Morningstar Funds Trust NCSRS Certified semi-annual shareholder report (management investment company)

Morningstar Funds Trust N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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

1250 Connecticut Avenue, N.W., Suite 500

Washington, District of Columbia, 20036

(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, 2019

Item 1. Reports to Stockholders.

October 31, 2019

SEMI–ANNUAL UNAUDITED REPORT


		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 or 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 apply to all Morningstar Funds held with your financial intermediary.

Morningstar Funds Trust October 31, 2019 (unaudited)

Introduction

Morningstar Investment Management, LLC launched anopen-end management investment company consisting of nine separate portfolios (each a fund) that span the investment opportunity set. 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 assmall-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 Fund¹. 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 andsub-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, 2019 through October 31, 2019. 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.

¹ Morningstar Funds Trust is anopen-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, 2019 (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			14
Morningstar Multisector Bond Fund			17
Morningstar Unconstrained Allocation Fund			20
Morningstar Alternatives Fund			22


Schedules of Investments					25
Statements of Assets and Liabilities					154
Statements of Operations					157
Statements of Changes in Net Assets					160
Financial Highlights					165
Notes to Financial Statements					174
Fund Expenses					210
Privacy Policy					212
Additional Information					214

Morningstar Funds Trust October 31, 2019 (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, 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 theday-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, 2019 (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, 2019.

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 multiasset managed portfolios, from a traditional target-risk series 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 knew we needed to live up to the high standards that Morningstar and its subsidiaries have set for ourselves. We aim to do that in every way we handle the funds, from the selection of our board of directors to the transparency we provide by reportingsub-accounting fees in our prospectuses and in my letters accompanying our 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, 2019 (unaudited)

Fund Information

Morningstar U.S. Equity Fund


General Information
Net Asset Value Per Share			$10.62
Total Net Assets (millions)			$714
Net Expense Ratio^(a)			0.81%
Gross Expense Ratio^(a)			0.93%
Portfolio Turnover Rate			25%
Number of Companies			313
Fund Inception			November 2, 2018
No sales charges or distribution fees

Portfolio Characteristics
Weighted Average Market Capitalization (billions)			$33.19
Price-to-Earnings Ratio^(b)			18.56

Ten Largest Equities (%)^(c)
JPMorgan Chase & Co.			1.8
Johnson & Johnson			1.6
Amazon.com, Inc.			1.5
American International Group, Inc.			1.2
AbbVie, Inc.			1.2
Citigroup, Inc.			1.2
Comcast Corp., Class A			1.1
Intel Corp.			1.1
Facebook, Inc., Class A			1.1
CenterPoint Energy, Inc.			1.1

Asset Allocation

LOGO


Sector Diversification (%)
Financial			21.5
Consumer, Noncyclical			19.7
Industrial			10.3
Technology			10.2
Communications			9.1
Consumer, Cyclical			8.6
Basic Materials			3.5
Energy			3.3
Utilities			3.3

* Includes cash, short-term investments, receivables and payables.

^(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 agreed, through at least August 31, 2020, 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 the extent necessary to ensure that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.85%.

^(b)Price-to-earnings (P/E) ratio is calculated using12-month forward earnings estimates from third-party sources deemed reliable.

^(c) 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, 2019 (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 inlarge-cap,mid-cap, andsmall-cap common stocks across the growth and value style spectrum. The Fund may also invest in real estate investment trusts (REITs) andnon-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 employs a multimanager, subadvised structure. The Fund may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

Investment Subadvisers:

ClearBridge Investments, LLC

Diversifiedlarge-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

Provideslarge-cap blend U.S equity exposure.

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

Provideslarge-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.

Providessmall-cap equity with an emphasis on value.

Morningstar Funds Trust October 31, 2019 (unaudited)

Fund Information

Morningstar International Equity Fund


General Information
Net Asset Value Per Share			$10.90
Total Net Assets (millions)			$513
Net Expense Ratio^(a)			0.93%
Gross Expense Ratio^(a)			1.13%
Portfolio Turnover Rate			12%
Number of Companies			243
Fund Inception			November 2, 2018
No sales charges or distribution fees

Portfolio Characteristics
Weighted Average Market Capitalization (billions)			$36.69
Price-to-Earnings Ratio^(b)			14.95
Countries Represented			45
Emerging Markets			26.9%

Ten Largest Equities (%)^(c)
Allianz S.E.			1.6
Samsung Electronics Co. Ltd.			1.6
Glencore PLC			1.4
Continental A.G.			1.3
CNH Industrial N.V.			1.3
BNP Paribas S.A.			1.3
Daimler A.G.			1.3
Intesa Sanpaolo S.p.A.			1.3
Credit Suisse Group A.G.			1.2
Bayerische Motoren Werke A.G.			1.1

Asset Allocation

LOGO


Sector Diversification (%)
Financial			19.2
Consumer, Noncyclical			12.3
Consumer, Cyclical			11.6
Industrial			9.4
Technology			8.9
Communications			8.3
Basic Materials			4.9
Energy			2.7
Diversified			0.2
Utilities			0.2

Region Diversification (%)
Europe (excluding United Kingdom)			33.6
Pacific (excluding Japan)			21.1
United Kingdom			9.4
Japan			4.4
Latin America			3.9
Africa			1.9
Canada			1.4
Middle East			1.2
United States			0.8

* Includes cash, short-term investments, derivatives, receivables and payables.

^(b)Price-to-earnings (P/E) ratio is calculated using12-month forward earnings estimates from third-party sources deemed reliable.

Morningstar Funds Trust October 31, 2019 (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 approximately80-100% 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 inlarge-cap,mid-cap, andsmall-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 employs a multimanager, subadvised structure. The Fund may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

Investment Subadvisers:

Harding Loevner L.P.

Provides growth-leaning exposure tonon-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, 2019 (unaudited)

Fund Information

Morningstar Global Income Fund


General Information
Net Asset Value Per Share			$10.88
Total Net Assets (millions)			$208
Net Expense Ratio^(a)			0.58%
Gross Expense Ratio^(a)			0.65%
Portfolio Turnover Rate			49%
Fund Inception			November 2, 2018
No sales charges or distribution fees

Equity Portfolio (43.8%)


Number of Common Stocks			35

Five Largest Sectors (%)
Financial			12.7
Consumer, Noncyclical			7.4
Basic Materials			4.8
Communications			4.2
Industrial			3.8
Ten Largest Equities (%)^(b)
JPMorgan Chase & Co.			1.9
NextEra Energy, Inc.			1.8
GlaxoSmithKline PLC			1.7
Welltower, Inc.			1.7
Intel Corp.			1.6
Taiwan Semiconductor Manufacturing Co. Ltd.			1.6
AT&T, Inc.			1.5
UPM-Kymmene OYJ			1.5
Zurich Insurance Group A.G.			1.5
Cie Generale des Etablissements Michelin S.C.A.			1.5

Asset Allocation

LOGO

* Includes cash, short-term investments, receivables and payables.

^(b) 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, 2019 (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 portfolio management team’s assessment of their valuations, fundamental health, and income levels. Under normal circumstances, the Fund will 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. andnon-U.S. corporate debt securities, U.S. andnon-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.

To meet its objective, the Fund may invest in exchange traded funds (ETFs), which could represent a significant percentage of assets. 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 employs a multimanager, subadvised structure. The Fund may also invest a significant portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

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, 2019 (unaudited)

Fund Information

Morningstar Total Return Bond Fund



General Information
Net Asset Value Per Share			$10.89
Total Net Assets (millions)			$458
Net Expense Ratio^(a)			0.53%
Gross Expense Ratio^(a)			0.79%
Portfolio Turnover Rate			241%
Number of Issuers			494
Fund Inception			November 2, 2018
No sales charges or distribution fees



Portfolio Characteristics
Effective Duration (years)^(b)			6.0
Non-USD Exposure^(c)			1.7%



Five Largest Issuers (%)
U.S. Treasury			16.2
Federal National Mortgage Association			15.5
Government National Mortgage Association			10.5
Federal Home Loan Mortgage Corporation			8.8
Federal Housing Finance Agency			6.4


Credit Quality (%)^(d)(e)
US Treasury			16.2
US Agency			41.6
AAA			6.3
AA			4.7
A			12.4
BBB			17.4
BB			0.4
B			0.3
CCC			0.4
CC			0.1
Not Rated			3.2

Asset Allocation

LOGO



Sector Diversification (%)
Mortgage Securities			46.8
Government			22.9
Financial			9.0
Asset Backed Securities			6.3
Consumer, Noncyclical			4.2
Energy			3.7
Communications			2.2
Industrial			2.1
Utilities			1.6
Technology			1.6
Basic Materials			1.4
Consumer, Cyclical			1.2

Region Diversification (%)
United States			87.6
Latin America			7.1
Europe (excluding United Kingdom)			4.2
Pacific (excluding Japan)			1.4
United Kingdom			1.3
Middle East			0.5
Canada			0.4
Japan			0.3
Africa			0.2

^* Includes cash, short-term investments, derivatives, receivables and payables.

Morningstar Funds Trust October 31, 2019 (unaudited)

Fund Information(continued)

Morningstar Total Return Bond Fund

^(b) Effective duration is 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)Non-USD currency exposure for the Fund reflects the value of the portfolio’snon-U.S. dollar denominated investments, as well as the impact of currency derivatives.

^(d) 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.

^(e) Excludes the Fund’s derivative contracts.

Morningstar Funds Trust October 31, 2019 (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. andnon-U.S. investment-grade corporate debt securities, U.S. government debt securities including Treasury Inflation Protected Bond Securities andzero-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 andnon-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 employs a multimanager, subadvised structure. The Fund may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

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, 2019 (unaudited)

Fund Information

Morningstar Municipal Bond Fund



General Information
Net Asset Value Per Share			$10.57
Total Net Assets (millions)			$121
Net Expense Ratio^(a)			0.59%
Gross Expense Ratio^(a)			0.81%
Portfolio Turnover Rate			16%
Number of Issuers			210
Fund Inception			November 2, 2018
No sales charges or distribution fees



Portfolio Characteristics
Effective Duration (years)^(b)			4.0



Five Largest Issuers (%)
Public Finance Authority			1.9
Pennsylvania Housing Finance Agency			1.9
State of Illinois			1.9
District of Columbia Water & Sewer Authority			1.8
Main Street Natural Gas, Inc.			1.5



Credit Quality (%)^(c)
AAA			7.9
AA			29.9
A			35.5
BBB			16.0
BB			2.9
B			0.1
C			0.1
A1+ (Short Term)			0.8
A1 (Short Term)			1.0
A2 (Short Term)			0.4
Not Rated			4.0

Asset Allocation

LOGO



Sector Diversification (%)
Medical			16.9
General			16.0
Transportation			11.3
General Obligation			7.1
Airport			7.1
Development			7.0
School District			6.2
Multifamily Housing			5.5
Water			3.9
Power			3.8
Higher Education			2.9
Nursing Home			2.2
Utilities			2.2
Education			1.8
Single Family Housing			1.5
Student Loan			0.9
Pollution			0.9
Housing			0.7
Facilities			0.4
Government			0.1
Tobacco Settlement			0.1

* Includes cash, short-term investments, receivables and payables.

^(c) 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, 2019 (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 fortax-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 employs a multimanager, subadvised structure. The Fund may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

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, 2019 (unaudited)

Fund Information

Morningstar Defensive Bond Fund


General Information
Net Asset Value Per Share			$10.15
Total Net Assets (millions)			$172
Net Expense Ratio^(a)			0.48%
Gross Expense Ratio^(a)			0.65%
Portfolio Turnover Rate			67%
Number of Issuers			81
Fund Inception			November 2, 2018
No sales charges or distribution fees


Portfolio Characteristics
Effective Duration (years)^(b)			2.0
Non-USD Exposure^(c)			0.0%


Five Largest Issuers (%)
Federal National Mortgage Association			7.5
Federal Home Loan Mortgage Corporation			2.6
U.S. Treasury			2.4
Government National Mortgage Association			1.7
Verizon Owner Trust			1.0


Credit Quality (%)^(d)
US Treasury			2.5
US Agency			11.7
AAA			14.3
AA			4.2
A			0.4
BB			0.4
B			0.5
CCC			0.6
Not Rated			2.9

Asset Allocation

LOGO


Sector Diversification (%)
Asset Backed Securities			17.2
Mortgage Securities			15.2
Government			2.4
Consumer, Cyclical			0.8
Communications			0.8
Energy			0.6
Consumer, Noncyclical			0.3
Basic Materials			0.2


Region Diversification (%)
United States			33.9
Latin America			3.4
Canada			0.4

* Includes cash, short-term investments, receivables and payables.

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

Morningstar Funds Trust October 31, 2019 (unaudited)

Fund Information(continued)

Morningstar Defensive Bond Fund

Morningstar Funds Trust October 31, 2019 (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. andnon-U.S. investment-grade corporate debt securities, U.S. andnon-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 andnon-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.

This Fund may also invest in exchange traded funds (ETFs), which could represent a significant percentage of assets. The Fund employs a multimanager, subadvised structure. The Fund may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

Investment Subadviser:

First Pacific Advisors, LLC

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

Morningstar Funds Trust October 31, 2019 (unaudited)

Fund Information

Morningstar Multisector Bond Fund


General Information
Net Asset Value Per Share			$10.35
Total Net Assets (millions)			$194
Net Expense Ratio^(a)			0.79%
Gross Expense Ratio^(a)			0.97%
Portfolio Turnover Rate			47%
Number of Issuers			291
Fund Inception			November 2, 2018
No sales charges or distribution fees

Asset Allocation

LOGO


Portfolio Characteristics
Effective Duration (years)^(b)			3.5
Emerging Markets			52.6%
Non-USD Exposure^(c)			45.7%


Five Largest Issuers (%)
Federal Home Loan Bank Discount Notes			7.6
Mexican Bonos Desarollo			6.1
U.S. Treasury			5.8
Nota Do Tesouro Nacional			5.1
Government of Indonesia			4.9


Credit Quality (%)^(d)(e)
US Treasury			5.2
US Agency			7.6
AAA			1.4
AA			1.7
A			10.3
BBB			15.6
BB			22.1
B			12.1
CCC			1.4
C			0.1
Not Rated			17.0


Sector Diversification (%)
Government			69.5
Financial			6.9
Energy			5.7
Communications			4.1
Consumer, Noncyclical			2.4
Consumer, Cyclical			1.5
Basic Materials			1.4
Industrial			1.3
Utilities			1.1
Technology			0.6


Region Diversification (%)
Latin America			24.4
United States			23.4
Pacific (excluding Japan)			19.7
Europe (excluding United Kingdom)			9.3
Africa			7.8
Middle East			5.7
Japan			3.6
Canada			0.5
United Kingdom			0.1

^* Includes cash, common stock, term loans, short-term investments, derivatives, receivables and payables.

Morningstar Funds Trust October 31, 2019 (unaudited)

Fund Information(continued)

Morningstar Multisector Bond Fund

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

^(e) Excludes the Fund’s derivative contracts.

Morningstar Funds Trust October 31, 2019 (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. andnon-U.S. corporate debt securities, U.S. andnon-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 employs a multimanager, subadvised structure. The Fund may also invest a significant portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

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 andnon-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, 2019 (unaudited)

Fund Information

Morningstar Unconstrained Allocation Fund


General Information
Net Asset Value Per Share			$10.77
Total Net Assets (millions)			$59
Net Expense Ratio^(a)			0.75%
Gross Expense Ratio^(a)			0.97%
Portfolio Turnover Rate			125%
Fund Inception			November 2, 2018
No sales charges or distribution fees

Asset Allocation

LOGO



Equity Portfolio (16.7%)

Number of Common Stocks			26

Five Largest Sectors (%)
Consumer, Noncyclical			6.6
Technology			2.5
Communications			2.5
Consumer, Cyclical			2.2
Industrial			1.7

Ten Largest Equities (%)^(b)
SES S.A.			1.2
Stericycle, Inc.			1.2
H&R Block, Inc.			1.1
International Game Technology PLC			1.0
CVS Health Corp.			1.0
MEDNAX, Inc.			1.0
Nielsen Holdings PLC			1.0
Fresenius Medical Care A.G. & Co. KGaA			0.9
Tapestry, Inc.			0.9
Cognizant Technology Solutions Corp., Class A			0.8



Fixed Income Portfolio (17.5%)

Number of Credit Issuers			14

Sector Diversification (%)
Government			17.0
Energy			0.3
Technology			0.2
Five Largest Issuers (%)^(b)
U.S. Treasury			9.2
Mexican Bonos Desarollo			2.3
Titulos De Tesoreria			0.9
Nota Do Tesouro Nacional			0.8
Poland Government Bond			0.8
Credit Quality (%)
US Treasury			1.7
AAA			8.0
AA			0.4
A			3.7
BBB			1.8
BB			1.6
Not Rated			0.3

* Includes cash, short-term investments, derivatives, receivables and payables.

Morningstar Funds Trust October 31, 2019 (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 health.

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. andnon-U.S. corporate debt securities, U.S. government debt securities including Treasury Inflation Protected Bond Securities andzero-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 invest in exchange traded funds (ETFs), which could represent a significant percentage of assets. 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 employs a multimanager, subadvised structure. The Fund may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

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

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

Morningstar Funds Trust October 31, 2019 (unaudited)

Fund Information

Morningstar Alternatives Fund


General Information
Net Asset Value Per Share			$10.39
Total Net Assets (millions)			$126
Net Expense Ratio^(a)			1.10%
Gross Expense Ratio^(a)			1.50%
Portfolio Turnover Rate			260%
Fund Inception			November 2, 2018
No sales charges or distribution fees


Allocation Strategy Type (%)
Global Macro			39.2
Convertible Arbitrage			19.3
Merger Arbitrage			21.4
Short-term investments and ETFs			1.7

Asset Allocation

LOGO


Region Diversification (%)
United States			24.9
United Kingdom			2.3
Europe (excluding United Kingdom)			1.4
Canada			1.3
Pacific (excluding Japan)			0.8
Africa			0.4
Latin America			0.3

* Includes cash, short-term investments, derivatives, receivables and payables.

Morningstar Funds Trust October 31, 2019 (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. 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 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/ornon-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 subadviser 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, 2019 (unaudited)

Fund Information(continued)

Morningstar Alternatives Fund

Market Neutral—Attemptsto 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—Pursuesstrategies 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.

The Fund may 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 employs a multimanager, subadvised structure. The Fund may also invest a portion of the Fund’s assets in shares of exchange-traded funds (ETFs), which use a passive management strategy.

Investment Subadvisers:

SSI Investment Management, Inc. (now 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, 2019 (unaudited)

Schedule of Investments

Morningstar U.S. Equity Fund



	Number of Shares		Value

Common Stocks – 89.5%
Advertising – 0.1%
Omnicom Group, Inc.		6,430	$	496,332

Aerospace/Defense – 2.0%
Barnes Group, Inc.		20,223		1,182,034
Kaman Corp.		20,424		1,198,276
Lockheed Martin Corp.		5,169		1,947,059
Northrop Grumman Corp.		10,522		3,708,795
United Technologies Corp.		44,985		6,458,946
				14,495,110

Agriculture – 1.1%
Altria Group, Inc.		16,261		728,330
Archer-Daniels-Midland Co.		114,864		4,828,883
Philip Morris International, Inc.		30,857		2,512,994
				8,070,207

Airlines – 0.6%
Alaska Air Group, Inc.		28,679		1,991,183
Allegiant Travel Co.		2,978		498,309
United Airlines Holdings, Inc.*		20,111		1,826,883
				4,316,375

Apparel – 0.4%
Carter’s, Inc.		8,451		847,128
Hanesbrands, Inc.		84,256		1,281,534
Oxford Industries, Inc.		12,366		851,523
				2,980,185

Auto Manufacturers – 0.9%
General Motors Co.		177,074		6,580,070

Auto Parts & Equipment – 1.0%
Aptiv PLC		17,226		1,542,588
BorgWarner, Inc.		84,271		3,512,415
Douglas Dynamics, Inc.		14,608		684,093
Goodyear Tire & Rubber (The) Co.		49,733		789,263
Lear Corp.		2,382		280,528
				6,808,887

Banks – 8.7%
Bank of New York Mellon (The) Corp.		31,385		1,467,249
Bank OZK		49,971		1,402,186
BankUnited, Inc.		65,657		2,252,035
BB&T Corp.		48,763		2,586,877
BOK Financial Corp.		13,162		1,015,448
Central Pacific Financial Corp.		21,596		624,556
Citigroup, Inc.		114,915		8,257,792



	Number of Shares		Value

Banks (Continued)
City Union Bank Ltd. (India)		192,970	$	576,499
Columbia Banking System, Inc.		22,956		902,171
Eagle Bancorp, Inc.		21,430		967,350
First Republic Bank		20,525		2,183,039
Goldman Sachs Group (The), Inc.		12,801		2,731,477
Great Western Bancorp, Inc.		25,388		885,280
Heritage Commerce Corp.		35,731		429,487
Hilltop Holdings, Inc.		35,635		832,434
JPMorgan Chase & Co.		100,053		12,498,621
Metro Bank PLC (United Kingdom)*		49,873		131,015
Morgan Stanley		146,839		6,761,936
PNC Financial Services Group (The), Inc.		16,997		2,493,460
Renasant Corp.		25,302		877,979
South State Corp.		5,746		453,130
State Street Corp.		19,433		1,283,938
SVB Financial Group*		6,651		1,473,063
Texas Capital Bancshares, Inc.*		9,032		488,270
U.S. Bancorp		67,858		3,869,263
Webster Financial Corp.		16,716		737,176
Wells Fargo & Co.		73,638		3,801,930
				61,983,661

Beverages – 2.5%
Anheuser-Busch InBev S.A./N.V. ADR (Belgium)		31,790		2,567,678
Cott Corp.		533,196		6,851,569
Diageo PLC (United Kingdom)		54,623		2,235,773
Farmer Brothers Co.*		113,920		1,461,594
Keurig Dr. Pepper, Inc.		65,755		1,851,661
Molson Coors Brewing Co., Class B		36,741		1,936,985
PepsiCo, Inc.		7,194		986,801
				17,892,061

Biotechnology – 1.6%
Abcam PLC (United Kingdom)		38,584		581,765
Alexion Pharmaceuticals, Inc.*		20,246		2,133,928
BioMarin Pharmaceutical, Inc.*		19,351		1,416,687
Bio-Rad Laboratories, Inc., Class A*		21,277		7,055,879

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar U.S. Equity Fund


	Number of Shares		Value

Biotechnology (Continued)
Corteva, Inc.		7,209	$	190,173
Sangamo Therapeutics, Inc.*		24,015		217,336
				11,595,768

Building Materials – 0.9%
Apogee Enterprises, Inc.		12,334		463,018
Continental Building Products, Inc.*		29,810		891,617
Johnson Controls International PLC		60,724		2,631,171
Trex Co., Inc.*		16,168		1,421,006
Universal Forest Products, Inc.		18,664		939,919
				6,346,731

Chemicals – 3.5%
Ashland Global Holdings, Inc.		23,080		1,785,700
Axalta Coating Systems Ltd.*		76,945		2,269,108
Balchem Corp.		13,470		1,363,299
DuPont de Nemours, Inc.		91,453		6,027,667
Ecolab, Inc.		13,603		2,612,728
Innospec, Inc.		9,605		877,513
Linde PLC (United Kingdom)		11,301		2,241,553
PPG Industries, Inc.		27,025		3,381,368
RPM International, Inc.		13,212		956,945
Sherwin-Williams (The) Co.		3,500		2,003,120
Valvoline, Inc.		31,297		667,878
W.R. Grace & Co.		7,550		501,698
				24,688,577

Commercial Services – 1.7%
Cimpress N.V. (Netherlands)*		5,447		719,658
Clarivate Analytics PLC (United Kingdom)*		30,571		511,758
Equifax, Inc.		11,053		1,511,056
Euronet Worldwide, Inc.*		7,079		991,555
Healthcare Services Group, Inc.		22,762		554,482
HealthEquity, Inc.*		8,173		464,145
IHS Markit Ltd.*		38,637		2,705,363
Monro, Inc.		16,070		1,126,668
Moody’s Corp.		6,873		1,516,802
Paylocity Holding Corp.*		9,548		979,625
Repay Holdings Corp.*		63,247		849,407
				11,930,519

Computers – 2.2%
Accenture PLC, Class A		23,665		4,387,964


	Number of Shares		Value

Computers (Continued)
Apple, Inc.		28,159	$	7,004,833
Check Point Software Technologies Ltd. (Israel)*		12,763		1,434,689
Cognizant Technology Solutions Corp., Class A		11,276		687,159
CyberArk Software Ltd.*		4,334		440,248
EPAM Systems, Inc.*		4,422		778,095
Nutanix, Inc., Class A*		40,242		1,175,871
				15,908,859

Cosmetics/Personal Care – 0.1%
Colgate-Palmolive Co.		4,929		338,129
Procter & Gamble (The) Co.		3,206		399,179
				737,308

Distribution/Wholesale – 1.0%
Copart, Inc.*		9,393		776,237
Pool Corp.		7,054		1,463,000
SiteOne Landscape Supply, Inc.*		8,644		761,191
W.W. Grainger, Inc.		9,486		2,929,656
WESCO International, Inc.*		27,934		1,400,890
				7,330,974

Diversified Financial Services – 4.0%
American Express Co.		35,918		4,212,463
BlackRock, Inc.		8,400		3,878,280
Charles Schwab (The) Corp.		62,848		2,558,542
Cohen & Steers, Inc.		15,691		1,026,819
Credit Acceptance Corp.*		1,784		781,053
Discover Financial Services		32,159		2,581,081
Franklin Resources, Inc.		32,344		891,077
Hamilton Lane, Inc., Class A		14,086		839,807
Houlihan Lokey, Inc.		19,027		899,216
Moelis & Co., Class A		12,440		443,859
Mr. Cooper Group, Inc.*		75,122		961,562
Nasdaq, Inc.		20,022		1,997,595
T. Rowe Price Group, Inc.		7,423		859,584
Visa, Inc., Class A		37,469		6,701,706
				28,632,644

Electric – 2.7%
Avista Corp.		18,715		898,881
CenterPoint Energy, Inc.		262,900		7,642,503
Duke Energy Corp.		40,010		3,771,343
FirstEnergy Corp.		49,300		2,382,176
NorthWestern Corp.		11,376		824,988
Southern (The) Co.		50,154		3,142,650
Xcel Energy, Inc.		13,893		882,344
				19,544,885

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar U.S. Equity Fund


	Number of Shares		Value

Electrical Component & Equipment – 0.2%
Novanta, Inc.*		14,732	$	1,311,885

Electronics – 1.5%
Avnet, Inc.		30,099		1,190,716
Fluidigm Corp.*		195,342		961,083
Honeywell International, Inc.		39,166		6,765,143
Sensata Technologies Holding PLC*		39,108		2,001,939
				10,918,881

Engineering & Construction – 0.1%
Comfort Systems USA, Inc.		16,770		845,376

Entertainment – 0.6%
Red Rock Resorts, Inc., Class A		123,227		2,683,884
Vail Resorts, Inc.		6,036		1,402,585
				4,086,469

Environmental Control – 0.3%
Stericycle, Inc.*		30,803		1,774,253

Food – 3.1%
B&G Foods, Inc.		23,307		362,424
Danone S.A. (France)		9,749		807,620
Flowers Foods, Inc.		56,327		1,223,422
Hostess Brands, Inc.*		68,709		878,101
J&J Snack Foods Corp.		4,441		847,165
JM Smucker (The) Co.		5,809		613,895
McCormick & Co., Inc. (Non Voting)		9,469		1,521,574
Nestle S.A. (Switzerland)^(a)		28,477		3,046,508
Post Holdings, Inc.*		63,898		6,575,104
TreeHouse Foods, Inc.*		117,228		6,332,657
				22,208,470

Gas – 0.5%
South Jersey Industries, Inc.		48,399		1,556,512
UGI Corp.		48,883		2,330,252
				3,886,764

Hand/Machine Tools – 0.5%
Colfax Corp.*		57,669		1,937,678
Stanley Black & Decker, Inc.		12,626		1,910,693
				3,848,371

Healthcare - Products – 2.9%
Abbott Laboratories		26,187		2,189,495
Boston Scientific Corp.*		56,130		2,340,621
Cantel Medical Corp.		11,792		859,519
CONMED Corp.		8,141		895,673


	Number of Shares		Value

Healthcare - Products (Continued)
Danaher Corp.		21,707	$	2,991,659
Medtronic PLC		46,907		5,108,172
Thermo Fisher Scientific, Inc.		20,799		6,280,882
				20,666,021

Healthcare - Services – 1.1%
Ensign Group (The), Inc.		17,128		723,658
ICON PLC (Ireland)*		9,337		1,371,605
Medpace Holdings, Inc.*		6,493		478,080
Pennant Group (The), Inc.*		11,844		213,073
UnitedHealth Group, Inc.		18,650		4,712,855
				7,499,271

Home Builders – 0.4%
Installed Building Products, Inc.*		13,229		862,795
NVR, Inc.*		616		2,240,140
				3,102,935

Household Products/Wares – 0.3%
Central Garden & Pet Co., Class A*		15,898		449,595
Kimberly-Clark Corp.		4,503		598,359
Reckitt Benckiser Group PLC (United Kingdom)		9,592		742,245
				1,790,199

Insurance – 5.5%
American International Group, Inc.		165,180		8,747,933
Aon PLC		20,582		3,975,619
Argo Group International Holdings Ltd.		14,265		882,575
Brighthouse Financial, Inc.*		27,102		1,023,371
Chubb Ltd.		22,784		3,472,737
Employers Holdings, Inc.		11,096		469,805
Enstar Group Ltd.*		3,734		750,161
Hartford Financial Services Group (The), Inc.		32,487		1,854,358
Lincoln National Corp.		29,008		1,638,372
Loews Corp.		94,187		4,615,163
Marsh & McLennan Cos., Inc.		21,862		2,265,340
Mercury General Corp.		13,532		650,348
Reinsurance Group of America, Inc.		7,823		1,271,003
RenaissanceRe Holdings Ltd.		7,573		1,417,514
Safety Insurance Group, Inc.		4,405		428,166

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar U.S. Equity Fund


	Number of Shares		Value

Insurance (Continued)
Travelers (The) Cos., Inc.		23,877	$	3,129,320
Willis Towers Watson PLC		13,331		2,491,564
				39,083,349

Internet – 4.8%
Alibaba Group Holding Ltd. ADR (China)*		14,404		2,544,755
Alphabet, Inc., Class A*		1,449		1,824,001
Alphabet, Inc., Class C*		3,651		4,600,662
Amazon.com, Inc.*		5,851		10,395,238
Booking Holdings, Inc.*		932		1,909,454
Facebook, Inc., Class A*		40,022		7,670,216
Palo Alto Networks, Inc.*		10,740		2,442,168
Proofpoint, Inc.*		4,926		568,313
Q2 Holdings, Inc.*		7,060		504,719
Uber Technologies, Inc.*		49,672		1,564,668
				34,024,194

Leisure Time – 0.2%
Camping World Holdings, Inc., Class A		27,979		264,401
Harley-Davidson, Inc.		4,991		194,200
Planet Fitness, Inc., Class A*		9,350		595,221
				1,053,822

Lodging – 0.1%
Marcus (The) Corp.		24,131		871,129

Machinery - Diversified – 0.5%
Alamo Group, Inc.		4,404		471,492
Albany International Corp., Class A		4,966		417,045
Altra Industrial Motion Corp.		24,956		768,645
Columbus McKinnon Corp.		13,232		496,465
Deere & Co.		4,295		747,931
Kadant, Inc.		8,067		732,483
				3,634,061

Media – 2.0%
Comcast Corp., Class A		182,961		8,200,312
Liberty Media Corp.-Liberty Formula One, Class C*		59,401		2,524,542
Walt Disney (The) Co.		28,388		3,688,169
				14,413,023

Metal Fabricate/Hardware – 0.3%
Helios Technologies, Inc.		14,955		592,667
RBC Bearings, Inc.*		8,982		1,441,072
				2,033,739

Miscellaneous Manufacturing – 2.1%
3M Co.		9,006		1,485,900


	Number of Shares		Value

Miscellaneous Manufacturing (Continued)
Eaton Corp. PLC		23,311	$	2,030,621
Fabrinet (Thailand)*		10,006		562,638
Federal Signal Corp.		14,390		466,812
Illinois Tool Works, Inc.		17,421		2,936,832
Ingersoll-Rand PLC		14,297		1,814,146
Lydall, Inc.*		15,795		309,108
Parker-Hannifin Corp.		10,695		1,962,426
Textron, Inc.		79,591		3,668,349
				15,236,832

Office Furnishings – 0.3%
Interface, Inc.		54,023		898,402
Knoll, Inc.		33,147		886,351
				1,784,753

Oil & Gas – 2.9%
Callon Petroleum Co.*		101,316		385,001
Chevron Corp.		10,782		1,252,221
Cimarex Energy Co.		36,344		1,534,444
Devon Energy Corp.		22,365		453,562
EOG Resources, Inc.		15,739		1,090,870
Exxon Mobil Corp.		42,176		2,849,832
Hess Corp.		24,169		1,589,112
Jagged Peak Energy, Inc.*		98,331		697,167
Noble Energy, Inc.		55,166		1,062,497
Occidental Petroleum Corp.		130,083		5,268,361
PDC Energy, Inc.*		22,110		441,095
Penn Virginia Corp.*		11,290		268,702
Pioneer Natural Resources Co.		17,288		2,126,770
Suncor Energy, Inc. (Canada)		45,942		1,365,947
				20,385,581

Oil & Gas Services – 0.1%
Schlumberger Ltd.		13,018		425,558

Pharmaceuticals – 5.4%
AbbVie, Inc.		105,012		8,353,705
Cigna Corp.		30,474		5,438,390
Johnson & Johnson		88,748		11,718,286
McKesson Corp.		8,748		1,163,484
Merck & Co., Inc.		22,946		1,988,500
Neogen Corp.*		14,664		954,040
Novartis A.G. (Switzerland)^(a)		4,477		391,179
Pfizer, Inc.		92,180		3,536,947
Roche Holding A.G. (Genusschein) (Switzerland)		2,559		770,146
Zoetis, Inc.		31,775		4,064,658
				38,379,335

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar U.S. Equity Fund


	Number of Shares		Value

Pipelines – 0.4%
Williams (The) Cos., Inc.		127,016	$	2,833,727

Real Estate – 0.1%
Jones Lang LaSalle, Inc.		5,508		807,032

Real Estate Investment Trusts – 2.6%
American Campus Communities, Inc.		45,447		2,271,441
Columbia Property Trust, Inc.		43,890		900,623
CubeSmart		75,243		2,385,203
Easterly Government Properties, Inc.		40,172		896,639
Equinix, Inc.		4,740		2,686,537
Mid-America Apartment Communities, Inc.		9,707		1,349,176
Monmouth Real Estate Investment Corp.		72,486		1,093,089
National Storage Affiliates Trust		26,706		912,544
PotlatchDeltic Corp.		16,411		696,975
Public Storage		2,890		644,065
RPT Realty		50,096		726,392
SL Green Realty Corp.		28,242		2,361,031
STAG Industrial, Inc.		29,379		911,924
Summit Hotel Properties, Inc.		75,090		920,604
				18,756,243

Retail – 3.0%
Advance Auto Parts, Inc.		20,528		3,335,390
BJ’s Wholesale Club Holdings, Inc.*		16,314		435,584
Bloomin’ Brands, Inc.		48,224		955,317
Children’s Place (The), Inc.		11,118		910,675
Costco Wholesale Corp.		9,023		2,680,824
Five Below, Inc.*		8,393		1,050,048
Floor & Decor Holdings, Inc., Class A*		10,585		485,111
Home Depot (The), Inc.		13,684		3,209,993
Lowe’s Cos., Inc.		42,139		4,703,134
National Vision Holdings, Inc.*		23,938		569,724
Ollie’s Bargain Outlet Holdings, Inc.*		13,713		875,986
Papa John’s International, Inc.		7,925		464,009
Walmart, Inc.		14,955		1,753,623
				21,429,418

Savings & Loans – 0.5%
Berkshire Hills Bancorp, Inc.		28,070		871,012


	Number of Shares		Value

Savings & Loans (Continued)
Sterling Bancorp		109,079	$	2,143,402
Washington Federal, Inc.		23,891		871,066
				3,885,480

Semiconductors – 3.2%
Analog Devices, Inc.		11,744		1,252,263
Intel Corp.		140,852		7,962,363
Lattice Semiconductor Corp.*		44,296		867,759
Monolithic Power Systems, Inc.		6,936		1,039,845
NVIDIA Corp.		10,540		2,118,751
NXP Semiconductors N.V. (Netherlands)		6,571		746,991
QUALCOMM, Inc.		40,800		3,281,952
Texas Instruments, Inc.		47,961		5,658,918
				22,928,842

Software – 4.8%
Adobe, Inc.*		14,636		4,067,783
Akamai Technologies, Inc.*		35,273		3,051,115
DocuSign, Inc.*		8,064		533,756
Fidelity National Information Services, Inc.		31,413		4,138,977
Fiserv, Inc.*		23,846		2,531,014
Five9, Inc.*		11,604		644,138
Guidewire Software, Inc.*		10,218		1,151,977
InterXion Holding N.V. (Netherlands)*		10,288		907,607
Medallia, Inc.*		19,217		558,830
Microsoft Corp.		52,780		7,567,069
Omnicell, Inc.*		11,989		843,906
Oracle Corp.		56,794		3,094,705
Splunk, Inc.*		18,358		2,202,226
Tyler Technologies, Inc.*		4,961		1,332,128
VMware, Inc., Class A		10,737		1,699,345
				34,324,576

Telecommunications – 2.2%
AT&T, Inc.		125,016		4,811,866
CommScope Holding Co., Inc.*		289,008		3,236,889
Juniper Networks, Inc.		46,315		1,149,538
Nokia OYJ ADR (Finland)		1,357,781		4,955,901
Verizon Communications, Inc.		13,510		816,950
Viavi Solutions, Inc.*		58,496		933,596
				15,904,740

Textiles – 0.1%
UniFirst Corp.		4,525		908,801

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar U.S. Equity Fund


	Number of Shares		Value

Transportation – 1.9%
C.H. Robinson Worldwide, Inc.		14,161	$	1,071,138
Canadian National Railway Co. (Canada)		11,177		998,888
Hub Group, Inc., Class A*		24,702		1,131,352
Kirby Corp.*		35,074		2,776,458
Knight-Swift Transportation Holdings, Inc.		22,250		811,235
Old Dominion Freight Line, Inc.		5,216		949,729
Union Pacific Corp.		13,177		2,180,266
United Parcel Service, Inc., Class B		30,399		3,501,053
				13,420,119

Total Common Stocks (Cost $605,315,197)				638,802,402

Investment Companies – 7.0%
Global X MLP & Energy Infrastructure ETF		4,249,655		49,848,453

Total Investment Companies (Cost $52,915,578)				49,848,453


	Number of Shares	Value
Short-Term Investments – 3.4%
Money Market Fund – 3.4%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(b)	24,376,945	$	24,376,945

Total Short-Term Investments (Cost $24,376,945)			24,376,945

Total Investments – 99.9% (Cost $682,607,720)			713,027,800

Other Assets less Liabilities – 0.1%			909,079

NET ASSETS – 100.0%		$	713,936,879

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, 2019 is disclosed.

*	Non-Income Producing Security

Percentages shown are based on Net Assets


Abbreviations:
ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
PLC		Public Limited Company

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund’s investments carried at fair value:


Morningstar U.S. Equity Fund	Level 1		Level 2		Level 3		Totals

Investments
Assets:
Common Stocks		$629,519,653		$9,282,749		$—		$638,802,402
Investment Companies		49,848,453		—		—		49,848,453
Short-Term Investments		24,376,945		—		—		24,376,945
Total Investments		$703,745,051		$9,282,749		$—		$713,027,800

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar International Equity Fund


	Number of Shares		Value

Common Stocks – 76.3%

Advertising – 1.6%
Dentsu, Inc. (Japan)		37,300	$	1,333,467
Publicis Groupe S.A. (France)		81,164		3,493,182
WPP PLC (United Kingdom)		248,900		3,106,162
				7,932,811

Aerospace/Defense – 0.9%
Meggitt PLC (United Kingdom)		63,200		511,372
Rolls-Royce Holdings PLC (United Kingdom)*		19,686,298		25,501
Rolls-Royce Holdings PLC (London Exchange)
(United Kingdom)*		438,263		4,032,786
				4,569,659

Agriculture – 0.2%
British American Tobacco Malaysia Bhd. (Malaysia)		51,000		229,600
KT&G Corp. (South Korea)		6,083		522,175
				751,775

Airlines – 1.0%
Ryanair Holdings PLC ADR (Ireland)*		70,955		5,296,081

Apparel – 0.5%
adidas A.G. (Germany)		7,770		2,399,149

Auto Manufacturers – 3.6%
Bayerische Motoren Werke A.G. (Germany)		77,020		5,897,789
Daimler A.G. (Germany)^(a)		111,990		6,546,138
Maruti Suzuki India Ltd. (India)		1,845		196,583
Toyota Motor Corp. (Japan)		39,800		2,761,359
Volvo AB, Class B (Sweden)		218,100		3,268,398
				18,670,267

Auto Parts & Equipment – 2.1%
Continental A.G. (Germany)		51,575		6,908,000
Hyundai Mobis Co. Ltd. (South Korea)		4,129		842,042
Valeo S.A. (France)		53,407		1,988,914
Weichai Power Co. Ltd., Class H (China)		648,000		1,019,965
				10,758,921

Banks – 12.0%
Absa Group Ltd. (South Africa)		15,777		161,810
Al Rajhi Bank (Saudi Arabia)		21,897		352,731


	Number of Shares		Value

Banks (Continued)
Axis Bank Ltd. (India)		188,366	$	1,951,689
Banco Bilbao Vizcaya
Argentaria S.A. (Spain)		540,198		2,845,133
Banco do Brasil S.A. (Brazil)*		152,500		1,825,589
Banco Santander Chile ADR (Chile)		17,685		428,508
Bank Central Asia Tbk PT (Indonesia)		315,000		705,073
Bank Mandiri Persero Tbk PT (Indonesia)		4,712,100		2,355,434
BNP Paribas S.A. (France)		128,705		6,726,067
China Construction Bank Corp., Class H (China)		3,574,000		2,863,741
China Merchants Bank Co. Ltd., Class H (China)		118,000		562,769
Commercial International Bank Egypt S.A.E. GDR (Egypt)^(a)		145,050		716,547
Credicorp Ltd. (Peru)		3,031		648,755
Credit Suisse Group A.G. (Switzerland)^(a)*		479,800		5,938,904
DBS Group Holdings Ltd. (Singapore)		187,900		3,581,540
First Abu Dhabi Bank PJSC (United Arab Emirates)		88,977		368,256
FirstRand Ltd. (South Africa)		93,442		403,948
Habib Bank Ltd. (Pakistan)		135,900		111,901
HDFC Bank Ltd. (India)		37,512		649,944
HDFC Bank Ltd. ADR (India)		30,879		1,886,398
HSBC Holdings PLC (United Kingdom)		168,282		1,271,389
ICICI Bank Ltd. ADR (India)		157,287		2,049,450
Intesa Sanpaolo S.p.A. (Italy)		2,600,200		6,515,650
Kasikornbank PCL (Thailand)^(a)		88,600		408,681
Komercni banka A.S. (Czech Republic)		5,276		178,313
Lloyds Banking Group PLC (United Kingdom)		7,441,900		5,474,319
National Bank of Kuwait S.A.K.P. (Kuwait)		68,919		213,753
National Commercial Bank (Saudi Arabia)		6,315		73,286
Nedbank Group Ltd. (South Africa)		28,857		437,769
OTP Bank Nyrt. (Hungary)		34,600		1,595,647
Royal Bank of Scotland Group PLC (United Kingdom)		1,119,700		3,095,119
Sberbank of Russia PJSC (Russia)		438,799		1,608,159

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar International Equity Fund


	Number of Shares		Value

Banks (Continued)
Sberbank of Russia PJSC (Moscow Exchange) (Russia)		23,079	$	84,609
Sberbank of Russia PJSC ADR (Russia)		92,268		1,358,767
Shinhan Financial
Group Co. Ltd. (South Korea)		29,887		1,088,935
Standard Bank Group Ltd. (South Africa)		43,138		495,235
Standard Chartered PLC (United Kingdom)		76,146		690,944
				61,724,762

Beverages – 1.4%
Ambev S.A. ADR (Brazil)*		571,690		2,463,984
Anheuser-Busch InBev S.A./N.V. (Belgium)		4,789		386,556
China Resources Beer Holdings Co. Ltd. (China)		54,000		276,859
Diageo PLC (United Kingdom)		61,148		2,502,847
Fomento Economico
Mexicano S.A.B. de C.V. ADR (Mexico)		13,482		1,200,168
Kweichow Moutai Co. Ltd., Class A (China)		2,400		401,214
				7,231,628

Building Materials – 0.8%
Anhui Conch Cement Co. Ltd., Class H (China)		232,500		1,389,590
LafargeHolcim Ltd. (Switzerland)^(a)*		51,805		2,674,096
PPC Ltd. (South Africa)*		115,407		29,404
Semen Indonesia Persero Tbk PT (Indonesia)		103,300		93,165
				4,186,255

Chemicals – 1.6%
Air Liquide S.A. (France)		9,923		1,319,373
Akzo Nobel N.V. (Netherlands)		4,230		389,978
Linde PLC (United Kingdom)		13,165		2,598,716
Novozymes A/S, Class B (Denmark)		24,329		1,146,859
Sasol Ltd. (South Africa)		34,819		631,223
Symrise A.G. (Germany)		19,420		1,866,396
UPL Ltd. (India)		53,853		452,529
				8,405,074


	Number of Shares		Value
Coal – 0.2%
China Shenhua Energy Co. Ltd., Class H (China)		211,000	$	428,528
Coal India Ltd. (India)		126,257		368,836
				797,364

Commercial Services – 2.4%
Amadeus IT Group S.A. (Spain)		24,586		1,818,830
Ashtead Group PLC (United Kingdom)		108,200		3,294,237
Brambles Ltd. (Australia)		123,400		1,020,154
Bureau Veritas S.A. (France)		62,259		1,591,750
CCR S.A. (Brazil)		236,960		980,809
Cielo S.A. (Brazil)		240,600		449,944
G4S PLC (United Kingdom)		589,700		1,581,540
SGS S.A. (Switzerland)^(a)		515		1,343,174
StoneCo Ltd., Class A (Brazil)*		5,774		212,426
TAL Education Group ADR (China)*		5,584		239,051
				12,531,915

Computers – 1.0%
Check Point Software Technologies Ltd. (Israel)*		30,906		3,474,143
Infosys Ltd. (India)		19,136		184,009
Infosys Ltd. ADR (India)		55,584		533,051
Tata Consultancy Services Ltd. (India)		35,364		1,131,613
				5,322,816

Cosmetics/Personal Care – 1.8%
LG Household & Health Care Ltd. (South Korea)		1,121		1,213,032
L’Oreal S.A. (France)		14,001		4,089,158
Unicharm Corp. (Japan)		56,900		1,928,391
Unilever PLC (United Kingdom)		37,279		2,232,228
				9,462,809

Distribution/Wholesale – 0.4%
Ferguson PLC		26,185		2,236,025

Diversified Financial Services – 1.3%
B3 S.A. - Brasil Bolsa Balcao (Brazil)		22,500		271,593
Capitec Bank Holdings Ltd. (South Africa)		2,288		207,979
Housing Development Finance Corp. Ltd. (India)		29,832		895,320
KB Financial Group, Inc. (South Korea)		23,583		848,974

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar International Equity Fund


	Number of Shares		Value

Diversified Financial Services (Continued)
Network International Holdings PLC (United Arab Emirates)^(b)*		18,726	$	131,229
Pagseguro Digital Ltd., Class A (Brazil)*		4,033		149,544
Schroders PLC (United Kingdom)		105,000		4,209,391
				6,714,030

Electric – 0.1%
China Longyuan Power Group Corp. Ltd., Class H (China)		146,000		78,874
Huaneng Renewables Corp. Ltd., Class H (China)		148,000		56,503
Power Grid Corp. of India Ltd. (India)		56,211		157,192
				292,569

Electrical Component & Equipment – 0.3%
Schneider Electric S.E. (France)		18,335		1,704,063

Electronics – 0.4%
AAC Technologies Holdings, Inc. (China)		102,310		662,078
Hangzhou Hikvision Digital Technology Co. Ltd., Class A (China)		52,730		241,247
Hon Hai Precision Industry Co. Ltd. (Taiwan)		270,000		713,098
Omron Corp. (Japan)		5,400		315,910
				1,932,333

Engineering & Construction – 0.1%
Airports of Thailand PCL (Thailand)^(a)		67,200		174,201
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR (Mexico)		985		161,294
				335,495

Food – 1.6%
BIM Birlesik Magazalar A.S. (Turkey)		20,361		168,522
China Mengniu Dairy Co. Ltd. (China)*		180,000		717,614
Magnit PJSC GDR (Russia)^(a)		37,839		430,761
Nestle S.A. (Switzerland)^(a)		800		85,585
Nestle S.A. ADR (Switzerland)		47,619		5,102,852
Shoprite Holdings Ltd. (South Africa)		100,757		902,832


	Number of Shares		Value

Food (Continued)
Uni-President Enterprises Corp. (Taiwan)		95,000	$	234,686
Universal Robina Corp. (Philippines)		89,580		266,126
X5 Retail Group N.V. GDR (Russia)^(a)		6,129		204,965
				8,113,943

Forest Products & Paper – 0.4%
Mondi PLC (United Kingdom)		22,459		465,663
Suzano S.A. (Brazil)		27,660		226,149
UPM-Kymmene OYJ (Finland)		45,500		1,481,912
				2,173,724

Gas – 0.1%
ENN Energy Holdings Ltd. (China)		45,300		516,807

Healthcare - Products – 1.3%
EssilorLuxottica S.A. (France)		9,685		1,478,845
Hengan International Group Co. Ltd. (China)		116,500		813,403
Olympus Corp. (Japan)		73,400		998,709
Sonova Holding A.G. (Switzerland)^(a)		8,251		1,893,426
Sysmex Corp. (Japan)		24,700		1,611,627
				6,796,010

Healthcare - Services – 0.6%
Life Healthcare Group Holdings Ltd. (South Africa)		272,149		429,802
Lonza Group A.G. (Switzerland)^(a)*		6,951		2,505,367
				2,935,169

Holding Companies - Diversified – 0.2%
KOC Holding A.S. (Turkey)		209,326		686,127
Siam Cement (The) PCL (Thailand)^(a)		33,200		403,524
				1,089,651

Home Furnishings – 0.2%
Midea Group Co. Ltd., Class A (China)		23,800		187,224
Woongjin Coway Co. Ltd. (South Korea)		9,150		721,965
				909,189

Household Products/Wares – 0.4%
Henkel A.G. & Co. KGaA (Germany)		3,600		346,385

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar International Equity Fund


	Number of Shares		Value

Household Products/Wares (Continued)
Kimberly-Clark de Mexico S.A.B. de C.V., Series A (Mexico)*		269,300	$	541,078
Reckitt Benckiser Group PLC (United Kingdom)		17,040		1,318,583
				2,206,046

Insurance – 4.3%
AIA Group Ltd. (Hong Kong)		556,800		5,544,740
Allianz S.E. (Germany)^(a)		33,472		8,174,623
AMP Ltd. (Australia)		1,200,700		1,517,134
BB Seguridade Participacoes S.A. (Brazil)		118,500		1,003,136
Hanwha Life Insurance Co. Ltd. (South Korea)		17,542		33,570
IRB Brasil Resseguros S/A (Brazil)		52,800		496,074
Ping An Insurance Group Co. of China Ltd., Class H (China)		301,500		3,479,850
Porto Seguro S.A. (Brazil)		8,200		117,239
Sanlam Ltd. (South Africa)		191,154		1,006,013
Willis Towers Watson PLC		2,845		531,730
				21,904,109

Internet – 4.5%
58.com, Inc. ADR (China)*		2,800		147,868
Alibaba Group Holding Ltd. ADR (China)*		14,354		2,535,921
Baidu, Inc. ADR (China)*		42,943		4,373,745
Ctrip.com International Ltd. ADR (China)*		22,737		750,094
M3, Inc. (Japan)		33,000		790,791
MercadoLibre, Inc. (Argentina)*		910		474,583
Naspers Ltd., Class N (South Africa)		19,848		2,808,663
NAVER Corp. (South Korea)		31,441		4,433,070
Prosus N.V. (China)*		22,683		1,564,197
Tencent Holdings Ltd. (China)		86,900		3,524,917
Tencent Music Entertainment Group ADR (China)*		10,946		151,493
Yandex N.V., Class A (Russia)*		46,412		1,549,697
				23,105,039

Investment Companies – 0.8%
EXOR N.V. (Netherlands)		51,200		3,925,199


	Number of Shares		Value

Iron/Steel – 0.8%
Ternium S.A. ADR (Netherlands)		21,167	$	423,128
thyssenkrupp A.G. (Germany)		259,000		3,693,493
				4,116,621

Leisure Time – 0.3%
Bajaj Auto Ltd. (India)		12,476		570,641
Hero MotoCorp Ltd. (India)		18,630		709,472
				1,280,113

Lodging – 0.7%
Accor S.A. (France)		80,065		3,443,887

Machinery - Construction & Mining – 1.2%
Epiroc AB, Class A (Sweden)		120,387		1,356,430
Komatsu Ltd. (Japan)		195,500		4,577,616
				5,934,046

Machinery - Diversified – 3.2%
Atlas Copco AB, Class A (Sweden)		103,278		3,645,355
CNH Industrial N.V. (United Kingdom)		625,500		6,810,230
FANUC Corp. (Japan)		7,000		1,380,745
Keyence Corp. (Japan)		3,700		2,339,497
Kubota Corp. (Japan)		135,300		2,149,005
				16,324,832

Media – 0.8%
Grupo Televisa S.A.B. ADR (Mexico)		68,600		758,030
Liberty Global PLC, Class A (United Kingdom)*		75,200		1,891,280
Liberty Global PLC, Class C (United Kingdom)*		59,700		1,425,039
				4,074,349

Metal Fabricate/Hardware – 0.7%
Catcher Technology Co. Ltd. (Taiwan)		74,000		627,233
SKF AB, Class B (Sweden)		152,100		2,753,946
Tenaris S.A. ADR (Netherlands)		13,450		273,035
				3,654,214

Mining – 1.9%
Alrosa PJSC (Russia)		280,422		325,981
Alrosa PJSC (Moscow Exchange) (Russia)		369,020		429,142
Glencore PLC (Switzerland)*		2,336,000		7,050,938
Grupo Mexico S.A.B. de C.V., Series B (Mexico)		191,200		504,824

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar International Equity Fund


	Number of Shares		Value

Mining (Continued)
Rio Tinto PLC (Australia)		22,785	$	1,186,229
Southern Copper Corp. (Peru)		8,000		284,640
				9,781,754

Miscellaneous Manufacturing – 1.2%
Alfa Laval AB (Sweden)		77,804		1,800,794
Largan Precision Co. Ltd. (Taiwan)		6,000		880,406
Orica Ltd. (Australia)		106,762		1,687,235
Smiths Group PLC (United Kingdom)		72,800		1,521,785
Sunny Optical Technology Group Co. Ltd. (China)		13,100		210,568
				6,100,788

Oil & Gas – 2.2%
Bharat Petroleum Corp. Ltd. (India)		55,496		411,005
Cenovus Energy, Inc. (Canada)		285,400		2,431,241
CNOOC Ltd. (China)		366,000		544,700
Galp Energia SGPS S.A. (Portugal)		29,955		479,124
Gazprom PJSC ADR (Russia)		92,046		737,919
LUKOIL PJSC ADR (Russia)		10,264		945,859
LUKOIL PJSC ADR (OTC Exchange) (Russia)		24,918		2,293,951
Oil & Natural Gas Corp. Ltd. (India)		241,344		481,691
Pakistan Petroleum Ltd. (Pakistan)		384,000		283,786
Royal Dutch Shell PLC, Class B (Netherlands)		65,364		1,882,469
Tupras Turkiye Petrol Rafinerileri A.S. (Turkey)		40,502		881,580
				11,373,325

Oil & Gas Services – 0.3%
Schlumberger Ltd.		47,321		1,546,923

Pharmaceuticals – 2.5%
Bayer A.G. (Germany)^(a)		64,860		5,031,592
Chugai Pharmaceutical Co. Ltd. (Japan)		28,400		2,390,025
CSPC Pharmaceutical Group Ltd. (China)		84,000		215,134
Roche Holding A.G. (Genusschein) (Switzerland)		16,931		5,095,486
				12,732,237


	Number of Shares		Value

Real Estate – 0.0%^(c)
BR Malls Participacoes S.A. (Brazil)		28,900	$	110,109
Multiplan Empreendimentos Imobiliarios S.A. (Brazil)*		14,340		104,229
				214,338

Retail – 2.8%
Alimentation Couche-Tard, Inc., Class B (Canada)		48,800		1,463,518
Astra International Tbk PT (Indonesia)		2,074,700		1,026,148
Bidvest Group (The) Ltd. (South Africa)		37,440		511,088
Cie Financiere Richemont S.A. (Switzerland)^(a)		28,480		2,237,992
Clicks Group Ltd. (South Africa)		11,416		185,577
CP ALL PCL (Thailand)^(a)		245,800		635,588
Hennes & Mauritz AB, Class B (Sweden)		186,700		3,913,140
Lojas Renner S.A. (Brazil)		46,093		584,883
Motus Holdings Ltd. (South Africa)		12,566		59,531
President Chain Store Corp. (Taiwan)		33,000		329,212
Raia Drogasil S.A. (Brazil)*		24,208		663,736
SM Investments Corp. (Philippines)		27,785		563,270
Swatch Group (The) A.G. (Bearer) (Switzerland)		5,990		1,660,897
Wal-Mart de Mexico S.A.B. de C.V. (Mexico)		124,001		371,619
Yifeng Pharmacy Chain Co. Ltd., Class A (China)		5,420		65,276
				14,271,475

Semiconductors – 5.5%
ASM Pacific Technology Ltd. (Hong Kong)		61,400		857,318
ASML Holding N.V. (Netherlands)		5,070		1,328,921
Infineon Technologies A.G. (Germany)		179,397		3,474,700
Samsung Electronics Co. Ltd. (South Korea)		173,028		7,478,245
Samsung Electronics Co. Ltd. GDR (South Korea)^(a)(b)		1,795		1,918,835
SK Hynix, Inc. (South Korea)		33,374		2,346,726

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar International Equity Fund


	Number of Shares		Value

Semiconductors (Continued)
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		587,000	$	5,752,485
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		99,218		5,122,625
				28,279,855

Software – 1.9%
Dassault Systemes S.E. (France)		13,064		1,984,119
HCL Technologies Ltd. (India)		45,851		751,645
Mail.Ru Group Ltd. GDR (Russia)^(a)*		7,075		150,273
NetEase, Inc. ADR (China)		6,214		1,776,334
Open Text Corp. (Canada)		23,900		965,726
SAP S.E. ADR (Germany)		31,605		4,190,191
				9,818,288

Telecommunications – 1.5%
America Movil S.A.B. de C.V., Series L ADR (Mexico)		84,948		1,343,028
Bharti Infratel Ltd. (India)		98,080		262,129
China Mobile Ltd. ADR (China)		76,222		3,077,844
Mobile TeleSystems PJSC ADR (Russia)		93,093		833,182
PLDT, Inc. ADR (Philippines)		18,640		389,017
Telekomunikasi Indonesia Persero Tbk PT ADR (Indonesia)		33,829		976,981
Vodacom Group Ltd. (South Africa)		70,269		613,893
				7,496,074

Transportation – 0.7%
Canadian National Railway Co. (Canada)		27,302		2,439,980
Kuehne + Nagel International A.G. (Switzerland)^(a)		7,760		1,253,684
				3,693,664

Total Common Stocks (Cost $375,213,876)				391,067,470

Preferred Stocks – 1.4%
Banks – 0.7%
Banco Bradesco S.A., 5.94% (Brazil)^(d)		73,920		650,083
Grupo Aval Acciones y Valores S.A., 4.25% (Colombia)^(d)		16,700		136,105


	Number of Shares		Value

Banks (Continued)
Itau Unibanco Holding S.A., 0.50% (Brazil)^(d)		160,056	$	1,447,109
Itau Unibanco Holding S.A. ADR, 0.48% (Brazil)^(d)		167,884		1,515,993
				3,749,290

Chemicals – 0.1%
FUCHS PETROLUB S.E., 2.37% (Germany)^(d)		16,418		699,476

Household Products/Wares – 0.1%
Henkel A.G. & Co. KGaA, 2.06% (Germany)^(d)		5,000		519,364

Pharmaceuticals – 0.0%^(c)
Grifols S.A. ADR, 1.59% (Spain)^(d)		1,762		38,605

Semiconductors – 0.5%
Samsung Electronics Co. Ltd., 3.30% (South Korea)^(d)		11,257		396,256
Samsung Electronics Co. Ltd. GDR, 3.17% (South Korea)^(a)(d)		2,242		1,943,362
				2,339,618

Total Preferred Stocks (Cost $7,129,013)				7,346,353

Investment Companies – 19.4%
iShares MSCI United Kingdom ETF		1,466,217		47,696,039
JPMorgan BetaBuilders Japan ETF		2,115,826		51,985,845

Total Investment Companies (Cost $94,730,392)				99,681,884

Short-Term Investments – 2.9%
Money Market Fund – 2.9%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(e)		14,702,469		14,702,469

Total Short-Term Investments (Cost $14,702,469)				14,702,469

Total Investments – 100.0% (Cost $491,775,750)				512,798,176

Other Assets less Liabilities – 0.0%				11,841

NET ASSETS – 100.0%			$	512,810,017

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar International Equity Fund

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.

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

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

^(e)	7-day current yield as of October 31, 2019 is disclosed.

*	Non-Income Producing Security

Percentages shown are based on Net Assets

Abbreviations:


ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
GDR		Global Depositary Receipt
MSCI		Morgan Stanley Capital International
PLC		Public Limited Company


Concentration by Currency (%)
U.S. Dollar			36.7
Euro			20.2
British Pound			9.3
All other currencies less than 5%			33.8
Total			100.0

Forward Foreign Currency Contracts outstanding at October 31, 2019:

Expiration

Date

Currency
Purchased

Amount
of Currency
Purchased

Currency
Sold

Amount
of Currency
Sold

Counterparty

Unrealized
Appreciation
(Depreciation)

12/18/19

U.S. Dollars

1,488,900

Swiss Francs

1,457,000

Northern Trust

$6,023

Net Unrealized Appreciation

$6,023

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar International Equity Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, 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		$ 78,595,491		$312,471,979		$—		$391,067,470
Preferred Stocks		3,787,894		3,558,459		—		7,346,353
Investment Companies		99,681,884		—		—		99,681,884
Short-Term Investments		14,702,469		—		—		14,702,469

Total Investments		$196,767,738		$316,030,438		$—		$512,798,176

Morningstar International Equity Fund	Level 1		Level 2		Level 3		Totals

Derivative Financial Instruments
Assets:
Forward foreign currency exchange contracts		$—		$6,023		$—		$6,023

Total Net Derivative Financial Instruments		$—		$6,023		$—		$6,023

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar Global Income Fund


	Number of Shares		Value

Common Stocks – 43.8%
Aerospace/Defense – 1.0%
BAE Systems PLC (United Kingdom)		284,300	$	2,123,641

Agriculture – 1.6%
Imperial Brands PLC (United Kingdom)		75,130		1,648,012
Philip Morris International, Inc.		21,573		1,756,905
				3,404,917

Auto Parts & Equipment – 1.5%
Cie Generale des Etablissements Michelin S.C.A. (France)		25,980		3,163,254

Banks – 4.8%
BNP Paribas S.A. (France)		58,800		3,072,862
JPMorgan Chase & Co.		31,050		3,878,766
United Overseas Bank Ltd. (Singapore)		151,600		2,984,617
				9,936,245

Building Materials – 2.0%
Johnson Controls International PLC		49,950		2,164,334
Xinyi Glass Holdings Ltd. (Hong Kong)		1,845,000		2,074,406
				4,238,740

Chemicals – 0.7%
Dow, Inc.		29,810		1,505,107

Cosmetics/Personal Care – 1.2%
Unilever N.V. (United Kingdom)^(a)		43,500		2,576,940

Electric – 1.8%
NextEra Energy, Inc.		15,400		3,670,436

Entertainment – 1.5%
OPAP S.A. (Greece)		279,530		3,040,003

Forest Products & Paper – 3.0%
Smurfit Kappa Group PLC (Ireland)		92,845		3,100,794
UPM-Kymmene OYJ (Finland)		98,325		3,202,395
				6,303,189

Healthcare - Services – 1.3%
Sonic Healthcare Ltd. (Australia)		141,385		2,784,577

Insurance – 3.8%
Allianz S.E. (Germany)^(a)		12,007		2,932,382


	Number of Shares		Value

Insurance (Continued)
NN Group N.V. (Netherlands)		44,025	$	1,679,859
Zurich Insurance Group A.G. (Switzerland)		8,160		3,196,274
				7,808,515

Mining – 1.1%
MMC Norilsk Nickel PJSC ADR (Russia)		83,000		2,302,005

Oil & Gas – 3.0%
Chevron Corp.		13,450		1,562,083
LUKOIL PJSC ADR (Russia)		3,000		276,459
LUKOIL PJSC ADR (OTC Exchange) (Russia)		26,035		2,396,782
Royal Dutch Shell PLC, Class B ADR (Netherlands)		33,920		1,977,197
				6,212,521

Pharmaceuticals – 3.2%
GlaxoSmithKline PLC (United Kingdom)		158,535		3,631,235
Novartis A.G. ADR (Switzerland)		34,301		2,999,279
				6,630,514

Real Estate Investment Trusts – 4.2%
Ascendas Real Estate Investment Trust (Singapore)		1,168,750		2,722,080
PLA Administradora Industrial S. de R.L. de C.V. (Mexico)		1,490,800		2,444,303
Welltower, Inc.		38,421		3,484,401
				8,650,784

Semiconductors – 3.1%
Intel Corp.		58,000		3,278,740
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		331,000		3,243,735
				6,522,475

Telecommunications – 4.2%
AT&T, Inc.		83,545		3,215,647
BCE, Inc. (Canada)		49,750		2,360,637
Cisco Systems, Inc.		66,170		3,143,737
				8,720,021

Transportation – 0.8%
Globaltrans Investment PLC GDR (Russia)^(a)		193,565		1,654,981

Total Common Stocks (Cost $82,029,279)				91,248,865

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Global Income Fund


	Number of Shares		Value

Investment Companies – 52.7%
Global X MLP & Energy Infrastructure ETF		1,243,684	$	14,588,413
Global X U.S. Preferred ETF		238,941		6,002,198
iShares MSCI United Kingdom ETF		541,974		17,630,414
iShares STOXX Europe 600 Telecommunications UCITS ETF DE (Germany)		860,955		22,137,945
Schwab Intermediate-Term U.S. Treasury ETF		222,329		12,363,716
Schwab U.S. REIT ETF		64,794		3,089,378
SPDR Bloomberg Barclays Convertible Securities ETF		145,490		7,747,343
Vanguard Intermediate-Term Bond ETF		51,212		4,512,289
Vanguard Long-Term Treasury ETF		251,133		21,750,629

Total Investment Companies (Cost $105,393,016)				109,822,325


	Number of Shares		Value

Short-Term Investments – 3.7%
Money Market Fund – 3.7%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(b)		7,735,530	$	7,735,530


Total Short-Term Investments (Cost $7,735,530)				7,735,530


Total Investments – 100.2% (Cost $195,157,825)				208,806,720


Liabilities less Other Assets – (0.2)%				(401,989	)


NET ASSETS – 100.0%			$	208,404,731

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, 2019 is disclosed.

Percentages shown are based on Net Assets

Abbreviations:


ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
GDR		Global Depositary Receipt
MSCI		Morgan Stanley Capital International
PLC		Public Limited Company
REIT		Real Estate Investment Trust
SPDR		Standard & Poor’s Depositary Receipt
UCITS		Undertakings for Collective Investment in Transferable Securities


Concentration by Currency (%)
U.S. Dollar			67.0
Euro			20.3
All other currencies less than 5%			12.7
Total			100.0


Country Diversification (%)
United States			17.0
All other countries less than 5%			83.0
Total			100.0

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Global Income Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund’s investments carried at fair value:


Morningstar Global Income Fund	Level 1		Level 2		Level 3		Totals

Investments
Assets:
Common Stocks		$ 44,717,300		$46,531,565		$—		$ 91,248,865
Investment Companies		109,822,325		—		—		109,822,325
Short-Term Investments		7,735,530		—		—		7,735,530

Total Investments		$162,275,155		$46,531,565		$—		$208,806,720

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar Total Return Bond Fund


	Par^(a)		Value

Long Positions – 112.8%
Asset-Backed Securities – 11.9%
Automobile – 0.3%
Avis Budget Rental Car Funding AESOP LLC, Series2019-2A, Class A, 3.35%, 9/22/25^(b)	$	740,000	$	772,366
Hertz Vehicle Financing II L.P., Series2018-1A, Class A, 3.29%, 2/25/24^(b)		500,000		512,857
				1,285,223


Commercial Mortgage-Backed Securities – 3.5%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 6/05/37^(b)(c)		880,000		877,211
AOA Mortgage Trust, Series 2015-1177, Class C, 3.01%, 12/13/29^(b)(c)		113,000		113,831
BANK, Series 2017-BNK7, Class A5, 3.44%, 9/15/60		100,000		107,345
BANK, Series 2018-BN13, Class A5, 4.22%, 8/15/61		480,000		545,390
Bayview Commercial Asset Trust, Series2006-1A, Class A1,(1M USD LIBOR + 0.27%), 2.09%, 4/25/36^(b)(d)		474,795		456,019
Bear Stearns Commercial Mortgage Securities Trust, Series2007-T26, Class AM, 5.45%, 1/12/45^(c)		94,142		93,769
BENCHMARK Mortgage Trust, Series2018-B2, Class A5, 3.88%, 2/15/51		390,000		431,778
BENCHMARK Mortgage Trust, Series2019-B10, Class A4, 3.72%, 3/15/62		500,000		552,192
Benchmark Mortgage Trust, Series2019-B9, Class XA, 1.05%, 3/15/52^(c)		2,895,011		233,722
BHMS, Series 2018-ATLS, Class A,(1M USD LIBOR + 1.25%, 1.25% Floor), 3.16%, 7/15/35^(b)(d)		1,300,000		1,300,814
BXP Trust, Series2017-GM, Class D, 3.43%, 6/13/39^(b)(c)		370,000		382,957
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A,(1M USD LIBOR + 1.07%, 1.07% Floor), 2.99%, 12/15/37^(b)(d)		590,000		591,476


	Par^(a)		Value

Commercial Mortgage-Backed Securities (Continued)
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D,(1M USD LIBOR + 1.75%, 1.75% Floor), 3.67%, 12/15/37^(b)(d)	$	100,000	$	100,625
CFK Trust, Series2019-FAX, Class D, 4.64%, 1/15/39^(b)(c)		100,000		113,354
Citigroup Commercial Mortgage Trust, Series2016-C1, Class D, 4.95%, 5/10/49^(b)(c)		250,000		259,736
Citigroup Commercial Mortgage Trust, Series2016-P3, Class D, 2.80%, 4/15/49^(b)		62,515		54,758
Citigroup Commercial Mortgage Trust, Series2017-C4, Class A4, 3.47%, 10/12/50		420,000		451,849
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class D, 4.75%, 1/10/36^(b)(c)		500,000		532,381
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class E, 4.75%, 1/10/36^(b)(c)		500,000		520,311
Citigroup Commercial Mortgage Trust, Series 2019-SST2, Class A,(1M USD LIBOR + 0.92%, 0.92% Floor), 2.84%, 12/15/36^(b)(d)		300,000		299,436
CSAIL Commercial Mortgage Trust, Series2019-C15, Class C, 4.98%, 3/15/52^(c)		142,018		160,191
CSMC OA LLC, Series2014-USA, Class B, 4.19%, 9/15/37^(b)		530,000		561,292
DBGS Mortgage Trust, Series 2019-1735, Class X, 0.29%, 4/10/37^(b)(c)		13,945,000		380,977
Exantas Capital Corp. Ltd., Series 2019-RSO7, Class AS,(1M USD LIBOR + 1.50%, 1.50% Floor), 3.38%, 4/15/36^(b)(d)		500,000		500,625
GRACE Mortgage Trust, Series 2014-GRCE, Class F, 3.59%, 6/10/28^(b)(c)		100,000		100,843

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Commercial Mortgage-Backed Securities (Continued)
GS Mortgage Securities Corp. Trust, Series 2017-500K, Class E,(1M USD LIBOR + 1.50%, 1.75% Floor), 3.41%, 7/15/32^(b)(d)	$	110,000	$	110,103
GS Mortgage Securities Corp. Trust, Series 2019-BOCA, Class A,(1M USD LIBOR + 1.20%, 1.20% Floor), 3.11%, 6/15/38^(b)(d)		100,000		100,125
GS Mortgage Securities Corp. Trust, Series 2019-BOCA, Class B,(1M USD LIBOR + 1.50%, 1.50% Floor), 3.41%, 6/15/38^(b)(d)		620,000		620,774
GS Mortgage Securities Corp. Trust, Series 2019-BOCA, Class C,(1M USD LIBOR + 1.73%, 1.73% Floor), 3.64%, 6/15/38^(b)(d)		530,000		530,996
GS Mortgage Securities Trust, Series2017-GS7, Class A4, 3.43%, 8/10/50		220,000		234,165
GS Mortgage Securities Trust, Series2017-GS7, Class E, 3.00%, 8/10/50^(b)		70,000		65,254
GS Mortgage Securities Trust, Series2017-GS8, Class A4, 3.47%, 11/10/50		240,000		257,790
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series2017-JP6, Class A5, 3.49%, 7/15/50		235,000		252,292
LSTAR Commercial Mortgage Trust, Series2015-3, Class AS, 3.15%, 4/20/48^(b)(c)		500,000		510,830
Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C25, Class A5, 3.64%, 10/15/48		450,000		483,108
Morgan Stanley Capital I Trust, Series2019-BPR, Class A,(1M USD LIBOR + 1.40%, 1.40% Floor), 3.32%, 5/15/36^(b)(d)		410,000		409,478
Morgan Stanley Capital I Trust, Series2019-L2, Class XA, 1.03%, 3/15/52^(c)		2,569,571		207,754


	Par^(a)		Value

Commercial Mortgage-Backed Securities (Continued)
PFP Ltd., Series2019-5, Class A,(1M USD LIBOR + 0.97%, 0.97% Floor), 2.86%, 4/14/36^(b)(d)	$	314,471	$	314,402
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A,(1M USD LIBOR + 0.95%, 1.94% Floor), 2.86%, 6/15/33^(b)(d)		1,493,000		1,492,998
Wells Fargo Commercial Mortgage Trust, Series2015-C28, Class A4, 3.54%, 5/15/48		240,000		255,574
Wells Fargo Commercial Mortgage Trust, Series2015-P2, Class D, 3.24%, 12/15/48^(b)		250,000		225,475
Wells Fargo Commercial Mortgage Trust, Series2017-C38, Class A5, 3.45%, 7/15/50		315,000		337,674
				16,131,674


Home Equity – 0.2%
GSAA Home Equity Trust, Series2006-4, Class 1A1, 4.04%, 3/25/36^(c)		77,419		67,423
Option One Mortgage Loan Trust, Series2004-3, Class M1,(1M USD LIBOR + 0.78%, 0.52% Floor), 2.60%, 11/25/34^(d)		484,134		484,722
Renaissance Home Equity Loan Trust, Series2005-2, Class AV3,(1M USD LIBOR + 0.37%, 0.37% Floor, 14.00% Cap), 2.19%, 8/25/35^(d)		404,179		395,571
				947,716


Other – 5.4%
Ajax Mortgage Loan Trust, Series2018-F, Class A, 4.37%, 11/25/58^(b)(c)		190,725		191,640
Ajax Mortgage Loan Trust, Series2018-G, Class A, 4.37%, 6/25/57^(b)(c)		81,118		81,540
Ajax Mortgage Loan Trust, Series2019-A, Class A, 3.75%, 8/25/57^(b)(c)		432,754		435,578
Ajax Mortgage Loan Trust, Series2019-B, Class A, 3.75%, 1/25/59^(b)(c)		536,540		539,000
Allegro CLO I Ltd., Series2013-1A, Class A1R,(3M USD LIBOR + 1.22%), 3.15%, 1/30/26^(b)(d)		124,277		124,286

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Other (Continued)
Allegro CLO IV Ltd., Series2016-1A, Class AR,(3M USD LIBOR + 1.15%), 3.15%, 1/15/30^(b)(d)	$	250,000	$	249,832
ALM VII Ltd., Series2012-7A, Class A1A2,(3M USD LIBOR + 1.17%, 1.17% Floor), 3.17%, 7/15/29^(b)(d)		250,000		249,474
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series2005-R7, Class M2,(1M USD LIBOR + 0.50%, 0.50% Floor), 2.32%, 9/25/35^(d)		442,922		444,218
AMMC LTD., Series2017-21A, Class A,(3M USD LIBOR + 1.25%), 3.15%, 11/02/30^(b)(d)		250,000		248,823
Anchorage Capital CLO Ltd., Series2013-1A, Class A1R,(3M USD LIBOR + 1.25%), 3.24%, 10/13/30^(b)(d)		500,000		496,980
Applebee’s Funding LLC/IHOP Funding LLC, Series2019-1A, Class A2I, 4.19%, 6/07/49^(b)		380,000		387,592
Ares XXIX CLO Ltd., Series2014-1A, Class A1R,(3M USD LIBOR + 1.19%), 3.19%, 4/17/26^(b)(d)		247,279		247,492
Atrium IX,(3M USD LIBOR + 1.24%), 3.38%, 5/28/30^(b)(d)		500,000		498,187
Avery Point IV CLO Ltd., Series2014-1A, Class AR,(3M USD LIBOR + 1.10%), 3.04%, 4/25/26^(b)(d)		239,102		239,102
Babson Ltd., Series2015-IA, Class AR,(3M USD LIBOR + 0.99%, 0.99% Floor), 2.96%, 1/20/31^(b)(d)		250,000		245,721
Ballyrock Ltd., Series2018-1A, Class A1,(3M USD LIBOR + 1.00%), 2.97%, 4/20/31^(b)(d)		250,000		245,324
Battalion CLO X Ltd., Series2016-10A, Class A1R,(3M USD LIBOR + 1.25%, 1.25% Floor), 3.19%, 1/24/29^(b)(d)		310,000		310,126


	Par^(a)		Value

Other (Continued)
Battalion CLO X Ltd., Series2016-10A, Class A2R,(3M USD LIBOR + 1.80%, 1.80% Floor), 3.74%, 1/24/29^(b)(d)	$	260,000	$	258,429
Bayview Commercial Asset Trust, Series2007-4A, Class A1,(1M USD LIBOR + 0.45%, 0.45% Floor), 2.27%, 9/25/37^(b)(d)		553,731		526,940
BCC Funding Corp. XVI LLC, Series2019-1A, Class A2, 2.48%, 8/20/24^(b)		500,000		499,024
Benefit Street Partners CLO II Ltd., Series2013-IIA, Class A2R,(3M USD LIBOR + 1.75%), 3.75%, 7/15/29^(b)(d)		500,000		496,752
Benefit Street Partners CLO IV Ltd., Series2014-IVA, Class A1RR,(3M USD LIBOR + 1.25%, 1.25% Floor), 3.22%, 1/20/29^(b)(d)		500,000		499,313
BlueMountain CLO Ltd., Series2013-1A, Class A1R2,(3M USD LIBOR + 1.23%, 1.23% Floor), 3.20%, 1/20/29^(b)(d)		500,000		499,161
BlueMountain CLO Ltd., Series2015-3A, Class A1R,(3M USD LIBOR + 1.00%), 2.97%, 4/20/31^(b)(d)		250,000		247,658
California Street CLO XII Ltd., Series2013-12A, Class AR,(3M USD LIBOR + 1.03%), 3.03%, 10/15/25^(b)(d)		145,516		145,433
Carlyle Global Market Strategies CLO Ltd., Series2014-2RA, Class A1,(3M USD LIBOR + 1.05%), 3.21%, 5/15/31^(b)(d)		740,000		735,070
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class M3A,(1M USD LIBOR + 2.50%, 2.50% Floor), 4.32%, 7/25/37^(d)		500,000		533,338
Cumberland Park CLO Ltd., Series2015-2A, Class BR,(3M USD LIBOR + 1.40%), 3.37%, 7/20/28^(b)(d)		350,000		347,105

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Other (Continued)
Cutwater Ltd., Series2014-1A, Class A1AR,(3M USD LIBOR + 1.25%), 3.25%, 7/15/26^(b)(d)	$	196,025	$	195,813
Dryden XXV Senior Loan Fund, Series2012-25A, Class ARR,(3M USD LIBOR + 0.90%), 2.89%, 10/15/27^(b)(d)		500,000		498,521
Elm CLO, Series2014-1A, Class ARR,(3M USD LIBOR + 1.17%), 3.17%, 1/17/29^(b)(d)		250,000		249,588
Elm CLO, Series2014-1A, Class BRR,(3M USD LIBOR + 1.75%), 3.75%, 1/17/29^(b)(d)		250,000		249,117
First Franklin Mortgage Loan Trust, Series2003-FF4, Class M1,(1M USD LIBOR + 1.80%, 1.20% Floor), 3.83%, 10/25/33^(d)		446,704		450,775
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A1,(1M USD LIBOR + 0.12%, 0.12% Floor), 1.94%, 10/25/36^(d)		36,860		29,704
Flatiron CLO 17 Ltd., Series2017-1A, Class A,(3M USD LIBOR + 1.25%), 3.41%, 5/15/30^(b)(d)		300,000		300,014
GSAMP Trust, Series2006-FM3, Class A1,(1M USD LIBOR + 0.14%, 0.14% Floor), 1.96%, 11/25/36^(d)		73,617		45,321
JFIN CLO Ltd., Series2014-1A, Class AR,(3M USD LIBOR + 0.95%), 2.92%, 4/21/25^(b)(d)		239,359		238,872
KKR CLO 16 Ltd., Series 16, Class A1R,(3M USD LIBOR + 1.25%, 1.25% Floor), 3.22%, 1/20/29^(b)(d)		250,000		249,865
KKR CLO 16 Ltd., Series 16, Class A2R,(3M USD LIBOR + 1.80%, 1.80% Floor), 3.76%, 1/20/29^(b)(d)		250,000		249,166
KKR CLO Ltd., Series 21, Class A,(3M USD LIBOR + 1.00%), 3.00%, 4/15/31^(b)(d)		250,000		246,891


	Par^(a)		Value

Other (Continued)
LCM Loan Income Fund I Income Note Issuer Ltd., Series 27A, Class A1,(3M USD LIBOR + 1.08%), 3.08%, 7/16/31^(b)(d)	$	250,000	$	247,456
LCM XXIV Ltd., Series 24A, Class A,(3M USD LIBOR + 1.31%, 1.31% Floor), 3.28%, 3/20/30^(b)(d)		750,000		749,833
Legacy Mortgage Asset Trust, Series2019-GS5, Class A1,(Step to 6.20% on 8/25/22), 3.20%, 5/25/59^(b)(e)		974,009		978,072
Legacy Mortgage Asset Trust, Series2019-SL1, Class A, 4.00%, 12/28/54^(b)		604,598		610,265
Long Beach Mortgage Loan Trust, Series2006-6, Class 2A3,(1M USD LIBOR + 0.15%, 0.15% Floor), 1.97%, 7/25/36^(d)		898,197		456,168
Madison Park Funding XI Ltd., Series2013-11A, Class AR,(3M USD LIBOR + 1.16%), 3.09%, 7/23/29^(b)(d)		500,000		499,053
Madison Park Funding XIII Ltd., Series2014-13A, Class AR2,(3M USD LIBOR + 0.95%), 2.92%, 4/19/30^(b)(d)		500,000		498,869
Madison Park Funding XVI Ltd., Series2015-16A, Class A1R,(3M USD LIBOR + 1.33%), 3.30%, 4/20/26^(b)(d)		467,992		467,471
Madison Park Funding XXI Ltd., Series2016-21A, Class A1,(3M USD LIBOR + 1.53%), 3.47%, 7/25/29^(b)(d)		500,000		500,102
Mariner CLO Ltd., Series2017-4A, Class A,(3M USD LIBOR + 1.21%), 3.14%, 10/26/29^(b)(d)		250,000		249,137
Midocean Credit CLO VII, Series2017-7A, Class B,(3M USD LIBOR + 1.90%), 3.90%, 7/15/29^(b)(d)		250,000		249,374
Myers Park CLO Ltd., Series2018-1A, Class B1,(3M USD LIBOR + 1.60%, 1.60% Floor), 3.56%, 10/20/30^(b)(d)		250,000		246,589

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Other (Continued)
Oaktree CLO Ltd., Series2015-1A, Class A1R,(3M USD LIBOR + 0.87%), 2.84%, 10/20/27^(b)(d)	$	500,000	$	497,883
OFSI Fund VI Ltd., Series2014-6A, Class BR,(3M USD LIBOR + 1.50%), 3.50%, 3/20/25^(b)(d)		500,000		490,905
OFSI Fund VII Ltd., Series2014-7A, Class AR,(3M USD LIBOR + 0.90%), 2.90%, 10/18/26^(b)(d)		41,845		41,758
OHA Loan Funding, Series2015-1A, Class AR,(3M USD LIBOR + 1.41%), 3.57%, 8/15/29^(b)(d)		250,000		249,436
Palmer Square CLO Ltd., Series2018-2A, Class A1A,(3M USD LIBOR + 1.10%), 3.10%, 7/16/31^(b)(d)		500,000		495,681
Riserva CLO Ltd., Series2016-3A, Class AR,(3M USD LIBOR + 1.14%), 3.14%, 10/18/28^(b)(d)		250,000		249,796
RR 3 Ltd., Series2018-3A, Class A1R2,(3M USD LIBOR + 1.09%, 1.09% Floor), 3.09%, 1/15/30^(b)(d)		250,000		247,727
SBA Small Business Investment Cos., Series2019-10A, Class 1, 3.11%, 3/10/29		98,928		104,105
Sound Point CLO XXIII, Series2019-2A, Class A1,(3M USD LIBOR + 1.40%, 1.40% Floor), 3.40%, 4/15/32^(b)(d)		250,000		248,706
TCW CLO Ltd., Series2019-1A, Class A,(3M USD LIBOR + 1.44%, 1.44% Floor), 3.60%, 2/15/29^(b)(d)		270,000		269,540
Thacher Park CLO Ltd., Series2014-1A, Class AR,(3M USD LIBOR + 1.16%), 3.13%, 10/20/26^(b)(d)		268,711		268,333
Towd Point Mortgage Trust, Series2019-SJ2, Class M1, 4.50%, 11/25/58^(b)		500,000		521,947
Tralee CLO VI Ltd., Series2019-6A, Class AS,(3M USD LIBOR + 1.30%), 3.32%, 10/25/32^(b)(d)		250,000		249,079


	Par^(a)		Value

Other (Continued)
United States Small Business Administration, Series2019-20D, Class 1, 2.98%, 4/01/39	$	48,608	$	50,815
United States Small Business Administration, Series2019-25G, Class 1, 2.69%, 7/01/44		80,000		82,826
Venture 31 CLO Ltd., Series2018-31A, Class A1,(3M USD LIBOR + 1.03%, 1.03% Floor), 3.00%, 4/20/31^(b)(d)		410,000		403,993
Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1,(Step to 6.97% on 3/25/22), 3.97%, 2/25/49^(b)(e)		137,046		137,468
Westcott Park CLO Ltd., Series2016-1A, Class AR,(3M USD LIBOR + 1.21%), 3.18%, 7/20/28^(b)(d)		500,000		499,920
YorkCLO-3 Ltd., Series2016-1A, Class BR,(3M USD LIBOR + 1.75%), 3.71%, 10/20/29^(b)(d)		500,000		495,294
Zais CLO 13 Ltd., Series2019-13A, Class A1A,(3M USD LIBOR + 1.49%), 3.57%, 7/15/32^(b)(d)		250,000		249,021
				24,633,407


Residential Mortgage-Backed Securities – 0.1%
Mill City Mortgage Loan Trust, Series2018-2, Class B4, 7.22%, 10/25/28^(f)		900,878		199,454
Mill City Mortgage Loan Trust, Series 2018-NPL2, Class A,(Step to 7.00% on 1/25/22), 4.00%, 10/25/28^(b)(e)		202,359		203,877
				403,331


Student Loan – 0.4%
Navient Private Education Refinancing Loan Trust, Series2019-CA, Class A2, 3.13%, 2/15/68^(b)		510,000		526,757
Navient Student Loan Trust, Series2015-1, Class A2,(1M USD LIBOR + 0.60%, 0.60% Floor), 2.42%, 4/25/40^(d)		127,139		125,451

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Student Loan (Continued)
Navient Student Loan Trust, Series2017-1A, Class A3,(1M USD LIBOR + 1.15%), 2.98%, 7/26/66^(b)(d)	$	260,000	$	261,804
Navient Student Loan Trust, Series2017-2A, Class A,(1M USD LIBOR + 1.05%), 2.87%, 12/27/66^(b)(d)		129,527		129,774
SLM Student Loan Trust, Series2006-10, Class A6,(3M USD LIBOR + 0.15%), 2.09%, 3/25/44^(d)		300,000		287,452
Sofi Professional Loan Program Trust, Series2018-B, Class A2FX,
3.34%, 8/25/47^(b)		250,000		257,864
3.60%, 2/25/48^(b)		200,000		209,064
				1,798,166


Whole Loan – 2.0%
Adjustable Rate Mortgage Trust, Series2005-9, Class 5A1,(1M USD LIBOR + 0.54%, 0.27% Floor, 11.00% Cap), 2.36%, 11/25/35^(d)		367,942		367,133
CSMC Trust, Series 2019-RPL8, Class A1, 3.32%, 10/25/58^(b)		591,183		587,729
FHLMC Structured Agency Credit Risk Debt Notes, Series2014-DN3, Class M3,(1M USD LIBOR + 4.00%), 5.82%, 8/25/24^(d)		170,370		179,686
FNMA Connecticut Avenue Securities, Series2014-C04, Class 1M2,(1M USD LIBOR + 4.90%), 6.72%, 11/25/24^(d)		235,664		256,702
FNMA Connecticut Avenue Securities, Series2016-C03, Class 1M2,(1M USD LIBOR + 5.30%), 7.13%, 10/25/28^(d)		500,000		537,952
FNMA Connecticut Avenue Securities, Series2016-C04, Class 1M2,(1M USD LIBOR + 4.25%), 6.07%, 1/25/29^(d)		270,000		285,011


	Par^(a)		Value

Whole Loan (Continued)
FNMA Connecticut Avenue Securities, Series2017-C03, Class 1M1,(1M USD LIBOR + 0.95%), 2.77%, 10/25/29^(d)	$	207,556	$	207,866
GSR Mortgage Loan Trust, Series2006-OA1, Class 1A1,(1M USD LIBOR + 0.22%, 0.22% Floor), 2.04%, 8/25/46^(d)		254,251		100,145
GSR Mortgage Loan Trust, Series2007-1F, Class 2A4, 5.50%, 1/25/37		585,760		650,400
Impac CMB Trust, Series2007-A, Class A,(1M USD LIBOR + 0.50%, 0.25% Floor, 11.50% Cap), 2.32%, 5/25/37^(b)(d)		371,292		377,756
LSTAR Securities Investment Trust, Series2019-2, Class A1,(1M USD LIBOR + 1.50%), 3.53%, 4/01/24^(b)(d)		460,675		459,163
MASTR Asset Securitization Trust, Series2007-1, Class 1A4, 6.50%, 11/25/37		803,090		472,204
MASTR Asset Securitization Trust, Series2007-2, Class A2, 6.25%, 1/25/38		607,144		504,221
Merrill Lynch Mortgage Investors Trust, Series2004-A1, Class 2A2, 4.27%, 2/25/34^(c)		489,804		498,220
Morgan Stanley Resecuritization Trust, Series2015-R2, Class 2A1,(12M US Fed Reserves Cumulative Avg CMT + 1.09%, 1.09% Floor), 4.48%, 12/26/46^(b)(d)		311,846		314,276
New Residential Mortgage Loan Trust, Series2018-3A, Class A1, 4.50%, 5/25/58^(b)(c)		1,321,794		1,397,752
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1, 2.49%, 9/25/59^(b)		565,555		565,143
New Residential Mortgage Loan Trust, Series 2019-RPL1, Class A1,(Step to 7.34% on 3/25/22), 4.34%, 2/26/24^(b)(e)		235,355		236,929

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Whole Loan (Continued)
Thornburg Mortgage Securities Trust, Series2004-2, Class A4, (1M USD LIBOR + 0.68%, 0.34% Floor, 11.50% Cap), 2.50%, 6/25/44^(d)		$648,978	$	659,741
Voyager OPTONE Delaware Trust, Series2009-1, Class SAA7, 8.82%, 2/25/38^(b)(c)		202,640		73,432
WaMu Mortgage Pass-Through Certificates Series, Series 2006-AR13, Class 1A, (12M US Fed Reserves Cumulative Avg CMT + 0.88%, 0.88% Floor), 3.27%, 10/25/46^(d)		474,621		452,292
				9,183,753

Total Asset-Backed Securities (Cost $53,814,439)				54,383,270

Convertible Bonds – 0.0%^(g)
Building Materials – 0.0%^(g)
Cemex S.A.B. de C.V., 3.72%, 3/15/20		8,000		7,996

Total Convertible Bonds (Cost $7,990)				7,996

Corporate Bonds – 19.4%
Aerospace/Defense – 0.8%
Boeing (The) Co.,
4.87%, 2/15/20		30,000		30,239
3.10%, 5/01/26		40,000		41,836
2.70%, 2/01/27		30,000		30,469
2.80%, 3/01/27		40,000		40,649
3.20%, 3/01/29		130,000		136,790
3.25%, 2/01/35		230,000		240,958
3.65%, 3/01/47		12,000		12,509
3.85%, 11/01/48		33,000		35,456
3.75%, 2/01/50		50,000		53,258
3.83%, 3/01/59		31,000		33,087
General Dynamics Corp., 3.75%, 5/15/28		46,000		51,403
L3Harris Technologies, Inc., 3.85%, 6/15/23^(b)		92,000		97,156
3.95%, 5/28/24^(b)		115,000		122,598
3.83%, 4/27/25		8,000		8,586
3.85%, 12/15/26^(b)		145,000		156,412
4.40%, 6/15/28		248,000		278,626
4.40%, 6/15/28^(b)		46,000		51,681
4.85%, 4/27/35		2,000		2,374
5.05%, 4/27/45		73,000		91,407


		Par^(a)		Value

Aerospace/Defense (Continued)
Lockheed Martin Corp.,
3.55%, 1/15/26		$	120,000	$	129,612
3.60%, 3/01/35			143,000		155,245
4.50%, 5/15/36			50,000		59,674
Northrop Grumman Corp.,
2.93%, 1/15/25			212,000		219,202
3.25%, 1/15/28			423,000		443,628
4.03%, 10/15/47			64,000		72,007
Raytheon Co.,
7.20%, 8/15/27			26,000		34,570
7.00%, 11/01/28			90,000		119,277
4.20%, 12/15/44			35,000		40,759
United Technologies Corp.,
3.35%, 8/16/21			75,000		76,967
1.95%, 11/01/21			107,000		107,216
2.30%, 5/04/22			2,000		2,021
1.25%, 5/22/23	EUR		100,000		115,958
3.65%, 8/16/23			15,000		15,867
1.15%, 5/18/24	EUR		125,000		145,275
3.95%, 8/16/25			5,000		5,472
4.13%, 11/16/28			193,000		219,003
5.40%, 5/01/35			42,000		53,944
6.12%, 7/15/38			55,000		76,218
4.50%, 6/01/42			32,000		38,399
4.15%, 5/15/45			10,000		11,468
4.63%, 11/16/48			40,000		50,487
					3,707,763

Agriculture – 0.4%
Altria Group, Inc.,
3.49%, 2/14/22			100,000		102,807
2.85%, 8/09/22			70,000		71,046
3.80%, 2/14/24			40,000		41,966
4.40%, 2/14/26			438,000		472,393
4.80%, 2/14/29			290,000		318,370
5.80%, 2/14/39			167,000		192,004
5.37%, 1/31/44			120,000		134,161
5.95%, 2/14/49			95,000		111,750
6.20%, 2/14/59			78,000		91,377
Philip Morris International, Inc.,
2.50%, 8/22/22			150,000		151,766
2.13%, 5/10/23			30,000		30,022
2.88%, 5/01/24			44,000		45,321
4.50%, 3/20/42			76,000		84,288
					1,847,271

Airlines – 0.2%
American Airlines Pass Through Trust, Series2014-1, Class B, 4.38%, 10/01/22			2,231		2,295

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Airlines (Continued)
American Airlines Pass Through Trust, Series2015-2, Class AA, 3.60%, 9/22/27	$	15,016	$	15,869
American Airlines Pass Through Trust, Series2015-2, Class B, 4.40%, 9/22/23		20,215		20,894
American Airlines Pass Through Trust, Series2016-1, Class B, 5.25%, 1/15/24		102,601		108,786
American Airlines Pass Through Trust, Series2016-2, Class AA, 3.20%, 6/15/28		26,310		27,194
American Airlines Pass Through Trust, Series2016-3, Class AA, 3.00%, 10/15/28		41,849		42,970
American Airlines Pass Through Trust, Series2016-3, Class B, 3.75%, 10/15/25		1,646		1,673
American Airlines Pass Through Trust, Series2017-1, Class AA, 3.65%, 2/15/29		22,783		24,164
American Airlines Pass Through Trust, Series2017-1, Class B, 4.95%, 2/15/25		17,314		18,277
American Airlines Pass Through Trust, Series2017-2, Class AA, 3.35%, 10/15/29		22,970		23,815
American Airlines Pass Through Trust, Series2017-2, Class B, 3.70%, 10/15/25		29,692		30,276
American Airlines Pass Through Trust, Series2019-1, Class AA, 3.15%, 2/15/32		75,000		76,758
American Airlines Pass Through Trust, Series2019-1, Class B, 3.85%, 2/15/28		80,000		80,793
Delta Air Lines Pass Through Trust, Series2019-1, Class AA, 3.20%, 4/25/24		44,000		46,024
United Airlines Pass Through Trust, Series2019-2, Class B, 3.50%, 5/01/28		50,000		50,063


	Par^(a)		Value

Airlines (Continued)
United Airlines Pass Through Trust, Series2014-2, Class B, 4.62%, 9/03/22	$	5,640	$	5,810
United Airlines Pass Through Trust, Series2015-1, Class AA, 3.45%, 12/01/27		855		896
United Airlines Pass Through Trust, Series2016-1, Class AA, 3.10%, 7/07/28		2,683		2,753
United Airlines Pass Through Trust, Series2016-1, Class B, 3.65%, 1/07/26		10,458		10,677
United Airlines Pass Through Trust, Series2016-2, Class AA, 2.88%, 10/07/28		19,674		20,018
United Airlines Pass Through Trust, Series2016-2, Class B, 3.65%, 10/07/25		3,315		3,358
United Airlines Pass Through Trust, Series2018-1, Class AA, 3.50%, 3/01/30		17,241		18,002
United Airlines Pass Through Trust, Series2019-2, Class AA, 2.70%, 5/01/32		60,000		60,429
				691,794

Auto Manufacturers – 0.4%
American Honda Finance Corp., 2.15%, 9/10/24		60,000		60,312
Ford Motor Credit Co. LLC,
3.34%, 3/18/21		245,000		246,399
2.98%, 8/03/22		200,000		199,053
5.58%, 3/18/24		200,000		213,154
General Motors Co.,
4.87%, 10/02/23		210,000		225,565
5.00%, 4/01/35		3,000		3,061
6.60%, 4/01/36		42,000		48,759
6.25%, 10/02/43		35,000		39,105
5.40%, 4/01/48		11,000		11,167
5.95%, 4/01/49		70,000		77,005
General Motors Financial Co., Inc.,
2.45%, 11/06/20		235,000		235,372
3.50%, 11/07/24		27,000		27,514
4.00%, 1/15/25		45,000		46,495
4.35%, 4/09/25		48,000		50,417
4.00%, 10/06/26		6,000		6,127

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Auto Manufacturers (Continued)
4.35%, 1/17/27	$	2,000	$	2,064
Hyundai Capital America, 3.95%, 2/01/22^(b)		247,000		254,397
Toyota Motor Credit Corp., 3.05%, 1/11/28		75,000		79,770
				1,825,736

Auto Parts & Equipment – 0.0%^(g)
Aptiv PLC, 5.40%, 3/15/49		10,000		11,286
Lear Corp., 5.25%, 5/15/49		10,000		10,243
				21,529

Banks – 4.7%
Bank of America Corp.,
2.63%, 4/19/21		38,000		38,406
(3M USD LIBOR + 0.66%), 2.37%, 7/21/21^(h)		353,000		353,833
(3M USD LIBOR + 0.37%), 2.74%, 1/23/22^(h)		281,000		283,191
(3M USD LIBOR + 0.63%), 3.50%, 5/17/22^(h)		50,000		51,052
3.30%, 1/11/23		270,000		279,931
(3M USD LIBOR + 1.02%), 2.88%, 4/24/23^(h)		10,000		10,172
(3M USD LIBOR + 0.93%), 2.82%, 7/21/23^(h)		110,000		111,718
4.20%, 8/26/24		100,000		107,664
4.00%, 1/22/25		10,000		10,666
(3M USD LIBOR + 0.97%), 3.46%, 3/15/25^(h)		141,000		147,321
(3M USD LIBOR + 0.81%), 3.37%, 1/23/26^(h)		3,000		3,138
4.45%, 3/03/26		194,000		211,852
4.25%, 10/22/26		320,000		347,406
(3M USD LIBOR + 1.06%), 3.56%, 4/23/27^(h)		27,000		28,522
4.18%, 11/25/27		13,000		14,062
(3M USD LIBOR + 1.58%), 3.82%, 1/20/28^(h)		426,000		458,441
(3M USD LIBOR + 2.93%), 5.87%, 3/15/28^(h)(i)		101,000		111,044
(3M USD LIBOR + 1.51%), 3.70%, 4/24/28^(h)		333,000		356,072
(3M USD LIBOR + 1.37%), 3.59%, 7/21/28^(h)		194,000		205,794
(3M USD LIBOR + 1.04%), 3.42%, 12/20/28^(h)		861,000		901,220
(3M USD LIBOR + 1.07%), 3.97%, 3/05/29^(h)		276,000		300,477
(3M USD LIBOR + 1.31%), 4.27%, 7/23/29^(h)		4,000		4,441
(3M USD LIBOR + 1.21%), 3.97%, 2/07/30^(h)		460,000		501,976
(3M USD LIBOR + 1.18%), 3.19%, 7/23/30^(h)		28,000		28,913


	Par^(a)		Value

Banks (Continued)
5.00%, 1/21/44	$	170,000	$	216,707
(3M USD LIBOR + 1.52%), 4.33%, 3/15/50^(h)		30,000		35,641
Bank of New York Mellon (The) Corp.,
(3M USD LIBOR + 3.42%), 4.95%, 6/20/20^(h)(i)		35,000		35,350
3.65%, 2/04/24		2,000		2,131
2.45%, 8/17/26		20,000		20,208
(3M USD LIBOR + 3.13%), 4.62%, 9/20/26^(h)(i)		111,000		114,997
(3M USD LIBOR + 1.07%), 3.44%, 2/07/28^(h)		89,000		94,828
Citibank N.A.,
(3M USD LIBOR + 0.53%), 3.17%, 2/19/22^(h)		250,000		253,732
3.65%, 1/23/24		500,000		531,013
Citigroup, Inc.,
2.75%, 4/25/22		1,000		1,015
(3M USD LIBOR + 0.95%), 2.88%, 7/24/23^(h)		11,000		11,180
(3M USD LIBOR + 1.02%), 4.04%, 6/01/24^(h)		3,000		3,177
(3M USD LIBOR + 0.90%), 3.35%, 4/24/25^(h)		6,000		6,242
4.40%, 6/10/25		105,000		113,756
5.50%, 9/13/25		121,000		138,417
4.45%, 9/29/27		76,000		83,614
(3M USD LIBOR + 1.56%), 3.89%, 1/10/28^(h)		247,000		265,644
(3M USD LIBOR + 1.39%), 3.67%, 7/24/28^(h)		259,000		274,043
(3M USD LIBOR + 1.15%), 3.52%, 10/27/28^(h)		210,000		221,066
(3M USD LIBOR + 1.19%), 4.07%, 4/23/29^(h)		150,000		164,318
(3M USD LIBOR + 1.34%), 3.98%, 3/20/30^(h)		450,000		490,547
8.12%, 7/15/39		472,000		776,472
4.65%, 7/23/48		32,000		39,470
Citizens Financial Group, Inc., 2.38%, 7/28/21		100,000		100,435
Fifth Third Bancorp, 3.65%, 1/25/24		23,000		24,261
Goldman Sachs Group (The), Inc.,
5.25%, 7/27/21		86,000		90,656
5.75%, 1/24/22		39,000		42,027
3.00%, 4/26/22		21,000		21,278
(3M USD LIBOR + 0.82%), 2.88%, 10/31/22^(h)		230,000		233,142
3.20%, 2/23/23		40,000		41,250
3.63%, 2/20/24		120,000		126,144

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Banks (Continued)
3.85%, 7/08/24	$	30,000	$	31,817
3.75%, 5/22/25		31,000		32,868
3.50%, 11/16/26		40,000		41,675
3.85%, 1/26/27		259,000		275,604
(3M USD LIBOR + 1.51%), 3.69%, 6/05/28^(h)		157,000		165,810
(3M USD LIBOR + 1.30%), 4.22%, 5/01/29^(h)		1,060,000		1,158,426
(3M USD LIBOR + 1.37%), 4.02%, 10/31/38^(h)		30,000		32,390
(3M USD LIBOR + 1.43%), 4.41%, 4/23/39^(h)		18,000		20,332
4.80%, 7/08/44		7,000		8,512
5.15%, 5/22/45		40,000		48,679
4.75%, 10/21/45		410,000		499,730
JPMorgan Chase & Co.,
4.25%, 10/15/20		20,000		20,435
2.55%, 3/01/21		44,000		44,372
4.35%, 8/15/21		69,000		71,888
2.97%, 1/15/23		405,000		412,842
3.20%, 1/25/23		10,000		10,353
(3M USD LIBOR + 0.70%), 3.21%, 4/01/23^(h)		85,000		87,043
(3M USD LIBOR + 0.94%), 2.78%, 4/25/23^(h)		150,000		152,157
2.70%, 5/18/23		88,000		89,748
(3M USD LIBOR + 0.89%), 3.80%, 7/23/24^(h)		441,000		466,444
(U.S. Secured Overnight Financing Rate + 3.38%), 5.00%, 8/01/24^(h)(i)		150,000		156,000
3.87%, 9/10/24		20,000		21,329
(3M USD LIBOR + 1.00%), 4.02%, 12/05/24^(h)		431,000		460,221
3.13%, 1/23/25		14,000		14,552
3.90%, 7/15/25		2,000		2,156
(U.S. Secured Overnight Financing Rate + 1.16%), 2.30%, 10/15/25^(h)		195,000		194,603
2.95%, 10/01/26		10,000		10,321
4.12%, 12/15/26		5,000		5,459
(3M USD LIBOR + 1.25%), 3.96%, 1/29/27^(h)		10,000		10,825
4.25%, 10/01/27		9,000		9,911
(3M USD LIBOR + 1.34%), 3.78%, 2/01/28^(h)		502,000		539,954
(3M USD LIBOR + 1.38%), 3.54%, 5/01/28^(h)		308,000		326,496
(3M USD LIBOR + 1.12%), 4.00%, 4/23/29^(h)		20,000		21,841
(3M USD LIBOR + 1.26%), 4.20%, 7/23/29^(h)		37,000		41,138
(3M USD LIBOR + 1.33%), 4.45%, 12/05/29^(h)		400,000		453,278


	Par^(a)		Value

Banks (Continued)
(3M USD LIBOR + 1.16%), 3.70%, 5/06/30^(h)	$	12,000	$	12,909
(U.S. Secured Overnight Financing Rate + 1.51%), 2.74%, 10/15/30^(h)		13,000		12,966
(3M USD LIBOR + 1.36%), 3.88%, 7/24/38^(h)		33,000		36,146
4.95%, 6/01/45		160,000		198,851
KeyBank N.A.,
2.30%, 9/14/22		250,000		252,113
3.38%, 3/07/23		250,000		260,787
KeyCorp,
4.15%, 10/29/25		18,000		19,782
4.10%, 4/30/28		2,000		2,201
Morgan Stanley,
2.63%, 11/17/21		111,000		112,260
2.75%, 5/19/22		92,000		93,421
3.13%, 1/23/23		62,000		63,794
(3M USD LIBOR + 0.85%), 3.74%, 4/24/24^(h)		2,000		2,094
(U.S. Secured Overnight Financing Rate + 1.15%), 2.72%, 7/22/25^(h)		3,000		3,042
3.62%, 1/20/27		464,000		494,799
(3M USD LIBOR + 1.34%), 3.59%, 7/22/28^(h)		36,000		37,991
(3M USD LIBOR + 1.14%), 3.77%, 1/24/29^(h)		160,000		171,506
(3M USD LIBOR + 1.63%), 4.43%, 1/23/30^(h)		80,000		89,847
State Street Corp.,
(3M USD LIBOR + 2.54%), 5.62%, 12/15/23^(h)(i)		212,000		223,603
(3M USD LIBOR + 0.77%), 3.78%, 12/03/24^(h)		16,000		16,960
3.55%, 8/18/25		25,000		26,979
2.65%, 5/19/26		18,000		18,422
SunTrust Bank,
2.80%, 5/17/22		60,000		61,141
3.20%, 4/01/24		1,000		1,044
U.S. Bancorp,
2.40%, 7/30/24		105,000		106,841
3.15%, 4/27/27		2,000		2,117
US Bancorp,
2.95%, 7/15/22		86,000		88,279
3.10%, 4/27/26		12,000		12,562
Wells Fargo & Co.,
2.55%, 12/07/20		157,000		158,177
2.50%, 3/04/21		89,000		89,605
2.10%, 7/26/21		158,000		158,297
3.50%, 3/08/22		138,000		142,500
2.63%, 7/22/22		188,000		190,542
3.75%, 1/24/24		458,000		484,641

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Banks (Continued)
3.55%, 9/29/25	$	148,000	$	156,933
(3M USD LIBOR + 0.83%), 2.41%, 10/30/25^(h)		4,000		4,003
3.00%, 4/22/26		164,000		168,623
3.00%, 10/23/26		81,000		83,232
(3M USD LIBOR + 1.17%), 3.20%, 6/17/27^(h)		12,000		12,432
4.30%, 7/22/27		270,000		295,516
(3M USD LIBOR + 1.31%), 3.58%, 5/22/28^(h)		529,000		560,718
4.15%, 1/24/29		678,000		753,116
(3M USD LIBOR + 1.17%), 2.88%, 10/30/30^(h)		135,000		135,431
4.40%, 6/14/46		40,000		45,354
4.75%, 12/07/46		280,000		334,441
				21,575,300

Beverages – 0.1%
Coca-Cola (The) Co.,
2.20%, 5/25/22		4,000		4,048
2.88%, 10/27/25		21,000		22,092
2.25%, 9/01/26		20,000		20,219
Molson Coors Brewing Co.,
5.00%, 5/01/42		20,000		21,774
4.20%, 7/15/46		15,000		14,824
PepsiCo, Inc.,
4.45%, 4/14/46		60,000		75,721
3.45%, 10/06/46		50,000		54,382
3.37%, 7/29/49		3,000		3,203
				216,263

Biotechnology – 0.3%
Amgen, Inc.,
4.95%, 10/01/41		19,000		22,559
5.15%, 11/15/41		16,000		19,443
4.40%, 5/01/45		98,000		110,250
4.66%, 6/15/51		17,000		19,875
Baxalta, Inc., 5.25%, 6/23/45		9,000		11,617
Celgene Corp.,
2.25%, 8/15/21		10,000		10,050
3.25%, 8/15/22		159,000		164,020
2.75%, 2/15/23		198,000		201,659
3.88%, 8/15/25		140,000		151,494
5.00%, 8/15/45		90,000		114,602
Gilead Sciences, Inc.,
3.50%, 2/01/25		102,000		108,344
4.60%, 9/01/35		71,000		83,778
4.80%, 4/01/44		25,000		29,760
4.50%, 2/01/45		7,000		8,050
4.75%, 3/01/46		80,000		95,758
				1,151,259


	Par^(a)		Value

Building Materials – 0.0%^(g)
Johnson Controls International PLC, 4.63%, 7/02/44	$	30,000	$	32,417
Owens Corning,
3.95%, 8/15/29		30,000		30,846
4.30%, 7/15/47		4,000		3,692
				66,955

Chemicals – 0.1%
Dow Chemical (The) Co.,
3.00%, 11/15/22		30,000		30,715
4.55%, 11/30/25^(b)		26,000		28,689
3.63%, 5/15/26^(b)		99,000		103,977
4.37%, 11/15/42		89,000		93,271
DuPont de Nemours, Inc.,
4.49%, 11/15/25		208,000		230,179
5.42%, 11/15/48		95,000		118,203
RPM International, Inc.,
4.55%, 3/01/29		5,000		5,450
4.25%, 1/15/48		3,000		2,951
Sherwin-Williams (The) Co.,
4.00%, 12/15/42		18,000		18,615
4.50%, 6/01/47		18,000		20,190
				652,240

Commercial Services – 0.2%
American University (The), 3.67%, 4/01/49		89,000		97,857
Cintas Corp. No. 2,
2.90%, 4/01/22		20,000		20,421
3.70%, 4/01/27		20,000		21,871
Conservation Fund A Nonprofit (The) Corp., 3.47%, 12/15/29		35,000		35,561
Global Payments, Inc.,
3.80%, 4/01/21		2,000		2,042
3.75%, 6/01/23		30,000		31,351
2.65%, 2/15/25		35,000		35,430
4.80%, 4/01/26		132,000		148,301
3.20%, 8/15/29		105,000		106,864
Moody’s Corp.,
2.75%, 12/15/21		2,000		2,031
4.88%, 2/15/24		3,000		3,323
PayPal Holdings, Inc.,
2.40%, 10/01/24		60,000		60,405
2.65%, 10/01/26		45,000		45,544
2.85%, 10/01/29		70,000		70,418
President & Fellows of Harvard College, 4.88%, 10/15/40		147,000		193,788
				875,207

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Computers – 0.5%
Apple, Inc.,
1.00%, 11/10/22	EUR	$	200,000	$	231,410
2.85%, 2/23/23			30,000		30,933
3.00%, 2/09/24			30,000		31,363
2.75%, 1/13/25			21,000		21,780
2.45%, 8/04/26			100,000		102,122
2.90%, 9/12/27			250,000		261,650
3.85%, 5/04/43			317,000		355,830
4.65%, 2/23/46			27,000		33,838
Dell International LLC/EMC Corp.,
4.42%, 6/15/21^(b)			180,000		185,893
8.35%, 7/15/46^(b)			5,000		6,658
IBM Credit LLC, 3.45%, 11/30/20			100,000		101,782
International Business Machines Corp.,
3.00%, 5/15/24			370,000		384,254
3.30%, 5/15/26			365,000		386,165
					2,133,678

Cosmetics/Personal Care – 0.0%^(g)
Procter & Gamble (The) Co., 0.63%, 10/30/24	EUR		100,000		115,216

Diversified Financial Services – 0.6%
American Express Co.,
3.38%, 5/17/21			5,000		5,106
2.50%, 8/01/22			53,000		53,667
3.40%, 2/22/24			60,000		62,949
2.50%, 7/30/24			320,000		324,780
4.20%, 11/06/25			181,000		200,080
3.13%, 5/20/26			105,000		110,389
American Express Credit Corp.,
2.25%, 5/05/21			76,000		76,416
2.70%, 3/03/22			2,000		2,034
Capital One Financial Corp.,
3.45%, 4/30/21			7,000		7,145
4.75%, 7/15/21			22,000		22,980
3.90%, 1/29/24			196,000		207,913
3.30%, 10/30/24			65,000		67,674
3.75%, 3/09/27			32,000		33,992
3.80%, 1/31/28			30,000		31,924
Charles Schwab (The) Corp.,
3.85%, 5/21/25			5,000		5,426
3.20%, 3/02/27			44,000		46,187
CME Group, Inc., 3.75%, 6/15/28			24,000		26,929


		Par^(a)		Value

Diversified Financial Services (Continued)
Discover Financial Services, 4.50%, 1/30/26		$	30,000	$	32,948
E*TRADE Financial Corp., 3.80%, 8/24/27			10,000		10,431
Intercontinental Exchange, Inc.,
2.75%, 12/01/20			2,000		2,014
4.00%, 10/15/23			15,000		15,983
3.75%, 12/01/25			100,000		108,309
3.10%, 9/15/27			22,000		23,126
3.75%, 9/21/28			94,000		102,651
International Lease Finance Corp., 5.87%, 8/15/22			230,000		252,150
Mastercard, Inc.,
1.10%, 12/01/22	EUR		130,000		149,964
2.95%, 11/21/26			30,000		31,611
2.95%, 6/01/29			115,000		121,470
3.65%, 6/01/49			22,000		24,853
Nuveen LLC, 4.00%, 11/01/28^(b)			100,000		112,238
Synchrony Financial,
4.37%, 3/19/24			43,000		45,734
4.50%, 7/23/25			2,000		2,159
Visa, Inc.,
3.15%, 12/14/25			101,000		107,971
4.15%, 12/14/35			56,000		67,389
4.30%, 12/14/45			98,000		121,486
					2,618,078

Electric – 1.3%
AEP Texas, Inc.,
3.95%, 6/01/28			113,000		124,874
4.15%, 5/01/49			5,000		5,827
AEP Transmission Co. LLC,
3.75%, 12/01/47			54,000		59,427
3.15%, 9/15/49			25,000		25,057
Alabama Power Co.,
3.55%, 12/01/23			10,000		10,606
3.85%, 12/01/42			40,000		43,276
3.75%, 3/01/45			106,000		114,085
3.45%, 10/01/49			10,000		10,369
Ameren Illinois Co., 3.80%, 5/15/28			46,000		50,952
Baltimore Gas & Electric Co.,
3.50%, 8/15/46			49,000		50,826
3.75%, 8/15/47			62,000		66,973
4.25%, 9/15/48			10,000		11,782
3.20%, 9/15/49			15,000		14,907
Berkshire Hathaway Energy Co.,
5.15%, 11/15/43			3,000		3,818

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Electric (Continued)
3.80%, 7/15/48	$	6,000	$	6,547
Black Hills Corp., 3.95%, 1/15/26		13,000		13,781
CenterPoint Energy Houston Electric LLC,
3.55%, 8/01/42		23,000		24,602
4.50%, 4/01/44		8,000		9,785
4.25%, 2/01/49		2,000		2,426
Commonwealth Edison Co.,
4.00%, 8/01/20		20,000		20,214
2.95%, 8/15/27		11,000		11,444
4.60%, 8/15/43		5,000		6,029
Consumers Energy Co.,
3.25%, 8/15/46		18,000		18,503
3.75%, 2/15/50		53,000		59,875
3.10%, 8/15/50		20,000		20,206
Dayton Power & Light (The) Co., 3.95%, 6/15/49^(b)		61,000		66,889
DTE Electric Co.,
3.70%, 3/15/45		57,000		63,283
3.70%, 6/01/46		26,000		28,461
4.05%, 5/15/48		10,000		11,634
DTE Energy Co.,
3.70%, 8/01/23		26,000		27,265
3.80%, 3/15/27		10,000		10,777
Duke Energy Carolinas LLC,
3.05%, 3/15/23		15,000		15,540
3.95%, 11/15/28		28,000		31,645
2.45%, 8/15/29		75,000		75,698
5.30%, 2/15/40		25,000		32,643
4.00%, 9/30/42		62,000		69,134
3.70%, 12/01/47		10,000		10,946
3.95%, 3/15/48		7,000		7,986
3.20%, 8/15/49		35,000		35,240
Duke Energy Florida LLC,
3.80%, 7/15/28		40,000		44,247
3.85%, 11/15/42		53,000		58,338
3.40%, 10/01/46		10,000		10,295
Duke Energy Ohio, Inc., 3.65%, 2/01/29		140,000		153,812
Duke Energy Progress LLC,
3.00%, 9/15/21		22,000		22,426
3.25%, 8/15/25		65,000		69,147
3.70%, 9/01/28		159,000		175,174
3.45%, 3/15/29		9,000		9,785
4.10%, 5/15/42		40,000		45,574
4.10%, 3/15/43		30,000		33,969
Entergy Louisiana LLC,
5.40%, 11/01/24		18,000		20,779
4.20%, 9/01/48		79,000		92,440


	Par^(a)		Value

Electric (Continued)
Eversource Energy, 2.90%, 10/01/24	$	44,000	$	45,216
Exelon Corp., 5.10%, 6/15/45		29,000		35,180
FirstEnergy Corp.,
4.25%, 3/15/23		110,000		116,569
3.90%, 7/15/27		340,000		365,907
7.37%, 11/15/31		270,000		383,699
4.85%, 7/15/47		70,000		84,061
FirstEnergy Transmission LLC,
4.35%, 1/15/25^(b)		89,000		96,619
4.55%, 4/01/49^(b)		64,000		75,197
Florida Power & Light Co.,
(3M USD LIBOR + 0.40%), 2.29%, 5/06/22^(d)		370,000		370,018
5.25%, 2/01/41		5,000		6,567
3.70%, 12/01/47		98,000		109,106
3.95%, 3/01/48		55,000		64,013
Indiana Michigan Power Co.,
3.85%, 5/15/28		18,000		19,906
4.55%, 3/15/46		20,000		24,426
Interstate Power & Light Co., 3.50%, 9/30/49		10,000		10,143
MidAmerican Energy Co.,
3.65%, 4/15/29		140,000		155,067
4.40%, 10/15/44		55,000		66,615
Northern States Power Co.,
3.40%, 8/15/42		143,000		150,448
3.60%, 9/15/47		8,000		8,706
2.90%, 3/01/50		20,000		19,455
NRG Energy, Inc., 4.45%, 6/15/29^(b)		25,000		26,515
NSTAR Electric Co.,
3.20%, 5/15/27		17,000		17,922
3.25%, 5/15/29		10,000		10,686
Ohio Power Co.,
4.15%, 4/01/48		14,000		16,403
4.00%, 6/01/49		20,000		23,030
Oklahoma Gas & Electric Co., 3.30%, 3/15/30		130,000		136,142
Oncor Electric Delivery Co. LLC,
3.70%, 11/15/28^(b)		75,000		82,842
5.75%, 3/15/29		44,000		55,874
4.55%, 12/01/41		10,000		12,085
5.30%, 6/01/42		18,000		23,927
3.80%, 6/01/49^(b)		20,000		22,580
3.10%, 9/15/49^(b)		20,000		20,060

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Electric (Continued)
PacifiCorp,
4.10%, 2/01/42		$	53,000	$	60,285
4.13%, 1/15/49			53,000		62,155
4.15%, 2/15/50			5,000		5,925
Progress Energy, Inc., 7.75%, 3/01/31			180,000		257,387
Public Service Electric & Gas Co.,
3.00%, 5/15/25			9,000		9,401
3.00%, 5/15/27			15,000		15,655
3.70%, 5/01/28			14,000		15,437
3.65%, 9/01/28			3,000		3,303
3.20%, 5/15/29			80,000		84,960
Tampa Electric Co.,
4.35%, 5/15/44			10,000		11,552
4.45%, 6/15/49			57,000		68,453
Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25^(b)			159,000		170,500
Union Electric Co., 3.50%, 3/15/29			53,000		58,004
Virginia Electric & Power Co.,
3.45%, 9/01/22			62,000		64,363
2.75%, 3/15/23			90,000		92,072
3.50%, 3/15/27			79,000		84,934
4.45%, 2/15/44			105,000		124,163
4.00%, 11/15/46			40,000		44,875
Vistra Operations Co. LLC, 4.30%, 7/15/29^(b)			130,000		135,119
Wisconsin Power & Light Co., 3.00%, 7/01/29			14,000		14,616
					6,047,461

Electrical Component & Equipment – 0.0%^(g)
Eaton Capital Unlimited Co., 0.70%, 5/14/25	EUR		100,000		113,356

Electronics – 0.1%
Agilent Technologies, Inc.,
3.88%, 7/15/23			12,000		12,638
3.05%, 9/22/26			117,000		119,375
2.75%, 9/15/29			40,000		39,841
Honeywell International, Inc.,
1.30%, 2/22/23	EUR		300,000		349,053
3.81%, 11/21/47			25,000		28,869
					549,776

Environmental Control – 0.2%
Republic Services, Inc.,
3.55%, 6/01/22			29,000		30,137
4.75%, 5/15/23			71,000		76,985


	Par^(a)		Value

Environmental Control (Continued)
2.50%, 8/15/24	$	70,000	$	71,167
2.90%, 7/01/26		41,000		42,099
3.37%, 11/15/27		94,000		100,307
3.95%, 5/15/28		8,000		8,895
Waste Management, Inc.,
3.50%, 5/15/24		70,000		73,952
3.13%, 3/01/25		18,000		18,859
3.20%, 6/15/26		40,000		42,432
3.45%, 6/15/29		40,000		43,315
3.90%, 3/01/35		20,000		22,229
4.00%, 7/15/39		137,000		155,982
4.15%, 7/15/49		115,000		133,471
				819,830

Food – 0.1%
Kraft Heinz Foods Co., 3.00%, 6/01/26		110,000		109,588
Kroger (The) Co., 2.65%, 10/15/26		77,000		77,344
Mars, Inc.,
2.70%, 4/01/25^(b)		90,000		92,835
3.20%, 4/01/30^(b)		180,000		194,028
Tyson Foods, Inc.,
3.55%, 6/02/27		79,000		84,567
5.15%, 8/15/44		18,000		22,001
				580,363

Forest Products & Paper – 0.1%
Georgia-Pacific LLC,
5.40%, 11/01/20^(b)		26,000		26,871
3.73%, 7/15/23^(b)		18,000		18,896
3.60%, 3/01/25^(b)		126,000		133,811
7.75%, 11/15/29		18,000		25,854
8.88%, 5/15/31		13,000		20,579
International Paper Co.,
5.00%, 9/15/35		4,000		4,637
6.00%, 11/15/41		38,000		46,934
4.80%, 6/15/44		20,000		21,696
				299,278

Gas – 0.0%^(g)
Atmos Energy Corp.,
4.12%, 10/15/44		5,000		5,812
3.38%, 9/15/49		30,000		31,269
Dominion Energy Gas Holdings LLC,
4.80%, 11/01/43		15,000		18,151
4.60%, 12/15/44		40,000		47,562
NiSource, Inc., 3.49%, 5/15/27		56,000		58,895
				161,689

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Healthcare - Products – 0.4%
Abbott Laboratories,
2.95%, 3/15/25		$	85,000	$	88,711
3.75%, 11/30/26			638,000		699,022
4.90%, 11/30/46			10,000		12,779
Becton Dickinson and Co.,
2.68%, 12/15/19			9,000		9,003
3.36%, 6/06/24			190,000		199,016
4.68%, 12/15/44			16,000		18,836
Covidien International Finance S.A., 2.95%, 6/15/23			35,000		36,182
Medtronic Global Holdings S.C.A., 0.00%, 12/02/22^(j)	EUR		110,000		122,970
Medtronic, Inc.,
3.50%, 3/15/25			15,000		16,123
4.38%, 3/15/35			133,000		158,717
Thermo Fisher Scientific, Inc.,
2.95%, 9/19/26			243,000		252,586
2.60%, 10/01/29			105,000		104,461
					1,718,406

Healthcare - Services – 0.6%
Aetna, Inc.,
2.80%, 6/15/23			90,000		91,389
4.50%, 5/15/42			59,000		62,901
Anthem, Inc.,
2.95%, 12/01/22			30,000		30,697
3.65%, 12/01/27			107,000		113,165
4.10%, 3/01/28			42,000		45,671
2.87%, 9/15/29			5,000		4,952
Baylor Scott & White Holdings, 3.97%, 11/15/46			126,000		140,842
CHRISTUS Health, 4.34%, 7/01/28			121,000		136,141
CommonSpirit Health,
3.35%, 10/01/29			53,000		53,411
4.19%, 10/01/49			35,000		35,856
3.82%, 10/01/49			113,000		113,052
HCA, Inc.,
4.75%, 5/01/23			88,000		94,194
5.25%, 4/15/25			224,000		249,228
5.25%, 6/15/26			14,000		15,666
4.50%, 2/15/27			7,000		7,572
4.12%, 6/15/29			118,000		125,010
Humana, Inc., 3.95%, 3/15/27			140,000		150,019
RWJ Barnabas Health, Inc., 3.48%, 7/01/49			20,000		20,398


	Par^(a)		Value

Healthcare - Services (Continued)
Spectrum Health System Obligated Group, 3.49%, 7/15/49	$	34,000	$	34,613
UnitedHealth Group, Inc.,
3.75%, 7/15/25		288,000		312,280
3.70%, 12/15/25		16,000		17,354
3.10%, 3/15/26		34,000		35,455
3.85%, 6/15/28		186,000		205,022
3.87%, 12/15/28		110,000		121,930
2.88%, 8/15/29		7,000		7,196
3.50%, 8/15/39		65,000		67,942
5.70%, 10/15/40		25,000		33,215
4.75%, 7/15/45		52,000		63,524
3.70%, 8/15/49		40,000		42,101
3.87%, 8/15/59		70,000		74,087
				2,504,883

Household Products/Wares – 0.0%^(g)
Clorox (The) Co., 3.10%, 10/01/27		15,000		15,741

Housewares – 0.0%^(g)
Newell Brands, Inc., 3.85%, 4/01/23		20,000		20,703

Insurance – 0.4%
American International Group, Inc., 4.20%, 4/01/28		40,000		44,060
Aon Corp.,
4.50%, 12/15/28		202,000		228,767
3.75%, 5/02/29		50,000		54,019
Aon PLC,
4.00%, 11/27/23		2,000		2,134
4.60%, 6/14/44		15,000		17,415
4.75%, 5/15/45		7,000		8,324
AXA Equitable Holdings, Inc.,
3.90%, 4/20/23		2,000		2,096
5.00%, 4/20/48		22,000		23,720
Berkshire Hathaway Finance Corp.,
4.40%, 5/15/42		5,000		5,953
4.20%, 8/15/48		10,000		11,767
4.25%, 1/15/49		166,000		197,900
Hartford Financial Services Group (The), Inc., 5.95%, 10/15/36		20,000		26,220
Marsh & McLennan Cos., Inc.,
3.50%, 12/29/20		53,000		53,932
3.30%, 3/14/23		185,000		191,896
4.05%, 10/15/23		18,000		19,184
3.87%, 3/15/24		52,000		55,520

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Insurance (Continued)
4.37%, 3/15/29		$	68,000	$	77,587
4.35%, 1/30/47			40,000		46,317
4.20%, 3/01/48			30,000		33,923
4.90%, 3/15/49			3,000		3,771
MetLife, Inc.,
6.40%, 12/15/36			100,000		121,461
4.05%, 3/01/45			5,000		5,666
Metropolitan Life Global Funding I,
1.25%, 9/17/21	EUR		100,000		114,462
2.38%, 1/11/23	EUR		100,000		119,918
Principal Financial Group, Inc., 3.70%, 5/15/29			35,000		38,216
Travelers (The) Cos., Inc.,
3.90%, 11/01/20			28,000		28,573
4.60%, 8/01/43			18,000		22,271
4.00%, 5/30/47			26,000		30,023
4.10%, 3/04/49			5,000		5,898
Trinity Acquisition PLC, 4.40%, 3/15/26			21,000		22,750
Willis North America, Inc., 3.60%, 5/15/24			107,000		111,984
					1,725,727

Internet – 0.1%
Amazon.com, Inc.,
3.15%, 8/22/27			140,000		149,369
3.88%, 8/22/37			95,000		108,021
4.95%, 12/05/44			2,000		2,615
4.05%, 8/22/47			140,000		166,424
Expedia Group, Inc.,
3.80%, 2/15/28			10,000		10,492
3.25%, 2/15/30^(b)			105,000		105,071
					541,992

Iron/Steel – 0.0%^(g)
Nucor Corp., 5.20%, 8/01/43			18,000		22,575

Lodging – 0.1%
Las Vegas Sands Corp., 3.20%, 8/08/24			320,000		327,426

Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.50%, 2/01/24			87,000		93,581
4.91%, 7/23/25			232,000		255,613
4.20%, 3/15/28			132,000		140,180
5.05%, 3/30/29			113,000		127,432
6.38%, 10/23/35			179,000		220,077


	Par^(a)		Value

Media (Continued)
5.38%, 4/01/38	$	120,000	$	135,211
6.48%, 10/23/45		103,000		126,662
5.75%, 4/01/48		40,000		45,974
5.13%, 7/01/49		10,000		10,683
Comcast Corp.,
3.30%, 10/01/20		107,000		108,436
3.45%, 10/01/21		2,000		2,061
3.13%, 7/15/22		6,000		6,222
3.00%, 2/01/24		7,000		7,274
3.70%, 4/15/24		3,000		3,208
3.95%, 10/15/25		140,000		153,469
2.35%, 1/15/27		125,000		125,347
3.15%, 2/15/28		75,000		78,695
4.15%, 10/15/28		330,000		372,762
4.25%, 10/15/30		120,000		137,821
4.25%, 1/15/33		10,000		11,538
4.20%, 8/15/34		15,000		17,332
6.50%, 11/15/35		13,000		18,322
3.20%, 7/15/36		118,000		119,891
6.45%, 3/15/37		3,000		4,212
4.60%, 10/15/38		81,000		96,246
4.50%, 1/15/43		86,000		100,615
3.97%, 11/01/47		14,000		15,336
4.70%, 10/15/48		35,000		43,100
4.00%, 11/01/49		212,000		235,129
3.45%, 2/01/50		40,000		41,044
4.05%, 11/01/52		59,000		65,653
4.95%, 10/15/58		2,000		2,583
Cox Communications, Inc.,
3.15%, 8/15/24^(b)		106,000		109,621
3.35%, 9/15/26^(b)		14,000		14,636
4.70%, 12/15/42^(b)		3,000		3,228
Discovery Communications LLC,
3.30%, 5/15/22		21,000		21,558
5.00%, 9/20/37		50,000		54,298
5.20%, 9/20/47		25,000		27,339
Fox Corp.,
4.03%, 1/25/24^(b)		33,000		35,266
5.48%, 1/25/39^(b)		160,000		196,758
NBCUniversal Media LLC, 5.95%, 4/01/41		122,000		168,170
Time Warner Cable LLC,
4.13%, 2/15/21		113,000		115,201
5.87%, 11/15/40		130,000		148,573
5.50%, 9/01/41		44,000		48,515
Time Warner Entertainment Co. L.P., 8.37%, 7/15/33		170,000		235,914
Viacom, Inc., 6.87%, 4/30/36		45,000		59,408

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Media (Continued)
Walt Disney (The) Co.,
6.20%, 12/15/34^(b)	$	14,000	$	19,809
6.40%, 12/15/35^(b)		54,000		77,715
6.65%, 11/15/37^(b)		20,000		29,931
4.75%, 9/15/44^(b)		25,000		31,968
Warner Media LLC, 7.62%, 4/15/31		28,000		37,622
				4,357,239

Mining – 0.0%^(g)
Newmont Goldcorp Corp., 2.80%, 10/01/29		65,000		64,221

Miscellaneous Manufacturing – 0.4%
3M Co.,
3.00%, 8/07/25		40,000		42,157
2.25%, 9/19/26		20,000		20,111
3.38%, 3/01/29		10,000		10,792
2.38%, 8/26/29		375,000		374,575
Eaton Corp.,
2.75%, 11/02/22		40,000		40,874
4.15%, 11/02/42		30,000		33,602
General Electric Co.,
3.10%, 1/09/23		240,000		244,097
6.75%, 3/15/32		20,000		25,476
5.87%, 1/14/38		112,000		134,041
6.87%, 1/10/39		660,000		873,777
4.13%, 10/09/42		4,000		4,083
Parker-Hannifin Corp., 2.70%, 6/14/24		10,000		10,183
Textron, Inc.,
3.65%, 3/15/27		40,000		42,045
3.90%, 9/17/29		77,000		83,026
				1,938,839

Oil & Gas – 1.2%
Apache Corp.,
4.37%, 10/15/28		540,000		535,824
4.75%, 4/15/43		100,000		91,241
4.25%, 1/15/44		380,000		324,707
BP Capital Markets America, Inc.,
3.22%, 11/28/23		70,000		72,985
3.22%, 4/14/24		56,000		58,481
3.80%, 9/21/25		41,000		44,330
3.41%, 2/11/26		70,000		74,321
3.12%, 5/04/26		276,000		289,226
3.94%, 9/21/28		102,000		113,108
Chevron Corp., 2.90%, 3/03/24		20,000		20,823
Cimarex Energy Co.,
4.37%, 6/01/24		26,000		27,240
3.90%, 5/15/27		215,000		218,437


	Par^(a)		Value

Oil & Gas (Continued)
Citgo Holding, Inc., 9.25%, 8/01/24^(b)	$	7,000	$	7,306
Concho Resources, Inc.,
3.75%, 10/01/27		53,000		55,080
4.30%, 8/15/28		140,000		151,075
Continental Resources, Inc.,
4.50%, 4/15/23		30,000		31,250
3.80%, 6/01/24		135,000		138,067
4.37%, 1/15/28		80,000		82,435
Devon Energy Corp.,
5.85%, 12/15/25		125,000		148,592
5.60%, 7/15/41		30,000		35,713
5.00%, 6/15/45		80,000		91,022
EOG Resources, Inc., 3.90%, 4/01/35		8,000		8,836
Exxon Mobil Corp.,
1.90%, 8/16/22		20,000		20,097
2.73%, 3/01/23		20,000		20,571
2.02%, 8/16/24		20,000		20,148
2.71%, 3/06/25		83,000		86,003
3.04%, 3/01/26		81,000		85,566
2.28%, 8/16/26		104,000		105,064
2.44%, 8/16/29		250,000		251,894
4.11%, 3/01/46		20,000		23,846
3.10%, 8/16/49		65,000		66,203
Hess Corp., 6.00%, 1/15/40		20,000		22,773
Marathon Petroleum Corp.,
3.62%, 9/15/24		40,000		42,128
4.75%, 9/15/44		8,000		8,778
4.50%, 4/01/48		18,000		19,241
Noble Energy, Inc.,
3.85%, 1/15/28		40,000		41,551
4.95%, 8/15/47		20,000		21,321
Occidental Petroleum Corp.,
2.60%, 8/13/21		70,000		70,440
2.70%, 8/15/22		100,000		101,053
2.70%, 2/15/23		45,000		45,339
6.95%, 7/01/24		200,000		235,434
2.90%, 8/15/24		100,000		100,910
3.50%, 6/15/25		25,000		25,831
5.55%, 3/15/26		160,000		181,662
3.20%, 8/15/26		25,000		25,307
3.00%, 2/15/27		220,000		218,135
3.50%, 8/15/29		20,000		20,265
7.87%, 9/15/31		210,000		281,221
6.45%, 9/15/36		155,000		189,991
0.00%, 10/10/36^(j)		210,000		105,568
4.50%, 7/15/44		80,000		80,990
6.60%, 3/15/46		150,000		192,454

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Oil & Gas (Continued)
4.10%, 2/15/47	$	50,000	$	47,962
4.20%, 3/15/48		235,000		228,765
Valero Energy Corp., 3.40%, 9/15/26		93,000		96,431
				5,703,041

Oil & Gas Services – 0.0%^(g)
Halliburton Co., 3.80%, 11/15/25		70,000		73,740

Pharmaceuticals – 1.0%
AbbVie, Inc.,
3.60%, 5/14/25		50,000		52,469
4.50%, 5/14/35		183,000		198,589
4.30%, 5/14/36		7,000		7,435
Allergan Funding SCS,
3.45%, 3/15/22		100,000		102,465
3.80%, 3/15/25		346,000		363,966
4.55%, 3/15/35		90,000		96,256
Bristol-Myers Squibb Co.,
2.60%, 5/16/22^(b)		110,000		112,243
2.90%, 7/26/24^(b)		200,000		207,263
3.20%, 6/15/26^(b)		414,000		439,689
3.40%, 7/26/29^(b)		100,000		107,559
4.12%, 6/15/39^(b)		5,000		5,696
Cigna Corp.,
3.40%, 9/17/21		20,000		20,484
3.75%, 7/15/23		190,000		199,032
3.25%, 4/15/25^(b)		53,000		54,578
4.13%, 11/15/25		20,000		21,661
4.37%, 10/15/28		365,000		400,867
CVS Health Corp.,
3.35%, 3/09/21		75,000		76,326
2.63%, 8/15/24		2,000		2,022
4.10%, 3/25/25		290,000		311,546
4.30%, 3/25/28		856,000		931,017
4.87%, 7/20/35		20,000		22,737
4.78%, 3/25/38		5,000		5,550
5.12%, 7/20/45		241,000		277,791
5.05%, 3/25/48		160,000		184,421
Eli Lilly & Co.,
3.70%, 3/01/45		4,000		4,447
4.15%, 3/15/59		50,000		59,827
Express Scripts Holding Co., 2.60%, 11/30/20		45,000		45,296
Johnson & Johnson, 3.63%, 3/03/37		70,000		78,466
Merck & Co., Inc.,
3.90%, 3/07/39		2,000		2,318
3.70%, 2/10/45		36,000		40,406
Pfizer, Inc.,
7.20%, 3/15/39		30,000		47,235


	Par^(a)		Value

Pharmaceuticals (Continued)
4.20%, 9/15/48	$	29,000	$	34,683
Shire Acquisitions Investments Ireland DAC,
2.88%, 9/23/23		59,000		60,215
3.20%, 9/23/26		140,000		144,579
Wyeth LLC,
6.45%, 2/01/24		9,000		10,599
5.95%, 4/01/37		44,000		60,504
				4,790,237

Pipelines – 1.1%
Boardwalk Pipelines L.P., 4.80%, 5/03/29		5,000		5,315
Energy Transfer Operating L.P.,
4.25%, 3/15/23		31,000		32,495
4.50%, 4/15/24		30,000		32,028
4.20%, 4/15/27		12,000		12,552
5.50%, 6/01/27		51,000		57,259
5.80%, 6/15/38		4,000		4,570
6.50%, 2/01/42		145,000		173,667
5.15%, 3/15/45		24,000		25,020
5.30%, 4/15/47		26,000		27,388
Enterprise Products Operating LLC,
3.75%, 2/15/25		10,000		10,663
4.15%, 10/16/28		210,000		231,963
3.13%, 7/31/29		10,000		10,267
6.87%, 3/01/33		17,000		23,283
5.95%, 2/01/41		16,000		20,310
4.45%, 2/15/43		52,000		56,671
4.85%, 3/15/44		4,000		4,567
5.10%, 2/15/45		89,000		103,890
Kinder Morgan Energy Partners L.P.,
4.15%, 3/01/22		80,000		83,514
4.25%, 9/01/24		100,000		107,196
6.50%, 2/01/37		5,000		6,154
6.95%, 1/15/38		85,000		109,881
5.50%, 3/01/44		46,000		52,565
5.40%, 9/01/44		4,000		4,492
Kinder Morgan, Inc.,
3.05%, 12/01/19		53,000		53,036
4.30%, 3/01/28		46,000		49,896
MPLX L.P.,
(3M USD LIBOR + 0.90%), 3.00%, 9/09/21^(d)		85,000		85,342
(3M USD LIBOR + 1.10%), 3.20%, 9/09/22^(d)		90,000		90,328
4.13%, 3/01/27		246,000		258,174
4.25%, 12/01/27^(b)		290,000		304,955
4.00%, 3/15/28		110,000		114,352
4.80%, 2/15/29		30,000		33,047

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Pipelines (Continued)
4.50%, 4/15/38	$	90,000	$	91,965
4.70%, 4/15/48		90,000		91,684
5.50%, 2/15/49		90,000		101,151
NGPL PipeCo LLC, 4.38%, 8/15/22^(b)		19,000		19,726
Northwest Pipeline LLC, 4.00%, 4/01/27		141,000		149,730
Sabine Pass Liquefaction LLC,
5.62%, 4/15/23		100,000		108,795
5.75%, 5/15/24		200,000		223,207
5.62%, 3/01/25		217,000		243,497
5.87%, 6/30/26		37,000		42,485
5.00%, 3/15/27		30,000		32,952
Southern Natural Gas Co. LLC, 8.00%, 3/01/32		80,000		115,059
Spectra Energy Partners L.P.,
5.95%, 9/25/43		41,000		50,688
4.50%, 3/15/45		10,000		10,962
Sunoco Logistics Partners Operations L.P.,
4.25%, 4/01/24		16,000		16,892
5.30%, 4/01/44		5,000		5,305
5.35%, 5/15/45		25,000		26,778
5.40%, 10/01/47		2,000		2,149
Texas Eastern Transmission L.P.,
3.50%, 1/15/28^(b)		62,000		64,522
4.15%, 1/15/48^(b)		36,000		38,122
Transcontinental Gas Pipe Line Co. LLC,
7.85%, 2/01/26		521,000		661,830
4.00%, 3/15/28		78,000		83,382
4.45%, 8/01/42		14,000		14,744
4.60%, 3/15/48		10,000		10,790
Western Midstream Operating L.P.,
5.38%, 6/01/21		300,000		309,690
4.65%, 7/01/26		90,000		89,936
4.50%, 3/01/28		30,000		28,622
Williams (The) Cos., Inc.,
3.60%, 3/15/22		150,000		154,376
3.90%, 1/15/25		88,000		92,531
3.75%, 6/15/27		46,000		47,962
5.75%, 6/24/44		38,000		43,857
				5,158,229

Real Estate Investment Trusts – 0.2%
American Tower Corp.,
2.95%, 1/15/25		12,000		12,293
4.00%, 6/01/25		31,000		33,335
2.75%, 1/15/27		40,000		40,168


	Par^(a)		Value

Real Estate Investment Trusts (Continued)
3.95%, 3/15/29	$	30,000	$	32,305
Crown Castle International Corp.,
4.87%, 4/15/22		24,000		25,527
3.15%, 7/15/23		380,000		389,452
3.20%, 9/01/24		32,000		33,219
3.70%, 6/15/26		2,000		2,121
3.65%, 9/01/27		63,000		66,928
3.10%, 11/15/29		100,000		101,615
Realty Income Corp.,
4.13%, 10/15/26		35,000		38,657
3.00%, 1/15/27		15,000		15,460
				791,080

Retail – 0.4%
Dollar General Corp., 4.12%, 5/01/28		2,000		2,218
Home Depot (The), Inc.,
2.80%, 9/14/27		19,000		19,988
3.90%, 12/06/28		24,000		27,184
2.95%, 6/15/29		32,000		33,757
4.20%, 4/01/43		14,000		16,399
4.87%, 2/15/44		15,000		19,217
4.25%, 4/01/46		2,000		2,399
4.50%, 12/06/48		26,000		32,615
Lowe’s Cos., Inc.,
4.65%, 4/15/42		20,000		22,883
3.70%, 4/15/46		71,000		71,867
McDonald’s Corp.,
3.70%, 1/30/26		124,000		133,886
3.80%, 4/01/28		180,000		198,906
6.30%, 3/01/38		36,000		49,252
3.63%, 5/01/43		113,000		116,446
4.87%, 12/09/45		11,000		13,318
4.45%, 3/01/47		20,000		23,000
4.45%, 9/01/48		30,000		34,690
3.63%, 9/01/49		62,000		62,811
Walgreens Boots Alliance, Inc.,
3.80%, 11/18/24		7,000		7,418
3.45%, 6/01/26		111,000		115,074
4.80%, 11/18/44		5,000		5,337
Walmart, Inc.,
3.55%, 6/26/25		32,000		34,710
3.70%, 6/26/28		240,000		266,553
3.25%, 7/08/29		131,000		141,752
3.95%, 6/28/38		95,000		110,957
4.00%, 4/11/43		18,000		21,072
4.30%, 4/22/44		15,000		18,457
				1,602,166

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Semiconductors – 0.3%
Analog Devices, Inc.,
3.90%, 12/15/25		$	16,000	$	17,264
3.50%, 12/05/26			26,000		27,371
Applied Materials, Inc.,
5.10%, 10/01/35			5,000		6,317
5.85%, 6/15/41			28,000		38,255
4.35%, 4/01/47			69,000		84,004
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.87%, 1/15/27			234,000		236,293
Broadcom, Inc.,
3.13%, 4/15/21^(b)			10,000		10,117
4.25%, 4/15/26^(b)			125,000		130,494
Intel Corp.,
3.70%, 7/29/25			20,000		21,750
4.00%, 12/15/32			3,000		3,494
4.80%, 10/01/41			38,000		47,962
KLA Corp.,
4.10%, 3/15/29			75,000		83,074
5.00%, 3/15/49			39,000		46,772
Lam Research Corp.,
2.80%, 6/15/21			15,000		15,216
3.75%, 3/15/26			91,000		98,253
4.87%, 3/15/49			38,000		46,809
NVIDIA Corp., 3.20%, 9/16/26			173,000		182,267
QUALCOMM, Inc.,
3.25%, 5/20/27			12,000		12,625
4.65%, 5/20/35			16,000		18,761
4.80%, 5/20/45			15,000		17,846
4.30%, 5/20/47			31,000		34,830
Texas Instruments, Inc.,
2.25%, 5/01/23			18,000		18,229
2.90%, 11/03/27			150,000		157,394
2.25%, 9/04/29			30,000		29,606
3.88%, 3/15/39			5,000		5,699
4.15%, 5/15/48			18,000		21,816
					1,412,518

Software – 0.7%
Autodesk, Inc.,
3.60%, 12/15/22			35,000		36,218
3.50%, 6/15/27			151,000		156,802
Fidelity National Information Services, Inc.,
0.75%, 5/21/23	EUR		200,000		228,408
1.10%, 7/15/24	EUR		100,000		116,013
5.00%, 10/15/25			37,000		42,283
3.00%, 8/15/26			167,000		172,626
3.75%, 5/21/29			8,000		8,711
4.50%, 8/15/46			53,000		60,383


	Par^(a)		Value

Software (Continued)
4.75%, 5/15/48	$	18,000	$	21,550
Fiserv, Inc.,
3.85%, 6/01/25		18,000		19,421
3.20%, 7/01/26		241,000		251,802
4.20%, 10/01/28		130,000		144,675
3.50%, 7/01/29		50,000		52,891
Microsoft Corp.,
2.40%, 8/08/26		60,000		61,541
3.30%, 2/06/27		500,000		541,233
3.50%, 2/12/35		182,000		199,555
4.20%, 11/03/35		11,000		13,059
3.45%, 8/08/36		122,000		133,909
4.10%, 2/06/37		10,000		11,841
3.50%, 11/15/42		17,000		18,589
4.45%, 11/03/45		5,000		6,350
3.70%, 8/08/46		126,000		143,382
4.50%, 2/06/57		2,000		2,599
Oracle Corp.,
2.50%, 5/15/22		11,000		11,171
3.63%, 7/15/23		18,000		19,061
2.65%, 7/15/26		122,000		124,976
4.30%, 7/08/34		7,000		8,203
3.90%, 5/15/35		11,000		12,275
3.80%, 11/15/37		81,000		89,134
5.37%, 7/15/40		14,000		18,198
4.12%, 5/15/45		52,000		58,592
4.00%, 7/15/46		66,000		73,409
salesforce.com, Inc., 3.70%, 4/11/28		330,000		364,355
				3,223,215

Sovereign – 0.2%
Federal Home Loan Banks, (U.S. Secured Overnight Financing Rate + 0.12%), 1.88%, 10/07/20^(d)		550,000		549,858
Federal Home Loan Mortgage Corporation, (U.S. Secured Overnight Financing Rate + 0.04%), 1.80%, 9/10/20^(d)		340,000		339,869
				889,727

Telecommunications – 0.8%
AT&T, Inc.,
3.00%, 2/15/22		220,000		225,010
3.20%, 3/01/22		3,000		3,079
3.80%, 3/15/22		4,000		4,160
3.40%, 6/15/22		12,000		12,370
3.00%, 6/30/22		10,000		10,215
3.80%, 3/01/24		30,000		31,723
3.55%, 6/01/24		20,000		21,011
3.60%, 7/15/25		35,000		36,894

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

Telecommunications (Continued)
3.80%, 2/15/27	$	192,000	$	205,935
4.25%, 3/01/27		12,000		13,180
4.10%, 2/15/28		2,000		2,180
4.35%, 3/01/29		10,000		11,056
4.30%, 2/15/30^(b)		105,000		115,484
4.30%, 2/15/30		17,000		18,697
4.50%, 5/15/35		115,000		126,862
5.25%, 3/01/37		10,000		11,770
6.35%, 3/15/40		20,000		25,963
6.00%, 8/15/40		20,000		25,046
6.37%, 3/01/41		49,000		64,009
5.55%, 8/15/41		5,000		6,026
5.15%, 3/15/42		88,000		102,237
4.30%, 12/15/42		24,000		25,404
4.80%, 6/15/44		213,000		237,195
4.85%, 7/15/45		5,000		5,663
5.15%, 11/15/46		26,000		30,235
5.45%, 3/01/47		52,000		62,833
Cisco Systems, Inc., 2.95%, 2/28/26		12,000		12,650
Corning, Inc.,
3.70%, 11/15/23		9,000		9,426
4.37%, 11/15/57		24,000		25,407
Motorola Solutions, Inc., 4.60%, 5/23/29		140,000		153,781
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 9/20/21^(b)		100,000		100,625
Verizon Communications, Inc.,
3.38%, 2/15/25		120,000		127,736
2.63%, 8/15/26		10,000		10,203
4.12%, 3/16/27		528,000		588,803
4.33%, 9/21/28		250,000		284,686
3.88%, 2/08/29		30,000		33,177
4.50%, 8/10/33		300,000		350,241
4.40%, 11/01/34		16,000		18,470
4.27%, 1/15/36		471,000		532,983
5.25%, 3/16/37		10,000		12,596
3.85%, 11/01/42		50,000		53,622
4.52%, 9/15/48		40,000		47,585
				3,796,228

Transportation – 0.4%
Burlington Northern Santa Fe LLC,
3.00%, 4/01/25		5,000		5,239
6.15%, 5/01/37		40,000		56,143
5.75%, 5/01/40		10,000		13,531
5.40%, 6/01/41		10,000		12,973
4.95%, 9/15/41		2,000		2,485


	Par^(a)		Value

Transportation (Continued)
4.55%, 9/01/44	$	10,000	$	11,963
4.05%, 6/15/48		61,000		69,825
CSX Corp.,
4.25%, 3/15/29		30,000		33,964
6.15%, 5/01/37		5,000		6,610
4.75%, 5/30/42		44,000		51,558
4.30%, 3/01/48		33,000		37,224
4.75%, 11/15/48		25,000		30,420
3.35%, 9/15/49		32,000		31,630
3.95%, 5/01/50		11,000		11,865
4.25%, 11/01/66		53,000		57,022
FedEx Corp.,
3.90%, 2/01/35		27,000		27,633
3.87%, 8/01/42		14,000		13,660
4.10%, 4/15/43		32,000		32,041
4.55%, 4/01/46		31,000		32,491
4.95%, 10/17/48		2,000		2,233
Norfolk Southern Corp.,
2.90%, 6/15/26		132,000		136,542
11/01/29^(k)		5,000		5,016
4.84%, 10/01/41		18,000		21,578
4.10%, 5/15/49		15,000		16,977
11/01/49^(k)		15,000		15,020
4.05%, 8/15/52		30,000		33,305
Ryder System, Inc.,
3.45%, 11/15/21		7,000		7,183
3.40%, 3/01/23		40,000		41,347
Union Pacific Corp.,
3.50%, 6/08/23		45,000		47,278
2.75%, 3/01/26		53,000		54,202
3.95%, 9/10/28		220,000		244,814
3.70%, 3/01/29		10,000		10,944
3.38%, 2/01/35		61,000		63,049
3.60%, 9/15/37		60,000		62,664
3.55%, 8/15/39		11,000		11,621
4.75%, 9/15/41		20,000		24,094
4.50%, 9/10/48		114,000		137,646
3.80%, 10/01/51		6,000		6,408
3.87%, 2/01/55		71,000		74,804
3.95%, 8/15/59		16,000		16,845
United Parcel Service, Inc.,
2.50%, 4/01/23		8,000		8,154
3.40%, 3/15/29		52,000		56,131
2.50%, 9/01/29		82,000		82,476
6.20%, 1/15/38		2,000		2,809
				1,721,417

Trucking & Leasing – 0.0%^(g)
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.45%, 1/29/26^(b)		10,000		10,889

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Trucking & Leasing (Continued)
3.40%, 11/15/26^(b)		$	21,000	$	21,505
4.20%, 4/01/27^(b)			55,000		58,513
Penske Truck Leasing Co. Lp/PTL Finance Corp., 3.35%, 11/01/29^(b)			20,000		19,986
					110,893

Total Corporate Bonds (Cost $83,585,671)					88,580,285

Foreign Issuer Bonds – 11.4%
Argentina – 0.0%^(g)
Argentine Republic Government International Bond,
5.88%, 1/11/28			69,000		26,221
7.12%, 7/06/36			154,000		60,061
6.87%, 1/11/48			74,000		28,861
					115,143

Australia – 0.1%
BHP Billiton Finance USA Ltd.,
4.12%, 2/24/42			16,000		18,547
5.00%, 9/30/43			38,000		49,639
(5Y USD Swap Rate + 5.09%), 6.75%, 10/19/75^(b)(h)			400,000		468,980
Telstra Corp. Ltd., 3.50%, 9/21/22	EUR		105,000		129,312
					666,478

Belgium – 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
3.65%, 2/01/26			80,000		85,666
4.70%, 2/01/36			337,000		391,297
Anheuser-Busch InBev Finance, Inc.,
3.65%, 2/01/26			97,000		103,945
4.70%, 2/01/36			50,000		58,056
Anheuser-Busch InBev Worldwide, Inc.,
3.50%, 1/12/24			100,000		105,963
4.15%, 1/23/25			200,000		218,653
4.00%, 4/13/28			163,000		179,930
4.75%, 1/23/29			634,000		736,839
4.95%, 1/15/42			120,000		142,517
4.60%, 4/15/48			10,000		11,411
5.55%, 1/23/49			130,000		171,679
					2,205,956


	Par^(a)		Value

Brazil – 0.3%
Gol Finance S.A., 7.00%, 1/31/25^(b)	$	80,000	$	81,800
Petrobras Global Finance B.V., 7.25%, 3/17/44		49,000		59,511
Suzano Austria GmbH, 6.00%, 1/15/29		520,000		574,600
Vale Overseas Ltd., 6.25%, 8/10/26		650,000		757,380
				1,473,291

Canada – 0.4%
Air Canada Pass Through Trust, Series2015-2, Class B, 5.00%, 12/15/23^(b)		12,960		13,532
Air Canada Pass Through Trust, Series2017-1, Class AA, 3.30%, 1/15/30^(b)		17,079		17,604
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27^(b)		145,000		150,302
Bank of Montreal,
3.10%, 7/13/20		2,000		2,017
3.10%, 4/13/21		17,000		17,305
1.90%, 8/27/21		2,000		2,000
2.90%, 3/26/22		28,000		28,571
3.30%, 2/05/24		19,000		19,828
2.50%, 6/28/24		12,000		12,163
(5Y USD Swap Rate + 1.43%), 3.80%, 12/15/32^(h)		40,000		41,500
Barrick Gold Corp., 5.25%, 4/01/42		29,000		35,433
Barrick North America Finance LLC, 5.75%, 5/01/43		190,000		248,358
Barrick PD Australia Finance Pty. Ltd., 5.95%, 10/15/39		6,000		7,655
Enbridge, Inc.,
2.90%, 7/15/22		36,000		36,779
5.50%, 12/01/46		5,000		6,332
(3M USD LIBOR + 3.42%), 5.50%, 7/15/77^(h)		150,000		153,000
Royal Bank of Canada, 3.20%, 4/30/21		220,000		224,315
Suncor Energy, Inc.,
3.60%, 12/01/24		22,000		23,246
6.80%, 5/15/38		20,000		28,145
6.50%, 6/15/38		16,000		21,982
Teck Resources Ltd.,
6.00%, 8/15/40		3,000		3,244
6.25%, 7/15/41		17,000		18,944

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Canada (Continued)
Toronto-Dominion Bank (The), 3.25%, 6/11/21		$	220,000	$	224,983
0.38%, 4/25/24	EUR		100,000		113,151
2.65%, 6/12/24			65,000		66,524
TransCanada PipeLines Ltd., 3.75%, 10/16/23			3,000		3,169
4.87%, 1/15/26			131,000		146,606
4.25%, 5/15/28			58,000		64,094
4.63%, 3/01/34			1,000		1,142
5.85%, 3/15/36			71,000		87,224
6.20%, 10/15/37			2,000		2,564
4.75%, 5/15/38			19,000		21,511
6.10%, 6/01/40			11,000		14,207
					1,857,430

Chile – 0.1%
Corp. Nacional del Cobre de Chile, 3.63%, 8/01/27^(b)			330,000		347,635

China – 0.2%
CNOOC Finance 2015 USA LLC, 3.50%, 5/05/25			410,000		426,931
Sinopec Group Overseas Development 2014 Ltd., 4.37%, 4/10/24^(b)			290,000		311,585
Tencent Holdings Ltd., 3.60%, 1/19/28^(b)			220,000		229,232
					967,748

Colombia – 0.6%
Colombia Government International Bond, 3.88%, 4/25/27			415,000		440,730
5.00%, 6/15/45			410,000		477,240
5.20%, 5/15/49			460,000		552,230
Colombian TES, 10.00%, 7/24/24	COP		834,900,000		296,835
6.25%, 11/26/25	COP		967,200,000		297,682
Ecopetrol S.A., 5.87%, 5/28/45			560,000		645,540
					2,710,257

Denmark – 0.2%
Danske Bank A/S, 5.00%, 1/12/22^(b)			400,000		421,436
3.88%, 9/12/23^(b)			200,000		207,915
5.37%, 1/12/24^(b)			400,000		440,836
					1,070,187


		Par^(a)		Value

Egypt – 0.0%^(g)
Egypt Government Bond, 15.90%, 7/02/24	EGP	$	185,000	$	12,178
16.10%, 5/07/29	EGP		1,718,000		118,636
					130,814

France – 0.7%
Banque Federative du Credit Mutuel S.A., 0.13%, 2/05/24	EUR		100,000		111,874
BNP Paribas S.A., 5.00%, 1/15/21			200,000		207,493
3.50%, 3/01/23^(b)			200,000		207,628
(3M USD LIBOR + 2.24%), 4.70%, 1/10/25^(b)(h)			200,000		217,439
(3M USD LIBOR + 2.57%), 5.20%, 1/10/30^(b)(h)			400,000		471,734
BPCE S.A., 0.62%, 9/26/23	EUR		100,000		114,199
2.70%, 10/01/29^(b)			250,000		250,163
Credit Agricole S.A.,(5Y USD Swap Rate + 6.19%), 8.12%, 12/23/25^(b)(h)(i)			200,000		239,500
Danone S.A., 2.95%, 11/02/26^(b)			200,000		206,246
French Republic Government Bond OAT, 1.75%, 5/25/66^(b)	EUR		549,388		820,452
LVMH Moet Hennessy Louis Vuitton S.E., 0.38%, 5/26/22	EUR		80,000		90,353
Pernod Ricard S.A., 0.02%, 10/24/23^(f)	EUR		100,000		111,771
Schneider Electric S.E., 1.50%, 9/08/23	EUR		100,000		118,085
0.25%, 9/09/24	EUR		200,000		225,937
Total Capital International S.A., 2.75%, 6/19/21			10,000		10,148
2.43%, 1/10/25			20,000		20,279
					3,423,301

Germany – 0.3%
Allianz Finance II B.V., 0.25%, 6/06/23	EUR		100,000		112,928
BASF S.E., 2.00%, 12/05/22	EUR		110,000		130,655
Daimler Finance North America LLC, 2.20%, 5/05/20^(b)			150,000		150,191
Daimler International Finance B.V., 0.25%, 8/09/21	EUR		20,000		22,420
Deutsche Bank A.G., 4.25%, 2/04/21			229,000		233,499

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Germany (Continued)
Deutsche Telekom International Finance B.V., 3.60%, 1/19/27^(b)		$	150,000	$	158,323
E.ON S.E., 0.00%, 10/24/22^(j)	EUR		70,000		78,168
innogy Finance B.V., 0.75%, 11/30/22	EUR		30,000		34,185
Merck Financial Services GmbH, 0.01%, 12/15/23	EUR		200,000		223,169
SAP S.E., 1.12%, 2/20/23	EUR		15,000		17,400
Siemens Financieringsmaatschappij N.V., 0.00%, 9/05/21^(j)	EUR		80,000		89,677
Volkswagen Bank GmbH, 0.37%, 7/05/22	EUR		100,000		112,042
Volkswagen Leasing GmbH, 1.00%, 2/16/23	EUR		40,000		45,638
					1,408,295

Hungary – 0.0%^(g)
Hungary Government International Bond, 5.38%, 3/25/24			122,000		137,263

India – 0.0%^(g)
Export-Import Bank of India, 3.38%, 8/05/26^(b)			200,000		204,947

Indonesia – 0.7%
Indonesia Government International Bond, 4.10%, 4/24/28			200,000		215,861
4.35%, 1/11/48			650,000		709,687
3.70%, 10/30/49			530,000		536,732
Indonesia Treasury Bond, 8.25%, 5/15/29	IDR		3,084,000,000		239,460
6.63%, 5/15/33	IDR		357,000,000		24,005
8.37%, 3/15/34	IDR		1,593,000,000		122,976
7.50%, 6/15/35	IDR		457,000,000		32,792
8.37%, 4/15/39	IDR		2,679,000,000		205,226
Pertamina Persero PT, 6.00%, 5/03/42^(b)			280,000		335,906
Perusahaan Listrik Negara PT, 5.45%, 5/21/28^(b)			480,000		549,600
					2,972,245

Italy – 0.2%
Enel Finance International N.V., 0.19%, 6/17/24^(f)	EUR		100,000		110,637
Intesa Sanpaolo S.p.A., 3.13%, 7/14/22^(b)			640,000		644,652
					755,289


		Par^(a)		Value

Japan – 0.3%
Mitsubishi UFJ Financial Group, Inc., 2.66%, 7/25/22		$	4,000	$	4,054
3.76%, 7/26/23			47,000		49,550
3.85%, 3/01/26			246,000		264,766
3.29%, 7/25/27			20,000		20,955
Mizuho Financial Group, Inc., 2.95%, 2/28/22			475,000		483,101
(3M USD LIBOR + 0.98%), 2.84%, 7/16/25^(h)			200,000		202,581
Sumitomo Mitsui Financial Group, Inc., 2.06%, 7/14/21			70,000		70,024
2.78%, 7/12/22			75,000		76,254
Takeda Pharmaceutical Co. Ltd., 1.13%, 11/21/22	EUR		100,000		115,202
5.00%, 11/26/28^(b)			200,000		234,827
					1,521,314

Kazakhstan – 0.2%
Kazakhstan Government International Bond, 4.88%, 10/14/44			350,000		426,484
KazMunayGas National Co. JSC, 6.37%, 10/24/48^(b)			220,000		276,716
					703,200

Kuwait – 0.1%
Equate Petrochemical B.V., 4.25%, 11/03/26^(b)			210,000		223,438
Kuwait International Government Bond, 3.50%, 3/20/27^(b)			210,000		225,910
					449,348

Luxembourg – 0.1%
ArcelorMittal, 3.60%, 7/16/24			9,000		9,208
6.13%, 6/01/25			3,000		3,414
4.55%, 3/11/26			210,000		222,062
					234,684

Macau – 0.1%
Sands China Ltd., 5.13%, 8/08/25			300,000		330,795

Mexico – 1.3%
America Movil S.A.B. de C.V., 3.13%, 7/16/22			200,000		205,022
Comision Federal de Electricidad, 4.75%, 2/23/27^(b)			200,000		210,750

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Mexico (Continued)
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/27^(b)		$	200,000	$	206,000
Mexican Bonos, 6.50%, 6/09/22	MXN		8,480,800		440,795
8.00%, 12/07/23	MXN		2,664,400		145,732
8.00%, 9/05/24	MXN		2,089,000		114,916
10.00%, 12/05/24	MXN		6,267,000		373,479
Mexico Government International Bond, 4.15%, 3/28/27			679,000		727,555
4.75%, 3/08/44			1,280,000		1,394,560
Petroleos Mexicanos, 6.37%, 2/04/21			74,000		77,182
(3M USD LIBOR + 3.65%), 5.79%, 3/11/22^(d)			15,000		15,641
4.50%, 1/23/26			30,000		29,655
6.87%, 8/04/26			34,000		37,196
6.49%, 1/23/27^(b)			89,000		95,008
6.50%, 3/13/27			670,000		710,200
5.35%, 2/12/28			267,000		263,663
6.62%, 6/15/35			50,000		50,928
5.63%, 1/23/46			700,000		629,300
7.69%, 1/23/50^(b)			71,000		77,151
					5,804,733

Morocco – 0.0%^(g)
OCP S.A., 4.50%, 10/22/25^(b)			200,000		211,442

Netherlands – 0.5%
Cooperatieve Rabobank U.A., 4.37%, 8/04/25			440,000		478,071
ING Bank N.V., 0.00%, 4/08/22^(j)	EUR		100,000		111,878
ING Groep N.V., 4.10%, 10/02/23			400,000		426,203
NXP B.V./NXP Funding LLC, 4.12%, 6/01/21^(b)			200,000		205,507
3.88%, 9/01/22^(b)			200,000		206,819
4.87%, 3/01/24^(b)			50,000		54,332
NXP B.V./NXP Funding LLC/NXP USA, Inc., 4.30%, 6/18/29^(b)			25,000		26,650
Shell International Finance B.V., 1.88%, 5/10/21			25,000		25,033
2.25%, 1/06/23			8,000		8,082
3.50%, 11/13/23			170,000		179,889
3.25%, 5/11/25			40,000		42,373
4.13%, 5/11/35			99,000		113,997
6.37%, 12/15/38			26,000		37,861
3.63%, 8/21/42			26,000		27,693


		Par^(a)		Value

Netherlands (Continued)
4.55%, 8/12/43		$	18,000	$	22,050
4.00%, 5/10/46			80,000		91,503
					2,057,941

Norway – 0.0%^(g)
Telenor ASA, 0.00%, 9/25/23^(j)	EUR		105,000		117,268

Panama – 0.2%
Panama Government International Bond, 3.88%, 3/17/28			200,000		217,252
6.70%, 1/26/36			510,000		717,830
					935,082

Peru – 0.5%
Inkia Energy Ltd., 5.87%, 11/09/27^(b)			200,000		207,252
Peruvian Government International Bond, 4.13%, 8/25/27			152,000		170,432
6.55%, 3/14/37			110,000		160,326
5.62%, 11/18/50			230,000		337,240
Petroleos del Peru S.A., 4.75%, 6/19/32^(b)			600,000		648,420
Southern Copper Corp., 5.25%, 11/08/42			510,000		572,166
					2,095,836

Philippines – 0.1%
Philippine Government International Bond, 4.20%, 1/21/24			200,000		216,087
3.00%, 2/01/28			200,000		208,324
					424,411

Poland – 0.2%
Republic of Poland Government International Bond, 4.00%, 1/22/24			650,000		702,659

Qatar – 0.2%
Qatar Government International Bond, 3.87%, 4/23/23^(b)			200,000		210,957
4.82%, 3/14/49^(b)			620,000		762,488
					973,445

Russia – 0.4%
Russian Federal Bond - OFZ, 7.10%, 10/16/24	RUB		16,152,000		262,418

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


		Par^(a)		Value

Russia (Continued)
8.50%, 9/17/31	RUB	$	28,110,000	$	510,781
Russian Foreign Bond - Eurobond, 5.62%, 4/04/42^(b)			800,000		988,056
					1,761,255

South Africa – 0.1%
Anglo American Capital PLC, 3.63%, 9/11/24^(b)			200,000		207,501
4.00%, 9/11/27^(b)			400,000		415,336
					622,837

Spain – 0.2%
Banco de Sabadell S.A., 0.87%, 7/22/25	EUR		100,000		112,550
Banco Santander S.A., 2.71%, 6/27/24			400,000		406,202
4.38%, 4/12/28			200,000		219,551
Iberdrola International B.V., 2.50%, 10/24/22	EUR		100,000		120,040
Telefonica Emisiones S.A., 4.10%, 3/08/27			150,000		163,240
					1,021,583

Sweden – 0.1%
Svenska Handelsbanken AB, 1.95%, 9/08/20			500,000		500,306

Switzerland – 0.8%
Credit Suisse Group A.G.,
(3M USD LIBOR + 1.20%), 3.00%, 12/14/23^(b)(h)			500,000		507,199
(3M USD LIBOR + 1.41%), 3.87%, 1/12/29^(b)(h)			250,000		267,133
Glencore Funding LLC, 4.12%, 3/12/24^(b)			240,000		252,181
4.00%, 3/27/27^(b)			400,000		414,876
3.87%, 10/27/27^(b)			80,000		82,350
Novartis Finance S.A., 0.13%, 9/20/23	EUR		100,000		112,831
Roche Finance Europe B.V., 0.50%, 2/27/23	EUR		25,000		28,492
0.88%, 2/25/25	EUR		100,000		116,659
Tyco Electronics Group S.A., 3.12%, 8/15/27			18,000		18,518
UBS Group A.G.,
(3M USD LIBOR + 0.95%), 2.86%, 8/15/23^(b)(h)			200,000		202,874
(5Y USD Swap Rate + 4.34%), 7.00%, 1/31/24^(b)(h)(i)			200,000		214,500
4.25%, 3/23/28^(b)			770,000		848,752


		Par^(a)		Value

Switzerland (Continued)
(3M USD LIBOR + 1.47%), 3.13%, 8/13/30^(b)(h)		$	200,000	$	205,861
UBS Group Funding Switzerland A.G., 4.12%, 9/24/25^(b)			240,000		261,524
					3,533,750

United Arab Emirates – 0.2%
Abu Dhabi Government International Bond, 2.50%, 10/11/22^(b)			410,000		414,223
DP World PLC, 5.63%, 9/25/48^(b)			300,000		346,518
MDGH - GMTN B.V., 2.50%, 11/07/24^(b)			200,000		199,200
					959,941

United Kingdom – 1.3%
BAE Systems Holdings, Inc., 3.80%, 10/07/24^(b)			9,000		9,534
3.85%, 12/15/25^(b)			30,000		31,957
Barclays PLC,(3M USD LIBOR + 1.90%), 4.97%, 5/16/29^(h)			400,000		450,598
BAT Capital Corp., 3.22%, 9/06/26			35,000		34,788
3.56%, 8/15/27			300,000		301,678
4.54%, 8/15/47			210,000		203,095
BAT International Finance PLC, 3.95%, 6/15/25^(b)			163,000		170,389
BP Capital Markets PLC, 3.81%, 2/10/24			6,000		6,413
3.54%, 11/04/24			2,000		2,137
GlaxoSmithKline Capital PLC, 3.38%, 6/01/29			100,000		108,155
GlaxoSmithKline Capital, Inc., 3.88%, 5/15/28			26,000		29,048
6.37%, 5/15/38			5,000		7,318
HSBC Holdings PLC,
(3M USD LIBOR + 1.55%), 4.04%, 3/13/28^(h)			235,000		251,850
(3M USD LIBOR + 1.53%), 4.58%, 6/19/29^(h)			700,000		783,097
(3M USD LIBOR + 1.61%), 3.97%, 5/22/30^(h)			230,000		248,351
Lloyds Banking Group PLC, 3.75%, 1/11/27			200,000		211,543
4.37%, 3/22/28			290,000		320,312
RELX Capital, Inc., 3.50%, 3/16/23			97,000		100,634
1.30%, 5/12/25	EUR		100,000		117,914
4.00%, 3/18/29			96,000		105,549

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par^(a)		Value

United Kingdom (Continued)
Reynolds American, Inc., 4.45%, 6/12/25	$	340,000	$	364,868
5.85%, 8/15/45		80,000		88,949
Royal Bank of Scotland Group PLC,
(3M USD LIBOR + 1.76%), 4.27%, 3/22/25^(h)		200,000		212,200
(3M USD LIBOR + 1.91%), 5.08%, 1/27/30^(h)		200,000		229,203
Santander UK Group Holdings PLC, 2.88%, 10/16/20		134,000		134,786
3.13%, 1/08/21		50,000		50,535
Santander UK PLC, 5.00%, 11/07/23^(b)		600,000		646,390
Standard Chartered PLC, (3M USD LIBOR + 1.56%), 3.79%, 5/21/25^(b)(h)		200,000		207,964
Vodafone Group PLC, 3.75%, 1/16/24		85,000		89,605
4.12%, 5/30/25		45,000		48,855
4.37%, 5/30/28		197,000		218,876
5.00%, 5/30/38		9,000		10,299
4.37%, 2/19/43		51,000		53,285
5.25%, 5/30/48		96,000		111,838
5.12%, 6/19/59		1,000		1,149
				5,963,162

Uruguay – 0.2%
Uruguay Government International Bond, 4.37%, 10/27/27		210,000		231,527
4.38%, 1/23/31		210,000		234,257
5.10%, 6/18/50		440,000		526,900
				992,684

Total Foreign Issuer Bonds (Cost $49,171,886)				52,363,955

Term Loans – 0.0%^(d)(g)
Distribution/Wholesale – 0.0%^(g)
KAR Auction Services, Inc., TrancheB-6 Term Loan, (1M USD LIBOR + 2.25%), 4.13%, 9/19/26^(b)		14,824		14,861

Oil & Gas – 0.0%^(g)
CITGO Holding, Inc., Term Loan, (1M USD LIBOR + 7.00%, 1.00% Floor), 8.79%, 8/01/23		15,000		15,113

Total Term Loans (Cost $30,041)				29,974


	Par		Value

U.S. Government Agencies – 0.7%^(l)
Federal Home Loan Banks – 0.7%
FHLB Discount Notes, 0.00%, 12/27/19^(j)	$	2,080,000	$	2,074,596
0.00%, 1/23/20^(j)		1,060,000		1,056,041
				3,130,637

Total U.S. Government Agencies (Cost $3,129,420)				3,130,637

U.S. Government Obligations – 16.3%
U.S. Treasury Bonds – 3.8%
4.25%, 5/15/39		72,000		98,260
4.50%, 8/15/39		72,000		101,422
4.37%, 11/15/39		72,000		99,942
3.12%, 2/15/43		274,000		322,945
2.88%, 5/15/43		274,000		310,359
3.62%, 8/15/43		274,000		349,297
3.75%, 11/15/43^(m)		274,000		356,221
2.88%, 11/15/46		267,000		305,392
3.00%, 2/15/48		3,657,000		4,291,690
3.00%, 8/15/48		1,710,000		2,010,118
3.00%, 2/15/49^(m)		4,700,000		5,540,859
2.88%, 5/15/49		1,030,000		1,186,834
2.25%, 8/15/49^(m)		2,252,000		2,287,715
				17,261,054

U.S. Treasury Inflation-Indexed Bonds – 1.1%
1.38%, 2/15/44		940,000		1,235,492
0.75%, 2/15/45		310,000		354,052
1.00%, 2/15/46		500,000		601,000
1.00%, 2/15/49		2,530,000		2,900,383
				5,090,927

U.S. Treasury Inflation-Indexed Notes – 4.3%
0.50%, 4/15/24		17,253,800		17,782,169
0.13%, 10/15/24		2,160,000		2,166,144
				19,948,313

U.S. Treasury Notes – 7.1%
2.00%, 7/31/20		1,063,000		1,066,031
2.50%, 12/31/20		796,000		804,084
1.13%, 7/31/21		1,196,000		1,186,750
1.75%, 7/31/21		642,000		643,956
1.50%, 1/31/22		1,063,000		1,062,253
1.75%, 4/30/22		1,009,000		1,014,439
1.50%, 9/15/22		75,000		74,985
1.38%, 10/15/22		84,000		83,655
2.12%, 12/31/22		540,000		550,083
2.75%, 5/31/23		540,000		562,887
2.12%, 7/31/24		540,000		554,407
1.75%, 7/31/24		584,000		589,908
1.50%, 9/30/24		384,000		383,475

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

U.S. Treasury Notes (Continued)
1.50%, 10/31/24	$	4,901,000	$	4,895,831
2.00%, 2/15/25		673,000		688,037
2.12%, 5/15/25		582,000		599,028
1.50%, 8/15/26		774,000		768,830
1.63%, 9/30/26		3,440,000		3,443,628
1.63%, 10/31/26		3,460,000		3,463,920
2.25%, 8/15/27		540,000		564,701
2.87%, 8/15/28^(m)		166,000		182,354
3.12%, 11/15/28		166,000		186,147
2.37%, 5/15/29		4,160,000		4,411,062
1.63%, 8/15/29^(m)		4,629,000		4,601,335
				32,381,786

Total U.S. Government Obligations (Cost $73,760,584)				74,682,080

Mortgage-Backed Securities – 44.7%
Federal Home Loan Mortgage Corporation – 3.7%
Multifamily Structured Pass Through Certificates,
Series K090, Class A2, 3.42%, 2/25/29		371,000		406,578
Series K091, Class A2, 3.50%, 3/25/29		210,000		233,301
Series K095, Class XAM, 1.24%, 6/25/29^(c)		500,000		51,883
Series K099, Class X1, 1.01%, 9/25/29^(c)		1,090,000		81,331
Series K736, Class X1, 1.31%, 7/25/26^(c)		2,000,027		147,415
Pool, #QA0639, 4.00%, 6/01/49		743,417		787,302
#QA0794, 3.00%, 7/01/49		98,480		100,176
#QA1597, 3.00%, 8/01/49		294,568		299,631
#QA1627, 3.00%, 8/01/49		97,537		99,289
#QA1859, 4.00%, 8/01/49		33,538		36,210
#QA2090, 3.00%, 8/01/49		98,992		100,940
#QA2427, 3.00%, 9/01/49		99,132		101,211
#RA1103, 3.00%, 7/01/49		196,125		200,609
#RA1224, 3.00%, 8/01/49		886,591		901,799
#RA1293, 3.00%, 9/01/49		296,668		305,462
#RA1340, 3.00%, 9/01/49		397,350		406,064
#RA1341, 3.00%, 9/01/49		99,531		101,960


	Par		Value

Federal Home Loan Mortgage Corporation (Continued)
#RA1343, 3.00%, 9/01/49	$	99,602	$	101,786
#RA1352, 3.00%, 9/01/49		397,177		404,233
#RA1355, 3.00%, 9/01/49		496,007		504,819
#RA1460, 10/01/49^(k)		199,702		204,082
#RA1493, 3.00%, 10/01/49		399,554		409,302
#RA1496, 3.00%, 10/01/49		299,419		305,524
#SB0034, 3.50%, 8/01/34		50,276		52,581
#SB0036, 3.00%, 4/01/33		2,598,854		2,673,133
#SB0094, 3.00%, 6/01/33		100,000		102,881
#SD0041, 4.00%, 7/01/49		182,252		193,879
#SD0052, 3.50%, 8/01/49		377,134		396,066
#SD8004, 3.00%, 8/01/49		2,858,671		2,905,290
#ZM1677, 3.00%, 9/01/46		1,197,314		1,233,213
#ZM5552, 4.00%, 2/01/48		50,877		55,305
#ZS7932, 3.00%, 12/01/32		155,524		160,038
#ZS8701, 3.50%, 6/01/33		305,800		317,085
#ZS9953, 4.00%, 2/01/47		37,558		40,235
#ZT1857, 4.50%, 3/01/49		2,111,060		2,315,001
				16,735,614

Federal Home Loan Mortgage Corporation Gold – 5.4%
Pool, #G08747, 3.00%, 2/01/47		667,484		685,204
#G08750, 3.00%, 3/01/47		436,927		447,911
#G08779, 3.50%, 9/01/47		962,825		998,966
#G08791, 3.00%, 12/01/47		745,162		761,935
#G08799, 3.00%, 2/01/48		154,373		157,679
#G08800, 3.50%, 2/01/48		251,518		260,991
#G08835, 3.50%, 9/01/48		254,527		261,999
#G08837, 4.50%, 9/01/48		723,154		761,778
#G08841, 3.50%, 10/01/48		2,306,816		2,373,345
#G08846, 3.50%, 11/01/48		1,297,707		1,334,309
#G08861, 3.50%, 2/01/49		488,613		501,659
#G08865, 3.50%, 3/01/49		821,947		844,308
#G08871, 3.50%, 4/01/49		76,567		78,649
#G08877, 4.00%, 5/01/49		1,138,324		1,181,043
#G08887, 3.00%, 6/01/49		4,073,712		4,145,404
#G60972, 4.50%, 5/01/47		57,097		61,972

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal Home Loan Mortgage Corporation Gold (Continued)
#G61047, 4.50%, 7/01/47	$	237,757	$	258,054
#G61079, 4.50%, 7/01/47		72,520		77,625
#G61677, 4.50%, 4/01/47		148,926		160,425
#G61727, 4.00%, 11/01/48		260,259		271,237
#G61739, 3.00%, 9/01/48		459,590		473,487
#G61813, 3.00%, 7/01/46		475,956		491,217
#G61989, 3.50%, 4/01/49		5,537,248		5,860,092
#G67715, 4.50%, 8/01/48		343,567		372,177
#G67721, 4.50%, 4/01/49		132,448		141,946
#Q41209, 3.50%, 6/01/46		68,140		71,685
#Q48752, 3.50%, 6/01/47		78,479		82,021
#Q53534, 3.00%, 1/01/48		35,871		36,655
#Q57853, 4.50%, 8/01/48		187,625		203,261
#Q59918, 4.50%, 7/01/48		448,610		486,702
#V84260, 3.50%, 6/01/48		352,734		369,426
#V85283, 3.50%, 3/01/49		280,274		291,439
				24,504,601

Federal National Mortgage Association – 15.2%
Alternative Credit Enhancement Securities,
Series2019-M4, Class A2, 3.61%, 2/25/31		100,000		111,043
Series2019-M5, Class A2, 3.27%, 1/25/29		110,000		118,442
Series2019-M6, Class A2, 3.45%, 1/01/29		210,000		231,830
Balloon Pool TBA, 10/25/49^(k)		100,000		100,340
Pool, #890696, 3.00%, 9/01/30		195,856		201,515
#890843, 3.00%, 9/01/47		87,246		89,615
#AK6740, 4.00%, 3/01/42		1,697,099		1,816,034
#AL3311, 3.50%, 3/01/43		2,586,534		2,736,508
#AL5597, 4.50%, 6/01/44		298,647		324,033
#AL9397, 3.00%, 10/01/46		229,273		235,369
#AL9475, 4.50%, 11/01/45		112,522		122,084
#AS0496, 3.00%, 9/01/28		32,320		33,284
#AS2947, 4.00%, 7/01/44		924,760		983,515
#AS5480, 4.50%, 7/01/45		87,572		95,826
#AS7313, 3.50%, 6/01/46		704,812		738,091
#AS7488, 3.00%, 7/01/46		1,155,878		1,196,602


	Par		Value

Federal National Mortgage Association (Continued)
#AS7726, 3.00%, 8/01/46	$	818,696	$	843,243
#AS7844, 3.00%, 9/01/46		225,007		231,128
#AS8269, 3.00%, 11/01/46		1,630,408		1,673,421
#AU6873, 4.50%, 11/01/43		152,570		169,798
#AW1281, 3.00%, 7/01/29		13,460		13,862
#AW4229, 3.00%, 7/01/29		59,423		61,354
#AX6435, 3.00%, 1/01/30		38,341		39,481
#BC1509, 3.00%, 8/01/46		149,231		153,308
#BC2817, 3.00%, 9/01/46		294,307		302,896
#BE2735, 4.50%, 10/01/47		16,782		18,132
#BH5764, 4.50%, 11/01/47		79,850		85,587
#BH9243, 3.00%, 1/01/33		429,166		440,664
#BJ8745, 3.50%, 8/01/49		35,567		37,233
#BJ8749, 3.50%, 9/01/49		31,697		33,288
#BJ9172, 4.50%, 5/01/48		390,415		422,701
#BL2201, 3.35%, 5/01/29		20,000		21,819
#BL2379, 3.09%, 5/01/29		100,000		107,358
#BL2454, 3.16%, 5/01/29		59,693		64,110
#BL2456, 3.26%, 5/01/29		59,570		64,357
#BL2457, 3.26%, 5/01/29		40,000		43,358
#BL2465, 3.24%, 5/01/29		100,000		108,369
#BL3152, 2.84%, 8/01/31		100,000		105,408
#BL3522, 2.52%, 10/01/29		20,000		20,484
#BL3540, 2.79%, 8/01/29		300,000		314,444
#BL3561, 2.74%, 8/01/29		100,000		104,290
#BL3619, 2.92%, 8/01/31		900,000		946,570
#BL3643, 2.92%, 8/01/31		100,000		105,078
#BL3644, 2.85%, 8/01/31		400,000		422,141
#BL3648, 2.85%, 8/01/31		100,000		105,535
#BL3677, 2.93%, 8/01/31		200,000		210,642
#BL3681, 2.86%, 8/01/31		100,000		105,539
#BL3700, 2.92%, 8/01/31		100,000		105,201
#BL3771, 2.77%, 8/01/31		200,000		209,448
#BL3776, 2.77%, 8/01/31		100,000		103,858
#BM1068, 3.50%, 1/01/32		20,200		21,133
#BM1922, 4.50%, 7/01/46		211,461		235,209
#BM3208, 4.50%, 11/01/47		145,457		154,619
#BM4226, 3.00%, 1/01/47		2,515,727		2,596,455

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal National Mortgage Association (Continued)
#BM4351, 4.50%, 8/01/48	$	145,089	$	157,088
#BM4614, 3.00%, 3/01/33		70,569		72,784
#BM4696, 3.00%, 3/01/47		1,328,266		1,370,049
#BM4751, 3.50%, 3/01/43		173,516		182,264
#BM4897, 3.50%, 12/01/46		178,782		187,577
#BM5024, 3.00%, 11/01/48		1,517,349		1,548,273
#BM5073, 3.00%, 4/01/48		1,174,112		1,206,537
#BM5304, 3.00%, 9/01/32		58,980		60,902
#BM5520, 3.50%, 2/01/47		1,074,489		1,119,301
#BM5526, 3.50%, 2/01/48		275,125		285,086
#BM5757, 4.00%, 8/01/48		542,828		586,081
#BM5862, 4.50%, 2/01/49		447,364		484,329
#BM5896, 4.50%, 5/01/48		203,558		220,687
#BM6019, 3.50%, 5/01/34		432,544		454,249
#BN0341, 12/01/48^(k)		384,168		410,249
#BN0691, 4.50%, 8/01/48		82,934		88,658
#BN1623, 4.50%, 11/01/48		129,909		139,151
#BN5424, 3.50%, 4/01/49		1,241,094		1,278,771
#BN6625, 3.50%, 5/01/49		791,919		837,475
#BN6688, 4.00%, 6/01/49		416,895		444,544
#BN7683, 4.00%, 8/01/49		88,404		94,267
#BN7715, 3.00%, 8/01/34		45,352		46,718
#BN9558, 3.00%, 7/01/49		196,244		199,655
#BO0968, 4.00%, 6/01/49		98,914		102,844
#BO1822, 3.50%, 7/01/34		11,846		12,285
#BO1837, 3.50%, 7/01/34		27,830		29,315
#BO1844, 3.50%, 8/01/49		460,250		483,354
#BO2186, 4.00%, 9/01/49		98,101		104,607


	Par		Value

Federal National Mortgage Association (Continued)
#BO2256, 3.00%, 10/01/49	$	500,000	$	510,965
#BO2864, 10/01/49^(k)		99,286		100,989
#BO3074, 3.00%, 8/01/49		96,596		98,258
#BO3106, 3.00%, 10/01/49		99,837		101,869
#BO3815, 3.00%, 8/01/49		197,129		200,514
#CA0858, 3.50%, 12/01/47		435,585		451,300
#CA1021, 4.50%, 1/01/48		202,593		217,082
#CA2855, 4.50%, 12/01/48		237,870		250,785
#CA3022, 3.50%, 1/01/34		198,709		209,442
#CA3094, 4.50%, 2/01/49		749,017		830,491
#CA3471, 3.50%, 5/01/49		386,741		401,812
#CA3478, 3.50%, 5/01/49		290,687		299,512
#CA3500, 4.00%, 5/01/49		347,478		377,703
#CA3516, 4.50%, 5/01/49		610,271		676,655
#CA3634, 3.50%, 6/01/49		197,737		205,973
#CA3637, 3.50%, 6/01/49		196,987		202,937
#CA3645, 3.50%, 6/01/49		1,647,529		1,742,298
#CA3668, 4.00%, 6/01/49		276,634		293,216
#CA3809, 3.00%, 7/01/49		196,147		200,919
#CA3821, 4.00%, 7/01/49		115,335		124,527
#CA3823, 4.00%, 7/01/49		4,510,923		4,870,423
#CA3826, 4.00%, 7/01/49		438,687		467,783
#CA3831, 4.00%, 7/01/49		131,816		143,283
#CA3832, 4.00%, 7/01/49		335,309		364,477
#CA4017, 3.00%, 8/01/49		396,231		403,271
#CA4078, 3.00%, 9/01/49		99,678		101,387
#CA4086, 3.00%, 9/01/34		121,000		124,980
#CA4088, 3.50%, 9/01/34		121,845		127,876

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

Federal National Mortgage Association (Continued)
#CA4112, 3.50%, 9/01/49	$	262,049	$	276,164
#CA4119, 4.00%, 9/01/49		315,219		334,114
#CA4133, 3.00%, 9/01/49		297,990		305,812
#CA4134, 3.00%, 9/01/49		498,524		509,457
#CA4170, 4.00%, 9/01/49		320,108		341,339
#FM1002, 3.50%, 1/01/48		1,316,662		1,375,497
#FM1326, 4.00%, 7/01/49		165,473		176,448
#FM1341, 3.00%, 8/01/49		97,570		99,424
#FM1373, 4.00%, 6/01/49		66,534		72,321
#FM1374, 4.00%, 8/01/49		31,794		34,327
#FM1419, 3.50%, 9/01/49		124,489		131,650
#FM1468, 8/01/49^(k)		910,772		975,881
#FM1578, 3.50%, 9/01/34		692,720		724,482
#FM1579, 3.50%, 10/01/34		492,527		513,227
#FM1628, 3.50%, 9/01/33		478,977		496,199
#FM1637, 4.50%, 5/01/49		400,000		427,942
#MA3060, 3.00%, 7/01/32		208,684		213,976
#MA3090, 3.00%, 8/01/32		212,837		218,261
#MA3210, 3.50%, 12/01/47		1,323,254		1,370,199
#MA3536, 4.00%, 12/01/48		2,203,014		2,286,220
#MA3537, 4.50%, 12/01/48		1,938,838		2,038,221
#MA3664, 4.00%, 5/01/49		7,055,719		7,317,697
#MA3665, 4.50%, 5/01/49		452,513		475,995
#MA3686, 3.50%, 6/01/49		1,996,682		2,048,316
#MA3804, 4.00%, 10/01/49		597,575		622,309
#MA3831, 11/01/39^(k)		92,442		95,088
				69,724,045

Government National Mortgage Association – 5.5%
Pool TBA, 11/01/49^(k)		121,000		122,607
Pool TBA, 11/01/49^(k)		4,704,000		4,842,176
Pool TBA, 11/01/49^(k)		2,600,000		2,698,312


	Par		Value

Government National Mortgage Association (Continued)
Pool TBA, 11/01/49^(k)	$	3,011,000	$	3,130,970
Pool TBA, 11/01/49^(k)		5,064,000		5,301,375
Pool TBA, 11/01/49^(k)		782,000		825,590
Pool TBA, 12/01/49^(k)		1,600,000		1,618,120
Pool TBA, 12/01/49^(k)		6,095,000		6,377,370
Government National Mortgage Association,
Series2014-H20, Class FA, (1M USD LIBOR + 0.43%, 0.43% Floor), 2.52%, 10/20/64^(d)		294,536		293,782
Series2019-123, Class A, 3.00%, 10/20/49		100,000		101,156
				25,311,458

Government National Mortgage Association I – 0.1%
Pool, #784571, 3.50%, 6/15/48		166,665		175,532
#AB2892, 3.00%, 9/15/42		268,639		277,578
#AB9108, 3.00%, 10/15/42		184,809		190,959
				644,069

Government National Mortgage Association II – 5.8%
Pool, #784577, 4.00%, 7/20/47		1,265,570		1,329,766
#784674, 3.50%, 4/20/48		186,721		196,457
#784825, 3.50%, 10/20/49		200,000		204,122
#BM7486, 3.50%, 7/20/49		497,774		518,399
#MA2678, 3.50%, 3/20/45		36,023		37,803
#MA3596, 3.00%, 4/20/46		859,620		889,509
#MA3663, 3.50%, 5/20/46		1,037,563		1,087,157
#MA3736, 3.50%, 6/20/46		1,370,828		1,435,324
#MA3937, 3.50%, 9/20/46		121,790		127,458
#MA4384, 4.50%, 4/20/47		524,122		551,808
#MA4511, 4.00%, 6/20/47		571,921		600,026
#MA4838, 4.00%, 11/20/47		572,314		600,528
#MA4899, 3.00%, 12/20/47		179,990		185,495
#MA4901, 4.00%, 12/20/47		253,066		265,574
#MA5019, 3.50%, 2/20/48		327,371		339,980

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

Government National Mortgage Association II (Continued)
#MA5020, 4.00%, 2/20/48	$	147,098	$	154,052
#MA5078, 4.00%, 3/20/48		801,197		838,701
#MA5137, 4.00%, 4/20/48		145,905		152,362
#MA5192, 4.00%, 5/20/48		536,501		559,895
#MA5265, 4.50%, 6/20/48		380,400		400,527
#MA5330, 4.00%, 7/20/48		150,675		157,107
#MA5331, 4.50%, 7/20/48		200,735		211,605
#MA5398, 4.00%, 8/20/48		151,801		158,377
#MA5467, 4.50%, 9/20/48		485,032		510,294
#MA5596, 4.50%, 11/20/48		1,796,153		1,884,555
#MA5711, 4.50%, 1/20/49		955,146		1,000,818
#MA5762, 3.50%, 2/20/49		274,307		284,795
#MA5877, 4/20/49^(k)		193,720		202,983
#MA5931, 4.00%, 5/20/49		393,020		409,327
#MA6090, 3.50%, 8/20/49		3,887,913		4,040,167
#MA6153, 3.00%, 9/20/49		4,390,484		4,519,840
#MA6154, 3.50%, 9/20/49		2,614,513		2,717,459
				26,572,270

Uniform Mortgage-Backed Securities – 9.0%
Pool TBA, 11/01/34^(k)		3,470,000		3,507,275
Pool TBA, 11/01/34^(k)		1,404,600		1,438,234
Pool TBA, 11/01/34^(k)		480,000		497,231
Pool TBA, 11/01/34^(k)		444,000		462,849
Pool TBA, 11/01/49^(k)		1,042,000		1,036,098
Pool TBA, 11/01/49^(k)		5,716,000		5,808,222
Pool TBA, 11/01/49^(k)		3,922,000		4,026,791
Pool TBA, 11/01/49^(k)		13,533,000		14,043,659
Pool TBA, 11/01/49^(k)		4,724,000		4,968,688
Pool TBA, 11/01/49^(k)		775,000		828,856
Pool TBA, 11/01/49^(k)		895,000		964,794
Pool TBA, 12/01/49^(k)		900,000		894,267
Pool TBA, 12/01/49^(k)		2,400,000		2,492,437
				40,969,401

Total Mortgage-Backed Securities (Cost $201,735,716)				204,461,458


	Par		Value

Municipal Bonds – 2.3%
California – 0.5%
Bay Area Toll Authority Toll Bridge Taxable Revenue Refunding Bonds, San Francisco Bay Area, 2.43%, 4/01/26	$	95,000	$	96,446
Bay Area Toll Bridge Authority Subordinate Revenue Bonds, Series S1, Build America Bonds, 7.04%, 4/01/50		150,000		248,014
Bay Area Toll Bridge Authority Taxable Revenue Bonds, Series S3, Build America Bonds, 6.91%, 10/01/50		50,000		83,044
California State Taxable GO Unlimited Refunding Bonds, 4.60%, 4/01/38		215,000		238,523
California State Various Purpose Bid Group Taxable GO Unlimited Bonds, 2.65%, 4/01/26		140,000		144,259
California State Various Purpose Taxable GO Unlimited Bonds, Build America Bonds, 7.50% 4/01/34		35,000		53,567
7.55% 4/01/39		80,000		131,212
Los Angeles Community College District GO Unlimited Bonds, Build America Bonds, 6.60%, 8/01/42		45,000		70,347
Los Angeles Department of Water & Power System Revenue Bonds, Build America Bonds, 6.57%, 7/01/45		15,000		23,442
Los Angeles Department Water & Power Revenue Bonds, Build America Bonds, 6.60%, 7/01/50		85,000		137,256
Los Angeles Unified School District GO Unlimited Bonds, Series RY, Build America Bonds, 6.76%, 7/01/34		100,000		140,211
Sacramento County Sanitation Districts Financing Authority Variable Revenue Refunding Bonds, Series B, Sacramento County Regional (NATL Insured), 1.96%, 12/01/35^(d)		140,000		134,210

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

California (Continued)
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series F, 5.00%, 5/01/50	$	40,000	$	49,210
San Jose Redevelopment Agency Successor Agency Senior Tax Allocation Taxable Refunding Bonds, SeriesA-T, 3.18%, 8/01/26		30,000		31,892
University of California Revenue Bonds, Build America Bonds, 5.77%, 5/15/43		135,000		184,787
University of California Revenue Refunding Bonds, Series AO, 5.00%, 5/15/32		30,000		35,866
University of California Taxable General Revenue Bonds, Series AD, 4.86%, 5/15/12⁽ⁿ⁾		15,000		19,441
University of California Taxable General Revenue Bonds, Series AJ, 4.60%, 5/15/31		55,000		63,784
University of California Taxable General Revenue Bonds, Series BD, 3.35%, 7/01/29		85,000		92,003
University of California Taxable General Revenue Refunding Bonds, Series AX, 3.06%, 7/01/25		140,000		147,123
				2,124,637

Colorado – 0.1%
Colorado State Building Excellent Schools Today COPS, Series N, 5.00%, 3/15/38		120,000		146,682
Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, SeriesA-2, Commonspirit Health, 5.00%, 8/01/44		180,000		212,794
				359,476

Connecticut – 0.0%^(g)
Connecticut State Taxable GO Unlimited Bonds, Series A, 5.73% 3/15/24		40,000		46,103
5.85% 3/15/32		80,000		105,911
				152,014


	Par		Value

Delaware – 0.0%^(g)
Delaware State GO Unlimited Bonds, 5.00%, 2/01/24	$	150,000	$	174,072

Florida – 0.0%^(g)
Miami-Dade County Aviation Taxable Revenue Refunding Bonds, Series E, 2.53%, 10/01/30		75,000		74,016
Putnam County Development Authority Revenue Refunding Bonds, Series A, Seminole Project, 5.00%, 3/15/42		20,000		23,763
				97,779

Georgia – 0.1%
Atlanta Water & Wastewater Revenue Refunding Bonds, 5.00%, 11/01/40		90,000		104,469
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Refunding Bonds, Series A, 4.00%, 7/01/25		100,000		114,827
Metropolitan Atlanta Rapid Transit Authority Sales TRB, Series A, 5.00%, 7/01/41		40,000		46,518
Municipal Electric Authority of Georgia Revenue Bonds, Build America Bonds, 6.65%, 4/01/57		25,000		36,258
Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds, 6.64%, 4/01/57		21,000		29,426
				331,498

Illinois – 0.1%
Illinois State Taxable Pension GO Unlimited Bonds, 5.10%, 6/01/33		175,000		189,208

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

Indiana – 0.1%
Indiana Finance Authority Wastewater Utility Revenue Bonds, Series A, First Lien, 5.00%, 10/01/45	$	150,000	$	170,668
Indiana Finance Authority Wastewater Utility Revenue Bonds, Series A, First Lien, CWA Authority Project Green Bonds, 5.00%, 10/01/46		50,000		58,732
				229,400

Maryland – 0.0%^(g)
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Medstar Health, Inc., 5.00% 8/15/25		30,000		35,413
5.00% 8/15/27		20,000		23,539
				58,952

Massachusetts – 0.0%^(g)
Massachusetts State GO Limited Bonds, Series H, Taxable Consolidated Loan of 2019, 2.90%, 9/01/49		60,000		57,724

Michigan – 0.0%^(g)
Michigan State Finance Authority Revenue Refunding Bonds, Henry Ford Health System, 5.00%, 11/15/28		20,000		24,301

Mississippi – 0.0%^(g)
Mississippi State Hospital Equipment & Facilities Authority Revenue Bonds, Baptist Memorial Health Corp., 5.00%, 9/01/46		90,000		100,949

Missouri – 0.1%
Kansas City IDA Airport Special Obligation Revenue Bonds (AMT), (AGM Insured), 5.00%, 3/01/49		55,000		65,502
Missouri State Health & Educational Facilities Authority Taxable Revenue Refunding Bonds, Series A, Washington University, 3.65%, 1/15/46		180,000		200,266
				265,768


	Par		Value

Nevada – 0.0%^(g)
North Las Vegas GO Limited Refunding Bonds (BAM Insured), 5.00%, 6/01/28	$	140,000	$	175,917

New Jersey – 0.1%
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Federal Highway Reimbursement Notes, 5.00%, 6/15/27		90,000		106,391
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series BB, 4.00%, 6/15/44		150,000		156,480
New Jersey State Transportation Trust Fund Authority Taxable Revenue Bonds, Series C, Build America Bonds, 5.75%, 12/15/28		45,000		52,421
New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds, 7.42%, 1/01/40		100,000		160,134
Rutgers State University Taxable Revenue Refunding Bonds, Series R, 3.27%, 5/01/43		30,000		30,456
				505,882

New York – 0.5%
Metropolitan Transportation Authority Dedicated Tax Fund Taxable Revenue Bonds, Build America Bonds, 7.33%, 11/15/39		50,000		78,815
Metropolitan Transportation Authority Revenue Bonds, Build America Bonds, 5.87%, 11/15/39		25,000		32,923
Metropolitan Transportation Authority Revenue Bonds, Series C, Group 1, Green Bonds, 5.00% 11/15/40		40,000		49,165
5.00% 11/15/42		50,000		61,179
Metropolitan Transportation Authority Revenue Bonds, Series C, Group 1, Green Bonds(AGM-CR Insured), 5.00%, 11/15/41		30,000		36,988

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

New York (Continued)
Metropolitan Transportation Authority Revenue Bonds, Series C, Group 1, Green Bonds (BAM Insured), 5.00%, 11/15/43	$	30,000	$	36,845
New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Build America Bonds, 5.44%, 6/15/43		100,000		140,636
New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution Taxable Revenue Bonds, 5.88%, 6/15/44		15,000		22,024
New York City Municipal Water Finance Authority Water & Sewer System Taxable Revenue Bonds, Build America Bonds, 6.01%, 6/15/42		15,000		22,276
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 3.60% 2/01/25		60,000		64,068
3.75% 11/01/25		55,000		58,329
3.90% 8/01/31		25,000		27,509
New York City Transitional Finance Authority Taxable Future Tax Secured Revenue Bonds, 3.35%, 11/01/30		85,000		90,035
New York City Transitional Finance Authority Taxable Future Tax Secured Subordinate Revenue Bonds, 3.65%, 11/01/24		55,000		58,315
New York City Transitional Finance Authority Taxable Subordinate Revenue Bonds, Series B2, 2.79%, 8/01/25		225,000		232,519
New York GO Unlimited Bonds, SubseriesF-1, 5.00%, 4/01/43		40,000		48,421
New York State Dormitory Authority Personal Income TRB, Build America Bonds, 5.39%, 3/15/40		30,000		39,464


	Par		Value

New York (Continued)
New York State Transportation Development Corp. Special Facility Revenue Bonds (AMT), LaGuardia Airport Terminal B Redevelopment, 5.00% 7/01/46	$	90,000	$	99,497
5.25% 1/01/50		90,000		100,463
New York Taxable GO Unlimited Bonds, Series A, Fiscal 2020, 2.85% 8/01/31		75,000		76,679
2.90% 8/01/32		125,000		127,964
New York Taxable GO Unlimited Bonds, SeriesF-1, Build America Bonds, 6.27%, 12/01/37		60,000		85,129
New York Taxable GO Unlimited Bonds, SubseriesD-2, Fiscal 2019, 3.53% 12/01/25		45,000		48,670
3.76% 12/01/27		15,000		16,644
New York Taxable GO Unlimited Refunding Bonds, Series B, 2.80%, 2/15/32		70,000		70,908
Port Authority of New York & New Jersey Consolidated 165th Taxable Revenue Bonds, 5.65%, 11/01/40		70,000		95,772
Port Authority of New York & New Jersey Consolidated 168th Revenue Bonds, 4.93%, 10/01/51		320,000		428,118
Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series 181, 4.96%, 8/01/46		45,000		59,918
				2,309,273

North Carolina – 0.1%
Mooresville Limited Obligation Revenue Refunding Bonds, 5.00%, 11/01/31		380,000		447,682

Ohio – 0.1%
American Municipal Power-Ohio, Inc. Revenue Bonds, Build America Bonds, 6.45%, 2/15/44		80,000		114,602

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

Ohio (Continued)
American Municipal Power-Ohio, Inc. Taxable Revenue Bonds, Series B, Build America Bonds, Combined Hydroelectric Projects, 7.83%, 2/15/41	$	65,000	$	104,001
JobsOhio Beverage System Statewide Liquor Profits Taxable Revenue Bonds, Series B, 3.99%, 1/01/29		55,000		60,610
				279,213

Oregon – 0.1%
Oregon State School Board Association Short-Term Program Certificates Taxable Pension GO Limited Bonds (AMBAC School Board Guaranty Program Insured), 4.76%, 6/30/28		35,000		39,584
Oregon State School Boards Association Short-Term Borrowing Program Certificates Taxable Pension GO Limited Bonds, Series B (NATL Insured), 5.55% 6/30/28		100,000		119,490
5.68% 6/30/28		140,000		168,163
Oregon State Taxable Pension GO Unlimited Bonds, 5.89%, 6/01/27		115,000		139,350
				466,587

Pennsylvania – 0.1%
Berks County IDA Health System Revenue Refunding Bonds, Tower Health Project, 5.00%, 11/01/47		90,000		102,418
Commonwealth Financing Authority Taxable Revenue Bonds, Series A, 3.81%, 6/01/41		155,000		169,372
Pennsylvania State Turnpike Commission Subordinate Revenue Bonds, SeriesB-1, 5.25%, 6/01/47		130,000		153,643
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds, SeriesA-1, 5.00%, 12/01/46		100,000		116,005
				541,438


	Par		Value

South Carolina – 0.0%^(g)
South Carolina State Public Services Authority Taxable Obligations Revenue Bonds, Series D, 2.39%, 12/01/23	$	35,000	$	35,250
South Carolina State Public Services Authority Taxable Obligations Revenue Bonds, Series E, 3.72%, 12/01/23		53,000		55,675
				90,925

Texas – 0.1%
Aldine Independent School District School Building GO Unlimited Bonds (PSF, Gtd), 5.00%, 2/15/43		10,000		12,070
Dallas-Fort Worth International Airport Taxable Revenue Refunding Bonds, Series A, 3.14%, 11/01/45		35,000		35,136
San Antonio Electric & Gas Revenue Bonds, Junior Lien, Build America Bonds, 5.81%, 2/01/41		40,000		56,967
Texas State Private Activity Bond Surface Transportation Corp. Revenue Bonds (AMT), Segment 3C Project, 5.00%, 6/30/58		100,000		116,472
Texas State Water Development Board Revenue Bonds, State Water Implementation Fund, 5.00%, 4/15/23		20,000		22,566
				243,211

Utah – 0.0%^(g)
Salt Lake City Airport Revenue Bonds, Series A (AMT), 5.00%, 7/01/47		90,000		105,042

Virginia – 0.0%^(g)
Virginia Small Business Financing Authority Private Activity Revenue Bonds (AMT), Transform 66 P3 Project, 5.00%, 12/31/52		90,000		103,021

Washington – 0.2%
Chelan County Public Utility District No. 1 Capital Appreciation Revenue Refunding Bonds, Series A (NATL Insured), 0.00%, 6/01/28^(j)		210,000		177,763

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Par		Value

Washington (Continued)
Seattle Municipal Light & Power Improvement Revenue Bonds, 5.00% 4/01/44	$	275,000	$	340,112
5.00% 4/01/45		150,000		185,276
5.00% 4/01/48		70,000		86,115
				789,266

Wisconsin – 0.0%^(g)
PFA Revenue Bonds (AMT), Denver International Airport, 5.00%, 9/30/49		110,000		113,021

Total Municipal Bonds (Cost $9,897,962)				10,336,256

	Number of Shares

Investment Companies – 4.8%
BlackRock Allocation Target Shares - BATS, Series A		821,718		8,291,129
Schwab U.S. TIPS ETF		242,173		13,726,366

Total Investment Companies (Cost $21,306,623)				22,017,495

	Par

Short Term Investments – 1.3%
Borrowed Bond Agreements – 0.1%
Credit Suisse Group A.G., 1.00%, Open (Purchased on 10/07/19 to be repurchased at $13,209, collateralized by YPF S.A., 6.95%, due 7/21/27, par and fair value of $13,000 and $9,705, respectively)^(o)		10,108		10,108
Barclays PLC, 0.75%, Open (Purchased on 10/07/19 to be repurchased at $16,386, collateralized by YPF S.A., 6.95%, due 7/21/27, par and fair value of $17,000 and $12,691, respectively)^(o)		13,321		13,321


			Par		Value

Borrowed Bond Agreements (Continued)
BofA Securities, Inc., 1.78%, Open (Purchased on 10/31/19 to be repurchased at $39,094, collateralized by U.S. Treasury Notes, 2.00%, due 5/31/24, par and fair value of $38,000 and $39,093, respectively)^(o)			$	39,092	$	39,092
BofA Securities, Inc., 1.72%, Open (Purchased on 10/31/19 to be repurchased at $95,913, collateralized by U.S. Treasury Notes, 1.25%, due 8/31/24, par and fair value of $97,000 and $95,909, respectively)^(o)				95,909		95,909
BofA Securities, Inc., 1.68%, Open (Purchased on 10/31/19 to be repurchased at $250,637, collateralized by U.S. Treasury Notes, 1.50%, due 8/15/22, par and fair value of $250,000 and $250,625, respectively)^(o)				250,625		250,625
						409,055

Commercial Paper – 0.2%
Santander UK PLC, 2.07%, 1/07/20^(f)				890,000		886,947

Money Market Fund – 1.0%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(p)				4,809,565		4,809,565

Total Short Term Investments (Cost $6,105,208)						6,105,567

	Number of Contracts		Notional Amount

Purchased Options – 0.0%^(g)
Call Options – 0.0%^(g)
10-Year U.S. Treasury Note, Strike Price $130.00, Expires 11/22/19		13		1,693,900		9,141
10-Year U.S. Treasury Note, Strike Price $129.25, Expires 11/22/19		2		260,600		2,438
10-Year U.S. Treasury Note, Strike Price $129.75, Expires 11/01/19		3		390,900		1,781

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Number of Contracts		Notional Amount		Value

Call Options (Continued)
10-Year U.S. Treasury Note, Strike Price $129.50, Expires 11/22/19		2	$	260,600	$	2,063
1-Year Mid Curve Option, Strike Price $991.25, Expires 3/13/20		176		43,291,600		18,700
1-Year Mid Curve Option, Strike Price $990.00, Expires 3/13/20		88		21,645,800		14,300
5-Year U.S. Treasury Note, Strike Price $119.25, Expires 11/22/19		4		476,800		1,281
5-Year U.S. Treasury Note, Strike Price $119.00, Expires 11/22/19		12		1,430,400		5,344
5-Year U.S. Treasury Note, Strike Price $118.75, Expires 11/22/19		4		476,800		2,406
5-Year U.S. Treasury Note, Strike Price $118.50, Expires 11/22/19		6		715,200		4,734
Brazilian Real vs. U.S. Dollar, Strike Price $4.30, Expires 11/04/19		1		21,000		0
Brazilian Real vs. U.S. Dollar, Strike Price $4.25, Expires 12/05/19		1		42,000		92
Singapore Dollar vs. U.S. Dollar, Strike Price $1.39, Expires 11/08/19		1		109,000		1
Singapore Dollar vs. U.S. Dollar, Strike Price $1.38, Expires 11/13/19		1		86,000		8
Taiwan Dollar vs. U.S. Dollar, Strike Price $30.75, Expires 11/14/19		1		85,000		60
U.S. Treasury Long Bond, Strike Price $161.00, Expires 11/22/19		3		484,140		4,359
U.S. Treasury Long Bond, Strike Price $160.00, Expires 11/22/19		10		1,613,800		20,469
U.S. Treasury Long Bond, Strike Price $158.50, Expires 11/22/19		2		322,760		6,344
U.S. Treasury Long Bond, Strike Price $159.00, Expires 11/22/19		2		322,760		5,531
						99,052

Call Swaptions – 0.0%^(g)
Pay3-Month LIBOR (Quarterly); Receive 1.70% (Semi-Annually): Interest Rate Swap Maturing 03/19/2030, Strike Price $1.70, Expires 3/17/20		3		942,000		19,454


	Number of Contracts		Notional Amount		Value

Put Options – 0.0%^(g)
5-Year U.S. Treasury Note, Strike Price $118.50, Expires 11/22/19		4	$	476,800	$	813
Brazilian Real vs. U.S. Dollar, Strike Price $3.40, Expires 11/22/19		1		124,000		0
Brazilian Real vs. U.S. Dollar, Strike Price $3.65, Expires 11/22/19		1		298,000		7
Brazilian Real vs. U.S. Dollar, Strike Price $3.90, Expires 11/07/19		1		187,000		4
Brazilian Real vs. U.S. Dollar, Strike Price $4.12, Expires 11/04/19		1		43,000		1,186
Brazilian Real vs. U.S. Dollar, Strike Price $4.08, Expires 11/14/19		1		85,000		1,766
Brazilian Real vs. U.S. Dollar, Strike Price $3.95, Expires 11/04/19		1		86,000		63
Brazilian Real vs. U.S. Dollar, Strike Price $3.98, Expires 11/26/19		1		299,000		2,671
Brazilian Real vs. U.S. Dollar, Strike Price $4.00, Expires 11/04/19		1		64,000		246
Brazilian Real vs. U.S. Dollar, Strike Price $3.96, Expires 11/13/19		1		160,000		773
Chinese Yuan vs. U.S. Dollar, Strike Price $0.00, Expires 1/23/20		1		11,000		3,465
Indian Rupees vs. U.S. Dollar, Strike Price $71.50, Expires 11/18/19		1		64,000		435
Japanese Yen vs. Euro, Strike Price $119.65, Expires 11/26/19		2		173,000		680
Japanese Yen vs. U.S. Dollar, Strike Price $106.00, Expires 12/17/19		1		1,866,000		6,547
Japanese Yen vs. U.S. Dollar, Strike Price $106.00, Expires 12/20/19		1		1,647,000		6,305
Mexican Peso vs. U.S. Dollar, Strike Price $19.40, Expires 11/13/19		1		54,000		563
Mexican Peso vs. U.S. Dollar, Strike Price $18.95, Expires 11/27/19		1		64,000		145
Ruble vs. U.S. Dollar, Strike Price $64.50, Expires 11/18/19		1		64,000		534
Russian Ruble vs. U.S. Dollar, Strike Price $62.90, Expires 11/18/19		2		96,000		44

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


	Number of Contracts		Notional Amount		Value

Put Options (Continued)
Russian Ruble vs. U.S. Dollar, Strike Price $63.80, Expires 11/14/19		1	$	214,000		$ 709
South African Rand vs. U.S. Dollar, Strike Price $14.90, Expires 11/14/19		1		107,000		608
U.S. Treasury Long Bond, Strike Price $160.00, Expires 11/22/19		6		968,280		4,031
						31,595

Put Swaptions – 0.0%^(g)
Pay 1.70% (Semi-Annually); Receive3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 03/19/2030, Strike Price $1.70, Expires 3/17/20		3		942,000		10,296
Pay 2.00% (Semi-Annually); Receive3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 01/31/2030, Strike Price $2.00, Expires 1/29/20		1		2,313,000		10,758
						21,054

Total Purchased Options (Cost $206,162)						171,155

Total Long Positions–112.8% (Cost $502,751,702)						516,270,128


	Par			Value

Short Positions – (3.6)%
U.S. Government Obligations – (0.1)%
U.S. Treasury Notes – (0.1)%
1.50%, 8/15/22^(m)		$(250,000	)		$(249,922	)
2.00%, 5/31/24^(m)		(38,000	)		(38,807	)
1.25%, 8/31/24^(m)		(97,000	)		(95,799	)
					(384,528	)


Total U.S. Government Obligations (Cost $(386,297))					(384,528	)

Foreign Issuer Bonds – (0.0)%^(g)
Argentina – (0.0)%^(g)
YPF S.A., 6.95%, 7/21/27^(b)(m)		(30,000	)		(22,395	)


Total Foreign Issuer Bonds (Cost $(22,967))					(22,395	)


	Par			Value

Mortgage-Backed Securities – (3.5)%
Pool TBA^(k)		(11,626,571	)		(11,802,084	)
Pool TBA^(k)		(4,081,000	)		(4,232,178	)
Pool TBA^(k)		(41,000	)		(42,551	)


Total Mortgage-Backed Securities (Proceeds $(16,017,807))					(16,076,813	)


Total Short Positions – (3.6)% (Cost $(16,427,071))					(16,483,736	)


Total Written Options–(0.1)% (Premiums Received $(306,116))					(214,824	)


Liabilities less Other Assets – (9.1)%^(q)					(41,840,773	)


NET ASSETS – 100.0%				$	457,730,795

^(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, 2019 is disclosed.

^(d)	Variable rate security. Rate as of October 31, 2019 is disclosed.

^(e)	Step coupon bond. Rate as of October 31, 2019 is disclosed.

^(f)	Discount rate at the time of purchase.

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

^(h⁾	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

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

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund

^(j)	Zero coupon bond.

^(k)	When-Issued Security. Coupon rate was not in effect at October 31, 2019.

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

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

⁽ⁿ⁾	Century bond maturing in 2112.

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

^(p)	7-day current yield as of October 31, 2019 is disclosed.

^(q)	Includes appreciation/ (depreciation) on forward foreign currency exchange, futures, swap and written options contracts.

Percentages shown are based on Net Assets

Abbreviations:



1M		1 Month

3M		3 Month

5Y		5 Year

AGM		Assured Guarantee Municipal Corporation

AMBAC		American Municipal Bond Assurance Corporation

AMT		Alternative Minimum Tax

BAM		Build America Mutual

CLO		Collateralized Loan Obligation

CMT		Constant Maturity

COP		Colombian Peso

COPS		Certificates of Participation

CR		Custody Receipt

CWA		Clean Water Act

EGP		Egyptian Pound

ETF		Exchange-Traded Fund

EUR		Euro

FHLB		Federal Home Loan Bank

FHLMC		Federal Home Loan Mortgage Corporation

FNMA		Federal National Mortgage Association

GMTN		Global Medium Term Note

GO		Government Obligation

Gtd		Guaranteed

IDA		Industrial Development Authority

IDR		Indonesian Rupiah

LIBOR		London Interbank Offered Rate

LLC		Limited Liability Company

MXN		Mexican Peso

NATL		National Public Finance Guarantee Corporation

PFA		Public Finance Authority

PLC		Public Limited Company

PSF		Permanent School Fund

RUB		Russian Ruble

TBA		To be announced

TIPS		Treasury Inflation Protected Securities

TRB		Tax Revenue Bonds

USD		United States Dollar

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund

Futures Contracts outstanding at October 31, 2019:

Exchange Traded


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

Long Contracts
Euro-BTP		5			12/06/2019		EUR		805,637		$ (3,805	)
Euro-Schatz		85			12/06/2019		EUR		10,624,293		(824	)
90-Day Eurodollar		41			12/16/2019		USD		10,058,325		(1,300	)
10-Year U.S. Treasury Note		279			12/19/2019		USD		36,352,828		32,036
U.S. Treasury Long Bond		7			12/19/2019		USD		1,129,625		313
Ultra U.S. Treasury Bond		113			12/19/2019		USD		21,441,750		(440,178	)
2-Year U.S. Treasury Note		431			12/31/2019		USD		92,924,273		53,909
5-Year U.S. Treasury Note		397			12/31/2019		USD		47,323,641		4,956
90-Day Eurodollar		3			3/16/2020		USD		737,925		5,850
90-Day Eurodollar		23			6/15/2020		USD		5,663,175		29,125
90-Day Eurodollar		110			3/15/2021		USD		27,120,500		19,432


Total Long Contracts											$(300,486	)


Short Contracts
30-Day Federal Fund Rate		(111	)		11/29/2019		USD		45,519,423		$ (36,743	)
Euro-Bobl		(22	)		12/06/2019		EUR		3,303,117		31,830
Euro-Bund		(4	)		12/06/2019		EUR		766,256		7,890
10-Year U.S. Treasury Note		(64	)		12/19/2019		USD		8,339,000		(40,124	)
Ultra10-Year U.S. Treasury Note		(76	)		12/19/2019		USD		10,800,313		162,303
30-Year Euro Buxl		(6	)		12/31/2019		EUR		1,405,010		61,372
5-Year U.S. Treasury Note		(10	)		12/31/2019		USD		1,192,031		(1,627	)
90-Day Eurodollar		(84	)		6/14/2021		USD		20,711,250		(51,475	)
90-Day Eurodollar		(110	)		3/13/2023		USD		27,099,875		(18,499	)


Total Short Contracts											$ 114,927

											$(185,559	)

Forward Foreign Currency Contracts outstanding at October 31, 2019:

Expiration

Date

Currency
Purchased

Amount
of Currency
Purchased

Currency

Sold

Amount

of Currency
Sold

Counterparty

Unrealized
Appreciation
(Depreciation)

12/18/19

British Pounds

891,000

U.S. Dollars

1,128,243

Morgan Stanley

$ 27,895

12/18/19

Brazilian Reals

2,217,468

U.S. Dollars

535,000

BNP

16,340

12/18/19

Brazilian Reals

2,217,468

U.S. Dollars

535,000

Citibank

16,340

12/18/19

British Pounds

487,266

Euro

552,000

JPMorgan Chase

14,456

12/18/19

British Pounds

327,831

Euro

370,000

Goldman Sachs

11,275

12/18/19

British Pounds

327,731

Euro

370,000

Citibank

11,145

11/06/19

Russian Rubles

8,976,150

U.S. Dollars

135,000

Morgan Stanley

4,862

12/18/19

British Pounds

162,432

Euro

184,000

Deutsche Bank

4,831

11/04/19

Brazilian Reals

652,232

U.S. Dollars

158,000

Citibank

4,590

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (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)
12/18/19	Brazilian Reals		992,169	U.S. Dollars	243,000	UBS		$ 3,688
12/18/19	Indonesian Rupiahs		3,800,510,000	U.S. Dollars	264,907	BNP		3,527
11/06/19	Mexican Pesos		3,233,043	U.S. Dollars	165,000	BNP		2,910
11/06/19	Russian Rubles		6,859,320	U.S. Dollars	104,000	JPMorgan Chase		2,878
11/04/19	Brazilian Reals		347,924	U.S. Dollars	84,000	JPMorgan Chase		2,731
11/13/19	U.S. Dollars		54,000	Chilean Pesos	38,439,900	Citibank		2,149
11/06/19	Indonesian Rupiahs		2,230,970,000	U.S. Dollars	157,000	BNP		1,729
02/05/20	U.S. Dollars		299,901	Indonesian Rupiahs	4,251,099,742	Barclays		1,359
11/04/19	Brazilian Reals		144,963	U.S. Dollars	35,000	Deutsche Bank		1,137
02/05/20	U.S. Dollars		150,354	Indonesian Rupiahs	2,125,550,000	BNP		1,083
11/06/19	Indonesian Rupiahs		3,627,781,742	U.S. Dollars	257,177	Citibank		881
11/13/19	Colombian Pesos		148,135,000	U.S. Dollars	43,000	JPMorgan Chase		807
11/20/19	U.S. Dollars		32,000	Chilean Pesos	23,312,000	Citibank		549
02/05/20	U.S. Dollars		149,792	Indonesian Rupiahs	2,125,549,742	Citibank		521
12/18/19	U.S. Dollars		355,000	Japanese Yen	38,153,980	BNP		506
11/06/19	Euro		38,000	U.S. Dollars	41,892	JPMorgan Chase		506
11/04/19	Brazilian Reals		53,752	U.S. Dollars	13,000	BNP		400
11/06/19	Mexican Pesos		835,512	U.S. Dollars	43,000	Citibank		393
01/22/20	U.S. Dollars		262,518	Russian Rubles	17,000,000	Morgan Stanley		377
11/20/19	U.S. Dollars		64,000	Indian Rupees	4,533,440	JPMorgan Chase		319
11/18/19	U.S. Dollars		214,000	Russian Rubles	13,739,835	Bank of America		289
11/21/19	Taiwan Dollars	��	4,079,630	U.S. Dollars	134,000	BNP		259
12/02/19	U.S. Dollars		43,000	Mexican Pesos	827,073	Bank of America		221
12/03/19	U.S. Dollars		110,000	Brazilian Reals	441,540	Citibank		131
11/06/19	U.S. Dollars		32,000	Mexican Pesos	613,972	UBS		113
12/03/19	U.S. Dollars		43,000	Brazilian Reals	172,366	Morgan Stanley		110
12/03/19	U.S. Dollars		50,000	Brazilian Reals	200,565	Deutsche Bank		93
12/18/19	U.S. Dollars		71,000	Japanese Yen	7,632,421	Citibank		86
12/04/19	U.S. Dollars		47,000	South Korean Won	54,871,278	BNP		82
11/06/19	U.S. Dollars		11,000	Russian Rubles	701,674	Goldman Sachs		67
11/21/19	U.S. Dollars		35,000	South African Rand	529,717	Morgan Stanley		42
11/21/19	U.S. Dollars		72,000	South African Rand	1,090,397	Bank of America		41
11/06/19	U.S. Dollars		67,500	Russian Rubles	4,329,788	Bank of America		36
11/12/19	Argentine Pesos		1,111,750	U.S. Dollars	18,653	Westpac Bank		9


Total Unrealized Appreciation								$ 141,763


11/06/19	Mexican Pesos		211,304	U.S. Dollars	11,000	Citibank		$ (26	)
11/06/19	U.S. Dollars		11,000	Mexican Pesos	212,420	Goldman Sachs		(32	)
11/18/19	Russian Rubles		6,876,355	U.S. Dollars	107,000	JPMorgan Chase		(44	)
12/03/19	Brazilian Reals		47,926	U.S. Dollars	12,000	Goldman Sachs		(75	)
11/13/19	U.S. Dollars		43,000	Colombian Pesos	145,662,500	Citibank		(76	)
11/06/19	U.S. Dollars		67,500	Russian Rubles	4,339,912	Citibank		(122	)
11/21/19	Russian Rubles		4,043,970	U.S. Dollars	63,000	Citibank		(127	)
12/03/19	Brazilian Reals		172,064	U.S. Dollars	43,000	UBS		(185	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (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)
11/05/19	U.S. Dollars	18,754	Euro	17,000	JPMorgan Chase		$ (212	)
11/21/19	Russian Rubles	2,043,520	U.S. Dollars	32,000	Bank of America		(229	)
11/06/19	Indonesian Rupiahs	4,251,099,742	U.S. Dollars	302,785	Barclays		(328	)
12/03/19	Brazilian Reals	340,085	U.S. Dollars	85,000	Citibank		(376	)
11/05/19	U.S. Dollars	37,542	Euro	34,000	Citibank		(391	)
11/06/19	Mexican Pesos	3,050,675	U.S. Dollars	159,000	UBS		(561	)
11/29/19	U.S. Dollars	10,000	Argentine Pesos	702,500	Goldman Sachs		(620	)
12/18/19	Japanese Yen	45,778,202	U.S. Dollars	426,000	Citibank		(668	)
11/04/19	U.S. Dollars	32,000	Brazilian Reals	131,096	BNP		(680	)
11/18/19	Russian Rubles	6,835,160	U.S. Dollars	107,000	Bank of America		(685	)
11/29/19	U.S. Dollars	6,000	Argentine Pesos	445,500	Morgan Stanley		(735	)
11/06/19	U.S. Dollars	41,618	Euro	38,000	JPMorgan Chase		(780	)
11/21/19	U.S. Dollars	268,000	Taiwan Dollars	8,170,784	Citibank		(898	)
11/06/19	U.S. Dollars	47,000	South Korean Won	56,650,980	HSBC		(1,641	)
11/06/19	U.S. Dollars	106,000	Indonesian Rupiahs	1,513,150,000	UBS		(1,658	)
11/21/19	South African Rand	1,595,905	U.S. Dollars	107,000	Bank of America		(1,681	)
11/04/19	U.S. Dollars	43,000	Brazilian Reals	179,572	Morgan Stanley		(1,764	)
11/06/19	U.S. Dollars	136,000	Russian Rubles	8,843,120	Bank of America		(1,789	)
11/06/19	U.S. Dollars	79,346	Indonesian Rupiahs	1,141,154,212	BNP		(1,845	)
11/05/19	U.S. Dollars	138,675	Euro	126,000	Goldman Sachs		(1,898	)
11/13/19	Chilean Pesos	38,623,500	U.S. Dollars	54,000	Deutsche Bank		(1,901	)
11/20/19	Chilean Pesos	46,011,901	U.S. Dollars	64,245	Citibank		(2,169	)
11/04/19	U.S. Dollars	96,000	Brazilian Reals	396,730	Citibank		(2,898	)
11/06/19	U.S. Dollars	149,000	Mexican Pesos	2,933,206	HSBC		(3,338	)
11/04/19	U.S. Dollars	15,000	Argentine Pesos	1,111,750	BNP		(3,406	)
11/13/19	Argentine Pesos	1,027,750	U.S. Dollars	20,000	HSBC		(3,517	)
12/18/19	U.S. Dollars	264,323	Indonesian Rupiahs	3,800,510,000	UBS		(4,111	)
11/04/19	U.S. Dollars	107,000	Brazilian Reals	448,704	Deutsche Bank		(4,854	)
11/06/19	U.S. Dollars	200,000	Mexican Pesos	3,965,980	Citibank		(5,975	)
11/06/19	U.S. Dollars	285,736	Indonesian Rupiahs	4,109,449,740	Bank of America		(6,644	)
01/22/20	U.S. Dollars	300,158	Colombian Pesos	1,041,547,450	Barclays		(6,924	)
12/18/19	U.S. Dollars	300,417	Colombian Pesos	1,041,547,450	Barclays		(7,168	)
11/06/19	U.S. Dollars	224,034	Indonesian Rupiahs	3,251,595,532	Citibank		(7,311	)
11/06/19	U.S. Dollars	157,000	Indonesian Rupiahs	2,319,675,000	JPMorgan Chase		(8,040	)
12/18/19	U.S. Dollars	243,000	Brazilian Reals	1,017,434	JPMorgan Chase		(9,970	)
11/06/19	U.S. Dollars	498,115	Russian Rubles	32,905,382	Morgan Stanley		(14,599	)
12/18/19	Euro	491,000	British Pounds	436,128	Citibank		(16,372	)
11/06/19	U.S. Dollars	1,087,704	Mexican Pesos	21,312,694	BNP		(19,182	)
12/04/19	U.S. Dollars	5,496,504	Euro	4,935,000	UBS		(20,089	)
12/18/19	Euro	985,000	British Pounds	882,023	Bank of America		(42,061	)
12/18/19	U.S. Dollars	1,091,698	British Pounds	891,000	Bank of America		(64,441	)
11/05/19	U.S. Dollars	5,815,165	Euro	5,308,000	State Street		(106,758	)


Total Unrealized Depreciation							$(381,854	)


Net Unrealized Depreciation							$(240,091	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund

Written Call Option Contracts outstanding at October 31, 2019:

Exchange Traded


Description	Counterparty	Number of Contracts			Notional Amount				Exercise Price		Expiration Date		Value
10-Year U.S. Treasury Note	UBS		1	USD		(130,300	)	USD		130.50		11/22/2019	$	(453	)
10-Year U.S. Treasury Note	UBS		2	USD		(260,600	)	USD		129.75		11/22/2019		(1,000	)
10-Year U.S. Treasury Note	UBS		3	USD		(390,900	)	USD		132.50		11/22/2019		(187	)
10-Year U.S. Treasury Note	UBS		3	USD		(390,900	)	USD		130.25		11/22/2019		(1,734	)
10-Year U.S. Treasury Note	UBS		11	USD		(1,433,300	)	USD		133.00		11/22/2019		(344	)
10-Year U.S. Treasury Note	UBS		13	USD		(1,693,900	)	USD		132.00		11/22/2019		(1,219	)
10-Year U.S. Treasury Note	UBS		27	USD		(3,518,100	)	USD		131.50		11/22/2019		(4,219	)
10-Year U.S. Treasury Note	UBS		28	USD		(3,648,400	)	USD		131.00		11/22/2019		(7,875	)
10-Year U.S. Treasury Note	Merrill Lynch		50	USD		(6,515,000	)	USD		130.50		11/22/2019		(22,656	)
10-Year U.S. Treasury Note	UBS		5	USD		(651,800	)	USD		130.50		12/27/2019		(4,062	)
10-Year U.S. Treasury Note	UBS		19	USD		(2,476,840	)	USD		131.00		12/27/2019		(11,578	)
10-Year U.S. Treasury Note	UBS		20	USD		(2,607,200	)	USD		132.00		12/27/2019		(6,563	)
10-Year U.S. Treasury Note	UBS		27	USD		(3,519,720	)	USD		131.50		12/27/2019		(12,235	)
3-Year Mid Curve Option	Merrill Lynch		88	USD		(21,645,800	)	USD		988.75		3/13/2020		(14,850	)
3-Year Mid Curve Option	Merrill Lynch		176	USD		(43,291,600	)	USD		990.00		3/13/2020		(19,800	)
5-Year U.S. Treasury Note	UBS		5	USD		(596,000	)	USD		119.00		11/1/2019		(1,367	)
5-Year U.S. Treasury Note	UBS		3	USD		(357,600	)	USD		119.75		11/22/2019		(445	)
5-Year U.S. Treasury Note	UBS		5	USD		(596,000	)	USD		120.25		11/22/2019		(313	)
5-Year U.S. Treasury Note	UBS		8	USD		(953,600	)	USD		120.50		11/22/2019		(313	)
5-Year U.S. Treasury Note	UBS		14	USD		(1,668,800	)	USD		119.50		11/22/2019		(3,063	)
5-Year U.S. Treasury Note	UBS		32	USD		(3,814,400	)	USD		120.00		11/22/2019		(3,000	)
5-Year U.S. Treasury Note	UBS		5	USD		(597,700	)	USD		119.50		12/27/2019		(2,734	)
5-Year U.S. Treasury Note	UBS		16	USD		(1,912,640	)	USD		119.75		12/27/2019		(7,000	)
U.S. Treasury Long Bond	UBS		2	USD		(322,760	)	USD		160.00		11/1/2019		(2,906	)
U.S. Treasury Long Bond	UBS		2	USD		(322,760	)	USD		160.00		11/8/2019		(3,375	)
U.S. Treasury Long Bond	UBS		2	USD		(321,180	)	USD		162.50		11/22/2019		(1,656	)
U.S. Treasury Long Bond	UBS		2	USD		(322,760	)	USD		167.00		11/22/2019		(188	)
U.S. Treasury Long Bond	UBS		7	USD		(1,129,660	)	USD		162.00		11/22/2019		(6,891	)
U.S. Treasury Long Bond	UBS		15	USD		(2,420,700	)	USD		164.00		11/22/2019		(5,859	)
U.S. Treasury Long Bond	UBS		17	USD		(2,743,460	)	USD		163.00		11/22/2019		(10,625	)
U.S. Treasury Long Bond	UBS		2	USD		(321,180	)	USD		162.00		12/27/2019		(2,719	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


Description	Counterparty	Number of Contracts			Notional Amount				Exercise Price		Expiration Date		Value
U.S. Treasury Long Bond	UBS		4	USD		(642,360	)	USD		163.00		12/27/2019	$	(4,125	)


Total Written Call Options Contracts (Premiums Received $206,141)													$	(165,354	)

Written Put Option Contracts outstanding at October 31, 2019:

Exchange Traded


Description	Counterparty	Number of Contracts			Notional Amount				Exercise Price		Expiration Date		Value
10-Year U.S. Treasury Note	UBS		5	USD		(651,500	)	USD		129.50		11/22/2019	$	(1,172	)
10-Year U.S. Treasury Note	UBS		12	USD		(1,563,600	)	USD		129.00		11/22/2019		(1,500	)
10-Year U.S. Treasury Note	UBS		24	USD		(3,127,200	)	USD		130.00		11/22/2019		(9,750	)
10-Year U.S. Treasury Note	Merrill Lynch		50	USD		(6,515,000	)	USD		129.50		11/22/2019		(11,719	)
U.S. Treasury Long Bond	UBS		2	USD		(322,760	)	USD		162.00		11/22/2019		(3,219	)


Total Written Put Options Contracts (Premiums Received $57,975)													$	(27,360	)

Written Call Option Contracts outstanding at October 31, 2019:

Over the Counter


Description	Counterparty	Number of Contracts			Notional Amount				Exercise Price		Expiration Date		Value
Brazilian Real vs. U.S. Dollar	BNP Paribas		1	USD		(21,000	)	USD		4.30		11/4/2019	$	—
Brazilian Real vs. U.S. Dollar	Deutsche Bank		1	USD		(33,000	)	USD		4.10		11/7/2019		(47	)
Brazilian Real vs. U.S. Dollar	JP Morgan Chase		1	USD		(93,000	)	USD		3.95		11/22/2019		(2,029	)
Brazilian Real vs. U.S. Dollar	Deutsche Bank		1	USD		(149,000	)	USD		4.15		11/26/2019		(556	)
Brazilian Real vs. U.S. Dollar	Deutsche Bank		1	USD		(53,000	)	USD		4.00		11/27/2019		(825	)
Brazilian Real vs. U.S. Dollar	Bank of America		1	USD		(42,000	)	USD		4.25		12/5/2019		(93	)
Mexican Peso vs. U.S. Dollar	Citibank		1	USD		(32,000	)	USD		19.45		11/27/2019		(214	)
Russian Ruble vs. U.S. Dollar	Bank of America		1	USD		(32,000	)	USD		66.00		11/18/2019		(31	)


Total Written OTC Call Options Contracts (Premiums Received $4,200)													$	(3,795	)

Written Put Option Contracts outstanding at October 31, 2019:

Over the Counter


Description	Counterparty	Number of Contracts			Notional Amount				Exercise Price		Expiration Date		Value
Brazilian Real vs. U.S. Dollar	JP Morgan Chase		1	USD		(43,000	)	USD		4.12		11/4/2019	$	(1,186	)
Brazilian Real vs. U.S. Dollar	BNP Paribas		1	USD		(64,000	)	USD		4.00		11/4/2019		(247	)
Brazilian Real vs. U.S. Dollar	HSBC		1	USD		(128,000	)	USD		3.99		11/14/2019		(905	)
Brazilian Real vs. U.S. Dollar	JP Morgan Chase		1	USD		(372,000	)	USD		3.50		11/22/2019		(1	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


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

Brazilian Real vs. U.S. Dollar	Deutsche Bank		1	USD		(149,000	)	USD		3.92		11/26/2019	$	(618	)
Brazilian Real vs. U.S. Dollar	Deutsche Bank		1	USD		(53,000	)	USD		4.00		11/27/2019		(608	)
Indian Rupees vs. U.S. Dollar	Bank of America		1	USD		(48,000	)	USD		70.50		11/18/2019		(49	)
Japanese Yen vs. U.S. Dollar	BNP Paribas		1	USD		(1,866,000	)	USD		102.00		12/17/2019		(809	)
Japanese Yen vs. U.S. Dollar	Deutsche Bank		1	USD		(1,647,000	)	USD		102.00		12/20/2019		(855	)
Mexican Peso vs. U.S. Dollar	Deutsche Bank		1	USD		(108,000	)	USD		19.10		11/13/2019		(277	)
Russian Ruble vs. U.S. Dollar	Bank of America		1	USD		(96,000	)	USD		62.90		11/18/2019		(44	)


Total Written OTC Put Options Contracts (Premiums Received $15,312)													$	(5,599	)

Written Call Interest Rate Swaption Contracts outstanding at October 31, 2019:

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 12/11/2029

1.85% Semi-annually

3M LIBOR Quarterly

Bank Of America

12/09/2019

1.85

(880,000

)

$(1,032

)

Interest Rate
Swap Maturing 12/11/2029

3M LIBOR Quarterly

1.35%Semi-annually

Bank Of America

12/09/2019

1.35

(880,000

)

(1,457

)

Total (Premiums Received $8,668)

$(2,489

)

Written Put Interest Rate Swaption Contracts outstanding at October 31, 2019:

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 01/31/2022

1.86% Semi-Annually

3M LIBOR Quarterly

Morgan Stanley

1/29/2020

1.86

(11,566,000

)

$(8,802

)

Interest Rate Swap Maturing 12/11/2029

1.85% Semi-Annually

3M LIBOR Quarterly

Bank Of America

12/09/2019

1.85

(510,000

)

(588

)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund

Description

Pay Rate
Index/

Pay Rate

Receive Rate
Index/
Receive Rate

Counterparty

Expiration

Date

Exercise
Rate

Notional
Amount

Value

Interest Rate
Swap Maturing 12/11/2029

3M LIBOR Quarterly

1.35%Semi-Annually

Bank Of America

12/09/2019

1.35

(510,000

)

$ (837

)

Total (Premiums Received $13,820)

$(10,227

)

Interest Rate Swap Contracts outstanding at October 31, 2019:

Exchange Traded


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

6.86% (Monthly)		28-DayMXN-TIIE-BANXICO (Monthly)		7/23/2021	MXN		1,883,110		$ (727	)		$ —			$ (727	)
6.90% (Monthly)		28-Day MXN-TIIE-BANXICO (Monthly)		7/26/2021	MXN		2,628,537		(1,070	)		—			(1,070	)
6.78% (Monthly)		28-DayMXN-TIIE-BANXICO (Monthly)		8/6/2021	MXN		8,317,352		(2,946	)		—			(2,946	)
1.35% (Annually)		1-Day US Federal Funds Rate (Annually)		9/15/2021	USD		6,530,000		(10,058	)		(1,242	)		(8,816	)
6M USD LIBOR (Semi-Annually)		0.75% (Semi-Annually)		9/24/2021	GBP		4,330,000		(1,635	)		—			(1,635	)
6M USD LIBOR (Semi-Annually)		0.73% (Semi-Annually)		9/26/2021	GBP		4,315,000		(4,040	)		—			(4,040	)
3M CAD CIDOR (Semi-Annually)		1.89% (Semi-Annually)		10/11/2021	CAD		7,185,000		8,046			—			8,046
3M USD LIBOR (Quarterly)		2.25% (Semi-Annually)		4/26/2022	USD		3,571,000		29,910			682			29,228
7.23% (Monthly)		28-DayMXN-TIIE-BANXICO (Monthly)		7/18/2022	MXN		2,040,829		(2,347	)		—			(2,347	)
7.23% (Monthly)		28-DayMXN-TIIE-BANXICO (Monthly)		7/19/2022	MXN		1,020,415		(1,175	)		—			(1,175	)
7.22% (Monthly)		28-DayMXN-TIIE-BANXICO (Monthly)		7/20/2022	MXN		392,520		(448	)		—			(448	)
7.21% (Monthly)		28-DayMXN-TIIE-BANXICO (Monthly)		7/25/2022	MXN		549,370		(626	)		—			(626	)
7.20% (Monthly)		28-DayMXN-TIIE-BANXICO (Monthly)		8/3/2022	MXN		3,737,866		(4,299	)		—			(4,299	)
28-DayMXN-TIIE-BANXICO (Monthly)		7.00% (Monthly)		8/11/2022	MXN		4,724,000		4,078			—			4,078
2.85% (Semi-Annually)		3M USD LIBOR (Quarterly)		8/31/2022	USD		3,181,000		(122,209	)		(35,286	)		(86,923	)
2.30% (Semi-Annually)		3M USD LIBOR (Quarterly)		4/26/2023	USD		3,663,000		(30,963	)		215			(31,178	)
28-DayMXN-TIIE-BANXICO (Monthly)		8.43% (Monthly)		12/29/2023	MXN		1,000,000		4,104			—			4,104
28-DayMXN-TIIE-BANXICO (Monthly)		8.12% (Monthly)		2/2/2024	MXN		1,055,042		3,781			—			3,781
28-DayMXN-TIIE-BANXICO (Monthly)		8.14% (Monthly)		2/5/2024	MXN		758,218		2,738			—			2,738
28-DayMXN-TIIE-BANXICO (Monthly)		6.73% (Monthly)		8/9/2024	MXN		1,596,759		1,376			—			1,376

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund


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

28-DayMXN-TIIE-BANXICO (Monthly)		6.67% (Monthly)		8/12/2024	MXN		3,513,241		$ 2,591			$ —			$ 2,591
28-DayMXN-TIIE-BANXICO (Monthly)		6.72% (Monthly)		8/13/2024	MXN		3,023,000		2,524			—			2,524
3M USD LIBOR (Quarterly)		2.25% (Semi-Annually)		12/31/2025	USD		1,612,000		79,671			67,799			11,872
1.25% (Annually)		1-Day US Federal Funds Rate (Annually)		6/30/2026	USD		7,139,000		147			(11,081	)		11,228
1.55% (Semi-Annually)		3M USD LIBOR (Quarterly)		6/30/2026	USD		35,339,000		(109,390	)		101,332			(210,722	)
1.52% (Semi-Annually)		3M USD LIBOR (Quarterly)		7/31/2026	USD		10,795,000		(14,671	)		39,653			(54,324	)
1.81% (Semi-Annually)		3M USD LIBOR (Quarterly)		11/15/2044	USD		3,122,000		(10,807	)		4,140			(14,947	)
1.85% (Semi-Annually)		3M USD LIBOR (Quarterly)		11/15/2044	USD		4,860,000		(57,548	)		13,233			(70,781	)


Total							131,882,259		$(235,993	)		$179,445			$(415,438	)

Interest Rate Swap Contracts outstanding at October 31, 2019:

Over the Counter


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

4.45% (At Maturity)		1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		JPMorgan Chase		1/4/2021	BRL		2,888,559		$ 543		$—		$ 543
4.46% (At Maturity)		1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		Citibank		1/4/2021	BRL		1,936,632		308		—		308
4.49% (At Maturity)		1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		Citibank		1/4/2021	BRL		2,841,806		246		—		246
1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		6.35% (At Maturity)		JPMorgan Chase		1/2/2023	BRL		1,512,574		12,427		—		12,427
1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		8.27% (At Maturity)		JPMorgan Chase		1/2/2023	BRL		482,453		13,364		—		13,364
1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		8.26% (At Maturity)		Citibank		1/2/2023	BRL		161,170		4,624		—		4,624
1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		5.98% (At Maturity)		JPMorgan Chase		1/2/2025	BRL		920,000		1,231		—		1,231
1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		6.03% (At Maturity)		JPMorgan Chase		1/2/2025	BRL		650,354		1,300		—		1,300
1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)		5.99% (At Maturity)		Citibank		1/2/2025	BRL		650,285		1,003		—		1,003

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund

Pay Rate Index/

Pay Rate

Receive Rate/

Receive Rate

Index

Counterparty

Maturity

Date

Notional

Amount

Market Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-Day Brazil Cetip DI Interbank Deposit Rate (At Maturity)

6.05% (At Maturity)

Citibank

1/2/2025

BRL

637,905

$ 1,443

$—

$ 1,443

Total

12,681,738

$36,489

$—

$36,489

Credit Default Swap Contracts outstanding - Buy Protection as of October 31, 2019:

Exchange Traded


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

Markit CDX North America Investment Grade Index Series 33 (Pay Quarterly)		1.00%		12/20/2024		Credit Suisse	USD		3,727,000		$ (85,749	)		$ (78,096	)		$ (7,653)
Markit CDX European ITRAXX Series 32 (Pay Quarterly)		1.00%		12/20/2024		Credit Suisse	EUR		2,270,000		(65,819	)		(55,825	)		(9,994)


Total									5,997,000		$(151,568	)		$(133,921	)		$(17,647	)

Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2019:

Exchange Traded

Reference
Obligation

Implied

Credit

Spread

Fixed

Deal

(Pay) Rate

Maturity

Date

Counterparty

Notional
Amount

Market Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

Markit CDX North America Investment Grade Index Series 33 (Pay Quarterly)

0.55

1.00%

12/20/2024

UBS

USD (31,190,000

)

$717,603

$610,137

$107,466

Total

(31,190,000

)

$717,603

$610,137

$107,466

Credit Default Swap Contracts outstanding - Buy Protection at October 31, 2019:

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%

12/20/2023

Barclays

USD

4,000

$(13

)

$145

$(158)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (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)

Federal Republic Of Brazil, 4.25%, Due: 1/7/2025 (Pay Quarterly)		1.00%		12/20/2024		Citibank	USD		633,500		$ 5,860			$10,818			$ (4,958)
Federal Republic Of Brazil, 4.25%, Due: 1/7/2025 (Pay Quarterly)		1.00%		12/20/2024		Goldman Sachs	USD		421,000		3,894			7,851			(3,957)
Markit CDX North America Investment Grade Index Series 32 (Pay Quarterly)		1.00%		12/20/2024		Citibank	USD		110,000		4,979			5,281			(302)
Republic of Argentina, 7.50%, Due: 4/22/2026 (Pay Quarterly)		5.00%		12/20/2024		Morgan Stanley	USD		14,000		8,531			7,905			626
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly)		1.00%		12/20/2024		Citibank	USD		956,581		(9,630	)		(3,570	)		(6,060)
Republic of Colombia, 10.38%, Due: 1/28/2033 (Pay Quarterly)		1.00%		12/20/2024		Morgan Stanley	USD		522,419		(5,259	)		(2,043	)		(3,216)
Republic of Philippines, 10.63%, Due: 3/16/2025 (Pay Quarterly)		1.00%		12/20/2024		Citibank	USD		307,000		(9,386	)		(7,963	)		(1,423)
Republic of South Africa, 5.50%, Due: 3/9/2020 (Pay Quarterly)		1.00%		12/20/2024		Goldman Sachs	USD		357,852		14,632			14,203			429
Republic of Turkey, 11.88%, Due: 1/15/2030 (Pay Quarterly)		1.00%		12/20/2024		Goldman Sachs	USD		55,000		5,796			7,022			(1,226)
State of Qatar, 9.75%, Due: 6/15/2030 (Pay Quarterly)		1.00%		12/20/2024		JP Morgan Chase	USD		32,000		(883	)		(817	)		(66)
United Mexican States, 4.15%, Due: 3/28/2027 (Pay Quarterly)		1.00%		12/20/2024		Citibank	USD		880,000		(4,122	)		6,340			(10,462)


Total									4,293,352		$14,399			$45,172			$(30,773	)

Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2019:

Over the Counter


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

Republic of Turkey, 11.88%, Due: 1/15/2030 (Pay Quarterly)		3.34	%		1.00%		12/20/2024		Goldman Sachs		USD		(13,750	)		$(1,449	)		$(1,756	)		$307
Total													(13,750	)		$(1,449	)		$(1,756	)		$307

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Total Return Bond Fund

Inflation Swap Contracts outstanding at October 31, 2019:

Exchange Traded

Pay Rate Index/
Pay Rate

Receive Rate/
Receive Rate
Index

Maturity
Date

Currency

Notional
Amount

Market Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

1-Day EURIBOR (At Maturity)

0.81% (At Maturity)

9/15/2024

EUR

1,632,500

$ 5,692

$—

$ 5,692

1-Day EURIBOR (At Maturity)

0.99% (At Maturity)

9/15/2029

EUR

1,632,500

(8,399

)

—

(8,399

)

Total

3,265,000

$(2,707

)

$—

$(2,707

)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (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, 2019, 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	$	—		$	54,383,270			$—	$	54,383,270
Convertible Bonds		—			7,996			—		7,996
Corporate Bonds		—			88,580,285			—		88,580,285
Foreign Issuer Bonds		—			52,363,955			—		52,363,955
Term Loans		—			29,974			—		29,974
U.S. Government Agencies		—			3,130,637			—		3,130,637
U.S. Government Obligations		—			74,682,080			—		74,682,080
Mortgage-Backed Securities		—			204,461,458			—		204,461,458
Municipal Bonds		—			10,336,256			—		10,336,256
Investment Companies		22,017,495			—			—		22,017,495
Short-Term Investments		4,809,565			1,296,002			—		6,105,567
Purchased Options		103,735			67,420			—		171,155


Total Assets – Investments at value	$	26,930,795		$	489,339,333			$—	$	516,270,128


Liabilities:

Foreign Issuer Bonds	$	—		$	(22,395	)		$—	$	(22,395	)
Mortgage-Backed Securities		—			(16,076,813	)		—		(16,076,813	)
U.S. Government Obligations		—			(384,528	)		—		(384,528	)


Total Liabilities – Investments at value	$	—		$	(16,483,736	)		$—	$	(16,483,736	)


Total Investments	$	26,930,795		$	472,855,597			$—	$	499,786,392



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


Derivative Financial Instruments

Assets:

Futures contracts	$	409,016		$	—			$—	$	409,016
Forward foreign currency exchange contracts		—			141,763			—		141,763
Swap agreements at value		—			942,442			—		942,442


Total Assets - Derivative Financial Instruments	$	409,016		$	1,084,205			$—	$	1,493,221


Liabilities:

Futures contracts	$	(594,575	)	$	—			$—	$	(594,575	)
Forward foreign currency exchange contracts		—			(381,854	)		—		(381,854	)
Written Options		(192,714	)		(22,110	)		—		(214,824	)
Swap agreements at value		—			(565,668	)		—		(565,668	)


Total Liabilities - Derivative Financial Instruments	$	(787,289	)	$	(969,632	)		$—	$	(1,756,921	)


Total Net Derivative Financial Instruments	$	(378,273	)	$	114,573			$—	$	(263,700	)

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar Municipal Bond Fund


		Par		Value
Municipal Bonds – 98.5%
Alabama – 1.2%
Alabama Federal Aid Highway Finance Authority Special Obligation Revenue Bonds, Series A, Garvee, 5.00%, 6/01/37		$	545,000	$	666,235
Black Belt Energy Gas District Gas Prepay Revenue Bonds, SeriesA-1, Project No. 4, 4.00%, 6/01/24			500,000		550,065
Tuscaloosa County IDA Gulf Opportunity Zone Revenue Refunding Bonds, Series A, Hunt Refining Project, 5.25%, 5/01/44^(a)			185,000		212,891
					1,429,191
	��
Alaska – 0.3%
Valdez Marine Terminal Revenue Refunding Bonds, Series A, Exxon Pipeline Co. Project, 1.25%, 11/04/19^(b)(c)(d)			190,000		190,000
Valdez Marine Terminal Revenue Refunding Bonds, Series C, Exxon Pipeline Co. Project, 1.25%, 11/04/19^(b)(c)(d)			200,000		200,000
					390,000

Arizona – 1.8%
Arizona Board of Regents Refunding COPS, Series C, University of Arizona, 5.00%, 6/01/28			400,000		435,000
Chandler IDA Industrial Development Variable Revenue Bonds (AMT), Intel Corp. Project, 2.70%, 8/14/23^(b)(d)(e)			500,000		519,610
Phoenix IDA Healthcare Facilities Variable Revenue Bonds, Series A, Mayo Clinic, 1.21%, 11/04/19^(b)(c)(d)			200,000		200,000
Phoenix IDA Solid Waste Variable Revenue Refunding Bonds (AMT), Republic Services, 1.45%, 2/03/20^(b)(d)(e)			500,000		500,000


	Par		Value

Arizona (Continued)
Pima County IDA Education Revenue Facility Revenue Bonds, Paideia Academies Project, 6.12%, 7/01/45^(a)	$	240,000	$	253,872
Salt River Project Agricultural Improvement & Power District Electric Revenue Refunding Bonds, Series A, 5.00%, 12/01/28		300,000		323,238
				2,231,720

California – 4.7%
Bay Area Toll Authority Toll Bridge Variable Revenue Bonds, San Francisco Bay Area, (SIFMA Municipal Swap Index Yield + 0.90%), 2.02%, 5/01/23^(b)(d)		700,000		712,488
California PFA Revenue Refunding Bonds, Henry Mayo Newhall Hospital, 5.00%, 10/15/47		100,000		112,846
California State Health Facilities Financing Authority Revenue Bonds, City of Hope Obligated Group, 5.00%, 11/15/49		500,000		592,410
California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, 5.00%, 11/15/41		500,000		586,475
California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Series S, J. Paul Getty Trust, (1M USD LIBOR + 0.33%), 1.58%, 4/01/22^(b)(d)		1,000,000		1,001,140
California State Municipal Finance Authority Special Facility Revenue Bonds (AMT), United Airlines Inc. Project, 7/15/29^(f)		250,000		283,572
California State Various Purpose Bid Group GO Unlimited Refunding Bonds, 5.00%, 8/01/30		600,000		766,230
California Statewide Communities Development Authority Revenue Bonds, Series A, Loma Linda University Medical Center, 5.25%, 12/01/56^(a)		250,000		282,008

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

California (Continued)
California Statewide Communities Development Authority Special Assessment, Statewide Community Infrastructure Program, 5.00%, 9/02/34	$	100,000	$	120,212
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International, 5.00%, 5/15/34		500,000		591,000
Rocklin Special Tax Community Facilities District No. 10 Revenue Bonds, 5.00%, 9/01/34		150,000		171,936
Sacramento County Sanitation Districts Financing Authority Variable Revenue Refunding Bonds, Series B, Sacramento County Regional (NATL Insured), (3M USD LIBOR + 0.53%), 1.96%, 12/01/35^(d)		100,000		95,864
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT), 5.00%, 5/01/44		250,000		302,020
Tobacco Securitization Authority of Southern California Tobacco Settlement Revenue Refunding Bonds, San Diego Asset Securities, 5.00%, 6/01/35		100,000		123,306
				5,741,507

Colorado – 3.8%
Colorado High Performance Transportation Enterprise Revenue Bonds,C-470 Express Lane, 5.00%, 12/31/56		500,000		545,470
Colorado State Health Facilities Authority Revenue Bonds, Series A, Catholic Health, 5.00%, 2/01/41		380,000		397,640
Colorado State Health Facilities Authority Revenue Bonds, Series A, Sisters Leavenworth, 5.00%, 1/01/40		500,000		502,995


	Par		Value

Colorado (Continued)
Colorado State HFA MFH Variable Revenue Bonds, S Range Crossings Project, 2.15%, 1/01/20^(b)(d)(e)	$	400,000	$	400,408
Denver City & County Airport Subordinate System Revenue Refunding Bonds, Series A (AMT), 5.25%, 12/01/43		500,000		609,440
Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds, 5.00%, 12/01/40		250,000		284,118
E-470 Co. Public Highway Authority Variable Revenue Refunding Senior Libor Index Bonds, (1M USD LIBOR + 0.42%), 1.63%, 9/01/21^(b)(d)		500,000		499,955
Park Creek Metropolitan District Revenue Refunding Bonds, Series A (NATL, IBC Insured), 5.00%, 12/01/45		500,000		572,505
University of Colorado Enterprise Variable Revenue Bonds, Series C, Green Bonds, 2.00%, 10/15/24^(b)(d)(e)		750,000		763,552
				4,576,083

Connecticut – 0.3%
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series F, Masonicare Issue, 5.00%, 7/01/27		220,000		247,722
Hamden Revenue Refunding Bonds, Whitney Center Project, 5.00%, 1/01/40		125,000		135,846
				383,568

Delaware – 0.8%
Delaware State Health Facilities Authority Revenue Bonds, Beebe Medical Center, 5.00%, 6/01/48		500,000		585,805

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Delaware (Continued)
Kent County Student Housing & Dining Facilities Revenue Bonds,CHF-DoverLLC-Delaware State University Project, 5.00%, 7/01/32	$	250,000	$	286,325
5.00%, 7/01/48		100,000		111,161
				983,291

District of Columbia – 3.5%
District of Columbia Revenue Bonds, KIPP DC Project, 4.00%, 7/01/39		100,000		109,292
District of Columbia Revenue Refunding Bonds, National Public Radio, 4.00%, 4/01/33		250,000		272,743
District of Columbia University Revenue Refunding Bonds, Georgetown University, 5.00%, 4/01/29		350,000		429,135
District of Columbia Water & Sewer Authority Public Utility Revenue Bonds, Series B, 5.00%, 10/01/49		500,000		605,585
District of Columbia Water & Sewer Authority Public Utility Revenue Subordinate Lien Bonds, Series A, 5.00%, 10/01/48		650,000		744,562
District of Columbia Water & Sewer Authority Public Utility Revenue Subordinate Lien Bonds, Series B, 5.00%, 10/01/37		750,000		882,937
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding Bonds, Dulles Metrorail & Capital Improvement Projects, 5.00%, 10/01/53		750,000		800,955
Washington Metropolitan Area Transit Authority Gross Revenue Bonds, 5.00%, 7/01/43		300,000		359,010
				4,204,219

Florida – 3.6%
Alachua County Health Facilities Authority Revenue Bonds, Shands Teaching Hospital & Clinics, 5.00%, 12/01/44		500,000		561,740


	Par		Value

Florida (Continued)
Broward County Port Facilities Senior Revenue Bonds, Series B (AMT), 4.00%, 9/01/39	$	250,000	$	277,523
Central Florida Expressway Authority Revenue Refunding Bonds, Senior Lien, 5.00%, 7/01/42		350,000		418,414
Davie Educational Facilities Revenue Bonds, Series B, Nova Southeastern University Project, 5.00%, 4/01/24		250,000		277,828
Greater Orlando Aviation Authority Airport Facilities Revenue Bonds (AMT), Series A, 5.00%, 10/01/40		500,000		574,465
Hillsborough County Aviation Authority Tampa International Subordinate Revenue Bonds, Series B, 5.00%, 10/01/40		470,000		538,573
JEA Bulk Power Supply System Revenue Bonds, Scherer 4 Project, Series A, 3.00%, 10/01/22		225,000		225,218
Lee Memorial Health System Hospital Revenue Refunding Bonds, SeriesA-1, 5.00%, 4/01/44		600,000		720,042
Orange County Health Facilities Authority Revenue Bonds, Orlando Health Obligated Group, 5.00%, 10/01/47		500,000		601,810
Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds, Republic Drive/Universal, 5.00%, 4/01/22		200,000		215,520
				4,411,133

Georgia – 5.2%
Atlanta Development Authority Revenue Bonds, SeriesA-1, Senior Lien, 5.00%, 7/01/30		200,000		236,808
Atlanta Urban Residential Finance Authority MFH Revenue Bonds, Creekside at Adamsville Place, 1.95%, 5/01/21^(b)(d)(e)		500,000		503,360

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Georgia (Continued)
Bartow County Development Authority Revenue Refunding Bonds, Series B, Georgia Power Company Plant Bowen Project, 2.05%, 11/19/21^(b)(d)(e)	$	275,000	$	277,016
Bartow County Development Authority Variable Revenue Refunding Bonds, Georgia Power Company Plant Bowen Project, 2.75%, 3/15/23^(b)(d)(e)		500,000		515,955
Fulton County Development Authority Transportation Corp. Toll Revenue Refunding Bonds, Robert W. Woodruff Arts Center, Inc. Project, 5.00%, 3/15/32		200,000		251,074
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		584,795
Glynn-Brunswick Memorial Hospital Authority Revenue Refunding Anticipation Certificates Bonds, Southeast Georgia Health System, 5.00%, 8/01/34		500,000		569,065
Griffin-Spalding County Hospital Authority Revenue Anticipation Certificates Bonds, Wellstar, 5.00%, 4/01/35		150,000		178,073
Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Series A, 5.00%, 5/15/21		750,000		787,552
Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Subseries C, 4.00%, 12/01/23^(b)(d)(e)		500,000		542,505
Main Street Natural Gas, Inc. Gas Supply Variable Revenue Bonds, Series B, 4.00%, 12/02/24^(b)(d)(e)		100,000		112,196
Main Street Natural Gas, Inc. Variable Revenue Bonds, Series B, 4.00%, 12/01/23		355,000		390,237


	Par		Value

Georgia (Continued)
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Third Indenture Series, 4.00%, 7/01/44	$	300,000	$	317,745
Municipal Electric Authority of Georgia Power Revenue Refunding Bonds, Series HH, 5.00%, 1/01/29		500,000		613,385
Northwest Georgia Housing Authority MFH Revenue Bonds, Charles Hight Apartments Project (FHA 221(D4) Insured), 1.54%, 8/01/21^(b)(d)(e)		400,000		400,204
				6,279,970

Illinois – 10.5%
Barrington Alternative Revenue Source GO Unlimited Bonds, 4.50%, 12/15/34		235,000		272,833
Bensenville GO Unlimited Bonds, Series B (AGM Insured), 5.00%, 12/30/24		245,000		262,353
Chicago Board of Education GO Unlimited Refunding Bonds, Series C, 5.00%, 12/01/19		200,000		200,442
5.00%, 12/01/20		200,000		206,324
Chicago City Colleges Capital Appreciation GO Unlimited Bonds (NATL Insured), 0.00%, 1/01/30^(g)		750,000		550,980
Chicago GO Unlimited Bonds, Series A, 5.00%, 12/01/21		500,000		516,680
5.50%, 1/01/49		100,000		116,332
Chicago O’Hare International Airport Revenue Refunding Bonds (AMT), Series A, Senior Lien, 5.00%, 1/01/31		250,000		308,070
Chicago Park District GO Limited Tax Refunding Bonds, Series B, 5.00%, 1/01/26		395,000		443,312
Chicago Wastewater Transmission Revenue Bonds, Second Lien, 5.00%, 1/01/39		500,000		545,670
Cook County Sales TRB, 5.00%, 11/15/37		500,000		537,360

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Illinois (Continued)
Hillside Incremental Tax Allocation Revenue Refunding Bonds, 5.00%, 1/01/24	$	100,000	$	103,814
Illinois State Finance Authority Revenue Refunding Bonds, Southern Illinois Healthcare, 5.00%, 3/01/22		300,000		323,217
Illinois State GO Unlimited Bonds, 5.00%, 7/01/20		440,000		448,637
Illinois State GO Unlimited Bonds, Series D, 5.00%, 11/01/20		225,000		231,392
Illinois State GO Unlimited Refunding Bonds, 5.00%, 8/01/24		400,000		426,328
Illinois State Housing Development Authority MFH Variable Revenue Bonds, Marshall Field Garden (FNMA LOC), (SIFMA Municipal Swap Index Yield + 1.00%), 2.12%, 5/15/25^(b)(d)		500,000		503,385
Illinois State Sales Tax Junior Obligations Revenue Bonds, Series A (BAM Insured), 4.00%, 6/15/34		620,000		674,808
Illinois State Sales TRB, Build Illinois - Junior Obligation, 5.00%, 6/15/20		500,000		509,620
Illinois State Sports Facilities Authority State Tax Supported Revenue CABS (AMBAC Insured), 0.00%, 6/15/21^(g)		410,000		397,032
0.00%, 6/15/25^(g)		95,000		82,888
Illinois State Sports Facilities Authority State Tax Supported Revenue Refunding Bonds (AGM Insured), 5.00%, 6/15/27		400,000		451,464
Illinois State Toll Highway Authority Senior Revenue Refunding Bonds, Series A, 5.00%, 1/01/31		500,000		626,035
Kane, Cook & Dupage Counties, Illinois School District, GO Unlimited Refunding Bonds, Series D, 5.00%, 1/01/28		200,000		225,168


	Par		Value

Illinois (Continued)
Kane, McHenry, Cook & DeKalb Counties, Illinois School District, GO Unlimited Refunding Bonds, 4.25%, 1/01/23	$	500,000	$	514,230
Macon County School District No. 61 GO Unlimited Bonds, Series A (AGM Insured), 5.25%, 1/01/25		745,000		776,879
Moline GO Unlimited Refunding Bonds, Series F, 5.00%, 11/01/24		750,000		775,890
Regional Transportation Authority Revenue Bonds, Series B (NATL Insured), 5.50%, 6/01/27		350,000		422,041
Waukegan GO Unlimited Bonds, Series A (AGM Insured), 5.00%, 12/30/32		250,000		284,990
Will County Community School District No. 161 Summit Hill Refunding GO Unlimited Bonds, 4.00%, 1/01/24		470,000		511,774
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		518,835
				12,768,783

Indiana – 0.8%
Clarksville Sewage Works Revenue BANS, 2.75%, 12/11/23		400,000		400,144
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series A, Ohio Valley Electric Corp. Project, 5.00%, 6/01/39		100,000		104,545
Indiana State Finance Authority Hospital Revenue Bonds, Indiana University Health Obligated Group, 1.65%, 7/01/22^(b)(d)(e)		50,000		50,285

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Indiana (Continued)
Indiana State Finance Authority Private Activity Revenue Bonds (AMT), Ohio River Bridges East End Crossing Project, 5.25%, 1/01/51	$	100,000	$	109,355
Whiting Environmental Facilities Revenue Refunding Bonds (AMT), BP Products North America, 5.00%, 6/05/26^(b)(d)(e)		275,000		324,723
				989,052

Iowa – 0.1%
Iowa State Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Iowa Fertilizer Company Project, 3.13%, 12/01/22		100,000		101,321

Kentucky – 2.4%
Kenton County Airport Board Revenue Refunding Bonds, 5.00%, 1/01/32		400,000		472,580
Kentucky Economic Development Finance Authority Health System Revenue Refunding Bonds, Norton Healthcare, Inc., Series B (NATL Insured), 0.00%, 10/01/22^(g)		500,000		470,115
0.00%, 10/01/24^(g)		280,000		250,583
Kentucky Public Energy Authority Gas Supply Revenue Bonds, Series A, 4.00%, 4/01/24^(b)(d)(e)		100,000		109,007
Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series B, Owensboro Health, 5.00%, 6/01/40		300,000		342,354
Kentucky State Housing Corp. Variable Housing Revenue Bonds, Beecher Phase I Project, 2.00%, 9/01/21^(b)(d)(e)		480,000		484,315


	Par		Value

Kentucky (Continued)
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, SeriesA-1, 4.00%, 6/01/25^(b)(d)(e)	$	250,000	$	277,598
Louisville Regional Airport Authority Airport System Revenue Refunding Bonds (AMT), Series A, 5.00%, 7/01/23		500,000		560,105
				2,966,657

Louisiana – 0.5%
Louisiana State Offshore Terminal Authority Deepwater Port Variable Revenue Bonds, Loop LLC Project, 2.00%, 10/01/22^(b)(d)(e)		515,000		519,068
Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp., 2.00%, 4/01/23^(b)(d)(e)		100,000		99,987
				619,055

Maine – 0.5%
Maine State Finance Authority Student Loan Revenue Refunding Bonds (AMT) (AGM Insured), 5.00%, 12/01/24		500,000		576,240

Maryland – 4.1%
Baltimore Convention Center Hotel Revenue Refunding Bonds, Convention Center Hotel, 5.00%, 9/01/39		250,000		285,277
Maryland State & Local Facilities GO Unlimited Bonds, Loan of2013-1, 4.00%, 3/01/26		600,000		622,128
Maryland State Community Development Administration Department Housing & Community Development MFH Revenue Bonds, Series A, Bay Country Apartments, 2.52%, 2/01/21^(a)		1,000,000		1,006,010
Maryland State Department of Transportation Consolidated Transportation Revenue Bonds, 5.00%, 2/01/22		260,000		282,248

See accompanying Notes to Financial Statements

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Maryland (Continued)
Maryland State Economic Development Corp. PCR Refunding Bonds, Potomac Electric Power Company, 1.70%, 9/01/22	$	500,000	$	504,025
Maryland State Economic Development Corp. Private Activity Revenue Bonds (AMT), Purple Line Light Rail Projects, 5.00%, 3/31/24		260,000		276,955
5.00%, 3/31/36		100,000		114,457
5.00%, 3/31/51		100,000		112,078
Maryland State Economic Development Corp. Revenue Bonds (AMT), Seagirt Marine Terminal Projects, 5.00%, 6/01/44		500,000		597,260
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Adventist Healthcare Obligated, 5.50%, 1/01/31		300,000		364,629
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Medstar Health Issue, Series A, 5.00%, 5/15/45		405,000		474,142
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Arundel Health Systems, 5.00%, 7/01/29		250,000		304,342
				4,943,551

Massachusetts – 1.9%
Massachusetts State Consolidated Loan GO Limited Bonds, Series E, 5.25%, 9/01/48		500,000		621,020
Massachusetts State Department of Transportation Metropolitan Highway System Variable Revenue Refunding Bonds, Series A, 5.00%, 1/01/23^(b)(d)(e)		500,000		555,820
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Beth Israel Lahey Health, 5.00%, 7/01/38		100,000		122,119


	Par		Value

Massachusetts (Continued)
Massachusetts State Development Finance Agency Variable Revenue Refunding Bonds, Partners Healthcare, (SIFMA Municipal Swap Index Yield + 0.50%), 1.62%, 1/26/23^(b)(d)	$	500,000	$	500,105
Massachusetts State Educational Financing Authority Revenue Bonds, Series J (AMT), 5.00%, 7/01/21		500,000		529,390
				2,328,454

Michigan – 3.5%
Detroit Downtown Development Authority Tax Allocation Increment Revenue Refunding Bonds, Series A, Catalyst Development Project (AGM Insured), 5.00%, 7/01/22		500,000		544,420
5.00%, 7/01/43		100,000		111,181
5.00%, 7/01/48		200,000		222,014
Detroit GO Unlimited Bonds, 5.00%, 4/01/20		500,000		505,235
5.00%, 4/01/27		50,000		56,491
Great Lakes Water Authority Sewage Disposal System Revenue Refunding Bonds Second Lien, Series C, 5.00%, 7/01/36		370,000		434,569
Michigan State Finance Authority Local Government Loan Program Revenue Refunding Bonds, 4.50%, 10/01/29		250,000		271,265
Michigan State Finance Authority Revenue Refunding Bonds, Trinity Health Corp., 5.00%, 12/01/31		250,000		271,147
Michigan State Finance Authority Variable Revenue Bonds, Bronson Healthcare Group, 3.50%, 11/15/22^(b)(d)(e)		250,000		264,505
Michigan State Hospital Finance Authority Revenue Refunding Bonds, Ascenion Senior, 5.00%, 11/15/47		420,000		490,770

See accompanying Notes to Financial Statements

100

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Michigan (Continued)
Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Consumers Energy Co., 1.80%, 10/01/24^(b)(d)(e)	$	500,000	$	498,100
Wayne County Airport Authority Revenue Refunding Bonds (AMT), Series F, 5.00%, 12/01/30		500,000		584,345
				4,254,042

Minnesota – 0.2%
City of Shakopee Senior Housing Revenue Bonds, Benedictine Living Community of Shakopee LLC Project, 5.85%, 11/01/25^(a)(b)(d)(e)		250,000		266,510

Mississippi – 0.4%
Mississippi State Hospital Equipment & Facilities Authority Revenue Refunding Bonds, Forrest Country General Hospital Project, 5.00%, 1/01/24		400,000		454,440

Missouri – 0.8%
Missouri State Development Finance Board Cultural Facilities Variable Revenue Bonds, Kauffman Center Performing Arts, 1.29%, 11/04/19^(b)(c)(d)		400,000		400,000
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, St. Luke’s Health System, Inc., 5.00%, 11/15/30		250,000		296,672
Saint Louis County IDA Senior Living Facilities Revenue Refunding Bonds, Friendship Village St. Louis, 5.00%, 9/01/48		300,000		335,784
				1,032,456


	Par		Value

Nebraska – 0.7%
Central Plains Energy Gas Project Revenue Bonds, Project No. 3, 5.00%, 9/01/22	$	500,000	$	544,905
Central Plains Energy Project Gas Supply Revenue Refunding Bonds, 5.00%, 12/01/19^(b)(d)(e)		250,000		250,705
				795,610

Nevada – 1.9%
Clark County Stadium Improvement GO Limited Bonds, Series A, 5.00%, 5/01/48		500,000		603,220
Las Vegas New Convention & Visitors Authority Revenue Bonds, Series B, 5.00%, 7/01/37		1,000,000		1,237,660
Washoe County Water Facilities Variable Revenue Refunding Bonds (AMT), Sierra Pacific, 2.05%, 4/15/22^(b)(d)(e)		500,000		504,555
				2,345,435

New Jersey – 3.3%
Garden State Preservation Trust Open Space & Farmland Preservation Revenue Bonds, Series A (AGM Insured), 5.75%, 11/01/28		1,140,000		1,431,886
New Jersey State EDA Energy Facility Revenue Bonds (AMT), Series A, UMM Energy Partners, 5.12%, 6/15/43		250,000		266,340
New Jersey State EDA Energy Facility Revenue Bonds, Series A (AMT), UMM Energy Partners, 5.00%, 6/15/37		100,000		106,478
New Jersey State EDA Motor Vehicle Surcharge Revenue Refunding Bonds, Subseries A, 3.38%, 7/01/30		250,000		257,810
New Jersey State EDA Private Activity Revenue Bonds (AMT), The Goethals Bridge, 5.37%, 1/01/43		100,000		111,956

See accompanying Notes to Financial Statements

101

Morningstar Funds Trust October 31, 2019 (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	$	169,869
5.25%, 1/01/25		100,000		114,235
New Jersey State EDA Revenue Refunding Bonds, Series A, United Methodist Homes, 5.00%, 7/01/29		100,000		108,676
New Jersey State EDA Special Facility Revenue Refunding Bonds (AMT), Port Newark Container, 5.00%, 10/01/47		100,000		114,275
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program Bonds, 5.25%, 6/15/43		625,000		728,575
Newark Housing Authority Port Newark Marine Terminal Rental Revenue Refunding Bonds, Additional Newark Redevelopment Project (NATL Insured), 5.25%, 1/01/24		500,000		564,880
				3,974,980

New York – 4.8%
Hudson Yards Infrastructure Corp., Senior Revenue Bonds Fiscal 2012, Unrefunded Balance, 5.75%, 2/15/47		300,000		316,434
Liberty Development Corp. Revenue Bonds, 5.50%, 10/01/37		110,000		156,972
Long Island Power Authority Electric System Revenue Bonds, 5.00%, 9/01/35		300,000		371,106
Metropolitan Transportation Authority Revenue BANS, Series D2, 4.00%, 7/01/20		200,000		203,432
Metropolitan Transportation Authority Revenue BANS, Series E, 4.00%, 9/01/20		500,000		510,745
Metropolitan Transportation Authority Revenue Bonds, Green Bonds, Transportation Climate Bonds, 5.00%, 11/15/45		500,000		599,240


	Par		Value

New York (Continued)
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 4.00%, 11/01/40	$	400,000	$	453,204
New York GO Unlimited Bonds, Series D, Subseries D1, 5.00%, 12/01/42		250,000		306,585
New York State Dorm Authority Revenues Non State Supported Debt Revenue Bonds, Northwell Health Obligated Group, 5.00%, 5/01/24^(b)(d)(e)		250,000		283,990
New York State Dorm Authority Revenues Non State Supported Debt Revenue Refunding Bonds, Memorial Sloan Kettering Cancer Center, 5.00%, 7/01/42		200,000		240,030
New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Catholic Health System Obligated, 5.00%, 7/01/36		400,000		494,592
New York State Dormitory Authority Personal Income Taxable Revenue Refunding Bonds, Series E, 5.00%, 2/15/44		400,000		457,940
New York State Housing Finance Agency Variable Revenue Refunding Bonds, Affordable Housing (SonyMA Insured), 1.80%, 5/01/20^(b)(d)(e)		475,000		475,085
New York State Liberty Development Corp. Revenue Refunding Bonds, Class 2, 3 World Trade Center Project, 5.37%, 11/15/40^(a)		150,000		168,830
New York State Mortgage Agency Homeowner Mortgage Revenue Refunding Bonds, Series 214 (AMT), 2.85%, 4/01/22		360,000		368,035

See accompanying Notes to Financial Statements

102

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

New York (Continued)
2.90%, 10/01/22	$	140,000	$	143,821
Niagara Frontier Transportation Authority Revenue Refunding Bonds (AMT), Buffalo Niagara International Airport, 5.00%, 4/01/26		250,000		296,805
				5,846,846

North Carolina – 1.6%
Durham Housing Authority MFH Revenue Bonds, Morreene Road Apartments, 1.85%, 1/01/20^(b)(d)(e)		100,000		100,075
North Carolina State Medical Care Commission Health Care Facilities Revenue Refunding Bonds, Vidant Health, 5.00%, 6/01/45		500,000		570,260
North Carolina State Medical Care Commission Hospital Variable Revenue Bonds, Series B, Moses Cone Health System, 1.24%, 11/04/19^(b)(c)(d)		150,000		150,000
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, 4.00%, 1/01/25		250,000		271,442
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, First Mortgage, United Church Services, 5.00%, 9/01/37		155,000		165,872
North Carolina State Turnpike Authority Revenue Refunding Bonds, Senior Lien, 5.00%, 1/01/40		550,000		663,102
				1,920,751

North Dakota – 0.5%
University of North Dakota COPS, Infrastructure Energy Improvement, 5.00%, 4/01/48		500,000		588,095


	Par		Value

Ohio – 2.0%
American Municipal Power-Ohio, Inc., Variable Revenue Refunding Bonds, Series A, 2.30%, 2/15/22^(b)(d)(e)	$	1,250,000	$	1,269,387
Cleveland-Cuyahoga County Port Authority Cultural Facilities Refunding Revenue Bonds, Playhouse Square Foundation Project, 5.50%, 12/01/43		175,000		202,892
Cleveland-Cuyahoga County Port Authority Euclid Avenue Development Corp. Revenue Refunding Bonds, 5.00%, 8/01/23		370,000		415,584
Franklin County MFH Variable Revenue Bonds, Sawyer & Trevitt Project, 1.77%, 6/01/20^(d)(e)		200,000		200,012
Miami Valley Career Technology Center GO Unlimited Bonds, 4.00%, 12/01/37		250,000		282,715
Ohio State Air Quality Development Authority Revenue Refunding Bonds, Ohio Valley Electric Corporation, 3.25%, 9/01/29		50,000		51,466
				2,422,056

Oklahoma – 0.0%^(h)
Oklahoma County Finance Authority Revenue Refunding Bonds, Series A, Epworth Villa Project, 5.88%, 4/01/30		50,000		50,045

Oregon – 0.5%
Multnomah County Hospital Facilities Authority Revenue Refunding Bonds, Adventist Health System, 3/01/25^(b)(f)		500,000		581,460

Pennsylvania – 6.0%
Allegheny County Hospital Development Authority Revenue Refunding Bonds, University of Pittsburgh Medical Center, 5.00%, 7/15/21		100,000		106,241

See accompanying Notes to Financial Statements

103

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Pennsylvania (Continued)
Lancaster County Hospital Authority Healthcare Facilities Revenue Bonds, Series B, Maravian Manors, Inc. Project, 2.87%, 12/15/23	$	250,000	$	250,075
Lehigh County General Purpose Authority Revenue Refunding Bonds, Muhlenberg College Project, (SIFMA Municipal Swap Index Yield + 0.58%), 1.70%, 11/01/24^(b)(d)		500,000		499,925
Lehigh County IDA Revenue Refunding Bonds, PPL Electric Utilities Corp. Project, 1.80%, 8/15/22^(b)(d)(e)		330,000		333,250
Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Variable Revenue Refunding Bonds (AMT), Republic Services, 1.45%, 1/15/20^(b)(d)(e)		600,000		600,036
Pennsylvania State Higher Educational Facilities Authority Revenue Refunding Bonds, Thomas Jefferson University, 5.00%, 9/01/39		500,000		566,865
Pennsylvania State Housing Finance Agency MFH Revenue Bonds, Blumberg Senior Apartments, 1.65%, 11/01/20^(b)(d)(e)		1,000,000		1,000,000
Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds (AMT), Series 125A, 2.38%, 10/01/25		1,310,000		1,333,698
Pennsylvania State Turnpike Commission Turnpike Variable Revenue Refunding Bonds, Series B, (SIFMA Municipal Swap Index Yield + 0.70%), 1.82%, 12/01/23^(d)		500,000		503,870
Philadelphia Airport Revenue Refunding Bonds, Series B (AMT), 5.00%, 7/01/30		495,000		598,153
5.00%, 7/01/33		400,000		479,340


	Par		Value

Pennsylvania (Continued)
Philadelphia Authority for Industrial Development Temple University Revenue Refunding Bonds, Series1-2015, 5.00%, 4/01/33	$	400,000	$	461,512
Philadelphia School District GO Limited Bonds, Series A (State Aid Withholding), 9/01/35^(f)		300,000		335,508
Wilkes-Barre Area School District GO Limited Bonds (BAM State Aid Withholding), 5.00%, 4/15/23		200,000		222,630
				7,291,103

Puerto Rico – 0.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, Series A, Senior Lien, 5.25%, 7/01/42		100,000		104,625
Puerto Rico Electric Power Authority Power Revenue Bonds, SeriesTT-RSA-1, 5.00%, 7/01/37⁽ⁱ⁾		75,000		56,250
Puerto Rico Electric Power Authority Power Revenue Refunding Bonds, SeriesZZ-RSA-1, 5.25%, 7/01/23⁽ⁱ⁾		175,000		133,000
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue CABS, SeriesA-1, 0.00%, 7/01/27^(g)		225,000		179,980
				473,855

Rhode Island – 0.5%
Rhode Island Commerce Corp. First Lien Special Facility Revenue Refunding Bonds, Rhode Island Airport Corp. International, 5.00%, 7/01/31		500,000		606,020

South Carolina – 0.4%
South Carolina State Jobs EDA Hospital Revenue Refunding Bonds, Prisma Health Obligated Group, 5.00%, 5/01/38		400,000		475,324

See accompanying Notes to Financial Statements

104

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Tennessee – 1.7%
Lewisburg IDB Solid Waste Disposal Variable Revenue Refunding Bonds (AMT), Waste Management Inc. of Tennessee Project, 1.45%, 2/03/20^(b)(d)(e)	$	350,000	$	350,000
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Bonds, Vanderbilt University Medical Center, 5.00%, 7/01/46		100,000		115,240
Metropolitan Government of Nashville & Davidson County Health & Education Facilities Board Revenue Bonds, Vanderbilt Medical Center, 5.00%, 7/01/40		400,000		465,980
Metropolitan Government of Nashville & Davidson County Health & Education Facilities Board Revenue Refunding Bonds, Trevecca Nazarene University Project, 3.00%, 10/01/24		520,000		533,499
Tennessee State Energy Acquisition Corp. Gas Revenue Bonds, Series A, 4.00%, 5/01/23^(b)(d)(e)		550,000		586,350
				2,051,069

Texas – 10.9%
Austin Airport System Revenue Bonds (AMT), Series B, 5.00%, 11/15/32		100,000		125,738
Austin Airport System Revenue Bonds, Series A, 5.00%, 11/15/46		380,000		446,318
Austin Convention Enterprises, Inc. Convention Center Revenue Refunding Bonds, First Tier, 5.00%, 1/01/32		400,000		467,248
Board of Managers Joint Guadalupe County City of Seguin Hospital Mortgage Refunding Revenue Bonds, 5.00%, 12/01/40		200,000		215,088


	Par		Value

Texas (Continued)
Central Regional Mobility Authority Revenue Refunding Bonds, Series A, Senior Lien, 5.00%, 1/01/22	$	300,000	$	321,477
Cypress Fairbanks Independent School District Variable GO Unlimited Bonds, SeriesA-1, School Building (PSF, Gtd), 2.13%, 8/16/21^(b)(d)(e)		500,000		506,980
Dallas Independent School District GO Unlimited Bonds, SeriesB-5, Multi-Modal School Building (PSF, Gtd), 5.00%, 2/15/21^(b)(d)(e)		500,000		523,215
Dallas-Fort Worth International Airport Improvement Revenue Bonds, Series B, 5.00%, 11/01/44		350,000		384,276
Dallas-Fort Worth International Airport Revenue Bonds, Series H (AMT), 5.00%, 11/01/42		400,000		424,232
Harris County Cultural Educational Facilities Finance Corp. Revenue Refunding Bonds, Hospital Memorial Hermann Health, 5.00%, 12/01/25		300,000		331,494
Harris County Cultural Educational Facilities Finance Corp. Revenue Refunding Bonds, Texas Children’s Hospital, 4.00%, 10/01/38		350,000		397,593
Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment, 5.00%, 9/01/36		510,000		625,500
Houston Utility System Adjustable Revenue Refunding Bonds, Series 2012A, First Lien, (SIFMA Municipal Swap Index Yield + 0.90%), 2.02%, 5/01/20^(b)(d)		500,000		500,155
Lamar Consolidated Independent Schoolhouse District Variable GO Unlimited Bonds, Series A (PSF, Gtd), 1.95%, 8/17/20^(b)(d)(e)		1,250,000		1,255,437

See accompanying Notes to Financial Statements

105

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Texas (Continued)
Leander Independent School District GO Unlimited CABS, Series C, School Building (PSF, Gtd), Prerefunded, 0.00%, 8/15/24^(j)	$	1,000,000	$	319,480
New Hope Cultural Educational Facilities Finance Corp. Retirement Facilities Revenue Refunding Bonds, Presbyterian Village North Project, 5.25%, 10/01/49		100,000		110,458
North East Independent School District Variable GO Unlimited Bonds (PSF, Gtd), 2.20%, 8/01/24^(b)(d)(e)		1,000,000		1,032,400
North Texas Tollway Authority Revenue Refunding Bonds, Series A, 5.00%, 1/01/26		70,000		80,307
Nueces County GO Unlimited Tax Notes, 1.95%, 2/15/26		500,000		500,010
San Antonio Water Variable Revenue Bonds, Series A, Junior Lien, 2.62%, 5/01/24^(b)(d)(e)		500,000		526,295
Tarrant County Cultural Education Facilities Finance Corp. Hospital Variable Revenue Bonds, Methodist Hospitals of Dallas (TD Bank N.A. LOC), 1.20%, 11/04/19^(b)(c)(d)		325,000		325,000
Tarrant County Cultural Education Facilities Finance Corp. Retirement Facility Revenue Refunding Bonds, Buckner Retirement Services, 5.00%, 11/15/20		185,000		190,940
Tarrant County Cultural Educational Facilities Finance Corp. Revenue Refunding Bonds, Texas Health Resources System Obligation, 5.00%, 2/15/34		400,000		477,020
5.00%, 2/15/47		700,000		816,158
Texas State PFA Lease Revenue Refunding Bonds, 4.00%, 2/01/36		250,000		287,770


	Par		Value

Texas (Continued)
Texas State Private Activity Bond Surface Transportation Corp. Revenue Bonds (AMT), Senior Lien, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, 5.00%, 12/31/55	$	200,000	$	221,688
Texas State TRANS, 4.00%, 8/27/20		600,000		613,698
Texas State Transportation Commission Central Turnpike System Subordinate Revenue Refunding Bonds, Series C, 5.00%, 8/15/42		100,000		111,655
Texas State Transportation Commission First Tier Toll CABS, 0.00%, 8/01/29^(g)		480,000		373,982
Texas State Transportation Commission First Tier Toll Revenue Bonds, State Highway, 5.00%, 8/01/57		100,000		116,824
Texas State Water Development Board Revenue Bonds, Series A, 4.00%, 10/15/38		500,000		574,350
				13,202,786

Utah – 0.9%
Murray City Hospital Variable Revenue Bonds, Series D, IHC Health Services, Inc., 1.25%, 11/04/19^(b)(c)(d)		250,000		250,000
Salt Lake City Airport Revenue Bonds, Series A (AMT), 5.00%, 7/01/47		350,000		408,495
Utah State Housing Corp. MFH Revenue Bonds, Lincoln Apartments Project, 1.54%, 8/01/21^(b)(d)(e)		500,000		500,255
				1,158,750

Virginia – 4.5%
Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue BANS, 5.00%, 11/01/23		250,000		284,107
Chesapeake Bay Bridge & Tunnel District Revenue First Tier General Resolution Revenue Bonds, 5.00%, 7/01/51		500,000		571,625

See accompanying Notes to Financial Statements

106

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Virginia (Continued)
Chesapeake Transportation System Senior Toll Road Revenue Bonds, Series A, 5.00%, 7/15/47	$	500,000	$	536,170
Fairfax County EDA Residential Care Facilities Revenue Bonds, Series A, Vinson Hall LLC, 5.00%, 12/01/42		80,000		86,539
Fairfax County EDA Residential Care Facilities Revenue Refunding Bonds, Series A, Goodwin House, Inc., 5.00%, 10/01/36		150,000		168,243
Fairfax County IDA Health Care Revenue Bonds, Inova Health System, 4.00%, 5/15/42		250,000		260,338
Fairfax County Redevelopment & Housing Authority MFH Variable Revenue Bonds, Parkwood Apartments Project, 2.21%, 8/01/20^(b)(d)(e)		500,000		503,045
Fairfax County Water Authority Revenue Refunding Bonds, 5.00%, 4/01/45		500,000		603,310
Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A, Senior Lien, 5.50%, 7/01/57		300,000		372,057
James City County EDA Residential Care Facilities Variable Revenue Bonds, United Methodist Home, 6.00%, 6/01/43		64,843		64,903
Virginia Small Business Financing Authority Private Activity Revenue Bonds (AMT), Transform 66 P3 Project, 5.00%, 12/31/56		50,000		57,050
Virginia State Small Business Financing Authority Revenue Bonds (AMT), 95 Express Lanes LLC Project, 5.00%, 1/01/44		225,000		239,378
Virginia State Small Business Financing Authority Revenue Bonds (AMT), Senior Lien, 95 Express Lane, 5.00%, 7/01/34		300,000		320,622


	Par		Value

Virginia (Continued)
Virginia State Small Business Financing Authority Revenue Bonds (AMT), Senior Lien, Elizabeth River Crossings OpCo, LLC Project, 4.50%, 1/01/23	$	135,000	$	145,094
5.00%, 1/01/27		250,000		271,212
Westmoreland County IDA Lease Revenue BANS, Westmoreland Co. High School, 2.00%, 6/01/22		500,000		505,275
York County EDA PCR Bonds, Series A, Electric & Power, 1.90%, 6/01/23^(b)(d)(e)		500,000		504,680
				5,493,648

Washington – 2.4%
King County School District No. 210 Federal Way GO Unlimited Bonds (School Board Guaranty Program), 4.00%, 12/01/33		500,000		572,750
King County Sewer Revenue Refunding Bonds, 5.00%, 7/01/42		250,000		301,015
Seattle Municipal Light & Power Variable Revenue Refunding Bonds, (SIFMA Municipal Swap Index Yield + 0.35%), 1.47%, 11/01/22^(d)		900,000		903,366
Snohomish County Housing Authority Revenue Bonds, 5.00%, 4/01/21		545,000		571,678
Washington State Health Care Facilities Authority Revenue Bonds, Series A, Providence Health & Services, 4.00%, 10/01/34		500,000		529,935
				2,878,744

Wisconsin – 4.6%
Barneveld School District Revenue BANS, 4.00%, 3/01/24		500,000		515,275
PFA Education Revenue Bonds, North Carolina Leadership Academy, 5.00%, 6/15/49^(a)		100,000		105,697
PFA Educational Revenue Bonds, Piedmont Community Charter School, 5.00%, 6/15/39		490,000		571,801
5.00%, 6/15/49		150,000		172,631

See accompanying Notes to Financial Statements

107

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund


	Par		Value

Wisconsin (Continued)
PFA Exempt Facilities Revenue Refunding Bonds (AMT), National Gypsum Co., 4.00%, 8/01/35	$	100,000	$	103,828
PFA Hospital Revenue Refunding Bonds, Series A, WakeMed Hospital, 4.00%, 10/01/49		500,000		540,655
PFA Solid Waste Disposal Revenue Refunding Bonds (AMT), Waste Management, Inc., 1.45%, 2/03/20^(b)(d)(e)		850,000		850,000
Washington State Health & Educational Facilities Authority Revenue Refunding Bonds, Ascension Health Credit Group, 5.00%, 11/15/39		350,000		409,258
Wisconsin State COPS, 5.00%, 3/01/23		500,000		524,315
Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Series B, Marshfield Clinic, 5.00%, 2/15/24		1,000,000		1,078,300
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Benevolent Corp. Cedar Community, 5.00%, 6/01/41		250,000		268,930
Wisconsin State Transportation Revenue Refunding Bonds, Series 1, 4.50%, 7/01/33		400,000		429,696
				5,570,386

Total Municipal Bonds (Cost $116,171,048)				119,658,206


	Number of Shares	Value


Short-Term Investments – 2.0%
Money Market Fund – 2.0%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(k)	2,377,439	$	2,377,439


Total Short-Term Investments (Cost $2,377,439)			2,377,439


Total Investments – 100.5% (Cost $118,548,487)			122,035,645


Liabilities less Other Assets – (0.5)%			(621,270	)


NET ASSETS – 100.0%		$	121,414,375

^(a)

^(b)	Maturity date represents the puttable date.

^(c)	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.

^(d)	Variable rate security. Rate as of October 31, 2019 is disclosed.

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

^(f)	When-Issued Security. Coupon rate was not in effect at October 31, 2019.

^(g)	Zero coupon bond.

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

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

^(j)	Zero coupon bond. Maturity date represents the prerefunded date.

See accompanying Notes to Financial Statements

108

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Municipal Bond Fund

^(k)7-day current yield as of October 31, 2019 is disclosed.

Percentages shown are based on Net Assets


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
FHA		Federal Housing Administration
FNMA		Federal National Mortgage Association
GO		Government Obligation
Gtd		Guaranteed
HFA		Housing Finance Authority
IBC		Insured Bond Certificates
IDA		Industrial Development Authority
IDB		Industrial Development Board
LIBOR		London Interbank Offered Rate
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
SonyMA		State of New York Mortgage Agency
TRANS		Tax Revenue Anticipation Bonds
TRB		Tax Revenue Bonds
USD		United States Dollar

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund’s investments carried at fair value:


Morningstar Municipal Bond Fund	Level 1		Level 2		Level 3		Totals

Investments

Assets:

Municipal Bonds	$	—	$	119,658,206		$—	$	119,658,206
Short-Term Investments		2,377,439		—		—		2,377,439

Total Investments	$	2,377,439	$	119,658,206		$—	$	122,035,645

See accompanying Notes to Financial Statements

109

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar Defensive Bond Fund


	Par		Value

Asset-Backed Securities – 20.5%
Automobile – 4.9%
Ally Auto Receivables Trust, Series2019-1, Class A4, 3.02%, 4/15/24	$	308,000	$	316,259
ARI Fleet Lease Trust, Series2018-B, Class A3, 3.43%, 8/16/27^(a)		302,000		311,085
Avis Budget Rental Car Funding AESOP LLC, Series2017-1A, Class A, 3.07%, 9/20/23^(a)		307,000		314,164
Avis Budget Rental Car Funding AESOP LLC, Series2017-2A, Class A, 2.97%, 3/20/24^(a)		322,000		328,897
Avis Budget Rental Car Funding AESOP LLC, Series2019-1A, Class A, 3.45%, 3/20/23^(a)		302,000		310,098
Carmax Auto Owner Trust, Series2019-1, Class A4, 3.26%, 8/15/24		240,000		248,651
Carmax Auto Owner Trust, Series2019-1, Class B, 3.45%, 11/15/24		129,000		133,597
Carmax Auto Owner Trust, Series2019-3, Class A3, 2.18%, 8/15/24		349,000		351,498
Chesapeake Funding II LLC, Series2019-1A, Class B, 3.11%, 4/15/31^(a)		324,000		332,535
Ford Credit Auto Lease Trust, Series2019-B, Class B, 2.36%, 1/15/23		292,000		293,616
Ford Credit Auto Owner Trust, Series2019-A, Class A4, 2.85%, 8/15/24		324,000		331,462
GM Financial Automobile Leasing Trust, Series2019-1, Class B, 3.37%, 12/20/22		302,000		306,785
GM Financial Automobile Leasing Trust, Series2019-2, Class B, 2.89%, 3/20/23		594,000		601,421
Honda Auto Receivables Owner Trust, Series2019-1, Class A4, 2.90%, 6/18/24		302,000		308,363
Honda Auto Receivables Owner Trust, Series2019-2, Class A4, 2.54%, 3/21/25		605,000		615,736
Hyundai Auto Lease Securitization Trust, Series2019-A, Class B, 3.25%, 10/16/23^(a)		302,000		307,607


	Par		Value

Automobile (Continued)
Nissan Auto Receivables Owner Trust, Series2018-B, Class A4, 3.16%, 12/16/24	$	245,000	$	253,027
Nissan Auto Receivables Owner Trust, Series2019-A, Class A4, 3.00%, 9/15/25		308,000		318,025
Nissan Auto Receivables Owner Trust, Series2019-C, Class A3, 1.93%, 7/15/24		318,000		318,786
Prestige Auto Receivables Trust, Series2019-1A, Class B, 2.53%, 1/16/24^(a)		156,000		157,168
Toyota Auto Receivables Owner Trust, Series2019-A, Class A4, 3.00%, 5/15/24		308,000		317,522
Volkswagen Auto Lease Trust, Series2019-A, Class A4, 2.02%, 8/20/24		143,000		143,009
Wheels SPV 2 LLC, Series2019-1A, Class A3, 2.35%, 5/22/28^(a)		621,000		625,522
World Omni Auto Receivables Trust, Series2019-A, Class B, 3.34%, 6/16/25		304,000		314,161
World Omni Automobile Lease Securitization Trust, Series2019-A, Class B, 3.24%, 7/15/24		296,000		301,386
World Omni Automobile Lease Securitization Trust, Series2019-B, Class A4, 2.07%, 2/18/25		194,000		194,335
World Omni Automobile Lease Securitization Trust, Series2019-B, Class B, 2.13%, 2/18/25		109,000		109,169
				8,463,884

Automobile Floor Plan – 0.3%
NextGear Floorplan Master Owner Trust, Series2019-1A, Class A2, 3.21%, 2/15/24^(a)		302,000		309,195
NextGear Floorplan Master Owner Trust, Series2019-2A, Class A2, 2.07%, 10/15/24^(a)		263,000		262,110
				571,305

See accompanying Notes to Financial Statements

110

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Defensive Bond Fund


	Par		Value

Commercial Mortgage-Backed Securities – 2.6%
Citigroup Commercial Mortgage Trust, Series2012-GC8, Class A4, 3.03%, 9/10/45	$	37,290	$	38,179
Commercial Mortgage Trust, Series2013-LC6, Class A4, 2.94%, 1/10/46		400,000		409,477
Commercial Mortgage Trust, Series 2015-CR22, Class A3, 3.21%, 3/10/48		81,000		82,491
GS Mortgage Securities Corp. Trust, Series 2012-ALOHA, Class A, 3.55%, 4/10/34^(a)		588,000		605,022
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-HSBC, Class A, 3.09%, 7/05/32^(a)		539,707		553,391
JP Morgan Chase Commercial Mortgage Securities Trust, Series2015-C30, Class ASB, 3.56%, 7/15/48		588,000		609,938
JPMorgan Chase Commercial Mortgage Securities Trust, Series2012-C8, Class A3, 3.42%, 10/15/45^(a)		313,000		322,513
RETL, Series2019-RVP, Class B, (1M USD LIBOR + 1.55%, 1.55% Floor), 3.46%, 3/15/36^(a)(b)		265,000		265,663
Wells Fargo Commercial Mortgage Trust, Series2012-LC5, Class A3, 2.92%, 10/15/45		303,660		309,833
Wells Fargo Commercial Mortgage Trust, Series2015-SG1, Class A3, 3.72%, 9/15/48		450,000		461,124
WFRBS Commercial Mortgage Trust, Series2012-C8, Class A3, 3.00%, 8/15/45		596,000		608,248
WFRBS Commercial Mortgage Trust, Series2012-C9, Class A3, 2.87%, 11/15/45		29,674		30,303
WFRBS Commercial Mortgage Trust, Series2013-C11, Class A5, 3.07%, 3/15/45		113,000		116,038
				4,412,220


	Par		Value

Credit Card – 0.8%
American Express Credit Account Master Trust, Series2019-1, Class A, 2.87%, 10/15/24	$	308,000	$	315,644
American Express Credit Account Master Trust, Series2019-2, Class A, 2.67%, 11/15/24		152,000		155,152
Synchrony Card Funding LLC, Series2019-A1, Class A, 2.95%, 3/15/25		296,000		302,515
Synchrony Card Funding LLC, Series2019-A2, Class A, 2.34%, 6/15/25		622,000		627,775
				1,401,086

Other – 11.1%
Ascentium Equipment Receivables, Series2019-1A, Class A3, 2.83%, 5/12/25^(a)		603,000		613,766
Ascentium Equipment Receivables, Series2019-2A, Class A3, 2.19%, 11/10/26^(a)		342,000		342,709
Black Diamond CLO Ltd., Series2014-1A, Class A1R, (3M USD LIBOR + 1.15%), 3.15%, 10/17/26^(a)(b)		149,988		150,005
BlueMountain CLO Ltd., Series2012-2A, Class AR2, (3M USD LIBOR + 1.05%, 1.05% Floor), 3.19%, 11/20/28^(a)(b)		300,000		299,951
California Street CLO XII Ltd., Series2013-12A, Class AR,(3M USD LIBOR + 1.03%), 3.03%, 10/15/25^(a)(b)		498,247		497,963
Canyon Capital CLO Ltd., Series2014-2A, Class AS, (3M USD LIBOR + 1.25%), 3.25%, 4/15/29^(a)(b)		373,000		373,047
Cerberus Loan Funding XXI L.P., Series2017-4A, Class A, (3M USD LIBOR + 1.45%, 1.45% Floor), 3.45%, 10/15/27^(a)(b)		642,000		639,498
Cerberus Loan Funding XXIII L.P., Series2018-2A, Class A, (3M USD LIBOR + 1.00%, 1.00% Floor), 3.00%, 4/15/28^(a)(b)		446,791		442,946

See accompanying Notes to Financial Statements

111

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Defensive Bond Fund


	Par		Value

Other (Continued)
CIFC Funding Ltd., Series2015-4A, Class A1R, (3M USD LIBOR + 1.15%, 1.15% Floor), 3.12%, 10/20/27^(a)(b)	$	300,000	$	300,572
Coinstar Funding LLC, Series2017-1A, Class A2, 5.22%, 4/25/47^(a)		292,500		304,036
Daimler Trucks Retail Trust, Series2019-1, Class A4, 2.79%, 5/15/25^(a)		603,000		610,672
Dell Equipment Finance Trust, Series2019-1, Class B, 2.94%, 3/22/24^(a)		603,000		613,817
Dell Equipment Finance Trust, Series2019-2, Class A3, 1.91%, 10/22/24^(a)		147,000		146,693
Dell Equipment Finance Trust, Series2019-2, Class B, 2.06%, 10/22/24^(a)		198,000		197,333
Fortress Credit Opportunities IX CLO Ltd., Series2016-7A, Class BR, (3M USD LIBOR + 2.45%, 2.45% Floor), 4.86%, 12/15/28^(a)(b)		395,000		394,944
Fortress Credit Opportunities IX CLO Ltd., Series2017-9A, Series A1T, (3M USD LIBOR + 1.55%), 3.71%, 11/15/29^(a)(b)		569,000		564,996
Fortress Credit Opportunities VII CLO Ltd., Series2016-7I, Class E, (3M USD LIBOR + 7.49%), 9.61%, 12/15/28^(b)		302,000		290,449
Great American Auto Leasing, Inc., Series2019-1, Class A4, 3.21%, 2/18/25^(a)		302,000		310,600
Great American Auto Leasing, Inc., Series2019-1, Class B, 3.37%, 2/18/25^(a)		308,000		317,829
GreatAmerica Leasing Receivables Funding LLC, Series2018-1, Class B, 2.99%, 6/17/24^(a)		306,000		310,361
Hercules Capital Funding Trust, Series2018-1A, Class A, 4.60%, 11/22/27^(a)		695,000		699,734


	Par		Value

Other (Continued)
Hercules Capital Funding Trust, Series2019-1A, Class A, 4.70%, 2/20/28^(a)	$	450,000	$	456,182
HPEFS Equipment Trust, Series2019-1A, Class B, 2.32%, 9/20/29^(a)		100,000		100,254
Ivy Hill Middle Market Credit Fund X Ltd., Series 10A, Class A1AR, (3M USD LIBOR + 1.25%), 3.25%, 7/18/30^(a)(b)		273,000		269,208
John Deere Owner Trust, Series2019-A, Class A4, 3.00%, 1/15/26		299,000		308,265
MelTel Land Funding LLC, Series2019-1A, Class C, 6.07%, 4/15/49^(a)		188,000		194,876
Mill City Mortgage Loan Trust, Series2018-3, Class A1, 3.50%, 8/25/58^(a)(c)		264,803		272,526
MMAF Equipment Finance LLC, Series2017-B, Class A4, 2.41%, 11/15/24^(a)		595,000		600,623
MMAF Equipment Finance LLC, Series2018-A, Class A4, 3.39%, 1/10/25^(a)		500,000		515,065
MMAF Equipment Finance LLC, Series2019-A, Class A3, 2.84%, 11/13/23^(a)		400,000		406,919
Nationstar HECM Loan Trust, Series2019-1A, Class M1, 2.66%, 6/25/29^(a)		606,000		609,234
New Residential Advance Receivables Trust Advance Receivables Backed, Series2019-T3, Class AT3, 2.51%, 10/20/52^(a)		285,000		286,086
NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.19%, 1/25/23^(a)		567,971		570,570
PFS Financing Corp, Series2019-A, Class B, 3.13%, 4/15/24^(a)		603,000		610,604
PFS Financing Corp., Series2018-F, Class A, 3.52%, 10/15/23^(a)		405,000		415,622
PFS Financing Corp., Series2019-A, Class A2, 2.86%, 4/15/24^(a)		603,000		614,036

See accompanying Notes to Financial Statements

112

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Defensive Bond Fund


	Par		Value

Other (Continued)
Sound Point Clo XII Ltd., Series2016-2A, Class AR, (3M USD LIBOR + 1.29%, 1.29% Floor), 3.26%, 10/20/28^(a)(b)	$	301,000	$	300,672
Telos CLO Ltd., Series2014-5A, Class A1R, (3M USD LIBOR + 0.95%, 0.95% Floor), 2.95%, 4/17/28^(a)(b)		250,000		248,566
Towd Point Mortgage Trust, Series2018-2, Class A1, 3.25%, 3/25/58^(a)		554,357		566,612
Trinitas CLO V Ltd., Series2016-5A, Class AR, (3M USD LIBOR + 1.39%, 1.39% Floor), 3.33%, 10/25/28^(a)(b)		372,000		371,855
VCO LLC, Series2018-1A, Class A, (3M USD LIBOR + 1.50%, 1.50% Floor), 3.47%, 7/20/30^(a)(b)		302,000		300,293
Venture XVII CLO Ltd., Series2014-17A, Class ARR, (3M USD LIBOR + 0.88%), 2.88%, 4/15/27^(a)(b)		197,000		195,264
Verizon Owner Trust, Series2019-A, Class B, 3.02%, 9/20/23		585,000		597,616
Verizon Owner Trust, Series2019-B, Class B, 2.40%, 12/20/23		605,000		609,344
Verizon Owner Trust, Series2019-C, Class A1A, 1.94%, 4/22/24		165,000		165,055
Verizon Owner Trust, Series2019-C, Class B, 2.06%, 4/22/24		375,000		374,849
Volvo Financial Equipment LLC Series, Series2019-1A, Class A4, 3.13%, 11/15/23^(a)		302,000		310,357
Wellfleet CLO Ltd., Series2016-1A, Class AR, (3M USD LIBOR + 0.91%), 2.88%, 4/20/28^(a)(b)		300,000		298,220
West CLO Ltd., Series2014-2A, Series A1BR, 2.72%, 1/16/27^(a)		186,451		185,601
				19,176,295


	Par		Value

Whole Loan – 0.8%
BRAVO Residential Funding Trust, Series2019-1, Class A1C, 3.50%, 3/25/58^(a)		$534,843	$	543,092
CIM Trust, Series2017-7, Class A, 3.00%, 4/25/57^(a)		268,665		270,542
CIM Trust, Series2018-R3, Class A1, 5.00%, 12/25/57^(a)		506,908		532,037
				1,345,671

Total Asset-Backed Securities (Cost $34,901,428)				35,370,461
		Number of Shares

Common Stocks – 0.2%
Oil & Gas Services – 0.2%
PHI Group Inc.^(d)(e)*		30,348		252,192

Total Common Stocks (Cost $252,192)				252,192
	Par

Corporate Bonds – 0.7%
Chemicals – 0.2%
Neon Holdings, Inc., 10.12%, 4/01/26^(a)		300,000		296,625

Coal – 0.2%
Natural Resource Partners L.P./NRP Finance Corp., 9.13%, 6/30/25^(a)		295,000		276,563

Commercial Services – 0.3%
StoneMor Partners L.P./Cornerstone Family Services of West Virginia Subsidiary, 11.50%, 6/30/24^(a)(f)		581,952		570,313

Oil & Gas Services – 0.0%^(g)
Bristow Group, Inc., 8.75%, 3/01/23^(a)(h)		67,000		65,660

Total Corporate Bonds (Cost $1,210,276)				1,209,161

See accompanying Notes to Financial Statements

113

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Defensive Bond Fund


	Par		Value

Term Loans – 2.0%^(b)
Advertising – 0.3%
ABG Intermediate Holdings 2 LLC, Initial Term Loan, (1M USD LIBOR + 7.75%, 1.00% Floor), 9.54%, 9/29/25	$	416,000	$	413,575
9/29/25⁽ⁱ⁾		19,000		18,889
				432,464

Oil & Gas Services – 0.3%
PHI Group, Inc., Loan, (1M USD LIBOR + 7.00%, 1.00% Floor), 8.79%, 9/04/24		561,000		551,536

Retail – 0.9%
Barney’s, Inc., Term Loan A, (3M USD LIBOR + 12.00%), 14.18%, 3/31/20		569,951		565,889
General Nutrition Centers, Inc., FILO Term Loan, (1M USD LIBOR + 7.00%), 8.79%, 12/31/22		196,000		195,320
J.C. Penney Corp., Inc., Loan, (3M USD LIBOR + 4.25%, 1.00% Floor), 6.39%, 6/23/23		283,409		249,116
Transform SR Holdings LLC, FILO Term Loan, (3M USD LIBOR + 7.25%), 9.18%, 2/12/24		432,000		430,920
				1,441,245

Telecommunications – 0.5%
LOGIX Holding Co. LLC, Initial Term Loan, (1M USD LIBOR + 5.75%, 1.00% Floor), 7.54%, 12/22/24		206,119		200,966
Windstream Services LLC, Term Facility, (1M USD LIBOR + 2.50%), 4.29%, 2/26/21		300,000		300,000
Xplornet Communications Inc., Term B Loan, (3M USD LIBOR + 4.00%, 1.00% Floor), 6.10%, 9/09/21		302,160		301,405
9/09/21⁽ⁱ⁾		81,925		81,720
				884,091


		Par		Value

Transportation – 0.0%^(g)
Hanjin International Corp., Initial Term Loan, 10/18/20⁽ⁱ⁾			$63,000	$	62,212

Total Term Loans (Cost $3,383,502)					3,371,548



U.S. Government Obligations – 2.4%
U.S. Treasury Notes – 2.4%
1.75%, 7/15/22			4,185,000		4,209,685

Total U.S. Government Obligations (Cost $4,194,128)					4,209,685
		Number of Shares

Warrants – 0.1%
Oil & Gas Services – 0.1%
PHI Group Inc.^(d)(e)*	USD		14,038		116,656

Total Warrants (Cost $110,837)					116,656
		Par

Mortgage-Backed Securities – 11.8%
Federal Home Loan Mortgage Corporation – 0.5%
Series 4336, Class WV, 3.00%, 10/15/25			316,290		325,079
Series 4387, Class VA, 3.00%, 2/15/26			413,150		425,521
Multifamily Structured Pass Through Certificates, Series K024, Class A2, 2.57%, 9/25/22			52,000		52,896
Series K042, Class A1, 2.27%, 6/25/24			143,196		144,251
					947,747

Federal Home Loan Mortgage Corporation Gold – 2.1%
Pool, #E04232, 2.50%, 2/01/28			532,019		540,694
#E04360, 2.50%, 4/01/28			529,053		537,680
#G15601, 2.50%, 1/01/29			176,639		179,941
#G16476, 3.00%, 4/01/28			385,102		396,083
#G18431, 2.50%, 4/01/27			169,330		171,620
#J18051, 3.00%, 2/01/27			346,670		356,780
#J20465, 2.50%, 9/01/27			248,646		252,439
#J20770, 2.50%, 10/01/27			218,579		221,542

See accompanying Notes to Financial Statements

114

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Defensive Bond Fund


	Par		Value

Federal Home Loan Mortgage Corporation Gold (Continued)
#J20834, 2.50%, 10/01/27	$	539,032	$	547,255
#J21434, 2.50%, 12/01/27		395,507		400,876
				3,604,910

Federal National Mortgage Association – 7.5%
Series2012-128, Class WC, 1.75%, 10/25/32		103,025		101,999
Series2012-144, Class PD, 3.50%, 4/25/42		260,676		269,065
Series2014-3, Class AM, 2.50%, 1/25/32		510,652		515,405
Series 284, Class 1,0.00%, 7/25/27^(j)		196,949		180,806
Pool, #AB4720, 2.50%, 3/01/27		531,175		538,051
#AB6192, 2.50%, 9/01/27		394,762		400,565
#AB7241, 2.00%, 12/01/27		166,480		166,512
#AB7905, 2.50%, 2/01/28		710,987		721,435
#AB8862, 2.50%, 4/01/28		162,291		165,013
#AK3263, 3.00%, 2/01/27		512,257		526,912
#AK7393, 2.50%, 3/01/27		536,855		543,805
#AK7766, 2.50%, 3/01/27		529,603		536,441
#AL1366, 2.50%, 2/01/27		543,959		551,041
#AL1562, 2.50%, 4/01/27		197,237		199,791
#AL5254, 3.00%, 11/01/27		510,098		524,689
#AL5638, 3.00%, 6/01/28		514,173		528,888
#AP9574, 2.50%, 10/01/27		571,563		580,564
#AQ0437, 2.50%, 10/01/27		972,555		985,166
#AQ7281, 2.00%, 12/01/27		403,107		403,186
#AQ8185, 2.50%, 1/01/28		181,929		184,014
#AQ8719, 2.50%, 12/01/27		412,091		417,458
#AR3878, 2.50%, 2/01/28		631,315		642,790
#AS8618, 2.50%, 1/01/27		465,612		470,643
#BM1595, 2.50%, 3/01/31		395,357		400,251


	Par		Value

Federal National Mortgage Association (Continued)
#BM3954, 2.50%, 12/01/28	$	462,062	$	468,066
#BM4406, 2.50%, 9/01/28		395,183		400,565
#BM4743, 2.00%, 8/01/30		403,819		403,896
#BM5514, 2.50%, 2/01/29		392,556		397,060
#MA1101, 2.50%, 7/01/27		252,904		256,185
#MA2676, 2.50%, 7/01/26		312,980		316,362
#MA3079, 2.50%, 7/01/27		64,211		64,905
#MA3158, 2.50%, 10/01/27		92,358		93,355
				12,954,884

Government National Mortgage Association – 1.7%
Series2010-161, Class B, 3.00%, 7/16/40		138,325		138,622
Series2011-9, Class C, 3.50%, 9/16/41^(c)		236,544		238,796
Series2012-150, Class IO, 0.71%, 11/16/52^(c)		2,599,391		101,228
Series2014-138, Class A, 2.70%, 1/16/44		300,464		301,231
Series2014-148, Class A, 2.65%, 11/16/43		592,192		593,229
Series2015-108, Class IO, 0.89%, 10/16/56^(c)		811,569		42,877
Series2015-41, Class AF, 3.06%, 9/16/56^(c)		543,334		561,776
Series2015-47, Class IO, 0.84%, 10/16/56^(c)		4,235,164		220,869
Series2015-7, Class IO, 0.78%, 1/16/57^(c)		4,812,064		259,111
Series2019-39, Class A, 3.10%, 5/16/59		395,476		401,961
				2,859,700

Total Mortgage-Backed Securities (Cost $19,982,677)				20,367,241
	Number of Shares

Investment Companies – 46.7%
Schwab Intermediate-Term U.S. Treasury ETF		469,813		26,126,301
Schwab Short-Term U.S. Treasury ETF		251,559		12,746,495
SPDR Bloomberg Barclays1-3 MonthT-Bill ETF		273,584		25,060,294

See accompanying Notes to Financial Statements

115

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Defensive Bond Fund


	Number of Shares	Value


Vanguard Short-Term Inflation-Protected Securities ETF	336,601	$	16,554,037


Total Investment Companies (Cost $79,848,242)			80,487,127


Short-Term Investments – 15.7%
Money Market Fund – 15.2%

Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(k)	26,189,018		26,189,018


U.S. Treasury Bills – 0.5%
U.S. Treasury Bill, 1.47%, 11/05/19^(l)	856,000		855,856


Total Short-Term Investments (Cost $27,044,860)			27,044,874


Total Investments – 100.1% (Cost $170,928,142)			172,428,945


Liabilities less Other Assets – (0.1)%			(168,313	)


NET ASSETS – 100.0%		$	172,260,632

^(a)

^(b)	Variable rate security. Rate as of October 31, 2019 is disclosed.

^(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, 2019 is disclosed.

^(d)	This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Financial Statements).

^(e)	These restricted securities constituted 0.22% of total net assets at October 31, 2019, most of which are considered liquid by the Advisor. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale.

^(f)	Security is a paymentin-kind bond (PIK), distributions receivedin-kind unless otherwise noted in the description.

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

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

⁽ⁱ⁾	Position is unsettled. Contract rate was not determined at October 31, 2019 and does not take effect until settlement date.

^(j)	Zero coupon bond.

^(k)	7-day current yield as of October 31, 2019 is disclosed.

^(l)	Discount rate at the time of purchase.

*	Non-Income Producing Security

Percentages shown are based on Net Assets


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
SPDR		Standard & Poor’s Depositary Receipt

See accompanying Notes to Financial Statements

116

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Defensive Bond Fund


USD		United States Dollar

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund’s investments carried at fair value:


Morningstar Defensive Bond Fund	Level 1		Level 2		Level 3		Totals

Investments

Assets:

Asset-Backed Securities	$	—	$	35,370,461	$	—	$	35,370,461
Common Stocks		—		—		252,192		252,192
Corporate Bonds		—		1,209,161		—		1,209,161
Term Loans		—		3,371,548		—		3,371,548
U.S. Government Obligations		—		4,209,685		—		4,209,685
Mortgage-Backed Securities		—		20,367,241		—		20,367,241
Investment Companies		80,487,127		—		—		80,487,127
Short-Term Investments		26,189,018		855,856		—		27,044,874
Warrants		—		—		116,656		116,656

Total Investments	$	106,676,145	$	65,383,952	$	368,848	$	172,428,945

See accompanying Notes to Financial Statements

117

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar Multisector Bond Fund


	Number of Shares		Value
Common Stocks – 0.0%^(a)
Chemicals – 0.0%^(a)
Hexion Holdings Corp., Class B*		434	$	4,384

Oil & Gas – 0.0%^(a)
Halcon Resources Corp.^(b)*		363		7,213
Whiting Petroleum Corp.*		1,781		11,291
				18,504

Pharmaceuticals – 0.0%^(a)
Bristol-Myers Squibb Co.		582		33,389
Total Common Stocks (Cost $132,175)				56,277
Convertible Preferred Stocks – 0.2%
Agriculture – 0.2%
Bunge Ltd., 4.88%		3,658		371,351
Total Convertible Preferred Stocks (Cost $364,103)				371,351
	Par^(c)
Convertible Bonds – 0.9%
Biotechnology – 0.2%
BioMarin Pharmaceutical, Inc., 0.60%, 8/01/24	$	265,000		265,047
Intercept Pharmaceuticals, Inc., 3.25%, 7/01/23		65,000		56,942
PTC Therapeutics, Inc., 3.00%, 8/15/22		65,000		70,252
				392,241

Computers – 0.0%^(a)
Pure Storage, Inc., 0.13%, 4/15/23		60,000		62,929

Internet – 0.0%^(a)
Palo Alto Networks, Inc., 0.75%, 7/01/23		40,000		43,998

Media – 0.2%
DISH Network Corp., 2.38%, 3/15/24		220,000		197,209
3.37%, 8/15/26		115,000		107,532
				304,741

Oil & Gas – 0.2%
Chesapeake Energy Corp., 5.50%, 9/15/26		205,000		113,134
Nabors Industries, Inc., 0.75%, 1/15/24		115,000		72,831


	Par^(c)		Value

Oil & Gas (Continued)
PDC Energy, Inc., 1.12%, 9/15/21	$	55,000	$	49,494
SM Energy Co., 1.50%, 7/01/21		40,000		35,600
Whiting Petroleum Corp., 1.25%, 4/01/20		13,000		12,778
				283,837

Oil & Gas Services – 0.0%^(a)
Oil States International, Inc., 1.50%, 2/15/23		70,000		59,257

Pharmaceuticals – 0.1%
Dermira, Inc., 3.00%, 5/15/22		65,000		53,950
Flexion Therapeutics, Inc., 3.37%, 5/01/24		70,000		67,219
				121,169

Software – 0.1%
Avaya Holdings Corp., 2.25%, 6/15/23		105,000		92,028
Evolent Health, Inc., 2.00%, 12/01/21		65,000		57,073
Nuance Communications, Inc., 1.25%, 4/01/25		20,000		21,025
1.00%, 12/15/35		105,000		102,073
				272,199

Telecommunications – 0.0%^(a)
CalAmp Corp., 2.00%, 8/01/25		105,000		86,302

Trucking & Leasing – 0.1%
Greenbrier (The) Cos., Inc., 2.88%, 2/01/24		125,000		119,928

Total Convertible Bonds (Cost $1,836,481)				1,746,601
Corporate Bonds – 9.1%
Advertising – 0.0%^(a)
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 8/15/27^(d)		5,000		5,238

Aerospace/Defense – 0.2%
BBA US Holdings, Inc., 4.00%, 3/01/28^(d)		175,000		173,688
TransDigm, Inc., 6.25%, 3/15/26^(d)		185,000		198,181
				371,869

See accompanying Notes to Financial Statements

118

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


	Par^(c)			Value

Apparel – 0.1%
Hanesbrands, Inc., 4.63%, 5/15/24^(d)	$	85,000		$	89,352
4.88%, 5/15/26^(d)		35,000			37,012
William Carter (The) Co., 5.62%, 3/15/27^(d)		15,000			16,050
					142,414

Auto Manufacturers – 0.1%
Allison Transmission, Inc., 5.00%, 10/01/24^(d)		53,000			54,259
5.88%, 6/01/29^(d)		70,000			75,425
					129,684

Auto Parts & Equipment – 0.1%
Dana Financing Luxembourg S.a.r.l., 5.75%, 4/15/25^(d)		23,000			23,633
Delphi Technologies PLC, 5.00%, 10/01/25^(d)		146,000	��		126,290
Goodyear Tire & Rubber (The) Co., 5.00%, 5/31/26		75,000			77,531
					227,454

Banks – 0.1%
CIT Group, Inc., 4.13%, 3/09/21		75,000			76,688
5.00%, 8/01/23		75,000			80,812
Provident Funding Associates L.P./PFG Finance Corp., 6.37%, 6/15/25^(d)		30,000			29,166
					186,666

Building Materials – 0.3%
James Hardie International Finance DAC, 4.75%, 1/15/25^(d)		240,000			248,962
JELD-WEN, Inc., 4.63%, 12/15/25^(d)		43,000			42,570
Masonite International Corp., 5.38%, 2/01/28^(d)		40,000			42,300
Summit Materials LLC/Summit Materials Finance Corp., 6.12%, 7/15/23		60,000			61,147
US Concrete, Inc., 6.37%, 6/01/24		154,000			160,302
					555,281

Commercial Services – 0.3%
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.87%, 10/01/22^(d)		43,000			38,055


	Par^(c)		Value
Commercial Services (Continued)
MPH Acquisition Holdings LLC, 7.12%, 6/01/24^(d)	$	120,000	$	111,006
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22^(d)		165,000		165,828
United Rentals North America, Inc., 4.63%, 10/15/25		121,000		123,722
5.87%, 9/15/26		40,000		42,377
6.50%, 12/15/26		30,000		32,475
11/15/27^(e)		30,000		30,308
				543,771

Computers – 0.0%^(a)
Western Digital Corp., 4.75%, 2/15/26		73,000		74,599

Distribution/Wholesale – 0.1%
American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28^(d)		60,000		59,850
Performance Food Group, Inc., 5.50%, 10/15/27^(d)		45,000		47,588
				107,438

Diversified Financial Services – 0.8%
Aircastle Ltd., 5.50%, 2/15/22		148,000		157,199
Ally Financial, Inc., 4.13%, 3/30/20		149,000		149,968
4.13%, 2/13/22		77,000		79,595
4.63%, 3/30/25		140,000		152,278
5.75%, 11/20/25		220,000		245,025
Nationstar Mortgage Holdings, Inc., 8.12%, 7/15/23^(d)		115,000		121,900
Navient Corp., 7.25%, 1/25/22		117,000		126,910
6.50%, 6/15/22		20,000		21,400
5.50%, 1/25/23		65,000		67,519
Quicken Loans, Inc., 5.75%, 5/01/25^(d)		205,000		211,043
5.75%, 5/01/25		65,000		66,916
5.25%, 1/15/28^(d)		75,000		77,344
Springleaf Finance Corp., 6.87%, 3/15/25		10,000		11,325
7.12%, 3/15/26		135,000		153,900
				1,642,322

Electric – 0.2%
AES Corp., 4.00%, 3/15/21		152,000		154,470

See accompanying Notes to Financial Statements

119

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


	Par^(c)		Value

Electric (Continued)
5.50%, 4/15/25	$	36,000	$	37,384
6.00%, 5/15/26		37,000		39,509
Vistra Operations Co. LLC, 5.50%, 9/01/26^(d)		135,000		142,657
				374,020

Entertainment – 0.1%
Live Nation Entertainment, Inc., 4.75%, 10/15/27^(d)		65,000		67,769
Speedway Motorsports LLC/Speedway Funding II, Inc., 4.88%, 11/01/27^(d)		60,000		59,868
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.12%, 10/01/29^(d)		40,000		41,800
				169,437

Food – 0.2%
B&G Foods, Inc., 5.25%, 4/01/25		38,000		38,808
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 6/15/25^(d)		32,000		33,240
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29^(d)		10,000		11,125
5.50%, 1/15/30^(d)		55,000		59,194
Pilgrim’s Pride Corp., 5.75%, 3/15/25^(d)		79,000		81,962
5.87%, 9/30/27^(d)		40,000		42,861
Post Holdings, Inc., 5.75%, 3/01/27^(d)		71,000		75,589
				342,779

Healthcare – Products – 0.0%^(a)
Hill-Rom Holdings, Inc., 4.38%, 9/15/27^(d)		20,000		20,600
Hologic, Inc., 4.37%, 10/15/25^(d)		70,000		71,717
				92,317

Healthcare – Services – 0.7%
Catalent Pharma Solutions, Inc., 4.88%, 1/15/26^(d)		55,000		56,788
Centene Corp., 4.75%, 1/15/25		150,000		155,176
CHS/Community Health Systems, Inc., 6.25%, 3/31/23		65,000		63,334
DaVita, Inc., 5.12%, 7/15/24		45,000		45,935


	Par^(c)		Value

Healthcare – Services (Continued)
Encompass Health Corp., 4.50%, 2/01/28	$	65,000	$	66,463
4.75%, 2/01/30		70,000		72,188
HCA, Inc., 5.37%, 2/01/25		400,000		439,500
5.25%, 4/15/25		147,000		163,556
Polaris Intermediate Corp., (100% Cash), 8.50%, 12/01/22^(d)(f)		217,000		181,737
Tenet Healthcare Corp., 5.13%, 5/01/25		110,000		112,612
				1,357,289

Home Builders – 0.2%
Installed Building Products, Inc., 5.75%, 2/01/28^(d)		25,000		26,262
KB Home, 11/15/29^(e)		50,000		50,406
Lennar Corp., 4.75%, 11/15/22		74,000		77,885
4.75%, 5/30/25		155,000		165,850
PulteGroup, Inc., 6.37%, 5/15/33		96,000		108,960
Taylor Morrison Communities, Inc., 5.75%, 1/15/28^(d)		35,000		38,763
				468,126

Insurance – 0.1%
CNO Financial Group, Inc., 5.25%, 5/30/25		111,000		121,545

Internet – 0.3%
Netflix, Inc., 4.88%, 4/15/28		182,000		188,059
5.37%, 11/15/29^(d)		65,000		68,413
Uber Technologies, Inc., 7.50%, 11/01/23^(d)		150,000		152,662
7.50%, 9/15/27^(d)		195,000		192,075
				601,209

Investment Companies – 0.1%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.88%, 2/01/22		115,000		116,006
6.75%, 2/01/24		55,000		57,338
4.75%, 9/15/24^(d)		110,000		111,100
				284,444

Iron/Steel – 0.1%
Commercial Metals Co., 4.88%, 5/15/23		119,000		122,867

See accompanying Notes to Financial Statements

120

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


	Par^(c)		Value

Leisure Time – 0.0%^(a)
Sabre GLBL, Inc., 5.25%, 11/15/23^(d)	$	93,000	$	95,325

Lodging – 0.3%
Boyd Gaming Corp., 6.37%, 4/01/26		15,000		15,938
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24		63,000		64,102
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 4/01/25		62,000		63,705
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28^(d)		115,000		117,622
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 9/15/26		16,000		17,300
MGM Resorts International, 7.75%, 3/15/22		139,000		155,332
Wyndham Destinations, Inc., 5.62%, 3/01/21		150,000		155,250
				589,249

Media – 1.0%
AMC Networks, Inc., 4.75%, 12/15/22		39,000		39,244
5.00%, 4/01/24		55,000		56,021
4.75%, 8/01/25		41,000		41,359
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 9/30/22		39,000		39,536
5.13%, 2/15/23		70,000		71,488
5.75%, 1/15/24		16,000		16,395
5.37%, 5/01/25^(d)		105,000		108,937
5.38%, 6/01/29^(d)		180,000		192,150
4.75%, 3/01/30^(d)		130,000		132,561
CSC Holdings LLC, 6.75%, 11/15/21		121,000		130,377
5.50%, 4/15/27^(d)		200,000		212,002
5.75%, 1/15/30^(d)		220,000		231,275
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26^(d)		215,000		224,675
6.62%, 8/15/27^(d)		60,000		61,800
DISH DBS Corp., 7.75%, 7/01/26		65,000		65,575
Gray Television, Inc., 5.13%, 10/15/24^(d)		35,000		36,269
iHeartCommunications, Inc., 8.37%, 5/01/27		10,000		10,725


	Par^(c)		Value

Media (Continued)
Meredith Corp., 6.87%, 2/01/26	$	171,000	$	176,255
Nexstar Broadcasting, Inc., 5.62%, 7/15/27^(d)		20,000		21,094
				1,867,738

Mining – 0.1%
Freeport-McMoRan, Inc., 5.40%, 11/14/34		205,000		200,131

Office/Business Equipment – 0.1%
CDW LLC/CDW
Finance Corp., 4.25%, 4/01/28		115,000		119,036

Oil & Gas – 0.7%
Bruin E&P Partners LLC, 8.87%, 8/01/23^(d)		199,000		131,340
California Resources Corp., 8.00%, 12/15/22^(d)		164,000		50,840
Centennial Resource Production LLC, 5.38%, 1/15/26^(d)		60,000		56,250
6.87%, 4/01/27^(d)		105,000		102,900
Denbury Resources, Inc., 7.75%, 2/15/24^(d)		38,000		27,930
Gulfport Energy Corp., 6.00%, 10/15/24		185,000		118,862
6.37%, 5/15/25		55,000		33,275
6.37%, 1/15/26		29,000		17,400
Montage Resources Corp., 8.87%, 7/15/23		121,000		92,867
Oasis Petroleum, Inc., 6.87%, 3/15/22		59,000		51,773
SM Energy Co., 6.13%, 11/15/22		45,000		42,863
5.00%, 1/15/24		150,000		132,750
5.63%, 6/01/25		47,000		39,833
Transocean Guardian Ltd., 5.88%, 1/15/24^(d)		60,520		60,520
Transocean Pontus Ltd., 6.13%, 8/01/25^(d)		4,450		4,439
Transocean Sentry Ltd., 5.38%, 5/15/23^(d)		160,000		158,400
Vine Oil & Gas L.P./Vine Oil & Gas Finance Corp., 9.75%, 4/15/23^(d)		50,000		19,000
Viper Energy Partners L.P., 5.38%, 11/01/27^(d)		10,000		10,100
Whiting Petroleum Corp., 6.25%, 4/01/23		160,000		116,000
6.62%, 1/15/26		75,000		46,500
				1,313,842

See accompanying Notes to Financial Statements

121

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


	Par^(c)		Value

Oil & Gas Services – 0.0%^(a)
McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.63%, 5/01/24^(d)	$	178,000	$	33,598
Transocean Proteus Ltd., 6.25%, 12/01/24^(d)		28,500		28,571
				62,169

Packaging & Containers – 0.1%
Berry Global, Inc., 4.50%, 2/15/26^(d)		55,000		55,344
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/26		39,000		40,923
Silgan Holdings, Inc., 4.75%, 3/15/25		95,000		97,137
				193,404

Pharmaceuticals – 0.2%
Bausch Health Cos., Inc., 5.50%, 3/01/23^(d)		5,000		5,044
5.88%, 5/15/23^(d)		20,000		20,300
6.12%, 4/15/25^(d)		80,000		83,050
9.00%, 12/15/25^(d)		35,000		39,294
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 2/01/25^(d)		200,000		127,500
Mylan N.V., 5.25%, 6/15/46		75,000		80,427
Mylan, Inc., 5.40%, 11/29/43		25,000		26,766
5.20%, 4/15/48		10,000		10,729
				393,110

Pipelines – 0.5%
Energy Transfer Operating
L.P.,(3M USD LIBOR + 4.03%), 6.25%, 2/15/23^(g)(h)		152,000		141,360
EnLink Midstream Partners L.P., 5.60%, 4/01/44		10,000		7,675
5.05%, 4/01/45		5,000		3,750
5.45%, 6/01/47		130,000		99,450
Hess Infrastructure Partners L.P./Hess Infrastructure Partners Finance Corp., 5.62%, 2/15/26^(d)		184,000		192,510
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/23		67,000		66,750


	Par^(c)		Value

Pipelines (Continued)
NGPL PipeCo LLC, 4.38%, 8/15/22^(d)	$	113,000	$	117,315
4.88%, 8/15/27^(d)		38,000		40,873
NuStar Logistics L.P., 5.62%, 4/28/27		120,000		124,800
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.25%, 5/01/23		113,000		113,424
				907,907

Real Estate Investment Trusts – 0.7%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 5/15/26^(d)		270,000		281,812
Equinix, Inc., 5.37%, 1/01/22		76,000		77,497
Iron Mountain, Inc., 4.88%, 9/15/29^(d)		285,000		291,769
iStar, Inc., 5.25%, 9/15/22		38,000		38,902
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.87%, 8/01/21^(d)		36,000		36,540
5.25%, 10/01/25^(d)		85,000		86,275
MGM Growth Properties Operating Partnership L.P./MGP FinanceCo-Issuer, Inc., 5.75%, 2/01/27^(d)		35,000		39,550
4.50%, 1/15/28		246,000		257,685
Service Properties Trust, 4.35%, 10/01/24		140,000		143,181
4.75%, 10/01/26		65,000		66,636
Starwood Property Trust, Inc., 3.63%, 2/01/21		29,000		29,218
4.75%, 3/15/25		62,000		64,383
				1,413,448

Retail – 0.3%
Asbury Automotive Group, Inc., 6.00%, 12/15/24		123,000		126,997
Group 1 Automotive, Inc., 5.00%, 6/01/22		92,000		93,063
IRB Holding Corp., 6.75%, 2/15/26^(d)		85,000		86,488
JC Penney Corp., Inc., 5.87%, 7/01/23^(d)		167,000		145,290

See accompanying Notes to Financial Statements

122

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


	Par^(c)		Value

Retail (Continued)
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 6/01/26^(d)	$	115,000	$	121,612
Murphy Oil USA, Inc., 4.75%, 9/15/29		20,000		20,875
Yum! Brands, Inc., 4.75%, 1/15/30^(d)		10,000		10,488
				604,813

Software – 0.2%
Camelot Finance S.A., 4.50%, 11/01/26^(d)		75,000		75,780
CDK Global, Inc., 5.25%, 5/15/29^(d)		20,000		21,237
Dun & Bradstreet (The) Corp., 6.88%, 8/15/26^(d)		120,000		131,211
MSCI, Inc., 5.25%, 11/15/24^(d)		118,000		121,245
SS&C Technologies, Inc., 5.50%, 9/30/27^(d)		115,000		123,050
				472,523

Telecommunications – 0.8%
CenturyLink, Inc., 5.80%, 3/15/22		38,000		40,138
CommScope Technologies LLC, 6.00%, 6/15/25^(d)		5,000		4,449
5.00%, 3/15/27^(d)		140,000		114,450
CommScope, Inc., 5.50%, 3/01/24^(d)		70,000		70,945
8.25%, 3/01/27^(d)		115,000		108,931
Frontier Communications Corp., 8.50%, 4/01/26^(d)		122,000		122,305
8.00%, 4/01/27^(d)		135,000		141,750
Intelsat Jackson Holdings S.A., 9.75%, 7/15/25^(d)		75,000		77,826
Level 3 Financing, Inc., 4.63%, 9/15/27^(d)		145,000		147,537
Sprint Capital Corp., 6.88%, 11/15/28		110,000		119,865
8.75%, 3/15/32		30,000		36,581
Sprint Corp., 7.25%, 9/15/21		183,000		195,272
7.87%, 9/15/23		20,000		22,075
7.12%, 6/15/24		110,000		119,350
T-Mobile USA, Inc., 4.00%, 4/15/22		150,000		154,831


		Par^(c)		Value

Telecommunications (Continued)
4.50%, 2/01/26		$	55,000	$	56,719
Windstream Services LLC/Windstream Finance Corp., 10.50%, 6/30/24^(d)(i)			46,000		25,070
					1,558,094

Total Corporate Bonds (Cost $17,645,805)					17,711,558

Foreign Government Inflation-Linked Bonds – 0.1%

Sovereign – 0.1%
Bonos de la Tesoreria de la Republica, 2.00%, 3/01/35	CLP		3,500		157,770

Total Foreign Government Inflation-Linked Bonds (Cost $177,374)					157,770

Foreign Issuer Bonds – 71.0%
Angola – 0.4%
Angolan Government International Bond, 8.25%, 5/09/28^(d)			260,000		271,417
9.38%, 5/08/48^(d)			400,000		422,580
					693,997

Argentina – 0.9%
Argentina POM Politica Monetaria, (Argentina Blended Historical Policy Rate + 0.00%), 72.24% 6/21/20^(j)	ARS		1,347,820		10,351
Argentina Treasury Bill,
0.00%, 11/28/19^(k)	ARS		4,270,600		22,116
0.00%, 12/12/19^(k)	ARS		3,459,900		16,770
0.00%, 2/26/20^(k)	ARS		5,140,100		41,847
0.00%, 3/11/20^(k)	ARS		395,400		3,086
0.00%, 3/30/20^(k)	ARS		16,603,400		251,175
0.00%, 4/08/20^(k)	ARS		1,383,930		4,464
0.00%, 4/28/20^(k)	ARS		988,500		13,821
0.00%, 5/13/20^(k)	ARS		7,314,900		95,610
0.00%, 5/28/20^(k)	ARS		3,360,900		37,294
0.00%, 7/29/20^(k)	ARS		8,144,900		91,397
0.00%, 8/27/20^(k)	ARS		5,931,000		56,815
0.00%, 10/29/20^(k)	ARS		17,735,200		161,621
Argentine Bonos del Tesoro,
18.20%, 10/03/21	ARS		9,000,000		56,499
15.50%, 10/17/26	ARS		3,952,000		25,451

See accompanying Notes to Financial Statements

123

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


		Par^(c)		Value

Argentina (Continued)
Argentine Republic Government International Bond, 4.63%, 1/11/23		$	179,000	$	71,602
7.50%, 4/22/26			150,000		63,602
6.87%, 1/26/27			551,000		216,273
5.88%, 1/11/28			191,000		72,582
7.62%, 4/22/46			610,000		244,915
YPF S.A., (Argentina Deposit Rates Badlar Private Banks30-35 Days + 4.00%), 63.35%, 7/07/20^(d)(j)			24,000		4,124
6.95%, 7/21/27^(d)			120,000		89,581
					1,650,996

Australia – 0.1%
FMG Resources (August 2006) Pty. Ltd., 5.13% 5/15/24^(d)			40,000		42,000
Mineral Resources Ltd., 8.12% 5/01/27^(d)			105,000		110,513
					152,513

Azerbaijan – 0.1%
Southern Gas Corridor CJSC, 6.88% 3/24/26			200,000		233,568

Bahrain – 0.7%
Bahrain Government International Bond, 7.00%, 10/12/28^(d)			250,000		288,225
6.75%, 9/20/29			400,000		457,802
5.63%, 9/30/31^(d)			200,000		209,847
7.50%, 9/20/47			200,000		235,265
Oil and Gas Holding (The) Co. BSCC, 8.37% 11/07/28^(d)			200,000		235,243
					1,426,382

Belgium – 0.2%
Telenet Finance Luxembourg Notes S.a.r.l., 5.50% 3/01/28^(d)			400,000		427,512

Brazil – 7.6%
Banco BTG Pactual S.A., (5Y US Treasury CMT + 5.26%), 7.75% 2/15/29^(d)(h)			200,000		211,300
Banco do Brasil S.A., (10Y US Treasury CMT + 4.40%), 6.25% 4/15/24^(g)(h)			400,000		397,800
Brazil Letras do Tesouro Nacional, 0.00%, 1/01/20^(k)	BRL		100,000		24,747


		Par^(c)		Value

Brazil (Continued)
0.00%, 4/01/20^(k)	BRL	$	350,000	$	85,723
0.00%, 7/01/20^(k)	BRL		290,000		70,305
0.00%, 4/01/21^(k)	BRL		170,000		39,819
0.00%, 7/01/21^(k)	BRL		4,660,000		1,077,644
Brazil Notas do Tesouro Nacional, Serie F, 10.00%, 1/01/23	BRL		4,845,000		1,364,138
10.00%, 1/01/25	BRL		14,200,000		4,155,945
10.00%, 1/01/27	BRL		14,550,000		4,390,561
CSN Islands XII Corp., 7.00% 12/23/19^(g)			100,000		88,087
InterCement Financial Operations B.V., 5.75% 7/17/24			200,000		147,002
Light Servicos de Eletricidade S.A./Light Energia S.A., 7.25% 5/03/23^(d)			200,000		215,502
MARB BondCo PLC, 6.87% 1/19/25^(d)			400,000		416,680
MV24 Capital B.V., 6.75% 6/01/34^(d)			200,000		209,100
Petrobras Global Finance B.V., 5.75%, 2/01/29			61,000		67,884
6.90%, 3/19/49			25,000		29,058
6.85%, 6/05/15^(l)			1,253,000		1,440,324
Prumo Participacoes e Investimentos S/A, 7.50% 12/31/31^(d)			200,000		207,000
Usiminas International S.a.r.l., 5.88% 7/18/26^(d)			200,000		203,500
					14,842,119

Canada – 0.5%
1011778 B.C. ULC/New Red Finance, Inc., 5.00%, 10/15/25^(d)			104,000		106,600
3.88%, 1/15/28^(d)			85,000		85,450
Baytex Energy Corp., 5.63% 6/01/24^(d)			123,000		109,470
Bombardier, Inc., 6.00% 10/15/22^(d)			140,000		136,500
Gran Tierra Energy, Inc., 7.75% 5/23/27^(d)			200,000		191,000
Open Text Corp., 5.62%, 1/15/23^(d)			45,000		45,844
5.87%, 6/01/26^(d)			24,000		25,590
Parkland Fuel Corp., 6.00%, 4/01/26^(d)			119,000		125,807
5.87%, 7/15/27^(d)			80,000		84,666

See accompanying Notes to Financial Statements

124

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


		Par^(c)		Value

Canada (Continued)
Seven Generations Energy Ltd., 6.87%, 6/30/23^(d)		$	37,000	$	37,647
5.38%, 9/30/25^(d)			41,000		39,975
					988,549

Chile – 0.8%
AES Gener S.A., (5Y USD Swap Rate + 4.64%), 7.13% 3/26/79^(d)(h)			200,000		207,732
Bonos de la Tesoreria de la Republica en pesos, 4.50% 3/01/26	CLP		425,000,000		623,999
Latam Finance Ltd., 7.00% 3/01/26^(d)			200,000		215,400
Sable International Finance Ltd., 5.75% 9/07/27^(d)			500,000		520,625
					1,567,756

China – 0.5%
China Evergrande Group, 8.25% 3/23/22			200,000		186,252
Fantasia Holdings Group Co. Ltd., 7.38% 10/04/21			200,000		186,100
Kaisa Group Holdings Ltd., 8.50% 6/30/22			200,000		190,122
New Metro Global Ltd., 6.50% 4/23/21			200,000		198,031
Sunac China Holdings Ltd., 7.87% 2/15/22			200,000		205,226
					965,731

Colombia – 2.1%
Colombia Government International Bond, 4.50% 3/15/29			450,000		501,979
Colombian TES, 10.00%, 7/24/24	COP		1,920,700,000		682,873
7.50%, 8/26/26	COP		1,983,000,000		650,279
6.00%, 4/28/28	COP		2,287,000,000		685,938
7.75%, 9/18/30	COP		2,206,100,000		741,986
Ecopetrol S.A., 5.87% 5/28/45			310,000		357,352
Millicom International Cellular S.A., 5.13%, 1/15/28			200,000		206,000
6.25%, 3/25/29^(d)			200,000		218,246
					4,044,653

Costa Rica – 0.5%
Autopistas del Sol S.A., 7.37% 12/30/30^(d)			185,652		184,726


		Par^(c)		Value

Costa Rica (Continued)
Costa Rica Government International Bond, 4.38%, 4/30/25		$	400,000	$	382,504
7.16%, 3/12/45			400,000		398,004
					965,234

Denmark – 0.1%
Danske Bank A/S, 5.00% 1/12/22^(d)			200,000		210,718

Dominican Republic – 0.9%
Dominican Republic International Bond, 9.75%, 6/05/26^(d)	DOP		9,200,000		177,119
5.95%, 1/25/27^(d)			515,000		565,861
6.00%, 7/19/28^(d)			150,000		165,939
6.85%, 1/27/45			200,000		225,252
6.40%, 6/05/49^(d)			555,000		601,487
					1,735,658

Ecuador – 0.7%
Ecuador Government International Bond, 7.95%, 6/20/24			220,000		211,477
7.87%, 1/23/28^(d)			340,000		303,450
10.75%, 1/31/29^(d)			400,000		406,004
9.50%, 3/27/30^(d)			450,000		430,312
					1,351,243

Egypt – 1.8%
Egypt Government International Bond, 6.59%, 2/21/28^(d)			220,000		223,850
7.60%, 3/01/29^(d)			600,000		634,169
8.50%, 1/31/47			400,000		422,895
8.70%, 3/01/49^(d)			250,000		267,592
Egypt Treasury Bill,
0.00%, 11/05/19^(k)	EGP		8,000,000		495,973
0.00%, 11/12/19^(k)	EGP		8,500,000		525,551
0.00%, 11/19/19^(k)	EGP		10,175,000		627,337
0.00%, 12/17/19^(k)	EGP		2,500,000		152,201
0.00%, 1/07/20^(k)	EGP		3,025,000		182,623
					3,532,191

El Salvador – 0.4%
El Salvador Government International Bond,
5.88%, 1/30/25			140,000		145,076
6.37%, 1/18/27			225,000		235,690
7.65%, 6/15/35			80,000		86,901
7.12%, 1/20/50^(d)			300,000		304,350
					772,017

See accompanying Notes to Financial Statements

125

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


		Par^(c)		Value

Finland – 0.0%^(a)
Nokia OYJ, 4.38% 6/12/27		$	79,000	$	80,461

Ghana – 0.8%
Ghana Government International Bond, 7.63%, 5/16/29			200,000		202,540
8.12%, 3/26/32^(d)			600,000		606,360
8.95%, 3/26/51^(d)			200,000		202,150
Ghana Treasury Note, 19.75% 3/08/21	GHS		220,000		40,802
Republic of Ghana Government Bonds, 17.50%, 8/17/20	GHS		220,000		39,974
24.50%, 6/21/21	GHS		580,000		113,443
24.75%, 7/19/21	GHS		678,000		132,565
18.25%, 7/25/22	GHS		1,530,000		274,226
					1,612,060

Guatemala – 0.1%
Guatemala Government Bond, 4.90% 6/01/30^(d)			200,000		211,580

Hungary – 0.7%
Hungary Government Bond, 6.75%, 10/22/28	HUF		65,000,000		314,122
3.00%, 8/21/30	HUF		114,500,000		428,504
3.25%, 10/22/31	HUF		139,550,000		534,462
					1,277,088

India – 2.1%
Adani Ports & Special Economic Zone Ltd., 4.37% 7/03/29^(d)			200,000		208,574
Greenko Mauritius Ltd., 6.25% 2/21/23^(d)			200,000		203,154
Greenko Solar Mauritius Ltd., 5.95% 7/29/26^(d)			200,000		202,020
India Government Bond, 8.15%, 6/11/22	INR		139,200,000		2,072,229
8.24%, 2/15/27	INR		53,000,000		811,969
ReNew Power Ltd., 6.45% 9/27/22^(d)			300,000		303,450
Vedanta Resources Finance II PLC, 9.25% 4/23/26^(d)			200,000		200,500
					4,001,896

Indonesia – 6.1%
Indonesia Asahan Aluminium Persero PT,
6.53%, 11/15/28^(d)			230,000		278,147
6.76%, 11/15/48^(d)			250,000		320,702


		Par^(c)		Value

Indonesia (Continued)
Indonesia Treasury Bond, 7.00%, 5/15/22	IDR	$	41,698,000,000	$	3,025,930
8.37%, 3/15/24	IDR		12,390,000,000		948,779
8.37%, 9/15/26	IDR		5,200,000,000		405,649
7.00%, 5/15/27	IDR		17,400,000,000		1,259,414
8.25%, 5/15/29	IDR		9,820,000,000		762,484
7.50%, 8/15/32	IDR		10,750,000,000		776,939
8.37%, 3/15/34	IDR		21,132,000,000		1,631,341
7.50%, 6/15/35	IDR		10,300,000,000		739,083
Minejesa Capital B.V., 4.63%, 8/10/30			200,000		206,754
5.63%, 8/10/37^(d)			400,000		439,334
Perusahaan Penerbit SBSN Indonesia III, 4.15% 3/29/27			530,000		567,100
Saka Energi Indonesia PT, 4.45% 5/05/24^(d)			400,000		407,033
					11,768,689

Ireland – 0.1%
C&W Senior Financing DAC, 6.88% 9/15/27^(d)			200,000		210,500

Israel – 0.2%
Teva Pharmaceutical Finance Co. B.V., 2.95% 12/18/22			35,000		31,850
Teva Pharmaceutical Finance Netherlands III B.V., 2.80%, 7/21/23			175,000		151,375
4.10%, 10/01/46			412,000		282,220
					465,445

Italy – 0.0%^(a)
Telecom Italia Capital S.A., 7.20% 7/18/36			39,000		45,630

Ivory Coast – 0.4%
Ivory Coast Government International Bond, 5.88%, 10/17/31^(d)	EUR		200,000		226,995
6.13%, 6/15/33^(d)			200,000		197,319
6.87%, 10/17/40^(d)	EUR		350,000		400,673
					824,987

Japan – 3.6%
Japan Treasury Discount Bill, 0.00%, 12/09/19^(k)	JPY		144,000,000		1,333,664
0.00%, 12/10/19^(k)	JPY		90,000,000		833,544
0.00%, 12/16/19^(k)	JPY		207,300,000		1,919,996
0.00%, 1/14/20^(k)	JPY		71,400,000		661,424
0.00%, 1/20/20^(k)	JPY		42,000,000		389,090
0.00%, 1/27/20^(k)	JPY		71,000,000		657,782

See accompanying Notes to Financial Statements

126

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


		Par^(c)		Value

Japan (Continued)
0.00%, 2/03/20^(k)	JPY	$	83,900,000	$	777,331
0.00%, 3/10/20^(k)	JPY		34,900,000		323,419
0.00%, 4/10/20^(k)	JPY		13,000,000		120,495
					7,016,745

Kazakhstan – 0.7%
KazMunayGas National Co. JSC, 5.38% 4/24/30^(d)			1,170,000		1,345,523

Kenya – 0.4%
Kenya Government International Bond, 7.00%, 5/22/27^(d)			400,000		419,109
8.00%, 5/22/32^(d)			400,000		426,077
					845,186

Lebanon – 0.2%
Lebanon Government International Bond, 6.10%, 10/04/22			350,000		209,625
6.00%, 1/27/23			266,000		158,377
6.65%, 4/22/24			84,000		48,111
					416,113

Luxembourg – 0.1%
Altice Luxembourg S.A., 10.50% 5/15/27^(d)			200,000		226,250

Malaysia – 1.3%
Malaysia Government Bond, 3.48%, 3/15/23	MYR		1,025,000		247,106
4.18%, 7/15/24	MYR		2,540,000		630,051
3.90%, 11/16/27	MYR		1,155,000		284,840
3.89%, 8/15/29	MYR		3,745,000		930,235
3.84%, 4/15/33	MYR		471,000		114,176
4.89%, 6/08/38	MYR		1,085,000		298,567
					2,504,975

Mexico – 8.2%
Alpek S.A.B. de C.V., 4.25% 9/18/29^(d)			200,000		203,700
Banco Mercantil del Norte S.A., (5Y US Treasury CMT + 5.04%), 6.87%, 7/06/22^(d)(g)(h)			200,000		206,502
(10Y US Treasury CMT + 5.47%), 7.50%, 6/27/29^(d)(g)(h)			200,000		208,550
Cemex S.A.B. de C.V., 5.70% 1/11/25			200,000		205,800
Cometa Energia S.A. de C.V., 6.38% 4/24/35^(d)			193,800		209,789


		Par^(c)		Value

Mexico (Continued)
Industrias Penoles S.A.B. de C.V., 5.65% 9/12/49^(d)		$	200,000	$	205,750
Mexican Bonos, 7.25%, 12/09/21	MXN		41,520,000		2,189,780
6.50%, 6/09/22	MXN		51,130,000		2,657,516
8.00%, 12/07/23	MXN		21,930,000		1,199,484
10.00%, 12/05/24	MXN		36,320,000		2,164,473
5.75%, 3/05/26	MXN		12,175,000		602,987
7.50%, 6/03/27	MXN		14,390,000		782,423
8.50%, 5/31/29	MXN		4,600,000		268,149
7.75%, 5/29/31	MXN		8,900,000		495,247
8.50%, 11/18/38	MXN		7,120,000		424,802
7.75%, 11/13/42	MXN		20,680,000		1,149,422
Mexico Government International Bond, 4.60% 1/23/46			400,000		426,504
Petroleos Mexicanos, 5.35%, 2/12/28			535,000		528,312
6.50%, 1/23/29			975,000		1,016,925
7.69%, 1/23/50^(d)			485,000		527,020
Unifin Financiera S.A.B. de C.V., 8.37% 1/27/28^(d)			200,000		205,250
					15,878,385

Mongolia – 0.1%
Development Bank of Mongolia LLC, 7.25% 10/23/23^(d)			200,000		209,692

Netherlands – 0.3%
Ziggo B.V., 5.50% 1/15/27^(d)			525,000		553,875

Nigeria – 0.8%
IHS Netherlands Holdco B.V., 7.12% 3/18/25^(d)			200,000		206,540
Nigeria Government International Bond, 7.14%, 2/23/30^(d)			210,000		210,580
7.70%, 2/23/38^(d)			800,000		799,936
Nigeria OMO Bill, 0.00% 9/17/20^(k)	NGN		77,186,000		189,597
Nigeria Treasury Bill, 0.00% 9/17/20^(k)	NGN		84,814,000		208,273
					1,614,926

Norway – 1.0%
Norway Government Bond, 3.75%, 5/25/21^(d)	NOK		5,720,000		646,152
2.00%, 5/24/23^(d)	NOK		4,098,000		457,645
3.00%, 3/14/24^(d)	NOK		3,789,000		443,172
Norway Treasury Bill, 0.00%, 12/18/19^(d)(k)	NOK		410,000		44,519
0.00%, 3/18/20^(d)(k)	NOK		793,000		85,847

See accompanying Notes to Financial Statements

127

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


		Par^(c)		Value

Norway (Continued)
0.00%, 6/17/20^(d)(k)	NOK	$	1,086,000	$	117,219
0.00%, 9/16/20^(d)(k)	NOK		647,000		69,631
					1,864,185

Oman – 0.8%
Oman Government International Bond, 5.63%, 1/17/28^(d)			445,000		442,875
6.00%, 8/01/29^(d)			600,000		599,250
6.75%, 1/17/48			500,000		471,545
					1,513,670

Panama – 0.3%
Aeropuerto Internacional de Tocumen S.A., 6.00% 11/18/48^(d)			200,000		249,000
Global Bank Corp., (3M USD LIBOR + 3.30%), 5.25% 4/16/29^(d)(h)			250,000		267,625
					516,625

Paraguay – 0.2%
Paraguay Government International Bond, 5.40% 3/30/50^(d)			400,000		453,504

Peru – 1.2%
Banco de Credito del Peru, 2.70% 1/11/25^(d)			100,000		99,500
Nexa Resources S.A., 5.37% 5/04/27			200,000		212,502
Peru Government Bond, 6.15%, 8/12/32^(d)	PEN		1,350,000		464,134
5.40%, 8/12/34^(d)	PEN		70,000		22,507
Peru LNG Srl, 5.38% 3/22/30^(d)			250,000		256,000
Peruvian Government International Bond, 6.95%, 8/12/31	PEN		525,000		191,953
6.90%, 8/12/37	PEN		1,020,000		376,741
Telefonica del Peru S.A.A., 7.37% 4/10/27^(d)	PEN		2,200,000		701,169
					2,324,506

Philippines – 0.0%^(a)
Philippine Government Bond, 5.50% 3/08/23	PHP		4,120,000		85,097

Poland – 1.7%
Republic of Poland Government Bond, 2.25%, 4/25/22	PLN		950,000		253,129
2.50%, 7/25/27	PLN		3,474,000		948,422
2.75%, 10/25/29	PLN		7,450,000		2,089,403
					3,290,954


		Par^(c)		Value

Qatar – 0.8%
Qatar Government
International Bond, 4.00%, 3/14/29^(d)		$	841,000	$	932,465
5.10%, 4/23/48^(d)			245,000		312,277
4.82%, 3/14/49^(d)			200,000		245,964
					1,490,706

Romania – 0.5%
Romania Government Bond, 4.25%, 6/28/23	RON		3,390,000		812,290
5.00%, 2/12/29	RON		550,000		137,594
					949,884

Russia �� 3.1%
Russian Federal Bond - OFZ, 7.10%, 10/16/24	RUB		41,700,000		677,491
7.75%, 9/16/26	RUB		21,600,000		365,993
7.05%, 1/19/28	RUB		35,300,000		576,655
6.90%, 5/23/29	RUB		70,600,000		1,142,422
8.50%, 9/17/31	RUB		48,500,000		881,282
7.70%, 3/23/33	RUB		51,500,000		884,658
Russian Foreign Bond - Eurobond, 4.25%, 6/23/27			400,000		430,107
4.37%, 3/21/29^(d)			600,000		653,113
5.10%, 3/28/35^(d)			400,000		463,288
					6,075,009

Saudi Arabia – 0.9%
Saudi Arabian Oil Co., 3.50%, 4/16/29^(d)			200,000		207,748
4.38%, 4/16/49^(d)			200,000		217,142
Saudi Government International Bond, 3.25%, 10/26/26			400,000		414,342
4.50%, 10/26/46			865,000		956,336
					1,795,568

South Africa – 2.9%
Petra Diamonds US Treasury PLC, 7.25% 5/01/22			200,000		140,000
Republic of South Africa Government Bond, 7.00%, 2/28/31	ZAR		5,800,000		320,292
8.25%, 3/31/32	ZAR		8,300,000		498,032
8.87%, 2/28/35	ZAR		5,800,000		356,539
8.50%, 1/31/37	ZAR		18,080,000		1,055,796
6.50%, 2/28/41	ZAR		12,000,000		550,704
8.75%, 1/31/44	ZAR		8,553,898		496,928
8.75%, 2/28/48	ZAR		10,000,000		576,638

See accompanying Notes to Financial Statements

128

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


		Par^(c)		Value

South Africa (Continued)
Republic of South Africa Government International Bond, 4.30%, 10/12/28		$	1,200,000	$	1,156,500
5.75%, 9/30/49			400,000		387,048
					5,538,477

South Korea – 5.0%
Korea Monetary Stabilization Bond, 2.05% 10/05/20	KRW		4,275,000,000		3,696,488
Korea Treasury Bond,
1.25%, 12/10/19	KRW		987,000,000		848,325
2.00%, 3/10/20	KRW		4,287,000,000		3,694,271
1.75%, 6/10/20	KRW		1,230,000,000		1,060,242
1.38%, 9/10/24	KRW		323,810,000		275,797
3.00%, 9/10/24	KRW		150,000,000		137,317
					9,712,440

Sri Lanka – 0.7%
Sri Lanka Government International Bond,
6.25%, 7/27/21			200,000		203,400
5.75%, 4/18/23^(d)			225,000		225,441
6.85%, 3/14/24^(d)			200,000		205,992
6.75%, 4/18/28			200,000		195,240
7.85%, 3/14/29^(d)			200,000		206,974
7.55%, 3/28/30^(d)			400,000		404,549
					1,441,596

Thailand – 2.7%
Bank of Thailand Bond,
1.77%, 3/27/20	THB		55,556,000		1,842,020
1.95%, 11/26/20	THB		34,895,000		1,161,778
Thailand Government Bond,
2.13%, 12/17/26	THB		31,763,000		1,097,110
2.87%, 12/17/28	THB		14,700,000		542,989
3.30%, 6/17/38	THB		16,118,000		675,966
					5,319,863

Turkey – 1.5%
Turkey Government Bond,
9.50%, 1/12/22	TRY		5,500,000		911,977
11.00%, 3/02/22	TRY		1,342,000		228,743
11.00%, 2/24/27	TRY		2,265,000		367,645
10.50%, 8/11/27	TRY		525,000		82,828
Turkey Government International Bond,
5.75%, 3/22/24			200,000		201,493
4.88%, 10/09/26			440,000		411,999
6.00%, 3/25/27			315,000		311,661


		Par^(c)		Value

Turkey (Continued)
6.12%, 10/24/28		$	200,000	$	197,607
Turkiye Vakiflar Bankasi TAO, (5Y USD Swap Rate + 5.44%), 6.87% 2/03/25^(h)			200,000		193,565
					2,907,518

Ukraine – 1.5%
Ukraine Government International Bond,
0.00%, 12/04/19^(d)(k)	UAH		3,500,000		139,178
0.00%, 1/29/20^(d)(k)	UAH		3,050,000		118,642
14.64%, 6/10/20^(d)	UAH		3,926,000		157,036
14.50%, 8/19/20^(d)	UAH		3,500,000		140,419
17.25%, 9/30/20^(d)	UAH		1,274,000		52,306
6.75%, 6/20/26	EUR		200,000		247,229
7.75%, 9/01/26			440,000		473,875
7.75%, 9/01/27			400,000		431,260
7.37%, 9/25/32			605,000		635,908
0.00%, 5/31/40^(k)			511,000		481,566
					2,877,419

United Arab Emirates – 0.6%
Abu Dhabi Government International Bond,
2.50%, 9/30/29^(d)			200,000		198,500
3.13%, 9/30/49^(d)			600,000		577,368
DP World PLC, 4.70% 9/30/49^(d)			200,000		199,482
Shelf Drilling Holdings Ltd., 8.25% 2/15/25^(d)			184,000		154,560
					1,129,910

United Kingdom – 0.1%
Virgin Media Secured Finance PLC, 5.50% 5/15/29^(d)			230,000		244,373

Uruguay – 0.5%
Uruguay Government International Bond,
4.38%, 1/23/31			265,000		295,610
4.97%, 4/20/55			585,000		684,456
					980,066

Vietnam – 0.3%
Mong Duong Finance Holdings B.V., 5.13% 5/07/29^(d)			500,000		508,498

See accompanying Notes to Financial Statements

129

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund


	Par^(c)		Value

Zambia – 0.2%
First Quantum Minerals Ltd., 7.25% 4/01/23^(d)	$	430,000	$	431,344

Total Foreign Issuer Bonds (Cost $135,459,676)				138,122,055

Term Loans – 0.0%^(a)(j)

Internet – 0.0%^(a)
Uber Technologies, Inc., Term Loan, (1M USD LIBOR + 4.00%, 1.00% Floor), 5.91%, 4/04/25		73,421		72,334

Retail – 0.0%^(a)
J.C. Penney Corp., Inc., Loan, (3M USD LIBOR + 4.25%, 1.00% Floor), 6.39%, 6/23/23		20,681		18,178

Total Term Loans (Cost $91,057)				90,512

U.S. Government Agencies – 7.6%^(m)

Federal Home Loan Banks – 7.6%
FHLB Discount Notes, 0.00%, 11/01/19^(k)		14,695,000		14,695,000

Total U.S. Government Agencies (Cost $14,695,000)				14,695,000


U.S. Government Obligations – 5.8%

U.S. Treasury Notes – 5.8%
2.25%, 4/30/21		825,000		832,960


	Par		Value

U.S. Treasury Notes (Continued)
1.13%, 6/30/21	$	2,300,000	$	2,282,660
1.62%, 6/30/21		850,000		850,664
2.62%, 7/15/21		82,000		83,425
1.13%, 7/31/21		1,953,000		1,937,895
1.13%, 8/31/21		909,000		901,721
1.50%, 8/31/21		235,000		234,734
1.13%, 9/30/21		76,000		75,371
1.50%, 9/30/21		2,250,000		2,247,891
2.12%, 12/31/21		85,000		86,042
1.75%, 6/30/24		1,095,000		1,105,779
2.12%, 7/31/24		550,000		564,674
				11,203,816

Total U.S. Government Obligations (Cost $11,189,873)				11,203,816
	Number of Shares

Short-Term Investments – 4.8%

Money Market Fund – 4.8%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%⁽ⁿ⁾		9,318,519		9,318,519

Total Short-Term Investments (Cost $9,318,519)				9,318,519

Total Investments – 99.5% (Cost $190,910,063)				193,473,459

Other Assets less Liabilities – 0.5%				956,704

NET ASSETS – 100.0%			$	194,430,163

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

^(b)	This is a Level 3 asset which is fair valued by the Pricing Committee (see Note 4 in Notes to Financial Statements).

^(c)	Par value is in USD unless otherwise indicated.

^(d)

^(e)	When-Issued Security. Coupon rate was not in effect at October 31, 2019.

^(f)	Security is a paymentin-kind bond (PIK), distributions receivedin-kind unless otherwise noted in the description.

^(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 shown is the rate in effect as of period end.

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

^(j)	Variable rate security. Rate as of October 31, 2019 is disclosed.

^(k)	Zero coupon bond.

^(l)	Century bond maturing in 2115.

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

⁽ⁿ⁾	7-day current yield as of October 31, 2019 is disclosed.

See accompanying Notes to Financial Statements

130

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund

*Non-Income Producing Security

Percentages shown are based on Net Assets


Abbreviations:
1M		1 Month
3M		3 Month
5Y		5 Year
10Y		10 Year
CMT		Constant Maturity
FHLB		Federal Home Loan Bank
LIBOR		London Interbank Offered Rate
LLC		Limited Liability Company
PLC		Public Limited Company
REIT		Real Estate Investment Trust
USD		United States Dollar



Concentration by Currency (%)
U.S. Dollar			54.0
Mexican Peso			6.1
Brazilian Real			5.8
South Korean Won			5.0
All other currencies less than 5%			29.1


Total			100.0



Composition by Type (%)
Sovereign			69.3
Non-Government			30.2
Others			0.5

Total			100.0

Forward Foreign Currency Contracts outstanding at October 31, 2019:


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


01/06/20		U.S. Dollars		2,865,750		Euro		2,500,000		Standard Chartered Bank		$ 63,596
11/18/19		U.S. Dollars		2,776,304		Euro		2,433,284		Deutsche Bank		59,309
12/23/19		U.S. Dollars		2,735,355		Euro		2,390,000		Deutsche Bank		59,257
03/25/20		U.S. Dollars		4,302,477		South Korean Won		4,950,000,000		Standard Chartered Bank		56,625
01/16/20		U.S. Dollars		2,776,376		Euro		2,433,283		Deutsche Bank		47,364
12/10/19		Czech Republic Koruna		44,329,956		U.S. Dollars		1,900,000		Bank of America		38,336
11/21/19		Thai Baht		40,146,730		U.S. Dollars		1,300,000		Barclays		29,813
11/29/19		U.S. Dollars		2,252,926		Euro		1,992,000		Citibank		27,089
11/07/19		Polish Zloty		7,753,964		U.S. Dollars		2,010,000		Citibank		19,569
11/26/19		U.S. Dollars		719,277		Japanese Yen		76,034,300		Citibank		14,144
03/23/20		U.S. Dollars		710,382		Japanese Yen		74,581,950		JPMorgan Chase		13,274
11/21/19		U.S. Dollars		808,210		Euro		712,500		Bank of America		12,482
01/06/20		Japanese Yen		119,920,000		Australian Dollars		1,600,000		Standard Chartered Bank		10,911
01/16/20		U.S. Dollars		632,214		Australian Dollars		900,000		Deutsche Bank		10,559
12/10/19		Hungarian Forints		220,531,100		U.S. Dollars		740,000		Bank of America		10,188
02/26/20		U.S. Dollars		757,991		Japanese Yen		80,216,000		Citibank		9,364
12/19/19		U.S. Dollars		480,127		Japanese Yen		50,686,000		HSBC		9,154

See accompanying Notes to Financial Statements

131

Morningstar Funds Trust October 31, 2019 (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)

11/20/19		Taiwan Dollars		17,533,404		U.S. Dollars			567,957		Barclays		$ 9,012
04/06/20		U.S. Dollars		1,063,278		South Korean Won			1,230,000,000		Standard Chartered Bank		7,899
12/12/19		Japanese Yen		89,286,110		Australian Dollars			1,190,000		HSBC		7,850
11/18/19		Australian Dollars		900,000		U.S. Dollars			613,080		Deutsche Bank		7,637
01/16/20		Australian Dollars		900,000		U.S. Dollars			614,070		Deutsche Bank		7,585
12/20/19		U.S. Dollars		408,691		Japanese Yen			43,177,330		JPMorgan Chase		7,452
11/18/19		U.S. Dollars		627,975		Australian Dollars			900,000		Deutsche Bank		7,258
01/29/20		Polish Zloty		3,005,870		U.S. Dollars			780,000		Barclays		7,213
12/23/19		Australian Dollars		794,000		U.S. Dollars			541,270		Deutsche Bank		6,872
02/28/20		U.S. Dollars		986,025		Japanese Yen			105,041,000		Citibank		5,601
11/21/19		Australian Dollars		642,000		U.S. Dollars			437,481		Bank of America		5,333
12/23/19		U.S. Dollars		552,386		Australian Dollars			794,000		Deutsche Bank		4,244
11/26/19		Euro		443,000		U.S. Dollars			490,933		BNP		3,974
03/06/20		U.S. Dollars		210,340		Japanese Yen			22,103,150		JPMorgan Chase		3,950
08/31/20		U.S. Dollars		624,614		Japanese Yen			65,814,000		Citibank		3,948
03/12/20		Japanese Yen		52,237,892		Australian Dollars			700,000		JPMorgan Chase		3,918
11/19/19		U.S. Dollars		447,174		Norwegian Kroner			4,079,000		Deutsche Bank		3,581
12/06/19		U.S. Dollars		190,225		Japanese Yen			20,113,300		JPMorgan Chase		3,553
11/29/19		Australian Dollars		340,000		U.S. Dollars			231,084		Citibank		3,479
11/08/19		U.S. Dollars		403,000		South African Rand			6,043,993		BNP		3,442
12/05/19		U.S. Dollars		182,847		Japanese Yen			19,334,330		JPMorgan Chase		3,421
04/15/20		Swedish Kronor		4,791,000		Euro			440,791		Deutsche Bank		3,396
06/12/20		Japanese Yen		60,822,489		Australian Dollars			820,000		JPMorgan Chase		3,210
12/12/19		Japanese Yen		40,475,214		Australian Dollars			540,000		JPMorgan Chase		3,180
02/27/20		U.S. Dollars		513,414		Japanese Yen			54,697,000		Citibank		2,917
11/26/19		U.S. Dollars		331,638		Norwegian Kroner			3,024,000		Deutsche Bank		2,766
11/18/19		Euro		247,300		U.S. Dollars			273,462		Deutsche Bank		2,672
11/14/19		U.S. Dollars		268,063		Norwegian Kroner			2,445,000		Deutsche Bank		2,174
03/23/20		U.S. Dollars		270,845		Norwegian Kroner			2,470,000		Deutsche Bank		2,165
04/30/20		Japanese Yen		55,234,902		Euro			456,600		Citibank		2,100
11/21/19		U.S. Dollars		444,136		Australian Dollars			642,000		Bank of America		1,321
12/23/19		U.S. Dollars		269,967		Norwegian Kroner			2,470,000		Deutsche Bank		1,257
11/27/19		U.S. Dollars		502,501		Japanese Yen			54,059,400		JPMorgan Chase		1,131
06/12/20		Japanese Yen		22,984,485		Australian Dollars			310,000		HSBC		1,125
03/13/20		Japanese Yen		22,305,150		Australian Dollars			300,000		HSBC		917
06/08/20		U.S. Dollars		208,133		Japanese Yen			22,103,150		JPMorgan Chase		630
03/24/20		U.S. Dollars		209,842		Japanese Yen			22,388,570		JPMorgan Chase		566
11/26/19		U.S. Dollars		495,473		Euro			443,000		BNP		565
11/29/19		U.S. Dollars		235,049		Australian Dollars			340,000		Citibank		486
11/21/19		Thai Baht		2,127,307		U.S. Dollars			70,000		Bank of America		465
04/29/20		U.S. Dollars		158,778		Indian Rupees			11,511,400		JPMorgan Chase		328
11/29/19		Swedish Kronor		1,449,855		U.S. Dollars	��		150,228		Deutsche Bank		160
02/03/20		U.S. Dollars		38,534		Indian Rupees			2,762,342		HSBC		110
11/26/19		U.S. Dollars		695,431		Swedish Kronor			6,705,000		Deutsche Bank		55

See accompanying Notes to Financial Statements

132

Morningstar Funds Trust October 31, 2019 (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)

11/29/19		U.S. Dollars		456,216		Swedish Kronor		4,397,808		Deutsche Bank		$ 46
11/19/19		U.S. Dollars		34,627		Swedish Kronor		334,000		Deutsche Bank		1


Total Unrealized Appreciation												$641,999


11/06/19		Indian Rupees		2,762,342		U.S. Dollars		38,939		HSBC		$ (37)
03/16/20		U.S. Dollars		7,556		Indian Rupees		551,770		JPMorgan Chase		(80)
01/28/20		U.S. Dollars		451,997		South Korean Won		528,000,000		HSBC		(178)
11/04/19		Indian Rupees		11,511,400		U.S. Dollars		162,361		JPMorgan Chase		(185)
11/19/19		Swedish Kronor		334,000		U.S. Dollars		34,831		Deutsche Bank		(205)
12/16/19		U.S. Dollars		13,469		Indian Rupees		977,223		HSBC		(205)
11/20/19		U.S. Dollars		19,094		Indian Rupees		1,375,000		JPMorgan Chase		(221)
12/16/19		U.S. Dollars		27,873		Indian Rupees		2,012,230		JPMorgan Chase		(283)
11/13/19		U.S. Dollars		27,092		Indian Rupees		1,949,000		HSBC		(321)
11/07/19		U.S. Dollars		31,399		Indian Rupees		2,277,559		HSBC		(670)
11/18/19		U.S. Dollars		108,919		Norwegian Kroner		1,009,000		Deutsche Bank		(810)
01/03/20		Norwegian Kroner		1,234,000		U.S. Dollars		135,175		Deutsche Bank		(917)
11/06/19		U.S. Dollars		37,983		Indian Rupees		2,762,342		HSBC		(919)
01/16/20		U.S. Dollars		49,624		Indian Rupees		3,634,000		Citibank		(1,033)
11/29/19		Swedish Kronor		2,947,953		U.S. Dollars		306,864		Deutsche Bank		(1,083)
12/30/19		Mexican Pesos		4,048,275		U.S. Dollars		210,000		Barclays		(1,525)
12/05/19		Japanese Yen		19,334,330		U.S. Dollars		181,194		JPMorgan Chase		(1,767)
12/06/19		Japanese Yen		20,113,300		U.S. Dollars		188,541		JPMorgan Chase		(1,869)
02/28/20		U.S. Dollars		89,342		Indian Rupees		6,581,000		Standard Chartered Bank		(1,921)
12/20/19		Japanese Yen		43,177,330		U.S. Dollars		403,171		JPMorgan Chase		(1,932)
03/06/20		Japanese Yen		23,272,620		U.S. Dollars		219,363		HSBC		(2,054)
06/08/20		Japanese Yen		23,272,620		U.S. Dollars		220,636		HSBC		(2,154)
03/06/20		Japanese Yen		22,103,150		U.S. Dollars		208,566		JPMorgan Chase		(2,176)
10/09/20		U.S. Dollars		101,374		Mexican Pesos		2,092,000		Citibank		(2,189)
06/08/20		Japanese Yen		22,103,150		U.S. Dollars		209,793		JPMorgan Chase		(2,289)
11/08/19		South African Rand		6,043,993		U.S. Dollars		401,864		BNP		(2,306)
12/10/19		U.S. Dollars		466,140		Hungarian Forints		137,791,100		Barclays		(2,588)
04/08/20		U.S. Dollars		135,137		Mexican Pesos		2,714,000		Citibank		(2,619)
06/22/20		Japanese Yen		43,177,330		U.S. Dollars		408,289		JPMorgan Chase		(2,627)
11/26/19		Swedish Kronor		6,705,000		U.S. Dollars		698,034		Deutsche Bank		(2,658)
10/08/20		U.S. Dollars		135,150		Mexican Pesos		2,785,000		Citibank		(2,738)
11/04/19		U.S. Dollars		159,245		Indian Rupees		11,511,400		JPMorgan Chase		(2,931)
01/30/20		U.S. Dollars		1,349,227		South Korean Won		1,579,000,000		HSBC		(3,100)
03/24/20		Japanese Yen		22,388,570		U.S. Dollars		212,542		JPMorgan Chase		(3,267)
11/18/19		Norwegian Kroner		1,009,000		U.S. Dollars		113,045		Deutsche Bank		(3,316)
12/19/19		U.S. Dollars		440,349		Norwegian Kroner		4,079,000		Deutsche Bank		(3,379)
04/29/20		U.S. Dollars		854,263		Euro		760,000		Citibank		(3,426)
12/19/19		Japanese Yen		87,899,000		U.S. Dollars		820,315		HSBC		(3,560)

See accompanying Notes to Financial Statements

133

Morningstar Funds Trust October 31, 2019 (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)

01/03/20		U.S. Dollars		256,000		Peruvian Nuevo Soles		872,832		Bank of America		$ (4,425)
10/16/20		U.S. Dollars		460,332		Mexican Pesos		9,398,000		Citibank		(4,499)
03/24/20		Norwegian Kroner		1,858,000		U.S. Dollars		206,626		Deutsche Bank		(4,518)
02/04/20		U.S. Dollars		225,375		Brazilian Reals		927,800		JPMorgan Chase		(4,727)
11/07/19		U.S. Dollars		526,501		Polish Zloty		2,030,186		Barclays		(4,892)
12/13/19		Swedish Kronor		4,791,000		Euro		449,081		Deutsche Bank		(4,916)
11/13/19		Swedish Kronor		4,791,000		Euro		449,229		Deutsche Bank		(4,916)
03/23/20		Japanese Yen		86,261,330		U.S. Dollars		811,194		JPMorgan Chase		(4,920)
02/13/20		Swedish Kronor		4,791,000		Euro		448,772		Deutsche Bank		(5,062)
03/13/20		Swedish Kronor		4,791,000		Euro		448,604		Deutsche Bank		(5,126)
03/23/20		U.S. Dollars		1,064,618		Euro		950,000		Citibank		(5,126)
12/03/19		U.S. Dollars		393,232		South Korean Won		466,000,000		HSBC		(5,218)
06/15/20		Swedish Kronor		4,791,000		Euro		448,033		Deutsche Bank		(5,339)
12/06/19		Japanese Yen		59,383,740		U.S. Dollars		556,761		HSBC		(5,618)
05/05/20		U.S. Dollars		253,867		Brazilian Reals		1,052,300		JPMorgan Chase		(5,981)
04/30/20		U.S. Dollars		1,248,494		Euro		1,111,600		Bank of America		(6,063)
01/14/20		Japanese Yen		57,212,212		Australian Dollars		780,000		JPMorgan Chase		(6,143)
11/07/19		U.S. Dollars		705,000		Polish Zloty		2,717,415		BNP		(6,273)
03/03/20		U.S. Dollars		281,709		Brazilian Reals		1,163,300		JPMorgan Chase		(6,423)
11/20/19		U.S. Dollars		296,822		Taiwan Dollars		9,231,311		BNP		(6,952)
11/20/19		U.S. Dollars		266,178		Taiwan Dollars		8,302,093		Bank of America		(7,018)
12/23/19		U.S. Dollars		790,697		Euro		712,500		Bank of America		(7,094)
12/23/19		Norwegian Kroner		2,470,000		U.S. Dollars		276,039		Deutsche Bank		(7,329)
03/23/20		Norwegian Kroner		2,470,000		U.S. Dollars		276,265		Deutsche Bank		(7,584)
10/13/20		U.S. Dollars		337,215		Mexican Pesos		6,973,000		Citibank		(7,805)
03/23/20		Japanese Yen		127,428,320		U.S. Dollars		1,199,285		HSBC		(8,228)
12/05/19		U.S. Dollars		560,000		Singapore Dollars		772,856		Barclays		(8,292)
11/26/19		Norwegian Kroner		3,024,000		U.S. Dollars		337,457		Deutsche Bank		(8,585)
02/26/20		Norwegian Kroner		3,024,000		U.S. Dollars		337,700		Deutsche Bank		(8,734)
11/14/19		Norwegian Kroner		2,445,000		U.S. Dollars		274,656		Deutsche Bank		(8,767)
01/21/20		Chilean Pesos		170,929,680		U.S. Dollars		240,000		Barclays		(8,996)
02/27/20		U.S. Dollars		374,775		Indian Rupees		27,679,000		Standard Chartered Bank		(9,117)
11/27/19		Japanese Yen		54,059,400		U.S. Dollars		510,731		JPMorgan Chase		(9,362)
10/15/20		U.S. Dollars		498,161		Mexican Pesos		10,264,000		Citibank		(9,567)
02/27/20		Japanese Yen		54,060,400		U.S. Dollars		514,190		JPMorgan Chase		(9,634)
11/19/19		Norwegian Kroner		4,079,000		U.S. Dollars		453,331		Deutsche Bank		(9,737)
12/19/19		Norwegian Kroner		4,079,000		U.S. Dollars		453,469		Deutsche Bank		(9,741)
02/27/20		Japanese Yen		54,697,000		U.S. Dollars		520,262		Citibank		(9,765)
06/17/20		U.S. Dollars		457,736		Mexican Pesos		9,306,000		Citibank		(9,919)
01/21/20		U.S. Dollars		212,000		Turkish Lira		1,299,560		Bank of America		(10,362)
03/03/20		U.S. Dollars		470,442		Indian Rupees		34,689,900		Standard Chartered Bank		(10,394)
12/10/19		U.S. Dollars		270,879		Hungarian Forints		82,740,000		Bank of America		(10,580)
12/30/19		Japanese Yen		53,802,677		Euro		456,600		Citibank		(11,140)

See accompanying Notes to Financial Statements

134

Morningstar Funds Trust October 31, 2019 (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)

03/31/20		Japanese Yen		53,805,645		Euro		456,600		Citibank		$ (11,248)
06/30/20		Japanese Yen		53,796,513		Euro		456,600		Citibank		(11,537)
09/30/20		Japanese Yen		53,814,777		Euro		456,600		Citibank		(11,564)
11/26/19		Japanese Yen		76,034,300		U.S. Dollars		719,002		Citibank		(13,868)
02/26/20		Japanese Yen		80,216,000		U.S. Dollars		763,744		Citibank		(15,117)
12/24/19		Japanese Yen		109,113,430		U.S. Dollars		1,029,936		HSBC		(15,598)
11/12/19		U.S. Dollars		402,773		South Korean Won		488,000,000		HSBC		(15,785)
08/31/20		Japanese Yen		65,814,000		U.S. Dollars		636,810		Citibank		(16,144)
12/30/19		U.S. Dollars		630,000		Mexican Pesos		12,577,145		Barclays		(17,689)
04/02/20		Japanese Yen		98,348,224		Euro		834,400		JPMorgan Chase		(20,347)
11/18/19		U.S. Dollars		1,448,196		Indian Rupees		104,538,000		HSBC		(20,780)
02/28/20		Japanese Yen		105,041,000		U.S. Dollars		1,006,154		Citibank		(25,729)
02/25/20		Japanese Yen		78,745,212		Australian Dollars		1,101,466		Citibank		(26,543)
08/24/20		Japanese Yen		77,972,429		Australian Dollars		1,098,534		Citibank		(26,577)
11/07/19		U.S. Dollars		760,000		Polish Zloty		3,006,362		Citibank		(26,903)
08/24/20		Japanese Yen		124,412,605		Australian Dollars		1,747,000		JPMorgan Chase		(38,373)
02/25/20		Japanese Yen		125,285,231		Australian Dollars		1,747,000		JPMorgan Chase		(38,460)
10/07/20		U.S. Dollars		1,357,149		Mexican Pesos		28,320,000		HSBC		(45,170)
03/06/20		Japanese Yen		147,675,355		Australian Dollars		2,062,000		Citibank		(46,719)
01/17/20		U.S. Dollars		1,726,277		South Korean Won		2,073,000,000		HSBC		(48,366)
04/06/20		U.S. Dollars		1,864,204		Mexican Pesos		37,970,000		HSBC		(63,618)

Total Unrealized Depreciation												$(936,560)

Net Unrealized Depreciation												$(294,561)

Interest Rate Swap Contracts outstanding at October 31, 2019:

Exchange Traded


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

2.72% (Semi-Annually)		3M USD LIBOR (Quarterly)		1/16/2029	USD		1,740,000		$ (184,288)		$—		$ (184,288)
2.50% (Semi-Annually)		3M USD LIBOR (Quarterly)		4/26/2029	USD		3,310,000		(271,388)		—		(271,388)
3.08% (Semi-Annually)		3M USD LIBOR (Quarterly)		12/6/2048	USD		600,000		(188,166)		—		(188,166)
2.85% (Semi-Annually)		3M USD LIBOR (Quarterly)		1/16/2049	USD		750,000		(193,162)		—		(193,162)
2.85% (Semi-Annually)		3M USD LIBOR (Quarterly)		2/7/2049	USD		210,000		(52,902)		—		(52,902)
2.84% (Semi-Annually)		3M USD LIBOR (Quarterly)		2/27/2049	USD		270,000		(67,125)		—		(67,125)
2.71% (Semi-Annually)		3M USD LIBOR (Quarterly)		4/26/2049	USD		1,410,000		(307,857)		—		(307,857)
2.23% (Semi-Annually)		3M USD LIBOR (Quarterly)		7/25/2049	USD		470,000		(52,407)		—		(52,407)

Total							8,760,000		$(1,317,295)		$—		$(1,317,295)

See accompanying Notes to Financial Statements

135

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund

Interest Rate Swap Contracts outstanding at October 31, 2019:

Over the Counter

Pay Rate Index/

Pay Rate

Receive Rate/

Receive Rate

Index

Counterparty

Maturity
Date

Notional
Amount

Market
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

2.19% (Semi-Annually)

3M USD LIBOR (Quarterly)

Citibank

6/27/2049

USD

1,200,000

$(122,032)

$—

$(122,032)

Total

1,200,000

$(122,032)

$—

$(122,032)

Credit Default Swap Contracts outstanding - Sell Protection as of October 31, 2019:

Exchange Traded

Reference

Obligation

Implied
Credit
Spread

Fixed
Deal
(Pay) Rate

Maturity
Date

Counterparty

Notional
Amount

Market Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

Markit CDX North America High Yield Index Series 33 (Pay Quarterly)

3.40%

5.00%

12/20/2024

Morgan Stanley

USD

(3,400,000

)

$261,580

$223,880

$37,700

Total

(3,400,000

)

$261,580

$223,880

$37,700

See accompanying Notes to Financial Statements

136

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Multisector Bond Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund’s investments carried at fair value:



Morningstar Multisector Bond Fund	Level 1		Level 2			Level 3		Totals

Investments
Assets:
Common Stocks		$ 49,064		$ —			$7,213		$ 56,277
Convertible Preferred Stocks		371,351		—			—		371,351
Convertible Bonds		—		1,746,601			—		1,746,601
Corporate Bonds		—		17,711,558			—		17,711,558
Foreign Government Inflation-Linked Bonds		—		157,770			—		157,770
Foreign Issuer Bonds		—		138,122,055			—		138,122,055
Term Loans		—		90,512			—		90,512
U.S. Government Agencies		—		14,695,000			—		14,695,000
U.S. Government Obligations		—		11,203,816			—		11,203,816
Short-Term Investments		9,318,519		—			—		9,318,519

Total Investments		$9,738,934		$183,727,312			$7,213		$193,473,459




Morningstar Multisector Bond Fund	Level 1		Level 2			Level 3		Totals

Derivative Financial Instruments
Assets:
Forward foreign currency exchange contracts		$—		$ 641,999			$—		$ 641,999
Swap agreements at value		—		261,580			—		261,580

Total Assets - Derivative Financial Instruments		$—		$ 903,579			$—		$ 903,579

Liabilities:
Forward foreign currency exchange contracts		$—		$ (936,560	)		$—		$ (936,560	)
Swap agreements at value		—		(1,439,327	)		—		(1,439,327	)

Total Liabilities - Derivative Financial Instruments		$—		$(2,375,887	)		$—		$(2,375,887	)

Total Net Derivative Financial Instruments		$—		$(1,472,308	)		$—		$(1,472,308	)

See accompanying Notes to Financial Statements

137

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar Unconstrained Allocation Fund

Number
of Shares

Value

Common Stocks – 16.7%

Advertising – 0.7%

Omnicom Group, Inc.

5,210

402,160

Apparel – 0.9%

Tapestry, Inc.

19,841

513,088

Beverages – 0.4%

Anheuser-Busch InBev S.A./N.V. (Belgium)

EUR

3,165

255,471

Commercial Services – 2.6%

Atlantia S.p.A. (Italy)

EUR

4,372

108,014

Bureau Veritas S.A. (France)

EUR

8,146

208,266

H&R Block, Inc.

25,304

632,347

Nielsen Holdings PLC

28,212

568,754

1,517,381

Computers – 0.9%

Cognizant Technology Solutions Corp., Class A

8,095

493,309

Electric – 0.2%

Power Assets Holdings Ltd. (Hong Kong)

HKD

14,100

100,620

Entertainment – 1.0%

International Game Technology PLC

45,814

606,577

Environmental Control – 1.2%

Stericycle, Inc.*

12,425

715,680

Gas – 0.5%

National Grid PLC (United Kingdom)

GBP

25,368

296,610

Healthcare - Products – 0.7%

Henry Schein, Inc.*

4,689

293,461

Medtronic PLC

830

90,387

383,848

Healthcare - Services – 1.9%

��

Fresenius Medical Care A.G. & Co. KGaA (Germany)

EUR

7,198

519,549

MEDNAX, Inc.*

25,939

569,621

1,089,170

Internet – 0.3%

Alphabet, Inc., Class C*

151

190,277

Pharmaceuticals – 1.0%

CVS Health Corp.

9,044

600,431

Number
of Shares

Value

Retail – 0.3%

Industria de Diseno Textil S.A. (Spain)

EUR

5,857

$182,509

Semiconductors – 1.0%

Intel Corp.

1,879

106,220

IPG Photonics Corp.*

3,643

489,182

595,402

Software – 0.7%

Oracle Corp.

7,199

392,273

Telecommunications – 1.4%

Cisco Systems, Inc.

2,301

109,320

SES S.A. (France)

EUR

37,911

734,902

844,222

Transportation – 0.5%

Norfolk Southern Corp.

1,611

293,202

Water – 0.5%

United Utilities Group PLC
(United Kingdom)

GBP

26,009

293,684

Total Common Stocks
(Cost $9,744,639)

9,765,914

Par^(a)

Corporate Bonds – 0.2%

Computers – 0.2%

Hewlett Packard Enterprise Co., 6.35%, 10/15/45

$100,000

118,829

Total Corporate Bonds
(Cost $106,464)

118,829

Foreign Issuer Bonds – 8.1%

Australia – 0.9%

Australia Government Bond, 5.75% 7/15/22

AUD

335,000

261,511

New South Wales Treasury Corp., 4.00% 4/08/21

AUD

75,000

53,948

Queensland Treasury Corp., 5.50% 6/21/21

AUD

150,000

110,951

Western Australian Treasury Corp., 7.00% 7/15/21

AUD

140,000

106,231

532,641

See accompanying Notes to Financial Statements

138

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Unconstrained Allocation Fund

Par^(a)

Value

Brazil – 0.8%

Brazil Notas do Tesouro Nacional, Serie F, 10.00%, 1/01/21

BRL

655,000

173,015

10.00%, 1/01/27

BRL

1,060,000

319,862

492,877

Colombia – 0.9%

Colombian TES,

6.25%, 11/26/25

COP

630,000,000

193,900

6.00%, 4/28/28

COP

1,040,000,000

311,926

505,826

Indonesia – 0.7%

Indonesia Treasury Bond, 9.00% 3/15/29

IDR

5,200,000,000

419,846

Malaysia – 0.7%

Malaysia Government Bond,

3.88%, 3/10/22

MYR

1,120,000

272,525

3.90%, 11/16/27

MYR

500,000

123,307

395,832

Mexico – 2.6%

Mexican Bonos,

8.50%, 5/31/29

MXN

5,300,000

308,955

7.75%, 11/23/34

MXN

1,800,000

100,475

8.50%, 11/18/38

MXN

5,700,000

340,080

7.75%, 11/13/42

MXN

8,200,000

455,767

8.00%, 11/07/47

MXN

2,300,000

131,734

Petroleos Mexicanos,

6.75%, 9/21/47

25,000

24,875

7.69%, 1/23/50^(b)

165,000

179,295

1,541,181

Poland – 0.8%

Republic of Poland Government Bond,

1.50%, 4/25/20

PLN

950,000

249,220

5.25%, 10/25/20

PLN

360,000

98,061

2.00%, 4/25/21

PLN

426,000

112,607

459,888

South Africa – 0.7%

Republic of South Africa Government Bond,

6.50%, 2/28/41

ZAR

4,110,000

188,616

8.75%, 2/28/48

ZAR

4,140,000

238,728

427,344

Total Foreign Issuer Bonds
(Cost $4,552,542)

4,775,435


		Par		Value
U.S. Government Obligations – 9.2%

U.S. Treasury Bonds – 1.7%
3.00%, 2/15/49		$	640,000	$	754,500
2.87%, 5/15/49			220,000		253,499
					1,007,999


U.S. Treasury Floating Rate Notes – 7.5%
(3M US Treasury MMY + 0.14%), 1.76%, 4/30/21^(c)			2,915,000		2,911,256
(3M US Treasury MMY + 0.22%), 1.85%, 7/31/21^(c)			1,335,000		1,334,796
(3M US Treasury MMY + 0.30%), 1.93%, 10/31/21^(c)			130,000		130,097
					4,376,149

Total U.S. Government Obligations (Cost $5,288,425)					5,384,148

		Number of Shares
Investment Companies – 62.3%
iShares Core DAX UCITS ETF DE (Germany)*	EUR		18,957		2,331,199
iShares Global Energy ETF			50,465		1,526,062
iShares MSCI Europe Financials ETF			193,107		3,553,169
iShares MSCI South Korea ETF			31,177		1,837,261
iShares MSCI United Kingdom ETF			79,853		2,597,618
iShares STOXX Europe 600 Health Care UCITS ETF DE (Germany)	EUR		17,921		1,708,514
iShares STOXX Europe 600 Telecommunications UCITS ETF DE (Germany)	EUR		110,612		2,844,193
JPMorgan BetaBuilders Japan ETF			266,956		6,559,109
Schwab Fundamental Emerging Markets Large Company Index ETF			122,279		3,509,407
Schwab Intermediate-Term U.S. Treasury ETF			20,972		1,166,253
Schwab U.S. TIPS ETF			30,850		1,748,578
VanEck Vectors Russia ETF			71,460		1,720,757
Vanguard Consumer Staples ETF			13,904		2,166,799
Vanguard Long-Term Treasury ETF			37,973		3,288,841

Total Investment Companies (Cost $34,878,460)					36,557,760

See accompanying Notes to Financial Statements

139

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Unconstrained Allocation Fund


	Number of Shares		Value
Short-Term Investments – 3.1%

Money Market Fund – 3.1%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(d)		1,813,608	$	1,813,608


Total Short-Term Investments (Cost $1,813,608)				1,813,608


Total Investments – 99.6% (Cost $56,384,138)				58,415,694

Other Assets less Liabilities – 0.4%^(e)				221,751

NET ASSETS – 100.0%			$	58,637,445

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, 2019 is disclosed.

^(d)	7-day current yield as of October 31, 2019 is disclosed.

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

*	Non-Income Producing Security

Percentages shown are based on Net Assets


Abbreviations:
3M		3 Month
ETF		Exchange-Traded Fund
MMY		Money Market Yield
MSCI		Morgan Stanley Capital International
PLC		Public Limited Company
TIPS		Treasury Inflation Protected Securities
UCITS		Undertakings for Collective Investment in Transferable Securities

Futures Contracts outstanding at October 31, 2019:

Exchange Traded

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Unrealized

Appreciation

(Depreciation)

Short Contracts

Euro-OAT

)

12/06/2019

EUR

938,971

$16,050

30-Year Euro Buxl

)

12/31/2019

EUR

702,505

45,072

Total Short Contracts

$61,122

See accompanying Notes to Financial Statements

140

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Unconstrained Allocation Fund

Forward Foreign Currency Contracts outstanding at October 31, 2019:


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

12/09/19	British Pounds		320,000		U.S. Dollars		395,936	JPMorgan Chase		$19,126
01/13/20	South Korean Won		481,000,000		U.S. Dollars		402,898	Citibank		8,819
11/22/19	Australian Dollars		420,000		U.S. Dollars		283,415	Goldman Sachs		6,284
01/10/20	Czech Republic Koruna		4,700,000		U.S. Dollars		200,071	JPMorgan Chase		5,631
12/11/19	U.S. Dollars		295,116		South African Rand		4,400,000	Barclays		5,563
01/17/20	New Zealand Dollars		310,000		U.S. Dollars		194,948	HSBC		4,092
11/08/19	Russian Rubles		9,000,000		U.S. Dollars		136,477	Citibank		3,715
01/24/20	British Pounds		80,000		U.S. Dollars		100,503	Citibank		3,421
01/16/20	Polish Zloty		190,000		U.S. Dollars		48,212	Citibank		1,546
11/19/19	Mexican Pesos		2,000,000		U.S. Dollars		102,136	HSBC		1,523
11/22/19	Australian Dollars		140,000		U.S. Dollars		95,239	Morgan Stanley		1,327
11/19/19	Mexican Pesos		500,000		U.S. Dollars		25,150	Citibank		765
01/09/20	Malaysian Ringgit		400,000		U.S. Dollars		95,204	Barclays		748
12/05/19	New Zealand Dollars		320,000		U.S. Dollars		204,656	HSBC		647
01/31/20	Australian Dollars		210,000		U.S. Dollars		144,541	Morgan Stanley		556
01/29/20	Indonesian Rupiahs		1,340,000,000		U.S. Dollars		93,805	JPMorgan Chase		376


Total Unrealized Appreciation										$ 64,139


11/19/19	Mexican Pesos		400,000		U.S. Dollars		20,752	HSBC		$ (20	)
12/12/19	U.S. Dollars		33,399		Euro		30,000	JPMorgan Chase		(160	)
11/19/19	Mexican Pesos		500,000		U.S. Dollars		26,134	Citibank		(219	)
01/17/20	Swedish Kronor		5,300,000		U.S. Dollars		553,086	HSBC		(1,600	)
01/14/20	Chilean Pesos		100,000,000		U.S. Dollars		137,914	HSBC		(2,799	)
02/24/20	British Pounds		940,000		U.S. Dollars		1,225,337	HSBC		(3,352	)
11/15/19	U.S. Dollars		140,247		South African Rand		2,190,000	HSBC		(4,394	)
01/17/20	Norwegian Kroner		2,200,000		U.S. Dollars		245,783	HSBC		(6,432	)
12/06/19	Norwegian Kroner		3,700,000		U.S. Dollars		414,176	Goldman Sachs		(11,747	)
11/19/19	U.S. Dollars		350,765		Mexican Pesos		7,000,000	Citibank		(12,042	)
11/13/19	Chilean Pesos		360,000,000		U.S. Dollars		505,732	HSBC		(20,132	)


Total Unrealized Depreciation										$(62,897	)


Net Unrealized Appreciation										$ 1,242

See accompanying Notes to Financial Statements

141

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Unconstrained Allocation Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund’s investments carried at fair value:



Morningstar Unconstrained Allocation Fund	Level 1	Level 2		Level 3	Totals


Investments

Assets:
Common Stocks	$ 7,066,290	$ 2,699,624		$—	$ 9,765,914
Corporate Bonds	—	118,829		—	118,829
Foreign Issuer Bonds	—	4,775,435		—	4,775,435
U.S. Government Obligations	—	5,384,148		—	5,384,148
Investment Companies	36,557,760	—		—	36,557,760
Short-Term Investments	1,813,608	—		—	1,813,608


Total Investments	$45,437,658	$12,978,036		$—	$58,415,694



Morningstar Unconstrained Allocation Fund	Level 1	Level 2		Level 3	Totals


Derivative Financial Instruments

Assets:
Futures contracts	$61,122	$ —		$—	$ 61,122
Forward foreign currency exchange contracts	—	64,139		—	64,139


Total Assets - Derivative Financial Instruments	$61,122	$ 64,139		$—	$ 125,261


Liabilities:
Forward foreign currency exchange contracts	$ —	$(62,897	)	$—	$ (62,897	)


Total Liabilities - Derivative Financial Instruments	$ —	$(62,897	)	$—	$ (62,897	)


Total Net Derivative Financial Instruments	$61,122	$ 1,242		$—	$ 62,364

See accompanying Notes to Financial Statements

142

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments

Morningstar Alternatives Fund


	Number of Shares		Value



Long Positions – 98.6%
Common Stocks – 21.2%
Aerospace/Defense – 0.4%
Cobham PLC		218,858	$	447,670



Auto Parts & Equipment – 0.8%
WABCO Holdings, Inc.^(a)*		7,410		997,534



Banks – 2.3%
LegacyTexas Financial Group, Inc.		6,641		282,508
Old Line Bancshares, Inc.^(a)		6,311		184,786
SunTrust Banks, Inc.^(a)		35,283		2,411,240
				2,878,534



Biotechnology – 2.2%
Achillion Pharmaceuticals, Inc.*		8,957		57,414
Cambrex Corp.*		3,901		233,007
Celgene Corp.^(a)*		20,842		2,251,561
Pacific Biosciences of California, Inc.^(a)*		60,277		291,741
				2,833,723



Chemicals – 0.1%
Innophos Holdings, Inc.		18		587
OMNOVA Solutions, Inc.*		9,952		100,615
				101,202



Computers – 0.3%
Presidio, Inc.^(a)		7,430		123,338
Sophos Group PLC^(b)		35,494		261,080
				384,418



Distribution/Wholesale – 0.1%
Anixter International, Inc.*		1,139		94,252



Engineering & Construction – 0.1%
Altran Technologies S.A.		8,053		128,035



Entertainment – 1.2%
Entertainment One Ltd.		100,722		727,413
Merlin Entertainments PLC^(b)		112,503		662,807
Stars Group (The), Inc.*		6,884		149,796
				1,540,016



Environmental Control – 1.5%
Advanced Disposal
Services, Inc.^(a)*		58,055		1,903,043



Food – 0.4%
Pioneer Foods Group Ltd.		78,210		557,493



Forest Products & Paper – 0.2%
Canfor Corp.*		17,522		211,791


	Number of Shares		Value



Gas – 0.1%
AltaGas Canada, Inc.		6,587	$	167,638



Hand/Machine Tools – 0.5%
Milacron Holdings Corp.*		36,505		610,364



Healthcare - Services – 2.8%
WellCare Health Plans, Inc.^(a)*		11,841		3,512,041



Insurance – 0.1%
TOWER Ltd.*		192,415		83,920



Internet – 0.2%
Just Eat PLC*		33,183		315,974



Lodging – 0.2%
Caesars Entertainment Corp.^(a)*		18,554		227,843



Media – 0.7%
Axel Springer S.E.*		12,270		855,296



Oil & Gas – 0.2%
Eland Oil & Gas PLC		60,154		128,101
Parsley Energy, Inc., Class A		6,839		108,125
				236,226



Pharmaceuticals – 0.9%
Allergan PLC^(a)		6,092		1,072,862
Ra Pharmaceuticals, Inc.*		894		42,081
				1,114,943



Pipelines – 0.3%
SemGroup Corp., Class A		27,307		439,643



Real Estate – 0.1%
Hembla AB*		4,103		91,360



Real Estate Investment Trusts – 0.8%
Dream Global Real Estate Investment Trust		19,210		243,279
Liberty Property Trust		13,061		771,513
				1,014,792



Retail – 0.7%
BCA Marketplace PLC		160,942		492,004
EI Group PLC*		79,107		288,559
GrandVision N.V.^(b)		3,346		102,288
Vitamin Shoppe, Inc.*		9,233		59,645
				942,496



Savings & Loans – 0.3%
United Financial Bancorp, Inc.		29,585		417,740

See accompanying Notes to Financial Statements

143

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


	Number of Shares		Value

Semiconductors – 0.9%
Mellanox Technologies Ltd.^(a)(c)*		10,228	$	1,152,696



Software – 0.4%
Cision Ltd.*		15,675		157,847
InterXion Holding N.V.*		2,197		193,820
Pivotal Software, Inc., Class A^(a)*		13,893		207,978
				559,645



Telecommunications – 1.4%
Inmarsat PLC		33,382		238,145
Zayo Group Holdings, Inc.^(a)(c)*		43,589		1,488,128
				1,726,273



Transportation – 1.0%
Genesee & Wyoming, Inc., Class A^(a)*		11,748		1,304,380


Total Common Stocks (Cost $26,068,252)				26,850,981


Convertible Preferred Stocks – 3.7%
Chemicals – 0.2%
A Schulman, Inc., 6.00%		206		209,914



Computers – 0.2%
NCR Corp., 5.50%^(a)(d)		218		256,436



Diversified Financial Services – 0.6%
AMG Capital Trust II, 5.15%^(a)		9,800		480,200
Cowen, Inc., 5.62%^(a)		300		257,792
				737,992



Electric – 0.5%
CenterPoint Energy, Inc., 7.00%^(a)		3,398		173,298
Dominion Energy, Inc., 7.25%^(a)*		723		77,513
DTE Energy Co., 0.00%, 11/01/22*		2,980		151,324
Southern (The) Co., 6.75%, 8/01/22^(a)		3,267		173,674
				575,809



Electrical Component & Equipment – 0.2%
Energizer Holdings, Inc., 7.50%^(a)		3,042		282,480



Electronics – 0.2%
Fortive Corp., 5.00%^(a)		240		216,132


	Number of Shares		Value

Gas – 0.1%
South Jersey Industries, Inc., 7.25%^(a)		3,435	$	175,185



Hand/Machine Tools – 0.3%
Colfax Corp., 5.75%^(a)		2,401		352,011



Healthcare - Products – 0.2%
Avantor, Inc., 6.25%^(a)		4,637		241,170



Oil & Gas – 0.1%
Nabors Industries Ltd., 6.00%, 5/01/21^(a)		8,317		129,745



Real Estate Investment Trusts – 0.5%
iStar, Inc., 4.50%^(a)		5,103		280,155
QTS Realty Trust, Inc., 6.50%^(a)		2,744		344,207
				624,362



Savings & Loans – 0.3%
New York Community Capital Trust V, 6.00%		8,754		444,266



Semiconductors – 0.1%
Broadcom, Inc., 0.00%, 9/30/22^(a)*		170		184,113



Software – 0.2%
Change Healthcare, Inc., 6.00%^(a)*		4,825		243,807


Total Convertible Preferred Stocks (Cost $4,599,537)				4,673,422



	Par^(e)
Convertible Bonds – 21.9%
Aerospace/Defense – 0.4%
Aerojet Rocketdyne Holdings, Inc., 2.25%, 12/15/23^(a)	$	158,000		273,525
Kaman Corp., 3.25%, 5/01/24^(a)		155,000		175,865
				449,390



Auto Manufacturers – 0.2%
Tesla, Inc., 2.38%, 3/15/22		248,000		290,479



Auto Parts & Equipment – 0.2%
Meritor, Inc., 3.25%, 10/15/37^(a)		246,000		252,662



Banks – 0.4%
Hope Bancorp, Inc., 2.00%, 5/15/38^(a)		512,000		475,626

See accompanying Notes to Financial Statements

144

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


	Par^(e)		Value

Biotechnology – 1.7%
Exact Sciences Corp., 1.00%, 1/15/25^(a)	$	205,000	$	285,107
Innoviva, Inc., 2.12%, 1/15/23^(a)		281,000		271,331
Insmed, Inc., 1.75%, 1/15/25^(a)		235,000		200,620
Ionis Pharmaceuticals, Inc., 1.00%, 11/15/21^(a)		271,000		298,366
Ligand Pharmaceuticals, Inc., 0.75%, 5/15/23^(a)		478,000		414,362
Radius Health, Inc., 3.00%, 9/01/24^(a)		376,000		356,454
Retrophin, Inc., 2.50%, 9/15/25^(a)		186,000		139,464
Theravance Biopharma, Inc., 3.25%, 11/01/23^(a)		182,000		158,056
				2,123,760



Building Materials – 0.2%
Cemex S.A.B. de C.V., 3.72%, 3/15/20		243,000		242,866



Commercial Services – 1.0%
Chegg, Inc., 0.25%, 5/15/23^(a)		222,000		291,015
FTI Consulting, Inc., 2.00%, 8/15/23^(a)		329,000		410,810
Square, Inc., 0.50%, 5/15/23^(a)		344,000		379,426
Team, Inc., 5.00%, 8/01/23^(a)		151,000		166,478
				1,247,729



Computers – 0.2%
Rapid7, Inc., 1.25%, 8/01/23^(a)		171,000		236,506



Diversified Financial Services – 0.6%
Encore Capital Europe Finance Ltd., 4.50%, 9/01/23^(a)		136,000		138,652
Encore Capital Group, Inc., 3.00%, 7/01/20^(a)		43,000		42,926
2.87%, 3/15/21^(a)		136,000		132,227
PRA Group, Inc., 3.50%, 6/01/23^(a)		217,000		219,412
3.00%, 8/01/20^(a)		200,000		198,293
				731,510



Electric – 0.3%
CenterPoint Energy, Inc., 4.52%, 9/15/29		325,600		188,652
NRG Energy, Inc., 2.75%, 6/01/48^(a)		181,000		205,350
				394,002


	Par^(e)		Value

Electronics – 0.8%
II-VI, Inc., 0.25%, 9/01/22^(a)	$	261,000	$	262,935
Knowles Corp., 3.25%, 11/01/21^(a)		207,000		274,310
OSI Systems, Inc., 1.25%, 9/01/22^(a)		245,000		269,194
Vishay Intertechnology, Inc., 2.25%, 6/15/25^(a)		220,000		216,780
				1,023,219



Energy - Alternate Sources – 0.4%
SunPower Corp., 4.00%, 1/15/23^(a)		444,000		379,971
Tesla Energy Operations, Inc., 1.63%, 11/01/19		135,000		134,915
				514,886



Engineering & Construction – 0.1%
Granite Construction, Inc., 2.75%, 11/01/24^(b)		103,000		103,021



Healthcare - Products – 0.2%
Wright Medical Group N.V., 2.25%, 11/15/21^(a)		268,000		315,510



Healthcare - Services – 0.2%
Invitae Corp., 2.00%, 9/01/24^(a)(b)		236,000		213,728



Holding Companies - Diversified – 0.1%
RWT Holdings, Inc., 5.75%, 10/01/25^(b)		158,000		159,990



Home Builders – 0.2%
Forestar Group, Inc., 3.75%, 3/01/20		165,000		164,617
Winnebago Industries, Inc., 1.50%, 4/01/25^(b)		31,000		31,804
				196,421



Insurance – 0.6%
AXA S.A., 7.25%, 5/15/21^(a)(b)		361,000		374,312
MGIC Investment Corp., 9.00%, 4/01/63^(a)(b)		305,000		410,501
				784,813



Internet – 2.6%
Boingo Wireless, Inc., 1.00%, 10/01/23^(a)		171,000		142,652
FireEye, Inc., 1.62%, 6/01/35^(a)		263,000		251,699
IAC Financeco 3, Inc., 2.00%, 1/15/30^(a)(b)		219,000		243,575

See accompanying Notes to Financial Statements

145

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


	Par^(e)		Value

Internet (Continued)
MercadoLibre, Inc., 2.00%, 8/15/28^(a)	$	277,000	$	391,452
Pandora Media LLC, 1.75%, 12/01/23		296,000		357,506
Perficient, Inc., 2.37%, 9/15/23^(a)		239,000		290,126
Snap, Inc., 0.75%, 8/01/26^(a)(b)		376,000		380,035
Wayfair, Inc., 0.38%, 9/01/22^(a)		318,000		336,192
Weibo Corp., 1.25%, 11/15/22^(a)		179,000		168,167
YY, Inc., 1.38%, 6/15/26^(a)(b)		440,000		407,627
Zillow Group, Inc., 0.75%, 9/01/24^(a)(b)		380,000		381,338
				3,350,369



Investment Management Companies – 0.6%
BlackRock TCP Capital Corp., 5.25%, 12/15/19		167,000		168,178
New Mountain Finance Corp., 5.75%, 8/15/23		253,000		264,840
Prospect Capital Corp., 6.37%, 3/01/25		336,000		356,523
				789,541



Iron/Steel – 0.2%
Cleveland-Cliffs, Inc., 1.50%, 1/15/25^(a)		262,000		287,602



Media – 0.7%
Liberty Interactive LLC, 3.50%, 1/15/31^(a)		609,000		541,157
Liberty Media Corp., 2.25%, 12/01/48^(a)(b)		261,000		308,718
				849,875



Mining – 0.3%
First Majestic Silver Corp., 1.88%, 3/01/23^(a)		259,000		333,203



Oil & Gas Services – 0.3%
Helix Energy Solutions Group, Inc., 4.12%, 9/15/23^(a)		163,000		196,720
Newpark Resources, Inc., 4.00%, 12/01/21^(a)		148,000		150,178
				346,898



Pharmaceuticals – 1.0%
Aerie Pharmaceuticals, Inc., 1.50%, 10/01/24^(a)(b)		201,000		224,043


	Par^(e)		Value

Pharmaceuticals (Continued)
Horizon Pharma Investment Ltd., 2.50%, 3/15/22^(a)		$143,000	$	171,376
Ironwood Pharmaceuticals, Inc., 2.25%, 6/15/22^(a)		285,000		298,894
1.50%, 6/15/26^(b)		202,000		203,486
Jazz Investments I Ltd., 1.87%, 8/15/21^(a)		159,000		158,600
Neurocrine Biosciences, Inc., 2.25%, 5/15/24^(a)		161,000		234,967
				1,291,366



Pipelines – 0.3%
Cheniere Energy, Inc., 4.25%, 3/15/45^(a)		524,000		410,685



Private Equity – 0.1%
Hercules Capital, Inc., 4.38%, 2/01/22		100,000		102,448



Real Estate Investment Trusts – 2.9%
Apollo Commercial Real Estate Finance, Inc., 4.75%, 8/23/22^(a)		97,000		96,739
5.38%, 10/15/23		348,000		351,761
Granite Point Mortgage Trust, Inc., 6.37%, 10/01/23^(a)		101,000		105,040
5.62%, 12/01/22^(b)		249,000		253,824
IH Merger Sub LLC, 3.50%, 1/15/22^(a)		306,000		420,357
iStar, Inc., 3.13%, 9/15/22^(a)		178,000		190,090
KKR Real Estate Finance Trust, Inc., 6.12%, 5/15/23^(a)		347,000		361,727
MFA Financial, Inc., 6.25%, 6/15/24		192,000		200,053
New York Mortgage Trust, Inc., 6.25%, 1/15/22		218,000		221,951
PennyMac Corp., 5.38%, 5/01/20		344,000		346,813
Redwood Trust, Inc., 4.75%, 8/15/23		251,000		252,960
5.62%, 7/15/24^(a)		158,000		160,729
Two Harbors Investment Corp., 6.25%, 1/15/22^(a)		473,000		488,008
Western Asset Mortgage Capital Corp., 6.75%, 10/01/22		199,000		201,711
				3,651,763

See accompanying Notes to Financial Statements

146

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


	Par^(e)		Value

Retail – 0.3%
EZCORP, Inc., 2.38%, 5/01/25^(a)	$	285,000	$	211,120
Guess^®, Inc., 2.00%, 4/15/24^(a)(b)		183,000		174,422
				385,542

Semiconductors – 1.0%
Cree, Inc., 0.88%, 9/01/23^(a)		279,000		300,891
Microchip Technology, Inc., 1.62%, 2/15/27^(a)		372,000		486,979
ON Semiconductor Corp., 1.63%, 10/15/23^(a)		221,000		275,245
Synaptics, Inc., 0.50%, 6/15/22^(a)		267,000		251,981
				1,315,096

Software – 3.0%
Alteryx, Inc., 1.00%, 8/01/26^(a)(b)		174,000		156,862
Atlassian, Inc., 0.63%, 5/01/23^(a)		217,000		344,864
Bilibili, Inc., 1.37%, 4/01/26^(a)(b)		455,000		420,462
Envestnet, Inc., 1.75%, 6/01/23^(a)		277,000		312,565
j2 Global, Inc., 3.25%, 6/15/29^(a)		215,000		316,615
Momo, Inc., 1.25%, 7/01/25^(a)		437,000		401,170
MongoDB, Inc., 0.75%, 6/15/24^(a)		150,000		295,268
New Relic, Inc., 0.50%, 5/01/23^(a)		171,000		164,348
RealPage, Inc., 1.50%, 11/15/22^(a)		118,000		180,450
Splunk, Inc., 1.12%, 9/15/25^(a)		277,000		306,636
Tabula Rasa HealthCare, Inc., 1.75%, 2/15/26^(a)(b)		260,000		269,263
Twilio, Inc., 0.25%, 6/01/23^(a)		97,000		147,413
Workday, Inc., 0.25%, 10/01/22^(a)		229,000		291,241
Workiva, Inc., 1.13%, 8/15/26^(a)(b)		202,000		181,765
				3,788,922

Telecommunications – 0.2%
Vonage Holdings Corp., 1.75%, 6/01/24^(a)(b)		233,000		225,319

Transportation – 0.6%
Atlas Air Worldwide Holdings, Inc., 1.88%, 6/01/24^(a)		149,000		116,054


	Par^(e)		Value

Transportation (Continued)
SEACOR Holdings, Inc., 3.25%, 5/15/30^(a)	$	444,000	$	401,581
Ship Finance International Ltd., 4.87%, 5/01/23^(a)		245,000		270,499
				788,134

Total Convertible Bonds (Cost $26,999,889)				27,672,881
	Number of Shares

Master Limited Partnerships – 1.6%

Pipelines – 1.6%
Buckeye Partners L.P.		46,873		1,943,355
MPLX L.P.		1		23
				1,943,378

Total Master Limited Partnerships (Cost $1,937,988)				1,943,378

Investment Companies – 39.3%
Eaton Vance Global Macro Absolute Return Fund		5,679,576		49,525,903
ProShares UltraShort 20+ Year Treasury		8,385		208,870

Total Investment Companies (Cost $48,744,822)				49,734,773

Short-Term Investments – 10.9%

Money Market Fund – 10.9%
Northern Institutional Funds - Treasury Portfolio (Premier), 1.72%^(f)		13,791,650		13,791,650

Total Short-Term Investments (Cost $13,791,650)				13,791,650
	Number of Shares		Value

Rights – 0.0%^(g)

Pharmaceuticals – 0.0%^(g)
Corium International, Inc.*		3,858		758
Elanco Animal Health, Inc.*		22,842		—
				758

Total Rights (Cost $—)				758

See accompanying Notes to Financial Statements

147

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


Number of Contracts		Notional Amount		Value


Purchased Options – 0.0%^(g)
Call Option – 0.0%^(g)
Abbvie, Inc., Strike Price $80.00, Expires 11/15/19	11	$	87,505	$	1,732



Put Options – 0.0%^(g)
Mellanox Technologies Ltd.,
Strike Price $105.00, Expires 12/20/19	15		169,050		2,250
Strike Price $100.00, Expires 12/20/19	33		371,910		4,620
Zayo Group Holdings, Inc., Strike Price $32.50, Expires 12/20/19	26		88,764		455

					7,325



Total Purchased Options (Cost $16,054)					9,057



Total Long Positions – 98.6% (Cost $122,158,192)					124,676,900


Number of Shares			Value


Short Positions – (17.0)%
Common Stocks – (16.8)%

Aerospace/Defense – (0.3)%
Aerojet Rocketdyne Holdings, Inc.^(c)*	(5,077	)	$	(219,479	)
Kaman Corp.	(1,402	)		(82,255	)
				(301,734	)



Auto Manufacturers – (0.1)%
Tesla, Inc.*	(496	)		(156,200	)



Auto Parts & Equipment – (0.1)%
Meritor, Inc.*	(2,958	)		(65,165	)



Banks – (2.3)%
BB&T Corp.	(45,616	)		(2,419,929	)
Hope Bancorp, Inc.	(5,985	)		(85,406	)
Prosperity Bancshares, Inc.	(3,506	)		(241,984	)
WesBanco, Inc.	(4,950	)		(186,070	)
				(2,933,389	)



Biotechnology – (0.5)%
Exact Sciences Corp.^(c)*	(2,126	)		(184,962	)
Innoviva, Inc.*	(5,403	)		(62,783	)
Insmed, Inc.*	(2,880	)		(53,539	)
Ionis Pharmaceuticals, Inc.*	(2,353	)		(131,109	)
Ligand Pharmaceuticals, Inc.^(c)*	(385	)		(41,892	)
Radius Health, Inc.*	(4,317	)		(122,775	)
Retrophin, Inc.*	(1,917	)		(23,004	)
Theravance Biopharma, Inc.*	(2,639	)		(42,541	)
				(662,605	)



Commercial Services – (0.5)%
Chegg, Inc.^(c)*	(5,937	)		(182,028	)
FTI Consulting, Inc.*	(2,369	)		(257,913	)
Square, Inc., Class A*	(2,203	)		(135,330	)
Team, Inc.*	(4,453	)		(80,867	)
				(656,138	)



Computers – (0.2)%
NCR Corp.*	(4,422	)		(129,167	)
Rapid7, Inc.^(c)*	(2,978	)		(149,168	)
				(278,335	)



Diversified Financial Services – (0.3)%
Affiliated Managers Group, Inc.	(740	)		(59,111	)
Cowen, Inc., Class A*	(7,879	)		(117,949	)
Encore Capital Group, Inc.*	(2,635	)		(87,456	)
PRA Group, Inc.*	(2,468	)		(83,739	)
				(348,255	)

See accompanying Notes to Financial Statements

148

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


Number of Shares			Value

Electric – (0.4)%
CenterPoint Energy, Inc.	(3,793	)	$	(110,263	)
Dominion Energy, Inc.	(611	)		(50,438	)
DTE Energy Co.	(596	)		(75,883	)
NRG Energy, Inc.	(2,237	)		(89,748	)
Southern (The) Co.	(1,784	)		(111,785	)
				(438,117	)



Electrical Component & Equipment – (0.2)%
Energizer Holdings, Inc.	(4,898	)		(208,116	)


Electronics – (0.5)%
Fortive Corp.	(2,136	)		(147,384	)
II-VI, Inc.^(c)*	(2,538	)		(84,135	)
Knowles Corp.*	(8,201	)		(176,977	)
OSI Systems, Inc.*	(1,414	)		(140,325	)
Vishay Intertechnology, Inc.	(3,145	)		(63,372	)
				(612,193	)



Energy - Alternate Sources – (0.0)%^(g)
SunPower Corp.*	(2,917	)		(25,553	)



Engineering & Construction – (0.0)%^(g)
Granite Construction, Inc.	(1,966	)		(46,280	)



Entertainment – (0.3)%
Eldorado Resorts, Inc.*	(1,668	)		(74,676	)
Flutter Entertainment PLC	(1,551	)		(159,962	)
Live Nation Entertainment, Inc.*	(2,481	)		(174,911	)
				(409,549	)



Gas – (0.1)%
South Jersey Industries, Inc.	(3,833	)		(123,269	)



Hand/Machine Tools – (0.2)%
Colfax Corp.*	(8,785	)		(295,176	)



Healthcare - Products – (0.3)%
Avantor, Inc.*	(13,030	)		(185,156	)
Wright Medical Group N.V.*	(8,163	)		(169,791	)
				(354,947	)



Healthcare - Services – (1.7)%
Centene Corp.*	(40,025	)		(2,124,527	)
Invitae Corp.*	(4,365	)		(70,320	)
				(2,194,847	)



Home Builders – (0.0)%^(g)
Winnebago Industries, Inc.	(258	)		(12,402	)


Number of Shares			Value

Insurance – (0.2)%
AXA Equitable Holdings, Inc.	(13,071	)	$	(282,334	)
MGIC Investment Corp.	(452	)		(6,197	)
				(288,531	)



Internet – (0.9)%
Boingo Wireless, Inc.*	(765	)		(7,245	)
FireEye, Inc.*	(133	)		(2,107	)
IAC/InterActiveCorp*	(534	)		(121,352	)
MercadoLibre, Inc.^(c)*	(479	)		(249,808	)
Perficient, Inc.*	(4,576	)		(179,379	)
Snap, Inc., Class A^(c)*	(9,135	)		(137,573	)
Wayfair, Inc., Class A^(c)*	(1,802	)		(148,178	)
Weibo Corp. ADR^(c)*	(149	)		(7,329	)
YY, Inc. ADR^(c)*	(2,405	)		(136,700	)
Zillow Group, Inc., Class C*	(5,328	)		(173,533	)
				(1,163,204	)



Investment Management Companies – (0.0)%^(g)
New Mountain Finance Corp.	(52	)		(706	)



Iron/Steel – (0.1)%
Cleveland-Cliffs, Inc.	(21,517	)		(155,568	)



Media – (0.2)%
Charter Communications, Inc., Class A*	(200	)		(93,572	)
Sirius XM Holdings, Inc.^(c)	(26,737	)		(179,673	)
				(273,245	)



Mining – (0.2)%
First Majestic Silver Corp.^(c)*	(16,213	)		(172,993	)



Miscellaneous Manufacturing – (0.2)%
Hillenbrand, Inc.	(5,903	)		(181,753	)



Oil & Gas – (0.2)%
Jagged Peak Energy, Inc.*	(15,299	)		(108,470	)
Nabors Industries Ltd.	(55,836	)		(103,296	)
				(211,766	)



Oil & Gas Services – (0.1)%
Helix Energy Solutions Group, Inc.*	(11,534	)		(99,077	)
Newpark Resources, Inc.*	(7,929	)		(47,574	)
				(146,651	)



Pharmaceuticals – (1.7)%
AbbVie, Inc.^(c)	(5,276	)		(419,706	)
Aerie Pharmaceuticals, Inc.*	(5,472	)		(121,424	)

See accompanying Notes to Financial Statements

149

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


Number of Shares			Value

Pharmaceuticals (Continued)
Bristol-Myers Squibb Co.	(20,841	)	$	(1,195,648	)
Horizon Pharma PLC^(c)*	(2,052	)		(59,323	)
Ironwood Pharmaceuticals, Inc.*	(19,741	)		(198,200	)
Jazz Pharmaceuticals PLC^(c)*	(151	)		(18,970	)
Neurocrine Biosciences, Inc.^(c)*	(1,405	)		(139,783	)
				(2,153,054	)



Pipelines – (0.0)%^(g)
Cheniere Energy, Inc.*	(566	)		(34,837	)



Real Estate Investment Trusts – (1.5)%
Apollo Commercial Real Estate Finance, Inc.	(1,263	)		(23,113	)
Digital Realty Trust, Inc.	(1,553	)		(197,293	)
Granite Point Mortgage Trust, Inc.	(500	)		(9,300	)
Invitation Homes, Inc.	(11,113	)		(342,169	)
iStar, Inc.	(21,495	)		(279,650	)
KKR Real Estate Finance Trust, Inc.	(476	)		(9,544	)
Prologis, Inc.	(8,816	)		(773,692	)
QTS Realty Trust, Inc., Class A	(4,107	)		(220,094	)
Redwood Trust, Inc.	(865	)		(14,134	)
Two Harbors Investment Corp.	(1,736	)		(24,079	)
				(1,893,068	)



Retail – (0.1)%
EZCORP, Inc., Class A*	(8,247	)		(43,379	)
Guess^®, Inc.	(3,762	)		(63,014	)
				(106,393	)



Savings & Loans – (0.3)%
People’s United Financial, Inc.	(25,889	)		(418,625	)



Semiconductors – (0.7)%
Broadcom, Inc.	(456	)		(133,540	)
Cree, Inc.^(c)*	(2,489	)		(118,800	)
Microchip Technology, Inc.	(4,286	)		(404,127	)
ON Semiconductor Corp.*	(7,359	)		(150,124	)
Synaptics, Inc.*	(1,095	)		(46,110	)
				(852,701	)



Software – (1.7)%
Alteryx, Inc., Class A*	(524	)		(47,946	)
Atlassian Corp. PLC, Class A^(c)*	(2,099	)		(253,538	)
Bilibili, Inc. ADR*	(10,876	)		(171,732	)
Change Healthcare, Inc.*	(13,951	)		(184,432	)


Number of Shares			Value

Software (Continued)
Envestnet, Inc.^(c)*	(2,080	)	$	(129,979	)
j2 Global, Inc.	(2,768	)		(262,849	)
Momo, Inc. ADR	(3,225	)		(108,102	)
MongoDB, Inc.^(c)*	(1,823	)		(232,925	)
New Relic, Inc.*	(680	)		(43,561	)
RealPage, Inc.*	(2,418	)		(146,410	)
Splunk, Inc.^(c)*	(984	)		(118,041	)
Tabula Rasa HealthCare, Inc.^(c)*	(2,261	)		(115,175	)
Twilio, Inc., Class A^(c)*	(1,105	)		(106,699	)
Workday, Inc., Class A^(c)*	(999	)		(161,998	)
Workiva, Inc.*	(1,310	)		(54,588	)
				(2,137,975	)



Telecommunications – (0.5)%
AT&T, Inc.	(2,339	)		(90,028	)
Motorola Solutions, Inc.	(2,958	)		(491,974	)
Vonage Holdings Corp.^(c)*	(5,541	)		(54,136	)
				(636,138	)



Transportation – (0.2)%
Atlas Air Worldwide Holdings, Inc.*	(739	)		(16,206	)
SEACOR Holdings, Inc.*	(3,164	)		(135,767	)
Ship Finance International Ltd.	(9,765	)		(141,300	)
				(293,273	)



Total Common Stocks (Proceeds $(20,803,872))				(21,242,751	)



Master Limited Partnerships – (0.2)%

Pipelines – (0.2)%
Energy Transfer L.P.	(19,848	)		(249,886	)



Total Master Limited Partnerships (Proceeds $(260,105))				(249,886	)



Rights – (0.0)%^(g)

Biotechnology — (0.0)%(g)
Celgene Corp.*	(11,715	)		(26,359	)



Total Rights (Proceeds $(25,868))				(26,359	)



Total Short Positions – (17.0)% (Proceeds $(21,089,845))				(21,518,996	)



Total Written Options – (0.1)% (Premiums Received $(76,117))				(38,851	)



Other Assets – 18.5%				23,334,217



NET ASSETS – 100.0%			$	126,453,270

See accompanying Notes to Financial Statements

150

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund

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

^(b)

^(c)	Security represents underlying investment on open options contracts.

^(d)	Security is a paymentin-kind bond (PIK), distributions receivedin-kind unless otherwise noted in the description.

^(e)	Par value is in USD unless otherwise indicated.

^(f)	7-day current yield as of October 31, 2019 is disclosed.

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

*	Non-Income Producing Security

Percentages shown are based on Net Assets


Abbreviations:

ADR		American Depositary Receipt

LLC		Limited Liability Company

PLC		Public Limited Company

Forward Foreign Currency Contracts outstanding at October 31, 2019:


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


12/16/19		British Pounds		351,200		U.S. Dollars		437,203		Morgan Stanley		$ 18,465
12/13/19		U.S. Dollars		503,856		South African Rand		7,496,900		Morgan Stanley		10,649
12/16/19		Euro		635,040		U.S. Dollars		704,469		Morgan Stanley		6,156
12/16/19		U.S. Dollars		327,709		Canadian Dollars		429,900		Morgan Stanley		1,233
12/16/19		New Zealand Dollars		30,400		U.S. Dollars		19,251		Morgan Stanley		258
12/16/19		U.S. Dollars		77,314		New Zealand Dollars		120,100		Morgan Stanley		245
12/16/19		U.S. Dollars		199,054		British Pounds		153,300		Morgan Stanley		153


Total Unrealized Appreciation												$ 37,159


12/16/19		U.S. Dollars		91,603		Swedish Kronor		882,100		Morgan Stanley		$ (14	)
12/16/19		U.S. Dollars		25,874		New Zealand Dollars		41,100		Morgan Stanley		(501	)
12/13/19		U.S. Dollars		67,635		South African Rand		1,043,700		Morgan Stanley		(1,028	)
12/16/19		U.S. Dollars		279,114		Canadian Dollars		369,480		Morgan Stanley		(1,477	)
12/16/19		U.S. Dollars		1,789,384		Euro		1,615,390		Morgan Stanley		(18,275	)
12/16/19		U.S. Dollars		3,554,906		British Pounds		2,835,200		Morgan Stanley		(123,658	)


Total Unrealized Depreciation												$(144,953	)


Net Unrealized Depreciation												$(107,794	)

Written Call Option Contracts outstanding at October 31, 2019:

Exchange Traded

Description

Counterparty

Number of
Contracts

Notional
Amount

Exercise
Price

Expiration
Date

Value

Aerojet Rocketdyne Holdings, Inc.

Cornerstone Macro LLC

USD

(38,907

)

USD

50.00

11/15/2019

(45

)

See accompanying Notes to Financial Statements

151

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund


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

Atlassian Corp. PLC	Morgan Stanley		4	GBP		(48,316	)	GBP		130.00		11/15/2019		$ (340)
Chegg, Inc.	Cornerstone Macro LLC		12	USD		(36,792	)	USD		40.00		11/15/2019		(216	)
Cree, Inc.	Morgan Stanley		7	USD		(33,411	)	USD		50.00		11/15/2019		(473	)
Envestnet, Inc.	Merrill Lynch		6	USD		(37,494	)	USD		60.00		11/15/2019		(2,310	)
Exact Sciences Corp.	Morgan Stanley		4	USD		(34,800	)	USD		120.00		1/17/2020		(140	)
First Majestic Silver Corp.	Morgan Stanley		41	CAD		(43,747	)	CAD		10.00		11/15/2019		(3,588	)
Horizon Therapeutics PLC	Cowen and Company		7	EUR		(20,237	)	EUR		29.00		11/15/2019		(945	)
II-VI, Inc.	Morgan Stanley		8	USD		(26,520	)	USD		35.00		12/20/2019		(1,144	)
Jazz Pharmaceuticals PLC	Merrill Lynch		1	EUR		(12,563	)	EUR		125.00		11/15/2019		(497	)
Ligand Pharmaceuticals, Inc.	Merrill Lynch		3	USD		(32,643	)	USD		110.00		11/15/2019		(1,416	)
Mercadolibre, Inc.	Morgan Stanley		1	USD		(52,152	)	USD		550.00		11/15/2019		(1,940	)
Mongodb, Inc.	Morgan Stanley		3	USD		(38,331	)	USD		125.00		11/15/2019		(2,085	)
Neurocrine Biosciences, Inc.	Merrill Lynch		3	USD		(29,847	)	USD		90.00		11/15/2019		(3,030	)
Rapid7, Inc.	Morgan Stanley		6	USD		(30,054	)	USD		55.00		11/15/2019		(420	)
Snap, Inc.	Morgan Stanley		25	USD		(37,650	)	USD		17.00		1/15/2021		(7,412	)
Splunk, Inc.	Merrill Lynch		3	USD		(35,988	)	USD		120.00		12/20/2019		(2,160	)
Square, Inc.	Merrill Lynch		5	USD		(30,715	)	USD		60.00		11/15/2019		(1,875	)
Tabula Rasa Healthcare, Inc.	Cowen and Company		6	USD		(30,564	)	USD		50.00		1/17/2020		(3,240	)
Twilio, Inc.	Cornerstone Macro LLC		2	USD		(19,312	)	USD		130.00		11/15/2019		(10	)
Vonage Holdings Corp.	Cowen and Company		21	USD		(20,517	)	USD		10.00		12/20/2019		(1,575	)
Wayfair, Inc.	Cornerstone Macro LLC		5	USD		(41,115	)	USD		110.00		11/15/2019		(75	)
Weibo Corp.	Morgan Stanley		2	KYD		(9,838	)	KYD		45.00		11/15/2019		(1,000	)
Workday, Inc.	Merrill Lynch		2	USD		(32,432	)	USD		160.00		12/20/2019		(2,150	)
YY, Inc.	Morgan Stanley		6	KYD		(34,104	)	KYD		60.00		11/15/2019		(765	)


Total Written Call Options Contracts (Premiums Received $76,117)														$(38,851	)

See accompanying Notes to Financial Statements

152

Morningstar Funds Trust October 31, 2019 (unaudited)

Schedule of Investments(continued)

Morningstar Alternatives Fund

Valuation Hierarchy

The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund’s investments carried at fair value:



Morningstar Alternatives Fund	Level 1			Level 2				Level 3		Totals


Investments
Assets:
Common Stocks		$ 21,470,835			$ 5,380,146				$—		$ 26,850,981
Convertible Preferred Stocks		3,879,039			794,383		��		—		4,673,422
Convertible Bonds		—			27,672,881				—		27,672,881
Master Limited Partnerships		1,943,378			—				—		1,943,378
Investment Companies		49,734,773			—				—		49,734,773
Short-Term Investments		13,791,650			—				—		13,791,650
Rights		—			758				—		758
Purchased Options		9,057			—				—		9,057


Total Assets – Investments at value		$ 90,828,732			$33,848,168				$—		$124,676,900


Liabilities:
Common Stocks		$(21,082,789	)		$ (159,962	)			$—		$ (21,242,751	)
Master Limited Partnerships		(249,886	)		—				—		(249,886	)
Rights		—			(26,359	)			—		(26,359	)


Total Liabilities – Investments at value		$(21,332,675	)		$ (186,321	)			$—		$ (21,518,996	)


Total Investments		$ 69,496,057			$33,661,847				$—		$103,157,904



Morningstar Alternatives Fund	Level 1			Level 2				Level 3		Totals


Derivative Financial Instruments
Assets:
Forward foreign currency exchange contracts		$ —			$ 37,159				$—		$ 37,159


Total Assets - Derivative Financial Instruments		$ —			$ 37,159				$—		$ 37,159


Liabilities:
Forward foreign currency exchange contracts		$ —			$(144,953	)			$—		$(144,953	)
Written Options		(38,851	)		—				—		(38,851	)


Total Liabilities - Derivative Financial Instruments		$(38,851	)		$(144,953	)			$—		$(183,804	)


Total Net Derivative Financial Instruments		$(38,851	)		$(107,794	)			$—		$(146,645	)

See accompanying Notes to Financial Statements

153

Morningstar Funds Trust October 31, 2019 (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 innon-affiliates, at value	$	713,027,800	$	512,798,176	$	208,806,720	$	515,861,073	$	122,035,645
Borrowed bond agreements, at value		—		—		—		409,055		—
Foreign currencies, at value		11		279,431		554,294		893,912		—
Due from broker		—		—		—		3,574,708		—
Receivable from adviser		101,143		119,439		51,054		125,328		26,497
Receivable for:
Dividends and interest		495,345		501,615		91,359		2,303,174		1,236,088
Foreign tax reclaims		34,084		453,717		64,945		6,747		—
Investments sold		3,310,450		672,348		—		72,476,050		—
Fund shares sold		456,058		316,966		46,480		311,516		352
Variation margin on futures contracts		—		—		—		1,225,831		—
Variation margin on exchange traded swap agreements		—		—		—		33,344		—
Unrealized appreciation on OTC swap agreements		—		—		—		37,851		—
Unrealized appreciation on forward foreign currency exchange contracts		—		6,023		—		141,763		—
Upfront premiums paid on swap agreements		—		—		—		896,756		—
Prepaid expenses and other assets		66,855		62,988		39,934		49,036		26,242

Total assets		717,491,746		515,210,703		209,654,786		598,346,144		123,324,824

Liabilities
Investments sold short, at value		—		—		—		16,483,736		—
Written options, at value		—		—		—		214,824		—
Due to broker		—		—		—		444,949		—
Unrealized depreciation on OTC swap agreements		—		—		—		31,828		—
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		381,854		—
Payable for:
Investments sold on a delayed-delivery basis		—		—		—		77,187,497		1,194,239
Investments purchased		2,563,068		1,529,733		930,864		43,958,186		580,976
Variation margin on futures contracts		—		—		—		448,324		—
Variation margin on exchange traded swap agreements		—		—		—		637,498		—
Fund shares redeemed		340,528		252,441		112,054		286,986		26,366
Distributions		—		—		170		378		141
Deferred capital gains tax		9,110		64,011		—		—		—
Upfront premiums received from swap agreements		—		—		—		197,679		—
Accrued management fees		402,546		351,434		60,767		174,669		45,066
Accrued trustee fees		15,517		10,635		4,328		9,719		2,632

See accompanying Notes to Financial Statements

154

Morningstar Funds Trust October 31, 2019 (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		224,098		192,432		141,872		157,222		61,029

Total liabilities		3,554,867		2,400,686		1,250,055		140,615,349		1,910,449

Net assets	$	713,936,879	$	512,810,017	$	208,404,731	$	457,730,795	$	121,414,375


Analysis of net assets:
Paid in capital	$	670,778,309	$	478,034,609	$	194,356,552	$	432,821,093	$	117,282,767
Distributable earnings (loss)		43,158,570		34,775,408		14,048,179		24,909,702		4,131,608

Net assets	$	713,936,879	$	512,810,017	$	208,404,731	$	457,730,795	$	121,414,375

Shares outstanding:		67,208,111		47,029,556		19,162,313		42,034,550		11,490,544
Net asset value, offering price and redemption price per share:	$	10.62	$	10.90	$	10.88	$	10.89	$	10.57

Investments innon-affiliates, at cost	$	682,607,720	$	491,775,750	$	195,157,825	$	502,342,647	$	118,548,487
Borrowed bond agreements, at cost	$	—	$	—	$	—	$	409,055	$	—
Foreign currencies, at cost	$	11	$	278,958	$	554,292	$	888,336	$	—
Investments sold short proceeds	$	—	$	—	$	—	$	16,427,071	$	—
Written option premiums	$	—	$	—	$	—	$	306,116	$	—

See accompanying Notes to Financial Statements

155

Morningstar Funds Trust October 31, 2019 (unaudited)

Statements of Assets and Liabilities(continued)


	Morningstar Defensive Bond Fund		Morningstar Multisector Bond Fund		Morningstar Unconstrained Allocation Fund		Morningstar Alternatives Fund

Assets
Investments innon-affiliates, at value	$	172,428,945	$	193,473,459	$	58,415,694	$	124,676,900
Cash		—		—		100,326		21,271,585
Foreign currencies, at value		—		1,060,087		12,818		818
Due from broker		—		2,244,210		61,112		—
Receivable from adviser		25,159		37,084		32,864		106,658
Receivable for:
Dividends and interest		235,503		2,254,817		119,657		447,455
Foreign tax reclaims		—		2,650		5,518		473
Investments sold		238,718		1,748,737		105,334		3,264,002
Fund shares sold		354,618		113,089		42,976		76,039
Unrealized appreciation on forward foreign currency exchange contracts		—		641,999		64,139		37,159
Upfront premiums paid on swap agreements		—		223,880		—		—
Prepaid expenses and other assets		30,651		43,335		23,586		33,824

Total assets		173,313,594		201,843,347		58,984,024		149,914,913

Liabilities
Investments sold short, at value		—		—		—		21,518,996
Written options, at value		—		—		—		38,851
Due to broker		—		2,065,561		—		—
Unrealized depreciation on OTC swap agreements		—		122,032		—		—
Unrealized depreciation on forward foreign currency exchange contracts		—		936,560		62,897		144,953
Payable for:
Investments sold on a delayed-delivery basis		—		80,000		—		—
Investments purchased		807,184		3,730,520		160,884		1,517,366
Variation margin on futures contracts		—		—		12,536		—
Variation margin on exchange traded swap agreements		—		165,609		—		—
Fund shares redeemed		97,009		106,173		20,723		49,237
Dividends on short sales		—		—		—		20,469
Accrued management fees		70,355		97,396		22,764		90,836
Accrued trustee fees		3,596		4,014		1,161		2,677
Accrued expenses		74,818		105,319		65,614		78,258

Total liabilities		1,052,962		7,413,184		346,579		23,461,643

Net assets	$	172,260,632	$	194,430,163	$	58,637,445	$	126,453,270


Analysis of net assets:
Paid in capital	$	170,681,670	$	191,321,526	$	54,932,856	$	122,482,257
Distributable earnings (loss)		1,578,962		3,108,637		3,704,589		3,971,013

Net assets	$	172,260,632	$	194,430,163	$	58,637,445	$	126,453,270

Shares outstanding:		16,979,528		18,780,361		5,446,498		12,170,097
Net asset value, offering price and redemption price per share:	$	10.15	$	10.35	$	10.77	$	10.39

Investments innon-affiliates, at cost	$	170,928,142	$	190,910,063	$	56,384,138	$	122,158,192
Foreign currencies, at cost	$	—	$	1,193,056	$	12,817	$	818
Investments sold short proceeds	$	—	$	833,936	$	—	$	21,089,845
Written option premiums	$	—	$	—	$	—	$	76,117

See accompanying Notes to Financial Statements

156

Morningstar Funds Trust October 31, 2019 (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 fromnon-affiliates (net of foreign withholding taxes)	$	7,355,032		$	9,724,802		$	3,965,163		$	221,893		$	36,613
Interest income (net of foreign withholding taxes)		1,851			2			52,882			6,979,767			1,747,900

Total investment income		7,356,883			9,724,804			4,018,045			7,201,660			1,784,513

Expenses
Management fees (Note 5)		2,330,433			1,989,567			340,272			980,987			251,676
Administration and custody fees		245,400			249,506			71,288			358,006			79,735
Transfer agent fees		2,409			2,410			2,409			2,409			2,409
Sub-accounting fees		335,040			230,790			93,099			210,900			54,634
Audit and tax fees		27,351			42,448			39,576			29,705			20,313
Legal fees		82,998			57,135			22,501			52,962			12,976
Trustees’ fees		88,155			60,571			24,360			55,910			14,234
Registration and filing fees		52,866			41,125			20,350			40,547			14,325
Printing and postage fees		21,542			14,792			5,960			13,687			3,504
Dividend and interest on securities sold short		—			—			—			248			—
Other expenses		39,014			28,817			14,104			25,998			10,035

Total Expenses		3,225,208			2,717,161			633,919			1,771,359			463,841

Less waiver of management fees (Note 5)		(369,248	)		(467,493	)		(59,084	)		(572,687	)		(123,621	)
Less waiver of administration and custody fees (Note 5)		(30,092	)		(20,675	)		(8,301	)		(19,096	)		(4,858	)

Net expenses		2,825,868			2,228,993			566,534			1,179,576			335,362

Net investment income		4,531,015			7,495,811			3,451,511			6,022,084			1,449,151

Realized and unrealized gains (losses)
Net realized gains (losses) on:
Investments		4,690,859			4,000,583			873,124			10,736,771			269,262
Investments sold short		—			—			—			(102,944	)		—
Swap agreements		—			—			—			(1,156,173	)		—
Futures contracts		—			—			—			(47,175	)		—
Options contracts		—			—			—			792,972			—
Forward foreign currency exchange contracts		—			25,761			—			126,041			—
Foreign currency transactions		(852	)		(20,469	)		(34,738	)		133,885			—

Net realized gains		4,690,007			4,005,875			838,386			10,483,377			269,262

Net change in unrealized appreciation (depreciation) on:
Investments		(12,029,511	)¹		(4,245,379	)¹		6,062,715			7,641,170			1,663,582
Investments sold short		—			—			—			(52,527	)		—
Swap agreements		—			—			—			(634,250	)		—
Future contracts		—			—			—			(199,749	)		—
Options contracts		—			—			—			73,046			—
Forward foreign currency exchange contracts		—			(44,337	)		—			(211,535	)		—

See accompanying Notes to Financial Statements

157

Morningstar Funds Trust October 31, 2019 (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		564			6,928			1,121		34,811		—

Net change in unrealized appreciation (depreciation)		(12,028,947	)		(4,282,788	)		6,063,836		6,650,966		1,663,582

Net realized and unrealized gains (losses)		(7,338,940	)		(276,913	)		6,902,222		17,134,343		1,932,844

Net increase (decrease) in net assets resulting from operations	$	(2,807,925	)	$	7,218,898		$	10,353,733	$	23,156,427	$	3,381,995

Foreign withholding taxes on dividend income	$	30,565		$	748,224		$	200,089	$	—	$	—
Foreign withholding taxes on interest income	$	—		$	—		$	—	$	4,207	$	—

¹Net of deferred foreign capital gains tax expense of $1,076 and $12,848, respectively.

See accompanying Notes to Financial Statements

158

Morningstar Funds Trust October 31, 2019 (unaudited)

Statements of Operations(continued)


	Morningstar Defensive Bond Fund			Morningstar Multisector Bond Fund			Morningstar Unconstrained Allocation Fund			Morningstar Alternatives Fund

Investment income
Dividend income fromnon-affiliates (net of foreign withholding taxes)	$	878,543		$	91,603		$	504,604		$	1,291,802
Interest income (net of foreign withholding taxes)		1,346,488			4,910,483			235,216			844,019

Total investment income		2,225,031			5,002,086			739,820			2,135,821

Expenses
Management fees (Note 5)		299,161			538,277			129,781			514,538
Administration and custody fees		54,992			125,968			46,598			84,097
Transfer agent fees		2,410			2,409			2,409			2,509
Sub-accounting fees		78,781			83,010			26,899			58,956
Audit and tax fees		21,930			27,573			23,144			28,102
Legal fees		19,839			20,635			6,649			14,501
Trustees’ fees		20,870			21,992			7,007			15,180
Registration and filing fees		22,881			21,117			15,740			21,674
Printing and postage fees		5,099			5,407			1,702			3,717
Dividend and interest on securities sold short		—			—			—			161,308
Other expenses		11,619			12,969			7,472			3,900

Total Expenses		537,582			859,357			267,401			908,482

Less waiver of management fees (Note 5)		(135,634	)		(155,112	)		(57,256	)		(237,428	)
Less waiver of administration and custody fees (Note 5)		(7,121	)		(7,429	)		(2,420	)		(5,151	)

Net expenses		394,827			696,816			207,725			665,903

Net investment income		1,830,204			4,305,270			532,095			1,469,918

Realized and unrealized gains (losses)
Net realized gains (losses) on:
Investments		113,102			2,125,327			732,546			248,161
Investments sold short		—			—			—			(413,859	)
Swap agreements		—			(364,850	)		—			—
Futures contracts		—			—			(148,522	)		—
Options contracts		—			—			—			131,168
Forward foreign currency exchange contracts		—			449,190			(129,902	)		173,522
Foreign currency transactions		—			(278,412	)		25,766			(4,818	)

Net realized gains		113,102			1,931,255			479,888			134,174

Net change in unrealized appreciation (depreciation) on:
Investments		838,228			1,393,693			1,010,866			1,505,941
Investments sold short		—			—			—			341,435
Swap agreements		—			(1,172,834	)		—			—
Future contracts		—			—			61,122			—
Options contracts		—			—			—			38,338
Forward foreign currency exchange contracts		—			(533,465	)		1,242			(131,770	)
Foreign currency transactions		—			(117,304	)		491			(54	)

Net change in unrealized appreciation (depreciation)		838,228			(429,910	)		1,073,721			1,753,890

Net realized and unrealized gains (losses)		951,330			1,501,345			1,553,609			1,888,064

Net increase (decrease) in net assets resulting from operations	$	2,781,534		$	5,806,615		$	2,085,704		$	3,357,982

Foreign withholding taxes on dividend income	$	—		$	—		$	8,841		$	1,167
Foreign withholding taxes on interest income	$	3,752		$	119,813		$	4,171		$	—

See accompanying Notes to Financial Statements

159

Morningstar Funds Trust October 31, 2019 (unaudited)

Statements of Changes in Net Assets


	Morningstar U.S. Equity Fund						Morningstar International Equity Fund

	Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹			Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹

Operations:
Net investment income		$ 4,531,015			$ 1,615,086			$ 7,495,811			$ 1,968,002
Net realized gains		4,690,007			2,333,581			4,005,875			886,337
Net change in unrealized appreciation (depreciation)		(12,028,947	)		42,440,366			(4,282,788	)		25,253,095

Net increase (decrease) in net assets resulting from operations		(2,807,925	)		46,389,033			7,218,898			28,107,434

Distributions paid from:
Distributable earnings		—			(422,538	)		—			(550,924	)

Total distributions paid		—			(422,538	)		—			(550,924	)

Capital share transactions:
Proceeds from shares sold		126,993,531			679,811,818			94,211,724			478,546,770
Reinvestment of dividends		—			422,538			—			550,924
Payments for shares redeemed		(88,175,398	)		(48,574,180	)		(57,249,138	)		(38,025,671	)

Net increase (decrease) in net assets from capital share transactions		38,818,133			631,660,176			36,962,586			441,072,023

Total increase (decrease) in net assets		36,010,208			677,626,671			44,181,484			468,628,533

Net assets:
Beginning of period		677,926,671			300,000			468,628,533			—

End of period		$713,936,879			$677,926,671			$512,810,017			$468,628,533

Capital share transactions
Shares sold		12,170,582			68,242,367			9,086,266			47,103,913
Shares from reinvested dividends		—			47,263			—			58,734
Shares redeemed		(8,432,071	)		(4,850,030	)		(5,499,383	)		(3,719,974	)

Net increase		3,738,511			63,439,600			3,586,883			43,442,673

¹	Commencement of operations was November 02, 2018.

See accompanying Notes to Financial Statements

160

Morningstar Funds Trust October 31, 2019 (unaudited)

Statements of Changes in Net Assets(continued)


	Morningstar Global Income Fund						Morningstar Total Return Bond Fund

	Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹			Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹

Operations:
Net investment income		$ 3,451,511			$ 1,586,736			$ 6,022,084			$ 2,895,226
Net realized gains		838,386			120,353			10,483,377			2,048,280
Net change in unrealized appreciation (depreciation)		6,063,836			7,585,728			6,650,966			6,188,889

Net increase (decrease) in net assets resulting from operations		10,353,733			9,292,817			23,156,427			11,132,395

Distributions paid from:
Distributable earnings		(4,638,574	)		(959,797	)		(6,562,059	)		(2,817,061	)

Total distributions paid		(4,638,574	)		(959,797	)		(6,562,059	)		(2,817,061	)

Capital share transactions:
Proceeds from shares sold		34,889,043			198,945,395			79,952,300			429,820,699
Reinvestment of dividends		4,638,309			959,797			6,561,488			2,817,061
Payments for shares redeemed		(22,369,225	)		(22,706,767	)		(60,008,456	)		(26,321,999	)

Net increase (decrease) in net assets from capital share transactions		17,158,127			177,198,425			26,505,332			406,315,761

Total increase (decrease) in net assets		22,873,286			185,531,445			43,099,700			414,631,095

Net assets:
Beginning of period		185,531,445			—			414,631,095			—

End of period		$208,404,731			$185,531,445			$457,730,795			$414,631,095

Capital share transactions
Shares sold		3,304,787			19,666,797			7,432,980			41,836,843
Shares from reinvested dividends		437,992			94,998			607,458			271,267
Shares redeemed		(2,117,538	)		(2,224,723	)		(5,568,559	)		(2,545,439	)

Net increase		1,625,241			17,537,072			2,471,879			39,562,671

¹	Commencement of operations was November 02, 2018.

See accompanying Notes to Financial Statements

161

Morningstar Funds Trust October 31, 2019 (unaudited)

Statements of Changes in Net Assets(continued)


	Morningstar Municipal Bond Fund						Morningstar Defensive Bond Fund

	Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹			Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹

Operations:
Net investment income		$ 1,449,151			$ 829,427			$ 1,830,204			$ 858,962
Net realized gains		269,262			345,693			113,102			33,464
Net change in unrealized appreciation (depreciation)		1,663,582			1,823,576			838,228			662,575

Net increase (decrease) in net assets resulting from operations		3,381,995			2,998,696			2,781,534			1,555,001

Distributions paid from:
Distributable earnings		(1,461,286	)		(787,797	)		(2,091,669	)		(665,904	)

Total distributions paid		(1,461,286	)		(787,797	)		(2,091,669	)		(665,904	)

Capital share transactions:
Proceeds from shares sold		29,176,319			110,443,570			33,113,960			168,407,510
Reinvestment of dividends		1,461,020			787,797			2,091,396			665,904
Payments for shares redeemed		(15,816,659	)		(8,769,280	)		(19,723,250	)		(13,873,850	)

Net increase (decrease) in net assets from capital share transactions		14,820,680			102,462,087			15,482,106			155,199,564

Total increase (decrease) in net assets		16,741,389			104,672,986			16,171,971			156,088,661

Net assets:
Beginning of period		104,672,986			—			156,088,661			—

End of period		$121,414,375			$104,672,986			$172,260,632			$156,088,661

Capital share transactions
Shares sold		2,766,098			10,863,064			3,260,364			16,768,927
Shares from reinvested dividends		138,396			76,489			206,047			66,189
Shares redeemed		(1,499,485	)		(854,018	)		(1,942,356	)		(1,379,643	)

Net increase		1,405,009			10,085,535			1,524,055			15,455,473

¹	Commencement of operations was November 02, 2018.

See accompanying Notes to Financial Statements

162

Morningstar Funds Trust October 31, 2019 (unaudited)

Statements of Changes in Net Assets(continued)


	Morningstar Multisector Bond Fund						Morningstar Unconstrained Allocation Fund

	Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹			Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹

Operations:
Net investment income		$ 4,305,270			$ 2,377,735			$ 532,095			$ 322,637
Net realized gains		1,931,255			767,261			479,888			533,426
Net change in unrealized appreciation (depreciation)		(429,910	)		1,167,550			1,073,721			1,020,020

Net increase (decrease) in net assets resulting from operations		5,806,615			4,312,546			2,085,704			1,876,083

Distributions paid from:
Distributable earnings		(4,736,789	)		(2,273,735	)		—			(257,198	)

Total distributions paid		(4,736,789	)		(2,273,735	)		—			(257,198	)

Capital share transactions:
Proceeds from shares sold		47,223,856			172,916,801			10,285,673			64,408,010
Reinvestment of dividends		4,736,431			2,273,735			—			257,198
Payments for shares redeemed		(19,969,121	)		(15,860,176	)		(10,028,653	)		(9,989,372	)

Net increase (decrease) in net assets from capital share transactions		31,991,166			159,330,360			257,020			54,675,836

Total increase (decrease) in net assets		33,060,992			161,369,171			2,342,724			56,294,721

Net assets:
Beginning of period		161,369,171			—			56,294,721			—

End of period		$194,430,163			$161,369,171			$58,637,445			$56,294,721

Capital share transactions
Shares sold		4,558,575			17,018,078			993,490			6,400,453
Shares from reinvested dividends		456,544			221,834			—			27,159
Shares redeemed		(1,926,526	)		(1,548,144	)		(970,577	)		(1,004,027	)

Net increase		3,088,593			15,691,768			22,913			5,423,585

¹	Commencement of operations was November 02, 2018.

See accompanying Notes to Financial Statements

163

Morningstar Funds Trust October 31, 2019 (unaudited)

Statements of Changes in Net Assets(continued)


	Morningstar Alternatives Fund

	Six Months Ended October 31, 2019 (unaudited)			Since Inception April 30, 2019¹

Operations:
Net investment income		$ 1,469,918			$ 255,111
Net realized gains		134,174			179,381
Net change in unrealized appreciation (depreciation)		1,753,890			265,054

Net increase (decrease) in net assets resulting from operations		3,357,982			699,546

Distributions paid from:
Distributable earnings		—			(86,515	)

Total distributions paid		—			(86,515	)

Capital share transactions:
Proceeds from shares sold		25,037,049			118,245,172
Reinvestment of dividends		—			86,515
Payments for shares redeemed		(13,799,060	)		(7,087,419	)

Net increase (decrease) in net assets from capital share transactions		11,237,989			111,244,268

Total increase (decrease) in net assets		14,595,971			111,857,299

Net assets:
Beginning of period		111,857,299			—

End of period		$126,453,270			$111,857,299

Capital share transactions
Shares sold		2,446,036			11,767,095
Shares from reinvested dividends		—			8,678
Shares redeemed		(1,346,378	)		(705,334	)

Net increase		1,099,658			11,070,439

¹	Commencement of operations was November 02, 2018.

See accompanying Notes to Financial Statements

164

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights

Morningstar U.S. Equity Fund


	Six Months Ended October 31			Since Inception¹

Selected per share data	2019 (unaudited)			2019

Net asset value, beginning of period		$10.68			$10.00

Income (loss) from investment operations:
Net investment income		0.07			0.05
Net realized and unrealized gains (losses)		(0.13	)		0.64

Total income from investment operations		(0.06	)		0.69

Less distributions paid:
From net investment income		—			(0.01	)

Total distributions paid		—			(0.01	)

Net asset value, end of period		$10.62			$10.68

Total return²		(0.56%	)		6.98%
Supplemental data and ratios:
Net assets, end of period (millions)		$714			$678

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		0.93%			1.08%

Total expenses after waivers/reimbursements		0.81%			0.82%

Net investment income, net of waivers/reimbursements		1.31%			0.98%⁴

Net investment income, before waivers/reimbursements		1.19%			0.72%⁴

Portfolio turnover rate⁵		25%			20%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

165

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar International Equity Fund


	Six Months Ended October 31			Since Inception¹

Selected per share data	2019 (unaudited)			2019

Net asset value, beginning of period		$10.79			$10.00

Income (loss) from investment operations:
Net investment income		0.16			0.08
Net realized and unrealized gains (losses)		(0.05	)		0.74

Total income from investment operations		0.11			0.82

Less distributions paid:
From net investment income		—			(0.03	)

Total distributions paid		—			(0.03	)

Net asset value, end of period		$10.90			$10.79

Total return²		1.02%			8.19%
Supplemental data and ratios:
Net assets, end of period (millions)		$513			$469

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		1.13%			1.29%

Total expenses after waivers/reimbursements		0.93%			0.94%

Net investment income, net of waivers/reimbursements		3.12%			1.66%⁴

Net investment income, before waivers/reimbursements		2.92%			1.31%⁴

Portfolio turnover rate⁵		12%			19%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

166

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar Global Income Fund


	Six Months Ended October 31			Since Inception¹

Selected per share data	2019 (unaudited)			2019

Net asset value, beginning of period		$10.58			$10.00

Income (loss) from investment operations:
Net investment income		0.19			0.16
Net realized and unrealized gains		0.36			0.52

Total income from investment operations		0.55			0.68

Less distributions paid:

From net investment income		(0.25	)		(0.10	)

Total distributions paid		(0.25	)		(0.10	)

Net asset value, end of period		$10.88			$10.58

Total return²		5.33%			6.85%
Supplemental data and ratios:
Net assets, end of period (millions)		$208			$186

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		0.65%			0.90%

Total expenses after waivers/reimbursements		0.58%			0.58%

Net investment income, net of waivers/reimbursements		3.55%			3.15%⁴

Net investment income, before waivers/reimbursements		3.48%			2.83%⁴

Portfolio turnover rate⁵		49%			27%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

167

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar Total Return Bond Fund


	Six Months Ended October 31			Since Inception¹

Selected per share data	2019 (unaudited)			2019

Net asset value, beginning of period		$10.48			$10.00

Income (loss) from investment operations:
Net investment income		0.15			0.15
Net realized and unrealized gains		0.42			0.45

Total income from investment operations		0.57			0.60

Less distributions paid:
From net investment income		(0.16	)		(0.12	)

Total distributions paid		(0.16	)		(0.12	)

Net asset value, end of period		$10.89			$10.48

Total return²		5.45%			6.01%
Supplemental data and ratios:
Net assets, end of period (millions)		$458			$415

Ratio to average net assets of:³
Total expenses before waivers/reimbursements⁴		0.79%			0.88%

Total expenses after waivers/reimbursements⁴		0.53%			0.53%

Net investment income, net of waivers/reimbursements		2.70%			2.89%⁵

Net investment income, before waivers/reimbursements		2.44%			2.54%⁵

Portfolio turnover rate⁶		241%			318%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	Expenses include dividends and interest expense of less than 0.01%

⁵	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁶	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

168

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar Municipal Bond Fund


	Six Months Ended October 31			Since Inception¹

Selected per share data	2019 (unaudited)			2019

Net asset value, beginning of period		$10.38			$10.00

Income (loss) from investment operations:
Net investment income		0.13			0.12
Net realized and unrealized gains		0.19			0.36

Total income from investment operations		0.32			0.48

Less distributions paid:
From net investment income		(0.13	)		(0.10	)

Total distributions paid		(0.13	)		(0.10	)

Net asset value, end of period		$10.57			$10.38

Total return²		3.13%			4.79%
Supplemental data and ratios:
Net assets, end of period (millions)		$121			$105

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		0.81%			1.05%

Total expenses after waivers/reimbursements		0.59%			0.58%

Net investment income, net of waivers/reimbursements		2.53%			2.48%⁴

Net investment income, before waivers/reimbursements		2.31%			2.01%⁴

Portfolio turnover rate⁵		16%			115%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

169

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar Defensive Bond Fund


	Six Months Ended October 31			Since Inception¹

Selected per share data	2019 (unaudited)			2019

Net asset value, beginning of period		$10.10			$10.00

Income (loss) from investment operations:
Net investment income		0.11			0.11
Net realized and unrealized gains		0.07			0.08

Total income from investment operations		0.18			0.19

Less distributions paid:
From net investment income		(0.13	)		(0.09	)

Total distributions paid		(0.13	)		(0.09	)

Net asset value, end of period		$10.15			$10.10

Total return²		1.66%			1.87%
Supplemental data and ratios:
Net assets, end of period (millions)		$172			$156

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		0.65%			0.93%

Total expenses after waivers/reimbursements		0.48%			0.48%

Net investment income, net of waivers/reimbursements		2.20%			2.28%⁴

Net investment income, before waivers/reimbursements		2.03%			1.83%⁴

Portfolio turnover rate⁵		67%			4%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

170

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar Multisector Bond Fund


	Six Months Ended October 31			Since Inception¹

Selected per share data	2019 (unaudited)			2019

Net asset value, beginning of period		$10.28			$10.00

Income (loss) from investment operations:
Net investment income		0.25			0.27
Net realized and unrealized gains		0.10			0.21

Total income from investment operations		0.35			0.48

Less distributions paid:
From net investment income		(0.28	)		(0.20	)

Total distributions paid		(0.28	)		(0.20	)

Net asset value, end of period		$10.35			$10.28

Total return²		3.42%			4.86%
Supplemental data and ratios:
Net assets, end of period (millions)		$194			$161

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		0.97%			1.18%

Total expenses after waivers/reimbursements		0.79%			0.80%

Net investment income, net of waivers/reimbursements		4.88%			5.41%⁴

Net investment income, before waivers/reimbursements		4.69%			5.03%⁴

Portfolio turnover rate⁵		47%			53%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

171

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar Unconstrained Allocation Fund


	Six Months Ended October 31		Since Inception¹

Selected per share data	2019 (unaudited)		2019

Net asset value, beginning of period		$10.38		$10.00

Income (loss) from investment operations:
Net investment income		0.10		0.12
Net realized and unrealized gains		0.29		0.37

Total income from investment operations		0.39		0.49

Less distributions paid:
From net investment income		—		(0.11	)

Total distributions paid		—		(0.11	)

Net asset value, end of period		$10.77		$10.38

Total return²		3.76%		4.97%
Supplemental data and ratios:
Net assets, end of period (millions)		$59		$56

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		0.97%		1.48%

Total expenses after waivers/reimbursements		0.75%		0.64%

Net investment income, net of waivers/reimbursements		1.93%		2.38%⁴

Net investment income, before waivers/reimbursements		1.71%		1.54%⁴

Portfolio turnover rate⁵		125%		76%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

172

Morningstar Funds Trust October 31, 2019 (unaudited)

Financial Highlights(continued)

Morningstar Alternatives Fund


	Six Months Ended October 31		Since Inception¹

Selected per share data	2019 (unaudited)		2019

Net asset value, beginning of period		$10.10		$10.00

Income (loss) from investment operations:
Net investment income		0.13		0.05
Net realized and unrealized gains		0.16		0.08

Total income from investment operations		0.29		0.13

Less distributions paid:
From net investment income		—		(0.03	)

Total distributions paid		—		(0.03	)

Net asset value, end of period		$10.39		$10.10

Total return²		2.87%		1.26%
Supplemental data and ratios:
Net assets, end of period (millions)		$126		$112

Ratio to average net assets of:³
Total expenses before waivers/reimbursements		1.50%		1.91%

Total expenses after waivers/reimbursements		1.10%		0.96%

Total expenses after waivers/reimbursements and excluding dividend and interest expense		0.83%		0.77%

Net investment income, net of waivers/reimbursements		2.43%		1.08%⁴

Net investment income, before waivers/reimbursements		2.03%		0.13%⁴

Portfolio turnover rate⁵		260%		103%

¹	Commencement of operations was November 02, 2018.

²	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.

³	Ratios are annualized for periods less than one year.

⁴	As the Fund commenced investment operations on November 02, 2018, annualized net investment income ratios may not be reflective of actual amounts the Fund might obtain in a full year of operation.

⁵	Portfolio turnover rate is not annualized for periods less than one year.

See accompanying Notes to Financial Statements

173

Morningstar Funds Trust October 31, 2019 (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 anopen-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 (the “Adviser”) 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		Federaltax-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.

174

Morningstar Funds Trust October 31, 2019 (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: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. Dividend income (expense) net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the ex-date dividend notification.

175

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

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 thereunder. 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, 2019, the U.S. Equity Fund and International Equity Fund accrued non-U.S. taxes on unrealized gains of $8,034 and $76,858, respectively.

Management has analyzed each Fund’s tax positions for the open period, including all positions expected to be taken upon filing the 2019 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 theex-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

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

176

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

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.

Organization and Offering Costs:Organization costs consist of costs incurred to establish the Trust and enable it legally to do business and primarily include legal fees. Offering costs include legal fees regarding the preparation of the initial registration statement. The organization expenses and offering costs incurred to date were paid by the Adviser on behalf of the Funds. The Adviser does not intend to seek reimbursement for these expenses.

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.

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 Fund’s 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, the 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 the 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 the 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. The Fund may also experience delays in gaining access to the collateral.

Collateralized Bond Obligations (CBOs), CLOs, and Other 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 the Fund invests. These securities are often privately offered and not registered under securities laws. In addition to the normal risks

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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 discussed above, 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.

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

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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.

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 RIC and to eliminate any fund-level income tax liability under the Code.

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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 the 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 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.

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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 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, 2019 are disclosed in the Schedule of Investments.

Repurchase Agreements:Certain Funds may enter into repurchase agreements. In a repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. Under the terms of a master repurchase agreement, the underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for receipt of collateral, which may result in interest expense to the Fund. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund may seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements outstanding at period end, if any, including the underlying debt obligation (collateral) assigned to each agreement, are included within each Fund’s Schedule 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. The 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,

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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 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. The 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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4. Investment Valuation and Fair Value Measurements

Investment Valuation Policies:The Net Asset Value (“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, a Fund’s investments are valued at market value or, in the absence of a market value, at fair value as determined in good faith by the Adviser’s Pricing Committee pursuant to procedures approved by or under the direction of the Board of Trustees of Morningstar Funds Trust (“the Board”). 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. 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 the 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.

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 over-the-counter (“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.

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 on the Funds’ Schedule of Investments as being “fair valued,” are therefore classified as 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, money market funds 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

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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.

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, 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 the Adviser 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.

The Funds value the repurchase agreements they have entered based on the respective contract amounts, which approximate fair value. As such, repurchase agreements are carried at the amount of cash paid plus accrued interest receivable (or interest payable in periods of increased demand for collateral).

Shares of open-end investment companies, other than exchange-traded funds, are valued at their NAV.

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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)

●

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

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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 Voluntary 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, 2020, 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 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. For the six months ended October 31, 2019 the Funds’ Adviser contractually waived fees for each of the Funds as follows:


Fund	Expense Cap		Management Fees Waived

Morningstar U.S. Equity Fund		0.85%		$238,604
Morningstar International Equity Fund		1.00%		299,414
Morningstar Global Income Fund		0.89%		—
Morningstar Total Return Bond Fund		0.53%		570,371
Morningstar Municipal Bond Fund		0.59%		121,267
Morningstar Defensive Bond Fund		0.48%		131,579
Morningstar Multisector Bond Fund		0.80%		145,990
Morningstar Unconstrained Allocation Fund		1.00%		—
Morningstar Alternatives Fund		1.29%		—

With respect to the following Funds, the Adviser voluntarily waived its management fees or assumed certain other expenses of each Fund to the extent necessary to reduce the Funds’ expected total annual operating expenses. This management fee waiver and/or expense reimbursement will not be subject to future recoupment. For the six months ended October 31, 2019, the Funds’ Adviser voluntarily waived fees for each of the Funds as follows:


Fund	Management Fees Waived

Morningstar U.S. Equity Fund		$130,644
Morningstar International Equity Fund		168,079
Morningstar Global Income Fund		59,084
Morningstar Total Return Bond Fund		2,316
Morningstar Municipal Bond Fund		2,354
Morningstar Defensive Bond Fund		4,055
Morningstar Multisector Bond Fund		9,122
Morningstar Unconstrained Allocation Fund		57,256
Morningstar Alternatives Fund		237,428

As of October 31, 2019, 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		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 it receives 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 has 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 provides the Trust with a principal financial officer.

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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, “Shareholder Services”).

6. Investment Transactions

During the six months ended October 31, 2019, 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		$ —	$	210,058,788		$ —	$	165,005,280	$	—	$	—
Morningstar International Equity Fund		—		99,677,615		—		54,643,670		—		—
Morningstar Global Income Fund		—		55,859,375		—		39,777,680		—		—
Morningstar Total Return Bond Fund		81,459,702		1,251,359,658		111,793,809		765,025,220		215,789,861		208,375,614
Morningstar Municipal Bond Fund		—		32,820,108		—		17,520,808		—		—
Morningstar Defensive Bond Fund		9,250,137		51,888,691		7,368,697		31,726,127		—		—
Morningstar Multisector Bond Fund		11,965,569		76,824,950		2,469,857		59,205,854		—		—
Morningstar Unconstrained Allocation Fund		4,070,143		21,854,447		3,195,666		14,398,712		—		—
Morningstar Alternatives Fund		—		95,583,070		—		85,800,810		25,142,957		21,853,397

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.

Forward Foreign Currency Exchange Contracts: A forward foreign currency exchange contract is an obligation to purchase or sell a specificnon-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

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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 the adviser’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 changes in prevailing interest rates or to manage its duration or effective maturity. If the adviser 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

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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 the 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 the Fund’s investment manager and custodian on a daily basis. When the futures contract is closed out, if the 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 the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the 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 the adviser’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 the 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 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.

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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 the 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, 2019, Morningstar Total Return Bond Fund pledged cash to cover margin requirements for open future positions in an amount of $1,598,651, which is included in Due from Broker on Statement of Assets and Liabilities.

Options: A Fund may purchase and sell call and put options. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

As the buyer of a call option, a Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The 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 the 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, the 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

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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. The 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 the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

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 the Fund may have difficulty effecting closing transactions in particular options. Therefore, the 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. The Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when the 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 the 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

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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 the Fund’s portfolio that is being hedged. In addition, the 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 the 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 CFTC regulation. Although they are traded OTC, the CFTC may in the future designate certain options on swaps as subject to mandatory clearing.

When the Fund purchases a swaption, an amount equal to the premium paid by the Fund is recorded as an investment on the Schedule of Investments, the value of which is marked-to-market daily to reflect the current market value of the swaption purchased. If the swaption expires, the 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

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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 the 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 includes 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 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.

Periodic payments received (paid) by the Funds are recorded as realized gains (losses). 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 Schedule 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.

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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 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

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to recover that collateral from the counterparty in accordance with the terms of the swap. In addition, if the 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.

The Fund’s risk of loss associated with these instruments may exceed their value, as recorded in the Schedule of Investments. Credit default contracts outstanding, including their respective notional amounts at period 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 period end are disclosed in the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, 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.

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.

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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.

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 the 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 the Fund and the applicable counterparty, or as permitted by the clearing house or exchange.

198

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

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 securities, at value (securities) or in Due from brokers (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 the Fund’s Schedule of Investments. Collateral received is reflected as a liability within Due to brokers in the Statements of Assets and Liabilities.

The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objectives. The Funds’ derivative contracts are not accounted for as hedging instruments under GAAP. The effect of such derivative instruments on the Funds’ financial position and financial performance for the period ended October 31, 2019 are as follows:


	Assets															Liabilities

	Unrealized Appreciation on Futures Contracts⁽¹⁾			Swaps at Value⁽²⁾			Unrealized Appreciation on Forward Currency Exchange Contracts			Purchased Options at Market Value			Total			Unrealized Depreciation on Futures Contracts⁽¹⁾			Swaps at Value⁽²⁾			Unrealized Depreciation on Forward Currency Exchange Contracts			Written Options at Market Value			Total

Morningstar International Equity Fund
Foreign exchange rate risk	$	—		$	—		$	6,023		$	—		$	6,023		$	—		$	—		$	—		$	—		$	—
Total		—			—			6,023			—			6,023			—			—			—			—			—
Net Fair Value of Derivative Contracts	$	—		$	—		$	6,023		$	—		$	6,023		$	—		$	—		$	—		$	—		$	—

Morningstar Total Return Bond Fund
Credit risk	$	—		$	761,295		$	—		$	—		$	761,295		$	—		$	182,310		$	—		$	—		$	182,310
Foreign exchange rate risk		—			—			141,763			26,912			168,675			—			—			381,854			9,394			391,248
Inflation risk		—			5,692			—			—			5,692			—			8,399			—			—			8,399
Interest rate risk		409,016			175,455			—			144,243			728,714			594,575			374,959			—			205,430			1,174,964
Total		409,016			942,442			141,763			171,155			1,664,376			594,575			565,668			381,854			214,824			1,756,921
Netting positions		(409,016	)		(565,668	)		(141,763	)		(171,155	)		(1,287,602	)		(409,016	)		(565,668	)		(141,763	)		(171,155	)		(1,287,602	)
Net Fair Value of Derivative Contracts	$	—		$	376,774		$	—		$	—		$	376,774		$	185,559		$	—		$	240,091		$	43,669		$	469,319

Morningstar Multisector Bond Fund
Credit risk	$	—		$	261,580		$	—		$	—		$	261,580		$	—		$	—		$	—		$	—		$	—
Foreign exchange rate risk		—			—			641,999			—			641,999			—			—			936,560			—			936,560
Interest rate risk		—			—			—			—			—			—			1,439,327			—			—			1,439,327
Total		—			261,580			641,999			—			903,579			—			1,439,327			936,560			—			2,375,887
Netting positions		—			(261,580	)		(641,999	)		—			(903,579	)		—			(261,580	)		(641,999	)		—			(903,579	)
Net Fair Value of Derivative Contracts	$	—		$	—		$	—		$	—		$	—		$	—		$	1,177,747		$	294,561		$	—		$	1,472,308

Morningstar Unconstrained Allocation Fund
Foreign exchange rate risk	$	—		$	—		$	64,139		$	—		$	64,139		$	—		$	—		$	62,897		$	—		$	62,897

199

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)


	Assets													Liabilities

	Unrealized Appreciation on Futures Contracts⁽¹⁾		Swaps at Value⁽²⁾		Unrealized Appreciation on Forward Currency Exchange Contracts			Purchased Options at Market Value			Total			Unrealized Depreciation on Futures Contracts⁽¹⁾		Swaps at Value⁽²⁾		Unrealized Depreciation on Forward Currency Exchange Contracts			Written Options at Market Value			Total
Interest rate risk	$	61,122	$	—	$	—		$	—		$	61,122		$	—	$	—	$	—		$	—		$	—
Total		61,122		—		64,139			—			125,261			—		—		62,897			—			62,897
Netting positions		—		—		(62,897	)		—			(62,897	)		—		—		(62,897	)		—			(62,897	)

Net Fair Value of Derivative Contracts	$	61,122	$	—	$	1,242		$	—		$	62,364		$	—	$	—	$	—		$	—		$	—

Morningstar Alternatives Fund

Equity risk	$	—	$	—	$	—		$	9,057		$	9,057		$	—	$	—	$	—		$	38,851		$	38,851
Foreign exchange rate risk		—		—		37,159			—			37,159			—		—		144,953			—			144,953
Total		—		—		37,159			9,057			46,216			—		—		144,953			38,851			183,804
Netting positions		—		—		(37,159	)		(9,057	)		(46,216	)		—		—		(37,159	)		(9,057	)		(46,216	)

Net Fair Value of Derivative Contracts	$	—	$	—	$	—		$	—		$	—		$	—	$	—	$	107,794		$	29,794		$	137,588

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 Statement of Operations for the six months ended October 31, 2019:


	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 Contracts				Forward Currency Exchange Contracts			Purchased/ Written Options				Total				Futures Contracts				Swaps Contracts				Forward Currency Exchange Contracts				Purchased/ Written Options			Total

Morningstar International Equity Fund
Foreign exchange rate risk		$	—			$	—			$	25,761		$	—			$	25,761			$	—			$	—			$	(44,337	)		$	—		$	(44,337	)
Total		$	—			$	—			$	25,761		$	—			$	25,761			$	—			$	—			$	(44,337	)		$	—		$	(44,337	)

Morningstar Total Return Bond Fund
Credit risk		$	—			$	235,723			$	—		$	—			$	235,723			$	—			$	(110,649	)		$	—			$	—		$	(110,649	)
Foreign exchange rate risk			—				—				126,041			(69,808	)			56,233				—				—				(211,535	)			2,566			(208,969	)
Inflation risk			—				(74,042	)			—			—				(74,042	)			—				(2,707	)			—				—			(2,707	)
Interest rate risk			(47,175	)			(1,317,854	)			—			465,771				(899,258	)			(199,749	)			(520,894	)			—				54,971			(665,672	)
Total		$	(47,175	)		$	(1,156,173	)		$	126,041		$	395,963			$	(681,344	)		$	(199,749	)		$	(634,250	)		$	(211,535	)		$	57,537		$	(987,997	)

Morningstar Multisector Bond Fund
Credit risk		$	—			$	32,553			$	—		$	—			$	32,553			$	—			$	21,907			$	—			$	—		$	21,907
Foreign exchange rate risk			—				—				449,190			19,952				469,142				—				—				(533,465	)			6,659			(526,806	)
Interest rate risk			—				(397,403	)			—			—				(397,403	)			—				(1,194,741	)			—				—			(1,194,741	)
Total		$	—			$	(364,850	)		$	449,190		$	19,952			$	104,292			$	—			$	(1,172,834	)		$	(533,465	)		$	6,659		$	(1,699,640	)

200

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)


	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 Contracts		Forward Currency Exchange Contracts			Purchased/ Written Options		Total			Futures Contracts		Swaps Contracts		Forward Currency Exchange Contracts			Purchased/ Written Options		Total

Morningstar Unconstrained Allocation Fund
Foreign exchange rate risk	$	—			$—		(129,902	)	$	—		(129,902	)	$	—		$—	$	1,242		$	—	$	1,242
Interest rate risk		(148,522	)		—		—			—		(148,522	)		61,122		—		—			—		61,122

Total	$	(148,522	)		$—	$	(129,902	)	$	—	$	(278,424	)	$	61,122		$—	$	1,242		$	—	$	62,364

Morningstar Alternatives Fund
Equity risk	$	—			$—	$	—		$	47,435	$	47,435		$	—		$—	$	—		$	36,351	$	36,351
Foreign exchange rate risk		—			—		173,522			—		173,522			—		—		(131,770	)		—		(131,770	)

Total	$	—			$—	$	173,522		$	47,435	$	220,957		$	—		$—	$	(131,770	)	$	36,351	$	(95,419	)

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, 2019.

Morningstar International Equity Fund


Derivative Financial Instruments:	Assets		Liabilities

Forward foreign currency exchange contracts	$	6,023		$—

Total gross amount of derivatives in the Statement of Assets and Liabilities	$	6,023		$—
Derivatives not subject to MNA or similar agreements		—		—

Total gross amount of derivatives subject to MNA or similar agreement	$	6,023		$—


Counterparty	Gross Assets		Offset		Net Amount Before Collateral		Collateral (Received) Pledged		Net Exposure

Northern Trust		$6,023		$—		$6,023		$—		$6,023

Morningstar Total Return Bond Fund


Derivative Financial Instruments:	Assets		Liabilities

Forward foreign currency exchange contracts	$	141,763	$	381,854
Futures contracts		409,016		594,575
Purchased options		130,647		—
Written options		—		202,108
Interest rate swap contracts*		175,455		374,959
Credit default swap contracts*		761,295		182,310
Inflation swap contracts*		5,692		8,399
Purchased swaptions		40,508		—
Written swaptions		—		12,716

Total gross amount of derivatives in the Statement of Assets and Liabilities	$	1,664,376	$	1,756,921

201

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

Morningstar Total Return Bond Fund (continued)


Derivative Financial Instruments:	Assets			Liabilities

Less: Derivatives not subject to MNA or similar agreements		(1,375,012	)		(1,322,215)

Total gross amount of derivatives subject to MNA or similar agreement	$	289,364		$	434,706

*	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	$	32,024		$	(32,024	)		$ —			$ —			$ —
Barclays		1,359			(1,359	)		—			—			—
BNP		34,570			(26,169	)		8,401			—			8,401
Citibank		56,162			(56,162	)		—			—			—
Deutsche Bank		15,627			(10,541	)		5,086			—			5,086
Goldman Sachs		35,665			(4,075	)		31,590			(20,000	)		11,590
JP Morgan Chase		51,108			(23,145	)		27,963			—			27,963
Morgan Stanley		53,264			(31,159	)		22,105			—			22,105
UBS		3,801			(3,801	)		—			—			—
Westpac Bank		9			—			9			—			9
HSBC		5,775			(5,775	)		—			—			—


Total		$289,364		$	(194,210	)		$95,154			$(20,000	)		$75,154


Counterparty	Gross Liabilities			Offset			Net Amount Before Collateral			Collateral (Received) Pledged			Net Exposure


Bank of America^(a)	$	(123,160	)	$	32,024		$	(91,136	)	$	91,136		$	—
Barclays		(14,433	)		1,359			(13,074	)		—			(13,074	)
BNP		(26,169	)		26,169			—			—			—
Citibank		(59,262	)		56,163			(3,099	)		—			(3,099	)
Deutsche Bank		(10,541	)		10,541			—			—			—
Goldman Sachs		(4,074	)		4,074			—			—			—
HSBC^(a)		(9,401	)		5,775			(3,626	)		3,626			—
JP Morgan Chase		(23,145	)		23,145			—			—			—
Morgan Stanley		(31,159	)		31,159			—			—			—
State Street		(106,758	)		—			(106,758	)		—			(106,758	)
UBS^(a)		(26,604	)		3,801			(22,803	)		22,803			—


Total	$	(434,706	)	$	194,210		$	(240,496	)	$	117,565		$	(122,931	)

(a)	Actual amount of collateral pledged by the Fund to Bank of America, HSBC, and UBS 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	$	641,999	$	936,560

202

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

Morningstar Multisector Bond Fund (continued)


Derivative Financial Instruments:	Assets			Liabilities


Interest rate swap contracts*		—			1,439,327
Credit default swap contracts*		261,580			—


Total gross amount of derivatives in the Statement of Assets and Liabilities	$	903,579		$	2,375,887
Less: Derivatives not subject to MNA or similar agreements		(261,580	)		(1,317,295)


Total gross amount of derivatives subject to MNA or similar agreement	$	641,999		$	1,058,592

*	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		$ 68,124			$ (45,542	)		$ 22,582			$—		$ 22,582
Barclays		46,039			(43,983	)		2,056			—		2,056
BNP		7,982			(7,982	)		—			—		—
Citibank		88,696			(88,696	)		—			—		—
Deutsche Bank		228,357			(102,721	)		125,636			—		125,636
HSBC		19,157			(19,157	)		—			—		—
JP Morgan Chase		44,613			(44,613	)		—			—		—
Standard Chartered Bank		139,031			(21,431	)		117,600			—		117,600


Total		$641,999			$(374,125	)		$267,874			$—		$267,874


Counterparty	Gross Liabilities			Offset			Net Amount Before Collateral			Collateral (Received) Pledged		Net Exposure


Bank of America		$ (45,542	)		$ 45,542			$ —			$ —		$ —
Barclays		(43,983	)		43,983			—			—		—
BNP		(15,531	)		7,982			(7,549	)		—		(7,549	)
Citibank^(a)		(423,807	)		88,696			(335,111	)		335,111		—
Deutsche Bank		(102,721	)		102,721			—			—		—
HSBC^(a)		(241,579	)		19,157			(222,422	)		222,422		—
JP Morgan Chase^(a)		(163,998	)		44,613			(119,385	)		119,385		—
Standard Chartered Bank		(21,431	)		21,431			—			—		—


Total		$(1,058,592	)		$374,125			$(684,467	)		$676,918		$(7,549	)

(a)	Actual amount of collateral pledged by the Fund to Citibank, HSBC, and JP Morgan Chase exceeded the net amount before collateral and is included in “Due from broker” in the Statements of Assets and Liabilities.

Morningstar Unconstrained Allocation Fund


Derivative Financial Instruments:	Assets			Liabilities

Forward foreign currency exchange contracts		$	64,139		$	62,987
Futures contracts			61,112			—

Total gross amount of derivatives in the Statement of Assets and Liabilities		$	125,251		$	62,897

203

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

Morningstar Unconstrained Allocation Fund (continued)


Derivative Financial Instruments:	Assets				Liabilities

Less: Derivatives not subject to MNA or similar agreements			(61,112	)			—

Total gross amount of derivatives subject to MNA or similar agreement		$	64,139			$	62,897


Counterparty	Gross Assets			Offset			Net Amount Before Collateral			Collateral (Received) Pledged		Net Exposure


Barclays	$	6,311		$	—		$	6,311			$—	$	6,311
Citibank		18,265			(12,261	)		6,004			—		6,004
Goldman Sachs		6,284			(6,284	)		—			—		—
HSBC		6,263			(6,263	)		—			—		—
JP Morgan Chase		25,133			(160	)		24,973			—		24,973
Morgan Stanley		1,883			—			1,883			—		1,883


Total	$	64,139		$	(24,968	)	$	39,171			$—	$	39,171


Counterparty	Gross Liabilities			Offset			Net Amount Before Collateral			Collateral (Received) Pledged		Net Exposure


Citibank	$	(12,261	)	$	12,261		$	—			$—	$	—
Goldman Sachs		(11,747	)		6,284			(5,463	)		—		(5,463	)
HSBC		(38,729	)		6,263			(32,466	)		—		(32,466	)
JP Morgan Chase		(160	)		160			—			—		—


Total	$	(62,897	)	$	24,968		$	(37,929	)		$—	$	(37,929	)

Morningstar Alternatives Fund


Derivative Financial Instruments:	Assets			Liabilities


Forward foreign currency exchange contracts	$	37,159		$	144,953
Purchased options		9,057			—
Written options		—			38,851


Total gross amount of derivatives in the Statement of Assets and Liabilities	$	46,216		$	183,804
Less: Derivatives not subject to MNA or similar agreements		(9,057	)		(38,851	)


Total gross amount of derivatives subject to MNA or similar agreement	$	37,159		$	144,953


Counterparty	Gross Assets		Offset		Net Amount Before Collateral		Collateral (Received) Pledged		Net Exposure

Morgan Stanley		$37,159		$(37,159)		$—		$—		$—

204

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

Morningstar Alternatives Fund (continued)


Counterparty	Gross Liabilities		Offset		Net Amount Before Collateral		Collateral (Received) Pledged		Net Exposure

Morgan Stanley^(a)		$(144,953)		$37,159		$(107,793)		$107,793		$—

(a)	Actual amount of collateral pledged by the Fund to Morgan Stanley exceeded the net amount before collateral and is included in “Due from broker” in the Statements of Assets and Liabilities.

For the six months ended October 31, 2019 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	$	—	$	150,643,634	$	—	$	309,539	$	—
Average Notional Balance - Short		—		88,545,669		—		757,444		—
Ending Notional Balance - Long		—		254,181,972		—		—		—
Ending Notional Balance - Short		—		119,136,275		—		1,641,476		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value - Purchased		1,379,658		12,365,060		44,954,200		507,636		3,841,933
Average Settlement Value - Sold		—		3,822,465		18,637,039		2,816,172		947,983
Ending Settlement Value - Purchased		1,488,900		19,579,354		55,290,455		819,527		6,916,447
Ending Settlement Value - Sold		—		5,687,902		27,016,703		5,652,104		1,160,922
Inflation Swaps:
Average Notional Balance - Pays Fixed Rate		—		1,608,750		—		—		—
Average Notional Balance - Receives Fixed Rate		—		2,500,000		—		—		—
Ending Notional Balance - Receives Fixed Rate		—		3,265,000		—		—		—
Interest Rate Swaps:
Average Notional Balance - Pays Fixed Rate		—		129,714,194		9,680,000		—		—
Average Notional Balance - Receives Fixed Rate		—		148,899,944		—		—		—
Ending Notional Balance - Pays Fixed Rate		—		102,865,996		9,960,000		—		—
Ending Notional Balance - Receives Fixed Rate		—		41,698,001		—		—		—
Credit Default Swaps:
Average Notional Balance - Buy Protection		—		5,851,732		—		—		—

205

Morningstar Funds Trust October 31, 2019 (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
Average Notional Balance - Sell Protection		$—	$	37,975,938	$	3,380,125	$	—	$	—
Ending Notional Balance - Buy Protection		—		10,290,352		—		—		—
Ending Notional Balance - Sell Protection		—		31,203,750		3,400,000		—		—
Options:
Average Notional Balance - Purchased		—		25,116,984		151,250		—		1,651,392
Average Notional Balance - Written		—		56,645,968		—		—		699,604
Ending Notional Balance - Purchased		—		80,880,140		—		—		717,229
Ending Notional Balance - Written		—		128,426,980		—		—		808,049
Swaptions:
Average Notional Balance - Purchased		—		2,112,250		—		—		—
Average Notional Balance - Written		—		5,608,000		—		—		—
Ending Notional Balance - Purchased		—		4,197,000		—		—		—
Ending Notional Balance - Written		—		14,346,000		—		—		—

8. Federal Income Tax Matters

As of October 31, 2019, 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	$	686,573,765	$	52,674,668	$	(26,220,633	)	$	26,454,035
Morningstar International Equity Fund		493,297,196		34,979,558		(15,478,356	)		19,501,202
Morningstar Global Income Fund		196,576,573		14,097,820		(1,867,673	)		12,230,147
Morningstar Total Return Bond Fund		487,563,987		13,185,766		(1,513,679	)		11,672,087
Morningstar Municipal Bond Fund		118,548,487		3,529,464		(42,306	)		3,487,158
Morningstar Defensive Bond Fund		171,226,033		1,272,936		(70,024	)		1,202,912
Morningstar Multisector Bond Fund		191,656,572		5,267,150		(4,615,408	)		651,742
Morningstar Unconstrained Allocation Fund		56,928,918		2,086,623		(598,723	)		1,487,900
Morningstar Alternatives Fund		101,706,889		3,547,681		(2,135,517	)		1,412,164

206

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

The differences between book basis and tax basis appreciation (depreciation) on investments is primarily attributable to wash sale loss deferrals, mark to market on passive foreign investment companies (“PFICs”), and timing of income recognition from Real Estate Investment Trusts (“REITs”).

As of April 30, 2019, the components of distributable earnings (loss) (excluding paid in capital) on a tax basis were as follows:


Fund	Tax-Exempt Income		Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or Tax Basis Capital Loss Carryforwards		Net Unrealized Appreciation (Depreciation)		Total Accumulated Earnings

Morningstar U.S. Equity Fund		$ —		$4,404,209		$17,003		$41,545,283		$45,966,495
Morningstar International Equity Fund		—		2,882,718		28		24,673,764		27,556,510
Morningstar Global Income Fund		—		1,342,301		13,989		6,976,730		8,333,020
Morningstar Total Return Bond Fund		—		3,129,142		—		5,186,192		8,315,334
Morningstar Municipal Bond Fund		41,630		345,806		17		1,823,446		2,210,899
Morningstar Defensive Bond Fund		—		313,301		36		575,760		889,097
Morningstar Multisector Bond Fund		—		1,420,552		77		618,182		2,038,811
Morningstar Unconstrained Allocation Fund		—		626,141		—		992,744		1,618,885
Morningstar Alternatives Fund		—		548,189		1,157		63,685		613,031

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.

207

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

At April 30, 2019, the Funds had no capital loss carryforwards to offset future capital gains, due to the Funds commencing operations on November 2, 2018.

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.

208

Morningstar Funds Trust October 31, 2019 (unaudited)

Notes to Financial Statements(continued)

10. Principal Ownership

As of October 31, 2019, 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		4		98%
Morningstar International Equity Fund		4		98%
Morningstar Global Income Fund		3		94%
Morningstar Total Return Bond Fund		3		92%
Morningstar Municipal Bond Fund		4		98%
Morningstar Defensive Bond Fund		4		97%
Morningstar Multisector Bond Fund		4		97%
Morningstar Unconstrained Allocation Fund		4		97%
Morningstar Alternatives Fund		3		91%

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 $20,000 was incurred by the Funds at inception of the agreement, $10,000 payable annually thereafter, and allocated among the Funds.

During the six months ended October 31, 2019, Morningstar Municipal Bond Fund had an outstanding balance for 2 days with a maximum balance of $1,200,000 at an average weighted interest rate of 3.63%.

12. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any events or transactions that would require recognition or disclosure in the financial statements except for the item noted below:

At the December 17, 2019 meeting of the Board of the Trust, the Board approved a Supplemental Expense Limitation Agreement for the Morningstar Funds in the pursuit of maintaining each of the Morningstar Funds’ Total Annual Fund Operating Expenses in line with those disclosed in the Funds’ initial prospectus dated July 11, 2018, as revised August 15, 2018. This Supplemental Expense Limitation Agreement includes acquired fund fees and expenses (“AFFE”) and will be in effect at least through August 31, 2020.

209

Morningstar Funds Trust October 31, 2019 (unaudited)

Fund Expenses

As a shareholder of 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, 2019 through October 31, 2019.

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		$ 994.40		$4.07		$1,000.00		$1,021.12		$4.13

Morningstar International Equity Fund		0.93		1,000.00		1,010.20		4.71		1,000.00		1,020.52		4.74

Morningstar Global Income Fund		0.58		1,000.00		1,053.30		3.00		1,000.00		1,022.28		2.96

Morningstar Total Return Bond Fund		0.53		1,000.00		1,054.50		2.74		1,000.00		1,022.53		2.70

Morningstar Municipal Bond Fund		0.59		1,000.00		1,031.30		3.02		1,000.00		1,022.23		3.01

210

Morningstar Funds Trust October 31, 2019 (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		$1,016.60		$2.44		$1,000.00		$1,022.79		$2.45

Morningstar Multisector Bond Fund		0.79		1,000.00		1,034.20		4.05		1,000.00		1,021.22		4.02

Morningstar Unconstrained Allocation Fund		0.75		1,000.00		1,037.60		3.85		1,000.00		1,021.42		3.82

Morningstar Alternatives Fund		1.10		1,000.00		1,028.70		5.62		1,000.00		1,019.66		5.60

211


		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 how Morningstar Funds Trust collects, shares, and protects your personal information. Please read “Other Important Information” section below for information about Morningstar Funds Trust access to your personal information

What?		The types of personal information that Morningstar Funds Trust collects 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, if any, Morningstar Funds 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?
		In compliance with applicable law, Morningstar Funds Trust has adopted policies and procedures that address administrative, technical, and physical safeguards for the protection of 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 firewall and password protection systems and are located in secured buildings.

		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.

212


		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;
	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	Morningstar Funds Trust does not share your personal information with nonaffiliates for their marketing their services to you.

		Joint marketing
		A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
	u	Morningstar Funds Trust does not have such an agreement in place.

Other Important Information		Morningstar Funds Trust (“Morningstar Funds”) is only available through the Morningstar Managed Portfolios advisory service. The Morningstar Managed Portfolios advisory service is made available to nonaffiliated financial institutions (e.g., financial advisers) who may use the service in connection with their giving investment advice 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 Morningstar Fund’s transfer agent at an aggregate level (e.g., omnibus). Because of this structure, under normal circumstances, the Morningstar Funds do not have personal information of the shareholders of the Morningstar Funds. Fromtime-to-time, Morningstar Funds may seek shareholder’s personal information to fulfill regulatory requirements and/or obligations. In those instances, Morningstar Funds 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 at877-626-3224.

213

Morningstar Funds Trust October 31, 2019 (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.

FormN-Q Disclosure

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q filings are available on the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding the Trust’s Form N-Q filings is also available, without charge, by calling, 877-626-3224.

214

Morningstar Funds Trust is only available to citizens or legal residents of the United States or its territories through the Morningstar Managed Portfolios advisory service.

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 FormN-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 Rule30a-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 Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-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 Rule30a-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 forClosed-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 2, 2020

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 2, 2020

By		/s/ Tracy L. Dotolo
		Tracy L. Dotolo, Treasurer
		(Principal Financial Officer)

Date: January 2, 2020

Statement of Shareholder Rights

Letter to Shareholders

Fund Information