4.45%, 1/29/26^(b)		10,000		11,383
3.40%, 11/15/26^(b)		21,000		23,067
3.35%, 11/01/29^(b)		20,000		21,347
				236,582

Total Corporate Bonds (Cost $158,945,350)				166,673,836

Foreign Issuer Bonds – 11.4%

Argentina – 0.0%⁽ⁱ⁾
YPF S.A., 7.00%, 12/15/47^(b)		45,000		22,725

Australia – 0.2%
BHP Billiton Finance USA Ltd., 5.00%, 9/30/43		20,000		27,743

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Australia (Continued)
FMG Resources (August 2006) Pty. Ltd.,
4.75%, 5/15/22^(b)	$	32,000	$	32,745
5.12%, 3/15/23^(b)		23,000		24,006
4.50%, 9/15/27^(b)		5,000		5,355
Glencore Funding LLC,
4.12%, 3/12/24^(b)		400,000		432,429
4.00%, 3/27/27^(b)		380,000		413,886
3.88%, 10/27/27^(b)		80,000		87,032
				1,023,196

Bahrain – 0.0%⁽ⁱ⁾
Bahrain Government International Bond, 7.38%, 5/14/30		200,000		221,849

Belgium – 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
3.65%, 2/01/26		80,000		89,858
4.70%, 2/01/36		447,000		549,213
Anheuser-Busch InBev Worldwide, Inc.,
4.15%, 1/23/25		200,000		226,852
4.00%, 4/13/28		160,000		184,302
4.75%, 1/23/29		809,000		979,719
3.50%, 6/01/30		300,000		339,646
4.90%, 1/23/31		242,000		303,828
4.35%, 6/01/40		130,000		153,097
4.95%, 1/15/42		26,000		31,630
5.55%, 1/23/49		220,000		296,679
4.50%, 6/01/50		230,000		271,696
				3,426,520

Brazil – 0.5%
Banco Votorantim S.A., 4.00%, 9/24/22^(b)		200,000		204,500
Brazilian Government International Bond, 3.88%, 6/12/30		461,000		466,763
Embraer Netherlands Finance B.V., 5.40%, 2/01/27		13,000		12,364
Embraer Overseas Ltd., 5.70%, 9/16/23		19,000		19,319
Gol Finance S.A., 7.00%, 1/31/25^(b)		102,000		75,482
Petrobras Global Finance B.V.,
5.09%, 1/15/30		40,000		41,889
5.60%, 1/03/31		86,000		92,824
7.25%, 3/17/44		40,000		46,543
6.90%, 3/19/49		47,000		53,187
6.75%, 6/03/50		15,000		16,460


	Par^(a)		Value

Brazil (Continued)
Rumo Luxembourg S.a.r.l., 5.87%, 1/18/25^(b)	$	200,000	$	209,252
Suzano Austria GmbH, 6.00%, 1/15/29		720,000		834,847
Vale Overseas Ltd.,
6.25%, 8/10/26		650,000		775,580
3.75%, 7/08/30		40,000		42,120
				2,891,130

Canada – 0.3%
1011778 B.C. ULC/New Red Finance, Inc.,
5.00%, 10/15/25^(b)		58,000		59,473
3.88%, 1/15/28^(b)		7,000		7,052
Air Canada Pass Through Trust,
Series 2015-2, Class B, 5.00%, 12/15/23^(b)		11,280		9,307
Series 2017-1, Class AA, 3.30%, 1/15/30^(b)		16,157		15,188
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27^(b)		223,000		247,675
Bank of Montreal, 1.85%, 5/01/25		210,000		219,024
(5Y USD Swap Rate + 1.43%), 3.80%, 12/15/32^(j)		40,000		44,307
Bank of Nova Scotia (The), 1.30%, 6/11/25		120,000		122,258
Barrick North America Finance LLC, 5.75%, 5/01/43		190,000		273,377
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 9/15/27^(b)		51,000		52,260
Canadian Imperial Bank of Commerce, 0.95%, 6/23/23		100,000		101,141
Enbridge, Inc., 2.90%, 7/15/22		36,000		37,290
Magna International, Inc., 2.45%, 6/15/30		32,000		33,601
Mattamy Group Corp., 5.25%, 12/15/27^(b)		5,000		5,287
Royal Bank of Canada,
1.60%, 4/17/23		190,000		195,390
1.15%, 6/10/25		100,000		101,615
Suncor Energy, Inc.,
6.80%, 5/15/38		30,000		37,924
6.50%, 6/15/38		16,000		20,050
6.85%, 6/01/39		43,000		55,232
Teck Resources Ltd., 6.12%, 10/01/35		10,000		11,592

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Canada (Continued)
Toronto-Dominion Bank (The),
0.75%, 6/12/23		$	210,000	$	211,418
1.15%, 6/12/25			110,000		111,686
TransCanada PipeLines Ltd.,
4.63%, 3/01/34			42,000		48,526
5.85%, 3/15/36			22,000		28,603
					2,049,276

Chile – 0.3%
Chile Government International Bond,
2.45%, 1/31/31			200,000		207,750
3.86%, 6/21/47			270,000		313,697
Corp. Nacional del Cobre de Chile,
3.63%, 8/01/27^(b)			330,000		360,125
3.70%, 1/30/50^(b)			260,000		271,500
Empresa Nacional de Telecomunicaciones S.A., 4.75%, 8/01/26^(b)			200,000		220,985
Kenbourne Invest S.A., 6.87%, 11/26/24^(b)			200,000		208,750
					1,582,807

China – 0.2%
CNOOC Finance 2015 USA LLC, 3.50%, 5/05/25			410,000		448,278
Sinopec Group Overseas Development 2014 Ltd., 4.37%, 4/10/24^(b)			290,000		319,362
Tencent Holdings Ltd., 3.60%, 1/19/28^(b)			220,000		240,499
					1,008,139

Colombia – 0.6%
Colombia Government International Bond,
3.88%, 4/25/27			615,000		665,123
4.50%, 3/15/29			300,000		336,642
3.13%, 4/15/31			258,000		264,837
5.00%, 6/15/45			610,000		712,480
5.20%, 5/15/49			460,000		552,906
Colombian TES,
6.25%, 11/26/25	COP		171,000,000		48,126
7.25%, 10/18/34	COP		479,200,000		133,216
Ecopetrol S.A.,
5.37%, 6/26/26			151,000		166,290
6.87%, 4/29/30			30,000		36,072
5.87%, 5/28/45			510,000		556,257
					3,471,949


	Par^(a)		Value

Denmark – 0.3%
Danske Bank A/S,
5.00%, 1/12/22^(b)	$	400,000	$	418,868
3.88%, 9/12/23^(b)		400,000		430,042
(1Y US Treasury CMT + 1.03%), 1.17%, 12/08/23^(b)(j)		200,000		200,296
5.37%, 1/12/24^(b)		400,000		448,987
5.37%, 1/12/24		200,000		224,494
1.23%, 6/22/24^(b)		200,000		201,997
				1,924,684

Dominican Republic – 0.1%
Dominican Republic International Bond,
4.50%, 1/30/30		343,000		345,576
4.88%, 9/23/32^(b)		171,500		174,074
5.87%, 1/30/60		200,000		191,000
				710,650

Finland – 0.0%⁽ⁱ⁾
Nordea Bank Abp, 1.00%, 6/09/23^(b)		210,000		212,850

France – 0.4%
BNP Paribas S.A.,
3.50%, 3/01/23^(b)		293,000		311,453
(3M USD LIBOR + 2.24%), 4.70%, 1/10/25^(b)(j)		200,000		220,837
(3M USD LIBOR + 1.11%), 2.82%, 11/19/25^(b)(j)		214,000		226,401
(SOFR + 2.07%), 2.22%, 6/09/26^(b)(j)		600,000		620,452
(SOFR + 1.51%), 3.05%, 1/13/31^(b)(j)		200,000		211,975
BPCE S.A., 2.70%, 10/01/29^(b)		250,000		266,039
Credit Agricole S.A., (SOFR + 1.68%), 1.91%, 6/16/26^(b)(j)		250,000		256,092
Danone S.A., 2.95%, 11/02/26^(b)		200,000		219,548
				2,332,797

Hungary – 0.0%⁽ⁱ⁾
Hungary Government International Bond, 5.38%, 3/25/24		122,000		139,847

India – 0.0%⁽ⁱ⁾
Export-Import Bank of India, 3.38%, 8/05/26^(b)		200,000		210,868

Indonesia – 0.6%
Indonesia Government International Bond, 4.10%, 4/24/28		200,000		227,001

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Indonesia (Continued)
Indonesia Government International Bond,
2.85%, 2/14/30		$	421,000	$	442,617
3.85%, 10/15/30			200,000		227,898
4.35%, 1/11/48			850,000		982,443
3.70%, 10/30/49			330,000		350,994
Indonesia Treasury Bond,
7.00%, 5/15/27	IDR		1,238,000,000		87,698
7.00%, 9/15/30	IDR		547,000,000		38,542
6.50%, 2/15/31	IDR		2,970,000,000		201,980
6.63%, 5/15/33	IDR		357,000,000		23,520
7.50%, 6/15/35	IDR		1,047,000,000		73,881
8.37%, 4/15/39	IDR		1,676,000,000		124,373
7.37%, 5/15/48	IDR		1,091,000,000		74,613
Pertamina Persero PT, 6.00%, 5/03/42^(b)			280,000		341,582
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.45%, 5/21/28^(b)			480,000		562,200
					3,759,342

Israel – 0.1%
Israel Government International Bond,
2.75%, 7/03/30			200,000		218,600
4.50%, 4/03/20^(m)			220,000		286,106
Leviathan Bond Ltd., 5.75%, 6/30/23^(b)			44,000		45,065
					549,771

Italy – 0.4%
Intesa Sanpaolo S.p.A., 3.13%, 7/14/22^(b)			840,000		864,813
Italy Buoni Poliennali Del Tesoro, 1.80%, 3/01/41^(b)	EUR		1,363,000		1,706,116
					2,570,929

Japan – 0.3%
Mitsubishi UFJ Financial Group, Inc.,
3.45%, 3/02/23			204,000		217,919
2.19%, 2/25/25			205,000		214,906
Mizuho Financial Group, Inc.,
(3M USD LIBOR + 0.98%), 2.84%, 7/16/25^(j)			200,000		211,581
(3M USD LIBOR + 1.27%), 1.98%, 9/08/31^(j)			200,000		197,693
Nissan Motor Co. Ltd., 4.81%, 9/17/30^(b)			400,000		401,284
Sumitomo Mitsui Financial Group, Inc., 2.35%, 1/15/25			400,000		422,246


		Par^(a)		Value

Japan (Continued)
Takeda Pharmaceutical Co. Ltd.,
2.05%, 3/31/30		$	200,000	$	201,300
2.00%, 7/09/40	EUR		110,000		139,718
					2,006,647

Kazakhstan – 0.1%
Kazakhstan Government International Bond, 4.88%, 10/14/44			200,000		266,515
KazMunayGas National Co. JSC, 6.37%, 10/24/48^(b)			220,000		292,282
					558,797

Kuwait – 0.1%
Equate Petrochemical B.V., 4.25%, 11/03/26^(b)			210,000		224,465
Kuwait International Government Bond, 3.50%, 3/20/27^(b)			210,000		237,321
MEGlobal Canada ULC, 5.00%, 5/18/25^(b)			200,000		217,690
					679,476

Luxembourg – 0.1%
ArcelorMittal S.A.,
3.60%, 7/16/24			110,000		114,498
4.55%, 3/11/26			360,000		387,569
					502,067

Macau – 0.1%
Sands China Ltd., 5.13%, 8/08/25			300,000		323,166

Malaysia – 0.0%⁽ⁱ⁾
Petronas Capital Ltd., 3.50%, 4/21/30^(b)			200,000		222,560

Mexico – 0.7%
America Movil S.A.B. de C.V.,
3.13%, 7/16/22			200,000		207,117
2.88%, 5/07/30			200,000		214,972
Comision Federal de Electricidad, 4.75%, 2/23/27^(b)			200,000		218,000
Fomentico Economico Mexicano S.A.B. de C.V., 3.50%, 1/16/50			150,000		156,356
Industrias Penoles S.A.B.de C.V., 4.15%, 9/12/29^(b)			200,000		219,000
Mexico Government International Bond, 4.15%, 3/28/27			467,000		520,126
3.25%, 4/16/30			445,000		459,810

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Mexico (Continued)
Mexico Government International Bond,
4.75%, 3/08/44	$	1,060,000	$	1,171,311
4.50%, 1/31/50		220,000		237,327
Petroleos Mexicanos,
(3M USD LIBOR + 3.65%), 3.90%, 3/11/22^(d)		31,000		30,457
4.25%, 1/15/25		14,000		13,031
5.62%, 1/23/46		640,000		472,800
6.35%, 2/12/48		106,000		80,957
6.95%, 1/28/60		209,000		163,438
				4,164,702

Morocco – 0.0%⁽ⁱ⁾
OCP S.A., 4.50%, 10/22/25^(b)		200,000		211,475

Netherlands – 0.7%
Cooperatieve Rabobank U.A.,
4.62%, 12/01/23		250,000		277,929
4.37%, 8/04/25		440,000		497,777
(1Y US Treasury CMT + 1.00%), 1.34%, 6/24/26^(b)(j)		250,000		251,721
ING Groep N.V., 4.10%, 10/02/23		400,000		439,136
(1Y US Treasury CMT + 1.10%), 1.40%, 7/01/26^(b)(j)		200,000		201,576
NXP B.V./NXP Funding LLC, 4.62%, 6/01/23^(b)		245,000		268,623
NXP B.V./NXP Funding LLC/NXP USA, Inc.,
2.70%, 5/01/25^(b)		80,000		85,011
3.15%, 5/01/27^(b)		7,000		7,578
4.30%, 6/18/29^(b)		46,000		53,350
3.40%, 5/01/30^(b)		251,000		275,670
Shell International Finance B.V.,
3.50%, 11/13/23		170,000		184,898
2.88%, 5/10/26		140,000		154,625
3.88%, 11/13/28		49,000		56,747
2.38%, 11/07/29		556,000		583,073
2.75%, 4/06/30		100,000		107,835
4.37%, 5/11/45		56,000		66,958
4.00%, 5/10/46		80,000		91,320
3.25%, 4/06/50		300,000		309,329
				3,913,156

Panama – 0.3%
Panama Government International Bond, 3.87%, 3/17/28		400,000		453,004


		Par^(a)		Value

Panama (Continued)
Panama Government International Bond,
6.70%, 1/26/36		$	580,000	$	838,106
4.30%, 4/29/53			400,000		483,004
					1,774,114

Peru – 0.4%
Banco de Credito del Peru, (5Y US Treasury CMT + 3.00%), 3.13%, 7/01/30^(b)(j)			45,000		45,495
Banco Internacional del Peru S.A.A. Interbank, 3.25%, 10/04/26^(b)			33,000		34,774
Peru Government Bond,
5.94%, 2/12/29	PEN		205,000		67,709
6.95%, 8/12/31	PEN		205,000		70,014
6.15%, 8/12/32	PEN		205,000		65,400
Peruvian Government International Bond,
4.13%, 8/25/27			152,000		176,701
2.78%, 1/23/31			147,000		158,907
6.55%, 3/14/37			130,000		196,626
5.62%, 11/18/50			270,000		431,325
Petroleos del Peru S.A.,
4.75%, 6/19/32^(b)			500,000		545,100
Southern Copper Corp.,
5.25%, 11/08/42			600,000		762,142
					2,554,193

Philippines – 0.2%
Philippine Government International Bond,
4.20%, 1/21/24			400,000		443,766
3.00%, 2/01/28			200,000		219,330
3.75%, 1/14/29			200,000		231,506
					894,602

Poland – 0.1%
Republic of Poland Government International Bond, 4.00%, 1/22/24			500,000		556,170

Qatar – 0.2%
Qatar Government International Bond,
3.87%, 4/23/23^(b)			200,000		214,500
3.75%, 4/16/30			200,000		232,629
4.82%, 3/14/49^(b)			520,000		692,458
					1,139,587

Romania – 0.0%⁽ⁱ⁾
Romanian Government International Bond, 3.00%, 2/14/31^(b)			122,000		126,333

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Russia – 0.3%
Russian Federal Bond - OFZ,
7.75%, 9/16/26	RUB	$	21,548,000	$	301,888
8.15%, 2/03/27	RUB		7,757,000		110,664
6.00%, 10/06/27	RUB		4,390,000		55,995
6.90%, 5/23/29	RUB		9,054,000		121,182
8.50%, 9/17/31	RUB		9,560,000		141,413
Russian Foreign Bond - Eurobond,
4.38%, 3/21/29			400,000		457,263
5.62%, 4/04/42^(b)			600,000		788,228
					1,976,633

Saudi Arabia – 0.1%
Saudi Government International Bond, 3.25%, 10/22/30			455,000		496,928

South Africa – 0.1%
Anglo American Capital PLC,
4.00%, 9/11/27^(b)			400,000		442,350
5.63%, 4/01/30^(b)			200,000		245,819
					688,169

Spain – 0.2%
Banco Santander S.A.,
2.75%, 5/28/25			400,000		421,705
4.38%, 4/12/28			200,000		227,491
3.30%, 6/27/29			200,000		218,175
Telefonica Emisiones S.A., 4.10%, 3/08/27			150,000		169,910
					1,037,281

Sweden – 0.0%⁽ⁱ⁾
Swedbank AB, 1.30%,
6/02/23^(b)			200,000		203,569

Switzerland – 0.8%
Credit Suisse A.G.,
1.00%, 5/05/23			670,000		678,277
2.95%, 4/09/25			250,000		272,920
Credit Suisse Group A.G.,
(SOFR + 1.56%), 2.59%, 9/11/25^(b)(j)			250,000		262,044
(SOFR + 3.73%), 4.19%, 4/01/31^(b)(j)			250,000		286,728
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 9/15/22			435,000		459,972
Tyco Electronics Group S.A., 3.13%, 8/15/27			18,000		19,803
UBS A.G., 1.75%, 4/21/22^(b)			200,000		203,589


	Par^(a)		Value

Switzerland (Continued)
UBS Group A.G.,
(3M USD LIBOR + 0.95%), 2.86%, 8/15/23^(b)(j)	$	400,000	$	414,428
(5Y USD Swap Rate + 4.34%), 7.00%, 1/31/24^(b)(j)(k)		200,000		215,250
4.12%, 9/24/25^(b)		200,000		227,334
4.13%, 4/15/26^(b)		200,000		229,334
4.25%, 3/23/28^(b)		770,000		890,456
(3M USD LIBOR + 1.47%),
3.13%, 8/13/30^(b)(j)		470,000		516,243
				4,676,378

Taiwan – 0.0%⁽ⁱ⁾
TSMC Global Ltd., 0.75%, 9/28/25^(b)		200,000		198,431

Ukraine – 0.1%
Ukraine Government International Bond,
9.75%, 11/01/28		200,000		218,492
7.37%, 9/25/32		200,000		192,282
				410,774

United Arab Emirates – 0.4%
Abu Dhabi Government International Bond,
2.50%, 10/11/22^(b)		610,000		631,188
3.13%, 9/30/49^(b)		710,000		747,985
DP World PLC, 5.62%, 9/25/48^(b)		500,000		570,625
MDGH - GMTN B.V., 2.88%, 11/07/29^(b)		200,000		212,695
				2,162,493

United Kingdom – 1.3%
AstraZeneca PLC, 1.38%, 8/06/30		239,000		232,576
BAE Systems Holdings, Inc., 3.85%, 12/15/25^(b)		195,000		220,206
BAE Systems PLC, 3.40%, 4/15/30^(b)		234,000		260,296
Barclays Bank PLC, 1.70%, 5/12/22		200,000		203,754
Barclays PLC,
(3M USD LIBOR + 1.90%), 4.97%, 5/16/29^(j)		200,000		234,260
(1Y US Treasury CMT + 1.90%), 2.65%, 6/24/31^(j)		231,000		231,840
BAT Capital Corp.,
3.22%, 8/15/24		204,000		218,884
3.56%, 8/15/27		300,000		323,763
3.46%, 9/06/29		61,000		65,376

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

United Kingdom (Continued)
BAT Capital Corp.,
4.54%, 8/15/47	$	254,000	$	267,345
5.28%, 4/02/50		55,000		64,223
BP Capital Markets PLC,
3.81%, 2/10/24		116,000		127,126
3.12%, 5/04/26		79,000		85,870
GlaxoSmithKline Capital, Inc., 3.88%, 5/15/28		26,000		30,563
HSBC Holdings PLC,
(SOFR + 1.93%), 2.10%, 6/04/26^(j)		200,000		204,250
(3M USD LIBOR + 1.55%), 4.04%, 3/13/28^(j)		235,000		262,479
(3M USD LIBOR + 1.53%), 4.58%, 6/19/29^(j)		900,000		1,040,092
(3M USD LIBOR + 1.61%), 3.97%, 5/22/30^(j)		550,000		616,860
Lloyds Banking Group PLC,
(3M USD LIBOR + 0.81%),
2.91%, 11/07/23^(j)		270,000		280,840
3.75%, 1/11/27		200,000		221,718
4.38%, 3/22/28		290,000		336,417
Natwest Group PLC,
(3M USD LIBOR + 1.76%), 4.27%, 3/22/25^(j)		400,000		438,104
(3M USD LIBOR + 1.91%), 5.08%, 1/27/30^(j)		200,000		239,240
RELX Capital, Inc.,
3.50%, 3/16/23		197,000		209,742
4.00%, 3/18/29		225,000		260,915
3.00%, 5/22/30		124,000		133,940
Reynolds American, Inc.,
4.45%, 6/12/25		215,000		242,811
6.15%, 9/15/43		18,000		22,205
5.85%, 8/15/45		150,000		183,048
Santander UK Group Holdings PLC, (1Y US Treasury CMT + 1.25%),
1.53%, 8/21/26^(j)		305,000		302,992
Vodafone Group PLC,
4.37%, 5/30/28		190,000		224,777
4.37%, 2/19/43		128,000		150,913
5.25%, 5/30/48		84,000		108,779
5.12%, 6/19/59		1,000		1,267
				8,047,471

Uruguay – 0.2%
Uruguay Government International Bond, 4.37%, 10/27/27		237,000		276,996


	Par^(a)		Value

Uruguay (Continued)
Uruguay Government International Bond,
4.38%, 1/23/31	$	313,500	$	378,554
5.10%, 6/18/50		560,000		748,166
				1,403,716

Total Foreign Issuer Bonds (Cost $65,139,584)				69,038,217

Term Loans – 0.0%^(d)(i)
Distribution/Wholesale – 0.0%⁽ⁱ⁾
KAR Auction Services, Inc.,
Tranche B-6 Term Loan,
(ICE LIBOR USD 1M +
2.25%), 2.44%, 9/19/26^(b)		14,676		14,052

Total Term Loans (Cost $14,644)				14,052

	Par		Value

Mortgage-Backed Securities – 29.1%

Federal Home Loan Mortgage Corporation – 2.8%
Multiclass Certificates, Series 2020-RR07, Class BX, 2.61%, 10/27/28		4,160,000		726,846
Multifamily Structured Pass Through Certificates,
Series K736, Class X1, 1.31%, 7/25/26^(c)		1,999,315		124,150
Series K095, Class XAM, 1.24%, 6/25/29^(c)		500,000		49,153
Series K099, Class X1, 0.89%, 9/25/29^(c)		1,088,180		73,700
Series K-1517, Class X1, 1.33%, 7/25/35^(c)		339,972		49,211
Pool,
#ZT1408, 2.00%, 10/01/32		163,146		169,141
#ZS8673, 3.00%, 10/01/32		52,334		54,837
#ZA2471, 3.00%, 9/01/37		16,533		17,320
#ZM1677, 3.00%, 9/01/46		1,016,796		1,115,734
#ZS4697, 3.00%, 1/01/47		58,428		61,374
#ZM2846, 3.50%, 3/01/47		50,086		53,124
#ZM5146, 4.00%, 12/01/47		270,229		289,420
#ZA5318, 3/01/48^(e)		56,308		60,237
#ZS4774, 4.50%, 5/01/48		293,862		317,894
#ZA5454, 4.00%, 6/01/48		288,481		310,034

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal Home Loan Mortgage Corporation (Continued)
Pool,
#ZM6880, 4.50%, 6/01/48	$	42,176	$	45,651
#ZA5568, 4.50%, 7/01/48		76,069		82,250
#ZA5950, 4.50%, 11/01/48		907,092		979,790
#ZA5947, 4.50%, 11/01/48		714,671		772,374
#ZN2699, 4.50%, 1/01/49		893,908		966,080
#ZT1857, 4.50%, 3/01/49		1,675,607		1,892,858
#QA0639, 4.00%, 6/01/49		456,787		495,210
#RA1103, 3.00%, 7/01/49		154,059		164,125
#RA1084, 4.50%, 7/01/49		134,914		148,314
#RA1293, 3.00%, 9/01/49		257,004		278,643
#RA1341, 3.00%, 9/01/49		52,109		55,854
#SD8044, 3.00%, 2/01/50		99,991		104,379
#QA7238, 3.50%, 2/01/50		89,712		97,186
#RA2141, 4.00%, 2/01/50		78,572		84,476
#RA2362, 3.50%, 3/01/50		186,196		197,307
#RA2313, 3.50%, 3/01/50		452,695		482,174
#RA2358, 4.00%, 3/01/50		82,337		88,251
#RA2353, 4.50%, 3/01/50		91,412		98,729
#SD0291, 5.00%, 3/01/50		347,125		380,867
#QA8791, 3.50%, 4/01/50		94,862		102,766
#RA2389, 4.50%, 4/01/50		177,267		191,831
#SD8059, 4.50%, 4/01/50		349,162		379,005
#SD8062, 3.00%, 5/01/50		299,971		313,164
#RA2658, 3.50%, 5/01/50		95,385		103,332
#RA2608, 5/01/50^(e)		81,802		88,696
#RA3175, 3.00%, 7/01/50		395,522		419,396
#SD8084, 3.00%, 8/01/50		1,430,880		1,499,316
#RA3282, 3.00%, 8/01/50		515,158		558,371


	Par		Value

Federal Home Loan Mortgage Corporation (Continued)
Pool,
#RA3313, 3.00%, 8/01/50	$	135,383	$	144,340
#RA3324, 3.00%, 8/01/50		181,325		194,430
#RA3388, 3.00%, 8/01/50		130,665		140,108
#RA3474, 3.00%, 9/01/50		1,489,385		1,579,286
Real Estate Mortgage Investment Conduits,
Series 2019-RR01, Class X, 1.53%, 6/25/28		2,500,000		259,250
Series 4940, Class PI, 4.00%, 7/25/49		85,593		8,307
Series 4999, Class QI, 4.00%, 5/25/50		92,841		11,943
Series 4995, Class BI, 4.50%, 6/25/50		86,599		12,129
Series 5010, Class IK, 2.50%, 9/25/50		99,196		11,761
Series 5010, Class JI, 2.50%, 9/25/50		298,141		40,561
Series 5013, Class IN, 2.50%, 9/25/50		99,621		14,444
Series 5014, Class DI, 4.00%, 9/25/50		94,403		12,154
Series 5029, Class GI, 2.00%, 10/25/50		99,785		9,534
Series 5018, Class MI, 2.00%, 10/25/50		199,364		25,400
				17,006,217

Federal Home Loan Mortgage Corporation Gold – 1.7%
Pool,
#Q41209, 3.50%, 6/01/46		53,389		58,382
#G61813, 3.00%, 7/01/46		403,632		440,985
#G61677, 4.50%, 4/01/47		114,050		126,931
#G60972, 4.50%, 5/01/47		43,141		48,281
#Q48752, 3.50%, 6/01/47		54,921		59,349
#G61047, 4.50%, 7/01/47		181,173		202,759
#G61079, 4.50%, 7/01/47		54,734		60,858
#G08779, 3.50%, 9/01/47		570,248		604,139
#G08791, 3.00%, 12/01/47		36,148		37,754
#Q53534, 3.00%, 1/01/48		27,065		28,274
#G61374, 4.50%, 4/01/48		165,190		181,405
#V84260, 3.50%, 6/01/48		246,015		263,623
#G67713, 4.00%, 6/01/48		1,604,843		1,764,230
#Q59918, 4.50%, 7/01/48		349,828		391,425
#Q57853, 4.50%, 8/01/48		135,450		151,035
#G67715, 4.50%, 8/01/48		255,768		281,956
#G61739, 3.00%, 9/01/48		377,850		412,572

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal Home Loan Mortgage Corporation Gold (Continued)
Pool,
#G61989, 3.50%, 4/01/49	$	4,550,340	$	5,090,373
#G67721, 4.50%, 4/01/49		200,792		221,323
				10,425,654
Federal National Mortgage Association – 10.4%
Alternative Credit Enhancement Securities,
Series 2019-M6, Class A2, 3.45%, 1/01/29		210,000		240,282
Series 2019-M5, Class A2, 3.27%, 2/25/29		100,000		114,073
Series 2019-M4, Class A2, 3.61%, 2/25/31		100,000		117,630
Series 2019-M23, Class 3A3, 2.72%, 10/25/31		99,978		105,988
Series 2020-M36, Class X1, 1.56%, 9/25/34^(c)		599,191		64,943
Series 2019-M27, Class A2, 2.70%, 11/25/40		100,000		114,191
Series 2013-M6, Class 1AC, 3.45%, 2/25/43^(c)		84,233		94,869
Pool,
#AL6613, 2.50%, 6/01/28		67,786		71,056
#AS0496, 3.00%, 9/01/28		25,116		26,690
#BL2454, 3.16%, 5/01/29		58,925		66,927
#AW1281, 3.00%, 7/01/29		9,751		10,335
#AW4229, 3.00%, 7/01/29		48,087		51,637
#BL3540, 2.79%, 8/01/29		300,000		333,860
#AX6435, 3.00%, 1/01/30		33,087		35,343
#BL5850, 2.26%, 4/01/30		198,047		212,351
#890696, 3.00%, 9/01/30		152,101		162,476
#BM5304, 3.00%, 9/01/32		47,640		51,729
#BH9243, 3.00%, 1/01/33		327,926		343,380
#BM4614, 3.00%, 3/01/33		57,515		61,820
#FM1680, 2.50%, 12/01/33		205,059		213,364
#CA3022, 3.50%, 1/01/34		154,864		170,191
#BM6019, 3.50%, 5/01/34		321,532		353,251
#CA6849, 3.00%, 8/01/35		140,046		149,955


	Par		Value

Federal National Mortgage Association (Continued)
Pool,
#CA6876, 3.00%, 8/01/35	$	143,503	$	154,278
#CA7253, 2.50%, 10/01/35		251,917		269,323
#CA7255, 2.50%, 10/01/35		253,241		269,248
#MA2832, 3.00%, 12/01/36		108,981		114,436
#FM2814, 3.00%, 3/01/38		136,026		143,537
#FM4266, 3.00%, 4/01/38		59,538		62,975
#FM3881, 3.00%, 6/01/38		97,041		101,415
#BM1948, 6.00%, 7/01/41		54,065		65,499
#AK6740, 4.00%, 3/01/42		1,393,621		1,566,508
#AL3311, 3.50%, 3/01/43		2,172,515		2,431,295
#BM4751, 3.50%, 3/01/43		137,578		149,350
#AU6873, 4.50%, 11/01/43		130,793		152,279
#AL5597, 4.50%, 6/01/44		222,396		248,920
#AS2947, 4.00%, 7/01/44		651,794		719,993
#AY6181, 3.50%, 4/01/45		68,253		72,885
#AS5480, 4.50%, 7/01/45		68,193		77,322
#AL9475, 4.50%, 11/01/45		85,185		95,335
#AS7313, 3.50%, 6/01/46		545,110		595,934
#AS7488, 3.00%, 7/01/46		1,001,433		1,109,851
#BM1922, 4.50%, 7/01/46		176,072		204,713
#AS7726, 3.00%, 8/01/46		685,931		752,675
#BC1509, 3.00%, 8/01/46		125,126		134,047
#AS7844, 3.00%, 9/01/46		172,550		184,870
#BC2817, 3.00%, 9/01/46		237,840		253,303
#AL9397, 3.00%, 10/01/46		186,532		199,911
#AL9546, 3.50%, 11/01/46		140,667		152,503
#BM4897, 3.50%, 12/01/46		142,736		153,686
#BM4226, 3.00%, 1/01/47		2,188,065		2,409,352
#BM5520, 3.50%, 2/01/47		728,569		773,032

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal National Mortgage Association (Continued)
Pool,
#BM4696, 3.00%, 3/01/47	$	1,096,369	$	1,177,287
#FM1349, 3.50%, 3/01/47		457,202		499,633
#AS9453, 4.00%, 4/01/47		831,834		906,424
#FM3347, 3.50%, 5/01/47		345,633		369,821
#MA3088, 4.00%, 8/01/47		383,478		411,889
#CA0148, 4.50%, 8/01/47		76,463		82,673
#890843, 3.00%, 9/01/47		72,344		78,366
#MA3149, 4.00%, 10/01/47		138,034		148,020
#BE2735, 4.50%, 10/01/47		16,484		18,444
#BH5764, 4.50%, 11/01/47		62,929		69,955
#BM3208, 4.50%, 11/01/47		99,433		110,065
#CA0717, 4.50%, 11/01/47		210,262		227,386
#MA3210, 3.50%, 12/01/47		809,085		857,492
#CA0858, 3.50%, 12/01/47		19,520		20,671
#FM1002, 3.50%, 1/01/48		995,036		1,077,434
#CA1021, 4.50%, 1/01/48		149,360		166,035
#BM5526, 3.50%, 2/01/48		181,672		192,439
#BM5073, 3.00%, 4/01/48		981,120		1,055,345
#FM3753, 3.50%, 4/01/48		180,075		194,774
#CA1565, 4/01/48^(e)		59,641		64,699
#BJ9172, 4.50%, 5/01/48		300,863		333,661
#BM5896, 4.50%, 5/01/48		157,258		176,439
#BJ2763, 4.50%, 5/01/48		294,353		319,887
#CA1909, 6/01/48^(e)		45,400		49,117
#BJ9257, 4.50%, 6/01/48		63,477		70,352
#CA1907, 4.50%, 6/01/48		323,495		349,840
#BK0922, 7/01/48^(e)		153,222		165,722
#CA2055, 4.50%, 7/01/48		40,386		43,612
#CA2047, 4.50%, 7/01/48		181,233		200,992
#CA2057, 4.50%, 7/01/48		194,610		210,213


	Par		Value

Federal National Mortgage Association (Continued)
Pool,
#FM3469, 3.50%, 8/01/48	$	333,657	$	356,499
#BN0691, 4.50%, 8/01/48		60,878		66,854
#BM4351, 4.50%, 8/01/48		112,641		126,008
#CA2207, 4.50%, 8/01/48		35,921		38,811
#CA2199, 4.50%, 8/01/48		232,880		255,541
#CA2205, 4.50%, 8/01/48		1,004,739		1,086,376
#CA2209, 4.50%, 8/01/48		678,263		733,246
#BK6566, 4.50%, 8/01/48		400,000		432,406
#MA3448, 5.00%, 8/01/48		300,000		329,486
#CA2251, 5.00%, 8/01/48		39,813		43,753
#BK4814, 4.50%, 9/01/48		47,729		51,588
#CA2471, 4.00%, 10/01/48		1,677,102		1,800,159
#BK7603, 4.50%, 10/01/48		60,197		65,725
#CA2482, 4.50%, 10/01/48		245,946		271,988
#CA2489, 4.50%, 10/01/48		121,077		130,896
#FM3141, 3.50%, 11/01/48		403,510		429,258
#FM3773, 3.50%, 11/01/48		478,726		511,185
#FM3158, 4.00%, 11/01/48		84,209		92,009
#BN1628, 4.50%, 11/01/48		819,959		886,178
#BN1623, 4.50%, 11/01/48		228,077		252,777
#CA2729, 4.50%, 11/01/48		879,219		950,191
#CA2588, 4.50%, 11/01/48		3,012		3,255
#MA3527, 5.00%, 11/01/48		250,208		274,971
#CA2855, 4.50%, 12/01/48		39,965		43,191
#CA2803, 4.50%, 12/01/48		1,423		1,538
#CA2805, 4.50%, 12/01/48		19,911		21,513
#BN0302, 4.50%, 12/01/48		321,663		351,204
#FM1518, 4.50%, 12/01/48		189,846		205,348

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal National Mortgage Association (Continued)
Pool,
#BN0341, 5.00%, 12/01/48	$	233,079	$	255,764
#BM5317, 4.50%, 1/01/49		110,036		120,138
#FM1977, 4.50%, 1/01/49		75,174		81,236
#BN3960, 4.50%, 1/01/49		929,627		1,004,683
#CA2963, 4.50%, 1/01/49		691,014		747,004
#BM5862, 4.50%, 2/01/49		321,768		358,705
#CA3094, 4.50%, 2/01/49		600,617		698,161
#BM5629, 4.50%, 2/01/49		60,040		65,939
#FM2214, 4.50%, 4/01/49		577,571		623,964
#BN6625, 3.50%, 5/01/49		682,067		763,692
#CA3516, 4.50%, 5/01/49		533,290		619,904
#FM1637, 4.50%, 5/01/49		256,022		281,174
#FM1991, 4.50%, 5/01/49		15,926		17,216
#CA3645, 3.50%, 6/01/49		1,384,667		1,546,153
#BN6688, 4.00%, 6/01/49		347,861		386,263
#BO0968, 4.00%, 6/01/49		69,395		74,170
#CA3809, 3.00%, 7/01/49		154,059		164,654
#FM1263, 4.50%, 7/01/49		59,403		64,513
#FM1241, 3.50%, 8/01/49		73,513		79,378
#CA4033, 4.50%, 8/01/49		136,599		148,794
#FM1468, 5.00%, 8/01/49		556,835		611,312
#CA4133, 3.00%, 9/01/49		258,352		279,831
#BN7753, 3.00%, 9/01/49		458,084		489,600
#FM3572, 4.50%, 9/01/49		673,049		748,031
#FM1539, 9/01/49^(e)		55,632		60,114
#FM1727, 5.00%, 9/01/49		487,410		548,531
#BO2252, 3.50%, 10/01/49		88,055		95,382
#FM3002, 4.50%, 11/01/49		78,477		85,678


	Par		Value

Federal National Mortgage Association (Continued)
Pool,
#CA4823, 4.00%, 12/01/49	$	156,729	$	167,473
#CA4819, 4.00%, 12/01/49		175,447		191,856
#FM3155, 5.00%, 12/01/49		76,466		83,873
#BO8932, 3.00%, 1/01/50		79,367		84,440
#CA4979, 3.00%, 1/01/50		553,045		577,953
#FM2378, 4.50%, 1/01/50		136,024		147,724
#CA5225, 3.00%, 2/01/50		742,759		804,944
#FM2333, 3.50%, 2/01/50		255,304		271,928
#FM0062, 2/01/50^(e)		563,210		603,769
#BO7302, 4.50%, 2/01/50		285,229		309,609
#BO7625, 3.00%, 3/01/50		186,064		196,697
#CA5364, 4.00%, 3/01/50		459,062		501,992
#FM2745, 4.50%, 3/01/50		83,585		90,965
#CA5379, 4.50%, 3/01/50		370,917		412,246
#FM3957, 5.00%, 3/01/50		192,632		211,687
#CA5522, 4.00%, 4/01/50		634,739		694,100
#FM3948, 4.00%, 4/01/50		653,904		715,062
#BP2389, 4.50%, 4/01/50		99,277		107,284
#FM2934, 3.00%, 5/01/50		35,498		38,440
#FM2965, 3.00%, 5/01/50		48,500		52,568
#CA6000, 3.00%, 6/01/50		194,553		208,020
#CA6053, 3.00%, 6/01/50		278,398		297,668
#BP9421, 3.00%, 7/01/50		99,468		105,472
#BP7009, 3.00%, 8/01/50		99,452		105,396
#CA6606, 3.00%, 8/01/50		625,138		686,166
#CA6607, 3.00%, 8/01/50		370,448		404,915
#CA6608, 3.00%, 8/01/50		279,581		303,034
#CA6609, 3.00%, 8/01/50		369,443		396,144
#MA4097, 3.00%, 8/01/50		2,838,683		2,979,642

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal National Mortgage Association (Continued)
Pool,
#BQ1402, 3.00%, 8/01/50	$	95,134	$	100,876
#CA6734, 3.00%, 8/01/50		589,672		632,291
#FM4281, 3.50%, 8/01/50		1,181,538		1,279,977
#MA4121, 3.00%, 9/01/50		405,594		425,120
#CA7070, 4.00%, 9/01/50		76,148		84,556
#CA7073, 4.00%, 9/01/50		35,305		38,278
#CA7227, 2.50%, 10/01/50		313,726		337,061
#CA7241, 2.50%, 10/01/50		355,497		376,938
#CA7619, 11/01/50^(e)		335,084		357,664
#CA7620, 11/01/50^(e)		367,986		389,511
Real Estate Mortgage Investment Conduits,
Series 2020-47, Class GZ, 2.00%, 7/25/50		100,668		99,620
Series 2020-56, Class DI, 2.50%, 8/25/50		197,557		27,535
Series 2020-73, Class AI, 2.00%, 10/25/50		99,700		10,637
				63,176,572

Government National Mortgage Association – 3.1%
Pool TBA,
11/01/50^(e)		9,975,000		10,493,843
12/01/50^(e)		5,300,000		5,545,548
Series 2013-107, Class AD, 2.69%, 11/16/47^(c)		173,945		183,486
Series 2014-17, Class AM, 2.60%, 6/16/48^(c)		50,599		53,043
Series 2014-H20, Class FA, (1M USD LIBOR + 0.43%, 0.43% Floor), 0.59%, 10/20/64^(d)		256,325		256,479
Series 2019-123, Class A, 3.00%, 10/20/49		67,882		69,884
Series 2020-123, Class IL, 2.50%, 8/20/50		99,628		13,890
Series 2020-123, Class NI, 2.50%, 8/20/50		199,237		28,220
Series 2020-127, Class IN, 2.50%, 8/20/50		99,626		13,404
Series 2020-129, Class IE, 2.50%, 9/20/50		99,463		13,606
Series 2020-144, Class IO, 2.50%, 9/20/50		199,611		22,957
Series 2020-151, Class MI, 2.50%, 10/20/50		600,000		72,573


	Par		Value

Government National Mortgage Association (Continued)
Series 2020-160, Class IH, 2.50%, 10/20/50	$	100,000	$	13,766
Series 2020-160, Class YI, 2.50%, 10/20/50		300,000		42,187
Series 2020-47, Class MI, 3.50%, 4/20/50		389,273		65,988
Series 2020-47, Class NI, 3.50%, 4/20/50		97,297		16,821
Series 2020-H04, Class FP, (1M USD LIBOR + 0.50%, 0.50% Floor), 0.66%, 6/20/69^(d)		280,791		281,858
Series 2020-H09, Class FL, (1M USD LIBOR + 1.15%, 1.15% Floor), 1.30%, 5/20/70^(d)		199,944		209,650
Series 2020-H13, Class FA, (1M USD LIBOR + 0.45%, 0.45% Floor, 7.50% Cap), 0.60%, 7/20/70^(d)		996,365		996,365
Series 2020-H13, Class FM, (1M USD LIBOR + 0.40%, 0.40% Floor, 11.00% Cap), 0.55%, 8/20/70^(d)		290,625		290,625
				18,684,193

Government National Mortgage Association I – 0.1%
Pool,
#AB2892, 3.00%, 9/15/42		203,027		211,591
#AB9108, 3.00%, 10/15/42		132,560		138,072
#784571, 3.50%, 6/15/48		129,929		139,093
#BS8439, 3.50%, 5/15/50		99,256		105,819
				594,575

Government National Mortgage Association II – 3.5%
Pool,
#MA2677, 3.00%, 3/20/45		441,126		467,773
#MA2678, 3.50%, 3/20/45		24,839		26,576
#MA2753, 3.00%, 4/20/45		1,201,682		1,276,587
#MA2754, 3.50%, 4/20/45		17,361		18,576
#MA3173, 3.50%, 10/20/45		18,117		19,434
#MA3310, 3.50%, 12/20/45		90,458		96,966
#MA3376, 3.50%, 1/20/46		18,470		19,795
#MA3596, 3.00%, 4/20/46		77,339		81,621

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Government National Mortgage Association II (Continued)
Pool,
#MA3663, 3.50%, 5/20/46	$	720,221	$	771,170
#MA3736, 3.50%, 6/20/46		951,582		1,029,110
#MA3802, 3.00%, 7/20/46		16,620		17,539
#MA3873, 3.00%, 8/20/46		8,294		8,754
#MA3937, 3.50%, 9/20/46		85,065		91,306
#MA4003, 3.00%, 10/20/46		24,098		25,496
#MA4068, 3.00%, 11/20/46		166,636		175,869
#MA4126, 3.00%, 12/20/46		295,083		311,384
#MA4195, 3.00%, 1/20/47		84,344		89,026
#MA4261, 3.00%, 2/20/47		51,002		53,651
#MA4384, 4.50%, 4/20/47		341,076		372,915
#MA4451, 3.50%, 5/20/47		895,164		952,633
#MA4511, 4.00%, 6/20/47		511,196		552,355
#784577, 4.00%, 7/20/47		1,020,778		1,097,278
#MA4837, 3.50%, 11/20/47		632,722		674,314
#MA4838, 4.00%, 11/20/47		368,621		398,213
#MA4899, 3.00%, 12/20/47		118,217		124,541
#MA4900, 3.50%, 12/20/47		133,392		142,194
#MA4901, 4.00%, 12/20/47		157,302		170,420
#MA5019, 3.50%, 2/20/48		317,468		338,225
#MA5020, 4.00%, 2/20/48		90,983		98,136
#MA5078, 4.00%, 3/20/48		469,090		504,857
#784674, 3.50%, 4/20/48		150,292		164,365
#MA5137, 4.00%, 4/20/48		79,793		85,742
#MA5193, 4.50%, 5/20/48		329,599		357,058
#MA5265, 4.50%, 6/20/48		207,353		224,288
#MA5331, 4.50%, 7/20/48		110,515		119,951
#MA5467, 4.50%, 9/20/48		260,830		282,387


	Par		Value

Government National Mortgage Association II (Continued)
Pool,
#MA5529, 4.50%, 10/20/48	$	231,962	$	251,092
#MA5530, 5.00%, 10/20/48		327,409		357,531
#MA5596, 4.50%, 11/20/48		931,836		1,011,615
#MA5652, 4.50%, 12/20/48		68,484		73,942
#MA5711, 4.50%, 1/20/49		497,549		535,302
#MA5712, 5.00%, 1/20/49		512,585		556,470
#MA5762, 3.50%, 2/20/49		135,781		143,721
#MA5877, 4.50%, 4/20/49		91,768		99,614
#BM7486, 3.50%, 7/20/49		470,275		496,640
#784825, 3.50%, 10/20/49		113,283		116,831
#BM9743, 4.00%, 11/20/49		387,595		419,701
#784905, 3.00%, 1/20/50		97,427		101,809
#BM7534, 3.50%, 2/20/50		97,885		103,884
#BS1742, 4.00%, 2/20/50		97,302		105,601
#MA6477, 4.50%, 2/20/50		174,408		186,953
#MA6544, 4.50%, 3/20/50		226,089		242,068
#BS8420, 4.00%, 4/20/50		197,432		214,476
#MA6602, 4.50%, 4/20/50		189,401		203,320
#MA6658, 4.00%, 5/20/50		26,141		27,888
#MA6766, 3.00%, 7/20/50		3,228,534		3,395,819
#MA6820, 3.00%, 8/20/50		522,376		549,746
#MA6823, 4.50%, 8/20/50		25,673		27,708
#MA6866, 3.00%, 9/20/50		597,753		626,104
#MA6932, 3.00%, 10/20/50		400,000		422,813
				21,511,153

Uniform Mortgage-Backed Securities – 7.5%
Pool TBA, 11/01/35^(e)		9,801,600		10,174,699

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Uniform Mortgage-Backed Securities (Continued)
Pool TBA,
11/01/50(e)	$	16,141,000	$	16,872,830
12/01/50^(e)		17,493,000		18,389,988
				45,437,517

Total Mortgage-Backed Securities (Cost $173,304,509)				176,835,881
Municipal Bonds – 0.4%

California – 0.1%
Bay Area Toll Authority Toll Bridge Subordinate Revenue Bonds, Series S1, Build America Bonds, 7.04%, 4/01/50		80,000		139,199
California State Taxable GO Unlimited Refunding Bonds, 4.60%, 4/01/38		215,000		252,444
California State Various Purpose Taxable GO Unlimited Bonds, Build America Bonds,
7.50%, 4/01/34		35,000		56,828
7.55%, 4/01/39		20,000		34,358
Los Angeles Community College District GO Unlimited Bonds, Build America Bonds, 6.60%, 8/01/42		45,000		74,797
Los Angeles Unified School District GO Unlimited Bonds, Series RY, Build America Bonds, 6.76%, 7/01/34		115,000		166,692
San Jose Redevelopment Agency Successor Agency Senior Tax Allocation Taxable Refunding Bonds, Series A-T, 3.17%, 8/01/26		30,000		32,659
University of California Taxable General Revenue Bonds, Series AD, 4.86%, 5/15/12⁽ⁿ⁾		15,000		19,896
				776,873

Florida – 0.0%⁽ⁱ⁾
Broward County Airport System Taxable Revenue Refunding Bonds, Series C, 2.91%, 10/01/32		20,000		19,954

Georgia – 0.0%⁽ⁱ⁾
Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds, 6.64%, 4/01/57		21,000		30,260


	Par		Value

Hawaii – 0.0%⁽ⁱ⁾
Hawaii Taxable GO Unlimited Bonds, Series FZ, 1.70%, 8/01/32	$	5,000	$	4,874

Illinois – 0.1%
Illinois State Taxable GO Unlimited Pension Bonds, 5.10%, 6/01/33		200,000		200,296

Missouri – 0.0%⁽ⁱ⁾
Missouri State Health & Educational Facilities Authority Educational Facilities Taxable Revenue Refunding Bonds, The Washington University, 3.23%, 5/15/50		100,000		110,213

New Jersey – 0.0%⁽ⁱ⁾
New Jersey State Transportation Trust Fund Authority Taxable Revenue Bonds, Series C, Build America Bonds, 5.75%, 12/15/28		20,000		22,586
New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds, 7.42%, 1/01/40		35,000		57,354
Rutgers State University Taxable Revenue Refunding Bonds, Series S, 2.68%, 5/01/46		60,000		54,696
				134,636

New York – 0.1%
Metropolitan Transportation Authority Revenue Bonds, Build America Bonds, 5.87%, 11/15/39		25,000		27,483
New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution Taxable Revenue Bonds, 5.88%, 6/15/44		15,000		23,183
New York City Municipal Water Finance Authority Water & Sewer System Taxable Revenue Bonds, Build America Bonds, 6.01%, 6/15/42		15,000		23,214

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

New York (Continued)
New York City Transitional Finance Authority Taxable Future Tax Secured Revenue Bonds, 3.35%, 11/01/30	$	85,000	$	92,419
New York State Dormitory Authority Personal Income TRB, Build America Bonds, 5.39%, 3/15/40		30,000		40,902
Port Authority of New York & New Jersey Consolidated 164th Taxable Revenue Bonds, 5.65%, 11/01/40		20,000		27,512
Port Authority of New York & New Jersey Consolidated 168th Revenue Bonds, 4.93%, 10/01/51		30,000		39,123
Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series 181, 4.96%, 8/01/46		60,000		77,395
				351,231

Ohio – 0.0%⁽ⁱ⁾
American Municipal Power-Ohio, Inc., Taxable Revenue Bonds, Series B, Combined Hydroelectric Projects, 8.08%, 2/15/50		40,000		72,342

Texas – 0.0%⁽ⁱ⁾
San Antonio Electric & Gas Revenue Bonds, Junior Lien, Build America Bonds, 5.81%, 2/01/41		40,000		58,185
Texas State Taxable GO Unlimited Bonds, Build America Bonds, 5.51%, 4/01/39		60,000		87,742
				145,927

Washington – 0.1%
Seattle Municipal Light & Power Improvement Revenue Bonds, 5.00%, 4/01/44		275,000		344,008
Total Municipal Bonds (Cost $2,042,330)				2,190,614
U.S. Government Obligations – 14.5%

U.S. Treasury Bonds – 4.4%
4.25%, 5/15/39		51,000		76,289
4.50%, 8/15/39		51,000		78,630
4.37%, 11/15/39		51,000		77,681


	Par		Value

U.S. Treasury Bonds (Continued)
4.62%, 2/15/40	$	370,000	$	580,741
3.87%, 8/15/40		370,000		533,465
4.25%, 11/15/40		370,000		559,697
3.13%, 2/15/43		198,000		261,051
2.88%, 5/15/43		198,000		251,514
3.62%, 8/15/43		198,000		280,967
3.75%, 11/15/43		198,000		286,334
2.50%, 2/15/45		1,325,000		1,584,772
2.88%, 11/15/46^(o)		193,000		247,500
2.75%, 11/15/47		1,325,000		1,667,740
3.00%, 2/15/48^(o)		1,518,000		1,998,305
2.25%, 8/15/49^(o)		1,070,000		1,227,616
2.38%, 11/15/49		477,000		561,705
2.00%, 2/15/50		5,591,000		6,086,328
1.25%, 5/15/50^(o)		8,760,000		7,957,912
1.38%, 8/15/50		2,871,000		2,694,254
				27,012,501

U.S. Treasury Inflation-Indexed Bonds – 3.2%
0.63%, 4/15/23		8,167,000		8,886,876
2.12%, 2/15/40		430,000		780,525
2.12%, 2/15/41		220,000		398,984
1.38%, 2/15/44		940,000		1,465,564
0.75%, 2/15/45		590,000		812,422
1.00%, 2/15/46		500,000		724,377
1.00%, 2/15/48		580,000		823,275
1.00%, 2/15/49		2,550,000		3,584,603
0.25%, 2/15/50		1,698,900		1,971,505
				19,448,131

U.S. Treasury Notes – 6.9%
1.50%, 1/31/22		764,000		776,893
1.75%, 4/30/22^(o)		727,000		744,380
1.75%, 7/15/22		1,857,000		1,907,415
1.50%, 9/15/22		75,000		76,881
1.38%, 10/15/22		84,000		85,992
2.12%, 12/31/22^(o)		392,000		408,599
0.50%, 3/15/23		1,857,000		1,871,363
0.25%, 4/15/23		1,857,000		1,860,554
2.75%, 5/31/23		392,000		417,863
2.12%, 7/31/24^(o)		392,000		419,164
1.75%, 7/31/24		662,000		698,513
1.50%, 9/30/24		384,000		402,195
1.50%, 10/31/24^(o)		1,651,000		1,730,325
2.25%, 11/15/24		1,540,000		1,660,734
1.75%, 12/31/24^(o)		2,538,000		2,689,685
2.00%, 2/15/25		487,000		521,851
0.50%, 3/31/25		1,540,000		1,551,610
0.38%, 4/30/25		3,191,000		3,196,609
2.12%, 5/15/25		420,000		453,698
0.25%, 5/31/25		11,430,000		11,383,119
0.25%, 9/30/25		30,000		29,817

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

U.S. Treasury Notes (Continued)
1.50%, 8/15/26	$	558,000	$	590,020
0.63%, 3/31/27		621,000		623,159
0.50%, 4/30/27		621,000		617,895
2.37%, 5/15/27		614,000		684,922
0.50%, 5/31/27		1,235,000		1,228,005
2.25%, 8/15/27		1,006,000		1,116,306
0.38%, 9/30/27		2,110,000		2,074,394
2.87%, 8/15/28^(o)		122,000		142,092
3.12%, 11/15/28^(o)		122,000		144,927
1.63%, 8/15/29		890,000		954,351
1.75%, 11/15/29		453,000		490,974
1.50%, 2/15/30		321,000		340,762
0.63%, 8/15/30^(o)		50,000		48,906
				41,943,973
Total U.S. Government Obligations (Cost $88,428,913)				88,404,605

	Number of Shares		Value

Investment Companies – 11.7%
BlackRock Allocation Target Shares - BATS, Series A		3,135,536		31,010,449
iShares iBoxx $ Investment Grade Corporate Bond ETF		58,493		7,822,269
Schwab U.S. TIPS ETF		247,213		15,092,353
Vanguard Intermediate-Term Corporate Bond ETF		87,500		8,352,750
Vanguard Long-Term Treasury ETF		92,028		8,856,775
Total Investment Companies (Cost $70,444,471)				71,134,596

	Par		Value

Short-Term Investments – 5.7%

Borrowed Bond Agreements – 0.5%
BofA Securities, Inc., 0.03%, Open (Purchased on 10/30/20 to be repurchased at $1,332,131, collateralized by U.S. Treasury Bonds, 1.25%, due 5/15/50, par and fair value of $1,446,000 and $1,332,128, respectively)^(p)		1,332,127		1,332,127


	Par		Value

Borrowed Bond Agreements (Continued)
BofA Securities, Inc., 0.06%, Open (Purchased on 10/30/20 to be repurchased at $1,580,967, collateralized by U.S. Treasury Notes, 0.63%, due 5/15/30, par and fair value of $1,603,000 and $1,580,959, respectively)^(p)	$	1,580,959	$	1,580,959
BofA Securities, Inc., 0.06%, Open (Purchased on 10/30/20 to be repurchased at $251,521, collateralized by U.S. Treasury Notes, 0.63%, due 8/15/30, par and fair value of $256,000 and $251,520, respectively)^(p)		251,520		251,520
				3,164,606

Corporate Bonds – 0.3%
Bank of New York Mellon (The) Corp., (3M USD LIBOR + 3.42%), 3.65%, 12/20/20^(d)(k)		105,000		103,824
Capital One Financial Corp., 4.75%, 7/15/21		22,000		22,681
Cigna Corp., 3.40%, 9/17/21		20,000		20,532
Citizens Financial Group, Inc., 2.38%, 7/28/21		10,000		10,128
CNH Industrial Capital LLC, 4.37%, 11/06/20		200,000		200,000
CVS Health Corp., 3.35%, 3/09/21		75,000		75,779
Elanco Animal Health, Inc., 4.91%, 8/27/21		17,000		17,383
Evernorth Health, Inc., 2.60%, 11/30/20		45,000		45,076
Ford Motor Credit Co. LLC, 3.34%, 3/18/21		245,000		245,000
General Motors Financial Co., Inc., 2.45%, 11/06/20		235,000		235,015
Huntington National Bank (The), 3.25%, 5/14/21		250,000		253,359
Lennar Corp., 4.75%, 4/01/21		17,000		17,149
Navient Corp., 5.87%, 3/25/21		23,000		23,230
6.62%, 7/26/21		27,000		27,540

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Par		Value

Corporate Bonds (Continued)
NBCUniversal Enterprise, Inc., 5.25%, 3/19/21^(b)(k)	$	430,000	$	435,375
Southern California Edison Co., 2.90%, 3/01/21		30,000		30,234
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 9/20/21^(b)		50,000		50,468
State Street Corp., (3M USD LIBOR + 3.60%), 3.85%, 12/15/20^(d)(k)		80,000		79,696
Time Warner Cable LLC, 4.13%, 2/15/21		113,000		113,234
				2,005,703

Foreign Issuer Bonds – 0.1%
Royal Bank of Canada, 3.20%, 4/30/21		220,000		223,185
Santander UK Group Holdings PLC, 3.12%, 1/08/21		50,000		50,237
Sumitomo Mitsui Financial Group, Inc., 2.06%, 7/14/21		70,000		70,859
Toronto-Dominion Bank (The), 3.25%, 6/11/21		220,000		224,073
				568,354

Money Market Fund – 3.2%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(q)		19,199,746		19,199,746
U.S. Government Obligations – 0.2%
U.S. Treasury Notes, 1.13%, 7/31/21		860,000		866,316
1.75%, 7/31/21^(o)		461,000		466,546
				1,332,862

U.S. Treasury Bills – 1.4%
U.S. Treasury Bill, 0.10%, 12/03/20^(h)		90,000		89,993
0.10%, 12/08/20^(h)		570,000		569,950
0.09%, 2/18/21^(h)		1,360,000		1,359,605
0.10%, 3/18/21^(h)		1,370,000		1,369,508
0.11%, 4/29/21^(h)		4,230,000		4,227,752
United States Cash Management Bill, 0.10%, 1/05/21^(h)		600,000		599,904
				8,216,712
Total Short-Term Investments (Cost $34,485,285)				34,487,983


	Number of Contracts		Notional Amount			Value

Purchased Options – 0.1%
Call Options - Exchange Traded – 0.0%⁽ⁱ⁾
10-Year U.S. Treasury Note Future Expiring 12/20, Strike Price $138.50, Expires 11/20/20		5	$	691,094		$	2,656
U.S. Treasury Long Bond Future Expiring 12/20, Strike Price $173.00, Expires 11/20/20		6		1,034,813			11,532
							14,188
Call Options - Over the Counter – 0.0%⁽ⁱ⁾
Chinese Yuan vs. U.S. Dollar, Strike Price CNH 6.90, Expires 11/25/20, Counterparty: Standard Chartered Bank		2		14,000			1,665
Chinese Yuan vs. U.S. Dollar, Strike Price CNH 6.99, Expires 11/25/20, Counterparty: Bank of America		2		14,000			1,588
Mexican Peso vs. U.S. Dollar, Strike Price MXN 21.30, Expires 11/02/20, Counterparty: Morgan Stanley		1		1,380,000			—	*
South African Rand vs. U.S. Dollar, Strike Price ZAR 16.58, Expires 11/02/20, Counterparty: BNP Paribas		1		646,000			—	*
South African Rand vs. U.S. Dollar, Strike Price ZAR 17.03, Expires 11/02/20, Counterparty: Bank of America		1		734,000			6
South Korean Won vs. U.S. Dollar, Strike Price KRW 1,180.00, Expires 1/11/21, Counterparty: JPMorgan Chase		4		294,000			1,542
Swiss Franc vs. Euro, Strike Price CHF 1.10, Expires 1/12/21, Counterparty: UBS		1		1,870,000	^(r)		2,158
Taiwan New Dollar vs. U.S. Dollar, Strike Price TWD 30.00, Expires 11/03/20, Counterparty: JPMorgan Chase		1		183,000			—	*
Turkish Lira vs. U.S. Dollar, Strike Price TRY 7.70, Expires 11/06/20, Counterparty: Citibank		1		94,000			7,891
U.S. Dollar vs. Australian Dollar, Strike Price $0.72, Expires 11/25/20, Counterparty: Barclays Bank PLC		1		165,000	^(s)		582

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Number of Contracts		Notional Amount			Value

Call Options - Over the Counter (Continued)
U.S. Dollar vs. Australian Dollar, Strike Price $0.72, Expires 11/30/20, Counterparty: Bank of America		2	$	334,000	^(s)	$	1,520
U.S. Dollar vs. Australian Dollar, Strike Price $0.75, Expires 1/12/21, Counterparty: BNP Paribas		1		3,100,000	^(s)		4,559
							21,511

Put Options - Exchange Traded – 0.1%
2-Year Mid Curve Future Expiring 12/20, Strike Price $996.25, Expires 12/11/20		837		208,549,012			68,006
3-Year Mid Curve Future Expiring 6/21, Strike Price $992.50, Expires 6/11/21		592		147,704,000			192,400
							260,406

Put Options - Over the Counter – 0.0%⁽ⁱ⁾
Brazilian Real vs. U.S. Dollar, Strike Price BRL 5.25, Expires 2/11/21, Counterparty: Morgan Stanley		1		733,000			5,666
British Pound vs. Euro, Strike Price GBP 0.89, Expires 11/19/20, Counterparty: Citibank		1		1,890,000	^(r)		10,782
British Pound vs. Euro, Strike Price GBP 0.89, Expires 11/25/20, Counterparty: Bank of America		1		1,820,000	^(r)		10,398
British Pound vs. Euro, Strike Price GBP 0.89, Expires 11/25/20, Counterparty: Deutsche Bank		1		3,740,000	^(r)		21,367
British Pound vs. Euro, Strike Price GBP 0.90, Expires 11/25/20, Counterparty: HSBC Bank		1		2,480,000	^(r)		31,590
Colombian Pesos vs. U.S. Dollar, Strike Price COP 3,760.00, Expires 2/12/21, Counterparty: Morgan Stanley		1		440,000			6,236
Indian Rupee vs. U.S. Dollar, Strike Price INR 74.20, Expires 12/01/20, Counterparty: Bank of America		1		147,000			987
Japanese Yen vs. U.S. Dollar, Strike Price JPY 104.50, Expires 11/12/20, Counterparty: Standard Chartered Bank		2		294,000			1,892


	Number of Contracts		Notional Amount		Value

Put Options - Over the Counter (Continued)
Mexican Peso vs. U.S. Dollar, Strike Price MXN 20.60, Expires 2/12/21, Counterparty: Goldman Sachs		1	$	733,000	$	13,596
Mexican Peso vs. U.S. Dollar, Strike Price MXN 20.70, Expires 11/25/20, Counterparty: Morgan Stanley		1		117,000		1,242
Mexican Peso vs. U.S. Dollar, Strike Price MXN 21.30, Expires 11/17/20, Counterparty: Bank of America		2		234,000		5,026
Mexican Peso vs. U.S. Dollar, Strike Price MXN 21.40, Expires 12/03/20, Counterparty: Morgan Stanley		2		352,000		9,876
Mexican Peso vs. U.S. Dollar, Strike Price MXN 21.90, Expires 11/20/20, Counterparty: Morgan Stanley		1		147,000		6,045
Polish Zloty vs. U.S. Dollar, Strike Price PLN 3.82, Expires 12/22/20, Counterparty: Goldman Sachs		2		294,000		1,713
Polish Zloty vs. U.S. Dollar, Strike Price PLN 3.88, Expires 12/29/20, Counterparty: Goldman Sachs		2		294,000		3,189
Russian Ruble vs. U.S. Dollar, Strike Price RUB 75.00, Expires 11/09/20, Counterparty: Citibank		2		234,000		69
Russian Ruble vs. U.S. Dollar, Strike Price RUB 75.50, Expires 2/12/21, Counterparty: Deutsche Bank		1		441,000		5,026
Russian Ruble vs. U.S. Dollar, Strike Price RUB 78.50, Expires 11/27/20, Counterparty: BNP Paribas		2		234,000		3,182
South Korean Won vs. U.S. Dollar, Strike Price KRW 1,140.00, Expires 1/11/21, Counterparty: JPMorgan Chase		4		294,000		5,142
						143,024

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


	Number of Contracts		Notional Amount			Value

Put Swaptions - Over the Counter – 0.0%⁽ⁱ⁾
Pay 0.58% (Semi-Annually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 04/07/2026, Strike Price $0.58, Expires 4/05/21, Counterparty: Bank of America		1	$	33,351,827		$	135,665
Pay 0.61% (Semi-Annually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 04/08/2026, Strike Price $0.61, Expires 4/06/21, Counterparty: Goldman Sachs		1		10,847,863			38,803
							174,468

Total Purchased Options (Premiums Received $600,770)							613,597

Total Long Positions –109.9% (Cost $651,837,259)							667,742,916


			Par			Value

Short Positions – (6.9)%
Mortgage-Backed Securities – (6.4)%
Uniform Mortgage-Backed Securities - (6.4)%
Pool TBA, 11/01/50^(e)				(9,169,000	)		(9,750,068	)
Pool TBA, 12/01/50^(e)				(19,381,571	)		(20,181,387	)
Pool TBA, 1/01/51^(e)				(8,177,000	)		(8,497,372	)
Total Mortgage-Backed Securities (Proceeds $38,427,121)							(38,428,827	)


	Par			Value
U.S. Government Obligations – (0.5)%

U.S. Treasury Bonds – (0.2)%
1.25%, 5/15/50^(o)	$	(1,446,000	)	$	(1,313,601	)

U.S. Treasury Notes – (0.3)%
0.62%, 5/15/30^(o)		(1,603,000	)		(1,571,691	)
0.63%, 8/15/30^(o)		(256,000	)		(250,400	)
					(1,822,091	)

Total U.S. Government Obligations (Proceeds $3,280,680)					(3,135,692	)

Total Short Positions – (6.9)% (Proceeds $41,707,801)					(41,564,519	)

Total Written Options – (0.0)%⁽ⁱ⁾ (Premiums Received $253,812)					(218,672	)

Liabilities less Other Assets – (3.0)%^(t)					(18,371,967	)

NET ASSETS – 100.0%				$	607,587,758

Percentages shown are based on Net Assets.

(a)	Par value is in USD unless otherwise indicated.

(b)

(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of October 31, 2020 is disclosed.

(d)	Variable rate security. Rate as of October 31, 2020 is disclosed.

(e)	When-Issued Security. Coupon rate was not yet in effect at October 31, 2020.

(f)	Restricted security that has been deemed illiquid. At October 31, 2020, the value of these restricted illiquid securities amounted to $731,450 or 0.12% of net assets. Additional information on these restricted illiquid securities is as follows:


Security	Acquisition Date		Acquisition Cost
Exantas Capital Corp. Ltd., 1.65%, 4/15/36		4/4//19	$	500,000


Security	Acquisition Date		Acquisition Cost
PFP Ltd., 1.12%, 4/14/36		4/11/19	$	245,165

(g)	Step coupon bond. Rate as of October 31, 2020 is disclosed.

(h)	Discount rate at the time of purchase.

(i)	Amount rounds to less than 0.05%.

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund

(j)	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of October 31, 2020 is disclosed.

(k)	Perpetual bond. Maturity date represents next call date.

(l)	This is a Level 3 asset. The fair value price of $91.10 is based on a broker pricing matrix that adjusts for change in yields of various U.S. Treasury securities. During the fiscal period, the Fund purchased $170,000 of this security.

(m)	Century bond maturing in 2120.

(n)	Century bond maturing in 2112.

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

(p)	The amount to be repurchased assumes the maturity will be the day after the period end.

(q)	7-day current yield as of October 31, 2020 is disclosed.

(r)	The notional amount is EUR.

(s)	The notional amount is AUD.

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

*	Amount rounds to less than one dollar.

Abbreviations:



12MTA		12 Month Treasury Average

1M		1 Month

1Y		1 Year

3M		3 Month

5Y		5 Year

BATS		Better Alternative Trading System

CDO		Collaterlized Debt Obligation

CLO		Collateralized Loan Obligation

CMT		Constant Maturity

ETF		Exchange-Traded Fund

FHLMC		Federal Home Loan Mortgage Corporation

FNMA		Federal National Mortgage Association

GMTN		Global Medium Term Note

GO		Government Obligation

ICE		Intercontinental Exchange

IO		Interest Only

LIBOR		London Interbank Offered Rate

LLC		Limited Liability Company

PLC		Public Limited Company

SOFR		United States Secured Overnight Financing Rate

TBA		To be announced

TIPS		Treasury Inflation Protected Securities

TRB		Tax Revenue Bonds

USD		United States Dollar

EUR		Euro

COP		Colombian Peso

IDR		Indonesian Rupiah

PEN		Peruvian Nuevo Sole

RUB		Russian Ruble

CNH		Chinese Yuan Renminbi

MXN		Mexican Peso

ZAR		South African Rand

KRW		South Korean Won

CHF		Swiss Franc

TWD		Taiwan Dollar

TRY		Turkish Lira

BRL		Brazilian Real

GBP		British Pound

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund



INR		Indian Rupee

JPY		Japanese Yen

PLN		Polish Zloty

Futures Contracts outstanding at October 31, 2020:

Exchange Traded


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount		Unrealized Appreciation (Depreciation)


Long Contracts
Short Euro-BTP		2			12/08/2020		EUR		264,841		$ 47
10-Year U.S. Treasury Note		79			12/21/2020		USD		10,919,281		(41,592	)
U.S. Treasury Long Bond		22			12/21/2020		USD		3,794,313		(35,583	)
U.S. Ultra Bond		155			12/21/2020		USD		33,325,000		(891,948	)
2-Year U.S. Treasury Note		76			12/31/2020		USD		16,784,125		(1,822	)
5-Year U.S. Treasury Note		277			12/31/2020		USD		34,791,633		(58,028	)


Total Long Contracts											$(1,028,926	)

Short Contracts
Euro Bund		(16	)		12/08/2020		EUR		3,282,450		$ (4,859	)
Short Euro-BTP		(1	)		12/08/2020		EUR		132,421		(27	)
90-Day Eurodollar		(268	)		12/14/2020		USD		66,839,200		(2,275	)
3-Month SOFR		(109	)		12/15/2020		USD		27,227,519		3,414
10-Year U.S. Treasury Note		(11	)		12/21/2020		USD		1,520,406		(109	)
U.S. Treasury Long Bond		(82	)		12/21/2020		USD		14,142,437		224,469
Ultra 10-Year U.S. Treasury Note		(124	)		12/21/2020		USD		19,502,875		127,690
2-Year U.S. Treasury Note		(158	)		12/31/2020		USD		34,893,312		3,658
30-Year Euro Buxl		(8	)		12/31/2020		EUR		2,131,403		(42,137	)
90-Day Eurodollar		(122	)		3/15/2021		USD		30,437,475		(38,900	)
90-Day Eurodollar		(113	)		6/14/2021		USD		28,193,500		(287,964	)
90-Day Eurodollar		(154	)		12/13/2021		USD		38,409,525		(201,816	)
90-Day Eurodollar		(60	)		6/17/2024		USD		14,904,000		10,500


Total Short Contracts											$ (208,356	)

											$(1,237,282	)

Forward Foreign Currency Exchange Contracts outstanding at October 31, 2020:

Expiration Date

Currency
Purchased

Amount
of Currency
Purchased

Currency
Sold

Amount
of Currency
Sold

Counterparty

Unrealized
Appreciation
(Depreciation)

12/16/20

British Pounds

5,929,746

Euro

6,510,000

BNP

$ 94,268

12/16/20

U.S. Dollars

3,438,908

Euro

2,900,000

BNP

57,550

12/16/20

U.S. Dollars

3,437,148

Euro

2,903,994

Citibank

51,133

12/16/20

U.S. Dollars

5,409,333

Euro

4,606,006

JPMorgan Chase

38,798

12/04/20

U.S. Dollars

762,926

Russian Rubles

57,750,858

Citibank

38,796

12/16/20

U.S. Dollars

1,342,766

Euro

1,132,000

UBS

22,871

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)
12/16/20		U.S. Dollars		1,680,893		Euro		1,422,602		Morgan Stanley		$ 22,160
11/04/20		U.S. Dollars		1,487,283		Euro		1,266,500		Goldman Sachs		12,123
11/18/20		Japanese Yen		30,331,581		Australian Dollars		397,000		JPMorgan Chase		10,696
12/29/20		U.S. Dollars		146,000		Turkish Lira		1,171,927		JPMorgan Chase		10,373
12/04/20		U.S. Dollars		204,507		Colombian Pesos		758,403,402		Barclays		8,876
11/04/20		U.S. Dollars		1,483,990		Euro		1,266,500		UBS		8,830
12/03/20		U.S. Dollars		1,687,142		Euro		1,440,500		Goldman Sachs		8,202
12/16/20		British Pounds		680,414		Euro		750,000		Citibank		7,314
12/16/20		British Pounds		679,365		Euro		750,000		UBS		5,954
12/04/20		U.S. Dollars		203,626		Russian Rubles		15,771,785		HSBC		5,866
11/18/20		U.S. Dollars		176,000		Russian Rubles		13,564,496		Bank of America		5,599
11/04/20		U.S. Dollars		354,884		Euro		300,000		Barclays		5,459
12/16/20		British Pounds		256,019		Euro		280,000		JPMorgan Chase		5,319
11/04/20		U.S. Dollars		139,000		Brazilian Reals		772,696		BNP		4,363
12/03/20		U.S. Dollars		1,683,195		Euro		1,440,500		UBS		4,255
11/05/20		Chilean Pesos		108,812,250		U.S. Dollars		137,000		Citibank		3,707
12/16/20		U.S. Dollars		808,123		Euro		690,000		Deutsche Bank		3,593
12/04/20		U.S. Dollars		109,720		Russian Rubles		8,495,645		Morgan Stanley		3,194
12/16/20		U.S. Dollars		1,091,814		British Pounds		840,000		HSBC		3,190
12/16/20		British Pounds		570,000		U.S. Dollars		735,543		JPMorgan Chase		3,166
12/16/20		U.S. Dollars		365,445		British Pounds		280,000		Citibank		2,570
11/18/20		South Korean Won		136,750,200		U.S. Dollars		118,000		Standard Chartered Bank		2,358
12/16/20		British Pounds		560,000		U.S. Dollars		723,887		HSBC		1,861
11/04/20		U.S. Dollars		251,844		British Pounds		193,000		UBS		1,806
11/18/20		U.S. Dollars		58,000		Russian Rubles		4,477,020		BNP		1,759
11/04/20		U.S. Dollars		184,389		British Pounds		141,000		State Street		1,719
11/18/20		Chilean Pesos		46,919,750		U.S. Dollars		59,000		Citibank		1,668
02/17/21		U.S. Dollars		125,000		Colombian Pesos		481,000,000		Morgan Stanley		1,372
12/16/20		U.S. Dollars		383,006		Euro		327,398		Bank of America		1,265
11/04/20		U.S. Dollars		56,840		Euro		48,000		Bank of America		932
11/18/20		U.S. Dollars		117,416		Euro		100,000		Bank of America		904
12/04/20		U.S. Dollars		165,123		Indonesian Rupiahs		2,435,733,291		UBS		872
11/18/20		South Korean Won		132,756,200		U.S. Dollars		116,000		Bank of America		842
11/18/20		U.S. Dollars		146,000		Canadian Dollars		193,555		Citibank		713
11/18/20		Mexican Pesos		7,789,432		U.S. Dollars		366,000		Citibank		481
11/18/20		U.S. Dollars		120,000		Polish Zloty		473,141		Bank of America		473
11/04/20		U.S. Dollars		118,000		Japanese Yen		12,309,794		Morgan Stanley		417
12/16/20		U.S. Dollars		363,200		British Pounds		280,000		JPMorgan Chase		326
11/18/20		Mexican Pesos		1,453,907		U.S. Dollars		68,089		Barclays		315
12/03/20		U.S. Dollars		116,686		Japanese Yen		12,184,000		Barclays		263
12/04/20		U.S. Dollars		37,370		Indonesian Rupiahs		550,497,518		JPMorgan Chase		248
11/18/20		U.S. Dollars		35,000		Colombian Pesos		134,645,000		Citibank		242
11/04/20		U.S. Dollars		17,808		Australian Dollars		25,000		Bank of America		235
12/16/20		Euro		330,000		U.S. Dollars		384,592		JPMorgan Chase		183

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)

11/18/20		U.S. Dollars		26,000		Polish Zloty		102,298		Goldman Sachs		$ 157
11/18/20		U.S. Dollars		265,000		South African Rand		4,319,799		Bank of America		112
11/18/20		U.S. Dollars		35,000		Colombian Pesos		135,297,400		JPMorgan Chase		74
11/18/20		U.S. Dollars		73,164		Australian Dollars		104,000		Bank of America		56
11/18/20		U.S. Dollars		116,559		Euro		100,000		Barclays		48
11/18/20		U.S. Dollars		24,089		Mexican Pesos		511,246		Citibank		36


Total Unrealized Appreciation												$469,962


11/18/20		Japanese Yen		6,070,702		U.S. Dollars		58,000		UBS		$ (3	)
11/18/20		South African Rand		2,869,355		U.S. Dollars		176,000		Deutsche Bank		(52	)
12/02/20		U.S. Dollars		44,000		Brazilian Reals		253,163		UBS		(53	)
11/04/20		U.S. Dollars		44,000		Brazilian Reals		252,912		UBS		(68	)
01/20/21		Kazakhstan Tenge		8,589,273		U.S. Dollars		19,570		Citibank		(137	)
12/16/20		U.S. Dollars		738,559		British Pounds		570,000		JPMorgan Chase		(150	)
11/18/20		Australian Dollars		104,000		U.S. Dollars		73,282		Bank of America		(174	)
11/18/20		Mexican Pesos		1,547,600		U.S. Dollars		73,000		Citibank		(188	)
11/04/20		Japanese Yen		12,184,000		U.S. Dollars		116,649		Barclays		(268	)
11/18/20		Russian Rubles		4,658,640		U.S. Dollars		59,000		Citibank		(477	)
11/18/20		U.S. Dollars		102,000		Mexican Pesos		2,178,148		HSBC		(479	)
12/04/20		U.S. Dollars		68,313		Mexican Pesos		1,464,934		Deutsche Bank		(486	)
12/04/20		Russian Rubles		1,024,675		U.S. Dollars		13,345		Goldman Sachs		(497	)
12/16/20		British Pounds		280,000		U.S. Dollars		363,466		Citibank		(592	)
11/18/20		U.S. Dollars		83,000		Japanese Yen		8,750,714		UBS		(600	)
11/18/20		Russian Rubles		2,259,390		U.S. Dollars		29,000		Bank of America		(617	)
11/18/20		U.S. Dollars		59,000		Chilean Pesos		46,129,150		JPMorgan Chase		(646	)
12/16/20		Norwegian Kroner		4,200,000		U.S. Dollars		440,630		Citibank		(756	)
11/18/20		Australian Dollars		161,000		U.S. Dollars		113,936		Barclays		(759	)
12/04/20		Russian Rubles		1,818,265		U.S. Dollars		23,637		Bank of America		(838	)
11/18/20		Colombian Pesos		267,820,000		U.S. Dollars		70,000		Citibank		(863	)
11/18/20		Euro		48,000		U.S. Dollars		56,797		Barclays		(872	)
11/18/20		Russian Rubles		2,238,807		U.S. Dollars		29,000		UBS		(876	)
12/04/20		Indonesian Rupiahs		2,689,000,000		U.S. Dollars		182,305		Standard Chartered Bank		(975	)
11/18/20		Australian Dollars		49,000		U.S. Dollars		35,489		BNP		(1,043	)
11/18/20		U.S. Dollars		59,000		South African Rand		979,654		BNP		(1,072	)
11/18/20		Euro		100,000		U.S. Dollars		117,742		JPMorgan Chase		(1,231	)
12/16/20		British Pounds		280,000		U.S. Dollars		364,178		HSBC		(1,303	)
02/17/21		Colombian Pesos		481,000,000		U.S. Dollars		125,000		Citibank		(1,372	)
11/18/20		U.S. Dollars		118,000		South Korean Won		135,670,500		JPMorgan Chase		(1,407	)
11/18/20		U.S. Dollars		148,000		Japanese Yen		15,647,514		Barclays		(1,489	)
11/18/20		U.S. Dollars		220,000		Mexican Pesos		4,708,682		Citibank		(1,537	)
12/16/20		British Pounds		280,000		U.S. Dollars		364,677		Morgan Stanley		(1,802	)
12/16/20		Euro		355,582		U.S. Dollars		417,337		Deutsche Bank		(2,733	)
11/18/20		Polish Zloty		226,658		U.S. Dollars		60,000		State Street		(2,740	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)

11/18/20		Polish Zloty		456,052		U.S. Dollars		118,000		Bank of America		$ (2,789	)
11/04/20		Brazilian Reals		488,180		U.S. Dollars		88,000		BNP		(2,938	)
11/04/20		Brazilian Reals		528,200		U.S. Dollars		95,000		Citibank		(2,964	)
11/18/20		U.S. Dollars		245,142		South African Rand		4,051,963		Bank of America		(3,323	)
11/18/20		Russian Rubles		13,743,840		U.S. Dollars		176,000		BNP		(3,346	)
11/18/20		Australian Dollars		187,000		U.S. Dollars		134,843		JPMorgan Chase		(3,388	)
11/05/20		U.S. Dollars		137,000		Chilean Pesos		108,812,250		Deutsche Bank		(3,707	)
11/09/20		Turkish Lira		588,522		U.S. Dollars		74,000		Bank of America		(4,087	)
12/04/20		Russian Rubles		9,324,485		U.S. Dollars		121,046		Barclays		(4,127	)
11/04/20		Euro		1,440,500		U.S. Dollars		1,682,144		UBS		(4,318	)
12/29/20		Turkish Lira		591,483		U.S. Dollars		73,000		Citibank		(4,548	)
12/16/20		Euro		310,000		U.S. Dollars		366,091		RBS		(4,636	)
12/04/20		Russian Rubles		9,220,052		U.S. Dollars		120,372		HSBC		(4,763	)
12/29/20		Turkish Lira		587,723		U.S. Dollars		73,000		JPMorgan Chase		(4,983	)
12/16/20		Euro		490,000		U.S. Dollars		576,826		Barclays		(5,493	)
11/04/20		Euro		1,440,500		U.S. Dollars		1,686,105		Goldman Sachs		(8,279	)
12/16/20		Euro		800,000		U.S. Dollars		944,117		HSBC		(11,329	)
12/04/20		U.S. Dollars		562,521		Indonesian Rupiahs		8,515,438,617		Standard Chartered Bank		(11,709	)
12/16/20		Euro		1,065,000		British Pounds		968,111		Deutsche Bank		(12,878	)
12/16/20		Euro		1,263,694		U.S. Dollars		1,487,907		Morgan Stanley		(14,458	)
12/16/20		Euro		1,310,724		U.S. Dollars		1,542,780		Bank of America		(14,495	)
12/16/20		Euro		1,910,000		U.S. Dollars		2,241,734		JPMorgan Chase		(14,702	)
12/16/20		Euro		1,420,000		U.S. Dollars		1,686,666		BNP		(30,967	)
12/16/20		Euro		1,295,000		British Pounds		1,190,447		Citibank		(32,845	)
12/16/20		Euro		2,510,000		British Pounds		2,284,315		Barclays		(33,803	)
12/16/20		Euro		3,420,000		British Pounds		3,111,450		BNP		(44,707	)
12/16/20		Euro		4,660,000		U.S. Dollars		5,501,901		Citibank		(68,409	)


Total Unrealized Depreciation												$(387,146	)


Net Unrealized Appreciation												$ 82,816

Written Call Option Contracts outstanding at October 31, 2020:

Exchange Traded


Description	Number of Contracts			Notional Amount		Exercise Price		Expiration Date		Value
10-Year U.S. Treasury Note Future, Expires 1/21		19	USD		2,618,734		139.50		12/24/2020	$	(5,344	)
10-Year U.S. Treasury Note Future, Expires 1/21		6	USD		826,969		140.00		12/24/2020		(1,125	)
10-Year U.S. Treasury Note Future, Expires 11/20		2	USD		276,438		138.50		10/30/2020		—	*
10-Year U.S. Treasury Note Future, Expires 12/20		2	USD		276,438		138.75		11/6/2020		(531	)
10-Year U.S. Treasury Note Future, Expires 12/20		14	USD		1,935,062		139.00		11/20/2020		(4,594	)
10-Year U.S. Treasury Note Future, Expires 12/20		10	USD		1,382,187		139.50		11/20/2020		(1,875	)
10-Year U.S. Treasury Note Future, Expires 12/20		6	USD		829,313		139.75		11/20/2020		(844	)
10-Year U.S. Treasury Note Future, Expires 12/20		4	USD		552,875		140.00		11/20/2020		(437	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


Description	Number of Contracts			Notional Amount		Exercise Price		Expiration Date		Value

5-Year U.S. Treasury Note Future, Expires 12/20		2	USD		251,203		125.75		11/6/2020	$	(234	)
5-Year U.S. Treasury Note Future, Expires 12/20		24	USD		3,014,437		125.75		11/20/2020		(4,125	)
5-Year U.S. Treasury Note Future, Expires 12/20		2	USD		251,203		126.00		11/20/2020		(172	)
U.S. Treasury Long Bond Future, Expires 1/21		2	USD		196,875		179.00		12/24/2020		(1,969	)
U.S. Treasury Long Bond Future, Expires 11/20		3	USD		517,406		173.00		10/30/2020		—	*
U.S. Treasury Long Bond Future, Expires 12/20		16	USD		2,759,500		175.00		11/20/2020		(17,750	)
U.S. Treasury Long Bond Future, Expires 12/20		14	USD		2,414,562		176.00		11/20/2020		(11,375	)
U.S. Treasury Long Bond Future, Expires 12/20		13	USD		2,242,094		177.00		11/20/2020		(7,516	)
U.S. Treasury Long Bond Future, Expires 12/20		10	USD		1,724,687		178.00		11/20/2020		(3,906	)
U.S. Treasury Long Bond Future, Expires 12/20		6	USD		1,034,813		179.00		11/20/2020		(1,594	)
U.S. Treasury Long Bond Future, Expires 12/20		6	USD		1,034,813		174.00		11/20/2020		(8,812	)
U.S. Treasury Long Bond Future, Expires 12/20		3	USD		517,406		180.00		11/20/2020		(516	)


Total Written Call Options Contracts (Premiums Received $ 112,800)										$	(72,719	)

*Amount rounds to less than one dollar.

Written Put Option Contracts outstanding at October 31, 2020:

Exchange Traded


Description	Number of Contracts			Notional Amount		Exercise Price		Expiration Date		Value

10-Year U.S. Treasury Note Future, Expires 1/21		6	USD		829,313		137.50		12/24/2020	$	(4,688	)
10-Year U.S. Treasury Note Future, Expires 12/20		5	USD		691,094		139.00		11/20/2020		(5,547	)
10-Year U.S. Treasury Note Future, Expires 12/21		5	USD		691,094		138.50		11/20/2020		(4,062	)
3-Year Mid Curve Future, Expires 6/21		326	USD		81,337,000		987.50		6/11/2021		(20,375	)
5-Year U.S. Treasury Note Future, Expires 12/20		6	USD		753,609		125.50		11/20/2020		(1,219	)


Total Written Put Options Contracts (Premiums Received $37,124)										$	(35,891	)

Written Call Option Contracts outstanding at October 31, 2020:

Over the Counter


Description	Counterparty	Number of Contracts			Notional Amount			Exercise Price		Expiration Date		Value

Brazilian Real vs. U.S. Dollar	Morgan Stanley		1	USD		220,000	BRL		5.70		11/30/2020	$	(6,053	)
Colombian Pesos vs. U.S. Dollar	Morgan Stanley		1	USD		132,000	COP		3,950.00		2/12/2021		(3,135	)
Japanese Yen vs. U.S. Dollar	Standard Chartered Bank		2	USD		148,000	JPY		106.00		11/12/2020		(357	)
Mexican Peso vs. U.S. Dollar	Morgan Stanley		1	USD		59,000	MXN		21.30		11/25/2020		(1,311	)
Mexican Peso vs. U.S. Dollar	Goldman Sachs		1	USD		220,000	MXN		22.35		2/12/2021		(5,262	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


Description	Counterparty	Number of Contracts			Notional Amount			Exercise Price		Expiration Date		Value

Polish Zloty vs. U.S. Dollar	Goldman Sachs		2	USD		146,000	PLN		4.00		12/22/2020	$	(2,120	)
Russian Ruble vs. U.S. Dollar	Deutsche Bank		1	USD		94,400	RUB		81.00		2/12/2021		(3,153	)
South Korean Won vs. U.S. Dollar	JPMorgan Chase		4	USD		294,000	KRW		1,160.00		1/11/2021		(2,577	)
Swiss Franc vs. Euro	UBS		1	EUR		1,870,000	CHF		1.14		1/12/2021		(214	)
U.S. Dollar vs. Australian Dollar	Barclays Bank PLC		1	AUD		248,000	USD		0.74		12/23/2020		(414	)


Total Written OTC Call Options Contracts (Premiums Received $ 23,845)												$	(24,596	)

Written Put Option Contracts outstanding at October 31, 2020:

Over the Counter


Description	Counterparty	Number of Contracts			Notional Amount			Exercise Price		Expiration Date		Value

Brazilian Real vs. U.S. Dollar	Morgan Stanley		1	USD		954,000	BRL		4.95		2/11/2021	$	(1,846	)
Colombian Pesos vs. U.S. Dollar	Morgan Stanley		1	USD		572,000	COP		3,600.00		2/12/2021		(2,481	)
Indian Rupee vs. U.S. Dollar	Bank of America		1	USD		220,000	INR		72.70		12/1/2020		(314	)
Mexican Peso vs. U.S. Dollar	Bank of America		2	USD		352,000	MXN		20.70		11/17/2020		(3,096	)
Mexican Peso vs. U.S. Dollar	Morgan Stanley		1	USD		147,000	MXN		21.40		11/20/2020		(3,692	)
Mexican Peso vs. U.S. Dollar	Morgan Stanley		2	USD		352,000	MXN		20.80		12/3/2020		(4,947	)
Mexican Peso vs. U.S. Dollar	Goldman Sachs		1	USD		954,000	MXN		19.50		2/12/2021		(5,473	)
Polish Zloty vs. U.S. Dollar	Goldman Sachs		2	USD		440,000	PLN		3.78		12/29/2020		(1,958	)
Russian Ruble vs. U.S. Dollar	BNP Paribas		2	USD		352,000	RUB		76.20		11/27/2020		(1,646	)
Russian Ruble vs. U.S. Dollar	Deutsche Bank		1	USD		573,000	RUB		72.50		2/12/2021		(2,470	)
Turkish Lira vs. U.S. Dollar	Citibank		1	USD		94,000	TRY		7.25		11/6/2020		(2	)
U.S. Dollar vs. Australian Dollar	Bank of America		2	AUD		166,000	USD		0.69		11/30/2020		(830	)


Total Written OTC Put Options Contracts (Premiums Received $39,761)												$	(28,755	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund

Written Put Interest Rate Swaption Contracts outstanding at October 31, 2020:

Over the Counter

Description

Pay Rate Index/
Pay Rate

Receive Rate
Index/ Receive
Rate

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount

Value

Interest Rate
Swap Maturing
04/07/2026

0.83% Semi-Annually

3M USD LIBOR Quarterly

Bank of America

4/5/2021

0.83

33,351,827

(44,021

)

Interest Rate
Swap Maturing
04/08/2026

0.86% Semi-Annually

3M USD LIBOR Quarterly

Bank of America

4/6/2021

0.86

10,847,863

(12,690

)

Total Written OTC Put Swaptions Contracts (Premiums Received $40,282)

(56,711

)

Interest Rate Swap Contracts outstanding at October 31, 2020:

Exchange Traded


Pay Rate Index/ Pay Rate	Receive Rate Index/ Receive Rate		Maturity Date			Notional Amount		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
1-Day U.S. Federal Funds Rate (Annually)		0.00% (Annually)		6/15/2022	USD		48,310,000	$	(48,232	)	$	(8,096	)	$	(40,136	)
3M USD LIBOR (Quarterly)		0.19% (Semi-Annually)		6/15/2022	USD		6,485,000		(3,952	)		(25	)		(3,927	)
28-Day MXN-TIIE-BANXICO (Monthly)		4.51% (Monthly)		9/29/2022	MXN		20,228,698		(642	)		—			(642	)
28-Day MXN-TIIE-BANXICO (Monthly)		4.50% (Monthly)		9/30/2022	MXN		12,411,302		(563	)		—			(563	)
1-Day U.S. Federal Funds Rate (Annually)		0.05% (Annually)		9/19/2023	USD		28,829,000		(19,125	)		—			(19,125	)
1-Day U.S. Federal Funds Rate (Annually)		0.07% (Annually)		10/6/2023	USD		14,730,000		(7,892	)		—			(7,892	)
1-Day Canadian Overnight Repo Rate Average (At Maturity)		0.48% (At Maturity)		10/7/2023	CAD		6,495,734		1,020			—			1,020
3M CAD CIDOR (Quarterly)		0.76% (Semi-Annually)		10/7/2023	CAD		15,595,000		(2,174	)		(344	)		(1,830	)
1-Day GBP Sterling Overnight Index Average Rate (At Maturity)		(0.06)% (At Maturity)		10/10/2023	GBP		3,390,000		(694	)		—			(694	)
3M CAD CIDOR (Quarterly)		0.75% (Semi-Annually)		10/24/2023	CAD		11,067,000		(3,334	)		—			(3,334	)
1-Day GBP Sterling Overnight Index Average Rate (At Maturity)		(0.03)% (At Maturity)		10/26/2023	GBP		5,030,000		543			1,009			(466	)
3M CAD CIDOR (Quarterly)		0.74% (Semi-Annually)		10/26/2023	CAD		8,320,000		(3,239	)		—			(3,239	)
1-Day GBP Sterling Overnight Index Average Rate (At Maturity)		(0.05)% (At Maturity)		10/27/2023	GBP		5,080,000		(604	)		770			(1,374	)
1-Day GBP Sterling Overnight Index Average Rate (At Maturity)		(0.09)% (At Maturity)		10/28/2023	GBP		6,650,000		(4,144	)		—			(4,144	)
28-Day MXN-TIIE-BANXICO (Monthly)		6.67% (Monthly)		8/12/2024	MXN		3,513,241		10,393			—			10,393
28-Day MXN-TIIE-BANXICO (Monthly)		6.72% (Monthly)		8/13/2024	MXN		3,023,000		9,167			—			9,167
3M USD LIBOR (Quarterly)		0.42% (Semi-Annually)		8/31/2024	USD		23,260,000		73,092			(3,984	)		77,076

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


Pay Rate Index/ Pay Rate	Receive Rate Index/ Receive Rate		Maturity Date			Notional Amount		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
28-Day MXN-TIIE-BANXICO (Monthly)		6.59% (Monthly)		11/8/2024	MXN		2,592,058	$	7,471		$ —		$ 7,471
0.40% (Annually)		1-Day U.S. Federal Funds Rate (Annually)		9/18/2025	USD		28,829,000		46,685		—		46,685
0.41% (Annually)		1-Day U.S. Federal Funds Rate (Annually)		10/7/2025	USD		14,730,000		23,809		—		23,809
0.45% (Semi-Annually)		3M USD LIBOR (Quarterly)		5/15/2027	USD		10,533,000		100,536		(6,173)		106,709
0.80% (Semi-Annually)		3M USD LIBOR (Quarterly)		11/15/2045	USD		8,645,000		931,081		79,845		851,236
1.20% (Semi-Annually)		3M USD LIBOR (Quarterly)		10/7/2050	USD		1,437,000		39,615		7,135		32,480

Total							289,184,033	$	1,148,817		$70,137		$1,078,680

Interest Rate Swap Contracts outstanding at October 31, 2020:

Over the Counter


Pay Rate Index/ Pay Rate	Receive Rate Index/ Receive Rate		Counterparty		Maturity Date			Notional Amount		Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)

1-Day Brazil CETIP Interbank Deposit Rate (Annually)		3.10% (Annually)		Citibank		1/3/2022	BRL		3,075,311	$	(1,400	)		$—		$(1,400	)
1-Day Brazil CETIP Interbank Deposit Rate (At Maturity)		4.52% (At Maturity)		BNP Paribas		1/2/2023	BRL		3,374,520		(4,265	)		—		(4,265	)
1-Day Brazil CETIP Interbank Deposit Rate (At Maturity)		5.13% (At Maturity)		JPMorgan Chase		1/2/2023	BRL		809,926		2,558			—		2,558


Total									7,259,757	$	(3,107	)		$—		$(3,107	)

Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2020:

Exchange Traded


Reference Obligation	Implied Credit Spread		Fixed Deal Receive Rate			Maturity Date			Notional Amount⁽¹⁾		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)

Markit CDX North America Investment Grade Index Series 34 (Receive Quarterly)		0.91%		1.00	%		6/20/2025	USD		36,740,000		$195,622		$419,659		$(224,037)

Markit CDX North America Investment Grade Index Series 35 (Receive Quarterly)		0.66%		1.00	%		12/20/2025	USD		820,000		15,023		15,014		9

Markit iTraxx Europe Crossover Index Series 34 (Receive Quarterly)		3.67%		5.00	%		12/20/2025	EUR		1,710,000		128,842		142,144		(13,302)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund

Reference Obligation

Implied
Credit
Spread

Fixed
Deal
Receive
Rate

Maturity
Date

Notional
Amount⁽¹⁾

Market Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

Markit iTraxx Europe Main Index Series 34 (Receive Quarterly)

0.65%

1.00

12/20/2025

EUR

2,450,000

$ 53,322

$ 54,185

$ (863

)

Total

41,720,000

$392,809

$631,002

$(238,193

)

⁽¹⁾ The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2020:

Over the Counter


Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty			Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)

Federal Republic of Brazil, 4.25%, Due: 1/7/2025 (Pay Quarterly)		1.00%		12/20/2025		Barclays	USD		593,000		$32,879			$35,036			$(2,157)
Republic of Chile, 3.24%, Due: 2/6/2028 (Pay Quarterly)		1.00%		12/20/2025		Citibank	USD		79,000		(1,811	)		(1,068	)		(743)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly)		1.00%		12/20/2025		Citibank	USD		670,000		7,797			12,780			(4,983)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly)		1.00%		12/20/2025		Goldman Sachs	USD		159,000		1,850			3,125			(1,275)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly)		1.00%		12/20/2025		Barclays	USD		70,000		814			1,150			(336)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly)		1.00%		12/20/2025		Morgan Stanley	USD		40,000		465			625			(160)
Republic of Indonesia, 3.70%, Due: 1/8/2022 (Pay Quarterly)		1.00%		12/20/2025		Citibank	USD		100,000		(176	)		(32	)		(144)
Republic of Indonesia, 3.70%, Due: 1/8/2022 (Pay Quarterly)		1.00%		12/20/2025		JPMorgan Chase	USD		59,000		(105	)		116			(221)
Republic of Indonesia, 4.13%, Due: 1/15/2025 (Pay Quarterly)		1.00%		12/20/2025		Citibank	USD		311,000		(542	)		307			(849)
Republic of Philippines, 10.63%, Due: 3/16/2025 (Pay Quarterly)		1.00%		12/20/2025		Goldman Sachs	USD		198,269		(5,550	)		(4,601	)		(949)
Republic of South Africa, 5.88%, Due: 9/16/2025 (Pay Quarterly)		1.00%		12/20/2025		Morgan Stanley	USD		993,132		83,308			93,528			(10,220)
Republic of South Africa, 5.88%, Due: 9/16/2025 (Pay Quarterly)		1.00%		12/20/2025		Goldman Sachs	USD		126,720		10,631			11,811			(1,180)
Russian Federation, 7.50%, Due: 3/31/2030 (Pay Quarterly)		1.00%		12/20/2025		Bank of America	USD		415,304		659			2,935			(2,276)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund


Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty			Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)

Russian Federation, 7.50%, Due: 3/31/2030 (Pay Quarterly)		1.00%		12/20/2025		Citibank	USD		54,696		$ 87		$ 360		$ (273	)
United Mexican States, 4.15% Due: 3/28/2027 (Pay Quarterly)		1.00%		12/20/2025		Morgan Stanley	USD		59,000		737		863		(126	)
United Mexican States, 4.15%, Due: 3/28/2027 (Pay Quarterly)		1.00%		12/20/2025		Barclays	USD		529,000		6,606		9,279		(2,673	)


Total									4,457,121		$137,649		$166,214		$(28,565	)

Inflation Swap Contracts outstanding at October 31, 2020:

Exchange Traded


Pay Rate Index/ Pay Rate	Receive Rate Index/ Receive Rate		Maturity Date			Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)


0.72% (At Maturity)		1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		9/15/2025	EUR		1,015,000		$(7,923	)		$—		$(7,923	)
0.73% (At Maturity)		1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		9/15/2025	EUR		1,015,000		(8,550	)		—		(8,550	)
0.67% (At Maturity)		1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		10/15/2025	EUR		1,825,000		(9,725	)		—		(9,725	)
0.68% (At Maturity)		1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		10/15/2025	EUR		770,000		(4,721	)		—		(4,721	)
1-Day UK RPI (At Maturity)		3.51% (At Maturity)		10/15/2025	GBP		1,740,000		485			—		485
1-Day UK RPI (At Maturity)		3.50% (At Maturity)		10/15/2025	GBP		860,000		(559	)		—		(559	)
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		0.98% (At Maturity)		9/15/2030	EUR		1,015,000		16,784			—		16,784
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		0.96% (At Maturity)		9/15/2030	EUR		1,015,000		14,724			—		14,724
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		0.92% (At Maturity)		10/15/2030	EUR		1,825,000		15,758			—		15,758
1-Day Eurostat Eurozone HICP Ex Tobacco (At Maturity)		0.93% (At Maturity)		10/15/2030	EUR		770,000		7,723			—		7,723


Total							11,850,000		$23,996			$—		$23,996

Total Return Swap Contracts outstanding as of October 31, 2020:

Over The Counter

Pay Rate Index/

Pay Rate

Receive
Rate
Index/
Receive
Rate

Counterparty

Maturity
Date

Notional
Amount

Market
Value

Upfront
Premiums
Paid

(Received)

Unrealized
Appreciation

(Depreciation)

3M USD LIBOR (At Maturity)

Markit iBoxx
USD Liquid
High Yield
Index (At

Maturity)

BNP Paribas

12/21/2020

USD

1,470,000

$(2,067

)

$(326

)

$(1,741

)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund

Pay Rate Index/

Pay Rate

Receive
Rate
Index/
Receive
Rate

Counterparty

Maturity
Date

Notional
Amount

Market
Value

Upfront
Premiums
Paid

(Received)

Unrealized
Appreciation

(Depreciation)

3M USD LIBOR (Quarterly)

Markit iBoxx
USD Liquid
High Yield
Index (At
Maturity)

BNP Paribas

12/21/2020

USD

740,000

(7,807

)

$(250

)

$(7,557

)

Total

2,210,000

$(9,874

)

$(576

)

$(9,298

)

See accompanying Notes to Financial Statements

100

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:



Morningstar Total Return Bond Fund	Level 1			Level 2			Level 3		Totals


Investments

Assets:
Asset-Backed Securities	$	—		$	58,349,535			$ —	$	58,349,535
Corporate Bonds		—			166,518,967			154,869		166,673,836
Foreign Issuer Bonds		—			69,038,217			—		69,038,217
Term Loans		—			14,052			—		14,052
Mortgage-Backed Securities		—			176,835,881			—		176,835,881
Municipal Bonds		—			2,190,614			—		2,190,614
U.S. Government Obligations		—			88,404,605			—		88,404,605
Investment Companies		71,134,596			—			—		71,134,596
Short-Term Investments		19,199,746			15,288,237			—		34,487,983
Purchased Options		274,594			339,003			—		613,597


Total Assets – Investments at value	$	90,608,936		$	576,979,111			$154,869	$	667,742,916


Liabilities:
U.S. Government Obligations	$	—		$	(3,135,692	)		$ —	$	(3,135,692	)
Mortgage-Backed Securities		—			(38,428,827	)		—		(38,428,827	)


Total Liabilities – Investments at value	$	—		$	(41,564,519	)		$ —	$	(41,564,519	)


Net Investments	$	90,608,936		$	535,414,592			$154,869	$	626,178,397



Morningstar Total Return Bond Fund	Level 1			Level 2			Level 3		Totals


Derivative Financial Instruments

Assets:
Futures contracts	$	369,778		$	—			$—	$	369,778
Forward foreign currency exchange contracts		—			469,962			—		469,962
Swap agreements at fair value		—			1,840,086			—		1,840,086


Total Assets - Derivative Financial Instruments	$	369,778		$	2,310,048			$—	$	2,679,826


Liabilities:
Futures contracts	$	(1,607,060	)	$	—			$—	$	(1,607,060	)
Forward foreign currency exchange contracts		—			(387,146	)		—		(387,146	)
Written Options		(108,610	)		(110,062	)		—		(218,672	)
Swap agreements at fair value		—			(149,796	)		—		(149,796	)


Total Liabilities - Derivative Financial Instruments	$	(1,715,670	)	$	(647,004	)		$—	$	(2,362,674	)


Net Derivative Financial Instruments	$	(1,345,892	)	$	1,663,044			$—	$	317,152

See accompanying Notes to Financial Statements

101

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Total Return Bond Fund

assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. MIM reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, MIM will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment.

See accompanying Notes to Financial Statements

102

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar Municipal Bond Fund


	Par		Value

Municipal Bonds – 96.1%
Alabama – 1.3%
Alabama Federal Aid Highway Finance Authority Special Obligation Revenue Bonds, Series A, Garvee, 5.00%, 6/01/37	$	545,000	$	672,802
Black Belt Energy Gas District Gas Prepay Revenue Bonds, Series A-1, Project No. 4, 4.00%, 6/01/24		500,000		554,480
Black Belt Energy Gas District Gas Prepay Revenue Bonds, Series A-1, Project No. 5, 4.00%, 10/01/26^(a)(b)(c)		500,000		578,475
Jefferson County Sewer Revenue Bonds, Warrants Senior Lien, Series A (AGM Insured), 5.50%, 10/01/53		300,000		333,693
Lower Alabama Gas District Gas Project Revenue Bonds, 4.00%, 12/01/25^(a)(b)(c)		500,000		571,530
Mobile Industrial Development Board PCR Bonds, Alabama Power Company Barry Plant Project, 1.00%, 6/26/25^(a)(b)(c)		1,000,000		1,001,560
Tuscaloosa County IDA Gulf Opportunity Zone Revenue Refunding Bonds, Series A, Hunt Refining Project, 5.25%, 5/01/44^(d)		310,000		339,779
University of West Alabama University Revenue Refunding Bonds (AGM Insured), 5.00%, 1/01/27		505,000		619,797
				4,672,116

Arizona – 1.2%
Arizona Board of Regents Refunding COPS, Series C, University of Arizona, 5.00%, 6/01/28		400,000		425,632
Chandler IDA Industrial Development Variable Revenue Bonds (AMT), Intel Corp., Project, 2.70%, 8/14/23^(a)(b)(c)		500,000		525,170


	Par		Value

Arizona (Continued)
Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group, 5.00%, 1/01/27	$	475,000	$	589,038
Phoenix Civic Improvement Corp., Airport Revenue Refunding Bonds (AMT), Senior Lien, 5.00%, 7/01/30		250,000		273,750
Pima County IDA Education Revenue Facility Revenue Bonds, Paideia Academies Project, 6.12%, 7/01/45^(d)		240,000		250,375
Salt River Project Agricultural Improvement & Power District Electric Revenue Bonds, Salt River Project, 5.00%, 1/01/32		400,000		535,252
Salt River Project Agricultural Improvement & Power District Electric Revenue Refunding Bonds, Series A, 5.00%, 12/01/28		300,000		315,195
Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A, 5.00%, 12/01/45		500,000		589,975
Yuma IDA Hospital Revenue Bonds, Series A, Yuma Regional Medical Center, 5.00%, 8/01/21		675,000		696,404
				4,200,791

California – 7.3%
Anaheim Housing & Public Improvement Authority Revenue Bonds, Series A, 5.00%, 10/01/50		900,000		1,046,250
Anaheim Public Financing Authority Lease Revenue Refunding Bonds, Series A, 5.00%, 5/01/46		250,000		270,228
Bay Area Toll Authority Toll Bridge Variable Revenue Bonds, San Francisco Bay Area, (SIFMA Municipal Swap Index Yield + 0.90%), 1.02%, 5/01/23^(a)(c)		700,000		706,153
California HFA Municipal Certificates Revenue Bonds, Series 2, Class A, 4.00%, 3/20/33		246,862		271,334

See accompanying Notes to Financial Statements

103

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

California (Continued)
California PFA Revenue Refunding Bonds, Henry Mayo Newhall Hospital, 5.00%, 10/15/47	$	400,000	$	440,000
California State GO Unlimited Refunding Bonds, 4.00%, 10/01/37		300,000		357,027
4.00%, 11/01/37		1,400,000		1,685,334
California State Health Facilities Financing Authority Revenue Bonds, City of Hope Obligated Group, 5.00%, 11/15/49		500,000		583,175
California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded, 5.00%, 11/15/25^(e)		500,000		613,375
California State Health Facilities Financing Authority Revenue Refunding Bonds, Marshall Medical Center (California Mortgage Insured), 4.00%, 11/01/40		750,000		859,605
California State Infrastructure & Economic Development Bank Revenue Refunding Bonds, Los Angeles County Museum of Natural History Foundation, 4.00%, 7/01/50		1,210,000		1,350,263
California State Infrastructure & Economic Development Bank Revenue Refunding Bonds, Series B, 5.00%, 11/01/29		1,250,000		1,619,975
California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Series S, J. Paul Getty Trust, (1M USD LIBOR + 0.33%), 0.43%, 4/01/22^(a)(c)		1,000,000		1,001,020
California State Municipal Finance Authority Revenue Bonds, Charter School John Adams Academies-Lincoln Project, 5.00%, 10/01/57^(d)		330,000		338,907


	Par		Value

California (Continued)
California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds, Waste Management Inc. Project (AMT), 0.23%, 12/01/20^(a)(b)(c)	$	500,000	$	499,965
California State Municipal Finance Authority Student Housing Revenue Bonds, Series A-P3, Claremont Colleges Project, 5.00%, 7/01/30^(d)		320,000		362,947
California State Municipal Finance Authority Student Housing Revenue Bonds, UCR North District Phase 1 (BAM Insured), 5.00%, 5/15/28		500,000		617,975
California State Pollution Control Finance Authority Solid Waste Disposal Variable Revenue Bonds, Republic Services, Inc. (AMT), 0.30%, 1/15/21^(a)(b)(c)(d)		250,000		249,970
California State Various Purpose Bid Group GO Unlimited Refunding Bonds, 5.00%, 8/01/30		600,000		775,206
California Statewide Communities Development Authority Revenue Bonds, Lancer Educational Standard Housing Project, 5.00%, 6/01/34^(d)		375,000		397,519
California Statewide Communities Development Authority Revenue Bonds, Loma Linda University Medical, 5.50%, 12/01/58^(d)		500,000		565,070
California Statewide Communities Development Authority Revenue Bonds, Series A, Loma Linda University Medical Center, 5.25%, 12/01/56^(d)		250,000		274,945
California Statewide Communities Development Authority Special Assessment Bonds, Statewide Community Infrastructure Program, 5.00%, 9/02/34		100,000		116,460

See accompanying Notes to Financial Statements

104

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

California (Continued)
California Tobacco Securitization Agency Tobacco Settlement Senior Revenue Refunding Bonds, Series A, 4.00%, 6/01/34	$	200,000	$	236,810
4.00%, 6/01/40		300,000		345,003
Fresno Airport Revenue Refunding Bonds, Series B (AMT) (BAM Insured), 5.00%, 7/01/28		390,000		426,945
Long Beach Harbor Revenue Notes, Series C, 4.00%, 7/15/21		600,000		615,468
Los Angeles County Metropolitan Transportation Authority Measure R Junior Subordinate Sales Tax Revenue Bonds, Green Bonds, 4.00%, 6/01/37		200,000		239,364
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport, 5.00%, 5/15/34		510,000		592,202
Los Angeles Department of Airports Airport Subordinate Revenue Bonds, Series C (AMT), Los Angeles International Airport, 5.00%, 5/15/29		1,000,000		1,229,260
Los Angeles Harbor Department Revenue Refunding Bonds, Series A (AMT), 5.00%, 8/01/35		1,250,000		1,408,562
Mesa Water District COPS, 4.00%, 3/15/39		300,000		359,670
Rocklin Community Facilities District No. 10 Special Tax Bonds, 5.00%, 9/01/34		150,000		167,562
Sacramento County Airport System Revenue Refunding Bonds, Series B, 5.00%, 7/01/21		1,950,000		2,010,469
Sacramento County Sanitation Districts Financing Authority Variable Revenue Refunding Bonds, Series B, Sacramento County Regional (NATL Insured), (3M USD LIBOR + 0.53%), 0.70%, 12/01/35^(c)		100,000		90,537


	Par		Value

California (Continued)
San Diego County Regional Airport Authority Subordinate Revenue Refunding Bonds, Series A, 4.00%, 7/01/37	$	300,000	$	343,851
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT), 5.00%, 5/01/44		250,000		296,130
San Francisco City & County Airports Community International Revenue Refunding Bonds, Second Series A (AMT), 5.00%, 5/01/28		500,000		531,300
Sierra View Local Health Care District Revenue Refunding Bonds, Tulare County, 4.00%, 7/01/21		225,000		229,736
Sunnyvale Financing Authority Lease Revenue Bonds, Green Bonds, Civic Center Project, 4/01/34^(f)		865,000		1,044,254
Susanville Natural Gas Revenue Refunding Bonds, Natural Gas Enterprise (AGM Insured), 3.00%, 6/01/26		595,000		655,815
Tobacco Securitization Authority of Southern California Tobacco Settlement Revenue Refunding Bonds, San Diego Asset Securities, 5.00%, 6/01/35		100,000		127,940
				25,953,581

Colorado – 3.2%
Aurora Crossroads Metropolitan District No. 2 GO Limited Bonds, Series A, Senior Lien, 5.00%, 12/01/40		500,000		513,360
Colorado Educational & Cultural Authority Revenue Refunding Bonds, Prospect Ridge Academy Project (Moral Obligation Insured), 5.00%, 3/15/25		485,000		566,567
5.00%, 3/15/26		510,000		611,322
5.00%, 3/15/29		590,000		745,076
5.00%, 3/15/30		310,000		396,304
5.00%, 3/15/35		590,000		735,258

See accompanying Notes to Financial Statements

105

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Colorado (Continued)
Colorado High Performance Transportation Enterprise Revenue Bonds, C-470 Express Lane, 5.00%, 12/31/56	$	1,000,000	$	1,076,410
Colorado State Bridge Enterprise Revenue Bonds, Central 70 Project (AMT), 4.00%, 12/31/24		630,000		705,266
Colorado State COPS, Series A, 4.00%, 12/15/35		1,250,000		1,507,975
Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Sanford Health, Series A, 5.00%, 11/01/34		200,000		248,408
Colorado State Health Facilities Authority Revenue Bonds, Series A, Catholic Health, Prerefunded, 5.00%, 2/01/21^(e)		380,000		384,389
Denver City & County Airport System Subordinate Revenue Refunding Bonds, Series A (AMT), 5.25%, 12/01/43		500,000		597,910
Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds, 5.00%, 12/01/40		250,000		264,132
E-470 Public Highway Authority Senior Revenue Refunding Bonds, Series A, 5.00%, 9/01/23		150,000		169,184
5.00%, 9/01/40		810,000		917,536
E-470 Public Highway Authority Senior Variable Revenue Refunding Bonds, Libor Index, (1M USD LIBOR + 0.42%), 0.52%, 9/01/21^(a)(c)		500,000		498,475
Park Creek Metropolitan District Revenue Refunding Bonds, Series A (NATL, IBC Insured), 5.00%, 12/01/45		500,000		575,730
Sand Creek Metropolitan District GO Limited Refunding Bonds, Series A (AGM Insured), 2.00%, 12/01/21		150,000		152,367
4.00%, 12/01/22		125,000		133,686


	Par		Value

Colorado (Continued)
Sand Creek Metropolitan District GO Limited Refunding Bonds, Series A (AGM Insured), 4.00%, 12/01/23	$	180,000	$	198,014
University of Colorado Enterprise Variable Revenue Bonds, Series C, Green Bond, 2.00%, 10/15/24^(a)(b)(c)		250,000		263,572
				11,260,941

Connecticut – 1.8%
Connecticut State GO Unlimited Bonds, Series A, 5.00%, 3/15/22		795,000		846,031
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B-1, 5.00%, 1/01/25^(a)(b)(c)		500,000		586,990
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series F, Masonicare Issue, 5.00%, 7/01/27		220,000		240,108
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series K, Sacred Heart University, 5.00%, 7/01/27		400,000		497,836
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series R, Trinity College, 5.00%, 6/01/32		265,000		338,341
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, University of Hartford, 5.00%, 7/01/24		240,000		259,807
5.00%, 7/01/25		260,000		285,584
5.00%, 7/01/31		500,000		553,785
4.00%, 7/01/39		120,000		118,650
Connecticut State Higher Education Supplemental Loan Authority Revenue Refunding Bonds, Series C, Chesla Loan Program, 5.00%, 11/15/20		150,000		150,188
5.00%, 11/15/21		200,000		207,568

See accompanying Notes to Financial Statements

106

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Connecticut (Continued)
Connecticut State Special Tax Obligation Revenue Bonds, 5.00%, 5/01/32	$	500,000	$	647,245
Hamden GO Unlimited Refunding Bonds, Series A (BAM Insured), 5.00%, 8/01/24		500,000		566,955
Hamden Revenue Refunding Bonds, Whitney Center Project, 5.00%, 1/01/40		125,000		125,676
Hartford County Metropolitan District GO Unlimited Bonds, 5.00%, 7/15/35		750,000		924,840
				6,349,604

Delaware – 0.4%
Delaware State Health Facilities Authority Revenue Refunding Bonds, Christiana Health Care System, 5.00%, 10/01/45		1,000,000		1,225,780
Kent County Student Housing & Dining Facilities Revenue Bonds, CHF-Dover LLC-Delaware State University Project, 5.00%, 7/01/32		250,000		252,080
5.00%, 7/01/48		100,000		95,385
				1,573,245

District of Columbia – 2.1%
District of Columbia Revenue Bonds, Ingleside Rock Creek Project, 5.00%, 7/01/52		400,000		369,008
District of Columbia Revenue Bonds, KIPP DC Project, 4.00%, 7/01/39		100,000		107,524
District of Columbia Revenue Refunding Bonds, National Public Radio, Prerefunded, 4.00%, 4/01/26^(e)		250,000		295,773
District of Columbia University Revenue Refunding Bonds, Georgetown University, 5.00%, 4/01/29		350,000		429,114
District of Columbia Water & Sewer Authority Public Utility Revenue Bonds, Series B, 5.00%, 10/01/49		500,000		611,220


	Par		Value

District of Columbia (Continued)
District of Columbia Water & Sewer Authority Public Utility Revenue Subordinate Lien Bonds, Series A, Prerefunded, 5.00%, 10/01/23^(e)	$	650,000	$	738,887
District of Columbia Water & Sewer Authority Public Utility Revenue Subordinate Lien Bonds, Series B, 5.00%, 10/01/37		750,000		893,790
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding Bonds, Dulles Metrorail & Capital Improvement Projects, 5.00%, 10/01/53		750,000		781,065
Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds, Dulles Metrorail & Capital Improvement Projects, Series B, 4.00%, 10/01/35		350,000		394,922
5.00%, 10/01/47		200,000		237,024
Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/01/43		500,000		588,980
Washington Metropolitan Area Transit Authority Dedicated Revenue Bonds, Series A, 4.00%, 7/15/40		1,000,000		1,171,830
Washington Metropolitan Area Transit Authority Gross Revenue Bonds, 5.00%, 7/01/43		300,000		356,919
Washington Metropolitan Area Transit Authority Gross Revenue Bonds, Series B, 5.00%, 7/01/35		360,000		438,106
				7,414,162

Florida – 4.9%
Alachua County Health Facilities Authority Revenue Bonds, Shands Teaching Hospital & Clinics, 5.00%, 12/01/44		500,000		565,560
4.00%, 12/01/49		1,000,000		1,095,190

See accompanying Notes to Financial Statements

107

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Florida (Continued)
Broward County Airport System Revenue Bonds, Series A (AMT), 5.00%, 10/01/36	$	750,000	$	919,237
Broward County Port Facilities Subordinate Revenue Refunding Bonds, Series D (AMT), 5.00%, 9/01/21		750,000		774,787
Central Florida Expressway Authority Revenue Refunding Bonds, Senior Lien, 5.00%, 7/01/42		350,000		417,434
Davie Educational Facilities Revenue Bonds, Series B, Nova Southeastern University Project , Prerefunded, 5.00%, 4/01/23^(e)		250,000		278,078
Florida State Board of Education Public Education GO Unlimited Refunding Bonds, Capital Outlay, Series E, 5.00%, 6/01/31		1,000,000		1,200,320
Florida State Development Finance Corp., Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project, 5.00%, 4/01/21		345,000		350,630
5.00%, 4/01/22		350,000		369,463
Florida State Housing Finance Corp., Multi Family Mortgage Adjustable Revenue Bonds, Series A, Parrish Oaks, 1.25%, 2/01/22^(a)(b)(c)		1,000,000		1,010,860
Florida State Municipal Power Agency Revenue Refunding Bonds, Series A, 5.00%, 10/01/31		300,000		364,932
Greater Orlando Aviation Authority Airport Facilities Revenue Bonds, Series A (AMT), 5.00%, 10/01/40		500,000		573,085
5.00%, 10/01/44		1,000,000		1,191,980
Hillsborough County Aviation Authority Subordinate Revenue Bonds, Series B, Tampa International Airport, 5.00%, 10/01/40		470,000		529,088


	Par		Value

Florida (Continued)
JEA Bulk Power Supply System Revenue Bonds, Scherer 4 Project, Series A, 3.00%, 10/01/22	$	225,000	$	225,396
JEA Electric System Revenue Refunding Bonds, Series Three A, 4.00%, 10/01/37		1,395,000		1,642,040
Lee Memorial Health System Hospital Revenue Refunding Bonds, Series A-1, 5.00%, 4/01/44		600,000		714,894
Leon County School District Sales TRB, 4.00%, 9/01/26		800,000		873,592
Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/01/33		500,000		559,235
Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds, Series A, University of Miami, 5.00%, 4/01/30		250,000		283,938
Miami-Dade County HFA MFH Variable Revenue Bonds, 1.40%, 4/01/22^(a)(b)(c)		500,000		503,825
Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds, Republic Drive/Universal, 5.00%, 4/01/22		200,000		205,958
Osceola County Florida Transportation Revenue Refunding CABS, Series A-2, 0.00%, 10/01/25^(g)		125,000		113,510
0.00%, 10/01/26^(g)		275,000		242,487
0.00%, 10/01/27^(g)		360,000		307,548
Tampa Capital Improvement Cigarette Tax Allocation Revenue CABS, Series A, 0.00%, 9/01/38^(g)		250,000		138,560
Tampa Hospital Revenue Bonds, H. Lee Moffitt Cancer Center, 5.00%, 7/01/23		150,000		166,166
5.00%, 7/01/25		150,000		177,210
5.00%, 7/01/26		125,000		150,999
5.00%, 7/01/27		125,000		153,773

See accompanying Notes to Financial Statements

108

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Florida (Continued)
Village Community Development District No. 13 Special Assessment, Limited Offering, 2.62%, 5/01/24	$	500,000	$	506,080
Volusia County Educational Facilities Authority Revenue Refunding Bonds, Embry-Riddle Aeronautical, 5.00%, 10/15/44		500,000		604,740
				17,210,595

Georgia – 3.1%
Atlanta Development Authority Revenue Bonds, Series A-1, Senior Lien, 5.00%, 7/01/30		200,000		221,812
Atlanta Urban Residential Finance Authority MFH Revenue Bonds, Creekside at Adamsville Place, 1.95%, 5/01/21^(a)(b)(c)		500,000		503,775
Bartow County Development Authority Revenue Bonds, Georgia Power Company Plant Bowen Project, 1.55%, 8/19/22^(a)(b)(c)		500,000		506,575
Bartow County Development Authority Revenue Refunding Bonds, Series B, Georgia Power Company Plant Bowen Project, 2.05%, 11/19/21^(a)(b)(c)		275,000		279,117
Bartow County Development Authority Variable Revenue Refunding Bonds, Georgia Power Company Plant Bowen Project, 2.75%, 3/15/23^(a)(b)(c)		500,000		522,205
Burke County Development Authority PCR Refunding Bonds, Georgia Power Company Plant Vogtle Project, 1.55%, 8/19/22^(a)(b)(c)		100,000		101,315
Fulton County Development Authority Transportation Corp., Toll Revenue Refunding Bonds, Robert W. Woodruff Arts Center, Inc., Project, 5.00%, 3/15/32		200,000		232,662


	Par		Value

Georgia (Continued)
Gainesville & Hall County Hospital Authority Revenue Refunding Bonds, Northeast Georgia Health System, Inc., Project, 5.00%, 2/15/37	$	500,000	$	590,560
Gainesville & Hall County Hospital Authority Revenue Refunding Bonds, Series S, Northeast Georgia Health System, Inc., Project (County Gtd), 5.50%, 8/15/54		500,000		577,140
Glynn-Brunswick Memorial Hospital Authority Revenue Refunding Anticipation Certificates Bonds, Southeast Georgia Health System, 5.00%, 8/01/34		530,000		600,517
Griffin-Spalding County Hospital Authority Revenue Anticipation Certificates Bonds, Wellstar, 5.00%, 4/01/35		150,000		178,698
Main Street Natural Gas Inc., Gas Supply Variable Revenue Bonds, Series B, 4.00%, 12/01/23		355,000		393,166
4.00%, 12/02/24^(a)(b)(c)		100,000		113,388
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 5.00%, 5/15/21		750,000		766,650
4.00%, 9/01/23^(a)(b)(c)		350,000		381,563
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series C, 4.00%, 9/01/26^(a)(b)(c)		1,110,000		1,280,518
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Subseries C, 4.00%, 12/01/23^(a)(b)(c)		500,000		548,615
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Third Indenture Series, 4.00%, 7/01/44		300,000		321,237
Municipal Electric Authority of Georgia Power Revenue Refunding Bonds, Series HH, 5.00%, 1/01/29		500,000		626,035

See accompanying Notes to Financial Statements

109

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Georgia (Continued)
Northwest Georgia Housing Authority MFH Revenue Bonds, Charles Height Apartments Project (FHA 221(D4) Insured), 1.54%, 8/01/21^(a)(b)(c)	$	400,000	$	403,176
Private Colleges & Universities Authority Revenue Refunding Bonds, Series B, Emory University, 4.00%, 9/01/40		1,500,000		1,770,315
				10,919,039

Hawaii – 0.1%
Hawaii State Airports System Revenue Refunding Bonds (AMT), 5.00%, 7/01/23		500,000		514,285
Illinois – 8.4% Barrington Alternative Revenue Source GO Unlimited Bonds, 4.50%, 12/15/34		235,000		276,553
Bensenville GO Unlimited Bonds, Series B (AGM Insured), 5.00%, 12/30/24		245,000		257,826
Chicago Board of Education GO Unlimited Refunding Bonds, Series C, 5.00%, 12/01/20		200,000		200,598
Chicago City Colleges Capital Appreciation GO Unlimited Bonds (NATL Insured), 0.00%, 1/01/30^(g)		750,000		556,898
Chicago GO Unlimited Bonds, Series A, 5.00%, 12/01/21		500,000		500,865
5.50%, 1/01/49		100,000		105,696
Chicago GO Unlimited Refunding Bonds, Project Series A, 5.00%, 1/01/35		350,000		355,835
Chicago GO Unlimited Refunding Bonds, Series A, 5.00%, 1/01/22		300,000		307,755
5.00%, 1/01/23		400,000		414,580
Chicago Midway Airport Revenue Refunding Bonds, Series A (AMT), Second Lien, 5.00%, 1/01/31		1,045,000		1,144,954


	Par		Value

Illinois (Continued)
Chicago O’Hare International Airport Revenue Refunding Bonds, Senior Lien, Series A (AMT), 5.00%, 1/01/31	$	250,000	$	307,578
Chicago Park District GO Limited Tax Refunding Bonds, Series B, 5.00%, 1/01/26		395,000		436,175
Chicago Wastewater Transmission Revenue Bonds, Second Lien, 5.00%, 1/01/39		500,000		544,930
Cook County Sales TRB, 5.00%, 11/15/37		500,000		541,125
Hillside Incremental Tax Allocation Revenue Refunding Bonds, 5.00%, 1/01/24		100,000		101,993
Illinois State Finance Authority Revenue Bonds, Series A, Carle Foundation, 5.00%, 8/15/21		500,000		516,280
Illinois State Finance Authority Revenue Refunding Bonds, DePaul University, Unrefunded Balance, 5.50%, 10/01/23		450,000		459,851
5.50%, 10/01/25		545,000		556,930
Illinois State Finance Authority Revenue Refunding Bonds, Navistar International Corp., 4.75%, 8/01/30^(a)(b)(c)(d)		100,000		101,396
Illinois State Finance Authority Revenue Refunding Bonds, Series A, Lutheran Communities, 5.00%, 11/01/40		350,000		367,850
Illinois State Finance Authority Revenue Refunding Bonds, Series A, OSF Healthcare System, 5.00%, 11/15/21		1,100,000		1,147,212
Illinois State Finance Authority Revenue Refunding Bonds, Series C, Presence Health Network, 5.00%, 2/15/23		500,000		550,535
Illinois State Finance Authority Revenue Refunding Bonds, Southern Illinois Healthcare, 5.00%, 3/01/22		300,000		317,346

See accompanying Notes to Financial Statements

110

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Illinois (Continued)
Illinois State Finance Authority Variable Revenue Bonds, Series B-2, 5.00%, 11/15/26^(a)(b)(c)	$	500,000	$	605,060
Illinois State GO Unlimited Bonds, 5.37%, 5/01/23		250,000		267,565
5.50%, 5/01/25		845,000		936,936
5.50%, 7/01/26		460,000		487,434
Illinois State GO Unlimited Refunding Bonds, 5.00%, 8/01/24		400,000		417,896
Illinois State GO Unlimited Refunding Bonds, Series A, 5.00%, 10/01/25		110,000		120,003
Illinois State GO Unlimited Refunding Bonds, Series B, 5.00%, 10/01/28		250,000		275,185
Illinois State Housing Development Authority MFH Variable Revenue Bonds, Marshall Field Garden (FNMA LOC), (SIFMA Municipal Swap Index Yield + 1.00%), 1.12%, 5/15/25^(a)(c)		500,000		505,425
Illinois State Sales Tax Junior Obligations Revenue Bonds, Series A (BAM Insured), 4.00%, 6/15/34		620,000		668,992
Illinois State Sales Tax Revenue Refunding Bonds, Subseries D (BAM Insured), 3.00%, 6/15/31		390,000		397,430
Illinois State Sales TRB, Build Illinois - Junior Obligation, 5.00%, 6/15/23		200,000		215,716
Illinois State Sports Facilities Authority State Tax Supported Revenue CABS (AMBAC Insured), 0.00%, 6/15/21^(g)		410,000		404,235
0.00%, 6/15/25^(g)		95,000		83,960
Illinois State Sports Facilities Authority State Tax Supported Revenue Refunding Bonds (AGM Insured), 5.00%, 6/15/27		400,000		444,184
Illinois State Toll Highway Authority Senior Revenue Refunding Bonds, Series A, 5.00%, 1/01/31		505,000		644,052


	Par		Value

Illinois (Continued)
Kane, Cook & Dupage Counties, Illinois School District, GO Unlimited Refunding Bonds, Series D, 5.00%, 1/01/28	$	215,000	$	244,367
Kane, McHenry, Cook & DeKalb Counties, Illinois School District, GO Unlimited Refunding Bonds, 4.25%, 1/01/23		500,000		502,675
Macon County School District No. 61 GO Unlimited Bonds, Series A (AGM Insured), 5.25%, 1/01/25		745,000		751,027
Madison, Macoupin Etc. Counties Community College District No. 536 GO Unlimited Refunding Bonds, Lewis & Clark Community (AGM Insured), 4.00%, 5/01/21		675,000		686,650
4.00%, 5/01/23		700,000		757,722
Metropolitan Pier and Exposition Authority Revenue Refunding Bonds, McCormick Place Expansion Project, 5.00%, 6/15/42		500,000		560,165
5.00%, 6/15/50		500,000		548,400
Moline GO Unlimited Refunding Bonds, Series F, 5.00%, 11/01/24		750,000		750,000
Peoria County School District No. 150 GO Unlimited Refunding Bonds, Series A (AGM Insured), 4.00%, 12/01/26		390,000		459,681
Regional Transportation Authority Revenue Bonds, Series A (AGM Insured), 5.75%, 6/01/34		750,000		1,028,797
Regional Transportation Authority Revenue Bonds, Series B (NATL Insured), 5.50%, 6/01/27		350,000		414,057
Sales Tax Securitization Corp., Revenue Refunding Bonds, Second Lien Series A, 4.00%, 1/01/38		250,000		270,855

See accompanying Notes to Financial Statements

111

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Illinois (Continued)
Sangamon Logan & Menard Counties Community Unit School District No. 15 GO Unlimited Bonds, Series B (BAM Insured), 5.00%, 12/01/25	$	300,000	$	358,116
4.00%, 12/01/39		250,000		281,505
Southern Illinois State University Revenue Bonds, Series A, Housing & Auxiliary Facilities System (NATL Insured), 5.25%, 4/01/21		1,000,000		1,008,870
Waukegan City Lake County Water & Sewer System Revenue Refunding Bonds (AGM Insured), 5.00%, 12/30/26		200,000		245,050
4.00%, 12/30/38		500,000		561,660
4.00%, 12/30/40		500,000		557,640
Waukegan GO Unlimited Bonds, Series A (AGM Insured), 5.00%, 12/30/32		250,000		291,213
Will County Community High School District No. 210 Lincoln-Way Refunding GO Unlimited Bonds (AGM Insured), 4.00%, 1/01/22		975,000		999,141
4.00%, 1/01/34		650,000		710,313
Will County Community School District No. 161 Summit Hill Refunding GO Unlimited Bonds, 4.00%, 1/01/24		470,000		515,167
Winnebago Boone Etc. Counties Community College District No. 511 GO Unlimited Refunding Bonds, Series A, Rock Valley College (AGM Insured), 5.00%, 1/01/21		500,000		503,475
				29,551,380

Indiana – 2.1%
Clarksville Sewage Works Revenue BANS, 2.75%, 12/11/23		125,000		125,096
Indiana Bond Bank Revenue CABS, Hamilton Co., Projects, 0.00%, 7/15/25^(g)		450,000		434,065
0.00%, 7/15/28^(g)		900,000		812,934
0.00%, 1/15/29^(g)		560,000		499,604


	Par		Value

Indiana (Continued)
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series A, Ohio Valley Electric Corp., Project, 5.00%, 6/01/39	$	100,000	$	102,928
Indiana State Finance Authority Hospital Revenue Bonds, Indiana University Health Obligated Group, 1.65%, 7/01/22^(a)(b)(c)		50,000		50,706
Indiana State Finance Authority Private Activity Revenue Bonds (AMT), Ohio River Bridges East End Crossing Project, 5.25%, 1/01/51		600,000		637,908
Indiana State Finance Authority Revenue Refunding Bonds, Valparaiso University Project, 5.00%, 10/01/22		265,000		280,497
5.00%, 10/01/23		585,000		634,994
Indianapolis Local Public Improvement Bond Bank Revenue Notes, Series B, Fieldhouse Project, 1.45%, 6/01/21		1,000,000		999,880
Indianapolis MFH Revenue Bonds, Regency Park Apartments, Series A, 1.40%, 9/01/21^(a)(b)(c)		1,000,000		1,008,090
Knox Middle School Building Corp., Revenue Bonds (State Intercept), 5.00%, 1/15/27		440,000		548,544
Warrick County, Indiana Environmental Improvement Variable Revenue Bonds (AMT), Vectren Energy Delivery, 0.88%, 9/01/23^(a)(b)(c)		1,000,000		998,920
Whiting Environmental Facilities Revenue Refunding Bonds (AMT), BP Products North America, 5.00%, 6/05/26^(a)(b)(c)		275,000		334,642
				7,468,808

Iowa – 0.4%
Iowa State Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Iowa Fertilizer Company Project, 3.13%, 12/01/22		85,000		86,068

See accompanying Notes to Financial Statements

112

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Iowa (Continued)
Iowa State Finance Authority Midwestern Economic Development Variable Revenue Bonds, CJ Bio America Inc., Project (Korea Development Bank LOC), 0.32%, 11/10/20^(a)(c)(h)	$	1,000,000	$	1,000,000
PEFA, Inc. Gas Project Revenue Bonds, 5.00%, 9/01/26^(a)(b)(c)		150,000		181,247
				1,267,315

Kentucky – 2.8%
Kenton County Airport Board Revenue Refunding Bonds, 5.00%, 1/01/32		400,000		464,776
Kentucky State Economic Development Finance Authority Health System Revenue Refunding Bonds, Norton Healthcare, Inc., Series B (NATL Insured), 0.00%, 10/01/22^(g)		500,000		486,790
0.00%, 10/01/24^(g)		280,000		263,225
Kentucky State Economic Development Finance Authority Revenue Bonds, Owensboro Health, 5.25%, 6/01/50		250,000		267,458
Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Masonic Home Independent Living, 5.00%, 5/15/46		100,000		96,914
Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series B, Owensboro Health, 5.00%, 6/01/40		300,000		327,453
Kentucky State Economic Development Finance Authority Solid Waste Revenue Refunding Bonds, Series A (AMT), Republic Services, Inc., Project, 0.28%, 12/01/20^(a)(b)(c)		250,000		250,065
Kentucky State Housing Corp., Revenue Bonds, City View Park Project, 1.16%, 8/01/22^(a)(b)(c)		2,000,000		2,022,740


	Par		Value

Kentucky (Continued)
Kentucky State Housing Corp., Variable Revenue Bonds, Beecher Phase I Project, 2.00%, 9/01/21^(a)(b)(c)	$	480,000	$	486,259
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A, 4.00%, 4/01/24^(a)(b)(c)		475,000		522,543
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A-1, 4.00%, 6/01/25^(a)(b)(c)		250,000		281,975
Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply, 4.00%, 2/01/28^(a)(b)(c)		500,000		583,490
Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply, 4.00%, 1/01/25^(a)(b)(c)		650,000		724,497
Lexington-Fayette Urban County Government Lease Revenue Bonds, Series A, 5.25%, 6/01/26		500,000		512,280
Louisville & Jefferson County Metropolitan Government Health System Variable Revenue Bonds, Norton Healthcare, Inc., 5.00%, 10/01/26^(a)(b)(c)		1,000,000		1,214,150
Louisville & Jefferson County Metropolitan Government Pollution Control Variable Revenue Refunding Bonds, Louisville Gas & Electric Company Project, 1.85%, 4/01/21^(a)(b)(c)		905,000		908,891
Louisville Regional Airport Authority Airport System Revenue Refunding Bonds, Series A (AMT), 5.00%, 7/01/23		500,000		554,160
				9,967,666

Louisiana – 1.0%
Louisiana State Housing Corp., MFH Variable Revenue Bonds, Hollywood Acres & Hollywood Heights Project, Series 2019, 1.44%, 12/01/21^(a)(b)(c)		1,000,000		1,011,370

See accompanying Notes to Financial Statements

113

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Louisiana (Continued)
Louisiana State Offshore Terminal Authority Deepwater Port Variable Revenue Bonds, Loop LLC Project, 2.00%, 10/01/22^(a)(b)(c)	$	515,000	$	519,738
Louisiana State Public Facilities Authority Revenue Refunding CABS, Loyola University Project, 0.00%, 10/01/22^(g)		300,000		284,046
Saint James Parish Variable Revenue Bonds, Nustar Logistics, 5.85%, 6/01/25^(a)(b)(c)(d)		525,000		572,575
Saint James Parish Variable Revenue Bonds, Series A-1, Nucor Steel, 0.21%, 11/10/20^(a)(c)(h)		400,000		400,000
Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp., Project, 2.00%, 4/01/23^(a)(b)(c)		600,000		601,122
Saint John The Baptist Parish Variable Revenue Refunding Bonds, Marathon Oil Corp., Project, 2.38%, 7/01/26^(a)(b)(c)		125,000		126,224
				3,515,075

Maine – 0.5%
Maine Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, 5.00%, 7/01/27		215,000		268,210
Maine Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A (State Aid Withholding), 5.00%, 7/01/28		650,000		801,067
Maine State Finance Authority Student Loan Revenue Refunding Bonds (AMT) (AGM Insured), 5.00%, 12/01/24		500,000		571,680
				1,640,957


	Par		Value

Maryland – 2.6%
Baltimore Convention Center Hotel Revenue Refunding Bonds, Convention Center Hotel, 5.00%, 9/01/39	$	500,000	$	437,700
Baltimore County GO Unlimited Bonds, 5.00%, 3/01/25		1,265,000		1,518,810
Maryland State & Local Facilities GO Unlimited Bonds, Loan of 2013-1, Prerefunded, 4.00%, 3/01/21^(e)		600,000		607,524
Maryland State Community Development Administration Department Housing & Community Development MFH Revenue Bonds, Series A, Bay Country Apartments, 2.52%, 2/01/21^(d)		1,000,000		1,003,050
Maryland State Department of Transportation Consolidated Transportation Revenue Bonds, 5.00%, 2/01/22		260,000		275,436
Maryland State Economic Development Corp., PCR Refunding Bonds, Potomac Electric Power Company, 1.70%, 9/01/22		500,000		509,245
Maryland State Economic Development Corp., Private Activity Revenue Bonds (AMT), Purple Line Light Rail Projects, 5.00%, 3/31/36		325,000		319,807
5.00%, 3/31/51		235,000		230,309
Maryland State Economic Development Corp., Revenue Bonds (AMT), Seagirt Marine Terminal Projects, 5.00%, 6/01/44		500,000		537,430
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Adventist Healthcare Obligated, 5.50%, 1/01/31		300,000		349,866
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Medstar Health Issue, Series A, 5.00%, 5/15/45		430,000		501,337

See accompanying Notes to Financial Statements

114

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Maryland (Continued)
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Peninsula Regional Health System, 5.00%, 7/01/24	$	350,000	$	398,706
5.00%, 7/01/27		1,320,000		1,609,753
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Arundel Health Systems, 5.00%, 7/01/29		250,000		302,050
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, Broadmead Issue, 4.00%, 7/01/35		185,000		193,059
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A, Mercy Medical Center, 4.00%, 7/01/42		120,000		126,164
Maryland State Health & Higher Educational Facilities Authority Variable Revenue Refunding Bonds, University of Maryland, 5.00%, 7/01/27^(a)(b)(c)		200,000		245,866
				9,166,112

Massachusetts – 1.4%
Massachusetts State Consolidated Loan GO Limited Bonds, Series E, 5.25%, 9/01/48		500,000		627,210
Massachusetts State Department of Transportation Metropolitan Highway System Variable Revenue Refunding Bonds, Series A, 5.00%, 1/01/23^(a)(b)(c)		500,000		547,515
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Beth Israel Lahey Health, 5.00%, 7/01/38		100,000		122,988


	Par		Value

Massachusetts (Continued)
Massachusetts State Development Finance Agency Variable Revenue Refunding Bonds, Partners Healthcare, (SIFMA Municipal Swap Index Yield + 0.50%), 0.62%, 1/26/23^(a)(c)	$	500,000	$	499,620
Massachusetts State Educational Financing Authority Revenue Bonds, Series J (AMT), 5.00%, 7/01/21		500,000		512,500
Massachusetts State GO Limited Refunding Bonds, Series B, 5.00%, 7/01/34		1,350,000		1,792,017
Massachusetts State HFA Revenue Bonds, Colonial Village Projects, 1.45%, 1/01/22^(a)(b)(c)		760,000		768,147
				4,869,997

Michigan – 1.5%
Detroit Downtown Development Authority Tax Allocation Increment Revenue Refunding Bonds, Series A, Catalyst Development Project (AGM Insured), 5.00%, 7/01/22		500,000		535,960
5.00%, 7/01/43		100,000		111,361
5.00%, 7/01/48		200,000		222,046
Detroit GO Unlimited Bonds, 5.00%, 4/01/27		50,000		54,561
Great Lakes Water Authority Sewage Disposal System Revenue Refunding Bonds Second Lien, Series C, 5.00%, 7/01/36		370,000		442,032
Michigan State Finance Authority Local Government Loan Program Revenue Refunding Bonds, 5.00%, 7/01/29		425,000		505,083
4.50%, 10/01/29		250,000		260,798
Michigan State Finance Authority Revenue Refunding Bonds, Michigan Health, 5.00%, 6/01/23		390,000		435,747
Michigan State Finance Authority Revenue Refunding Bonds, Trinity Health Corp., Prerefunded, 5.00%, 6/01/22^(e)		250,000		268,275

See accompanying Notes to Financial Statements

115

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Michigan (Continued)
Michigan State Finance Authority Revenue Refunding Bonds, Trinity Health Credit Group, 4.00%, 12/01/35	$	515,000	$	599,589
Michigan State Finance Authority Variable Revenue Bonds, Bronson Healthcare Group, 3.50%, 11/15/22^(a)(b)(c)		250,000		264,212
Michigan State Hospital Finance Authority Revenue Refunding Bonds, Ascenion Senior, 5.00%, 11/15/47		420,000		494,012
Michigan State Strategic Fund Limited Obligation Adjustable Revenue Refunding Bonds, Detroit Edison Co., Pollution Control Bonds Project, 1.45%, 9/01/21^(a)(b)(c)		600,000		602,118
Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Consumers Energy Co., 1.80%, 10/01/24^(a)(b)(c)		500,000		515,255
				5,311,049

Minnesota – 0.9%
Brooklyn Center MFH Development Variable Revenue Bonds, Sonder House Apartments Project, 1.35%, 7/01/22^(a)(b)(c)		1,500,000		1,502,370
City of Shakopee Senior Housing Revenue Bonds, Benedictine Living Community of Shakopee LLC Project, 5.85%, 11/01/25^(a)(b)(c)(d)		250,000		254,335
Goodhue County Education District No. 6051 COPS, 5.00%, 2/01/21		340,000		343,672
Minnesota State HFA Housing Bonds, White Oak Estates, Series F (HUD Sector 8 Program), 1.35%, 8/01/21		1,000,000		1,001,700
				3,102,077


	Par		Value

Mississippi – 0.2%
Mississippi State Hospital Equipment & Facilities Authority Adjustable Revenue Refunding Bonds, North Mississippi Health, 5.00%, 3/01/27^(a)(b)(c)	$	265,000	$	318,583
Mississippi State Hospital Equipment & Facilities Authority Revenue Refunding Bonds, Forrest Country General Hospital Project, 5.00%, 1/01/24		400,000		451,676
				770,259

Missouri – 0.7%
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Refunding Bonds, Series A, Iatan 2 Project, 5.00%, 1/01/33		310,000		345,876
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Refunding Bonds, A.T. Still University Health Science, 5.00%, 10/01/22		725,000		780,760
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, St. Luke’s Health System, Inc., 5.00%, 11/15/23		150,000		170,460
5.00%, 11/15/30		250,000		297,243
RBC Municipal Products Inc., Trust Floater Certificates Revenue Bonds, Series C-16 for Missouri Health (Royal Bank of Canada LOC), 0.19%, 11/10/20^(a)(c)(d)(h)		500,000		500,000
Saint Louis County IDA Senior Living Facilities Revenue Refunding Bonds, Friendship Village St. Louis, 5.00%, 9/01/48		300,000		317,202
				2,411,541

Nebraska – 0.4%
Central Plains Energy Gas Project Revenue Bonds, Project No. 3, 5.00%, 9/01/22		500,000		539,310

See accompanying Notes to Financial Statements

116

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Nebraska (Continued)
Central Plains Energy Project Gas Supply Revenue Refunding Bonds, 4.00%, 8/01/25^(a)(b)(c)	$	225,000	$	257,643
Douglas County Hospital Authority No. 2 Revenue Bonds, Children’s Hospital Obligated Group, 5.00%, 11/15/25^(a)(b)(c)		600,000		714,978
				1,511,931

Nevada – 2.1%
Clark County Passenger Facility Charge Revenue Refunding Bonds, Las Vegas Mccarran International, 5.00%, 7/01/22		200,000		214,592
Clark County School District GO Limited Bonds, Series A (AGM Insured), 4.00%, 6/15/38		500,000		580,765
Clark County School District GO Limited Refunding Bonds, Series C, Building, 5.00%, 6/15/23		500,000		555,750
Clark County School District GO Limited Refunding Bonds, Series D, 5.00%, 6/15/23		300,000		333,450
Clark County School District GO Limited Refunding Bonds, Series E, 5.00%, 6/15/25		1,330,000		1,582,421
Clark County Stadium Improvement GO Limited Bonds, Series A, 5.00%, 5/01/48		500,000		599,080
Las Vegas Convention & Visitors Authority Convention Center Expansion Revenue Bonds, Series B, 5.00%, 7/01/43		250,000		287,332
Las Vegas New Convention & Visitors Authority Revenue Bonds, Series B, 5.00%, 7/01/37		1,000,000		1,177,230
Las Vegas Special Improvement District No. 814 Summerlin Village 21 & 24A Special Assessment Bonds, 4.00%, 6/01/49		100,000		100,098


	Par		Value

Nevada (Continued)
Nevada State Housing Division Multi-Unit Holding Revenue Bonds, Silver Terrace Apartments, 1.19%, 4/01/21^(a)(b)(c)	$	500,000	$	501,580
Reno Sales Tax Revenue Refunding Bonds, First Lien, Retrac-Reno Transportation Rail Access Corridor Project, 5.00%, 6/01/48		500,000		543,090
Sparks Nevada Tourism Improvement District No. 1 Revenue Refunding Bonds, Series A, Sales Tax Senior Lien, 2.50%, 6/15/24^(d)		300,000		297,123
Washoe County Water Facilities Variable Revenue Refunding Bonds (AMT), Sierra Pacific, 2.05%, 4/15/22^(a)(b)(c)		500,000		510,085
				7,282,596

New Hampshire – 0.3%
National Finance Authority Municipal Certificates Revenue Bonds, Series 1-A, 4.13%, 1/20/34		717,844		781,552
New Hampshire State Health & Education Facilities Authority Revenue Refunding Bonds, Kendal at Hanover Issue, 5.00%, 10/01/36		180,000		193,405
				974,957

New Jersey – 3.3%
Garden State Preservation Trust Open Space & Farmland Preservation Revenue Bonds, Series A (AGM Insured), 5.75%, 11/01/28		1,170,000		1,463,073
New Jersey State EDA Energy Facility Revenue Bonds, Series A (AMT), UMM Energy Partners, 5.00%, 6/15/37		190,000		198,989
5.12%, 6/15/43		350,000		366,352
New Jersey State EDA Motor Vehicle Surcharge Revenue Refunding Bonds, Subseries A, 3.38%, 7/01/30		250,000		250,890

See accompanying Notes to Financial Statements

117

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

New Jersey (Continued)
New Jersey State EDA Private Activity Revenue Bonds (AMT), The Goethals Project, 5.00%, 1/01/24	$	150,000	$	167,025
5.25%, 1/01/25		100,000		111,789
5.37%, 1/01/43		100,000		109,321
New Jersey State EDA Revenue Refunding Bonds, School Facilities Construction, Unrefunded Balance, 5.00%, 3/01/21		400,000		405,496
New Jersey State EDA Revenue Refunding Bonds, Series A, United Methodist Homes, 5.00%, 7/01/29		100,000		106,239
New Jersey State EDA Revenue Refunding Bonds, Series XX, 5.00%, 6/15/23		170,000		186,366
New Jersey State EDA Special Facility Revenue Refunding Bonds (AMT), Port Newark Container, 5.00%, 10/01/47		300,000		323,583
New Jersey State EDA Water Facilities Revenue Refunding Bonds (AMT), New Jersey American Water Co., Inc. Project, 2.20%, 12/03/29^(a)(b)(c)		775,000		814,385
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Valley Health System Obligated Group Series, 5.00%, 7/01/32		500,000		629,000
5.00%, 7/01/33		1,000,000		1,251,300
New Jersey State Health Care Facilities Financing Authority Revenue Refunding Bonds, RWJ Barnajas Health Obligated Group, 5.00%, 7/01/26^(a)(b)(c)		400,000		489,884
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program, 5.25%, 6/15/43		625,000		709,475
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Bonds, Series A, 5.25%, 12/15/22		1,000,000		1,090,050


	Par		Value

New Jersey (Continued)
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding Bonds, 5.00%, 12/15/25	$	100,000	$	114,278
New Jersey State Turnpike Authority Revenue Bonds, Series A, 5.00%, 1/01/27		305,000		378,020
5.00%, 1/01/33		230,000		260,326
New Jersey State Turnpike Authority Turnpike Revenue Refunding Bonds, Series E, 5.00%, 1/01/31		255,000		314,109
Newark Housing Authority Port Newark Marine Terminal Rental Revenue Refunding Bonds, Additional Newark Redevelopment Project (NATL Insured), 5.25%, 1/01/24		500,000		546,325
Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds (AMT), Series A, Covanta Union, Inc., 5.25%, 12/01/31		1,500,000		1,570,620
				11,856,895

New Mexico – 0.3%
Farmington PCR Refunding Bonds, Public Service Company of New Mexico San Juan Project, 1.15%, 6/01/24^(a)(b)(c)		250,000		250,757
New Mexico State Hospital Equipment Loan Council Variable Revenue Bonds, Series B, 5.00%, 8/01/25^(a)(b)(c)		500,000		583,270
New Mexico State Municipal Energy Acquisition Authority Gas Supply Revenue Refunding Bonds, Series A, 5.00%, 5/01/25^(a)(b)(c)		275,000		325,306
				1,159,333

New York – 8.7%
Hempstead Town Local Develop Corp. Education Revenue Refunding Bonds, Academy Charter School Project, 5.66%, 2/01/44		250,000		255,570

See accompanying Notes to Financial Statements

118

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

New York (Continued)
Hudson Yards Infrastructure Corp., Senior Revenue Bonds Fiscal 2012, 5.75%, 2/15/47	$	300,000	$	304,356
Liberty Development Corp., Revenue Bonds, 5.50%, 10/01/37		110,000		156,925
Long Beach GO Limited Bonds, Series A, 5.00%, 9/01/28		665,000		802,921
Metropolitan Transportation Authority Revenue BANS, Series A-1, 5.00%, 2/01/23		750,000		762,660
Metropolitan Transportation Authority Revenue BANS, Series A-2S, 4.00%, 2/01/22		750,000		749,242
Metropolitan Transportation Authority Revenue BANS, Series B-2A, 5.00%, 5/15/21		875,000		881,405
Metropolitan Transportation Authority Revenue Bonds, Series A-1-Group 1, Green Bond, 5.00%, 11/15/49		500,000		540,535
Metropolitan Transportation Authority Transportation Revenue Bonds, Series E, 4.00%, 11/15/23		535,000		542,704
Metropolitan Transportation Authority Transportation Revenue Refunding Bonds, Green Bonds, Climate, 4.00%, 11/15/22		730,000		737,453
Metropolitan Transportation Authority, New York Transportation Variable Rate Revenue Refunding Bonds, Subseries G-3, (SIFMA Municipal Swap Index Yield + 0.43%), 0.55%, 2/01/25^(a)(c)		1,000,000		888,870
Monroe County Industrial Development Agency School Facility Revenue Bonds, Rochester Schools Modernization Project (State Aid Withholding), 5.00%, 5/01/35		800,000		1,022,608
Monroe County Industrial Development Corp. Revenue Bonds, University of Rochester Project, 4.00%, 7/01/50		1,000,000		1,126,830


	Par		Value

New York (Continued)
Nassau County Local Economic Assistance Corp., Revenue Refunding Bonds, South Nassau Communities Hospital Project, 5.00%, 7/01/21	$	715,000	$	735,621
New York City Housing Development Corp., MFH Revenue Bonds, Series C-2-A, 2.35%, 7/01/22		500,000		502,805
New York City Transitional Finance Authority Adjustable Future Tax Secured Subordinate Revenue Bonds, 0.10%, 11/03/20^(a)(c)(h)		500,000		500,000
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 4.00%, 11/01/40		400,000		452,520
New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds, 4.00%, 5/01/36		1,000,000		1,176,950
New York GO Unlimited Bonds, Series 1, 4.00%, 8/01/27		625,000		743,331
New York GO Unlimited Bonds, Series D, Subseries D1, 5.00%, 12/01/42		250,000		299,673
New York State Convention Center Development Corp., Revenue Refunding Bonds, Hotel Unit Fee Secured, 5.00%, 11/15/40		600,000		670,152
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Fordham University, 4.00%, 7/01/50		600,000		665,592
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series A, 4.00%, 7/01/50		1,000,000		1,113,220
New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Catholic Health System Obligated, 5.00%, 7/01/36		400,000		477,644

See accompanying Notes to Financial Statements

119

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

New York (Continued)
New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Series A, Barnard College, 4.00%, 7/01/49	$	300,000	$	330,207
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Bonds, Master Boces Program (State Aid Withholding), 5.00%, 8/15/26		455,000		554,135
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Bonds, Northwell Health Obligated Group, 5.00%, 5/01/24^(a)(b)(c)		1,250,000		1,408,800
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Refunding Bonds, Memorial Sloan Kettering Cancer Center, 5.00%, 7/01/42		200,000		239,920
New York State Dormitory Authority Revenues Non State Supported Debt Revenue Refunding Bonds, Series A, Montefiore Obligated Group, 4.00%, 9/01/50		1,000,000		1,072,790
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series D, 4.00%, 2/15/39		500,000		573,780
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E, Unrefunded Balance, 5.00%, 2/15/44		425,000		485,817
New York State Liberty Development Corp., Revenue Refunding Bonds, Class 2, 3 World Trade Center Project, 5.15%, 11/15/34^(d)		500,000		518,575
5.37%, 11/15/40^(d)		150,000		155,069
New York State Mortgage Agency Homeowner Mortgage Revenue Refunding Bonds, Series 214 (AMT), 2.85%, 4/01/22		360,000		369,936
2.90%, 10/01/22		140,000		145,330


	Par		Value

New York (Continued)
New York State Transportation Development Corp., Special Facility Revenue Refunding Bonds (AMT), John F. Kennedy International Airport Project, 5.38%, 8/01/36	$	250,000	$	258,505
New York State Transportation Development Corporation Special Facilities Revenue Bonds (AMT), Delta Air Lines, Inc., Laguardia Airport Terminal C&D Redevelopment Project, 5.00%, 10/01/35		500,000		544,835
New York State Urban Development Corp., State Personal Income Tax Revenue Refunding Bonds, 4.00%, 3/15/45		500,000		563,825
Niagara Frontier Transportation Authority Revenue Refunding Bonds (AMT), Buffalo Niagara International Airport, 5.00%, 4/01/26		250,000		296,643
Onondaga County Trust Cultural Resource Revenue Refunding Bonds, Syracuse University Project, 4.00%, 12/01/47		500,000		569,905
Oyster Bay GO Limited BANS, Series C, 4.00%, 8/27/21		1,000,000		1,029,000
Port Authority of New York & New Jersey Consolidated 211th Revenue Refunding Bonds, 5.00%, 9/01/48		830,000		985,974
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 218 (AMT), 5.00%, 11/01/31		1,065,000		1,339,472
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 221 (AMT), 4.00%, 7/15/40		500,000		561,095
Sales Tax Asset Receivable Corp., Revenue Refunding Bonds, Series A, Fiscal 2015, 5.00%, 10/15/30		245,000		286,946

See accompanying Notes to Financial Statements

120

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

New York (Continued)
Suffolk County GO Limited Refunding Bonds, Series D (BAM Insured), 5.00%, 10/15/24	$	390,000	$	455,274
Triborough Bridge & Tunnel Authority General Revenue Bonds, Series A, MTA Bridges and Tunnels, 4.00%, 11/15/54		1,500,000		1,690,350
Yonkers Economic Development Corp., Educational Revenue Bonds, Charter School Educational Excellence Project, 5.00%, 10/15/49		100,000		107,537
				30,653,307

North Carolina – 1.1%
North Carolina Medical Care Commission Health Care Facilities Revenue Refunding Bonds, Deerfield Episcopal Retirement Community, 4.00%, 11/01/21		150,000		153,794
North Carolina State Medical Care Commission Health Care Facilities Revenue Refunding Bonds, Vidant Health, 5.00%, 6/01/45		500,000		567,970
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, 4.00%, 1/01/25		250,000		255,472
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, United Church Services, 5.00%, 9/01/37		155,000		156,710
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, Series A, Sharon Towers, 5.00%, 7/01/49		100,000		105,530
North Carolina State Turnpike Authority Revenue Refunding Bonds, Senior Lien, 5.00%, 1/01/40		550,000		652,404


	Par		Value

North Carolina (Continued)
North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway, 4.00%, 1/01/55	$	400,000	$	434,856
North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway (AGM Insured), 5.00%, 1/01/49		500,000		609,015
North Carolina Turnpike Authority Triangle Expressway System Revenue BANS, 5.00%, 2/01/24		200,000		225,954
Raleigh Durham Airport Authority Revenue Refunding Bonds, Series A (AMT), 5.00%, 5/01/36		500,000		624,005
				3,785,710

North Dakota – 0.4%
University of North Dakota COPS, Infrastructure Energy Improvement, 5.00%, 4/01/48		500,000		585,900
Watford City North Dakota State Aid Certificates Indebtedness Revenue Refunding Bonds (AGM Insured), 3.00%, 12/01/23		800,000		836,032
				1,421,932

Ohio – 3.5%
Akron Bath Copley Joint Township Hospital District Revenue Refunding Bonds, Summa Health Obligated Group Hospital, 5.00%, 11/15/26		350,000		423,304
5.00%, 11/15/27		370,000		454,060
Allen County Ohio Hospital Facilities Revenue Refunding Bonds, Bon Secours Mercy Health, Inc., 5.00%, 12/01/28		400,000		517,696
American Municipal Power Ohio, Inc., Revenue BANS, Carey Village Project, Electric System (State Standby Note Purchase Insured), 2.25%, 12/03/20		765,000		766,239

See accompanying Notes to Financial Statements

121

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Ohio (Continued)
American Municipal Power-Ohio, Inc., Variable Revenue Refunding Bonds, Series A, 2.30%, 2/15/22^(a)(b)(c)	$	1,250,000	$	1,263,375
Buckeye Tobacco Settlement Financing Authority Revenue Refunding Bonds, Senior-Class 2, Series B-2, 4.00%, 6/01/39		650,000		752,966
5.00%, 6/01/55		850,000		909,372
Cleveland-Cuyahoga County Port Authority Cultural Facilities Revenue Refunding Bonds, Playhouse Square Foundation Project, 5.50%, 12/01/43		175,000		180,983
Cleveland-Cuyahoga County Port Authority Euclid Avenue Development Corp., Revenue Refunding Bonds, 5.00%, 8/01/23		370,000		403,185
Conotton Valley Union Local School District COPS, School Facilities Project (FHLMC Insured), 4.00%, 12/01/42		500,000		542,975
Franklin County Convention Facilities Authority Hotel Project Revenue Bonds, Greater Columbus Convention Center, 5.00%, 12/01/34		170,000		171,532
5.00%, 12/01/35		525,000		529,505
5.00%, 12/01/36		305,000		307,513
Franklin County Revenue Bonds, Series A, 5.00%, 12/01/36		300,000		378,174
Marion County Health Care Facilities Revenue Refunding Bonds, United Church Homes, Inc., 5.12%, 12/01/49		100,000		101,702
Miami Valley Career Technology Center GO Unlimited Bonds, 4.00%, 12/01/37		250,000		288,603
Middleburg Heights Hospital Revenue Refunding Bonds, Southwest General Health Center, 8/01/41^(f)		500,000		541,615


	Par		Value

Ohio (Continued)
Ohio State Air Quality Development Authority Revenue Refunding Bonds (AMT), American Electric Power Company Project, 2.10%, 10/01/24^(a)(b)(c)	$	500,000	$	516,365
Ohio State Air Quality Development Authority Revenue Refunding Bonds, Ohio Valley Electric Corp., 3.25%, 9/01/29		50,000		50,409
Ohio State Higher Educational Facilities Commission Revenue Refunding Bonds, Xavier University 2020 Project, 5.00%, 5/01/35		880,000		1,105,641
Ohio State Hospital Revenue Refunding Bonds, Premier Health Partners Obligated Group, 5.00%, 11/15/26		145,000		172,134
Ohio State Hospital Revenue Refunding Bonds, Series A, 4.00%, 1/15/50		325,000		354,595
Ohio State Housing Finance Agency MFH Revenue Notes, Wesley Tower Apartments Project, 1.40%, 6/01/21^(a)(b)(c)		1,500,000		1,508,475
				12,240,418

Oklahoma – 1.4%
Bryan County School Finance Authority Educational Facilities Lease Revenue Refunding Bonds, Durant Public Schools Project, 4.00%, 12/01/23		620,000		685,850
Carter County Public Facilities Authority Educational Facilities Lease Revenue Bonds, 5.00%, 9/01/27		500,000		594,540
Kingfisher Special Projects Authority Educational Facilities Lease Revenue Bonds, Kingfisher Public Schools Project, 4.00%, 3/01/24		600,000		668,106
Muskogee Industrial Trust Educational Lease Revenue Bonds, Muskogee Public Schools Project, 5.00%, 9/01/23		900,000		1,005,372

See accompanying Notes to Financial Statements

122

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Oklahoma (Continued)
Oklahoma County Finance Authority Revenue Refunding Bonds, Series A, Epworth Villa Project, 5.88%, 4/01/30	$	50,000	$	49,995
Oklahoma State Development Finance Authority Revenue Refunding Bonds, Oklahoma City University Project, 5.00%, 8/01/24		590,000		650,121
Wagoner County School Development Authority Educational Facilities Lease Revenue Bonds, Wagoner Public Schools Project, 4.00%, 9/01/23		1,060,000		1,150,800
				4,804,784

Oregon – 1.3%
Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Projects, 5.00%, 8/15/45		500,000		607,275
Multnomah County Hospital Facilities Authority Revenue Refunding Bonds, Adventist Health System, 5.00%, 3/01/25^(a)(b)(c)		500,000		575,650
Multnomah County School District No. 1J Portland GO Unlimited Bonds (School Board Guaranty Program), 5.00%, 6/15/24		250,000		292,143
Oregon State Facilities Authority Revenue Refunding Bonds, Series A, Legacy Health Project, 5.00%, 6/01/46		1,000,000		1,139,130
Oregon State Housing & Community Services Department Housing Development Revenue Bonds, Series I, Ya Po Ah Terrace Project (HUD Sector 8 Program), 2.20%, 5/01/21^(a)(b)(c)		500,000		504,390
Port of Portland Airport Revenue Refunding Bonds, Portland International Airport, 5.00%, 7/01/40		615,000		758,885
Port of Portland Airport Revenue Refunding Bonds, Portland International Airport (AMT), 5.00%, 7/01/25		750,000		885,675
				4,763,148


	Par		Value

Pennsylvania – 4.8%
Allegheny County Hospital Development Authority Revenue Refunding Bonds, University of Pittsburgh Medical Center, 5.00%, 7/15/21	$	100,000	$	103,154
Allegheny County Sanitary Authority Revenue Bonds, Series B, 4.00%, 6/01/25		100,000		115,961
Berks County Municipal Authority Revenue Refunding Bonds, Series B, Tower Health Project, 5.00%, 2/01/25^(a)(b)(c)		500,000		537,895
5.00%, 2/01/27^(a)(b)(c)		500,000		549,655
Commonwealth Financing Authority Taxable Revenue Refunding Bonds, Series B-1, 5.00%, 6/01/26		300,000		355,908
Cumberland County Municipal Authority Revenue Bonds, AICUP Financing Program-Messiah College Project, 3.75%, 4/30/22^(a)(b)(c)		500,000		503,045
Delaware Valley Regional Financial Authority Revenue Bonds, Series A (AMBAC Insured), 5.50%, 8/01/28		225,000		291,119
Doylestown Hospital Authority Revenue Bonds, Series A, Doylestown Hospital, 5.00%, 7/01/49		165,000		183,624
Lackawanna County IDA Revenue Refunding Bonds, University of Scranton, 5.00%, 11/01/21		375,000		390,874
Lancaster County GO Unlimited Refunding Bonds, Series A, 4.00%, 11/01/25		275,000		319,382
Lancaster County Hospital Authority Healthcare Facilities Revenue Bonds, Series B, Maravian Manors, Inc., Project, 2.87%, 12/15/23		250,000		246,000
Lehigh County General Purpose Authority Revenue Refunding Bonds, Muhlenberg College Project, (SIFMA Municipal Swap Index Yield + 0.58%), 0.70%, 11/01/24^(a)(c)		480,000		478,445

See accompanying Notes to Financial Statements

123

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Pennsylvania (Continued)
Lehigh County IDA Revenue Refunding Bonds, PPL Electric Utilities Corp., Project, 1.80%, 8/15/22^(a)(b)(c)	$	330,000	$	333,587
Luzerne County IDA Revenue Refunding Bonds (AMT), Pennsylvania-American Water Co., Project, 2.45%, 12/03/29^(a)(b)(c)		750,000		808,072
Montgomery County IDA Revenue Bonds, Acts Retirement-Life Communities, 5.00%, 11/15/45		1,500,000		1,742,145
Pennsylvania State Economic Development Financing Authority UPMC Revenue Bonds, Series A-1, 5.00%, 4/15/24		1,200,000		1,378,440
5.00%, 4/15/25		200,000		237,670
4.00%, 4/15/45		500,000		552,475
Pennsylvania State Higher Educational Facilities Authority Revenue Refunding Bonds, Thomas Jefferson University, 5.00%, 9/01/39		500,000		560,040
Pennsylvania State Higher Educational Facilities Authority Variable Revenue Refunding Bonds, AICUP Financing Program-York College of Pennsylvania Project, 2.87%, 4/30/21^(a)(b)(c)		500,000		499,880
Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds (AMT), Series 125A, 2.38%, 10/01/25		1,135,000		1,176,496
Pennsylvania State Housing Finance Agency Special Limited Obligation MFH Revenue Bonds, Norris Homes Phase V, 1.40%, 1/01/23^(a)(b)(c)		1,000,000		1,016,310
Pennsylvania State Turnpike Commission Turnpike Variable Revenue Refunding Bonds, Series B, (SIFMA Municipal Swap Index Yield + 0.70%), 0.82%, 12/01/23^(c)		500,000		502,725


	Par		Value

Pennsylvania (Continued)
Philadelphia Airport Revenue Refunding Bonds, Series B (AMT), 5.00%, 7/01/30	$	510,000	$	607,573
5.00%, 7/01/33		400,000		467,500
5.00%, 7/01/35		155,000		179,998
Philadelphia Authority for Industrial Development Temple University Revenue Refunding Bonds, Series 1-2015, 5.00%, 4/01/33		400,000		458,056
Philadelphia Authority for Industrial Development University Revenue Refunding Bonds, Saint Joseph’s University, 4.00%, 11/01/45		500,000		541,675
Philadelphia City Water & Wastewater Revenue Bonds, Series A, Prerefunded, 5.00%, 1/01/21^(e)		500,000		503,845
Philadelphia School District GO Limited Bonds, Series A (State Aid Withholding), 4.00%, 9/01/35		300,000		345,252
Philadelphia School District GO Limited Refunding Bonds, Series C (State Aid Withholding), 5.00%, 9/01/33		500,000		623,680
Wilkes-Barre Area School District GO Limited Bonds (BAM State Aid Withholding), 5.00%, 4/15/23		200,000		220,774
				16,831,255

Puerto Rico – 0.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, Series A, Senior Lien, 5.25%, 7/01/42		815,000		839,450
Puerto Rico Electric Power Authority Power Revenue Bonds, Series TT-RSA-1, 5.00%, 7/01/32⁽ⁱ⁾		65,000		45,013
5.00%, 7/01/37⁽ⁱ⁾		240,000		166,200
Puerto Rico Electric Power Authority Power Revenue Refunding Bonds, Series ZZ-RSA-1, 5.25%, 7/01/23⁽ⁱ⁾		175,000		121,187

See accompanying Notes to Financial Statements

124

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Puerto Rico (Continued)
Puerto Rico Sales Tax Financing Corp., Restructured TRB, Series A-1, 4.75%, 7/01/53	$	215,000	$	225,679
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue CABS, Series A-1, 0.00%, 7/01/27^(g)		725,000		550,865
				1,948,394

Rhode Island – 0.2%
Rhode Island Commerce Corp., First Lien Special Facility Revenue Refunding Bonds, Rhode Island Airport Corp., International, 5.00%, 7/01/31		500,000		576,620

South Carolina – 0.6%
Connector 2000 Association, Inc. Toll Road Revenue CABS, Senior Series A-1, 0.00%, 1/01/32^(g)		400,000		183,208
South Carolina State Jobs EDA Hospital Revenue Refunding Bonds, Prisma Health Obligated Group, 5.00%, 5/01/38		400,000		471,616
5.00%, 5/01/43		415,000		479,869
South Carolina State Jobs EDA Hospital Variable Revenue Bonds, Bon Secours Mercy Health, 5.00%, 10/01/25^(a)(b)(c)		850,000		1,011,168
				2,145,861

Tennessee – 0.9%
Greeneville Health & Educational Facilities Board MFH Revenue Bonds, People RD Portfolio Project, 1.45%, 12/01/21^(a)(b)(c)		500,000		505,955
Greeneville Health & Educational Facilities Board Revenue Refunding Bonds, Ballad Health Obligation Group, 5.00%, 7/01/31		140,000		152,020


	Par		Value

Tennessee (Continued)
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Bonds, Vanderbilt University Medical Center, 5.00%, 7/01/46	$	500,000	$	571,075
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Trevecca Nazarene University, 3.00%, 10/01/24		420,000		423,587
Metropolitan Government of Nashville & Davidson County Health & Education Facilities Board Revenue Bonds, Vanderbilt Medical Center, 5.00%, 7/01/40		400,000		461,672
Metropolitan Nashville Airport Authority Subordinate Revenue Bonds, Series B (AMT), 5.00%, 7/01/39		1,000,000		1,206,080
				3,320,389

Texas – 7.7%
Austin Airport System Revenue Bonds, Series A, 5.00%, 11/15/46		1,380,000		1,593,748
Austin Airport System Revenue Bonds, Series B (AMT), 5.00%, 11/15/32		100,000		125,189
Austin Convention Enterprises, Inc., Convention Center Revenue Refunding Bonds, First Tier, 5.00%, 1/01/32		400,000		406,156
Board of Managers Joint Guadalupe County-City of Seguin Hospital Mortgage Revenue Refunding Bonds, 5.00%, 12/01/40		200,000		209,530
Central Regional Mobility Authority Revenue Refunding Bonds, Series A, Senior Lien, 5.00%, 1/01/22		300,000		315,321
Central Regional Mobility Authority Revenue Refunding Bonds, Series A, Senior Lien, Prerefunded, 5.00%, 1/01/23^(e)		635,000		698,221

See accompanying Notes to Financial Statements

125

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Texas (Continued)
Central Texas Regional Mobility Authority Revenue Refunding Bonds, Senior Lien, Series A, 5.00%, 1/01/49	$	500,000	$	602,155
Dallas Independent School District GO Unlimited Bonds, 2020-Multi-Modal (PSF, Gtd), Unrefunded Balance, 5.00%, 2/15/22^(a)(b)(c)		195,000		206,573
Dallas Texas Housing Finance Corp., Estates at Shiloh Revenue Bonds, 1.51%, 7/01/23^(a)(b)(c)		500,000		510,090
Dallas-Fort Worth International Airport Improvement Revenue Bonds, Series B, 5.00%, 11/01/44		350,000		372,218
Dallas-Fort Worth International Airport Joint Improvement Revenue Bonds, Series C, 5.00%, 11/01/34		445,000		491,609
Dallas-Fort Worth International Airport Joint Revenue Refunding Bonds, Series A (AMT), 5.25%, 11/01/30		1,100,000		1,224,619
Dallas-Fort Worth International Airport Revenue Bonds, Series H (AMT), Prerefunded, 5.00%, 11/01/21^(e)		400,000		418,324
El Paso Texas Airport Revenue Bonds (AMT), 5.00%, 8/15/27		375,000		452,996
Grand Parkway Transportation Corp., System Toll Revenue Refunding Bonds, Grand Parkway System - First, 4.00%, 10/01/45		1,265,000		1,449,918
Harris County Cultural Education Facilities Finance Corp., Variable Revenue Bonds, Memorial Hermann Health System, 5.00%, 12/01/22^(a)(b)(c)		100,000		108,947
5.00%, 12/01/24^(a)(b)(c)		1,000,000		1,171,800


	Par		Value

Texas (Continued)
Harris County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Hospital Memorial Hermann Health, Prerefunded, 5.00%, 12/01/22^(e)	$	300,000	$	329,052
Harris County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Texas Children’s Hospital, 4.00%, 10/01/38		350,000		407,635
Houston Airport System Revenue Refunding Bonds (AMT), United Airlines, Inc., Improvement Projects, 5.00%, 7/15/27		175,000		183,181
Houston Airport System Revenue Refunding Bonds (AMT), United Airlines, Inc., Terminal, 5.00%, 7/01/27		125,000		130,849
Houston Airport System Revenue Refunding Bonds, Subseries D, 5.00%, 7/01/22		555,000		596,936
Houston Airport System Subordinate Revenue Refunding Bonds, Series B, 5.00%, 7/01/26		500,000		613,835
Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment, 5.00%, 9/01/36		510,000		539,636
Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services Corp. Project, 5.00%, 5/15/35		250,000		313,895
Montgomery County Toll Road Authority Revenue Bonds, Senior Lien, 5.00%, 9/15/37		500,000		549,445
New Hope Cultural Educational Facilities Finance Corp., Retirement Facilities Revenue Refunding Bonds, Presbyterian Village North Project, 5.25%, 10/01/49		100,000		100,252

See accompanying Notes to Financial Statements

126

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Texas (Continued)
New Hope Cultural Educational Facilities Finance Corp., Retirement Facilities Revenue Refunding Bonds, Westminster Manor Project, 5.00%, 11/01/31	$	250,000	$	278,350
North Texas Tollway Authority Revenue Refunding Bonds, Series A, 5.00%, 1/01/26		70,000		79,514
Northside Texas Independent School District GO Unlimited Refunding Bonds (PSF, Gtd), 1.60%, 8/01/24^(a)(b)(c)		350,000		362,779
Northside Texas Independent School District Variable GO Unlimited Bonds (PSF, Gtd), 2.75%, 8/01/23^(a)(b)(c)		1,000,000		1,060,030
Port Beaumont Navigation District Dock & Wharf Facility Revenue Refunding Bonds (AMT), Jefferson Gulf Coast Energy Project, 4.00%, 1/01/50^(d)		375,000		374,344
San Antonio Airport System Revenue Refunding Bonds, Subordinate Lien, Series A (AMT), 5.00%, 7/01/30		250,000		308,573
San Antonio Housing Trust Finance Corp., MFH Variable Revenue Bonds, Majestic Ranch Apartments (FHA 221(D4) Insured), 1.40%, 1/01/22^(a)(b)(c)		1,000,000		1,010,140
San Antonio Water Variable Revenue Bonds, Series A, Junior Lien, 2.63%, 5/01/24^(a)(b)(c)		1,125,000		1,197,360
Tarrant County Cultural Education Facilities Finance Corp., Hospital Revenue Refunding Bonds, Cook Children’s Medical Center, 4.00%, 12/01/45		1,030,000		1,164,621


	Par		Value

Texas (Continued)
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility Revenue Refunding Bonds, Buckner Retirement Services, 5.00%, 11/15/20	$	185,000	$	185,211
Tarrant County Cultural Educational Facilities Finance Corp., Revenue Refunding Bonds, Texas Health Resources System Obligation, 5.00%, 2/15/34		400,000		475,364
5.00%, 2/15/47		700,000		814,779
Texas City Industrial Development Corp. Revenue Bonds, Series 2012, NRG Energy Project, 4.12%, 12/01/45		545,000		566,201
Texas State PFA Lease Revenue Refunding Bonds, 4.00%, 2/01/36		250,000		297,215
Texas State Private Activity Bond Surface Transportation Corp., Revenue Bonds (AMT), Segment 3C Project, 5.00%, 6/30/58		1,000,000		1,136,760
Texas State Private Activity Bond Surface Transportation Corp., Revenue Bonds (AMT), Senior Lien, Blueridge Transportation, 5.00%, 12/31/45		500,000		543,955
5.00%, 12/31/55		200,000		216,622
Texas State Private Activity Bond Surface Transportation Corp., Revenue Refunding Bonds, Senior Lien, North Tarrant Express, 4.00%, 12/31/38		750,000		836,002
Texas State Transportation Commission Central Turnpike System Revenue Refunding Bonds, Series A, 5.00%, 8/15/39		750,000		955,777
Texas State Transportation Commission Central Turnpike System Subordinate Revenue Refunding Bonds, Series C, 5.00%, 8/15/42		100,000		111,609

See accompanying Notes to Financial Statements

127

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Texas (Continued)
Texas State Transportation Commission First Tier Toll Revenue Bonds, State Highway, 5.00%, 8/01/57	$	100,000	$	113,278
Texas State Transportation Commission First Tier Toll Revenue CABS, 0.00%, 8/01/29^(g)		480,000		372,115
Texas State Water Development Board Revenue Bonds, State Water Implementation Fund, 4.00%, 10/15/38		510,000		611,816
				27,194,545

Utah – 0.4%
Salt Lake City Airport Revenue Bonds, Series A (AMT), 5.00%, 7/01/47		805,000		916,122
Utah State Housing Corp., MFH Revenue Bonds, Lincoln Apartments Project, 1.54%, 8/01/21^(a)(b)(c)		500,000		504,155
				1,420,277

Virginia – 3.5%
Botetourt County Residential Care Facility Revenue Refunding Bonds, Series A, Glebe, Inc., 4.75%, 7/01/23		175,000		179,666
Chesapeake Bay Bridge & Tunnel District Revenue Bonds, First Tier General Resolution (AGM Insured), 5.00%, 7/01/41		1,000,000		1,177,390
Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue BANS, 5.00%, 11/01/23		300,000		335,454
Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue Bonds, 5.00%, 7/01/51		750,000		843,570
Chesapeake Hospital Authority Hospital Facilities Revenue Refunding Bonds, Chesapeake Regional Medical Center, 5.00%, 7/01/31		500,000		632,075
Chesapeake Transportation System Senior Toll Road Revenue Bonds, Series A, 5.00%, 7/15/47		500,000		518,960


	Par		Value

Virginia (Continued)
Fairfax County EDA Residential Care Facilities Revenue Bonds, Series A, Vinson Hall LLC, 5.00%, 12/01/42	$	180,000	$	187,594
Fairfax County EDA Residential Care Facilities Revenue Refunding Bonds, Series A, Goodwin House, Inc., 5.00%, 10/01/36		150,000		161,805
Fairfax County EDA Revenue Refunding Bonds, Wiehle Avenue Metrorail Station, 5.00%, 8/01/33		1,000,000		1,331,970
Fairfax County IDA Health Care Revenue Bonds, Inova Health System, 4.00%, 5/15/42		250,000		260,092
Fairfax County IDA Health Care Revenue Refunding Bonds, Inova Health System, 5.00%, 5/15/23^(a)(b)(c)		500,000		556,815
Fairfax County Water Authority Revenue Refunding Bonds, 5.00%, 4/01/45		500,000		602,815
Hampton Roads Transportation Accountability Commission Revenue BANS, Series A, 5.00%, 7/01/22		750,000		807,577
Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A, Senior Lien, 5.50%, 7/01/57		300,000		371,361
James City County EDA Residential Care Facilities Variable Revenue Bonds, United Methodist Home, 6.00%, 6/01/43		63,778		66,017
Newport News Economic Development Authority Residential Care Facilities Revenue Refunding Bonds, Lifespire of Virginia, 5.00%, 12/01/38		200,000		210,794
Spotsylvania County EDA Housing Revenue Bonds, Palmers Creek Apartments Project (FHA 221(D4) GNMA Insured), 1.45%, 2/01/22^(a)(b)(c)		500,000		505,730

See accompanying Notes to Financial Statements

128

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Virginia (Continued)
Virginia Small Business Financing Authority Private Activity Revenue Bonds (AMT), Transform 66 P3 Project, 5.00%, 12/31/56	$	50,000	$	55,706
Virginia State Small Business Financing Authority Revenue Bonds (AMT), 95 Express Lanes LLC Project, 5.00%, 7/01/49		600,000		618,318
Virginia State Small Business Financing Authority Revenue Bonds (AMT), Senior Lien, 95 Express Lane, 5.00%, 7/01/34		800,000		829,264
Virginia State Small Business Financing Authority Revenue Bonds (AMT), Senior Lien, Elizabeth River Crossings OpCo, LLC Project, 4.50%, 1/01/23		135,000		141,526
5.00%, 1/01/27		250,000		262,542
Virginia State Small Business Financing Authority Revenue Bonds, Senior Lien (AMT), Express Lanes LLC, 5.00%, 7/01/34		225,000		233,231
Westmoreland County IDA Lease Revenue BANS, Westmoreland County High School, 2.00%, 6/01/22		500,000		508,975
York County EDA PCR Bonds, Series A, Electric & Power, 1.90%, 6/01/23^(a)(b)(c)		1,000,000		1,031,750
				12,430,997

Washington – 4.1%
Central Puget Sound Regional Transit Authority Sales & Use Tax Improvement Revenue Refunding Bonds, Series S-1, Green Bond, 5.00%, 11/01/31		1,000,000		1,208,190
Energy Electric Revenue Refunding Bonds, Columbia Generating Station, 5.00%, 7/01/36		1,200,000		1,577,196


	Par		Value

Washington (Continued)
King County Public Hospital District No. 1 GO Limited Tax Refunding Bonds, Valley Medical Center, 5.00%, 12/01/26	$	550,000	$	657,679
King County School District No. 210 Federal Way GO Unlimited Bonds (School Board Guaranty Program), 4.00%, 12/01/33		500,000		588,370
King County Sewer Revenue Refunding Bonds, 5.00%, 7/01/42		250,000		305,162
Port of Seattle Airport Revenue Bonds Intermediate Lien (AMT), 5.00%, 4/01/32		490,000		601,122
5.00%, 4/01/44		500,000		587,440
Seattle Municipal Light & Power Revenue Refunding Bonds, 4.00%, 9/01/40		500,000		552,740
Seattle Municipal Light & Power Variable Revenue Refunding Bonds, (SIFMA Municipal Swap Index Yield + 0.35%), 0.47%, 11/01/22^(c)		900,000		900,999
Snohomish County Housing Authority Revenue Bonds, 5.00%, 4/01/21		545,000		554,576
Washington State GO Unlimited Bonds, Series A-1, 5.00%, 8/01/40		1,000,000		1,187,900
Washington State GO Unlimited Bonds, Series C, 5.00%, 2/01/26		350,000		432,068
5.00%, 2/01/40		2,000,000		2,574,180
Washington State Health Care Facilities Authority Revenue Bonds, Series A, Providence Health & Services, 4.00%, 10/01/34		500,000		519,625
Washington State Health Care Facilities Authority Revenue Refunding Bonds, Series B, Commonspirit Health, 5.00%, 8/01/26^(a)(b)(c)		615,000		728,271
Washington State Higher Educational Facilities Authority Revenue Bonds, Seattle University Project, 5.00%, 5/01/22		215,000		228,289

See accompanying Notes to Financial Statements

129

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund


	Par		Value

Washington (Continued)
Washington State Higher Educational Facilities Authority Revenue Bonds, Seattle University Project, 4.00%, 5/01/50	$	250,000	$	268,373
Washington State Housing Finance Commission Revenue Bonds, Columbia Park Apartments Project (FHA/GNMA Insured), 1.39%, 7/01/21^(a)(b)(c)		1,000,000		1,006,400
				14,478,580

West Virginia – 0.1%
Princeton Hospital Revenue Refunding Bonds, Princeton Community Hospital Project, 5.00%, 5/01/22		500,000		529,745

Wisconsin – 2.6%
Barneveld School District Revenue BANS, 4.00%, 3/01/24		500,000		505,300
Milwaukee Corp., Purpose GO Unlimited Bonds, Series B3, 4.00%, 4/01/26		1,000,000		1,111,150
PFA Education Revenue Bonds, North Carolina Leadership Academy, 5.00%, 6/15/49^(d)		100,000		102,702
PFA Educational Revenue Bonds, Piedmont Community Charter School, 5.00%, 6/15/39		490,000		559,325
5.00%, 6/15/49		150,000		167,931
PFA Exempt Facilities Revenue Refunding Bonds (AMT), National Gypsum Co., 4.00%, 8/01/35		370,000		351,348
PFA Hospital Revenue Refunding Bonds, Series A, WakeMed Hospital, 4.00%, 10/01/49		500,000		541,850
PFA Revenue Bonds, Roseman University of Health System, 5.00%, 4/01/50^(d)		250,000		263,023
PFA Solid Waste Disposal Revenue Refunding Bonds (AMT), Waste Management, Inc., 0.30%, 2/01/21^(a)(b)(c)		1,000,000		1,000,000


	Par		Value

Wisconsin (Continued)
Wisconsin State COPS, 5.00%, 3/01/23	$	500,000	$	507,405
Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Series B, Marshfield Clinic, 5.00%, 2/15/24		1,000,000		1,050,180
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Beloit Health System, Inc., 5.00%, 7/01/23		645,000		717,221
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Benevolent Corp., Cedar Community, 5.00%, 6/01/41		250,000		260,223
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B1, Ascension Health Credit Group, 5.00%, 11/15/39		350,000		411,925
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Series B5, 5.00%, 12/03/24^(a)(b)(c)		1,000,000		1,180,630
Wisconsin State Transportation Revenue Refunding Bonds, Series 1, Prerefunded, 4.50%, 7/01/22^(e)		400,000		428,160
				9,158,373

Total Municipal Bonds (Cost $334,029,938)				339,600,642

	Number of Shares

Investment Companies – 0.3%
iShares National Muni Bond ETF		10,820		1,245,598

Total Investment Companies (Cost $1,228,764)				1,245,598

See accompanying Notes to Financial Statements

130

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund



	Number of Shares		Value

Short-Term Investments – 3.0%
Money Market Fund – 3.0%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(j)		10,508,076	$	10,508,076

Total Short-Term Investments (Cost $10,508,076)				10,508,076

Total Investments – 99.4% (Cost $345,766,778)				351,354,316

Other Assets less Liabilities – 0.6%				2,097,721

NET ASSETS – 100.0%			$	353,452,037

Percentages shown are based on Net Assets.

^(a)	Maturity date represents the puttable date.

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

^(c)	Variable rate security. Rate as of October 31, 2020 is disclosed.

^(d)

^(e)	Maturity date represents the prerefunded date.

^(f)	When-Issued Security. Coupon rate was not yet in effect at October 31, 2020.

^(g)	Zero coupon bond.

^(h)	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.

⁽ⁱ⁾	Issuer has defaulted on terms of debt obligation. Income is not being accrued.

^(j)	7-day current yield as of October 31, 2020 is disclosed.


Abbreviations:
1M		1 Month
3M		3 Month
AGM		Assured Guarantee Municipal Corporation
AMBAC		American Municipal Bond Assurance Corporation
AMT		Alternative Minimum Tax
BAM		Build America Mutual
BANS		Bond Anticipation Notes
CABS		Capital Appreciation Bonds
COPS		Certificates of Participation
EDA		Economic Development Authority
ETF		Exchange-Traded Fund
FHA		Federal Housing Administration
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		Government Obligation
Gtd		Guaranteed
HFA		Housing Finance Authority
IBC		Insured Bond Certificates
IDA		Industrial Development Authority
LIBOR		London Interbank Offered Rate

See accompanying Notes to Financial Statements

131

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Municipal Bond Fund



LLC		Limited Liability Company
LOC		Letter of Credit
MFH		Multifamily Housing
NATL		National Public Finance Guarantee Corporation
PCR		Pollution Control Revenue
PFA		Public Finance Authority
PSF		Permanent School Fund
SFM		Single Family Mortgage
SIFMA		Securities Industry and Financial Markets Association
TRB		Tax Revenue Bonds
USD		United States Dollar



Municipal Issue Type (%)^(a)
Revenue Bonds			81.0
General Obligation Unlimited Bonds			8.9
General Obligation Limited Bonds			3.0
Certificates of Participation			1.2
Revenue Notes			1.1
Tax Allocation Bonds			0.3
General Obligation Limited Notes			0.3
Special Assessment Bonds			0.2
Special Tax Bonds			0.1

Total			96.1

^(a)	Percentages shown are based on net assets, excludes Investment Companies, Short-Term Investments and Other.

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:


Morningstar Municipal Bond Fund	Level 1		Level 2		Level 3		Totals

Investments

Municipal Bonds	$	—	$	339,600,642		$—	$	339,600,642

Investment Companies		1,245,598		—		—		1,245,598
Short-Term Investments		10,508,076		—		—		10,508,076

Total Investments	$	11,753,674	$	339,600,642		$—	$	351,354,316

See accompanying Notes to Financial Statements

132

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar Defensive Bond Fund


	Par		Value
Asset-Backed Securities – 36.0%

Automobile – 8.2%
Ally Auto Receivables Trust, Series 2019-1, Class A4, 3.02%, 4/15/24	$	308,000	$	320,642
American Credit Acceptance Receivables Trust, Series 2020-2, Class B, 2.48%, 9/13/24^(a)		160,000		163,770
Series 2020-4, Class B, 0.85%, 12/13/24^(a)		264,000		264,120
Series 2020-3, Class C, 1.85%, 6/15/26^(a)		392,000		396,957
Series 2020-4, Class C, 1.31%, 12/14/26^(a)		433,000		433,341
ARI Fleet Lease Trust, Series 2018-B, Class A3, 3.43%, 8/16/27^(a)		302,000		312,731
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.45%, 3/20/23^(a)		302,000		308,967
Series 2017-1A, Class A, 3.07%, 9/20/23^(a)		643,000		659,957
Series 2017-2A, Class A, 2.97%, 3/20/24^(a)		322,000		331,504
Carmax Auto Owner Trust, Series 2019-1, Class A4, 3.26%, 8/15/24		240,000		253,878
Series 2019-3, Class A3, 2.18%, 8/15/24		479,000		489,799
Series 2019-1, Class B, 3.45%, 11/15/24		129,000		136,292
Chesapeake Funding II LLC, Series 2017-2A, Class A1, 1.99%, 5/15/29^(a)		43,731		43,820
Series 2017-4A, Class C, 2.76%, 11/15/29^(a)		142,000		143,756
Series 2019-1A, Class B, 3.11%, 4/15/31^(a)		324,000		335,198
Series 2020-1A, Class C, 2.14%, 8/16/32^(a)		159,000		159,290
DT Auto Owner Trust, Series 2020-3A, Class B, 0.91%, 12/16/24^(a)		135,000		134,980
Series 2020-2A, Class B, 2.08%, 3/16/26^(a)		163,000		166,337
Series 2020-3A, Class C,
1.47%, 6/15/26^(a)		149,000		149,594
Enterprise Fleet Financing LLC, Series 2020-1, Class A2, 1.78%, 12/22/25^(a)		262,000		265,706


	Par		Value

Automobile (Continued)
Exeter Automobile Receivables Trust, Series 2020-2A, Class B, 2.08%, 7/15/24^(a)	$	265,000	$	268,942
Series 2020-3A, Class B, 0.79%, 9/16/24		192,000		192,227
Series 2020-3A, Class C, 1.32%, 7/15/25		137,000		137,279
Ford Credit Auto Lease Trust, Series 2019-B, Class B, 2.36%, 1/15/23		292,000		297,817
Series 2020-A, Class A4, 1.88%, 5/15/23		158,000		161,432
Series 2020-B, Class C, 1.70%, 2/15/25		149,000		149,946
Ford Credit Auto Owner Trust, Series 2019-A, Class A4, 2.85%, 8/15/24		324,000		339,704
GM Financial Automobile Leasing Trust, Series 2019-2, Class B, 2.89%, 3/20/23		594,000		605,551
Series 2020-1, Class B, 1.84%, 12/20/23		133,000		135,416
Honda Auto Receivables Owner Trust, Series 2020-1, Class A3, 1.61%, 4/22/24		505,000		516,363
Series 2019-1, Class A4, 2.90%, 6/18/24		302,000		314,480
Series 2019-2, Class A4, 2.54%, 3/21/25		605,000		631,067
Hyundai Auto Lease Securitization Trust, Series 2020-A, Class B, 2.12%, 5/15/24^(a)		157,000		160,919
Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 9/15/25		793,000		811,394
Nissan Auto Lease Trust, Series 2020-A, Class A3, 1.84%, 1/17/23		537,000		546,286
Series 2020-A, Class A4, 1.88%, 4/15/25		256,000		261,642
Nissan Auto Receivables Owner Trust, Series 2019-C, Class A3, 1.93%, 7/15/24		318,000		325,403
Series 2018-B, Class A4, 3.16%, 12/16/24		245,000		255,228
Series 2019-A, Class A4, 3.00%, 9/15/25		308,000		323,968

See accompanying Notes to Financial Statements

133

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Automobile (Continued)
Prestige Auto Receivables Trust, Series 2019-1A, Class B, 2.53%, 1/16/24^(a)	$	156,000	$	158,897
Series 2020-1A, Class B, 0.77%, 10/15/24^(a)		164,000		163,979
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class B, 2.26%, 12/15/25^(a)		312,000		322,982
Santander Drive Auto Receivables Trust, Series 2020-2, Class B, 0.96%, 11/15/24		194,000		194,780
Series 2020-3, Class C, 1.12%, 1/15/26		423,000		423,759
Toyota Auto Receivables Owner Trust, Series 2019-C, Class A3, 1.91%, 9/15/23		119,000		121,090
Series 2019-A, Class A4, 3.00%, 5/15/24		308,000		323,485
Series 2020-A, Class A3, 1.66%, 5/15/24		554,000		565,810
Volkswagen Auto Lease Trust, Series 2019-A, Class A3, 1.99%, 11/21/22		176,000		179,001
Series 2019-A, Class A4, 2.02%, 8/20/24		143,000		145,798
Westlake Automobile Receivables Trust, Series 2020-1A, Class C, 2.52%, 4/15/25^(a)		761,000		781,578
Series 2020-2A, Class C, 2.01%, 7/15/25^(a)		220,000		224,099
Series 2020-3A, Class B, 0.78%, 11/17/25^(a)		330,000		329,991
Series 2020-3A, Class C, 1.24%, 11/17/25^(a)		155,000		155,314
Wheels SPV 2 LLC, Series 2019-1A, Class A3, 2.35%, 5/22/28^(a)		621,000		639,332
World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.70%, 1/17/23		412,000		420,088
Series 2019-C, Class A3, 1.96%, 12/16/24		704,000		720,345
Series 2019-A, Class B, 3.34%, 6/16/25		304,000		320,797


	Par		Value

Automobile (Continued)
World Omni Automobile Lease Securitization Trust, Series 2019-B, Class A4, 2.07%, 2/18/25	$	194,000	$	198,284
Series 2019-B, Class B, 2.13%, 2/18/25		109,000		110,933
				18,406,045

Automobile Floor Plan – 0.5%
Navistar Financial Dealer Note Master Trust, Series 2020-1, Class C, (1M USD LIBOR + 2.15%), 2.30%, 7/25/25^(a)(b)		457,000		459,671
NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, 10/15/23^(a)		204,000		209,963
Series 2019-1A, Class A2, 3.21%, 2/15/24^(a)		302,000		311,961
Series 2019-2A, Class A2, 2.07%, 10/15/24^(a)		263,000		269,980
				1,251,575

Commercial Mortgage-Backed Securities – 3.8%
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class A4, 3.02%, 9/10/45		136,275		139,356
Series 2013-GC11, Class A3, 2.81%, 4/10/46		471,866		488,772
Commercial Mortgage Trust, Series 2012-CCRE2, Class A4, 3.15%, 8/15/45		148,000		152,714
Series 2012-CCRE5, Class A3, 2.54%, 12/10/45		475,745		483,752
Series 2013-LC6, Class A4, 2.94%, 1/10/46		320,949		332,929
Series 2013-CCRE7, Class A4, 3.21%, 3/10/46		497,817		519,320
Series 2015-CCRE22, Class A3, 3.21%, 3/10/48		81,000		82,732

See accompanying Notes to Financial Statements

134

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Commercial Mortgage-Backed Securities (Continued)
GS Mortgage Securities Corp. Trust, Series 2012-ALOHA, Class A, 3.55%, 4/10/34^(a)	$	588,000	$	592,545
Hawaii Hotel Trust, Series 2019-MAUI, Class C, (1M USD LIBOR + 1.65%, 1.65% Floor), 1.80%, 5/15/38^(a)(b)		616,000		564,707
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-WIKI, Class A, 2.80%, 10/05/31^(a)		245,000		243,538
Series 2012-HSBC, Class A, 3.09%, 7/05/32^(a)		525,270		535,903
Series 2012-C8, Class AS, 3.42%, 10/15/45^(a)		313,000		322,256
Series 2015-C30, Class ASB, 3.56%, 7/15/48		529,116		556,801
RETL, Series 2019-RVP, Class B, (1M USD LIBOR + 1.55%, 1.55% Floor), 1.70%, 3/15/36^(a)(b)		171,523		162,848
UBS Commercial Mortgage Trust, Series 2012-C1, Class A3, 3.40%, 5/10/45		438,310		447,162
VCC Trust, Series 2020-MC1, Class A, 4.50%, 6/25/45^(a)		344,496		342,330
VNDO Mortgage Trust, Series 2012-6AVE, Class A, 3.00%, 11/15/30^(a)		55,000		56,616
Series 2012-6AVE, Class B, 3.30%, 11/15/30^(a)		775,000		796,728
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class A3, 2.92%, 10/15/45		333,480		343,326
WFRBS Commercial Mortgage Trust, Series 2013-C11, Class A5, 3.07%, 3/15/45		124,000		129,071
Series 2013-C11, Class A3, 2.70%, 3/15/45		69,905		71,274


	Par		Value

Commercial Mortgage-Backed Securities (Continued)
WFRBS Commercial Mortgage Trust, Series 2012-C8, Class A3, 3.00%, 8/15/45	$	617,000	$	634,486
Series 2012-C9, Class A3, 2.87%, 11/15/45		682,488		698,915
				8,698,081

Credit Card – 1.1%
American Express Credit Account Master Trust, Series 2019-1, Class A, 2.87%, 10/15/24		760,000		787,569
Series 2019-2, Class A, 2.67%, 11/15/24		152,000		157,446
Series 2019-2, Class B, 2.86%, 11/15/24		551,000		569,658
Capital One Multi-Asset Execution Trust, Series 2019-2, Class A2, 1.72%, 8/15/24		24,000		24,618
Synchrony Card Funding LLC, Series 2019-A1, Class A, 2.95%, 3/15/25		296,000		305,660
Series 2019-A2, Class A, 2.34%, 6/15/25		622,000		641,513
				2,486,464

Other – 21.2%
ABPCI Direct Lending Fund IX LLC, Series 2020-9A, Class A1, 11/18/31^(a)(c)(d)		304,000		303,994
AGL CLO 6 Ltd., Series 2020-6A, Class E, (3M USD LIBOR + 7.48%, 7.48% Floor), 7.73%, 7/20/31^(a)(b)(c)		250,000		239,518
AGL CLO 7 Ltd., Series 2020-7A, Class A1, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.05%, 7/15/31^(a)(b)		771,000		772,544
Ascentium Equipment Receivables, Series 2019-2A, Class A3, 2.19%, 11/10/26^(a)		423,000		433,093
Battalion CLO 18 Ltd.,
Series 2020-18A, Class A1, (3M USD LIBOR + 1.80%, 1.80% Floor), 2.03%, 10/15/32^(a)(b)		390,000		385,043

See accompanying Notes to Financial Statements

135

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Other (Continued)
BlueMountain CLO Ltd., Series 2012-2A, Class AR2, (3M USD LIBOR + 1.05%, 1.05% Floor), 1.30%, 11/20/28^(a)(b)	$	300,000	$	297,832
CARS-DB4 L.P., Series 2020-1A, Class A1, 2.69%, 2/15/50^(a)		153,975		158,170
Cayuga Park CLO Ltd., Series 2020-1A, Class E, (3M USD LIBOR + 7.33%, 7.33% Floor), 7.56%, 7/17/31^(a)(b)(c)		434,000		430,788
Cerberus Loan Funding XXI L.P., Series 2017-4A, Class A, (3M USD LIBOR + 1.45%, 1.45% Floor), 1.72%, 10/15/27^(a)(b)		393,125		390,703
Cerberus Loan Funding XXIII L.P., Series 2018-2A, Class A, (3M USD LIBOR + 1.00%, 1.00% Floor), 1.24%, 4/15/28^(a)(b)		316,185		313,227
Cerberus Loan Funding XXIX L.P., Series 2020-2A, Class A, 10/15/32^(a)(c)(d)		939,000		939,000
Cerberus Loan Funding XXV L.P., Series 2018-4RA, Class A1TR, (3M USD LIBOR + 1.53%, 1.53% Floor), 1.77%, 10/15/30^(a)(b)		797,000		782,576
Cerberus Loan Funding XXVIII L.P., Series 2020-1A, Class A, (3M USD LIBOR + 1.85%, 1.85% Floor), 2.06%, 10/15/31^(a)(b)		825,000		818,140
Series 2020-1A, Class D, (3M USD LIBOR + 5.30%, 5.30% Floor), 5.51%, 10/15/31^(a)(b)		764,000		763,989
CIFC Funding Ltd., Series 2015-4A, Class A1R, (3M USD LIBOR + 1.15%, 1.15% Floor), 1.37%, 10/20/27^(a)(b)		300,000		297,925
Series 2020-2A, Class E, (3M USD LIBOR + 7.64%, 7.64% Floor), 7.92%, 8/24/32^(a)(b)(c)		686,000		672,901
Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, 4/25/47^(a)		895,520		850,799


	Par		Value

Other (Continued)
Conn’s Receivables Funding LLC, Series 2020-A, Class B, 4.27%, 6/16/25^(a)	$	304,000	$	303,987
CoreVest American Finance Trust, Series 2018-1, Class A, 3.80%, 6/15/51^(a)		292,394		305,836
Daimler Trucks Retail Trust, Series 2019-1, Class A4, 2.79%, 5/15/25^(a)		603,000		621,878
Dell Equipment Finance Trust, Series 2020-1, Class C, 4.26%, 6/22/23^(a)		336,000		354,023
Series 2019-1, Class B, 2.94%, 3/22/24^(a)		606,000		620,971
Series 2019-2, Class A3, 1.91%, 10/22/24^(a)		147,000		149,719
Series 2019-2, Class B, 2.06%, 10/22/24^(a)		198,000		202,239
Series 2020-2, Class D, 1.92%, 3/23/26^(a)		255,000		255,149
Elm Trust, Series 2020-3A, Class A2, 2.95%, 8/20/29^(a)		134,000		134,590
Series 2020-3A, Class B, 4.48%, 8/20/29^(a)		332,000		332,895
Series 2020-4A, Class A2, 2.29%, 10/20/29^(a)		113,000		112,987
Series 2020-4A, Class B, 3.87%, 10/20/29^(a)		338,000		337,947
Finance of America HECM Buyout, Series 2020-HB1, Class M1, 2.10%, 2/25/30^(a)		104,000		104,374
Series 2020-HB2, Class A, 1.71%, 7/25/30^(a)		648,859		650,120
Series 2019-AB1, Class A, 2.66%, 12/27/49^(a)		237,983		238,826
Fortress Credit Opportunities IX CLO Ltd., Series 2016-7A, Class BR, (3M USD LIBOR + 2.45%, 2.45% Floor), 2.70%, 12/15/28^(a)(b)		395,000		380,177
Series 2017-9A, Series A1T, (3M USD LIBOR + 1.55%), 1.83%, 11/15/29^(a)(b)		569,000		563,464

See accompanying Notes to Financial Statements

136

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Other (Continued)
Fortress Credit Opportunities IX CLO Ltd., Series 2017-9A, Class AFR2, 2.53%, 11/15/29^(a)	$	272,000	$	271,645
Fortress Credit Opportunities VII CLO Ltd., Series 2016-7I, Class E, (3M USD LIBOR + 7.49%), 7.74%, 12/15/28^(b)		302,000		280,600
Fortress Credit Opportunities XIII CLO Ltd., Series 2020-13A, Class A, (3M USD LIBOR + 2.25%, 2.25% Floor), 2.49%, 7/15/28^(a)(b)		636,763		638,476
Series 2020-13A, Class C, (3M USD LIBOR + 4.00%, 4.00% Floor), 4.24%, 7/15/28^(a)(b)		289,000		278,681
Series 2020-13A, Class D, (3M USD LIBOR + 4.05%, 4.05% Floor), 4.29%, 7/15/28^(a)(b)		578,000		531,791
Golub Capital BDC CLO 4 LLC, Series 2020-1A, Class A1, (3M USD LIBOR + 2.35%, 2.35% Floor), 2.55%, 11/05/32^(a)(b)		761,000		766,179
Golub Capital Partners CLO Ltd., Series 2020-49A, Class A1, (3M USD LIBOR + 2.50%, 2.50% Floor), 2.78%, 7/20/32^(a)(b)		319,000		322,418
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class A3, 1.76%, 8/15/23^(a)		192,000		196,073
Series 2018-1, Class B, 2.99%, 6/17/24^(a)		306,000		312,872
Series 2019-1, Class A4, 3.21%, 2/18/25^(a)		302,000		316,945
Series 2019-1, Class B, 3.37%, 2/18/25^(a)		308,000		325,401
Hercules Capital Funding Trust, Series 2018-1A, Class A, 4.60%, 11/22/27^(a)		695,000		700,812
Series 2019-1A, Class A, 4.70%, 2/20/28^(a)		450,000		453,820
HPEFS Equipment Trust, Series 2019-1A, Class B, 2.32%, 9/20/29^(a)		100,000		101,795
Series 2020-1A, Class C, 2.03%, 2/20/30^(a)		334,000		338,194


	Par		Value

Other (Continued)
HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30^(a)	$	289,000	$	292,058
InSite Issuer LLC, Series 2020-1A, Class C, 4.21%, 9/15/50^(a)		102,000		101,804
Ivy Hill Middle Market Credit Fund IX Ltd., Series 9A, Class CR, (3M USD LIBOR + 2.35%), 2.57%, 1/18/30^(a)(b)		778,000		735,056
Ivy Hill Middle Market Credit Fund X Ltd., Series 10A, Class A1AR, (3M USD LIBOR + 1.25%), 1.47%, 7/18/30^(a)(b)		273,000		267,895
John Deere Owner Trust, Series 2019-A, Class A4, 3.00%, 1/15/26		299,000		312,426
Kayne CLO 8 Ltd., Series 2020-8A, Class E, (3M USD LIBOR + 7.15%, 7.15% Floor), 7.39%, 7/15/31^(a)(b)(c)		859,000		766,064
MelTel Land Funding LLC, Series 2019-1A, Class C, 6.07%, 4/15/49^(a)		188,000		195,777
MMAF Equipment Finance LLC, Series 2017-B, Class A4, 2.41%, 11/15/24^(a)		595,000		607,894
Nationstar HECM Loan Trust, Series 2019-1A, Class M1, 2.66%, 6/25/29^(a)		606,000		609,405
Series 2019-2A, Class M1, 2.36%, 11/25/29^(a)		100,000		101,071
Series 2020-1A, Class A1, 1.27%, 9/25/30^(a)		810,390		810,570
Series 2020-1A, Class M1, 1.47%, 9/25/30^(a)		230,000		229,714
Series 2020-1A, Class M2, 1.97%, 9/25/30^(a)		206,000		205,673
NRZ Advance Receivables Trust, Series 2020-T3, Class AT3, 1.32%, 10/15/52^(a)		292,000		292,262
Series 2020-T2, Class AT2, 1.48%, 9/15/53^(a)		930,000		931,553

See accompanying Notes to Financial Statements

137

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Other (Continued)
NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.19%, 1/25/23^(a)	$	419,352	$	420,472
Series 2018-FNT1, Class A, 3.61%, 5/25/23^(a)		316,443		316,450
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class E, (3M USD LIBOR + 7.86%, 7.86% Floor), 8.11%, 7/15/33^(a)(b)(c)		853,000		852,869
Ocwen Master Advance Receivables Trust, Series 2020-T1, Class AT1, 1.28%, 8/15/52^(a)		814,000		816,586
OHA Credit Funding 6 Ltd., Series 2020-6A, Class E, (3M USD LIBOR + 7.33%, 7.33% Floor), 7.58%, 7/20/31^(a)(b)(c)		582,000		559,075
Owl Rock CLO III Ltd., Series 2020-3A, Class A1L, (3M USD LIBOR + 1.80%), 2.07%, 4/20/32^(a)(b)		400,000		393,658
Parliament Funding II Ltd., Series 2020-1A, Class A, (3M USD LIBOR + 2.45%, 2.45% Floor), 2.76%, 8/12/30^(a)(b)		426,000		420,243
PFS Financing Corp., Series 2018-F, Class A, 3.52%, 10/15/23^(a)		405,000		416,888
Series 2019-A, Class A2, 2.86%, 4/15/24^(a)		603,000		618,032
Series 2019-A, Class B, 3.13%, 4/15/24^(a)		603,000		614,393
Series 2020-F, Class A, 0.93%, 8/15/24^(a)		186,000		186,497
Series 2020-F, Class B, 1.42%, 8/15/24^(a)		100,000		100,008
Series 2020-A, Class B, 1.77%, 6/15/25^(a)		881,000		892,377
Series 2020-E, Class B, 1.57%, 10/15/25^(a)		465,000		464,875
Silvermore CLO Ltd., Series 2014-1A, Class A1R, (3M USD LIBOR + 1.17%), 1.45%, 5/15/26^(a)(b)		79,879		79,706
Sound Point CLO XII Ltd., Series 2016-2A, Class AR, (3M USD LIBOR + 1.29%, 1.29% Floor), 1.51%, 10/20/28^(a)(b)		301,000		299,741


	Par		Value

Other (Continued)
Sound Point CLO XVII, Series 2017-3A, Class A1A, (3M USD LIBOR + 1.22%), 1.44%, 10/20/30^(a)(b)	$	263,000	$	260,499
Series 2017-3A, Class A1B, (3M USD LIBOR + 1.22%), 1.44%, 10/20/30^(a)(b)		263,000		260,499
SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37^(a)		685,334		688,460
Stratus CLO Ltd., Series 2020-2A, Class D, (3M USD LIBOR + 3.65%, 3.65% Floor), 3.92%, 10/15/28^(a)(b)		448,000		448,165
Telos CLO Ltd., Series 2014-5A, Class A1R, (3M USD LIBOR + 0.95%, 0.95% Floor), 1.17%, 4/17/28^(a)(b)		181,443		180,215
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57^(a)		538,718		553,102
Series 2018-2, Class A1, 3.25%, 3/25/58^(a)		521,694		545,616
Trinitas CLO V Ltd., Series 2016-5A, Class AR, (3M USD LIBOR + 1.39%, 1.39% Floor), 1.60%, 10/25/28^(a)(b)		371,389		369,227
TVEST LLC, Series 2020-A, Class A, 4.50%, 7/15/32^(a)		283,772		283,963
VCAT LLC, Series 2020-NPL1, Class A1, (Step to 6.67% on 9/25/23), 3.67%, 8/25/50^(a)(e)		399,901		403,507
VCO CLO LLC, Series 2018-1A, Class A, (3M USD LIBOR + 1.50%, 1.50% Floor), 1.77%, 7/20/30^(a)(b)		268,461		266,019
Venture XVII CLO Ltd., Series 2014-17A, Class ARR, (3M USD LIBOR + 0.88%), 1.12%, 4/15/27^(a)(b)		540,423		540,186
Venture XXIX CLO Ltd., Series 2017-29A, Class A, (3M USD LIBOR + 1.28%), 1.56%, 9/07/30^(a)(b)		324,000		321,563

See accompanying Notes to Financial Statements

138

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Other (Continued)
Venture XXV CLO Ltd., Series 2016-25A, Class AR, (3M USD LIBOR + 1.23%), 1.45%, 4/20/29^(a)(b)	$	335,000	$	332,902
Vericrest Opportunity Loan Trust, Series 2020-NPL6, Class A1A, (Step to 6.97% on 10/25/23), 3.97%, 4/25/50^(a)(e)		213,089		213,253
Verizon Owner Trust, Series 2018-A, Class B, 3.38%, 4/20/23		276,000		285,624
Series 2019-A, Class B, 3.02%, 9/20/23		585,000		605,161
Series 2019-B, Class A1A, 2.33%, 12/20/23		71,000		72,602
Series 2019-B, Class B, 2.40%, 12/20/23		605,000		624,790
Series 2019-C, Class A1A, 1.94%, 4/22/24		759,000		776,444
Series 2019-C, Class B, 2.06%, 4/22/24		375,000		385,981
VOLT XCI LLC, Series 2020-NPL7, Class A1, (Step to 1.02% on 4/25/21), 3.10%, 11/25/50^(a)(e)		527,000		526,962
Volvo Financial Equipment LLC, Series 2019-1A, Class A4, 3.13%, 11/15/23^(a)		302,000		314,710
Voya CLO Ltd., Series 2020-2A, Class E, (3M USD LIBOR + 7.85%, 7.85% Floor), 8.03%, 7/19/31^(a)(b)(c)		928,000		927,814
Wellfleet CLO Ltd., Series 2016-1A, Class AR, (3M USD LIBOR + 0.91%), 1.13%, 4/20/28^(a)(b)		268,643		266,364
West CLO Ltd., Series 2014-2A, Series A1BR, 2.72%, 1/16/27^(a)		57,373		57,348
Whitebox CLO II Ltd., Series 2020-2A, Class A1, (3M USD LIBOR + 1.75%, 1.75% Floor), 1.99%, 10/24/31^(a)(b)		963,000		962,981
Woodmont Trust, Series 2017-1A, Class A1R, (3M USD LIBOR + 2.00%, 2.00% Floor), 2.22%, 10/18/32^(a)(b)		959,000		955,404


	Par		Value

Other (Continued)
Zais CLO 14 Ltd., Series 2020-14A, Class A1A, (3M USD LIBOR + 1.40%, 1.40% Floor), 1.64%, 4/15/32^(a)(b)	$	697,000	$	682,303
Zais CLO 7 Ltd., Series 2017-2A, Class A, (3M USD LIBOR + 1.29%), 1.53%, 4/15/30^(a)(b)		311,757		306,643
				47,684,525

Whole Loan – 1.2%
BRAVO Residential Funding Trust, Series 2019-1, Class A1C, 3.50%, 3/25/58^(a)		356,623		367,744
CIM Trust, Series 2017-7, Class A, 3.00%, 4/25/57^(a)		192,587		196,756
Series 2018-R3, Class A1, 5.00%, 12/25/57^(a)		391,849		416,618
PRPM LLC, Series 2020-3, Class A1, (Step to 5.86% on 10/25/23), 2.86%, 9/25/25^(a)(e)		569,961		570,070
Series 2020-5, Class A1, (Step to 6.10% on 11/25/23), 3.10%, 11/25/25^(a)(e)		569,000		568,990
RCO V Mortgage LLC, Series 2020-1, Class A1, (Step to 6.11% on 7/25/23), 3.10%, 9/25/25^(a)(e)		521,998		522,101
				2,642,279
Total Asset-Backed Securities (Cost $80,256,122)				81,168,969

		Number of Shares

Common Stocks – 0.1%
Oil & Gas Services – 0.1%
PHI Group, Inc.^(f)*		30,348		216,988

Total Common Stocks (Cost $252,192)				216,988

See accompanying Notes to Financial Statements

139

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Corporate Bonds – 1.5%
Airlines – 0.3%
American Airlines Pass Through Trust, Series 2016-1, Class A, 4.10%, 1/15/28	$	398,207	$	298,561
Series 2016-2, Class A, 3.65%, 6/15/28		533,312		396,535
				695,096

Coal – 0.2%
Natural Resource Partners L.P./NRP Finance Corp., 9.12%, 6/30/25^(a)		391,000		348,968

Commercial Services – 0.4%
StoneMor Partners L.P./Cornerstone Family Services of West Virginia Subsidiary, 11.50%, 6/30/24^(g)		823,955		815,715

Food Service – 0.1%
Aramark Services, Inc., 6.38%, 5/01/25^(a)		159,000		166,772

Housewares – 0.0%^(h)
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25^(a)		73,000		77,015

Investment Management Companies – 0.2%
Golub Capital BDC, Inc., 3.38%, 4/15/24		513,000		511,642

Leisure Time – 0.1%
Royal Caribbean Cruises Ltd., 11.50%, 6/01/25^(a)		274,000		313,388

Telecommunications – 0.2%
Consolidated Communications, Inc., 6.50%, 10/01/28^(a)		381,000		391,478
Frontier Communications Corp., 5.88%, 10/15/27^(a)		137,000		140,411
				531,889
Total Corporate Bonds (Cost $3,401,047)				3,460,485

Foreign Issuer Bonds – 0.3%

Canada – 0.2%
Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 7/15/26^(a)		470,000		481,457


	Par		Value

Ireland – 0.1%
Cimpress PLC, 7.00%, 6/15/26^(a)	$	175,000	$	174,125
Total Foreign Issuer Bonds (Cost $597,281)				655,582

Term Loans – 2.2%^(b)
Advertising – 0.5%
ABG Intermediate Holdings 2 LLC, Amendment No. 5 Incremental Term Loan, (3M USD LIBOR + 5.25%, 1.00% Floor), 5.40%, 9/27/24		200,000		198,000
ABG Intermediate Holdings 2 LLC, Initial Term Loan, (3M USD LIBOR + 3.50%, 1.00% Floor), 4.50%, 9/27/24^(a)		473,657		461,986
CB Poly Investments LLC, Closing Date Term Loan, (3M USD LIBOR + 4.50%, 1.00% Floor), 5.50%, 8/16/23		375,855		318,537
				978,523

Airlines – 0.1%
Delta Air Lines, Inc., Term Loan, (3M USD LIBOR + 4.75%, 1.00% Floor), 5.75%, 4/29/23		165,585		164,655

Commercial Services – 0.3%
MediaCo Holding, Inc., Term Loan, (1M USD LIBOR + 4.50%, 1.00% Floor), 7.89%, 11/25/24⁽ⁱ⁾		715,706		638,885

Electronics – 0.1%
Tech Data Corp., Non-FILO Term Loan, (1M USD LIBOR + 3.50%), 3.65%, 6/30/25		191,000		190,809
6/30/25^(j)		63,000		62,937
				253,746

Environmental Control – 0.1%
Packers Holdings LLC, Initial Term Loan, 12/04/24^(j)		286,000		280,935

Insurance – 0.1%
Asurion LLC, Replacement B-2 Term Loan, (1M USD LIBOR + 6.50%), 6.65%, 8/04/25		255,000		255,000

See accompanying Notes to Financial Statements

140

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value

Retail – 0.2%
J.C. Penney Corp., Inc., Loan, (1M USD LIBOR + 11.75%, 1.25% Floor), 13.00%, 11/16/20	$	325,623	$	439,591
(3M USD LIBOR + 4.25%, 1.00% Floor), 5.25%, 6/23/23^(k)		233,386		70,016
				509,607

Telecommunications – 0.8%
Cincinnati Bell, Inc., Tranche B Term Loan, (1M USD LIBOR + 3.25%, 1.00% Floor), 4.25%, 10/02/24		326,501		325,976
Frontier Communications Corp., Initial Term Loan, (1M USD LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/08/21		210,000		207,637
Frontier Communications Corp., Term B-1 Loan, (1M USD Prime Rate + 2.75%, 1.75% Floor), 6.00%, 6/15/24^(k)		690,567		676,914
LOGIX Holding Co. LLC, Initial Term Loan, (1M USD LIBOR + 5.75%, 1.00% Floor), 6.75%, 12/22/24		203,932		184,218
Windstream Services II LLC, Initial Term Loan, (1M USD LIBOR + 6.25%, 1.00% Floor), 7.25%, 9/21/27		315,210		297,873
Windstream Services LLC, Tranche B-7 Term Loan, (1M USD Prime Rate + 4.25%, 1.75% Floor), 7.50%, 2/17/24		147,350		88,410
				1,781,028
Total Term Loans (Cost $5,047,083)				4,862,379

		Number of Shares

Warrants – 0.1%
Oil & Gas Services – 0.1%
PHI Group, Inc. ^(f)(l)*		14,039		110,557
Total Warrants (Cost $110,837)				110,557


	Par		Value

Mortgage-Backed Securities – 2.3%
Federal Home Loan Mortgage Corporation – 1.0%
Multifamily Structured Pass Through Certificates, Series K024, Class A2, 2.57%, 9/25/22	$	52,000	$	53,726
Series K042, Class A1, 2.27%, 6/25/24		115,113		118,590
Real Estate Mortgage Investment Conduits, Series 4336, Class WV, 3.00%, 10/15/25		266,810		272,799
Series 4387, Class VA, 3.00%, 2/15/26		352,254		362,749
Series 4220, Class EH, 2.50%, 6/15/28		554,620		573,822
Series 4311, Class QC, 2.25%, 10/15/28		563,468		579,855
Series 4162, Class P, 3.00%, 2/15/33		375,854		396,877
				2,358,418

Federal National Mortgage Association – 0.3%
Interest Strip, Series 284, Class 1, 0.00%, 7/25/27^(m)		153,816		146,256
Real Estate Mortgage Investment Conduits, Series 2014-3, Class AM, 2.50%, 1/25/32		334,407		343,636
Series 2012-144, Class PD, 3.50%, 4/25/42		182,874		194,077
				683,969

Government National Mortgage Association – 1.0%
Series 2010-161, Class B, 3.00%, 7/16/40		4,410		4,408
Series 2012-150, Class IO, 0.66%, 11/16/52⁽ⁿ⁾		2,315,594		70,079
Series 2014-138, Class A, 2.70%, 1/16/44		100,649		101,228
Series 2014-148, Class A, 2.65%, 11/16/43		421,466		426,010
Series 2015-108, Class IO, 0.79%, 10/16/56⁽ⁿ⁾		539,706		21,875
Series 2015-47, Class IO, 0.75%, 10/16/56⁽ⁿ⁾		3,320,482		132,288
Series 2015-7, Class IO, 0.70%, 1/16/57⁽ⁿ⁾		4,145,788		161,407
Series 2019-39, Class A, 3.10%, 5/16/59		356,742		363,740
Series 2020-42, Class IO, 1.06%, 3/16/62⁽ⁿ⁾		2,352,490		202,259
Series 2020-43, Class IO, 1.36%, 11/16/61⁽ⁿ⁾		1,578,110		147,296

See accompanying Notes to Financial Statements

141

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund


	Par		Value
Government National Mortgage Association (Continued)
Series 2020-71, Class IO, 1.21%, 1/16/62⁽ⁿ⁾	$	2,072,697	$	189,381
Series 2020-75, Class IO, 1.16%, 2/16/62⁽ⁿ⁾		3,920,191		348,227
				2,168,198

Total Mortgage-Backed Securities (Cost $5,320,166)				5,210,585

		Number of Shares

Investment Companies – 46.9%
Schwab Intermediate-Term U.S. Treasury ETF		372,735		21,711,814
Schwab Short-Term U.S. Treasury ETF		518,390		26,676,349
Vanguard Intermediate-Term Corporate Bond ETF		91,573		8,741,558
Vanguard Mortgage-Backed Securities ETF		203,154		10,996,726
Vanguard Short-Term Corporate Bond ETF		263,401		21,804,335
Vanguard Short-Term Inflation-Protected Securities ETF		310,340		15,715,618

Total Investment Companies (Cost $103,553,398)				105,646,400


	Number of Shares		Value

Short-Term Investments – 11.3%
Money Market Fund – 8.5%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(o)		19,171,254	$	19,171,254
U.S. Treasury Bills – 2.8%
U.S. Treasury Bill, 0.06%, 11/03/20^(p)		3,076,000		3,075,995
U.S. Treasury Bill, 0.06%, 11/10/20^(p)		3,076,000		3,075,957
U.S. Treasury Bill, 0.07%, 11/17/20^(p)		150,000		149,995
				6,301,947

Total Short-Term Investments (Cost $25,473,186)				25,473,201

Total Investments – 100.7% (Cost $224,011,312)				226,805,146
Liabilities less Other Assets – (0.7)%				(1,539,394	)

NET ASSETS – 100.0%			$	225,265,752

Percentages shown are based on Net Assets.

^(a)

^(b)	Variable rate security. Rate as of October 31, 2020 is disclosed.

^(c)	Restricted security that has been deemed illiquid. At October 31, 2020, the value of these restricted illiquid securities amounted to $5,692,022 or 2.53% of net assets. Additional information on these restricted illiquid securities is as follows:


Security	Acquisition Date		Acquisition Cost
ABPCI Direct Lending Fund IX LLC, 11/18/31		10/14/20	$	304,000
AGL CLO 6 Ltd., 7.73%, 7/20/31		7/21/20		242,578
Cayuga Park CLO Ltd., 7.56%, 7/17/31		6/29/20		429,717
Cerberus Loan Funding XXIX L.P., 10/15/32		10/16/20		939,000
CIFC Funding Ltd., 7.92%, 8/24/32		7/20/20		675,806


Security	Acquisition Date		Acquisition Cost
Kayne CLO 8 Ltd., 7.39%, 7/15/31		7/1/20	$	842,082
Octagon Investment Partners 46 Ltd., 8.11%, 7/15/33		6/26/20		827,671
OHA Credit Funding 6 Ltd., 7.58%, 7/20/31		7/1/20		576,268
Voya CLO Ltd., 8.03%, 7/19/31		8/5/20		909,630

^(d)	When-Issued Security. Coupon rate was not yet in effect at October 31, 2020.

^(e)	Step coupon bond. Rate as of October 31, 2020 is disclosed.

See accompanying Notes to Financial Statements

142

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund

^(f)	This restricted security constituted 0.15% of total net assets at October 31, 2020. This security is not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale.

^(g)	Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

^(h)	Amount rounds to less than 0.05%.

⁽ⁱ⁾

This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $89.27 is derived using a pricing model which involves amortized cost and a 10% discount. If the financial condition of the underlying assets were to deteriorate, or if the market comparables were to fall, the value of the investment could be lower. During the fiscal period, the Fund did not add or detract from its position in this asset.

^(j)	Position is unsettled. Contract rate was not determined at October 31, 2020 and does not take effect until settlement date.

^(k)	Issuer has defaulted on terms of debt obligation.

^(l)

This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $7.88 is based on recent trade activity obtained from market makers in the security. During the fiscal period, the Fund did not add or detract from its position in this asset.

^(m)	Zero coupon bond.

⁽ⁿ⁾	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of October 31, 2020 is disclosed.

^(o)	7-day current yield as of October 31, 2020 is disclosed.

^(p)	Discount rate at the time of purchase.

*	Non-Income Producing Security


Abbreviations:
1M		1 Month
3M		3 Month
CLO		Collateralized Loan Obligation
ETF		Exchange-Traded Fund
IO		Interest Only
LIBOR		London Interbank Offered Rate
LLC		Limited Liability Company
PLC		Public Limited Company
Strip		Separate Trading of Registered Interest and Principal
USD		United States Dollar

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:


Morningstar Defensive Bond Fund	Level 1		Level 2		Level 3		Totals

Investments
Asset-Backed Securities	$	—	$	81,168,969	$	—	$	81,168,969
Common Stocks		216,988		—		—		216,988
Corporate Bonds		—		3,460,485		—		3,460,485
Foreign Issuer Bonds		—		655,582		—		655,582
Term Loans		—		4,223,494		638,885		4,862,379
Mortgage-Backed Securities		—		5,210,585		—		5,210,585
Warrants		—		—		110,557		110,557
Investment Companies		105,646,400		—		—		105,646,400
Short-Term Investments		19,171,254		6,301,947		—		25,473,201

Total Investments	$	125,034,642	$	101,021,062	$	749,442	$	226,805,146

See accompanying Notes to Financial Statements

143

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Defensive Bond Fund

Investments classified within Level 3 of the fair value hierarchy are valued by the Morningstar Investment Management LLC (“MIM”) in good faith under procedures adopted by authority of the Fund’s Board of Trustees. MIM employs various methods to determine fair valuations including regular review of key inputs and assumptions, and review of related market activity, if any. However, there are generally no observable trade activities in these securities. MIM reports to the Board of Trustees at their regularly scheduled quarterly meetings, or more often if warranted. The report includes a summary of the results of the process, the key inputs and assumptions noted, and any changes to the inputs and assumptions used. When appropriate, MIM will recommend changes to the procedures and process employed. The value determined for an investment using the fair value procedures may differ significantly from the value realized upon the sale of such investment.

See accompanying Notes to Financial Statements

144

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar Multisector Bond Fund


	Par^(a)		Value

Asset-Backed Securities – 0.1%
Commercial Mortgage-Backed Securities – 0.1%
WFRBS Commercial Mortgage Trust,
Series 2011-C3, Class D, 5.68%, 3/15/44^(b)(c)	$	150,000	$	69,979
Series 2012-C7, Class D, 4.81%, 6/15/45^(b)(c)		295,000		158,949
Series 2012-C10, Class C, 4.36%, 12/15/45^(c)		90,000		51,945
				280,873
Total Asset-Backed Securities (Cost $267,250)				280,873

	Number of Shares

Common Stocks – 0.1%
Chemicals – 0.0%^(d)
Hexion Holdings Corp., Class B*		434		4,362

Engineering & Construction – 0.0%^(d)
Mcdermott International Ltd.*		1,932		3,285

Oil & Gas – 0.0%^(d)
Battalion Oil Corp.*		363		2,450

Telecommunications – 0.1%
AT&T, Inc.		9,213		248,935

Total Common Stocks (Cost $333,154)				259,032

Convertible Preferred Stocks – 0.8%
Agriculture – 0.7%
Bunge Ltd., 4.88%,		16,058		1,635,828

Banks – 0.1%
Bank of America Corp., 7.25%,		75		110,018
Wells Fargo & Co., 7.50%,		183		246,823
				356,841

Healthcare - Products – 0.0%^(d)
Boston Scientific Corp., 5.50%, 6/01/23		110		11,394

Total Convertible Preferred Stocks (Cost $1,859,931)				2,004,063


	Par^(a)		Value

Convertible Bonds – 1.1%
Biotechnology – 0.3%
BioMarin Pharmaceutical, Inc., 0.60%, 8/01/24	$	140,000	$	144,025
1.25%, 5/15/27^(b)		680,000		653,650
				797,675

Commercial Services – 0.0%^(d)
Chegg, Inc., 0.00%, 9/01/26^(b)(e)		45,000		45,393

Healthcare - Products – 0.1%
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25^(b)		180,000		164,250

Internet – 0.0%^(d)
Fiverr International Ltd., 0.00%, 11/01/25^(b)(e)		40,000		40,900
Palo Alto Networks, Inc., 0.38%, 6/01/25^(b)		10,000		10,162
				51,062

Media – 0.6%
DISH Network Corp., 2.38%, 3/15/24		420,000		377,263
3.37%, 8/15/26		1,190,000		1,051,852
				1,429,115

Oil & Gas – 0.0%^(d)
Nabors Industries, Inc., 0.75%, 1/15/24		80,000		21,600

Oil & Gas Services – 0.0%^(d)
Oil States International, Inc., 1.50%, 2/15/23		70,000		38,846

Pharmaceuticals – 0.1%
Aerie Pharmaceuticals, Inc., 1.50%, 10/01/24		85,000		70,628
Flexion Therapeutics, Inc., 3.38%, 5/01/24		115,000		95,877
				166,505

Trucking & Leasing – 0.0%^(d)
Greenbrier (The) Cos., Inc., 2.87%, 2/01/24		160,000		144,383
Total Convertible Bonds (Cost $2,947,925)				2,858,829

Corporate Bonds – 27.0%
Advertising – 0.1%
Lamar Media Corp., 3.75%, 2/15/28		165,000		164,333

See accompanying Notes to Financial Statements

145

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Advertising (Continued)
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 6/15/25^(b)	$	140,000	$	142,888
Terrier Media Buyer, Inc., 8.88%, 12/15/27^(b)		45,000		46,001
				353,222

Aerospace/Defense – 1.4%
Boeing (The) Co., 5.15%, 5/01/30		300,000		331,539
3.25%, 2/01/35		30,000		27,867
3.55%, 3/01/38		5,000		4,538
3.50%, 3/01/39		25,000		22,641
5.70%, 5/01/40		40,000		46,399
3.38%, 6/15/46		520,000		449,017
3.65%, 3/01/47		25,000		22,119
3.63%, 3/01/48		45,000		39,548
3.85%, 11/01/48		5,000		4,463
3.90%, 5/01/49		120,000		111,183
3.75%, 2/01/50		115,000		102,835
5.80%, 5/01/50		655,000		771,399
3.83%, 3/01/59		25,000		21,544
5.93%, 5/01/60		100,000		118,568
Moog, Inc., 4.25%, 12/15/27^(b)		15,000		15,394
Spirit AeroSystems, Inc., 7.50%, 4/15/25^(b)		330,000		332,472
4.60%, 6/15/28		210,000		174,654
TransDigm, Inc.,
6.25%, 3/15/26^(b)		305,000		317,959
6.37%, 6/15/26		330,000		329,076
5.50%, 11/15/27		225,000		219,656
				3,462,871

Airlines – 0.1%
American Airlines Group, Inc., 5.00%, 6/01/22^(b)		10,000		6,482
American Airlines, Inc., 11.75%, 7/15/25^(b)		175,000		170,187
Delta Air Lines, Inc., 7.38%, 1/15/26		195,000		201,825
				378,494

Apparel – 0.1%
Hanesbrands, Inc., 4.63%, 5/15/24^(b)		85,000		88,532
4.88%, 5/15/26^(b)		35,000		37,625
William Carter (The) Co., 5.62%, 3/15/27^(b)		110,000		115,431
				241,588


	Par^(a)		Value

Auto Manufacturers – 1.4%
Ford Motor Co., 8.50%, 4/21/23	$	795,000	$	877,481
9.00%, 4/22/25		710,000		836,661
Ford Motor Credit Co. LLC, 4.14%, 2/15/23		500,000		503,750
General Motors Co., 5.00%, 4/01/35		30,000		33,298
6.60%, 4/01/36		115,000		144,538
5.15%, 4/01/38		35,000		38,951
6.25%, 10/02/43		730,000		897,936
5.20%, 4/01/45		105,000		117,236
6.75%, 4/01/46		75,000		96,934
PM General Purchaser LLC, 9.50%, 10/01/28^(b)		120,000		125,400
				3,672,185

Auto Parts & Equipment – 0.2%
Clarios Global L.P./Clarios U.S. Finance Co., 8.50%, 5/15/27^(b)		205,000		213,846
Goodyear Tire & Rubber (The) Co., 5.00%, 5/31/26		285,000		280,870
				494,716

Banks – 0.1%
Freedom Mortgage Corp., 7.63%, 5/01/26^(b)		220,000		219,314
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 6/15/25^(b)		140,000		137,532
				356,846

Building Materials – 0.6%
American Woodmark Corp., 4.88%, 3/15/26^(b)		120,000		120,600
Boise Cascade Co., 4.88%, 7/01/30^(b)		15,000		16,034
Builders FirstSource, Inc., 5.00%, 3/01/30^(b)		290,000		305,950
Cornerstone Building Brands, Inc., 6.12%, 1/15/29^(b)		145,000		148,125
James Hardie International Finance DAC, 5.00%, 1/15/28^(b)		445,000		471,700
JELD-WEN, Inc., 4.63%, 12/15/25^(b)		43,000		43,538
Masonite International Corp., 5.37%, 2/01/28^(b)		160,000		169,600
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/29^(b)		40,000		41,200

See accompanying Notes to Financial Statements

146

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Building Materials (Continued)
U.S. Concrete, Inc., 6.37%, 6/01/24	$	163,000	$	167,075
5.13%, 3/01/29^(b)		165,000		167,887
				1,651,709

Chemicals – 0.2%
Chemours (The) Co., 7.00%, 5/15/25		25,000		25,188
5.38%, 5/15/27		190,000		186,437
Hexion, Inc., 7.87%, 7/15/27^(b)		90,000		93,375
Olin Corp., 5.13%, 9/15/27		35,000		35,525
5.63%, 8/01/29		20,000		20,675
5.00%, 2/01/30		135,000		136,012
				497,212

Commercial Services – 0.9%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27^(b)		160,000		150,400
Jaguar Holding Co. II/PPD Development L.P., 5.00%, 6/15/28^(b)		130,000		135,500
MPH Acquisition Holdings LLC, 5.75%, 11/01/28^(b)		100,000		98,250
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22^(b)		118,000		118,059
5.63%, 10/01/28^(b)		190,000		195,937
5.87%, 10/01/30^(b)		180,000		189,000
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28^(b)		470,000		474,926
Sabre GLBL, Inc., 5.25%, 11/15/23^(b)		48,000		47,040
9.25%, 4/15/25^(b)		175,000		192,938
7.37%, 9/01/25^(b)		65,000		66,300
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)		70,000		70,896
United Rentals North America, Inc., 4.00%, 7/15/30		420,000		428,442
				2,167,688

Computers – 0.1%
NCR Corp., 8.12%, 4/15/25^(b)		25,000		27,500


	Par^(a)		Value

Computers (Continued)
NCR Corp., 5.00%, 10/01/28^(b)	$	75,000	$	74,250
5.25%, 10/01/30^(b)		80,000		79,200
Presidio Holdings, Inc., 4.88%, 2/01/27^(b)		25,000		25,664
8.25%, 2/01/28^(b)		25,000		26,500
Science Applications International Corp., 4.88%, 4/01/28^(b)		5,000		5,238
				238,352

Distribution/Wholesale – 0.1%
Avient Corp., 5.75%, 5/15/25^(b)		155,000		163,137
Performance Food Group, Inc., 5.50%, 10/15/27^(b)		120,000		123,000
Wolverine Escrow LLC, 9.00%, 11/15/26^(b)		60,000		45,770
				331,907

Diversified Financial Services – 1.5%
Aircastle Ltd., 5.50%, 2/15/22		148,000		152,035
Ally Financial, Inc., 4.13%, 2/13/22		77,000		80,222
5.75%, 11/20/25		425,000		483,007
Nationstar Mortgage Holdings, Inc., 9.12%, 7/15/26^(b)		75,000		80,203
6.00%, 1/15/27^(b)		360,000		360,000
Navient Corp., 7.25%, 1/25/22		117,000		120,803
6.50%, 6/15/22		20,000		20,400
5.50%, 1/25/23		65,000		64,838
6.12%, 3/25/24		295,000		298,687
5.00%, 3/15/27		300,000		280,152
OneMain Finance Corp., 6.88%, 3/15/25		140,000		154,000
8.88%, 6/01/25		45,000		49,500
7.12%, 3/15/26		325,000		360,379
5.37%, 11/15/29		15,000		15,413
Quicken Loans LLC, 5.25%, 1/15/28^(b)		945,000		987,771
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.63%, 3/01/29^(b)		105,000		103,425
3.88%, 3/01/31^(b)		100,000		98,375
				3,709,210

Electric – 0.8%
AES (The) Corp., 6.00%, 5/15/26		37,000		38,769

See accompanying Notes to Financial Statements

147

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Electric (Continued)
AES (The) Corp., 5.12%, 9/01/27	$	160,000	$	171,614
AES Panama Generation
Holdings SRL, 4.38%, 5/31/30^(b)		310,000		328,504
Calpine Corp., 5.12%, 3/15/28^(b)		635,000		654,752
NRG Energy, Inc., 5.75%, 1/15/28		205,000		221,082
5.25%, 6/15/29^(b)		10,000		10,838
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28^(b)		45,000		46,918
PG&E Corp., 5.00%, 7/01/28		110,000		110,278
5.25%, 7/01/30		105,000		105,000
Tallen Energy Supply LLC, 10.50%, 1/15/26^(b)		70,000		47,731
Vistra Operations Co. LLC, 5.50%, 9/01/26^(b)		160,000		165,600
3.70%, 1/30/27^(b)		45,000		47,561
				1,948,647

Electrical Component & Equipment – 0.2%
Energizer Holdings, Inc., 4.38%, 3/31/29^(b)		165,000		166,567
WESCO Distribution, Inc., 7.12%, 6/15/25^(b)		120,000		129,300
7.25%, 6/15/28^(b)		165,000		180,675
				476,542

Electronics – 0.0%^(d)
Sensata Technologies, Inc., 3.75%, 2/15/31^(b)		75,000		74,250
Entertainment – 0.8%
Caesars Entertainment, Inc., 6.25%, 7/01/25^(b)		175,000		179,265
8.12%, 7/01/27^(b)		235,000		245,268
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/25^(b)		80,000		82,050
5.25%, 10/15/25^(b)		80,000		75,976
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.37%, 6/01/24		100,000		96,250
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 6.50%, 10/01/28^(b)		140,000		136,500


	Par^(a)		Value

Entertainment (Continued)
International Game
Technology PLC, 6.25%, 1/15/27^(b)	$	230,000	$	244,375
5.25%, 1/15/29^(b)		200,000		198,000
Live Nation Entertainment, Inc., 4.75%, 10/15/27^(b)		370,000		340,052
Scientific Games International, Inc., 7.00%, 5/15/28^(b)		145,000		144,030
7.25%, 11/15/29^(b)		35,000		34,717
Six Flags Entertainment Corp., 4.88%, 7/31/24^(b)		100,000		92,924
Speedway Motorsports LLC/Speedway Funding II, Inc., 4.88%, 11/01/27^(b)		60,000		57,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.12%, 10/01/29^(b)		125,000		119,688
				2,046,095

Food – 1.1%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 3.50%, 2/15/23^(b)		90,000		91,431
4.63%, 1/15/27^(b)		90,000		92,803
4.87%, 2/15/30^(b)		90,000		95,589
B&G Foods, Inc., 5.25%, 4/01/25		93,000		95,790
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 6/15/25^(b)		157,000		161,396
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29^(b)		95,000		106,769
Kraft Heinz Foods Co., 5.00%, 6/04/42		95,000		104,402
5.20%, 7/15/45		10,000		11,078
4.38%, 6/01/46		455,000		467,053
4.87%, 10/01/49^(b)		170,000		179,731
4.88%, 10/01/49		335,000		354,176
5.50%, 6/01/50^(b)		80,000		91,210
Lamb Weston Holdings, Inc., 4.88%, 5/15/28^(b)		40,000		43,340
Pilgrim’s Pride Corp., 5.75%, 3/15/25^(b)		79,000		80,876
5.87%, 9/30/27^(b)		170,000		179,585

See accompanying Notes to Financial Statements

148

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Food (Continued)
Post Holdings, Inc., 5.00%, 8/15/26	$	180,000	$	186,660
5.75%, 3/01/27^(b)		71,000		74,387
5.50%, 12/15/29^(b)		5,000		5,406
4.63%, 4/15/30^(b)		135,000		138,713
TreeHouse Foods, Inc., 4.00%, 9/01/28		120,000		120,150
				2,680,545

Food Service – 0.1%
Aramark Services, Inc., 6.38%, 5/01/25^(b)		225,000		235,998
4.75%, 6/01/26		80,000		79,500
5.00%, 2/01/28^(b)		20,000		20,177
				335,675

Healthcare - Products – 0.1%
Avantor Funding, Inc., 4.62%, 7/15/28^(b)		220,000		227,964
Hill-Rom Holdings, Inc., 4.38%, 9/15/27^(b)		20,000		20,675
				248,639

Healthcare - Services – 1.5%
Catalent Pharma Solutions, Inc., 4.88%, 1/15/26^(b)		55,000		56,100
Centene Corp., 4.75%, 1/15/25		150,000		154,125
4.75%, 1/15/25		50,000		51,375
CHS/Community Health Systems, Inc., 6.25%, 3/31/23		15,000		14,869
6.62%, 2/15/25^(b)		340,000		331,568
8.00%, 3/15/26^(b)		585,000		587,340
8.00%, 3/15/26		20,000		20,080
DaVita, Inc., 3.75%, 2/15/31^(b)		230,000		221,087
Encompass Health Corp., 4.50%, 2/01/28		260,000		266,271
4.75%, 2/01/30		265,000		276,029
HCA, Inc., 5.37%, 2/01/25		400,000		442,932
Providence Service (The) Corp., 11/15/25^(b)(f)		50,000		50,875
Select Medical Corp., 6.25%, 8/15/26^(b)		30,000		31,650
Surgery Center Holdings, Inc., 6.75%, 7/01/25^(b)		100,000		98,500
Tenet Healthcare Corp., 5.12%, 5/01/25		410,000		405,777
6.25%, 2/01/27^(b)		150,000		155,746


	Par^(a)		Value

Healthcare - Services (Continued)
Tenet Healthcare Corp., 4.63%, 6/15/28^(b)	$	20,000	$	20,275
6.13%, 10/01/28^(b)		695,000		674,150
				3,858,749

Home Builders – 0.4%
Installed Building Products, Inc., 5.75%, 2/01/28^(b)		25,000		26,344
KB Home, 4.80%, 11/15/29		50,000		54,000
Lennar Corp., 4.75%, 5/30/25		255,000		279,772
PulteGroup, Inc., 6.00%, 2/15/35		200,000		248,000
Taylor Morrison Communities, Inc., 5.75%, 1/15/28^(b)		125,000		138,750
5.13%, 8/01/30^(b)		160,000		173,709
TRI Pointe Group, Inc., 5.70%, 6/15/28		70,000		77,700
				998,275

Household Products/Wares – 0.1%
Prestige Brands, Inc., 5.13%, 1/15/28^(b)		125,000		129,844

Housewares – 0.0%^(d)
Newell Brands, Inc., 4.88%, 6/01/25		50,000		54,140

Insurance – 0.0%^(d)
AmWINS Group, Inc., 7.75%, 7/01/26^(b)		50,000		53,375

Internet – 1.8%
ANGI Group LLC, 3.87%, 8/15/28^(b)		130,000		128,538
Expedia Group, Inc., 6.25%, 5/01/25^(b)		225,000		247,425
7.00%, 5/01/25^(b)		115,000		123,146
4.63%, 8/01/27^(b)		125,000		131,074
3.25%, 2/15/30		1,005,000		976,072
Netflix, Inc., 5.38%, 11/15/29^(b)		170,000		199,112
4.88%, 6/15/30^(b)		435,000		496,444
Uber Technologies, Inc., 7.50%, 5/15/25^(b)		835,000		877,794
8.00%, 11/01/26^(b)		785,000		827,194
7.50%, 9/15/27^(b)		455,000		475,589
6.25%, 1/15/28^(b)		80,000		81,100
				4,563,488

See accompanying Notes to Financial Statements

149

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Investment Management Companies – 0.6%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.75%, 2/01/24	$	55,000	$	56,117
4.75%, 9/15/24		570,000		579,975
6.25%, 5/15/26		165,000		171,187
5.25%, 5/15/27		640,000		662,276
				1,469,555

Iron/Steel – 0.3%
Allegheny Technologies, Inc., 7.87%, 8/15/23		180,000		181,701
5.88%, 12/01/27		60,000		56,475
Carpenter Technology Corp., 6.38%, 7/15/28		20,000		20,979
Cleveland-Cliffs, Inc., 9.87%, 10/17/25^(b)		185,000		211,594
6.75%, 3/15/26^(b)		35,000		36,750
Commercial Metals Co., 4.88%, 5/15/23		119,000		124,058
United States Steel Corp., 6.87%, 8/15/25		20,000		15,880
6.25%, 3/15/26		105,000		80,128
				727,565

Leisure Time – 0.1%
Carnival Corp., 9.88%, 8/01/27^(b)		135,000		140,315
Royal Caribbean Cruises Ltd., 11.50%, 6/01/25^(b)		145,000		165,844
				306,159

Lodging – 1.1%
Boyd Gaming Corp., 6.37%, 4/01/26		15,000		15,564
6.00%, 8/15/26		55,000		56,358
4.75%, 12/01/27		315,000		306,341
Marriott Ownership
Resorts, Inc., 6.12%, 9/15/25^(b)		125,000		130,312
4.75%, 1/15/28		265,000		252,412
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 9/15/26		371,000		382,130
MGM Resorts International, 5.50%, 4/15/27		260,000		262,499
Wyndham Destinations, Inc., 5.63%, 3/01/21		150,000		150,750
4.25%, 3/01/22		290,000		290,725
3.90%, 3/01/23		245,000		237,650


	Par^(a)		Value

Lodging (Continued)
Wyndham
Destinations, Inc., 6.62%, 7/31/26^(b)	$	245,000	$	260,668
4.63%, 3/01/30^(b)		65,000		62,238
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 3/01/25^(b)		355,000		339,912
				2,747,559

Media – 2.5%
Block Communications, Inc., 4.88%, 3/01/28^(b)		20,000		20,500
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5/01/27^(b)		215,000		225,750
5.38%, 6/01/29^(b)		185,000		200,263
4.75%, 3/01/30^(b)		1,565,000		1,646,145
4.50%, 8/15/30^(b)		105,000		109,122
4.50%, 5/01/32^(b)		55,000		56,856
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24		160,000		138,459
CSC Holdings LLC, 6.75%, 11/15/21		121,000		126,445
5.50%, 4/15/27^(b)		200,000		210,750
5.75%, 1/15/30^(b)		500,000		534,522
4.13%, 12/01/30^(b)		200,000		203,356
4.63%, 12/01/30^(b)		240,000		239,995
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26^(b)		255,000		149,016
6.62%, 8/15/27^(b)		180,000		71,847
DISH DBS Corp., 7.75%, 7/01/26		310,000		328,595
7.38%, 7/01/28		65,000		65,488
Gray Television, Inc., 4.75%, 10/15/30^(b)		245,000		241,325
iHeartCommunications, Inc., 6.37%, 5/01/26		10,000		10,413
8.37%, 5/01/27		1,135,000		1,101,188
4.75%, 1/15/28^(b)		180,000		171,900
Meredith Corp., 6.87%, 2/01/26		216,000		179,010
Nexstar Broadcasting, Inc., 5.63%, 7/15/27^(b)		20,000		20,850

See accompanying Notes to Financial Statements

150

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Media (Continued)
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28^(b)	$	185,000	$	190,781
Univision Communications, Inc., 6.62%, 6/01/27^(b)		80,000		80,900
				6,323,476

Mining – 0.6%
Alcoa Nederland Holding
B.V., 5.50%, 12/15/27^(b)		200,000		210,500
Freeport-McMoRan, Inc., 5.00%, 9/01/27		80,000		83,416
4.13%, 3/01/28		125,000		127,578
4.38%, 8/01/28		70,000		73,063
4.25%, 3/01/30		280,000		294,174
4.62%, 8/01/30		220,000		234,850
5.40%, 11/14/34		155,000		177,475
Novelis Corp., 4.75%, 1/30/30^(b)		290,000		294,093
				1,495,149

Miscellaneous Manufacturing – 0.0%^(d)
Hillenbrand, Inc., 5.75%, 6/15/25		50,000		53,375

Office/Business Equipment – 0.1%
Xerox Holdings Corp., 5.00%, 8/15/25^(b)		100,000		98,729
5.50%, 8/15/28^(b)		100,000		98,720
				197,449

Oil & Gas – 1.9%
Apache Corp., 4.25%, 1/15/30		150,000		132,562
4.75%, 4/15/43		5,000		4,425
4.25%, 1/15/44		115,000		97,463
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26^(b)		75,000		66,375
Centennial Resource Production LLC, 8.00%, 6/01/25^(b)		82,000		65,600
Comstock Resources, Inc., 9.75%, 8/15/26		100,000		105,375
Continental Resources, Inc., 4.50%, 4/15/23		65,000		61,795
3.80%, 6/01/24		190,000		176,937
4.38%, 1/15/28		65,000		58,500
4.90%, 6/01/44		100,000		82,655
CVR Energy, Inc., 5.25%, 2/15/25^(b)		60,000		43,650


	Par^(a)		Value

Oil & Gas (Continued)
Devon Energy Corp., 5.60%, 7/15/41	$	15,000	$	15,434
Diamondback Energy, Inc., 3.50%, 12/01/29		15,000		14,915
Endeavor Energy Resources L.P./EER Finance, Inc., 6.62%, 7/15/25^(b)		55,000		57,063
5.50%, 1/30/26^(b)		35,000		35,175
EQT Corp., 7.87%, 2/01/25		105,000		116,812
1/15/29^(f)		10,000		10,000
8.75%, 2/01/30		155,000		192,587
Murphy Oil Corp., 6.37%, 12/01/42		100,000		74,500
Newfield Exploration Co., 5.38%, 1/01/26		195,000		183,274
Occidental Petroleum Corp., 2.70%, 2/15/23		91,000		81,445
2.90%, 8/15/24		790,000		657,517
3.50%, 6/15/25		380,000		306,478
5.55%, 3/15/26		65,000		56,550
3.40%, 4/15/26		20,000		15,644
3.20%, 8/15/26		25,000		19,313
3.00%, 2/15/27		35,000		26,425
8.50%, 7/15/27		90,000		85,950
3.50%, 8/15/29		525,000		378,766
8.87%, 7/15/30		85,000		83,194
4.10%, 2/15/47		5,000		3,267
4.20%, 3/15/48		15,000		9,750
4.40%, 8/15/49		175,000		117,250
Ovintiv, Inc., 6.50%, 8/15/34		170,000		159,635
6.62%, 8/15/37		35,000		32,288
Parsley Energy LLC/Parsley
Finance Corp., 5.38%, 1/15/25^(b)		65,000		66,463
5.25%, 8/15/25^(b)		65,000		66,950
5.63%, 10/15/27^(b)		230,000		244,662
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 5/15/25^(b)		90,000		79,875
6.00%, 2/15/28^(b)		70,000		26,947
Range Resources Corp., 5.00%, 3/15/23		53,000		51,422
9.25%, 2/01/26^(b)		115,000		121,900
SM Energy Co., 10.00%, 1/15/25^(b)		61,000		58,064
Southwestern Energy Co., 6.45%, 1/23/25		155,000		155,291
7.50%, 4/01/26		25,000		25,445

See accompanying Notes to Financial Statements

151

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Oil & Gas (Continued)
Southwestern Energy Co., 7.75%, 10/01/27	$	15,000	$	15,506
Transocean Guardian Ltd., 5.88%, 1/15/24^(b)		53,040		32,354
Vine Oil & Gas L.P./Vine Oil & Gas Finance Corp., 9.75%, 4/15/23^(b)		50,000		37,500
WPX Energy, Inc., 5.25%, 10/15/27		30,000		30,087
5.88%, 6/15/28		95,000		97,138
				4,738,173

Oil & Gas Services – 0.1%
Transocean Proteus Ltd., 6.25%, 12/01/24^(b)		161,200		141,856

Packaging & Containers – 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 8/15/27^(b)		390,000		400,335
Berry Global, Inc., 4.50%, 2/15/26^(b)		55,000		55,735
Graham Packaging Co., Inc., 7.13%, 8/15/28^(b)		65,000		67,925
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25^(b)		190,000		183,293
				707,288

Pharmaceuticals – 0.7%
Bausch Health Cos., Inc., 9.00%, 12/15/25^(b)		195,000		213,076
5.00%, 1/30/28^(b)		205,000		202,618
6.25%, 2/15/29^(b)		600,000		618,336
7.25%, 5/30/29^(b)		50,000		53,785
5.25%, 1/30/30^(b)		100,000		98,755
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 7/31/27^(b)		137,000		146,961
6.00%, 6/30/28^(b)		210,000		162,225
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 9/01/25^(b)		210,000		221,550
Par Pharmaceutical, Inc., 7.50%, 4/01/27^(b)		51,000		54,060
				1,771,366

Pipelines – 1.7%
Buckeye Partners L.P., 5.85%, 11/15/43		45,000		39,825
5.60%, 10/15/44		60,000		51,750


	Par^(a)		Value

Pipelines (Continued)
DCP Midstream Operating L.P., 5.38%, 7/15/25	$	50,000	$	52,500
5.62%, 7/15/27		195,000		202,098
5.13%, 5/15/29		25,000		24,867
Energy Transfer Operating L.P., (3M USD LIBOR + 4.03%), 6.25%, 2/15/23^(g)(h)		122,000		81,825
5.00%, 5/15/50		295,000		275,555
EnLink Midstream Partners L.P., 5.60%, 4/01/44		10,000		6,175
5.05%, 4/01/45		5,000		3,150
5.45%, 6/01/47		485,000		311,511
EQM Midstream Partners L.P., 6.00%, 7/01/25^(b)		155,000		158,875
6.50%, 7/01/27^(b)		160,000		167,807
5.50%, 7/15/28		25,000		25,319
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 2/01/28		175,000		145,250
Harvest Midstream I L.P., 7.50%, 9/01/28^(b)		100,000		99,250
Hess Midstream Operations L.P., 5.62%, 2/15/26^(b)		704,000		704,000
New Fortress Energy, Inc., 6.75%, 9/15/25^(b)		205,000		211,390
NGPL PipeCo LLC, 4.88%, 8/15/27^(b)		38,000		41,356
NuStar Logistics L.P., 5.75%, 10/01/25		85,000		85,581
5.62%, 4/28/27		120,000		117,600
Sunoco Logistics Partners Operations L.P., 5.40%, 10/01/47		20,000		19,278
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 9/15/24^(b)		25,000		24,025
6.00%, 3/01/27^(b)		90,000		85,050
5.50%, 1/15/28^(b)		130,000		119,469
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.25%, 5/01/23		113,000		112,943
4.25%, 11/15/23		275,000		274,971
5.87%, 4/15/26		80,000		81,600
5.50%, 3/01/30^(b)		45,000		45,234
4.88%, 2/01/31^(b)		250,000		243,977

See accompanying Notes to Financial Statements

152

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Pipelines (Continued)
Western Midstream Operating L.P., 5.05%, 2/01/30	$	300,000	$	284,599
5.45%, 4/01/44		100,000		85,000
5.30%, 3/01/48		10,000		8,050
6.25%, 2/01/50		105,000		96,448
				4,286,328

Real Estate – 0.1%
Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, 6/15/25^(b)		185,000		195,406

Real Estate Investment Trusts – 1.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 5/15/26^(b)		285,000		236,550
Host Hotels & Resorts L.P., 3.50%, 9/15/30		160,000		152,799
Iron Mountain, Inc., 4.87%, 9/15/29^(b)		565,000		570,932
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.87%, 8/01/21^(b)		231,000		230,134
5.25%, 10/01/25^(b)		160,000		146,000
4.25%, 2/01/27^(b)		550,000		475,062
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.50%, 1/15/28		191,000		193,865
Service Properties Trust, 4.35%, 10/01/24		305,000		269,925
4.75%, 10/01/26		65,000		55,575
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25^(b)		45,000		47,744
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23		60,000		59,100
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 2/15/25^(b)		55,000		55,204
3.75%, 2/15/27^(b)		65,000		65,163
4.13%, 8/15/30^(b)		70,000		70,875
				2,628,928


	Par^(a)		Value

Retail – 0.9%
Asbury Automotive Group, Inc., 4.50%, 3/01/28^(b)	$	19,000	$	19,333
4.75%, 3/01/30^(b)		22,000		22,715
AutoNation, Inc., 4.75%, 6/01/30		40,000		46,908
Carvana Co., 5.63%, 10/01/25^(b)		415,000		408,775
5.87%, 10/01/28^(b)		220,000		217,296
Group 1 Automotive, Inc., 4.00%, 8/15/28^(b)		30,000		30,038
IRB Holding Corp., 6.75%, 2/15/26^(b)		40,000		40,100
Ken Garff Automotive LLC, 4.88%, 9/15/28^(b)		50,000		49,541
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 6/01/26^(b)		115,000		118,832
L Brands, Inc., 5.25%, 2/01/28		235,000		231,475
6.63%, 10/01/30^(b)		90,000		94,500
6.87%, 11/01/35		5,000		5,075
6.75%, 7/01/36		65,000		65,663
Lithia Motors, Inc., 4.38%, 1/15/31^(b)		105,000		108,412
Murphy Oil USA, Inc., 4.75%, 9/15/29		20,000		20,950
Nordstrom, Inc., 5.00%, 1/15/44		135,000		95,620
PetSmart, Inc., 7.12%, 3/15/23^(b)		75,000		75,094
8.87%, 6/01/25^(b)		160,000		163,800
QVC, Inc., 4.85%, 4/01/24		5,000		5,213
4.45%, 2/15/25		10,000		10,225
Staples, Inc., 7.50%, 4/15/26^(b)		200,000		187,000
White Cap Buyer LLC, 6.88%, 10/15/28^(b)		35,000		35,875
Yum! Brands, Inc., 4.75%, 1/15/30^(b)		10,000		10,750
3.63%, 3/15/31		255,000		250,219
				2,313,409

Semiconductors – 0.2%
Broadcom, Inc., 4.30%, 11/15/32		375,000		427,509

Software – 0.3%
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 1/31/26^(b)		95,000		96,187

See accompanying Notes to Financial Statements

153

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Par^(a)		Value

Software (Continued)
Camelot Finance S.A., 4.50%, 11/01/26^(b)	$	75,000	$	78,000
Dun & Bradstreet (The) Corp., 6.87%, 8/15/26^(b)		9,000		9,630
J2 Global, Inc., 4.63%, 10/15/30^(b)		95,000		95,983
Logan Merger Sub, Inc., 5.50%, 9/01/27^(b)		95,000		96,306
MSCI, Inc., 4.00%, 11/15/29^(b)		30,000		31,310
3.63%, 9/01/30^(b)		75,000		77,063
PTC, Inc., 3.62%, 2/15/25^(b)		45,000		45,816
4.00%, 2/15/28^(b)		65,000		67,194
SS&C Technologies, Inc., 5.50%, 9/30/27^(b)		115,000		122,225
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/01/25^(b)		100,000		101,410
				821,124

Telecommunications – 0.7%
CenturyLink, Inc., 5.62%, 4/01/25		50,000		52,500
5.13%, 12/15/26^(b)		95,000		97,138
CommScope Technologies LLC, 6.00%, 6/15/25^(b)		34,000		33,707
5.00%, 3/15/27^(b)		950,000		886,488
CommScope, Inc., 8.25%, 3/01/27^(b)		115,000		119,024
7.12%, 7/01/28^(b)		90,000		90,500
Level 3 Financing, Inc., 4.63%, 9/15/27^(b)		185,000		188,700
ViaSat, Inc., 6.50%, 7/15/28^(b)		185,000		191,012
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28^(b)		100,000		96,500
				1,755,569

Toys/Games/Hobbies – 0.0%^(d)
Mattel, Inc., 5.88%, 12/15/27^(b)		30,000		32,601

Trucking & Leasing – 0.1%
Aviation Capital Group LLC, 5.50%, 12/15/24^(b)		245,000		255,094
Total Corporate Bonds (Cost $65,162,487)				68,419,202


		Par^(a)		Value
Foreign Government Inflation-Linked

Bonds – 0.7%

Sovereign – 0.7%
Argentina Treasury Bond,
1.10%, 4/17/21	ARS	$	1,846,000	$	26,786
1.00%, 8/05/21	ARS		168,000		2,142
1.20%, 3/18/22	ARS		42,182,025		608,188
1.30%, 9/20/22	ARS		27,600		359
1.40%, 3/25/23	ARS		42,293,339		546,017
1.50%, 3/25/24	ARS		21,313,347		254,585
Brazil Notas do Tesouro Nacional, Serie B, 6.00%, 5/15/35	BRL		230,000		164,457
Letras de la Nacion Argentina con Ajuste por CER, 0.00%, 12/04/20^(e)	ARS		16,135,800		239,468
0.00%, 2/26/21^(e)	ARS		97,500		1,285
					1,843,287
Total Foreign Government Inflation-Linked Bonds (Cost $2,129,887)					1,843,287
Foreign Issuer Bonds – 61.5%

Angola – 0.3%
Angolan Government International Bond, 8.25%, 5/09/28^(b)			460,000		361,514
9.12%, 11/26/49^(b)			400,000		305,188
					666,702

Argentina – 0.4%
Argentine Republic Government International Bond, 1.00%, 7/09/29			106,985		43,864
(Step to 0.50% on 7/09/21), 0.13%, 7/09/30⁽ⁱ⁾			829,203		304,317
(Step to 1.13% on 7/09/21), 0.12%, 7/09/35⁽ⁱ⁾			1,519,164		496,767
YPF S.A., 6.95%, 7/21/27^(b)			120,000		64,200
					909,148

Australia – 0.2%
FMG Resources (August 2006) Pty. Ltd., 5.13%, 5/15/24^(b)			210,000		224,676
Mineral Resources Ltd., 8.12%, 5/01/27^(b)			350,000		381,500
					606,176

See accompanying Notes to Financial Statements

154

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


		Par^(a)		Value

Bahrain – 0.7%
Bahrain Government International Bond, 6.75%, 9/20/29		$	450,000	$	487,571
5.62%, 9/30/31^(b)			400,000		395,498
6.00%, 9/19/44			450,000		421,889
7.50%, 9/20/47			200,000		211,925
Oil and Gas Holding (The) Co. BSCC, 7.50%, 10/25/27			215,000		227,183
					1,744,066

Belgium – 0.3%
Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 3/01/28^(b)			600,000		632,881

Brazil – 4.7%
Andrade Gutierrez International S.A., 9.50%, 12/30/24^(b)			245,000		145,775
Banco do Brasil S.A., (10Y US Treasury CMT + 4.40%), 6.25%, 4/15/24^(g)(h)			800,000		768,000
Brazil Letras do Tesouro Nacional, 0.00%, 4/01/21^(e)	BRL		170,000		29,365
0.00%, 7/01/21^(e)	BRL		3,825,000		655,735
0.00%, 1/01/22^(e)	BRL		6,100,000		1,021,586
Brazil Notas do Tesouro Nacional, Serie F, 10.00%, 1/01/23	BRL		5,969,000		1,138,937
10.00%, 1/01/25	BRL		8,920,000		1,739,437
10.00%, 1/01/27	BRL		7,844,000		1,540,199
10.00%, 1/01/29	BRL		5,030,000		996,936
Brazilian Government International Bond, 3.88%, 6/12/30			1,600,000		1,620,000
CSN Islands XII Corp., 7.00%, 12/23/20^(g)			100,000		89,250
CSN Resources S.A., 7.62%, 4/17/26			200,000		205,400
Embraer Netherlands Finance B.V., 5.05%, 6/15/25			65,000		62,790
5.40%, 2/01/27			45,000		42,796
Globo Comunicacao e Participacoes S.A., 4.87%, 1/22/30^(b)			200,000		197,852
MV24 Capital B.V., 6.75%, 6/01/34^(b)			195,028		196,200
NBM U.S. Holdings, Inc., 7.00%, 5/14/26^(b)			200,000		212,200


	Par^(a)		Value

Brazil (Continued)
Petrobras Global Finance B.V., 5.60%, 1/03/31	$	320,000	$	345,392
6.90%, 3/19/49		90,000		101,848
6.85%, 6/05/15^(j)		733,000		788,847
				11,898,545

Canada – 1.1%
1011778 B.C. ULC/New
Red Finance, Inc., 10/15/30^(b)(f)		490,000		486,937
Bombardier, Inc., 6.00%, 10/15/22^(b)		185,000		164,419
6.12%, 1/15/23^(b)		485,000		418,434
Brookfield Residential
Properties, Inc./Brookfield
Residential U.S. Corp., 4.88%, 2/15/30^(b)		145,000		137,750
Cenovus Energy, Inc., 5.38%, 7/15/25		100,000		105,437
4.25%, 4/15/27		15,000		15,271
5.25%, 6/15/37		10,000		9,785
5.40%, 6/15/47		175,000		172,659
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 9/15/28^(b)		80,000		81,400
Mattamy Group Corp., 5.25%, 12/15/27^(b)		140,000		148,050
4.63%, 3/01/30^(b)		65,000		65,975
MEG Energy Corp., 7.12%, 2/01/27^(b)		100,000		89,973
Methanex Corp., 5.25%, 12/15/29		15,000		15,198
5.65%, 12/01/44		90,000		86,512
Open Text Corp., 5.87%, 6/01/26^(b)		24,000		24,960
3.88%, 2/15/28^(b)		115,000		116,815
Parkland Corp., 6.00%, 4/01/26^(b)		344,000		355,180
5.88%, 7/15/27^(b)		80,000		82,567
Seven Generations Energy Ltd., 6.87%, 6/30/23^(b)		27,000		27,000
5.38%, 9/30/25^(b)		211,000		200,922
				2,805,244

Chile – 1.1%
AES Gener S.A., (5Y USD Swap Rate + 4.64%), 7.12%, 3/26/79^(b)(h)		200,000		207,184

See accompanying Notes to Financial Statements

155

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


		Par^(a)		Value

Chile (Continued)
Bonos de la Tesoreria de la Republica en pesos, 4.70%, 9/01/30^(b)	CLP	$	135,000,000	$	206,314
5.00%, 3/01/35	CLP		435,000,000		677,687
6.00%, 1/01/43	CLP		180,000,000		322,741
Chile Government International Bond, 2.45%, 1/31/31			400,000		415,500
2.55%, 1/27/32			425,000		442,531
Empresa de los Ferrocarriles del Estado, 3.07%, 8/18/50^(b)			200,000		186,000
Kenbourne Invest S.A., 6.88%, 11/26/24^(b)			200,000		208,750
					2,666,707

China – 2.9%
Agricultural Development Bank of China, 3.75%, 1/25/29	CNY		10,340,000		1,543,107
China Development Bank, 3.23%, 1/10/25	CNY		10,090,000		1,495,874
3.48%, 1/08/29	CNY		7,990,000		1,172,456
China Evergrande Group, 8.25%, 3/23/22			600,000		505,446
Easy Tactic Ltd., 8.12%, 2/27/23			200,000		175,940
Kaisa Group Holdings Ltd., 8.50%, 6/30/22			400,000		390,916
Meituan, 3.05%, 10/28/30^(b)			210,000		210,439
Prosus N.V., 4.03%, 8/03/50^(b)			400,000		408,370
Ronshine China Holdings Ltd., 8.75%, 10/25/22			400,000		410,855
Sunac China Holdings Ltd., 7.88%, 2/15/22			200,000		203,480
Tencent Holdings Ltd., 2.39%, 6/03/30^(b)			230,000		232,842
3.24%, 6/03/50^(b)			400,000		403,200
Yuzhou Group Holdings Co. Ltd., 6.00%, 10/25/23			200,000		198,346
					7,351,271

Colombia – 2.0%
Bancolombia S.A., (5Y US Treasury CMT + 2.94%), 4.63%, 12/18/29^(h)			400,000		390,500
Colombian TES, 7.50%, 8/26/26	COP		2,943,000,000		870,421
6.00%, 4/28/28	COP		5,375,000,000		1,451,340
7.75%, 9/18/30	COP		2,140,100,000		633,329
Ecopetrol S.A., 6.87%, 4/29/30			235,000		282,564


		Par^(a)		Value

Colombia (Continued)
Ecopetrol S.A., 5.87%, 5/28/45		$	345,000	$	376,292
Empresas Publicas de Medellin ESP, 4.38%, 2/15/31^(b)			200,000		204,252
Geopark Ltd., 5.50%, 1/17/27^(b)			200,000		176,002
Grupo Aval Ltd., 4.38%, 2/04/30^(b)			200,000		194,700
Millicom International Cellular S.A., 5.12%, 1/15/28			200,000		210,000
6.25%, 3/25/29^(b)			200,000		221,100
					5,010,500

Congo, The Democ. Rep. of – 0.3%
HTA Group Ltd., 7.00%, 12/18/25^(b)			655,000		684,344

Costa Rica – 0.1%
Costa Rica Government International Bond, 4.25%, 1/26/23			200,000		182,002
6.13%, 2/19/31^(b)			200,000		166,502
					348,504

Czech Republic – 0.9%
Czech Republic Government Bond, 2.50%, 8/25/28	CZK		3,570,000		171,903
2.75%, 7/23/29	CZK		8,230,000		406,763
0.95%, 5/15/30	CZK		22,060,000		940,073
2.00%, 10/13/33	CZK		18,340,000		870,543
					2,389,282

Dominican Republic – 0.8%
Dominican Republic International Bond, 5.95%, 1/25/27^(b)			350,000		381,503
4.50%, 1/30/30^(b)			215,000		216,615
4.88%, 9/23/32^(b)			830,000		842,458
5.87%, 1/30/60^(b)			665,000		635,075
					2,075,651

Ecuador – 0.3%
Ecuador Government International Bond, (Step to 5.00% on 7/31/21), 0.50%, 7/31/30^(b)(i)			387,410		257,744
0.00%, 7/31/30^(b)(e)			83,525		37,783

See accompanying Notes to Financial Statements

156

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


		Par^(a)		Value

Ecuador (Continued)
Ecuador Government International Bond, (Step to 1.00% on 7/31/21), 0.50%, 7/31/35^(b)(i)		$	759,407	$	420,780
(Step to 0.50% on 7/31/21), 0.50%, 7/31/40^(b)(i)			295,130		147,590
					863,897

Egypt – 1.6%
Egypt Government International Bond, 5.75%, 5/29/24^(b)			200,000		204,810
6.59%, 2/21/28			300,000		302,681
7.05%, 1/15/32^(b)			435,000		424,433
7.63%, 5/29/32^(b)			450,000		455,220
8.50%, 1/31/47			300,000		299,092
8.70%, 3/01/49^(b)			250,000		251,625
Egypt Treasury Bill, 12.41%, 12/22/20^(k)	EGP		3,325,000		209,414
12.26%, 12/29/20^(k)	EGP		10,075,000		632,616
12.28%, 1/12/21^(k)	EGP		13,025,000		810,635
12.33%, 1/19/21^(k)	EGP		8,675,000		540,320
					4,130,846

El Salvador – 0.1%
El Salvador Government International Bond, 6.38%, 1/18/27			225,000		182,590

Finland – 0.1%
Nokia OYJ, 4.38%, 6/12/27			224,000		240,802

France – 0.2%
Altice France S.A., 5.13%, 1/15/29^(b)			490,000		489,228

Germany – 0.3%
Cheplapharm Arzneimittel GmbH, 5.50%, 1/15/28^(b)			200,000		202,542
Deutsche Bank A.G., (5Y USD Swap Rate + 2.55%), 4.88%, 12/01/32^(h)			400,000		387,500
Vertical U.S. Newco, Inc., 5.25%, 7/15/27^(b)			200,000		205,840
					795,882

Ghana – 0.7%
Ghana Government International Bond, 8.12%, 1/18/26			950,000		959,556
7.88%, 2/11/35^(b)			200,000		177,250
8.95%, 3/26/51^(b)			200,000		179,320


		Par^(a)		Value

Ghana (Continued)
Ghana Treasury Note, 19.75%, 3/08/21	GHS	$	220,000	$	38,436
Republic of Ghana
Government Bonds, 24.50%, 6/21/21	GHS		580,000		104,311
24.75%, 7/19/21	GHS		678,000		122,251
18.25%, 7/25/22	GHS		1,530,000		263,978
					1,845,102

Hungary – 0.9%
Hungary Government Bond, 2.50%, 10/24/24	HUF		346,330,000		1,147,380
2.75%, 12/22/26	HUF		203,500,000		684,969
3.00%, 8/21/30	HUF		17,860,000		60,822
3.25%, 10/22/31	HUF		123,230,000		428,546
					2,321,717

India – 0.9%
Adani Ports & Special Economic Zone Ltd., 4.20%, 8/04/27^(b)			215,000		216,362
4.37%, 7/03/29^(b)			200,000		201,903
India Government Bond, 8.15%, 6/11/22	INR		107,500,000		1,542,940
Network i2i Ltd., (5Y US
Treasury CMT + 4.27%), 5.65%, 1/15/25^(g)(h)			400,000		400,600
					2,361,805

Indonesia – 4.4%
Indonesia Asahan Aluminium Persero PT, 6.53%, 11/15/28^(b)			400,000		487,288
5.45%, 5/15/30^(b)			300,000		341,767
6.76%, 11/15/48^(b)			250,000		320,140
5.80%, 5/15/50^(b)			200,000		231,754
Indonesia Government International Bond, 4.20%, 10/15/50			300,000		345,850
Indonesia Treasury Bond, 7.00%, 5/15/22	IDR		25,056,000,000		1,786,214
8.37%, 3/15/24	IDR		10,516,000,000		790,209
8.13%, 5/15/24	IDR		4,600,000,000		343,718
8.37%, 9/15/26	IDR		19,428,000,000		1,480,923
7.00%, 5/15/27	IDR		7,420,000,000		525,619
9.00%, 3/15/29	IDR		14,944,000,000		1,167,790
8.25%, 5/15/29	IDR		656,000,000		49,430
7.00%, 9/15/30	IDR		6,610,000,000		465,751
6.50%, 2/15/31	IDR		1,240,000,000		84,328
7.50%, 8/15/32	IDR		10,750,000,000		753,364
8.37%, 3/15/34	IDR		7,953,000,000		592,057
Minejesa Capital B.V., 5.63%, 8/10/37^(b)			200,000		207,000

See accompanying Notes to Financial Statements

157

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


		Par^(a)		Value

Indonesia (Continued)
Pertamina Persero PT, 4.15%, 2/25/60^(b)		$	400,000	$	395,010
Perusahaan Penerbit SBSN Indonesia III,
4.15%, 3/29/27			330,000		369,679
3.80%, 6/23/50^(b)			400,000		424,192
					11,162,083

Iraq – 0.2%
Iraq International Bond, 5.80%, 1/15/28			468,750		405,469

Ireland – 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25			150,000		165,263
C&W Senior Financing DAC, 6.88%, 9/15/27^(b)			400,000		421,200
					586,463

Israel – 1.3%
Leviathan Bond Ltd.,
5.75%, 6/30/23^(b)			153,000		156,705
6.12%, 6/30/25^(b)			305,000		316,636
6.50%, 6/30/27^(b)			272,000		280,304
6.75%, 6/30/30^(b)			85,000		87,499
State of Israel, 3.38%,
1/15/50			775,000		836,333
Teva Pharmaceutical Finance Netherlands III B.V., 2.80%, 7/21/23			35,000		33,195
3.15%, 10/01/26			405,000		356,400
4.10%, 10/01/46			1,472,000		1,221,760
					3,288,832

Italy – 0.2%
Intesa Sanpaolo S.p.A.,
5.02%, 6/26/24^(b)			200,000		211,070
Telecom Italia Capital S.A.,
6.37%, 11/15/33			60,000		70,972
6.00%, 9/30/34			10,000		11,635
7.20%, 7/18/36			39,000		49,204
UniCredit S.p.A., (5Y US Treasury CMT + 4.75%), 5.46%, 6/30/35^(b)(h)			200,000		202,568
					545,449

Ivory Coast – 0.1%
Ivory Coast Government International Bond, 6.88%, 10/17/40^(b)	EUR		300,000		341,988


		Par^(a)		Value

Japan – 3.1%
Japan Treasury Discount Bill,
(0.09%), 11/09/20^(k)	JPY	$	700,000	$	6,686
(0.18%), 11/10/20^(k)	JPY		49,900,000		476,636
(0.12%), 12/10/20^(k)	JPY		184,800,000		1,765,308
(0.13%), 12/14/20^(k)	JPY		24,700,000		235,950
(0.13%), 12/16/20^(k)	JPY		184,700,000		1,764,379
(0.18%), 1/12/21^(k)	JPY		226,400,000		2,162,875
(0.10%), 1/18/21^(k)	JPY		121,000,000		1,155,974
(0.13%), 2/10/21^(k)	JPY		3,250,000		31,051
(0.16%), 3/10/21^(k)	JPY		3,800,000		36,309
(0.16%), 3/25/21^(k)	JPY		15,300,000		146,197
					7,781,365

Kazakhstan – 0.6%
KazMunayGas
National Co. JSC, 3.50%, 4/14/33^(b)			1,025,000		1,056,984
5.75%, 4/19/47			450,000		559,761
					1,616,745

Kenya – 0.4%
Kenya Government International Bond, 7.00%, 5/22/27			900,000		937,654

Kuwait – 0.1%
MEGlobal Canada ULC, 5.00%, 5/18/25^(b)			200,000		217,690

Lebanon – 0.1%
Lebanon Government International Bond, 8.25%, 5/17/34^(l)			1,050,000		149,625

Luxembourg – 0.4%
Altice Financing S.A., 5.00%, 1/15/28^(b)			240,000		232,800
ArcelorMittal S.A., 7.25%, 10/15/39			30,000		36,668
7.00%, 3/01/41			165,000		198,833
ARD Finance S.A., (100% Cash), 6.50%, 6/30/27^(b)(m)			600,000		609,750
					1,078,051

Macau – 0.2%
Studio City Finance Ltd., 6.00%, 7/15/25^(b)			215,000		215,269
6.50%, 1/15/28^(b)			200,000		197,040
Wynn Macau Ltd., 5.12%, 12/15/29^(b)			200,000		185,105
					597,414

See accompanying Notes to Financial Statements

158

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


		Par^(a)		Value

Malaysia – 1.6%
Malaysia Government Bond,
3.48%, 3/15/23	MYR	$	3,450,000	$	863,479
4.18%, 7/15/24	MYR		2,650,000		689,338
3.90%, 11/16/27	MYR		3,375,000		888,368
3.89%, 8/15/29	MYR		2,595,000		685,031
4.50%, 4/15/30	MYR		517,000		142,732
4.23%, 6/30/31	MYR		770,000		209,605
3.84%, 4/15/33	MYR		471,000		123,135
4.89%, 6/08/38	MYR		545,000		154,365
Petronas Capital Ltd., 3.50%, 4/21/30^(b)			270,000		300,332
					4,056,385

Mexico – 5.9%
Banco Mercantil del Norte S.A.,
(5Y US Treasury CMT + 5.04%), 6.87%, 7/06/22^(b)(g)(h)			400,000		399,504
(10Y US Treasury CMT + 5.47%), 7.50%, 6/27/29^(b)(g)(h)			200,000		199,222
Cemex S.A.B. de C.V., 5.70%, 1/11/25			200,000		205,300
7.37%, 6/05/27^(b)			460,000		506,695
5.20%, 9/17/30^(b)			200,000		211,278
Infraestructura Energetica Nova S.A.B. de C.V., 4.75%, 1/15/51^(b)			650,000		610,675
Mexican Bonos, 6.50%, 6/09/22	MXN		51,437,000		2,500,675
8.00%, 12/07/23	MXN		37,330,000		1,924,251
8.00%, 9/05/24	MXN		4,218,000		219,810
10.00%, 12/05/24	MXN		41,630,000		2,323,304
5.75%, 3/05/26	MXN		13,045,000		626,319
7.50%, 6/03/27	MXN		8,850,000		459,270
8.50%, 5/31/29	MXN		25,767,400		1,418,382
7.75%, 5/29/31	MXN		17,326,500		910,406
7.75%, 11/13/42	MXN		10,480,000		529,818
Petroleos Mexicanos, 6.49%, 1/23/27			200,000		186,400
5.35%, 2/12/28			250,000		213,547
5.95%, 1/28/31			737,000		616,869
6.63%, 6/15/35			454,000		373,896
7.69%, 1/23/50			525,000		436,238
Unifin Financiera S.A.B. de C.V., 7.25%, 9/27/23^(b)			200,000		175,002
					15,046,861


		Par^(a)		Value

Netherlands – 0.3%
Ziggo B.V., 5.50%, 1/15/27^(b)		$	472,000	$	489,700
4.88%, 1/15/30^(b)			200,000		207,375
					697,075

Nigeria – 0.6%
IHS Netherlands Holdco B.V., 7.13%, 3/18/25^(b)			200,000		201,500
Nigeria Government International Bond, 7.14%, 2/23/30^(b)			400,000		385,778
7.87%, 2/16/32			200,000		194,457
7.70%, 2/23/38^(b)			515,000		473,233
7.62%, 11/28/47			300,000		274,368
					1,529,336

Norway – 0.9%
Aker BP ASA, 5.88%, 3/31/25^(b)			410,000		423,217
Norway Government Bond, 3.75%, 5/25/21^(b)	NOK		1,858,000		198,680
2.00%, 5/24/23^(b)	NOK		9,421,000		1,032,033
3.00%, 3/14/24^(b)	NOK		4,328,000		495,016
					2,148,946

Oman – 0.4%
Oman Government International Bond, 5.38%, 3/08/27			400,000		367,661
5.62%, 1/17/28			600,000		549,424
6.50%, 3/08/47			200,000		162,342
					1,079,427

Pakistan – 0.2%
Pakistan Government International Bond, 6.88%, 12/05/27			535,000		524,460

Panama – 0.8%
Aeropuerto Internacional de Tocumen S.A., 6.00%, 11/18/48^(b)			199,116		221,797
Panama Government International Bond, 3.16%, 1/23/30			825,000		900,290
2.25%, 9/29/32			850,000		864,450
					1,986,537

Paraguay – 0.1%
Paraguay Government
International Bond, 5.60%, 3/13/48			300,000		369,303

See accompanying Notes to Financial Statements

159

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


		Par^(a)		Value

Peru – 1.3%
Banco de Credito del Peru, (5Y US Treasury CMT + 3.00%), 3.13%, 7/01/30^(b)(h)		$	140,000	$	141,541
Nexa Resources S.A., 5.37%, 5/04/27			200,000		210,600
6.50%, 1/18/28^(b)			200,000		222,750
Peru Government Bond, 6.15%, 8/12/32	PEN		3,350,000		1,068,726
5.40%, 8/12/34	PEN		70,000		20,400
Peruvian Government International Bond, 2.78%, 1/23/31			1,045,000		1,129,645
6.90%, 8/12/37	PEN		1,371,000		448,373
					3,242,035

Poland – 1.7%
Republic of Poland Government Bond, 2.25%, 4/25/22	PLN		650,000		169,684
2.50%, 7/25/26	PLN		3,070,000		858,027
2.50%, 7/25/27	PLN		3,614,000		1,014,177
2.75%, 10/25/29	PLN		7,929,000		2,288,406
					4,330,294

Qatar – 0.7%
Qatar Government International Bond, 3.25%, 6/02/26			800,000		884,378
3.75%, 4/16/30^(b)			825,000		957,818
					1,842,196

Romania – 1.3%
Romania Government Bond, 4.25%, 6/28/23	RON		2,130,000		528,755
3.25%, 4/29/24	RON		4,480,000		1,086,919
5.00%, 2/12/29	RON		1,050,000		284,240
3.65%, 9/24/31	RON		1,260,000		306,972
Romanian Government International Bond, 3.00%, 2/14/31^(b)			290,000		300,299
4.00%, 2/14/51^(b)			870,000		886,325
					3,393,510

Russia – 1.6%
Russian Federal Bond - OFZ, 6.50%, 2/28/24	RUB		43,924,000		577,484
7.10%, 10/16/24	RUB		80,200,000		1,077,933
7.75%, 9/16/26	RUB		44,417,000		622,284
7.05%, 1/19/28	RUB		40,100,000		542,738
6.90%, 5/23/29	RUB		45,121,000		603,913


		Par^(a)		Value

Russia (Continued)
Russian Federal Bond - OFZ, 8.50%, 9/17/31	RUB	$	35,600,000	$	526,599
7.70%, 3/23/33	RUB		11,250,000		157,967
					4,108,918

Saudi Arabia – 0.9%
Saudi Government International Bond, 2.50%, 2/03/27			1,225,000		1,285,248
2.75%, 2/03/32^(b)			850,000		888,930
					2,174,178

Senegal – 0.1%
Senegal Government International Bond, 4.75%, 3/13/28	EUR		300,000		346,753

South Africa – 2.6%
Eskom Holdings SOC Ltd., 6.75%, 8/06/23			400,000		380,512
7.13%, 2/11/25			600,000		563,093
Republic of South Africa Government Bond, 8.00%, 1/31/30	ZAR		29,900,000		1,691,706
7.00%, 2/28/31	ZAR		11,100,000		558,276
8.25%, 3/31/32	ZAR		9,700,000		512,228
8.87%, 2/28/35	ZAR		5,800,000		297,817
8.50%, 1/31/37	ZAR		17,375,409		837,594
9.00%, 1/31/40	ZAR		6,000,000		294,872
8.75%, 1/31/44	ZAR		14,438,898		676,803
8.75%, 2/28/48	ZAR		4,294,591		200,534
Republic of South Africa Government International Bond, 4.30%, 10/12/28			200,000		194,240
5.75%, 9/30/49			350,000		315,203
					6,522,878

South Korea – 2.3%
Korea Treasury Bond, 1.38%, 12/10/29	KRW		6,654,400,000		5,783,580

Sri Lanka – 0.1%
Sri Lanka Government
International Bond, 5.75%, 4/18/23^(b)			425,000		238,000

Thailand – 1.9%
Bangkok Bank PCL, (5Y US Treasury CMT + 4.73%), 5.00%, 9/23/25^(b)(g)(h)			300,000		299,664
Thailand Government Bond, 2.88%, 12/17/28	THB		44,200,000		1,593,812

See accompanying Notes to Financial Statements

160

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


		Par^(a)		Value

Thailand (Continued)
Thailand Government Bond,
3.40%, 6/17/36	THB	$	13,400,000	$	532,038
3.30%, 6/17/38	THB		61,968,000		2,409,594
					4,835,108

Turkey – 0.5%
Turkey Government International Bond,
4.88%, 10/09/26			305,000		275,165
5.12%, 2/17/28			200,000		177,624
6.12%, 10/24/28			200,000		187,103
5.25%, 3/13/30			768,000		668,160
					1,308,052

Ukraine – 0.7%
Ukraine Government International Bond,
7.75%, 9/01/22			350,000		365,582
7.75%, 9/01/26			665,000		674,330
7.75%, 9/01/27			505,000		509,469
0.01%, 5/31/40^(k)			241,000		209,533
					1,758,914

United Arab Emirates – 1.1%
Abu Dhabi Government International Bond, 2.50%, 9/30/29^(b)			225,000		239,321
3.12%, 4/16/30^(b)			375,000		417,476
1.70%, 3/02/31			1,100,000		1,086,237
3.12%, 9/30/49^(b)			225,000		237,038
DP World Salaam, (5Y US Treasury CMT + 5.75%),
6.00%, 10/01/25^(g)(h)			400,000		420,320
Galaxy Pipeline Assets Bidco Ltd.,
9/30/27^(b)(f)			200,000		199,356
3/31/36^(b)(f)			200,000		199,519
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25^(b)			184,000		60,720
					2,859,987

United Kingdom – 0.4%
Ardonagh Midco 2 PLC,
11.50%, 1/15/27^(b)			200,000		198,000
Ashtead Capital, Inc.,
4.12%, 8/15/25^(b)			200,000		205,414
Connect Finco S.a.r.l./Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)			200,000		201,440

Par^(a)

Value

United Kingdom (Continued)

Virgin Media Finance PLC,

5.00%, 7/15/30^(b)

235,000

233,825

Virgin Media Secured Finance PLC, 5.50%, 5/15/29^(b)

230,000

245,734

1,084,413

Uruguay – 0.6%

Uruguay Government International Bond,

4.38%, 1/23/31

315,000

380,365

4.97%, 4/20/55

360,000

475,200

Uruguay Monetary Regulation Bill,

7.20%, 1/22/21^(k)

UYU

6,822,000

156,360

7.48%, 5/07/21^(k)

UYU

5,607,000

125,720

7.26%, 6/18/21^(k)

UYU

16,200,000

360,133

1,497,778

Vietnam – 0.1%

Mong Duong Finance Holdings B.V., 5.13%, 5/07/29^(b)

250,000

254,522

Zambia – 0.6%

First Quantum Minerals Ltd.,

7.25%, 4/01/23^(b)

430,000

432,150

7.50%, 4/01/25^(b)

200,000

201,000

6.87%, 3/01/26^(b)

800,000

794,000

1,427,150

Total Foreign Issuer Bonds
(Cost $157,248,453)

156,176,314

Term Loans – 0.0%^(d)(n)

Retail – 0.0%^(d)

J.C. Penney Corp., Inc.,
Loan, (3M USD LIBOR+
4.25%), 5.25%, 6/23/23^(l)

20,286

6,086

Total Term Loans
(Cost $18,413)

6,086

Number
of Shares

Warrants – 0.0%^(d)

Engineering & Construction – 0.0%^(d)

Mcdermott International
Ltd.^(o)*

8,166

6,038

Total Warrants
(Cost $6,000)

6,038

See accompanying Notes to Financial Statements

161

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


	Number of Shares		Value

Investment Companies – 1.4%
iShares iBoxx High Yield Corporate Bond ETF (Germany)		43,048	$	3,610,866
Total Investment Companies (Cost $3,464,246)				3,610,866

Short-Term Investments – 6.8%

U.S. Government Agencies – 1.8%
Federal Home Loan Bank Discount Notes, 0.00%, 11/02/20^(e)		4,730,000		4,729,999

Money Market Fund – 3.0%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(p)		7,611,026		7,611,026

U.S. Treasury Bills – 2.0%
U.S. Treasury Bill, 0.09%, 11/24/20^(k)		2,460,000		2,459,876
U.S. Treasury Bill, 0.09%, 1/07/21^(k)		2,530,000		2,529,606
				4,989,482
Total Short-Term Investments (Cost $17,330,459)				17,330,507

Number of
Contracts

Notional
Amount

Value

Purchased Options – 0.0%^(d)

Put Options - Over the Counter – 0.0%^(d)

South African Rand vs. U.S. Dollar, Strike Price ZAR 15.65, Expires 1/06/21, Counterparty: BNP Paribas

590,000

5,328

Total Purchased Options
(Cost $5,328)

5,328

Total Investments – 99.5%
(Cost $250,773,533)

252,800,425

Other Assets less Liabilities – 0.5%^(q)

1,243,287

NET ASSETS – 100.0%

254,043,712

Percentages shown are based on Net Assets.

^(a)	Par value is in USD unless otherwise indicated.

^(b)

^(c)	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.

^(d)	Amount rounds to less than 0.05%.

^(e)	Zero coupon bond.

^(f)	When-Issued Security. Coupon rate was not yet in effect at October 31, 2020. (g) Perpetual bond. Maturity date represents next call date.

^(h)	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of October 31, 2020 is disclosed.

⁽ⁱ⁾	Step coupon bond. Rate as of October 31, 2020 is disclosed.

^(j)	Century bond maturing in 2115.

^(k)	Discount rate at the time of purchase.

^(l)	Issuer has defaulted on terms of debt obligation.

^(m)	Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽ⁿ⁾	Variable rate security. Rate as of October 31, 2020 is disclosed.

^(o)

This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Schedule of Investments). The fair value price of $0.73 is based on a pricing model which utilizes projected earnings along with discounted multiples. During the fiscal period, the Fund acquired $6,000 of this asset.

^(p)	7-day current yield as of October 31, 2020 is disclosed.

^(q)	Includes appreciation/ (depreciation) on forward foreign currency exchange contracts.

See accompanying Notes to Financial Statements

162

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund

*	Non-Income Producing Security


Abbreviations:
3M		3 Month
5Y		5 Year
10Y		10 Year
ARS		Argentine Peso
BRL		Brazilian Real
CLP		Chilean Peso
CMT		Constant Maturity
CNY		Chinese Offshore Yuan
COP		Colombian Peso
CVR		Contingent Value Rights
CZK		Czech Republic Koruna
EGP		Egyptian Pound
ETF		Exchange-Traded Fund
EUR		Euro
GHS		Ghanaian Cedi
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
LIBOR		London Interbank Offered Rate
LLC		Limited Liability Company
MSCI		Morgan Stanley Capital International
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Kroner
PCL		Public Company Limited
PEN		Peruvian Nuevo Sole
PLC		Public Limited Company
PLN		Polish Zloty
REIT		Real Estate Investment Trust
RON		Romania New Leu
RUB		Russian Ruble
THB		Thai Baht
USD		United States Dollar
UYU		Uruguay Peso
ZAR		South African Rand



Concentration by Currency (%)
U.S. Dollar			58.3
All other currencies less than 5%			41.7
Total			100.0



Composition by Type (%)
Non-Government			49.9
Sovereign			49.6
Others			0.5
Total			100.0

See accompanying Notes to Financial Statements

163

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund

Forward Foreign Currency Exchange Contracts outstanding at October 31, 2020:


Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)

03/17/21		Japanese Yen		178,231,911		Australian Dollars		2,321,000		HSBC		$ 73,284
12/08/20		U.S. Dollars		893,966		Czech Republic Koruna		19,950,000		BNP		40,862
11/18/20		U.S. Dollars		596,000		Russian Rubles		44,271,416		Bank of America		39,851
11/25/20		Japanese Yen		132,239,165		Australian Dollars		1,747,000		JPMorgan Chase		35,325
11/24/20		Japanese Yen		132,068,832		Australian Dollars		1,747,000		JPMorgan Chase		33,690
11/04/20		U.S. Dollars		1,315,229		Brazilian Reals		7,364,900		JPMorgan Chase		31,941
11/04/20		U.S. Dollars		589,192		Brazilian Reals		3,241,000		Citibank		24,468
11/24/20		Japanese Yen		83,133,174		Australian Dollars		1,098,534		Citibank		22,014
12/14/20		Japanese Yen		46,021,465		Australian Dollars		595,000		HSBC		21,530
12/14/20		Japanese Yen		38,421,769		Australian Dollars		494,995		JPMorgan Chase		19,205
04/13/21		Japanese Yen		54,339,284		Australian Dollars		715,008		JPMorgan Chase		17,287
02/26/21		Japanese Yen		43,073,857		Euro		342,449		Citibank		12,171
04/06/21		Japanese Yen		82,533,153		Euro		665,700		JPMorgan Chase		11,938
01/13/21		Japanese Yen		32,409,517		Australian Dollars		424,998		JPMorgan Chase		11,067
07/13/21		Japanese Yen		32,336,444		Australian Dollars		424,999		JPMorgan Chase		10,943
04/16/21		U.S. Dollars		950,776		Euro		806,283		Deutsche Bank		8,035
11/10/20		U.S. Dollars		403,620		Euro		340,000		Standard Chartered Bank		7,552
11/04/20		Brazilian Reals		6,574,900		U.S. Dollars		1,139,004		JPMorgan Chase		6,631
11/12/20		U.S. Dollars		298,000		Colombian Pesos		1,132,400,000		Goldman Sachs		5,589
11/04/20		Brazilian Reals		3,241,000		U.S. Dollars		560,436		Citibank		4,288
01/29/21		U.S. Dollars		863,354		South Korean Won		979,000,000		HSBC		2,127
04/30/21		Japanese Yen		42,029,284		Euro		342,450		Citibank		1,969
11/10/20		Swiss Francs		150,000		Euro		138,953		Goldman Sachs		1,766
05/03/21		U.S. Dollars		341,503		Australian Dollars		483,000		Morgan Stanley		1,704
12/30/20		Japanese Yen		11,965,996		Euro		97,167		Citibank		1,062
03/31/21		Japanese Yen		11,972,993		Euro		97,167		Citibank		1,042
06/30/21		Japanese Yen		11,980,673		Euro		97,167		Citibank		1,027
11/18/20		U.S. Dollars		42,640		Euro		35,984		Deutsche Bank		714
01/08/21		Thai Baht		9,480,000		U.S. Dollars		303,535		Barclays		545
03/15/21		Swedish Kronor		2,271,000		Euro		218,405		Deutsche Bank		448
12/14/20		Swedish Kronor		3,074,000		Euro		296,092		Deutsche Bank		441
11/12/20		Colombian Pesos		1,132,400,000		U.S. Dollars		292,081		BNP		329
12/15/20		Swedish Kronor		757,000		Euro		72,774		Deutsche Bank		273


Total Unrealized Appreciation												$451,118


01/19/21		Swedish Kronor		2,395,500		Euro		231,113		Deutsche Bank		$ (203	)
04/16/21		Swedish Kronor		2,395,500		Euro		230,883		Deutsche Bank		(225	)
04/15/21		Swedish Kronor		757,000		Euro		73,125		Deutsche Bank		(262	)
11/18/20		Euro		35,984		U.S. Dollars		42,606		Deutsche Bank		(680	)
11/17/20		Swedish Kronor		757,000		Euro		73,622		Deutsche Bank		(689	)

See accompanying Notes to Financial Statements

164

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund


Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)

11/24/20		Australian Dollars		483,000		Japanese Yen		35,623,085		JPMorgan Chase		$ (806	)
11/10/20		Swedish Kronor		2,000,000		Euro		193,742		Deutsche Bank		(908	)
11/23/20		Euro		94,000		U.S. Dollars		111,301		Bank of America		(1,768	)
12/14/20		Swedish Kronor		3,074,000		Euro		298,487		Deutsche Bank		(2,351	)
11/13/20		Swedish Kronor		3,074,000		Euro		298,593		Deutsche Bank		(2,353	)
01/13/21		U.S. Dollars		322,630		Mexican Pesos		6,973,000		Citibank		(3,363	)
11/18/20		Russian Rubles		32,878,876		U.S. Dollars		416,441		JPMorgan Chase		(3,408	)
03/16/21		U.S. Dollars		432,454		Mexican Pesos		9,398,000		Citibank		(3,812	)
11/04/20		Brazilian Reals		790,000		U.S. Dollars		141,653		JPMorgan Chase		(4,001	)
01/04/21		U.S. Dollars		559,391		Brazilian Reals		3,241,000		Citibank		(4,122	)
12/22/20		U.S. Dollars		300,000		Taiwan Dollars		8,601,900		Barclays		(4,790	)
11/27/20		U.S. Dollars		448,690		Indian Rupees		33,926,324		JPMorgan Chase		(5,590	)
03/08/21		U.S. Dollars		347,104		Mexican Pesos		7,591,000		Citibank		(5,603	)
01/15/21		U.S. Dollars		474,044		Mexican Pesos		10,264,000		Citibank		(5,698	)
11/12/20		U.S. Dollars		300,000		Chilean Pesos		236,430,000		JPMorgan Chase		(5,719	)
11/18/20		Russian Rubles		11,392,540		U.S. Dollars		149,000		Citibank		(5,884	)
12/01/20		U.S. Dollars		295,000		South African Rand		4,916,175		Barclays		(5,997	)
12/02/20		U.S. Dollars		1,137,920		Brazilian Reals		6,574,900		JPMorgan Chase		(6,185	)
11/10/20		Euro		340,000		U.S. Dollars		402,730		Standard Chartered Bank		(6,662	)
01/27/21		Norwegian Kroner		4,350,000		Euro		396,236		Deutsche Bank		(6,930	)
12/01/20		Indian Rupees		43,575,772		U.S. Dollars		590,000		Bank of America		(7,078	)
02/26/21		U.S. Dollars		653,727		Indian Rupees		49,948,000		Deutsche Bank		(8,106	)
11/10/20		Norwegian Kroner		1,890,000		Euro		177,185		Deutsche Bank		(8,440	)
12/01/20		U.S. Dollars		398,685		South African Rand		6,650,691		JPMorgan Chase		(8,510	)
12/01/20		U.S. Dollars		495,903		South African Rand		8,259,308		BNP		(9,781	)
11/23/20		U.S. Dollars		277,525		Euro		252,500		Bank of America		(16,698	)
12/03/20		U.S. Dollars		215,245		South Korean Won		266,000,000		HSBC		(18,673	)
03/11/21		U.S. Dollars		413,236		Mexican Pesos		9,306,000		Citibank		(19,007	)
11/30/20		U.S. Dollars		400,938		Mexican Pesos		8,980,000		Citibank		(20,986	)
01/07/21		U.S. Dollars		1,303,807		Mexican Pesos		28,320,000		HSBC		(21,064	)
04/13/21		Norwegian Kroner		9,512,600		Euro		870,356		JPMorgan Chase		(21,504	)
01/19/21		U.S. Dollars		370,779		South Korean Won		446,900,000		HSBC		(22,365	)
11/09/20		U.S. Dollars		1,759,622		Mexican Pesos		37,970,000		HSBC		(28,628	)
01/27/21		Turkish Lira		5,461,717		U.S. Dollars		655,000		JPMorgan Chase		(31,499	)
11/09/20		Swiss Francs		2,176,000		Euro		2,068,441		Citibank		(35,782	)
12/08/20		Czech Republic Koruna		19,950,000		U.S. Dollars		894,559		BNP		(41,454	)
03/24/21		U.S. Dollars		4,253,564		South Korean Won		4,950,000,000		Standard Chartered Bank		(102,015	)
11/09/20		Japanese Yen		327,883,800		Euro		2,830,000		Deutsche Bank		(164,490	)

Total Unrealized Depreciation												$(674,089	)

Net Unrealized Depreciation												$(222,971	)

See accompanying Notes to Financial Statements

165

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Multisector Bond Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:



Morningstar Multisector Bond Fund	Level 1		Level 2		Level 3		Totals

Investments
Assets:
Asset-Backed Securities		$ —		$ 280,873		$ —		$ 280,873
Common Stocks		254,670		4,362		—		259,032
Convertible Preferred Stocks		368,235		1,635,828		—		2,004,063
Convertible Bonds		—		2,858,829		—		2,858,829
Corporate Bonds		—		68,419,202		—		68,419,202
Foreign Government Inflation-Linked Bonds		—		1,843,287		—		1,843,287
Foreign Issuer Bonds		—		156,176,314		—		156,176,314
Term Loans		—		6,086		—		6,086
Warrants		—		—		6,038		6,038
Investment Companies		3,610,866		—		—		3,610,866
Short-Term Investments		7,611,026		9,719,481		—		17,330,507
Purchased Options		—		5,328		—		5,328

Total Investments		$11,844,797		$240,949,590		$6,038		$252,800,425




Morningstar Multisector Bond Fund	Level 1		Level 2		Level 3		Totals

Derivative Financial Instruments
Assets:
Forward foreign currency exchange contracts		$—		$ 451,118		$—		$ 451,118

Total Assets - Derivative Financial Instruments		$—		$ 451,118		$—		$ 451,118

Liabilities:
Forward foreign currency exchange contracts		$—		$(674,089)		$—		$(674,089	)

Total Liabilities - Derivative Financial Instruments		$—		$(674,089)		$—		$(674,089	)

Net Derivative Financial Instruments		$—		$(222,971)		$—		$(222,971	)

See accompanying Notes to Financial Statements

166

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar Unconstrained Allocation Fund

Par

Value

Asset-Backed Securities – 0.0%^(a)

Commercial Mortgage-Backed Securities – 0.0%^(a)

Benchmark Mortgage Trust, Series 2020-B17, Class A2, 2.21%, 3/15/53

45,000

46,713

Whole Loan – 0.0%^(a)

STACR Trust, Series 2018-HRP1, Class M2, (1M USD LIBOR + 1.65%), 1.80%, 4/25/43^(b)(c)

33,700

32,726

Total Asset-Backed Securities
(Cost $79,001)

79,439

Number
of Shares

Common Stocks – 15.8%

Advertising – 0.8%

Omnicom Group, Inc.

28,148

1,328,586

Apparel – 0.9%

Tapestry, Inc.

68,043

1,512,596

Beverages – 0.5%

Anheuser-Busch InBev S.A./N.V. (Belgium)

13,996

723,960

Commercial Services – 3.1%

Atlantia S.p.A. (Italy)*

34,780

533,892

Bureau Veritas S.A. (France)*

51,021

1,118,806

H&R Block, Inc.

113,878

1,965,534

Nielsen Holdings PLC

97,579

1,318,293

4,936,525

Computers – 0.5%

Cognizant Technology Solutions Corp., Class A

11,847

846,113

Electric – 0.7%

National Grid PLC (United Kingdom)

98,765

1,174,858

Engineering & Construction – 0.4%

Ferrovial S.A. (Spain)

30,429

659,017

Entertainment – 0.4%

International Game Technology PLC

67,603

555,021

Environmental Control – 0.9%

Stericycle, Inc.*

23,211

1,446,045

Gas – 0.5%

Snam S.p.A. (Italy)

158,956

775,083


		Number of Shares			Value

Healthcare - Products – 1.5%
EssilorLuxottica S.A. (France)*		6,212		$	766,927
Henry Schein, Inc.*		12,611			801,807
Medtronic PLC		7,723			776,702
					2,345,436

Healthcare - Services – 1.0%
Fresenius Medical Care A.G. & Co. KGaA (Germany)		12,953			989,119
MEDNAX, Inc.*		50,190			639,923
					1,629,042

Pharmaceuticals – 1.7%
CVS Health Corp.		23,888			1,339,878
McKesson Corp.		9,146			1,348,943
					2,688,821

Semiconductors – 0.5%
Intel Corp.		17,536			776,494


Software – 0.5%
Oracle Corp.		13,338			748,395


Telecommunications – 1.6%
Cisco Systems, Inc.		27,506			987,466
SES S.A. (France)		196,035			1,565,795
					2,553,261

Water – 0.3%
United Utilities Group PLC (United Kingdom)		49,123			549,138

Total Common Stocks (Cost $23,852,238)					25,248,391


		Par	^(d)
Corporate Bonds – 2.9%

Aerospace/Defense – 0.3%
Boeing (The) Co., 5.71%, 5/01/40	$	50,000			57,998
5.80%, 5/01/50		145,000			170,768
3.95%, 8/01/59		85,000			75,732
5.93%, 5/01/60		85,000			100,782
					405,280

Airlines – 0.3%
Delta Air Lines, Inc., 7.00%, 5/01/25^(b)		65,000			70,936
7.38%, 1/15/26		70,000			72,450
3.75%, 10/28/29		35,000			29,246

See accompanying Notes to Financial Statements

167

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Unconstrained Allocation Fund


	Par^(d)		Value

Airlines (Continued)
Southwest Airlines Co., 5.12%, 6/15/27	$	210,000	$	233,518
				406,150

Auto Manufacturers – 0.2%
General Motors Co., 6.80%, 10/01/27		55,000		67,519
6.25%, 10/02/43		115,000		141,456
5.95%, 4/01/49		20,000		24,421
				233,396

Banks – 0.5%
Bank of America Corp.,
(3M USD LIBOR + 3.15%), 4.08%, 3/20/51^(e)		300,000		365,930
Wells Fargo & Co.,
(3M USD LIBOR + 3.77%), 4.48%, 4/04/31^(e)		185,000		221,921
(3M USD LIBOR + 4.24%), 5.01%, 4/04/51^(e)		125,000		169,111
				756,962

Biotechnology – 0.1%
Amgen, Inc., 3.15%, 2/21/40		110,000		115,684
3.38%, 2/21/50		65,000		69,172
				184,856

Chemicals – 0.0%^(a)
LYB International Finance
III LLC, 4.20%, 5/01/50		50,000		54,498

Computers – 0.2%
Hewlett Packard
Enterprise Co., 6.20%, 10/15/35		10,000		12,369
6.35%, 10/15/45		220,000		281,520
				293,889

Electric – 0.0%^(a)
Consolidated Edison Co. of New York, Inc., 3.95%, 4/01/50		25,000		29,517

Insurance – 0.1%
Metropolitan Life Global Funding I, (SOFR + 0.57%), 0.66%, 1/13/23^(b)(c⁾		150,000		150,619
New York Life Insurance Co., 3.75%, 5/15/50^(b)		25,000		27,884
				178,503


	Par^(d)		Value

Media – 0.0%^(a)
Walt Disney (The) Co., 4.63%, 3/23/40	$	10,000	$	12,652
4.70%, 3/23/50		25,000		32,914
				45,566

Miscellaneous Manufacturing – 0.3%
3M Co., 3.70%, 4/15/50		35,000		41,475
General Electric Co., 4.35%, 5/01/50		355,000		378,213
				419,688

Oil & Gas – 0.5%
Apache Corp., 4.75%, 4/15/43		135,000		119,475
4.25%, 1/15/44		40,000		33,900
5.35%, 7/01/49		45,000		39,150
Devon Energy Corp.,
5.60%, 7/15/41		20,000		20,579
5.00%, 6/15/45		10,000		9,668
Exxon Mobil Corp., 3.45%, 4/15/51		140,000		146,667
Hess Corp., 5.60%, 2/15/41		120,000		128,510
5.80%, 4/01/47		80,000		89,204
Occidental Petroleum Corp., 6.20%, 3/15/40		30,000		24,354
6.60%, 3/15/46		45,000		37,256
4.40%, 4/15/46		120,000		80,667
4.20%, 3/15/48		65,000		42,250
4.40%, 8/15/49		50,000		33,500
				805,180

Retail – 0.0%^(a)
McDonald’s Corp.,
3.60%, 7/01/30		10,000		11,538
3.63%, 9/01/49		15,000		16,710
4.20%, 4/01/50		20,000		24,229
				52,477

Semiconductors – 0.1%
Intel Corp., 4.75%, 3/25/50		55,000		75,019
4.95%, 3/25/60		20,000		29,023
NVIDIA Corp., 3.50%, 4/01/40		25,000		28,972
3.50%, 4/01/50		40,000		46,450
				179,464

See accompanying Notes to Financial Statements

168

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Unconstrained Allocation Fund


		Par^(d)		Value

Software – 0.2%
Oracle Corp.,
3.60%, 4/01/50		$	185,000	$	203,109
3.85%, 4/01/60			165,000		187,184
					390,293

Transportation – 0.1%
FedEx Corp., 5.25%, 5/15/50			100,000		134,587
United Parcel Service, Inc., 5.20%, 4/01/40			10,000		13,606
					148,193

Total Corporate Bonds (Cost $4,278,312)					4,583,912

Foreign Issuer Bonds – 5.9%

Australia – 0.8%
Australia Government Bond,
5.75%, 7/15/22	AUD		535,000		412,251
1.75%, 6/21/51	AUD		540,000		375,704
New South Wales Treasury Corp., 4.00%, 4/08/21	AUD		125,000		89,364
Queensland Treasury Corp.,
5.50%, 6/21/21	AUD		250,000		181,830
Western Australian Treasury Corp., 7.00%, 7/15/21	AUD		245,000		180,661
					1,239,810

Belgium – 0.2%
Anheuser-Busch InBev Worldwide, Inc.,
4.50%, 6/01/50			205,000		242,164
4.60%, 6/01/60			55,000		65,725
					307,889

Brazil – 0.5%
Brazil Notas do Tesouro Nacional, Serie F,
10.00%, 1/01/23	BRL		1,330,000		253,775
10.00%, 1/01/27	BRL		1,950,000		382,890
Petrobras Global Finance B.V., 6.75%, 6/03/50			140,000		153,628
					790,293

Canada – 0.5%
Bank of Montreal, (SOFR + 0.68%), 0.77%, 3/10/23^(c)			195,000		196,351


		Par^(d)		Value

Canada (Continued)
Bank of Nova Scotia (The), (SOFR + 0.55%), 0.64%, 9/15/23^(c)		$	460,000	$	461,077
Canadian Imperial Bank of Commerce, (SOFR + 0.80%), 0.88%, 3/17/23^(c)			205,000		206,367
					863,795

Colombia – 0.6%
Colombian TES, 6.25%, 11/26/25	COP		1,138,000,000		320,278
6.00%, 4/28/28	COP		2,070,000,000		558,935
					879,213

France – 0.1%
Total Capital International S.A., 3.13%, 5/29/50			110,000		110,300

Indonesia – 0.5%
Indonesia Treasury Bond, 9.00%, 3/15/29	IDR		9,900,000,000		773,630

Malaysia – 0.6%
Malaysia Government Bond, 3.88%, 3/10/22	MYR		2,940,000		729,451
3.90%, 11/16/27	MYR		1,000,000		263,220
					992,671

Mexico – 1.6%
Mexican Bonos, 8.50%, 5/31/29	MXN		10,210,000		562,016
7.75%, 11/23/34	MXN		3,360,000		174,861
8.50%, 11/18/38	MXN		11,500,000		629,918
7.75%, 11/13/42	MXN		14,300,000		722,938
8.00%, 11/07/47	MXN		4,460,000		229,050
Petroleos Mexicanos, 6.75%, 9/21/47			60,000		46,578
7.69%, 1/23/50			310,000		257,588
					2,622,949

Poland – 0.1%
Republic of Poland Government Bond, 2.00%, 4/25/21	PLN		426,000		108,719

Russia – 0.0%^(a)
Russian Federal Bond - OFZ, 7.65%, 4/10/30	RUB		4,400,000		61,577

See accompanying Notes to Financial Statements

169

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Unconstrained Allocation Fund


		Par^(d)		Value


South Africa – 0.4%
Republic of South Africa Government Bond, 6.50%, 2/28/41	ZAR	$	7,900,000	$	297,645
8.75%, 2/28/48	ZAR		8,200,000		382,896
					680,541

Total Foreign Issuer Bonds (Cost $9,353,048)					9,431,387


U.S. Government Obligations – 4.2%

U.S. Treasury Floating Rate Notes – 4.2%
(3M US Treasury MMY + 0.30%), 0.39%, 10/31/21^(c)			1,830,000		1,835,193
(3M US Treasury MMY + 0.15%), 0.25%, 1/31/22^(c)			3,295,000		3,299,892
(3M US Treasury MMY + 0.11%), 0.21%, 4/30/22^(c)			1,175,000		1,176,231
(3M US Treasury MMY + 0.06%), 0.15%, 7/31/22^(c)			325,000		324,986
					6,636,302

Total U.S. Government Obligations (Cost $6,627,978)					6,636,302


		Number of Shares


Investment Companies – 67.1%
Invesco KBW Bank ETF			121,939		4,842,198
iShares Broad USD High Yield Corporate Bond ETF			86,625		3,423,420
iShares Core DAX UCITS ETF DE (Germany)*	EUR		58,165		6,671,220
iShares Global Energy ETF			452,336		7,038,348
iShares MSCI Europe
Financials ETF			362,624		4,804,768
iShares MSCI Mexico ETF			92,332		3,154,061


		Number of Shares		Value


iShares MSCI South Korea ETF			98,394	$	6,385,771
iShares MSCI United Kingdom ETF			451,122		10,980,310
iShares STOXX Europe 600 Telecommunications UCITS ETF DE (Germany)	EUR		202,389		4,049,538
JPMorgan BetaBuilders Japan ETF			812,225		19,753,312
Schwab Fundamental Emerging Markets Large Company Index ETF			268,554		6,305,648
Schwab U.S. TIPS ETF			69,667		4,253,170
Vanguard Consumer Staples ETF			29,974		4,781,452
Vanguard Long-Term Corporate Bond ETF			23,035		2,434,339
Vanguard Long-Term Treasury ETF			90,360		8,696,246
Vanguard Small-Cap ETF			20,402		3,205,358
Vanguard Total Stock Market ETF			38,064		6,356,307

Total Investment Companies (Cost $98,197,430)					107,135,466


Short-Term Investments – 4.3%

Money Market Fund – 4.3%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%^(f)			6,860,190		6,860,190

Total Short-Term Investments (Cost $6,860,190)					6,860,190

Total Investments – 100.2% (Cost $149,248,197)					159,975,087

Liabilities less Other Assets – (0.2)%^(g)					(272,863	)

NET ASSETS – 100.0%				$	159,702,224

Percentages shown are based on Net Assets.

All securities are United States companies, unless noted otherwise in parentheses.

^(a)	Amount rounds to less than 0.05%.

^(b)

^(c)	Variable rate security. Rate as of October 31, 2020 is disclosed.

^(d)	Par value is in USD unless otherwise indicated.

^(e)	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of October 31, 2020 is disclosed.

^(f)	7-day current yield as of October 31, 2020 is disclosed.

^(g)	Includes appreciation/ (depreciation) on forward foreign currency exchange contracts and futures contracts.

See accompanying Notes to Financial Statements

170

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Unconstrained Allocation Fund

*	Non-Income Producing Security


Abbreviations:
1M		1 Month
3M		3 Month
AUD		Australian Dollar
BRL		Brazilian Real
BTP		Buoni del Tesoro Poliennali
COP		Colombian Peso
DAX		Deutscher Aktienindex
ETF		Exchange-Traded Fund
EUR		Euro
IDR		Indonesian Rupiah
LIBOR		London Interbank Offered Rate
LLC		Limited Liability Company
MMY		Money Market Yield
MSCI		Morgan Stanley Capital International
MXN		Mexican Peso
MYR		Malaysian Ringgit
PLC		Public Limited Company
PLN		Polish Zloty
RUB		Russian Ruble
SOFR		United States Secured Overnight Financing Rate
TIPS		Treasury Inflation Protected Securities
UCITS		Undertakings for Collective Investment in Transferable Securities
USD		United States Dollar
ZAR		South African Rand

Futures Contracts outstanding at October 31, 2020:

Exchange Traded

Description

Number of
Contracts

Expiration
Date

Trading
Currency

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro-BTP

12/08/2020

EUR

1,742,200

45,853

Short Contracts

U.S. Ultra Bond

)

12/21/2020

USD

1,505,000

27,394

73,247

Forward Foreign Currency Exchange Contracts outstanding at October 31, 2020:

Expiration

Date

Currency
Purchased

Amount
of Currency
Purchased

Currency

Sold

Amount
of Currency
Sold

Counterparty

Unrealized
Appreciation
(Depreciation)

11/05/20

Mexican Pesos

30,900,000

U.S. Dollars

1,403,802

Citibank

52,134

11/25/20

U.S. Dollars

853,456

Australian Dollars

1,190,000

JPMorgan Chase

16,896

11/25/20

U.S. Dollars

304,754

Australian Dollars

420,000

HSBC

9,497

12/11/20

South Korean Won

260,000,000

U.S. Dollars

219,446

HSBC

9,222

See accompanying Notes to Financial Statements

171

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Unconstrained Allocation Fund


Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)
01/22/21		South Korean Won		850,000,000		U.S. Dollars		739,470		Citibank		$ 8,283
11/17/20		U.S. Dollars		294,873		Russian Rubles		23,000,000		Citibank		5,909
01/28/21		Japanese Yen		273,000,000		U.S. Dollars		2,605,596		Citibank		5,472
01/29/21		Chilean Pesos		110,000,000		U.S. Dollars		139,896		HSBC		2,362
11/20/20		Chilean Pesos		740,000,000		U.S. Dollars		954,543		HSBC		2,275
11/25/20		U.S. Dollars		86,026		Australian Dollars		120,000		Citibank		1,667
02/03/21		Mexican Pesos		6,500,000		U.S. Dollars		301,568		Citibank		1,593
01/29/21		U.S. Dollars		175,122		Polish Zloty		690,000		Citibank		776
01/29/21		Polish Zloty		360,000		U.S. Dollars		90,819		Citibank		145

Total Unrealized Appreciation												$116,231

01/20/21		Czech Republic Koruna		8,800,000		U.S. Dollars		377,334		JPMorgan Chase		$ (576	)
11/04/20		U.S. Dollars		177,656		New Zealand Dollars		270,000		JPMorgan Chase		(869	)
11/04/20		New Zealand Dollars		270,000		U.S. Dollars		179,537		JPMorgan Chase		(1,012	)
11/20/20		U.S. Dollars		827,970		British Pounds		640,000		HSBC		(1,253	)
01/15/21		South Korean Won		360,000,000		U.S. Dollars		318,514		Citibank		(1,815	)
01/14/21		Brazilian Reals		1,190,000		U.S. Dollars		212,648		HSBC		(5,812	)
01/29/21		Hungarian Forints		120,000,000		U.S. Dollars		388,004		HSBC		(7,443	)
11/25/20		Australian Dollars		900,000		U.S. Dollars		641,614		HSBC		(8,921	)
11/18/20		Hungarian Forints		140,000,000		U.S. Dollars		471,452		HSBC		(27,083	)
11/19/20		Czech Republic Koruna		10,200,000		U.S. Dollars		465,063		JPMorgan Chase		(29,067	)
11/20/20		British Pounds		1,310,000		U.S. Dollars		1,728,182		HSBC		(30,868	)
11/13/20		U.S. Dollars		616,921		South African Rand		10,900,000		HSBC		(51,854	)
11/17/20		Russian Rubles		56,000,000		U.S. Dollars		756,332		Citibank		(52,767	)
12/08/20		British Pounds		1,780,000		U.S. Dollars		2,367,747		Citibank		(61,116	)
11/05/20		U.S. Dollars		1,368,558		Mexican Pesos		30,900,000		Citibank		(87,377	)

Total Unrealized Depreciation												$(367,833	)

Net Unrealized Depreciation												$(251,602	)

See accompanying Notes to Financial Statements

172

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Unconstrained Allocation Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:



Morningstar Unconstrained Allocation Fund	Level 1		Level 2			Level 3		Totals

Investments
Assets:
Asset-Backed Securities		$ —		$ 79,439			$—		$ 79,439
Common Stocks		16,391,796		8,856,595			—		25,248,391
Corporate Bonds		—		4,583,912			—		4,583,912
Foreign Issuer Bonds		—		9,431,387			—		9,431,387
U.S. Government Obligations		—		6,636,302			—		6,636,302
Investment Companies		107,135,466		—			—		107,135,466
Short-Term Investments		6,860,190		—			—		6,860,190

Total Investments		$130,387,452		$29,587,635			$—		$159,975,087




Morningstar Unconstrained Allocation Fund	Level 1		Level 2			Level 3		Totals

Derivative Financial Instruments
Assets:
Futures contracts		$73,247		$ —			$—		$ 73,247
Forward foreign currency exchange contracts		—		116,231			—		116,231

Total Assets - Derivative Financial Instruments		$73,247		$ 116,231			$—		$ 189,478

Liabilities:
Forward foreign currency exchange contracts		$ —		$(367,833	)		$—		$(367,833	)

Total Liabilities - Derivative Financial Instruments		$ —		$(367,833	)		$—		$(367,833	)

Net Derivative Financial Instruments		$73,247		$(251,602	)		$—		$(178,355	)

See accompanying Notes to Financial Statements

173

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments

Morningstar Alternatives Fund


	Par^(a)		Value
Long Positions – 109.4%
Asset-Backed Securities – 8.8%

Automobile – 3.1%
AmeriCredit Automobile Receivables Trust, Series 2016-3, Class D, 2.71%, 9/08/22	$	500,000	$	505,771
Drive Auto Receivables Trust, Series 2017-3, Class D, 3.53%, 12/15/23^(b)		361,524		367,084
Series 2018-2, Class C, 3.63%, 8/15/24		59,281		59,482
Series 2019-1, Class D, 4.09%, 6/15/26		700,000		733,795
Series 2019-4, Class B, 2.23%, 1/16/24		500,000		506,627
Series 2020-1, Class A3, 2.02%, 11/15/23		135,000		136,587
Series 2020-2, Class A2A, 0.85%, 7/17/23		354,730		355,343
Series 2020-2, Class A3, 0.83%, 5/15/24		240,000		241,040
Series 2020-2, Class D, 3.05%, 5/15/28		290,000		301,819
Santander Drive Auto Receivables Trust, Series 2019-1, Class C, 3.42%, 4/15/25		1,000,000		1,022,142
Series 2019-1, Class D, 3.65%, 4/15/25		700,000		727,671
Series 2019-3, Class B, 2.28%, 9/15/23		500,000		505,607
Series 2020-2, Class B, 0.96%, 11/15/24		110,000		110,442
Westlake Automobile Receivables Trust, Series 2018-3A, Class C, 3.61%, 10/16/23^(b)		165,000		167,248
Series 2019-1A, Class C, 3.45%, 3/15/24^(b)		500,000		511,415
Series 2020-2A, Class B, 1.32%, 7/15/25^(b)		260,000		262,909
Series 2020-3A, Class B, 0.78%, 11/17/25^(b)		510,000		509,986
				7,024,968

Other – 1.1%
Conn’s Receivables Funding LLC, Series 2020-A, Class A, 1.71%, 6/16/25^(b)		580,000		580,367
Enva LLC, Series 2019-A, Class A, 3.96%, 6/22/26^(b)		156,696		157,054


	Par^(a)		Value

Other (Continued)
Marlette Funding Trust, Series 2018-4A, Class A, 3.71%, 12/15/28^(b)	$	268,127	$	269,814
Series 2020-2A, Class A, 1.02%, 9/16/30^(b)		494,556		495,433
Prosper Marketplace Issuance Trust, Series 2019-2A, Class A, 3.20%, 9/15/25^(b)		23,636		23,654
Series 2019-3A, Class A, 3.19%, 7/15/25^(b)		241,835		243,085
Upstart Securitization Trust, Series 2019-3, Class A, 2.68%, 1/21/30^(b)		383,619		386,627
Series 2020-1, Class A, 2.32%, 4/22/30^(b)		210,992		212,519
				2,368,553

Whole Loan – 4.6%
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1M2, (1M USD LIBOR + 2.40%), 2.55%, 4/25/31^(b)(c)		418,923		416,599
Series 2019-R01, Class 2M2, (1M USD LIBOR + 2.45%), 2.60%, 7/25/31^(b)(c)		62,548		61,999
Series 2019-R02, Class 1M2, (1M USD LIBOR + 2.30%, 2.30% Floor), 2.45%, 8/25/31^(b)(c)		431,538		428,827
Series 2019-R04, Class 2M2, (1M USD LIBOR + 2.10%), 2.25%, 6/25/39^(b)(c)		572,306		567,460
Series 2019-R05, Class 1M2, (1M USD LIBOR + 2.00%), 2.15%, 7/25/39^(b)(c)		483,993		482,065
Series 2019-R06, Class 2M2, (1M USD LIBOR + 2.10%), 2.25%, 9/25/39^(b)(c)		747,633		739,773
Series 2019-R07, Class 1M2, (1M USD LIBOR + 2.10%), 2.25%, 10/25/39^(b)(c)		665,593		659,692
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class B1, (1M USD LIBOR + 4.95%, 4.95% Floor), 5.10%, 7/25/29^(c)		250,000		255,622

See accompanying Notes to Financial Statements

174

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value

Whole Loan (Continued)
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class B1, (1M USD LIBOR + 4.45%), 4.60%, 3/25/30^(c)	$	300,000	$	295,502
Series 2018-DNA1, Class B1, (1M USD LIBOR + 3.15%), 3.30%, 7/25/30^(c)		300,000		269,260
FNMA Connecticut Avenue Securities,
Series 2017-C01, Class 1B1, (1M USD LIBOR + 5.75%), 5.90%, 7/25/29^(c)		245,000		251,753
Series 2017-C02, Class 2B1, (1M USD LIBOR + 5.50%), 5.65%, 9/25/29^(c)		350,000		360,621
Series 2017-C03, Class 1B1, (1M USD LIBOR + 4.85%), 5.00%, 10/25/29^(c)		85,000		85,424
Series 2017-C04, Class 2B1, (1M USD LIBOR + 5.05%), 5.20%, 11/25/29^(c)		250,000		251,480
Series 2017-C05, Class 1B1, (1M USD LIBOR + 3.60%, 3.60% Floor), 3.75%, 1/25/30^(c)		150,000		140,996
Series 2018-C01, Class 1B1, (1M USD LIBOR + 3.55%, 3.55% Floor), 3.70%, 7/25/30^(c)		308,000		284,857
Series 2018-C02, Class 2B1, (1M USD LIBOR + 4.00%, 4.00% Floor), 4.15%, 8/25/30^(c)		325,000		300,580
Series 2018-C04, Class 2M2, (1M USD LIBOR + 2.55%, 2.55% Floor), 2.70%, 12/25/30^(c)		368,152		361,003
Series 2018-C06, Class 2M2, (1M USD LIBOR + 2.10%, 2.10% Floor), 2.25%, 3/25/31^(c)		346,730		338,349
Freddie Mac STACR, Series 2019-HQA3, Class M2, (1M USD LIBOR + 1.85%), 2.00%, 9/25/49^(b)(c)		354,613		347,370
Freddie Mac STACR REMIC Trust, Series 2019-HQA4, Class M2, (1M USD LIBOR + 2.05%), 2.20%, 11/25/49^(b)(c)		564,497		560,353


	Par^(a)		Value

Whole Loan (Continued)
Freddie Mac STACR REMIC Trust, Series 2020-DNA4, Class M1, (1M USD LIBOR + 1.50%), 1.65%, 8/25/50^(b)(c)	$	470,000	$	471,636
Series 2020-DNA5, Class M1, (30D Average SOFR + 1.30%), 1.39%, 10/25/50^(b)(c)		430,000		430,002
Series 2020-HQA1, Class M2, (1M USD LIBOR + 1.90%), 2.05%, 1/25/50^(b)(c)		140,000		137,152
Series 2020-HQA3, Class M1, (1M USD LIBOR + 1.55%), 1.70%, 7/25/50^(b)(c)		580,000		580,550
Freddie Mac STACR Trust, Series 2019-DNA4, Class M2, (1M USD LIBOR + 1.95%), 2.10%, 10/25/49^(b)(c)		671,833		666,168
Series 2019-HQA1, Class M2, (1M USD LIBOR + 2.35%), 2.50%, 2/25/49^(b)(c)		542,940		533,369
				10,278,462
Total Asset-Backed Securities (Cost $19,622,222)				19,671,983

	Number of Shares
Common Stocks – 22.7%
Aerospace/Defense – 0.0%^(d)
Lockheed Martin Corp.		238		83,331

Auto Manufacturers – 0.2%
Fiat Chrysler Automobiles N.V. (United Kingdom)*		37,590		461,140

Auto Parts & Equipment – 0.0%^(d)
BorgWarner, Inc.		1		19

Banks – 0.3%
CIT Group, Inc.		19,681		579,606
Morgan Stanley		1		39
				579,645

Beverages – 0.0%^(d)
PepsiCo, Inc.		561		74,776

Biotechnology – 0.1%
Amgen, Inc.		676		146,651

See accompanying Notes to Financial Statements

175

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Number of Shares		Value

Chemicals – 0.0%^(d)
International Flavors & Fragrances, Inc.		775	$	79,562

Commercial Services – 0.4%
Automatic Data Processing, Inc.		987		155,906
Devoteam S.A. (France)^(e)*		3,333		378,610
Worldline S.A. (France)^(b)*		4,239		314,021
				848,537

Computers – 0.6%
Amdocs Ltd.		2,740		154,480
International Business Machines Corp.		1,331		148,620
Seagate Technology PLC		3,010		143,938
Virtusa Corp.^(f)*		19,887		1,000,316
				1,447,354

Cosmetics/Personal Care – 0.4%
Colgate-Palmolive Co.		1,956		154,309
Procter & Gamble (The) Co.		1,096		150,261
Unilever N.V. (United Kingdom)^(g)		10,207		577,308
				881,878

Diversified Financial Services – 1.7%
Charles Schwab (The) Corp.		1		29
Eaton Vance Corp.^(f)		49,972		2,987,826
Genworth MI Canada, Inc. (Canada)		11,011		365,298
Houlihan Lokey, Inc.		2,467		154,681
Virtu Financial, Inc. Class A		6,960		148,805
Western Union (The) Co.		7,211		140,182
				3,796,821

Electric – 1.6%
Alliant Energy Corp.		1,396		77,171
Ameren Corp.		1,901		154,209
American Electric Power Co., Inc.		1,722		154,859
Avangrid, Inc.		2,077		102,479
CMS Energy Corp.		2,402		152,119
Consolidated Edison, Inc.		1,938		152,114
Dominion Energy, Inc.		1,926		154,735
Eversource Energy		912		79,590
IDACORP, Inc.		453		39,742
PNM Resources, Inc.		45,649		2,282,450
WEC Energy Group, Inc.		1,552		156,054
Xcel Energy, Inc.		2,183		152,875
				3,658,397

Electronics – 0.0%^(d)
Garmin Ltd.		662		68,861


	Number of Shares		Value

Entertainment – 0.4%
William Hill PLC (United Kingdom)*		225,638	$	801,349

Food – 0.4%
Campbell Soup Co.		3,276		152,891
Conagra Brands, Inc.		2,096		73,549
Flowers Foods, Inc.		6,440		151,855
General Mills, Inc.		2,555		151,051
JM Smucker (The) Co.		1,369		153,602
Kellogg Co.		2,357		148,232
Kroger (The) Co.		4,686		150,936
				982,116

Forest Products & Paper – 0.1%
Ahlstrom-Munksjo OYJ (Finland)		11,239		235,313

Gas – 0.1%
Atmos Energy Corp.		1,657		151,897

Hand/Machine Tools – 0.1%
IMA Industria Macchine Automatiche S.p.A. (Italy)*		2,787		219,259

Healthcare - Products – 2.0%
Medtronic PLC		1,431		143,916
Varian Medical Systems, Inc.*		14,714		2,542,579
Wright Medical Group N.V.*		58,407		1,786,670
				4,473,165

Healthcare - Services – 0.0%^(d)
American Renal Associates Holdings, Inc.*		9		103

Holding Companies - Diversified – 0.0%^(d)
Cerberus Telecom Acquisition Corp.*		6,719		66,518
Conx Corp.*		4,186		41,525
				108,043

Household Products/Wares – 0.1%
Kimberly-Clark Corp.		1,052		139,485

Insurance – 2.7%
Hastings Group Holdings PLC (United Kingdom)^(b)		52,974		171,173
National General Holdings Corp.^(f)		74,185		2,520,064
TOWER Ltd. (New Zealand)*		192,415		72,475

See accompanying Notes to Financial Statements

176

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Number of Shares		Value

Insurance (Continued)
Watford Holdings Ltd.*		24,234	$	872,424
Willis Towers Watson PLC^(f)		12,926		2,358,737
				5,994,873

Internet – 0.6%
Grubhub, Inc.^(f)*		17,604		1,301,992

Media – 0.1%
Comcast Corp., Class A		3,528		149,023

Mining – 0.1%
KAZ Minerals PLC (Kazakhstan)		8,292		67,656
Southern Copper Corp. (Peru)		3,171		165,970
				233,626

Miscellaneous Manufacturing – 0.1%
3M Co.		914		146,203

Oil & Gas – 0.8%
Chevron Corp.		1		54
Concho Resources, Inc.		24,118		1,001,138
Parsley Energy, Inc., Class A		23,241		232,643
WPX Energy, Inc.^(f)*		148,672		685,378
				1,919,213

Packaging & Containers – 0.1%
Packaging Corp. of America		1,270		145,402
Sonoco Products Co.		1,082		52,899
				198,301

Pharmaceuticals – 1.5%
AbbVie, Inc.		1,854		157,775

BioSpecifics
Technologies Corp.*		5,778		509,042
CVS Health Corp.		2,628		147,404
Johnson & Johnson		1,080		148,079
Merck & Co., Inc.		1,995		150,044
MyoKardia, Inc.*		9,241		2,065,641
Pfizer, Inc.		4,166		147,810
				3,325,795

Real Estate – 0.1%
McCarthy & Stone PLC (United Kingdom)^(b)*		125,264		190,516

Real Estate Investment Trusts – 0.9%
Front Yard Residential Corp.^(f)		50,590		677,400
iStar, Inc.		27,237		321,396


	Number of Shares		Value

Real Estate Investment Trusts (Continued)
Public Storage		670	$	153,477
Taubman Centers, Inc.^(f)		25,947		867,149
				2,019,422

Retail – 1.5%
BMC Stock Holdings, Inc.^(f)*		19,471		770,857
MSC Industrial Direct Co., Inc., Class A		582		40,542
Target Corp.		947		144,152
Tiffany & Co.		18,008		2,356,167
				3,311,718

Semiconductors – 1.6%
Analog Devices, Inc.		1,195		141,643
Inphi Corp.*		1,264		176,657
Intel Corp.		2,923		129,431
Maxim Integrated Products, Inc.^(f)		31,702		2,208,044
Texas Instruments, Inc.		1,035		149,651
Xilinx, Inc.		7,361		873,677
				3,679,103

Software – 0.3%
MobileIron, Inc.*		88,833		625,384
NetEnt AB (Sweden)*		10,384		98,485
				723,869

Telecommunications – 3.6%
Acacia Communications, Inc.^(f)*		41,284		2,796,578
Altice Europe N.V. (Netherlands)*		13,970		68,686
Cincinnati Bell, Inc.^(f)*		63,867		961,198
GCI Liberty, Inc., Class A^(f)*		26,972		2,190,935
Gilat Satellite Networks Ltd. (Israel)^(f)*		24,441		146,402
Juniper Networks, Inc.		7,119		140,387
PLAY Communications S.A. (Poland)^(b)		66,103		648,543
Sunrise Communications Group A.G. (Switzerland)*		8,108		971,775
Verizon Communications, Inc.		2,728		155,469
				8,079,973

Transportation – 0.2%
C.H. Robinson Worldwide, Inc.		1,554		137,420

See accompanying Notes to Financial Statements

177

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Number of Shares		Value


Transportation (Continued)
Union Pacific Corp.		755	$	133,779
United Parcel Service, Inc., Class B		893		140,299
				411,498



Total Common Stocks (Cost $51,128,833)				50,922,827



Convertible Preferred Stocks – 2.0%
Auto Parts & Equipment – 0.1%
Aptiv PLC, 5.50%		2,745		330,498


Chemicals – 0.4%
International Flavors & Fragrances, Inc., 6.00%		2,777		107,303
Lyondellbasell Advanced Polymers, Inc., 6.00%		669		686,394
				793,697


Computers – 0.2%
NCR Corp., 5.50%^(h)		380		358,378


Diversified Financial Services – 0.7%
AMG Capital Trust II, 5.15%^(f)		21,379		1,009,089
Cowen, Inc., 5.63%^(f)		723		569,637
				1,578,726


Electronics – 0.3%
Fortive Corp., 5.00%		347		320,743
II-VI, Inc., 6.00%		1,277		265,718
				586,461


Savings & Loans – 0.3%
New York Community Capital Trust V, 6.00%		16,768		732,595

Total Convertible Preferred Stocks (Cost $4,414,743)				4,380,355


	Par^(a)



Convertible Bonds – 25.8%
Aerospace/Defense – 0.2%
Kaman Corp., 3.25%, 5/01/24^(f)	$	353,000		349,516


Airlines – 0.6%
Copa Holdings S.A., 4.50%, 4/15/25^(b)(f)		405,000		470,209
Southwest Airlines Co., 1.25%, 5/01/25^(f)		608,000		817,760
				1,287,969


	Par^(a)		Value



Apparel – 0.1%
Under Armour, Inc., 1.50%, 6/01/24^(b)(f)	$	167,000	$	239,424


Auto Parts & Equipment – 0.2%
Meritor, Inc., 3.25%, 10/15/37^(f)		346,000		375,566


Biotechnology – 2.7%
Apellis Pharmaceuticals, Inc., 3.50%, 9/15/26^(f)		314,000		345,664
Exact Sciences Corp., 0.38%, 3/15/27^(f)		620,000		813,750
Gossamer Bio, Inc., 5.00%, 6/01/27^(f)		322,000		260,724
Halozyme Therapeutics, Inc., 1.25%, 12/01/24^(b)(f)		571,000		757,681
Innoviva, Inc., 2.13%, 1/15/23^(f)		558,000		536,825
Insmed, Inc., 1.75%, 1/15/25^(f)		495,000		544,720
Ionis Pharmaceuticals, Inc., 0.13%, 12/15/24^(b)(f)		558,000		515,582
Ligand Pharmaceuticals, Inc., 0.75%, 5/15/23^(f)		796,000		723,840
Novavax, Inc., 3.75%, 2/01/23^(f)		247,000		265,570
Radius Health, Inc., 3.00%, 9/01/24^(f)		806,000		671,276
Retrophin, Inc., 2.50%, 9/15/25^(f)		476,000		418,151
Theravance Biopharma, Inc., 3.25%, 11/01/23^(f)		322,000		301,432
				6,155,215


Commercial Services – 0.7%
2U, Inc., 2.25%, 5/01/25^(b)(f)		251,000		380,346
FTI Consulting, Inc., 2.00%, 8/15/23^(f)		520,000		613,080
K12, Inc., 1.13%, 9/01/27^(b)(f)		263,000		215,226
Sabre GLBL, Inc., 4.00%, 4/15/25^(b)(f)		403,000		474,280
				1,682,932


Computers – 0.3%
Lumentum Holdings, Inc., 0.50%, 12/15/26^(b)(f)		619,000		696,189


Diversified Financial Services – 0.7%
Encore Capital Europe Finance Ltd., 4.50%, 9/01/23^(f)		400,000		393,923

See accompanying Notes to Financial Statements

178

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value



Diversified Financial Services (Continued)
Encore Capital Group, Inc., 2.88%, 3/15/21^(f)	$	339,000	$	333,492
PRA Group, Inc., 3.50%, 6/01/23^(f)		589,000		595,523
WisdomTree Investments, Inc., 4.25%, 6/15/23^(b)(f)		235,000		232,009
				1,554,947


Electric – 0.3%
NRG Energy, Inc., 2.75%, 6/01/48^(f)		651,000		677,040

Electronics – 0.9%
II-VI, Inc., 0.25%, 9/01/22^(f)		560,000		669,175
Knowles Corp., 3.25%, 11/01/21^(f)		357,000		371,305
OSI Systems, Inc., 1.25%, 9/01/22^(f)		696,000		703,826
Vishay Intertechnology, Inc., 2.25%, 6/15/25^(f)		389,000		380,004
				2,124,310

Energy - Alternate Sources – 1.0%
Canadian Solar, Inc., 2.50%, 10/01/25^(b)(f)		157,000		189,121
Enphase Energy, Inc., 0.25%, 3/01/25^(b)(f)		693,000		985,986
SunPower Corp., 4.00%, 1/15/23^(f)		1,031,000		1,083,195
				2,258,302

Engineering & Construction – 0.3%
Granite Construction, Inc., 2.75%, 11/01/24^(b)(f)		710,000		587,525
Entertainment – 0.5%
Cinemark Holdings, Inc., 4.50%, 8/15/25^(b)(f)		560,000		483,370
Penn National Gaming, Inc., 2.75%, 5/15/26^(f)		258,000		633,906
				1,117,276

Food – 0.2%
Chefs’ Warehouse (The), Inc., 1.88%, 12/01/24^(b)(f)		636,000		483,368

Healthcare - Products – 0.4%
LivaNova USA, Inc., 3.00%, 12/15/25^(b)(f)		350,000		386,201


	Par^(a)		Value


Healthcare - Products (Continued)
NanoString Technologies, Inc., 2.63%, 3/01/25^(b)(f)	$	356,000	$	383,815
Varex Imaging Corp., 4.00%, 6/01/25^(b)(f)		84,000		79,583
				849,599

Home Builders – 0.2%
Winnebago Industries, Inc., 1.50%, 4/01/25^(b)(f)		502,000		516,458

Insurance – 0.6%
MGIC Investment Corp., 9.00%, 4/01/63^(b)		1,019,000		1,311,962

Internet – 2.9%
Boingo Wireless, Inc., 1.00%, 10/01/23^(f)		557,000		484,423
Farfetch Ltd., 3.75%, 5/01/27^(b)(f)		270,000		538,774
FireEye, Inc., 1.63%, 6/01/35		18,000		17,551
JOYY, Inc., 1.38%, 6/15/26^(f)		760,000		873,335
Match Group Financeco 3, Inc., 2.00%, 1/15/30^(b)(f)		714,000		1,138,709
Momo, Inc., 1.25%, 7/01/25^(f)		878,000		708,985
Palo Alto Networks, Inc., 0.75%, 7/01/23^(f)		568,000		608,973
Perficient, Inc.,
2.38%, 9/15/23^(f)		157,000		193,441
1.25%, 8/01/25^(b)		187,000		191,993
Q2 Holdings, Inc., 0.75%, 6/01/26^(f)		500,000		617,812
Weibo Corp., 1.25%, 11/15/22^(f)		178,000		171,993
Zillow Group, Inc., 2.75%, 5/15/25^(f)		642,000		1,006,545
				6,552,534

Investment Management Companies – 0.3%
New Mountain Finance Corp., 5.75%, 8/15/23^(f)		666,000		666,807

Leisure Time – 1.1%
Callaway Golf Co., 2.75%, 5/01/26^(b)(f)		337,000		402,294
NCL Corp. Ltd., 6.00%, 5/15/24^(b)(f)		864,000		1,221,642
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23^(b)(f)		548,000		567,698
2.88%, 11/15/23^(b)		350,000		330,566
				2,522,200

See accompanying Notes to Financial Statements

179

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Lodging – 0.3%
Huazhu Group Ltd., 3.00%, 5/01/26^(b)(f)	$	339,000	$	390,491
Marcus (The) Corp., 5.00%, 9/15/25^(b)(f)		351,000		335,009
				725,500

Machinery - Construction & Mining – 0.1%
Bloom Energy Corp., 2.50%, 8/15/25^(b)(f)		234,000		251,901

Machinery - Diversified – 0.2%
Middleby (The) Corp., 1.00%, 9/01/25^(b)(f)		373,000		382,791

Media – 0.1%
Liberty Interactive LLC, 3.50%, 1/15/31^(f)		220,386		183,246

Mining – 0.1%
First Majestic Silver Corp., 1.88%, 3/01/23^(f)		240,000		302,328

Oil & Gas Services – 0.2%
Helix Energy Solutions Group, Inc.,
4.13%, 9/15/23^(f)		273,000		260,230
6.75%, 2/15/26		344,000		272,073
				532,303

Pharmaceuticals – 0.9%
Coherus Biosciences, Inc., 1.50%, 4/15/26^(b)(f)		254,000		283,191
Flexion Therapeutics, Inc., 3.38%, 5/01/24^(f)		395,000		329,315
Jazz Investments I Ltd.,
1.50%, 8/15/24^(f)		719,000		733,755
2.00%, 6/15/26^(b)		201,000		240,450
Zogenix, Inc., 2.75%, 10/01/27^(b)(f)		350,000		394,625
				1,981,336

Pipelines – 0.3%
Cheniere Energy, Inc., 4.25%, 3/15/45^(f)		1,056,000		778,446

Real Estate Investment Trusts – 4.1%
Apollo Commercial Real Estate Finance, Inc.,
4.75%, 8/23/22		522,000		491,985
5.38%, 10/15/23		1,073,000		950,400
Arbor Realty Trust, Inc., 4.75%, 11/01/22^(b)		979,000		921,484
Blackstone Mortgage Trust, Inc., 4.75%, 3/15/23		650,000		622,493


	Par^(a)		Value


Real Estate Investment Trusts (Continued)
Granite Point Mortgage Trust, Inc.,
5.63%, 12/01/22^(b)	$	972,000	$	924,526
6.38%, 10/01/23		418,000		375,416
iStar, Inc., 3.13%, 9/15/22^(f)		335,000		355,519
KKR Real Estate Finance Trust, Inc., 6.13%, 5/15/23		694,000		680,120
MFA Financial, Inc., 6.25%, 6/15/24		912,000		854,482
New York Mortgage Trust, Inc., 6.25%, 1/15/22		644,000		616,630
PennyMac Corp., 5.50%, 11/01/24^(b)		1,085,000		1,001,396
Redwood Trust, Inc., 4.75%, 8/15/23		359,000		329,068
Two Harbors Investment Corp., 6.25%, 1/15/22^(f)		664,000		660,265
Western Asset Mortgage Capital Corp., 6.75%, 10/01/22		491,000		393,046
				9,176,830

Retail – 1.4%
American Eagle Outfitters, Inc., 3.75%, 4/15/25^(b)(f)		716,000		1,255,922
Bloomin’ Brands, Inc., 5.00%, 5/01/25^(b)(f)		864,000		1,226,157
Burlington Stores, Inc., 2.25%, 4/15/25^(b)(f)		306,000		350,209
National Vision Holdings, Inc., 2.50%, 5/15/25^(b)(f)		271,000		398,266
				3,230,554

Semiconductors – 0.2%
Cree, Inc., 0.88%, 9/01/23^(f)		301,000		375,282

Software – 2.6%
Avaya Holdings Corp., 2.25%, 6/15/23^(f)		334,000		326,034
Bilibili, Inc., 1.25%, 6/15/27^(b)(f)		335,000		427,685
Cerence, Inc., 3.00%, 6/01/25^(b)(f)		151,000		250,822
Envestnet, Inc., 1.75%, 6/01/23^(f)		477,000		604,587
Everbridge, Inc., 0.13%, 12/15/24^(b)(f)		231,000		270,414
Health Catalyst, Inc., 2.50%, 4/15/25^(b)(f)		157,000		208,831

See accompanying Notes to Financial Statements

180

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Software (Continued)
i3 Verticals LLC, 1.00%, 2/15/25^(b)(f)	$	598,000	$	479,521
j2 Global, Inc., 1.75%, 11/01/26^(b)(f)		826,000		738,844
New Relic, Inc., 0.50%, 5/01/23^(f)		718,000		691,184
Nuance Communications, Inc., 1.00%, 12/15/35^(f)		397,000		563,666
Splunk, Inc., 1.13%, 6/15/27^(b)(f)		167,000		183,808
Tabula Rasa HealthCare, Inc., 1.75%, 2/15/26^(b)(f)		458,000		399,605
Workiva, Inc., 1.13%, 8/15/26^(f)		606,000		599,826
				5,744,827

Telecommunications – 0.4%
Infinera Corp., 2.13%, 9/01/24^(f)		365,000		341,222
Vonage Holdings Corp., 1.75%, 6/01/24^(f)		514,000		501,088
				842,310

Transportation – 0.7%
Air Transport Services Group, Inc., 1.13%, 10/15/24^(f)		501,000		552,119
SEACOR Holdings, Inc., 3.25%, 5/15/30^(f)		894,000		669,618
SFL Corp. Ltd., 4.88%, 5/01/23^(f)		336,000		280,350
				1,502,087

Total Convertible Bonds (Cost $52,341,006)				58,018,880

Corporate Bonds – 15.7%
Aerospace/Defense – 0.2%
Boeing (The) Co.,
4.51%, 5/01/23		100,000		105,935
4.88%, 5/01/25		15,000		16,312
Signature Aviation U.S. Holdings, Inc., 4.00%, 3/01/28^(b)		75,000		72,529
Spirit AeroSystems, Inc., 5.50%, 1/15/25^(b)		10,000		10,175
TransDigm, Inc.,
6.25%, 3/15/26^(b)		100,000		104,249
5.50%, 11/15/27		75,000		73,219
				382,419

Agriculture – 0.2%
Altria Group, Inc., 3.80%, 2/14/24		100,000		108,818


	Par^(a)		Value


Agriculture (Continued)
Altria Group, Inc., 2.35%, 5/06/25	$	180,000	$	189,829
Bunge Ltd. Finance Corp., 1.63%, 8/17/25		50,000		50,300
Darling Ingredients, Inc., 5.25%, 4/15/27^(b)		25,000		26,500
Philip Morris International, Inc., 1.50%, 5/01/25		100,000		103,104
				478,551

Airlines – 0.1%
Delta Air Lines, Inc., 7.38%, 1/15/26		50,000		51,750
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27^(b)		73,781		76,824
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25^(b)		25,000		26,500
				155,074

Apparel – 0.1%
Ralph Lauren Corp., 1.70%, 6/15/22		150,000		153,007

Auto Manufacturers – 0.6%
American Honda Finance Corp., 1.20%, 7/08/25		75,000		75,760
Ford Motor Co.,
8.50%, 4/21/23		75,000		82,781
9.00%, 4/22/25		100,000		117,840
9.63%, 4/22/30		50,000		67,125
4.75%, 1/15/43		25,000		23,093
5.29%, 12/08/46		25,000		23,633
General Motors Financial Co., Inc.,
3.55%, 7/08/22		200,000		207,724
1.70%, 8/18/23		270,000		272,311
2.75%, 6/20/25		135,000		139,346
Navistar International Corp., 6.63%, 11/01/25^(b)		50,000		51,698
Toyota Motor Credit Corp., 0.35%, 10/14/22		265,000		265,042
				1,326,353

Auto Parts & Equipment – 0.0%^(d)
Aptiv Corp., 4.15%, 3/15/24		75,000		82,515

See accompanying Notes to Financial Statements

181

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Banks – 1.8%
Bank of America Corp., (3M USD LIBOR + 1.16%),
3.12%, 1/20/23⁽ⁱ⁾	$	100,000	$	103,020
4.13%, 1/22/24		200,000		221,083
(3M USD LIBOR + 0.94%), 3.86%, 7/23/24⁽ⁱ⁾		300,000		324,988
(SOFR + 0.74%), 0.81%, 10/24/24⁽ⁱ⁾		135,000		135,133
4.00%, 1/22/25		100,000		111,182
(SOFR + 0.91%), 0.98%, 9/25/25⁽ⁱ⁾		40,000		39,960
(3M USD LIBOR + 0.81%), 3.37%, 1/23/26⁽ⁱ⁾		50,000		54,548
(SOFR + 1.15%), 1.32%, 6/19/26⁽ⁱ⁾		210,000		211,053
Citigroup, Inc., (SOFR + 0.87%), 2.31%, 11/04/22⁽ⁱ⁾		100,000		101,808
(SOFR + 1.67%), 1.68%, 5/15/24⁽ⁱ⁾		100,000		102,413
4.00%, 8/05/24		150,000		165,476
(SOFR + 0.69%), 0.78%, 10/30/24⁽ⁱ⁾		450,000		449,753
(3M USD LIBOR + 1.15%), 3.52%, 10/27/28⁽ⁱ⁾		50,000		55,553
Fifth Third Bancorp, 3.65%, 1/25/24		50,000		54,454
Freedom Mortgage Corp., 7.63%, 5/01/26^(b)		60,000		59,813
Goldman Sachs Group (The), Inc., 4.00%, 3/03/24		100,000		110,184
(3M USD LIBOR + 1.20%),
3.27%, 9/29/25⁽ⁱ⁾		150,000		162,845
3.50%, 11/16/26		50,000		55,357
(3M USD LIBOR + 1.16%),
3.81%, 4/23/29⁽ⁱ⁾		50,000		57,042
3.80%, 3/15/30		50,000		57,653
JPMorgan Chase & Co., (3M USD LIBOR + 0.73%), 3.56%, 4/23/24⁽ⁱ⁾		200,000		214,200
(SOFR + 0.60%), 0.65%, 9/16/24⁽ⁱ⁾		275,000		275,169
(SOFR + 1.59%), 2.01%, 3/13/26⁽ⁱ⁾		100,000		103,661
(3M USD LIBOR + 1.38%), 3.54%, 5/01/28⁽ⁱ⁾		50,000		56,143
(3M USD LIBOR + 1.16%), 3.70%, 5/06/30⁽ⁱ⁾		20,000		22,840
Morgan Stanley, 4.10%, 5/22/23		25,000		27,063
(3M USD LIBOR + 0.85%),
3.74%, 4/24/24⁽ⁱ⁾		160,000		172,077
3.70%, 10/23/24		50,000		55,565


	Par^(a)		Value


Banks (Continued)
Morgan Stanley, (SOFR + 0.75%), 0.86%, 10/21/25⁽ⁱ⁾	$	130,000	$	129,829
(SOFR + 1.99%), 2.19%, 4/28/26⁽ⁱ⁾		100,000		104,742
(3M USD LIBOR + 1.63%), 4.43%, 1/23/30⁽ⁱ⁾		50,000		59,917
Santander Holdings USA, Inc., 3.45%, 6/02/25		60,000		64,611
Truist Financial Corp., 4.00%, 5/01/25		50,000		56,687
Wells Fargo & Co., 3.07%, 1/24/23		100,000		103,023
(3M USD LIBOR + 0.83%), 2.41%, 10/30/25⁽ⁱ⁾		50,000		52,741
				4,131,586

Beverages – 0.0%^(d)
PepsiCo, Inc., 2.75%, 3/19/30		65,000		72,277

Biotechnology – 0.0%^(d)
Emergent BioSolutions, Inc., 3.88%, 8/15/28^(b)		20,000		20,100
Gilead Sciences, Inc., 0.75%, 9/29/23		35,000		35,083
Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30		25,000		24,099
Royalty Pharma PLC,
0.75%, 9/02/23^(b)		10,000		9,996
1.20%, 9/02/25^(b)		5,000		4,975
				94,253

Building Materials – 0.2%
Boise Cascade Co., 4.88%, 7/01/30^(b)		35,000		37,412
Builders FirstSource, Inc., 5.00%, 3/01/30^(b)		50,000		52,750
Carrier Global Corp., 1.92%, 2/15/23^(b)		100,000		102,966
Griffon Corp., 5.75%, 3/01/28		25,000		26,063
Masonite International Corp., 5.75%, 9/15/26^(b)		100,000		104,500
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/29^(b)		20,000		20,600
U.S. Concrete, Inc., 5.13%, 3/01/29^(b)		15,000		15,263
				359,554

See accompanying Notes to Financial Statements

182

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Chemicals – 0.4%
Air Products and Chemicals, Inc., 1.85%, 5/15/27	$	110,000	$	114,927
Chemours (The) Co., 5.38%, 5/15/27		50,000		49,062
DuPont de Nemours, Inc., 2.17%, 5/01/23		100,000		100,950
Element Solutions, Inc., 3.88%, 9/01/28^(b)		75,000		74,062
Ingevity Corp., 3.88%, 11/01/28^(b)		45,000		45,684
Minerals Technologies, Inc., 5.00%, 7/01/28^(b)		50,000		51,500
Olin Corp., 9.50%, 6/01/25^(b)		50,000		59,131
Sherwin-Williams (The) Co., 3.13%, 6/01/24		160,000		173,266
2.95%, 8/15/29		90,000		98,555
W.R. Grace & Co.-Conn, 5.63%, 10/01/24^(b)		50,000		53,885
				821,022

Commercial Services – 0.5%
ADT Security (The) Corp., 4.88%, 7/15/32^(b)		25,000		25,743
AMN Healthcare, Inc., 4.63%, 10/01/27^(b)		15,000		15,338
APX Group, Inc., 6.75%, 2/15/27^(b)		50,000		52,125
ASGN, Inc., 4.63%, 5/15/28^(b)		100,000		102,829
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 10.50%, 5/15/25^(b)		50,000		57,312
Gartner, Inc., 4.50%, 7/01/28^(b)		30,000		31,319
3.75%, 10/01/30^(b)		40,000		40,904
Global Payments, Inc., 4.00%, 6/01/23		200,000		216,126
MPH Acquisition Holdings LLC, 5.75%, 11/01/28^(b)		55,000		54,037
PayPal Holdings, Inc., 2.40%, 10/01/24		200,000		212,260
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26^(b)		50,000		53,250
3.38%, 8/31/27^(b)		10,000		9,650
6.25%, 1/15/28^(b)		50,000		50,524
S&P Global, Inc., 1.25%, 8/15/30		110,000		107,229


	Par^(a)		Value


Commercial Services (Continued)
Service Corp. International, 3.38%, 8/15/30	$	15,000	$	15,206
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)		10,000		10,128
United Rentals North America, Inc., 3.88%, 2/15/31		15,000		15,150
				1,069,130

Computers – 0.4%
Booz Allen Hamilton, Inc., 3.88%, 9/01/28^(b)		10,000		10,150
Dell International LLC/EMC Corp., 5.85%, 7/15/25^(b)		475,000		558,053
Dell, Inc., 6.50%, 4/15/38		50,000		59,828
Hewlett Packard Enterprise Co., 4.45%, 10/02/23		200,000		220,782
HP, Inc., 2.20%, 6/17/25		70,000		73,274
NetApp, Inc., 1.88%, 6/22/25		20,000		20,654
Unisys Corp., 6.88%, 11/01/27^(b)		10,000		10,350
				953,091

Cosmetics/Personal Care – 0.1%
Edgewell Personal Care Co., 5.50%, 6/01/28^(b)		50,000		52,549
Procter & Gamble (The) Co., 3.00%, 3/25/30		100,000		115,015
				167,564

Distribution/Wholesale – 0.1%
Avient Corp., 5.75%, 5/15/25^(b)		100,000		105,250

Diversified Financial Services – 0.7%
Air Lease Corp., 3.50%, 1/15/22		50,000		51,167
3.38%, 7/01/25		55,000		55,834
Ally Financial, Inc., 3.05%, 6/05/23		30,000		31,365
1.45%, 10/02/23		25,000		25,213
5.75%, 11/20/25		50,000		56,824
American Express Co., 2.50%, 7/30/24		50,000		53,037
4.20%, 11/06/25		50,000		57,689
Ameriprise Financial, Inc., 3.00%, 4/02/25		100,000		108,266

See accompanying Notes to Financial Statements

183

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Diversified Financial Services (Continued)
Capital One Bank USA N.A., (SOFR + 0.62%), 2.01%, 1/27/23⁽ⁱ⁾	$	250,000	$	254,198
Credit Acceptance Corp., 6.63%, 3/15/26		100,000		103,750
Curo Group Holdings Corp., 8.25%, 9/01/25^(b)		50,000		41,375
Intercontinental Exchange, Inc.,
4.00%, 10/15/23		50,000		54,903
3.75%, 9/21/28		100,000		115,564
LPL Holdings, Inc., 4.63%, 11/15/27^(b)		100,000		102,500
Nationstar Mortgage Holdings, Inc.,
6.00%, 1/15/27^(b)		100,000		100,000
5.50%, 8/15/28^(b)		25,000		24,938
Navient Corp., 7.25%, 9/25/23		75,000		78,656
OneMain Finance Corp.,
6.88%, 3/15/25		25,000		27,500
8.88%, 6/01/25		100,000		110,000
PennyMac Financial Services, Inc., 5.38%, 10/15/25^(b)		60,000		61,182
SLM Corp., 4.20%, 10/29/25		50,000		50,625
Visa, Inc., 1.90%, 4/15/27		50,000		52,651
				1,617,237

Electric – 0.6%
AEP Texas, Inc., 3.95%, 6/01/28		50,000		57,920
Berkshire Hathaway Energy Co.,
4.05%, 4/15/25^(b)		100,000		113,545
1.65%, 5/15/31^(b)		25,000		24,734
Calpine Corp., 4.63%, 2/01/29^(b)		25,000		25,243
Clearway Energy Operating LLC, 5.00%, 9/15/26		100,000		103,363
Dominion Energy, Inc., 3.38%, 4/01/30		50,000		56,409
DTE Energy Co.,
3.70%, 8/01/23		40,000		43,286
1.05%, 6/01/25		55,000		55,192
Duke Energy Corp.,
3.75%, 4/15/24		30,000		32,887
3.40%, 6/15/29		50,000		55,942
Eversource Energy, 2.90%, 10/01/24		50,000		53,879
Exelon Generation Co. LLC, 3.25%, 6/01/25		50,000		54,388


	Par^(a)		Value


Electric (Continued)
National Rural Utilities Cooperative
Finance Corp., 2.40%, 3/15/30	$	100,000	$	107,983
NextEra Energy Capital Holdings, Inc., 2.75%, 5/01/25		100,000		107,668
Pacific Gas and Electric Co., 1.75%, 6/16/22		20,000		20,002
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28^(b)		40,000		41,705
PG&E Corp., 5.25%, 7/01/30		100,000		100,000
Public Service Enterprise Group, Inc., 1.60%, 8/15/30		10,000		9,728
Terraform Global Operating LLC, 6.13%, 3/01/26^(b)		125,000		126,250
Union Electric Co., 2.95%, 3/15/30		100,000		111,366
				1,301,490

Electrical Component & Equipment – 0.0%^(d)
Energizer Holdings, Inc., 4.75%, 6/15/28^(b)		35,000		36,019

Electronics – 0.1%
Agilent Technologies, Inc., 3.88%, 7/15/23		35,000		37,835
Flex Ltd., 3.75%, 2/01/26		95,000		103,955
4.88%, 5/12/30		50,000		57,835
Roper Technologies, Inc., 1.00%, 9/15/25		45,000		45,280
				244,905

Energy - Alternate Sources – 0.1%
Enviva Partners Finance Corp., 6.50%, 1/15/26^(b)		200,000		211,000

Engineering & Construction – 0.2%
Fluor Corp., 4.25%, 9/15/28		100,000		89,430
MasTec, Inc., 4.50%, 8/15/28^(b)		40,000		41,100
TopBuild Corp., 5.63%, 5/01/26^(b)		200,000		205,000

See accompanying Notes to Financial Statements

184

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Engineering & Construction (Continued)
Tutor Perini Corp., 6.88%, 5/01/25^(b)	$	100,000	$	95,250
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 9/15/28^(b)		15,000		15,192
				445,972


Entertainment – 0.2%
Caesars Entertainment, Inc., 6.25%, 7/01/25^(b)		55,000		56,340
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/25^(b)		10,000		10,256
Scientific Games International, Inc., 8.63%, 7/01/25^(b)		45,000		46,786
Six Flags Theme Parks, Inc., 7.00%, 7/01/25^(b)		100,000		105,875
Vail Resorts, Inc., 6.25%, 5/15/25^(b)		100,000		105,000
WMG Acquisition Corp., 3.00%, 2/15/31^(b)		55,000		52,250
				376,507


Environmental Control – 0.0%^(d)
Waste Connections, Inc., 2.60%, 2/01/30		5,000		5,323

Food – 0.5%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 4.63%, 1/15/27^(b)		50,000		51,557
Campbell Soup Co.,
3.95%, 3/15/25		100,000		111,480
2.38%, 4/24/30		200,000		206,453
Chobani LLC/Chobani Finance Corp., Inc.,
4.63%, 11/15/28^(b)		30,000		30,099
Conagra Brands, Inc.,
4.60%, 11/01/25		30,000		34,869
1.38%, 11/01/27		90,000		89,247
General Mills, Inc.,
4.00%, 4/17/25		30,000		33,861
2.88%, 4/15/30		90,000		97,529
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30^(b)		25,000		27,188
Kraft Heinz Foods Co., 3.95%, 7/15/25		50,000		54,069


	Par^(a)		Value


Food (Continued)
Kraft Heinz Foods Co.,
3.88%, 5/15/27^(b)	$	50,000	$	52,893
4.25%, 3/01/31^(b)		50,000		54,258
5.20%, 7/15/45		50,000		55,391
4.38%, 6/01/46		50,000		51,324
5.50%, 6/01/50^(b)		50,000		57,006
United Natural Foods, Inc., 6.75%, 10/15/28^(b)		20,000		20,250
				1,027,474

Forest Products & Paper – 0.0%^(d)
Clearwater Paper Corp., 4.75%, 8/15/28^(b)		30,000		30,150

Gas – 0.1%
NiSource, Inc., 0.95%, 8/15/25		100,000		99,682
Southern California Gas Co., 2.55%, 2/01/30		30,000		32,019
				131,701

Healthcare - Products – 0.4%
Avantor, Inc., 6.00%, 10/01/24^(b)		100,000		104,490
Baxter International, Inc., 3.75%, 10/01/25^(b)		100,000		113,104
Hologic, Inc.,
4.63%, 2/01/28^(b)		50,000		52,250
3.25%, 2/15/29^(b)		60,000		60,300
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 7.25%, 2/01/28^(b)		50,000		52,250
Teleflex, Inc., 4.88%, 6/01/26		100,000		104,000
Thermo Fisher Scientific, Inc., 4.13%, 3/25/25		130,000		147,733
Zimmer Biomet Holdings, Inc., 3.70%, 3/19/23		240,000		256,195
				890,322

Healthcare - Services – 0.6%
Akumin, Inc., 11/01/25^(b)(j)		20,000		19,750
Charles River Laboratories International, Inc., 4.25%, 5/01/28^(b)		100,000		104,500
CHS/Community Health Systems, Inc.,
6.25%, 3/31/23		50,000		49,562
8.00%, 3/15/26^(b)		50,000		50,200
DaVita, Inc.,
4.63%, 6/01/30^(b)		100,000		101,714
3.75%, 2/15/31^(b)		30,000		28,838

See accompanying Notes to Financial Statements

185

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Healthcare - Services (Continued)
HCA, Inc.,
5.25%, 4/15/25	$	115,000	$	133,198
4.13%, 6/15/29		185,000		209,941
Humana, Inc.,
3.85%, 10/01/24		10,000		11,040
4.50%, 4/01/25		125,000		143,237
Magellan Health, Inc., 4.90%, 9/22/24		50,000		52,568
Molina Healthcare, Inc., 4.38%, 6/15/28^(b)		200,000		205,000
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)		15,000		15,117
Providence Service (The) Corp., 11/15/25^(b)(j)		35,000		35,613
Tenet Healthcare Corp., 6.13%, 10/01/28^(b)		65,000		63,050
UnitedHealth Group, Inc., 2.00%, 5/15/30		25,000		26,015
				1,249,343

Home Builders – 0.3%
Century Communities, Inc., 5.88%, 7/15/25		100,000		103,000
6.75%, 6/01/27		100,000		106,500
KB Home, 4.80%, 11/15/29		100,000		108,000
Meritage Homes Corp., 5.13%, 6/06/27		100,000		110,500
New Home (The) Co., Inc.,
7.25%, 10/15/25^(b)		30,000		30,187
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 4/01/29^(b)		50,000		50,750
TRI Pointe Group, Inc., 5.70%, 6/15/28		50,000		55,500
Williams Scotsman International, Inc., 4.63%, 8/15/28^(b)		15,000		15,094
Winnebago Industries, Inc., 6.25%, 7/15/28^(b)		10,000		10,575
				590,106

Housewares – 0.1%
Newell Brands, Inc.,
4.70%, 4/01/26		100,000		106,500

Insurance – 0.3%
Aon Corp., 2.80%, 5/15/30		20,000		21,404
Berkshire Hathaway Finance Corp., 1.85%, 3/12/30		110,000		113,566
Berkshire Hathaway, Inc., 3.13%, 3/15/26		95,000		106,031


	Par^(a)		Value


Insurance (Continued)
Marsh & McLennan Cos., Inc.,
3.88%, 3/15/24	$	200,000	$	220,604
4.38%, 3/15/29		50,000		60,159
2.25%, 11/15/30		50,000		51,949
Radian Group, Inc., 6.63%, 3/15/25		100,000		108,250
				681,963

Internet – 0.5%
Booking Holdings, Inc.,
4.10%, 4/13/25		100,000		112,057
4.63%, 4/13/30		23,000		27,216
eBay, Inc., 1.90%, 3/11/25		210,000		217,954
Expedia Group, Inc., 3.60%, 12/15/23^(b)		70,000		71,979
GrubHub Holdings, Inc., 5.50%, 7/01/27^(b)		100,000		104,000
Match Group Holdings II LLC, 4.13%, 8/01/30^(b)		75,000		76,594
Netflix, Inc.,
3.63%, 6/15/25^(b)		100,000		103,875
5.88%, 11/15/28		50,000		59,740
6.38%, 5/15/29		75,000		91,875
5.38%, 11/15/29^(b)		75,000		87,844
TripAdvisor, Inc., 7.00%, 7/15/25^(b)		5,000		5,201
Uber Technologies, Inc.,
7.50%, 5/15/25^(b)		75,000		78,844
6.25%, 1/15/28^(b)		25,000		25,344
VeriSign, Inc., 4.75%, 7/15/27		100,000		106,000
				1,168,523

Investment Management Companies – 0.1%
Ares Capital Corp.,
3.63%, 1/19/22		60,000		61,545
4.25%, 3/01/25		100,000		104,795
3.88%, 1/15/26		140,000		143,491
				309,831

Iron/Steel – 0.1%
Big River Steel LLC/BRS Finance Corp., 6.63%, 1/31/29^(b)		30,000		30,900
Commercial Metals Co., 5.38%, 7/15/27		100,000		104,250
Reliance Steel & Aluminum Co., 1.30%, 8/15/25		40,000		39,988
United States Steel Corp., 12.00%, 6/01/25^(b)		50,000		55,500
				230,638

See accompanying Notes to Financial Statements

186

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value


Leisure Time – 0.0%^(d)
Carnival Corp.,
11.50%, 4/01/23^(b)	$	5,000	$	5,492
9.88%, 8/01/27^(b)		30,000		31,181
Royal Caribbean Cruises Ltd., 9.13%, 6/15/23^(b)		50,000		52,062
				88,735

Lodging – 0.2%
Choice Hotels International, Inc., 5.75%, 7/01/22		210,000		222,911
Las Vegas Sands Corp.,
3.20%, 8/08/24		20,000		20,229
3.90%, 8/08/29		100,000		99,853
Marriott International, Inc.,
5.75%, 5/01/25		80,000		88,949
				431,942

Machinery - Construction & Mining – 0.2%
BWX Technologies, Inc., 4.13%, 6/30/28^(b)		115,000		116,150
Caterpillar Financial Services Corp., 0.45%, 9/14/23		270,000		269,909
				386,059

Media – 0.6%
Cable One, Inc., 11/15/30^(b)(j)		10,000		10,150
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 5/01/25^(b)		200,000		205,400
4.75%, 3/01/30^(b)		200,000		210,370
4.50%, 5/01/32^(b)		100,000		103,375
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, 7/23/22		200,000		211,936
2.80%, 4/01/31		100,000		103,362
DISH DBS Corp.,
5.88%, 11/15/24		100,000		100,603
7.75%, 7/01/26		50,000		52,999
7.38%, 7/01/28		20,000		20,150
GCI LLC, 4.75%,
10/15/28^(b)		20,000		20,644
Nexstar Broadcasting, Inc.,
5.63%, 7/15/27^(b)		100,000		104,250
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26^(b)		25,000		25,069
Scripps Escrow, Inc., 5.88%, 7/15/27^(b)		75,000		72,938


	Par^(a)		Value


Media (Continued)
Sirius XM Radio, Inc., 4.13%, 7/01/30^(b)	$	115,000	$	118,221
TEGNA, Inc., 4.75%, 3/15/26^(b)		55,000		56,513
				1,415,980

Mining – 0.1%
Arconic Corp., 6.13%,
2/15/28^(b)		75,000		79,023
Freeport-McMoRan, Inc., 4.38%, 8/01/28		80,000		83,500
Joseph T Ryerson & Son, Inc., 8.50%, 8/01/28^(b)		15,000		16,073
Kaiser Aluminum Corp., 6.50%, 5/01/25^(b)		75,000		79,500
				258,096

Miscellaneous Manufacturing – 0.0%^(d)
General Electric Co., 3.63%, 5/01/30		30,000		31,681
Hillenbrand, Inc., 5.75%, 6/15/25		25,000		26,688
				58,369

Oil & Gas – 0.7%
Apache Corp.,
4.63%, 11/15/25		25,000		23,750
4.88%, 11/15/27		35,000		32,848
4.25%, 1/15/30		50,000		44,188
5.10%, 9/01/40		25,000		22,950
4.75%, 4/15/43		25,000		22,125
Chevron Corp., 1.55%, 5/11/25		80,000		82,566
CNX Resources Corp., 7.25%, 3/14/27^(b)		125,000		131,875
Comstock Resources, Inc., 9.75%, 8/15/26		35,000		36,881
Continental Resources, Inc., 4.38%, 1/15/28		75,000		67,500
CVR Energy, Inc., 5.25%, 2/15/25^(b)		25,000		18,188
EQT Corp., 3.90%, 10/01/27		100,000		96,032
8.75%, 2/01/30		100,000		124,250
Exxon Mobil Corp., 2.99%, 3/19/25		80,000		87,014
Hess Corp., 4.30%, 4/01/27		50,000		51,784
Noble Energy, Inc.,
3.85%, 1/15/28		30,000		34,281
3.25%, 10/15/29		20,000		22,130

See accompanying Notes to Financial Statements

187

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value

Oil & Gas (Continued)
Occidental Petroleum Corp.,
2.90%, 8/15/24	$	150,000	$	124,845
8.00%, 7/15/25		40,000		39,000
8.50%, 7/15/27		65,000		62,075
6.38%, 9/01/28		45,000		39,375
3.50%, 8/15/29		75,000		54,110
6.45%, 9/15/36		25,000		20,250
4.40%, 4/15/46		50,000		33,611
Range Resources Corp.,
4.88%, 5/15/25		100,000		92,812
9.25%, 2/01/26^(b)		30,000		31,800
Southwestern Energy Co.,
7.50%, 4/01/26		100,000		101,780
7.75%, 10/01/27		75,000		77,531
8.38%, 9/15/28		15,000		15,675
				1,591,226

Packaging & Containers – 0.1%
Ball Corp., 2.88%, 8/15/30		45,000		44,494
Berry Global, Inc., 4.50%, 2/15/26^(b)		75,000		76,002
Graphic Packaging International LLC, 3.50%, 3/01/29^(b)		10,000		10,000
Silgan Holdings, Inc., 4.75%, 3/15/25		100,000		102,000
				232,496

Pharmaceuticals – 0.6%
AbbVie, Inc.,
3.85%, 6/15/24^(b)		100,000		109,538
2.60%, 11/21/24^(b)		370,000		393,512
3.80%, 3/15/25^(b)		70,000		77,693
AdaptHealth LLC, 6.13%, 8/01/28^(b)		30,000		31,162
CVS Health Corp., 4.10%, 3/25/25		25,000		28,186
1.30%, 8/21/27		65,000		63,879
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 9/01/25^(b)		100,000		105,500
Horizon Therapeutics USA, Inc., 5.50%, 8/01/27^(b)		200,000		212,824
Johnson & Johnson, 1.30%, 9/01/30		90,000		89,699
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(b)		15,000		15,281
Par Pharmaceutical, Inc., 7.50%, 4/01/27^(b)		100,000		106,000


	Par^(a)		Value

Pharmaceuticals (Continued)
Upjohn, Inc.,
1.13%, 6/22/22^(b)	$	70,000	$	70,629
1.65%, 6/22/25^(b)		30,000		30,632
2.70%, 6/22/30^(b)		10,000		10,335
Zoetis, Inc., 2.00%, 5/15/30		100,000		102,515
				1,447,385

Pipelines – 0.6%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.75%, 3/01/27^(b)		75,000		67,500
Cheniere Corpus Christi Holdings LLC, 5.88%, 3/31/25		255,000		288,590
Cheniere Energy Partners L.P., 5.63%, 10/01/26		50,000		51,330
Energy Transfer Operating L.P., 4.05%, 3/15/25		50,000		52,603
EnLink Midstream Partners L.P., 4.85%, 7/15/26		50,000		42,672
EQM Midstream Partners L.P., 4.13%, 12/01/26		100,000		94,314
6.50%, 7/01/27^(b)		20,000		20,976
Hess Midstream Operations L.P., 5.13%, 6/15/28^(b)		75,000		74,625
New Fortress Energy, Inc., 6.75%, 9/15/25^(b)		50,000		51,558
ONEOK, Inc., 2.75%, 9/01/24		50,000		50,664
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 5/15/23		75,000		58,875
Sabine Pass Liquefaction LLC, 5.63%, 4/15/23		100,000		109,215
4.50%, 5/15/30^(b)		120,000		134,246
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28^(b)		100,000		91,899
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30^(b)		70,000		74,938
Western Midstream Operating L.P.,
4.65%, 7/01/26		50,000		48,000
4.75%, 8/15/28		25,000		23,375
5.05%, 2/01/30		75,000		71,150
Williams (The) Cos., Inc., 3.60%, 3/15/22		40,000		41,356
				1,447,886

See accompanying Notes to Financial Statements

188

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value

Real Estate – 0.0%^(d)
Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, 6/15/25^(b)	$	20,000	$	21,125

Real Estate Investment Trusts – 0.9%
American Tower Corp., 3.50%, 1/31/23		150,000		159,223
5.00%, 2/15/24		80,000		90,437
2.90%, 1/15/30		10,000		10,658
Camden Property Trust, 3.15%, 7/01/29		50,000		55,264
Crown Castle International Corp., 3.20%, 9/01/24		30,000		32,381
1.35%, 7/15/25		200,000		201,992
Digital Realty Trust L.P., 4.75%, 10/01/25		80,000		93,318
Diversified Healthcare Trust, 9.75%, 6/15/25		100,000		110,000
Equinix, Inc.,
2.63%, 11/18/24		80,000		85,034
1.25%, 7/15/25		200,000		201,282
2.15%, 7/15/30		100,000		100,483
Federal Realty Investment Trust, 3.95%, 1/15/24		50,000		54,157
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 1/15/31		75,000		78,417
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30^(b)		35,000		34,956
Iron Mountain, Inc.,
5.25%, 7/15/30^(b)		40,000		41,050
4.50%, 2/15/31^(b)		30,000		29,867
5.63%, 7/15/32^(b)		50,000		51,682
iStar, Inc., 4.25%, 8/01/25		100,000		91,750
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.75%, 2/01/27		100,000		107,913
New Residential Investment Corp., 6.25%, 10/15/25^(b)		25,000		23,906
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28^(b)		35,000		34,300
Public Storage, 3.39%, 5/01/29		25,000		28,661
Service Properties Trust, 7.50%, 9/15/25		50,000		52,407


	Par^(a)		Value

Real Estate Investment Trusts (Continued)
Service Properties Trust, 4.38%, 2/15/30	$	75,000	$	61,172
Simon Property Group L.P., 3.50%, 9/01/25		65,000		71,146
Starwood Property Trust, Inc., 11/01/23^(b)(j)		35,000		34,686
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25^(b)		50,000		53,048
Welltower, Inc., 4.00%, 6/01/25		25,000		28,137
XHR L.P., 6.38%, 8/15/25^(b)		30,000		29,781
				2,047,108

Retail – 0.3%
Advance Auto Parts, Inc., 1.75%, 10/01/27		45,000		44,672
Asbury Automotive Group, Inc., 4.75%, 3/01/30^(b)		35,000		36,137
Dollar General Corp., 3.50%, 4/03/30		50,000		56,750
Gap (The), Inc.,
8.63%, 5/15/25^(b)		50,000		54,875
8.88%, 5/15/27^(b)		50,000		57,172
Group 1 Automotive, Inc., 4.00%, 8/15/28^(b)		20,000		20,025
L Brands, Inc., 6.88%, 7/01/25^(b)		50,000		53,599
5.25%, 2/01/28		25,000		24,625
6.63%, 10/01/30^(b)		35,000		36,750
Lithia Motors, Inc.,
5.25%, 8/01/25^(b)		50,000		51,750
4.38%, 1/15/31^(b)		15,000		15,488
Lowe’s Cos., Inc., 4.00%, 4/15/25		50,000		56,642
Macy’s, Inc., 8.38%, 6/15/25^(b)		25,000		26,103
Michaels Stores, Inc., 4.75%, 10/01/27^(b)		30,000		29,325
QVC, Inc., 4.38%, 9/01/28		90,000		90,067
Rite Aid Corp., 8.00%, 11/15/26^(b)		50,000		50,125
Ross Stores, Inc., 4.70%, 4/15/27		2,000		2,347
White Cap Buyer LLC, 6.88%, 10/15/28^(b)		10,000		10,250
Yum! Brands, Inc., 4.75%, 1/15/30^(b)		50,000		53,750
				770,452

Semiconductors – 0.5%
Amkor Technology, Inc., 6.63%, 9/15/27^(b)		100,000		107,000

See accompanying Notes to Financial Statements

189

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value

Semiconductors (Continued)
Broadcom, Inc.,
4.70%, 4/15/25	$	225,000	$	255,849
4.25%, 4/15/26		100,000		112,416
4.30%, 11/15/32		120,000		136,803
Intel Corp., 3.75%, 3/25/27		200,000		230,768
Microchip Technology, Inc., 4.25%, 9/01/25^(b)		100,000		103,817
Micron Technology, Inc., 4.64%, 2/06/24		86,000		95,679
Qorvo, Inc., 4.38%, 10/15/29		100,000		107,212
				1,149,544

Software – 0.3%
Black Knight InfoServ LLC, 3.63%, 9/01/28^(b)		100,000		101,250
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 1/31/26^(b)		20,000		20,250
Camelot Finance S.A., 4.50%, 11/01/26^(b)		50,000		52,000
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 3/01/25^(b)		100,000		99,957
Intuit, Inc.,
1.35%, 7/15/27		60,000		60,429
1.65%, 7/15/30		45,000		45,058
J2 Global, Inc., 4.63%, 10/15/30^(b)		20,000		20,207
Logan Merger Sub, Inc., 5.50%, 9/01/27^(b)		30,000		30,413
MSCI, Inc., 3.88%, 2/15/31^(b)		100,000		104,500
Nuance Communications, Inc., 5.63%, 12/15/26		125,000		131,250
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/01/25^(b)		15,000		15,212
				680,526

Telecommunications – 0.8%
AT&T, Inc., 1.65%, 2/01/28		80,000		79,302
Avaya, Inc., 6.13%, 9/15/28^(b)		15,000		15,394
Cincinnati Bell, Inc., 7.00%, 7/15/24^(b)		75,000		77,625
Consolidated Communications, Inc., 6.50%, 10/01/28^(b)		15,000		15,413
Embarq Corp., 8.00%, 6/01/36		25,000		29,313
Frontier Communications Corp., 5.88%, 10/15/27^(b)		10,000		10,249


	Par^(a)		Value

Telecommunications (Continued)
Motorola Solutions, Inc., 4.60%, 5/23/29	$	50,000	$	58,780
QualityTech L.P./QTS Finance Corp., 3.88%, 10/01/28^(b)		45,000		45,091
Sprint Capital Corp.,
6.88%, 11/15/28		50,000		63,250
8.75%, 3/15/32		50,000		74,813
Sprint Corp., 7.13%, 6/15/24		100,000		115,020
Switch Ltd., 3.75%, 9/15/28^(b)		45,000		45,056
T-Mobile USA, Inc.,
3.50%, 4/15/25^(b)		445,000		487,546
1.50%, 2/15/26^(b)		330,000		331,254
Verizon Communications, Inc., 3.00%, 3/22/27		100,000		110,216
ViaSat, Inc.,
5.63%, 4/15/27^(b)		100,000		104,750
6.50%, 7/15/28^(b)		115,000		118,737
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28^(b)		30,000		28,950
				1,810,759

Transportation – 0.0%^(d)
XPO Logistics, Inc., 6.25%, 5/01/25^(b)		50,000		53,141
Trucking & Leasing – 0.2%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/01/27^(b)		320,000		340,400
Total Corporate Bonds (Cost $34,951,676)				35,237,879
Mortgage-Backed Securities – 16.8%

Federal Home Loan Mortgage Corporation – 1.4%
Pool,
#QA2226, 3.00%, 7/01/46		79,555		83,590
#QA2237, 3.00%, 7/01/46		181,176		190,367
#QA8965, 3.00%, 4/01/50		43,852		45,870
#RA2621, 4.00%, 5/01/50		105,255		113,418
#RA3022, 2.50%, 6/01/50		50,208		52,867
#RA3174, 3.00%, 7/01/50		74,116		77,525

See accompanying Notes to Financial Statements

190

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value

Federal Home Loan Mortgage Corporation (Continued)
Pool,
#RA3382, 3.00%, 8/01/50	$	149,188	$	158,193
#RA3935, 11/01/50^(j)		327,000		340,972
#SB0383, 2.50%, 4/01/32		175,000		186,645
#SB8500, 2.50%, 7/01/35		172,831		183,519
#SB8505, 2.50%, 10/01/35		525,322		553,483
#SD7521, 2.50%, 7/01/50		49,631		52,959
#SD8074, 3.00%, 7/01/50		321,109		335,837
#SD8084, 3.00%, 8/01/50		49,047		51,393
#SD8092, 3.00%, 9/01/50		149,051		156,681
#ZS4693, 3.00%, 12/01/46		402,659		423,667
#ZS4746, 3.00%, 12/01/47		24,357		25,434
#ZT1858, 4.50%, 4/01/49		110,000		121,219
				3,153,639

Federal Home Loan Mortgage Corporation Gold – 0.3%
Pool,
#G08697, 3.00%, 3/01/46		258,110		270,875
#G08737, 3.00%, 12/01/46		287,231		302,279
				573,154

Federal National Mortgage Association – 4.0%
Pool,
#AS5640, 3.50%, 8/01/45		87,688		95,824
#BM5024, 3.00%, 11/01/48		47,800		49,885
#BN3960, 4.50%, 1/01/49		27,540		29,764
#CA3666, 4.00%, 6/01/49		775,678		854,145
#CA5182, 4.50%, 2/01/50		1,095,444		1,195,027
#CA5575, 4.00%, 4/01/50		697,352		751,642
#CA5754, 4.00%, 5/01/50		76,783		82,923
#CA6317, 3.00%, 7/01/50		50,740		53,074
#CA6598, 2.50%, 8/01/50		75,930		80,230
#CA7368, 10/01/50^(j)		175,000		182,478
#CA7369, 2.50%, 10/01/50		150,000		156,409


	Par^(a)		Value

Federal National Mortgage Association (Continued)
Pool,
#CA7572, 10/01/50^(j)	$	150,000	$	157,786
#CA7573, 11/01/50^(j)		225,000		236,504
#FM2888, 3.50%, 1/01/49		117,084		123,413
#FM4231, 2.50%, 9/01/50		148,678		155,031
#MA3238, 3.50%, 1/01/48		2,967,899		3,144,621
#MA4026, 4.00%, 5/01/50		1,429,540		1,527,039
#MA4156, 2.50%, 10/01/35		127,000		132,591
				9,008,386

Government National Mortgage Association – 3.6%
Pool TBA, 11/01/50^(j)		7,544,000		7,951,179

Government National Mortgage Association II – 1.5%
Pool,
#785043, 3.00%, 4/20/49		570,968		599,324
#BW4651, 2.50%, 8/20/50		25,906		27,159
#BW4741, 2.50%, 9/20/50		26,950		28,253
#BW6206, 2.50%, 8/20/50		50,814		53,272
#BY0776, 2.50%, 9/20/50		51,904		54,414
#BY0805, 2.50%, 9/20/50		49,908		52,321
#MA4125, 2.50%, 12/20/46		65,108		68,615
#MA5397, 3.50%, 8/20/48		488,659		516,896
#MA6412, 4.50%, 1/20/50		363,352		388,975
#MA6474, 2/20/50^(j)		100,000		104,314
#MA6766, 3.00%, 7/20/50		1,412,545		1,485,736
				3,379,279

Uniform Mortgage-Backed Securities – 6.0%
Pool TBA,
11/01/35^(j)		3,970,000		4,149,914
11/01/50^(j)		6,437,000		6,786,206
12/01/50^(j)		2,500,000		2,619,055
				13,555,175
Total Mortgage-Backed Securities (Cost $37,655,167)				37,620,812

Foreign Issuer Bonds – 2.4%

Canada – 0.9%
1011778 B.C. ULC/New Red Finance, Inc., 10/15/30^(b)(j)		130,000		129,187

See accompanying Notes to Financial Statements

191

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Par^(a)		Value

Canada (Continued)
Brookfield Asset Management, Inc., 4.00%, 1/15/25	$	50,000	$	55,743
Brookfield Finance, Inc., 4.85%, 3/29/29		20,000		23,898
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		170,000		169,969
Cascades, Inc./Cascades USA, Inc., 5.38%, 1/15/28^(b)		130,000		135,525
Cenovus Energy, Inc.,
3.80%, 9/15/23		25,000		25,394
5.38%, 7/15/25		10,000		10,544
4.25%, 4/15/27		100,000		101,806
6.75%, 11/15/39		50,000		55,596
Enbridge, Inc.,
3.50%, 6/10/24		80,000		86,173
2.50%, 1/15/25		100,000		104,330
GFL Environmental, Inc., 3.75%, 8/01/25^(b)		25,000		25,000
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 9/15/28^(b)(j)		10,000		10,175
Kinross Gold Corp., 5.95%, 3/15/24		90,000		102,100
Methanex Corp., 5.25%, 12/15/29		75,000		75,992
New Gold, Inc., 7.50%, 7/15/27^(b)		15,000		16,207
Norbord, Inc., 5.75%, 7/15/27^(b)		50,000		52,500
Parkland Corp., 5.88%, 7/15/27^(b)		50,000		51,604
Stars Group Holdings B.V./Stars Group U.S. Co-Borrower LLC, 7.00%, 7/15/26^(b)		285,000		301,281
Telesat Canada/Telesat LLC, 6.50%, 10/15/27^(b)		75,000		74,625
Toronto-Dominion Bank (The),
0.45%, 9/11/23		270,000		269,586
3.25%, 3/11/24		50,000		54,201
				1,931,436

Netherlands – 0.1%
NXP B.V./NXP Funding LLC, 3.88%, 9/01/22^(b)		200,000		211,387


	Par^(a)		Value

Luxembourg – 0.0%^(d)
ArcelorMittal S.A.,
6.13%, 6/01/25	$	50,000	$	57,996
4.25%, 7/16/29		50,000		52,708
				110,704

United Kingdom – 0.5%
Barclays PLC, (3M USD LIBOR + 1.40%), 4.61%, 2/15/23⁽ⁱ⁾		200,000		209,486
HSBC Holdings PLC, (3M USD LIBOR + 1.06%), 3.26%, 3/13/23⁽ⁱ⁾		200,000		206,745
Reynolds American, Inc., 4.45%, 6/12/25		125,000		141,169
Santander UK PLC, 2.10%, 1/13/23		200,000		206,444
Unilever Capital Corp., 3.38%, 3/22/25		100,000		110,718
Virgin Media Secured Finance PLC, 4.50%, 8/15/30^(b)		200,000		203,250
				1,077,812

Japan – 0.5%
Mitsubishi UFJ Financial Group, Inc., 2.05%, 7/17/30		200,000		202,182
Mizuho Financial Group, Inc., (3M USD LIBOR + 0.99%), 1.24%, 7/10/24⁽ⁱ⁾		200,000		202,001
(3M USD LIBOR + 1.00%), 3.92%, 9/11/24⁽ⁱ⁾		200,000		217,034
Nomura Holdings, Inc., 1.85%, 7/16/25		200,000		203,709
Sumitomo Mitsui Financial Group, Inc.,
2.45%, 9/27/24		200,000		211,127
1.47%, 7/08/25		200,000		203,545
				1,239,598

Germany – 0.2%
Deutsche Bank A.G., (SOFR + 2.16%), 2.22%, 9/18/24⁽ⁱ⁾		150,000		151,512
(5Y USD Swap Rate + 2.55%), 4.88%, 12/01/32⁽ⁱ⁾		200,000		193,750
				345,262

Switzerland – 0.0%^(d)
Novartis Capital Corp., 2.20%, 8/14/30		10,000		10,629

See accompanying Notes to Financial Statements

192

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

Par^(a)

Value

Ireland – 0.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 9/15/23

220,000

228,471

Brazil – 0.0%^(d)

Vale Overseas Ltd., 3.75%, 7/08/30

10,000

10,530

Burkina Faso – 0.0%^(d)

IAMGOLD Corp.,
5.75%,
10/15/28^(b)

30,000

30,024

Peru – 0.0%^(d)

Hudbay Minerals, Inc., 6.13%, 4/01/29^(b)

35,000

35,788

China – 0.1%

Baidu, Inc., 1.72%, 4/09/26

200,000

200,212

Total Foreign Issuer Bonds
(Cost $5,382,522)

5,431,853

Number of
Shares

Short-Term Investments – 15.2%

Money Market Fund – 15.2%

Northern Institutional Funds - Treasury
Portfolio (Premier)
0.00%^(k)

34,108,277

34,108,277

Total Short-Term Investments
(Cost $34,108,277)

34,108,277

Rights – 0.0%^(d)

Biotechnology – 0.0%^(d)

Pfenex, Inc. CVR^(l)*

53,807

—

Stemline Therapeutics, Inc. CVR^(m)*

33,076

10,915

10,915

Pharmaceuticals – 0.0%^(d)

Elanco Animal Health, Inc.*

22,842

—

Total Rights
(Cost $10,915)

10,915

Number of
Contracts

Notional
Amount

Purchased Options – 0.0%^(d)

Call Options - Exchange Traded – 0.0%^(d)

AMAG Pharmaceuticals, Inc.,

Strike Price $15.00, Expires 11/20/20 90

123,480

450


	Number of Contracts		Notional Amount		Value

Call Options - Exchange Traded (Continued)
Devon Energy Corp., Strike Price $10.00, Expires 12/18/20		51		45,543	$	3,595
Strike Price $11.00, Expires 12/18/20		51		45,543		2,168
Strike Price $12.00, Expires 12/18/20		51		45,543		1,428
Strike Price $9.74, Expires 1/15/21		166		148,238		15,770
Strike Price $10.74, Expires 1/15/21		166		148,238		10,956
Strike Price $11.74, Expires 1/15/21		128		114,304		5,120
Immunomedics, Inc., Strike Price $90.00, Expires 11/20/20		59		518,374		295
						39,782

Put Options - Exchange Traded – 0.0%^(d)
iShares iBoxx $ Investment Grade Corporate Bond ETF, Strike Price $130.00, Expires 1/15/21		69		922,737		9,591
iShares Russell 2000 ETF, Strike Price $142.00, Expires 1/15/21		8		122,472		4,728
Strike Price $145.00, Expires 1/15/21		7		107,163		4,746
						19,065
Total Purchased Options (Cost $64,791)						58,847
Total Long Positions – 109.4% (Cost $239,680,152)						245,462,628

See accompanying Notes to Financial Statements

193

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Number of Shares			Value



Short Positions – (16.3)%
Common Stocks – (16.1)%
Aerospace/Defense – (0.0)%^(d)
Kaman Corp.		(1,882	)	$	(74,640	)



Airlines – (0.3)%
Copa Holdings S.A., Class A		(5,167	)		(254,630	)
Southwest Airlines Co.^(e)		(8,211	)		(324,581	)
					(579,211	)



Apparel – (0.1)%
Under Armour, Inc., Class C*		(10,554	)		(129,075	)



Auto Manufacturers – (0.2)%
Peugeot S.A. (France)*		(21,579	)		(387,650	)



Auto Parts & Equipment – (0.1)%
Aptiv PLC		(2,443	)		(235,725	)
Meritor, Inc.*		(3,903	)		(94,999	)
					(330,724	)



Banks – (0.9)%
First Citizens BancShares, Inc., Class A^(e)		(1,220	)		(564,494	)
Morgan Stanley		(29,149	)		(1,403,524	)
					(1,968,018	)



Biotechnology – (0.9)%
Apellis Pharmaceuticals, Inc.*		(5,969	)		(190,411	)
Exact Sciences Corp.*		(3,879	)		(480,337	)
Gossamer Bio, Inc.*		(13,878	)		(115,187	)
Halozyme Therapeutics, Inc.^(e)*		(13,827	)		(387,156	)
Innoviva, Inc.*		(7,631	)		(82,491	)
Insmed, Inc.*		(8,178	)		(269,383	)
Ionis Pharmaceuticals, Inc.*		(3,209	)		(150,663	)
Ligand Pharmaceuticals, Inc.*		(318	)		(26,219	)
Novavax, Inc.*		(988	)		(79,741	)
Radius Health, Inc.*		(2,482	)		(33,284	)
Retrophin, Inc.*		(4,909	)		(99,358	)
Theravance Biopharma, Inc.*		(3,757	)		(71,045	)
					(1,985,275	)



Building Materials – (0.3)%
Builders FirstSource, Inc.*		(25,556	)		(774,347	)



Chemicals – (0.0)%^(d)
International Flavors & Fragrances, Inc.		(694	)		(71,246	)


	Number of Shares			Value



Commercial Services – (0.5)%
2U, Inc.*		(6,660	)	$	(245,421	)
FTI Consulting, Inc.*		(3,571	)		(351,601	)
K12, Inc.*		(2,420	)		(57,765	)
Sabre Corp.		(34,267	)		(223,421	)
Worldline S.A. (France)^(b)*		(4,239	)		(313,968	)
					(1,192,176	)



Computers – (0.2)%
Lumentum Holdings, Inc.^(e)*		(3,013	)		(249,145	)
NCR Corp.*		(7,358	)		(149,515	)
					(398,660	)



Cosmetics/Personal Care – (0.3)%
Unilever PLC (United Kingdom)		(10,207	)		(581,686	)



Diversified Financial Services – (0.5)%
Affiliated Managers Group, Inc.		(1,510	)		(113,809	)
Cowen, Inc., Class A		(17,882	)		(383,748	)
Encore Capital Group, Inc.*		(7,043	)		(224,883	)
I3 Verticals, Inc., Class A*		(8,297	)		(171,167	)
PRA Group, Inc.*		(6,370	)		(217,408	)
WisdomTree Investments, Inc.		(11,907	)		(43,341	)
					(1,154,356	)



Electric – (0.1)%
NRG Energy, Inc.		(6,345	)		(200,629	)



Electronics – (0.4)%
Fortive Corp.		(3,303	)		(203,465	)
II-VI, Inc.^(e)*		(9,094	)		(413,504	)
Knowles Corp.*		(8,719	)		(124,246	)
OSI Systems, Inc.*		(1,911	)		(147,453	)
Vishay Intertechnology, Inc.		(4,194	)		(68,026	)
Vontier Corp.*		(139	)		(3,995	)
					(960,689	)



Energy - Alternate Sources – (0.4)%
Canadian Solar, Inc. (Canada)*		(3,000	)		(109,050	)
Enphase Energy, Inc.^(e)*		(4,379	)		(429,536	)
SunPower Corp.*		(16,563	)		(264,842	)
					(803,428	)



Engineering & Construction – (0.1)%
Granite Construction, Inc.		(8,649	)		(167,012	)



Entertainment – (0.3)%
Cinemark Holdings, Inc.		(26,992	)		(221,064	)

See accompanying Notes to Financial Statements

194

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Number of Shares			Value



Entertainment (Continued)
Evolution Gaming Group AB (Sweden)^(b)		(1,356	)	$	(100,575	)
Penn National Gaming, Inc.*		(8,800	)		(475,024	)
					(796,663	)



Food – (0.6)%
Chefs’ Warehouse (The), Inc.*		(7,197	)		(97,303	)
Just Eat Takeaway.com N.V. (Germany)^(b)*		(11,812	)		(1,314,042	)
					(1,411,345	)



Healthcare - Products – (0.2)%
LivaNova PLC*		(3,430	)		(172,666	)
NanoString Technologies, Inc.*		(4,471	)		(163,862	)
Varex Imaging Corp.*		(2,419	)		(32,415	)
					(368,943	)



Home Builders – (0.1)%
Winnebago Industries, Inc.		(5,120	)		(240,384	)



Insurance – (1.1)%
Aon PLC, Class A		(13,960	)		(2,568,780	)



Internet – (1.3)%
Boingo Wireless, Inc.*		(941	)		(8,789	)
Farfetch Ltd., Class A (United Kingdom)^(e)*		(12,534	)		(352,582	)
JOYY, Inc. ADR (China)		(4,986	)		(455,621	)
Match Group, Inc.*		(6,331	)		(739,334	)
Momo, Inc. ADR (China)		(1,668	)		(25,020	)
Palo Alto Networks, Inc.*		(1,174	)		(259,677	)
Perficient, Inc.*		(5,233	)		(204,924	)
Q2 Holdings, Inc.*		(3,882	)		(354,194	)
Zillow Group, Inc., Class C^(e)*		(7,036	)		(623,530	)
					(3,023,671	)



Leisure Time – (0.6)%
Callaway Golf Co.		(13,302	)		(206,048	)
Norwegian Cruise Line Holdings Ltd.^(e)*		(47,010	)		(781,776	)
Royal Caribbean Cruises Ltd.		(6,566	)		(370,454	)
					(1,358,278	)



Lodging – (0.2)%
Huazhu Group Ltd. ADR (China)		(5,679	)		(225,059	)
Marcus (The) Corp.		(17,550	)		(128,641	)
					(353,700	)


	Number of Shares			Value



Machinery - Construction & Mining – (0.1)%
Bloom Energy Corp., Class A*		(10,109	)	$	(127,778	)



Machinery - Diversified – (0.1)%
Middleby (The) Corp.*		(1,305	)		(129,900	)



Media – (1.0)%
Liberty Broadband Corp., Class C*		(15,630	)		(2,214,927	)



Mining – (0.1)%
First Majestic Silver Corp. (Canada)*		(13,024	)		(133,496	)



Oil & Gas – (0.8)%
ConocoPhillips		(35,212	)		(1,007,767	)
Devon Energy Corp.^(e)		(76,790	)		(685,735	)
Pioneer Natural Resources Co.		(2,858	)		(227,383	)
					(1,920,885	)



Oil & Gas Services – (0.0)%^(d)
Helix Energy Solutions Group, Inc.*		(9,287	)		(23,032	)



Pharmaceuticals – (0.3)%
Coherus Biosciences, Inc.*		(8,560	)		(142,695	)
Flexion Therapeutics, Inc.*		(5,909	)		(70,849	)
Jazz Pharmaceuticals PLC*		(2,057	)		(296,414	)
Zogenix, Inc.*		(10,080	)		(214,905	)
					(724,863	)



Pipelines – (0.0)%^(d)
Cheniere Energy, Inc.*		(654	)		(31,307	)



Real Estate Investment Trusts – (0.2)%
iStar, Inc.		(38,681	)		(456,436	)



Retail – (0.8)%
American Eagle Outfitters, Inc.^(e)		(56,545	)		(775,232	)
Bloomin’ Brands, Inc.		(49,969	)		(698,567	)
Burlington Stores, Inc.^(e)*		(736	)		(142,475	)
National Vision Holdings, Inc.*		(6,083	)		(245,327	)
					(1,861,601	)



Semiconductors – (1.6)%
Advanced Micro Devices, Inc.*		(12,685	)		(955,054	)
Analog Devices, Inc.		(19,972	)		(2,367,281	)
Cree, Inc.^(e)*		(2,442	)		(155,311	)
Marvell Technology Group Ltd.		(2,936	)		(110,129	)
					(3,587,775	)

See accompanying Notes to Financial Statements

195

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


	Number of Shares			Value



Software – (1.0)%
Avaya Holdings Corp.*		(4,810	)	$	(82,732	)
Bilibili, Inc. ADR (China)*		(5,762	)		(257,388	)
Cerence, Inc.*		(3,020	)		(164,832	)
Envestnet, Inc.^(e)*		(4,233	)		(324,840	)
Everbridge, Inc.^(e)*		(1,116	)		(116,834	)
Health Catalyst, Inc.*		(3,391	)		(116,922	)
j2 Global, Inc.*		(2,981	)		(202,350	)
New Relic, Inc.*		(1,939	)		(117,620	)
Nuance Communications, Inc.*		(12,351	)		(394,120	)
Splunk, Inc.*		(367	)		(72,681	)
Tabula Rasa HealthCare, Inc.*		(3,926	)		(135,604	)
Workiva, Inc.*		(4,144	)		(229,205	)
					(2,215,128	)



Telecommunications – (0.2)%
Infinera Corp.*		(22,192	)		(138,922	)
Motorola Solutions, Inc.		(1,092	)		(172,602	)
Vonage Holdings Corp.*		(14,304	)		(151,336	)
					(462,860	)



Transportation – (0.2)%
Air Transport Services Group, Inc.*		(8,651	)		(242,574	)
SEACOR Holdings, Inc.*		(3,116	)		(95,443	)
SFL Corp. Ltd. (Norway)		(9,032	)		(58,798	)
					(396,815	)


Total Common Stocks (Proceeds $34,155,954)					(36,167,389	)


	Number of Shares			Value


Investment Companies – (0.2)%
Health Care Select Sector SPDR Fund		(1,089	)	$	(110,708	)
iShares MSCI Australia ETF		(3,040	)		(60,101	)
iShares Russell 2000 Growth ETF		(380	)		(84,804	)
iShares Russell 2000 Value ETF		(252	)		(25,953	)
iShares Russell Mid-Cap Growth ETF		(266	)		(46,039	)
iShares U.S. Real Estate ETF		(1,117	)		(86,579	)


Total Investment Companies (Proceeds $428,707)					(414,184	)



Total Short Positions – (16.3)%
(Proceeds $34,584,661)					(36,581,573	)



Total Written Options – (0.1)%
(Premiums Received $186,328)					(178,868	)


Other Assets less Liabilities – 7.0%⁽ⁿ⁾					15,823,231



NET ASSETS – 100.0%				$	224,525,418

Percentages shown are based on Net Assets.

All securities are United States companies, unless noted otherwise in parentheses.

^(a)	Par value is in USD unless otherwise indicated.

^(b)

^(c)	Variable rate security. Rate as of October 31, 2020 is disclosed.

^(d)	Amount rounds to less than 0.05%.

^(e)	Security represents underlying investment on open options contracts.

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

^(g)	Security sold outside United States without registration under the Securities Act of 1933.

^(h)	Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽ⁱ⁾	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate as of October 31, 2020 is disclosed.

^(j)	When-Issued Security. Coupon rate was not yet in effect at October 31, 2020.

^(k)	7-day current yield as of October 31, 2020 is disclosed.

^(l)	Level 3 asset that is worthless, bankrupt or has been delisted.

^(m)	This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Financial Statements). The fair value price of $0.33 is based on a discount pricing model. During the fiscal period, the Fund acquired $10,915 of this asset.

⁽ⁿ⁾	Includes appreciation/ (depreciation) on forward foreign currency exchange, futures and swap contracts.

See accompanying Notes to Financial Statements

196

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

*	Non-Income Producing Security


Abbreviations:

1M		1 Month

3M		3 Month

5Y		5 Year

ADR		American Depositary Receipt

BTP		Buoni del Tesoro Poliennali

CVR		Contingent Value Rights

ETF		Exchange-Traded Fund

FHLMC		Federal Home Loan Mortgage Corporation

FNMA		Federal National Mortgage Association

Freddie Mac		Federal Home Loan Mortgage Corporation

KWCDC		Korean Won Certificate of Deposit

LIBOR		London Interbank Offered Rate

LLC		Limited Liability Company

MSCI		Morgan Stanley Capital International

OAT		Obligations Assimilables du Trésor

PLC		Public Limited Company

REMIC		Real Estate Mortgage Investment Conduit

S&P		Standards & Poor’s

SOFR		United States Secured Overnight Financing Rate

SPDR		Standard & Poor’s Depositary Receipt

TBA		To be announced

USD		United States Dollar

Futures Contracts outstanding at October 31, 2020: Exchange Traded


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount		Unrealized Appreciation (Depreciation)


Long Contracts
Euro-BTP		1			12/08/2020		EUR		174,220		$ 4,496
10-Year Bond		2			12/15/2020		AUD		210,187		738
10-Year U.S. Treasury Note		35			12/21/2020		USD		4,837,656		(24,741	)
U.S. Treasury Long Bond		5			12/21/2020		USD		862,344		(20,375	)
Long GILT		24			12/29/2020		GBP		4,218,563		(6,818	)
2-Year U.S. Treasury Note		15			12/31/2020		USD		3,312,656		(700	)
5-Year U.S. Treasury Note		99			12/31/2020		USD		12,434,555		(9,679	)


Total Long Contracts											$(57,079	)


Short Contracts
Euro Bund		(19	)		12/08/2020		EUR		3,897,909		$(31,010	)
Euro-OAT		(3	)		12/08/2020		EUR		594,356		(8,289	)
10-Year Bond		(40	)		12/18/2020		CAD		4,534,714		20,824
U.S. Ultra Bond		(4	)		12/21/2020		USD		860,000		3,102
Ultra 10-Year U.S. Treasury Note		(6	)		12/21/2020		USD		943,688		11,809


Total Short Contracts											$ (3,564	)


											$(60,643	)

See accompanying Notes to Financial Statements

197

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

Forward Foreign Currency Exchange Contracts outstanding at October 31, 2020:


Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)


12/15/20		U.S. Dollars		2,047,220		Euro		1,728,180		Morgan Stanley		$ 32,247
12/15/20		U.S. Dollars		665,190		Polish Zloty		2,571,600		Morgan Stanley		15,489
12/15/20		U.S. Dollars		596,379		New Zealand Dollars		887,200		Morgan Stanley		9,740
12/15/20		U.S. Dollars		464,166		British Pounds		353,600		Morgan Stanley		5,913
12/15/20		U.S. Dollars		833,538		Swiss Francs		759,300		Morgan Stanley		4,250
12/15/20		U.S. Dollars		204,908		Swedish Kronor		1,791,000		Morgan Stanley		3,513
12/15/20		U.S. Dollars		334,402		Canadian Dollars		442,470		Morgan Stanley		2,213
12/16/20		U.S. Dollars		47,201		Euro		40,000		Bank of America		561
12/16/20		U.S. Dollars		7,993		Polish Zloty		30,000		Bank of America		414
12/16/20		U.S. Dollars		23,544		Euro		20,000		Morgan Stanley		223
12/16/20		U.S. Dollars		15,171		Canadian Dollars		20,000		Bank of America		156
12/16/20		U.S. Dollars		7,570		Canadian Dollars		10,000		Morgan Stanley		63
12/16/20		U.S. Dollars		12,983		British Pounds		10,000		Morgan Stanley		23
12/15/20		Swedish Kronor		11,700		U.S. Dollars		1,312		Morgan Stanley		4


Total Unrealized Appreciation												$ 74,809


12/16/20		U.S. Dollars		7,320		Singapore Dollars		10,000		JPMorgan Chase		$ (1	)
12/16/20		U.S. Dollars		12,920		British Pounds		10,000		Barclays		(40	)
12/15/20		U.S. Dollars		31,365		Canadian Dollars		41,900		Morgan Stanley		(93	)
12/15/20		Swiss Francs		7,700		U.S. Dollars		8,507		Morgan Stanley		(97	)
12/15/20		U.S. Dollars		153,102		Swiss Francs		140,300		Morgan Stanley		(131	)
12/15/20		U.S. Dollars		204,868		Euro		176,080		Morgan Stanley		(433	)
12/15/20		Swedish Kronor		1,799,000		U.S. Dollars		204,941		Morgan Stanley		(2,646	)
12/15/20		U.S. Dollars		708,889		British Pounds		549,200		Morgan Stanley		(2,855	)
12/15/20		New Zealand Dollars		777,500		U.S. Dollars		518,465		Morgan Stanley		(4,363	)
12/15/20		Euro		1,389,650		U.S. Dollars		1,635,630		Morgan Stanley		(15,368	)


Total Unrealized Depreciation												$(26,027	)


Net Unrealized Appreciation												$ 48,782

Written Call Option Contracts outstanding at October 31, 2020:

Exchange Traded


Description	Number of Contracts			Notional Amount		Exercise Price		Expiration Date		Value
American Eagle Outfitters, Inc.		164	USD		224,844		14.00		12/18/2020	$	(19,680	)
Bloomin’ Brands, Inc.		145	USD		202,710		17.50		12/18/2020		(5,438	)
Burlington Stores, Inc.		3	USD		58,074		200.00		11/20/2020		(1,815	)
Cree, Inc.		10	USD		63,600		60.00		12/18/2020		(6,950	)
Enphase Energy, Inc.		17	USD		166,753		70.00		11/20/2020		(49,215	)
Envestnet, Inc.		14	USD		107,436		85.00		11/20/2020		(1,820	)
Everbridge, Inc.		4	USD		41,876		125.00		12/18/2020		(1,520	)

See accompanying Notes to Financial Statements

198

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Description	Number of Contracts			Notional Amount		Exercise Price		Expiration Date		Value

Farfetch Ltd., Class A		33	KYD		92,829		23.00		11/20/2020		$ (20,955	)
First Majestic Silver Corp.		50	CAD		51,250		11.00		12/18/2020		(4,150	)
Halozyme Therapeutics, Inc.		48	USD		134,400		27.00		11/20/2020		(10,920	)
II-VI, Inc.		24	USD		109,128		40.00		11/20/2020		(15,240	)
Lumentum Holdings, Inc.		12	USD		99,228		75.00		11/20/2020		(11,700	)
Norwegian Cruise Line Holdings Ltd.		126	BMD		209,538		17.50		11/20/2020		(16,758	)
Southwest Airlines Co.		32	USD		126,496		40.00		11/20/2020		(6,912	)
Zillow Group, Inc., Class C		19	USD		169,727		100.00		11/20/2020		(5,795	)


Total Written Call Options Contracts (Premiums Received $186,328)											$(178,868	)

Long Contracts for Difference at October 31, 2020:

Over the Counter


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

AbbVie, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,721		Monthly	$	146,890		$ 23
AbbVie, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		323		Monthly		27,633		104
Allstate Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,951		Monthly		173,128		(9,447	)
Altice USA, Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		663		Monthly		17,847		(260	)
Altria Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		12,484		Monthly		450,363		(50,320	)
Altria Group, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		6,379		Monthly		230,132		(23,004	)
American Express Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,456		Monthly		133,501		(8,408	)
American International Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,505		Monthly		78,872		3,071
AmerisourceBergen Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,536		Monthly		147,549		(5,052	)
AmerisourceBergen Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,450		Monthly		139,283		(3,528	)
Amgen, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,589		Monthly		344,674		(34,402	)
Amgen, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,355		Monthly		293,926		(24,476	)
Apache Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		27,244		Monthly		226,733		(42,379	)
Arrow Electronics, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,752		Monthly		214,335		(16,839	)
Arrow Electronics, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,689		Monthly		209,422		(13,216	)
Ashland Global Holdings, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,367		Monthly		165,130		(15,165	)
Ashland Global Holdings, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,582		Monthly		110,358		(6,077	)
AutoNation, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,160		Monthly		179,243		(14,873	)
AutoZone, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		324		Monthly		365,758		(19,544	)
AutoZone, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		288		Monthly		325,107		(6,190	)
Avangrid, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,391		Monthly		167,295		(19,972	)
Avangrid, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,063		Monthly		101,774		(12,356	)
Avis Budget Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,830		Monthly		61,611		5,221
Avnet, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		4,728		Monthly		116,628		(19,208	)
Barrick Gold Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		10,770		Monthly		287,848		(5,266	)
Barrick Gold Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		4,900		Monthly		130,965		(5,010	)
Baxter International, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,620		Monthly		203,207		(3,438	)
Best Buy Co., Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,439		Monthly		160,506		(12,362	)
Best Buy Co., Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		859		Monthly		95,813		(5,529	)
Biogen, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,067		Monthly		268,922		(34,382	)
Biogen, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		106		Monthly		26,718		(2,031	)

See accompanying Notes to Financial Statements

199

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

Boston Properties, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,965		Monthly	$	144,121		$ (11,540	)
Boyd Gaming Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,334		Monthly		200,889		(4,258	)
Brighthouse Financial, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		628		Monthly		20,784		1,280
Brighthouse Financial, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		102		Monthly		3,375		81
Bristol-Myers Squibb Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		5,367		Monthly		316,519		(7,756	)
Bristol-Myers Squibb Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		801		Monthly		48,197		(1,160	)
Brixmor Property Group REIT, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		14,382		Monthly		157,608		(19,822	)
Brixmor Property Group REIT, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		6,262		Monthly		68,626		(3,294	)
Builders FirstSource, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		61		Monthly		1,848		(230	)
Capital One Financial Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		269		Monthly		19,657		(1,473	)
Cardinal Health, Inc.	U.S. Fed Funds		6/10/2030	JPMorgan Chase		5,173		Monthly		239,049		(12,512	)
Caterpillar, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,348		Monthly		212,842		2,271
Cenovus Energy, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,950		Monthly		9,676		26
Cenovus Energy, Inc.	U.S. Fed Funds		6/10/2030	JPMorgan Chase		1,164		Monthly		3,818		30
CenturyLink, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		29,766		Monthly		256,545		(42,181	)
Chevron Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,268		Monthly		88,124		(108	)
Chevron Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		347		Monthly		24,114		(1,486	)
Cigna Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		568		Monthly		94,826		(5,607	)
Cigna Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		523		Monthly		87,312		(5,616	)
Cisco Systems, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		12,420		Monthly		449,997		(40,888	)
Cisco Systems, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		6,977		Monthly		252,742		(24,042	)
Clorox (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,382		Monthly		286,387		(11,411	)
Conagra Brands, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,735		Monthly		238,158		(15,568	)
Conagra Brands, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,731		Monthly		131,934		(9,035	)
CSX Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,413		Monthly		190,450		2,936
CSX Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		818		Monthly		64,557		(1,725	)
DaVita, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,916		Monthly		165,227		(4,595	)
DaVita, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,554		Monthly		134,004		(4,162	)
Deere & Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,156		Monthly		262,076		(9,805	)
Deere & Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		899		Monthly		203,610		(9,077	)
Devon Energy Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		28,091		Monthly		250,816		(38,668	)
Devon Energy Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		11,453		Monthly		102,267		(3,191	)
Diamondback Energy, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		5,057		Monthly		131,274		(7,116	)
Dollar Tree, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		196		Monthly		17,697		(243	)
DXC Technology	U.S. Fed Funds		6/10/2030	JPMorgan Chase		3,639		Monthly		67,025		(3,049	)
DXC Technology	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		281		Monthly		5,176		49
Ebay, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,503		Monthly		119,202		(11,221	)
Entergy Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,557		Monthly		157,584		(6,399	)
Equifax, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,069		Monthly		146,008		(24,263	)
Equifax, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		984		Monthly		134,403		(22,463	)
Essex Property Trust, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		677		Monthly		138,496		243
Essex Property Trust, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		552		Monthly		114,274		(2,931	)
Exelon Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		4,595		Monthly		183,271		2,596
Exelon Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,719		Monthly		148,337		(5,629	)
FedEx Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		796		Monthly		206,517		(14,645	)
FedEx Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		306		Monthly		79,392		(6,042	)
FMC Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,495		Monthly		257,375		(7,187	)

See accompanying Notes to Financial Statements

200

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

FMC Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		305		Monthly	$	31,333		$ (1,934	)
Ford Motor Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		45,040		Monthly		348,117		17,073
Ford Motor Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		536		Monthly		4,143		59
General Mills, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,863		Monthly		409,670		(11,646	)
General Mills, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,926		Monthly		174,927		(7,804	)
Gilead Sciences, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,566		Monthly		207,335		(18,081	)
Gilead Sciences, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,313		Monthly		76,344		(5,720	)
Goodyear Tire & Rubber (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		17,190		Monthly		142,318		(23,368	)
Goodyear Tire & Rubber (The) Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,840		Monthly		15,235		(2,788	)
Halliburton Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		14,528		Monthly		175,188		(9,297	)
Harley-Davidson, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		475		Monthly		15,609		1,843
Hartford Financial Services Group (The), Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,211		Monthly		239,228		696
HCA Healthcare, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		737		Monthly		91,332		(6,024	)
HD Supply Holdings, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,515		Monthly		259,653		(19,596	)
HD Supply Holdings, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,614		Monthly		144,042		(7,898	)
Healthpeak Properties, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,080		Monthly		83,054		(6,389	)
Hewlett Packard Enterprise Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,239		Monthly		19,342		(2,597	)
Hewlett Packard Enterprise Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		934		Monthly		8,070		84
Home Depot (The), Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		513		Monthly		136,805		(9,033	)
Howmet Aerospace Inc.	U.S. Fed Funds		6/10/2030	JPMorgan Chase		6,131		Monthly		105,751		(6,626	)
HP, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		17,452		Monthly		313,404		(21,577	)
Illinois Tool Works, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		239		Monthly		46,810		(1,895	)
Intel Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,119		Monthly		138,098		(15,903	)
Intel Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		80		Monthly		3,542		17
International Paper Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,188		Monthly		139,458		4,000
Interpublic Group Of Companies, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,649		Monthly		120,265		(1,678	)
Interpublic Group Of Companies, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,206		Monthly		21,815		155
JB Hunt Transport Services, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		798		Monthly		97,139		(13,847	)
Johnson Controls International PLC	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		5,886		Monthly		247,601		(6,092	)
Johnson Controls International PLC	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,987		Monthly		168,276		(1,650	)
Juniper Networks, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,162		Monthly		22,912		(3,233	)
Juniper Networks, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		424		Monthly		8,360		(1,212	)
KB Home	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,241		Monthly		40,020		(8,357	)
Kilroy Reality Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		484		Monthly		22,786		(1,387	)
Kimco Realty Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		28,032		Monthly		287,569		(44,570	)
Kinder Morgan, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		10,690		Monthly		129,999		(10,360	)
Kinder Morgan, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		5,899		Monthly		71,740		(4,888	)
Kohls Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,529		Monthly		53,838		1,588
Kroger (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		16,337		Monthly		526,147		(33,001	)
Kroger (The) Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		4,431		Monthly		142,710		(7,229	)

See accompanying Notes to Financial Statements

201

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

L Brands, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		9,371		Monthly	$	299,929		$ (6,107	)
Lamar Advertising Co., Class A	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		212		Monthly		13,135		(444	)
Lamar Advertising Co., Class A	U.S. Fed Funds		6/10/2030	JPMorgan Chase		146		Monthly		9,046		26
Lockheed Martin Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		779		Monthly		272,718		(27,921	)
Lockheed Martin Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		379		Monthly		132,687		(12,823	)
Lowe’s Cos., Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,323		Monthly		527,161		(39,384	)
Lowe’s Cos., Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		968		Monthly		153,594		(16,480	)
Marathon Petroleum Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		45,299		Monthly		270,046		(18,352	)
Marathon Petroleum Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		6,670		Monthly		64,942		(2,775	)
Marsh & McLennan Cos., Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,973		Monthly		308,897		(30,023	)
Marsh & McLennan Cos., Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		682		Monthly		70,858		(6,997	)
Matador Resources Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		5,369		Monthly		37,950		(12,519	)
Mcdonalds Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,091		Monthly		232,352		(13,931	)
Mcdonalds Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		247		Monthly		52,601		(2,942	)
McKesson Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,446		Monthly		360,728		(20,838	)
McKesson Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,361		Monthly		348,180		(14,357	)
Metlife, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		8,224		Monthly		311,237		(16,284	)
MGIC Investment Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		25,204		Monthly		253,507		(14,159	)
Mid-America Apartment Communities, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		570		Monthly		67,150		(2,658	)
Mosaic (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		472		Monthly		8,732		(125	)
Mosaic (The) Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		405		Monthly		7,492		(402	)
Mylan N.V.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		55		Monthly		800		(66	)
NCR Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		4,423		Monthly		89,862		(17,219	)
NCR Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		987		Monthly		20,052		(2,195	)
Newell Brands, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		9,531		Monthly		168,302		(4,495	)
Newmont Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		7,494		Monthly		470,865		8,572
Newmont Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		4,316		Monthly		271,195		92
Nexstar Media Group, Inc., Class A	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,094		Monthly		254,923		(17,836	)
Norfolk Southern Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		14		Monthly		2,928		(60	)
Northrop Grumman Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,075		Monthly		311,523		(27,613	)
Northrop Grumman Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		934		Monthly		270,667		(22,719	)
NRG Energy, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		10,130		Monthly		323,334		(6,915	)
Omnicom Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		9,741		Monthly		464,713		(50,406	)
Omnicom Group, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		5,288		Monthly		249,574		(22,522	)
Onemain Holdings, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,796		Monthly		97,545		(3,568	)
Ovintiv, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		35,944		Monthly		330,653		(19,082	)
Ovintiv, Inc.	U.S. Fed Funds		6/10/2030	JPMorgan Chase		16,553		Monthly		152,270		(8,008	)
Packaging Corp. Of America	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,188		Monthly		250,483		(8,417	)
Packaging Corp. Of America	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,075		Monthly		123,947		1,162
Parker-Hannifin Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		760		Monthly		158,335		(10,886	)
Perrigo Co. PLC	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,003		Monthly		87,860		(4,070	)
Pfizer, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		9,351		Monthly		331,733		(12,530	)
Philip Morris International, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,341		Monthly		166,254		(7,016	)
Procter & Gamble (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,008		Monthly		414,609		(11,556	)
Prudential Financial, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,536		Monthly		226,355		(8,049	)

See accompanying Notes to Financial Statements

202

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

Prudential Financial, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,038		Monthly	$	130,459		$ (6,138	)
PulteGroup, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		10,615		Monthly		432,604		(84,004	)
PulteGroup, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,467		Monthly		141,301		(25,844	)
Quest Diagnostics, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,914		Monthly		235,513		12,696
Range Resources Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		14,263		Monthly		93,840		(29,393	)
Range Resources Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,451		Monthly		42,441		(9,748	)
Raymond James Financial, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		79		Monthly		6,038		(144	)
Regency Centers Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,178		Monthly		77,504		(10,575	)
Ryder System, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		865		Monthly		42,606		292
Schlumberger Ltd.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,322		Monthly		19,749		(1,958	)
Scientific Games Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		4,007		Monthly		127,729		(9,822	)
Sealed Air Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,739		Monthly		108,433		(3,452	)
Sealed Air Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,649		Monthly		65,280		(3,263	)
SInclair Broadcast Group, Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		15,776		Monthly		293,087		(8,000	)
Spectrum Brands Holdings, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,541		Monthly		144,487		(12,217	)
Starwood Property Trust, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,931		Monthly		27,899		(2,862	)
Steel Dynamics, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		7,153		Monthly		225,155		(13,683	)
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		5,227		Monthly		84,405		(4,943	)
Target Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,741		Monthly		417,184		(26,184	)
Target Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,722		Monthly		262,098		(22,531	)
TEGNA, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		258		Monthly		3,100		(84	)
Toll Brothers, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,890		Monthly		164,980		(26,524	)
Toll Brothers, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		1,717		Monthly		72,806		(12,392	)
TRI Pointe Group, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		8,945		Monthly		146,951		(24,939	)
TRI Pointe Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		7,903		Monthly		129,829		(17,283	)
Tyson Foods, Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		642		Monthly		36,741		(591	)
United Parcel Service, Inc., Class B	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,306		Monthly		519,370		(45,270	)
United Parcel Service, Inc., Class B	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		445		Monthly		69,913		(1,823	)
United Rentals North America, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		530		Monthly		94,468		(11,261	)
United Rentals North America, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		109		Monthly		19,426		(1,112	)
UnitedHealth Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		68		Monthly		20,746		(1,400	)
UnitedHealth Group, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		25		Monthly		7,628		(625	)
Verizon Communications, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,759		Monthly		99,842		(2,866	)
Vistra Operations Co. LLC	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		12,466		Monthly		216,507		(10,897	)
Vistra Operations Co. LLC	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		10,945		Monthly		190,099		(13,150	)
Voya Financial, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		5,952		Monthly		285,253		(14,820	)
W.W. Grainger, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		78		Monthly		27,301		(746	)
W.W. Grainger, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		49		Monthly		17,151		(212	)
Walmart, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,637		Monthly		365,838		(7,077	)
Walmart, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		263		Monthly		36,488		(1,523	)
Western Union (The) Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		8,196		Monthly		159,314		(22,309	)

See accompanying Notes to Financial Statements

203

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

WestRock Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		6,241		Monthly	$	234,320		$ (1,367	)
WestRock Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		3,414		Monthly		128,184		(7,147	)
Weyerhaeuser Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,535		Monthly		69,173		(6,344	)
Weyerhaeuser Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		2,394		Monthly		65,320		(7,122	)
Whirlpool Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		1,547		Monthly		286,105		(17,368	)
Williams (The) Cos., Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,256		Monthly		62,476		(1,843	)
Williams (The) Cos., Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		2,173		Monthly		41,700		240
Wyndham Destinations, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		8,964		Monthly		292,460		(3,422	)
Xerox Holdings Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		11,599		Monthly		204,446		(25,678	)
Yum Brands, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		3,397		Monthly		317,001		(7,208	)
Yum Brands, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		751		Monthly		70,084		(4,633	)
Apache Corp.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		18,015		Monthly		149,974		(25,853	)
Avnet, Inc.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		341		Monthly		8,411		(1,017	)
Baxter International, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		1,756		Monthly		136,201		(5,235	)
CME Group, Inc., Class A	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		81		Monthly		12,208		(29	)
Diamondback Energy, Inc.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		6,182		Monthly		160,472		(18,376	)
Ebay, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		3,311		Monthly		157,688		(23,074	)
EQT Corp.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		3,326		Monthly		50,335		1,749
Halliburton Co.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		18,818		Monthly		226,930		(9,148	)
JB Hunt Transport Services, Inc.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		1,530		Monthly		186,236		(20,598	)
L Brands, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		9,264		Monthly		296,514		(14,675	)
Laboratory Corporation of America Holdings	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		1,039		Monthly		207,539		4,943
Lennar Corp.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		149		Monthly		10,580		(1,356	)
LIncoln National Corp.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		3,240		Monthly		115,092		4,861
Mid-America Apartment Communities, Inc.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		1,231		Monthly		144,912		(8,815	)
NRG Energy, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		1,704		Monthly		54,390		(1,745	)
Xerox Holdings Corp.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		9,213		Monthly		162,327		(19,352	)
Allstate Corp.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		1,335		Monthly		118,470		(3,962	)
American Express Co.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		1,162		Monthly		106,750		(7,361	)
Boston Properties, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		833		Monthly		61,670		(1,425	)
Caterpillar, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		170		Monthly		26,871		(1,186	)
CenturyLink, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		18,198		Monthly		156,850		(23,678	)
Eli Lilly	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		593		Monthly		77,357		(7,277	)
Home Depot (The), Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		856		Monthly		228,278		(17,856	)
HP, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		5,959		Monthly		107,015		(8,651	)
Illinois Tool Works, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		539		Monthly		105,906		(2,529	)
Masco Corp.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		3,708		Monthly		199,236		(13,255	)
Nasdaq, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		1,429		Monthly		172,872		(5,181	)
Oracle Corp.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		87		Monthly		4,882		32
Philip Morris International, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		1,749		Monthly		124,212		(4,166	)
Quest Diagnostics, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		1,546		Monthly		189,719		5,764
Schlumberger Ltd.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		8,104		Monthly		121,062		(7,429	)
Steel Dynamics, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		1,999		Monthly		63,420		(2,227	)
Tyson Foods, Inc., Class A	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		161		Monthly		9,214		(156	)
Western Union (The) Co.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		3,401		Monthly		66,106		(9,805	)

See accompanying Notes to Financial Statements

204

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

Whirlpool Corp.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		625		Monthly	$	115,599		$ (4,948	)
Eli Lilly	U.S. Fed Funds + 0.18%		6/17/2030	JPMorgan Chase		1,579		Monthly		205,990		(14,449	)
Sherwin-Williams (The) Co.	U.S. Fed Funds + 0.09%		6/17/2030	Goldman Sachs		193		Monthly		132,779		986
Hudson Pacific Properties, Inc.	U.S. Fed Funds + 0.18%		6/18/2030	JPMorgan Chase		5,539		Monthly		106,674		(10,128	)
Masco Corp.	U.S. Fed Funds + 0.09%		6/19/2030	Goldman Sachs		1,641		Monthly		88,174		(5,951	)
Nasdaq, Inc.	U.S. Fed Funds + 0.09%		6/19/2030	Goldman Sachs		924		Monthly		111,785		(6,617	)
American International Group, Inc.	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		9,770		Monthly		307,631		14,922
Jabil, Inc.	U.S. Fed Funds + 0.18%		6/24/2030	JPMorgan Chase		1,532		Monthly		50,763		(5,001	)
Jabil, Inc.	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		102		Monthly		3,380		25
Kilroy Reality Corp.	U.S. Fed Funds + 0.18%		6/24/2030	JPMorgan Chase		531		Monthly		25,047		(2,055	)
Laboratory Corporation of America Holdings	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		397		Monthly		79,306		1,163
Procter & Gamble (The) Co.	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		201		Monthly		27,556		(625	)
Verizon Communications, Inc.	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		596		Monthly		33,962		(267	)
S&P Global, Inc.	U.S. Fed Funds + 0.09%		6/25/2030	Goldman Sachs		289		Monthly		93,261		(6,565	)
Huntington Ingalls Industries, Inc.	U.S. Fed Funds + 0.18%		6/26/2030	JPMorgan Chase		1,516		Monthly		223,551		(3,303	)
Moodys Corp.	U.S. Fed Funds + 0.18%		6/26/2030	JPMorgan Chase		451		Monthly		118,557		(8,550	)
Howmet Aerospace Inc.	U.S. Fed Funds + 0.09%		6/28/2030	Goldman Sachs		18,217		Monthly		314,214		(22,570	)
Huntington Ingalls Industries, Inc.	U.S. Fed Funds + 0.09%		6/28/2030	Goldman Sachs		398		Monthly		58,692		(33	)
AutoNation, Inc.	U.S. Fed Funds + 0.09%		7/1/2030	Goldman Sachs		1,406		Monthly		79,755		(8,056	)
Avis Budget Group, Inc.	U.S. Fed Funds + 0.09%		7/8/2030	Goldman Sachs		427		Monthly		14,372		1,055
Hudson Pacific Properties, Inc.	U.S. Fed Funds + 0.09%		7/8/2030	Goldman Sachs		2,768		Monthly		53,308		(4,186	)
Moodys Corp.	U.S. Fed Funds + 0.09%		7/8/2030	Goldman Sachs		300		Monthly		78,869		(1,168	)
Regency Centers Corp.	U.S. Fed Funds + 0.09%		7/8/2030	Goldman Sachs		555		Monthly		19,751		(1,639	)
Mylan N.V.	U.S. Fed Funds + 0.18%		7/16/2030	JPMorgan Chase		36		Monthly		523		(43	)
Starwood Property Trust, Inc.	U.S. Fed Funds + 0.09%		7/16/2030	Goldman Sachs		2,140		Monthly		29,893		(3,170	)
Ingredion, Inc.	U.S. Fed Funds + 0.18%		7/22/2030	JPMorgan Chase		15		Monthly		1,073		(81	)
Leidos Holdings, Inc.	U.S. Fed Funds + 0.09%		7/22/2030	Goldman Sachs		1,998		Monthly		165,819		(8,935	)
Leidos Holdings, Inc.	U.S. Fed Funds + 0.18%		7/22/2030	JPMorgan Chase		1,613		Monthly		133,863		(8,646	)
Meritage Corp.	U.S. Fed Funds + 0.09%		7/22/2030	Goldman Sachs		558		Monthly		48,595		(5,238	)
Meritage Corp.	U.S. Fed Funds + 0.18%		7/22/2030	JPMorgan Chase		468		Monthly		40,757		(4,298	)
Scotts Miracle-Gro (The) Co.	U.S. Fed Funds + 0.18%		7/22/2030	JPMorgan Chase		1,323		Monthly		198,490		(9,482	)
Cimarex Energy Co.	U.S. Fed Funds		7/24/2030	JPMorgan Chase		1,278		Monthly		32,423		858
Analog Devices, Inc.	U.S. Fed Funds + 0.09%		7/29/2030	Goldman Sachs		1,292		Monthly		153,124		(7,059	)
KB Home	U.S. Fed Funds + 0.09%		7/29/2030	Goldman Sachs		125		Monthly		4,031		(1,150	)
Michaels (The) Cos., Inc.	U.S. Fed Funds + 0.18%		7/29/2030	JPMorgan Chase		19,138		Monthly		155,191		(35,575	)
Murphy Oil USA, Inc.	U.S. Fed Funds + 0.18%		7/29/2030	JPMorgan Chase		896		Monthly		109,557		(7,192	)
SInclair Broadcast Group, Inc., Class A	U.S. Fed Funds + 0.09%		7/29/2030	Goldman Sachs		796		Monthly		14,788		230
UDR, Inc.	U.S. Fed Funds + 0.18%		7/29/2030	JPMorgan Chase		1,889		Monthly		60,222		(7,291	)
UDR, Inc.	U.S. Fed Funds + 0.09%		7/30/2030	Goldman Sachs		2,141		Monthly		67,884		(4,504	)
Eversource Energy	U.S. Fed Funds + 0.09%		7/31/2030	Goldman Sachs		12		Monthly		1,047		(45	)
S&P Global, Inc.	U.S. Fed Funds + 0.18%		7/31/2030	JPMorgan Chase		250		Monthly		80,675		(6,407	)
Sonoco Products Co.	U.S. Fed Funds + 0.18%		7/31/2030	JPMorgan Chase		977		Monthly		47,759		(4,051	)
CBRE Group, Inc., Class A	U.S. Fed Funds + 0.18%		8/5/2030	JPMorgan Chase		27		Monthly		1,361		(16	)

See accompanying Notes to Financial Statements

205

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Pays Financing Rate	Expiration Date		Counterparty	Notional Amount		Pay Frequency		Market Value		Unrealized Appreciation (Depreciation)

Sonoco Products Co.	U.S. Fed Funds + 0.09%		8/5/2030	Goldman Sachs		848		Monthly		$ 41,454		$ (5,745	)
General Dynamics Corp.	U.S. Fed Funds + 0.18%		8/6/2030	JPMorgan Chase		1,100		Monthly		145,653		(13,891	)
Murphy Oil USA, Inc.	U.S. Fed Funds + 0.09%		8/12/2030	Goldman Sachs		94		Monthly		11,489		(437	)
O’Reilly Automotive, Inc.	U.S. Fed Funds + 0.09%		8/12/2030	Goldman Sachs		229		Monthly		99,972		(7,544	)
O’Reilly Automotive, Inc.	U.S. Fed Funds + 0.18%		8/12/2030	JPMorgan Chase		197		Monthly		85,999		(3,313	)
Scotts Miracle-Gro (The) Co.	U.S. Fed Funds + 0.09%		8/12/2030	Goldman Sachs		207		Monthly		31,056		(3,083	)
Michaels (The) Cos., Inc.	U.S. Fed Funds + 0.09%		8/14/2030	Goldman Sachs		14,528		Monthly		117,809		(34,554	)
Intercontinental Exchange, Inc.	U.S. Fed Funds		8/19/2030	JPMorgan Chase		102		Monthly		9,629		(135	)
Textron, Inc.	U.S. Fed Funds + 0.09%		8/19/2030	Goldman Sachs		2,961		Monthly		105,996		(79	)
Textron, Inc.	U.S. Fed Funds + 0.18%		8/19/2030	JPMorgan Chase		2,490		Monthly		89,132		(1,936	)
General Dynamics Corp.	U.S. Fed Funds + 0.09%		8/20/2030	Goldman Sachs		999		Monthly		132,285		(8,384	)
Intercontinental Exchange, Inc.	U.S. Fed Funds + 0.09%		8/20/2030	Goldman Sachs		138		Monthly		13,027		(486	)
NetApp, Inc.	U.S. Fed Funds + 0.09%		8/26/2030	Goldman Sachs		2,478		Monthly		109,701		(4,730	)
NetApp, Inc.	U.S. Fed Funds + 0.18%		8/26/2030	JPMorgan Chase		1,900		Monthly		84,319		(3,575	)
Perrigo Co. PLC	U.S. Fed Funds + 0.09%		8/26/2030	Goldman Sachs		2,556		Monthly		112,121		(7,244	)
Pfizer, Inc.	U.S. Fed Funds + 0.09%		9/3/2030	Goldman Sachs		2,107		Monthly		74,749		(2,261	)
KLA Corp.	U.S. Fed Funds + 0.09%		9/9/2030	Goldman Sachs		121		Monthly		23,854		(1,930	)
Antero Midstream Corp.	U.S. Fed Funds + 0.18%		9/16/2030	JPMorgan Chase		43,791		Monthly		261,704		(16,013	)
Dow, Inc.	U.S. Fed Funds + 0.09%		9/16/2030	Goldman Sachs		72		Monthly		3,275		9
Energy, Inc.	U.S. Fed Funds + 0.09%		9/16/2030	Goldman Sachs		5,366		Monthly		296,177		4,160
Otis Worldwide Corp.	U.S. Fed Funds + 0.09%		9/16/2030	Goldman Sachs		504		Monthly		30,883		(1,439	)
Red Rocks Resorts, Inc., Class A	U.S. Fed Funds + 0.18%		9/16/2030	JPMorgan Chase		10,398		Monthly		198,788		11,861
Red Rocks Resorts, Inc., Class A	U.S. Fed Funds + 0.09%		9/16/2030	Goldman Sachs		4,131		Monthly		78,978		3,071
Otis Worldwide Corp.	U.S. Fed Funds + 0.18%		9/18/2030	JPMorgan Chase		1,351		Monthly		82,781		(3,189	)
Apple, Inc.	U.S. Fed Funds + 0.09%		9/23/2030	Goldman Sachs		1,711		Monthly		186,242		(19,807	)
Apple, Inc.	U.S. Fed Funds + 0.18%		9/23/2030	JPMorgan Chase		865		Monthly		94,151		(5,295	)
DuPont de Nemours, Inc.	U.S. Fed Funds + 0.18%		9/23/2030	JPMorgan Chase		8,001		Monthly		455,044		(17,234	)
Energy, Inc.	U.S. Fed Funds + 0.18%		9/23/2030	JPMorgan Chase		102		Monthly		5,630		187
Reliance Steel & Aluminum Co.	U.S. Fed Funds + 0.18%		9/30/2030	JPMorgan Chase		433		Monthly		47,190		(342	)
Trane Technologies PLC	U.S. Fed Funds + 0.09%		9/30/2030	Goldman Sachs		2,494		Monthly		331,050		5,233
Trane Technologies PLC	U.S. Fed Funds + 0.18%		9/30/2030	JPMorgan Chase		790		Monthly		104,862		2,744
Wyndham Hotels & Resorts, Inc.	U.S. Fed Funds + 0.09%		9/30/2030	Goldman Sachs		3,027		Monthly		140,774		(9,860	)
DTE Energy Co.	U.S. Fed Funds + 0.09%		10/7/2030	Goldman Sachs		700		Monthly		86,389		1,941
Wyndham Hotels & Resorts, Inc.	U.S. Fed Funds + 0.18%		10/7/2030	JPMorgan Chase		3,072		Monthly		142,862		(15,312	)
DTE Energy Co.	U.S. Fed Funds + 0.18%		10/8/2030	JPMorgan Chase		1,474		Monthly		181,910		4,595
DuPont de Nemours, Inc.	U.S. Fed Funds + 0.09%		10/14/2030	Goldman Sachs		433		Monthly		24,627		(1,066	)
Pinnacle West Capital Corp.	U.S. Fed Funds + 0.09%		10/15/2030	Goldman Sachs		636		Monthly		52,404		(317	)
Emerson Electric Co.	U.S. Fed Funds + 0.09%		10/16/2030	Goldman Sachs		38		Monthly		2,462		(221	)
National Retail Properties, Inc.	U.S. Fed Funds + 0.18%		10/16/2030	JPMorgan Chase		520		Monthly		16,915		(568	)
Nike, Inc., Class B	U.S. Fed Funds + 0.18%		10/16/2030	JPMorgan Chase		56		Monthly		6,724		(452	)
Pinnacle West Capital Corp.	U.S. Fed Funds + 0.18%		10/16/2030	JPMorgan Chase		476		Monthly		39,220		96
Equitable Holdings, Inc.	U.S. Fed Funds + 0.18%		10/21/2030	JPMorgan Chase		2,727		Monthly		58,603		5,368

See accompanying Notes to Financial Statements

206

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

Reference Company

The Fund Pays
Financing Rate

Expiration
Date

Counterparty

Notional
Amount

Pay
Frequency

Market
Value

Unrealized
Appreciation
(Depreciation)

National Retail Properties, Inc.

U.S. Fed Funds + 0.09%

10/21/2030

Goldman Sachs

568

Monthly

18,378

(669

)

Kimberly-Clarke Corp.

U.S. Fed Funds + 0.09%

10/28/2030

Goldman Sachs

267

Monthly

35,401

(647

)

Kimberly-Clarke Corp.

U.S. Fed Funds + 0.18%

10/28/2030

JPMorgan Chase

247

Monthly

32,750

(102

)

Nutrien ltd.

U.S. Fed Funds + 0.09%

10/28/2030

Goldman Sachs

244

Monthly

9,926

Reliance Steel & Aluminum Co.

U.S. Fed Funds + 0.09%

10/29/2030

Goldman Sachs

Monthly

8,610

Synchrony Financial

U.S. Fed Funds

10/29/2030

JPMorgan Chase

335

Monthly

8,455

(35

)

Total (Cost $48,804,571)

1,338,110

46,043,058

(2,761,513

)

Short Contracts for Difference at October 31, 2020:

Over the Counter


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

Advanced Micro Devices, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,990	)		Monthly	$	(149,832	)	$	16,091
Advanced Micro Devices, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,326	)		Monthly		(250,422	)		23,195
AECOM	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(4,190	)		Monthly		(187,886	)		5,273
AES (The) Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(7,785	)		Monthly		(152,838	)		2,988
AES (The) Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(8,288	)		Monthly		(162,806	)		4,222
Ally Financial, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,906	)		Monthly		(104,957	)		4,117
Ally Financial, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(11,381	)		Monthly		(305,744	)		11,004
American Electric Power Co., Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(5,057	)		Monthly		(454,797	)		(2,658	)
Anthem, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(24	)		Monthly		(6,547	)		148
Aptiv PLC	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,496	)		Monthly		(144,354	)		1,775
Aramark Services, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(12,042	)		Monthly		(334,061	)		6,364
Aramark Services, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(12,995	)		Monthly		(360,493	)		2,732
Archer-Daniels-Midland Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,773	)		Monthly		(128,227	)		10,848
Archer-Daniels-Midland Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,012	)		Monthly		(139,281	)		8,535
AT&T, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(4,735	)		Monthly		(130,046	)		13
AT&T, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(10,490	)		Monthly		(287,904	)		9,162
Baker Hughes Co., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(14,117	)		Monthly		(208,517	)		(19,632	)
Ball Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,714	)		Monthly		(152,550	)		2,972
Ball Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(6,093	)		Monthly		(542,301	)		866
Bausch Health Cos., Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,921	)		Monthly		(48,207	)		4,487
Berkshire Hathaway, Inc., Class B	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,050	)		Monthly		(212,004	)		12,244
Berkshire Hathaway, Inc., Class B	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,441	)		Monthly		(290,948	)		14,039
Boeing (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,429	)		Monthly		(206,344	)		30,409
Boston Scientific Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(5,697	)		Monthly		(195,243	)		23,067
Boston Scientific Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(6,429	)		Monthly		(220,333	)		35,485
Broadcom, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(501	)		Monthly		(175,173	)		11,865

See accompanying Notes to Financial Statements

207

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

Brookfield Asset Management Inc., Class A	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,221	)		Monthly		$ (66,144	)	$	8,707
Brookfield Asset Management Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(7,237	)		Monthly		(215,529	)		38,142
Bunge Ltd.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,178	)		Monthly		(66,828	)		427
Bunge Ltd.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,599	)		Monthly		(90,712	)		(764	)
Campbell Soup	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(116	)		Monthly		(4,827	)		809
Campbell Soup	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(895	)		Monthly		(40,759	)		1,451
Canadian Natural Resources Ltd.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(8,662	)		Monthly		(138,164	)		17,191
Canadian Natural Resources Ltd.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(12,505	)		Monthly		(199,465	)		24,502
Capital One Financial Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,781	)		Monthly		(276,329	)		25,932
Cardinal Health, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,474	)		Monthly		(159,080	)		10,747
Carnival Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(7,103	)		Monthly		(97,390	)		2,194
Centene Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,202	)		Monthly		(189,247	)		18,263
Charter Communications, Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(530	)		Monthly		(320,038	)		9,907
Chemours (The) Co.	U.S. Fed Funds		6/10/2030	JPMorgan Chase		(265	)		Monthly		(5,337	)		(26	)
Cleveland Cliffs, Inc.	U.S. Fed Funds + 0.46%		6/10/2030	JPMorgan Chase		(9,092	)		Monthly		(75,299	)		(5,109	)
Comcast Corp., Class A	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(975	)		Monthly		(42,004	)		1,978
Comcast Corp., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(5,531	)		Monthly		(236,010	)		14,544
ConocoPhillips	U.S. Fed Funds		6/10/2030	JPMorgan Chase		(3,287	)		Monthly		(95,328	)		13,230
Consolidated Edison, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(500	)		Monthly		(39,248	)		1,825
Continental Resources (OK), Inc.	U.S. Fed Funds + 0.96%		6/10/2030	JPMorgan Chase		(22,251	)		Monthly		(267,881	)		41,460
Credit Acceptance Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(4	)		Monthly		(1,193	)		182
CVS Health Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(474	)		Monthly		(26,587	)		1,444
D.R. Horton, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,106	)		Monthly		(73,894	)		9,291
D.R. Horton, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(4,029	)		Monthly		(269,190	)		39,886
Darden Restaurants, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,398	)		Monthly		(129,271	)		14,378
Darden Restaurants, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(4,422	)		Monthly		(407,771	)		32,389
Dell Technologies, Inc., Class C	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(8,689	)		Monthly		(523,634	)		70,728
Delta Air Lines, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,912	)		Monthly		(58,584	)		(367	)
Digital Realty Trust, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(258	)		Monthly		(37,231	)		3,190
Digital Realty Trust, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(299	)		Monthly		(43,148	)		3,750
DISH Network Corp.,
Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(27,919	)		Monthly		(711,688	)		53,469
Dominion Energy, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,232	)		Monthly		(98,982	)		576
Dominion Energy, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,846	)		Monthly		(228,659	)		4,885
Eastman Chemical Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(159	)		Monthly		(12,854	)		841
Eastman Chemical Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,497	)		Monthly		(121,023	)		6,946
Ecolab, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(467	)		Monthly		(85,740	)		8,333
Edison International	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(4,447	)		Monthly		(252,122	)		512
Enbridge, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,561	)		Monthly		(43,022	)		2,569
Enbridge, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(12,086	)		Monthly		(333,107	)		31,828
EPR Properties	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(6,345	)		Monthly		(151,269	)		5,570
Essential Utilities, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,592	)		Monthly		(65,593	)		428

See accompanying Notes to Financial Statements

208

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

Essential Utilities, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(5,354	)		Monthly	$	(220,595	)		$ 2,720
Estee Lauder (The) Cos., Inc., Class A	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(247	)		Monthly		(54,258	)		546
Expedia Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,633	)		Monthly		(247,909	)		3,951
Expedia Group, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(4,765	)		Monthly		(448,639	)		(18,360	)
FirstEnergy Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,425	)		Monthly		(101,796	)		5,480
FirstEnergy Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(12,222	)		Monthly		(363,250	)		23,551
Fiserv, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(353	)		Monthly		(33,702	)		2,264
Fiserv, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(892	)		Monthly		(85,162	)		5,652
Flex Ltd.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(539	)		Monthly		(7,627	)		282
Flex Ltd.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,112	)		Monthly		(44,035	)		(1,008	)
Fluor Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(22,614	)		Monthly		(256,677	)		(13,124	)
Freeport-McMoRan, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(22,596	)		Monthly		(391,832	)		(11,730	)
Gap (The), Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(16,085	)		Monthly		(312,864	)		6,584
General Electric Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(32,652	)		Monthly		(242,600	)		(18,280	)
General Electric Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(61,371	)		Monthly		(455,972	)		(47,855	)
General Motors Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(411	)		Monthly		(14,192	)		975
General Motors Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(5,954	)		Monthly		(205,599	)		(9,778	)
Hasbro, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,248	)		Monthly		(187,492	)		10,182
HCA Healthcare, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,509	)		Monthly		(187,032	)		19,549
Hess Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(8,542	)		Monthly		(317,944	)		16,409
Hess Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(10,241	)		Monthly		(381,186	)		12,587
Honeywell International, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,238	)		Monthly		(204,218	)		10,123
Honeywell International, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,282	)		Monthly		(211,473	)		9,122
Host Hotels & Resorts, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(10,887	)		Monthly		(114,101	)		10,956
Host Hotels & Resorts, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(43,514	)		Monthly		(456,042	)		23,498
Huntsman Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,511	)		Monthly		(85,285	)		1,472
Hyatt Hotels Corp., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,473	)		Monthly		(81,224	)		453
International Business Machines Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,078	)		Monthly		(120,374	)		13,116
International Business Machines Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,638	)		Monthly		(182,909	)		31,264
Johnson & Johnson	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(515	)		Monthly		(70,613	)		2,810
Johnson & Johnson	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,139	)		Monthly		(156,175	)		12,762
Keysight Technologies, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,625	)		Monthly		(170,417	)		1,507
Kohls Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(6,036	)		Monthly		(128,508	)		3,469
Kraft Heinz Foods Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,492	)		Monthly		(45,642	)		938
Lamb Weston Holdings, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,890	)		Monthly		(246,832	)		37,750
Las Vegas Sands Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,746	)		Monthly		(83,913	)		906
Leggett & Platt, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,546	)		Monthly		(147,980	)		13,930
LIncoln National Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(901	)		Monthly		(32,729	)		40
Live Nation Entertainment, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,296	)		Monthly		(160,851	)		18,353
Loews Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(5,430	)		Monthly		(188,322	)		12,534
Macys, Inc.	U.S. Fed Funds + 1.33%		6/10/2030	JPMorgan Chase		(30,139	)		Monthly		(187,275	)		2,299
Marriott International, Inc., Class A	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,031	)		Monthly		(188,648	)		8,501

See accompanying Notes to Financial Statements

209

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

Martin Marietta Materials, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(265	)		Monthly	$	(70,586	)		$ 2,120
Mattel, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(4,474	)		Monthly		(61,609	)		(6,176	)
Mattel, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(23,025	)		Monthly		(317,068	)		(26,964	)
MDC Holdings, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,211	)		Monthly		(52,705	)		10,001
MDC Holdings, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(5,443	)		Monthly		(236,892	)		37,925
Medical Properties Trust, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(12,227	)		Monthly		(217,896	)		10,615
MGM Resorts International	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,205	)		Monthly		(24,787	)		(370	)
MGM Resorts International	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,273	)		Monthly		(46,756	)		1,099
Micron Technology, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,040	)		Monthly		(102,697	)		2,975
Mondelez International, Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(4,221	)		Monthly		(225,437	)		14,403
Motorola Solutions, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(933	)		Monthly		(147,475	)		12,618
Motorola Solutions, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,146	)		Monthly		(341,154	)		8,151
Murphy Oil Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(9,881	)		Monthly		(76,281	)		1,085
Navient Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(19,924	)		Monthly		(159,600	)		28,482
Nordstrom, Inc.	U.S. Fed Funds + 3.71%		6/10/2030	JPMorgan Chase		(38,275	)		Monthly		(463,404	)		62,903
Occidental Petroleum Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(9,472	)		Monthly		(86,521	)		(474	)
Occidental Petroleum Corp.	U.S. Fed Funds		6/10/2030	JPMorgan Chase		(19,485	)		Monthly		(177,852	)		9,524
Olin Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(8,280	)		Monthly		(137,041	)		(6,713	)
Oneok, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(768	)		Monthly		(22,990	)		(379	)
Oneok, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,165	)		Monthly		(34,874	)		(285	)
PDC Energy, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(10,680	)		Monthly		(127,310	)		8,344
Phillips 66	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(157	)		Monthly		(7,326	)		(10	)
Pioneer Natural Resources Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(416	)		Monthly		(33,533	)		3,416
Post Holdings, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,199	)		Monthly		(188,901	)		13,121
Prologis, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(862	)		Monthly		(85,513	)		4,455
Prologis, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,076	)		Monthly		(205,948	)		14,241
Public Storage	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(271	)		Monthly		(62,078	)		829
Radian Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(37,691	)		Monthly		(676,585	)		(11,716	)
Realty Income Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,098	)		Monthly		(63,789	)		2,541
Realty Income Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,756	)		Monthly		(219,086	)		20,359
Rite Aid Corp.	U.S. Fed Funds + 0.58%		6/10/2030	JPMorgan Chase		(289	)		Monthly		(2,642	)		329
Royal Caribbean Cruises Ltd.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,315	)		Monthly		(130,622	)		28,892
Sabra Health Care REIT, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,755	)		Monthly		(23,099	)		3,051
Sempra Energy	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,044	)		Monthly		(130,879	)		3,588
Sempra Energy	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,833	)		Monthly		(357,466	)		1,541
Sensta Technologies Holding PLC	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,217	)		Monthly		(53,197	)		4,708
Sherwin-Williams (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(42	)		Monthly		(28,906	)		2
Simon Property Group, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,032	)		Monthly		(193,776	)		3,780
Simon Property Group, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,312	)		Monthly		(211,663	)		16,218
Southern (The) Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,155	)		Monthly		(181,261	)		1,792
Southern (The) Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(3,777	)		Monthly		(216,998	)		3,977
Southwest Airlines Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(232	)		Monthly		(9,171	)		(215	)
Southwest Airlines Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,458	)		Monthly		(97,167	)		810

See accompanying Notes to Financial Statements

210

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

Spirit AeroSystems Holdings, Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(60	)		Monthly	$	(1,091	)		$ 98
Stanley Black & Decker, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(341	)		Monthly		(56,677	)		2,535
Stanley Black & Decker, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(635	)		Monthly		(105,542	)		4,941
Suncor Energy, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(10,589	)		Monthly		(119,556	)		17,254
Suncor Energy, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(10,869	)		Monthly		(122,715	)		9,234
Sysco Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(9	)		Monthly		(588	)		11
Sysco Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(4,278	)		Monthly		(238,555	)		51,664
Tapestry, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(447	)		Monthly		(9,937	)		(266	)
Tapestry, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(1,324	)		Monthly		(29,433	)		97
Teck Resources Ltd., Class B	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(9,500	)		Monthly		(124,834	)		4,779
Teck Resources Ltd., Class B	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(34,587	)		Monthly		(454,494	)		23,777
Tesla, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(285	)		Monthly		(110,597	)		10,830
Tesla, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(715	)		Monthly		(277,459	)		41,827
Thomson Reuters Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(156	)		Monthly		(12,145	)		615
Thomson Reuters Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(225	)		Monthly		(17,517	)		1,073
T-Mobile US, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,096	)		Monthly		(120,093	)		5,796
T-Mobile US, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,603	)		Monthly		(285,215	)		15,277
TransDigm, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(246	)		Monthly		(117,446	)		2,240
TransDigm, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(645	)		Monthly		(307,944	)		8,648
Trimble, Inc.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(3,286	)		Monthly		(158,162	)		13,663
Under Armour, Inc., Class A	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(20,846	)		Monthly		(288,521	)		(25,862	)
Union Pacific Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(590	)		Monthly		(104,546	)		18,651
United Airlines Holdings, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(6,017	)		Monthly		(203,759	)		10,951
United States Steel Corp.	U.S. Fed Funds + 0.46%		6/10/2030	JPMorgan Chase		(1,859	)		Monthly		(17,964	)		(1,011	)
Universal Health Services, Inc., Class B	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(166	)		Monthly		(18,186	)		552
Universal Health Services, Inc., Class B	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(269	)		Monthly		(29,470	)		849
Valero Energy Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(6,312	)		Monthly		(243,709	)		1,499
Valero Energy Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(6,783	)		Monthly		(261,897	)		11,827
ViacomCBS, Inc., Class B	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(6,157	)		Monthly		(175,914	)		4,945
ViacomCBS, Inc., Class B	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(8,636	)		Monthly		(246,739	)		(6,399	)
Vornado Realty Trust	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(2,535	)		Monthly		(77,906	)		8,689
Vulcan Materials Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(91	)		Monthly		(13,181	)		5
Vulcan Materials Co.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(104	)		Monthly		(15,063	)		(376	)
Walgreen Boots Alliance, Inc.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,464	)		Monthly		(83,879	)		6,338
Walt Disney (The) Co.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(483	)		Monthly		(58,572	)		2,641
Walt Disney (The) Co.	U.S. Fed Funds		6/10/2030	JPMorgan Chase		(1,399	)		Monthly		(169,638	)		2,565
Western Digital Corp.	U.S. Fed Funds + 0.18%		6/10/2030	JPMorgan Chase		(2,719	)		Monthly		(102,589	)		7,171
Wynn Resorts Finance LLC/Wynn Resourts Capital Corp.	U.S. Fed Funds + 0.09%		6/10/2030	Goldman Sachs		(1,229	)		Monthly		(89,019	)		329
Boeing (The) Co.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(2,559	)		Monthly		(369,507	)		47,269
Camden Property Trust REIT	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		(123	)		Monthly		(11,336	)		(336	)

See accompanying Notes to Financial Statements

211

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

Charter Communications, Inc., Class A	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(670	)		Monthly		$ (404,569	)		$ 10,081
Delta Air Lines, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(1,610	)		Monthly		(49,332	)		(22	)
Duke Energy Corp.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		(856	)		Monthly		(78,846	)		276
Encompass Health Corp.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(2,516	)		Monthly		(154,262	)		17,102
Fluor Corp.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		(3,766	)		Monthly		(42,745	)		(1,256	)
Hyatt Hotels Corp., Class A	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(579	)		Monthly		(31,927	)		212
Macys, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(67	)		Monthly		(432	)		(11	)
Mastercard, Inc., Class A	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(3	)		Monthly		(936	)		79
MGIC Investment Corp.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(137	)		Monthly		(1,378	)		(7	)
Murphy Oil Corp.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(2,011	)		Monthly		(15,525	)		1,321
Nordstrom, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(17,204	)		Monthly		(208,400	)		23,166
PDC Energy, Inc.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		(1,551	)		Monthly		(18,488	)		914
Ryder System, Inc.	U.S. Fed Funds + 0.09%		6/11/2030	Goldman Sachs		(1,842	)		Monthly		(90,740	)		2,240
Ryman Hospitality Properties, Inc.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		(6,201	)		Monthly		(247,122	)		13,766
SBA Communications Corp.	U.S. Fed Funds + 0.18%		6/11/2030	JPMorgan Chase		(368	)		Monthly		(106,858	)		4,124
Centene Corp.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(1,710	)		Monthly		(101,064	)		8,610
ConocoPhillips	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(2,558	)		Monthly		(77,478	)		12,845
Estee Lauder (The) Cos., Inc., Class A	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		(1,067	)		Monthly		(234,389	)		4,843
Fidelity National Information Services, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		(11	)		Monthly		(1,371	)		242
Hasbro, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(568	)		Monthly		(47,702	)		1,606
Lamb Weston Holdings, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(2,444	)		Monthly		(155,077	)		22,061
Leggett & Platt, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		(3,147	)		Monthly		(131,325	)		7,867
Loews Corp.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(3,297	)		Monthly		(114,344	)		3,161
Mohawk Industries, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(20	)		Monthly		(2,064	)		(109	)
Netflix, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(134	)		Monthly		(63,749	)		1,838
NextEra Energy, Inc.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(1,290	)		Monthly		(94,444	)		2,868
Post Holdings, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		(1,107	)		Monthly		(95,096	)		6,139
Six Flags Entertainment Corp.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		(3,605	)		Monthly		(77,944	)		(129	)
Trimble, Inc.	U.S. Fed Funds + 0.18%		6/12/2030	JPMorgan Chase		(1,144	)		Monthly		(55,064	)		3,395
Western Digital Corp.	U.S. Fed Funds + 0.09%		6/12/2030	Goldman Sachs		(413	)		Monthly		(15,583	)		728
Wynn Resorts Finance LLC/Wynn Resourts Capital Corp.	U.S. Fed Funds		6/12/2030	JPMorgan Chase		(119	)		Monthly		(8,619	)		(20	)
Aptiv PLC	U.S. Fed Funds		6/17/2030	JPMorgan Chase		(35	)		Monthly		(3,377	)		82
Ecolab, Inc.	U.S. Fed Funds + 0.18%		6/17/2030	JPMorgan Chase		(1,079	)		Monthly		(198,445	)		17,779
Encompass Health Corp.	U.S. Fed Funds + 0.18%		6/17/2030	JPMorgan Chase		(1,124	)		Monthly		(69,156	)		5,984
Ryman Hospitality Properties, Inc.	U.S. Fed Funds + 0.09%		6/17/2030	Goldman Sachs		(1,256	)		Monthly		(50,053	)		1,076
Six Flags Entertainment Corp.	U.S. Fed Funds + 0.09%		6/17/2030	Goldman Sachs		(8,541	)		Monthly		(184,660	)		(12,459	)
Medical Properties Trust, Inc.	U.S. Fed Funds + 0.09%		6/19/2030	Goldman Sachs		(4,439	)		Monthly		(79,106	)		2,217
TJX (The) Cos., Inc.	U.S. Fed Funds + 0.09%		6/19/2030	Goldman Sachs		(36	)		Monthly		(1,830	)		237
Vornado Realty Trust	U.S. Fed Funds + 0.18%		6/19/2030	JPMorgan Chase		(4,341	)		Monthly		(133,407	)		25,777

See accompanying Notes to Financial Statements

212

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

American Electric Power Co., Inc.	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		(1,809	)		Monthly	$	(162,689	)		$ (711)
Baker Hughes Co., Class A	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		(7,018	)		Monthly		(103,659	)		(9,267	)
Broadcom, Inc.	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		(36	)		Monthly		(12,590	)		1,088
Edison International	U.S. Fed Funds + 0.18%		6/24/2030	JPMorgan Chase		(667	)		Monthly		(38,181	)		(762	)
Huntsman Corp.	U.S. Fed Funds		6/24/2030	JPMorgan Chase		(223	)		Monthly		(5,417	)		(14	)
Live Nation Entertainment, Inc.	U.S. Fed Funds + 0.18%		6/24/2030	JPMorgan Chase		(1,799	)		Monthly		(87,796	)		13,434
Mondelez International, Inc., Class A	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		(3,421	)		Monthly		(181,729	)		15,649
Navient Corp.	U.S. Fed Funds + 0.09%		6/24/2030	Goldman Sachs		(15,610	)		Monthly		(125,041	)		30,903
Sensta Technologies Holding PLC	U.S. Fed Funds + 0.18%		6/24/2030	JPMorgan Chase		(3,272	)		Monthly		(143,026	)		9,457
Allegheny Technologies, Inc.	U.S. Fed Funds + 0.18%		6/25/2030	JPMorgan Chase		(2,164	)		Monthly		(19,931	)		751
Fox Corp., Class A	U.S. Fed Funds + 0.18%		6/26/2030	JPMorgan Chase		(535	)		Monthly		(14,191	)		1,623
VF Corp.	U.S. Fed Funds + 0.18%		6/26/2030	JPMorgan Chase		(2,051	)		Monthly		(137,835	)		22,820
Allegheny Technologies, Inc.	U.S. Fed Funds + 0.09%		6/28/2030	Goldman Sachs		(1,979	)		Monthly		(18,227	)		88
PTC Therapeutics, Inc.	U.S. Fed Funds + 0.09%		6/28/2030	Goldman Sachs		(455	)		Monthly		(38,167	)		1,778
VF Corp.	U.S. Fed Funds + 0.09%		6/28/2030	Goldman Sachs		(1,236	)		Monthly		(83,065	)		13,022
Becton Dickinson and Company	U.S. Fed Funds + 0.18%		7/2/2030	JPMorgan Chase		(850	)		Monthly		(196,466	)		4,740
Becton Dickinson and Company	U.S. Fed Funds + 0.09%		7/8/2030	Goldman Sachs		(382	)		Monthly		(88,294	)		2,551
Micron Technology, Inc.	U.S. Fed Funds + 0.18%		7/8/2030	JPMorgan Chase		(3,690	)		Monthly		(185,763	)		(188	)
TC Energy Corp.	U.S. Fed Funds + 0.18%		7/8/2030	JPMorgan Chase		(6,189	)		Monthly		(247,750	)		23,613
United States Steel Corp.	U.S. Fed Funds + 0.09%		7/8/2030	Goldman Sachs		(154	)		Monthly		(1,490	)		(156	)
Unum Group Corp.	U.S. Fed Funds + 0.18%		7/8/2030	JPMorgan Chase		(901	)		Monthly		(16,169	)		950
PBF Energy, Inc., Class A	U.S. Fed Funds + 0.18%		7/15/2030	JPMorgan Chase		(1,768	)		Monthly		(8,257	)		3,253
TC Energy Corp.	U.S. Fed Funds + 0.09%		7/15/2030	Goldman Sachs		(1,033	)		Monthly		(41,197	)		3,189
AECOM	U.S. Fed Funds + 0.18%		7/16/2030	JPMorgan Chase		(2,504	)		Monthly		(112,284	)		2,654
CMS Energy Corp.	U.S. Fed Funds + 0.09%		7/22/2030	Goldman Sachs		(18	)		Monthly		(1,140	)		26
CMS Energy Corp.	U.S. Fed Funds + 0.18%		7/22/2030	JPMorgan Chase		(360	)		Monthly		(22,799	)		578
Hecla Mining Co.	U.S. Fed Funds + 0.09%		7/22/2030	Goldman Sachs		(24,378	)		Monthly		(111,654	)		15,035
National Fuel Gas Co.	U.S. Fed Funds + 0.09%		7/22/2030	Goldman Sachs		(2,030	)		Monthly		(81,122	)		4,898
National Fuel Gas Co.	U.S. Fed Funds + 0.18%		7/22/2030	JPMorgan Chase		(3,830	)		Monthly		(154,875	)		6,062
NextEra Energy, Inc.	U.S. Fed Funds + 0.18%		7/22/2030	JPMorgan Chase		(1,572	)		Monthly		(115,089	)		3,688
Martin Marietta Materials, Inc.	U.S. Fed Funds + 0.09%		7/23/2030	Goldman Sachs		(893	)		Monthly		(237,858	)		(8,210	)
Seagate Technology PLC	U.S. Fed Funds + 0.18%		7/23/2030	JPMorgan Chase		(1,897	)		Monthly		(90,718	)		6,363
Seagate Technology PLC	U.S. Fed Funds + 0.09%		7/24/2030	Goldman Sachs		(2,714	)		Monthly		(129,789	)		10,272
American Campus Communities, Inc.	U.S. Fed Funds + 0.09%		7/29/2030	Goldman Sachs		(1,812	)		Monthly		(67,879	)		(1,116	)
American Campus Communities, Inc.	U.S. Fed Funds + 0.18%		7/29/2030	JPMorgan Chase		(4,031	)		Monthly		(151,005	)		(1,811	)
Las Vegas Sands Corp.	U.S. Fed Funds + 0.18%		7/29/2030	JPMorgan Chase		(835	)		Monthly		(40,131	)		(1,049	)
NVDIA Corp.	U.S. Fed Funds + 0.18%		8/5/2030	JPMorgan Chase		(136	)		Monthly		(68,185	)		3,584
Unum Group Corp.	U.S. Fed Funds + 0.09%		8/5/2030	Goldman Sachs		(91	)		Monthly		(1,633	)		79

See accompanying Notes to Financial Statements

213

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund


Reference Company	The Fund Receives Financing Rate	Expiration Date		Counterparty	Notional Amount			Pay Frequency		Market Value			Unrealized Appreciation (Depreciation)

American Airlines Group, Inc.	U.S. Fed Funds + 1.33%		8/12/2030	JPMorgan Chase		(270	)		Monthly		$ (3,046	)		$ 506
Keysight Technologies, Inc.	U.S. Fed Funds + 0.09%		8/19/2030	Goldman Sachs		(525	)		Monthly		(55,058	)		179
Assurant, Inc.	U.S. Fed Funds + 0.09%		8/26/2030	Goldman Sachs		(1,018	)		Monthly		(126,613	)		(1,302	)
Assurant, Inc.	U.S. Fed Funds + 0.18%		8/26/2030	JPMorgan Chase		(1,335	)		Monthly		(166,041	)		1,339
Dentsply Sirona, Inc.	U.S. Fed Funds + 0.09%		8/26/2030	Goldman Sachs		(1,740	)		Monthly		(82,113	)		(3,249	)
Federal Realty Investment Trust	U.S. Fed Funds + 0.18%		8/26/2030	JPMorgan Chase		(817	)		Monthly		(57,094	)		8,037
Visa, Inc., Class A	U.S. Fed Funds + 0.09%		8/26/2030	Goldman Sachs		(13	)		Monthly		(2,362	)		46
Dentsply Sirona, Inc.	U.S. Fed Funds + 0.18%		8/27/2030	JPMorgan Chase		(4,649	)		Monthly		(219,397	)		(5,264	)
Southern Copper Corp.	U.S. Fed Funds + 0.09%		9/3/2030	Goldman Sachs		(354	)		Monthly		(18,529	)		(1,304	)
PG&E Corp.	U.S. Fed Funds + 0.18%		9/4/2030	JPMorgan Chase		(20,361	)		Monthly		(194,661	)		20,548
Ross Stores, Inc.	U.S. Fed Funds + 0.09%		9/4/2030	Goldman Sachs		(1,431	)		Monthly		(121,883	)		15,765
Gartner, Inc.	U.S. Fed Funds + 0.18%		9/9/2030	JPMorgan Chase		(8	)		Monthly		(961	)		54
Ross Stores, Inc.	U.S. Fed Funds + 0.18%		9/9/2030	JPMorgan Chase		(1,719	)		Monthly		(146,415	)		21,654
Southern Copper Corp.	U.S. Fed Funds + 0.18%		9/11/2030	JPMorgan Chase		(131	)		Monthly		(6,857	)		(65	)
Elanco Animal Health, Inc.	U.S. Fed Funds + 0.09%		9/16/2030	Goldman Sachs		(9,044	)		Monthly		(280,464	)		7,406
Global Payments, Inc.	U.S. Fed Funds + 0.09%		9/16/2030	Goldman Sachs		(671	)		Monthly		(105,850	)		12,259
Global Payments, Inc.	U.S. Fed Funds + 0.18%		9/16/2030	JPMorgan Chase		(691	)		Monthly		(109,004	)		16,447
Match Group, Inc.	U.S. Fed Funds + 0.18%		9/16/2030	JPMorgan Chase		(2,033	)		Monthly		(237,425	)		(6,781	)
STORE Capital Corp.	U.S. Fed Funds + 0.18%		9/16/2030	JPMorgan Chase		(5,438	)		Monthly		(141,940	)		12,554
Twitter, Inc.	U.S. Fed Funds + 0.18%		9/16/2030	JPMorgan Chase		(2,692	)		Monthly		(111,347	)		12,512
Twitter, Inc.	U.S. Fed Funds + 0.09%		9/16/2030	Goldman Sachs		(3,137	)		Monthly		(129,752	)		14,644
VICI Properties, Inc.	U.S. Fed Funds + 0.18%		9/16/2030	JPMorgan Chase		(6,111	)		Monthly		(140,255	)		6,531
Raytheon Technologies Corp.	U.S. Fed Funds + 0.18%		9/17/2030	JPMorgan Chase		(2,180	)		Monthly		(118,420	)		11,404
Match Group, Inc.	U.S. Fed Funds + 0.09%		9/18/2030	Goldman Sachs		(397	)		Monthly		(46,364	)		(2,229	)
PVH Corp.	U.S. Fed Funds + 0.09%		9/18/2030	Goldman Sachs		(127	)		Monthly		(7,403	)		463
Raytheon Technologies Corp.	U.S. Fed Funds + 0.09%		9/18/2030	Goldman Sachs		(1,027	)		Monthly		(55,787	)		4,109
PVH Corp.	U.S. Fed Funds + 0.18%		9/23/2030	JPMorgan Chase		(297	)		Monthly		(17,312	)		1,009
Uber Technologies, Inc.	U.S. Fed Funds + 0.18%		9/23/2030	JPMorgan Chase		(4,235	)		Monthly		(141,495	)		11,690
Uber Technologies, Inc.	U.S. Fed Funds + 0.09%		9/23/2030	Goldman Sachs		(4,279	)		Monthly		(142,964	)		8,088
Elanco Animal Health, Inc.	U.S. Fed Funds + 0.18%		9/25/2030	JPMorgan Chase		(377	)		Monthly		(11,691	)		51
Avantor, Inc.	U.S. Fed Funds + 0.18%		9/30/2030	JPMorgan Chase		(12,457	)		Monthly		(289,888	)		12,298
Emergent BioSolutions, Inc.	U.S. Fed Funds + 0.18%		9/30/2030	JPMorgan Chase		(331	)		Monthly		(29,781	)		5,254
Emergent BioSolutions, Inc.	U.S. Fed Funds + 0.09%		9/30/2030	Goldman Sachs		(899	)		Monthly		(80,886	)		8,609
Public Storage	U.S. Fed Funds + 0.09%		9/30/2030	Goldman Sachs		(141	)		Monthly		(32,299	)		842
UGI Corp.	U.S. Fed Funds + 0.18%		9/30/2030	JPMorgan Chase		(2,712	)		Monthly		(87,709	)		5,324
Univar Solutions, Inc.	U.S. Fed Funds + 0.09%		9/30/2030	Goldman Sachs		(530	)		Monthly		(8,793	)		343
Waste Connections, Inc.	U.S. Fed Funds + 0.18%		9/30/2030	JPMorgan Chase		(190	)		Monthly		(18,871	)		557
UGI Corp.	U.S. Fed Funds + 0.09%		10/1/2030	Goldman Sachs		(3,589	)		Monthly		(116,070	)		5,946
Waste Connections, Inc.	U.S. Fed Funds + 0.09%		10/14/2030	Goldman Sachs		(193	)		Monthly		(19,169	)		848
Xilinx, Inc.	U.S. Fed Funds + 0.18%		10/14/2030	JPMorgan Chase		(281	)		Monthly		(33,360	)		93
Avery Dennison Corp.	U.S. Fed Funds + 0.18%		10/22/2030	JPMorgan Chase		(219	)		Monthly		(30,308	)		442
Sirus XM Holdings, Inc.	U.S. Fed Funds + 0.09%		10/28/2030	Goldman Sachs		(11,168	)		Monthly		(63,993	)		784


Total (Cost $43,944,614)						(1,357,843	)				$(41,837,454	)		$2,107,160

See accompanying Notes to Financial Statements

214

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

Interest Rate Swap Contracts outstanding at October 31, 2020: Exchange Traded


Pay Rate Index/ Pay Rate	Receive Rate Index/ Receive Rate	Maturity Date			Notional Amount		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)

28-Day MXN-TIIE-BANXICO (Monthly)	5.25% (Monthly)		3/11/2026	MXN		1,910,000	$	(91	)		$ —			$ (91)
28-Day MXN-TIIE-BANXICO (Monthly)	5.14% (Monthly)		3/11/2026	MXN		2,470,000		(695	)		—			(695	)
28-Day MXN-TIIE-BANXICO (Monthly)	5.17% (Monthly)		3/11/2026	MXN		2,300,000		(499	)		—			(499	)
28-Day MXN-TIIE-BANXICO (Monthly)	5.00% (Monthly)		3/11/2026	MXN		1,820,000		(1,052	)		—			(1,052	)
(0.43)% (Annually)	6M EUR EURIBOR (Semi-Annually)		3/17/2026	EUR		150,000		(341	)		(33	)		(308	)
0.22% (Semi-Annually)	6M USD LIBOR (Semi-Annually)		3/17/2026	USD		230,000		476			(90	)		566
0.24% (Semi-Annually)	6M GBP LIBOR (Semi-Annually)		3/17/2026	GBP		100,000		86			—			86
0.27% (Semi-Annually)	6M GBP LIBOR (Semi-Annually)		3/17/2026	GBP		110,000		(132	)		(25	)		(107	)
0.29% (Semi-Annually)	6M ASX BBSW (Semi-Annually)		3/17/2026	AUD		160,000		136			—			136
0.36% (Semi-Annually)	3M USD LIBOR (Quarterly)		3/17/2026	USD		110,000		766			—			766
0.37% (Semi-Annually)	3M USD LIBOR (Quarterly)		3/17/2026	USD		200,000		1,280			—			1,280
0.38% (Semi-Annually)	3M USD LIBOR (Quarterly)		3/17/2026	USD		20,000		124			—			124
0.46% (Semi-Annually)	3M USD LIBOR (Quarterly)		3/17/2026	USD		130,000		236			—			236
0.53% (Semi-Annually)	6M SGD SIBOR (Semi-Annually)		3/17/2026	SGD		95,000		43			—			43
0.54% (Annually)	6M PLN WIBOR (Semi-Annually)		3/17/2026	PLN		690,000		49			—			49
0.54% (Semi-Annually)	6M SGD SIBOR (Semi-Annually)		3/17/2026	SGD		95,000		(2	)		—			(2	)
0.56% (Semi-Annually)	6M SGD SIBOR (Semi-Annually)		3/17/2026	SGD		100,000		(72	)		—			(72	)
0.59% (Annually)	6M PLN WIBOR (Semi-Annually)		3/17/2026	PLN		340,000		(182	)		—			(182	)
0.60% (Semi-Annually)	6M SGD SIBOR (Semi-Annually)		3/17/2026	SGD		1,020,000		(2,687	)		—			(2,687	)
0.61% (Annually)	6M PLN WIBOR (Semi-Annually)		3/17/2026	PLN		360,000		(309	)		48			(357	)
0.65% (Annually)	6M PLN WIBOR (Semi-Annually)		3/17/2026	PLN		340,000		(460	)		—			(460	)
0.68% (Annually)	6M PLN WIBOR (Semi-Annually)		3/17/2026	PLN		310,000		(526	)		—			(526	)
3M CAD CIDOR (Quarterly)	0.82% (Semi-Annually)		3/17/2026	CAD		190,000		(98	)		—			(98	)
3M CAD CIDOR (Quarterly)	0.84% (Semi-Annually)		3/17/2026	CAD		160,000		19			—			19
3M HKD HIBOR (Quarterly)	0.57% (Quarterly)		3/17/2026	HKD		770,000		(114	)		—			(114	)
3M HKD HIBOR (Quarterly)	0.56% (Quarterly)		3/17/2026	HKD		510,000		(124	)		—			(124	)
3M ZAR JIBAR (Quarterly)	5.36% (Quarterly)		3/17/2026	ZAR		5,160,000		1,795			—			1,795
3M ZAR JIBAR (Quarterly)	5.45% (Quarterly)		3/17/2026	ZAR		1,800,000		1,072			—			1,072

See accompanying Notes to Financial Statements

215

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

Pay Rate Index/

Pay Rate

Receive Rate Index/
Receive Rate

Maturity
Date

Notional
Amount

Market Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

3M ZAR JIBAR (Quarterly)

5.46% (Quarterly)

3/17/2026

ZAR

1,470,000

$ 925

$ —

$ 925

Total

23,120,000

$ (377

)

$(100

)

$ (277

)

Interest Rate Swap Contracts outstanding at October 31, 2020:

Over the Counter


Pay Rate Index/ Pay Rate	Receive Rate Index/ Receive Rate		Counterparty		Maturity Date			Notional Amount		Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)

3M KRW KWCDC (Quarterly)		1.00% (Quarterly)		Citibank		3/17/2026	KRW		1,526,800,000		$(465	)		$—		$(465	)
3M KRW KWCDC (Quarterly)		1.01% (Quarterly)		Bank of America		3/17/2026	KRW		210,710,000		(17	)		—		(17	)
3M KRW KWCDC (Quarterly)		0.99% (Quarterly)		Bank of America		3/17/2026	KRW		89,900,000		(100	)		—		(100	)
3M KRW KWCDC (Quarterly)		0.99% (Quarterly)		Citibank		3/17/2026	KRW		62,800,000		(50	)		—		(50	)
3M KRW KWCDC (Quarterly)		0.92% (Quarterly)		Bank of America		3/17/2026	KRW		50,670,000		(197	)		—		(197	)

Total									1,940,880,000		$(829	)		$—		$(829	)

Credit Default Swap Contracts outstanding - Buy Protection as of October 31, 2020:

Exchange Traded


Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date			Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)

Markit CDX North America High Yield Investment Grade Index Series 34 (Pay Quarterly)		5.00%		6/20/2025	USD		3,114,407		$(150,394	)		$(140,608	)		$(9,786	)

Total							3,114,407		$(150,394	)		$(140,608	)		$(9,786	)

See accompanying Notes to Financial Statements

216

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2020:

Exchange Traded

Reference Obligation

Implied
Credit
Spread

Fixed

Deal
Receive Rate

Maturity
Date

Notional
Amount⁽¹⁾

Market Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

Markit CDX North America High Yield Investment Grade Index Series 34 (Receive Quarterly)

3.96%

5.00%

6/20/2025

USD

7,567

$367

$424

$(57

)

Total

7,567

$367

$424

$(57

)

⁽¹⁾	The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

See accompanying Notes to Financial Statements

217

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s investments carried at fair value:



Morningstar Alternatives Fund	Level 1			Level 2			Level 3		Totals


Investments
Assets:
Asset-Backed Securities		$ —			$ 19,671,983			$ —		$ 19,671,983
Common Stocks		47,195,601			3,727,226			—		50,922,827
Convertible Preferred Stocks		2,719,745			1,660,610			—		4,380,355
Convertible Bonds		—			58,018,880			—		58,018,880
Corporate Bonds		—			35,237,879			—		35,237,879
Foreign Issuer Bonds		—			5,431,853			—		5,431,853
Mortgage-Backed Securities		—			37,620,812			—		37,620,812
Short-Term Investments		34,108,277			—			—		34,108,277
Rights		—			—	*		10,915		10,915
Purchased Options		58,847			—			—		58,847


Total Assets – Investments at value		$ 84,082,470			$161,369,243			$10,915		$245,462,628


Liabilities:
Common Stocks		$(33,469,468	)		$ (2,697,921	)		$ —		$(36,167,389	)
Investment Companies		(414,184	)		—			—		(414,184	)


Total Liabilities – Investments at value		$(33,883,652	)		$ (2,697,921	)		$ —		$(36,581,573	)


Net Investments		$ 50,198,818			$158,671,322			$10,915		$208,881,055

*Amount rounds to less than one dollar.

Morningstar Alternatives Fund	Level 1			Level 2			Level 3		Totals


Derivative Financial Instruments
Assets:
Futures contracts		$ 40,969			$ —			$—		$ 40,969
Forward foreign currency exchange contracts		—			74,809			—		74,809
Contracts for difference		—			46,043,058			—		46,043,058
Swap agreements at fair value		—			7,374			—		7,374


Total Assets - Derivative Financial Instruments		$ 40,969			$ 46,125,241			$—		$ 46,166,210


Liabilities:
Futures contracts		$(101,612	)		$ —			$—		$ (101,612	)
Forward foreign currency exchange contracts		—			(26,027	)		—		(26,027	)
Written Options		(178,868	)		—			—		(178,868	)
Contracts for difference		—			(41,837,454	)		—		(41,837,454	)
Swap agreements at fair value		—			(158,607	)		—		(158,607	)


Total Liabilities - Derivative Financial Instruments		$(280,480	)		$(42,022,088	)		$—		$(42,302,568	)


Net Derivative Financial Instruments		$(239,511	)		$ 4,103,153			$—		$ 3,863,642

See accompanying Notes to Financial Statements

218

Morningstar Funds Trust October 31, 2020 (unaudited)

Schedule of Investments (continued)

Morningstar Alternatives Fund

See accompanying Notes to Financial Statements

219

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Assets and Liabilities


	Morningstar U.S. Equity Fund		Morningstar International Equity Fund		Morningstar Global Income Fund		Morningstar Total Return Bond Fund		Morningstar Municipal Bond Fund
Assets
Investments in non-affiliates, at value	$	1,254,839,481	$	812,006,854	$	241,935,861	$	667,742,916	$351,354,316
Foreign currencies, at value		1,845		607,869		1,064		835,925	—
Due from broker		—		—		—		5,548,539	—
Receivable from adviser		85,244		141,781		—		101,977	28,022
Receivable for:
Dividends and interest		736,530		472,418		289,766		2,944,422	3,809,063
Foreign tax reclaims		69,205		294,570		130,028		13,270	—
Investments sold		3,674,945		3,712,073		1,136,003		131,019,854	—
Fund shares sold		278,586		219,446		85,614		450,696	260,116
Variation margin on futures contracts		—		—		—		74,462	—
Variation margin on exchange traded swap agreements		—		—		—		55,537	—
Unrealized appreciation on OTC swap agreements		—		—		—		2,739	—
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		469,962	—
Upfront premiums paid on swap agreements		—		—		—		891,676	—
Prepaid expenses and other assets		64,768		73,049		35,783		47,708	35,073
Total assets		1,259,750,604		817,528,060		243,614,119		810,199,683	355,486,590
Liabilities
Investments sold short, at value		—		—		—		41,564,519	—
Written options, at value		—		—		—		218,672	—
Due to broker		—		—		—		2,286,737	—
Unrealized depreciation on OTC swap agreements		—		—		—		43,709	—
Unrealized depreciation onforward foreign currency exchange contracts		—		75,202		—		387,146	—
Payable for:
Investments purchased on a delayed-delivery basis		—		—		—		142,968,162	1,590,316
Investments purchased		3,352,088		1,988,537		117,966		14,036,251	—
Variation margin on futures contracts		—		—		—		132,279	—
Variation margin on exchange traded swap agreements		—		—		—		59,323	—
Fund shares redeemed		761,330		493,729		350,586		335,158	243,304
Distributions		—		—		1,168		8,085	187
Dividends on short sales		—		—		—		76,609	—
Deferred capital gains tax		—		306,180		—		—	—
Upfront premiums received from swap agreements		—		—		—		24,900	—
Accrued management fees		751,192		605,351		76,103		228,050	132,670
Accrued trustee fees		12,745		8,195		2,159		6,196	4,123

See accompanying Notes to Financial Statements

220

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Assets and Liabilities (continued)


	Morningstar U.S. Equity Fund		Morningstar International Equity Fund		Morningstar Global Income Fund			Morningstar Total Return Bond Fund		Morningstar Municipal Bond Fund
Accrued expenses		205,743		188,486		80,254			236,129	63,953
Total liabilities		5,083,098		3,665,680		628,236			202,611,925	2,034,553
Net assets	$	1,254,667,506	$	813,862,380	$	242,985,883		$	607,587,758	$353,452,037

Analysis of net assets:
Paid in capital	$	1,154,095,272	$	808,399,469	$	246,788,766		$	571,857,182	$347,814,302
Distributable earnings (loss)		100,572,234		5,462,911		(3,802,883	)		35,730,576	5,637,735
Net assets	$	1,254,667,506	$	813,862,380	$	242,985,883		$	607,587,758	$353,452,037
Shares outstanding:		121,478,397		83,385,854		24,523,481			54,255,108	33,425,465
Net asset value, offering price and redemption price per share:	$	10.33	$	9.76	$	9.91		$	11.20	$10.57
Investments in non-affiliates, at cost	$	1,156,088,081	$	808,755,186	$	241,903,739		$	651,837,259	$345,766,778
Foreign currencies, at cost	$	1,754	$	610,512	$	1,070		$	837,795	$ —
Investments sold short proceeds	$	—	$	—	$	—		$	41,707,801	$ —
Written option premiums	$	—	$	—	$	—		$	253,812	$ —

See accompanying Notes to Financial Statements

221

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Assets and Liabilities (continued)


	Morningstar Defensive Bond Fund		Morningstar Multisector Bond Fund			Morningstar Unconstrained Allocation Fund		Morningstar Alternatives Fund
Assets
Investments in non-affiliates, at value	$	226,805,146	$	252,800,425		$	159,975,087	$245,462,628
Cash		—		—			—	35,681,067
Foreign currencies, at value		—		42,775			91,673	131,207
Due from broker		—		560,000			151,166	1,502,417
Receivable from adviser		26,439		25,045			5,516	41,357
Receivable for:
Dividends and interest		317,912		3,163,403			245,593	1,046,866
Foreign tax reclaims		—		22,888			5,439	2,407
Investments sold		—		278,325			423,387	11,197,299
Fund shares sold		493,358		215,362			43,860	165,148
Variation margin on futures contracts		—		—			3,719	74,058
Variation margin on exchange traded swap agreements		—		—			—	3,269
Unrealized appreciation on OTC swap agreements		—		—			—	2,543,611
Unrealized appreciation on forward foreign currency exchange contracts		—		451,118			116,231	74,809
Upfront premiums paid on swap agreements		—		—			—	485
Prepaid expenses and other assets		45,177		38,647			51,589	45,477
Total assets		227,688,032		257,597,988			161,113,260	297,972,105
Liabilities
Investments sold short, at value		—		—			—	36,581,573
Written options, at value		—		—			—	178,868
Due to broker		—		435,259			—	1,079,881
Unrealized depreciation on OTC swap agreements		—		—			—	3,198,793
Unrealized depreciation on forward foreign currency exchange contracts		—		674,089			367,833	26,027
Payable for:
Investments purchased on a delayed-delivery basis		1,243,000		951,470			—	26,966,409
Investments purchased		914,415		969,617			846,552	4,888,409
Variation margin on futures contracts		—		—			466	—
Variation margin on exchange traded swap agreements		—		—			—	1,681
Fund shares redeemed		143,885		289,520			95,726	131,560
Distributions		4,065		3,269			—	—
Dividends on short sales		—		—			—	23,481
Deferred capital gains tax		—		2,898			—	—
Upfront premiums received from swap agreements		—		—			—	140,769
Accrued management fees		68,070		132,810			66,112	162,763
Accrued trustee fees		2,696		1,652			2,699	2,585
Accrued expenses		46,149		93,692			31,648	63,888
Total liabilities		2,422,280		3,554,276			1,411,036	73,446,687
Net assets	$	225,265,752	$	254,043,712		$	159,702,224	$224,525,418

Analysis of net assets:
Paid in capital	$	220,950,880	$	259,834,002		$	148,130,959	$216,868,579
Distributable earnings (loss)		4,314,872		(5,790,290	)		11,571,265	7,656,839
Net assets	$	225,265,752	$	254,043,712		$	159,702,224	$224,525,418
Shares outstanding:		21,840,300		25,264,402			16,078,824	21,239,425

See accompanying Notes to Financial Statements

222

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Assets and Liabilities (continued)


	Morningstar Defensive Bond Fund		Morningstar Multisector Bond Fund		Morningstar Unconstrained Allocation Fund		Morningstar Alternatives Fund
Net asset value, offering price and redemption price per share:	$	10.31	$	10.06	$	9.93	$ 10.57
Investments in non-affiliates, at cost	$	224,011,312	$	250,773,533	$	149,248,197	$239,680,152
Foreign currencies, at cost	$	—	$	43,255	$	92,087	$ 131,707
Investments sold short proceeds	$	—	$	—	$	—	$ 34,584,661
Written option premiums	$	—	$	—	$	—	$ 186,328

See accompanying Notes to Financial Statements

223

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Operations


	Morningstar U.S. Equity Fund			Morningstar International Equity Fund			Morningstar Global Income Fund			Morningstar Total Return Bond Fund			Morningstar Municipal Bond Fund

Investment income
Dividend income from non-affiliates (net of foreign withholding taxes)	$	14,354,187		$	8,509,657		$	5,022,684		$	151,489		$	221,492
Interest income (net of foreign withholding taxes)		1,646			—			67,909			5,942,832			4,539,469
Other income		—			—			—			4,241			—

Total investment income		14,355,833			8,509,657			5,090,593			6,098,562			4,760,961

Expenses
Management fees (Note 5)		4,311,256			3,531,672			440,725			1,279,819			789,876
Administration and custody fees		360,518			362,416			74,331			424,307			99,360
Transfer agent fees		3,335			3,209			3,207			3,212			3,196
Sub-accounting fees		590,904			392,697			120,872			281,493			169,950
Audit and tax fees		30,398			60,805			54,779			22,792			22,798
Legal fees		83,302			55,398			16,748			38,261			23,194
Trustees’ fees		95,559			63,794			19,456			44,032			26,111
Registration and filing fees		37,884			30,781			18,121			29,987			19,581
Printing and postage fees		36,154			34,117			11,156			16,811			7,813
Dividend and interest on securities sold short		—			—			—			9,272			—
Other expenses		47,494			33,054			13,142			44,237			16,992

Total Expenses		5,596,804			4,567,943			772,537			2,194,223			1,178,871

Less waiver of management fees (Note 5)		(399,194	)		(751,367	)		(6,788	)		(668,449	)		(135,647	)
Net expenses		5,197,610			3,816,576			765,749			1,525,774			1,043,224

Net investment income		9,158,223			4,693,081			4,324,844			4,572,788			3,717,737

Realized and unrealized gains (losses)
Net realized gains (losses) on:
Investments		19,376,562			3,067,289			(2,638,345	)		8,948,937			1,025,502
Investments sold short		—			—			—			(496,427	)		—
Swap agreements		—			—			—			(2,418,553	)		—
Futures contracts		—			—			—			1,083,353			—
Written options contracts		—			—			—			1,045,863			—
Forward foreign currency exchange contracts		—			(38,149	)		—			218,552			—
Foreign currency transactions		(2,100	)		9,836			(50,334	)		79,487			—

Net realized gains (losses)		19,374,462			3,038,976			(2,688,679	)		8,461,212			1,025,502

Net change in unrealized appreciation (depreciation) on:
Investments		105,951,644			81,109,433	¹		11,666,752	¹		5,557,003			13,467,555
Investments sold short		—			—			—			241,639			—
Swap agreements		—			—			—			3,774,402			—
Futures contracts		—			—			—			(1,171,203	)		—
Written options contracts		—			—			—			(172,698	)		—
Forward foreign currency exchange contracts		—			(61,889	)		—			(177,873	)		—

See accompanying Notes to Financial Statements

224

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Operations (continued)


	Morningstar U.S. Equity Fund		Morningstar International Equity Fund		Morningstar Global Income Fund		Morningstar Total Return Bond Fund		Morningstar Municipal Bond Fund

Foreign currency transactions		1,960		1,814		4,552		13,660		—

Net change in unrealized appreciation		105,953,604		81,049,358		11,671,304		8,064,930		13,467,555

Net realized and unrealized gains		125,328,066		84,088,334		8,982,625		16,526,142		14,493,057

Net increase in net assets resulting from operations	$	134,486,289	$	88,781,415	$	13,307,469	$	21,098,930	$	18,210,794

Foreign withholding taxes on dividend income	$	22,836	$	806,383	$	192,703	$	—	$	—
Foreign withholding taxes on interest income	$	—	$	—	$	—	$	24,138	$	—

¹ Net of change in deferred foreign capital gains tax expense of $(306,180) and $12,184, respectively.

See accompanying Notes to Financial Statements

225

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Operations (continued)


	Morningstar Defensive Bond Fund			Morningstar Multisector Bond Fund			Morningstar Unconstrained Allocation Fund			Morningstar Alternatives Fund

Investment income
Dividend income from non-affiliates (net of foreign withholding taxes)	$	442,486		$	126,229		$	1,044,659		$	426,228
Interest income (net of foreign withholding taxes)		1,910,121			6,328,240			338,489			1,923,837

Total investment income		2,352,607			6,454,469			1,383,148			2,350,065

Expenses
Management fees (Note 5)		372,647			761,380			374,479			911,003
Administration and custody fees		64,977			125,379			71,621			160,782
Transfer agent fees		3,216			3,218			3,206			3,216
Sub-accounting fees		98,584			116,800			70,871			101,932
Audit and tax fees		23,210			44,203			21,143			25,021
Legal fees		13,284			16,444			9,990			13,859
Trustees’ fees		15,176			19,096			11,058			15,842
Registration and filing fees		19,709			20,003			19,509			19,516
Printing and postage fees		15,776			12,560			9,076			12,566
Dividend and interest on securities sold short		—			—			—			185,879
Other expenses		11,747			12,988			9,504			13,541

Total Expenses		638,326			1,132,071			600,457			1,463,157

Less waiver of management fees (Note 5)		(141,464	)		(151,187	)		(17,371	)		(104,734	)

Net expenses		496,862			980,884			583,086			1,358,423

Net investment income		1,855,745			5,473,585			800,062			991,642

Realized and unrealized gains (losses)
Net realized gains (losses) on:
Investments		901,779			(205,235	)		186,446			7,330,356
Investments sold short		—			—			—			(5,365,770	)
Swap agreements		—			106,034			—			(960,605	)
Futures contracts		—			—			293,684			11,620
Written options contracts		—			—			—			340,278
Forward foreign currency exchange contracts		—			(166,532	)		560,753			(72,432	)
Foreign currency transactions		—			(206,034	)		47,353			(31,736	)

Net realized gains (losses)		901,779			(471,767	)		1,088,236			1,251,711

Net change in unrealized appreciation (depreciation) on:
Investments		1,682,434			18,126,920	¹		8,087,356			9,576,354
Investments sold short		—			—			—			(2,080,127	)
Swap agreements		—			(11,346	)		—			(665,302	)
Futures contracts		—			—			42,462			(60,643	)
Written options contracts		—			—			—			3,509
Forward foreign currency exchange contracts		—			(1,707,919	)		(283,520	)		(81,318	)
Foreign currency transactions		—			72,563			5,785			1,278

Net change in unrealized appreciation		1,682,434			16,480,218			7,852,083			6,693,751

Net realized and unrealized gains		2,584,213			16,008,451			8,940,319			7,945,462

Net increase in net assets resulting from operations	$	4,439,958		$	21,482,036		$	9,740,381		$	8,937,104

Foreign withholding taxes on dividend income	$	—		$	—		$	5,695		$	3,091
Foreign withholding taxes on interest income	$	1,705		$	72,341		$	2,359		$	—

¹	Net of change in deferred foreign capital gains tax expense of $(2,898).

See accompanying Notes to Financial Statements

226

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Changes in Net Assets


	Morningstar U.S. Equity Fund						Morningstar International Equity Fund

	Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020			Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020

Operations:
Net investment income		$ 9,158,223			$ 10,046,092			$ 4,693,081			$ 11,623,211
Net realized gains (losses)		19,374,462			(21,652,852	)		3,038,976			(1,755,597	)
Net change in unrealized appreciation (depreciation)		105,953,604			(49,639,266	)		81,049,358			(103,421,605	)

Net increase (decrease) in net assets resulting from operations		134,486,289			(61,246,026	)		88,781,415			(93,553,991	)

Distributions paid from:
Distributable earnings		—			(18,634,524	)		—			(17,321,023	)

Total distributions paid		—			(18,634,524	)		—			(17,321,023	)

Capital share transactions:
Proceeds from shares sold		189,415,225			794,376,814			132,826,626			550,873,414
Reinvestment of dividends		—			18,624,492			—			17,311,550
Payments for shares redeemed		(248,600,400	)		(231,681,035	)		(172,144,866	)		(161,539,278	)

Net increase (decrease) in net assets from capital share transactions		(59,185,175	)		581,320,271			(39,318,240	)		406,645,686

Total increase (decrease) in net assets		75,301,114			501,439,721			49,463,175			295,770,672

Net assets:
Beginning of period		1,179,366,392			677,926,671			764,399,205			468,628,533

End of period		$1,254,667,506			$1,179,366,392			$813,862,380			$764,399,205

Capital share transactions
Shares sold		18,902,675			85,340,677			13,825,446			58,658,336
Shares from reinvested dividends		—			1,684,010			—			1,537,824
Shares redeemed		(24,709,450	)		(23,209,115	)		(17,678,915	)		(16,399,510	)

Net increase (decrease)		(5,806,775	)		63,815,572			(3,853,469	)		43,796,650

See accompanying Notes to Financial Statements

227

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Changes in Net Assets (continued)


	Morningstar Global Income Fund						Morningstar Total Return Bond Fund

	Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020			Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020

Operations:
Net investment income		$ 4,324,844			$ 7,345,318			$ 4,572,788			$ 12,025,769
Net realized gains (losses)		(2,688,679	)		108,701			8,461,212			24,846,825
Net change in unrealized appreciation (depreciation)		11,671,304			(19,219,391	)		8,064,930			1,511,874

Net increase (decrease) in net assets resulting from operations		13,307,469			(11,765,372	)		21,098,930			38,384,468

Distributions paid from:
Distributable earnings		(4,325,528	)		(9,352,472	)		(6,081,374	)		(25,988,634	)

Total distributions paid		(4,325,528	)		(9,352,472	)		(6,081,374	)		(25,988,634	)

Capital share transactions:
Proceeds from shares sold		38,486,254			123,726,471			154,252,384			306,942,888
Reinvestment of dividends		4,318,023			9,348,867			6,043,205			25,965,152
Payments for shares redeemed		(43,860,514	)		(62,428,760	)		(87,187,265	)		(240,473,091	)

Net increase (decrease) in net assets from capital share transactions		(1,056,237	)		70,646,578			73,108,324			92,434,949

Total increase (decrease) in net assets		7,925,704			49,528,734			88,125,880			104,830,783

Net assets:
Beginning of period		235,060,179			185,531,445			519,461,878			414,631,095

End of period		$242,985,883			$235,060,179			$607,587,758			$519,461,878

Capital share transactions
Shares sold		3,824,678			12,277,449			13,807,051			28,515,303
Shares from reinvested dividends		428,858			886,549			538,794			2,427,437
Shares redeemed		(4,368,987	)		(6,062,138	)		(7,819,622	)		(22,776,526	)

Net increase (decrease)		(115,451	)		7,101,860			6,526,223			8,166,214

See accompanying Notes to Financial Statements

228

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Changes in Net Assets (continued)


	Morningstar Municipal Bond Fund						Morningstar Defensive Bond Fund

	Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020			Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020

Operations:
Net investment income		$ 3,717,737			$ 3,824,021			$ 1,855,745			$ 3,612,738
Net realized gains (losses)		1,025,502			(789,489	)		901,779			1,485,475
Net change in unrealized appreciation (depreciation)		13,467,555			(9,703,593	)		1,682,434			448,825

Net increase (decrease) in net assets resulting from operations		18,210,794			(6,669,061	)		4,439,958			5,547,038

Distributions paid from:
Distributable earnings		(3,715,331	)		(4,399,566	)		(1,837,698	)		(4,723,523	)

Total distributions paid		(3,715,331	)		(4,399,566	)		(1,837,698	)		(4,723,523	)

Capital share transactions:
Proceeds from shares sold		53,587,156			332,149,054			69,222,154			122,856,335
Reinvestment of dividends		3,714,257			4,398,578			1,822,006			4,716,027
Payments for shares redeemed		(58,531,600	)		(89,965,230	)		(31,855,316	)		(101,009,890	)

Net increase (decrease) in net assets from capital share transactions		(1,230,187	)		246,582,402			39,188,844			26,562,472

Total increase (decrease) in net assets		13,265,276			235,513,775			41,791,104			27,385,987

Net assets:
Beginning of period		340,186,761			104,672,986			183,474,648			156,088,661

End of period		$353,452,037			$340,186,761			$225,265,752			$183,474,648

Capital share transactions
Shares sold		5,094,311			31,722,432			6,729,509			12,118,403
Shares from reinvested dividends		351,218			418,670			176,897			465,247
Shares redeemed		(5,564,022	)		(8,682,679	)		(3,099,157	)		(10,006,072	)

Net increase (decrease)		(118,493	)		23,458,423			3,807,249			2,577,578

See accompanying Notes to Financial Statements

229

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Changes in Net Assets (continued)


	Morningstar Multisector Bond Fund						Morningstar Unconstrained Allocation Fund

	Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020			Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020

Operations:
Net investment income		$ 5,473,585			$ 8,960,185			$ 800,062			$ 1,566,620
Net realized gains (losses)		(471,767	)		(6,929,032	)		1,088,236			(193,118	)
Net change in unrealized appreciation (depreciation)		16,480,218			(15,844,228	)		7,852,083			1,675,146

Net increase (decrease) in net assets resulting from operations		21,482,036			(13,813,075	)		9,740,381			3,048,648

Distributions paid from:
Distributable earnings		(5,372,724	)		(10,125,732	)		—			(2,836,649	)

Total distributions paid		(5,372,724	)		(10,125,732	)		—			(2,836,649	)

Capital share transactions:
Proceeds from shares sold		81,405,703			154,111,386			37,833,512			104,191,817
Reinvestment of dividends		5,355,937			10,121,184			—			2,835,207
Payments for shares redeemed		(40,598,641	)		(109,891,533	)		(26,065,335	)		(25,340,078	)

Net increase (decrease) in net assets from capital share transactions		46,162,999			54,341,037			11,768,177			81,686,946

Total increase (decrease) in net assets		62,272,311			30,402,230			21,508,558			81,898,945

Net assets:
Beginning of period		191,771,401			161,369,171			138,193,666			56,294,721

End of period		$254,043,712			$191,771,401			$159,702,224			$138,193,666

Capital share transactions
Shares sold		8,342,617			15,221,049			3,816,345			11,774,435
Shares from reinvested dividends		532,762			979,145			—			263,569
Shares redeemed		(4,043,126	)		(11,459,813	)		(2,621,857	)		(2,577,253	)

Net increase (decrease)		4,832,253			4,740,381			1,194,488			9,460,751

See accompanying Notes to Financial Statements

230

Morningstar Funds Trust October 31, 2020 (unaudited)

Statements of Changes in Net Assets (continued)


	Morningstar Alternatives Fund

	Six Months Ended October 31, 2020 (unaudited)			Year Ended April 30, 2020

Operations:
Net investment income		$ 991,642			$ 3,681,039
Net realized gains (losses)		1,251,711			1,494,561
Net change in unrealized appreciation (depreciation)		6,693,751			(3,843,312	)

Net increase (decrease) in net assets resulting from operations		8,937,104			1,332,288

Distributions paid from:
Distributable earnings		—			(3,242,453	)

Total distributions paid		—			(3,242,453	)

Capital share transactions:
Proceeds from shares sold		58,468,580			126,616,742
Reinvestment of dividends		—			3,239,760
Payments for shares redeemed		(28,999,932	)		(53,683,970	)

Net increase (decrease) in net assets from capital share transactions		29,468,648			76,172,532

Total increase (decrease) in net assets		38,405,752			74,262,367

Net assets:
Beginning of period		186,119,666			111,857,299

End of period		$224,525,418			$186,119,666

Capital share transactions
Shares sold		5,626,066			12,285,126
Shares from reinvested dividends		—			311,889
Shares redeemed		(2,774,911	)		(5,279,184	)

Net increase (decrease)		2,851,155			7,317,831

See accompanying Notes to Financial Statements

231

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights

Morningstar U.S. Equity Fund


	Six Months Ended October 31		Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)		2020			2019

Net asset value, beginning of period		$9.27		$10.68			$10.00

Income (loss) from investment operations:
Net investment income²		0.07		0.13			0.05
Net realized and unrealized gains (losses)		0.99		(1.31	)		0.64

Total income (loss) from investment operations		1.06		(1.18	)		0.69

Less distributions paid:
From net investment income		—		(0.09	)		(0.01	)
From realized gains		—		(0.14	)		—

Total distributions paid		—		(0.23	)		(0.01	)

Net asset value, end of period		$10.33		$9.27			$10.68

Total return³		11.43%		(11.42%	)		6.98%
Supplemental data and ratios:
Net assets, end of period (millions)		$1,255		$1,179			$678

Ratio to average net assets of:^{4, 5}
Total expenses before waivers/reimbursements		0.87%		0.93%			1.08%

Total expenses after waivers/reimbursements		0.81%		0.81%			0.82%

Net investment income, net of waivers/reimbursements		1.42%		1.25%			0.98%⁶

Net investment income, before waivers/reimbursements		1.36%		1.13%			0.72%⁶

Portfolio turnover rate⁷		31%		58%			20%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

232

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar International Equity Fund


	Six Months Ended October 31		Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)		2020			2019

Net asset value, beginning of period		$8.76		$10.79			$10.00

Income (loss) from investment operations:
Net investment income²		0.05		0.21			0.08
Net realized and unrealized gains (losses)		0.95		(1.94	)		0.74

Total income (loss) from investment operations		1.00		(1.73	)		0.82

Less distributions paid:
From net investment income		—		(0.19	)		(0.03	)
From realized gains		—		(0.11	)		—

Total distributions paid		—		(0.30	)		(0.03	)

Net asset value, end of period		$9.76		$8.76			$10.79

Total return³		11.42%		(16.65%	)		8.19%
Supplemental data and ratios:
Net assets, end of period (millions)		$814		$764			$469

Ratio to average net assets of:^{4, 5}
Total expenses before waivers/reimbursements		1.08%		1.14%			1.29%

Total expenses after waivers/reimbursements		0.90%		0.92%			0.94%

Net investment income, net of waivers/reimbursements		1.11%		2.08%			1.66%⁶

Net investment income, before waivers/reimbursements		0.93%		1.86%			1.31%⁶

Portfolio turnover rate⁷		18%		36%			19%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

233

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar Global Income Fund


	Six Months Ended October 31			Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)			2020			2019

Net asset value, beginning of period		$9.54			$10.58			$10.00

Income (loss) from investment operations:
Net investment income²		0.17			0.37			0.16
Net realized and unrealized gains (losses)		0.38			(0.94	)		0.52

Total income (loss) from investment operations		0.55			(0.57	)		0.68

Less distributions paid:
From net investment income		(0.18	)		(0.42	)		(0.10	)
From realized gains		—			(0.05	)		—

Total distributions paid		(0.18	)		(0.47	)		(0.10	)

Net asset value, end of period		$9.91			$9.54			$10.58

Total return³		5.70%			(5.73%)			6.85%
Supplemental data and ratios:
Net assets, end of period (millions)		$243			$235			$186

Ratio to average net assets of:^4,⁵
Total expenses before waivers/reimbursements		0.62%			0.64%			0.90%

Total expenses after waivers/reimbursements		0.61%			0.58%			0.58%

Net investment income, net of waivers/reimbursements		3.44%			3.52%			3.15%⁶

Net investment income, before waivers/reimbursements		3.43%			3.46%			2.83%⁶

Portfolio turnover rate⁷		36%			62%			27%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

234

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar Total Return Bond Fund


	Six Months Ended October 31			Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)			2020			2019

Net asset value, beginning of period		$10.88			$10.48			$10.00

Income (loss) from investment operations:
Net investment income²		0.09			0.26			0.15
Net realized and unrealized gains		0.35			0.68			0.45

Total income from investment operations		0.44			0.94			0.60

Less distributions paid:
From net investment income		(0.12	)		(0.28	)		(0.12	)
From realized gains		—			(0.26	)		—

Total distributions paid		(0.12	)		(0.54	)		(0.12	)

Net asset value, end of period		$11.20			$10.88			$10.48

Total return³		4.03%			9.13%			6.01%
Supplemental data and ratios:
Net assets, end of period (millions)		$608			$519			$415

Ratio to average net assets of:^4,⁵
Total expenses before waivers/reimbursements		0.75%			0.81%			0.88%

Total expenses after waivers/reimbursements		0.52%			0.53%			0.53%

Net investment income, net of waivers/reimbursements		1.57%			2.43%			2.89%⁶

Net investment income, before waivers/reimbursements		1.34%			2.15%			2.54%⁶

Portfolio turnover rate⁷		226%			612%			318%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

235

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar Municipal Bond Fund


	Six Months Ended October 31			Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)			2020			2019

Net asset value, beginning of period		$10.14			$10.38			$10.00

Income (loss) from investment operations:
Net investment income²		0.11			0.23			0.12
Net realized and unrealized gains (losses)		0.43			(0.21	)		0.36

Total income from investment operations		0.54			0.02			0.48

Less distributions paid:
From net investment income		(0.11	)		(0.23	)		(0.10	)
From realized gains		—			(0.03	)		—

Total distributions paid		(0.11	)		(0.26	)		(0.10	)

Net asset value, end of period		$10.57			$10.14			$10.38

Total return³		5.33%			0.11%			4.79%
Supplemental data and ratios:
Net assets, end of period (millions)		$353			$340			$105

Ratio to average net assets of:^4,⁵
Total expenses before waivers/reimbursements		0.66%			0.77%			1.05%

Total expenses after waivers/reimbursements		0.58%			0.58%			0.58%

Net investment income, net of waivers/reimbursements		2.07%			2.17%			2.48%⁶

Net investment income, before waivers/reimbursements		1.99%			1.98%			2.01%⁶

Portfolio turnover rate⁷		36%			127%			115%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

236

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar Defensive Bond Fund


	Six Months Ended October 31			Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)			2020			2019

Net asset value, beginning of period		$10.17			$10.10			$10.00

Income (loss) from investment operations:
Net investment income²		0.09			0.20			0.11
Net realized and unrealized gains		0.14			0.13			0.08

Total income from investment operations		0.23			0.33			0.19

Less distributions paid:
From net investment income		(0.09	)		(0.23	)		(0.09	)
From realized gains		—			(0.03	)		—

Total distributions paid		(0.09	)		(0.26	)		(0.09	)

Net asset value, end of period		$10.31			$10.17			$10.10

Total return³		2.27%			3.36%			1.87%
Supplemental data and ratios:
Net assets, end of period (millions)		$225			$183			$156

Ratio to average net assets of:^4,⁵
Total expenses before waivers/reimbursements		0.62%			0.66%			0.93%

Total expenses after waivers/reimbursements		0.48%			0.48%			0.48%

Net investment income, net of waivers/reimbursements		1.80%			2.02%			2.28%⁶

Net investment income, before waivers/reimbursements		1.66%			1.84%			1.83%⁶

Portfolio turnover rate⁷		22%			88%			4%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

237

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar Multisector Bond Fund


	Six Months Ended October 31			Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)			2020			2019

Net asset value, beginning of period		$9.39			$10.28			$10.00

Income (loss) from investment operations:
Net investment income²		0.22			0.46			0.27
Net realized and unrealized gains (losses)		0.67			(0.83	)		0.21

Total income (loss) from investment operations		0.89			(0.37	)		0.48

Less distributions paid:
From net investment income		(0.22	)		(0.43	)		(0.20	)
From realized gains		—			(0.09	)		—

Total distributions paid		(0.22	)		(0.52	)		(0.20	)

Net asset value, end of period		$10.06			$9.39			$10.28

Total return³		9.34%			(3.97%)			4.86%
Supplemental data and ratios:
Net assets, end of period (millions)		$254			$192			$161

Ratio to average net assets of:^4,⁵
Total expenses before waivers/reimbursements		0.91%			0.98%			1.18%

Total expenses after waivers/reimbursements		0.79%			0.79%			0.80%

Net investment income, net of waivers/reimbursements		4.38%			4.52%			5.41%⁶

Net investment income, before waivers/reimbursements		4.26%			4.33%			5.03%⁶

Portfolio turnover rate⁷		54%			138%			53%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

238

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar Unconstrained Allocation Fund


	Six Months Ended October 31		Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)		2020			2019

Net asset value, beginning of period		$9.28		$10.38			$10.00

Income (loss) from investment operations:
Net investment income²		0.05		0.23			0.12
Net realized and unrealized gains (losses)		0.60		(0.91	)		0.37

Total income (loss) from investment operations		0.65		(0.68	)		0.49

Less distributions paid:
From net investment income		—		(0.21	)		(0.11	)
From realized gains		—		(0.21	)		—

Total distributions paid		—		(0.42	)		(0.11	)

Net asset value, end of period		$9.93		$9.28			$10.38

Total return³		7.00%		(7.07%)			4.97%
Supplemental data and ratios:
Net assets, end of period (millions)		$160		$138			$56

Ratio to average net assets of:^4,⁵
Total expenses before waivers/reimbursements		0.75%		0.94%			1.48%

Total expenses after waivers/reimbursements		0.73%		0.73%			0.64%

Net investment income, net of waivers/reimbursements		1.00%		2.29%			2.38%⁶

Net investment income, before waivers/reimbursements		0.98%		2.08%			1.54%⁶

Portfolio turnover rate⁷		25%		66%			76%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

239

Morningstar Funds Trust October 31, 2020 (unaudited)

Financial Highlights (continued)

Morningstar Alternatives Fund


	Six Months Ended October 31		Year Ended April 30			Since Inception¹

Selected per share data	2020 (unaudited)		2020			2019

Net asset value, beginning of period		$10.12		$10.10			$10.00

Income (loss) from investment operations:
Net investment income²		0.05		0.25			0.05
Net realized and unrealized gains (losses)		0.40		(0.05	)		0.08

Total income from investment operations		0.45		0.20			0.13

Less distributions paid:
From net investment income		—		(0.14	)		(0.03	)
From realized gains		—		(0.04	)		—

Total distributions paid		—		(0.18	)		(0.03	)

Net asset value, end of period		$10.57		$10.12			$10.10

Total return³		4.45%		1.94%			1.26%
Supplemental data and ratios:
Net assets, end of period (millions)		$225		$186			$112

Ratio to average net assets of:^4,⁵
Total expenses before waivers/reimbursements		1.37%		1.48%			1.91%

Total expenses after waivers/reimbursements		1.27%		1.13%			0.96%

Total expenses after waivers/reimbursements and excluding dividend and interest expense		1.09%		0.87%			0.77%

Net investment income, net of waivers/reimbursements		0.93%		2.45%			1.08%⁶

Net investment income, before waivers/reimbursements		0.83%		2.10%			0.13%⁶

Portfolio turnover rate⁷		179%		154%			103%

¹	Commencement of operations was November 2, 2018.

²	Calculated using the average shares outstanding method.

³	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁴	Ratios are annualized for periods less than one year.

⁵	Ratios do not include impact of the expenses of the underlying funds in which the fund invests.

⁶	As the Fund commenced investment operations on November 2, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁷	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

240

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements

1. Organization

Morningstar Funds Trust (the “Trust”) was organized as a Delaware statutory trust on March 1, 2017. The Trust is registered with the Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust has authorized capital of unlimited shares of beneficial interest at no par value, which may be issued in one or more series of the Trust.

The Trust is currently authorized to offer shares in nine separate series (each a “Fund” and collectively, the “Funds”):


Morningstar U.S. Equity Fund		Morningstar Defensive Bond Fund
Morningstar International Equity Fund		Morningstar Multisector Bond Fund
Morningstar Global Income Fund		Morningstar Unconstrained Allocation Fund
Morningstar Total Return Bond Fund		Morningstar Alternatives Fund
Morningstar Municipal Bond Fund

Each Fund represents a distinct portfolio with its own investment objectives and is treated as a separate legal entity. Each Fund, except for the Morningstar Multisector Bond Fund, is classified and operates as a diversified fund under the 1940 Act. The Morningstar Multisector Bond Fund is classified as nondiversified. Morningstar Investment Management LLC (“MIM”) serves as the investment adviser of each Fund.

The investment objective of each Fund is as follows:


Fund		Investment Objective

Morningstar U.S. Equity Fund		Long-term capital appreciation
Morningstar International Equity Fund		Long-term capital appreciation
Morningstar Global Income Fund		Current income and long-term capital appreciation
Morningstar Total Return Bond Fund		Total return maximization, income and capital preservation
Morningstar Municipal Bond Fund		Federal tax-exempt income and capital preservation
Morningstar Defensive Bond Fund		Capital preservation
Morningstar Multisector Bond Fund		Total return through a combination of current income and capital appreciation
Morningstar Unconstrained Allocation Fund		Long-term capital appreciation over a full market cycle
Morningstar Alternatives Fund		Long-term capital appreciation and low sensitivity to traditional U.S. asset classes

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Trust follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services-Investment Companies.

241

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

Valuation of Investments: All securities and other investments are valued at their estimated fair value, as described in Note 4.

Cash and Foreign Currencies: Cash comprises U.S. Dollar and foreign currency deposits held at a bank(s) or custodian bank(s) which may exceed insured limits.

Due to/from Brokers: Due to/from brokers represents cash balances and securities on deposit with, or cash balances owed to, the Funds’ prime brokers and counterparties. The Funds are subject to credit risk should the prime brokers and counterparties be unable to meet their obligations to the Funds.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. Dollars. The Funds’ assets and liabilities in foreign currencies are translated into U.S. Dollars at the prevailing exchange rate at the valuation date. Transactions denominated in foreign currencies are translated into U.S. Dollars at the prevailing exchange rate on the date of the transaction. The Funds’ income earned and expense incurred in foreign denominated currencies are translated into U.S. Dollars at the prevailing exchange rate on the date of such activity.

The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments and derivatives from the fluctuations that result from changes in the market prices of investments and derivatives held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized gain (loss) from transactions in investment securities and derivatives and net change in unrealized appreciation (depreciation) on investment securities and derivatives on the Statements of Operations.

Realized gains (losses) from settlement of foreign currency and foreign currency transactions reported on the Statements of Operations arise from the disposition of foreign currency and a change between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books on the transaction date and the U.S. Dollar equivalent of the amounts actually received or paid. Changes in unrealized appreciation (depreciation) on foreign currency and foreign currency translations reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at period end.

Investment Transactions and Investment Income: Investment transactions are accounted as of trade date. Realized gains and losses on investment transactions are recorded on a specifically identified cost basis. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums using the effective yield method. In the case of the defaulted debt obligation, the accrual of interest

242

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

income is halted when management becomes aware that the interest income is not collectible. Dividend income (expense) net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the ex-date dividend notification.

Expenses: Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses incurred which do not specifically relate to an individual Fund generally are allocated among all Funds in the Trust in proportion to each Fund’s relative net assets.

Federal Income Taxes: Each Fund’s policy is to comply with all sections of Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”), necessary to qualify for federal income tax purposes as a regulated investment company and to distribute substantially all of its taxable income and capital gains to shareholders as required. No provision for federal income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries on securities sold or held in certain foreign jurisdictions. Such taxes are generally based on income and/or capital gains earned or repatriated. The Funds accrue such taxes when the related income is earned. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities. For the six months ended October 31, 2020, the International Equity Fund and the Multisector Bond Fund accrued non-U.S. taxes of $306,180 and $2,898, respectively, which is included in net of change in unrealized appreciation (depreciation) on investments in the Statements of Operations.

Management has analyzed each Fund’s tax positions for the period from 2019, including all positions expected to be taken upon filing the 2020 tax return, in all material jurisdictions where each Fund operates, and has concluded that no provision for income tax is required in the Funds’ financial statements. Each Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared and paid as follows:


Fund		Frequency

Morningstar U.S. Equity Fund		Annually
Morningstar International Equity Fund		Annually
Morningstar Global Income Fund		Monthly
Morningstar Total Return Bond Fund		Monthly
Morningstar Municipal Bond Fund		Monthly
Morningstar Defensive Bond Fund		Monthly
Morningstar Multisector Bond Fund		Monthly
Morningstar Unconstrained Allocation Fund		Annually
Morningstar Alternatives Fund		Annually

243

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Distributions of net realized capital gains, if any, are declared and paid at least annually. Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from U.S. GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Funds’ financial statements presented under U.S. GAAP.

Indemnifications: Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that provide general indemnifications to other parties.

Recently Adopted Accounting Pronouncement: On March 30, 2017, the FASB issued Accounting Standard Update (ASU) 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (the “ASU”), which amends the amortization period for certain purchased callable debt securities held at premium shortening such period to the earliest call date. The new guidance requires an entity to amortize the premium on callable debt security within its scope to the earliest call date. If the call option is not exercised at the earliest call date, the yield is reset to the effective yield using the payment terms of the security. If the security has more than one call date and the premium was amortized to a call price greater than the next call price, any excess of the amortized cost basis over the amount repayable at the next call date will be amortized to that date. If there are no other call dates, any excess of the amortized cost basis over the par amount will be amortized to maturity. Discounts on purchased callable debt securities will continue to be amortized to the security’s maturity date. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Funds have adopted the ASU. The adoption of the ASU did not have a material impact on the financial statements.

3. Investment Types

The Funds may utilize the following types of investments described below to execute their investment strategy to the extent permitted by the Funds’ investment policies.

Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a Fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a Fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a Fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A Fund may also experience delays in gaining access to the collateral.

244

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Collateralized Bond Obligations (CBOs), Collateralized Loan Obligations (CLOs), and Other Collateralized Debt Obligations (CDOs): A CBO is a trust which is often backed by a pool of high risk, below investment grade fixed-income securities, such as high-yield bonds, privately issued mortgage-related securities, commercial mortgage-related securities, trust preferred securities, or emerging-market debt. A CLO is a trust typically backed by a pool of loans, which may include senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be below investment grade. Other CDOs are trusts backed by other types of assets. The assets backing a CBO, CLO, or CDO trust may be referred to as “the collateral.” CBOs, CLOs and other CDOs may charge management fees and administrative expenses. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. Senior tranches can often be rated investment grade. CBO, CLO or other CDO tranches can experience substantial losses due to defaults, deterioration of protecting tranches, market participants’ perception of credit risk, as well as aversion to these securities generally. The risks of an investment in a CBO, CLO or other CDO often depend on the collateral securities and the particular tranche in which a Fund invests. These securities are often privately offered and not registered under securities laws. In addition to the normal risks associated with fixed-income securities (e.g., interest-rate risk and credit risk), CBOs, CLOs and other CDOs carry additional risks including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the possibility that the quality of the collateral may decline in value or default, the risk that a Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other tranches, as well as risks related to the complexity of the security and its structure.

Convertible Securities: Convertible securities are securities (such as debt securities or preferred stock) that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. Convertible securities also include corporate bonds, notes, and preferred stock. A convertible security entitles the holder to receive interest paid or accrued on debt or dividends paid on preferred stock until the convertible stock matures or is redeemed, converted or exchanged. While no investment is without some risk, investments in convertible securities generally entail less risk than an issuer’s common stock. However, any reduction in risk depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. In addition to the general risks associated with equity securities, the market value of convertible securities is also affected by prevailing interest rates, the credit quality of the issuer, and any call provisions. While convertible securities generally offer lower interest or dividend yields than nonconvertible debt securities of similar quality, they do enable the investor to benefit from increases in the market price of the underlying common stock. The premiums attributable to the conversion feature are not amortized, but they are capitalized into the cost basis.

Equity-Linked Investments: Equity-linked investments are subject to the same risks as direct investments in securities of the underlying investment. If the underlying investment decreases in value, the value of the equity-linked investment will decrease; however, the performance of such investments may not correlate exactly to the performance of the underlying investment that they seek to replicate. Equity-linked investments are also subject to counterparty risk, which is the risk that the issuer of such investment — which is different from the issuer of the underlying investment — may be unwilling or unable to fulfill its obligations. There is no guarantee that a liquid market will exist or that the counterparty or issuer of such investments will be willing to repurchase them when a Fund wishes to sell them.

245

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Forward Commitments and Dollar Rolls: A Fund may enter into contracts to purchase mortgage securities for a fixed price at a future date beyond customary settlement time (forward commitments) if the Fund sets aside on its books liquid assets in an amount sufficient to meet the purchase price, or if the Fund enters into offsetting contracts for the forward sale of other securities it owns. In the case of to-be-announced (TBA) mortgage purchase commitments, the unit price and the estimated principal amount are established when a Fund enters into a contract, with the actual principal amount being within a specified range of the estimate. TBA mortgages shall not exceed 20% of a Fund’s net assets. For these obligations, a Fund will segregate or earmark liquid assets in an amount sufficient to cover its obligations. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines before the settlement date, which is in addition to the risk of decline in the value of a Fund’s other assets. Where such purchases are made through dealers, a Fund relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Fund of an advantageous yield or price. Although a Fund will generally enter into forward commitments with the intention of acquiring securities for its portfolio, the Fund may dispose of a commitment before settlement if a subadviser deems it appropriate to do so. A Fund may realize short-term profits or losses upon the sale of forward commitments.

A Fund may enter into TBA sale commitments to hedge its portfolio positions or to sell securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. Unsettled TBA sale commitments are valued at current market value of the underlying securities. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, a Fund realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If a Fund delivers securities under the commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

A Fund may enter into mortgage dollar roll transactions (generally using TBAs) in which it sells a fixed-income security for delivery in the current month and simultaneously contracts to purchase similar securities (for example, same type, coupon and maturity) at an agreed upon future time. By engaging in a dollar roll transaction, a Fund foregoes principal and interest paid on the security that is sold but receives the difference between the current sales price and the forward price for the future purchase. A Fund would also be able to earn interest on the proceeds of the sale before they are reinvested. A Fund accounts for dollar rolls as purchases and sales. Dollar rolls may be used to create investment leverage and may increase a Fund’s risk and volatility.

The obligation to purchase securities on a specified future date involves the risk that the market value of the securities that a Fund is obligated to purchase may decline below the purchase price. In addition, in the event the other party to the transaction files for bankruptcy, becomes insolvent or defaults on its obligation, a Fund may be adversely affected.

Inflation-Protected Securities: A Fund may invest in U.S. Treasury Inflation Protected Securities (U.S. TIPS), which are fixed-income securities issued by the U.S. Department of Treasury, the principal amounts of which are adjusted daily based upon changes in the rate of inflation. A Fund may also invest in other inflation-protected securities issued by non-U.S. governments or by private issuers. U.S. TIPS pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. The interest rate on these bonds is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal value that has been adjusted for inflation.

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In general, the value of inflation-protected bonds is expected to fluctuate in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-protected bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-protected bonds. If inflation is lower than expected during the period a Fund holds the security, the Fund may earn less on the security than on a conventional bond. Any increase in principal value is taxable in the year the increase occurs, even though holders do not receive cash representing the increase at that time. As a result, if a Fund invests in inflation-protected securities, it could be required at times to liquidate other investments, including when it is not advantageous to do so, to satisfy its distribution requirements as a Registered Investment Company (RIC) and to eliminate any fund-level income tax liability under the Code.

Loan Participations, Assignments and Unfunded Commitments: Certain Funds invest in loan participations and assignments. When a Fund purchases a loan participation, the Fund enters into a contractual relationship with the lender or a third party selling such participations (“Selling Participant”), but not the borrower. In this case, the Fund assumes the credit risk of the borrower and the Selling Participant and any other persons inter-positioned between the Fund and the borrower (“Intermediate Participants”). In contrast, when one of the Funds purchases an assignment, the contractual relationship is with the borrower and the credit risk assumed by the Fund is only with the borrower. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor.

The Funds may also enter into unfunded commitments, which are contractual obligations for future funding. These unfunded commitments represent a future obligation in full, even though a percentage of the commitment may not be utilized by the borrower. These types of investments may include standby financing commitments, such as revolving credit facilities, which obligate a Fund to supply additional cash to the borrower on demand. The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unfunded commitments are marked to market daily and any unrealized appreciation (depreciation) from unfunded commitments is reported in the Statements of Assets and Liabilities as well as the Statements of Operations. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. In addition, loan participations and assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for loan participations and assignments and certain loan participations and assignments which were liquid, when purchased, may become illiquid.

Mortgage Dollar Rolls: A Fund may enter into mortgage dollar rolls with a bank or a broker-dealer. A mortgage dollar roll is a transaction in which a Fund sells mortgage-related securities for immediate settlement and simultaneously purchases the same type of securities for forward settlement at a discount. While a Fund begins accruing interest on the newly purchased securities from the purchase or trade date, it is able to invest

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the proceeds from the sale of its previously owned securities, which will be used to pay for the new securities. The use of mortgage dollar rolls is a speculative technique involving leverage and can have an economic effect similar to borrowing money for investment purposes.

Private Placement and Restricted Securities: A Fund may invest in securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for such investments, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, a Fund could find it more difficult to sell such securities when a subadviser believes it advisable to do so or may be able to sell such securities only at prices lower than if such securities were more widely held. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund’s net asset value (“NAV”).

While such private placements may offer attractive opportunities for investment not otherwise available on the open market, the securities so purchased are often restricted securities, i.e., securities which cannot be sold to the public without registration under the Securities Act of 1993, as amended (the “Securities Act”) or the availability of an exemption from registration (such as Rules 144 or 144A), or which are not readily marketable because they are subject to other legal or contractual delays in or restrictions on resale.

The absence of a trading market can make it difficult to ascertain a market value for illiquid investments. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for a Fund to sell them promptly at an acceptable price. A Fund may have to bear the extra expense of registering such securities for resale and the risk of substantial delay in effecting such registration. In addition, market quotations are less readily available. The judgment of a subadviser may at times play a greater role in valuing these securities than in the case of publicly traded securities.

Generally speaking, restricted securities may be sold only to qualified institutional buyers, or in a privately negotiated transaction to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met pursuant to an exemption from registration, or in a public offering for which a registration statement is in effect under the Securities Act. A Fund may be deemed to be an underwriter for purposes of the Securities Act when selling restricted securities to the public, and in such event the Fund may be liable to purchasers of such securities if the registration statement prepared by the issuer, or the Prospectuses forming a part of it, is materially inaccurate or misleading.

Restricted securities held by each Fund at October 31, 2020 are disclosed in the Schedules of Investments.

Securities Sold Short: Certain Funds may sell securities they do not own (a short sale) as a hedge against some of their long positions and/or in anticipation of a decline in the market value of that security. When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker through which it made the short sale. A Fund may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared on short positions are recorded on the ex-date as an expense. A gain, limited to the price at which the Fund sold the security short, or a loss, which could be unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Fund is also

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subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. A Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as net change in unrealized appreciation (depreciation) on the Statements of Operations.

The Funds are required to pledge cash or liquid securities to the broker as collateral for securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Daily market fluctuations and trading activity could cause the value of securities sold short to be more or less than the value of the collateral segregated. Cash deposited with the broker for collateral for securities sold short is recorded as an asset on the Statements of Assets and Liabilities and securities segregated as collateral are denoted in the Schedules of Investments. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities; and (iii) a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security.

When-Issued and Delayed Delivery Securities: Certain Funds may purchase or sell securities on a when-issued or delayed delivery basis. When-issued and delayed delivery securities in which the Funds may invest include U.S. Treasury securities, municipal bonds, bank loans, and other similar instruments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds may hold liquid assets as collateral with the Funds’ custodian sufficient to cover the purchase price.

Zero Coupon and Payment In-Kind Bonds: A Fund may invest without limit in so-called zero-coupon bonds and payment-in-kind bonds. Zero-coupon bonds are issued at a significant discount from their principal amount in lieu of paying interest periodically. Payment-in-kind bonds allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds. Because zero-coupon and payment-in-kind bonds do not pay current interest in cash, their value is subject to greater fluctuation in response to changes in market interest rates than bonds that pay interest currently. Both zero coupon and payment-in-kind bonds allow an issuer to avoid the need to generate cash to meet current interest payments. Accordingly, such bonds may involve greater credit risks than bonds paying interest currently in cash. A Fund is required to accrue interest income on such investments and to distribute such amounts at least annually to shareholders even though the investments do not make any current interest payments. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment, if any, from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

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Notes to Financial Statements (continued)

4. Investment Valuation and Fair Value Measurements

Investment Valuation Policies: The NAV of the Funds’ shares are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day that the NYSE is open (each a “Business Day”). The NAV per share of each Fund is computed by dividing the total current value of the assets of such Fund, less liabilities, by the total number of shares of the Fund outstanding at the time the computation is made.

Generally, investments for which market quotations are readily available will be valued at a current market price or, in the absence of a market price, at fair value as determined in good faith by MIM’s Pricing Committee pursuant to procedures approved by or under the direction of the Board of Trustees (“the Board”) of Morningstar Funds Trust. Pursuant to those procedures, the Pricing Committee considers, among other things: (1) the last sales price on the securities exchange, if any, on which a security is primarily traded; (2) the mean between the bid and asked prices; (3) price quotations from an approved pricing service, and (4) other factors as necessary to determine a fair value under certain circumstances.

Securities primarily traded in the NASDAQ Global Market^® for which market quotations are readily available shall be valued using the NASDAQ^® Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over the Counter (“OTC”) securities which are not traded in the NASDAQ Global Market^® shall be valued at the most recent trade price. Securities and assets for which market quotations are not readily available (including restricted securities which are subject to limitations as to their sale) are valued at fair value as determined in good faith under procedures approved by or under the direction of the Board.

Short-term debt obligations with remaining maturities in excess of 60 days are valued at current market prices, as discussed above. To reflect their fair value, short-term securities with 60 days or less remaining to maturity may, unless conditions indicate otherwise, utilize amortized cost to maturity based on their cost to a Fund.

The securities in a Fund, which are traded on a securities exchange are valued at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. Securities that are traded on more than one exchange are valued on the exchange on which the security is principally traded.

Each Fund may invest in foreign securities, and as a result, the calculation of the Fund’s NAV may not take place contemporaneously with the determination of the prices of certain of the Fund securities used in the calculation. Occasionally, events which affect the values of such securities and such exchange rates may occur between the times at which they are determined and the close of the NYSE and will therefore not be reflected in the computation of a Fund’s NAV. If events materially affecting the value of such securities occur during such period, then these securities may be valued at their fair value as determined in good faith under procedures established by and under the supervision of the Board as described above. Portfolio securities that are traded both on an exchange and in the OTC market will be valued according to the broadest and most representative market. All assets and liabilities initially expressed in foreign currency values will be converted into U.S. Dollar

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values at the mean between the bid and offered quotations of the currencies against U.S. Dollars as last quoted by any recognized dealer. When portfolio securities are traded, the valuation will be the last reported sale price on the day of valuation.

To address this issue, the Board has approved the daily use of independently provided quantitative models that may adjust the closing prices of certain foreign equity and fixed income securities based on information that becomes available after the foreign market closes, through the application of an adjustment factor to such securities’ closing price. Adjustment factors may be greater than, less than, or equal to 1. Thus, use of these quantitative models could cause a Fund to value a security higher, lower or equal to its closing market price, which in turn could cause the Fund’s NAV per share to differ from that which would have been calculated using closing market prices. The use of these quantitative models is also intended to decrease the opportunities for persons to engage in ‘‘time zone arbitrage,’’ i.e., trading intended to take advantage of stale closing prices in foreign markets that could affect the NAV of the Funds. Securities subjected to an adjustment factor due to the use of these quantitative models are not specifically designated as such on the Funds’ Schedule of Investments.

All other assets of a Fund are valued in such manner as the Board in good faith deems appropriate to reflect their fair value. U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

Valuation Techniques: The following inputs and techniques may be used by the Funds to evaluate how to classify each major category of assets and liabilities into the appropriate fair value hierarchy in accordance with U.S. GAAP.

Equity securities, including securities sold short, rights, exchange options, warrants, exchange traded funds (“ETFs”) and closed-end investment companies, are valued at the last quoted sales prices or official closing prices taken from the primary market, or composite in which each security trades and are therefore classified Level 1.

An equity for which no sales are reported, as in the case of a security that is traded in the OTC market or a less liquid listed equity, is valued at its last bid price (in the case of short sales, at the asked price) and is therefore classified Level 2.

Fixed income securities (other than certain short-term investments maturing in 60 days or less) and other investments that trade in markets that are not considered to be active, are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs and are also classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds and less liquid listed equities. Corporate and sovereign bonds and other fixed-income instruments are valued at estimated fair value using the latest bid prices or evaluated quotes furnished by independent pricing services, as well as quotations from counterparties and other market participants. Evaluated quotes are based on a matrix system, which may consider such factors as quoted prices for identical or similar assets, yields, maturities and ratings and are not necessarily reliant on quoted prices. Short-term debt investments of sufficient credit quality maturing in 60 days or less are generally valued at amortized cost, which approximates fair value. These investments are categorized as Level 2 within the fair value hierarchy.

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Notes to Financial Statements (continued)

Investments classified within Level 3, if any, have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include illiquid securities. When observable prices are not available for these securities, the Funds may use one or more valuation approaches (e.g., the market approach or the income approach), including proprietary models for which sufficient and reliable data is available. Within Level 3, the market approach generally is based on the technique of using comparable market transactions/multiples, while the use of the income approach includes the estimation of future cash flows discounted to calculate fair value. Discounts may also be applied due to the nature or durations of any restrictions on the disposition of the investment or adjusted as appropriate for credit, market and/or other risk factors.

The inputs used by the Funds in estimating the value of Level 3 investments may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, changes in financial ratios or cash flows, benchmark yield curves, credit spreads, estimated default rates, underlying collateral, and other unique security features. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by MIM in the absence of market information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the fair value of the investment.

Exchange-traded derivatives, such as futures contracts, forward contracts, and exchange-traded option contracts, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Futures and option contracts that are listed on national exchanges and are freely transferable are valued at fair value based on their last sales price on the date of determination on the exchange their constitutes the principal market or, if no sales occurred on such date, at the bid price on such exchange at the close of business on such date. Centrally cleared swaps listed or traded on a multilateral trade facility platform, such as a registered exchange, are valued on a daily basis using quotations provided by an independent pricing service.

OTC derivatives, including options on forward contracts, put and call options, and swap contracts, are valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable.

The U.S. Dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.

Shares of open-end investment companies, other than exchange-traded funds, are valued at their NAV.

Fair Valuation Hierarchy: Fair value is defined as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a framework and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

●

Level 1 – quoted prices in active markets for identical assets and liabilities (e.g. equity securities and open-end investment companies)

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●

Level 2 – prices determined using other significant observable inputs including, but not limited to, quoted prices for similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, prepayment speeds, credit risk, etc.) or other market corroborated inputs

●

Level 3 – prices determined using significant unobservable inputs (including the Pricing Committee’s own assumptions in determining the fair value of investments)

Valuation levels are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the end of the reporting period.

A valuation hierarchy including information regarding Level 3 securities, where applicable, is shown at the end of each Fund’s Schedule of Investments.

5. Investment Advisory and Other Agreements

The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser, with whom certain officers and trustees of the Trust are affiliated, to furnish certain portfolio management services to the Funds.

Pursuant to the Agreement, the Funds have contractually agreed to pay the Adviser a management fee calculated on the average daily net assets for each Fund, in the annual ratios below.


Fund		Ratio

Morningstar U.S. Equity Fund		0.67%
Morningstar International Equity Fund		0.83%
Morningstar Global Income Fund		0.35%
Morningstar Total Return Bond Fund		0.44%
Morningstar Municipal Bond Fund		0.44%
Morningstar Defensive Bond Fund		0.36%
Morningstar Multisector Bond Fund		0.61%
Morningstar Unconstrained Allocation Fund		0.47%
Morningstar Alternatives Fund		0.85%

Pursuant to the Agreement, the Adviser is responsible for performing and overseeing portfolio management services to the Funds. In addition to selecting the overall investment strategies of the Funds, the Adviser oversees and monitors the selection and performance of the subadvisers and allocates assets among the subadvisers. The subadvisers manage each Fund’s investment portfolio pursuant to sub-advisory agreements with the Adviser. The Adviser manages the cash portion of each Fund which may include ETFs, mutual funds and money market fund investments.

The Trust and the Adviser have entered into a contractual expense limitation agreement (Base Expense Limitation Agreement) whereby the Adviser agreed to waive all or a portion of its fees or assume certain other expenses of each Fund at least through August 31, 2021, to the extent necessary to ensure that the total annual fund operating expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses, litigation, dividend and interest expense related to short sales and extraordinary expenses) do

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Notes to Financial Statements (continued)

not exceed the following rates, based on each Fund’s average daily net assets. The amount the Adviser owes a Fund as of the reporting date is recorded as a Receivable from Adviser in the Statements of Assets and Liabilities. The Adviser reimburses the Funds on a monthly basis. This management fee waiver and/or expense reimbursement will not be subject to future recoupment. For the six months ended October 31, 2020, the Funds’ Adviser contractually waived fees and/or reimbursed expenses for each of the Funds as follows:


Fund	Base Expense Cap		Management Fees Waived

Morningstar U.S. Equity Fund		0.85%		$127,297
Morningstar International Equity Fund		1.00%		312,918
Morningstar Global Income Fund		0.89%		—
Morningstar Total Return Bond Fund		0.53%		643,533
Morningstar Municipal Bond Fund		0.59%		119,722
Morningstar Defensive Bond Fund		0.48%		141,464
Morningstar Multisector Bond Fund		0.80%		133,542
Morningstar Unconstrained Allocation Fund		1.00%		—
Morningstar Alternatives Fund		1.29%		—

The Trust and the Adviser have entered into a supplemental expense limitation agreement (Supplemental Expense Limitation Agreement) whereby the Adviser has agreed to waive all or a portion of its fees or assume certain other expenses of each Fund at least through August 31, 2021, to the extent necessary to ensure that the total annual fund operating expenses (excluding the above listed expenses other than acquired fund fees and expenses) do not exceed the following rates, based on each Fund’s average daily net assets. The amount the Adviser owes a Fund as of the reporting date is recorded as a Receivable from Adviser in the Statement of Assets and Liabilities. The Adviser reimburses the Funds on a monthly basis. This management fee waiver and/or expense reimbursement will not be subject to future recoupment. For the six months ended October 31, 2020, the Funds’ Adviser waived fees and/or reimbursed expenses for each of the Funds as follows:


Fund	Supplemental Expense Cap		Management Fees Waived

Morningstar U.S. Equity Fund		0.85%		$271,897
Morningstar International Equity Fund		1.00%		438,449
Morningstar Global Income Fund		0.75%		6,788
Morningstar Total Return Bond Fund		0.54%		24,916
Morningstar Municipal Bond Fund		0.59%		15,925
Morningstar Defensive Bond Fund		0.55%		—
Morningstar Multisector Bond Fund		0.80%		17,645
Morningstar Unconstrained Allocation Fund		0.93%		17,371
Morningstar Alternatives Fund		1.20%		104,734

As of October 31, 2020, the Trust has entered into sub-advisory agreements with the following entities by Fund:

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Fund		Subadvisers

Morningstar U.S. Equity Fund		ClearBridge Investments, LLC
		Diamond Hill Capital Management, Inc.
		Levin Easterly Partners LLC
		Massachusetts Financial Services Company, d/b/a
		MFS Investment Management
		Wasatch Advisors, Inc.
		Westwood Management Corp.
Morningstar International Equity Fund		Harding Loevner LP
		Harris Associates L.P.
		Lazard Asset Management LLC
		T. Rowe Price Associates, Inc.
Morningstar Global Income Fund		Schafer Cullen Capital Management, Inc.
Morningstar Total Return Bond Fund		BlackRock Financial Management, Inc.
		Western Asset Management Company
Morningstar Municipal Bond Fund		T. Rowe Price Associates, Inc.
		Wells Capital Management, Inc.
Morningstar Defensive Bond Fund		First Pacific Advisors, LLC
Morningstar Multisector Bond Fund		Franklin Advisers, Inc.
		Loomis, Sayles & Company, L.P.
		TCW Investment Management Company LLC
Morningstar Unconstrained Allocation Fund		Brandywine Global Investment Management, LLC
		Lazard Asset Management LLC
Morningstar Alternatives Fund		BlackRock Financial Management, Inc.
		SSI Investment Management, LLC
		Water Island Capital, LLC

Pursuant to the sub-advisory agreements between the subadvisers, the Adviser and the Trust, the Adviser will pay the subadvisers out of the management fees from the Funds.

The Trust has an administration agreement with The Northern Trust Company (“Northern Trust”), which provides certain accounting, clerical and bookkeeping services, Blue Sky, corporate secretarial services and assistance in the preparation and filing of tax returns and reports to shareholders and the SEC. Northern Trust also serves as custodian of each Fund’s securities and cash, transfer agent and dividend disbursing agent. Northern Trust voluntarily agreed to waive a portion of their administration and custody fees for the Funds for a period of twelve months from the commencement of operations of each Fund (through October 31, 2019). The amounts waived are captioned as “Less waiver of administration and custody fees” on the Statements of Operations.

Foreside Fund Services, LLC (the “Distributor”), a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”), serves as the principal underwriter and distributor of the Trust’s shares. Foreside Management Services, LLC (“FMS”) provides a Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its funds.

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Notes to Financial Statements (continued)

The Trust, on behalf of the Funds, has agreements with various financial intermediaries and “mutual fund supermarkets”, under which customers of these intermediaries may purchase and hold Fund shares. These intermediaries assess fees in consideration for providing certain account maintenance, record keeping and transactional and other shareholder services (collectively, “Sub-accounting fees”).

6. Investment Transactions

During the six months ended October 31, 2020, the cost of purchases and the proceeds from sales of investments (excluding in-kind, swap contracts, forward foreign currency exchange contracts, futures contracts and short-term investments) were as follows:


			Purchases				Sales
Fund	U.S. Government		Other		U.S. Government		Other		Securities Sold Short		Covers on Securities Sold Short

Morningstar U.S. Equity Fund		$ —	$	379,767,634		$ —	$	427,932,543	$	—	$	—
Morningstar International Equity Fund		—		144,751,229		—		165,757,097		—		—
Morningstar Global Income Fund		—		86,871,830		—		90,362,576		—		—
Morningstar Total Return Bond Fund		85,861,551		1,109,903,575		19,793,144		1,091,333,436		271,561,050		240,329,563
Morningstar Municipal Bond Fund		—		124,674,992		—		127,818,659		—		—
Morningstar Defensive Bond Fund		—		81,126,096		—		40,107,789		—		—
Morningstar Multisector Bond Fund		11,512,179		150,145,886		21,725,985		93,200,492		—		—
Morningstar Unconstrained Allocation Fund		672,443		51,746,951		574,939		36,441,046		—		—
Morningstar Alternatives Fund		—		386,683,778		—		348,870,929		49,005,251		45,929,888

7. Financial Derivative Instruments

Certain Funds may invest in derivatives as part of their principal investment strategies in an attempt to achieve their investment objective. The Funds’ derivative contracts are not accounted for as hedging instruments under U.S. GAAP. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

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Forward Foreign Currency Exchange Contracts: A forward foreign currency exchange contract is an obligation to purchase or sell a specific non-U.S. currency in exchange for another currency, which may be U.S. Dollars, at an agreed exchange rate (price) at a future date. Currency forwards are typically individually negotiated and privately traded by currency traders and their customers in the interbank market. A forward foreign currency exchange contract will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, similar to when a Fund sells a security denominated in one currency and purchases a security denominated in another currency.

At the maturity of a forward foreign currency exchange contract, a Fund may either exchange the currencies specified at the maturity of a forward foreign currency exchange contract or, prior to maturity, the Fund may enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward foreign currency exchange contract are usually effected with the counterparty to the original forward contract. A Fund may also enter into forward foreign currency exchange contracts that do not provide for physical settlement of the two currencies but instead provide for settlement by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

The successful use of these transactions will usually depend on MIM’s or a subadviser’s ability to accurately forecast currency exchange rate movements. Should exchange rates move in an unexpected manner, a Fund may not achieve the anticipated benefits of the transaction, or it may realize losses. In addition, these techniques could result in a loss if the counterparty to the transaction does not perform as promised, including because of the counterparty’s bankruptcy or insolvency. In unusual or extreme market conditions, a counterparty’s creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.

Forward foreign currency exchange contracts may limit potential gain from a positive change in the relationship between the U.S. Dollar and foreign currencies. Unanticipated changes in currency prices may result in poorer overall performance for a Fund than if it had not engaged in such contracts. Moreover, there may be an imperfect correlation between a Fund’s portfolio holdings of securities denominated in a particular currency and the currencies bought or sold in the forward foreign currency exchange contract entered into by the Fund. This imperfect correlation may cause a Fund to sustain losses that will prevent the Fund from achieving a complete hedge or expose the Fund to risk of foreign exchange loss.

Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

Futures Contracts: A Fund may enter into futures contracts. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such as a specific security, rate, currency or commodity, at a specified price at a specified later date. Each Fund may purchase or sell interest rate futures for the purpose of hedging some or all of the value of its portfolio securities against

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changes in prevailing interest rates or to manage its duration or effective maturity. If MIM or a subadviser anticipates that interest rates may rise and, concomitantly, the price of certain of its portfolio securities may fall, a Fund may sell futures contracts. If declining interest rates are anticipated, a Fund may purchase futures contracts to protect against a potential increase in the price of securities the Fund intends to purchase. Subsequently, appropriate securities may be purchased by a Fund in an orderly fashion; as securities are purchased, corresponding futures positions would be terminated by offsetting sales of contracts.

When a Fund enters into a futures contract, it must deliver to an account controlled by a futures commission merchant (“FCM”) an amount referred to as “initial margin” that is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a “variation margin” amount may be required to be paid by a Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the futures contract. The account is marked-to-market daily and the variation margin is monitored by a Fund’s investment manager and custodian on a daily basis. When the futures contract is closed out, if a Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If a Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If a Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

A Fund’s use of futures contracts is subject to the risks associated with derivative instruments generally. In addition, if MIM’s or a subadviser’s judgment about the general direction of interest rates or markets is wrong, a Fund’s overall performance may be poorer than if no financial futures contracts had been entered into. For example, in some cases, securities called for by a financial futures contract may not have been issued at the time the contract was written. In addition, the market prices of financial futures contracts may be affected by certain factors.

There is a risk of loss by a Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of a Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM’s customers. If an FCM does not provide accurate reporting, a Fund is also subject to the risk that the FCM could use the Fund’s assets, which are held in an omnibus account with assets belonging to the FCM’s other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

The risk of loss in trading financial futures can be substantial due to the low margin deposits required and the extremely high degree of leverage involved in futures pricing. Relatively small price movements in a financial futures contract could have an immediate and substantial impact, which may be favorable or unfavorable to a Fund. It is possible for a price-related loss to exceed the amount of a Fund’s margin deposit.

Each Fund will incur brokerage fees in connection with its futures transactions. In addition, while futures contracts will be purchased and sold to reduce certain risks, those transactions themselves entail certain other risks. Thus, while a Fund may benefit from the use of futures, unanticipated changes in interest rates or stock price movements may result in a poorer overall performance for the Fund than if it had not entered into any

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futures contracts. Moreover, in the event of an imperfect correlation between the futures position and the portfolio position that is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk of loss.

Although some financial futures contracts by their terms call for the actual delivery or acquisition of securities at expiration, in most cases the contractual commitment is closed out before expiration. The offsetting of a contractual obligation is accomplished by purchasing (or selling as the case may be) on a commodities or futures exchange an identical financial futures contract calling for delivery in the same month. Such a transaction, if effected through a member of an exchange, cancels the obligation to make or take delivery of the securities. A Fund will incur brokerage fees when it purchases or sells financial futures contracts, and will be required to maintain margin deposits. If a liquid secondary market does not exist when a Fund wishes to close out a financial futures contract, it will not be able to do so and will continue to be required to make daily cash payments of variation margin in the event of adverse price movements. There is no assurance that a Fund will be able to enter into closing transactions.

Futures contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts. At October 31, 2020, the Morningstar Total Return Bond Fund, the Morningstar Unconstrained Allocation Fund and the Morningstar Alternatives Fund pledged cash to cover margin requirements for open futures positions in an amount of $1,866,205, $128,029 and $375,962, respectively, which is included in Due from Broker on the Statements of Assets and Liabilities.

Interest rate caps and floors: Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or “cap.” Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or “floor.” The maximum potential amount of future payments that a Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by difference between the interest rate index current value at the time the cap was entered into.

Options: A Fund may purchase and sell call and put options. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

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As the buyer of a call option, a Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). A Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, a Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, a Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. If a put option is not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If a call option written by a Fund expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, a Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. A Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by a Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

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Options involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and a Fund may have difficulty effecting closing transactions in particular options. Therefore, a Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. A Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when a Fund cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If a Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of a Fund’s portfolio that is being hedged. In addition, a Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the investment manager is not successful in using options in managing a Fund’s investments, the Fund’s performance will be worse than if the investment manager did not employ such strategies.

Swaptions: An option on an interest-rate swap (sometimes referred to as a “swaption”) is a contract that gives the purchaser the right, but not the obligation, in return for payment of a premium, to enter into a new interest-rate swap. Options on swap agreements involve the risks associated with derivative instruments generally, as well as the additional risks associated with both options and swaps generally. A pay fixed option on an interest-rate swap gives the buyer the right to establish a position in an interest-rate swap where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest-rate swaps are “European” exercise, which means that they can only be exercised at the end of the option term.

Depending on the movement of interest rates between the time of purchase and expiration, the value of the underlying interest-rate swap and therefore also the value of the option on the interest-rate swap will change. When a Fund purchases an option on a swap agreement, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised, plus any related transaction costs. However, if a Fund writes (sells) a swaption, the Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer, which may result in losses to the Fund in excess of the premium it received.

Options on swap agreements are considered to be swaps for purposes of Commodity Futures Trading Commission (“CFTC”) regulation. Although they are traded OTC, the CFTC may in the future designate certain options on swaps as subject to mandatory clearing.

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When a Fund purchases a swaption, an amount equal to the premium paid by the Fund is recorded as an investment on the Schedules of Investments, the value of which is marked-to-market daily to reflect the current market value of the swaption purchased. If the swaption expires, a Fund realizes a loss equal to the amount of the premium paid.

Swaptions are marked-to-market daily based upon quotations from market makers. Changes in the value of the swaption are reported as unrealized gains or losses.

Interest Rate, Inflation Index and Total Return Swap Contracts: A Fund may purchase interest-rate swaps. A Fund may use interest-rate swaps to increase or decrease exposure to a particular interest rate or rates, which may result in the Fund experiencing a gain or loss depending on whether the interest rates increased or decreased during the term of the agreement. A Fund may also enter into inflation index swaps to manage exposure to inflation risk. An inflation index swap is an agreement between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. The value of an inflation index swap is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the time the swap is entered into, the swap will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap is entered into, the swap will decrease in value. A Fund may also engage in total return swaps, in which payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as a fixed-income security, a combination of securities, or an index). The value of a Fund’s swap positions would increase or decrease depending on the changes in value of the underlying rates, currency values, volatility or other indexes or measures. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a Fund’s investments and its share price. A Fund’s ability to engage in certain swap transactions may be limited by tax considerations.

A Fund’s ability to realize a profit from such transactions will depend on the ability of the financial institutions with which it enters into the transactions to meet their obligations to the Fund. If a counterparty’s creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses. If a default occurs by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of a counterparty’s insolvency. Under certain circumstances, suitable transactions may not be available to a Fund, or the Fund may be unable to close out its position under such transactions at the same time, or at the same price, as if it had purchased comparable publicly traded securities. Swaps carry counterparty risks that cannot be fully anticipated. Also, because swap transactions typically involve a contract between the two parties, such swap investments can be extremely illiquid, as it is uncertain as to whether another counterparty would wish to take assignment of the rights under the swap contract at a price acceptable to a Fund.

For centrally cleared swaps, the Schedules of Investments include the cumulative appreciation (depreciation), while only the current day’s variation margin is reported within the Statements of Assets and Liabilities. For credit default and interest rate contracts, an up-front payment received by a Fund is recorded as a liability and an upfront payment made by a Fund is recorded as an asset on the Fund’s Statement of Assets and Liabilities. Upfront payments are amortized over the term of the contract. If there is no upfront payment or receipt, market

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value will equal unrealized appreciation(depreciation). Periodic payments received (paid) by a Fund are recorded as realized gains (losses) from the expiration or closing of swap contracts on the Fund’s Statement of Assets and Liabilities.

Interest rate swaps are marked to market daily and the change is recorded as unrealized gain (loss) on swap contracts in the Statements of Operations. The Funds’ risk of loss associated with these instruments may exceed their value, as recorded in the Schedules of Investments. Non-deliverable interest rate swap contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Centrally cleared interest rate swaps may have forward effective dates. The amortization of the upfront premiums (if applicable) and payments related to these swap contracts begin on the effective date of the contract. Interest rate contracts outstanding, including their respective notional amounts at period end, if any, are listed after each Fund’s Schedule of Investments.

Credit Default Swap Contracts: A Fund may purchase credit default swaps. A credit default swap is an agreement between a Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a U.S. or non-U.S. corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

A Fund may enter into credit default swap contracts as protection buyer to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s) (also known as buying credit protection). This would involve the risk that the investment may expire worthless and would only generate gain in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to a Fund. The purchase of credit default swaps involves costs, which will reduce a Fund’s return.

Credit default swaps involve a number of special risks. A protection seller may have to pay out amounts following a negative credit event greater than the value of the reference obligation delivered to it by its counterparty and the amount of periodic payments previously received by it from the counterparty. When a Fund acts as a seller of a credit default swap, it is exposed to, among other things, leverage risk because if an event of default occurs the seller must pay the buyer the full notional value of the reference obligation. Each party to

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a credit default swap is subject to the credit risk of its counterparty (the risk that its counterparty may be unwilling or unable to perform its obligations on the swap as they come due). The value of the credit default swap to each party will change based on changes in the actual or perceived creditworthiness of the underlying issuer.

A protection buyer may lose its investment and recover nothing should an event of default not occur. A Fund may seek to realize gains on its credit default swap positions, or limit losses on its positions, by selling those positions in the secondary market. There can be no assurance that a liquid secondary market will exist at any given time for any particular credit default swap or for credit default swaps generally.

The market for credit default swaps has become more volatile in recent years as the creditworthiness of certain counterparties has been questioned and/or downgraded. The parties to a credit default swap may be required to post collateral to each other. If a Fund posts initial or periodic collateral to its counterparty, it may not be able to recover that collateral from the counterparty in accordance with the terms of the swap. In addition, if a Fund receives collateral from its counterparty, it may be delayed or prevented from realizing on the collateral in the event of the insolvency or bankruptcy of the counterparty. A Fund may exit its obligations under a credit default swap only by terminating the contract and paying applicable breakage fees, or by entering into an offsetting credit default swap position, which may cause the Fund to incur more losses.

The credit default contracts are marked to market daily and the change, if any, is recorded as an unrealized gain or loss. Changes in market value are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Upon the occurrence of a credit event, the difference between the par value and market value of the reference obligation, net of any proportional amount of the up-front payment, is recorded as a realized gain or loss on swap contracts in the Statements of Operations.

Each Fund’s risk of loss associated with these instruments may exceed their fair value, as recorded in the Schedules of Investments. Credit default contracts outstanding, including their respective notional amounts at year end, if any, are listed after each Fund’s Schedule of Investments.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default contracts on corporate issues or sovereign issues of an emerging country as of year end are disclosed in the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Contracts for Differences: The Morningstar Alternatives Fund may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With

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a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, a Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

Master Agreements: Certain Funds are parties to master netting arrangements with counterparties (“Master Agreements”). Master Agreements govern the terms of certain like transactions, and reduce the counterparty risk associated with relevant transactions by specifying payment netting mechanisms across multiple transactions and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded by different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple Master Agreements with a counterparty and its affiliates.

As the Master Agreements are specific to unique operations of different asset types, they allow the Funds to i) close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty, ii) exit transactions through means other than sale, such as through a negotiated agreement with the Funds’ counterparty, a transfer to another party, or close out of the position through execution of an offsetting transaction.

Master Repurchase Agreements govern repurchase, or reverse repurchase transactions, relating to government bonds between certain Funds and select counterparties. Master Repurchase Agreements maintain provisions for initiation, income payments, events of default, and maintenance of collateral.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of equities, bonds, equity options or short sales of securities between certain Funds and selected counterparties. These arrangements provide financing terms for such transactions and include guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically held by the prime broker and offset any obligations due to the prime broker.

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Customer Account Agreements govern cleared derivatives transactions and exchange-traded futures and options transactions. Upon entering into an exchange-traded or centrally cleared derivative contract, the Funds are required to deposit with the relevant clearing organization cash or securities, which is referred to as the initial margin. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited is recorded as Deposits with brokers for centrally cleared swaps and Deposits with brokers for futures contracts on the Statements of Assets and Liabilities. For exchange-traded futures or centrally cleared swaps, initial margin is posted, and daily changes in fair value are recorded as a payable or receivable on the Statement of Assets and Liabilities as Variation margin on centrally cleared swaps and Variation margin on futures contracts. Variation margin is determined separately for exchange-traded futures and centrally cleared swaps and cannot be netted.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC derivative transactions entered into between certain Funds and a counterparty. ISDA Master Agreements maintain provisions for general obligations, representations, netting of settlement payments, agreements to deliver supporting documents, collateral transfer and events of default or termination. Events of termination include a decline in a Fund’s net assets below a specified threshold over a certain period of time or a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all OTC contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by a party to elect early termination could be material to the financial statements and impact a Fund’s future derivative activity.

Collateral and margin requirements differ according to the terms of each type of Master Agreement. Collateral is routinely transferred if the total net exposure net of existing collateral already in place governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold. Collateral can be in the form of cash, debt securities issued by the U.S. government, money market funds and other securities as agreed to by a Fund and the applicable counterparty, or as permitted by the clearing house or exchange.

Collateral pledged by a Fund for OTC derivatives pursuant to a Master Agreement is segregated by the Fund’s custodian and identified as an asset in the Statements of Assets and Liabilities either as a component of Investments in non-affiliates, at value (securities) or in Due from broker (cash). Segregation of a Fund’s collateral in the custodian account helps mitigate counterparty risk.

Collateral posted for the benefit of a Fund pursuant to a Master Agreement is held by a custodian of the Fund. Amounts which can be invested or repledged, are presented in each Fund’s Schedule of Investments. Collateral received is reflected as a liability within Due to broker in the Statements of Assets and Liabilities.

266

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objectives. The Funds’ derivative contracts are not accounted for as hedging instruments under GAAP. The effect of such derivative instruments on the Funds’ financial position and financial performance for the six months ended October 31, 2020 are as follows:


	Assets														Liabilities


	Unrealized Appreciation on Futures Contracts⁽¹⁾		Swaps and Contracts for Difference at Fair Value⁽²⁾			Unrealized Appreciation on Forward Currency Exchange Contracts			Purchased Options and Swaptions at Fair Market Value			Total			Unrealized Depreciation on Futures Contracts⁽¹⁾			Swaps and Contracts for Difference at Fair Value⁽²⁾			Unrealized Depreciation on Forward Currency Exchange Contracts			Written Options and Swaptions at Fair Market Value			Total


Morningstar International Equity Fund
Foreign exchange rate risk	$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	75,202		$	—		$	75,202

Total		—		—			—			—			—			—			—			75,202			—			75,202

Net Fair Value of Derivative Contracts	$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	75,202		$	—		$	75,202


Morningstar Total Return Bond Fund
Credit risk	$	—	$	538,642		$	—		$	—		$	538,642		$	—		$	8,184		$	—		$	—		$	8,184
Equity risk		—		—			—			—			—			—			9,874			—			—			9,874
Foreign exchange rate risk		—		—			469,962			164,535			634,497			—			—			387,146			53,351			440,497
Inflation risk		—		55,474			—			—			55,474			—			31,478			—			—			31,478
Interest rate risk		369,778		1,245,970			—			449,062			2,064,810			1,607,060			100,260			—			165,321			1,872,641

Total		369,778		1,840,086			469,962			613,597			3,293,423			1,607,060			149,796			387,146			218,672			2,362,674
Netting positions (369,778)				(149,796	)		(387,146	)		(218,672	)		(1,125,392	)		(369,778	)		(149,796	)		(387,146	)		(218,672	)		(1,125,392	)

Net Fair Value of Derivative Contracts	$	—	$	1,690,290		$	82,816		$	394,925		$	2,168,031		$	1,237,282		$	—		$	—		$	—		$	1,237,282


Morningstar Multisector Bond Fund
Foreign exchange rate risk	$	—	$	—		$	451,118		$	5,328		$	456,446		$	—		$	—		$	674,089		$	—		$	674,089

Total		—		—			451,118			5,328			456,446			—			—			674,089			—			674,089

Netting positions		—		—			(451,118	)		—			(451,118	)		—			—			(451,118	)		—			(451,118	)

Net Fair Value of Derivative Contracts	$	—	$	—		$	—		$	5,328		$	5,328		$	—		$	—		$	222,971		$	—		$	222,971


Morningstar Unconstrained Allocation Fund
Foreign exchange rate risk	$	—	$	—		$	116,231		$	—		$	116,231		$	—		$	—		$	367,833		$	—		$	367,833

267

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)


	Assets															Liabilities


	Unrealized Appreciation on Futures Contracts⁽¹⁾			Swaps and Contracts for Difference at Fair Value⁽²⁾			Unrealized Appreciation on Forward Currency Exchange Contracts			Purchased Options and Swaptions at Fair Market Value			Total			Unrealized Depreciation on Futures Contracts⁽¹⁾			Swaps and Contracts for Difference at Fair Value⁽²⁾			Unrealized Depreciation on Forward Currency Exchange Contracts			Written Options and Swaptions at Fair Market Value			Total


Morningstar Unconstrained Allocation Fund (continued)

Interest rate risk	$	73,247		$	—		$	—		$	—		$	73,247		$	—		$	—		$	—		$	—		$	—

Total		73,247			—			116,231			—			189,478			—			—			367,833			—			367,833
Netting positions		—			—			(116,231	)		—			(116,231	)		—			—			(116,231)			—			(116,231	)


Net Fair Value of Derivative Contracts	$	73,247		$	—		$	—		$	—		$	73,247		$	—		$	—		$	251,602		$	—		$	251,602


Morningstar Alternatives Fund
Credit risk	$	—		$	367		$	—		$	—		$	367		$	—		$	150,394		$	—		$	—		$	150,394
Equity risk		—			46,043,058			—			58,847			46,101,905			—			41,837,454			—			178,868			42,016,322
Foreign exchange rate risk		—			—			74,809			—			74,809			—			—			26,027			—			26,027
Interest rate risk		40,969			7,007			—			—			47,976			101,612			8,213			—			—			109,825

Total		40,969			46,050,432			74,809			58,847			46,225,057			101,612			41,996,061			26,027			178,868			42,302,568
Netting positions		(40,969	)		(41,996,061	)		(26,027	)		(58,847	)		(42,121,904	)		(40,969	)		(41,996,061	)		(26,027	)		(58,847	)		(42,121,904	)

Net Fair Value of Derivative Contracts	$	—		$	4,054,371		$	48,782		$	—		$	4,103,153		$	60,643		$	—		$	—		$	120,021		$	180,664

¹	Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments’ footnotes. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

²	Includes cumulative appreciation/depreciation on centrally-cleared swap agreements as reported in the Schedule of Investments’ footnotes. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following table indicates the effect of derivative instruments, by primary underlying risk exposure and contract type, on the Statements of Operations for the six months ended October 31, 2020:


	Net Realized Gain (Loss) on Derivatives Recognized as a Result from Operations														Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result from Operations


	Futures Contracts		Swaps and Contracts for Difference			Forward Currency Exchange Contracts			Purchased/ Written Options and Swaptions			Total			Futures Contracts		Swaps Contracts for Difference			Forward Currency Exchange Contracts			Purchased/ Written Options and Swaptions			Total


Morningstar International Equity Fund
Foreign exchange rate risk		$—	$	—		$	(38,149	)	$	—		$	(38,149	)		$—	$	—		$	(61,889	)	$	—		$	(61,889	)

Total		$—	$	—		$	(38,149	)	$	—		$	(38,149	)		$—	$	—		$	(61,889	)	$	—		$	(61,889	)


Morningstar Total Return Bond Fund
Credit risk		$—	$	467,603		$	—		$	—		$	467,603			$—	$	(729,014	)	$	—		$	7,526		$	(721,488	)
Equity risk		—		(287	)		—			—			(287	)		—		(9,298	)		—			—			(9,298	)
Foreign exchange rate risk		—		—			218,552			(97,944	)		120,608			—		—			(177,873	)		(21,318	)		(199,191	)

268

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)


	Net Realized Gain (Loss) on Derivatives Recognized as a Result from Operations													Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result from Operations


	Futures Contracts		Swaps and Contracts for Difference			Forward Currency Exchange Contracts			Purchased/ Written Options and Swaptions		Total			Futures Contracts			Swaps Contracts for Difference			Forward Currency Exchange Contracts			Purchased/ Written Options and Swaptions			Total

Inflation risk	$	—	$	64,924		$	—		$	—	$	64,924		$	—		$	18,590		$	—		$	—		$	18,590
Interest rate risk		1,083,353		(2,950,793	)		—			478,397		(1,389,043	)		(1,171,203	)		4,494,124			—			(78,008	)		3,244,913

Total	$	1,083,353	$	(2,418,553	)	$	218,552		$	380,453	$	(736,195	)	$	(1,171,203	)	$	3,774,402		$	(177,873	)	$	(91,800	)	$	2,333,526


Morningstar Multisector Bond Fund
Credit risk	$	—	$	106,034		$	—		$	—	$	106,034		$	—		$	(11,346	)	$	—		$	—		$	(11,346	)
Foreign exchange rate risk		—		—	(166,532)					—		(166,532	)		—			—			(1,707,919	)		—			(1,707,919	)

Total	$	—	$	106,034		$	(166,532	)	$	—	$	(60,498	)	$	—		$	(11,346	)	$	(1,707,919	)	$	—		$	(1,719,265	)


Morningstar Unconstrained Allocation Fund
Foreign exchange rate risk	$	—	$	—		$	560,753		$	—	$	560,753		$	—		$	—		$	(283,520	)	$	—		$	(283,520	)
Interest rate risk		293,684		—			—			—		293,684			42,462			—			—			—			42,462

Total	$	293,684	$	—		$	560,753		$	—	$	854,437		$	42,462		$	—		$	(283,520	)	$	—		$	(241,058	)


Morningstar Alternatives Fund
Credit risk	$	—	$	(4,725	)	$	—		$	—	$	(4,725	)	$	—		$	(9,843	)	$	—		$	—		$	(9,843	)
Equity risk		—		(938,604	)		—			333,212		(605,392	)		—			(654,353	)		—			(3,525	)		(657,878	)
Foreign exchange rate risk		—		—	(72,432)					—		(72,432	)		—			—			(81,318	)		—			(81,318	)
Interest rate risk		11,620		(17,276	)		—			—		(5,656	)		(60,643	)		(1,106	)		—			—			(61,749	)

Total	$	11,620	$	(960,605	)	$	(72,432	)	$	333,212	$	(688,205	)	$	(60,643	)	$	(665,302	)	$	(81,318	)	$	(3,525	)	$	(810,788	)

The following tables present the Funds’ gross OTC derivative assets and liabilities by counterparty and contract type net of amounts available for offset under netting arrangements and any related collateral received or posted by the Funds’ as of October 31, 2020.

Morningstar International Equity Fund


Derivative Financial Instruments:	Assets		Liabilities

Forward foreign currency exchange contracts		$—		$75,202

Total gross amount of derivatives in the Statement of Assets and Liabilities		$—		$75,202

Less: Derivatives not subject to MNA or similar agreements		—		—

Total gross amount of derivatives subject to MNA or similar agreement		$—		$75,202


Counterparty	Gross Liabilities		Offset		Net Amount Before Collateral		Collateral (Received) Pledged		Net Exposure


Northern Trust		$(75,202)		$—		$(75,202)		$—		$(75,202)

269

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Morningstar Total Return Bond Fund


Derivative Financial Instruments:	Assets			Liabilities


Forward foreign currency exchange contracts	$	469,962		$	387,146

Futures contracts		369,778			1,607,060

Purchased options		439,129			—

Written options		—			161,961

Total return swaps*		—			9,874

Interest rate swap contracts*		1,245,970			100,260

Credit default swap contracts*		538,642			8,184

Inflation swap contracts*		55,474			31,478

Purchased swaptions		174,468			—

Written swaptions		—			56,711


Total gross amount of derivatives in the Statement of Assets and Liabilities	$	3,293,423		$	2,362,674


Less: Derivatives not subject to MNA or similar agreements		(2,336,067	)		(1,841,743	)


Total gross amount of derivatives subject to MNA or similar agreement	$	957,356		$	520,931

*	The values of swap agreements are the market values listed on the Schedules of Investments.


Counterparty	Gross Assets		Offset			Net Amount Before Collateral		Collateral (Received) Pledged			Net Exposure

Bank of America^(a)	$	166,267	$	(87,276	)		$78,991		$ (70,871	)		$ 8,120
Barclays^(b)		55,842		(47,224	)		8,618		(8,618	)		—
BNP		165,683		(99,858	)		65,825		—			65,825
Citibank^(b)		133,286		(118,621	)		14,665		(14,665	)		—
Deutsche Bank^(b)		29,987		(25,479	)		4,508		(4,508	)		—
Goldman Sachs^(a)		90,263		(29,138	)		61,125		(50,000	)		11,125
HSBC^(b)		42,507		(17,873	)		24,634		(24,634	)		—
JPMorgan Chase^(a)		78,423		(29,187	)		49,236		(10,000	)		39,236
Morgan Stanley^(b)		140,718		(39,725	)		100,993		(100,993	)		—
Standard Chartered Bank		5,915		(5,915	)		—		—			—
State Street		1,719		(1,719	)		—		—			—
UBS^(a)		46,746		(6,133	)		40,613		(10,000	)		30,613

Total		$957,356	$	(508,148	)		$449,208		$(294,289)			$154,919


Counterparty	Gross Liabilities			Offset		Net Amount Before Collateral		Collateral (Received) Pledged		Net Exposure
Bank of America	$	(87,276	)	$	87,276		$—		$—		$—
Barclays		(47,224	)		47,224		—		—		—
BNP		(99,858	)		99,858		—		—		—
Citibank		(118,621	)		118,621		—		—		—
Deutsche Bank		(25,479	)		25,479		—		—		—
Goldman Sachs		(29,138	)		29,138		—		—		—
HSBC		(17,873	)		17,873		—		—		—

270

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Morningstar Total Return Bond Fund (continued)


Counterparty	Gross Liabilities			Offset		Net Amount Before Collateral			Collateral (Received) Pledged		Net Exposure


JPMorgan Chase		(29,187	)		29,187		—			—		—

Morgan Stanley		(39,725	)		39,725		—			—		—

RBS		(4,636	)		—		(4,636	)		—		(4,636	)

Standard Chartered Bank		(13,041	)		5,915		(7,126	)		—		(7,126	)

State Street		(2,740	)		1,719		(1,021	)		—		(1,021	)

UBS		(6,133	)		6,133		—			—		—


Total		$(520,931)			$508,148		$(12,783)			$—		$(12,783)

(a)	Actual amount of collateral received from Bank of America, Goldman Sachs, JPMorgan Chase, and UBS is included in “Due from broker” in the Statements of Assets and Liabilities.

(b)	Actual amount of collateral received from Barclays, Citibank, Deutsche Bank, HSBC, and Morgan Stanley exceeded the net amount before collateral and is included in “Due from broker” in the Statements of Assets and Liabilities.

Morningstar Multisector Bond Fund


Derivative Financial Instruments:	Assets		Liabilities

Forward foreign currency exchange contracts	$	451,118	$	674,089

Purchased options		5,328		—

Total gross amount of derivatives in the Statement of Assets and Liabilities	$	456,446		$674,089

Less: Derivatives not subject to MNA or similar agreements		—		—

Total gross amount of derivatives subject to MNA or similar agreement	$	456,446		$674,089


Counterparty	Gross Assets		Offset			Net Amount Before Collateral		Collateral (Received) Pledged			Net Exposure
Bank of America^(a)	$	39,851	$	(25,544	)	$	14,307	$	(10,000	)	$	4,307
Barclays		545		(545	)		—		—			—
BNP		46,519		(46,519	)		—		—			—
Citibank		68,041		(68,041	)		—		—			—
Deutsche Bank		9,911		(9,911	)		—		—			—
Goldman Sachs		7,355		—			7,355		—			7,355
HSBC		96,941		(90,732	)		6,209		—			6,209
JPMorgan Chase^(b)		178,027		(81,632	)		96,395		(96,395	)		—
Morgan Stanley		1,704		—			1,704		—			1,704
Standard Chartered Bank		7,552		(7,552	)		—		—			—

Total		$456,446		$(330,476)			$125,970		$(106,395	)		$19,575


Counterparty	Gross Liabilities		Offset		Net Amount Before Collateral		Collateral (Received) Pledged		Net Exposure
Bank of America		$(25,544)		$25,544		$—		$—		$—

271

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Morningstar Multisector Bond Fund (continued)


Counterparty	Gross Liabilities			Offset		Net Amount Before Collateral			Collateral (Received) Pledged		Net Exposure

Barclays		(10,787	)		545		(10,242	)		—		(10,242	)
BNP		(51,235	)		46,519		(4,716	)		—		(4,716	)
Citibank^(b)		(104,256	)		68,041		(36,215	)		36,215		—
Deutsche Bank^(a)		(195,636	)		9,911		(185,725	)		185,275		(450	)
HSBC		(90,732	)		90,732		—			—		—
JPMorgan Chase		(81,632	)		81,632		—			—		—
Standard Chartered Bank		(108,677	)		7,552		(101,125	)		—		(101,125	)


Total		$(674,089	)		$330,476		$(343,613	)		$221,490		$(122,123	)

(a)	Actual amount of collateral received from Bank of America and pledged by the Fund to Deutsche Bank is included in “Due from broker” and “Due to broker” respectively, in the Statements of Assets and Liabilities.

(b)	Actual amount of collateral received from JPMorgan Chase and pledged by the Fund to Citibank exceeded the net amount before collateral and is included in “Due from broker” and “Due to broker” respectively, in the Statements of Assets and Liabilities.

Morningstar Unconstrained Allocation Fund


Derivative Financial Instruments:	Assets			Liabilities

Forward foreign currency exchange contracts	$	116,231		$	367,833
Futures contracts		73,247			—

Total gross amount of derivatives in the Statement of Assets and Liabilities	$	189,478		$	367,833
Less: Derivatives not subject to MNA or similar agreements		(73,247	)		—

Total gross amount of derivatives subject to MNA or similar agreement	$	116,231		$	367,833


Counterparty	Gross Assets		Offset			Net Amount Before Collateral		Collateral (Received) Pledged		Net Exposure

Citibank		$75,978		$(75,978	)		$—		$—		$—
HSBC		23,257		(23,257	)		—		—		—
JPMorgan Chase		16,896		(16,896	)		—		—		—

Total		$116,231		$(116,231	)		$—		$—		$—


Counterparty	Gross Liabilities			Offset		Net Amount Before Collateral			Collateral (Received) Pledged		Net Exposure


Citibank		$(203,075	)		$75,978		$(127,097	)		$—		$(127,097	)
HSBC		(133,234	)		23,357		(109,877	)		—		(109,877	)
JP Morgan Chase		(31,524	)		16,896		(14,628	)		—		(14,628	)


Total		$(367,833	)		$116,231		$(251,602)			$—		$(251,602	)

272

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

Morningstar Alternatives Fund


Derivative Financial Instruments:	Assets			Liabilities

Forward foreign currency exchange contracts	$	74,809		$	26,027

Futures contracts		40,969			101,612

Purchased options		58,847			—

Written options		—			178,868

Contracts for difference*		46,043,058			41,837,454

Interest rate swap contracts*		7,007			8,213
Credit default swap contracts*		367			150,394


Total gross amount of derivatives in the Statement of Assets and Liabilities	$	46,225,057		$	42,302,568

Less: Derivatives not subject to MNA or similar agreements		(107,190	)		(438,258	)


Total gross amount of derivatives subject to MNA or similar agreement	$	46,117,867		$	41,864,310

*	The values of contracts for differences and swap agreements are the market values listed on the Schedules of Investments.


Counterparty	Gross Assets			Offset			Net Amount Before Collateral			Collateral (Received) Pledged			Net Exposure


Bank of America		$ 1,132			$ (315)			$ 817			$ —			$ 817
Goldman Sachs^(a)		18,078,004			(16,425,508	)		1,652,496			(370,000	)		1,282,496
JPMorgan Chase^(a)		27,965,054			(25,411,949	)		2,553,105			(219,981	)		2,333,124
Morgan Stanley		73,677			(25,984	)		47,693			—			47,693


Total		$46,117,867			$(41,863,756)			$4,254,111			$(589,981)			$3,664,130


Counterparty	Gross Liabilities			Offset			Net Amount Before Collateral			Collateral (Received) Pledged			Net Exposure


Bank of America		$ (315	)		$ 315			$ —			$—			$ —
Barclays		(40	)		—			(40	)		—			(40	)
Citibank		(514	)		—			(514	)		—			(514	)
Goldman Sachs		(16,425,508	)		16,425,508			—			—			—
JPMorgan Chase		(25,411,949	)		25,411,949			—			—			—
Morgan Stanley		(25,984	)		25,984			—			—			—


Total		$(41,864,310	)		$41,863,756			$(554	)		$—			$(554	)

(a)	Actual amount of collateral received from Goldman Sachs and JPMorgan Chase is included in _Due from broker_ in the Statements of Assets and Liabilities.

For the six months ended October 31, 2020, the quarterly average notional values were as follows and are representative of the trading volume of the derivatives held by the Funds.


	Morningstar International Equity Fund		Morningstar Total Return Bond Fund		Morningstar Multisector Bond Fund		Morningstar Unconstrained Allocation Fund		Morningstar Alternatives Fund

Futures Contracts:
Average Notional Balance - Long		$—		$137,648,284		$—		$1,665,050		$8,629,644

273

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)


	Morningstar International Equity Fund		Morningstar Total Return Bond Fund		Morningstar Multisector Bond Fund		Morningstar Unconstrained Allocation Fund		Morningstar Alternatives Fund
Futures Contracts: (continued)
Average Notional Balance - Short	$	—	$	176,649,067	$	—	$	376,250	$	4,366,030
Ending Notional Balance - Long		—		99,879,193		—		1,742,200		26,050,180
Ending Notional Balance - Short		—		281,616,523		—		1,505,000		10,830,667
Forward Foreign Currency Exchange Contracts:
Average Settlement Value -Purchased		2,033,140		13,866,588		39,004,299		4,709,908		7,302,745
Average Settlement Value - Sold		13,874		10,945,290		22,238,313		12,474,368		3,266,679
Ending Settlement Value -Purchased		2,455,466		31,476,732		21,454,543		4,705,336		6,378,726
Ending Settlement Value - Sold		—		24,879,684		5,698,345		14,361,566		2,368,856
Contracts for Difference:
Average Notional Balance - Long		—		—		—		—		1,362,337
Average Notional Balance - Short		—		—		—		—		1,448,810
Ending Notional Balance - Long		—		—		—		—		1,338,110
Ending Notional Balance - Short		—		—		—		—		1,357,843
Total Return Swaps:
Average Notional Balance - Long		—		552,500		—		—		—
Ending Notional Balance - Long		—		2,210,000		—		—		—
Inflation Swaps:
Average Notional Balance - Pays Fixed Rate		—		9,575,218		—		—		—
Ending Notional Balance - Pays Fixed Rate		—		14,141,316		—		—		—
Interest Rate Swaps:
Average Notional Balance - Pays Fixed Rate		—		192,408,189		3,550,000		—		7,845,396
Ending Notional Balance - Pays Fixed Rate		—		260,651,131		—		—		5,848,584
Credit Default Swaps:
Average Notional Balance - Buy Protection		—		3,494,116		12,250		—		1,630,000
Average Notional Balance - Sell Protection		—		34,317,174		6,956,945		—		7,567
Ending Notional Balance - Buy Protection		—		4,457,121		—		—		3,114,407
Ending Notional Balance - Sell Protection		—		42,404,944		—		—		7,567
Options:
Average Notional Balance - Purchased		—		140,077,916		671,043		—		822,641
Average Notional Balance - Written		—		83,544,918		—		—		1,432,025

274

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)


	Morningstar International Equity Fund		Morningstar Total Return Bond Fund		Morningstar Multisector Bond Fund		Morningstar Unconstrained Allocation Fund		Morningstar Alternatives Fund
Options (continued):
Ending Notional Balance - Purchased		$—		$ 381,724,919		$ 590,000		$—		$ 2,341,635
Ending Notional Balance - Written		—		116,842,009		—		—		1,857,889
Swaptions:
Average Notional Balance - Purchased		—		15,537,067		—		—		—
Average Notional Balance - Written		—		21,690,317		—		—		—
Ending Notional Balance - Purchased		—		44,199,690		—		—		—
Ending Notional Balance - Written		—		44,199,690		—		—		—

8. Federal Income Tax Matters

As of October 31, 2020, the cost and aggregate gross unrealized appreciation (depreciation) of long security positions, short security positions and derivative instruments for federal income tax purposes were as follows:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Morningstar U.S. Equity Fund	$	1,180,248,571	$	140,795,773	$	(66,204,863	)	$	74,590,910
Morningstar International Equity Fund		827,566,829		61,097,065		(76,732,242	)		(15,635,177	)
Morningstar Global Income Fund		243,016,665		12,935,103		(14,015,907	)		(1,080,804	)
Morningstar Total Return Bond Fund		611,392,294		22,171,512		(7,068,257	)		15,103,255
Morningstar Municipal Bond Fund		345,796,960		7,594,069		(2,036,713	)		5,557,356
Morningstar Defensive Bond Fund		224,383,876		3,359,116		(937,846	)		2,421,270
Morningstar Multisector Bond Fund		252,113,902		7,471,930		(7,008,378	)		463,552
Morningstar Unconstrained Allocation Fund		151,968,044		10,541,862		(2,713,174	)		7,828,688
Morningstar Alternatives Fund		206,719,725		11,177,783		(10,012,768	)		1,165,015

The differences between book basis and tax basis appreciation (depreciation) on investments is primarily attributable to wash sale loss deferrals, mark to market on credit default swaps, futures contracts, foreign exchange contracts and passive foreign investment companies (“PFICs”), straddle loss deferrals, investment in interest only (“IO”) securities and contingent payment debt instruments (“CPDIs”), and timing of income recognition from Real Estate Investment Trusts (“REITs”).

275

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

As of April 30, 2020, the components of distributable earnings (loss) (excluding paid in capital) on a tax basis were as follows:


Fund	Currenct Distributable Tax-Exempt Income		Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or Tax Basis Capital Loss Carryforwards		Net Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total Accumulated Earnings

Morningstar U.S. Equity Fund	$	—	$	3,730,855	$	—	$	(21,176,420	)	$	(16,468,490	)	$	(33,914,055	)
Morningstar International Equity
Fund		—		1,555,832		6,576,850		(91,451,186	)		—			(83,318,504	)
Morningstar Global Income Fund		—		225,849		—		(13,009,933	)		(740	)		(12,784,824	)
Morningstar Total Return
Bond Fund		—		9,974,630		4,270,224		6,472,493			(4,327	)		20,713,020
Morningstar Municipal Bond Fund		81,113		—		—		(7,974,819	)		(964,022	)		(8,857,728	)
Morningstar Defensive Bond Fund		—		675,650		298,566		739,840			(1,444	)		1,712,612
Morningstar Multisector
Bond Fund		—		989,103		—		(17,450,788	)		(5,437,917	)		(21,899,602	)
Morningstar Unconstrained
Allocation Fund		—		2,019,128		33,566		(221,810	)		—			1,830,884
Morningstar Alternatives Fund		—		4,325,758		—		(5,440,609	)		(165,414	)		(1,280,265	)

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. Such amounts may differ from income and capital gains recorded in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications have no impact on the total net assets or the net asset values per share of the Funds. At April 30, 2020, the following reclassification was recorded:


Fund	Accumulated Distributable Earnings (Losses)		Paid-in Capital
Morningstar Total Return Bond Fund		$ 1,852		$ (1,852)
Morningstar Multisector Bond Fund		394		(394	)
Morningstar Alternatives Fund		16,869		(16,869	)

The tax character of distributions paid during the fiscal year-ended April 30, 2020 were as follows:


	Fiscal Year Ended April 30, 2020

Fund	Tax-Exempt Income		Ordinary Income		Capital Gains		Total Distributions Paid
Morningstar U.S. Equity Fund		$ —		$18,559,105		$ 75,419		$ 18,634,524
Morningstar International Equity Fund		—		17,320,965		58		17,321,023
Morningstar Global Income Fund		—		9,337,742		13,989		9,351,731
Morningstar Total Return Bond Fund		—		25,566,475		417,832		25,984,307

276

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)


	Fiscal Year Ended April 30, 2020

Fund	Tax-Exempt Income		Ordinary Income		Capital Gains		Total Distributions Paid
Morningstar Municipal Bond Fund		$ 3,722,036		$ 677,440		$ 17		$ 4,399,493
Morningstar Defensive Bond Fund		—		4,722,041		38		4,722,079
Morningstar Multisector Bond Fund		—		10,125,655		77		10,125,732
Morningstar Unconstrained Allocation Fund		—		2,836,649		—		2,836,649
Morningstar Alternatives Fund		—		3,235,052		7,401		3,242,453

The tax character of distributions paid during the fiscal period-ended April 30, 2019 were as follows:


	Fiscal Period Ended April 30, 2019

Fund	Tax Exempt Income		Ordinary Income		Total Distributions Paid

Morningstar U.S. Equity Fund		$ —		$ 422,538		$ 422,538
Morningstar International Equity Fund		—		550,924		550,924
Morningstar Global Income Fund		—		959,797		959,797
Morningstar Total Return Bond Fund		—		2,817,061		2,817,061
Morningstar Municipal Bond Fund		743,422		44,375		787,797
Morningstar Defensive Bond Fund		—		665,904		665,904
Morningstar Multisector Bond Fund		—		2,273,735		2,273,735
Morningstar Unconstrained Allocation Fund		—		257,198		257,198
Morningstar Alternatives Fund		—		86,515		86,515

Under the Regulated Investment Company Modernization Act of 2010, Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Capital loss carry forwards with no expiration will retain their character as either short-term or long-term capital losses.

At April 30, 2020, the Funds had no capital loss carryforwards to offset future capital gains.

For the period subsequent to October 31, 2019, through the fiscal year ended April 30, 2020, the following Funds incurred net capital losses and/or late year ordinary losses for which each Fund intends to treat as having been incurred in the following fiscal year:


Fund
Morningstar U.S. Equity Fund	$	16,468,490
Morningstar Municipal Bond Fund		963,948
Morningstar Multisector Bond Fund		5,437,917
Morningstar Alternatives Fund		165,414

277

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

9. Principal Risks and Concentrations

Multimanager and Subadviser Selection Risk: To a significant extent, the Funds’ 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.

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.

Emerging-Markets Risk: Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets.

Geographic Concentration Risk: To the extent that a Fund invests a significant portion of its assets in a particular country, region or continent, economic, political, social and environmental conditions in such country, region or continent will have a greater effect on the Fund’s performance than they would in a more geographically diversified equity fund.

Currency Risk: Because some of the Funds invest in foreign securities, changes in currency exchange rates could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.

Interest-Rate Risk: The value of fixed-income securities will typically decline when interest rates rise.

Credit Risk: Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest.

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 a Fund was attempting to hedge or the investment opportunity it was trying to pursue.

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, terrorism, conflicts or social unrest) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.

278

Morningstar Funds Trust October 31, 2020 (unaudited)

Notes to Financial Statements (continued)

10. Principal Ownership

As of October 31, 2020, the Funds had omnibus accounts owning more than 5% of the total shares outstanding of each Fund as follows:


Fund	Number of Shareholders		% Ownership¹

Morningstar U.S. Equity Fund		5		98%
Morningstar International Equity Fund		5		98%
Morningstar Global Income Fund		5		97%
Morningstar Total Return Bond Fund		5		96%
Morningstar Municipal Bond Fund		5		99%
Morningstar Defensive Bond Fund		4		90%
Morningstar Multisector Bond Fund		5		96%
Morningstar Unconstrained Allocation Fund		5		97%
Morningstar Alternatives Fund		3		89%

¹Includes omnibus positions of broker-dealers representing numerous shareholder accounts.

Investment activities of these shareholders may have a material effect on the Funds.

11. Line of Credit

The Funds have a $50 million line of credit agreement with Northern Trust. Borrowings are made solely to facilitate the handling of redemptions or unusual or unanticipated short-term cash requirements. Because several Funds participate and collateral requirements apply, there is no assurance that an individual Fund will have access to the entire $50 million at any particular time. Interest is charged to each Fund based on its borrowings at an amount above the Federal Funds rate. In addition, an administration fee of $10,000 is payable annually and allocated among the Funds based on net assets.

For the six months ended October 31, 2020, the Funds made no borrowings against the line of credit.

12. Subsequent Events

Management has evaluated subsequent events for the Funds through the date this report was issued and has concluded that no subsequent events occurred which required recognition or disclosure.

279

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Expenses

As a shareholder of a series within Morningstar Funds Trust, you incur ongoing costs, including management fees, administration, custody, sub-accounting, trustees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of a six month period and held for the entire period, May 1, 2020 through October 31, 2020.

Actual Expenses

The three columns for each Fund in the table under the “Actual” heading provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the second column for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The last three columns for each Fund in the table under the “Hypothetical (5% return)” heading provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the last three columns for each Fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.


			Actual						Hypothetical (5% return)
	Annualized Expense Ratio		Beginning Account Value		Ending Account Value		Expenses Paid During Period		Beginning Account Value		Ending Account Value		Expenses Paid During Period

Morningstar U.S. Equity Fund		0.81%		$1,000.00		$1,114.30		$4.30		$1,000.00		$1,021.06		$4.12

Morningstar International Equity Fund		0.90		1,000.00		1,114.20		4.78		1,000.00		1,020.61		4.57

Morningstar Global Income Fund		0.61		1,000.00		1,057.00		3.15		1,000.00		1,022.07		3.10

Morningstar Total Return Bond Fund		0.52		1,000.00		1,040.30		2.67		1,000.00		1,022.52		2.64

Morningstar Municipal Bond Fund		0.58		1,000.00		1,053.30		2.99		1,000.00		1,022.22		2.95

280

Morningstar Funds Trust October 31, 2020 (unaudited)

Fund Expenses (continued)


			Actual						Hypothetical (5% return)
	Annualized Expense Ratio		Beginning Account Value		Ending Account Value		Expenses Paid During Period		Beginning Account Value		Ending Account Value		Expenses Paid During Period

Morningstar Defensive Bond Fund		0.48%		$1,000.00		$1,022.70		$2.44		$1,000.00		$1,022.72		$2.44

Morningstar Multisector Bond Fund		0.79		1,000.00		1,093.40		4.16		1,000.00		1,021.17		4.01

Morningstar Unconstrained Allocation Fund		0.73		1,000.00		1,070.00		3.80		1,000.00		1,021.47		3.71

Morningstar Alternatives Fund		1.27		1,000.00		1,044.50		6.53		1,000.00		1,018.75		6.44

281


		Morningstar Funds Trust Privacy Policy

		Please read “Other Important Information” section below for information about Morningstar Funds Trust access to your personal information

Why?		Financial companies can choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand Morningstar Funds Trust access to your personal information.

What?		Personal information includes, but is not limited to:

	u	Your name, address, phone number, and email address;

	u	Your social security number or other unique identifier;

	u	Your account information, such as account balance and transactions (including account transaction history);

	u	Your demographic information, such as age, income, investment preferences, investment experience, and risk profile.

How?		All financial companies need to share clients’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their clients’ personal information; the reasons, Trust chooses to share; and whether you can limit this sharing.
		Reasons financial companies can share your personal information	Does Morningstar Funds Trust share?	Can you limit this sharing?
		For our everyday business purposes—such as to process your transactions, maintain your account(s), or respond to court orders and legal investigations.	See “Other Important Information” below.	No
		For our marketing purposes—to offer our products and services.	No	N/A
		For joint marketing with other financial companies.	No	N/A
		For our affiliates’ everyday business purposes—information about your transactions and experiences.	No	N/A
		For our affiliates’ everyday business purposes—information about your creditworthiness.	No	N/A
		For our affiliates to market to you.	No	N/A
		For nonaffiliates to market to you.	No	N/A

Who we are		Who is providing this notice? Morningstar Funds Trust

What we do		How does Morningstar Funds Trust protect your personal information?

		Security measures are in place to protect against unauthorized access to, or unauthorized alteration, disclosure or destruction of personal information. Secure data networks are protected by industry standard firewall and password protection systems.

		How does Morningstar Funds Trust collect your personal information?

		We would collect your personal information if you open an account directly with us or if you gave us your personal information; however, please read the “Other Important Information” section below.

		Why can’t you limit sharing?

		Federal law gives you the right to limit only:

	u	sharing for affiliates’ everyday business purposes—information about your creditworthiness;

	u	affiliates from using your information to market to you;

282


	u	sharing for nonaffiliates to market to you.
		State laws and individual companies’ policies may give you additional rights to limit sharing.

Definitions		Affiliates

		Companies related by common ownership or control. They can be financial and nonfinancial companies.

	u	Morningstar Funds Trust’s investment adviser is Morningstar Investment Management LLC, a wholly-owned subsidiary of Morningstar, Inc. Morningstar Investment Services, LLC, a wholly-owned subsidiary of Morningstar Investment Management LLC, is the sponsor of the Morningstar Managed Portfolios advisory service.

		Nonaffiliates
		Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	u	The Trust does not share your personal information with nonaffiliates for marketing their services to you.

		Joint marketing
		A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
	u	The Trust does not have such an agreement in place.

Other Important Information		Morningstar Funds Trust (“Morningstar Funds”) is only available through model portfolios designed and maintained by Morningstar Investment Management LLC (“Model Portfolios”). Model Portfolios are made available to nonaffiliated financial institutions (e.g., financial advisers, retirement plan, recordkeepers) who may use the Model Portfolios as part of an investment advisory solution offered to their clients. The financial institution’s client’s assets are held at a nonaffiliated custodian (“Custodian”). Custodians report buy/sells of Morningstar Funds shares to the Trust’s transfer agent at an aggregate level (e.g., omnibus). Because of this structure, under normal circumstances, the Trust does not have personal information of the shareholders of the Morningstar Funds. From time-to-time, Morningstar Funds Trust may seek shareholder’s personal information to fulfill regulatory requirements and/or obligations. In those instances, Morningstar Funds Trust will not make your personal information available to anyone other than the above-mentioned affiliates. Morningstar Funds reserves the right to change this policy at any time by distributing and/or posting a new privacy policy without notice.

Questions?		Your privacy is very important to us. If you have further questions, please contact us at (877) 626-3224.

283

Morningstar Funds Trust October 31, 2020 (unaudited)

Board Approval of New Subadvisory Agreements

Morningstar Funds Trust

At a meeting of the Board of Trustees of the Trust (the “Board”) on June 25, 2020, the Board unanimously approved new subadvisory agreements (each, a “New Subadvisory Agreement,” and collectively, the “New Subadvisory Agreements”) with each of three existing subadvisers to the Funds that are subsidiaries of Legg Mason, Inc. (“Legg Mason”): 1) Brandywine Global Investment Management, LLC (“Brandywine”), subadviser to the Unconstrained Allocation Fund; 2) ClearBridge Investments, LLC (“ClearBridge”), subadviser to the U.S. Equity Fund; and 3) Western Asset Management Company, LLC (“Western”), subadviser to the Total Return Bond Fund (each, a “Legg Mason Subadviser,” and collectively, the “Legg Mason Subadvisers”). The New Subadvisory Agreements were approved in anticipation of the acquisition of Legg Mason, Inc. (“Legg Mason”) by Franklin Resources, Inc. (“Franklin Resources”), which was expected to close on or near July 31, 2020 (the “Transaction”).

It was anticipated that the Transaction would result in a “change in control” of each Legg Mason Subadviser, and therefore, would constitute an “assignment,” as such term is defined in the 1940 Act, of the existing subadvisory agreements between MIM, the Trust and each of the Legg Mason Subadvisers, on behalf of the applicable Funds (each, an “Original Subadvisory Agreement,” and collectively, the “Original Subadvisory Agreements”). The terms of the proposed New Subadvisory Agreements, other than their respective dates, were identical in all respects to the Original Subadvisory Agreements that had been considered and approved by the Board at the meeting held on March 11, 2020 (the “March Meeting”). In order to permit each Legg Mason Subadviser to continue to provide investment advisory services to the applicable Funds, the Board considered and approved the New Subadvisory Agreements, to become effective following the Transaction.

The material factors considered and the conclusions that formed the bases of the Board’s approval of the New Subadvisory Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. The Board did not quantify or assign relative weights to the factors. Each member of the Board may have assigned different weights to the factors.

In considering the approval of the New Subadvisory Agreements, the Board was able to draw on its knowledge of the Trust, the Funds, MIM, and each Legg Mason Subadviser. The Board considered the approval of the Original Subadvisory Agreements, and considered the nature, extent and quality of services provided by the Legg Mason Subadvisers, their investment performance with regard to the management of their allocated portion of their respective Funds, and the relevant subadvisory fees.

The Board reviewed memoranda and supporting documentation provided by MIM and Franklin Resources regarding the Transaction, as well as copies of each proposed New Subadvisory Agreement. The Board noted that each New Subadvisory Agreement provided for the same services and fees as the Original Subadvisory Agreements and that the New Subadvisory Agreements were in all respects identical to the Original Subadvisory Agreements, except for the effective date. Given that the services and fees provided under the New Subadvisory Agreements were identical to the services and fees under the Original Subadvisory Agreements, the Board’s deliberations at the March Meeting remained relevant.

At the March Meeting, the Board considered multiple factors that they deemed relevant, including, but not limited to:

284

Morningstar Funds Trust October 31, 2020 (unaudited)

Board Approval of New Subadvisory Agreements (continued)

●

The form of the Original Subadvisory Agreements with each Legg Mason Subadviser.

●

The investment performance of each Fund and the performance of each Legg Mason Subadviser in achieving this performance.

●

Whether each Fund had operated in accordance with its investment objective.

●

The fairness of the compensation under the Funds’ investment advisory agreement and the Original Subadvisory Agreements.

●

The expense ratio to be borne by shareholders, considering the combined effect of the pricing structure of each Fund and existing fee waivers and expense reimbursements.

●

MIM’s investment principles.

●

The nature, extent and quality of services that MIM and each Legg Mason Subadviser provided and would be expected to provide to each Fund.

●

The background, experience, personnel, operations, technology, policies, procedures and compliance functions of MIM and each Legg Mason Subadviser, including their experience as managers of other funds and accounts, their investment management approaches and resources, their financial condition and their reputation in the industry.

●

The compatibility of each Legg Mason Subadviser’s operations, policies, procedures and compliance functions with those of MIM and other service providers to the Funds.

●

The Chief Compliance Officer’s review of the compliance programs and capabilities of MIM and each Legg Mason Subadviser, including the policies and procedures in place to address actual and potential conflicts of interest.

●

MIM’s risk management program, especially those aspects of the program related to selecting and overseeing the Legg Mason Subadvisers.

●

The use of derivatives and other complex instruments to carry out each Fund’s investment goals.

●

Each Legg Mason Subadviser’s risk management program.

●

Profitability matters and economies of scale.

MIM recommended the approval of the New Subadvisory Agreements, pursuant to which each Legg Mason Subadviser would continue to serve as a subadviser of its respective Fund following the Transaction. The approval of the New Subadvisory Agreements was recommended by MIM because, among other factors, (i) the Transaction was not expected to have a material effect on the nature, extent or quality of the services provided by the Legg Mason Subadvisers to their respective Funds; (ii) each Legg Mason Subadviser’s personnel who have been responsible for managing the allocated portion of their respective Funds would continue to serve in their respective capacities following the Transaction; (iii) the terms of the New Subadvisory Agreements were similar, in all material respects other than the effective date, to the Original Subadvisory Agreements that were approved by the Board at the March Meeting; and (iv) each Legg Mason Subadviser’s historical investment performance with respect to its management of their respective Funds had been acceptable.

285

Morningstar Funds Trust October 31, 2020 (unaudited)

Board Approval of New Subadvisory Agreements (continued)

Significant factors considered by the Board included the following:

Services Provided

The Board considered their analysis at the March Meeting of the nature, quality and extent of the services provided by each Legg Mason Subadviser to its respective Fund. At the March Meeting, the Board considered each relevant Fund’s investment goal, MIM’s and each Legg Mason Subadviser’s investment strategy to achieve that goal, and MIM’s and each Legg Mason Subadviser’s success in achieving, and ability to continue to achieve, that investment strategy. The Board also took note of the responsibilities that each Legg Mason Subadviser has with respect to the portion of a Fund’s assets allocated to the Legg Mason Subadviser by MIM. The Board noted their consideration at the March Meeting of the other investment advisory services offered by each Legg Mason Subadviser, and reviewed the allocation of assets and expenses among those services, as well as their fees, the reasons for differences in fees and any potential conflicts in connection with providing these services. The Board considered MIM’s rationale for recommending the continued retention of each Legg Mason Subadviser, and that the Transaction was not expected to have a material effect on the nature, extent or quality of the services provided by the Legg Mason Subadvisers to their respective Funds.

Based on their consideration and review of the foregoing factors, the Board concluded that they were satisfied with the nature, quality and extent of the overall services provided and to be provided by each Legg Mason Subadviser. The Board was confident in the abilities of each Legg Mason Subadviser to continue to implement the respective investment strategy of its relevant Fund and to continue to provide quality services to such Fund.

Investment Performance

The Board considered their analysis at the March Meeting regarding each Legg Mason Subadviser’s investment performance. The Board considered their prior comparison of this performance to peer groups and relevant benchmarks. The Board concluded that their prior consideration of the performance record for each Legg Mason Subadviser in managing their respective Funds supported a decision to approve the New Subadvisory Agreements.

The Cost of Services and Fund Expenses

The Board considered their analysis at the March Meeting regarding the cost of services provided and to be provided by MIM and the Legg Mason Subadvisers and the losses realized by MIM and each Legg Mason Subadviser from a relationship with the relevant Funds. At the March Meeting the Board had considered profitability information, expenses absorbed by MIM through fee waivers and reimbursements, comparative fee data, and actual and potential benefits (often called “fall-out benefits”) that accrue to MIM and the Legg Mason Subadvisers from managing their respective Funds. The Board noted that the subadvisory fees are paid to each Legg Mason Subadviser by MIM and are not additional fees borne by each Fund, and that these fees were the product of arms-length negotiations between MIM and each Legg Mason Subadviser. The Board considered that the subadvisory fees set forth under the proposed New Subadvisory Agreements would be the same as those set forth under the Original Subadvisory Agreements approved by the Board at the March Meeting, and that the investment advisory fees paid by the Funds would similarly remain unaffected by the

286

Morningstar Funds Trust October 31, 2020 (unaudited)

Board Approval of New Subadvisory Agreements (continued)

Transaction. The Board also considered their analysis at the March Meeting regarding fund expenses. The Board concluded that their prior consideration of the cost of services and fund expenses as relevant to the Legg Mason Subadvisers and their relevant Funds supported a decision to approve the New Subadvisory Agreements.

Economies of Scale

The Board considered their analysis at the March Meeting of the economies of scale that may be realized by MIM and each Legg Mason Subadviser as each relevant Fund grows larger and the extent to which these economies would be shared with the Funds’ shareholders. For the reasons discussed at the March Meeting, the Board concluded that economies of scale continued to not be a significant factor with regard to the management fees paid by the Funds at this time given the current assets in the Funds and the limited operating history of the Funds and the expense limitation arrangements that are in effect.

Conclusion

After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Board—including a majority of the Independent Trustees with the assistance of counsel—approved the New Subadvisory Agreements and concluded that the subadvisory fee structure provided for in the agreements continued to be fair and reasonable.

287

Morningstar Funds Trust October 31, 2020 (unaudited)

Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940 (as amended), Morningstar Funds Trust (the “Trust”) has established a written liquidity risk management program (“Program”) to govern the approach in managing liquidity risk within each series of the Trust (each a “Fund” and collectively the “Funds”). For purposes of the Program, liquidity risk means the risk that a Fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the Fund.

The Program is overseen by the Liquidity Committee which is comprised of representatives of the Funds’ investment adviser, Morningstar Investment Management LLC (“MIM”) and certain officers of the Trust (e.g., the Trust’s Principal Financial Officer). The Funds’ Board of Trustees (“Board”) has approved the Program on behalf of the Trust as well as the designation of the Liquidity Committee to oversee the Program. In administering the Program, the Liquidity Committee seeks input from MIM’s portfolio managers and/or subadviser(s) when such input is deemed necessary or appropriate by the Liquidity Committee.

In general, liquidity risk is managed taking into account the investment strategy, liquidity profile, and redemption policy and history of a Fund, with the objective of maintaining a level of liquidity that is appropriate considering the Fund’s obligations to current and future shareholders. Liquidity management for each Fund is based on an assessment of the liquidity of each portfolio asset, considering the time required to liquidate an asset and the price or value at which those assets can be liquidated, in accordance with the requirements of Rule 22e-4.

At a meeting of the Board held on September 23rd, 2020, a written report from the Liquidity Committee was provided to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation (the “Report”) for the annual period from June 1, 2019 through June 30, 2020 (the “Reporting Period”).

During the Reporting Period, each Fund maintained a high level of liquidity and was deemed to primarily hold assets that are defined as highly liquid investments. As a result, no Fund was required to establish or adopted a Highly Liquid Investment Minimum during the Reporting Period.

The Report did not identify any significant liquidity events that materially affected the performance of any Fund or its ability to timely meet redemptions without dilution to existing shareholders during the Reporting Period. In addition, all Funds complied with the 15% limitation on illiquid investments during the Reporting Period, consistent with the Program and the relevant requirements of Rule 22e-4.

The Liquidity Committee has determined that the Program operated adequately and effectively to manage each Fund’s liquidity risk during the Reporting Period and is reasonably designed to manage each Fund’s liquidity risk. However, please note, there can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

288

Morningstar Funds Trust October 31, 2020 (unaudited)

Additional Information

Proxy Voting Policies and Proxy Voting Record

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Funds to the Adviser, which, in turn, has delegated such responsibility to the subadvisers. Each subadviser will vote such proxies in accordance with its proxy policies and procedures, which are available, free of charge, by calling 877-626-3224. Information about how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (1) without charge, upon request, by call 877-626-3224 and (2) on the SEC’s website at http://sec.gov.

Form N-PORT Disclosure

The Trust files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT (and its predecessor form, Form N-Q) filings are available on the SEC’s website at http://www.sec.gov.

289

Morningstar Funds Trust is only available to citizens or legal residents of the United States or its territories through model portfolios designed and maintained by the Adviser.

Adviser

Morningstar Investment Management LLC

22 West Washington Street

Chicago, Illinois 60602

Distributor

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

Prospectus

Please go to http://connect.rightprospectus.com/Morningstar to access the Morningstar Funds Trust prospectus.

Shareholder Rights

When you buy shares in a fund of the Morningstar Funds Trust, you become a shareholder of that fund. As a shareholder, you have certain rights and protections, chief among them an independent board of trustees, whose main role is to represent your interests. The Board of Trustees for the Morningstar Funds Trust is committed to representing your interests as well as implementing and maintaining sound fund governance principles. To learn more about the Board of Trustees please go to https://www.morningstar.com/company/morningstar-funds-governance.

This report is for the general information of the shareholders of the Morningstar Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Views, opinions, portfolio holdings and other information expressed or noted herein are as of the end of the reporting period and are subject to change. Such views and opinions are not to be viewed as investment advice.

LOGO

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable for this reporting period.

(a)(2)

Exhibit 99.CERT: Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)	Exhibit 99.906 CERT: Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Morningstar Funds Trust

By		/s/ Daniel E. Needham
		Daniel E. Needham, President
		(Principal Executive Officer)

Date: January 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By		/s/ Daniel E. Needham
		Daniel E. Needham, President
		(Principal Executive Officer)

Date: January 5, 2021

By		/s/ Tracy L. Dotolo
		Tracy L. Dotolo, Treasurer
		(Principal Financial Officer)

Date: January 5, 2021